☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | March 31, 2021 |
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: | 001-35349 |
Delaware | 45-3779385 | |||||||
(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 | ||||||||||||||||||
Common Stock, $0.01 Par Value | PSX | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page | |||||
Consolidated Statement of Operations | Phillips 66 |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Revenues and Other Income | ||||||
Sales and other operating revenues | $ | 20,878 | 23,103 | |||
Equity in earnings of affiliates | 365 | 516 | ||||
Net gain on dispositions | 1 | 1 | ||||
Other income | — | 38 | ||||
Total Revenues and Other Income | 21,244 | 23,658 | ||||
Costs and Expenses | ||||||
Purchased crude oil and products | 18,440 | 21,055 | ||||
Operating expenses | 1,341 | 1,307 | ||||
Selling, general and administrative expenses | 319 | 366 | ||||
Depreciation and amortization | 342 | 331 | ||||
Impairments | 3,006 | 1 | ||||
Taxes other than income taxes | 157 | 128 | ||||
Accretion on discounted liabilities | 6 | 6 | ||||
Interest and debt expense | 111 | 119 | ||||
Foreign currency transaction losses | — | 5 | ||||
Total Costs and Expenses | 23,722 | 23,318 | ||||
Income (loss) before income taxes | (2,478 | ) | 340 | |||
Income tax expense (benefit) | (51 | ) | 70 | |||
Net Income (Loss) | (2,427 | ) | 270 | |||
Less: net income attributable to noncontrolling interests | 69 | 66 | ||||
Net Income (Loss) Attributable to Phillips 66 | $ | (2,496 | ) | 204 | ||
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||
Basic | $ | (5.66 | ) | 0.44 | ||
Diluted | (5.66 | ) | 0.44 | |||
Weighted-Average Common Shares Outstanding (thousands) | ||||||
Basic | 441,345 | 457,599 | ||||
Diluted | 441,345 | 459,289 | ||||
See Notes to Consolidated Financial Statements. |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Revenues and Other Income | ||||||||||||||||||||
Sales and other operating revenues | $ | 21,627 | 20,878 | |||||||||||||||||
Equity in earnings of affiliates | 285 | 365 | ||||||||||||||||||
Net gain on dispositions | 0 | 1 | ||||||||||||||||||
Other income | 15 | 0 | ||||||||||||||||||
Total Revenues and Other Income | 21,927 | 21,244 | ||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||
Purchased crude oil and products | 20,065 | 18,440 | ||||||||||||||||||
Operating expenses | 1,380 | 1,341 | ||||||||||||||||||
Selling, general and administrative expenses | 408 | 319 | ||||||||||||||||||
Depreciation and amortization | 356 | 342 | ||||||||||||||||||
Impairments | 198 | 3,006 | ||||||||||||||||||
Taxes other than income taxes | 139 | 157 | ||||||||||||||||||
Accretion on discounted liabilities | 6 | 6 | ||||||||||||||||||
Interest and debt expense | 146 | 111 | ||||||||||||||||||
Total Costs and Expenses | 22,698 | 23,722 | ||||||||||||||||||
Loss before income taxes | (771) | (2,478) | ||||||||||||||||||
Income tax benefit | (132) | (51) | ||||||||||||||||||
Net Loss | (639) | (2,427) | ||||||||||||||||||
Less: net income attributable to noncontrolling interests | 15 | 69 | ||||||||||||||||||
Net Loss Attributable to Phillips 66 | $ | (654) | (2,496) | |||||||||||||||||
Net Loss Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||||||||||||||||
Basic | $ | (1.49) | (5.66) | |||||||||||||||||
Diluted | (1.49) | (5.66) | ||||||||||||||||||
Weighted-Average Common Shares Outstanding (thousands) | ||||||||||||||||||||
Basic | 439,504 | 441,345 | ||||||||||||||||||
Diluted | 439,504 | 441,345 | ||||||||||||||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Comprehensive | Phillips 66 |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Net Income (Loss) | $ | (2,427 | ) | 270 | ||
Other comprehensive income (loss) | ||||||
Defined benefit plans | ||||||
Amortization to income of net actuarial loss, net prior service credit and settlements | 23 | 19 | ||||
Plans sponsored by equity affiliates | 2 | 4 | ||||
Income taxes on defined benefit plans | (5 | ) | (5 | ) | ||
Defined benefit plans, net of income taxes | 20 | 18 | ||||
Foreign currency translation adjustments | (222 | ) | 57 | |||
Income taxes on foreign currency translation adjustments | 1 | — | ||||
Foreign currency translation adjustments, net of income taxes | (221 | ) | 57 | |||
Cash flow hedges | (9 | ) | (4 | ) | ||
Income taxes on hedging activities | 2 | 1 | ||||
Hedging activities, net of income taxes | (7 | ) | (3 | ) | ||
Other Comprehensive Income (Loss), Net of Income Taxes | (208 | ) | 72 | |||
Comprehensive Income (Loss) | (2,635 | ) | 342 | |||
Less: comprehensive income attributable to noncontrolling interests | 69 | 66 | ||||
Comprehensive Income (Loss) Attributable to Phillips 66 | $ | (2,704 | ) | 276 |
Millions of Dollars | ||||||
March 31 2020 | December 31 2019 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 1,221 | 1,614 | |||
Accounts and notes receivable (net of allowances of $41 million in 2020 and 2019) | 4,046 | 7,376 | ||||
Accounts and notes receivable—related parties | 513 | 1,134 | ||||
Inventories | 5,331 | 3,776 | ||||
Prepaid expenses and other current assets | 594 | 495 | ||||
Total Current Assets | 11,705 | 14,395 | ||||
Investments and long-term receivables | 13,635 | 14,571 | ||||
Net properties, plants and equipment | 24,051 | 23,786 | ||||
Goodwill | 1,425 | 3,270 | ||||
Intangibles | 880 | 869 | ||||
Other assets | 1,764 | 1,829 | ||||
Total Assets | $ | 53,460 | 58,720 | |||
Liabilities | ||||||
Accounts payable | $ | 4,882 | 8,043 | |||
Accounts payable—related parties | 440 | 532 | ||||
Short-term debt | 2,243 | 547 | ||||
Accrued income and other taxes | 703 | 979 | ||||
Employee benefit obligations | 301 | 710 | ||||
Other accruals | 1,960 | 835 | ||||
Total Current Liabilities | 10,529 | 11,646 | ||||
Long-term debt | 10,720 | 11,216 | ||||
Asset retirement obligations and accrued environmental costs | 635 | 638 | ||||
Deferred income taxes | 5,487 | 5,553 | ||||
Employee benefit obligations | 1,000 | 1,044 | ||||
Other liabilities and deferred credits | 1,450 | 1,454 | ||||
Total Liabilities | 29,821 | 31,551 | ||||
Equity | ||||||
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2020—648,446,534 shares; 2019—647,416,633 shares) | ||||||
Par value | 6 | 6 | ||||
Capital in excess of par | 20,305 | 20,301 | ||||
Treasury stock (at cost: 2020—211,771,827 shares; 2019—206,390,806 shares) | (17,116 | ) | (16,673 | ) | ||
Retained earnings | 19,168 | 22,064 | ||||
Accumulated other comprehensive loss | (991 | ) | (788 | ) | ||
Total Stockholders’ Equity | 21,372 | 24,910 | ||||
Noncontrolling interests | 2,267 | 2,259 | ||||
Total Equity | 23,639 | 27,169 | ||||
Total Liabilities and Equity | $ | 53,460 | 58,720 |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Cash Flows From Operating Activities | ||||||
Net income (loss) | $ | (2,427 | ) | 270 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||
Depreciation and amortization | 342 | 331 | ||||
Impairments | 3,006 | 1 | ||||
Accretion on discounted liabilities | 6 | 6 | ||||
Deferred income taxes | (47 | ) | 179 | |||
Undistributed equity earnings | (4 | ) | 95 | |||
Net gain on dispositions | (1 | ) | (1 | ) | ||
Other | (139 | ) | 42 | |||
Working capital adjustments | ||||||
Accounts and notes receivable | 3,900 | (1,170 | ) | |||
Inventories | (1,620 | ) | (1,790 | ) | ||
Prepaid expenses and other current assets | (90 | ) | (438 | ) | ||
Accounts payable | (3,239 | ) | 2,466 | |||
Taxes and other accruals | 530 | (469 | ) | |||
Net Cash Provided by (Used in) Operating Activities | 217 | (478 | ) | |||
Cash Flows From Investing Activities | ||||||
Capital expenditures and investments | (923 | ) | (1,097 | ) | ||
Return of investments in equity affiliates | 38 | 21 | ||||
Proceeds from asset dispositions | 1 | 82 | ||||
Advances/loans—related parties | (8 | ) | — | |||
Other | 15 | (18 | ) | |||
Net Cash Used in Investing Activities | (877 | ) | (1,012 | ) | ||
Cash Flows From Financing Activities | ||||||
Issuance of debt | 1,199 | 725 | ||||
Repayment of debt | (7 | ) | (592 | ) | ||
Issuance of common stock | 6 | 8 | ||||
Repurchase of common stock | (443 | ) | (344 | ) | ||
Dividends paid on common stock | (396 | ) | (364 | ) | ||
Distributions to noncontrolling interests | (61 | ) | (56 | ) | ||
Net proceeds from issuance of Phillips 66 Partners LP common units | 2 | 32 | ||||
Other | (24 | ) | 307 | |||
Net Cash Provided by (Used in) Financing Activities | 276 | (284 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (9 | ) | 8 | |||
Net Change in Cash and Cash Equivalents | (393 | ) | (1,766 | ) | ||
Cash and cash equivalents at beginning of period | 1,614 | 3,019 | ||||
Cash and Cash Equivalents at End of Period | $ | 1,221 | 1,253 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net Loss | $ | (639) | (2,427) | |||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||
Amortization of net actuarial loss and prior service credit | 22 | 23 | ||||||||||||||||||
Plans sponsored by equity affiliates | 6 | 2 | ||||||||||||||||||
Income taxes on defined benefit plans | (6) | (5) | ||||||||||||||||||
Defined benefit plans, net of income taxes | 22 | 20 | ||||||||||||||||||
Foreign currency translation adjustments | (15) | (222) | ||||||||||||||||||
Income taxes on foreign currency translation adjustments | 0 | 1 | ||||||||||||||||||
Foreign currency translation adjustments, net of income taxes | (15) | (221) | ||||||||||||||||||
Cash flow hedges | 2 | (9) | ||||||||||||||||||
Income taxes on hedging activities | 0 | 2 | ||||||||||||||||||
Hedging activities, net of income taxes | 2 | (7) | ||||||||||||||||||
Other Comprehensive Income (Loss), Net of Income Taxes | 9 | (208) | ||||||||||||||||||
Comprehensive Loss | (630) | (2,635) | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 15 | 69 | ||||||||||||||||||
Comprehensive Loss Attributable to Phillips 66 | $ | (645) | (2,704) |
Consolidated Balance Sheet | Phillips 66 |
Millions of Dollars | |||||||||||
March 31 2021 | December 31 2020 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 1,351 | 2,514 | ||||||||
Accounts and notes receivable (net of allowances of $51 million in 2021 and $37 million in 2020) | 7,161 | 5,688 | |||||||||
Accounts and notes receivable—related parties | 1,004 | 834 | |||||||||
Inventories | 4,273 | 3,893 | |||||||||
Prepaid expenses and other current assets | 629 | 347 | |||||||||
Total Current Assets | 14,418 | 13,276 | |||||||||
Investments and long-term receivables | 13,376 | 13,624 | |||||||||
Net properties, plants and equipment | 23,677 | 23,716 | |||||||||
Goodwill | 1,425 | 1,425 | |||||||||
Intangibles | 836 | 843 | |||||||||
Other assets | 1,764 | 1,837 | |||||||||
Total Assets | $ | 55,496 | 54,721 | ||||||||
Liabilities | |||||||||||
Accounts payable | $ | 7,484 | 5,171 | ||||||||
Accounts payable—related parties | 762 | 378 | |||||||||
Short-term debt | 516 | 987 | |||||||||
Accrued income and other taxes | 1,149 | 1,351 | |||||||||
Employee benefit obligations | 316 | 573 | |||||||||
Other accruals | 1,204 | 1,058 | |||||||||
Total Current Liabilities | 11,431 | 9,518 | |||||||||
Long-term debt | 14,906 | 14,906 | |||||||||
Asset retirement obligations and accrued environmental costs | 682 | 657 | |||||||||
Deferred income taxes | 5,547 | 5,644 | |||||||||
Employee benefit obligations | 1,351 | 1,341 | |||||||||
Other liabilities and deferred credits | 1,122 | 1,132 | |||||||||
Total Liabilities | 35,039 | 33,198 | |||||||||
Equity | |||||||||||
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2021—649,638,881 shares; 2020—648,643,223 shares) | |||||||||||
Par value | 6 | 6 | |||||||||
Capital in excess of par | 20,420 | 20,383 | |||||||||
Treasury stock (at cost: 2021 and 2020—211,771,827 shares) | (17,116) | (17,116) | |||||||||
Retained earnings | 15,449 | 16,500 | |||||||||
Accumulated other comprehensive loss | (780) | (789) | |||||||||
Total Stockholders’ Equity | 17,979 | 18,984 | |||||||||
Noncontrolling interests | 2,478 | 2,539 | |||||||||
Total Equity | 20,457 | 21,523 | |||||||||
Total Liabilities and Equity | $ | 55,496 | 54,721 |
Consolidated Statement of Cash Flows | Phillips 66 |
Millions of Dollars | |||||||||||
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net loss | $ | (639) | (2,427) | ||||||||
Adjustments to reconcile net loss to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 356 | 342 | |||||||||
Impairments | 198 | 3,006 | |||||||||
Accretion on discounted liabilities | 6 | 6 | |||||||||
Deferred income taxes | (103) | (47) | |||||||||
Undistributed equity earnings | 217 | (4) | |||||||||
Net gain on dispositions | 0 | (1) | |||||||||
Other | 138 | (139) | |||||||||
Working capital adjustments | |||||||||||
Accounts and notes receivable | (1,740) | 3,900 | |||||||||
Inventories | (377) | (1,620) | |||||||||
Prepaid expenses and other current assets | (283) | (90) | |||||||||
Accounts payable | 2,779 | (3,239) | |||||||||
Taxes and other accruals | (281) | 530 | |||||||||
Net Cash Provided by Operating Activities | 271 | 217 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments | (331) | (923) | |||||||||
Return of investments in equity affiliates | 58 | 38 | |||||||||
Proceeds from asset dispositions | 0 | 1 | |||||||||
Advances/loans—related parties | (155) | (8) | |||||||||
Other | (39) | 15 | |||||||||
Net Cash Used in Investing Activities | (467) | (877) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | 450 | 1,199 | |||||||||
Repayment of debt | (925) | (7) | |||||||||
Issuance of common stock | 20 | 6 | |||||||||
Repurchase of common stock | 0 | (443) | |||||||||
Dividends paid on common stock | (394) | (396) | |||||||||
Distributions to noncontrolling interests | (76) | (61) | |||||||||
Other | (20) | (22) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (945) | 276 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (22) | (9) | |||||||||
Net Change in Cash and Cash Equivalents | (1,163) | (393) | |||||||||
Cash and cash equivalents at beginning of period | 2,514 | 1,614 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 1,351 | 1,221 |
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||
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, 2020 | $ | 6 | 20,383 | (17,116) | 16,500 | (789) | 2,539 | 21,523 | |||||||||||||||
Net income (loss) | — | — | — | (654) | — | 15 | (639) | ||||||||||||||||
Other comprehensive income | — | — | — | — | 9 | — | 9 | ||||||||||||||||
Dividends paid on common stock ($0.90 per share) | — | — | — | (394) | — | — | (394) | ||||||||||||||||
Benefit plan activity | — | 37 | — | (3) | — | — | 34 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (76) | (76) | ||||||||||||||||
March 31, 2021 | $ | 6 | 20,420 | (17,116) | 15,449 | (780) | 2,478 | 20,457 | |||||||||||||||
December 31, 2019 | $ | 6 | 20,301 | (16,673) | 22,064 | (788) | 2,259 | 27,169 | |||||||||||||||
Net income (loss) | — | — | — | (2,496) | — | 69 | (2,427) | ||||||||||||||||
Other comprehensive loss | — | — | — | — | (208) | — | (208) | ||||||||||||||||
Dividends paid on common stock ($0.90 per share) | — | — | — | (396) | — | — | (396) | ||||||||||||||||
Repurchase of common stock | — | — | (443) | — | — | — | (443) | ||||||||||||||||
Benefit plan activity | — | 4 | — | (2) | — | — | 2 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (61) | (61) | ||||||||||||||||
Other | — | — | — | (2) | 5 | — | 3 | ||||||||||||||||
March 31, 2020 | $ | 6 | 20,305 | (17,116) | 19,168 | (991) | 2,267 | 23,639 | |||||||||||||||
Shares | ||||||||
Three Months Ended March 31 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
December 31, 2020 | 648,643,223 | 211,771,827 | ||||||
Repurchase of common stock | — | 0 | ||||||
Shares issued—share-based compensation | 995,658 | — | ||||||
March 31, 2021 | 649,638,881 | 211,771,827 | ||||||
December 31, 2019 | 647,416,633 | 206,390,806 | ||||||
Repurchase of common stock | — | 5,381,021 | ||||||
Shares issued—share-based compensation | 1,029,901 | — | ||||||
March 31, 2020 | 648,446,534 | 211,771,827 | ||||||
See Notes to Consolidated Financial Statements. |
Millions of Dollars | |||||||||||||||
Three Months Ended March 31 | |||||||||||||||
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 | $ | 6 | 20,301 | (16,673 | ) | 22,064 | (788 | ) | 2,259 | 27,169 | |||||
Net income (loss) | — | — | — | (2,496 | ) | — | 69 | (2,427 | ) | ||||||
Other comprehensive loss | — | — | — | — | (208 | ) | — | (208 | ) | ||||||
Dividends paid on common stock ($0.90 per share) | — | — | — | (396 | ) | — | — | (396 | ) | ||||||
Repurchase of common stock | — | — | (443 | ) | — | — | — | (443 | ) | ||||||
Benefit plan activity | — | 4 | — | (2 | ) | — | — | 2 | |||||||
Distributions to noncontrolling interests | — | — | — | — | — | (61 | ) | (61 | ) | ||||||
Other | — | — | — | (2 | ) | 5 | — | 3 | |||||||
March 31, 2020 | $ | 6 | 20,305 | (17,116 | ) | 19,168 | (991 | ) | 2,267 | 23,639 | |||||
December 31, 2018 | $ | 6 | 19,873 | (15,023 | ) | 20,489 | (692 | ) | 2,500 | 27,153 | |||||
Cumulative effect of accounting changes | — | — | — | 81 | (89 | ) | (1 | ) | (9 | ) | |||||
Net income | — | — | — | 204 | — | 66 | 270 | ||||||||
Other comprehensive income | — | — | — | — | 72 | — | 72 | ||||||||
Dividends paid on common stock ($0.80 per share) | — | — | — | (364 | ) | — | — | (364 | ) | ||||||
Repurchase of common stock | — | — | (344 | ) | — | — | — | (344 | ) | ||||||
Benefit plan activity | — | 4 | — | (2 | ) | — | — | 2 | |||||||
Issuance of Phillips 66 Partners LP common units | — | 2 | — | — | — | 19 | 21 | ||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (56 | ) | (56 | ) | ||||||
March 31, 2019 | $ | 6 | 19,879 | (15,367 | ) | 20,408 | (709 | ) | 2,528 | 26,745 |
Shares in Thousands | ||||
Common Stock Issued | Treasury Stock | |||
December 31, 2019 | 647,417 | 206,391 | ||
Repurchase of common stock | — | 5,381 | ||
Shares issued—share-based compensation | 1,030 | — | ||
March 31, 2020 | 648,447 | 211,772 | ||
December 31, 2018 | 645,692 | 189,526 | ||
Repurchase of common stock | — | 3,639 | ||
Shares issued—share-based compensation | 1,024 | — | ||
March 31, 2019 | 646,716 | 193,165 | ||
See Notes to Consolidated Financial Statements. |
Notes to Consolidated Financial Statements | Phillips 66 |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Product Line and Services | ||||||
Refined petroleum products | $ | 16,157 | 18,793 | |||
Crude oil resales | 2,877 | 3,038 | ||||
Natural gas liquids (NGL) | 979 | 1,304 | ||||
Services and other* | 865 | (32 | ) | |||
Consolidated sales and other operating revenues | $ | 20,878 | 23,103 | |||
Geographic Location** | ||||||
United States | $ | 15,710 | 17,575 | |||
United Kingdom | 2,309 | 2,431 | ||||
Germany | 858 | 957 | ||||
Other foreign countries | 2,001 | 2,140 | ||||
Consolidated sales and other operating revenues | $ | 20,878 | 23,103 | |||
* Includes derivatives-related activities. See Note 12—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 | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Product Line and Services | ||||||||||||||||||||
Refined petroleum products | $ | 16,343 | 16,157 | |||||||||||||||||
Crude oil resales | 3,189 | 2,877 | ||||||||||||||||||
Natural gas liquids (NGL) | 1,774 | 979 | ||||||||||||||||||
Services and other* | 321 | 865 | ||||||||||||||||||
Consolidated sales and other operating revenues | $ | 21,627 | 20,878 | |||||||||||||||||
Geographic Location** | ||||||||||||||||||||
United States | $ | 16,612 | 15,710 | |||||||||||||||||
United Kingdom | 2,287 | 2,309 | ||||||||||||||||||
Germany | 817 | 858 | ||||||||||||||||||
Other foreign countries | 1,911 | 2,001 | ||||||||||||||||||
Consolidated sales and other operating revenues | $ | 21,627 | 20,878 | |||||||||||||||||
* Includes derivatives-related activities. See Note 12—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 | ||||||
March 31 2020 | December 31 2019 | |||||
Crude oil and petroleum products | $ | 5,008 | 3,452 | |||
Materials and supplies | 323 | 324 | ||||
$ | 5,331 | 3,776 |
Millions of Dollars | |||||||||||
March 31 2021 | December 31 2020 | ||||||||||
Crude oil and petroleum products | $ | 3,915 | 3,536 | ||||||||
Materials and supplies | 358 | 357 | |||||||||
$ | 4,273 | 3,893 |
Millions of Dollars | ||||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | |||||||||||||
Midstream | $ | 11,605 | 2,467 | 9,138 | 11,221 | 2,391 | 8,830 | |||||||||||
Chemicals | — | — | — | — | — | — | ||||||||||||
Refining | 23,956 | 10,521 | 13,435 | 23,692 | 10,336 | 13,356 | ||||||||||||
Marketing and Specialties (M&S) | 1,660 | 917 | 743 | 1,847 | 959 | 888 | ||||||||||||
Corporate and Other | 1,352 | 617 | 735 | 1,311 | 599 | 712 | ||||||||||||
$ | 38,573 | 14,522 | 24,051 | 38,071 | 14,285 | 23,786 |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | ||||||||||||||||||||||||||||||
Midstream | $ | 12,184 | 2,796 | 9,388 | 12,313 | 2,815 | 9,498 | ||||||||||||||||||||||||||||
Chemicals | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Refining | 25,095 | 12,351 | 12,744 | 24,647 | 12,019 | 12,628 | |||||||||||||||||||||||||||||
Marketing and Specialties | 1,770 | 994 | 776 | 1,815 | 1,007 | 808 | |||||||||||||||||||||||||||||
Corporate and Other | 1,455 | 686 | 769 | 1,448 | 666 | 782 | |||||||||||||||||||||||||||||
$ | 40,504 | 16,827 | 23,677 | 40,223 | 16,507 | 23,716 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Midstream | $ | 198 | 1,161 | |||||||||||||||||
Refining | 0 | 1,845 | ||||||||||||||||||
Total impairments | $ | 198 | 3,006 |
Millions of Dollars | ||||||||||||
Midstream | Refining | M&S | Total | |||||||||
Balance at January 1, 2020 | $ | 626 | 1,845 | 799 | 3,270 | |||||||
Impairments | — | (1,845 | ) | — | (1,845 | ) | ||||||
Balance at March 31, 2020 | $ | 626 | — | 799 | 1,425 |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||
Amounts Attributed to Phillips 66 Common Stockholders (millions): | ||||||||||||||||||||||||||||||||
Net loss attributable to Phillips 66 | $ | (654) | (654) | (2,496) | (2,496) | |||||||||||||||||||||||||||
Income allocated to participating securities | (2) | (2) | (1) | (1) | ||||||||||||||||||||||||||||
Net loss available to common stockholders | $ | (656) | (656) | (2,497) | (2,497) | |||||||||||||||||||||||||||
Weighted-average common shares outstanding (thousands): | 437,369 | 439,504 | 439,014 | 441,345 | ||||||||||||||||||||||||||||
Effect of share-based compensation | 2,135 | 0 | 2,331 | 0 | ||||||||||||||||||||||||||||
Weighted-average common shares outstanding—EPS | 439,504 | 439,504 | 441,345 | 441,345 | ||||||||||||||||||||||||||||
Loss Per Share of Common Stock (dollars) | $ | (1.49) | (1.49) | (5.66) | (5.66) |
Three Months Ended March 31 | ||||||||||
2020 | 2019 | |||||||||
Basic | Diluted | Basic | Diluted | |||||||
Amounts Attributed to Phillips 66 Common Stockholders (millions): | ||||||||||
Net income (loss) attributable to Phillips 66 | $ | (2,496 | ) | (2,496 | ) | 204 | 204 | |||
Income allocated to participating securities | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||
Net income (loss) available to common stockholders | $ | (2,497 | ) | (2,497 | ) | 203 | 203 | |||
Weighted-average common shares outstanding (thousands): | 439,014 | 441,345 | 454,886 | 457,599 | ||||||
Effect of share-based compensation | 2,331 | — | 2,713 | 1,690 | ||||||
Weighted-average common shares outstanding—EPS | 441,345 | 441,345 | 457,599 | 459,289 | ||||||
Earnings (Loss) Per Share of Common Stock (dollars) | $ | (5.66 | ) | (5.66 | ) | 0.44 | 0.44 |
Millions of Dollars | ||||||||||||||||||
March 31, 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 | $ | 6,826 | (6,173 | ) | (455 | ) | 198 | 23 | — | — | 23 | |||||||
Other assets | 10 | (6 | ) | — | 4 | 3 | — | — | 3 | |||||||||
Liabilities | ||||||||||||||||||
Other accruals | — | (36 | ) | — | (36 | ) | 1,188 | (1,281 | ) | 80 | (13 | ) | ||||||
Other liabilities and deferred credits | — | — | — | — | — | (1 | ) | — | (1 | ) | ||||||||
Total | $ | 6,836 | (6,215 | ) | (455 | ) | 166 | 1,214 | (1,282 | ) | 80 | 12 |
Millions of Dollars | ||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
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 | $ | 652 | (595) | (8) | 49 | 13 | 0 | 0 | 13 | |||||||||||||||||||||||
Other assets | 17 | (16) | 0 | 1 | 5 | (4) | 0 | 1 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other accruals | 437 | (529) | 78 | (14) | 665 | (721) | 46 | (10) | ||||||||||||||||||||||||
Total | $ | 1,106 | (1,140) | 70 | 36 | 683 | (725) | 46 | 4 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Sales and other operating revenues | $ | (123) | 679 | |||||||||||||||||
Other income | 1 | 3 | ||||||||||||||||||
Purchased crude oil and products | (135) | 441 | ||||||||||||||||||
Net gain (loss) from commodity derivative activity | $ | (257) | 1,123 |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Sales and other operating revenues | $ | 679 | (177 | ) | ||
Other income | 3 | 13 | ||||
Purchased crude oil and products | 441 | (155 | ) | |||
Net gain (loss) from commodity derivative activity | $ | 1,123 | (319 | ) |
Open Position Long / (Short) | |||||
March 31 2020 | December 31 2019 | ||||
Commodity | |||||
Crude oil, refined petroleum products and NGL (millions of barrels) | (33 | ) | (16 | ) |
Open Position Long / (Short) | |||||||||||
March 31 2021 | December 31 2020 | ||||||||||
Commodity | |||||||||||
Crude oil, refined petroleum products and NGL (millions of barrels) | (25) | (13) |
•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. |
•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. 18 |
Millions of Dollars | ||||||||||||||||||||
March 31, 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 | $ | 5,251 | 1,545 | — | 6,796 | (6,179 | ) | (455 | ) | — | 162 | |||||||||
Physical forward contracts | — | 40 | — | 40 | — | — | — | 40 | ||||||||||||
Rabbi trust assets | 116 | — | — | 116 | N/A | N/A | — | 116 | ||||||||||||
$ | 5,367 | 1,585 | — | 6,952 | (6,179 | ) | (455 | ) | — | 318 | ||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||
Exchange-cleared instruments | $ | 4,589 | 1,590 | — | 6,179 | (6,179 | ) | — | — | — | ||||||||||
OTC instruments | — | 4 | — | 4 | — | — | — | 4 | ||||||||||||
Physical forward contracts | — | 32 | — | 32 | — | — | — | 32 | ||||||||||||
Interest rate derivatives | — | 8 | — | 8 | — | — | — | 8 | ||||||||||||
Floating-rate debt | — | 2,097 | — | 2,097 | N/A | N/A | — | 2,097 | ||||||||||||
Fixed-rate debt, excluding finance leases | — | 10,560 | — | 10,560 | N/A | N/A | 17 | 10,577 | ||||||||||||
$ | 4,589 | 14,291 | — | 18,880 | (6,179 | ) | — | 17 | 12,718 |
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 | $ | 820 | 368 | — | 1,188 | (1,188 | ) | — | — | — | ||||||||||
Physical forward contracts | — | 26 | — | 26 | — | — | — | 26 | ||||||||||||
Interest rate derivatives | — | 1 | — | 1 | — | — | — | 1 | ||||||||||||
Rabbi trust assets | 127 | — | — | 127 | N/A | N/A | — | 127 | ||||||||||||
$ | 947 | 395 | — | 1,342 | (1,188 | ) | — | — | 154 | |||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||
Exchange-cleared instruments | $ | 884 | 385 | — | 1,269 | (1,188 | ) | (80 | ) | — | 1 | |||||||||
OTC instruments | — | 1 | — | 1 | — | — | — | 1 | ||||||||||||
Physical forward contracts | — | 12 | — | 12 | — | — | — | 12 | ||||||||||||
Floating-rate debt | — | 1,100 | — | 1,100 | N/A | N/A | — | 1,100 | ||||||||||||
Fixed-rate debt, excluding finance leases | — | 11,813 | — | 11,813 | N/A | N/A | (1,438 | ) | 10,375 | |||||||||||
$ | 884 | 13,311 | — | 14,195 | (1,188 | ) | (80 | ) | (1,438 | ) | 11,489 |
Millions of Dollars | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 746 | 337 | 0 | 1,083 | (1,048) | (8) | 0 | 27 | |||||||||||||||||||||||||||||
Physical forward contracts | 0 | 23 | 0 | 23 | 0 | 0 | 0 | 23 | ||||||||||||||||||||||||||||||
Rabbi trust assets | 150 | 0 | 0 | 150 | N/A | N/A | 0 | 150 | ||||||||||||||||||||||||||||||
$ | 896 | 360 | 0 | 1,256 | (1,048) | (8) | 0 | 200 | ||||||||||||||||||||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | 794 | 332 | 0 | 1,126 | (1,048) | (78) | 0 | 0 | |||||||||||||||||||||||||||||
OTC instruments | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||
Physical forward contracts | 0 | 13 | 0 | 13 | 0 | 0 | 0 | 13 | ||||||||||||||||||||||||||||||
Interest-rate derivatives | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||
Floating-rate debt | 0 | 1,475 | 0 | 1,475 | N/A | N/A | 0 | 1,475 | ||||||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases | 0 | 15,064 | 0 | 15,064 | N/A | N/A | (1,391) | 13,673 | ||||||||||||||||||||||||||||||
$ | 794 | 16,886 | 0 | 17,680 | (1,048) | (78) | (1,391) | 15,163 |
Millions of Dollars | ||||||||||||||||||||||||||||||||||||||
December 31, 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 | $ | 314 | 356 | 0 | 670 | (669) | 0 | 0 | 1 | |||||||||||||||||||||||||||||
Physical forward contracts | 0 | 13 | 0 | 13 | 0 | 0 | 0 | 13 | ||||||||||||||||||||||||||||||
Rabbi trust assets | 143 | 0 | 0 | 143 | N/A | N/A | 0 | 143 | ||||||||||||||||||||||||||||||
$ | 457 | 369 | 0 | 826 | (669) | 0 | 0 | 157 | ||||||||||||||||||||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | 351 | 364 | 0 | 715 | (669) | (46) | 0 | 0 | |||||||||||||||||||||||||||||
Physical forward contracts | 0 | 10 | 0 | 10 | 0 | 0 | 0 | 10 | ||||||||||||||||||||||||||||||
Interest-rate derivatives | 0 | 3 | 0 | 3 | 0 | 0 | 0 | 3 | ||||||||||||||||||||||||||||||
Floating-rate debt | 0 | 1,940 | 0 | 1,940 | N/A | N/A | 0 | 1,940 | ||||||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases | 0 | 15,597 | 0 | 15,597 | N/A | N/A | (1,927) | 13,670 | ||||||||||||||||||||||||||||||
$ | 351 | 17,914 | 0 | 18,265 | (669) | (46) | (1,927) | 15,623 |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||
Service cost | $ | 37 | 9 | 33 | 7 | 1 | 1 | ||||||||||||||||||||||||||||
Interest cost | 20 | 5 | 25 | 6 | 1 | 2 | |||||||||||||||||||||||||||||
Expected return on plan assets | (41) | (15) | (41) | (13) | 0 | 0 | |||||||||||||||||||||||||||||
Amortization of prior service credit | 0 | 0 | 0 | 0 | (1) | (1) | |||||||||||||||||||||||||||||
Recognized net actuarial loss | 15 | 6 | 14 | 4 | 0 | 0 | |||||||||||||||||||||||||||||
Net periodic benefit cost* | $ | 31 | 5 | 31 | 4 | 1 | 2 | ||||||||||||||||||||||||||||
* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. |
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 March 31 | ||||||||||||||||||
Service cost | $ | 33 | 7 | 32 | 6 | 1 | 1 | |||||||||||
Interest cost | 25 | 6 | 27 | 6 | 2 | 2 | ||||||||||||
Expected return on plan assets | (41 | ) | (13 | ) | (36 | ) | (11 | ) | — | — | ||||||||
Amortization of prior service credit | — | — | — | — | (1 | ) | — | |||||||||||
Recognized net actuarial loss | 14 | 4 | 13 | 2 | — | — | ||||||||||||
Settlements | — | — | 4 | — | — | — | ||||||||||||
Net periodic benefit cost* | $ | 31 | 4 | 40 | 3 | 2 | 3 | |||||||||||
* 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 | $ | (656 | ) | (131 | ) | (1 | ) | (788 | ) | |||
Other comprehensive income (loss) before reclassifications | 1 | (221 | ) | (7 | ) | (227 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||
Defined benefit plans* | ||||||||||||
Amortization of net actuarial loss and net prior service credit | 19 | — | — | 19 | ||||||||
Foreign currency translation | — | — | — | — | ||||||||
Hedging | — | — | — | — | ||||||||
Net current period other comprehensive income (loss) | 20 | (221 | ) | (7 | ) | (208 | ) | |||||
Other | — | 5 | — | 5 | ||||||||
March 31, 2020 | $ | (636 | ) | (347 | ) | (8 | ) | (991 | ) | |||
December 31, 2018 | $ | (472 | ) | (228 | ) | 8 | (692 | ) | ||||
Other comprehensive income (loss) before reclassifications | 3 | 57 | (1 | ) | 59 | |||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||
Defined benefit plans* | ||||||||||||
Amortization of net actuarial loss and settlements | 15 | — | — | 15 | ||||||||
Foreign currency translation | — | — | — | — | ||||||||
Hedging | — | — | (2 | ) | (2 | ) | ||||||
Net current period other comprehensive income (loss) | 18 | 57 | (3 | ) | 72 | |||||||
Income taxes reclassified to retained earnings** | (93 | ) | 2 | 2 | (89 | ) | ||||||
March 31, 2019 | $ | (547 | ) | (169 | ) | 7 | (709 | ) | ||||
* Included in the computation of net periodic benefit cost. See Note 14—Pension and Postretirement Plans, for additional information. | ||||||||||||
** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02. |
Millions of Dollars | |||||||||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
December 31, 2020 | $ | (809) | 25 | (5) | (789) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 5 | (15) | 0 | (10) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss and prior service credit | 17 | — | — | 17 | |||||||||||||||||||
Foreign currency translation | — | 0 | — | 0 | |||||||||||||||||||
Hedging | — | — | 2 | 2 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 22 | (15) | 2 | 9 | |||||||||||||||||||
March 31, 2021 | $ | (787) | 10 | (3) | (780) | ||||||||||||||||||
December 31, 2019 | $ | (656) | (131) | (1) | (788) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1 | (221) | (7) | (227) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss and prior service credit | 19 | — | — | 19 | |||||||||||||||||||
Foreign currency translation | — | 0 | — | 0 | |||||||||||||||||||
Hedging | — | — | 0 | 0 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 20 | (221) | (7) | (208) | |||||||||||||||||||
Other | 0 | 5 | 0 | 5 | |||||||||||||||||||
March 31, 2020 | $ | (636) | (347) | (8) | (991) | ||||||||||||||||||
* Included in the computation of net periodic benefit cost. See Note 14—Pension and Postretirement Plans, for additional information. |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Operating revenues and other income (a) | $ | 770 | 534 | |||||||||||||||||
Purchases (b) | 2,357 | 2,126 | ||||||||||||||||||
Operating expenses and selling, general and administrative expenses (c) | 68 | 51 | ||||||||||||||||||
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Operating revenues and other income (a) | $ | 534 | 683 | |||
Purchases (b) | 2,126 | 2,668 | ||||
Operating expenses and selling, general and administrative expenses (c) | 51 | 9 |
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. |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Sales and Other Operating Revenues* | ||||||
Midstream | ||||||
Total sales | $ | 1,538 | 1,897 | |||
Intersegment eliminations | (495 | ) | (584 | ) | ||
Total Midstream | 1,043 | 1,313 | ||||
Chemicals | 1 | 1 | ||||
Refining | ||||||
Total sales | 13,781 | 16,861 | ||||
Intersegment eliminations | (7,633 | ) | (9,768 | ) | ||
Total Refining | 6,148 | 7,093 | ||||
Marketing and Specialties | ||||||
Total sales | 14,249 | 15,242 | ||||
Intersegment eliminations | (570 | ) | (553 | ) | ||
Total Marketing and Specialties | 13,679 | 14,689 | ||||
Corporate and Other | 7 | 7 | ||||
Consolidated sales and other operating revenues | $ | 20,878 | 23,103 | |||
* 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 | $ | (702 | ) | 316 | ||
Chemicals | 169 | 227 | ||||
Refining | (2,261 | ) | (198 | ) | ||
Marketing and Specialties | 513 | 205 | ||||
Corporate and Other | (197 | ) | (210 | ) | ||
Consolidated income (loss) before income taxes | $ | (2,478 | ) | 340 |
Millions of Dollars | |||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Sales and Other Operating Revenues* | |||||||||||||||||||||||
Midstream | |||||||||||||||||||||||
Total sales | $ | 2,384 | 1,538 | ||||||||||||||||||||
Intersegment eliminations | (627) | (495) | |||||||||||||||||||||
Total Midstream | 1,757 | 1,043 | |||||||||||||||||||||
Chemicals | 1 | 1 | |||||||||||||||||||||
Refining | |||||||||||||||||||||||
Total sales | 15,053 | 13,781 | |||||||||||||||||||||
Intersegment eliminations | (8,456) | (7,633) | |||||||||||||||||||||
Total Refining | 6,597 | 6,148 | |||||||||||||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Total sales | 13,598 | 14,249 | |||||||||||||||||||||
Intersegment eliminations | (333) | (570) | |||||||||||||||||||||
Total Marketing and Specialties | 13,265 | 13,679 | |||||||||||||||||||||
Corporate and Other | 7 | 7 | |||||||||||||||||||||
Consolidated sales and other operating revenues | $ | 21,627 | 20,878 | ||||||||||||||||||||
* 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 | $ | 76 | (702) | ||||||||||||||||||||
Chemicals | 154 | 169 | |||||||||||||||||||||
Refining | (1,040) | (2,261) | |||||||||||||||||||||
Marketing and Specialties | 290 | 513 | |||||||||||||||||||||
Corporate and Other | (251) | (197) | |||||||||||||||||||||
Consolidated loss before income taxes | $ | (771) | (2,478) |
Millions of Dollars | ||||||
March 31 2020 | December 31 2019 | |||||
Total Assets | ||||||
Midstream | $ | 14,846 | 15,716 | |||
Chemicals | 6,376 | 6,249 | ||||
Refining | 22,516 | 25,150 | ||||
Marketing and Specialties | 7,108 | 8,659 | ||||
Corporate and Other | 2,614 | 2,946 | ||||
Consolidated total assets | $ | 53,460 | 58,720 |
Millions of Dollars | |||||||||||
March 31 2021 | December 31 2020 | ||||||||||
Total Assets | |||||||||||
Midstream | $ | 15,296 | 15,596 | ||||||||
Chemicals | 6,133 | 6,183 | |||||||||
Refining | 21,893 | 20,404 | |||||||||
Marketing and Specialties | 7,962 | 7,180 | |||||||||
Corporate and Other | 4,212 | 5,358 | |||||||||
Consolidated total assets | $ | 55,496 | 54,721 |
Millions of Dollars | ||||||
March 31 2020 | December 31 2019 | |||||
Cash and cash equivalents | $ | 92 | 286 | |||
Equity investments* | 3,136 | 2,961 | ||||
Net properties, plants and equipment | 3,410 | 3,349 | ||||
Short-term debt | 25 | 25 | ||||
Long-term debt | 3,491 | 3,491 | ||||
* Included in “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. |
Millions of Dollars | |||||||||||
March 31 2021 | December 31 2020 | ||||||||||
Equity investments* | $ | 3,029 | 3,244 | ||||||||
Net properties, plants and equipment | 3,646 | 3,639 | |||||||||
Short-term debt | 500 | 465 | |||||||||
Long-term debt | 3,444 | 3,444 | |||||||||
* Included in the “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. |
Millions of Dollars | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 15,510 | 5,368 | — | 20,878 | |||||
Equity in earnings (losses) of affiliates | (2,420 | ) | (361 | ) | 239 | 2,907 | 365 | ||||
Net gain on dispositions | — | 1 | — | — | 1 | ||||||
Other income (loss) | — | (2 | ) | 2 | — | — | |||||
Intercompany revenues | — | 930 | 2,418 | (3,348 | ) | — | |||||
Total Revenues and Other Income (Loss) | (2,420 | ) | 16,078 | 8,027 | (441 | ) | 21,244 | ||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 14,986 | 6,689 | (3,235 | ) | 18,440 | |||||
Operating expenses | — | 1,117 | 254 | (30 | ) | 1,341 | |||||
Selling, general and administrative expenses | 3 | 211 | 107 | (2 | ) | 319 | |||||
Depreciation and amortization | — | 235 | 107 | — | 342 | ||||||
Impairments | — | 1,805 | 1,201 | — | 3,006 | ||||||
Taxes other than income taxes | — | 123 | 34 | — | 157 | ||||||
Accretion on discounted liabilities | — | 5 | 1 | — | 6 | ||||||
Interest and debt expense | 78 | 36 | 78 | (81 | ) | 111 | |||||
Total Costs and Expenses | 81 | 18,518 | 8,471 | (3,348 | ) | 23,722 | |||||
Loss before income taxes | (2,501 | ) | (2,440 | ) | (444 | ) | 2,907 | (2,478 | ) | ||
Income tax benefit | (5 | ) | (20 | ) | (26 | ) | — | (51 | ) | ||
Net Loss | (2,496 | ) | (2,420 | ) | (418 | ) | 2,907 | (2,427 | ) | ||
Less: net income attributable to noncontrolling interests | — | — | 69 | — | 69 | ||||||
Net Loss Attributable to Phillips 66 | $ | (2,496 | ) | (2,420 | ) | (487 | ) | 2,907 | (2,496 | ) | |
Comprehensive Loss | $ | (2,704 | ) | (2,628 | ) | (627 | ) | 3,324 | (2,635 | ) |
Millions of Dollars | |||||||||||
Three Months Ended March 31, 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 | $ | — | 17,415 | 5,688 | — | 23,103 | |||||
Equity in earnings of affiliates | 281 | 431 | 165 | (361 | ) | 516 | |||||
Net gain on dispositions | — | — | 1 | — | 1 | ||||||
Other income | — | 20 | 18 | — | 38 | ||||||
Intercompany revenues | — | 1,161 | 3,215 | (4,376 | ) | — | |||||
Total Revenues and Other Income | 281 | 19,027 | 9,087 | (4,737 | ) | 23,658 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 17,080 | 8,254 | (4,279 | ) | 21,055 | |||||
Operating expenses | — | 1,000 | 326 | (19 | ) | 1,307 | |||||
Selling, general and administrative expenses | 3 | 255 | 110 | (2 | ) | 366 | |||||
Depreciation and amortization | — | 227 | 104 | — | 331 | ||||||
Impairments | — | — | 1 | — | 1 | ||||||
Taxes other than income taxes | — | 95 | 33 | — | 128 | ||||||
Accretion on discounted liabilities | — | 4 | 1 | 1 | 6 | ||||||
Interest and debt expense | 93 | 36 | 67 | (77 | ) | 119 | |||||
Foreign currency transaction losses | — | — | 5 | — | 5 | ||||||
Total Costs and Expenses | 96 | 18,697 | 8,901 | (4,376 | ) | 23,318 | |||||
Income before income taxes | 185 | 330 | 186 | (361 | ) | 340 | |||||
Income tax expense (benefit) | (19 | ) | 49 | 40 | — | 70 | |||||
Net Income | 204 | 281 | 146 | (361 | ) | 270 | |||||
Less: net income attributable to noncontrolling interests | — | — | 66 | — | 66 | ||||||
Net Income Attributable to Phillips 66 | $ | 204 | 281 | 80 | (361 | ) | 204 | ||||
Comprehensive Income | $ | 276 | 353 | 211 | (498 | ) | 342 |
Millions of Dollars | |||||||||||
March 31, 2020 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 809 | 412 | — | 1,221 | |||||
Accounts and notes receivable | — | 3,114 | 3,726 | (2,281 | ) | 4,559 | |||||
Inventories | — | 3,821 | 1,510 | — | 5,331 | ||||||
Prepaid expenses and other current assets | — | 387 | 207 | — | 594 | ||||||
Total Current Assets | — | 8,131 | 5,855 | (2,281 | ) | 11,705 | |||||
Investments and long-term receivables | 30,738 | 24,454 | 10,173 | (51,730 | ) | 13,635 | |||||
Net properties, plants and equipment | — | 13,738 | 10,313 | — | 24,051 | ||||||
Goodwill | — | 1,047 | 378 | — | 1,425 | ||||||
Intangibles | — | 744 | 136 | — | 880 | ||||||
Other assets | 13 | 4,239 | 662 | (3,150 | ) | 1,764 | |||||
Total Assets | $ | 30,751 | 52,353 | 27,517 | (57,161 | ) | 53,460 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 5,296 | 2,307 | (2,281 | ) | 5,322 | ||||
Short-term debt | 2,196 | 16 | 31 | — | 2,243 | ||||||
Accrued income and other taxes | — | 303 | 400 | — | 703 | ||||||
Employee benefit obligations | — | 271 | 30 | — | 301 | ||||||
Other accruals | 134 | 1,620 | 548 | (342 | ) | 1,960 | |||||
Total Current Liabilities | 2,330 | 7,506 | 3,316 | (2,623 | ) | 10,529 | |||||
Long-term debt | 6,936 | 165 | 3,619 | — | 10,720 | ||||||
Asset retirement obligations and accrued environmental costs | — | 460 | 175 | — | 635 | ||||||
Deferred income taxes | — | 3,863 | 1,627 | (3 | ) | 5,487 | |||||
Employee benefit obligations | — | 787 | 213 | — | 1,000 | ||||||
Other liabilities and deferred credits | 83 | 9,782 | 5,799 | (14,214 | ) | 1,450 | |||||
Total Liabilities | 9,349 | 22,563 | 14,749 | (16,840 | ) | 29,821 | |||||
Common stock | 3,195 | 25,859 | 9,527 | (35,386 | ) | 3,195 | |||||
Retained earnings | 19,198 | 4,922 | 1,453 | (6,405 | ) | 19,168 | |||||
Accumulated other comprehensive loss | (991 | ) | (991 | ) | (479 | ) | 1,470 | (991 | ) | ||
Noncontrolling interests | — | — | 2,267 | — | 2,267 | ||||||
Total Liabilities and Equity | $ | 30,751 | 52,353 | 27,517 | (57,161 | ) | 53,460 |
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 | $ | — | 136 | 1,478 | — | 1,614 | |||||
Accounts and notes receivable | 86 | 6,334 | 4,148 | (2,058 | ) | 8,510 | |||||
Inventories | — | 2,594 | 1,182 | — | 3,776 | ||||||
Prepaid expenses and other current assets | 2 | 362 | 131 | — | 495 | ||||||
Total Current Assets | 88 | 9,426 | 6,939 | (2,058 | ) | 14,395 | |||||
Investments and long-term receivables | 33,082 | 25,039 | 10,989 | (54,539 | ) | 14,571 | |||||
Net properties, plants and equipment | — | 13,676 | 10,110 | — | 23,786 | ||||||
Goodwill | — | 2,853 | 417 | — | 3,270 | ||||||
Intangibles | — | 732 | 137 | — | 869 | ||||||
Other assets | 14 | 4,290 | 714 | (3,189 | ) | 1,829 | |||||
Total Assets | $ | 33,184 | 56,016 | 29,306 | (59,786 | ) | 58,720 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 7,024 | 3,609 | (2,058 | ) | 8,575 | ||||
Short-term debt | 500 | 16 | 31 | — | 547 | ||||||
Accrued income and other taxes | — | 386 | 593 | — | 979 | ||||||
Employee benefit obligations | — | 648 | 62 | — | 710 | ||||||
Other accruals | 65 | 850 | 249 | (329 | ) | 835 | |||||
Total Current Liabilities | 565 | 8,924 | 4,544 | (2,387 | ) | 11,646 | |||||
Long-term debt | 7,434 | 155 | 3,627 | — | 11,216 | ||||||
Asset retirement obligations and accrued environmental costs | — | 460 | 178 | — | 638 | ||||||
Deferred income taxes | — | 3,727 | 1,828 | (2 | ) | 5,553 | |||||
Employee benefit obligations | — | 825 | 219 | — | 1,044 | ||||||
Other liabilities and deferred credits | 245 | 8,975 | 5,465 | (13,231 | ) | 1,454 | |||||
Total Liabilities | 8,244 | 23,066 | 15,861 | (15,620 | ) | 31,551 | |||||
Common stock | 3,634 | 25,838 | 9,516 | (35,354 | ) | 3,634 | |||||
Retained earnings | 22,094 | 7,900 | 1,940 | (9,870 | ) | 22,064 | |||||
Accumulated other comprehensive loss | (788 | ) | (788 | ) | (270 | ) | 1,058 | (788 | ) | ||
Noncontrolling interests | — | — | 2,259 | — | 2,259 | ||||||
Total Liabilities and Equity | $ | 33,184 | 56,016 | 29,306 | (59,786 | ) | 58,720 | ||||
Millions of Dollars | |||||||||||
Three Months Ended March 31, 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 | $ | 643 | (364 | ) | 494 | (556 | ) | 217 | |||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments | — | (292 | ) | (631 | ) | — | (923 | ) | |||
Return of investments in equity affiliates | — | — | 38 | — | 38 | ||||||
Proceeds from asset dispositions | — | 1 | — | — | 1 | ||||||
Intercompany lending activities | (973 | ) | 1,914 | (941 | ) | — | — | ||||
Advances/loans—related parties | — | — | (8 | ) | — | (8 | ) | ||||
Other | — | (25 | ) | 40 | — | 15 | |||||
Net Cash Provided by (Used in) Investing Activities | (973 | ) | 1,598 | (1,502 | ) | — | (877 | ) | |||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | 1,199 | — | — | — | 1,199 | ||||||
Repayment of debt | — | (5 | ) | (2 | ) | — | (7 | ) | |||
Issuance of common stock | 6 | — | — | — | 6 | ||||||
Repurchase of common stock | (443 | ) | — | — | — | (443 | ) | ||||
Dividends paid on common stock | (396 | ) | (556 | ) | — | 556 | (396 | ) | |||
Distributions to noncontrolling interests | — | — | (61 | ) | — | (61 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 2 | — | 2 | ||||||
Other | (36 | ) | — | 12 | — | (24 | ) | ||||
Net Cash Provided by (Used in) Financing Activities | 330 | (561 | ) | (49 | ) | 556 | 276 | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (9 | ) | — | (9 | ) | ||||
Net Change in Cash and Cash Equivalents | — | 673 | (1,066 | ) | — | (393 | ) | ||||
Cash and cash equivalents at beginning of period | — | 136 | 1,478 | — | 1,614 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 809 | 412 | — | 1,221 |
Millions of Dollars | |||||||||||
Three Months Ended March 31, 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 | $ | 3 | (384 | ) | 21 | (118 | ) | (478 | ) | ||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments | — | (234 | ) | (863 | ) | — | (1,097 | ) | |||
Return of investments in equity affiliates | — | — | 21 | — | 21 | ||||||
Proceeds from asset dispositions | — | — | 82 | — | 82 | ||||||
Intercompany lending activities | 731 | (806 | ) | 75 | — | — | |||||
Other | — | (26 | ) | 8 | — | (18 | ) | ||||
Net Cash Provided by (Used in) Investing Activities | 731 | (1,066 | ) | (677 | ) | — | (1,012 | ) | |||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | — | — | 725 | — | 725 | ||||||
Repayment of debt | — | (5 | ) | (587 | ) | — | (592 | ) | |||
Issuance of common stock | 8 | — | — | — | 8 | ||||||
Repurchase of common stock | (344 | ) | — | — | — | (344 | ) | ||||
Dividends paid on common stock | (364 | ) | — | (118 | ) | 118 | (364 | ) | |||
Distributions to noncontrolling interests | — | — | (56 | ) | — | (56 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 32 | — | 32 | ||||||
Other | (34 | ) | — | 341 | — | 307 | |||||
Net Cash Provided by (Used in) Financing Activities | (734 | ) | (5 | ) | 337 | 118 | (284 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 8 | — | 8 | ||||||
Net Change in Cash and Cash Equivalents | — | (1,455 | ) | (311 | ) | — | (1,766 | ) | |||
Cash and cash equivalents at beginning of period | — | 1,648 | 1,371 | — | 3,019 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 193 | 1,060 | — | 1,253 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Midstream | $ | 76 | (702) | |||||||||||||||||
Chemicals | 154 | 169 | ||||||||||||||||||
Refining | (1,040) | (2,261) | ||||||||||||||||||
Marketing and Specialties | 290 | 513 | ||||||||||||||||||
Corporate and Other | (251) | (197) | ||||||||||||||||||
Loss before income taxes | (771) | (2,478) | ||||||||||||||||||
Income tax benefit | (132) | (51) | ||||||||||||||||||
Net loss | (639) | (2,427) | ||||||||||||||||||
Less: net income attributable to noncontrolling interests | 15 | 69 | ||||||||||||||||||
Net loss attributable to Phillips 66 | $ | (654) | (2,496) |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Midstream | $ | (702 | ) | 316 | ||
Chemicals | 169 | 227 | ||||
Refining | (2,261 | ) | (198 | ) | ||
Marketing and Specialties | 513 | 205 | ||||
Corporate and Other | (197 | ) | (210 | ) | ||
Income (loss) before income taxes | (2,478 | ) | 340 | |||
Income tax expense (benefit) | (51 | ) | 70 | |||
Net income (loss) | (2,427 | ) | 270 | |||
Less: net income attributable to noncontrolling interests | 69 | 66 | ||||
Net income (loss) attributable to Phillips 66 | $ | (2,496 | ) | 204 |
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income (Loss) Before Income Taxes | ||||||||||||||||||||
Transportation | $ | 7 | 200 | |||||||||||||||||
NGL and Other | 35 | 179 | ||||||||||||||||||
DCP Midstream | 34 | (1,081) | ||||||||||||||||||
Total Midstream | $ | 76 | (702) |
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Millions of Dollars | ||||||
Income (Loss) Before Income Taxes | ||||||
Transportation | $ | 200 | 203 | |||
NGL and Other | 179 | 90 | ||||
DCP Midstream | (1,081 | ) | 23 | |||
Total Midstream | $ | (702 | ) | 316 |
Thousands of Barrels Daily | Thousands of Barrels Daily | ||||||||||||||||||||||||
Transportation Volumes | Transportation Volumes | ||||||||||||||||||||||||
Pipelines* | 3,178 | 3,176 | Pipelines* | 2,801 | 3,178 | ||||||||||||||||||||
Terminals | 3,148 | 3,063 | Terminals | 2,675 | 3,148 | ||||||||||||||||||||
Operating Statistics | Operating Statistics | ||||||||||||||||||||||||
NGL fractionated** | 198 | 234 | NGL fractionated** | 363 | 198 | ||||||||||||||||||||
NGL production*** | 396 | 428 | NGL production*** | 356 | 396 |
Dollars Per Gallon | ||||||||||||||||||||
Weighted-Average NGL Price* | ||||||||||||||||||||
DCP Midstream | $ | 0.69 | 0.39 | |||||||||||||||||
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix. |
Dollars Per Gallon | ||||||
Weighted-Average NGL Price* | ||||||
DCP Midstream | $ | 0.39 | 0.60 | |||
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component. |
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Millions of Dollars | ||||||
Income Before Income Taxes | $ | 169 | 227 |
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income Before Income Taxes | $ | 154 | 169 |
Millions of Pounds | ||||||||||||||||||||
CPChem Externally Marketed Sales Volumes* | ||||||||||||||||||||
Olefins and Polyolefins | 4,570 | 5,113 | ||||||||||||||||||
Specialties, Aromatics and Styrenics | 981 | 1,188 | ||||||||||||||||||
5,551 | 6,301 | |||||||||||||||||||
* Represents 100% of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates. |
Millions of Pounds | |||||
CPChem Externally Marketed Sales Volumes* | |||||
Olefins and Polyolefins | 4,600 | 4,692 | |||
Specialties, Aromatics and Styrenics | 1,188 | 1,069 | |||
5,788 | 5,761 | ||||
* 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) | 79 | % | 98 | |||||||||||||||||
Olefins and Polyolefins Capacity Utilization (percent) | 98 | % | 98 |
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Loss Before Income Taxes | ||||||||||||||||||||
Atlantic Basin/Europe | $ | (153) | (637) | |||||||||||||||||
Gulf Coast | (253) | (843) | ||||||||||||||||||
Central Corridor | (248) | (227) | ||||||||||||||||||
West Coast | (386) | (554) | ||||||||||||||||||
Worldwide | $ | (1,040) | (2,261) |
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Millions of Dollars | ||||||
Income (Loss) Before Income Taxes | ||||||
Atlantic Basin/Europe | $ | (637 | ) | (7 | ) | |
Gulf Coast | (843 | ) | (118 | ) | ||
Central Corridor | (227 | ) | 77 | |||
West Coast | (554 | ) | (150 | ) | ||
Worldwide | $ | (2,261 | ) | (198 | ) |
Dollars Per Barrel | ||||||||||||||||||||||||||
Dollars Per Barrel | ||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | ||||||||||||||||||||||||||
Loss Before Income Taxes | Loss Before Income Taxes | |||||||||||||||||||||||||
Atlantic Basin/Europe | $ | (15.41 | ) | (0.17 | ) | Atlantic Basin/Europe | $ | (3.57) | (15.41) | |||||||||||||||||
Gulf Coast | (13.16 | ) | (1.80 | ) | Gulf Coast | (4.64) | (13.16) | |||||||||||||||||||
Central Corridor | (9.72 | ) | 3.22 | Central Corridor | (12.55) | (9.72) | ||||||||||||||||||||
West Coast | (19.87 | ) | (4.89 | ) | West Coast | (14.89) | (19.87) | |||||||||||||||||||
Worldwide | (14.44 | ) | (1.22 | ) | Worldwide | (7.27) | (14.44) | |||||||||||||||||||
Realized Refining Margins* | Realized Refining Margins* | |||||||||||||||||||||||||
Atlantic Basin/Europe | $ | 2.38 | 7.76 | Atlantic Basin/Europe | $ | 4.86 | 2.38 | |||||||||||||||||||
Gulf Coast | 6.76 | 5.44 | Gulf Coast | 3.39 | 6.76 | |||||||||||||||||||||
Central Corridor | 13.50 | 10.23 | Central Corridor | 5.97 | 13.50 | |||||||||||||||||||||
West Coast | 4.80 | 6.25 | West Coast | 3.33 | 4.80 | |||||||||||||||||||||
Worldwide | 7.11 | 7.23 | Worldwide | 4.36 | 7.11 |
Thousands of Barrels Daily | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
Operating Statistics | 2021 | 2020 | ||||||||||||||||||
Refining operations* | ||||||||||||||||||||
Atlantic Basin/Europe | ||||||||||||||||||||
Crude oil capacity | 537 | 537 | ||||||||||||||||||
Crude oil processed | 438 | 437 | ||||||||||||||||||
Capacity utilization (percent) | 82 | % | 81 | |||||||||||||||||
Refinery production | 482 | 456 | ||||||||||||||||||
Gulf Coast | ||||||||||||||||||||
Crude oil capacity | 784 | 769 | ||||||||||||||||||
Crude oil processed | 553 | 645 | ||||||||||||||||||
Capacity utilization (percent) | 71 | % | 84 | |||||||||||||||||
Refinery production | 603 | 703 | ||||||||||||||||||
Central Corridor | ||||||||||||||||||||
Crude oil capacity | 531 | 530 | ||||||||||||||||||
Crude oil processed | 384 | 471 | ||||||||||||||||||
Capacity utilization (percent) | 72 | % | 89 | |||||||||||||||||
Refinery production | 398 | 488 | ||||||||||||||||||
West Coast | ||||||||||||||||||||
Crude oil capacity | 364 | 364 | ||||||||||||||||||
Crude oil processed | 268 | 279 | ||||||||||||||||||
Capacity utilization (percent) | 74 | % | 77 | |||||||||||||||||
Refinery production | 288 | 306 | ||||||||||||||||||
Worldwide | ||||||||||||||||||||
Crude oil capacity | 2,216 | 2,200 | ||||||||||||||||||
Crude oil processed | 1,643 | 1,832 | ||||||||||||||||||
Capacity utilization (percent) | 74 | % | 83 | |||||||||||||||||
Refinery production | 1,771 | 1,953 | ||||||||||||||||||
* Includes our share of equity affiliates. |
Thousands of Barrels Daily | |||||
Three Months Ended March 31 | |||||
Operating Statistics | 2020 | 2019 | |||
Refining operations* | |||||
Atlantic Basin/Europe | |||||
Crude oil capacity | 537 | 537 | |||
Crude oil processed | 437 | 427 | |||
Capacity utilization (percent) | 81 | % | 80 | ||
Refinery production | 456 | 467 | |||
Gulf Coast | |||||
Crude oil capacity | 769 | 764 | |||
Crude oil processed | 645 | 654 | |||
Capacity utilization (percent) | 84 | % | 85 | ||
Refinery production | 703 | 722 | |||
Central Corridor | |||||
Crude oil capacity | 530 | 515 | |||
Crude oil processed | 471 | 445 | |||
Capacity utilization (percent) | 89 | % | 86 | ||
Refinery production | 488 | 468 | |||
West Coast | |||||
Crude oil capacity | 364 | 364 | |||
Crude oil processed | 279 | 307 | |||
Capacity utilization (percent) | 77 | % | 84 | ||
Refinery production | 306 | 342 | |||
Worldwide | |||||
Crude oil capacity | 2,200 | 2,180 | |||
Crude oil processed | 1,832 | 1,833 | |||
Capacity utilization (percent) | 83 | % | 84 | ||
Refinery production | 1,953 | 1,999 | |||
* Includes our share of equity affiliates. |
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||
Marketing and Other | $ | 211 | 471 | |||||||||||||||||
Specialties | 79 | 42 | ||||||||||||||||||
Total Marketing and Specialties | $ | 290 | 513 |
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Millions of Dollars | ||||||
Income Before Income Taxes | ||||||
Marketing and Other | $ | 471 | 138 | |||
Specialties | 42 | 67 | ||||
Total Marketing and Specialties | $ | 513 | 205 |
Dollars Per Barrel | Dollars Per Barrel | |||||||||||||||||||||||||
Income Before Income Taxes | Income Before Income Taxes | |||||||||||||||||||||||||
U.S. | $ | 1.79 | 0.60 | U.S. | $ | 1.36 | 1.79 | |||||||||||||||||||
International | 6.58 | 2.25 | International | 2.24 | 6.58 | |||||||||||||||||||||
Realized Marketing Fuel Margins* | Realized Marketing Fuel Margins* | |||||||||||||||||||||||||
U.S. | $ | 2.08 | 1.06 | U.S. | $ | 1.94 | 2.08 | |||||||||||||||||||
International | 8.53 | 3.80 | International | 4.01 | 8.53 |
Dollars Per Gallon | ||||||||||||||||||||
U.S. Average Wholesale Prices* | ||||||||||||||||||||
Gasoline | $ | 2.01 | 1.77 | |||||||||||||||||
Distillates | 1.98 | 1.76 | ||||||||||||||||||
* On third-party branded petroleum product sales, excluding excise taxes. |
Dollars Per Gallon | ||||||
U.S. Average Wholesale Prices* | ||||||
Gasoline | $ | 1.77 | 1.86 | |||
Distillates | 1.76 | 2.04 | ||||
* On third-party branded petroleum product sales, excluding excise taxes. |
Thousands of Barrels Daily | ||||||||||||||||||||
Marketing Petroleum Products Sales Volumes | ||||||||||||||||||||
Gasoline | 1,023 | 1,066 | ||||||||||||||||||
Distillates | 818 | 1,037 | ||||||||||||||||||
Other | 18 | 20 | ||||||||||||||||||
Total | 1,859 | 2,123 |
Thousands of Barrels Daily | |||||
Marketing Petroleum Products Sales Volumes | |||||
Gasoline | 1,066 | 1,151 | |||
Distillates | 1,037 | 940 | |||
Other | 20 | 18 | |||
Total | 2,123 | 2,109 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Loss Before Income Taxes | ||||||||||||||||||||
Net interest expense | $ | (143) | (103) | |||||||||||||||||
Corporate overhead and other | (108) | (94) | ||||||||||||||||||
Total Corporate and Other | $ | (251) | (197) |
Millions of Dollars | ||||||
Three Months Ended March 31 | ||||||
2020 | 2019 | |||||
Loss Before Income Taxes | ||||||
Net interest expense | $ | (103 | ) | (108 | ) | |
Corporate overhead and other | (94 | ) | (102 | ) | ||
Total Corporate and Other | $ | (197 | ) | (210 | ) |
Millions of Dollars, Except as Indicated | |||||||||||
March 31 2021 | December 31 2020 | ||||||||||
Cash and cash equivalents | $ | 1,351 | 2,514 | ||||||||
Short-term debt | 516 | 987 | |||||||||
Total debt | 15,422 | 15,893 | |||||||||
Total equity | 20,457 | 21,523 | |||||||||
Percent of total debt to capital* | 43% | 42 | |||||||||
Percent of floating-rate debt to total debt | 10% | 12 | |||||||||
* Capital includes total debt and total equity. |
Millions of Dollars, Except as Indicated | ||||||
March 31 2020 | December 31 2019 | |||||
Cash and cash equivalents | $ | 1,221 | 1,614 | |||
Short-term debt | 2,243 | 547 | ||||
Total debt | 12,963 | 11,763 | ||||
Total equity | 23,639 | 27,169 | ||||
Percent of total debt to capital* | 35 | % | 30 | |||
* Capital includes total debt and total equity. |
Millions of Dollars | Millions of Dollars | ||||||||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||||||||
2020 | 2019 | 2021 | 2020 | ||||||||||||||
Capital Expenditures and Investments | Capital Expenditures and Investments | ||||||||||||||||
Midstream | $ | 603 | 841 | Midstream | $ | 100 | 603 | ||||||||||
Chemicals | — | — | Chemicals | — | — | ||||||||||||
Refining | 245 | 194 | Refining | 184 | 245 | ||||||||||||
Marketing and Specialties | 25 | 19 | Marketing and Specialties | 22 | 25 | ||||||||||||
Corporate and Other | 50 | 43 | Corporate and Other | 25 | 50 | ||||||||||||
Total Capital Expenditures and Investments | 923 | 1,097 | Total Capital Expenditures and Investments | 331 | 923 | ||||||||||||
Less: capital spending funded by certain joint venture partners* | 23 | 422 | |||||||||||||||
Less: capital spending funded by a joint venture partner* | Less: capital spending funded by a joint venture partner* | — | 23 | ||||||||||||||
Adjusted Capital Spending | $ | 900 | 675 | Adjusted Capital Spending | $ | 331 | 900 | ||||||||||
Selected Equity Affiliates** | Selected Equity Affiliates** | ||||||||||||||||
DCP Midstream | $ | 46 | 150 | DCP Midstream | $ | 7 | 46 | ||||||||||
CPChem | 126 | 103 | CPChem | 79 | 126 | ||||||||||||
WRB | 37 | 37 | WRB | 59 | 37 | ||||||||||||
$ | 209 | 290 | $ | 145 | 209 |
Summarized Combined Statement of Operations | Millions of Dollars | ||||
Sales and other operating revenues | $ | 16,191 | |||
Revenues and other income—non-guarantor subsidiaries | 1,125 | ||||
Purchased crude oil and products—third parties | 10,768 | ||||
Purchased crude oil and products—related parties | 2,316 | ||||
Purchased crude oil and products—non-guarantor subsidiaries | 3,323 | ||||
Loss before income taxes | (895) | ||||
Net loss | (741) | ||||
Millions of Dollars | ||||||||||||||
Summarized Combined Balance Sheet | March 31 2021 | December 31 2020 | ||||||||||||
Accounts and notes receivable—third parties | $ | 4,664 | 4,060 | |||||||||||
Accounts and notes receivable—related parties | 970 | 804 | ||||||||||||
Due from non-guarantor subsidiaries, current | 494 | 288 | ||||||||||||
Total current assets | 10,061 | 8,965 | ||||||||||||
Investments and long-term receivables | 9,269 | 9,229 | ||||||||||||
Net properties, plants and equipment | 12,852 | 12,815 | ||||||||||||
Goodwill | 1,047 | 1,047 | ||||||||||||
Due from non-guarantor subsidiaries, noncurrent | 6,070 | 6,173 | ||||||||||||
Other assets associated with non-guarantor subsidiaries | 2,815 | 2,870 | ||||||||||||
Total noncurrent assets | 33,928 | 34,034 | ||||||||||||
Total assets | 43,989 | 42,999 | ||||||||||||
Due to non-guarantor subsidiaries, current | $ | 2,724 | 2,203 | |||||||||||
Total current liabilities | 9,467 | 7,938 | ||||||||||||
Long-term debt | 11,330 | 11,330 | ||||||||||||
Due to non-guarantor subsidiaries, noncurrent | 9,937 | 9,316 | ||||||||||||
Total noncurrent liabilities | 26,600 | 26,044 | ||||||||||||
Total liabilities | 36,067 | 33,982 | ||||||||||||
Total equity | 7,922 | 9,017 | ||||||||||||
Total liabilities and equity | 43,989 | 42,999 |
Millions of Dollars, Except as Indicated | Millions of Dollars, Except as Indicated | |||||||||||||||||||||||||||
Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | |||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||
Loss before income taxes | Loss before income taxes | $ | (153) | (253) | (248) | (386) | (1,040) | |||||||||||||||||||||
Plus: | Plus: | |||||||||||||||||||||||||||
Taxes other than income taxes | Taxes other than income taxes | 20 | 27 | 15 | 23 | 85 | ||||||||||||||||||||||
Depreciation, amortization and impairments | Depreciation, amortization and impairments | 52 | 77 | 34 | 54 | 217 | ||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 14 | 10 | 7 | 11 | 42 | ||||||||||||||||||||||
Operating expenses | Operating expenses | 230 | 321 | 205 | 382 | 1,138 | ||||||||||||||||||||||
Equity in losses of affiliates | Equity in losses of affiliates | 2 | 3 | 117 | — | 122 | ||||||||||||||||||||||
Other segment (income) expense, net | Other segment (income) expense, net | — | — | (2) | 2 | — | ||||||||||||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | Proportional share of refining gross margins contributed by equity affiliates | 43 | — | 86 | — | 129 | ||||||||||||||||||||||
Realized refining margins | Realized refining margins | $ | 208 | 185 | 214 | 86 | 693 | |||||||||||||||||||||
Total processed inputs (thousands of barrels) | Total processed inputs (thousands of barrels) | 42,826 | 54,560 | 19,754 | 25,917 | 143,057 | ||||||||||||||||||||||
Adjusted total processed inputs (thousands of barrels)* | Adjusted total processed inputs (thousands of barrels)* | 42,826 | 54,560 | 35,711 | 25,917 | 159,014 | ||||||||||||||||||||||
Loss before income taxes per barrel (dollars per barrel)** | Loss before income taxes per barrel (dollars per barrel)** | $ | (3.57) | (4.64) | (12.55) | (14.89) | (7.27) | |||||||||||||||||||||
Realized refining margins (dollars per barrel)*** | Realized refining margins (dollars per barrel)*** | 4.86 | 3.39 | 5.97 | 3.33 | 4.36 | ||||||||||||||||||||||
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||
Loss before income taxes | $ | (637 | ) | (843 | ) | (227 | ) | (554 | ) | (2,261 | ) | Loss before income taxes | $ | (637) | (843) | (227) | (554) | (2,261) | ||||||||||
Plus: | Plus: | |||||||||||||||||||||||||||
Taxes other than income taxes | 19 | 37 | 17 | 31 | 104 | Taxes other than income taxes | 19 | 37 | 17 | 31 | 104 | |||||||||||||||||
Depreciation, amortization and impairments | 492 | 741 | 469 | 364 | 2,066 | Depreciation, amortization and impairments | 492 | 741 | 469 | 364 | 2,066 | |||||||||||||||||
Selling, general and administrative expenses | 13 | 7 | 6 | 10 | 36 | Selling, general and administrative expenses | 13 | 7 | 6 | 10 | 36 | |||||||||||||||||
Operating expenses | 194 | 492 | 136 | 283 | 1,105 | Operating expenses | 194 | 492 | 136 | 283 | 1,105 | |||||||||||||||||
Equity in (earnings) losses of affiliates | 2 | (1 | ) | 51 | — | 52 | Equity in (earnings) losses of affiliates | 2 | (1) | 51 | — | 52 | ||||||||||||||||
Other segment (income) expense, net | (2 | ) | 1 | (3 | ) | 1 | (3 | ) | Other segment (income) expense, net | (2) | 1 | (3) | 1 | (3) | ||||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 16 | — | 113 | — | 129 | Proportional share of refining gross margins contributed by equity affiliates | 16 | — | 113 | — | 129 | |||||||||||||||||
Special items: | Special items: | |||||||||||||||||||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | 35 | — | 35 | Lower-of-cost-or-market inventory adjustments | — | — | 35 | — | 35 | |||||||||||||||||
Realized refining margins | $ | 97 | 434 | 597 | 135 | 1,263 | Realized refining margins | $ | 97 | 434 | 597 | 135 | 1,263 | |||||||||||||||
Total processed inputs (thousands of barrels) | 41,335 | 64,066 | 23,345 | 27,877 | 156,623 | Total processed inputs (thousands of barrels) | 41,335 | 64,066 | 23,345 | 27,877 | 156,623 | |||||||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 41,335 | 64,066 | 44,291 | 27,877 | 177,569 | Adjusted total processed inputs (thousands of barrels)* | 41,335 | 64,066 | 44,291 | 27,877 | 177,569 | |||||||||||||||||
Loss before income taxes per barrel (dollars per barrel)** | $ | (15.41 | ) | (13.16 | ) | (9.72 | ) | (19.87 | ) | (14.44 | ) | Loss before income taxes per barrel (dollars per barrel)** | $ | (15.41) | (13.16) | (9.72) | (19.87) | (14.44) | ||||||||||
Realized refining margins (dollars per barrel)*** | 2.38 | 6.76 | 13.50 | 4.80 | 7.11 | Realized refining margins (dollars per barrel)*** | 2.38 | 6.76 | 13.50 | 4.80 | 7.11 | |||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (7 | ) | (118 | ) | 77 | (150 | ) | (198 | ) | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||
Taxes other than income taxes | 15 | 23 | 13 | 24 | 75 | |||||||||||||||||||||||
Depreciation and amortization | 50 | 67 | 33 | 62 | 212 | |||||||||||||||||||||||
Selling, general and administrative expenses | 7 | (2 | ) | 1 | 5 | 11 | ||||||||||||||||||||||
Operating expenses | 233 | 384 | 145 | 249 | 1,011 | |||||||||||||||||||||||
Equity in (earnings) losses of affiliates | 3 | — | (84 | ) | — | (81 | ) | |||||||||||||||||||||
Other segment (income) expense, net | 6 | 1 | (2 | ) | 2 | 7 | ||||||||||||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 17 | — | 267 | — | 284 | |||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||
Pending claims and settlements | — | — | (21 | ) | — | (21 | ) | |||||||||||||||||||||
Realized refining margins | $ | 324 | 355 | 429 | 192 | 1,300 | ||||||||||||||||||||||
Total processed inputs (thousands of barrels) | 41,682 | 65,434 | 23,893 | 30,703 | 161,712 | |||||||||||||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 41,682 | 65,434 | 41,896 | 30,703 | 179,715 | |||||||||||||||||||||||
Income (loss) before income taxes per barrel (dollars per barrel)** | $ | (0.17 | ) | (1.80 | ) | 3.22 | (4.89 | ) | (1.22 | ) | ||||||||||||||||||
Realized refining margins (dollars per barrel)*** | 7.76 | 5.44 | 10.23 | 6.25 | 7.23 | * 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. | ||||||||||||||||||||||||||||
** Loss before income taxes divided by total processed inputs. | ** 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 March 31, 2020 | Three Months Ended March 31, 2019 | |||||||||
U.S. | International | U.S. | International | |||||||
Realized Marketing Fuel Margins | ||||||||||
Income before income taxes | $ | 299 | 171 | 98 | 58 | |||||
Plus: | ||||||||||
Taxes other than income taxes | 2 | 1 | 2 | 2 | ||||||
Depreciation and amortization | 3 | 17 | 2 | 16 | ||||||
Selling, general and administrative expenses | 127 | 63 | 155 | 62 | ||||||
Equity in earnings of affiliates | — | (22 | ) | (1 | ) | (22 | ) | |||
Other operating revenues* | (84 | ) | 2 | (82 | ) | (6 | ) | |||
Other segment (income) expense, net | — | — | — | (2 | ) | |||||
Marketing margins | 347 | 232 | 174 | 108 | ||||||
Less: margin for nonfuel related sales | — | 10 | — | 10 | ||||||
Realized marketing fuel margins | $ | 347 | 222 | 174 | 98 | |||||
Total fuel sales volumes (thousands of barrels) | 167,178 | 25,979 | 164,058 | 25,796 | ||||||
Income before income taxes per barrel (dollars per barrel) | $ | 1.79 | 6.58 | 0.60 | 2.25 | |||||
Realized marketing fuel margins (dollars per barrel)** | 2.08 | 8.53 | 1.06 | 3.80 | ||||||
* 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 | |||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||
U.S. | International | U.S. | International | ||||||||||||||
Realized Marketing Fuel Margins | |||||||||||||||||
Income before income taxes | $ | 199 | 48 | 299 | 171 | ||||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 4 | 2 | 2 | 1 | |||||||||||||
Depreciation and amortization | 3 | 19 | 3 | 17 | |||||||||||||
Selling, general and administrative expenses | 165 | 60 | 127 | 63 | |||||||||||||
Equity in earnings of affiliates | (2) | (24) | — | (22) | |||||||||||||
Other operating revenues* | (86) | (5) | (84) | 2 | |||||||||||||
Other segment income, net | — | (1) | — | — | |||||||||||||
Marketing margins | 283 | 99 | 347 | 232 | |||||||||||||
Less: margin for nonfuel related sales | — | 13 | — | 10 | |||||||||||||
Realized marketing fuel margins | $ | 283 | 86 | 347 | 222 | ||||||||||||
Total fuel sales volumes (thousands of barrels) | 145,794 | 21,474 | 167,178 | 25,979 | |||||||||||||
Income before income taxes per barrel (dollars per barrel) | $ | 1.36 | 2.24 | 1.79 | 6.58 | ||||||||||||
Realized marketing fuel margins (dollars per barrel)** | 1.94 | 4.01 | 2.08 | 8.53 | |||||||||||||
* 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 | ||||||||||
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 | ||||||
January 1-31, 2020 | 1,652,838 | $ | 103.72 | 1,652,838 | $ | 2,786 | ||||
February 1-29, 2020 | 1,494,854 | 89.39 | 1,494,854 | 2,652 | ||||||
March 1-31, 2020 | 2,233,329 | 61.54 | 2,233,329 | 2,514 | ||||||
Total | 5,381,021 | $ | 82.23 | 5,381,021 | ||||||
* 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 March 31, 2020, our Board of Directors has authorized repurchases of our outstanding common stock under our share repurchase programs totaling $15 billion. The authorizations do not have expiration dates. The share repurchases are expected to be funded primarily through available cash. The shares under these authorizations are repurchased from time to time in the open market at our discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Shares of stock repurchased are held as treasury shares. Effective March 18, 2020, share repurchases under our share purchase programs were temporarily suspended. |
Exhibit Number | Exhibit Description | |||||||||||||||||||
10.1* | ||||||||||||||||||||
22* | ||||||||||||||||||||
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. | ||||||||||||||||||||
Incorporate by Reference | ||||||
Exhibit Number | Exhibit Description | Form | Exhibit Number | Filing Date | SEC File No. | |
As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the company has not filed with this Quarterly Report on Form 10-Q certain instruments defining the rights of holders of long-term debt of the company and its subsidiaries because the total amount of securities authorized thereunder does not exceed 10% of the total assets of the company and its subsidiaries on a consolidated basis. The company agrees to furnish a copy of such agreements to the Commission upon request. | ||||||
8-K | 10.1 | 03/24/2020 | 001-35349 | |||
8-K | 10.1 | 04/07/2020 | 001-35349 | |||
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) |