Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 001-35349 |
Entity Registrant Name | Phillips 66 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 45-3779385 |
Entity Address, Address Line One | 2331 CityWest Blvd |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77042 |
City Area Code | 281 |
Local Phone Number | 293-6600 |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | PSX |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity common stock, shares outstanding (in shares) | 436,674,707 |
Entity Central Index Key | 0001534701 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 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 | 0 | 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 | 0 | 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 (in usd per share) | $ (5.66) | $ 0.44 |
Diluted (in usd per share) | $ (5.66) | $ 0.44 |
Weighted-Average Common Shares Outstanding (thousands) | ||
Basic (in shares) | 441,345 | 457,599 |
Diluted (in shares) | 441,345 | 459,289 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ (2,427) | $ 270 |
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 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 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—647,050,977 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 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 41 | $ 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) | 648,446,534 | 647,416,633 |
Treasury stock (in shares) | 211,771,827 | 206,390,806 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 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) | 0 |
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 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2018 | $ 27,153 | $ 6 | $ 19,873 | $ (15,023) | $ 20,489 | $ (692) | $ 2,500 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ (89) | ||||||
Beginning balance, common stock issued (in shares) at Dec. 31, 2018 | 645,692,000 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2018 | 189,526,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 27,153 | 6 | 19,873 | (15,023) | 20,489 | (692) | 2,500 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 270 | 204 | 66 | ||||
Other comprehensive income (loss) | 72 | 72 | |||||
Dividends paid on common stock | (364) | (364) | |||||
Repurchase of common stock | (344) | (344) | |||||
Benefit plan activity | 2 | 4 | (2) | ||||
Issuance of Phillips 66 Partners LP common units | 21 | 2 | 19 | ||||
Distributions to noncontrolling interests | (56) | (56) | |||||
Ending Balance at Mar. 31, 2019 | $ 26,745 | 6 | 19,879 | (15,367) | 20,408 | (709) | 2,528 |
Beginning balance, common stock issued (in shares) at Dec. 31, 2018 | 645,692,000 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2018 | 189,526,000 | ||||||
Stockholders' Equity, Shares [Roll Forward] | |||||||
Repurchase of common stock (in shares) | 3,639,000 | ||||||
Shares issued - share-based compensation (in shares) | 1,024,000 | ||||||
Ending balance, common stock issued (in shares) at Mar. 31, 2019 | 646,716,000 | ||||||
Ending balance, treasury stock (in shares) at Mar. 31, 2019 | 193,165,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of accounting changes | $ (9) | 81 | (89) | (1) | |||
Beginning Balance at Dec. 31, 2019 | 27,169 | 6 | 20,301 | (16,673) | 22,064 | (788) | 2,259 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (2,427) | (2,496) | 69 | ||||
Other comprehensive income (loss) | (208) | (208) | |||||
Dividends paid on common stock | (396) | (396) | |||||
Repurchase of common stock | (443) | (443) | |||||
Benefit plan activity | 2 | 4 | (2) | ||||
Distributions to noncontrolling interests | (61) | (61) | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 3 | (2) | 5 | ||||
Ending Balance at Mar. 31, 2020 | $ 23,639 | $ 6 | $ 20,305 | $ (17,116) | $ 19,168 | $ (991) | $ 2,267 |
Beginning balance, common stock issued (in shares) at Dec. 31, 2019 | 647,416,633 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2019 | 206,390,806 | ||||||
Stockholders' Equity, Shares [Roll Forward] | |||||||
Repurchase of common stock (in shares) | 5,381,000 | ||||||
Shares issued - share-based compensation (in shares) | 1,030,000 | ||||||
Ending balance, common stock issued (in shares) at Mar. 31, 2020 | 648,446,534 | ||||||
Ending balance, treasury stock (in shares) at Mar. 31, 2020 | 211,771,827 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid per common stock (in usd per share) | $ 0.90 | $ 0.80 |
Interim Financial Information
Interim Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | Interim Financial Information The 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 months ended March 31, 2020 |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 3 Months Ended |
Mar. 31, 2020 | |
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: Millions of Dollars Three Months Ended 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. Contract-Related Assets and Liabilities At March 31, 2020 , and December 31, 2019 , receivables from contracts with customers were $3,344 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 March 31, 2020 , and December 31, 2019 , our asset balances related to such payments were $357 million and $336 million , respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At March 31, 2020 , and December 31, 2019 , contract liabilities were no t material. Remaining Performance Obligations Most 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 March 31, 2020 , the remaining performance obligations related to these minimum volume commitment contracts were no |
Credit Losses
Credit Losses | 3 Months Ended |
Mar. 31, 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 recent decline in commodity prices, weak petroleum product demand, and negative economic impacts associated with Coronavirus Disease 2019 (COVID-19) increase the probability that certain of our counterparties may not be able to fully 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 March 31, 2020 , and December 31, 2019 , we reported $4,559 million and $8,510 million of accounts and notes receivable, respectively, net of allowances of $41 million for both periods. Based on an aging analysis at March 31, 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 10—Guarantees , and Note 11—Contingencies and Commitments , for more information on these off-balance sheet exposures. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,008 3,452 Materials and supplies 323 324 $ 5,331 3,776 Inventories valued on the last-in, first-out (LIFO) basis totaled $4,879 million and $3,331 million at March 31, 2020 , and December 31, 2019 , respectively. We performed a lower-of-cost-or-market evaluation for our crude oil and petroleum products inventory at March 31, 2020 |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments, Loans and Long-Term Receivables | Investments, Loans and Long-Term Receivables Equity Investments DCP Midstream, LLC (DCP Midstream) The fair value of our investment in DCP Midstream depends on the market value of DCP Midstream, LP (DCP Partners) common units. The market value of DCP Partners common units declined by approximately 85% in the first quarter of 2020. 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 its magnitude. Accordingly, we recorded a $1,161 million before-tax impairment of our investment in the first quarter of 2020. This charge is included in the “Impairments” line item on our consolidated statement of operations. Following the impairment, our investment in DCP Midstream had a book value of $245 million at March 31, 2020 . The impairment increased the basis difference for our investment in DCP Midstream, which indicates the carrying value of our investment is lower than our share of DCP Midstream’s recorded net assets. The basis difference of $1,795 million is expected to be 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 . See Note 13—Fair Value Measurements , for additional information on the techniques used to determine the fair value of our investment in DCP Midstream. Gray Oak Pipeline, LLC Gray Oak Pipeline, LLC has a third-party term loan facility with a borrowing capacity of $1,379 million , inclusive of accrued interest. Borrowings under the facility are due on June 3, 2022. Phillips 66 Partners LP (Phillips 66 Partners) and its co-venturers provided a guarantee through an equity contribution agreement requiring proportionate equity contributions to Gray Oak Pipeline, LLC up to the total outstanding loan amount, plus any additional accrued interest and associated fees, if the term loan facility is fully utilized and Gray Oak Pipeline, LLC defaults on certain of its obligations thereunder. At March 31, 2020 , the term loan facility was fully utilized by Gray Oak Pipeline, LLC, and Phillips 66 Partners’ 42.25% proportionate exposure under the equity contribution agreement was $583 million . Gray Oak Pipeline, LLC is considered a variable interest entity (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-venturers jointly direct the activities of Gray Oak Pipeline, LLC that most significantly impact economic performance. On April 1, 2020, the Gray Oak Pipeline commenced full operations from West Texas to Texas Gulf Coast destinations. The Eagle Ford segment of the pipeline commenced operations later in April. At March 31, 2020 , Phillips 66 Partners’ effective ownership interest in the Gray Oak Pipeline was 42.25% , and Phillips 66 Partners’ maximum exposure to loss was $1,382 million , which represented the book value of the investment in Gray Oak Pipeline, LLC of $799 million and the term loan guarantee of $583 million . See Note 19—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 $2,500 million aggregate principal amount of unsecured senior notes. 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, if Dakota Access receives an unfavorable court ruling in the litigation related to certain disputed construction permits and Dakota Access determines that an equity contribution trigger event has occurred, the co-venturers may be severally required to make proportionate equity contributions to Dakota Access and ETCO up to an aggregate maximum of approximately $2,525 million . Phillips 66 Partners’ share of the maximum potential equity contributions under the CECU is approximately $631 million . In March 2020, the court in such litigation requested an Environmental Impact Statement from the U.S. Army Corps of Engineers, and requested additional information to make a further decision regarding whether the Dakota Access Pipeline should be shut down while the Environmental Impact Statement is being prepared. Currently, this ruling does not have any immediate impact on the operations of Dakota Access and ETCO. CF United LLC (United) In the fourth quarter of 2019, we acquired a 50% voting interest and a 48% economic interest in United, a retail marketing joint venture with operations primarily on the U.S. West Coast. 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 is viewed as a variable interest as the purchase price on the exercise date may not represent the then-current fair value of United. We have determined that we are not the primary beneficiary because we and our co-venturer jointly direct the activities of United that most significantly impact economic performance. At March 31, 2020 , our maximum exposure to loss was comprised of our $250 million investment in 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 United. Liberty Pipeline LLC (Liberty) Liberty is a 50% -owned 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. On March 2, 2020, Phillips 66 Partners closed a transaction to acquire our 50% interest in Liberty for $75 million . Phillips 66 Partners and its co-venturer subsequently deferred the development and construction of the Liberty Pipeline system as a result of the current challenging business environment. At March 31, 2020 , our maximum exposure to loss was $216 million , which represented the book value of Phillips 66 Partners’ investment in Liberty of $103 million and our outstanding proportionate vendor guarantees of $113 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 March 31, 2020 , our maximum exposure to loss was $148 million , which represented the book value of our investment in OnCue of $79 million and guaranteed debt obligations of $69 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 which, upon completion, will transport crude oil from Cushing, Oklahoma, and the Permian to multiple destinations along the Texas Gulf Coast, including Corpus Christi, Ingleside, Houston, and Beaumont, Texas. Red Oak 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 Red Oak that most significantly impact economic performance. The development and construction of the Red Oak Pipeline system have been deferred as a result of the current challenging business environment. At March 31, 2020 , our maximum exposure to loss was $66 million , which represented the book value of our investment in Red Oak of $54 million and an outstanding member loan to Red Oak of $12 million . |
Properties, Plants and Equipmen
Properties, Plants and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
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: 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 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Our stock price declined significantly in the first quarter of 2020 due to the volatility 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 goodwill impairment charge of $1,845 million in our Refining segment. This charge is included in the “Impairments” line item on our consolidated statement of operations. The fair value of our other reporting units continued to exceed their carrying values by a significant percentage. See Note 13—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 March 31, 2020 was: 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 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 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, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (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. Three Months Ended 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 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt Issuances On April 9, 2020, Phillips 66 closed on a 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. Interest on the Senior Notes due 2025 is payable semiannually on April 9 and October 9 of each year, commencing on October 9, 2020. Proceeds of $993 million , net of underwriters’ discounts and commissions and debt issuance costs, 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 , with $1 billion of capacity remaining undrawn. 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 March 31, 2020 , borrowings of $200 million were outstanding under Phillips 66’s uncommitted $5 billion commercial paper program, compared with no borrowings outstanding under the commercial paper program at December 31, 2019. At March 31, 2020 , and December 31, 2019 , no amount had been directly drawn under Phillips 66 Partners’ $750 million revolving credit facility; however, $3 million and $1 million in letters of credit had been issued under this facility at March 31, 2020, and December 31, 2019, respectively. Debt Repayments In April 2020, Phillips 66 repaid the $300 million outstanding principal balance of its floating-rate notes due April 2020 and the $200 million outstanding principal balance of its term loan facility due April 2020. Also in April 2020, Phillips 66 Partners repaid the $25 million |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2020 | |
Guarantees [Abstract] | |
Guarantees | Guarantees At March 31, 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 have a residual value guarantee with a maximum future exposure of $554 million at March 31, 2020 . The operating lease term ends in June 2021 and provides us 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. We also have residual value guarantees associated with railcar and airplane leases with maximum potential future payments totaling $362 million . These leases have remaining terms of up to four years . Contingent Equity Contribution Undertaking In March 2019, Phillips 66 Partners and its co-venturers in Dakota Access provided a Contingent Equity Contribution Undertaking in conjunction with an unsecured senior notes offering. See Note 5—Investments, Loans and Long-Term Receivables , for additional information on Dakota Access. Guarantees of Joint Venture Obligations In June 2019 , Phillips 66 Partners issued a guarantee through an equity contribution agreement for 42.25% of Gray Oak Pipeline, LLC’s third-party term loan facility. See Note 5—Investments, Loans and Long-Term Receivables , for additional information on Gray Oak Pipeline, LLC. In addition, at March 31, 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 $331 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 indemnity 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 March 31, 2020 , and December 31, 2019 , the carrying amount of recorded indemnifications was $159 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 March 31, 2020 , and December 31, 2019 , environmental accruals for known contamination of $111 million and $105 million , respectively, 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 11—Contingencies and Commitments . Indemnification and Release Agreement In 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. |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 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 at 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 March 31, 2020 , our total environmental accruals were $442 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 March 31, 2020 , we had performance obligations secured by letters of credit and bank guarantees of $463 million related to various purchase and other commitments incident to the ordinary conduct of business. |
Derivatives and Financial Instr
Derivatives and Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
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 13—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. 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 At March 31, 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: Millions of Dollars Three Months Ended 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 ) 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 98% at March 31, 2020 , and December 31, 2019 . Open Position Long / (Short) March 31 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (33 ) (16 ) 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 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 March 31, 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 months ended March 31, 2020 and 2019 . We currently estimate that before-tax losses of $7 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 March 31, 2020 , and December 31, 2019 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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: 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 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 12—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 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 15 -day trading period encompassing March 31, 2020. This valuation resulted in a Level 2 nonrecurring fair value measurement. See Note 5—Investments, Loans and Long-Term Receivables , for additional information on the impairment. 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 |
Pension and Postretirement Plan
Pension and Postretirement Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Plans | Pension and Postretirement Plans The components of net periodic benefit cost for the three months ended March 31, 2020 and 2019 , were as follows: 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. During the three months ended March 31, 2020 , we contributed $4 million to our U.S. pension and other postretirement benefit plans and $7 million to our international pension plans. We currently expect to make additional contributions of approximately $42 million to our U.S. pension and other postretirement benefit plans and $20 million to our international pension plans during the remainder of 2020 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
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: 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended 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 (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 affiliates in the M&S segment, including OnCue and United. We also sold certain feedstocks and intermediate products to WRB Refining LP (WRB) and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our 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 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 affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to United, and utility and processing fees to various affiliates. |
Segment Disclosures and Related
Segment Disclosures and Related Information | 3 Months Ended |
Mar. 31, 2020 | |
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 Millions of Dollars Three Months Ended 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 March 31 December 31 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 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rate for the three months ended March 31, 2020 , was 2% , compared with 21% for the corresponding period of 2019 . The decrease in our effective tax rate was primarily attributable to the impact of our foreign operations, income attributable to noncontrolling interests, a nondeductible goodwill impairment and a net operating loss carryback to a year with a 35% tax rate. The effective income tax rate for the three months ended March 31, 2020 , varied from the U.S. federal statutory income tax rate of 21% , primarily due to the impact of our foreign operations, income attributable to noncontrolling interests, a nondeductible goodwill impairment and a net operating loss carryback to a year with a 35% |
Phillips 66 Partners LP
Phillips 66 Partners LP | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 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: Millions of Dollars March 31 December 31 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. For the three months ended March 31, 2020 and 2019 , on a settlement-date basis, Phillips 66 Partners generated net proceeds of $2 million and $32 million , respectively, from common units issued under its continuous offering of common units, or at-the-market (ATM) programs. Since inception in June 2016 and through March 31, 2020 , the ATM programs have generated net proceeds of $494 million . Phillips 66 Partners has a consolidated holding company that owns 65% of Gray Oak Pipeline, LLC. After deducting a co-venturer’s pending acquisition of a 35% interest in the consolidated holding company, Phillips 66 Partners has an effective ownership interest of 42.25% in Gray Oak Pipeline, LLC. 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. On April 1, 2020, the Gray Oak Pipeline commenced full operations from West Texas to Texas Gulf Coast destinations. The Eagle Ford segment of the pipeline commenced operations later in April. Accordingly, the co-venturer’s 35% interest in the holding company is expected to be recharacterized from a long-term obligation to a noncontrolling interest on our consolidated balance sheet in the second quarter. Also at that time, the premium paid by the co-venturer will be recharacterized from a long-term obligation to a gain in our consolidated statement of operations. For the three months ended March 31, 2020 , the co-venturer contributed an aggregate of $23 million to the holding company to fund its portion of Gray Oak Pipeline LLC’s cash calls. See Note 5—Investments, Loans and Long-Term Receivables , for further discussion regarding Phillips 66 Partners’ investment in Gray Oak Pipeline, LLC. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
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. 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 |
Earnings (Loss) Per Share (Poli
Earnings (Loss) Per Share (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (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 (
Contingencies and Commitments (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
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. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
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. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended 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. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,008 3,452 Materials and supplies 323 324 $ 5,331 3,776 |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information |
Properties, Plants and Equipm_2
Properties, Plants and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
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: 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 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The carrying amount of goodwill by segment at March 31, 2020 was: 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 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | Three Months Ended 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 |
Derivatives and Financial Ins_2
Derivatives and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 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. 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 |
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. 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 |
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: Millions of Dollars Three Months Ended 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 ) |
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 98% at March 31, 2020 , and December 31, 2019 . Open Position Long / (Short) March 31 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (33 ) (16 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
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: 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 |
Pension and Postretirement Pl_2
Pension and Postretirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the three months ended March 31, 2020 and 2019 , were as follows: 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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary 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: 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. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Significant Transactions with Related Parties | Significant transactions with related parties were: Millions of Dollars Three Months Ended 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 (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 affiliates in the M&S segment, including OnCue and United. We also sold certain feedstocks and intermediate products to WRB Refining LP (WRB) and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our 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 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 affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to United, and utility and processing fees to various affiliates. |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Analysis of Results by Operating Segment | Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 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 |
Reconciliation of Assets from Segment to Consolidated | Millions of Dollars March 31 December 31 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 |
Phillips 66 Partners LP (Tables
Phillips 66 Partners LP (Tables) | 3 Months Ended |
Mar. 31, 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: Millions of Dollars March 31 December 31 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. |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | 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 |
Condensed Consolidating Balance Sheet | 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 |
Condensed Consolidating Statement of Cash Flows | 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 |
Sales and Other Operating Rev_3
Sales and Other Operating Revenues (Disaggregated) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | $ 20,878 | $ 23,103 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 15,710 | 17,575 |
United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 2,309 | 2,431 |
Germany | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 858 | 957 |
Other foreign countries | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 2,001 | 2,140 |
Refined petroleum products | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 16,157 | 18,793 |
Crude oil resales | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 2,877 | 3,038 |
Natural gas liquids (NGL) | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | 979 | 1,304 |
Services and other | ||
Disaggregation of Revenue [Line Items] | ||
Sales and other operating revenues | $ 865 | $ (32) |
Sales and Other Operating Rev_4
Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable | $ 3,344 | $ 6,902 |
Receivables from contracts with customers | 357 | 336 |
Contract with customer, liability | $ 0 | $ 0 |
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 | |
Minimum Volume Commitment Contracts | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Remaining performance obligations | $ 0 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||
Accounts and notes receivable | $ 4,559 | $ 8,510 |
Allowance for doubtful accounts | $ 41 | $ 41 |
Accounts and notes receivable, percent outstanding less than 60 days (more than) | 98.00% |
Inventories (Inventory, Net) (D
Inventories (Inventory, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Crude oil and petroleum products | $ 5,008 | $ 3,452 |
Materials and supplies | 323 | 324 |
Inventories | $ 5,331 | $ 3,776 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
LIFO inventory amount | $ 4,879 | $ 3,331 |
Investments, Loans and Long-T_3
Investments, Loans and Long-Term Receivables (DCP Midstream, LLC) (Details) - DCP Midstream $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, decline in market value, percent | 85.00% |
Noncash impairment, before-tax | $ 1,161 |
Equity investments | 245 |
Difference between fair value and book value | $ 1,795 |
Amortization period | 22 years |
Investments, Loans and Long-T_4
Investments, Loans and Long-Term Receivables (Gray Oak Pipeline, LLC) (Details) - USD ($) | Mar. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2019 |
Gray Oak Pipeline LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum loan | $ 1,379,000,000 | ||
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | $ 3,136,000,000 | $ 2,961,000,000 | |
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Gray Oak Pipeline LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Effective ownership percent | 42.25% | ||
Maximum potential amount of future payments under the guarantees | $ 583,000,000 | ||
Maximum loss exposure | 1,382,000,000 | ||
Equity investments | 799,000,000 | ||
Guarantor obligations, current carrying value | $ 583,000,000 |
Investments, Loans and Long-T_5
Investments, Loans and Long-Term Receivables (Dakota Access, LLC and Energy Transfer Crude Oil, Company, LLC) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Dakota Access and ETCO | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure, undiscounted, co-venturers | $ 2,525,000,000 | |
Senior Notes | Dakota Access, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt issued and guaranteed | $ 2,500,000,000 | |
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Dakota Access and ETCO | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure, undiscounted | $ 631,000,000 |
Investments, Loans and Long-T_6
Investments, Loans and Long-Term Receivables (CF United LLC) (Details) - CF United LLC - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Voting interest acquired | 50.00% | |
Economic interest acquired | 48.00% | |
Equity investments | $ 250 |
Investments, Loans and Long-T_7
Investments, Loans and Long-Term Receivables (Liberty Pipeline LLC (Liberty)) (Details) - USD ($) $ in Millions | Mar. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Liberty Pipeline, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership interest | 50.00% | ||
Maximum loss exposure | $ 216 | ||
Maximum potential amount of future payments under the guarantees | 113 | ||
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | 3,136 | $ 2,961 | |
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Liberty Pipeline, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership interest | 50.00% | ||
Payments to acquire investments | $ 75 | ||
Equity investments | $ 103 |
Investments, Loans and Long-T_8
Investments, Loans and Long-Term Receivables (OnCue Holdings, LLC) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
OnCue Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 50.00% | |
Maximum loss exposure | $ 148 | |
Equity investments | 79 | |
Maximum potential amount of future payments under the guarantees | 69 | |
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments | $ 3,136 | $ 2,961 |
Investments, Loans and Long-T_9
Investments, Loans and Long-Term Receivables (Red Oak Pipeline LLC (Red Oak)) (Details) - Red Oak Pipeline, LLC $ in Millions | Mar. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 50.00% |
Maximum loss exposure | $ 66 |
Equity investments | 54 |
Payments for advance to affiliate | $ 12 |
Properties, Plants and Equipm_3
Properties, Plants and Equipment (Schedule of Property Plant And Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 38,573 | $ 38,071 |
Accum. D&A | 14,522 | 14,285 |
Net PP&E | 24,051 | 23,786 |
Midstream | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 11,605 | 11,221 |
Accum. D&A | 2,467 | 2,391 |
Net PP&E | 9,138 | 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 | 23,956 | 23,692 |
Accum. D&A | 10,521 | 10,336 |
Net PP&E | 13,435 | 13,356 |
Marketing and Specialties (M&S) | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 1,660 | 1,847 |
Accum. D&A | 917 | 959 |
Net PP&E | 743 | 888 |
Corporate and Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 1,352 | 1,311 |
Accum. D&A | 617 | 599 |
Net PP&E | $ 735 | $ 712 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill, impairment loss | $ 1,845 |
Refining | |
Goodwill [Line Items] | |
Goodwill, impairment loss | $ 1,845 |
Goodwill and Intangibles (Goodw
Goodwill and Intangibles (Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | $ 3,270 |
Impairments | (1,845) |
Balance at March 31, 2020 | 1,425 |
Midstream | |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | 626 |
Impairments | 0 |
Balance at March 31, 2020 | 626 |
Refining | |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | 1,845 |
Impairments | (1,845) |
Balance at March 31, 2020 | 0 |
M&S | |
Goodwill [Roll Forward] | |
Balance at January 1, 2020 | 799 |
Impairments | 0 |
Balance at March 31, 2020 | $ 799 |
Earnings (Loss) Per Share (Summ
Earnings (Loss) Per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic | ||
Net income (loss) attributable to Phillips 66 | $ (2,496) | $ 204 |
Income allocated to participating securities | (1) | (1) |
Net income (loss) available to common stockholders | $ (2,497) | $ 203 |
Weighted-average common shares outstanding (in shares) | 439,014 | 454,886 |
Effect of share-based compensation (in shares) | 2,331 | 2,713 |
Weighted-average commons shares outstanding - EPS (in shares) | 441,345 | 457,599 |
Earnings (Loss) Per Share of Common Stock (in usd per share) | $ (5.66) | $ 0.44 |
Diluted | ||
Net income (loss) attributable to Phillips 66 | $ (2,496) | $ 204 |
Income allocated to participating securities | (1) | (1) |
Net income (loss) available to common stockholders | $ (2,497) | $ 203 |
Weighted-average common shares outstanding (in shares) | 441,345 | 457,599 |
Effect of share-based compensation (in shares) | 0 | 1,690 |
Weighted-average commons shares outstanding - EPS (in shares) | 441,345 | 459,289 |
Earnings (Loss) Per Share of Common Stock (in usd per share) | $ (5.66) | $ 0.44 |
Debt (Details)
Debt (Details) - USD ($) | Apr. 09, 2020 | Mar. 24, 2020 | Mar. 19, 2020 | Apr. 30, 2020 | May 01, 2020 | Apr. 06, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowings | $ 1,000,000,000 | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||
Delayed term | 364 days | |||||||
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount borrowed | $ 0 | $ 0 | ||||||
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 750,000,000 | |||||||
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Line of Credit | Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount borrowed | 3,000,000 | 1,000,000 | ||||||
Subsequent Event | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issued and guaranteed | $ 1,000,000,000 | |||||||
Subsequent Event | Senior Notes | 3.70% Senior Notes due April 6, 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issued and guaranteed | $ 500,000,000 | |||||||
Debt interest rate | 3.70% | |||||||
Subsequent Event | Senior Notes | 3.85% Senior Notes due April 09, 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issued and guaranteed | $ 500,000,000 | |||||||
Debt interest rate | 3.85% | |||||||
Subsequent Event | Senior Notes | Senior Unsecured Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowings | $ 993,000,000 | |||||||
Subsequent Event | Line of Credit | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 2,000,000,000 | |||||||
Undrawn capacity | $ 1,000,000,000 | |||||||
Subsequent Event | Loans Payable | Floating Rate Notes Due April 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 300,000,000 | |||||||
Subsequent Event | Loans Payable | Term Loan Due April 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | 200,000,000 | |||||||
Subsequent Event | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Tax-Exempt Bonds | Tax Exempt Bonds Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 25,000,000 | |||||||
Commercial Paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 5,000,000,000 | |||||||
Amount borrowed | $ 200,000,000 | $ 0 |
Guarantees (Details)
Guarantees (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Guarantor Obligations [Line Items] | ||
Environmental accruals included in recorded carrying amount | $ 442,000,000 | $ 441,000,000 |
Gray Oak Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments under the guarantees | $ 583,000,000 | |
Effective ownership percent | 42.25% | |
Carrying amount of indemnifications | $ 583,000,000 | |
Other Joint Ventures | ||
Guarantor Obligations [Line Items] | ||
Joint venture debt obligations, period (up to) | P8Y | |
Other Guarantees | Other Joint Ventures | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments under the guarantees | $ 331,000,000 | |
Indemnifications | ||
Guarantor Obligations [Line Items] | ||
Carrying amount of indemnifications | 159,000,000 | 153,000,000 |
Indemnifications | Asset Retirement Obligations And Accrued Environmental Cost | ||
Guarantor Obligations [Line Items] | ||
Environmental accruals included in recorded carrying amount | 111,000,000 | $ 105,000,000 |
Facilities | Residual Value Guarantees | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments under the guarantees | 554,000,000 | |
Railcar and Airplane | Residual Value Guarantees | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments under the guarantees | $ 362,000,000 | |
Lessee leasing arrangements, operating leases, term of contract (up to) | 4 years |
Contingencies and Commitments_2
Contingencies and Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Total environmental accrual | $ 442 | $ 441 |
Performance Guarantee | ||
Debt Instrument [Line Items] | ||
Letters of credit and bank guarantees | $ 463 | |
Reserve for Environmental Costs | ||
Debt Instrument [Line Items] | ||
Expected years to incur a substantial amount of expenditures | 30 years |
Derivatives and Financial Ins_3
Derivatives and Financial Instruments (Summary of Commodity Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Liabilities | $ (6,179) | $ (1,188) |
Effect of Collateral Netting | (455) | 0 |
Liabilities | ||
Assets | 6,179 | 1,188 |
Effect of Collateral Netting | 0 | 80 |
Total | ||
Effect of Collateral Netting | 0 | 80 |
Not Designated as Hedging Instrument | Commodity | ||
Liabilities | ||
Effect of Collateral Netting | (455) | 80 |
Total | ||
Assets | 6,836 | 1,214 |
Liabilities | (6,215) | (1,282) |
Effect of Collateral Netting | (455) | 80 |
Net Carrying Value Presented on the Balance Sheet | 166 | 12 |
Not Designated as Hedging Instrument | Commodity | Prepaid expenses and other current assets | ||
Assets | ||
Assets | 6,826 | 23 |
Liabilities | (6,173) | 0 |
Effect of Collateral Netting | (455) | 0 |
Net Carrying Value Presented on the Balance Sheet | 198 | 23 |
Not Designated as Hedging Instrument | Commodity | Other assets | ||
Assets | ||
Assets | 10 | 3 |
Liabilities | (6) | 0 |
Effect of Collateral Netting | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 4 | 3 |
Not Designated as Hedging Instrument | Commodity | Other accruals | ||
Liabilities | ||
Assets | 0 | 1,188 |
Liabilities | (36) | (1,281) |
Effect of Collateral Netting | 0 | 80 |
Net Carrying Value Presented on the Balance Sheet | (36) | (13) |
Total | ||
Effect of Collateral Netting | 0 | 80 |
Not Designated as Hedging Instrument | Commodity | Other liabilities and deferred credits | ||
Liabilities | ||
Assets | 0 | 0 |
Liabilities | 0 | (1) |
Effect of Collateral Netting | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 0 | (1) |
Total | ||
Effect of Collateral Netting | $ 0 | $ 0 |
Derivatives and Financial Ins_4
Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) from commodity derivative activity | $ 1,123 | $ (319) |
Sales and other operating revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) from commodity derivative activity | 679 | (177) |
Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) from commodity derivative activity | 3 | 13 |
Purchased crude oil and products | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) from commodity derivative activity | $ 441 | $ (155) |
Derivatives and Financial Ins_5
Derivatives and Financial Instruments (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Percentage of derivative contract volume expiring within twelve months (at least) | 98.00% | 98.00% |
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 | $ 7,000,000 | |
Facilities | Maximum | ||
Derivative [Line Items] | ||
Lessee leasing arrangements, operating leases, term of contract | 5 years |
Derivatives and Financial Ins_6
Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls MMBbls in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Crude oil, refined petroleum products and NGL (millions of barrels) | (33) | (16) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Total Fair Value of Gross Assets | $ 6,952 | $ 1,342 |
Effect of Counterparty Netting | (6,179) | (1,188) |
Effect of Collateral Netting | (455) | 0 |
Difference in Carrying Value and Fair Value | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 318 | 154 |
Liabilities | ||
Total Fair Value Gross Liabilities | 18,880 | 14,195 |
Effect of Counterparty Netting | (6,179) | (1,188) |
Effect of Collateral Netting | 0 | (80) |
Difference in Carrying Value and Fair Value | 17 | (1,438) |
Net Carrying Value Presented on the Balance Sheet | 12,718 | 11,489 |
Interest rate derivatives | ||
Liabilities | ||
Net Carrying Value Presented on the Balance Sheet | 8 | |
Level 1 | ||
Assets | ||
Total Fair Value of Gross Assets | 5,367 | 947 |
Liabilities | ||
Total Fair Value Gross Liabilities | 4,589 | 884 |
Level 2 | ||
Assets | ||
Total Fair Value of Gross Assets | 1,585 | 395 |
Liabilities | ||
Total Fair Value Gross Liabilities | 14,291 | 13,311 |
Level 3 | ||
Liabilities | ||
Total Fair Value Gross Liabilities | 0 | 0 |
Commodity Derivatives | ||
Assets | ||
Effect of Collateral Netting | 0 | 0 |
Liabilities | ||
Effect of Collateral Netting | 0 | 0 |
Difference in Carrying Value and Fair Value | 0 | 0 |
Commodity Derivatives | Exchange-cleared instruments | ||
Assets | ||
Total Fair Value of Gross Assets | 6,796 | 1,188 |
Effect of Counterparty Netting | (6,179) | (1,188) |
Effect of Collateral Netting | (455) | 0 |
Difference in Carrying Value and Fair Value | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 162 | |
Liabilities | ||
Commodity Derivative Liabilities | 6,179 | 1,269 |
Effect of Counterparty Netting | (6,179) | (1,188) |
Effect of Collateral Netting | 0 | (80) |
Net Carrying Value Presented on the Balance Sheet | 0 | 1 |
Commodity Derivatives | Physical forward contracts | ||
Assets | ||
Total Fair Value of Gross Assets | 40 | 26 |
Effect of Counterparty Netting | 0 | 0 |
Difference in Carrying Value and Fair Value | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 40 | 26 |
Liabilities | ||
Commodity Derivative Liabilities | 32 | 12 |
Effect of Counterparty Netting | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 32 | 12 |
Commodity Derivatives | Physical forward contracts | ||
Liabilities | ||
Commodity Derivative Liabilities | 4 | 1 |
Effect of Counterparty Netting | 0 | 0 |
Net Carrying Value Presented on the Balance Sheet | 4 | 1 |
Commodity Derivatives | Level 1 | Exchange-cleared instruments | ||
Assets | ||
Total Fair Value of Gross Assets | 5,251 | 820 |
Liabilities | ||
Commodity Derivative Liabilities | 4,589 | 884 |
Commodity Derivatives | Level 1 | Physical forward contracts | ||
Assets | ||
Total Fair Value of Gross Assets | 0 | 0 |
Liabilities | ||
Commodity Derivative Liabilities | 0 | 0 |
Commodity Derivatives | Level 1 | Physical forward contracts | ||
Liabilities | ||
Commodity Derivative Liabilities | 0 | 0 |
Commodity Derivatives | Level 2 | Exchange-cleared instruments | ||
Assets | ||
Total Fair Value of Gross Assets | 1,545 | 368 |
Liabilities | ||
Commodity Derivative Liabilities | 1,590 | 385 |
Commodity Derivatives | Level 2 | Physical forward contracts | ||
Assets | ||
Total Fair Value of Gross Assets | 40 | 26 |
Liabilities | ||
Commodity Derivative Liabilities | 32 | 12 |
Commodity Derivatives | Level 2 | Physical forward contracts | ||
Liabilities | ||
Commodity Derivative Liabilities | 4 | 1 |
Commodity Derivatives | Level 3 | Exchange-cleared instruments | ||
Assets | ||
Total Fair Value of Gross Assets | 0 | 0 |
Liabilities | ||
Commodity Derivative Liabilities | 0 | 0 |
Commodity Derivatives | Level 3 | Physical forward contracts | ||
Liabilities | ||
Commodity Derivative Liabilities | 0 | 0 |
Commodity Derivatives | Level 3 | Physical forward contracts | ||
Liabilities | ||
Commodity Derivative Liabilities | 0 | 0 |
Interest rate derivatives | ||
Assets | ||
Interest rate derivatives | 1 | |
Effect of Counterparty Netting | 0 | |
Effect of Collateral Netting | 0 | |
Difference in Carrying Value and Fair Value | 0 | |
Net Carrying Value Presented on the Balance Sheet | 1 | |
Interest rate derivatives | Level 1 | ||
Assets | ||
Interest rate derivatives | 0 | |
Interest rate derivatives | Level 2 | ||
Assets | ||
Interest rate derivatives | 1 | |
Interest rate derivatives | Level 3 | ||
Assets | ||
Interest rate derivatives | 0 | |
Rabbi trust assets | ||
Assets | ||
Rabbi trust assets | 116 | 127 |
Rabbi trust assets | Level 1 | ||
Assets | ||
Rabbi trust assets | 116 | 127 |
Rabbi trust assets | Level 2 | ||
Assets | ||
Rabbi trust assets | 0 | 0 |
Rabbi trust assets | Level 3 | ||
Assets | ||
Rabbi trust assets | 0 | 0 |
Floating-rate debt | ||
Liabilities | ||
Debt | 2,097 | 1,100 |
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet | ||
Liabilities | ||
Debt | 2,097 | 1,100 |
Floating-rate debt | Level 1 | ||
Liabilities | ||
Debt | 0 | 0 |
Floating-rate debt | Level 2 | ||
Liabilities | ||
Debt | 2,097 | 1,100 |
Floating-rate debt | Level 3 | ||
Liabilities | ||
Debt | 0 | 0 |
Fixed-rate debt, excluding capital leases | ||
Liabilities | ||
Debt | 10,560 | 11,813 |
Difference in Carrying Value and Fair Value | 17 | (1,438) |
Fixed-rate debt, excluding capital leases | Net Carrying Value Presented on the Balance Sheet | ||
Liabilities | ||
Debt | 10,577 | 10,375 |
Fixed-rate debt, excluding capital leases | Level 1 | ||
Liabilities | ||
Debt | 0 | 0 |
Fixed-rate debt, excluding capital leases | Level 2 | ||
Liabilities | ||
Debt | 10,560 | 11,813 |
Fixed-rate debt, excluding capital leases | Level 3 | ||
Liabilities | ||
Debt | 0 | $ 0 |
Derivative Financial Instruments, Liabilities | Interest rate derivatives | ||
Liabilities | ||
Interest rate derivatives | 8 | |
Derivative Financial Instruments, Liabilities | Fair Value, Recurring | Level 1 | Interest rate derivatives | ||
Liabilities | ||
Interest rate derivatives | 0 | |
Derivative Financial Instruments, Liabilities | Fair Value, Recurring | Level 2 | Interest rate derivatives | ||
Liabilities | ||
Interest rate derivatives | 8 | |
Derivative Financial Instruments, Liabilities | Fair Value, Recurring | Level 3 | Interest rate derivatives | ||
Liabilities | ||
Interest rate derivatives | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($)d | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill | $ 1,425 | $ 3,270 |
DCP Partners | Fair Value, Nonrecurring | Trading Period | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment, measurement input | d | 15 | |
Refining | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill | $ 0 | $ 1,845 |
Pension and Postretirement Pl_3
Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Benefits | ||
Components of Net Periodic Benefit Cost | ||
Service cost | $ 1 | $ 1 |
Interest cost | 2 | 2 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service credit | (1) | 0 |
Recognized net actuarial loss | 0 | 0 |
Settlements | 0 | 0 |
Net periodic benefit cost | 2 | 3 |
U.S. | Pension Benefits | ||
Components of Net Periodic Benefit Cost | ||
Service cost | 33 | 32 |
Interest cost | 25 | 27 |
Expected return on plan assets | (41) | (36) |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss | 14 | 13 |
Settlements | 0 | 4 |
Net periodic benefit cost | 31 | 40 |
Int’l. | Pension Benefits | ||
Components of Net Periodic Benefit Cost | ||
Service cost | 7 | 6 |
Interest cost | 6 | 6 |
Expected return on plan assets | (13) | (11) |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss | 4 | 2 |
Settlements | 0 | 0 |
Net periodic benefit cost | $ 4 | $ 3 |
Pension and Postretirement Pl_4
Pension and Postretirement Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Company contributions to plans | $ 4 |
Additional contributions expected to be made during remainder of fiscal year | 42 |
Pension Benefits | Int’l. | |
Defined Benefit Plan Disclosure [Line Items] | |
Company contributions to plans | 7 |
Additional contributions expected to be made during remainder of fiscal year | $ 20 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Amounts reclassified from accumulated other comprehensive income (loss) | ||||
Beginning Balance | $ 27,169 | $ 27,153 | $ 27,169 | $ 27,153 |
Other comprehensive income (loss) before reclassifications | (227) | |||
Other Comprehensive Income (Loss), Net of Income Taxes | (208) | 72 | ||
Income taxes reclassified to retained earnings | 5 | (89) | 3 | |
Ending Balance | 23,639 | 26,745 | ||
Defined Benefit Plans | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||
Beginning Balance | (656) | (472) | (656) | (472) |
Other comprehensive income (loss) before reclassifications | 1 | 3 | ||
Amounts reclassified from accumulated other comprehensive loss | 19 | 15 | ||
Other Comprehensive Income (Loss), Net of Income Taxes | 20 | 18 | ||
Income taxes reclassified to retained earnings | (93) | |||
Ending Balance | (636) | (547) | ||
Foreign Currency Translation | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||
Beginning Balance | (131) | (228) | (131) | (228) |
Other comprehensive income (loss) before reclassifications | (221) | 57 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Income Taxes | (221) | 57 | ||
Income taxes reclassified to retained earnings | 5 | 2 | ||
Ending Balance | (347) | (169) | ||
Hedging | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||
Beginning Balance | (1) | 8 | (1) | 8 |
Other comprehensive income (loss) before reclassifications | (7) | (1) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | (2) | ||
Other Comprehensive Income (Loss), Net of Income Taxes | (7) | (3) | ||
Income taxes reclassified to retained earnings | 2 | |||
Ending Balance | (8) | 7 | ||
Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||
Beginning Balance | $ (788) | $ (692) | (788) | (692) |
Other comprehensive income (loss) before reclassifications | 59 | |||
Other Comprehensive Income (Loss), Net of Income Taxes | (208) | 72 | ||
Income taxes reclassified to retained earnings | 5 | |||
Ending Balance | $ (991) | $ (709) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Operating revenues and other income | $ 534 | $ 683 |
Purchases | 2,126 | 2,668 |
Operating expenses and selling, general and administrative expenses | $ 51 | $ 9 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019refinery | |
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 |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 20,878 | $ 23,103 | |
Consolidated income (loss) before income taxes | (2,478) | 340 | |
Total Assets | 53,460 | $ 58,720 | |
Midstream | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,043 | 1,313 | |
Refining | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 6,148 | 7,093 | |
Marketing and Specialties | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 13,679 | 14,689 | |
Operating Segments | Midstream | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,538 | 1,897 | |
Consolidated income (loss) before income taxes | (702) | 316 | |
Total Assets | 14,846 | 15,716 | |
Operating Segments | Chemicals | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1 | 1 | |
Consolidated income (loss) before income taxes | 169 | 227 | |
Total Assets | 6,376 | 6,249 | |
Operating Segments | Refining | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 13,781 | 16,861 | |
Consolidated income (loss) before income taxes | (2,261) | (198) | |
Total Assets | 22,516 | 25,150 | |
Operating Segments | Marketing and Specialties | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 14,249 | 15,242 | |
Consolidated income (loss) before income taxes | 513 | 205 | |
Total Assets | 7,108 | 8,659 | |
Intersegment eliminations | Midstream | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (495) | (584) | |
Intersegment eliminations | Refining | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (7,633) | (9,768) | |
Intersegment eliminations | Marketing and Specialties | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (570) | (553) | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 7 | 7 | |
Consolidated income (loss) before income taxes | (197) | $ (210) | |
Total Assets | $ 2,614 | $ 2,946 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percent | 2.00% | 21.00% |
Phillips 66 Partners LP (Narrat
Phillips 66 Partners LP (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 |
Subsidiary or Equity Method Investee [Line Items] | ||||
Other | $ (24) | $ 307 | ||
Phillips 66 Partners LP | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Limited partner interest in Phillips 66 Partners owned by public, percentage | 26.00% | |||
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Limited partnership interest in Phillips 66 Partners, percentage | 74.00% | |||
Gray Oak Holdings LLC | Third Party | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Other | $ 23 | |||
Gray Oak Holdings LLC | Third Party | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Percentage of ownership | 35.00% | 35.00% | 35.00% | |
Common Units | At The Market Offering Program | Phillips 66 Partners LP | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Partners' capital account, public sale of units net of offering costs | $ 2 | $ 32 | $ 494 | |
Common Units | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Ownership interest (in shares) | 170 | 170 | 170 | |
Preferred Units | Phillips 66 Partners LP | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Ownership interest (in shares) | 13.8 | 13.8 | 13.8 | |
Gray Oak Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Effective ownership percent | 42.25% | 42.25% | 42.25% | |
Gray Oak Pipeline LLC | Gray Oak Holdings LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Percentage of ownership | 65.00% | 65.00% | 65.00% |
Phillips 66 Partners LP (Schedu
Phillips 66 Partners LP (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 1,221 | $ 1,614 |
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
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 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Phillips 66 Company | Phillips 66 Company | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership interest percentage | 100.00% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues and Other Income | ||
Sales and other operating revenues | $ 20,878 | $ 23,103 |
Equity in earnings (losses) of affiliates | 365 | 516 |
Net gain on dispositions | 1 | 1 |
Other income (loss) | 0 | 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 (gains) losses | 0 | 5 |
Total Costs and Expenses | 23,722 | 23,318 |
Income (loss) before income taxes | (2,478) | 340 |
Income tax 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 |
Comprehensive Loss | (2,635) | 342 |
Phillips 66 | ||
Revenues and Other Income | ||
Total Revenues and Other Income | (2,420) | 281 |
Phillips 66 Company | ||
Revenues and Other Income | ||
Total Revenues and Other Income | 16,078 | 19,027 |
All Other Subsidiaries | ||
Revenues and Other Income | ||
Total Revenues and Other Income | 8,027 | 9,087 |
Reportable Legal Entities | Phillips 66 | ||
Revenues and Other Income | ||
Sales and other operating revenues | 0 | 0 |
Equity in earnings (losses) of affiliates | (2,420) | 281 |
Net gain on dispositions | 0 | 0 |
Other income (loss) | 0 | 0 |
Costs and Expenses | ||
Purchased crude oil and products | 0 | 0 |
Operating expenses | 0 | 0 |
Selling, general and administrative expenses | 3 | 3 |
Depreciation and amortization | 0 | 0 |
Impairments | 0 | 0 |
Taxes other than income taxes | 0 | 0 |
Accretion on discounted liabilities | 0 | 0 |
Interest and debt expense | 78 | 93 |
Foreign currency transaction (gains) losses | 0 | |
Total Costs and Expenses | 81 | 96 |
Income (loss) before income taxes | (2,501) | 185 |
Income tax benefit | (5) | (19) |
Net Income (Loss) | (2,496) | 204 |
Less: net income attributable to noncontrolling interests | 0 | 0 |
Net Income (Loss) Attributable to Phillips 66 | (2,496) | 204 |
Comprehensive Loss | (2,704) | 276 |
Reportable Legal Entities | Phillips 66 Company | ||
Revenues and Other Income | ||
Sales and other operating revenues | 15,510 | 17,415 |
Equity in earnings (losses) of affiliates | (361) | 431 |
Net gain on dispositions | 1 | 0 |
Other income (loss) | (2) | 20 |
Costs and Expenses | ||
Purchased crude oil and products | 14,986 | 17,080 |
Operating expenses | 1,117 | 1,000 |
Selling, general and administrative expenses | 211 | 255 |
Depreciation and amortization | 235 | 227 |
Impairments | 1,805 | 0 |
Taxes other than income taxes | 123 | 95 |
Accretion on discounted liabilities | 5 | 4 |
Interest and debt expense | 36 | 36 |
Foreign currency transaction (gains) losses | 0 | |
Total Costs and Expenses | 18,518 | 18,697 |
Income (loss) before income taxes | (2,440) | 330 |
Income tax benefit | (20) | 49 |
Net Income (Loss) | (2,420) | 281 |
Less: net income attributable to noncontrolling interests | 0 | 0 |
Net Income (Loss) Attributable to Phillips 66 | (2,420) | 281 |
Comprehensive Loss | (2,628) | 353 |
Reportable Legal Entities | All Other Subsidiaries | ||
Revenues and Other Income | ||
Sales and other operating revenues | 5,368 | 5,688 |
Equity in earnings (losses) of affiliates | 239 | 165 |
Net gain on dispositions | 0 | 1 |
Other income (loss) | 2 | 18 |
Costs and Expenses | ||
Purchased crude oil and products | 6,689 | 8,254 |
Operating expenses | 254 | 326 |
Selling, general and administrative expenses | 107 | 110 |
Depreciation and amortization | 107 | 104 |
Impairments | 1,201 | 1 |
Taxes other than income taxes | 34 | 33 |
Accretion on discounted liabilities | 1 | 1 |
Interest and debt expense | 78 | 67 |
Foreign currency transaction (gains) losses | 5 | |
Total Costs and Expenses | 8,471 | 8,901 |
Income (loss) before income taxes | (444) | 186 |
Income tax benefit | (26) | 40 |
Net Income (Loss) | (418) | 146 |
Less: net income attributable to noncontrolling interests | 69 | 66 |
Net Income (Loss) Attributable to Phillips 66 | (487) | 80 |
Comprehensive Loss | (627) | 211 |
Consolidating Adjustments | ||
Revenues and Other Income | ||
Sales and other operating revenues | (3,348) | (4,376) |
Equity in earnings (losses) of affiliates | 2,907 | (361) |
Net gain on dispositions | 0 | 0 |
Other income (loss) | 0 | 0 |
Total Revenues and Other Income | (441) | (4,737) |
Costs and Expenses | ||
Purchased crude oil and products | (3,235) | (4,279) |
Operating expenses | (30) | (19) |
Selling, general and administrative expenses | (2) | (2) |
Depreciation and amortization | 0 | 0 |
Impairments | 0 | 0 |
Taxes other than income taxes | 0 | 0 |
Accretion on discounted liabilities | 0 | 1 |
Interest and debt expense | (81) | (77) |
Foreign currency transaction (gains) losses | 0 | |
Total Costs and Expenses | (3,348) | (4,376) |
Income (loss) before income taxes | 2,907 | (361) |
Income tax benefit | 0 | 0 |
Net Income (Loss) | 2,907 | (361) |
Less: net income attributable to noncontrolling interests | 0 | 0 |
Net Income (Loss) Attributable to Phillips 66 | 2,907 | (361) |
Comprehensive Loss | 3,324 | (498) |
Consolidating Adjustments | Phillips 66 | ||
Revenues and Other Income | ||
Sales and other operating revenues | 0 | 0 |
Consolidating Adjustments | Phillips 66 Company | ||
Revenues and Other Income | ||
Sales and other operating revenues | 930 | 1,161 |
Consolidating Adjustments | All Other Subsidiaries | ||
Revenues and Other Income | ||
Sales and other operating revenues | $ 2,418 | $ 3,215 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 1,221 | $ 1,614 |
Accounts and notes receivable | 4,559 | 8,510 |
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 and Equity | ||
Accounts payable | 5,322 | 8,575 |
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 |
Common stock | 3,195 | 3,634 |
Retained earnings | 19,168 | 22,064 |
Accumulated other comprehensive loss | (991) | (788) |
Noncontrolling interests | 2,267 | 2,259 |
Total Liabilities and Equity | 53,460 | 58,720 |
Reportable Legal Entities | Phillips 66 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Accounts and notes receivable | 0 | 86 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 0 | 2 |
Total Current Assets | 0 | 88 |
Investments and long-term receivables | 30,738 | 33,082 |
Net properties, plants and equipment | 0 | 0 |
Goodwill | 0 | 0 |
Intangibles | 0 | 0 |
Other assets | 13 | 14 |
Total Assets | 30,751 | 33,184 |
Liabilities and Equity | ||
Accounts payable | 0 | 0 |
Short-term debt | 2,196 | 500 |
Accrued income and other taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other accruals | 134 | 65 |
Total Current Liabilities | 2,330 | 565 |
Long-term debt | 6,936 | 7,434 |
Asset retirement obligations and accrued environmental costs | 0 | 0 |
Deferred income taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other liabilities and deferred credits | 83 | 245 |
Total Liabilities | 9,349 | 8,244 |
Common stock | 3,195 | 3,634 |
Retained earnings | 19,198 | 22,094 |
Accumulated other comprehensive loss | (991) | (788) |
Noncontrolling interests | 0 | 0 |
Total Liabilities and Equity | 30,751 | 33,184 |
Reportable Legal Entities | Phillips 66 Company | ||
Assets | ||
Cash and cash equivalents | 809 | 136 |
Accounts and notes receivable | 3,114 | 6,334 |
Inventories | 3,821 | 2,594 |
Prepaid expenses and other current assets | 387 | 362 |
Total Current Assets | 8,131 | 9,426 |
Investments and long-term receivables | 24,454 | 25,039 |
Net properties, plants and equipment | 13,738 | 13,676 |
Goodwill | 1,047 | 2,853 |
Intangibles | 744 | 732 |
Other assets | 4,239 | 4,290 |
Total Assets | 52,353 | 56,016 |
Liabilities and Equity | ||
Accounts payable | 5,296 | 7,024 |
Short-term debt | 16 | 16 |
Accrued income and other taxes | 303 | 386 |
Employee benefit obligations | 271 | 648 |
Other accruals | 1,620 | 850 |
Total Current Liabilities | 7,506 | 8,924 |
Long-term debt | 165 | 155 |
Asset retirement obligations and accrued environmental costs | 460 | 460 |
Deferred income taxes | 3,863 | 3,727 |
Employee benefit obligations | 787 | 825 |
Other liabilities and deferred credits | 9,782 | 8,975 |
Total Liabilities | 22,563 | 23,066 |
Common stock | 25,859 | 25,838 |
Retained earnings | 4,922 | 7,900 |
Accumulated other comprehensive loss | (991) | (788) |
Noncontrolling interests | 0 | 0 |
Total Liabilities and Equity | 52,353 | 56,016 |
Reportable Legal Entities | All Other Subsidiaries | ||
Assets | ||
Cash and cash equivalents | 412 | 1,478 |
Accounts and notes receivable | 3,726 | 4,148 |
Inventories | 1,510 | 1,182 |
Prepaid expenses and other current assets | 207 | 131 |
Total Current Assets | 5,855 | 6,939 |
Investments and long-term receivables | 10,173 | 10,989 |
Net properties, plants and equipment | 10,313 | 10,110 |
Goodwill | 378 | 417 |
Intangibles | 136 | 137 |
Other assets | 662 | 714 |
Total Assets | 27,517 | 29,306 |
Liabilities and Equity | ||
Accounts payable | 2,307 | 3,609 |
Short-term debt | 31 | 31 |
Accrued income and other taxes | 400 | 593 |
Employee benefit obligations | 30 | 62 |
Other accruals | 548 | 249 |
Total Current Liabilities | 3,316 | 4,544 |
Long-term debt | 3,619 | 3,627 |
Asset retirement obligations and accrued environmental costs | 175 | 178 |
Deferred income taxes | 1,627 | 1,828 |
Employee benefit obligations | 213 | 219 |
Other liabilities and deferred credits | 5,799 | 5,465 |
Total Liabilities | 14,749 | 15,861 |
Common stock | 9,527 | 9,516 |
Retained earnings | 1,453 | 1,940 |
Accumulated other comprehensive loss | (479) | (270) |
Noncontrolling interests | 2,267 | 2,259 |
Total Liabilities and Equity | 27,517 | 29,306 |
Consolidating Adjustments | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Accounts and notes receivable | (2,281) | (2,058) |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 0 | 0 |
Total Current Assets | (2,281) | (2,058) |
Investments and long-term receivables | (51,730) | (54,539) |
Net properties, plants and equipment | 0 | 0 |
Goodwill | 0 | 0 |
Intangibles | 0 | 0 |
Other assets | (3,150) | (3,189) |
Total Assets | (57,161) | (59,786) |
Liabilities and Equity | ||
Accounts payable | (2,281) | (2,058) |
Short-term debt | 0 | 0 |
Accrued income and other taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other accruals | (342) | (329) |
Total Current Liabilities | (2,623) | (2,387) |
Long-term debt | 0 | 0 |
Asset retirement obligations and accrued environmental costs | 0 | 0 |
Deferred income taxes | (3) | (2) |
Employee benefit obligations | 0 | 0 |
Other liabilities and deferred credits | (14,214) | (13,231) |
Total Liabilities | (16,840) | (15,620) |
Common stock | (35,386) | (35,354) |
Retained earnings | (6,405) | (9,870) |
Accumulated other comprehensive loss | 1,470 | 1,058 |
Noncontrolling interests | 0 | 0 |
Total Liabilities and Equity | $ (57,161) | $ (59,786) |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities | ||
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 |
Intercompany lending activities | 0 | 0 |
Advances/loans—related parties | (8) | 0 |
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 |
Reportable Legal Entities | Phillips 66 | ||
Cash Flows From Operating Activities | ||
Net Cash Provided by (Used in) Operating Activities | 643 | 3 |
Cash Flows From Investing Activities | ||
Capital expenditures and investments | 0 | 0 |
Return of investments in equity affiliates | 0 | 0 |
Proceeds from asset dispositions | 0 | 0 |
Intercompany lending activities | (973) | 731 |
Advances/loans—related parties | 0 | |
Other | 0 | 0 |
Net Cash Used in Investing Activities | (973) | 731 |
Cash Flows From Financing Activities | ||
Issuance of debt | 1,199 | 0 |
Repayment of debt | 0 | 0 |
Issuance of common stock | 6 | 8 |
Repurchase of common stock | (443) | (344) |
Dividends paid on common stock | (396) | (364) |
Distributions to noncontrolling interests | 0 | 0 |
Net proceeds from issuance of Phillips 66 Partners LP common units | 0 | 0 |
Other | (36) | (34) |
Net Cash Provided by (Used in) Financing Activities | 330 | (734) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Change in Cash and Cash Equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
Reportable Legal Entities | Phillips 66 Company | ||
Cash Flows From Operating Activities | ||
Net Cash Provided by (Used in) Operating Activities | (364) | (384) |
Cash Flows From Investing Activities | ||
Capital expenditures and investments | (292) | (234) |
Return of investments in equity affiliates | 0 | 0 |
Proceeds from asset dispositions | 1 | 0 |
Intercompany lending activities | 1,914 | (806) |
Advances/loans—related parties | 0 | |
Other | (25) | (26) |
Net Cash Used in Investing Activities | 1,598 | (1,066) |
Cash Flows From Financing Activities | ||
Issuance of debt | 0 | 0 |
Repayment of debt | (5) | (5) |
Issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Dividends paid on common stock | (556) | |
Distributions to noncontrolling interests | 0 | 0 |
Net proceeds from issuance of Phillips 66 Partners LP common units | 0 | 0 |
Other | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | (561) | (5) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Change in Cash and Cash Equivalents | 673 | (1,455) |
Cash and cash equivalents at beginning of period | 136 | 1,648 |
Cash and Cash Equivalents at End of Period | 809 | 193 |
Reportable Legal Entities | All Other Subsidiaries | ||
Cash Flows From Operating Activities | ||
Net Cash Provided by (Used in) Operating Activities | 494 | 21 |
Cash Flows From Investing Activities | ||
Capital expenditures and investments | (631) | (863) |
Return of investments in equity affiliates | 38 | 21 |
Proceeds from asset dispositions | 0 | 82 |
Intercompany lending activities | (941) | 75 |
Advances/loans—related parties | (8) | |
Other | 40 | 8 |
Net Cash Used in Investing Activities | (1,502) | (677) |
Cash Flows From Financing Activities | ||
Issuance of debt | 0 | 725 |
Repayment of debt | (2) | (587) |
Issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Dividends paid on common stock | 0 | (118) |
Distributions to noncontrolling interests | (61) | (56) |
Net proceeds from issuance of Phillips 66 Partners LP common units | 2 | 32 |
Other | 12 | 341 |
Net Cash Provided by (Used in) Financing Activities | (49) | 337 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (9) | 8 |
Net Change in Cash and Cash Equivalents | (1,066) | (311) |
Cash and cash equivalents at beginning of period | 1,478 | 1,371 |
Cash and Cash Equivalents at End of Period | 412 | 1,060 |
Consolidating Adjustments | ||
Cash Flows From Operating Activities | ||
Net Cash Provided by (Used in) Operating Activities | (556) | (118) |
Cash Flows From Investing Activities | ||
Capital expenditures and investments | 0 | 0 |
Return of investments in equity affiliates | 0 | 0 |
Proceeds from asset dispositions | 0 | 0 |
Intercompany lending activities | 0 | 0 |
Advances/loans—related parties | 0 | |
Other | 0 | 0 |
Net Cash Used in Investing Activities | 0 | 0 |
Cash Flows From Financing Activities | ||
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Dividends paid on common stock | 556 | 118 |
Distributions to noncontrolling interests | 0 | 0 |
Net proceeds from issuance of Phillips 66 Partners LP common units | 0 | 0 |
Other | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 556 | 118 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Change in Cash and Cash Equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and Cash Equivalents at End of Period | $ 0 | $ 0 |