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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Phillips 66 | NYSE:PSX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 0.06% | 145.21 | 146.53 | 144.50 | 145.48 | 2,212,179 | 01:00:00 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended
|
September 30, 2017
|
|
|
|
or
|
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from
|
|
to
|
|
|
Commission file number:
|
001-35349
|
|
Delaware
|
|
45-3779385
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ]
|
Smaller reporting company [ ] Emerging growth company [ ]
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Income
|
Phillips 66
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
Revenues and Other Income
|
|
|
|
|
|
|||||
Sales and other operating revenues*
|
$
|
25,627
|
|
21,624
|
|
|
72,608
|
|
60,882
|
|
Equity in earnings of affiliates
|
530
|
|
391
|
|
|
1,357
|
|
1,159
|
|
|
Net gain on dispositions
|
—
|
|
3
|
|
|
15
|
|
9
|
|
|
Other income
|
49
|
|
24
|
|
|
519
|
|
59
|
|
|
Total Revenues and Other Income
|
26,206
|
|
22,042
|
|
|
74,499
|
|
62,109
|
|
|
|
|
|
|
|
|
|||||
Costs and Expenses
|
|
|
|
|
|
|||||
Purchased crude oil and products
|
19,463
|
|
15,961
|
|
|
55,495
|
|
44,089
|
|
|
Operating expenses
|
1,134
|
|
1,061
|
|
|
3,541
|
|
3,078
|
|
|
Selling, general and administrative expenses
|
435
|
|
411
|
|
|
1,258
|
|
1,218
|
|
|
Depreciation and amortization
|
337
|
|
293
|
|
|
972
|
|
863
|
|
|
Impairments
|
1
|
|
2
|
|
|
18
|
|
4
|
|
|
Taxes other than income taxes*
|
3,456
|
|
3,424
|
|
|
9,968
|
|
10,479
|
|
|
Accretion on discounted liabilities
|
5
|
|
5
|
|
|
16
|
|
15
|
|
|
Interest and debt expense
|
112
|
|
81
|
|
|
324
|
|
250
|
|
|
Foreign currency transaction (gains) losses
|
7
|
|
(9
|
)
|
|
6
|
|
(16
|
)
|
|
Total Costs and Expenses
|
24,950
|
|
21,229
|
|
|
71,598
|
|
59,980
|
|
|
Income before income taxes
|
1,256
|
|
813
|
|
|
2,901
|
|
2,129
|
|
|
Provision for income taxes
|
407
|
|
277
|
|
|
908
|
|
679
|
|
|
Net Income
|
849
|
|
536
|
|
|
1,993
|
|
1,450
|
|
|
Less: net income attributable to noncontrolling interests
|
26
|
|
25
|
|
|
85
|
|
58
|
|
|
Net Income Attributable to Phillips 66
|
$
|
823
|
|
511
|
|
|
1,908
|
|
1,392
|
|
|
|
|
|
|
|
|||||
Net Income Attributable to Phillips 66 Per Share of Common Stock
(dollars)
|
|
|
|
|
|
|||||
Basic
|
$
|
1.60
|
|
0.97
|
|
|
3.68
|
|
2.62
|
|
Diluted
|
1.60
|
|
0.96
|
|
|
3.66
|
|
2.61
|
|
|
|
|
|
|
|
|
|||||
Dividends Paid Per Share of Common Stock
(dollars)
|
$
|
0.70
|
|
0.63
|
|
|
2.03
|
|
1.82
|
|
|
|
|
|
|
|
|||||
Weighted-Average Common Shares Outstanding
(thousands)
|
|
|
|
|
|
|||||
Basic
|
512,923
|
|
525,991
|
|
|
517,420
|
|
528,650
|
|
|
Diluted
|
515,960
|
|
528,798
|
|
|
520,516
|
|
531,650
|
|
|
* Includes excise taxes on petroleum products sales:
|
$
|
3,376
|
|
3,357
|
|
|
9,664
|
|
10,225
|
|
See Notes to Consolidated Financial Statements.
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income
|
Phillips 66
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|||||
Net Income
|
$
|
849
|
|
536
|
|
|
1,993
|
|
1,450
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|||||
Defined benefit plans
|
|
|
|
|
|
|||||
Actuarial loss arising during the period
|
—
|
|
(28
|
)
|
|
—
|
|
(28
|
)
|
|
Amortization to net income of net actuarial loss and settlements
|
45
|
|
23
|
|
|
145
|
|
70
|
|
|
Curtailment gain
|
—
|
|
31
|
|
|
—
|
|
31
|
|
|
Plans sponsored by equity affiliates
|
2
|
|
2
|
|
|
8
|
|
11
|
|
|
Income taxes on defined benefit plans
|
(17
|
)
|
(9
|
)
|
|
(56
|
)
|
(29
|
)
|
|
Defined benefit plans, net of tax
|
30
|
|
19
|
|
|
97
|
|
55
|
|
|
Foreign currency translation adjustments
|
94
|
|
(61
|
)
|
|
222
|
|
(183
|
)
|
|
Income taxes on foreign currency translation adjustments
|
1
|
|
(1
|
)
|
|
(8
|
)
|
(4
|
)
|
|
Foreign currency translation adjustments, net of tax
|
95
|
|
(62
|
)
|
|
214
|
|
(187
|
)
|
|
Cash flow hedges
|
—
|
|
4
|
|
|
—
|
|
(12
|
)
|
|
Income taxes on hedging activities
|
—
|
|
(1
|
)
|
|
—
|
|
5
|
|
|
Hedging activities, net of tax
|
—
|
|
3
|
|
|
—
|
|
(7
|
)
|
|
Other Comprehensive Income (Loss), Net of Tax
|
125
|
|
(40
|
)
|
|
311
|
|
(139
|
)
|
|
Comprehensive Income
|
974
|
|
496
|
|
|
2,304
|
|
1,311
|
|
|
Less: comprehensive income attributable to noncontrolling interests
|
26
|
|
25
|
|
|
85
|
|
58
|
|
|
Comprehensive Income Attributable to Phillips 66
|
$
|
948
|
|
471
|
|
|
2,219
|
|
1,253
|
|
Consolidated Balance Sheet
|
Phillips 66
|
|
Millions of Dollars
|
|||||
|
September 30
2017 |
|
|
December 31
2016 |
|
|
Assets
|
|
|
|
|||
Cash and cash equivalents
|
$
|
1,547
|
|
|
2,711
|
|
Accounts and notes receivable (net of allowances of $31 million in 2017 and $34 million in 2016)
|
5,421
|
|
|
5,485
|
|
|
Accounts and notes receivable—related parties
|
934
|
|
|
912
|
|
|
Inventories
|
4,455
|
|
|
3,150
|
|
|
Prepaid expenses and other current assets
|
578
|
|
|
422
|
|
|
Total Current Assets
|
12,935
|
|
|
12,680
|
|
|
Investments and long-term receivables
|
13,899
|
|
|
13,534
|
|
|
Net properties, plants and equipment
|
21,303
|
|
|
20,855
|
|
|
Goodwill
|
3,270
|
|
|
3,270
|
|
|
Intangibles
|
884
|
|
|
888
|
|
|
Other assets
|
421
|
|
|
426
|
|
|
Total Assets
|
$
|
52,712
|
|
|
51,653
|
|
|
|
|
|
|||
Liabilities
|
|
|
|
|||
Accounts payable
|
$
|
6,404
|
|
|
6,395
|
|
Accounts payable—related parties
|
867
|
|
|
666
|
|
|
Short-term debt
|
706
|
|
|
550
|
|
|
Accrued income and other taxes
|
901
|
|
|
805
|
|
|
Employee benefit obligations
|
482
|
|
|
527
|
|
|
Other accruals
|
545
|
|
|
520
|
|
|
Total Current Liabilities
|
9,905
|
|
|
9,463
|
|
|
Long-term debt
|
9,495
|
|
|
9,588
|
|
|
Asset retirement obligations and accrued environmental costs
|
629
|
|
|
655
|
|
|
Deferred income taxes
|
7,605
|
|
|
6,743
|
|
|
Employee benefit obligations
|
877
|
|
|
1,216
|
|
|
Other liabilities and deferred credits
|
242
|
|
|
263
|
|
|
Total Liabilities
|
28,753
|
|
|
27,928
|
|
|
|
|
|
|
|||
Equity
|
|
|
|
|||
Common stock (2,500,000,000 shares authorized at $.01 par value)
Issued (2017—643,419,792 shares; 2016—641,593,854 shares)
|
|
|
|
|||
Par value
|
6
|
|
|
6
|
|
|
Capital in excess of par
|
19,652
|
|
|
19,559
|
|
|
Treasury stock (at cost: 2017—136,679,305 shares; 2016—122,827,264 shares)
|
(9,915
|
)
|
|
(8,788
|
)
|
|
Retained earnings
|
13,464
|
|
|
12,608
|
|
|
Accumulated other comprehensive loss
|
(684
|
)
|
|
(995
|
)
|
|
Total Stockholders’ Equity
|
22,523
|
|
|
22,390
|
|
|
Noncontrolling interests
|
1,436
|
|
|
1,335
|
|
|
Total Equity
|
23,959
|
|
|
23,725
|
|
|
Total Liabilities and Equity
|
$
|
52,712
|
|
|
51,653
|
|
Consolidated Statement of Cash Flows
|
Phillips 66
|
|
Millions of Dollars
|
|||||
|
Nine Months Ended
September 30 |
|||||
|
2017
|
|
|
2016
|
|
|
Cash Flows From Operating Activities
|
|
|
|
|||
Net income
|
$
|
1,993
|
|
|
1,450
|
|
Adjustments to reconcile net income to net cash provided by operating
activities
|
|
|
|
|||
Depreciation and amortization
|
972
|
|
|
863
|
|
|
Impairments
|
18
|
|
|
4
|
|
|
Accretion on discounted liabilities
|
16
|
|
|
15
|
|
|
Deferred taxes
|
784
|
|
|
467
|
|
|
Undistributed equity earnings
|
(543
|
)
|
|
(772
|
)
|
|
Net gain on dispositions
|
(15
|
)
|
|
(9
|
)
|
|
Gain on consolidation of business
|
(423
|
)
|
|
—
|
|
|
Other
|
(234
|
)
|
|
(192
|
)
|
|
Working capital adjustments
|
|
|
|
|||
Decrease (increase) in accounts and notes receivable
|
(33
|
)
|
|
185
|
|
|
Decrease (increase) in inventories
|
(1,228
|
)
|
|
(510
|
)
|
|
Decrease (increase) in prepaid expenses and other current assets
|
(106
|
)
|
|
(453
|
)
|
|
Increase (decrease) in accounts payable
|
464
|
|
|
1,025
|
|
|
Increase (decrease) in taxes and other accruals
|
52
|
|
|
223
|
|
|
Net Cash Provided by Operating Activities
|
1,717
|
|
|
2,296
|
|
|
|
|
|
|
|||
Cash Flows From Investing Activities
|
|
|
|
|||
Capital expenditures and investments
|
(1,295
|
)
|
|
(2,031
|
)
|
|
Proceeds from asset dispositions*
|
65
|
|
|
159
|
|
|
Advances/loans—related parties
|
(9
|
)
|
|
(266
|
)
|
|
Collection of advances/loans—related parties
|
325
|
|
|
107
|
|
|
Restricted cash received from consolidation of business
|
318
|
|
|
—
|
|
|
Other
|
(80
|
)
|
|
(132
|
)
|
|
Net Cash Used in Investing Activities
|
(676
|
)
|
|
(2,163
|
)
|
|
|
|
|
|
|||
Cash Flows From Financing Activities
|
|
|
|
|||
Issuance of debt
|
3,083
|
|
|
400
|
|
|
Repayment of debt
|
(3,161
|
)
|
|
(418
|
)
|
|
Issuance of common stock
|
23
|
|
|
14
|
|
|
Repurchase of common stock
|
(1,127
|
)
|
|
(812
|
)
|
|
Dividends paid on common stock
|
(1,042
|
)
|
|
(954
|
)
|
|
Distributions to noncontrolling interests
|
(83
|
)
|
|
(45
|
)
|
|
Net proceeds from issuance of Phillips 66 Partners LP common units
|
171
|
|
|
972
|
|
|
Other
|
(66
|
)
|
|
(38
|
)
|
|
Net Cash Used in Financing Activities
|
(2,202
|
)
|
|
(881
|
)
|
|
|
|
|
|
|||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
(3
|
)
|
|
11
|
|
|
|
|
|
|
|||
Net Change in Cash, Cash Equivalents and Restricted Cash
|
(1,164
|
)
|
|
(737
|
)
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
2,711
|
|
|
3,074
|
|
|
Cash, Cash Equivalents and Restricted Cash at End of Period
|
$
|
1,547
|
|
|
2,337
|
|
Consolidated Statement of Changes in Equity
|
Phillips 66
|
|
Millions of Dollars
|
||||||||||||||
|
Attributable to Phillips 66
|
|
|
||||||||||||
|
Common Stock
|
|
|
|
|
||||||||||
|
Par
Value |
|
Capital in Excess of Par
|
|
Treasury Stock
|
|
Retained
Earnings |
|
Accum. Other
Comprehensive Income (Loss) |
|
Noncontrolling
Interests |
|
Total
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
$
|
6
|
|
19,145
|
|
(7,746
|
)
|
12,348
|
|
(653
|
)
|
838
|
|
23,938
|
|
Net income
|
—
|
|
—
|
|
—
|
|
1,392
|
|
—
|
|
58
|
|
1,450
|
|
|
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
—
|
|
(139
|
)
|
—
|
|
(139
|
)
|
|
Cash dividends paid on common stock
|
—
|
|
—
|
|
—
|
|
(954
|
)
|
—
|
|
—
|
|
(954
|
)
|
|
Repurchase of common stock
|
—
|
|
—
|
|
(812
|
)
|
—
|
|
—
|
|
—
|
|
(812
|
)
|
|
Benefit plan activity
|
—
|
|
66
|
|
—
|
|
(11
|
)
|
—
|
|
—
|
|
55
|
|
|
Issuance of Phillips 66 Partners LP common units
|
—
|
|
263
|
|
—
|
|
—
|
|
—
|
|
555
|
|
818
|
|
|
Distributions to noncontrolling interests and other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(45
|
)
|
(45
|
)
|
|
September 30, 2016
|
$
|
6
|
|
19,474
|
|
(8,558
|
)
|
12,775
|
|
(792
|
)
|
1,406
|
|
24,311
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
$
|
6
|
|
19,559
|
|
(8,788
|
)
|
12,608
|
|
(995
|
)
|
1,335
|
|
23,725
|
|
Net income
|
—
|
|
—
|
|
—
|
|
1,908
|
|
—
|
|
85
|
|
1,993
|
|
|
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
311
|
|
—
|
|
311
|
|
|
Cash dividends paid on common stock
|
—
|
|
—
|
|
—
|
|
(1,042
|
)
|
—
|
|
—
|
|
(1,042
|
)
|
|
Repurchase of common stock
|
—
|
|
—
|
|
(1,127
|
)
|
—
|
|
—
|
|
—
|
|
(1,127
|
)
|
|
Benefit plan activity
|
—
|
|
48
|
|
—
|
|
(10
|
)
|
—
|
|
—
|
|
38
|
|
|
Issuance of Phillips 66 Partners LP common units
|
—
|
|
45
|
|
—
|
|
—
|
|
—
|
|
99
|
|
144
|
|
|
Distributions to noncontrolling interests and other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(83
|
)
|
(83
|
)
|
|
September 30, 2017
|
$
|
6
|
|
19,652
|
|
(9,915
|
)
|
13,464
|
|
(684
|
)
|
1,436
|
|
23,959
|
|
|
Shares in Thousands
|
|||
|
Common Stock Issued
|
|
Treasury Stock
|
|
December 31, 2015
|
639,336
|
|
109,926
|
|
Repurchase of common stock
|
—
|
|
10,141
|
|
Shares issued—share-based compensation
|
1,581
|
|
—
|
|
September 30, 2016
|
640,917
|
|
120,067
|
|
|
|
|
||
December 31, 2016
|
641,594
|
|
122,827
|
|
Repurchase of common stock
|
—
|
|
13,852
|
|
Shares issued—share-based compensation
|
1,826
|
|
—
|
|
September 30, 2017
|
643,420
|
|
136,679
|
|
Notes to Consolidated Financial Statements
|
Phillips 66
|
|
Millions of Dollars
|
|||||
|
September 30
2017 |
|
|
December 31
2016 |
|
|
|
|
|
|
|||
Equity investments*
|
$
|
1,265
|
|
|
1,142
|
|
Net properties, plants and equipment
|
2,675
|
|
|
2,675
|
|
|
Long-term debt
|
2,273
|
|
|
2,396
|
|
|
Millions of Dollars
|
|||||
|
September 30
2017 |
|
|
December 31
2016 |
|
|
|
|
|
|
|||
Crude oil and petroleum products
|
$
|
4,172
|
|
|
2,883
|
|
Materials and supplies
|
283
|
|
|
267
|
|
|
|
$
|
4,455
|
|
|
3,150
|
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
2,287
|
|
2,186
|
|
|
7,196
|
|
6,526
|
|
Income before income taxes
|
345
|
|
372
|
|
|
1,469
|
|
1,400
|
|
|
Net income
|
331
|
|
355
|
|
|
1,424
|
|
1,343
|
|
|
Millions of Dollars
|
|||||||||||||||||
|
September 30, 2017
|
|
December 31, 2016
|
|||||||||||||||
|
Gross
PP&E
|
|
|
Accum.
D&A
|
|
|
Net
PP&E
|
|
|
Gross
PP&E
|
|
|
Accum.
D&A
|
|
|
Net
PP&E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Midstream
|
$
|
8,491
|
|
|
1,775
|
|
|
6,716
|
|
|
8,179
|
|
|
1,579
|
|
|
6,600
|
|
Chemicals
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Refining
|
22,143
|
|
|
8,805
|
|
|
13,338
|
|
|
21,152
|
|
|
8,197
|
|
|
12,955
|
|
|
Marketing and Specialties
|
1,610
|
|
|
889
|
|
|
721
|
|
|
1,451
|
|
|
776
|
|
|
675
|
|
|
Corporate and Other
|
1,104
|
|
|
576
|
|
|
528
|
|
|
1,207
|
|
|
582
|
|
|
625
|
|
|
|
$
|
33,348
|
|
|
12,045
|
|
|
21,303
|
|
|
31,989
|
|
|
11,134
|
|
|
20,855
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||||||
|
Basic
|
|
Diluted
|
|
|
Basic
|
|
Diluted
|
|
|
Basic
|
|
Diluted
|
|
|
Basic
|
|
Diluted
|
|
|
Amounts attributed to Phillips 66 Common
Stockholders
(millions)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to Phillips 66
|
$
|
823
|
|
823
|
|
|
511
|
|
511
|
|
|
1,908
|
|
1,908
|
|
|
1,392
|
|
1,392
|
|
Income allocated to participating securities
|
(1
|
)
|
—
|
|
|
(2
|
)
|
(1
|
)
|
|
(4
|
)
|
(1
|
)
|
|
(5
|
)
|
(3
|
)
|
|
Net income available to common stockholders
|
$
|
822
|
|
823
|
|
|
509
|
|
510
|
|
|
1,904
|
|
1,907
|
|
|
1,387
|
|
1,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding
(thousands)
:
|
509,147
|
|
512,923
|
|
|
521,815
|
|
525,991
|
|
|
513,583
|
|
517,420
|
|
|
524,365
|
|
528,650
|
|
|
Effect of stock-based compensation
|
3,776
|
|
3,037
|
|
|
4,176
|
|
2,807
|
|
|
3,837
|
|
3,096
|
|
|
4,285
|
|
3,000
|
|
|
Weighted-average common shares outstanding—EPS
|
512,923
|
|
515,960
|
|
|
525,991
|
|
528,798
|
|
|
517,420
|
|
520,516
|
|
|
528,650
|
|
531,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings Per Share of Common Stock
(dollars)
|
$
|
1.60
|
|
1.60
|
|
|
0.97
|
|
0.96
|
|
|
3.68
|
|
3.66
|
|
|
2.62
|
|
2.61
|
|
|
Millions of Dollars
|
||||||||||
|
September 30, 2017
|
||||||||||
|
Commodity Derivatives
|
|
Effect of Collateral Netting
|
|
Net Carrying Value Presented on the Balance Sheet
|
|
|||||
|
Assets
|
|
|
Liabilities
|
|
||||||
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|||||
Prepaid expenses and other current assets
|
$
|
30
|
|
|
—
|
|
|
—
|
|
30
|
|
Other assets
|
5
|
|
|
(3
|
)
|
|
—
|
|
2
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Other accruals
|
933
|
|
|
(1,141
|
)
|
|
168
|
|
(40
|
)
|
|
Other liabilities and deferred credits
|
2
|
|
|
(4
|
)
|
|
—
|
|
(2
|
)
|
|
Total
|
$
|
970
|
|
|
(1,148
|
)
|
|
168
|
|
(10
|
)
|
|
Millions of Dollars
|
||||||||||
|
December 31, 2016
|
||||||||||
|
Commodity Derivatives
|
|
Effect of Collateral Netting
|
|
Net Carrying Value Presented on the Balance Sheet
|
|
|||||
|
Assets
|
|
|
Liabilities
|
|
||||||
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|||||
Prepaid expenses and other current assets
|
$
|
267
|
|
|
(154
|
)
|
|
—
|
|
113
|
|
Other assets
|
5
|
|
|
(1
|
)
|
|
—
|
|
4
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Other accruals
|
474
|
|
|
(612
|
)
|
|
73
|
|
(65
|
)
|
|
Other liabilities and deferred credits
|
—
|
|
|
(1
|
)
|
|
—
|
|
(1
|
)
|
|
Total
|
$
|
746
|
|
|
(768
|
)
|
|
73
|
|
51
|
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|||||
Sales and other operating revenues
|
$
|
(256
|
)
|
(6
|
)
|
|
(101
|
)
|
(274
|
)
|
Other income
|
33
|
|
8
|
|
|
46
|
|
24
|
|
|
Purchased crude oil and products
|
(111
|
)
|
36
|
|
|
16
|
|
(89
|
)
|
|
Net gain (loss) from commodity derivative activity
|
$
|
(334
|
)
|
38
|
|
|
(39
|
)
|
(339
|
)
|
|
Open Position
Long/(Short)
|
||||
|
September 30
2017 |
|
|
December 31
2016 |
|
Commodity
|
|
|
|
||
Crude oil, refined products and NGL
(millions of barrels)
|
(35
|
)
|
|
(18
|
)
|
•
|
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.
|
•
|
Cash and cash equivalents
—The carrying amount reported on the consolidated balance sheet approximates fair value.
|
•
|
Accounts and notes receivable
—The carrying amount reported on the 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 non-exchange quotes, we classify those contracts as Level 2.
|
•
|
Rabbi trust assets
—The deferred compensation investments are measured at fair value using unadjusted prices available from national securities exchanges; therefore, these assets are 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 quotes.
|
|
Millions of Dollars
|
|||||||||||||||||||
|
September 30, 2017
|
|||||||||||||||||||
|
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
|
$
|
487
|
|
|
452
|
|
|
—
|
|
|
939
|
|
(938
|
)
|
—
|
|
—
|
|
1
|
|
OTC instruments
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|
Physical forward contracts
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
—
|
|
—
|
|
—
|
|
30
|
|
|
Interest rate derivatives
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
—
|
|
—
|
|
—
|
|
8
|
|
|
Rabbi trust assets
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
N/A
|
|
N/A
|
|
—
|
|
111
|
|
|
|
$
|
598
|
|
|
491
|
|
|
—
|
|
|
1,089
|
|
(938
|
)
|
—
|
|
—
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commodity Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Exchange-cleared instruments
|
$
|
630
|
|
|
476
|
|
|
—
|
|
|
1,106
|
|
(938
|
)
|
(168
|
)
|
—
|
|
—
|
|
OTC instruments
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|
Physical forward contracts
|
—
|
|
|
30
|
|
|
11
|
|
|
41
|
|
—
|
|
—
|
|
—
|
|
41
|
|
|
Floating-rate debt
|
100
|
|
|
1,587
|
|
|
—
|
|
|
1,687
|
|
N/A
|
|
N/A
|
|
—
|
|
1,687
|
|
|
Fixed-rate debt, excluding capital leases
|
—
|
|
|
9,110
|
|
|
—
|
|
|
9,110
|
|
N/A
|
|
N/A
|
|
(787
|
)
|
8,323
|
|
|
|
$
|
730
|
|
|
11,204
|
|
|
11
|
|
|
11,945
|
|
(938
|
)
|
(168
|
)
|
(787
|
)
|
10,052
|
|
|
Millions of Dollars
|
|||||||||||||||||||
|
December 31, 2016
|
|||||||||||||||||||
|
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
|
$
|
273
|
|
|
371
|
|
|
—
|
|
|
644
|
|
(628
|
)
|
—
|
|
—
|
|
16
|
|
OTC instruments
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
(1
|
)
|
—
|
|
—
|
|
5
|
|
|
Physical forward contracts
|
—
|
|
|
94
|
|
|
2
|
|
|
96
|
|
—
|
|
—
|
|
—
|
|
96
|
|
|
Interest rate derivatives
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
—
|
|
—
|
|
—
|
|
8
|
|
|
Rabbi trust assets
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
N/A
|
|
N/A
|
|
—
|
|
97
|
|
|
|
$
|
370
|
|
|
479
|
|
|
2
|
|
|
851
|
|
(629
|
)
|
—
|
|
—
|
|
222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commodity Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Exchange-cleared instruments
|
$
|
249
|
|
|
452
|
|
|
—
|
|
|
701
|
|
(628
|
)
|
(73
|
)
|
—
|
|
—
|
|
OTC instruments
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
|
Physical forward contracts
|
—
|
|
|
61
|
|
|
5
|
|
|
66
|
|
—
|
|
—
|
|
—
|
|
66
|
|
|
Floating-rate debt
|
50
|
|
|
210
|
|
|
—
|
|
|
260
|
|
N/A
|
|
N/A
|
|
—
|
|
260
|
|
|
Fixed-rate debt, excluding capital leases
|
—
|
|
|
10,260
|
|
|
—
|
|
|
10,260
|
|
N/A
|
|
N/A
|
|
(570
|
)
|
9,690
|
|
|
|
$
|
299
|
|
|
10,984
|
|
|
5
|
|
|
11,288
|
|
(629
|
)
|
(73
|
)
|
(570
|
)
|
10,016
|
|
|
Millions of Dollars
|
|||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
|||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
|
2016
|
|
|||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
|
|
|
|||
Components of Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Three Months Ended September 30
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Service cost
|
$
|
33
|
|
|
8
|
|
|
32
|
|
|
8
|
|
|
1
|
|
|
1
|
|
Interest cost
|
27
|
|
|
7
|
|
|
29
|
|
|
7
|
|
|
2
|
|
|
2
|
|
|
Expected return on plan assets
|
(37
|
)
|
|
(11
|
)
|
|
(32
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of prior service cost
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Recognized net actuarial loss
|
17
|
|
|
6
|
|
|
18
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
Settlements
|
21
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net periodic benefit cost
|
$
|
62
|
|
|
10
|
|
|
50
|
|
|
10
|
|
|
3
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nine Months Ended September 30
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Service cost
|
$
|
99
|
|
|
25
|
|
|
96
|
|
|
26
|
|
|
4
|
|
|
5
|
|
Interest cost
|
81
|
|
|
20
|
|
|
87
|
|
|
22
|
|
|
6
|
|
|
6
|
|
|
Expected return on plan assets
|
(110
|
)
|
|
(30
|
)
|
|
(96
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of prior service cost (credit)
|
2
|
|
|
(1
|
)
|
|
2
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
Recognized net actuarial loss
|
52
|
|
|
18
|
|
|
54
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
Settlements
|
76
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net periodic benefit cost
|
$
|
200
|
|
|
32
|
|
|
148
|
|
|
29
|
|
|
9
|
|
|
10
|
|
|
Millions of Dollars
|
|||||||||||
|
Defined Benefit Plans
|
|
|
Foreign Currency Translation
|
|
|
Hedging
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|||||
December 31, 2015
|
$
|
(662
|
)
|
|
11
|
|
|
(2
|
)
|
|
(653
|
)
|
Other comprehensive income (loss) before reclassifications
|
10
|
|
|
(187
|
)
|
|
(7
|
)
|
|
(184
|
)
|
|
Amounts reclassified from accumulated other comprehensive income (loss)*
|
|
|
|
|
|
|
|
|||||
Amortization of defined benefit plan items**
|
|
|
|
|
|
|
|
|||||
Actuarial losses and settlements
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
Net current period other comprehensive income (loss)
|
55
|
|
|
(187
|
)
|
|
(7
|
)
|
|
(139
|
)
|
|
September 30, 2016
|
$
|
(607
|
)
|
|
(176
|
)
|
|
(9
|
)
|
|
(792
|
)
|
|
|
|
|
|
|
|
|
|||||
December 31, 2016
|
$
|
(713
|
)
|
|
(285
|
)
|
|
3
|
|
|
(995
|
)
|
Other comprehensive income before reclassifications
|
5
|
|
|
214
|
|
|
—
|
|
|
219
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss)*
|
|
|
|
|
|
|
|
|
||||
Amortization of defined benefit plan items**
|
|
|
|
|
|
|
|
|||||
Actuarial losses and settlements
|
92
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|
Net current period other comprehensive income
|
97
|
|
|
214
|
|
|
—
|
|
|
311
|
|
|
September 30, 2017
|
$
|
(616
|
)
|
|
(71
|
)
|
|
3
|
|
|
(684
|
)
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|||||
Operating revenues and other income (a)
|
$
|
638
|
|
588
|
|
|
1,778
|
|
1,544
|
|
Purchases (b)
|
2,557
|
|
2,118
|
|
|
6,932
|
|
5,769
|
|
|
Operating expenses and selling, general and administrative expenses (c)
|
13
|
|
31
|
|
|
52
|
|
92
|
|
(a)
|
We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, and we sold gas oil and hydrogen feedstocks to Excel Paralubes (Excel). We sold refined products to our OnCue Holdings, LLC joint venture. We also sold certain feedstocks and intermediate products to WRB and also 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 and refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents for a fee. We 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. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting crude oil, finished refined products and NGL. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses.
|
(c)
|
We paid utility and processing fees to various affiliates.
|
1)
|
Midstream—
Gathers, processes, transports and markets natural gas; and transports, stores, fractionates and markets NGL in the United States. In addition, this segment transports crude oil and other feedstocks to our refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. The segment also stores, refrigerates and exports liquefied petroleum gas primarily to Asia. The Midstream segment includes our master limited partnership, Phillips 66 Partners LP, as well as our
50 percent
equity investment in DCP Midstream.
|
2)
|
Chemicals—
Consists of our
50 percent
equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis.
|
3)
|
Refining—
Purchases, sells and refines crude oil and other feedstocks at
13
refineries, mainly in the United States and Europe.
|
4)
|
Marketing and Specialties—
Purchases for resale and markets refined products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as base oils and lubricants), as well as power generation operations.
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
Sales and Other Operating Revenues
|
|
|
|
|
|
|||||
Midstream
|
|
|
|
|
|
|||||
Total sales
|
$
|
1,433
|
|
934
|
|
|
4,467
|
|
2,784
|
|
Intersegment eliminations
|
(433
|
)
|
(296
|
)
|
|
(1,260
|
)
|
(866
|
)
|
|
Total Midstream
|
1,000
|
|
638
|
|
|
3,207
|
|
1,918
|
|
|
Chemicals
|
2
|
|
1
|
|
|
4
|
|
3
|
|
|
Refining
|
|
|
|
|
|
|||||
Total sales
|
16,499
|
|
13,465
|
|
|
46,014
|
|
37,242
|
|
|
Intersegment eliminations
|
(10,461
|
)
|
(9,035
|
)
|
|
(28,641
|
)
|
(24,840
|
)
|
|
Total Refining
|
6,038
|
|
4,430
|
|
|
17,373
|
|
12,402
|
|
|
Marketing and Specialties
|
|
|
|
|
|
|||||
Total sales
|
18,887
|
|
16,799
|
|
|
52,903
|
|
47,327
|
|
|
Intersegment eliminations
|
(306
|
)
|
(252
|
)
|
|
(900
|
)
|
(792
|
)
|
|
Total Marketing and Specialties
|
18,581
|
|
16,547
|
|
|
52,003
|
|
46,535
|
|
|
Corporate and Other
|
6
|
|
8
|
|
|
21
|
|
24
|
|
|
Consolidated sales and other operating revenues
|
$
|
25,627
|
|
21,624
|
|
|
72,608
|
|
60,882
|
|
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to Phillips 66
|
|
|
|
|
|
|||||
Midstream
|
$
|
85
|
|
75
|
|
|
221
|
|
179
|
|
Chemicals
|
121
|
|
101
|
|
|
498
|
|
447
|
|
|
Refining
|
550
|
|
177
|
|
|
1,033
|
|
412
|
|
|
Marketing and Specialties
|
208
|
|
267
|
|
|
563
|
|
701
|
|
|
Corporate and Other
|
(141
|
)
|
(109
|
)
|
|
(407
|
)
|
(347
|
)
|
|
Consolidated net income attributable to Phillips 66
|
$
|
823
|
|
511
|
|
|
1,908
|
|
1,392
|
|
|
Millions of Dollars
|
|||||
|
September 30
2017 |
|
|
December 31
2016 |
|
|
Total Assets
|
|
|
|
|||
Midstream
|
$
|
12,904
|
|
|
12,832
|
|
Chemicals
|
6,211
|
|
|
5,802
|
|
|
Refining
|
23,949
|
|
|
22,825
|
|
|
Marketing and Specialties
|
7,118
|
|
|
6,227
|
|
|
Corporate and Other
|
2,530
|
|
|
3,967
|
|
|
Consolidated total assets
|
$
|
52,712
|
|
|
51,653
|
|
•
|
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.
|
|
Millions of Dollars
|
||||||||||
|
Three Months Ended September 30, 2017
|
||||||||||
Statement of Income
|
Phillips 66
|
|
Phillips 66 Company
|
|
All Other Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
|
|
Revenues and Other Income
|
|
|
|
|
|
||||||
Sales and other operating revenues
|
$
|
—
|
|
18,941
|
|
6,686
|
|
—
|
|
25,627
|
|
Equity in earnings of affiliates
|
880
|
|
608
|
|
172
|
|
(1,130
|
)
|
530
|
|
|
Net gain (loss) on dispositions
|
—
|
|
1
|
|
(1
|
)
|
—
|
|
—
|
|
|
Other income
|
—
|
|
34
|
|
15
|
|
—
|
|
49
|
|
|
Intercompany revenues
|
—
|
|
522
|
|
3,805
|
|
(4,327
|
)
|
—
|
|
|
Total Revenues and Other Income
|
880
|
|
20,106
|
|
10,677
|
|
(5,457
|
)
|
26,206
|
|
|
|
|
|
|
|
|
||||||
Costs and Expenses
|
|
|
|
|
|
||||||
Purchased crude oil and products
|
—
|
|
15,981
|
|
7,744
|
|
(4,262
|
)
|
19,463
|
|
|
Operating expenses
|
—
|
|
857
|
|
285
|
|
(8
|
)
|
1,134
|
|
|
Selling, general and administrative expenses
|
2
|
|
338
|
|
98
|
|
(3
|
)
|
435
|
|
|
Depreciation and amortization
|
—
|
|
225
|
|
112
|
|
—
|
|
337
|
|
|
Impairments
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
|
Taxes other than income taxes
|
—
|
|
1,464
|
|
1,992
|
|
—
|
|
3,456
|
|
|
Accretion on discounted liabilities
|
—
|
|
3
|
|
2
|
|
—
|
|
5
|
|
|
Interest and debt expense
|
86
|
|
20
|
|
60
|
|
(54
|
)
|
112
|
|
|
Foreign currency transaction losses
|
—
|
|
—
|
|
7
|
|
—
|
|
7
|
|
|
Total Costs and Expenses
|
88
|
|
18,888
|
|
10,301
|
|
(4,327
|
)
|
24,950
|
|
|
Income before income taxes
|
792
|
|
1,218
|
|
376
|
|
(1,130
|
)
|
1,256
|
|
|
Provision (benefit) for income taxes
|
(31
|
)
|
338
|
|
100
|
|
—
|
|
407
|
|
|
Net Income
|
823
|
|
880
|
|
276
|
|
(1,130
|
)
|
849
|
|
|
Less: net income attributable to noncontrolling interests
|
—
|
|
—
|
|
26
|
|
—
|
|
26
|
|
|
Net Income Attributable to Phillips 66
|
$
|
823
|
|
880
|
|
250
|
|
(1,130
|
)
|
823
|
|
|
|
|
|
|
|
||||||
Comprehensive Income
|
$
|
948
|
|
1,005
|
|
362
|
|
(1,341
|
)
|
974
|
|
|
Millions of Dollars
|
||||||||||
|
Three Months Ended September 30, 2016
|
||||||||||
Statement of Income
|
Phillips 66
|
|
Phillips 66 Company
|
|
All Other Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
|
|
Revenues and Other Income
|
|
|
|
|
|
||||||
Sales and other operating revenues
|
$
|
—
|
|
15,264
|
|
6,360
|
|
—
|
|
21,624
|
|
Equity in earnings of affiliates
|
571
|
|
521
|
|
108
|
|
(809
|
)
|
391
|
|
|
Net gain (loss) on dispositions
|
—
|
|
(11
|
)
|
14
|
|
—
|
|
3
|
|
|
Other income
|
—
|
|
10
|
|
14
|
|
—
|
|
24
|
|
|
Intercompany revenues
|
—
|
|
173
|
|
2,685
|
|
(2,858
|
)
|
—
|
|
|
Total Revenues and Other Income
|
571
|
|
15,957
|
|
9,181
|
|
(3,667
|
)
|
22,042
|
|
|
|
|
|
|
|
|
||||||
Costs and Expenses
|
|
|
|
|
|
||||||
Purchased crude oil and products
|
—
|
|
12,377
|
|
6,388
|
|
(2,804
|
)
|
15,961
|
|
|
Operating expenses
|
—
|
|
864
|
|
206
|
|
(9
|
)
|
1,061
|
|
|
Selling, general and administrative expenses
|
1
|
|
314
|
|
99
|
|
(3
|
)
|
411
|
|
|
Depreciation and amortization
|
—
|
|
206
|
|
87
|
|
—
|
|
293
|
|
|
Impairments
|
—
|
|
1
|
|
1
|
|
—
|
|
2
|
|
|
Taxes other than income taxes
|
—
|
|
1,390
|
|
2,034
|
|
—
|
|
3,424
|
|
|
Accretion on discounted liabilities
|
—
|
|
3
|
|
2
|
|
—
|
|
5
|
|
|
Interest and debt expense
|
91
|
|
6
|
|
26
|
|
(42
|
)
|
81
|
|
|
Foreign currency transaction gains
|
—
|
|
—
|
|
(9
|
)
|
—
|
|
(9
|
)
|
|
Total Costs and Expenses
|
92
|
|
15,161
|
|
8,834
|
|
(2,858
|
)
|
21,229
|
|
|
Income before income taxes
|
479
|
|
796
|
|
347
|
|
(809
|
)
|
813
|
|
|
Provision (benefit) for income taxes
|
(32
|
)
|
225
|
|
84
|
|
—
|
|
277
|
|
|
Net Income
|
511
|
|
571
|
|
263
|
|
(809
|
)
|
536
|
|
|
Less: net income attributable to noncontrolling interests
|
—
|
|
—
|
|
25
|
|
—
|
|
25
|
|
|
Net Income Attributable to Phillips 66
|
$
|
511
|
|
571
|
|
238
|
|
(809
|
)
|
511
|
|
|
|
|
|
|
|
||||||
Comprehensive Income
|
$
|
471
|
|
531
|
|
207
|
|
(713
|
)
|
496
|
|
|
Millions of Dollars
|
||||||||||
|
Nine Months Ended September 30, 2017
|
||||||||||
Statement of Income
|
Phillips 66
|
|
Phillips 66 Company
|
|
All Other Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
|
|
Revenues and Other Income
|
|
|
|
|
|
||||||
Sales and other operating revenues
|
$
|
—
|
|
52,844
|
|
19,764
|
|
—
|
|
72,608
|
|
Equity in earnings of affiliates
|
2,083
|
|
1,677
|
|
408
|
|
(2,811
|
)
|
1,357
|
|
|
Net gain on dispositions
|
—
|
|
1
|
|
14
|
|
—
|
|
15
|
|
|
Other income
|
—
|
|
469
|
|
50
|
|
—
|
|
519
|
|
|
Intercompany revenues
|
—
|
|
1,172
|
|
9,654
|
|
(10,826
|
)
|
—
|
|
|
Total Revenues and Other Income
|
2,083
|
|
56,163
|
|
29,890
|
|
(13,637
|
)
|
74,499
|
|
|
|
|
|
|
|
|
||||||
Costs and Expenses
|
|
|
|
|
|
||||||
Purchased crude oil and products
|
—
|
|
44,622
|
|
21,489
|
|
(10,616
|
)
|
55,495
|
|
|
Operating expenses
|
—
|
|
2,779
|
|
806
|
|
(44
|
)
|
3,541
|
|
|
Selling, general and administrative expenses
|
6
|
|
962
|
|
298
|
|
(8
|
)
|
1,258
|
|
|
Depreciation and amortization
|
—
|
|
657
|
|
315
|
|
—
|
|
972
|
|
|
Impairments
|
—
|
|
17
|
|
1
|
|
—
|
|
18
|
|
|
Taxes other than income taxes
|
—
|
|
4,287
|
|
5,681
|
|
—
|
|
9,968
|
|
|
Accretion on discounted liabilities
|
—
|
|
12
|
|
4
|
|
—
|
|
16
|
|
|
Interest and debt expense
|
263
|
|
46
|
|
173
|
|
(158
|
)
|
324
|
|
|
Foreign currency transaction losses
|
—
|
|
—
|
|
6
|
|
—
|
|
6
|
|
|
Total Costs and Expenses
|
269
|
|
53,382
|
|
28,773
|
|
(10,826
|
)
|
71,598
|
|
|
Income before income taxes
|
1,814
|
|
2,781
|
|
1,117
|
|
(2,811
|
)
|
2,901
|
|
|
Provision (benefit) for income taxes
|
(94
|
)
|
698
|
|
304
|
|
—
|
|
908
|
|
|
Net Income
|
1,908
|
|
2,083
|
|
813
|
|
(2,811
|
)
|
1,993
|
|
|
Less: net income attributable to noncontrolling interests
|
—
|
|
—
|
|
85
|
|
—
|
|
85
|
|
|
Net Income Attributable to Phillips 66
|
$
|
1,908
|
|
2,083
|
|
728
|
|
(2,811
|
)
|
1,908
|
|
|
|
|
|
|
|
||||||
Comprehensive Income
|
$
|
2,219
|
|
2,394
|
|
1,024
|
|
(3,333
|
)
|
2,304
|
|
|
Millions of Dollars
|
||||||||||
|
Nine Months Ended September 30, 2016
|
||||||||||
Statement of Income
|
Phillips 66
|
|
Phillips 66 Company
|
|
All Other Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
|
|
Revenues and Other Income
|
|
|
|
|
|
||||||
Sales and other operating revenues
|
$
|
—
|
|
42,199
|
|
18,683
|
|
—
|
|
60,882
|
|
Equity in earnings of affiliates
|
1,574
|
|
1,406
|
|
268
|
|
(2,089
|
)
|
1,159
|
|
|
Net gain (loss) on dispositions
|
—
|
|
(11
|
)
|
20
|
|
—
|
|
9
|
|
|
Other income
|
—
|
|
34
|
|
25
|
|
—
|
|
59
|
|
|
Intercompany revenues
|
—
|
|
570
|
|
6,398
|
|
(6,968
|
)
|
—
|
|
|
Total Revenues and Other Income
|
1,574
|
|
44,198
|
|
25,394
|
|
(9,057
|
)
|
62,109
|
|
|
|
|
|
|
|
|
||||||
Costs and Expenses
|
|
|
|
|
|
||||||
Purchased crude oil and products
|
—
|
|
33,844
|
|
17,047
|
|
(6,802
|
)
|
44,089
|
|
|
Operating expenses
|
—
|
|
2,477
|
|
628
|
|
(27
|
)
|
3,078
|
|
|
Selling, general and administrative expenses
|
5
|
|
914
|
|
307
|
|
(8
|
)
|
1,218
|
|
|
Depreciation and amortization
|
—
|
|
609
|
|
254
|
|
—
|
|
863
|
|
|
Impairments
|
—
|
|
1
|
|
3
|
|
—
|
|
4
|
|
|
Taxes other than income taxes
|
—
|
|
4,131
|
|
6,348
|
|
—
|
|
10,479
|
|
|
Accretion on discounted liabilities
|
—
|
|
11
|
|
4
|
|
—
|
|
15
|
|
|
Interest and debt expense
|
275
|
|
23
|
|
83
|
|
(131
|
)
|
250
|
|
|
Foreign currency transaction gains
|
—
|
|
—
|
|
(16
|
)
|
—
|
|
(16
|
)
|
|
Total Costs and Expenses
|
280
|
|
42,010
|
|
24,658
|
|
(6,968
|
)
|
59,980
|
|
|
Income before income taxes
|
1,294
|
|
2,188
|
|
736
|
|
(2,089
|
)
|
2,129
|
|
|
Provision (benefit) for income taxes
|
(98
|
)
|
614
|
|
163
|
|
—
|
|
679
|
|
|
Net Income
|
1,392
|
|
1,574
|
|
573
|
|
(2,089
|
)
|
1,450
|
|
|
Less: net income attributable to noncontrolling interests
|
—
|
|
—
|
|
58
|
|
—
|
|
58
|
|
|
Net Income Attributable to Phillips 66
|
$
|
1,392
|
|
1,574
|
|
515
|
|
(2,089
|
)
|
1,392
|
|
|
|
|
|
|
|
||||||
Comprehensive Income
|
$
|
1,253
|
|
1,435
|
|
398
|
|
(1,775
|
)
|
1,311
|
|
|
Millions of Dollars
|
||||||||||
|
September 30, 2017
|
||||||||||
Balance Sheet
|
Phillips 66
|
|
Phillips 66 Company
|
|
All Other Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
|
|
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
—
|
|
308
|
|
1,239
|
|
—
|
|
1,547
|
|
Accounts and notes receivable
|
10
|
|
4,596
|
|
4,584
|
|
(2,835
|
)
|
6,355
|
|
|
Inventories
|
—
|
|
3,174
|
|
1,281
|
|
—
|
|
4,455
|
|
|
Prepaid expenses and other current assets
|
—
|
|
435
|
|
143
|
|
—
|
|
578
|
|
|
Total Current Assets
|
10
|
|
8,513
|
|
7,247
|
|
(2,835
|
)
|
12,935
|
|
|
Investments and long-term receivables
|
30,418
|
|
22,699
|
|
9,195
|
|
(48,413
|
)
|
13,899
|
|
|
Net properties, plants and equipment
|
—
|
|
13,052
|
|
8,251
|
|
—
|
|
21,303
|
|
|
Goodwill
|
—
|
|
2,853
|
|
417
|
|
—
|
|
3,270
|
|
|
Intangibles
|
—
|
|
724
|
|
160
|
|
—
|
|
884
|
|
|
Other assets
|
14
|
|
252
|
|
158
|
|
(3
|
)
|
421
|
|
|
Total Assets
|
$
|
30,442
|
|
48,093
|
|
25,428
|
|
(51,251
|
)
|
52,712
|
|
|
|
|
|
|
|
||||||
Liabilities and Equity
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
—
|
|
6,828
|
|
3,278
|
|
(2,835
|
)
|
7,271
|
|
Short-term debt
|
649
|
|
9
|
|
48
|
|
—
|
|
706
|
|
|
Accrued income and other taxes
|
—
|
|
373
|
|
528
|
|
—
|
|
901
|
|
|
Employee benefit obligations
|
—
|
|
419
|
|
63
|
|
—
|
|
482
|
|
|
Other accruals
|
128
|
|
305
|
|
112
|
|
—
|
|
545
|
|
|
Total Current Liabilities
|
777
|
|
7,934
|
|
4,029
|
|
(2,835
|
)
|
9,905
|
|
|
Long-term debt
|
6,970
|
|
49
|
|
2,476
|
|
—
|
|
9,495
|
|
|
Asset retirement obligations and accrued environmental costs
|
—
|
|
462
|
|
167
|
|
—
|
|
629
|
|
|
Deferred income taxes
|
—
|
|
5,034
|
|
2,574
|
|
(3
|
)
|
7,605
|
|
|
Employee benefit obligations
|
—
|
|
593
|
|
284
|
|
—
|
|
877
|
|
|
Other liabilities and deferred credits
|
143
|
|
3,994
|
|
4,064
|
|
(7,959
|
)
|
242
|
|
|
Total Liabilities
|
7,890
|
|
18,066
|
|
13,594
|
|
(10,797
|
)
|
28,753
|
|
|
Common stock
|
9,743
|
|
25,403
|
|
10,416
|
|
(35,819
|
)
|
9,743
|
|
|
Retained earnings
|
13,493
|
|
5,308
|
|
249
|
|
(5,586
|
)
|
13,464
|
|
|
Accumulated other comprehensive loss
|
(684
|
)
|
(684
|
)
|
(267
|
)
|
951
|
|
(684
|
)
|
|
Noncontrolling interests
|
—
|
|
—
|
|
1,436
|
|
—
|
|
1,436
|
|
|
Total Liabilities and Equity
|
$
|
30,442
|
|
48,093
|
|
25,428
|
|
(51,251
|
)
|
52,712
|
|
|
Millions of Dollars
|
||||||||||
|
December 31, 2016
|
||||||||||
Balance Sheet
|
Phillips 66
|
|
Phillips 66 Company
|
|
All Other Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
|
|
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
—
|
|
854
|
|
1,857
|
|
—
|
|
2,711
|
|
Accounts and notes receivable
|
13
|
|
4,336
|
|
3,276
|
|
(1,228
|
)
|
6,397
|
|
|
Inventories
|
—
|
|
2,198
|
|
952
|
|
—
|
|
3,150
|
|
|
Prepaid expenses and other current assets
|
2
|
|
317
|
|
103
|
|
—
|
|
422
|
|
|
Total Current Assets
|
15
|
|
7,705
|
|
6,188
|
|
(1,228
|
)
|
12,680
|
|
|
Investments and long-term receivables
|
31,165
|
|
22,733
|
|
8,588
|
|
(48,952
|
)
|
13,534
|
|
|
Net properties, plants and equipment
|
—
|
|
13,044
|
|
7,811
|
|
—
|
|
20,855
|
|
|
Goodwill
|
—
|
|
2,853
|
|
417
|
|
—
|
|
3,270
|
|
|
Intangibles
|
—
|
|
719
|
|
169
|
|
—
|
|
888
|
|
|
Other assets
|
15
|
|
245
|
|
168
|
|
(2
|
)
|
426
|
|
|
Total Assets
|
$
|
31,195
|
|
47,299
|
|
23,341
|
|
(50,182
|
)
|
51,653
|
|
|
|
|
|
|
|
||||||
Liabilities and Equity
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
—
|
|
5,626
|
|
2,663
|
|
(1,228
|
)
|
7,061
|
|
Short-term debt
|
500
|
|
30
|
|
20
|
|
—
|
|
550
|
|
|
Accrued income and other taxes
|
—
|
|
348
|
|
457
|
|
—
|
|
805
|
|
|
Employee benefit obligations
|
—
|
|
475
|
|
52
|
|
—
|
|
527
|
|
|
Other accruals
|
59
|
|
371
|
|
90
|
|
—
|
|
520
|
|
|
Total Current Liabilities
|
559
|
|
6,850
|
|
3,282
|
|
(1,228
|
)
|
9,463
|
|
|
Long-term debt
|
6,920
|
|
150
|
|
2,518
|
|
—
|
|
9,588
|
|
|
Asset retirement obligations and accrued environmental costs
|
—
|
|
501
|
|
154
|
|
—
|
|
655
|
|
|
Deferred income taxes
|
—
|
|
4,391
|
|
2,354
|
|
(2
|
)
|
6,743
|
|
|
Employee benefit obligations
|
—
|
|
948
|
|
268
|
|
—
|
|
1,216
|
|
|
Other liabilities and deferred credits
|
1,297
|
|
3,337
|
|
4,060
|
|
(8,431
|
)
|
263
|
|
|
Total Liabilities
|
8,776
|
|
16,177
|
|
12,636
|
|
(9,661
|
)
|
27,928
|
|
|
Common stock
|
10,777
|
|
25,403
|
|
10,117
|
|
(35,520
|
)
|
10,777
|
|
|
Retained earnings
|
12,637
|
|
6,714
|
|
(269
|
)
|
(6,474
|
)
|
12,608
|
|
|
Accumulated other comprehensive loss
|
(995
|
)
|
(995
|
)
|
(478
|
)
|
1,473
|
|
(995
|
)
|
|
Noncontrolling interests
|
—
|
|
—
|
|
1,335
|
|
—
|
|
1,335
|
|
|
Total Liabilities and Equity
|
$
|
31,195
|
|
47,299
|
|
23,341
|
|
(50,182
|
)
|
51,653
|
|
|
Millions of Dollars
|
||||||||||
|
Nine Months Ended September 30, 2017
|
||||||||||
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 Operating Activities
|
$
|
1,919
|
|
601
|
|
1,566
|
|
(2,369
|
)
|
1,717
|
|
|
|
|
|
|
|
||||||
Cash Flows From Investing Activities
|
|
|
|
|
|
||||||
Capital expenditures and investments*
|
—
|
|
(842
|
)
|
(593
|
)
|
140
|
|
(1,295
|
)
|
|
Proceeds from asset dispositions**
|
—
|
|
2
|
|
63
|
|
—
|
|
65
|
|
|
Intercompany lending activities
|
93
|
|
1,655
|
|
(1,748
|
)
|
—
|
|
—
|
|
|
Advances/loans—related parties
|
—
|
|
(9
|
)
|
—
|
|
—
|
|
(9
|
)
|
|
Collection of advances/loans—related parties
|
—
|
|
75
|
|
250
|
|
—
|
|
325
|
|
|
Restricted cash received from consolidation of business
|
—
|
|
—
|
|
318
|
|
—
|
|
318
|
|
|
Other
|
—
|
|
(73
|
)
|
(7
|
)
|
—
|
|
(80
|
)
|
|
Net Cash Provided by (Used in) Investing Activities
|
93
|
|
808
|
|
(1,717
|
)
|
140
|
|
(676
|
)
|
|
|
|
|
|
|
|
||||||
Cash Flows From Financing Activities
|
|
|
|
|
|
||||||
Issuance of debt
|
1,700
|
|
—
|
|
1,383
|
|
—
|
|
3,083
|
|
|
Repayment of debt
|
(1,500
|
)
|
(16
|
)
|
(1,645
|
)
|
—
|
|
(3,161
|
)
|
|
Issuance of common stock
|
23
|
|
—
|
|
—
|
|
—
|
|
23
|
|
|
Repurchase of common stock
|
(1,127
|
)
|
—
|
|
—
|
|
—
|
|
(1,127
|
)
|
|
Dividends paid on common stock
|
(1,042
|
)
|
(1,939
|
)
|
(430
|
)
|
2,369
|
|
(1,042
|
)
|
|
Distributions to noncontrolling interests
|
—
|
|
—
|
|
(83
|
)
|
—
|
|
(83
|
)
|
|
Net proceeds from issuance of Phillips 66 Partners LP common units
|
—
|
|
—
|
|
171
|
|
—
|
|
171
|
|
|
Other*
|
(66
|
)
|
—
|
|
140
|
|
(140
|
)
|
(66
|
)
|
|
Net Cash Used in Financing Activities
|
(2,012
|
)
|
(1,955
|
)
|
(464
|
)
|
2,229
|
|
(2,202
|
)
|
|
|
|
|
|
|
|
||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
(3
|
)
|
|
|
|
|
|
|
|
||||||
Net Change in Cash, Cash Equivalents and Restricted Cash
|
—
|
|
(546
|
)
|
(618
|
)
|
—
|
|
(1,164
|
)
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
—
|
|
854
|
|
1,857
|
|
—
|
|
2,711
|
|
|
Cash, Cash Equivalents and Restricted Cash at End of Period
|
$
|
—
|
|
308
|
|
1,239
|
|
—
|
|
1,547
|
|
|
Millions of Dollars
|
||||||||||
|
Nine Months Ended September 30, 2016
|
||||||||||
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 Operating Activities
|
$
|
3,111
|
|
1,790
|
|
1,174
|
|
(3,779
|
)
|
2,296
|
|
|
|
|
|
|
|
||||||
Cash Flows From Investing Activities
|
|
|
|
|
|
||||||
Capital expenditures and investments*
|
—
|
|
(1,025
|
)
|
(1,044
|
)
|
38
|
|
(2,031
|
)
|
|
Proceeds from asset dispositions**
|
—
|
|
—
|
|
159
|
|
—
|
|
159
|
|
|
Intercompany lending activities
|
(1,303
|
)
|
2,692
|
|
(1,389
|
)
|
—
|
|
—
|
|
|
Advances/loans—related parties
|
—
|
|
(75
|
)
|
(191
|
)
|
—
|
|
(266
|
)
|
|
Collection of advances/loans—related parties
|
—
|
|
—
|
|
107
|
|
—
|
|
107
|
|
|
Other
|
—
|
|
30
|
|
(162
|
)
|
—
|
|
(132
|
)
|
|
Net Cash Provided by (Used in) Investing Activities
|
(1,303
|
)
|
1,622
|
|
(2,520
|
)
|
38
|
|
(2,163
|
)
|
|
|
|
|
|
|
|
||||||
Cash Flows From Financing Activities
|
|
|
|
|
|
||||||
Issuance of debt
|
—
|
|
—
|
|
400
|
|
—
|
|
400
|
|
|
Repayment of debt
|
—
|
|
(21
|
)
|
(397
|
)
|
—
|
|
(418
|
)
|
|
Issuance of common stock
|
14
|
|
—
|
|
—
|
|
—
|
|
14
|
|
|
Repurchase of common stock
|
(812
|
)
|
—
|
|
—
|
|
—
|
|
(812
|
)
|
|
Dividends paid on common stock
|
(954
|
)
|
(3,099
|
)
|
(680
|
)
|
3,779
|
|
(954
|
)
|
|
Distributions to noncontrolling interests
|
—
|
|
—
|
|
(45
|
)
|
—
|
|
(45
|
)
|
|
Net proceeds from issuance of Phillips 66 Partners LP
common units
|
—
|
|
—
|
|
972
|
|
—
|
|
972
|
|
|
Other*
|
(56
|
)
|
18
|
|
38
|
|
(38
|
)
|
(38
|
)
|
|
Net Cash Provided by (Used in) Financing Activities
|
(1,808
|
)
|
(3,102
|
)
|
288
|
|
3,741
|
|
(881
|
)
|
|
|
|
|
|
|
|
||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
—
|
|
—
|
|
11
|
|
—
|
|
11
|
|
|
|
|
|
|
|
|
||||||
Net Change in Cash, Cash Equivalents and Restricted Cash
|
—
|
|
310
|
|
(1,047
|
)
|
—
|
|
(737
|
)
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
—
|
|
575
|
|
2,499
|
|
—
|
|
3,074
|
|
|
Cash, Cash Equivalents and Restricted Cash at End of Period
|
$
|
—
|
|
885
|
|
1,452
|
|
—
|
|
2,337
|
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|||||
Midstream
|
$
|
85
|
|
75
|
|
|
221
|
|
179
|
|
Chemicals
|
121
|
|
101
|
|
|
498
|
|
447
|
|
|
Refining
|
550
|
|
177
|
|
|
1,033
|
|
412
|
|
|
Marketing and Specialties
|
208
|
|
267
|
|
|
563
|
|
701
|
|
|
Corporate and Other
|
(141
|
)
|
(109
|
)
|
|
(407
|
)
|
(347
|
)
|
|
Net income attributable to Phillips 66
|
$
|
823
|
|
511
|
|
|
1,908
|
|
1,392
|
|
•
|
Higher realized refining margins.
|
•
|
Improved earnings from equity affiliates in our Midstream segment.
|
•
|
Lower refining turnaround costs.
|
•
|
Increased costs due to Hurricane Harvey.
|
•
|
Lower realized marketing margins.
|
•
|
Higher interest and debt expense.
|
•
|
Higher realized refining margins.
|
•
|
Recognition of a $261 million after-tax gain from the consolidation of Merey Sweeny, L.P. (MSLP).
|
•
|
Improved earnings from equity affiliates in our Midstream and Chemicals segments.
|
•
|
Higher refining turnaround costs.
|
•
|
Lower realized marketing margins.
|
•
|
Higher interest and debt expense.
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
Millions of Dollars
|
|||||||||
Net Income (Loss) Attributable to Phillips 66
|
|
|
|
|
|
|||||
Transportation
|
$
|
97
|
|
63
|
|
|
204
|
|
200
|
|
NGL
|
(13
|
)
|
3
|
|
|
(14
|
)
|
(25
|
)
|
|
DCP Midstream
|
1
|
|
9
|
|
|
31
|
|
4
|
|
|
Total Midstream
|
$
|
85
|
|
75
|
|
|
221
|
|
179
|
|
|
Thousands of Barrels Daily
|
||||||||
Transportation Volumes
|
|
|
|
|
|
||||
Pipelines*
|
3,447
|
|
3,495
|
|
|
3,449
|
|
3,540
|
|
Terminals
|
2,675
|
|
2,417
|
|
|
2,552
|
|
2,356
|
|
Operating Statistics
|
|
|
|
|
|
||||
NGL fractionated**
|
177
|
|
173
|
|
|
176
|
|
170
|
|
NGL extracted***
|
378
|
|
403
|
|
|
362
|
|
400
|
|
|
Dollars Per Gallon
|
|||||||||
Weighted-Average NGL Price*
|
|
|
|
|
|
|||||
DCP Midstream
|
$
|
0.62
|
|
0.45
|
|
|
0.59
|
|
0.43
|
|
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix.
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
Millions of Dollars
|
|||||||||
|
|
|
|
|
|
|||||
Net Income Attributable to Phillips 66
|
$
|
121
|
|
101
|
|
|
498
|
|
447
|
|
|
Millions of Pounds
|
||||||||
CPChem Externally Marketed Sales Volumes*
|
|
|
|
|
|
||||
Olefins and Polyolefins (O&P)
|
3,842
|
|
4,155
|
|
|
11,995
|
|
12,296
|
|
Specialties, Aromatics and Styrenics (SA&S)
|
1,095
|
|
1,284
|
|
|
3,476
|
|
3,750
|
|
|
4,937
|
|
5,439
|
|
|
15,471
|
|
16,046
|
|
* Includes 100 percent of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates.
|
Olefins and Polyolefins Capacity Utilization (percent)*
|
83
|
%
|
93
|
|
90
|
93
|
* Revised to exclude polyethylene pipe operations. Prior periods recast for comparability.
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
Net Income Attributable to Phillips 66
|
|
|
|
|
|
|||||
Atlantic Basin/Europe
|
$
|
171
|
|
5
|
|
|
228
|
|
41
|
|
Gulf Coast
|
67
|
|
30
|
|
|
448
|
|
103
|
|
|
Central Corridor
|
197
|
|
142
|
|
|
286
|
|
217
|
|
|
West Coast
|
115
|
|
—
|
|
|
71
|
|
51
|
|
|
Worldwide
|
$
|
550
|
|
177
|
|
|
1,033
|
|
412
|
|
|
Dollars Per Barrel
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
Net Income Attributable to Phillips 66
|
|
|
|
|
|
|||||
Atlantic Basin/Europe
|
$
|
3.27
|
|
0.09
|
|
|
1.58
|
|
0.24
|
|
Gulf Coast
|
0.95
|
|
0.42
|
|
|
2.14
|
|
0.49
|
|
|
Central Corridor
|
8.37
|
|
5.92
|
|
|
4.06
|
|
2.98
|
|
|
West Coast
|
3.14
|
|
—
|
|
|
0.71
|
|
0.51
|
|
|
Worldwide
|
3.01
|
|
0.96
|
|
|
1.97
|
|
0.74
|
|
|
|
|
|
|
|
|
|||||
Realized Refining Margins
|
|
|
|
|
|
|||||
Atlantic Basin/Europe
|
$
|
10.02
|
|
5.04
|
|
|
8.22
|
|
5.66
|
|
Gulf Coast
|
7.26
|
|
5.47
|
|
|
7.33
|
|
5.78
|
|
|
Central Corridor
|
14.04
|
|
11.18
|
|
|
11.55
|
|
9.10
|
|
|
West Coast
|
12.95
|
|
9.07
|
|
|
11.37
|
|
9.91
|
|
|
Worldwide
|
10.49
|
|
7.23
|
|
|
9.19
|
|
7.16
|
|
|
Millions of Dollars, Except as Indicated
|
||||||||||
Realized Refining Margins
|
Atlantic Basin/Europe
|
|
Gulf Coast
|
|
Central Corridor
|
|
West Coast
|
|
Worldwide
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended September 30, 2017
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66
|
$
|
171
|
|
67
|
|
197
|
|
115
|
|
550
|
|
Plus (Less):
|
|
|
|
|
|
||||||
Provision for income taxes
|
76
|
|
42
|
|
120
|
|
75
|
|
313
|
|
|
Taxes other than income taxes
|
14
|
|
24
|
|
9
|
|
—
|
|
47
|
|
|
Depreciation, amortization and impairments
|
47
|
|
68
|
|
32
|
|
58
|
|
205
|
|
|
Selling, general and administrative expenses
|
16
|
|
14
|
|
8
|
|
12
|
|
50
|
|
|
Operating expenses
|
185
|
|
298
|
|
123
|
|
212
|
|
818
|
|
|
Equity in (earnings) losses of affiliates
|
3
|
|
(1
|
)
|
(146
|
)
|
—
|
|
(144
|
)
|
|
Other segment (income) expense, net
|
(2
|
)
|
—
|
|
8
|
|
2
|
|
8
|
|
|
Proportional share of refining gross margins contributed by equity affiliates
|
15
|
|
—
|
|
290
|
|
—
|
|
305
|
|
|
Realized refining margins
|
$
|
525
|
|
512
|
|
641
|
|
474
|
|
2,152
|
|
|
|
|
|
|
|
||||||
Total processed inputs (
thousands of barrels
)
|
52,306
|
|
70,544
|
|
23,525
|
|
36,635
|
|
183,010
|
|
|
Adjusted total processed inputs (
thousands of barrels
)*
|
52,306
|
|
70,544
|
|
45,733
|
|
36,635
|
|
205,218
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66 per barrel (
dollars per barrel
)**
|
$
|
3.27
|
|
0.95
|
|
8.37
|
|
3.14
|
|
3.01
|
|
Realized refining margins (
dollars per barrel
)***
|
10.02
|
|
7.26
|
|
14.04
|
|
12.95
|
|
10.49
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended September 30, 2016
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66
|
$
|
5
|
|
30
|
|
142
|
|
—
|
|
177
|
|
Plus (Less):
|
|
|
|
|
|
||||||
Provision (benefit) for income taxes
|
(1
|
)
|
21
|
|
78
|
|
(1
|
)
|
97
|
|
|
Taxes other than income taxes
|
13
|
|
12
|
|
7
|
|
20
|
|
52
|
|
|
Depreciation, amortization and impairments
|
46
|
|
58
|
|
26
|
|
58
|
|
188
|
|
|
Selling, general and administrative expenses
|
16
|
|
14
|
|
8
|
|
12
|
|
50
|
|
|
Operating expenses
|
199
|
|
330
|
|
118
|
|
221
|
|
868
|
|
|
Equity in (earnings) losses of affiliates
|
2
|
|
(8
|
)
|
(62
|
)
|
—
|
|
(68
|
)
|
|
Other segment (income) expense, net
|
(12
|
)
|
—
|
|
2
|
|
—
|
|
(10
|
)
|
|
Proportional share of refining gross margins contributed by equity affiliates
|
14
|
|
1
|
|
199
|
|
—
|
|
214
|
|
|
Special items:
|
|
|
|
|
|
||||||
Pending claims and settlements
|
—
|
|
(70
|
)
|
—
|
|
—
|
|
(70
|
)
|
|
Realized refining margins
|
$
|
282
|
|
388
|
|
518
|
|
310
|
|
1,498
|
|
|
|
|
|
|
|
||||||
Total processed inputs (
thousands of barrels
)
|
55,854
|
|
70,814
|
|
23,977
|
|
34,251
|
|
184,896
|
|
|
Adjusted total processed inputs (
thousands of barrels
)*
|
55,854
|
|
70,814
|
|
46,420
|
|
34,251
|
|
207,339
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66 per barrel (
dollars per barrel
)**
|
$
|
0.09
|
|
0.42
|
|
5.92
|
|
—
|
|
0.96
|
|
Realized refining margins (
dollars per barrel
)***
|
5.04
|
|
5.47
|
|
11.18
|
|
9.07
|
|
7.23
|
|
|
* Adjusted total processed inputs include our proportional share of processed inputs of equity affiliates.
|
|||||||||||
** Net income attributable to Phillips 66 divided by total processed inputs.
|
|||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts due to rounding.
|
|
Millions of Dollars, Except as Indicated
|
||||||||||
Realized Refining Margins
|
Atlantic Basin/Europe
|
|
Gulf Coast
|
|
Central Corridor
|
|
West Coast
|
|
Worldwide
|
|
|
|
|
|
|
|
|
||||||
Nine Months Ended September 30, 2017
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66
|
$
|
228
|
|
448
|
|
286
|
|
71
|
|
1,033
|
|
Plus (Less):
|
|
|
|
|
|
||||||
Provision for income taxes
|
41
|
|
268
|
|
170
|
|
48
|
|
527
|
|
|
Taxes other than income taxes
|
43
|
|
74
|
|
36
|
|
41
|
|
194
|
|
|
Depreciation, amortization and impairments
|
143
|
|
203
|
|
96
|
|
183
|
|
625
|
|
|
Selling, general and administrative expenses
|
45
|
|
40
|
|
24
|
|
35
|
|
144
|
|
|
Operating expenses
|
640
|
|
930
|
|
442
|
|
747
|
|
2,759
|
|
|
Equity in (earnings) losses of affiliates
|
9
|
|
(6
|
)
|
(163
|
)
|
—
|
|
(160
|
)
|
|
Other segment (income) expense, net
|
(8
|
)
|
(421
|
)
|
14
|
|
4
|
|
(411
|
)
|
|
Proportional share of refining gross margins contributed by equity affiliates
|
45
|
|
1
|
|
634
|
|
—
|
|
680
|
|
|
Realized refining margins
|
$
|
1,186
|
|
1,537
|
|
1,539
|
|
1,129
|
|
5,391
|
|
|
|
|
|
|
|
||||||
Total processed inputs (
thousands of barrels
)
|
144,171
|
|
209,738
|
|
70,503
|
|
99,353
|
|
523,765
|
|
|
Adjusted total processed inputs (
thousands of barrels
)*
|
144,171
|
|
209,738
|
|
133,372
|
|
99,353
|
|
586,634
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66 per barrel (
dollars per barrel
)**
|
$
|
1.58
|
|
2.14
|
|
4.06
|
|
0.71
|
|
1.97
|
|
Realized refining margins (
dollars per barrel
)***
|
8.22
|
|
7.33
|
|
11.55
|
|
11.37
|
|
9.19
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66
|
$
|
41
|
|
103
|
|
217
|
|
51
|
|
412
|
|
Plus (Less):
|
|
|
|
|
|
||||||
Provision (benefit) for income taxes
|
(20
|
)
|
62
|
|
131
|
|
23
|
|
196
|
|
|
Taxes other than income taxes
|
45
|
|
56
|
|
32
|
|
61
|
|
194
|
|
|
Depreciation, amortization and impairments
|
147
|
|
173
|
|
78
|
|
172
|
|
570
|
|
|
Selling, general and administrative expenses
|
47
|
|
36
|
|
23
|
|
35
|
|
141
|
|
|
Operating expenses
|
627
|
|
905
|
|
336
|
|
650
|
|
2,518
|
|
|
Equity in (earnings) losses of affiliates
|
6
|
|
(33
|
)
|
(112
|
)
|
—
|
|
(139
|
)
|
|
Other segment (income) expense, net
|
(15
|
)
|
1
|
|
(1
|
)
|
(4
|
)
|
(19
|
)
|
|
Proportional share of refining gross margins contributed by equity affiliates
|
45
|
|
(5
|
)
|
550
|
|
—
|
|
590
|
|
|
Special items:
|
|
|
|
|
|
||||||
Pending claims and settlements
|
—
|
|
(70
|
)
|
—
|
|
—
|
|
(70
|
)
|
|
Recognition of deferred logistics commitments
|
30
|
|
—
|
|
—
|
|
—
|
|
30
|
|
|
Realized refining margins
|
$
|
953
|
|
1,228
|
|
1,254
|
|
988
|
|
4,423
|
|
|
|
|
|
|
|
||||||
Total processed inputs (
thousands of barrels
)
|
168,086
|
|
212,287
|
|
72,838
|
|
99,920
|
|
553,131
|
|
|
Adjusted total processed inputs (
thousands of barrels
)*
|
168,086
|
|
212,287
|
|
137,833
|
|
99,920
|
|
618,126
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to Phillips 66 per barrel (
dollars per barrel
)**
|
$
|
0.24
|
|
0.49
|
|
2.98
|
|
0.51
|
|
0.74
|
|
Realized refining margins (
dollars per barrel
)***
|
5.66
|
|
5.78
|
|
9.10
|
|
9.91
|
|
7.16
|
|
|
* Adjusted total processed inputs include our proportional share of processed inputs of equity affiliates.
|
|||||||||||
** Net income attributable to Phillips 66 divided by total processed inputs.
|
|||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts due to rounding.
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
Net Income Attributable to Phillips 66
|
|
|
|
|
|
|||||
Marketing and Other
|
$
|
160
|
|
228
|
|
|
465
|
|
589
|
|
Specialties
|
48
|
|
39
|
|
|
98
|
|
112
|
|
|
Total Marketing and Specialties
|
$
|
208
|
|
267
|
|
|
563
|
|
701
|
|
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
Dollars Per Barrel
|
|||||||||
Net Income Attributable to Phillips 66
|
|
|
|
|
|
|||||
U.S.
|
$
|
0.65
|
|
0.86
|
|
|
0.64
|
|
0.83
|
|
International
|
1.79
|
|
2.77
|
|
|
1.90
|
|
2.01
|
|
|
|
|
|
|
|
|
|||||
Realized Marketing Fuel Margins
|
|
|
|
|
|
|||||
U.S.
|
$
|
1.63
|
|
1.88
|
|
|
1.62
|
|
1.83
|
|
International
|
4.45
|
|
5.19
|
|
|
4.37
|
|
4.16
|
|
|
Dollars Per Gallon
|
|||||||||
U.S. Average Wholesale Prices*
|
|
|
|
|
|
|||||
Gasoline
|
$
|
1.89
|
|
1.69
|
|
|
1.85
|
|
1.60
|
|
Distillates
|
1.85
|
|
1.60
|
|
|
1.77
|
|
1.43
|
|
|
* On third-party branded petroleum product sales, excluding excise taxes.
|
|
|
|
|
|
|
Thousands of Barrels Daily
|
||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
Marketing Petroleum Products Sales Volumes
|
|
|
|
|
|
||||
Gasoline
|
1,272
|
|
1,247
|
|
|
1,235
|
|
1,228
|
|
Distillates
|
946
|
|
969
|
|
|
898
|
|
949
|
|
Other products
|
18
|
|
17
|
|
|
17
|
|
17
|
|
Total
|
2,236
|
|
2,233
|
|
|
2,150
|
|
2,194
|
|
|
Millions of Dollars, Except as Indicated
|
|||||||||
|
U.S.
|
|
International
|
|
|
U.S.
|
|
International
|
|
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
|||||||
Realized Marketing Fuel Margins
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Net income attributable to Phillips 66
|
$
|
118
|
|
44
|
|
|
153
|
|
75
|
|
Plus (Less):
|
|
|
|
|
|
|||||
Provision for income taxes
|
73
|
|
14
|
|
|
90
|
|
23
|
|
|
Taxes other than income taxes
|
1,409
|
|
1,970
|
|
|
1,330
|
|
2,019
|
|
|
Depreciation and amortization
|
3
|
|
17
|
|
|
3
|
|
15
|
|
|
Selling, general and administrative expenses
|
193
|
|
70
|
|
|
185
|
|
66
|
|
|
Equity in earnings of affiliates
|
(2
|
)
|
(22
|
)
|
|
(1
|
)
|
(21
|
)
|
|
Other operating revenues*
|
(1,499
|
)
|
(1,973
|
)
|
|
(1,425
|
)
|
(2,024
|
)
|
|
Other segment income, net
|
—
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
Marketing margins
|
295
|
|
119
|
|
|
335
|
|
153
|
|
|
Less: margin for non-fuel related sales
|
—
|
|
(10
|
)
|
|
—
|
|
(12
|
)
|
|
Realized marketing fuel margins
|
$
|
295
|
|
109
|
|
|
335
|
|
141
|
|
|
|
|
|
|
|
|||||
Total fuel sales volumes (
thousands of barrels
)
|
181,110
|
|
24,596
|
|
|
178,343
|
|
27,124
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to Phillips 66 per barrel (
dollars per barrel
)
|
$
|
0.65
|
|
1.79
|
|
|
0.86
|
|
2.77
|
|
Realized marketing fuel margins (
dollars per barrel
)**
|
1.63
|
|
4.45
|
|
|
1.88
|
|
5.19
|
|
|
|
|
|
|
|
|
|||||
|
Nine Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2016
|
|||||||
|
|
|
|
|
|
|||||
Net income attributable to Phillips 66
|
$
|
331
|
|
138
|
|
|
430
|
|
165
|
|
Plus (Less):
|
|
|
|
|
|
|||||
Provision for income taxes
|
200
|
|
43
|
|
|
252
|
|
46
|
|
|
Taxes other than income taxes
|
4,062
|
|
5,607
|
|
|
3,909
|
|
6,287
|
|
|
Depreciation and amortization
|
10
|
|
48
|
|
|
9
|
|
46
|
|
|
Selling, general and administrative expenses
|
560
|
|
193
|
|
|
526
|
|
193
|
|
|
Equity in earnings of affiliates
|
(4
|
)
|
(63
|
)
|
|
(4
|
)
|
(56
|
)
|
|
Other operating revenues*
|
(4,312
|
)
|
(5,616
|
)
|
|
(4,171
|
)
|
(6,307
|
)
|
|
Other segment (income) expense, net
|
(15
|
)
|
(1
|
)
|
|
—
|
|
2
|
|
|
Marketing margins
|
832
|
|
349
|
|
|
951
|
|
376
|
|
|
Less: margin for non-fuel related sales
|
—
|
|
(32
|
)
|
|
—
|
|
(34
|
)
|
|
Realized marketing fuel margins
|
$
|
832
|
|
317
|
|
|
951
|
|
342
|
|
|
|
|
|
|
|
|||||
Total fuel sales volumes (
thousands of barrels
)
|
514,077
|
|
72,710
|
|
|
519,129
|
|
82,058
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to Phillips 66 per barrel (
dollars per barrel
)
|
$
|
0.64
|
|
1.90
|
|
|
0.83
|
|
2.01
|
|
Realized marketing fuel margins (
dollars per barrel
)**
|
1.62
|
|
4.37
|
|
|
1.83
|
|
4.16
|
|
|
*
Primarily excise taxes and other non-fuel revenues.
|
||||||||||
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts due to rounding.
|
|
Millions of Dollars
|
|||||||||
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
Net Loss Attributable to Phillips 66
|
|
|
|
|
|
|||||
Net interest
|
$
|
(68
|
)
|
(49
|
)
|
|
(198
|
)
|
(155
|
)
|
Corporate general and administrative expenses
|
(45
|
)
|
(39
|
)
|
|
(131
|
)
|
(121
|
)
|
|
Technology
|
(16
|
)
|
(15
|
)
|
|
(45
|
)
|
(43
|
)
|
|
Other
|
(12
|
)
|
(6
|
)
|
|
(33
|
)
|
(28
|
)
|
|
Total Corporate and Other
|
$
|
(141
|
)
|
(109
|
)
|
|
(407
|
)
|
(347
|
)
|
|
Millions of Dollars
Except as Indicated |
|||||
|
September 30
2017 |
|
|
December 31
2016 |
|
|
|
|
|
|
|||
Cash and cash equivalents
|
$
|
1,547
|
|
|
2,711
|
|
Short-term debt
|
706
|
|
|
550
|
|
|
Total debt
|
10,201
|
|
|
10,138
|
|
|
Total equity
|
23,959
|
|
|
23,725
|
|
|
Percent of total debt to capital*
|
30
|
%
|
|
30
|
|
|
Percent of floating-rate debt to total debt
|
17
|
%
|
|
3
|
|
|
* Capital includes total debt and total equity.
|
•
|
A substantial portion of our foreign cash supports the liquidity needs and regulatory requirements of our foreign operations.
|
•
|
We have the ability to fund a significant portion of our domestic capital requirements with cash provided by domestic operating activities.
|
•
|
We have access to U.S. capital markets through our $5 billion committed revolving credit facility, commercial paper program and universal shelf registration statement.
|
|
Millions of Dollars
|
|||||
|
Nine Months Ended
September 30 |
|||||
|
2017
|
|
|
2016
|
|
|
Capital Expenditures and Investments
|
|
|
|
|||
Midstream
|
$
|
559
|
|
|
1,045
|
|
Chemicals
|
—
|
|
|
—
|
|
|
Refining
|
623
|
|
|
827
|
|
|
Marketing and Specialties
|
65
|
|
|
63
|
|
|
Corporate and Other
|
48
|
|
|
96
|
|
|
|
$
|
1,295
|
|
|
2,031
|
|
|
|
|
|
|||
Selected Equity Affiliates*
|
|
|
|
|||
DCP Midstream
|
$
|
166
|
|
|
76
|
|
CPChem
|
506
|
|
|
746
|
|
|
WRB
|
91
|
|
|
116
|
|
|
|
$
|
763
|
|
|
938
|
|
•
|
Installation of facilities to comply with U.S. Environmental Protection Agency (EPA) Tier 3 gasoline regulations at the Sweeny and Bayway refineries.
|
•
|
Installation of facilities to improve processing of advantaged crudes at the Billings and Lake Charles refineries.
|
•
|
Installation of facilities to improve clean product yield at the Bayway and Ponca City refineries, as well as the jointly owned Wood River refinery.
|
•
|
Fluctuations in NGL, crude oil, petroleum products and natural gas prices and refining, marketing and petrochemical margins.
|
•
|
Failure of new products and services to achieve market acceptance.
|
•
|
Unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products.
|
•
|
Unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemicals products.
|
•
|
Lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas and refined products.
|
•
|
The level and success of drilling and quality of production volumes around DCP Midstream’s assets and its ability to connect supplies to its gathering and processing systems, residue gas and NGL infrastructure.
|
•
|
Inability to timely obtain or maintain permits, including those necessary for capital projects; comply with government regulations; or make capital expenditures required to maintain compliance.
|
•
|
Failure to complete definitive agreements and feasibility studies for, and to timely complete construction of, announced and future capital projects.
|
•
|
Potential disruption or interruption of our operations due to accidents, weather events, civil unrest, political events, terrorism or cyber attacks.
|
•
|
International monetary conditions and exchange controls.
|
•
|
Substantial investment or reduced demand for products as a result of existing or future environmental rules and regulations.
|
•
|
Liability resulting from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations.
|
•
|
General domestic and international economic and political developments including: armed hostilities; expropriation of assets; changes in governmental policies relating to NGL, crude oil, natural gas or refined product pricing, regulation or taxation; and other political, economic or diplomatic developments.
|
•
|
Changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business.
|
•
|
Limited access to capital or significantly higher cost of capital related to changes to our credit profile or illiquidity or uncertainty in the domestic or international financial markets.
|
•
|
The operation, financing and distribution decisions of our joint ventures.
|
•
|
Domestic and foreign supplies of crude oil and other feedstocks.
|
•
|
Domestic and foreign supplies of petrochemicals and refined products, such as gasoline, diesel, aviation fuel and home heating oil.
|
•
|
Governmental policies relating to exports of crude oil and natural gas.
|
•
|
Overcapacity or undercapacity in the midstream, chemicals and refining industries.
|
•
|
Fluctuations in consumer demand for refined products.
|
•
|
The factors generally described in Item 1A.—Risk Factors in our
2016
Annual Report on Form 10-K.
|
|
|
|
|
|
|
Millions of Dollars
|
|
|||
Period
|
Total Number of Shares Purchased*
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased
as Part of Publicly Announced Plans
or Programs**
|
|
Approximate Dollar Value of Shares
that May Yet Be Purchased Under the Plans or Programs
|
|
||
July 1-31, 2017
|
1,635,271
|
|
$
|
82.57
|
|
1,635,271
|
|
$
|
761
|
|
August 1-31, 2017
|
1,968,056
|
|
83.81
|
|
1,968,056
|
|
596
|
|
||
September 1-30, 2017
|
1,857,760
|
|
86.52
|
|
1,857,760
|
|
435
|
|
||
Total
|
5,461,087
|
|
$
|
84.36
|
|
5,461,087
|
|
|
||
* Includes repurchase of shares of common stock from company employees in connection with the company’s broad-based employee incentive plans, when applicable.
|
||||||||||
** As of September 30, 2017, our Board of Directors has authorized repurchases totaling up to $9 billion of our outstanding common stock. In October 2017, the Board of Directors authorized additional repurchases of $3 billion, which increased the total authorized repurchases to $12 billion. The authorizations do not have expiration dates. The share repurchases are expected to be funded primarily through available cash. The shares under these authorizations will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Shares of stock repurchased are held as treasury shares.
|
|
|
|
Incorporated by Reference
|
|||
Exhibit Number
|
|
Exhibit Description
|
Form
|
Exhibit Number
|
Filing Date
|
SEC File No.
|
|
8-K
|
4.1
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.2
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.3
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.4
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.2
|
10/17/2016
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.3
|
10/17/2016
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.2
|
10/13/2017
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.5
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.6
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.7
|
2/23/2015
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.4
|
10/17/2016
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.5
|
10/17/2016
|
001-36011
|
||
|
|
|
|
|
|
|
|
8-K
|
4.4
|
10/13/2017
|
001-36011
|
||
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|||
Exhibit Number
|
|
Exhibit Description
|
Form
|
Exhibit Number
|
Filing Date
|
SEC File No.
|
|
|
|
|
|
|
|
12
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH*
|
|
XBRL Schema Document.
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL*
|
|
XBRL Calculation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB*
|
|
XBRL Labels Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE*
|
|
XBRL Presentation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF*
|
|
XBRL Definition Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
|
* Filed herewith.
|
|
|
|
|
|
|
PHILLIPS 66
|
|
|
|
|
|
/s/ Chukwuemeka A. Oyolu
|
|
|
Chukwuemeka A. Oyolu
Vice President and Controller
(Chief Accounting and Duly Authorized Officer)
|
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