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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 | |
---|---|---|---|---|---|---|---|---|
-5.83 | -3.71% | 151.41 | 155.835 | 149.55 | 152.33 | 4,206,801 | 00:22:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | June 30, 2022 |
or |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission file number: | 001-35349 |
Delaware | 45-3779385 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Common Stock, $0.01 Par Value | PSX | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page | |||||
Consolidated Statement of Operations | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ | 48,577 | 27,002 | 84,756 | 48,629 | ||||||||||||
Equity in earnings of affiliates | 917 | 830 | 1,602 | 1,115 | |||||||||||||
Net gain on dispositions | — | 2 | 1 | 2 | |||||||||||||
Other income (loss) | (185) | 51 | (328) | 66 | |||||||||||||
Total Revenues and Other Income | 49,309 | 27,885 | 86,031 | 49,812 | |||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products | 42,645 | 25,218 | 76,140 | 45,283 | |||||||||||||
Operating expenses | 1,431 | 1,175 | 2,771 | 2,555 | |||||||||||||
Selling, general and administrative expenses | 488 | 433 | 921 | 841 | |||||||||||||
Depreciation and amortization | 359 | 364 | 697 | 720 | |||||||||||||
Impairments | 2 | — | 2 | 198 | |||||||||||||
Taxes other than income taxes | 118 | 119 | 267 | 258 | |||||||||||||
Accretion on discounted liabilities | 6 | 6 | 12 | 12 | |||||||||||||
Interest and debt expense | 133 | 143 | 268 | 289 | |||||||||||||
Foreign currency transaction (gains) losses | 21 | (9) | 19 | (9) | |||||||||||||
Total Costs and Expenses | 45,203 | 27,449 | 81,097 | 50,147 | |||||||||||||
Income (loss) before income taxes | 4,106 | 436 | 4,934 | (335) | |||||||||||||
Income tax expense (benefit) | 924 | 62 | 1,095 | (70) | |||||||||||||
Net Income (Loss) | 3,182 | 374 | 3,839 | (265) | |||||||||||||
Less: net income attributable to noncontrolling interests | 15 | 78 | 90 | 93 | |||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ | 3,167 | 296 | 3,749 | (358) | ||||||||||||
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars) | |||||||||||||||||
Basic | $ | 6.55 | 0.66 | 8.03 | (0.83) | ||||||||||||
Diluted | 6.53 | 0.66 | 8.00 | (0.83) | |||||||||||||
Weighted-Average Common Shares Outstanding (thousands) | |||||||||||||||||
Basic | 483,088 | 439,940 | 466,286 | 439,722 | |||||||||||||
Diluted | 485,035 | 440,396 | 468,338 | 439,722 | |||||||||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Comprehensive Income (Loss) | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net Income (Loss) | $ | 3,182 | 374 | 3,839 | (265) | ||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Defined benefit plans | |||||||||||||||||
Net actuarial gain (loss) arising during the period | (13) | 210 | (13) | 210 | |||||||||||||
Amortization of net actuarial loss, prior service credit and settlements | 40 | 47 | 51 | 69 | |||||||||||||
Plans sponsored by equity affiliates | 1 | 23 | 6 | 29 | |||||||||||||
Income taxes on defined benefit plans | (5) | (68) | (8) | (74) | |||||||||||||
Defined benefit plans, net of income taxes | 23 | 212 | 36 | 234 | |||||||||||||
Foreign currency translation adjustments | (245) | 19 | (327) | 4 | |||||||||||||
Income taxes on foreign currency translation adjustments | 3 | — | 3 | — | |||||||||||||
Foreign currency translation adjustments, net of income taxes | (242) | 19 | (324) | 4 | |||||||||||||
Cash flow hedges | — | 1 | — | 3 | |||||||||||||
Income taxes on hedging activities | — | (1) | — | (1) | |||||||||||||
Hedging activities, net of income taxes | — | — | — | 2 | |||||||||||||
Other Comprehensive Income (Loss), Net of Income Taxes | (219) | 231 | (288) | 240 | |||||||||||||
Comprehensive Income (Loss) | 2,963 | 605 | 3,551 | (25) | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 15 | 78 | 90 | 93 | |||||||||||||
Comprehensive Income (Loss) Attributable to Phillips 66 | $ | 2,948 | 527 | 3,461 | (118) |
Consolidated Balance Sheet | Phillips 66 |
Millions of Dollars | |||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 2,809 | 3,147 | ||||||||
Accounts and notes receivable (net of allowances of $62 million in 2022 and $44 million in 2021) | 10,759 | 6,138 | |||||||||
Accounts and notes receivable—related parties | 2,634 | 1,332 | |||||||||
Inventories | 4,580 | 3,394 | |||||||||
Prepaid expenses and other current assets | 1,710 | 686 | |||||||||
Total Current Assets | 22,492 | 14,697 | |||||||||
Investments and long-term receivables | 14,176 | 14,471 | |||||||||
Net properties, plants and equipment | 22,229 | 22,435 | |||||||||
Goodwill | 1,486 | 1,484 | |||||||||
Intangibles | 812 | 813 | |||||||||
Other assets | 1,617 | 1,694 | |||||||||
Total Assets | $ | 62,812 | 55,594 | ||||||||
Liabilities | |||||||||||
Accounts payable | $ | 12,513 | 7,629 | ||||||||
Accounts payable—related parties | 1,139 | 832 | |||||||||
Short-term debt | 526 | 1,489 | |||||||||
Accrued income and other taxes | 1,723 | 1,254 | |||||||||
Employee benefit obligations | 494 | 638 | |||||||||
Other accruals | 1,213 | 959 | |||||||||
Total Current Liabilities | 17,608 | 12,801 | |||||||||
Long-term debt | 12,443 | 12,959 | |||||||||
Asset retirement obligations and accrued environmental costs | 708 | 727 | |||||||||
Deferred income taxes | 5,444 | 5,475 | |||||||||
Employee benefit obligations | 971 | 1,055 | |||||||||
Other liabilities and deferred credits | 1,065 | 940 | |||||||||
Total Liabilities | 38,239 | 33,957 | |||||||||
Equity | |||||||||||
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2022—651,697,833 shares; 2021—650,026,318 shares) | |||||||||||
Par value | 7 | 7 | |||||||||
Capital in excess of par | 19,717 | 20,504 | |||||||||
Treasury stock (at cost: 2022—170,646,736 shares; 2021—211,771,827 shares) | (13,802) | (17,116) | |||||||||
Retained earnings | 19,087 | 16,216 | |||||||||
Accumulated other comprehensive loss | (733) | (445) | |||||||||
Total Stockholders’ Equity | 24,276 | 19,166 | |||||||||
Noncontrolling interests | 297 | 2,471 | |||||||||
Total Equity | 24,573 | 21,637 | |||||||||
Total Liabilities and Equity | $ | 62,812 | 55,594 |
Consolidated Statement of Cash Flows | Phillips 66 |
Millions of Dollars | |||||||||||
Six Months Ended June 30 | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | 3,839 | (265) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 697 | 720 | |||||||||
Impairments | 2 | 198 | |||||||||
Accretion on discounted liabilities | 12 | 12 | |||||||||
Deferred income taxes | 290 | 163 | |||||||||
Undistributed equity earnings | (490) | (1) | |||||||||
Net gain on dispositions | (1) | (2) | |||||||||
Unrealized investment loss | 390 | — | |||||||||
Other | 120 | 258 | |||||||||
Working capital adjustments | |||||||||||
Accounts and notes receivable | (5,634) | (1,518) | |||||||||
Inventories | (1,265) | (821) | |||||||||
Prepaid expenses and other current assets | (1,030) | (413) | |||||||||
Accounts payable | 5,285 | 3,482 | |||||||||
Taxes and other accruals | 704 | 201 | |||||||||
Net Cash Provided by Operating Activities | 2,919 | 2,014 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments | (746) | (711) | |||||||||
Return of investments in equity affiliates | 48 | 158 | |||||||||
Proceeds from asset dispositions | 2 | 24 | |||||||||
Advances/loans—related parties | (75) | (245) | |||||||||
Collection of advances/loans—related parties | 101 | — | |||||||||
Other | (49) | (45) | |||||||||
Net Cash Used in Investing Activities | (719) | (819) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | — | 465 | |||||||||
Repayment of debt | (1,481) | (979) | |||||||||
Issuance of common stock | 67 | 24 | |||||||||
Repurchase of common stock | (66) | — | |||||||||
Dividends paid on common stock | (871) | (788) | |||||||||
Distributions to noncontrolling interests | (101) | (158) | |||||||||
Repurchase of noncontrolling interests | — | (24) | |||||||||
Other | (37) | (27) | |||||||||
Net Cash Used in Financing Activities | (2,489) | (1,487) | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (49) | (15) | |||||||||
Net Change in Cash and Cash Equivalents | (338) | (307) | |||||||||
Cash and cash equivalents at beginning of period | 3,147 | 2,514 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2,809 | 2,207 |
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||||||||||
Three Months Ended June 30 | |||||||||||||||||||||||
Attributable to Phillips 66 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||
March 31, 2022 | $ | 7 | 19,667 | (13,736) | 16,391 | (514) | 306 | 22,121 | |||||||||||||||
Net income | — | — | — | 3,167 | — | 15 | 3,182 | ||||||||||||||||
Other comprehensive loss | — | — | — | — | (219) | — | (219) | ||||||||||||||||
Dividends paid on common stock ($0.97 per share) | — | — | — | (467) | — | — | (467) | ||||||||||||||||
Repurchase of common stock | — | — | (66) | — | — | — | (66) | ||||||||||||||||
Benefit plan activity | — | 82 | — | (4) | — | — | 78 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (24) | (24) | ||||||||||||||||
Acquisition of noncontrolling interest in Phillips 66 Partners LP | — | (32) | — | — | — | — | (32) | ||||||||||||||||
June 30, 2022 | $ | 7 | 19,717 | (13,802) | 19,087 | (733) | 297 | 24,573 | |||||||||||||||
March 31, 2021 | $ | 6 | 20,420 | (17,116) | 15,449 | (780) | 2,478 | 20,457 | |||||||||||||||
Net income | — | — | — | 296 | — | 78 | 374 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 231 | — | 231 | ||||||||||||||||
Dividends paid on common stock ($0.90 per share) | — | — | — | (394) | — | — | (394) | ||||||||||||||||
Benefit plan activity | — | 43 | — | (4) | — | — | 39 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (82) | (82) | ||||||||||||||||
Repurchase of noncontrolling interests | — | — | — | (2) | — | (21) | (23) | ||||||||||||||||
June 30, 2021 | $ | 6 | 20,463 | (17,116) | 15,345 | (549) | 2,453 | 20,602 | |||||||||||||||
Shares | ||||||||
Three Months Ended June 30 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
March 31, 2022 | 651,046,617 | 169,946,591 | ||||||
Repurchase of common stock | — | 700,145 | ||||||
Shares issued—share-based compensation | 651,216 | — | ||||||
June 30, 2022 | 651,697,833 | 170,646,736 | ||||||
March 31, 2021 | 649,638,881 | 211,771,827 | ||||||
Shares issued—share-based compensation | 122,354 | — | ||||||
June 30, 2021 | 649,761,235 | 211,771,827 | ||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Changes in Equity | Phillips 66 | ||||
Millions of Dollars | |||||||||||||||||||||||
Six Months Ended June 30 | |||||||||||||||||||||||
Attributable to Phillips 66 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||
December 31, 2021 | $ | 7 | 20,504 | (17,116) | 16,216 | (445) | 2,471 | 21,637 | |||||||||||||||
Net income | — | — | — | 3,749 | — | 90 | 3,839 | ||||||||||||||||
Other comprehensive loss | — | — | — | — | (288) | — | (288) | ||||||||||||||||
Dividends paid on common stock ($1.89 per share) | — | — | — | (871) | — | — | (871) | ||||||||||||||||
Repurchase of common stock | — | — | (66) | — | — | — | (66) | ||||||||||||||||
Benefit plan activity | — | 114 | — | (7) | — | — | 107 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (101) | (101) | ||||||||||||||||
Acquisition of noncontrolling interest in Phillips 66 Partners LP | — | (901) | 3,380 | — | — | (2,163) | 316 | ||||||||||||||||
June 30, 2022 | $ | 7 | 19,717 | (13,802) | 19,087 | (733) | 297 | 24,573 | |||||||||||||||
December 31, 2020 | $ | 6 | 20,383 | (17,116) | 16,500 | (789) | 2,539 | 21,523 | |||||||||||||||
Net income (loss) | — | — | — | (358) | — | 93 | (265) | ||||||||||||||||
Other comprehensive income | — | — | — | — | 240 | — | 240 | ||||||||||||||||
Dividends paid on common stock ($1.80 per share) | — | — | — | (788) | — | — | (788) | ||||||||||||||||
Benefit plan activity | — | 80 | — | (7) | — | — | 73 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (158) | (158) | ||||||||||||||||
Repurchase of noncontrolling interests | — | — | — | (2) | — | (21) | (23) | ||||||||||||||||
June 30, 2021 | $ | 6 | 20,463 | (17,116) | 15,345 | (549) | 2,453 | 20,602 | |||||||||||||||
Shares | ||||||||
Six Months Ended June 30 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
December 31, 2021 | 650,026,318 | 211,771,827 | ||||||
Repurchase of common stock | — | 700,145 | ||||||
Shares issued—share-based compensation | 1,671,515 | — | ||||||
Shares issued—acquisition of noncontrolling interest in Phillips 66 Partners LP | — | (41,825,236) | ||||||
June 30, 2022 | 651,697,833 | 170,646,736 | ||||||
December 31, 2020 | 648,643,223 | 211,771,827 | ||||||
Shares issued—share-based compensation | 1,118,012 | — | ||||||
June 30, 2021 | 649,761,235 | 211,771,827 | ||||||
See Notes to Consolidated Financial Statements. | ||||||||
Notes to Consolidated Financial Statements | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Product Line and Services | |||||||||||||||||
Refined petroleum products | $ | 39,410 | 21,876 | 68,792 | 38,219 | ||||||||||||
Crude oil resales | 5,793 | 3,204 | 9,548 | 6,393 | |||||||||||||
Natural gas liquids (NGL) | 3,255 | 1,943 | 6,485 | 3,717 | |||||||||||||
Services and other* | 119 | (21) | (69) | 300 | |||||||||||||
Consolidated sales and other operating revenues | $ | 48,577 | 27,002 | 84,756 | 48,629 | ||||||||||||
Geographic Location** | |||||||||||||||||
United States | $ | 38,899 | 21,297 | 67,784 | 37,909 | ||||||||||||
United Kingdom | 5,043 | 2,835 | 8,683 | 5,122 | |||||||||||||
Germany | 1,793 | 1,038 | 3,175 | 1,855 | |||||||||||||
Other foreign countries | 2,842 | 1,832 | 5,114 | 3,743 | |||||||||||||
Consolidated sales and other operating revenues | $ | 48,577 | 27,002 | 84,756 | 48,629 | ||||||||||||
* Includes derivatives-related activities. See Note 11—Derivatives and Financial Instruments, for additional information. | |||||||||||||||||
** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. |
Millions of Dollars | |||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Crude oil and petroleum products | $ | 4,223 | 3,024 | ||||||||
Materials and supplies | 357 | 370 | |||||||||
$ | 4,580 | 3,394 |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | ||||||||||||||||||||||||||||||
Midstream | $ | 13,367 | 3,861 | 9,506 | 12,524 | 3,064 | 9,460 | ||||||||||||||||||||||||||||
Chemicals | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Refining | 23,223 | 12,043 | 11,180 | 23,878 | 12,517 | 11,361 | |||||||||||||||||||||||||||||
Marketing and Specialties | 1,736 | 1,012 | 724 | 1,819 | 1,035 | 784 | |||||||||||||||||||||||||||||
Corporate and Other | 1,600 | 781 | 819 | 1,576 | 746 | 830 | |||||||||||||||||||||||||||||
$ | 39,926 | 17,697 | 22,229 | 39,797 | 17,362 | 22,435 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
Amounts Attributed to Phillips 66 Common Stockholders (millions): | |||||||||||||||||||||||||||||
Net income (loss) attributable to Phillips 66 | $ | 3,167 | 3,167 | 296 | 296 | 3,749 | 3,749 | (358) | (358) | ||||||||||||||||||||
Income allocated to participating securities | (3) | — | (3) | (3) | (5) | — | (6) | (6) | |||||||||||||||||||||
Premium paid for the repurchase of noncontrolling interests | — | — | (2) | (2) | — | — | (2) | (2) | |||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 3,164 | 3,167 | 291 | 291 | 3,744 | 3,749 | (366) | (366) | ||||||||||||||||||||
Weighted-average common shares outstanding (thousands): | 481,105 | 483,088 | 437,909 | 439,940 | 464,249 | 466,286 | 437,639 | 439,722 | |||||||||||||||||||||
Effect of share-based compensation | 1,983 | 1,947 | 2,031 | 456 | 2,037 | 2,052 | 2,083 | — | |||||||||||||||||||||
Weighted-average common shares outstanding—EPS | 483,088 | 485,035 | 439,940 | 440,396 | 466,286 | 468,338 | 439,722 | 439,722 | |||||||||||||||||||||
Earnings (Loss) Per Share of Common Stock (dollars) | $ | 6.55 | 6.53 | 0.66 | 0.66 | 8.03 | 8.00 | (0.83) | (0.83) |
Millions of Dollars | ||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Phillips 66 | Phillips 66 Company | Phillips 66 Partners | Total | Phillips 66 | Phillips 66 Partners | Total | ||||||||||||||||||||
4.300% Senior Notes due April 2022 | $ | — | — | — | — | 1,000 | — | 1,000 | ||||||||||||||||||
3.700% Senior Notes due April 2023 | 500 | — | — | 500 | 500 | — | 500 | |||||||||||||||||||
0.900% Senior Notes due February 2024 | 800 | — | — | 800 | 800 | — | 800 | |||||||||||||||||||
2.450% Senior Notes due December 2024 | — | 277 | 23 | 300 | — | 300 | 300 | |||||||||||||||||||
3.605% Senior Notes due February 2025 | — | 441 | 59 | 500 | — | 500 | 500 | |||||||||||||||||||
3.850% Senior Notes due April 2025 | 650 | — | — | 650 | 650 | — | 650 | |||||||||||||||||||
1.300% Senior Notes due February 2026 | 500 | — | — | 500 | 500 | — | 500 | |||||||||||||||||||
3.550% Senior Notes due October 2026 | — | 458 | 42 | 500 | — | 500 | 500 | |||||||||||||||||||
3.750% Senior Notes due March 2028 | — | 427 | 73 | 500 | — | 500 | 500 | |||||||||||||||||||
3.900% Senior Notes due March 2028 | 800 | — | — | 800 | 800 | — | 800 | |||||||||||||||||||
3.150% Senior Notes due December 2029 | — | 570 | 30 | 600 | — | 600 | 600 | |||||||||||||||||||
2.150% Senior Notes due December 2030 | 850 | — | — | 850 | 850 | — | 850 | |||||||||||||||||||
4.650% Senior Notes due November 2034 | 1,000 | — | — | 1,000 | 1,000 | — | 1,000 | |||||||||||||||||||
5.875% Senior Notes due May 2042 | 1,500 | — | — | 1,500 | 1,500 | — | 1,500 | |||||||||||||||||||
4.875% Senior Notes due November 2044 | 1,700 | — | — | 1,700 | 1,700 | — | 1,700 | |||||||||||||||||||
4.680% Senior Notes due February 2045 | — | 442 | 8 | 450 | — | 450 | 450 | |||||||||||||||||||
4.900% Senior Notes due October 2046 | — | 605 | 20 | 625 | — | 625 | 625 | |||||||||||||||||||
3.300% Senior Notes due March 2052 | 1,000 | — | — | 1,000 | 1,000 | — | 1,000 | |||||||||||||||||||
Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | — | — | — | — | — | 450 | 450 | |||||||||||||||||||
Floating Rate Advance Term Loan due December 2034 at 0.831% and 0.699% at June 30, 2022 and year-end 2021, respectively—related party | 25 | — | — | 25 | 25 | — | 25 | |||||||||||||||||||
Other | 1 | — | — | 1 | 1 | — | 1 | |||||||||||||||||||
Debt at face value | 9,326 | 3,220 | 255 | 12,801 | 10,326 | 3,925 | 14,251 | |||||||||||||||||||
Finance leases | 256 | 290 | ||||||||||||||||||||||||
Software obligations | 19 | 16 | ||||||||||||||||||||||||
Net unamortized discounts and debt issuance costs | (107) | (109) | ||||||||||||||||||||||||
Total debt | 12,969 | 14,448 | ||||||||||||||||||||||||
Short-term debt | (526) | (1,489) | ||||||||||||||||||||||||
Long-term debt | $ | 12,443 | 12,959 |
Millions of Dollars | |||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
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 | $ | 2,371 | (2,115) | — | 256 | 99 | (20) | — | 79 | ||||||||||||||||||||
Other assets | 37 | (4) | — | 33 | 3 | (1) | — | 2 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Other accruals | 1,767 | (1,958) | 102 | (89) | 758 | (855) | 49 | (48) | |||||||||||||||||||||
Other liabilities and deferred credits | — | (5) | 4 | (1) | — | (1) | — | (1) | |||||||||||||||||||||
Total | $ | 4,175 | (4,082) | 106 | 199 | 860 | (877) | 49 | 32 |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Sales and other operating revenues | $ | (135) | (193) | (555) | (316) | ||||||||||||
Other income | 37 | 18 | 62 | 19 | |||||||||||||
Purchased crude oil and products | (253) | (213) | (481) | (348) | |||||||||||||
Net loss from commodity derivative activity | $ | (351) | (388) | (974) | (645) |
Open Position Long / (Short) | |||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Commodity | |||||||||||
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) | (16) | (18) |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | 2,623 | 1,457 | — | 4,080 | (3,886) | — | — | 194 | ||||||||||||||||||||||||||
Physical forward contracts | — | 95 | — | 95 | — | — | — | 95 | |||||||||||||||||||||||||||
Rabbi trust assets | 129 | — | — | 129 | N/A | N/A | — | 129 | |||||||||||||||||||||||||||
Investment in NOVONIX | 122 | — | — | 122 | N/A | N/A | — | 122 | |||||||||||||||||||||||||||
$ | 2,874 | 1,552 | — | 4,426 | (3,886) | — | — | 540 | |||||||||||||||||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | 2,432 | 1,561 | — | 3,993 | (3,886) | (106) | — | 1 | ||||||||||||||||||||||||||
Physical forward contracts | — | 89 | — | 89 | — | — | — | 89 | |||||||||||||||||||||||||||
Floating-rate debt | — | 25 | — | 25 | N/A | N/A | — | 25 | |||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases and software obligations | — | 12,055 | — | 12,055 | N/A | N/A | 614 | 12,669 | |||||||||||||||||||||||||||
$ | 2,432 | 13,730 | — | 16,162 | (3,886) | (106) | 614 | 12,784 |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | 419 | 368 | — | 787 | (779) | — | — | 8 | ||||||||||||||||||||||||||
Physical forward contracts | — | 73 | — | 73 | — | — | — | 73 | |||||||||||||||||||||||||||
Rabbi trust assets | 158 | — | — | 158 | N/A | N/A | — | 158 | |||||||||||||||||||||||||||
Investment in NOVONIX | 520 | — | — | 520 | N/A | N/A | — | 520 | |||||||||||||||||||||||||||
$ | 1,097 | 441 | — | 1,538 | (779) | — | — | 759 | |||||||||||||||||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | 463 | 362 | — | 825 | (779) | (49) | — | (3) | ||||||||||||||||||||||||||
OTC instruments | — | 1 | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Physical forward contracts | — | 51 | — | 51 | — | — | — | 51 | |||||||||||||||||||||||||||
Floating-rate debt | — | 475 | — | 475 | N/A | N/A | — | 475 | |||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases and software obligations | — | 15,353 | — | 15,353 | N/A | N/A | (1,686) | 13,667 | |||||||||||||||||||||||||||
$ | 463 | 16,242 | — | 16,705 | (779) | (49) | (1,686) | 14,191 |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30 | |||||||||||||||||||||||||||||||||||
Service cost | $ | 35 | 7 | 37 | 8 | 1 | 2 | ||||||||||||||||||||||||||||
Interest cost | 21 | 5 | 20 | 4 | 2 | 1 | |||||||||||||||||||||||||||||
Expected return on plan assets | (39) | (15) | (41) | (14) | — | — | |||||||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | (1) | — | |||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 6 | 3 | 14 | 6 | — | (1) | |||||||||||||||||||||||||||||
Settlements | 24 | — | 29 | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit cost* | $ | 47 | — | 59 | 4 | 2 | 2 | ||||||||||||||||||||||||||||
Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||
Service cost | $ | 70 | 15 | 74 | 17 | 2 | 3 | ||||||||||||||||||||||||||||
Interest cost | 42 | 11 | 40 | 9 | 3 | 2 | |||||||||||||||||||||||||||||
Expected return on plan assets | (78) | (31) | (82) | (29) | — | — | |||||||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | (1) | (1) | |||||||||||||||||||||||||||||
Recognized net actuarial loss (gain) | 12 | 6 | 29 | 12 | (1) | (1) | |||||||||||||||||||||||||||||
Settlements | 25 | — | 29 | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit cost* | $ | 71 | 1 | 90 | 9 | 3 | 3 | ||||||||||||||||||||||||||||
* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. |
Millions of Dollars | |||||||||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
December 31, 2021 | $ | (398) | (45) | (2) | (445) | ||||||||||||||||||
Other comprehensive loss before reclassifications | (5) | (324) | — | (329) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss, prior service credit and settlements | 41 | — | — | 41 | |||||||||||||||||||
Foreign currency translation | — | — | — | — | |||||||||||||||||||
Hedging | — | — | — | — | |||||||||||||||||||
Net current period other comprehensive income (loss) | 36 | (324) | — | (288) | |||||||||||||||||||
June 30, 2022 | $ | (362) | (369) | (2) | (733) | ||||||||||||||||||
December 31, 2020 | $ | (809) | 25 | (5) | (789) | ||||||||||||||||||
Other comprehensive income before reclassifications | 181 | 4 | 1 | 186 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss, prior service credit and settlements | 53 | — | — | 53 | |||||||||||||||||||
Foreign currency translation | — | — | — | — | |||||||||||||||||||
Hedging | — | — | 1 | 1 | |||||||||||||||||||
Net current period other comprehensive income | 234 | 4 | 2 | 240 | |||||||||||||||||||
June 30, 2021 | $ | (575) | 29 | (3) | (549) | ||||||||||||||||||
* Included in the computation of net periodic benefit cost. See Note 13—Pension and Postretirement Plans, for additional information. |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Operating revenues and other income (a) | $ | 1,975 | 959 | 3,315 | 1,729 | ||||||||||||
Purchases (b) | 6,203 | 3,452 | 10,884 | 5,809 | |||||||||||||
Operating expenses and selling, general and administrative expenses (c) | 70 | 67 | 140 | 135 | |||||||||||||
Millions of Dollars | |||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Total Assets | |||||||||||
Midstream | $ | 16,239 | 15,932 | ||||||||
Chemicals | 6,597 | 6,453 | |||||||||
Refining | 23,441 | 19,952 | |||||||||
Marketing and Specialties | 12,146 | 8,505 | |||||||||
Corporate and Other | 4,389 | 4,752 | |||||||||
Consolidated total assets | $ | 62,812 | 55,594 |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Midstream | $ | 292 | 312 | 534 | 388 | ||||||||||||
Chemicals | 273 | 623 | 669 | 777 | |||||||||||||
Refining | 3,036 | (729) | 3,159 | (1,769) | |||||||||||||
Marketing and Specialties | 765 | 476 | 1,081 | 766 | |||||||||||||
Corporate and Other | (260) | (246) | (509) | (497) | |||||||||||||
Income (loss) before income taxes | 4,106 | 436 | 4,934 | (335) | |||||||||||||
Income tax expense (benefit) | 924 | 62 | 1,095 | (70) | |||||||||||||
Net income (loss) | 3,182 | 374 | 3,839 | (265) | |||||||||||||
Less: net income attributable to noncontrolling interests | 15 | 78 | 90 | 93 | |||||||||||||
Net income (loss) attributable to Phillips 66 | $ | 3,167 | 296 | 3,749 | (358) |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Transportation | $ | 250 | 224 | 528 | 231 | ||||||||||||
NGL and Other | 152 | 79 | 243 | 114 | |||||||||||||
DCP Midstream | 130 | 9 | 161 | 43 | |||||||||||||
NOVONIX | (240) | — | (398) | — | |||||||||||||
Total Midstream | $ | 292 | 312 | 534 | 388 |
Thousands of Barrels Daily | |||||||||||||||||
Transportation Volumes | |||||||||||||||||
Pipelines* | 3,066 | 3,424 | 3,082 | 3,114 | |||||||||||||
Terminals | 2,917 | 2,786 | 2,908 | 2,731 | |||||||||||||
Operating Statistics | |||||||||||||||||
NGL fractionated** | 469 | 401 | 461 | 382 | |||||||||||||
NGL production*** | 438 | 406 | 419 | 381 |
Dollars Per Gallon | |||||||||||||||||
Market Indicator | |||||||||||||||||
Weighted-Average NGL Price* | $ | 1.15 | 0.71 | 1.13 | 0.70 | ||||||||||||
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix. |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income Before Income Taxes | $ | 273 | 623 | 669 | 777 |
Millions of Pounds | |||||||||||||||||
CPChem Externally Marketed Sales Volumes* | |||||||||||||||||
Olefins and Polyolefins | 4,829 | 4,778 | 9,894 | 9,348 | |||||||||||||
Specialties, Aromatics and Styrenics | 1,228 | 1,234 | 2,402 | 2,215 | |||||||||||||
6,057 | 6,012 | 12,296 | 11,563 | ||||||||||||||
* Represents 100% of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates. |
Olefins and Polyolefins Capacity Utilization (percent) | 94 | % | 102 | 96 | 88 | ||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Atlantic Basin/Europe | $ | 1,093 | (110) | 1,236 | (263) | ||||||||||||
Gulf Coast | 863 | (264) | 867 | (517) | |||||||||||||
Central Corridor | 490 | (82) | 355 | (330) | |||||||||||||
West Coast | 590 | (273) | 701 | (659) | |||||||||||||
Worldwide | $ | 3,036 | (729) | 3,159 | (1,769) |
Dollars Per Barrel | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Atlantic Basin/Europe | $ | 21.92 | (2.20) | 12.63 | (2.83) | ||||||||||||
Gulf Coast | 16.43 | (3.81) | 8.28 | (4.17) | |||||||||||||
Central Corridor | 21.65 | (3.49) | 7.66 | (7.64) | |||||||||||||
West Coast | 19.54 | (9.70) | 11.87 | (12.19) | |||||||||||||
Worldwide | 19.56 | (4.26) | 10.26 | (5.63) | |||||||||||||
Realized Refining Margins* | |||||||||||||||||
Atlantic Basin/Europe | $ | 30.39 | 4.63 | 21.22 | 4.73 | ||||||||||||
Gulf Coast | 24.80 | 2.10 | 16.29 | 2.67 | |||||||||||||
Central Corridor | 26.72 | 6.40 | 17.12 | 6.21 | |||||||||||||
West Coast | 33.13 | 3.37 | 25.58 | 3.35 | |||||||||||||
Worldwide | 28.31 | 3.92 | 19.48 | 4.12 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income Before Income Taxes | |||||||||||||||||
Marketing and Other | $ | 656 | 389 | 859 | 600 | ||||||||||||
Specialties | 109 | 87 | 222 | 166 | |||||||||||||
Total Marketing and Specialties | $ | 765 | 476 | 1,081 | 766 |
Dollars Per Barrel | |||||||||||||||||
Income Before Income Taxes | |||||||||||||||||
U.S. | $ | 2.86 | 2.15 | 2.00 | 1.79 | ||||||||||||
International | 7.30 | 1.96 | 4.14 | 2.09 | |||||||||||||
Realized Marketing Fuel Margins* | |||||||||||||||||
U.S. | $ | 3.24 | 2.62 | 2.42 | 2.31 | ||||||||||||
International | 8.20 | 2.89 | 5.27 | 3.41 |
Dollars Per Gallon | |||||||||||||||||
U.S. Average Wholesale Prices* | |||||||||||||||||
Gasoline | $ | 3.88 | 2.44 | 3.48 | 2.24 | ||||||||||||
Distillates | 4.42 | 2.28 | 3.83 | 2.14 | |||||||||||||
* On third-party branded petroleum product sales, excluding excise taxes. |
Thousands of Barrels Daily | |||||||||||||||||
Marketing Petroleum Products Sales Volumes | |||||||||||||||||
Gasoline | 1,176 | 1,176 | 1,152 | 1,100 | |||||||||||||
Distillates | 960 | 947 | 986 | 882 | |||||||||||||
Other | 19 | 18 | 18 | 18 | |||||||||||||
Total | 2,155 | 2,141 | 2,156 | 2,000 |
Millions of Dollars | |||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Loss Before Income Taxes | |||||||||||||||||
Net interest expense | $ | (127) | (141) | (259) | (284) | ||||||||||||
Corporate overhead and other | (133) | (105) | (250) | (213) | |||||||||||||
Total Corporate and Other | $ | (260) | (246) | (509) | (497) |
Millions of Dollars, Except as Indicated | |||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Cash and cash equivalents | $ | 2,809 | 3,147 | ||||||||
Short-term debt | 526 | 1,489 | |||||||||
Total debt | 12,969 | 14,448 | |||||||||
Total equity | 24,573 | 21,637 | |||||||||
Percent of total debt to capital* | 35% | 40 | |||||||||
Percent of floating-rate debt to total debt | —% | 3 | |||||||||
* Capital includes total debt and total equity. |
Millions of Dollars | |||||||||||
Six Months Ended June 30 | |||||||||||
2022 | 2021 | ||||||||||
Capital Expenditures and Investments | |||||||||||
Midstream | $ | 270 | 241 | ||||||||
Chemicals | — | — | |||||||||
Refining | 391 | 370 | |||||||||
Marketing and Specialties | 30 | 44 | |||||||||
Corporate and Other | 55 | 56 | |||||||||
Total Capital Expenditures and Investments | $ | 746 | 711 | ||||||||
Selected Equity Affiliates* | |||||||||||
DCP Midstream | $ | 31 | 21 | ||||||||
CPChem | 274 | 151 | |||||||||
WRB | 89 | 106 | |||||||||
$ | 394 | 278 |
Summarized Combined Statement of Operations | Millions of Dollars | ||||
Six Months Ended June 30, 2022 | |||||
Sales and other operating revenues | $ | 67,250 | |||
Revenues and other income—non-guarantor subsidiaries | 2,193 | ||||
Purchased crude oil and products—third parties | 43,225 | ||||
Purchased crude oil and products—related parties | 6,175 | ||||
Purchased crude oil and products—non-guarantor subsidiaries | 13,446 | ||||
Income before income taxes | 3,405 | ||||
Net income | 2,627 | ||||
Summarized Combined Balance Sheet | Millions of Dollars | ||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Accounts and notes receivable—third parties | $ | 7,312 | 3,772 | ||||||||
Accounts and notes receivable—related parties | 2,554 | 1,289 | |||||||||
Due from non-guarantor subsidiaries, current | 726 | 456 | |||||||||
Total current assets | 17,114 | 10,080 | |||||||||
Investments and long-term receivables | 9,868 | 10,324 | |||||||||
Net properties, plants and equipment | 11,543 | 11,541 | |||||||||
Goodwill | 1,047 | 1,047 | |||||||||
Due from non-guarantor subsidiaries, noncurrent | 2,116 | 5,699 | |||||||||
Other assets associated with non-guarantor subsidiaries | 2,355 | 2,565 | |||||||||
Total noncurrent assets | 28,657 | 32,935 | |||||||||
Total assets | 45,771 | 43,015 | |||||||||
Due to non-guarantor subsidiaries, current | $ | 3,900 | 2,227 | ||||||||
Total current liabilities | 15,507 | 10,551 | |||||||||
Long-term debt | 12,056 | 9,364 | |||||||||
Due to non-guarantor subsidiaries, noncurrent | 6,540 | 9,341 | |||||||||
Total noncurrent liabilities | 24,196 | 24,094 | |||||||||
Total liabilities | 39,703 | 34,645 | |||||||||
Total equity | 6,068 | 8,370 | |||||||||
Total liabilities and equity | 45,771 | 43,015 |
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | ||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||
Income before income taxes | $ | 1,236 | 867 | 355 | 701 | 3,159 | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 33 | 48 | 36 | 43 | 160 | ||||||||||||
Depreciation, amortization and impairments | 103 | 115 | 71 | 123 | 412 | ||||||||||||
Selling, general and administrative expenses | 30 | 25 | 27 | 18 | 100 | ||||||||||||
Operating expenses | 592 | 618 | 448 | 611 | 2,269 | ||||||||||||
Equity in (earnings) losses of affiliates | 5 | 5 | (212) | — | (202) | ||||||||||||
Other segment (income) expense, net | 20 | 1 | (2) | 1 | 20 | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 49 | — | 674 | — | 723 | ||||||||||||
Special items: | |||||||||||||||||
Regulatory compliance costs | 9 | 26 | 22 | 13 | 70 | ||||||||||||
Realized refining margins | $ | 2,077 | 1,705 | 1,419 | 1,510 | 6,711 | |||||||||||
Total processed inputs (thousands of barrels) | 97,869 | 104,674 | 46,326 | 59,076 | 307,945 | ||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 97,869 | 104,674 | 82,896 | 59,076 | 344,515 | ||||||||||||
Income before income taxes per barrel (dollars per barrel)** | $ | 12.63 | 8.28 | 7.66 | 11.87 | 10.26 | |||||||||||
Realized refining margins (dollars per barrel)*** | 21.22 | 16.29 | 17.12 | 25.58 | 19.48 | ||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||
Loss before income taxes | $ | (263) | (517) | (330) | (659) | (1,769) | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 38 | 52 | 26 | 45 | 161 | ||||||||||||
Depreciation, amortization and impairments | 104 | 154 | 68 | 111 | 437 | ||||||||||||
Selling, general and administrative expenses | 32 | 24 | 14 | 21 | 91 | ||||||||||||
Operating expenses | 447 | 620 | 330 | 663 | 2,060 | ||||||||||||
Equity in losses of affiliates | 4 | 3 | 182 | — | 189 | ||||||||||||
Other segment income, net | (8) | (6) | (10) | — | (24) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 85 | — | 211 | — | 296 | ||||||||||||
Realized refining margins | $ | 439 | 330 | 491 | 181 | 1,441 | |||||||||||
Total processed inputs (thousands of barrels) | 92,805 | 123,924 | 43,220 | 54,075 | 314,024 | ||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 92,805 | 123,924 | 78,900 | 54,075 | 349,704 | ||||||||||||
Loss before income taxes per barrel (dollars per barrel)** | $ | (2.83) | (4.17) | (7.64) | (12.19) | (5.63) | |||||||||||
Realized refining margins (dollars per barrel)*** | 4.73 | 2.67 | 6.21 | 3.35 | 4.12 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | |||||||||||||||||
** Income (loss) before income taxes divided by total processed inputs. | |||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. | |||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit Number | Filing Date | SEC File No. | |||||||||||||||
8-K | 4.1 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.2 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.3 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.4 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.5 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.6 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.7 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.8 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 4.9 | 05/05/2022 | 001-35349 | |||||||||||||||||
8-K | 10.1 | 06/24/2022 | 001-35349 | |||||||||||||||||
DEF 14A | App. A | 03/31/2022 | 001-35349 | |||||||||||||||||
22* | ||||||||||||||||||||
31.1* | ||||||||||||||||||||
31.2* | ||||||||||||||||||||
32* | ||||||||||||||||||||
PHILLIPS 66 | ||||||||
/s/ J. Scott Pruitt | ||||||||
J. Scott Pruitt Vice President and Controller (Chief Accounting and Duly Authorized Officer) |
1 Year Phillips 66 Chart |
1 Month Phillips 66 Chart |
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