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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended |
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or |
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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: |
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|
|
|||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Securities registered pursuant to Section 12(b) of the Act:
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||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
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☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company |
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Emerging growth company |
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Page | |||||
Consolidated Statement of Operations | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ |
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Equity in earnings of affiliates |
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Net gain on dispositions |
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Other income |
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Total Revenues and Other Income |
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|||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products |
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Operating expenses |
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Selling, general and administrative expenses |
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Depreciation and amortization |
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|||||||||||||
Impairments |
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Taxes other than income taxes |
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Accretion on discounted liabilities |
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Interest and debt expense |
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Foreign currency transaction (gains) losses |
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(
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|||||||||||||
Total Costs and Expenses |
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|||||||||||||
Income (loss) before income taxes |
(
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(
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|||||||||||||
Income tax expense (benefit) |
(
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(
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|||||||||||||
Net Income (Loss) |
(
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(
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|
|||||||||||||
Less: net income attributable to noncontrolling interests
|
|
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|
|
|||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ |
(
|
|
(
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||||||||||||
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock
(dollars)
|
|||||||||||||||||
Basic
|
$ |
(
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(
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||||||||||||
Diluted
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(
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(
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|||||||||||||
Weighted-Average Common Shares Outstanding
(thousands)
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|||||||||||||||||
Basic |
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|||||||||||||
Diluted |
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|||||||||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Comprehensive Income (Loss) | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net Income (Loss) | $ |
(
|
|
(
|
|
||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Defined benefit plans | |||||||||||||||||
Actuarial loss arising during the period |
|
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(
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|||||||||||||
Amortization to income of net actuarial loss, prior service credit and settlements |
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|||||||||||||
Plans sponsored by equity affiliates |
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|||||||||||||
Income taxes on defined benefit plans |
(
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(
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|
(
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|||||||||||||
Defined benefit plans, net of income taxes |
|
|
(
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|
|||||||||||||
Foreign currency translation adjustments |
|
(
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(
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(
|
|||||||||||||
Income taxes on foreign currency translation adjustments
|
(
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|
(
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|
|||||||||||||
Foreign currency translation adjustments, net of income taxes
|
|
(
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(
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(
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|||||||||||||
Cash flow hedges |
|
(
|
(
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(
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|||||||||||||
Income taxes on hedging activities |
|
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|
|||||||||||||
Hedging activities, net of income taxes |
|
(
|
(
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(
|
|||||||||||||
Other Comprehensive Income (Loss), Net of Income Taxes |
|
(
|
(
|
(
|
|||||||||||||
Comprehensive Income (Loss) |
(
|
|
(
|
|
|||||||||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|||||||||||||
Comprehensive Income (Loss) Attributable to Phillips 66 | $ |
(
|
|
(
|
|
Consolidated Balance Sheet | Phillips 66 |
Millions of Dollars | |||||||||||
September 30
2020 |
December 31
2019 |
||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ |
|
|
||||||||
Accounts and notes receivable (net of allowances of $
|
|
|
|||||||||
Accounts and notes receivable—related parties |
|
|
|||||||||
Inventories |
|
|
|||||||||
Prepaid expenses and other current assets |
|
|
|||||||||
Total Current Assets |
|
|
|||||||||
Investments and long-term receivables |
|
|
|||||||||
Net properties, plants and equipment |
|
|
|||||||||
Goodwill |
|
|
|||||||||
Intangibles |
|
|
|||||||||
Other assets |
|
|
|||||||||
Total Assets | $ |
|
|
||||||||
Liabilities | |||||||||||
Accounts payable | $ |
|
|
||||||||
Accounts payable—related parties |
|
|
|||||||||
Short-term debt |
|
|
|||||||||
Accrued income and other taxes |
|
|
|||||||||
Employee benefit obligations |
|
|
|||||||||
Other accruals |
|
|
|||||||||
Total Current Liabilities |
|
|
|||||||||
Long-term debt |
|
|
|||||||||
Asset retirement obligations and accrued environmental costs |
|
|
|||||||||
Deferred income taxes |
|
|
|||||||||
Employee benefit obligations |
|
|
|||||||||
Other liabilities and deferred credits |
|
|
|||||||||
Total Liabilities |
|
|
|||||||||
Equity | |||||||||||
Common stock (
Issued (2020—
|
|||||||||||
Par value |
|
|
|||||||||
Capital in excess of par |
|
|
|||||||||
Treasury stock (at cost: 2020—
|
(
|
(
|
|||||||||
Retained earnings |
|
|
|||||||||
Accumulated other comprehensive loss |
(
|
(
|
|||||||||
Total Stockholders’ Equity |
|
|
|||||||||
Noncontrolling interests |
|
|
|||||||||
Total Equity |
|
|
|||||||||
Total Liabilities and Equity | $ |
|
|
Consolidated Statement of Cash Flows | Phillips 66 |
Millions of Dollars | |||||||||||
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ |
(
|
|
||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
|||||||||||
Depreciation and amortization |
|
|
|||||||||
Impairments |
|
|
|||||||||
Accretion on discounted liabilities |
|
|
|||||||||
Deferred income taxes |
|
|
|||||||||
Undistributed equity earnings |
|
(
|
|||||||||
Net gain on dispositions |
(
|
(
|
|||||||||
Other |
|
(
|
|||||||||
Working capital adjustments | |||||||||||
Accounts and notes receivable |
|
(
|
|||||||||
Inventories |
(
|
(
|
|||||||||
Prepaid expenses and other current assets |
(
|
(
|
|||||||||
Accounts payable |
(
|
|
|||||||||
Taxes and other accruals |
|
|
|||||||||
Net Cash Provided by Operating Activities |
|
|
|||||||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments |
(
|
(
|
|||||||||
Return of investments in equity affiliates |
|
|
|||||||||
Proceeds from asset dispositions |
|
|
|||||||||
Advances/loans—related parties |
(
|
(
|
|||||||||
Collection of advances/loans—related parties |
|
|
|||||||||
Other |
(
|
|
|||||||||
Net Cash Used in Investing Activities |
(
|
(
|
|||||||||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt |
|
|
|||||||||
Repayment of debt |
(
|
(
|
|||||||||
Issuance of common stock |
|
|
|||||||||
Repurchase of common stock |
(
|
(
|
|||||||||
Dividends paid on common stock |
(
|
(
|
|||||||||
Distributions to noncontrolling interests |
(
|
(
|
|||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units |
|
|
|||||||||
Other |
(
|
|
|||||||||
Net Cash Provided by (Used in) Financing Activities |
|
(
|
|||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
(
|
|||||||||
Net Change in Cash and Cash Equivalents |
(
|
(
|
|||||||||
Cash and cash equivalents at beginning of period |
|
|
|||||||||
Cash and Cash Equivalents at End of Period | $ |
|
|
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||||||||
Attributable to Phillips 66 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||
June 30, 2020 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
Net income (loss) | — | — | — |
(
|
— |
|
(
|
||||||||||||||||
Other comprehensive income | — | — | — | — |
|
— |
|
||||||||||||||||
Dividends paid on common stock ($
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||
Benefit plan activity
|
— |
|
— |
(
|
— | — |
|
||||||||||||||||
Net distributions to noncontrolling interests
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||
September 30, 2020 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
June 30, 2019 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
Net income | — | — | — |
|
— |
|
|
||||||||||||||||
Other comprehensive loss | — | — | — | — |
(
|
— |
(
|
||||||||||||||||
Dividends paid on common stock ($
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||
Repurchase of common stock | — | — |
(
|
— | — | — |
(
|
||||||||||||||||
Benefit plan activity | — |
|
— |
(
|
— | — |
|
||||||||||||||||
Issuance of Phillips 66 Partners LP common units
|
— |
|
— | — | — |
|
|
||||||||||||||||
Impacts from Phillips 66 Partners GP/IDR restructuring transaction
|
— |
|
— | — | — |
(
|
(
|
||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||
September 30, 2019 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
Shares | ||||||||
Three Months Ended September 30 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
June 30, 2020 |
|
|
||||||
Repurchase of common stock | — |
|
||||||
Shares issued—share-based compensation |
|
— | ||||||
September 30, 2020 |
|
|
||||||
June 30, 2019 |
|
|
||||||
Repurchase of common stock | — |
|
||||||
Shares issued—share-based compensation |
|
— | ||||||
September 30, 2019 |
|
|
||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Attributable to Phillips 66 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||
December 31, 2019 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
Net income (loss) | — | — | — |
(
|
— |
|
(
|
||||||||||||||||
Other comprehensive loss | — | — | — | — |
(
|
— |
(
|
||||||||||||||||
Dividends paid on common stock ($
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||
Repurchase of common stock | — | — |
(
|
— | — | — |
(
|
||||||||||||||||
Benefit plan activity | — |
|
— |
(
|
— | — |
|
||||||||||||||||
Transfer of equity interest
|
— | — | — | — | — |
|
|
||||||||||||||||
Net distributions to noncontrolling interests | — | — | — | — | — |
(
|
(
|
||||||||||||||||
Other | — | — | — |
(
|
|
— |
|
||||||||||||||||
September 30, 2020 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
December 31, 2018 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
Cumulative effect of accounting changes | — | — | — |
|
(
|
(
|
(
|
||||||||||||||||
Net income | — | — | — |
|
— |
|
|
||||||||||||||||
Other comprehensive loss | — | — | — | — |
(
|
— |
(
|
||||||||||||||||
Dividends paid on common stock ($
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||
Repurchase of common stock | — | — |
(
|
— | — | — |
(
|
||||||||||||||||
Benefit plan activity | — |
|
— |
(
|
— | — |
|
||||||||||||||||
Issuance of Phillips 66 Partners LP common units
|
— |
|
— | — | — |
|
|
||||||||||||||||
Impacts from Phillips 66 Partners GP/IDR restructuring transaction
|
— |
|
— | — | — |
(
|
(
|
||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — |
(
|
(
|
||||||||||||||||
September 30, 2019 | $ |
|
|
(
|
|
(
|
|
|
|||||||||||||||
Shares | ||||||||
Nine Months Ended September 30 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
December 31, 2019 |
|
|
||||||
Repurchase of common stock | — |
|
||||||
Shares issued—share-based compensation |
|
— | ||||||
September 30, 2020 |
|
|
||||||
December 31, 2018 |
|
|
||||||
Repurchase of common stock | — |
|
||||||
Shares issued—share-based compensation |
|
— | ||||||
September 30, 2019 |
|
|
||||||
See Notes to Consolidated Financial Statements. |
Notes to Consolidated Financial Statements | Phillips 66 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Product Line and Services
|
||||||||||||||||||||
Refined petroleum products | $ |
|
|
|
|
|||||||||||||||
Crude oil resales |
|
|
|
|
||||||||||||||||
Natural gas liquids (NGL) |
|
|
|
|
||||||||||||||||
Services and other
*
|
|
|
|
|
||||||||||||||||
Consolidated sales and other operating revenues
|
$ |
|
|
|
|
|||||||||||||||
Geographic Location**
|
||||||||||||||||||||
United States | $ |
|
|
|
|
|||||||||||||||
United Kingdom |
|
|
|
|
||||||||||||||||
Germany |
|
|
|
|
||||||||||||||||
Other foreign countries |
|
|
|
|
||||||||||||||||
Consolidated sales and other operating revenues
|
$ |
|
|
|
|
|||||||||||||||
* Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. | ||||||||||||||||||||
** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. |
Millions of Dollars | |||||||||||
September 30
2020 |
December 31
2019 |
||||||||||
Crude oil and petroleum products | $ |
|
|
||||||||
Materials and supplies |
|
|
|||||||||
$ |
|
|
Millions of Dollars | |||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross
PP&E |
Accum.
D&A |
Net
PP&E |
Gross
PP&E |
Accum.
D&A |
Net
PP&E |
||||||||||||||||||||||||||||||
Midstream | $ |
|
|
|
|
|
|
||||||||||||||||||||||||||||
Chemicals |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Refining |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Marketing and Specialties (M&S) |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Corporate and Other |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
$ |
|
|
|
|
|
|
Millions of Dollars | |||||||||||||||||||||||
Midstream | Refining | M&S | Total | ||||||||||||||||||||
Balance at January 1, 2020 | $ |
|
|
|
|
||||||||||||||||||
Impairments
|
|
(
|
|
(
|
|||||||||||||||||||
Balance at September 30, 2020 | $ |
|
|
|
|
Millions of Dollars | |||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Midstream | $ |
|
|
|
|
||||||||||||
Refining |
|
|
|
|
|||||||||||||
Corporate and Other |
|
|
|
|
|||||||||||||
Total impairments | $ |
|
|
|
|
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
Amounts Attributed to Phillips 66 Common Stockholders
(millions)
:
|
|||||||||||||||||||||||||||||
Net income (loss) attributable to Phillips 66
|
$ |
(
|
(
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|
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(
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(
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||||||||||||||||||||
Income allocated to participating securities
|
(
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(
|
(
|
(
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(
|
(
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(
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(
|
|||||||||||||||||||||
Net income (loss) available to common stockholders
|
$ |
(
|
(
|
|
|
(
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(
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||||||||||||||||||||
Weighted-average common shares outstanding
(thousands)
:
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Effect of share-based compensation
|
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|||||||||||||||||||||
Weighted-average common shares
outstanding—EPS
|
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|
|||||||||||||||||||||
Earnings (Loss) Per Share of Common Stock
(dollars)
|
$ |
(
|
(
|
|
|
(
|
(
|
|
|
Millions of Dollars | ||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet | Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet | |||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ |
|
(
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(
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Other assets |
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Liabilities | ||||||||||||||||||||||||||||||||
Other accruals |
|
(
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(
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(
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(
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||||||||||||||||||||||||
Other liabilities and deferred credits |
|
(
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(
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(
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(
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||||||||||||||||||||||||
Total | $ |
|
(
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(
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Millions of Dollars | ||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Sales and other operating revenues | $ |
|
|
|
(
|
|||||||||||||||
Other income |
|
|
|
|
||||||||||||||||
Purchased crude oil and products |
(
|
|
|
(
|
||||||||||||||||
Net gain (loss) from commodity derivative activity | $ |
|
|
|
(
|
Open Position
Long / (Short) |
|||||||||||
September 30
2020 |
December 31
2019 |
||||||||||
Commodity | |||||||||||
Crude oil, refined petroleum products and NGL
(millions of barrels)
|
(
|
(
|
Millions of Dollars | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ |
|
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(
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(
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|||||||||||||||||||||||||||||
OTC instruments |
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Physical forward contracts |
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Rabbi trust assets |
|
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|
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N/A | N/A |
|
|
||||||||||||||||||||||||||||||
$ |
|
|
|
|
(
|
(
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|
|
||||||||||||||||||||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ |
|
|
|
|
(
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(
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|
|
|||||||||||||||||||||||||||||
Physical forward contracts |
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Interest rate derivatives |
|
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||||||||||||||||||||||||||||||
Floating-rate debt |
|
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|
|
N/A | N/A |
|
|
||||||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases
|
|
|
|
|
N/A | N/A |
(
|
|
||||||||||||||||||||||||||||||
$ |
|
|
|
|
(
|
(
|
(
|
|
Millions of Dollars | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ |
|
|
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||
Physical forward contracts |
|
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|
||||||||||||||||||||||||||||||
Interest rate derivatives |
|
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|
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|
|
||||||||||||||||||||||||||||||
Rabbi trust assets |
|
|
|
|
N/A | N/A |
|
|
||||||||||||||||||||||||||||||
$ |
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ |
|
|
|
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
OTC instruments |
|
|
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|
|
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||||||||||||||||||||||||||||||
Physical forward contracts |
|
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|
|
|
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|
||||||||||||||||||||||||||||||
Floating-rate debt |
|
|
|
|
N/A | N/A |
|
|
||||||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases
|
|
|
|
|
N/A | N/A |
(
|
|
||||||||||||||||||||||||||||||
$ |
|
|
|
|
(
|
(
|
(
|
|
Millions of Dollars | |||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
Service cost | $ |
|
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|
|
||||||||||||||||||||||||||||
Interest cost |
|
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|
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|
|
|||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
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|
|
|||||||||||||||||||||||||||||
Amortization of prior service credit |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||
Recognized net actuarial loss |
|
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|
|
|||||||||||||||||||||||||||||
Settlements |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net periodic benefit cost* | $ |
|
|
|
|
|
|
||||||||||||||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
Service cost | $ |
|
|
|
|
|
|
||||||||||||||||||||||||||||
Interest cost |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
Amortization of prior service credit |
|
|
|
|
(
|
(
|
|||||||||||||||||||||||||||||
Recognized net actuarial loss |
|
|
|
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|
|
|||||||||||||||||||||||||||||
Settlements |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net periodic benefit cost* | $ |
|
|
|
|
|
|
||||||||||||||||||||||||||||
* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. |
Millions of Dollars | |||||||||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
December 31, 2019 | $ |
(
|
(
|
(
|
(
|
||||||||||||||||||
Other comprehensive loss before reclassifications |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss, prior service credit and settlements
|
|
— | — |
|
|||||||||||||||||||
Foreign currency translation | — |
|
— |
|
|||||||||||||||||||
Hedging | — | — |
|
|
|||||||||||||||||||
Net current period other comprehensive loss |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Other | — |
|
— |
|
|||||||||||||||||||
September 30, 2020 | $ |
(
|
(
|
(
|
(
|
||||||||||||||||||
December 31, 2018 | $ |
(
|
(
|
|
(
|
||||||||||||||||||
Other comprehensive income (loss) before reclassifications |
|
(
|
(
|
(
|
|||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss, prior service credit and settlements
|
|
— | — |
|
|||||||||||||||||||
Foreign currency translation | — |
|
— |
|
|||||||||||||||||||
Hedging | — | — |
(
|
(
|
|||||||||||||||||||
Net current period other comprehensive income (loss) |
|
(
|
(
|
(
|
|||||||||||||||||||
Income taxes reclassified to retained earnings** |
(
|
|
|
(
|
|||||||||||||||||||
September 30, 2019 | $ |
(
|
(
|
(
|
(
|
||||||||||||||||||
* Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information. | |||||||||||||||||||||||
** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Cuts and Jobs Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02. |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operating revenues and other income (a) | $ |
|
|
|
|
|||||||||||||||
Purchases (b) |
|
|
|
|
||||||||||||||||
Operating expenses and selling, general and administrative expenses (c)
|
|
|
|
|
||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Sales and Other Operating Revenues
*
|
|||||||||||||||||||||||
Midstream | |||||||||||||||||||||||
Total sales | $ |
|
|
|
|
||||||||||||||||||
Intersegment eliminations |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Total Midstream |
|
|
|
|
|||||||||||||||||||
Chemicals |
|
|
|
|
|||||||||||||||||||
Refining | |||||||||||||||||||||||
Total sales |
|
|
|
|
|||||||||||||||||||
Intersegment eliminations |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Total Refining |
|
|
|
|
|||||||||||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Total sales |
|
|
|
|
|||||||||||||||||||
Intersegment eliminations |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Total Marketing and Specialties |
|
|
|
|
|||||||||||||||||||
Corporate and Other |
|
|
|
|
|||||||||||||||||||
Consolidated sales and other operating revenues | $ |
|
|
|
|
||||||||||||||||||
* See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. | |||||||||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||||||||
Midstream | $ |
|
(
|
(
|
|
||||||||||||||||||
Chemicals |
|
|
|
|
|||||||||||||||||||
Refining |
(
|
|
(
|
|
|||||||||||||||||||
Marketing and Specialties |
|
|
|
|
|||||||||||||||||||
Corporate and Other |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Consolidated income (loss) before income taxes | $ |
(
|
|
(
|
|
Millions of Dollars | |||||||||||
September 30
2020 |
December 31
2019 |
||||||||||
Total Assets | |||||||||||
Midstream | $ |
|
|
||||||||
Chemicals |
|
|
|||||||||
Refining |
|
|
|||||||||
Marketing and Specialties |
|
|
|||||||||
Corporate and Other |
|
|
|||||||||
Consolidated total assets | $ |
|
|
Millions of Dollars | |||||||||||
September 30
2020 |
December 31
2019 |
||||||||||
Cash and cash equivalents | $ |
|
|
||||||||
Equity investments* |
|
|
|||||||||
Net properties, plants and equipment |
|
|
|||||||||
Short-term debt |
|
|
|||||||||
Long-term debt |
|
|
|||||||||
* Included in the “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income (Loss) | |||||||||||||||||
Sales and other operating revenues | $ |
|
|
|
— |
|
|||||||||||
Equity in earnings (losses) of affiliates |
(
|
|
|
|
|
||||||||||||
Net gain on dispositions |
|
|
|
|
|
||||||||||||
Other income |
|
|
|
|
|
||||||||||||
Intercompany revenues |
|
|
|
(
|
— | ||||||||||||
Total Revenues and Other Income (Loss) |
(
|
|
|
(
|
|
||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products |
|
|
|
(
|
|
||||||||||||
Operating expenses |
|
|
|
(
|
|
||||||||||||
Selling, general and administrative expenses
|
|
|
|
(
|
|
||||||||||||
Depreciation and amortization |
|
|
|
|
|
||||||||||||
Impairments |
|
|
|
|
|
||||||||||||
Taxes other than income taxes
|
|
|
|
|
|
||||||||||||
Accretion on discounted liabilities |
|
|
|
|
|
||||||||||||
Interest and debt expense |
|
|
|
(
|
|
||||||||||||
Foreign currency transaction losses |
|
|
|
|
|
||||||||||||
Total Costs and Expenses |
|
|
|
(
|
|
||||||||||||
Income (loss) before income taxes
|
(
|
(
|
|
|
(
|
||||||||||||
Income tax expense (benefit) |
(
|
(
|
|
|
(
|
||||||||||||
Net Income (Loss) |
(
|
(
|
|
|
(
|
||||||||||||
Less: net income attributable to noncontrolling interests
|
|
|
|
|
|
||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ |
(
|
(
|
|
|
(
|
|||||||||||
Comprehensive Income (Loss)
|
$ |
(
|
(
|
|
|
(
|
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ |
|
|
|
— |
|
|||||||||||
Equity in earnings of affiliates |
|
|
|
(
|
|
||||||||||||
Net gain on dispositions |
|
|
|
|
|
||||||||||||
Other income |
|
|
|
|
|
||||||||||||
Intercompany revenues |
|
|
|
(
|
— | ||||||||||||
Total Revenues and Other Income |
|
|
|
(
|
|
||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products |
|
|
|
(
|
|
||||||||||||
Operating expenses |
|
|
|
(
|
|
||||||||||||
Selling, general and administrative expenses
|
|
|
|
(
|
|
||||||||||||
Depreciation and amortization |
|
|
|
|
|
||||||||||||
Impairments |
|
|
|
|
|
||||||||||||
Taxes other than income taxes |
|
|
|
|
|
||||||||||||
Accretion on discounted liabilities |
|
|
|
|
|
||||||||||||
Interest and debt expense |
|
|
|
(
|
|
||||||||||||
Foreign currency transaction gains
|
|
|
(
|
|
(
|
||||||||||||
Total Costs and Expenses |
|
|
|
(
|
|
||||||||||||
Income (loss) before income taxes |
|
|
(
|
(
|
|
||||||||||||
Income tax expense (benefit) |
(
|
|
(
|
|
|
||||||||||||
Net Income (Loss) |
|
|
(
|
(
|
|
||||||||||||
Less: net income attributable to noncontrolling interests
|
|
|
|
|
|
||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ |
|
|
(
|
(
|
|
|||||||||||
Comprehensive Income (Loss)
|
$ |
|
|
(
|
(
|
|
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income (Loss) | |||||||||||||||||
Sales and other operating revenues | $ |
|
|
|
— |
|
|||||||||||
Equity in earnings (losses) of affiliates |
(
|
|
|
|
|
||||||||||||
Net gain on dispositions |
|
|
|
|
|
||||||||||||
Other income |
|
|
|
|
|
||||||||||||
Intercompany revenues |
|
|
|
(
|
— | ||||||||||||
Total Revenues and Other Income (Loss) |
(
|
|
|
(
|
|
||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products |
|
|
|
(
|
|
||||||||||||
Operating expenses |
|
|
|
(
|
|
||||||||||||
Selling, general and administrative expenses |
|
|
|
(
|
|
||||||||||||
Depreciation and amortization |
|
|
|
|
|
||||||||||||
Impairments |
|
|
|
|
|
||||||||||||
Taxes other than income taxes |
|
|
|
|
|
||||||||||||
Accretion on discounted liabilities |
|
|
|
|
|
||||||||||||
Interest and debt expense |
|
|
|
(
|
|
||||||||||||
Foreign currency transaction losses |
|
|
|
|
|
||||||||||||
Total Costs and Expenses |
|
|
|
(
|
|
||||||||||||
Loss before income taxes |
(
|
(
|
(
|
|
(
|
||||||||||||
Income tax benefit |
(
|
(
|
(
|
|
(
|
||||||||||||
Net Income (Loss) |
(
|
(
|
|
|
(
|
||||||||||||
Less: net income attributable to noncontrolling interests |
|
|
|
|
|
||||||||||||
Net Loss Attributable to Phillips 66 | $ |
(
|
(
|
(
|
|
(
|
|||||||||||
Comprehensive Loss | $ |
(
|
(
|
(
|
|
(
|
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ |
|
|
|
— |
|
|||||||||||
Equity in earnings of affiliates |
|
|
|
(
|
|
||||||||||||
Net gain on dispositions |
|
|
|
|
|
||||||||||||
Other income |
|
|
|
|
|
||||||||||||
Intercompany revenues |
|
|
|
(
|
— | ||||||||||||
Total Revenues and Other Income |
|
|
|
(
|
|
||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products |
|
|
|
(
|
|
||||||||||||
Operating expenses |
|
|
|
(
|
|
||||||||||||
Selling, general and administrative expenses |
|
|
|
(
|
|
||||||||||||
Depreciation and amortization |
|
|
|
|
|
||||||||||||
Impairments |
|
|
|
|
|
||||||||||||
Taxes other than income taxes |
|
|
|
|
|
||||||||||||
Accretion on discounted liabilities |
|
|
|
|
|
||||||||||||
Interest and debt expense |
|
|
|
(
|
|
||||||||||||
Foreign currency transaction losses |
|
|
|
|
|
||||||||||||
Total Costs and Expenses |
|
|
|
(
|
|
||||||||||||
Income before income taxes |
|
|
|
(
|
|
||||||||||||
Income tax expense (benefit) |
(
|
|
|
|
|
||||||||||||
Net Income |
|
|
|
(
|
|
||||||||||||
Less: net income attributable to noncontrolling interests |
|
|
|
|
|
||||||||||||
Net Income Attributable to Phillips 66 | $ |
|
|
|
(
|
|
|||||||||||
Comprehensive Income | $ |
|
|
|
(
|
|
Millions of Dollars | |||||||||||||||||
September 30, 2020 | |||||||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ |
|
|
|
|
|
|||||||||||
Accounts and notes receivable |
|
|
|
(
|
|
||||||||||||
Inventories |
|
|
|
|
|
||||||||||||
Prepaid expenses and other current assets
|
|
|
|
|
|
||||||||||||
Total Current Assets |
|
|
|
(
|
|
||||||||||||
Investments and long-term receivables |
|
|
|
(
|
|
||||||||||||
Net properties, plants and equipment |
|
|
|
|
|
||||||||||||
Goodwill |
|
|
|
|
|
||||||||||||
Intangibles |
|
|
|
|
|
||||||||||||
Other assets |
|
|
|
(
|
|
||||||||||||
Total Assets | $ |
|
|
|
(
|
|
|||||||||||
Liabilities and Equity | |||||||||||||||||
Accounts payable | $ |
|
|
|
(
|
|
|||||||||||
Short-term debt |
|
|
|
|
|
||||||||||||
Accrued income and other taxes |
|
|
|
|
|
||||||||||||
Employee benefit obligations |
|
|
|
|
|
||||||||||||
Other accruals |
|
|
|
(
|
|
||||||||||||
Total Current Liabilities |
|
|
|
(
|
|
||||||||||||
Long-term debt |
|
|
|
|
|
||||||||||||
Asset retirement obligations and accrued environmental costs
|
|
|
|
|
|
||||||||||||
Deferred income taxes |
|
|
|
(
|
|
||||||||||||
Employee benefit obligations |
|
|
|
|
|
||||||||||||
Other liabilities and deferred credits |
|
|
|
(
|
|
||||||||||||
Total Liabilities |
|
|
|
(
|
|
||||||||||||
Common stock |
|
|
|
(
|
|
||||||||||||
Retained earnings |
|
|
|
(
|
|
||||||||||||
Accumulated other comprehensive loss
|
(
|
(
|
(
|
|
(
|
||||||||||||
Noncontrolling interests |
|
|
|
|
|
||||||||||||
Total Liabilities and Equity | $ |
|
|
|
(
|
|
Millions of Dollars | |||||||||||||||||
December 31, 2019 | |||||||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ |
|
|
|
|
|
|||||||||||
Accounts and notes receivable |
|
|
|
(
|
|
||||||||||||
Inventories |
|
|
|
|
|
||||||||||||
Prepaid expenses and other current assets
|
|
|
|
|
|
||||||||||||
Total Current Assets |
|
|
|
(
|
|
||||||||||||
Investments and long-term receivables |
|
|
|
(
|
|
||||||||||||
Net properties, plants and equipment |
|
|
|
|
|
||||||||||||
Goodwill |
|
|
|
|
|
||||||||||||
Intangibles |
|
|
|
|
|
||||||||||||
Other assets |
|
|
|
(
|
|
||||||||||||
Total Assets | $ |
|
|
|
(
|
|
|||||||||||
Liabilities and Equity | |||||||||||||||||
Accounts payable | $ |
|
|
|
(
|
|
|||||||||||
Short-term debt |
|
|
|
|
|
||||||||||||
Accrued income and other taxes |
|
|
|
|
|
||||||||||||
Employee benefit obligations |
|
|
|
|
|
||||||||||||
Other accruals |
|
|
|
(
|
|
||||||||||||
Total Current Liabilities |
|
|
|
(
|
|
||||||||||||
Long-term debt |
|
|
|
|
|
||||||||||||
Asset retirement obligations and accrued environmental costs
|
|
|
|
|
|
||||||||||||
Deferred income taxes |
|
|
|
(
|
|
||||||||||||
Employee benefit obligations |
|
|
|
|
|
||||||||||||
Other liabilities and deferred credits |
|
|
|
(
|
|
||||||||||||
Total Liabilities |
|
|
|
(
|
|
||||||||||||
Common stock |
|
|
|
(
|
|
||||||||||||
Retained earnings |
|
|
|
(
|
|
||||||||||||
Accumulated other comprehensive loss |
(
|
(
|
(
|
|
(
|
||||||||||||
Noncontrolling interests |
|
|
|
|
|
||||||||||||
Total Liabilities and Equity | $ |
|
|
|
(
|
|
|||||||||||
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ |
|
(
|
|
(
|
|
|||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures and investments |
|
(
|
(
|
|
(
|
||||||||||||
Return of investments in equity affiliates |
|
|
|
|
|
||||||||||||
Proceeds from asset dispositions |
|
|
|
|
|
||||||||||||
Intercompany lending activities |
(
|
|
(
|
|
|
||||||||||||
Advances/loans—related parties |
|
(
|
(
|
|
(
|
||||||||||||
Collection of advances/loans—related parties |
|
|
|
|
|
||||||||||||
Other
|
|
(
|
(
|
|
(
|
||||||||||||
Net Cash Provided by (Used in) Investing Activities
|
(
|
|
(
|
|
(
|
||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuance of debt |
|
|
|
|
|
||||||||||||
Repayment of debt |
(
|
(
|
(
|
|
(
|
||||||||||||
Issuance of common stock |
|
|
|
|
|
||||||||||||
Repurchase of common stock |
(
|
|
|
|
(
|
||||||||||||
Dividends paid on common stock |
(
|
(
|
|
|
(
|
||||||||||||
Distributions to noncontrolling interests
|
|
|
(
|
|
(
|
||||||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units
|
|
|
|
|
|
||||||||||||
Other |
(
|
|
|
(
|
(
|
||||||||||||
Net Cash Provided by (Used in) Financing Activities
|
|
(
|
|
|
|
||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
|
|
|
|
||||||||||||
Net Change in Cash and Cash Equivalents
|
|
|
(
|
|
(
|
||||||||||||
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
||||||||||||
Cash and Cash Equivalents at End of Period
|
$ |
|
|
|
|
|
|||||||||||
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities
|
$ |
(
|
|
|
(
|
|
|||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures and investments |
|
(
|
(
|
|
(
|
||||||||||||
Return of investments in equity affiliates |
|
|
|
(
|
|
||||||||||||
Proceeds from asset dispositions |
|
|
|
|
|
||||||||||||
Intercompany lending activities |
|
(
|
(
|
|
|
||||||||||||
Advances/loans—related parties |
|
|
(
|
|
(
|
||||||||||||
Collection of advances/loans—related parties |
|
|
|
|
|
||||||||||||
Other
|
|
(
|
|
|
|
||||||||||||
Net Cash Provided by (Used in) Investing Activities
|
|
(
|
(
|
(
|
(
|
||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuance of debt |
|
|
|
|
|
||||||||||||
Repayment of debt |
|
(
|
(
|
|
(
|
||||||||||||
Issuance of common stock |
|
|
|
|
|
||||||||||||
Repurchase of common stock |
(
|
|
|
|
(
|
||||||||||||
Dividends paid on common stock |
(
|
|
(
|
|
(
|
||||||||||||
Distributions to noncontrolling interests |
|
|
(
|
|
(
|
||||||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units
|
|
|
|
|
|
||||||||||||
Other |
(
|
(
|
(
|
|
|
||||||||||||
Net Cash Provided by (Used in) Financing Activities
|
(
|
(
|
|
|
(
|
||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
|
(
|
|
(
|
||||||||||||
Net Change in Cash and Cash Equivalents
|
|
(
|
|
|
(
|
||||||||||||
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
||||||||||||
Cash and Cash Equivalents at End of Period
|
$ |
|
|
|
|
|
Millions of Dollars | ||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Midstream | $ | 146 | (460) | (232) | 279 | |||||||||||||||
Chemicals | 231 | 227 | 442 | 729 | ||||||||||||||||
Refining | (1,903) | 856 | (5,042) | 1,641 | ||||||||||||||||
Marketing and Specialties | 415 | 498 | 1,214 | 1,056 | ||||||||||||||||
Corporate and Other | (239) | (178) | (655) | (593) | ||||||||||||||||
Income (loss) before income taxes | (1,350) | 943 | (4,273) | 3,112 | ||||||||||||||||
Income tax expense (benefit) | (624) | 150 | (1,053) | 545 | ||||||||||||||||
Net income (loss) | (726) | 793 | (3,220) | 2,567 | ||||||||||||||||
Less: net income attributable to noncontrolling interests | 73 | 81 | 216 | 227 | ||||||||||||||||
Net income (loss) attributable to Phillips 66 | $ | (799) | 712 | (3,436) | 2,340 |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income (Loss) Before Income Taxes | ||||||||||||||||||||
Transportation | $ | (3) | 248 | 411 | 696 | |||||||||||||||
NGL and Other | 99 | 169 | 356 | 402 | ||||||||||||||||
DCP Midstream | 50 | (877) | (999) | (819) | ||||||||||||||||
Total Midstream | $ | 146 | (460) | (232) | 279 |
Thousands of Barrels Daily | ||||||||||||||||||||
Transportation Volumes | ||||||||||||||||||||
Pipelines* | 3,076 | 3,443 | 3,032 | 3,346 | ||||||||||||||||
Terminals | 2,966 | 3,381 | 2,999 | 3,236 | ||||||||||||||||
Operating Statistics | ||||||||||||||||||||
NGL fractionated** | 217 | 203 | 195 | 223 | ||||||||||||||||
NGL production*** | 414 | 409 | 395 | 420 |
Dollars Per Gallon | ||||||||||||||||||||
Weighted-Average NGL Price* | ||||||||||||||||||||
DCP Midstream | $ | 0.44 | 0.44 | 0.38 | 0.52 | |||||||||||||||
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix. |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income Before Income Taxes | $ | 231 | 227 | 442 | 729 |
Millions of Pounds | ||||||||||||||||||||
CPChem Externally Marketed Sales Volumes* | ||||||||||||||||||||
Olefins and Polyolefins | 5,069 | 5,402 | 15,559 | 15,314 | ||||||||||||||||
Specialties, Aromatics and Styrenics | 1,120 | 1,322 | 3,322 | 3,360 | ||||||||||||||||
6,189 | 6,724 | 18,881 | 18,674 | |||||||||||||||||
* Represents 100% of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates.
|
Olefins and Polyolefins Capacity Utilization (percent) | 94 | % | 97 | 98 | 97 | |||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income (Loss) Before Income Taxes | ||||||||||||||||||||
Atlantic Basin/Europe | $ | (199) | 296 | (1,063) | 547 | |||||||||||||||
Gulf Coast | (405) | 184 | (1,613) | 288 | ||||||||||||||||
Central Corridor | (132) | 408 | (463) | 1,005 | ||||||||||||||||
West Coast | (1,167) | (32) | (1,903) | (199) | ||||||||||||||||
Worldwide | $ | (1,903) | 856 | (5,042) | 1,641 |
Dollars Per Barrel | ||||||||||||||||||||
Income (Loss) Before Income Taxes | ||||||||||||||||||||
Atlantic Basin/Europe | $ | (4.61) | 5.93 | (8.60) | 3.83 | |||||||||||||||
Gulf Coast | (7.86) | 2.46 | (9.13) | 1.32 | ||||||||||||||||
Central Corridor | (5.35) | 15.26 | (6.73) | 13.07 | ||||||||||||||||
West Coast | (38.12) | (0.93) | (22.59) | (2.03) | ||||||||||||||||
Worldwide | (12.69) | 4.60 | (11.12) | 3.07 | ||||||||||||||||
Realized Refining Margins* | ||||||||||||||||||||
Atlantic Basin/Europe | $ | 1.65 | 11.48 | 1.86 | 10.17 | |||||||||||||||
Gulf Coast | (0.61) | 8.34 | 2.40 | 7.42 | ||||||||||||||||
Central Corridor | 4.46 | 15.99 | 8.09 | 14.91 | ||||||||||||||||
West Coast | 2.23 | 10.11 | 3.94 | 8.84 | ||||||||||||||||
Worldwide | 1.78 | 11.18 | 3.91 | 10.06 |
Thousands of Barrels Daily | ||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
Operating Statistics | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Refining operations* | ||||||||||||||||||||
Atlantic Basin/Europe | ||||||||||||||||||||
Crude oil capacity | 537 | 537 | 537 | 537 | ||||||||||||||||
Crude oil processed | 432 | 509 | 424 | 485 | ||||||||||||||||
Capacity utilization (percent) | 81 | % | 95 | 79 | 90 | |||||||||||||||
Refinery production | 473 | 545 | 454 | 527 | ||||||||||||||||
Gulf Coast | ||||||||||||||||||||
Crude oil capacity | 769 | 764 | 769 | 764 | ||||||||||||||||
Crude oil processed | 506 | 729 | 586 | 714 | ||||||||||||||||
Capacity utilization (percent) | 66 | % | 95 | 76 | 93 | |||||||||||||||
Refinery production | 563 | 817 | 647 | 797 | ||||||||||||||||
Central Corridor | ||||||||||||||||||||
Crude oil capacity | 530 | 515 | 530 | 515 | ||||||||||||||||
Crude oil processed | 455 | 517 | 437 | 495 | ||||||||||||||||
Capacity utilization (percent) | 86 | % | 100 | 82 | 96 | |||||||||||||||
Refinery production | 469 | 535 | 451 | 515 | ||||||||||||||||
West Coast | ||||||||||||||||||||
Crude oil capacity | 364 | 364 | 364 | 364 | ||||||||||||||||
Crude oil processed | 311 | 351 | 285 | 325 | ||||||||||||||||
Capacity utilization (percent) | 85 | % | 97 | 78 | 89 | |||||||||||||||
Refinery production | 334 | 371 | 307 | 357 | ||||||||||||||||
Worldwide | ||||||||||||||||||||
Crude oil capacity | 2,200 | 2,180 | 2,200 | 2,180 | ||||||||||||||||
Crude oil processed | 1,704 | 2,106 | 1,732 | 2,019 | ||||||||||||||||
Capacity utilization (percent) | 77 | % | 97 | 79 | 93 | |||||||||||||||
Refinery production | 1,839 | 2,268 | 1,859 | 2,196 | ||||||||||||||||
* Includes our share of equity affiliates. |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||
Marketing and Other | $ | 365 | 440 | 1,091 | 872 | |||||||||||||||
Specialties | 50 | 58 | 123 | 184 | ||||||||||||||||
Total Marketing and Specialties | $ | 415 | 498 | 1,214 | 1,056 |
Dollars Per Barrel | ||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||
U.S. | $ | 1.74 | 1.66 | 1.60 | 1.14 | |||||||||||||||
International | 5.01 | 5.19 | 5.16 | 4.10 | ||||||||||||||||
Realized Marketing Fuel Margins* | ||||||||||||||||||||
U.S. | $ | 2.23 | 2.11 | 2.03 | 1.59 | |||||||||||||||
International | 6.28 | 6.37 | 6.78 | 5.42 |
Dollars Per Gallon | ||||||||||||||||||||
U.S. Average Wholesale Prices* | ||||||||||||||||||||
Gasoline | $ | 1.62 | 2.14 | 1.57 | 2.11 | |||||||||||||||
Distillates | 1.41 | 2.07 | 1.45 | 2.10 | ||||||||||||||||
* On third-party branded petroleum product sales, excluding excise taxes. |
Thousands of Barrels Daily | ||||||||||||||||||||
Marketing Petroleum Products Sales Volumes | ||||||||||||||||||||
Gasoline | 1,080 | 1,222 | 1,029 | 1,205 | ||||||||||||||||
Distillates | 863 | 1,099 | 915 | 1,041 | ||||||||||||||||
Other | 15 | 16 | 17 | 18 | ||||||||||||||||
Total | 1,958 | 2,337 | 1,961 | 2,264 |
Millions of Dollars | ||||||||||||||||||||
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Loss Before Income Taxes | ||||||||||||||||||||
Net interest expense | $ | (131) | (98) | (348) | (311) | |||||||||||||||
Corporate overhead and other | (108) | (80) | (307) | (282) | ||||||||||||||||
Total Corporate and Other | $ | (239) | (178) | (655) | (593) |
Millions of Dollars,
Except as Indicated |
|||||||||||
September 30
2020 |
December 31
2019 |
||||||||||
Cash and cash equivalents | $ | 1,462 | 1,614 | ||||||||
Short-term debt | 1,860 | 547 | |||||||||
Total debt | 14,526 | 11,763 | |||||||||
Total equity | 22,305 | 27,169 | |||||||||
Percent of total debt to capital* | 39% | 30 | |||||||||
Percent of floating-rate debt to total debt | 13% | 9 | |||||||||
* Capital includes total debt and total equity. |
Millions of Dollars | |||||||||||
Nine Months Ended
September 30 |
|||||||||||
2020 | 2019 | ||||||||||
Capital Expenditures and Investments | |||||||||||
Midstream | $ | 1,556 | 1,724 | ||||||||
Chemicals | — | — | |||||||||
Refining | 577 | 645 | |||||||||
Marketing and Specialties | 139 | 76 | |||||||||
Corporate and Other | 142 | 150 | |||||||||
Total Capital Expenditures and Investments | 2,414 | 2,595 | |||||||||
Less: capital spending funded by certain joint venture partners* | 64 | 422 | |||||||||
Adjusted Capital Spending | $ | 2,350 | 2,173 | ||||||||
Selected Equity Affiliates
**
|
|||||||||||
DCP Midstream | $ | 102 | 355 | ||||||||
CPChem | 204 | 252 | |||||||||
WRB | 110 | 135 | |||||||||
$ | 416 | 742 |
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins |
Atlantic Basin/
Europe |
Gulf
Coast |
Central
Corridor |
West
Coast |
Worldwide | ||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||
Loss before income taxes | $ | (199) | (405) | (132) | (1,167) | (1,903) | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 14 | 30 | 11 | 16 | 71 | ||||||||||||
Depreciation, amortization and impairments | 50 | 75 | 33 | 974 | 1,132 | ||||||||||||
Selling, general and administrative expenses | 6 | 11 | 7 | 9 | 33 | ||||||||||||
Operating expenses | 180 | 258 | 111 | 235 | 784 | ||||||||||||
Equity in losses of affiliates | 2 | 1 | 118 | — | 121 | ||||||||||||
Other segment (income) expense, net | — | (1) | (1) | 1 | (1) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates
|
18 | — | 45 | — | 63 | ||||||||||||
Realized refining margins | $ | 71 | (31) | 192 | 68 | 300 | |||||||||||
Total processed inputs (
thousands of barrels
)
|
43,176 | 51,543 | 24,682 | 30,615 | 150,016 | ||||||||||||
Adjusted total processed inputs (
thousands of barrels
)*
|
43,176 | 51,543 | 42,979 | 30,615 | 168,313 | ||||||||||||
Loss before income taxes per barrel (
dollars per barrel
)**
|
$ | (4.61) | (7.86) | (5.35) | (38.12) | (12.69) | |||||||||||
Realized refining margins (
dollars per barrel
)***
|
1.65 | (0.61) | 4.46 | 2.23 | 1.78 | ||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||
Income (loss) before income taxes
|
$ | 296 | 184 | 408 | (32) | 856 | |||||||||||
Plus:
|
|||||||||||||||||
Taxes other than income taxes
|
12 | 23 | 10 | 23 | 68 | ||||||||||||
Depreciation, amortization and impairments
|
49 | 66 | 34 | 66 | 215 | ||||||||||||
Selling, general and administrative expenses
|
10 | 7 | 6 | 8 | 31 | ||||||||||||
Operating expenses
|
208 | 345 | 125 | 282 | 960 | ||||||||||||
Equity in (earnings) losses of affiliates
|
3 | (1) | (69) | — | (67) | ||||||||||||
Other segment (income) expense, net
|
(24) | 1 | (3) | 1 | (25) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates
|
19 | — | 269 | — | 288 | ||||||||||||
Realized refining margins
|
$ | 573 | 625 | 780 | 348 | 2,326 | |||||||||||
Total processed inputs (
thousands of barrels
)
|
49,895 | 74,936 | 26,740 | 34,498 | 186,069 | ||||||||||||
Adjusted total processed inputs (
thousands of barrels
)*
|
49,895 | 74,936 | 48,853 | 34,498 | 208,182 | ||||||||||||
Income (loss) before income taxes per barrel (
dollars per barrel
)**
|
$ | 5.93 | 2.46 | 15.26 | (0.93) | 4.60 | |||||||||||
Realized refining margins (
dollars per barrel
)***
|
11.48 | 8.34 | 15.99 | 10.11 | 11.18 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
|
|||||||||||||||||
** Income (loss) before income taxes divided by total processed inputs.
|
|||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
|
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | ||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Loss before income taxes | $ | (1,063) | (1,613) | (463) | (1,903) | (5,042) | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 48 | 92 | 42 | 69 | 251 | ||||||||||||
Depreciation, amortization and impairments | 591 | 891 | 535 | 1,401 | 3,418 | ||||||||||||
Selling, general and administrative expenses | 31 | 28 | 20 | 28 | 107 | ||||||||||||
Operating expenses | 564 | 1,027 | 367 | 734 | 2,692 | ||||||||||||
Equity in (earnings) losses of affiliates | 7 | (1) | 248 | — | 254 | ||||||||||||
Other segment (income) expense, net | 1 | — | (1) | 3 | 3 | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates
|
50 | — | 250 | — | 300 | ||||||||||||
Realized refining margins | $ | 229 | 424 | 998 | 332 | 1,983 | |||||||||||
Total processed inputs (
thousands of barrels
)
|
123,632 | 176,641 | 68,805 | 84,229 | 453,307 | ||||||||||||
Adjusted total processed inputs (
thousands of barrels
)*
|
123,632 | 176,641 | 123,337 | 84,229 | 507,839 | ||||||||||||
Loss before income taxes per barrel (
dollars per barrel
)**
|
$ | (8.60) | (9.13) | (6.73) | (22.59) | (11.12) | |||||||||||
Realized refining margins (
dollars per barrel
)***
|
1.86 | 2.40 | 8.09 | 3.94 | 3.91 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
|
|||||||||||||||||
** Loss before income taxes divided by total processed inputs.
|
|||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
|
|||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins |
Atlantic Basin/
Europe |
Gulf
Coast |
Central Corridor |
West
Coast |
Worldwide | ||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Income (loss) before income taxes
|
$ | 547 | 288 | 1,005 | (199) | 1,641 | |||||||||||
Plus:
|
|||||||||||||||||
Taxes other than income taxes
|
38 | 62 | 33 | 68 | 201 | ||||||||||||
Depreciation, amortization and impairments
|
148 | 201 | 101 | 191 | 641 | ||||||||||||
Selling, general and administrative expenses
|
27 | 13 | 14 | 21 | 75 | ||||||||||||
Operating expenses
|
642 | 1,051 | 404 | 780 | 2,877 | ||||||||||||
Equity in (earnings) losses of affiliates
|
9 | 1 | (286) | — | (276) | ||||||||||||
Other segment (income) expense, net
|
(14) | (3) | (1) | 4 | (14) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates
|
55 | — | 834 | — | 889 | ||||||||||||
Special items:
|
|||||||||||||||||
Pending claims and settlements
|
— | — | (21) | — | (21) | ||||||||||||
Realized refining margins
|
$ | 1,452 | 1,613 | 2,083 | 865 | 6,013 | |||||||||||
Total processed inputs (
thousands of barrels
)
|
142,749 | 217,556 | 76,877 | 97,898 | 535,080 | ||||||||||||
Adjusted total processed inputs (
thousands of barrels
)*
|
142,749 | 217,556 | 139,681 | 97,898 | 597,884 | ||||||||||||
Income (loss) before income taxes per barrel (
dollars per barrel
)**
|
$ | 3.83 | 1.32 | 13.07 | (2.03) | 3.07 | |||||||||||
Realized refining margins (
dollars per barrel
)***
|
10.17 | 7.42 | 14.91 | 8.84 | 10.06 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
|
|||||||||||||||||
** Income (loss) before income taxes divided by total processed inputs.
|
|||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
|
|||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||
Three Months Ended
September 30, 2020 |
Three Months Ended
September 30, 2019 |
||||||||||||||||
U.S. | International | U.S. | International | ||||||||||||||
Realized Marketing Fuel Margins | |||||||||||||||||
Income before income taxes | $ | 271 | 121 | 312 | 139 | ||||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | — | 1 | 3 | 2 | |||||||||||||
Depreciation and amortization | 3 | 18 | 2 | 16 | |||||||||||||
Selling, general and administrative expenses | 174 | 62 | 184 | 61 | |||||||||||||
Equity in earnings of affiliates | (10) | (31) | (3) | (27) | |||||||||||||
Other operating revenues* | (90) | (7) | (101) | (10) | |||||||||||||
Other segment (income) expense, net | — | (1) | — | 1 | |||||||||||||
Marketing margins | 348 | 163 | 397 | 182 | |||||||||||||
Less: margin for nonfuel related sales | — | 11 | — | 11 | |||||||||||||
Realized marketing fuel margins | $ | 348 | 152 | 397 | 171 | ||||||||||||
Total fuel sales volumes (
thousands of barrels
)
|
155,948 | 24,164 | 188,172 | 26,796 | |||||||||||||
Income before income taxes per barrel (
dollars per barrel
)
|
$ | 1.74 | 5.01 | 1.66 | 5.19 | ||||||||||||
Realized marketing fuel margins (
dollars per barrel
)**
|
2.23 | 6.28 | 2.11 | 6.37 | |||||||||||||
* Includes other nonfuel revenues.
|
|||||||||||||||||
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
|
|||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||
Nine Months Ended
September 30, 2020 |
Nine Months Ended
September 30, 2019 |
||||||||||||||||
U.S. | International | U.S. | International | ||||||||||||||
Realized Marketing Fuel Margins | |||||||||||||||||
Income before income taxes | $ | 749 | 360 | 613 | 326 | ||||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 4 | 4 | 8 | 5 | |||||||||||||
Depreciation and amortization | 9 | 51 | 7 | 48 | |||||||||||||
Selling, general and administrative expenses | 452 | 182 | 522 | 184 | |||||||||||||
Equity in earnings of affiliates | (21) | (81) | (7) | (74) | |||||||||||||
Other operating revenues* | (245) | (9) | (286) | (25) | |||||||||||||
Marketing margins | 948 | 507 | 857 | 464 | |||||||||||||
Less: margin for nonfuel related sales | — | 34 | — | 33 | |||||||||||||
Realized marketing fuel margins | $ | 948 | 473 | 857 | 431 | ||||||||||||
Total fuel sales volumes (
thousands of barrels
)
|
467,643 | 69,726 | 538,718 | 79,429 | |||||||||||||
Income before income taxes per barrel (
dollars per barrel
)
|
$ | 1.60 | 5.16 | 1.14 | 4.10 | ||||||||||||
Realized marketing fuel margins (
dollars per barrel
)**
|
2.03 | 6.78 | 1.59 | 5.42 | |||||||||||||
* Includes other nonfuel revenues.
|
|||||||||||||||||
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
|
Millions of Dollars, Except as Indicated | ||||||||||||||||||||||||||||||||
Expected Maturity Date | Fixed Rate Maturity | Average Interest Rate | Floating Rate Maturity | Average Interest Rate | ||||||||||||||||||||||||||||
Remainder of 2020 | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||
2021 | — | — | 1,000 | 1.65 | ||||||||||||||||||||||||||||
2022 | — | — | — | — | ||||||||||||||||||||||||||||
2023 | 500 | 3.70 | — | — | ||||||||||||||||||||||||||||
2024 | — | — | — | — | ||||||||||||||||||||||||||||
Remaining years | 1,500 | 2.89 | — | — | ||||||||||||||||||||||||||||
Total | $ | 2,000 | $ | 1,000 | ||||||||||||||||||||||||||||
Fair value | $ | 2,083 | $ | 1,000 |
Millions of Dollars | ||||||||||||||||||||
Period | Total Number of Shares Purchased* | Average Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs** |
Approximate Dollar
Value of Shares that May Yet Be Purchased Under the Plans or Programs |
||||||||||||||||
July 1-31, 2020 | — | $ | — | — | $ | 2,514 | ||||||||||||||
August 1-31, 2020 | — | — | — | 2,514 | ||||||||||||||||
September 1-30, 2020 | — | — | — | 2,514 | ||||||||||||||||
Total | — | $ | — | — | ||||||||||||||||
* Includes repurchase of shares of common stock from company employees in connection with the company’s broad-based employee incentive plans, when applicable.
|
||||||||||||||||||||
** As of September 30, 2020, our Board of Directors has authorized an aggregate of $15 billion of repurchases of our outstanding common stock. The authorizations do not have expiration dates. The share repurchases are expected to be funded primarily through available cash. We are not obligated to repurchase any shares of common stock pursuant to these authorizations and may commence, suspend or terminate repurchases at any time. Shares of stock repurchased are held as treasury shares. Effective March 18, 2020, share repurchases under our share repurchase programs were temporarily suspended.
|
Incorporate by Reference | ||||||||||||||||||||||||||||||||
Exhibit
Number |
Exhibit Description | Form | Exhibit Number | Filing Date | SEC File No. | |||||||||||||||||||||||||||
31.1
*
|
||||||||||||||||||||||||||||||||
31.2
*
|
||||||||||||||||||||||||||||||||
32
*
|
||||||||||||||||||||||||||||||||
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||
101.SCH* | Inline XBRL Schema Document. | |||||||||||||||||||||||||||||||
101.CAL* | Inline XBRL Calculation Linkbase Document. | |||||||||||||||||||||||||||||||
101.LAB* | Inline XBRL Labels Linkbase Document. | |||||||||||||||||||||||||||||||
101.PRE* | Inline XBRL Presentation Linkbase Document. | |||||||||||||||||||||||||||||||
101.DEF* | Inline XBRL Definition Linkbase Document. | |||||||||||||||||||||||||||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||||||||||||||||||||||||||
* Filed herewith.
|
||||||||||||||||||||||||||||||||
PHILLIPS 66 | ||||||||
/s/ Chukwuemeka A. Oyolu | ||||||||
Chukwuemeka A. Oyolu
Vice President and Controller
(Chief Accounting and Duly Authorized Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|