$PSX
Phillips 66

2019 Q3 Form 10-Q Financial Statement

#000153470119000135 Filed on October 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $27.22B $29.79B $28.98B
YoY Change -8.63% 16.24% 20.31%
Cost Of Revenue $23.81B $26.39B $25.75B
YoY Change -9.77% 35.56% 40.29%
Gross Profit $3.412B $3.403B $3.233B
YoY Change 0.26% -44.79% -43.62%
Gross Profit Margin 12.54% 11.42% 11.16%
Selling, General & Admin $416.0M $440.0M $432.0M
YoY Change -5.45% 1.15% -1.59%
% of Gross Profit 12.19% 12.93% 13.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $336.0M $346.0M $337.0M
YoY Change -2.89% 2.67% 5.31%
% of Gross Profit 9.85% 10.17% 10.42%
Operating Expenses $416.0M $440.0M $432.0M
YoY Change -5.45% 1.15% -1.59%
Operating Profit $2.996B $2.963B $2.801B
YoY Change 1.11% -48.28% -47.1%
Interest Expense $430.0M $421.0M $329.0M
YoY Change 2.14% 446.75% -37.69%
% of Operating Profit 14.35% 14.21% 11.75%
Other Income/Expense, Net $36.00M $24.00M $13.00M
YoY Change 50.0% -51.02% -27.78%
Pretax Income $943.0M $1.975B $1.835B
YoY Change -52.25% 57.25% 116.39%
Income Tax $150.0M $407.0M $431.0M
% Of Pretax Income 15.91% 20.61% 23.49%
Net Earnings $712.0M $1.492B $1.339B
YoY Change -52.28% 81.29% 143.45%
Net Earnings / Revenue 2.62% 5.01% 4.62%
Basic Earnings Per Share $1.58 $3.20 $2.86
Diluted Earnings Per Share $1.58 $3.18 $2.84
COMMON SHARES
Basic Shares Outstanding 449.0M shares 466.1M shares 468.3M shares
Diluted Shares Outstanding 451.0M shares 469.4M shares 471.6M shares

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.268B $924.0M $1.884B
YoY Change 145.45% -40.27% -12.82%
Cash & Equivalents $2.268B $924.0M $1.884B
Short-Term Investments
Other Short-Term Assets $742.0M $875.0M $621.0M
YoY Change -15.2% 51.38% 36.18%
Inventory $5.521B $5.544B $4.901B
Prepaid Expenses
Receivables $7.086B $7.971B $7.173B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.62B $15.31B $14.58B
YoY Change 1.98% 18.39% 17.04%
LONG-TERM ASSETS
Property, Plant & Equipment $22.95B $21.63B $21.47B
YoY Change 6.15% 1.51% 0.81%
Goodwill $3.270B $3.270B $3.270B
YoY Change 0.0% 0.0% 0.0%
Intangibles $872.0M $874.0M $866.0M
YoY Change -0.23% -1.13% -2.59%
Long-Term Investments $14.15B $14.31B $14.18B
YoY Change -1.15% 2.96% 4.96%
Other Assets $1.881B $490.0M $469.0M
YoY Change 283.88% 16.39% 13.56%
Total Long-Term Assets $43.12B $40.57B $40.25B
YoY Change 6.3% 1.99% 2.22%
TOTAL ASSETS
Total Short-Term Assets $15.62B $15.31B $14.58B
Total Long-Term Assets $43.12B $40.57B $40.25B
Total Assets $58.74B $55.88B $54.83B
YoY Change 5.11% 6.02% 5.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.738B $8.444B $8.437B
YoY Change -8.36% 31.86% 43.22%
Accrued Expenses $2.850B $2.262B $2.093B
YoY Change 25.99% 17.32% 14.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $842.0M $316.0M $341.0M
YoY Change 166.46% -55.24% -30.83%
Total Short-Term Liabilities $12.08B $11.97B $11.73B
YoY Change 0.91% 20.89% 32.21%
LONG-TERM LIABILITIES
Long-Term Debt $11.08B $11.02B $11.02B
YoY Change 0.56% 16.07% 16.37%
Other Long-Term Liabilities $2.980B $1.783B $1.920B
YoY Change 67.13% 2.0% -9.05%
Total Long-Term Liabilities $14.06B $12.80B $12.94B
YoY Change 9.83% 13.88% 11.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.08B $11.97B $11.73B
Total Long-Term Liabilities $14.06B $12.80B $12.94B
Total Liabilities $31.65B $30.09B $29.87B
YoY Change 5.18% 4.65% 6.58%
SHAREHOLDERS EQUITY
Retained Earnings $21.73B $18.62B $17.50B
YoY Change 16.72% 38.28% 34.61%
Common Stock $20.26B $19.87B $19.84B
YoY Change 1.98% 1.06% 1.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.26B $14.53B $14.12B
YoY Change 11.94% 46.51% 49.37%
Treasury Stock Shares 202.7M shares 184.5M shares 181.0M shares
Shareholders Equity $24.86B $23.32B $22.54B
YoY Change
Total Liabilities & Shareholders Equity $58.74B $55.88B $54.83B
YoY Change 5.11% 6.02% 5.78%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $712.0M $1.492B $1.339B
YoY Change -52.28% 81.29% 143.45%
Depreciation, Depletion And Amortization $336.0M $346.0M $337.0M
YoY Change -2.89% 2.67% 5.31%
Cash From Operating Activities $1.662B $582.0M $2.364B
YoY Change 185.57% 45.14% 26.76%
INVESTING ACTIVITIES
Capital Expenditures -$867.0M -$779.0M -$538.0M
YoY Change 11.3% 112.26% 17.47%
Acquisitions
YoY Change
Other Investing Activities $21.00M $60.00M $74.00M
YoY Change -65.0% -528.57% 1380.0%
Cash From Investing Activities -$846.0M -$719.0M -$464.0M
YoY Change 17.66% 88.71% 2.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -331.0M -819.0M -841.0M
YoY Change -59.58% 33.82% -6.97%
NET CHANGE
Cash From Operating Activities 1.662B 582.0M 2.364B
Cash From Investing Activities -846.0M -719.0M -464.0M
Cash From Financing Activities -331.0M -819.0M -841.0M
Net Change In Cash 485.0M -956.0M 1.059B
YoY Change -150.73% 61.49% 108.46%
FREE CASH FLOW
Cash From Operating Activities $1.662B $582.0M $2.364B
Capital Expenditures -$867.0M -$779.0M -$538.0M
Free Cash Flow $2.529B $1.361B $2.902B
YoY Change 85.82% 77.21% 24.92%

Facts In Submission

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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="line-height:120%;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;color:#000000;font-weight:bold;text-decoration:none;">Note 1—</span><span style="font-family:inherit;font-size:10.5pt;color:#000000;font-weight:bold;text-decoration:none;">Interim Financial Information</span><span style="font-family:inherit;font-size:10.5pt;font-weight:bold;"> </span></div><div style="line-height:120%;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;"><br/></span></div><div style="line-height:120%;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">The unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our </span><span style="font-family:inherit;font-size:10.5pt;">2018</span><span style="font-family:inherit;font-size:10.5pt;"> Annual Report on Form 10-K. The results of operations for the </span><span style="font-family:inherit;font-size:10.5pt;">three and nine months</span><span style="font-family:inherit;font-size:10.5pt;"> ended </span><span style="font-family:inherit;font-size:10.5pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10.5pt;">, are not necessarily indicative of the results expected for the full year. Certain prior period financial information has been recast to reflect the current year’s presentation.</span></div>
CY2019Q1 us-gaap Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect
-89000000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1415000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27218000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29788000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78168000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82363000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27218000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29788000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78168000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82363000000 USD
CY2019Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
5585000000 USD
CY2018Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
4993000000 USD
CY2019Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
311000000 USD
CY2018Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
248000000 USD
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
218000000 USD
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
99000000 USD
CY2019Q3 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
7086000000 USD
CY2019Q3 psx Accountsand Notes Receivable Percent Outstandinglessthan60days
AccountsandNotesReceivablePercentOutstandinglessthan60days
0.99
CY2019Q3 us-gaap Inventory Crude Oil Products And Merchandise
InventoryCrudeOilProductsAndMerchandise
5208000000 USD
CY2018Q4 us-gaap Inventory Crude Oil Products And Merchandise
InventoryCrudeOilProductsAndMerchandise
3238000000 USD
CY2019Q3 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
313000000 USD
CY2018Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
305000000 USD
CY2019Q3 us-gaap Inventory Net
InventoryNet
5521000000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
3543000000 USD
CY2019Q3 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
5103000000 USD
CY2018Q4 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
3123000000 USD
CY2019Q3 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue
4400000000 USD
CY2018Q4 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue
2900000000 USD
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36913000000 USD
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13959000000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22954000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35197000000 USD
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13179000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22018000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
712000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
712000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1492000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1492000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2340000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2340000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3355000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3355000000 USD
CY2019Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2000000 USD
CY2019Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1000000 USD
CY2018Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1000000 USD
CY2018Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
5000000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1000000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4000000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
710000000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
711000000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1491000000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1492000000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2335000000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2339000000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3351000000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3355000000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
446498000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
449005000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
463002000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
466109000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
450836000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
453398000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
470471000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
473760000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
2507000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1996000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
3107000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3331000 shares
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
2562000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2412000 shares
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
3289000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3460000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
449005000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
451001000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
466109000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
469440000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
453398000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
455810000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
473760000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
477220000 shares
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.58
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.58
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.20
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.03
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
19000000 USD
CY2019Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
447000000 USD
CY2019Q3 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.97
CY2019Q3 psx Non Monetary Notional Amount Of Price Risk Derivative Instruments Not Designated As Hedging Instruments In Short Position
NonMonetaryNotionalAmountOfPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInShortPosition
35 MMBbls
CY2018Q4 psx Non Monetary Notional Amount Of Price Risk Derivative Instruments Not Designated As Hedging Instruments In Short Position
NonMonetaryNotionalAmountOfPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInShortPosition
17 MMBbls
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
117000000 USD
CY2019Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
82000000 USD
CY2019Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
1346000000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
5000000 USD
CY2019Q3 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
1346000000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
70000000 USD
CY2019Q3 psx Difference In Carrying Value And Fair Value Liability
DifferenceInCarryingValueAndFairValueLiability
-1377000000 USD
CY2018Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
1075000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
89000000 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
1075000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
0 USD
CY2018Q4 psx Difference In Carrying Value And Fair Value Liability
DifferenceInCarryingValueAndFairValueLiability
49000000 USD
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
177000000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1338000000 USD
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
177000000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1338000000 USD
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
13000000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
468000000 USD
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
153000000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
820000000 USD
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
166000000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1288000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
4000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
126000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
469000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
18000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
245000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
15000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
157000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
15000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
102000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
135000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
355000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
206000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1454000000 USD
CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
40000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
166000000 USD
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
166000000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1288000000 USD
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5000000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15000000 USD
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5000000 USD
CY2019Q3 psx Finance Lease Cost
FinanceLeaseCost
7000000 USD
psx Finance Lease Cost
FinanceLeaseCost
20000000 USD
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
126000000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
386000000 USD
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
29000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
93000000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
6000000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
18000000 USD
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
4000000 USD
us-gaap Sublease Income
SubleaseIncome
14000000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
164000000 USD
us-gaap Lease Cost
LeaseCost
503000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
5000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
397000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
18000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
259000000 USD
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P12Y8M12D
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.039
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-125000000 USD
us-gaap Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect
-89000000 USD
CY2018Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
35000000 shares
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3280000000 USD
CY2018Q1 us-gaap Accelerated Share Repurchases Initial Price Paid Per Share
AcceleratedShareRepurchasesInitialPricePaidPerShare
93.725
CY2019Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
756000000 USD
CY2018Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
955000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2235000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2717000000 USD
CY2019Q3 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
2842000000 USD
CY2018Q3 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
3667000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
8770000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
9534000000 USD
CY2019Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8000000 USD
CY2018Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
12000000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
25000000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
44000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27218000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29788000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78168000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82363000000 USD
CY2019Q3 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
943000000 USD
CY2018Q3 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
1975000000 USD
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
3112000000 USD
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
4527000000 USD
CY2019Q3 us-gaap Assets
Assets
58741000000 USD
CY2018Q4 us-gaap Assets
Assets
54302000000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.16
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.18
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2019Q2 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Income Tax Expense
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsIncomeTaxExpense
-45000000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q2 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Income Tax Expense
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsIncomeTaxExpense
-45000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27218000000 USD
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
499000000 USD
CY2019Q3 psx Gain Loss On Disposition
GainLossOnDisposition
18000000 USD
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
36000000 USD
CY2019Q3 psx Revenues And Other Income
RevenuesAndOtherIncome
27771000000 USD
CY2019Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
23806000000 USD
CY2019Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1206000000 USD
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
416000000 USD
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
336000000 USD
CY2019Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
853000000 USD
CY2019Q3 psx Taxes Other Than Income Taxes
TaxesOtherThanIncomeTaxes
105000000 USD
CY2019Q3 us-gaap Accretion Expense Including Asset Retirement Obligations
AccretionExpenseIncludingAssetRetirementObligations
6000000 USD
CY2019Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
109000000 USD
CY2019Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
9000000 USD
CY2019Q3 psx Cost And Expenses
CostAndExpenses
26828000000 USD
CY2019Q3 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
943000000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
150000000 USD
CY2019Q3 us-gaap Profit Loss
ProfitLoss
793000000 USD
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
81000000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
712000000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
689000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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