$PSX
Phillips 66

2020 Q2 Form 10-Q Financial Statement

#000153470120000120 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $10.91B $27.85B $23.10B
YoY Change -60.81% -3.91% -2.09%
Cost Of Revenue $9.608B $24.55B $21.06B
YoY Change -60.87% -4.63% -0.39%
Gross Profit $1.305B $3.293B $2.048B
YoY Change -60.37% 1.86% -16.65%
Gross Profit Margin 11.96% 11.83% 8.86%
Selling, General & Admin $409.0M $408.0M $366.0M
YoY Change 0.25% -5.56% -5.18%
% of Gross Profit 31.34% 12.39% 17.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $343.0M $334.0M $331.0M
YoY Change 2.69% -0.89% -1.49%
% of Gross Profit 26.28% 10.14% 16.16%
Operating Expenses $409.0M $408.0M $366.0M
YoY Change 0.25% -5.56% -5.18%
Operating Profit $896.0M $2.885B $1.682B
YoY Change -68.94% 3.0% -18.78%
Interest Expense $40.00M $595.0M $73.00M
YoY Change -93.28% 80.85% -74.65%
% of Operating Profit 4.46% 20.62% 4.34%
Other Income/Expense, Net $28.00M $23.00M $38.00M
YoY Change 21.74% 76.92% 280.0%
Pretax Income -$445.0M $1.829B $340.0M
YoY Change -124.33% -0.33% -52.58%
Income Tax -$378.0M $325.0M $70.00M
% Of Pretax Income 17.77% 20.59%
Net Earnings -$141.0M $1.424B $204.0M
YoY Change -109.9% 6.35% -61.07%
Net Earnings / Revenue -1.29% 5.11% 0.88%
Basic Earnings Per Share -$0.33 $3.13 $0.44
Diluted Earnings Per Share -$0.33 $3.12 $0.44
COMMON SHARES
Basic Shares Outstanding 438.8M shares 453.7M shares 457.6M shares
Diluted Shares Outstanding 438.8M shares 455.6M shares 459.3M shares

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.890B $1.819B $1.253B
YoY Change 3.9% -3.45% 48.81%
Cash & Equivalents $1.890B $1.819B $1.253B
Short-Term Investments
Other Short-Term Assets $621.0M $656.0M $915.0M
YoY Change -5.34% 5.64% 119.95%
Inventory $5.136B $5.093B $5.344B
Prepaid Expenses
Receivables $4.852B $6.727B $7.303B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.50B $14.30B $14.82B
YoY Change -12.56% -1.95% 22.19%
LONG-TERM ASSETS
Property, Plant & Equipment $24.28B $22.50B $22.26B
YoY Change 7.91% 4.84% 3.55%
Goodwill $1.425B $3.270B $3.270B
YoY Change -56.42% 0.0% 0.0%
Intangibles $874.0M $871.0M $864.0M
YoY Change 0.34% 0.58% -0.8%
Long-Term Investments $13.63B $15.01B $14.79B
YoY Change -9.18% 5.85% 6.11%
Other Assets $1.810B $1.836B $1.857B
YoY Change -1.42% 291.47% 329.86%
Total Long-Term Assets $42.02B $43.49B $43.04B
YoY Change -3.37% 8.05% 7.58%
TOTAL ASSETS
Total Short-Term Assets $12.50B $14.30B $14.82B
Total Long-Term Assets $42.02B $43.49B $43.04B
Total Assets $54.52B $57.78B $57.86B
YoY Change -5.65% 5.39% 10.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.902B $7.300B $8.310B
YoY Change -32.85% -13.48% 23.37%
Accrued Expenses $2.872B $2.472B $2.277B
YoY Change 16.18% 18.11% 29.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.783B $667.0M $30.00M
YoY Change 167.32% 95.6% -28.57%
Total Short-Term Liabilities $10.02B $11.17B $11.33B
YoY Change -10.28% -4.78% 22.65%
LONG-TERM LIABILITIES
Long-Term Debt $12.66B $10.77B $11.27B
YoY Change 17.55% -2.28% -2.69%
Other Long-Term Liabilities $3.066B $2.999B $3.058B
YoY Change 2.23% 56.2% 61.12%
Total Long-Term Liabilities $15.73B $13.77B $14.33B
YoY Change 14.22% 6.4% 6.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.02B $11.17B $11.33B
Total Long-Term Liabilities $15.73B $13.77B $14.33B
Total Liabilities $31.22B $30.48B $31.11B
YoY Change 2.45% 2.04% 11.78%
SHAREHOLDERS EQUITY
Retained Earnings $18.63B $21.42B $20.41B
YoY Change -13.03% 22.42% 23.41%
Common Stock $20.35B $19.92B $19.89B
YoY Change 2.16% 0.41% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.12B $15.82B $15.37B
YoY Change 8.18% 12.05% 10.63%
Treasury Stock Shares 211.8M shares 198.3M shares 193.2M shares
Shareholders Equity $20.72B $24.75B $24.22B
YoY Change
Total Liabilities & Shareholders Equity $54.52B $57.78B $57.86B
YoY Change -5.65% 5.39% 10.98%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$141.0M $1.424B $204.0M
YoY Change -109.9% 6.35% -61.07%
Depreciation, Depletion And Amortization $343.0M $334.0M $331.0M
YoY Change 2.69% -0.89% -1.49%
Cash From Operating Activities $764.0M $1.930B -$478.0M
YoY Change -60.41% -18.36% -197.95%
INVESTING ACTIVITIES
Capital Expenditures -$939.0M -$631.0M -$1.097B
YoY Change 48.81% 17.29% 234.45%
Acquisitions
YoY Change
Other Investing Activities -$208.0M $57.00M $18.00M
YoY Change -464.91% -22.97% -60.0%
Cash From Investing Activities -$1.147B -$574.0M -$1.012B
YoY Change 99.83% 23.71% 183.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $336.0M
YoY Change -89.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.047B -787.0M -$284.0M
YoY Change -233.04% -6.42% -88.21%
NET CHANGE
Cash From Operating Activities 764.0M 1.930B -$478.0M
Cash From Investing Activities -1.147B -574.0M -$1.012B
Cash From Financing Activities 1.047B -787.0M -$284.0M
Net Change In Cash 664.0M 569.0M -$1.766B
YoY Change 16.7% -46.27% -22.44%
FREE CASH FLOW
Cash From Operating Activities $764.0M $1.930B -$478.0M
Capital Expenditures -$939.0M -$631.0M -$1.097B
Free Cash Flow $1.703B $2.561B $619.0M
YoY Change -33.5% -11.75% -24.14%

Facts In Submission

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dei Document Fiscal Year Focus
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Phillips 66
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dei Security12b Title
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1051000 shares
CY2020Q2 us-gaap Common Stock Shares Issued
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648468000 shares
CY2020Q2 us-gaap Treasury Stock Shares
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211772000 shares
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
645692000 shares
CY2018Q4 us-gaap Treasury Stock Shares
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189526000 shares
CY2020Q2 us-gaap Accounts Receivable Net
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3237000000 USD
us-gaap Treasury Stock Shares Acquired
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8761000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
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1136000 shares
CY2019Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
646828000 shares
CY2019Q2 us-gaap Treasury Stock Shares
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198287000 shares
us-gaap Basis Of Accounting
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Interim Financial InformationThe unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2019 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results expected for the full year.
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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10913000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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27847000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31791000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50950000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10913000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27847000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31791000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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50950000000 USD
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14855000000 USD
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24282000000 USD
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6902000000 USD
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376000000 USD
CY2019Q4 us-gaap Contract With Customer Asset Gross
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336000000 USD
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0 USD
CY2020Q2 us-gaap Contract With Customer Liability
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4852000000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
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8510000000 USD
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39000000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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41000000 USD
CY2020Q2 psx Accounts And Notes Receivable Percent Outstanding Less Than60 Days
AccountsAndNotesReceivablePercentOutstandingLessThan60Days
0.99
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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38071000000 USD
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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14285000000 USD
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4806000000 USD
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3452000000 USD
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330000000 USD
CY2019Q4 us-gaap Other Inventory Net Of Reserves
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324000000 USD
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4701000000 USD
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3331000000 USD
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1400000000 USD
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4300000000 USD
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39137000000 USD
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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23786000000 USD
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3270000000 USD
us-gaap Goodwill Impairment Loss
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1845000000 USD
CY2020Q2 us-gaap Goodwill
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1425000000 USD
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CY2020Q2 us-gaap Income Loss From Continuing Operations
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CY2019Q2 us-gaap Income Loss From Continuing Operations
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1424000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations
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1424000000 USD
us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1628000000 USD
us-gaap Income Loss From Continuing Operations
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1628000000 USD
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2000000 USD
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4000000 USD
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1422000000 USD
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1423000000 USD
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1625000000 USD
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1626000000 USD
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438756000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Issued Basic
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451216000 shares
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453681000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
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437851000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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440050000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
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453041000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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455630000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
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2068000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
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2465000 shares
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1904000 shares
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2199000 shares
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2589000 shares
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1990000 shares
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438756000 shares
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438756000 shares
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453681000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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455585000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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440050000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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440050000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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455630000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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457620000 shares
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429000000 USD
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441000000 USD
CY2020Q2 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.98
CY2019Q4 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.98
CY2020Q2 psx Non Monetary Notional Amount Of Price Risk Derivative Instruments Not Designated As Hedging Instruments Net
NonMonetaryNotionalAmountOfPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsNet
36000000 MMBbls
CY2019Q4 psx Non Monetary Notional Amount Of Price Risk Derivative Instruments Not Designated As Hedging Instruments Net
NonMonetaryNotionalAmountOfPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsNet
16000000 MMBbls
CY2020Q2 us-gaap Assets Fair Value Disclosure
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1401000000 USD
CY2020Q2 us-gaap Derivative Asset Fair Value Gross Liability
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1241000000 USD
CY2020Q2 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 USD
CY2020Q2 psx Derivative Asset Difference In Carrying Value And Fair Value
DerivativeAssetDifferenceInCarryingValueAndFairValue
0 USD
CY2020Q2 psx Asset Fair Value Amount Offset Against Collateral
AssetFairValueAmountOffsetAgainstCollateral
160000000 USD
CY2020Q2 us-gaap Liabilities Fair Value Disclosure
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17242000000 USD
CY2020Q2 us-gaap Derivative Liability Fair Value Gross Asset
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1241000000 USD
CY2020Q2 psx Financial And Nonfinancial Liability Difference In Carrying Value And Fair Value
FinancialAndNonfinancialLiabilityDifferenceInCarryingValueAndFairValue
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CY2020Q2 psx Financial And Nonfinancial Liability Fair Value Amount Offset Against Collateral
FinancialAndNonfinancialLiabilityFairValueAmountOffsetAgainstCollateral
14190000000 USD
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1342000000 USD
CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
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1188000000 USD
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CY2019Q4 psx Derivative Asset Difference In Carrying Value And Fair Value
DerivativeAssetDifferenceInCarryingValueAndFairValue
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CY2019Q4 psx Asset Fair Value Amount Offset Against Collateral
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154000000 USD
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
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1188000000 USD
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us-gaap Revenue From Related Parties
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887000000 USD
us-gaap Revenue From Related Parties
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1479000000 USD
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1130000000 USD
CY2019Q2 psx Related Party Transaction Purchases From Transactions With Related Party
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3260000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
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3256000000 USD
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us-gaap Related Party Transaction Expenses From Transactions With Related Party
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