$PSX
Phillips 66

2020 Q3 Form 10-Q Financial Statement

#000153470120000154 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $15.93B $27.22B $27.85B
YoY Change -41.48% -8.63% -3.91%
Cost Of Revenue $14.51B $23.81B $24.55B
YoY Change -39.05% -9.77% -4.63%
Gross Profit $1.420B $3.412B $3.293B
YoY Change -58.38% 0.26% 1.86%
Gross Profit Margin 8.91% 12.54% 11.83%
Selling, General & Admin $384.0M $416.0M $408.0M
YoY Change -7.69% -5.45% -5.56%
% of Gross Profit 27.04% 12.19% 12.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $352.0M $336.0M $334.0M
YoY Change 4.76% -2.89% -0.89%
% of Gross Profit 24.79% 9.85% 10.14%
Operating Expenses $384.0M $416.0M $408.0M
YoY Change -7.69% -5.45% -5.56%
Operating Profit $1.036B $2.996B $2.885B
YoY Change -65.42% 1.11% 3.0%
Interest Expense $213.0M $430.0M $595.0M
YoY Change -50.47% 2.14% 80.85%
% of Operating Profit 20.56% 14.35% 20.62%
Other Income/Expense, Net $20.00M $36.00M $23.00M
YoY Change -44.44% 50.0% 76.92%
Pretax Income -$1.350B $943.0M $1.829B
YoY Change -243.16% -52.25% -0.33%
Income Tax -$624.0M $150.0M $325.0M
% Of Pretax Income 15.91% 17.77%
Net Earnings -$799.0M $712.0M $1.424B
YoY Change -212.22% -52.28% 6.35%
Net Earnings / Revenue -5.02% 2.62% 5.11%
Basic Earnings Per Share -$1.82 $1.58 $3.13
Diluted Earnings Per Share -$1.82 $1.58 $3.12
COMMON SHARES
Basic Shares Outstanding 438.9M shares 449.0M shares 453.7M shares
Diluted Shares Outstanding 438.9M shares 451.0M shares 455.6M shares

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.462B $2.268B $1.819B
YoY Change -35.54% 145.45% -3.45%
Cash & Equivalents $1.462B $2.268B $1.819B
Short-Term Investments
Other Short-Term Assets $500.0M $742.0M $656.0M
YoY Change -32.61% -15.2% 5.64%
Inventory $4.897B $5.521B $5.093B
Prepaid Expenses
Receivables $5.963B $7.086B $6.727B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.82B $15.62B $14.30B
YoY Change -17.9% 1.98% -1.95%
LONG-TERM ASSETS
Property, Plant & Equipment $23.49B $22.95B $22.50B
YoY Change 2.33% 6.15% 4.84%
Goodwill $1.425B $3.270B $3.270B
YoY Change -56.42% 0.0% 0.0%
Intangibles $849.0M $872.0M $871.0M
YoY Change -2.64% -0.23% 0.58%
Long-Term Investments $13.77B $14.15B $15.01B
YoY Change -2.69% -1.15% 5.85%
Other Assets $1.929B $1.881B $1.836B
YoY Change 2.55% 283.88% 291.47%
Total Long-Term Assets $41.46B $43.12B $43.49B
YoY Change -3.86% 6.3% 8.05%
TOTAL ASSETS
Total Short-Term Assets $12.82B $15.62B $14.30B
Total Long-Term Assets $41.46B $43.12B $43.49B
Total Assets $54.28B $58.74B $57.78B
YoY Change -7.59% 5.11% 5.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.905B $7.738B $7.300B
YoY Change -36.61% -8.36% -13.48%
Accrued Expenses $3.196B $2.850B $2.472B
YoY Change 12.14% 25.99% 18.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.860B $842.0M $667.0M
YoY Change 120.9% 166.46% 95.6%
Total Short-Term Liabilities $10.51B $12.08B $11.17B
YoY Change -12.99% 0.91% -4.78%
LONG-TERM LIABILITIES
Long-Term Debt $12.67B $11.08B $10.77B
YoY Change 14.28% 0.56% -2.28%
Other Long-Term Liabilities $3.290B $2.980B $2.999B
YoY Change 10.4% 67.13% 56.2%
Total Long-Term Liabilities $15.96B $14.06B $13.77B
YoY Change 13.46% 9.83% 6.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.51B $12.08B $11.17B
Total Long-Term Liabilities $15.96B $14.06B $13.77B
Total Liabilities $31.98B $31.65B $30.48B
YoY Change 1.03% 5.18% 2.04%
SHAREHOLDERS EQUITY
Retained Earnings $17.44B $21.73B $21.42B
YoY Change -19.76% 16.72% 22.42%
Common Stock $20.37B $20.26B $19.92B
YoY Change 0.54% 1.98% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.12B $16.26B $15.82B
YoY Change 5.26% 11.94% 12.05%
Treasury Stock Shares 211.8M shares 202.7M shares 198.3M shares
Shareholders Equity $19.72B $24.86B $24.75B
YoY Change
Total Liabilities & Shareholders Equity $54.28B $58.74B $57.78B
YoY Change -7.59% 5.11% 5.39%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$799.0M $712.0M $1.424B
YoY Change -212.22% -52.28% 6.35%
Depreciation, Depletion And Amortization $352.0M $336.0M $334.0M
YoY Change 4.76% -2.89% -0.89%
Cash From Operating Activities $491.0M $1.662B $1.930B
YoY Change -70.46% 185.57% -18.36%
INVESTING ACTIVITIES
Capital Expenditures -$552.0M -$867.0M -$631.0M
YoY Change -36.33% 11.3% 17.29%
Acquisitions
YoY Change
Other Investing Activities $10.00M $21.00M $57.00M
YoY Change -52.38% -65.0% -22.97%
Cash From Investing Activities -$542.0M -$846.0M -$574.0M
YoY Change -35.93% 17.66% 23.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -404.0M -331.0M -787.0M
YoY Change 22.05% -59.58% -6.42%
NET CHANGE
Cash From Operating Activities 491.0M 1.662B 1.930B
Cash From Investing Activities -542.0M -846.0M -574.0M
Cash From Financing Activities -404.0M -331.0M -787.0M
Net Change In Cash -455.0M 485.0M 569.0M
YoY Change -193.81% -150.73% -46.27%
FREE CASH FLOW
Cash From Operating Activities $491.0M $1.662B $1.930B
Capital Expenditures -$552.0M -$867.0M -$631.0M
Free Cash Flow $1.043B $2.529B $2.561B
YoY Change -58.76% 85.82% -11.75%

Facts In Submission

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dei Document Fiscal Year Focus
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dei Entity Registrant Name
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Phillips 66
dei Entity Incorporation State Country Code
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dei Security12b Title
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dei Trading Symbol
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5381021 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1155379 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1155379 shares
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
648572012 shares
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
211771827 shares
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
645691761 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
189526331 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
13167070 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1359216 shares
CY2019Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
647050977 shares
CY2019Q3 us-gaap Treasury Stock Shares
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202693401 shares
us-gaap Basis Of Accounting
BasisOfAccounting
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 nine months ended September 30, 2020, are not necessarily indicative of the results expected for the full year.
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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15929000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27218000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47720000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78168000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15929000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27218000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47720000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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78168000000 USD
CY2020Q3 us-gaap Accounts Receivable Net
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3410000000 USD
CY2019Q4 us-gaap Accounts Receivable Net
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6902000000 USD
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389000000 USD
CY2019Q4 us-gaap Contract With Customer Asset Gross
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336000000 USD
CY2020Q3 us-gaap Accounts Receivable Net Current
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5963000000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
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8510000000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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37000000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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41000000 USD
CY2020Q3 psx Accounts And Notes Receivable Percent Outstanding Less Than60 Days
AccountsAndNotesReceivablePercentOutstandingLessThan60Days
0.98
CY2020Q3 us-gaap Inventory Crude Oil Products And Merchandise
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4561000000 USD
CY2019Q4 us-gaap Inventory Crude Oil Products And Merchandise
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3452000000 USD
CY2020Q3 us-gaap Other Inventory Net Of Reserves
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336000000 USD
CY2019Q4 us-gaap Other Inventory Net Of Reserves
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324000000 USD
CY2020Q3 us-gaap Inventory Net
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4897000000 USD
CY2019Q4 us-gaap Inventory Net
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3776000000 USD
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4436000000 USD
CY2019Q4 us-gaap Lifo Inventory Amount
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3331000000 USD
CY2020Q3 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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1600000000 USD
CY2019Q4 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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4300000000 USD
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39680000000 USD
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16191000000 USD
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23489000000 USD
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38071000000 USD
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14285000000 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
CY2019Q4 us-gaap Goodwill
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3270000000 USD
us-gaap Goodwill Impairment Loss
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1845000000 USD
CY2020Q3 us-gaap Goodwill
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1425000000 USD
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1140000000 USD
CY2019Q3 us-gaap Asset Impairment Charges
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853000000 USD
us-gaap Asset Impairment Charges
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4146000000 USD
us-gaap Asset Impairment Charges
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856000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations
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CY2020Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
712000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
712000000 USD
us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2340000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2340000000 USD
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2000000 USD
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2000000 USD
CY2019Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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1000000 USD
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6000000 USD
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
6000000 USD
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5000000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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710000000 USD
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711000000 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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2335000000 USD
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2339000000 USD
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436783000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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438916000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
446498000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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449005000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
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437492000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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439670000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
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450836000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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453398000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
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2133000 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
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2507000 shares
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1996000 shares
us-gaap Weighted Average Number Of Shares Contingently Issuable
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2178000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Weighted Average Number Of Shares Contingently Issuable
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2562000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2412000 shares
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438916000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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438916000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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449005000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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451001000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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439670000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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439670000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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453398000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Earnings Per Share Diluted
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CY2019Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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5.15
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CY2020Q3 us-gaap Accrual For Environmental Loss Contingencies
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428000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
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441000000 USD
CY2019Q4 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.97
CY2020Q3 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.97
CY2020Q3 us-gaap Assets Fair Value Disclosure
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1090000000 USD
CY2020Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
849000000 USD
CY2020Q3 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
20000000 USD
CY2020Q3 psx Derivative Asset Difference In Carrying Value And Fair Value
DerivativeAssetDifferenceInCarryingValueAndFairValue
0 USD
CY2020Q3 psx Asset Fair Value Amount Offset Against Collateral
AssetFairValueAmountOffsetAgainstCollateral
221000000 USD
CY2020Q3 us-gaap Liabilities Fair Value Disclosure
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16550000000 USD
CY2020Q3 us-gaap Derivative Liability Fair Value Gross Asset
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849000000 USD
CY2020Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
20000000 USD
CY2020Q3 psx Financial And Nonfinancial Liability Difference In Carrying Value And Fair Value
FinancialAndNonfinancialLiabilityDifferenceInCarryingValueAndFairValue
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CY2020Q3 psx Financial And Nonfinancial Liability Fair Value Amount Offset Against Collateral
FinancialAndNonfinancialLiabilityFairValueAmountOffsetAgainstCollateral
14260000000 USD
CY2019Q4 us-gaap Assets Fair Value Disclosure
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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
0 USD
CY2019Q4 psx Asset Fair Value Amount Offset Against Collateral
AssetFairValueAmountOffsetAgainstCollateral
154000000 USD
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1188000000 USD
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80000000 USD
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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450000000 USD
CY2019Q3 us-gaap Revenue From Related Parties
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756000000 USD
us-gaap Revenue From Related Parties
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1337000000 USD
us-gaap Revenue From Related Parties
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2235000000 USD
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1612000000 USD
CY2019Q3 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
2842000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
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4868000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
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171000000 USD
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27218000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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27218000000 USD
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499000000 USD
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us-gaap Income Tax Expense Benefit
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216000000 USD
us-gaap Net Income Loss
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