$PSX
Phillips 66

2021 Q1 Form 10-Q Financial Statement

#000153470121000106 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $21.63B $20.88B
YoY Change 3.59% -9.63%
Cost Of Revenue $20.07B $18.44B
YoY Change 8.81% -12.42%
Gross Profit $1.562B $2.438B
YoY Change -35.93% 19.04%
Gross Profit Margin 7.22% 11.68%
Selling, General & Admin $408.0M $319.0M
YoY Change 27.9% -12.84%
% of Gross Profit 26.12% 13.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $356.0M $342.0M
YoY Change 4.09% 3.32%
% of Gross Profit 22.79% 14.03%
Operating Expenses $408.0M $319.0M
YoY Change 27.9% -12.84%
Operating Profit $1.154B $2.119B
YoY Change -45.54% 25.98%
Interest Expense $139.0M $1.377B
YoY Change -89.91% 1786.3%
% of Operating Profit 12.05% 64.98%
Other Income/Expense, Net $15.00M $0.00
YoY Change -100.0%
Pretax Income -$771.0M -$2.478B
YoY Change -68.89% -828.82%
Income Tax -$132.0M -$51.00M
% Of Pretax Income
Net Earnings -$654.0M -$2.496B
YoY Change -73.8% -1323.53%
Net Earnings / Revenue -3.02% -11.96%
Basic Earnings Per Share -$1.49 -$5.66
Diluted Earnings Per Share -$1.49 -$5.66
COMMON SHARES
Basic Shares Outstanding 439.5M shares 441.3M shares
Diluted Shares Outstanding 439.5M shares 441.3M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.351B $1.221B
YoY Change 10.65% -2.55%
Cash & Equivalents $1.351B $1.221B
Short-Term Investments
Other Short-Term Assets $629.0M $594.0M
YoY Change 5.89% -35.08%
Inventory $4.273B $5.331B
Prepaid Expenses
Receivables $8.165B $4.559B
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.42B $11.71B
YoY Change 23.18% -20.99%
LONG-TERM ASSETS
Property, Plant & Equipment $23.68B $24.05B
YoY Change -1.56% 8.03%
Goodwill $1.425B $1.425B
YoY Change 0.0% -56.42%
Intangibles $836.0M $880.0M
YoY Change -5.0% 1.85%
Long-Term Investments $13.38B $13.64B
YoY Change -1.9% -7.78%
Other Assets $1.764B $1.764B
YoY Change 0.0% -5.01%
Total Long-Term Assets $41.08B $41.76B
YoY Change -1.62% -2.99%
TOTAL ASSETS
Total Short-Term Assets $14.42B $11.71B
Total Long-Term Assets $41.08B $41.76B
Total Assets $55.50B $53.46B
YoY Change 3.81% -7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.484B $4.882B
YoY Change 53.3% -41.25%
Accrued Expenses $2.669B $2.928B
YoY Change -8.85% 28.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $516.0M $2.243B
YoY Change -77.0% 7376.67%
Total Short-Term Liabilities $11.43B $10.53B
YoY Change 8.57% -7.05%
LONG-TERM LIABILITIES
Long-Term Debt $14.91B $10.72B
YoY Change 39.05% -4.86%
Other Long-Term Liabilities $3.155B $3.085B
YoY Change 2.27% 0.88%
Total Long-Term Liabilities $18.06B $13.81B
YoY Change 30.83% -3.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.43B $10.53B
Total Long-Term Liabilities $18.06B $13.81B
Total Liabilities $35.04B $29.82B
YoY Change 17.5% -4.14%
SHAREHOLDERS EQUITY
Retained Earnings $15.45B $19.17B
YoY Change -19.4% -6.08%
Common Stock $20.43B $20.31B
YoY Change 0.57% 2.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.12B $17.12B
YoY Change 0.0% 11.38%
Treasury Stock Shares 211.8M shares 211.8M shares
Shareholders Equity $17.98B $21.37B
YoY Change
Total Liabilities & Shareholders Equity $55.50B $53.46B
YoY Change 3.81% -7.6%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$654.0M -$2.496B
YoY Change -73.8% -1323.53%
Depreciation, Depletion And Amortization $356.0M $342.0M
YoY Change 4.09% 3.32%
Cash From Operating Activities $271.0M $217.0M
YoY Change 24.88% -145.4%
INVESTING ACTIVITIES
Capital Expenditures -$331.0M -$923.0M
YoY Change -64.14% -15.86%
Acquisitions
YoY Change
Other Investing Activities $39.00M -$15.00M
YoY Change -360.0% -183.33%
Cash From Investing Activities -$467.0M -$877.0M
YoY Change -46.75% -13.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$20.00M $437.0M
YoY Change -104.58% 30.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$945.0M $276.0M
YoY Change -442.39% -197.18%
NET CHANGE
Cash From Operating Activities $271.0M $217.0M
Cash From Investing Activities -$467.0M -$877.0M
Cash From Financing Activities -$945.0M $276.0M
Net Change In Cash -$1.163B -$393.0M
YoY Change 195.93% -77.75%
FREE CASH FLOW
Cash From Operating Activities $271.0M $217.0M
Capital Expenditures -$331.0M -$923.0M
Free Cash Flow $602.0M $1.140B
YoY Change -47.19% 84.17%

Facts In Submission

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CY2021Q1 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 2020 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results expected for the full year.
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CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
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CY2021Q1 us-gaap Accrual For Environmental Loss Contingencies
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CY2020Q4 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
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0.95
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CY2021Q1 psx Asset Fair Value Amount Offset Against Collateral
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200000000 USD
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17680000000 USD
CY2021Q1 us-gaap Derivative Liability Fair Value Gross Asset
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1048000000 USD
CY2021Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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78000000 USD
CY2021Q1 psx Financial And Nonfinancial Liability Difference In Carrying Value And Fair Value
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15163000000 USD
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CY2020Q4 us-gaap Derivative Asset Fair Value Gross Liability
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669000000 USD
CY2020Q4 us-gaap Derivative Collateral Obligation To Return Securities
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CY2020Q4 psx Derivative Asset Difference In Carrying Value And Fair Value
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0 USD
CY2020Q4 psx Asset Fair Value Amount Offset Against Collateral
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157000000 USD
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
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18265000000 USD
CY2020Q4 us-gaap Derivative Liability Fair Value Gross Asset
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669000000 USD
CY2020Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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46000000 USD
CY2020Q4 psx Financial And Nonfinancial Liability Difference In Carrying Value And Fair Value
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15623000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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9000000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2020Q1 us-gaap Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
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5000000 USD
CY2021Q1 us-gaap Revenue From Related Parties
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770000000 USD
CY2020Q1 us-gaap Revenue From Related Parties
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534000000 USD
CY2021Q1 psx Related Party Transaction Purchases From Transactions With Related Party
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2357000000 USD
CY2020Q1 psx Related Party Transaction Purchases From Transactions With Related Party
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2126000000 USD
CY2021Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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68000000 USD
CY2020Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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51000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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21627000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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20878000000 USD
CY2021Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2020Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2021Q1 us-gaap Assets
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CY2020Q4 us-gaap Assets
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.17
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.02

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