$PSX
Phillips 66

2021 Q3 Form 10-Q Financial Statement

#000153470121000209 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q3
Revenue $30.24B $27.00B $15.93B
YoY Change 89.86% 147.43% -41.48%
Cost Of Revenue $27.53B $25.22B $14.51B
YoY Change 89.74% 162.47% -39.05%
Gross Profit $2.714B $1.784B $1.420B
YoY Change 91.13% 36.7% -58.38%
Gross Profit Margin 8.97% 6.61% 8.91%
Selling, General & Admin $424.0M $433.0M $384.0M
YoY Change 10.42% 5.87% -7.69%
% of Gross Profit 15.62% 24.27% 27.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $361.0M $364.0M $352.0M
YoY Change 2.56% 6.12% 4.76%
% of Gross Profit 13.3% 20.4% 24.79%
Operating Expenses $424.0M $433.0M $384.0M
YoY Change 10.42% 5.87% -7.69%
Operating Profit $2.290B $1.351B $1.036B
YoY Change 121.04% 50.78% -65.42%
Interest Expense $1.051B $696.0M $213.0M
YoY Change 393.43% 1640.0% -50.47%
% of Operating Profit 45.9% 51.52% 20.56%
Other Income/Expense, Net $238.0M $51.00M $20.00M
YoY Change 1090.0% 82.14% -44.44%
Pretax Income $448.0M $436.0M -$1.350B
YoY Change -133.19% -197.98% -243.16%
Income Tax -$40.00M $62.00M -$624.0M
% Of Pretax Income -8.93% 14.22%
Net Earnings $402.0M $296.0M -$799.0M
YoY Change -150.31% -309.93% -212.22%
Net Earnings / Revenue 1.33% 1.1% -5.02%
Basic Earnings Per Share $0.91 $0.66 -$1.82
Diluted Earnings Per Share $0.91 $0.66 -$1.82
COMMON SHARES
Basic Shares Outstanding 440.2M shares 439.9M shares 438.9M shares
Diluted Shares Outstanding 440.4M shares 440.4M shares 438.9M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.897B $2.207B $1.462B
YoY Change 98.15% 16.77% -35.54%
Cash & Equivalents $2.897B $2.207B $1.462B
Short-Term Investments
Other Short-Term Assets $716.0M $759.0M $500.0M
YoY Change 43.2% 22.22% -32.61%
Inventory $4.400B $4.752B $4.897B
Prepaid Expenses
Receivables $8.006B $8.062B $5.963B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.02B $15.78B $12.82B
YoY Change 24.93% 26.25% -17.9%
LONG-TERM ASSETS
Property, Plant & Equipment $22.38B $23.69B $23.49B
YoY Change -4.73% -2.45% 2.33%
Goodwill $1.425B $1.425B $1.425B
YoY Change 0.0% 0.0% -56.42%
Intangibles $822.0M $825.0M $849.0M
YoY Change -3.18% -5.61% -2.64%
Long-Term Investments $14.06B $13.52B $13.77B
YoY Change 2.12% -0.79% -2.69%
Other Assets $1.705B $1.739B $1.929B
YoY Change -11.61% -3.92% 2.55%
Total Long-Term Assets $40.39B $41.20B $41.46B
YoY Change -2.58% -1.96% -3.86%
TOTAL ASSETS
Total Short-Term Assets $16.02B $15.78B $12.82B
Total Long-Term Assets $40.39B $41.20B $41.46B
Total Assets $56.41B $56.98B $54.28B
YoY Change 3.92% 4.51% -7.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.203B $8.066B $4.905B
YoY Change 67.24% 64.55% -36.61%
Accrued Expenses $3.217B $3.117B $3.196B
YoY Change 0.66% 8.53% 12.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.489B $2.489B $1.860B
YoY Change -19.95% 39.6% 120.9%
Total Short-Term Liabilities $13.92B $14.55B $10.51B
YoY Change 32.42% 45.18% -12.99%
LONG-TERM LIABILITIES
Long-Term Debt $13.42B $12.92B $12.67B
YoY Change 5.96% 2.06% 14.28%
Other Long-Term Liabilities $3.034B $3.021B $3.290B
YoY Change -7.78% -1.47% 10.4%
Total Long-Term Liabilities $16.46B $15.95B $15.96B
YoY Change 3.13% 1.37% 13.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.92B $14.55B $10.51B
Total Long-Term Liabilities $16.46B $15.95B $15.96B
Total Liabilities $35.81B $36.38B $31.98B
YoY Change 11.99% 16.5% 1.03%
SHAREHOLDERS EQUITY
Retained Earnings $15.35B $15.35B $17.44B
YoY Change -11.96% -17.64% -19.76%
Common Stock $20.49B $20.47B $20.37B
YoY Change 0.61% 0.59% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.12B $17.12B $17.12B
YoY Change 0.0% 0.0% 5.26%
Treasury Stock Shares 211.8M shares 211.8M shares 211.8M shares
Shareholders Equity $18.14B $18.15B $19.72B
YoY Change
Total Liabilities & Shareholders Equity $56.41B $56.98B $54.28B
YoY Change 3.92% 4.51% -7.59%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q3
OPERATING ACTIVITIES
Net Income $402.0M $296.0M -$799.0M
YoY Change -150.31% -309.93% -212.22%
Depreciation, Depletion And Amortization $361.0M $364.0M $352.0M
YoY Change 2.56% 6.12% 4.76%
Cash From Operating Activities $2.203B $1.743B $491.0M
YoY Change 348.68% 128.14% -70.46%
INVESTING ACTIVITIES
Capital Expenditures -$552.0M -$380.0M -$552.0M
YoY Change 0.0% -59.53% -36.33%
Acquisitions
YoY Change
Other Investing Activities $56.00M $28.00M $10.00M
YoY Change 460.0% -113.46% -52.38%
Cash From Investing Activities -$496.0M -$352.0M -$542.0M
YoY Change -8.49% -69.31% -35.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.005B -542.0M -404.0M
YoY Change 148.76% -151.77% 22.05%
NET CHANGE
Cash From Operating Activities 2.203B 1.743B 491.0M
Cash From Investing Activities -496.0M -352.0M -542.0M
Cash From Financing Activities -1.005B -542.0M -404.0M
Net Change In Cash 702.0M 849.0M -455.0M
YoY Change -254.29% 27.86% -193.81%
FREE CASH FLOW
Cash From Operating Activities $2.203B $1.743B $491.0M
Capital Expenditures -$552.0M -$380.0M -$552.0M
Free Cash Flow $2.755B $2.123B $1.043B
YoY Change 164.14% 24.66% -58.76%

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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dei Trading Symbol
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CY2020Q4 us-gaap Treasury Stock Shares
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CY2021Q3 us-gaap Treasury Stock Shares
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211771827 shares
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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 and nine months ended September 30, 2021, are not necessarily indicative of the results expected for the full year.
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15929000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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78872000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47720000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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36000000 USD
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CY2021Q3 psx Accounts And Notes Receivable Percent Outstanding Less Than60 Days
AccountsAndNotesReceivablePercentOutstandingLessThan60Days
0.95
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4015000000 USD
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3536000000 USD
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CY2021Q3 us-gaap Inventory Net
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CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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16507000000 USD
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23716000000 USD
CY2021Q3 us-gaap Asset Impairment Charges
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CY2020Q3 us-gaap Asset Impairment Charges
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1496000000 USD
us-gaap Asset Impairment Charges
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4146000000 USD
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402000000 USD
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IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
44000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
44000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2021Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
2000000 USD
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2000000 USD
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
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7000000 USD
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6000000 USD
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
6000000 USD
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400000000 USD
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400000000 USD
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-801000000 USD
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-801000000 USD
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35000000 USD
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35000000 USD
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438067000 shares
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440193000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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175000 shares
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2133000 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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2097000 shares
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379000 shares
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2178000 shares
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0 shares
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440193000 shares
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439880000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
440259000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
439670000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
439670000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.91
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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1000000000 USD
CY2020Q4 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.95
CY2021Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
453000000 USD
CY2020Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
427000000 USD
psx Accrual For Environmental Loss Contingencies Expected Period To Incur Majority Of Expenditures
AccrualForEnvironmentalLossContingenciesExpectedPeriodToIncurMajorityOfExpenditures
P30Y
CY2021Q3 psx Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months
EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths
0.95
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
2573000000 USD
CY2021Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
2001000000 USD
CY2021Q3 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
4000000 USD
CY2021Q3 psx Derivative Asset Difference In Carrying Value And Fair Value
DerivativeAssetDifferenceInCarryingValueAndFairValue
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CY2021Q3 psx Asset Fair Value Amount Offset Against Collateral
AssetFairValueAmountOffsetAgainstCollateral
568000000 USD
CY2021Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
18548000000 USD
CY2021Q3 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
2001000000 USD
CY2021Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
145000000 USD
CY2021Q3 psx Financial And Nonfinancial Liability Difference In Carrying Value And Fair Value
FinancialAndNonfinancialLiabilityDifferenceInCarryingValueAndFairValue
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CY2021Q3 psx Financial And Nonfinancial Liability Fair Value Amount Offset Against Collateral
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14666000000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
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826000000 USD
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
DerivativeAssetDifferenceInCarryingValueAndFairValue
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CY2020Q4 psx Asset Fair Value Amount Offset Against Collateral
AssetFairValueAmountOffsetAgainstCollateral
157000000 USD
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
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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
FinancialAndNonfinancialLiabilityDifferenceInCarryingValueAndFairValue
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CY2020Q4 psx Financial And Nonfinancial Liability Fair Value Amount Offset Against Collateral
FinancialAndNonfinancialLiabilityFairValueAmountOffsetAgainstCollateral
15623000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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117000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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200000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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-273000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
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5000000 USD
CY2021Q3 us-gaap Revenue From Related Parties
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1005000000 USD
CY2020Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
450000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2734000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1337000000 USD
CY2021Q3 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
3980000000 USD
CY2020Q3 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
1612000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
9789000000 USD
psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
4868000000 USD
CY2021Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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CY2020Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
65000000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
215000000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
171000000 USD
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us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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113000000 USD
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2021Q3 us-gaap Assets
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CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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1100000000 USD

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