$PSX
Phillips 66

2022 Q1 Form 10-Q Financial Statement

#000153470122000103 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020 Q4
Revenue $36.18B $21.63B $16.41B
YoY Change 67.29% 3.59% -43.66%
Cost Of Revenue $33.50B $20.07B $15.15B
YoY Change 66.93% 8.81% -42.25%
Gross Profit $2.684B $1.562B $1.259B
YoY Change 71.83% -35.93% -57.35%
Gross Profit Margin 7.42% 7.22% 7.67%
Selling, General & Admin $433.0M $408.0M $519.0M
YoY Change 6.13% 27.9% -8.95%
% of Gross Profit 16.13% 26.12% 41.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $338.0M $356.0M $358.0M
YoY Change -5.06% 4.09% 5.29%
% of Gross Profit 12.59% 22.79% 28.44%
Operating Expenses $433.0M $408.0M $2.062B
YoY Change 6.13% 27.9% -10.81%
Operating Profit $2.251B $1.154B -$803.0M
YoY Change 95.06% -45.54% -225.47%
Interest Expense $710.0M $139.0M $179.0M
YoY Change 410.79% -89.91% -56.13%
% of Operating Profit 31.54% 12.05%
Other Income/Expense, Net -$143.0M $15.00M $18.00M
YoY Change -1053.33% -18.18%
Pretax Income $828.0M -$771.0M -$691.0M
YoY Change -207.39% -68.89% -164.82%
Income Tax $171.0M -$132.0M -$197.0M
% Of Pretax Income 20.65%
Net Earnings $582.0M -$654.0M -$539.0M
YoY Change -188.99% -73.8% -173.23%
Net Earnings / Revenue 1.61% -3.02% -3.28%
Basic Earnings Per Share $1.29 -$1.49 -$1.23
Diluted Earnings Per Share $1.29 -$1.49 -$1.23
COMMON SHARES
Basic Shares Outstanding 449.3M shares 439.5M shares
Diluted Shares Outstanding 450.0M shares 439.5M shares

Balance Sheet

Concept 2022 Q1 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.335B $1.351B $2.514B
YoY Change 146.85% 10.65% 55.76%
Cash & Equivalents $3.335B $1.351B $2.514B
Short-Term Investments
Other Short-Term Assets $1.534B $629.0M $347.0M
YoY Change 143.88% 5.89% -29.9%
Inventory $4.530B $4.273B $3.893B
Prepaid Expenses
Receivables $10.46B $8.165B $6.522B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.85B $14.42B $13.28B
YoY Change 37.7% 23.18% -7.77%
LONG-TERM ASSETS
Property, Plant & Equipment $22.33B $23.68B $23.72B
YoY Change -5.68% -1.56% -5.51%
Goodwill $1.484B $1.425B $1.425B
YoY Change 4.14% 0.0% -56.42%
Intangibles $819.0M $836.0M $843.0M
YoY Change -2.03% -5.0% -2.99%
Long-Term Investments $14.47B $13.38B $13.04B
YoY Change 8.14% -1.9% -8.73%
Other Assets $1.683B $1.764B $1.837B
YoY Change -4.59% 0.0% 0.44%
Total Long-Term Assets $40.78B $41.08B $41.45B
YoY Change -0.72% -1.62% -6.5%
TOTAL ASSETS
Total Short-Term Assets $19.85B $14.42B $13.28B
Total Long-Term Assets $40.78B $41.08B $41.45B
Total Assets $60.64B $55.50B $54.72B
YoY Change 9.27% 3.81% -6.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.05B $7.484B $5.171B
YoY Change 60.97% 53.3% -35.71%
Accrued Expenses $2.945B $2.669B $2.982B
YoY Change 10.34% -8.85% 18.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.474B $516.0M $987.0M
YoY Change 185.66% -77.0% 80.44%
Total Short-Term Liabilities $17.60B $11.43B $9.518B
YoY Change 53.99% 8.57% -18.27%
LONG-TERM LIABILITIES
Long-Term Debt $12.96B $14.91B $14.91B
YoY Change -13.06% 39.05% 32.9%
Other Long-Term Liabilities $2.690B $3.155B $3.130B
YoY Change -14.74% 2.27% -0.19%
Total Long-Term Liabilities $15.65B $18.06B $18.04B
YoY Change -13.35% 30.83% 25.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.60B $11.43B $9.518B
Total Long-Term Liabilities $15.65B $18.06B $18.04B
Total Liabilities $38.52B $35.04B $33.20B
YoY Change 9.93% 17.5% 5.22%
SHAREHOLDERS EQUITY
Retained Earnings $16.39B $15.45B $16.50B
YoY Change 6.1% -19.4% -25.22%
Common Stock $19.67B $20.43B $20.39B
YoY Change -3.68% 0.57% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.74B $17.12B $17.12B
YoY Change -19.75% 0.0% 2.66%
Treasury Stock Shares 169.9M shares 211.8M shares 211.8M shares
Shareholders Equity $21.82B $17.98B $18.98B
YoY Change
Total Liabilities & Shareholders Equity $60.64B $55.50B $54.72B
YoY Change 9.27% 3.81% -6.81%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income $582.0M -$654.0M -$539.0M
YoY Change -188.99% -73.8% -173.23%
Depreciation, Depletion And Amortization $338.0M $356.0M $358.0M
YoY Change -5.06% 4.09% 5.29%
Cash From Operating Activities $1.136B $271.0M $639.0M
YoY Change 319.19% 24.88% -62.28%
INVESTING ACTIVITIES
Capital Expenditures -$370.0M -$331.0M -$506.0M
YoY Change 11.78% -64.14% -60.41%
Acquisitions
YoY Change
Other Investing Activities $74.00M $39.00M -$7.000M
YoY Change 89.74% -360.0% -131.82%
Cash From Investing Activities -$428.0M -$467.0M -$513.0M
YoY Change -8.35% -46.75% -59.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.00M -$20.00M
YoY Change -215.0% -104.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$512.0M -$945.0M 872.0M
YoY Change -45.82% -442.39% -178.63%
NET CHANGE
Cash From Operating Activities $1.136B $271.0M 639.0M
Cash From Investing Activities -$428.0M -$467.0M -513.0M
Cash From Financing Activities -$512.0M -$945.0M 872.0M
Net Change In Cash $188.0M -$1.163B 998.0M
YoY Change -116.17% 195.93% -248.73%
FREE CASH FLOW
Cash From Operating Activities $1.136B $271.0M $639.0M
Capital Expenditures -$370.0M -$331.0M -$506.0M
Free Cash Flow $1.506B $602.0M $1.145B
YoY Change 150.17% -47.19% -61.47%

Facts In Submission

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Interim Financial Information<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">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 2021 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results expected for the full year. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">On March 9, 2022, we completed the previously announced merger between us and Phillips 66 Partners LP (Phillips 66 Partners). See Note 18—Phillips 66 Partners LP, for additional information on the merger transaction.</span></div>
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CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
16705000000 USD
CY2021Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
779000000 USD
CY2021Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
49000000 USD
CY2021Q4 psx Financial And Nonfinancial Liability Difference In Carrying Value And Fair Value
FinancialAndNonfinancialLiabilityDifferenceInCarryingValueAndFairValue
-1686000000 USD
CY2021Q4 psx Financial And Nonfinancial Liability Fair Value Amount Offset Against Collateral
FinancialAndNonfinancialLiabilityFairValueAmountOffsetAgainstCollateral
14191000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
4000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-69000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-10000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9000000 USD
CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1340000000 USD
CY2021Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
770000000 USD
CY2022Q1 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
4681000000 USD
CY2021Q1 psx Related Party Transaction Purchases From Transactions With Related Party
RelatedPartyTransactionPurchasesFromTransactionsWithRelatedParty
2357000000 USD
CY2022Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
70000000 USD
CY2021Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
68000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36179000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21627000000 USD
CY2022Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
828000000 USD
CY2021Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-771000000 USD
CY2022Q1 us-gaap Assets
Assets
60638000000 USD
CY2021Q4 us-gaap Assets
Assets
55594000000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.17

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