FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Ziemba Lawrence Michael	2. Issuer Name and Ticker or Trading Symbol

Phillips 66 [ PSX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Executive Vice President	
(Last)          (First)          (Middle)

600 N. DAIRY ASHFORD	3. Date of Earliest Transaction (MM/DD/YYYY)

5/4/2012		
(Street)

HOUSTON, TX 77079
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Employee Stock Option (Right to Buy)  	$21.32  	5/4/2012  	 	J   (1)	  	11065   	  	2/4/2008  	2/4/2015  	Common Stock  	11065  	$0  	11065  	D  	 	
Employee Stock Option (Right to Buy)  	$26.33  	5/4/2012  	 	J   (1)	  	7517   	  	2/10/2009  	2/10/2016  	Common Stock  	7517  	$0  	7517  	D  	 	
Employee Stock Option (Right to Buy)  	$29.58  	5/4/2012  	 	J   (1)	  	8896   	  	2/8/2010  	2/8/2017  	Common Stock  	8896  	$0  	8896  	D  	 	
Employee Stock Option (Right to Buy)  	$35.38  	5/4/2012  	 	J   (1)	  	8563   	  	2/14/2011  	2/14/2018  	Common Stock  	8563  	$0  	8563  	D  	 	
Employee Stock Option (Right to Buy)  	$20.27  	5/4/2012  	 	J   (1)	  	20811   	  	2/12/2012  	2/12/2019  	Common Stock  	20811  	$0  	20811  	D  	 	
Employee Stock Option (Right to Buy)  	$21.56  	5/4/2012  	 	J   (1)	  	45093   	  	  (2)	2/12/2020  	Common Stock  	45093  	$0  	45093  	D  	 	
Employee Stock Option (Right to Buy)  	$31.25  	5/4/2012  	 	J   (1)	  	72630   	  	  (3)	2/10/2021  	Common Stock  	72630  	$0  	72630  	D  	 	
Employee Stock Option (Right to Buy)  	$32.03  	5/4/2012  	 	J   (1)	  	101909   	  	  (4)	2/9/2022  	Common Stock  	101909  	$0  	101909  	D  	 	

Explanation of Responses:	
(  1) 	In connection with the spin-off of Phillips 66 on April 30, 2012 by ConocoPhillips, outstanding ConocoPhillips stock options were adjusted so that the holders hold vested stock options to purchase both Phillips 66 common stock and ConocoPhillips common stock. The Phillips 66 and ConocoPhillips stock options received, when combined, will generally preserve the intrinsic value of each original stock option grant and the ratio of the exercise price to the fair market value of ConocoPhillips common stock on the distribution date.	
(  2) 	14,045 stock options are vested. The remaining 45,093 stock options will vest on February 12, 2013.	
(  3) 	7,363 stock options are vested. The remaining 72,630 stock options will vest in two equal annual installments beginning on February 10, 2013.	
(  4) 	Vest in three equal annual installments beginning February 9, 2013.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Ziemba Lawrence Michael
600 N. DAIRY ASHFORD
HOUSTON, TX 77079			Executive Vice President		

Signatures		
Grant F. Adamson, Attorney-in-Fact		5/8/2012	
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
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