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Millions of Dollars | ||||||
September 30 2015 | December 31 2014 | |||||
Crude oil and petroleum products | $ | 4,124 | 3,141 | |||
Materials and supplies | 264 | 256 | ||||
$ | 4,388 | 3,397 |
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• | In August 2014, we acquired a 7.1 million-barrel-storage-capacity crude oil and petroleum products terminal located near Beaumont, Texas, to promote growth plans in our Midstream segment. |
• | In July 2014, we acquired Spectrum Corporation, a private label and specialty lubricants business headquartered in Memphis, Tennessee. The acquisition supports our plans to selectively grow stable-return businesses in our Marketing and Specialties (M&S) segment. |
• | In March 2014, we acquired our co-venturer’s interest in an entity that operates a power and steam generation plant located in Texas that is included in our M&S segment. This acquisition provided us with full operational control over a key facility supplying utilities and other services to one of our refineries. |
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Millions of Dollars | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Revenues | $ | 5,266 | 7,896 | 16,092 | 24,579 | |||||||
Income before income taxes | 881 | 784 | 2,611 | 3,094 | ||||||||
Net income | 860 | 758 | 2,556 | 3,021 |
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Millions of Dollars | ||||||||||||||||||
September 30, 2015 | December 31, 2014 | |||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | |||||||||||||
Midstream | $ | 6,571 | 1,257 | 5,314 | 4,726 | 1,185 | 3,541 | |||||||||||
Chemicals | — | — | — | — | — | — | ||||||||||||
Refining | 20,656 | 7,898 | 12,758 | 19,951 | 7,424 | 12,527 | ||||||||||||
Marketing and Specialties | 1,445 | 745 | 700 | 1,490 | 738 | 752 | ||||||||||||
Corporate and Other | 966 | 481 | 485 | 978 | 452 | 526 | ||||||||||||
$ | 29,638 | 10,381 | 19,257 | 27,145 | 9,799 | 17,346 |
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• | $300 million of 2.646% Senior Notes due 2020. |
• | $500 million of 3.605% Senior Notes due 2025. |
• | $300 million of 4.680% Senior Notes due 2045. |
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Millions of Dollars | ||||||
September 30 2015 | December 31 2014 | |||||
Assets | ||||||
Accounts and notes receivable | $ | (1 | ) | (1 | ) | |
Prepaid expenses and other current assets | 1,770 | 3,839 | ||||
Other assets | 25 | 29 | ||||
Liabilities | ||||||
Other accruals | 1,657 | 3,472 | ||||
Other liabilities and deferred credits | 21 | 1 |
Millions of Dollars | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Sales and other operating revenues | $ | 195 | 179 | 21 | 208 | |||||||
Equity in earnings of affiliates | — | 6 | — | 4 | ||||||||
Other income | 12 | (3 | ) | 59 | 12 | |||||||
Purchased crude oil and products | 117 | 71 | 66 | 28 |
Open Position Long/(Short) | |||||
September 30 2015 | December 31 2014 | ||||
Commodity | |||||
Crude oil, refined products and NGL (millions of barrels) | (29 | ) | (11 | ) |
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• | Cash and cash equivalents: The carrying amount reported on the consolidated balance sheet approximates fair value. |
• | Accounts and notes receivable: The carrying amount reported on the consolidated balance sheet approximates fair value. |
• | Debt: The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on quoted market prices. |
• | Commodity swaps: Fair value is estimated based on forward market prices and approximates the exit price at period end. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. |
• | Futures: Fair values are based on quoted market prices obtained from the New York Mercantile Exchange, the InterContinental Exchange, or other traded exchanges. |
• | Forward-exchange contracts: Fair value is estimated by comparing the contract rate to the forward rate in effect at the end of the reporting period, which approximates the exit price at that date. |
• | Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. |
• | Level 2: Fair value measured either with: 1) adjusted quoted prices from an active market for similar assets or liabilities; or 2) other valuation inputs that are directly or indirectly observable. |
• | Level 3: Fair value measured with unobservable inputs that are significant to the measurement. |
Millions of Dollars | ||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 979 | 738 | — | 1,717 | (1,588 | ) | (10 | ) | — | 119 | 1 | ||||||||||
OTC instruments | — | 12 | — | 12 | (5 | ) | — | — | 7 | — | ||||||||||||
Physical forward contracts* | — | 63 | 2 | 65 | (4 | ) | — | — | 61 | — | ||||||||||||
Rabbi trust assets | 80 | — | — | 80 | N/A | N/A | — | 80 | N/A | |||||||||||||
$ | 1,059 | 813 | 2 | 1,874 | (1,597 | ) | (10 | ) | — | 267 | ||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 979 | 660 | — | 1,639 | (1,588 | ) | (50 | ) | — | 1 | 1 | ||||||||||
OTC instruments | — | 9 | — | 9 | (5 | ) | — | — | 4 | — | ||||||||||||
Physical forward contracts* | — | 30 | — | 30 | (4 | ) | — | — | 26 | — | ||||||||||||
Floating-rate debt | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | |||||||||||||
Fixed-rate debt, excluding capital leases** | — | 8,793 | — | 8,793 | N/A | N/A | (106 | ) | 8,687 | N/A | ||||||||||||
$ | 1,029 | 9,492 | — | 10,521 | (1,597 | ) | (50 | ) | (106 | ) | 8,768 |
Millions of Dollars | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 2,058 | 1,525 | — | 3,583 | (3,255 | ) | (225 | ) | — | 103 | — | ||||||||||
OTC instruments | — | 24 | — | 24 | (14 | ) | — | — | 10 | — | ||||||||||||
Physical forward contracts* | — | 253 | 7 | 260 | (38 | ) | — | — | 222 | — | ||||||||||||
Rabbi trust assets | 76 | — | — | 76 | N/A | N/A | — | 76 | N/A | |||||||||||||
$ | 2,134 | 1,802 | 7 | 3,943 | (3,307 | ) | (225 | ) | — | 411 | ||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 1,833 | 1,422 | — | 3,255 | (3,255 | ) | — | — | — | — | |||||||||||
OTC instruments | — | 29 | — | 29 | (14 | ) | — | — | 15 | — | ||||||||||||
Physical forward contracts* | — | 189 | — | 189 | (38 | ) | — | — | 151 | — | ||||||||||||
Floating-rate debt | 68 | — | — | 68 | N/A | N/A | — | 68 | N/A | |||||||||||||
Fixed-rate debt, excluding capital leases** | — | 8,806 | — | 8,806 | N/A | N/A | (400 | ) | 8,406 | N/A | ||||||||||||
$ | 1,901 | 10,446 | — | 12,347 | (3,307 | ) | — | (400 | ) | 8,640 |
Millions of Dollars | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Fair Value* | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Before- Tax Loss | |||||||||||
September 30, 2014 | |||||||||||||||
Net asset disposal group (held for sale) | $ | 72 | 72 | — | — | 12 |
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Millions of Dollars | ||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||
Service cost | $ | 32 | 9 | 30 | 9 | 1 | 1 | |||||||||||
Interest cost | 27 | 7 | 27 | 9 | 2 | 2 | ||||||||||||
Expected return on plan assets | (35 | ) | (9 | ) | (35 | ) | (9 | ) | — | — | ||||||||
Amortization of prior service cost | — | — | 1 | — | — | — | ||||||||||||
Recognized net actuarial loss | 19 | 4 | 10 | 3 | — | — | ||||||||||||
Settlements | 75 | — | — | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 118 | 11 | 33 | 12 | 3 | 3 | |||||||||||
Nine Months Ended September 30 | ||||||||||||||||||
Service cost | $ | 94 | 29 | 91 | 29 | 5 | 5 | |||||||||||
Interest cost | 81 | 21 | 81 | 27 | 6 | 6 | ||||||||||||
Expected return on plan assets | (105 | ) | (28 | ) | (106 | ) | (28 | ) | — | — | ||||||||
Amortization of prior service cost (credit) | 2 | (1 | ) | 2 | (1 | ) | (1 | ) | (1 | ) | ||||||||
Recognized net actuarial loss (gain) | 56 | 12 | 30 | 9 | (1 | ) | (1 | ) | ||||||||||
Settlements | 76 | — | — | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 204 | 33 | 98 | 36 | 9 | 9 |
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Millions of Dollars | ||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Income (Loss) | |||||||||
December 31, 2013 | $ | (404 | ) | 443 | (2 | ) | 37 | |||||
Other comprehensive income (loss) before reclassifications | 6 | (97 | ) | — | (91 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss)* | ||||||||||||
Amortization of defined benefit plan items** | ||||||||||||
Actuarial losses | 29 | — | — | 29 | ||||||||
Net current period other comprehensive income (loss) | 35 | (97 | ) | — | (62 | ) | ||||||
September 30, 2014 | $ | (369 | ) | 346 | (2 | ) | (25 | ) | ||||
December 31, 2014 | $ | (696 | ) | 167 | (2 | ) | (531 | ) | ||||
Other comprehensive loss before reclassifications | (63 | ) | (88 | ) | — | (151 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss)* | ||||||||||||
Amortization of defined benefit plan items** | ||||||||||||
Actuarial losses and settlements | 94 | — | — | 94 | ||||||||
Net current period other comprehensive income (loss) | 31 | (88 | ) | — | (57 | ) | ||||||
September 30, 2015 | $ | (665 | ) | 79 | (2 | ) | (588 | ) |
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Millions of Dollars | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Operating revenues and other income (a) | $ | 581 | 1,653 | 1,872 | 5,306 | |||||||
Purchases (b) | 1,927 | 3,772 | 6,281 | 12,298 | ||||||||
Operating expenses and selling, general and administrative expenses (c) | 29 | 33 | 91 | 109 | ||||||||
Interest expense (d) | 2 | 2 | 5 | 6 |
(a) | NGL and other petrochemical feedstocks, along with solvents, were sold to CPChem, and gas oil and hydrogen feedstocks were sold to Excel. Certain feedstocks and intermediate products were sold to WRB. We also acted as agent for WRB in supplying crude oil and other feedstocks, wherein the transactional amounts did not impact operating revenues. In addition, we charged several of our affiliates, including CPChem and MSLP, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. |
(b) | We purchased crude oil and refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents, wherein the transactional amounts did not impact purchases. We purchased natural gas and NGL from DCP Midstream, LLC (DCP Midstream) and CPChem for use in our refinery processes and other feedstocks from various affiliates. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting finished refined products. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. |
(c) | We paid utility and processing fees to various affiliates. |
(d) | We incurred interest expense on a note payable to MSLP. |
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1) | Midstream—Gathers, processes, transports and markets natural gas; and transports, fractionates and markets NGL in the United States. In addition, this segment transports crude oil and other feedstocks to our refineries and other locations, delivers refined and specialty products to market, and provides storage services for crude oil and petroleum products. The Midstream segment includes, among other businesses, our 50 percent equity investment in DCP Midstream and our investment in Phillips 66 Partners. |
2) | Chemicals—Manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of our 50 percent equity investment in CPChem. |
3) | Refining—Buys, sells and refines crude oil and other feedstocks at 14 refineries, mainly in the United States and Europe. |
4) | Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as base oils and lubricants), as well as power generation operations. |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Sales and Other Operating Revenues | ||||||||||
Midstream | ||||||||||
Total sales | $ | 821 | 1,323 | 2,703 | 4,633 | |||||
Intersegment eliminations | (250 | ) | (255 | ) | (747 | ) | (821 | ) | ||
Total Midstream | 571 | 1,068 | 1,956 | 3,812 | ||||||
Chemicals | 1 | 2 | 4 | 6 | ||||||
Refining | ||||||||||
Total sales | 16,511 | 28,910 | 49,737 | 91,753 | ||||||
Intersegment eliminations | (10,758 | ) | (17,768 | ) | (31,434 | ) | (54,119 | ) | ||
Total Refining | 5,753 | 11,142 | 18,303 | 37,634 | ||||||
Marketing and Specialties | ||||||||||
Total sales | 19,852 | 28,663 | 57,943 | 86,198 | ||||||
Intersegment eliminations | (386 | ) | (466 | ) | (1,146 | ) | (1,424 | ) | ||
Total Marketing and Specialties | 19,466 | 28,197 | 56,797 | 84,774 | ||||||
Corporate and Other | 1 | 8 | 22 | 23 | ||||||
Consolidated sales and other operating revenues | $ | 25,792 | 40,417 | 77,082 | 126,249 | |||||
Net Income (Loss) Attributable to Phillips 66 | ||||||||||
Midstream | $ | 101 | 115 | 90 | 411 | |||||
Chemicals | 252 | 230 | 750 | 870 | ||||||
Refining | 1,003 | 558 | 2,145 | 1,254 | ||||||
Marketing and Specialties | 338 | 368 | 956 | 667 | ||||||
Corporate and Other | (116 | ) | (91 | ) | (364 | ) | (293 | ) | ||
Discontinued operations | — | — | — | 706 | ||||||
Consolidated net income attributable to Phillips 66 | $ | 1,578 | 1,180 | 3,577 | 3,615 |
Millions of Dollars | ||||||
September 30 2015 | December 31 2014 | |||||
Total Assets | ||||||
Midstream | $ | 9,251 | 7,295 | |||
Chemicals | 5,168 | 5,209 | ||||
Refining | 22,777 | 22,808 | ||||
Marketing and Specialties | 6,428 | 7,051 | ||||
Corporate and Other | 5,791 | 6,378 | ||||
Consolidated total assets | $ | 49,415 | 48,741 |
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• | Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). |
• | All other nonguarantor subsidiaries. |
• | The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. |
Millions of Dollars | |||||||||||
Three Months Ended September 30, 2015 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 18,122 | 7,670 | — | 25,792 | |||||
Equity in earnings of affiliates | 1,637 | 946 | 89 | (2,089 | ) | 583 | |||||
Net gain on dispositions | — | — | 22 | — | 22 | ||||||
Other income | — | 12 | 8 | — | 20 | ||||||
Intercompany revenues | — | 264 | 2,556 | (2,820 | ) | — | |||||
Total Revenues and Other Income | 1,637 | 19,344 | 10,345 | (4,909 | ) | 26,417 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 14,210 | 7,138 | (2,768 | ) | 18,580 | |||||
Operating expenses | — | 887 | 203 | (7 | ) | 1,083 | |||||
Selling, general and administrative expenses | 2 | 339 | 107 | (11 | ) | 437 | |||||
Depreciation and amortization | — | 206 | 64 | — | 270 | ||||||
Impairments | — | 1 | — | — | 1 | ||||||
Taxes other than income taxes | — | 1,396 | 2,214 | — | 3,610 | ||||||
Accretion on discounted liabilities | — | 4 | 1 | — | 5 | ||||||
Interest and debt expense | 90 | 7 | 8 | (34 | ) | 71 | |||||
Foreign currency transaction losses | — | 1 | — | — | 1 | ||||||
Total Costs and Expenses | 92 | 17,051 | 9,735 | (2,820 | ) | 24,058 | |||||
Income from continuing operations before income taxes | 1,545 | 2,293 | 610 | (2,089 | ) | 2,359 | |||||
Provision (benefit) for income taxes | (33 | ) | 656 | 144 | — | 767 | |||||
Income From Continuing Operations | 1,578 | 1,637 | 466 | (2,089 | ) | 1,592 | |||||
Income from discontinued operations | — | — | — | — | — | ||||||
Net income | 1,578 | 1,637 | 466 | (2,089 | ) | 1,592 | |||||
Less: net income attributable to noncontrolling interests | — | — | 14 | — | 14 | ||||||
Net Income Attributable to Phillips 66 | $ | 1,578 | 1,637 | 452 | (2,089 | ) | 1,578 | ||||
Comprehensive Income | $ | 1,459 | 1,518 | 365 | (1,869 | ) | 1,473 |
Millions of Dollars | |||||||||||
Three Months Ended September 30, 2014 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 27,700 | 12,717 | — | 40,417 | |||||
Equity in earnings of affiliates | 1,225 | 816 | 87 | (1,617 | ) | 511 | |||||
Net gain on dispositions | — | — | 109 | — | 109 | ||||||
Other income | — | 3 | 8 | — | 11 | ||||||
Intercompany revenues | — | 749 | 4,757 | (5,506 | ) | — | |||||
Total Revenues and Other Income | 1,225 | 29,268 | 17,678 | (7,123 | ) | 41,048 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 24,785 | 14,272 | (5,455 | ) | 33,602 | |||||
Operating expenses | — | 893 | 221 | (10 | ) | 1,104 | |||||
Selling, general and administrative expenses | — | 301 | 122 | (22 | ) | 401 | |||||
Depreciation and amortization | — | 189 | 60 | — | 249 | ||||||
Impairments | — | — | 12 | — | 12 | ||||||
Taxes other than income taxes | — | 1,405 | 2,470 | (1 | ) | 3,874 | |||||
Accretion on discounted liabilities | — | 5 | 1 | — | 6 | ||||||
Interest and debt expense | 69 | 3 | 6 | (18 | ) | 60 | |||||
Foreign currency transaction losses | — | — | 13 | — | 13 | ||||||
Total Costs and Expenses | 69 | 27,581 | 17,177 | (5,506 | ) | 39,321 | |||||
Income from continuing operations before income taxes | 1,156 | 1,687 | 501 | (1,617 | ) | 1,727 | |||||
Provision (benefit) for income taxes | (24 | ) | 462 | 100 | — | 538 | |||||
Income From Continuing Operations | 1,180 | 1,225 | 401 | (1,617 | ) | 1,189 | |||||
Income from discontinued operations | — | — | — | — | — | ||||||
Net income | 1,180 | 1,225 | 401 | (1,617 | ) | 1,189 | |||||
Less: net income attributable to noncontrolling interests | — | — | 9 | — | 9 | ||||||
Net Income Attributable to Phillips 66 | $ | 1,180 | 1,225 | 392 | (1,617 | ) | 1,180 | ||||
Comprehensive Income | $ | 969 | 1,014 | 178 | (1,183 | ) | 978 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 53,612 | 23,470 | — | 77,082 | |||||
Equity in earnings (losses) of affiliates | 3,760 | 2,362 | (13 | ) | (4,663 | ) | 1,446 | ||||
Net gain (loss) on dispositions | — | (115 | ) | 398 | — | 283 | |||||
Other income | — | 77 | 32 | — | 109 | ||||||
Intercompany revenues | — | 753 | 7,699 | (8,452 | ) | — | |||||
Total Revenues and Other Income | 3,760 | 56,689 | 31,586 | (13,115 | ) | 78,920 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 42,959 | 22,899 | (8,330 | ) | 57,528 | |||||
Operating expenses | 4 | 2,543 | 704 | (31 | ) | 3,220 | |||||
Selling, general and administrative expenses | 5 | 934 | 311 | (13 | ) | 1,237 | |||||
Depreciation and amortization | — | 614 | 183 | — | 797 | ||||||
Impairments | — | 3 | — | — | 3 | ||||||
Taxes other than income taxes | — | 4,212 | 6,409 | — | 10,621 | ||||||
Accretion on discounted liabilities | — | 12 | 4 | — | 16 | ||||||
Interest and debt expense | 273 | 19 | 22 | (78 | ) | 236 | |||||
Foreign currency transaction losses | — | 1 | 49 | — | 50 | ||||||
Total Costs and Expenses | 282 | 51,297 | 30,581 | (8,452 | ) | 73,708 | |||||
Income from continuing operations before income taxes | 3,478 | 5,392 | 1,005 | (4,663 | ) | 5,212 | |||||
Provision (benefit) for income taxes | (99 | ) | 1,632 | 65 | — | 1,598 | |||||
Income from Continuing Operations | 3,577 | 3,760 | 940 | (4,663 | ) | 3,614 | |||||
Income from discontinued operations | — | — | — | — | — | ||||||
Net income | 3,577 | 3,760 | 940 | (4,663 | ) | 3,614 | |||||
Less: net income attributable to noncontrolling interests | — | — | 37 | — | 37 | ||||||
Net Income Attributable to Phillips 66 | $ | 3,577 | 3,760 | 903 | (4,663 | ) | 3,577 | ||||
Comprehensive Income | $ | 3,520 | 3,703 | 878 | (4,544 | ) | 3,557 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 85,084 | 41,165 | — | 126,249 | |||||
Equity in earnings of affiliates | 3,055 | 2,269 | 395 | (3,666 | ) | 2,053 | |||||
Net gain on dispositions | — | — | 125 | — | 125 | ||||||
Other income | — | 43 | 16 | — | 59 | ||||||
Intercompany revenues | — | 2,084 | 15,158 | (17,242 | ) | — | |||||
Total Revenues and Other Income | 3,055 | 89,480 | 56,859 | (20,908 | ) | 128,486 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 76,839 | 47,568 | (17,108 | ) | 107,299 | |||||
Operating expenses | 2 | 2,658 | 638 | (27 | ) | 3,271 | |||||
Selling, general and administrative expenses | 5 | 903 | 377 | (70 | ) | 1,215 | |||||
Depreciation and amortization | — | 552 | 170 | — | 722 | ||||||
Impairments | — | 2 | 14 | — | 16 | ||||||
Taxes other than income taxes | — | 4,122 | 7,223 | (1 | ) | 11,344 | |||||
Accretion on discounted liabilities | — | 14 | 4 | — | 18 | ||||||
Interest and debt expense | 202 | 13 | 15 | (36 | ) | 194 | |||||
Foreign currency transaction losses | — | — | 23 | — | 23 | ||||||
Total Costs and Expenses | 209 | 85,103 | 56,032 | (17,242 | ) | 124,102 | |||||
Income from continuing operations before income taxes | 2,846 | 4,377 | 827 | (3,666 | ) | 4,384 | |||||
Provision (benefit) for income taxes | (73 | ) | 1,322 | 202 | — | 1,451 | |||||
Income from Continuing Operations | 2,919 | 3,055 | 625 | (3,666 | ) | 2,933 | |||||
Income from discontinued operations* | 696 | — | 10 | — | 706 | ||||||
Net income | 3,615 | 3,055 | 635 | (3,666 | ) | 3,639 | |||||
Less: net income attributable to noncontrolling interests | — | — | 24 | — | 24 | ||||||
Net Income Attributable to Phillips 66 | $ | 3,615 | 3,055 | 611 | (3,666 | ) | 3,615 | ||||
Comprehensive Income | $ | 3,553 | 2,993 | 546 | (3,515 | ) | 3,577 | ||||
* Net of provision for income taxes on discontinued operations: | $ | — | — | 5 | — | 5 |
Millions of Dollars | |||||||||||
September 30, 2015 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 984 | 3,838 | — | 4,822 | |||||
Accounts and notes receivable | 15 | 3,438 | 2,297 | (552 | ) | 5,198 | |||||
Inventories | — | 2,698 | 1,690 | — | 4,388 | ||||||
Prepaid expenses and other current assets | — | 395 | 246 | — | 641 | ||||||
Total Current Assets | 15 | 7,515 | 8,071 | (552 | ) | 15,049 | |||||
Investments and long-term receivables | 32,970 | 22,799 | 5,729 | (50,897 | ) | 10,601 | |||||
Net properties, plants and equipment | — | 12,479 | 6,778 | — | 19,257 | ||||||
Goodwill | — | 3,040 | 235 | — | 3,275 | ||||||
Intangibles | — | 696 | 183 | — | 879 | ||||||
Other assets | 62 | 146 | 150 | (4 | ) | 354 | |||||
Total Assets | $ | 33,047 | 46,675 | 21,146 | (51,453 | ) | 49,415 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 4,166 | 3,248 | (552 | ) | 6,862 | ||||
Short-term debt | — | 25 | 18 | — | 43 | ||||||
Accrued income and other taxes | — | 408 | 572 | — | 980 | ||||||
Employee benefit obligations | — | 415 | 43 | — | 458 | ||||||
Other accruals | 144 | 246 | 142 | — | 532 | ||||||
Total Current Liabilities | 144 | 5,260 | 4,023 | (552 | ) | 8,875 | |||||
Long-term debt | 7,457 | 162 | 1,289 | — | 8,908 | ||||||
Asset retirement obligations and accrued environmental costs | — | 492 | 189 | — | 681 | ||||||
Deferred income taxes | — | 4,224 | 1,181 | (4 | ) | 5,401 | |||||
Employee benefit obligations | — | 1,045 | 204 | — | 1,249 | ||||||
Other liabilities and deferred credits | 2,223 | 2,570 | 3,035 | (7,559 | ) | 269 | |||||
Total Liabilities | 9,824 | 13,753 | 9,921 | (8,115 | ) | 25,383 | |||||
Common stock | 11,782 | 25,404 | 9,314 | (34,718 | ) | 11,782 | |||||
Retained earnings | 12,029 | 8,106 | 1,128 | (9,263 | ) | 12,000 | |||||
Accumulated other comprehensive income (loss) | (588 | ) | (588 | ) | (55 | ) | 643 | (588 | ) | ||
Noncontrolling interests | — | — | 838 | — | 838 | ||||||
Total Liabilities and Equity | $ | 33,047 | 46,675 | 21,146 | (51,453 | ) | 49,415 |
Millions of Dollars | |||||||||||
December 31, 2014 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 2,045 | 3,162 | — | 5,207 | |||||
Accounts and notes receivable | 14 | 5,069 | 3,274 | (1,102 | ) | 7,255 | |||||
Inventories | — | 2,026 | 1,371 | — | 3,397 | ||||||
Prepaid expenses and other current assets | 9 | 429 | 399 | — | 837 | ||||||
Total Current Assets | 23 | 9,569 | 8,206 | (1,102 | ) | 16,696 | |||||
Investments and long-term receivables | 30,141 | 18,896 | 4,631 | (43,479 | ) | 10,189 | |||||
Net properties, plants and equipment | — | 12,267 | 5,079 | — | 17,346 | ||||||
Goodwill | — | 3,040 | 234 | — | 3,274 | ||||||
Intangibles | — | 694 | 206 | — | 900 | ||||||
Other assets | 60 | 159 | 121 | (4 | ) | 336 | |||||
Total Assets | $ | 30,224 | 44,625 | 18,477 | (44,585 | ) | 48,741 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 5,618 | 3,548 | (1,102 | ) | 8,064 | ||||
Short-term debt | 798 | 26 | 18 | — | 842 | ||||||
Accrued income and other taxes | — | 356 | 522 | — | 878 | ||||||
Employee benefit obligations | — | 409 | 53 | — | 462 | ||||||
Other accruals | 65 | 242 | 541 | — | 848 | ||||||
Total Current Liabilities | 863 | 6,651 | 4,682 | (1,102 | ) | 11,094 | |||||
Long-term debt | 7,457 | 159 | 226 | — | 7,842 | ||||||
Asset retirement obligations and accrued environmental costs | — | 494 | 189 | — | 683 | ||||||
Deferred income taxes | — | 4,240 | 1,255 | (4 | ) | 5,491 | |||||
Employee benefit obligations | — | 1,074 | 231 | — | 1,305 | ||||||
Other liabilities and deferred credits | 285 | 1,919 | 2,126 | (4,041 | ) | 289 | |||||
Total Liabilities | 8,605 | 14,537 | 8,709 | (5,147 | ) | 26,704 | |||||
Common stock | 12,812 | 25,405 | 8,240 | (33,645 | ) | 12,812 | |||||
Retained earnings | 9,338 | 5,214 | 1,074 | (6,317 | ) | 9,309 | |||||
Accumulated other comprehensive income (loss) | (531 | ) | (531 | ) | 7 | 524 | (531 | ) | |||
Noncontrolling interests | — | — | 447 | — | 447 | ||||||
Total Liabilities and Equity | $ | 30,224 | 44,625 | 18,477 | (44,585 | ) | 48,741 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Cash Flows From Operating Activities | |||||||||||
Net cash provided by continuing operating activities | $ | 884 | 2,179 | 2,131 | (978 | ) | 4,216 | ||||
Net cash provided by discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by Operating Activities | 884 | 2,179 | 2,131 | (978 | ) | 4,216 | |||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments* | — | (925 | ) | (3,195 | ) | 834 | (3,286 | ) | |||
Proceeds from asset dispositions | — | 774 | 176 | (882 | ) | 68 | |||||
Intercompany lending activities | 1,938 | (2,201 | ) | 263 | — | — | |||||
Advances/loans—related parties | — | (50 | ) | — | — | (50 | ) | ||||
Collection of advances/loans—related parties | — | 50 | — | — | 50 | ||||||
Other | — | (22 | ) | 24 | — | 2 | |||||
Net cash provided by (used in) continuing investing activities | 1,938 | (2,374 | ) | (2,732 | ) | (48 | ) | (3,216 | ) | ||
Net cash used in discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by (Used in) Investing Activities | 1,938 | (2,374 | ) | (2,732 | ) | (48 | ) | (3,216 | ) | ||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | — | — | 1,169 | — | 1,169 | ||||||
Repayment of debt | (800 | ) | (19 | ) | (99 | ) | — | (918 | ) | ||
Issuance of common stock | (27 | ) | — | — | — | (27 | ) | ||||
Repurchase of common stock | (1,106 | ) | — | — | — | (1,106 | ) | ||||
Dividends paid on common stock | (874 | ) | (874 | ) | (64 | ) | 938 | (874 | ) | ||
Distributions to controlling interests | — | — | (186 | ) | 186 | — | |||||
Distributions to noncontrolling interests | — | — | (30 | ) | — | (30 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 384 | — | 384 | ||||||
Other* | (15 | ) | 27 | 88 | (98 | ) | 2 | ||||
Net cash provided by (used in) continuing financing activities | (2,822 | ) | (866 | ) | 1,262 | 1,026 | (1,400 | ) | |||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by (Used in) Financing Activities | (2,822 | ) | (866 | ) | 1,262 | 1,026 | (1,400 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 15 | — | 15 | ||||||
Net Change in Cash and Cash Equivalents | — | (1,061 | ) | 676 | — | (385 | ) | ||||
Cash and cash equivalents at beginning of period | — | 2,045 | 3,162 | — | 5,207 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 984 | 3,838 | — | 4,822 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Cash Flows From Operating Activities | |||||||||||
Net cash provided by continuing operating activities | $ | 60 | 982 | 1,759 | (146 | ) | 2,655 | ||||
Net cash provided by discontinued operations | — | — | 2 | — | 2 | ||||||
Net Cash Provided by Operating Activities | 60 | 982 | 1,761 | (146 | ) | 2,657 | |||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments* | — | (1,747 | ) | (1,885 | ) | 985 | (2,647 | ) | |||
Proceeds from asset dispositions | — | 999 | 64 | (400 | ) | 663 | |||||
Intercompany lending activities | 2,937 | (1,743 | ) | (1,194 | ) | — | — | ||||
Advances/loans—related parties | — | — | (3 | ) | — | (3 | ) | ||||
Other | — | (1 | ) | 162 | — | 161 | |||||
Net cash provided by (used in) continuing investing activities | 2,937 | (2,492 | ) | (2,856 | ) | 585 | (1,826 | ) | |||
Net cash used in discontinued operations | — | — | (2 | ) | — | (2 | ) | ||||
Net Cash Provided by (Used in) Investing Activities | 2,937 | (2,492 | ) | (2,858 | ) | 585 | (1,828 | ) | |||
Cash Flows From Financing Activities | |||||||||||
Repayment of debt | — | (15 | ) | (15 | ) | — | (30 | ) | |||
Issuance of common stock | 1 | — | — | — | 1 | ||||||
Repurchase of common stock | (1,750 | ) | — | — | — | (1,750 | ) | ||||
Share exchange—PSPI transaction | (450 | ) | — | — | — | (450 | ) | ||||
Dividends paid on common stock | (787 | ) | — | (102 | ) | 102 | (787 | ) | |||
Distributions to controlling interests | — | — | (305 | ) | 305 | — | |||||
Distributions to noncontrolling interests | — | — | (18 | ) | — | (18 | ) | ||||
Other* | (11 | ) | 33 | 847 | (846 | ) | 23 | ||||
Net cash provided by (used in) continuing financing activities | (2,997 | ) | 18 | 407 | (439 | ) | (3,011 | ) | |||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by (Used in) Financing Activities | (2,997 | ) | 18 | 407 | (439 | ) | (3,011 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (110 | ) | — | (110 | ) | ||||
Net Change in Cash and Cash Equivalents | — | (1,492 | ) | (800 | ) | — | (2,292 | ) | |||
Cash and cash equivalents at beginning of period | — | 2,162 | 3,238 | — | 5,400 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 670 | 2,438 | — | 3,108 |
|
|
Millions of Dollars | ||||||
September 30 2015 | December 31 2014 | |||||
Crude oil and petroleum products | $ | 4,124 | 3,141 | |||
Materials and supplies | 264 | 256 | ||||
$ | 4,388 | 3,397 |
|
Millions of Dollars | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Revenues | $ | 5,266 | 7,896 | 16,092 | 24,579 | |||||||
Income before income taxes | 881 | 784 | 2,611 | 3,094 | ||||||||
Net income | 860 | 758 | 2,556 | 3,021 |
|
Millions of Dollars | ||||||||||||||||||
September 30, 2015 | December 31, 2014 | |||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | |||||||||||||
Midstream | $ | 6,571 | 1,257 | 5,314 | 4,726 | 1,185 | 3,541 | |||||||||||
Chemicals | — | — | — | — | — | — | ||||||||||||
Refining | 20,656 | 7,898 | 12,758 | 19,951 | 7,424 | 12,527 | ||||||||||||
Marketing and Specialties | 1,445 | 745 | 700 | 1,490 | 738 | 752 | ||||||||||||
Corporate and Other | 966 | 481 | 485 | 978 | 452 | 526 | ||||||||||||
$ | 29,638 | 10,381 | 19,257 | 27,145 | 9,799 | 17,346 |
|
Millions of Dollars | ||||||
September 30 2015 | December 31 2014 | |||||
Assets | ||||||
Accounts and notes receivable | $ | (1 | ) | (1 | ) | |
Prepaid expenses and other current assets | 1,770 | 3,839 | ||||
Other assets | 25 | 29 | ||||
Liabilities | ||||||
Other accruals | 1,657 | 3,472 | ||||
Other liabilities and deferred credits | 21 | 1 |
Millions of Dollars | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Sales and other operating revenues | $ | 195 | 179 | 21 | 208 | |||||||
Equity in earnings of affiliates | — | 6 | — | 4 | ||||||||
Other income | 12 | (3 | ) | 59 | 12 | |||||||
Purchased crude oil and products | 117 | 71 | 66 | 28 |
Open Position Long/(Short) | |||||
September 30 2015 | December 31 2014 | ||||
Commodity | |||||
Crude oil, refined products and NGL (millions of barrels) | (29 | ) | (11 | ) |
|
Millions of Dollars | ||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 979 | 738 | — | 1,717 | (1,588 | ) | (10 | ) | — | 119 | 1 | ||||||||||
OTC instruments | — | 12 | — | 12 | (5 | ) | — | — | 7 | — | ||||||||||||
Physical forward contracts* | — | 63 | 2 | 65 | (4 | ) | — | — | 61 | — | ||||||||||||
Rabbi trust assets | 80 | — | — | 80 | N/A | N/A | — | 80 | N/A | |||||||||||||
$ | 1,059 | 813 | 2 | 1,874 | (1,597 | ) | (10 | ) | — | 267 | ||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 979 | 660 | — | 1,639 | (1,588 | ) | (50 | ) | — | 1 | 1 | ||||||||||
OTC instruments | — | 9 | — | 9 | (5 | ) | — | — | 4 | — | ||||||||||||
Physical forward contracts* | — | 30 | — | 30 | (4 | ) | — | — | 26 | — | ||||||||||||
Floating-rate debt | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | |||||||||||||
Fixed-rate debt, excluding capital leases** | — | 8,793 | — | 8,793 | N/A | N/A | (106 | ) | 8,687 | N/A | ||||||||||||
$ | 1,029 | 9,492 | — | 10,521 | (1,597 | ) | (50 | ) | (106 | ) | 8,768 |
Millions of Dollars | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 2,058 | 1,525 | — | 3,583 | (3,255 | ) | (225 | ) | — | 103 | — | ||||||||||
OTC instruments | — | 24 | — | 24 | (14 | ) | — | — | 10 | — | ||||||||||||
Physical forward contracts* | — | 253 | 7 | 260 | (38 | ) | — | — | 222 | — | ||||||||||||
Rabbi trust assets | 76 | — | — | 76 | N/A | N/A | — | 76 | N/A | |||||||||||||
$ | 2,134 | 1,802 | 7 | 3,943 | (3,307 | ) | (225 | ) | — | 411 | ||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 1,833 | 1,422 | — | 3,255 | (3,255 | ) | — | — | — | — | |||||||||||
OTC instruments | — | 29 | — | 29 | (14 | ) | — | — | 15 | — | ||||||||||||
Physical forward contracts* | — | 189 | — | 189 | (38 | ) | — | — | 151 | — | ||||||||||||
Floating-rate debt | 68 | — | — | 68 | N/A | N/A | — | 68 | N/A | |||||||||||||
Fixed-rate debt, excluding capital leases** | — | 8,806 | — | 8,806 | N/A | N/A | (400 | ) | 8,406 | N/A | ||||||||||||
$ | 1,901 | 10,446 | — | 12,347 | (3,307 | ) | — | (400 | ) | 8,640 |
Millions of Dollars | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Fair Value* | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Before- Tax Loss | |||||||||||
September 30, 2014 | |||||||||||||||
Net asset disposal group (held for sale) | $ | 72 | 72 | — | — | 12 |
|
Millions of Dollars | ||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||
Service cost | $ | 32 | 9 | 30 | 9 | 1 | 1 | |||||||||||
Interest cost | 27 | 7 | 27 | 9 | 2 | 2 | ||||||||||||
Expected return on plan assets | (35 | ) | (9 | ) | (35 | ) | (9 | ) | — | — | ||||||||
Amortization of prior service cost | — | — | 1 | — | — | — | ||||||||||||
Recognized net actuarial loss | 19 | 4 | 10 | 3 | — | — | ||||||||||||
Settlements | 75 | — | — | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 118 | 11 | 33 | 12 | 3 | 3 | |||||||||||
Nine Months Ended September 30 | ||||||||||||||||||
Service cost | $ | 94 | 29 | 91 | 29 | 5 | 5 | |||||||||||
Interest cost | 81 | 21 | 81 | 27 | 6 | 6 | ||||||||||||
Expected return on plan assets | (105 | ) | (28 | ) | (106 | ) | (28 | ) | — | — | ||||||||
Amortization of prior service cost (credit) | 2 | (1 | ) | 2 | (1 | ) | (1 | ) | (1 | ) | ||||||||
Recognized net actuarial loss (gain) | 56 | 12 | 30 | 9 | (1 | ) | (1 | ) | ||||||||||
Settlements | 76 | — | — | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 204 | 33 | 98 | 36 | 9 | 9 |
|
Millions of Dollars | ||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Income (Loss) | |||||||||
December 31, 2013 | $ | (404 | ) | 443 | (2 | ) | 37 | |||||
Other comprehensive income (loss) before reclassifications | 6 | (97 | ) | — | (91 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss)* | ||||||||||||
Amortization of defined benefit plan items** | ||||||||||||
Actuarial losses | 29 | — | — | 29 | ||||||||
Net current period other comprehensive income (loss) | 35 | (97 | ) | — | (62 | ) | ||||||
September 30, 2014 | $ | (369 | ) | 346 | (2 | ) | (25 | ) | ||||
December 31, 2014 | $ | (696 | ) | 167 | (2 | ) | (531 | ) | ||||
Other comprehensive loss before reclassifications | (63 | ) | (88 | ) | — | (151 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss)* | ||||||||||||
Amortization of defined benefit plan items** | ||||||||||||
Actuarial losses and settlements | 94 | — | — | 94 | ||||||||
Net current period other comprehensive income (loss) | 31 | (88 | ) | — | (57 | ) | ||||||
September 30, 2015 | $ | (665 | ) | 79 | (2 | ) | (588 | ) |
|
Millions of Dollars | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Operating revenues and other income (a) | $ | 581 | 1,653 | 1,872 | 5,306 | |||||||
Purchases (b) | 1,927 | 3,772 | 6,281 | 12,298 | ||||||||
Operating expenses and selling, general and administrative expenses (c) | 29 | 33 | 91 | 109 | ||||||||
Interest expense (d) | 2 | 2 | 5 | 6 |
(a) | NGL and other petrochemical feedstocks, along with solvents, were sold to CPChem, and gas oil and hydrogen feedstocks were sold to Excel. Certain feedstocks and intermediate products were sold to WRB. We also acted as agent for WRB in supplying crude oil and other feedstocks, wherein the transactional amounts did not impact operating revenues. In addition, we charged several of our affiliates, including CPChem and MSLP, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. |
(b) | We purchased crude oil and refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents, wherein the transactional amounts did not impact purchases. We purchased natural gas and NGL from DCP Midstream, LLC (DCP Midstream) and CPChem for use in our refinery processes and other feedstocks from various affiliates. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting finished refined products. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. |
(c) | We paid utility and processing fees to various affiliates. |
(d) | We incurred interest expense on a note payable to MSLP. |
|
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Sales and Other Operating Revenues | ||||||||||
Midstream | ||||||||||
Total sales | $ | 821 | 1,323 | 2,703 | 4,633 | |||||
Intersegment eliminations | (250 | ) | (255 | ) | (747 | ) | (821 | ) | ||
Total Midstream | 571 | 1,068 | 1,956 | 3,812 | ||||||
Chemicals | 1 | 2 | 4 | 6 | ||||||
Refining | ||||||||||
Total sales | 16,511 | 28,910 | 49,737 | 91,753 | ||||||
Intersegment eliminations | (10,758 | ) | (17,768 | ) | (31,434 | ) | (54,119 | ) | ||
Total Refining | 5,753 | 11,142 | 18,303 | 37,634 | ||||||
Marketing and Specialties | ||||||||||
Total sales | 19,852 | 28,663 | 57,943 | 86,198 | ||||||
Intersegment eliminations | (386 | ) | (466 | ) | (1,146 | ) | (1,424 | ) | ||
Total Marketing and Specialties | 19,466 | 28,197 | 56,797 | 84,774 | ||||||
Corporate and Other | 1 | 8 | 22 | 23 | ||||||
Consolidated sales and other operating revenues | $ | 25,792 | 40,417 | 77,082 | 126,249 | |||||
Net Income (Loss) Attributable to Phillips 66 | ||||||||||
Midstream | $ | 101 | 115 | 90 | 411 | |||||
Chemicals | 252 | 230 | 750 | 870 | ||||||
Refining | 1,003 | 558 | 2,145 | 1,254 | ||||||
Marketing and Specialties | 338 | 368 | 956 | 667 | ||||||
Corporate and Other | (116 | ) | (91 | ) | (364 | ) | (293 | ) | ||
Discontinued operations | — | — | — | 706 | ||||||
Consolidated net income attributable to Phillips 66 | $ | 1,578 | 1,180 | 3,577 | 3,615 |
Millions of Dollars | ||||||
September 30 2015 | December 31 2014 | |||||
Total Assets | ||||||
Midstream | $ | 9,251 | 7,295 | |||
Chemicals | 5,168 | 5,209 | ||||
Refining | 22,777 | 22,808 | ||||
Marketing and Specialties | 6,428 | 7,051 | ||||
Corporate and Other | 5,791 | 6,378 | ||||
Consolidated total assets | $ | 49,415 | 48,741 |
|
Millions of Dollars | |||||||||||
Three Months Ended September 30, 2015 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 18,122 | 7,670 | — | 25,792 | |||||
Equity in earnings of affiliates | 1,637 | 946 | 89 | (2,089 | ) | 583 | |||||
Net gain on dispositions | — | — | 22 | — | 22 | ||||||
Other income | — | 12 | 8 | — | 20 | ||||||
Intercompany revenues | — | 264 | 2,556 | (2,820 | ) | — | |||||
Total Revenues and Other Income | 1,637 | 19,344 | 10,345 | (4,909 | ) | 26,417 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 14,210 | 7,138 | (2,768 | ) | 18,580 | |||||
Operating expenses | — | 887 | 203 | (7 | ) | 1,083 | |||||
Selling, general and administrative expenses | 2 | 339 | 107 | (11 | ) | 437 | |||||
Depreciation and amortization | — | 206 | 64 | — | 270 | ||||||
Impairments | — | 1 | — | — | 1 | ||||||
Taxes other than income taxes | — | 1,396 | 2,214 | — | 3,610 | ||||||
Accretion on discounted liabilities | — | 4 | 1 | — | 5 | ||||||
Interest and debt expense | 90 | 7 | 8 | (34 | ) | 71 | |||||
Foreign currency transaction losses | — | 1 | — | — | 1 | ||||||
Total Costs and Expenses | 92 | 17,051 | 9,735 | (2,820 | ) | 24,058 | |||||
Income from continuing operations before income taxes | 1,545 | 2,293 | 610 | (2,089 | ) | 2,359 | |||||
Provision (benefit) for income taxes | (33 | ) | 656 | 144 | — | 767 | |||||
Income From Continuing Operations | 1,578 | 1,637 | 466 | (2,089 | ) | 1,592 | |||||
Income from discontinued operations | — | — | — | — | — | ||||||
Net income | 1,578 | 1,637 | 466 | (2,089 | ) | 1,592 | |||||
Less: net income attributable to noncontrolling interests | — | — | 14 | — | 14 | ||||||
Net Income Attributable to Phillips 66 | $ | 1,578 | 1,637 | 452 | (2,089 | ) | 1,578 | ||||
Comprehensive Income | $ | 1,459 | 1,518 | 365 | (1,869 | ) | 1,473 |
Millions of Dollars | |||||||||||
Three Months Ended September 30, 2014 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 27,700 | 12,717 | — | 40,417 | |||||
Equity in earnings of affiliates | 1,225 | 816 | 87 | (1,617 | ) | 511 | |||||
Net gain on dispositions | — | — | 109 | — | 109 | ||||||
Other income | — | 3 | 8 | — | 11 | ||||||
Intercompany revenues | — | 749 | 4,757 | (5,506 | ) | — | |||||
Total Revenues and Other Income | 1,225 | 29,268 | 17,678 | (7,123 | ) | 41,048 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 24,785 | 14,272 | (5,455 | ) | 33,602 | |||||
Operating expenses | — | 893 | 221 | (10 | ) | 1,104 | |||||
Selling, general and administrative expenses | — | 301 | 122 | (22 | ) | 401 | |||||
Depreciation and amortization | — | 189 | 60 | — | 249 | ||||||
Impairments | — | — | 12 | — | 12 | ||||||
Taxes other than income taxes | — | 1,405 | 2,470 | (1 | ) | 3,874 | |||||
Accretion on discounted liabilities | — | 5 | 1 | — | 6 | ||||||
Interest and debt expense | 69 | 3 | 6 | (18 | ) | 60 | |||||
Foreign currency transaction losses | — | — | 13 | — | 13 | ||||||
Total Costs and Expenses | 69 | 27,581 | 17,177 | (5,506 | ) | 39,321 | |||||
Income from continuing operations before income taxes | 1,156 | 1,687 | 501 | (1,617 | ) | 1,727 | |||||
Provision (benefit) for income taxes | (24 | ) | 462 | 100 | — | 538 | |||||
Income From Continuing Operations | 1,180 | 1,225 | 401 | (1,617 | ) | 1,189 | |||||
Income from discontinued operations | — | — | — | — | — | ||||||
Net income | 1,180 | 1,225 | 401 | (1,617 | ) | 1,189 | |||||
Less: net income attributable to noncontrolling interests | — | — | 9 | — | 9 | ||||||
Net Income Attributable to Phillips 66 | $ | 1,180 | 1,225 | 392 | (1,617 | ) | 1,180 | ||||
Comprehensive Income | $ | 969 | 1,014 | 178 | (1,183 | ) | 978 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 53,612 | 23,470 | — | 77,082 | |||||
Equity in earnings (losses) of affiliates | 3,760 | 2,362 | (13 | ) | (4,663 | ) | 1,446 | ||||
Net gain (loss) on dispositions | — | (115 | ) | 398 | — | 283 | |||||
Other income | — | 77 | 32 | — | 109 | ||||||
Intercompany revenues | — | 753 | 7,699 | (8,452 | ) | — | |||||
Total Revenues and Other Income | 3,760 | 56,689 | 31,586 | (13,115 | ) | 78,920 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 42,959 | 22,899 | (8,330 | ) | 57,528 | |||||
Operating expenses | 4 | 2,543 | 704 | (31 | ) | 3,220 | |||||
Selling, general and administrative expenses | 5 | 934 | 311 | (13 | ) | 1,237 | |||||
Depreciation and amortization | — | 614 | 183 | — | 797 | ||||||
Impairments | — | 3 | — | — | 3 | ||||||
Taxes other than income taxes | — | 4,212 | 6,409 | — | 10,621 | ||||||
Accretion on discounted liabilities | — | 12 | 4 | — | 16 | ||||||
Interest and debt expense | 273 | 19 | 22 | (78 | ) | 236 | |||||
Foreign currency transaction losses | — | 1 | 49 | — | 50 | ||||||
Total Costs and Expenses | 282 | 51,297 | 30,581 | (8,452 | ) | 73,708 | |||||
Income from continuing operations before income taxes | 3,478 | 5,392 | 1,005 | (4,663 | ) | 5,212 | |||||
Provision (benefit) for income taxes | (99 | ) | 1,632 | 65 | — | 1,598 | |||||
Income from Continuing Operations | 3,577 | 3,760 | 940 | (4,663 | ) | 3,614 | |||||
Income from discontinued operations | — | — | — | — | — | ||||||
Net income | 3,577 | 3,760 | 940 | (4,663 | ) | 3,614 | |||||
Less: net income attributable to noncontrolling interests | — | — | 37 | — | 37 | ||||||
Net Income Attributable to Phillips 66 | $ | 3,577 | 3,760 | 903 | (4,663 | ) | 3,577 | ||||
Comprehensive Income | $ | 3,520 | 3,703 | 878 | (4,544 | ) | 3,557 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 85,084 | 41,165 | — | 126,249 | |||||
Equity in earnings of affiliates | 3,055 | 2,269 | 395 | (3,666 | ) | 2,053 | |||||
Net gain on dispositions | — | — | 125 | — | 125 | ||||||
Other income | — | 43 | 16 | — | 59 | ||||||
Intercompany revenues | — | 2,084 | 15,158 | (17,242 | ) | — | |||||
Total Revenues and Other Income | 3,055 | 89,480 | 56,859 | (20,908 | ) | 128,486 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 76,839 | 47,568 | (17,108 | ) | 107,299 | |||||
Operating expenses | 2 | 2,658 | 638 | (27 | ) | 3,271 | |||||
Selling, general and administrative expenses | 5 | 903 | 377 | (70 | ) | 1,215 | |||||
Depreciation and amortization | — | 552 | 170 | — | 722 | ||||||
Impairments | — | 2 | 14 | — | 16 | ||||||
Taxes other than income taxes | — | 4,122 | 7,223 | (1 | ) | 11,344 | |||||
Accretion on discounted liabilities | — | 14 | 4 | — | 18 | ||||||
Interest and debt expense | 202 | 13 | 15 | (36 | ) | 194 | |||||
Foreign currency transaction losses | — | — | 23 | — | 23 | ||||||
Total Costs and Expenses | 209 | 85,103 | 56,032 | (17,242 | ) | 124,102 | |||||
Income from continuing operations before income taxes | 2,846 | 4,377 | 827 | (3,666 | ) | 4,384 | |||||
Provision (benefit) for income taxes | (73 | ) | 1,322 | 202 | — | 1,451 | |||||
Income from Continuing Operations | 2,919 | 3,055 | 625 | (3,666 | ) | 2,933 | |||||
Income from discontinued operations* | 696 | — | 10 | — | 706 | ||||||
Net income | 3,615 | 3,055 | 635 | (3,666 | ) | 3,639 | |||||
Less: net income attributable to noncontrolling interests | — | — | 24 | — | 24 | ||||||
Net Income Attributable to Phillips 66 | $ | 3,615 | 3,055 | 611 | (3,666 | ) | 3,615 | ||||
Comprehensive Income | $ | 3,553 | 2,993 | 546 | (3,515 | ) | 3,577 | ||||
* Net of provision for income taxes on discontinued operations: | $ | — | — | 5 | — | 5 |
Millions of Dollars | |||||||||||
September 30, 2015 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 984 | 3,838 | — | 4,822 | |||||
Accounts and notes receivable | 15 | 3,438 | 2,297 | (552 | ) | 5,198 | |||||
Inventories | — | 2,698 | 1,690 | — | 4,388 | ||||||
Prepaid expenses and other current assets | — | 395 | 246 | — | 641 | ||||||
Total Current Assets | 15 | 7,515 | 8,071 | (552 | ) | 15,049 | |||||
Investments and long-term receivables | 32,970 | 22,799 | 5,729 | (50,897 | ) | 10,601 | |||||
Net properties, plants and equipment | — | 12,479 | 6,778 | — | 19,257 | ||||||
Goodwill | — | 3,040 | 235 | — | 3,275 | ||||||
Intangibles | — | 696 | 183 | — | 879 | ||||||
Other assets | 62 | 146 | 150 | (4 | ) | 354 | |||||
Total Assets | $ | 33,047 | 46,675 | 21,146 | (51,453 | ) | 49,415 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 4,166 | 3,248 | (552 | ) | 6,862 | ||||
Short-term debt | — | 25 | 18 | — | 43 | ||||||
Accrued income and other taxes | — | 408 | 572 | — | 980 | ||||||
Employee benefit obligations | — | 415 | 43 | — | 458 | ||||||
Other accruals | 144 | 246 | 142 | — | 532 | ||||||
Total Current Liabilities | 144 | 5,260 | 4,023 | (552 | ) | 8,875 | |||||
Long-term debt | 7,457 | 162 | 1,289 | — | 8,908 | ||||||
Asset retirement obligations and accrued environmental costs | — | 492 | 189 | — | 681 | ||||||
Deferred income taxes | — | 4,224 | 1,181 | (4 | ) | 5,401 | |||||
Employee benefit obligations | — | 1,045 | 204 | — | 1,249 | ||||||
Other liabilities and deferred credits | 2,223 | 2,570 | 3,035 | (7,559 | ) | 269 | |||||
Total Liabilities | 9,824 | 13,753 | 9,921 | (8,115 | ) | 25,383 | |||||
Common stock | 11,782 | 25,404 | 9,314 | (34,718 | ) | 11,782 | |||||
Retained earnings | 12,029 | 8,106 | 1,128 | (9,263 | ) | 12,000 | |||||
Accumulated other comprehensive income (loss) | (588 | ) | (588 | ) | (55 | ) | 643 | (588 | ) | ||
Noncontrolling interests | — | — | 838 | — | 838 | ||||||
Total Liabilities and Equity | $ | 33,047 | 46,675 | 21,146 | (51,453 | ) | 49,415 |
Millions of Dollars | |||||||||||
December 31, 2014 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 2,045 | 3,162 | — | 5,207 | |||||
Accounts and notes receivable | 14 | 5,069 | 3,274 | (1,102 | ) | 7,255 | |||||
Inventories | — | 2,026 | 1,371 | — | 3,397 | ||||||
Prepaid expenses and other current assets | 9 | 429 | 399 | — | 837 | ||||||
Total Current Assets | 23 | 9,569 | 8,206 | (1,102 | ) | 16,696 | |||||
Investments and long-term receivables | 30,141 | 18,896 | 4,631 | (43,479 | ) | 10,189 | |||||
Net properties, plants and equipment | — | 12,267 | 5,079 | — | 17,346 | ||||||
Goodwill | — | 3,040 | 234 | — | 3,274 | ||||||
Intangibles | — | 694 | 206 | — | 900 | ||||||
Other assets | 60 | 159 | 121 | (4 | ) | 336 | |||||
Total Assets | $ | 30,224 | 44,625 | 18,477 | (44,585 | ) | 48,741 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 5,618 | 3,548 | (1,102 | ) | 8,064 | ||||
Short-term debt | 798 | 26 | 18 | — | 842 | ||||||
Accrued income and other taxes | — | 356 | 522 | — | 878 | ||||||
Employee benefit obligations | — | 409 | 53 | — | 462 | ||||||
Other accruals | 65 | 242 | 541 | — | 848 | ||||||
Total Current Liabilities | 863 | 6,651 | 4,682 | (1,102 | ) | 11,094 | |||||
Long-term debt | 7,457 | 159 | 226 | — | 7,842 | ||||||
Asset retirement obligations and accrued environmental costs | — | 494 | 189 | — | 683 | ||||||
Deferred income taxes | — | 4,240 | 1,255 | (4 | ) | 5,491 | |||||
Employee benefit obligations | — | 1,074 | 231 | — | 1,305 | ||||||
Other liabilities and deferred credits | 285 | 1,919 | 2,126 | (4,041 | ) | 289 | |||||
Total Liabilities | 8,605 | 14,537 | 8,709 | (5,147 | ) | 26,704 | |||||
Common stock | 12,812 | 25,405 | 8,240 | (33,645 | ) | 12,812 | |||||
Retained earnings | 9,338 | 5,214 | 1,074 | (6,317 | ) | 9,309 | |||||
Accumulated other comprehensive income (loss) | (531 | ) | (531 | ) | 7 | 524 | (531 | ) | |||
Noncontrolling interests | — | — | 447 | — | 447 | ||||||
Total Liabilities and Equity | $ | 30,224 | 44,625 | 18,477 | (44,585 | ) | 48,741 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Cash Flows From Operating Activities | |||||||||||
Net cash provided by continuing operating activities | $ | 884 | 2,179 | 2,131 | (978 | ) | 4,216 | ||||
Net cash provided by discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by Operating Activities | 884 | 2,179 | 2,131 | (978 | ) | 4,216 | |||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments* | — | (925 | ) | (3,195 | ) | 834 | (3,286 | ) | |||
Proceeds from asset dispositions | — | 774 | 176 | (882 | ) | 68 | |||||
Intercompany lending activities | 1,938 | (2,201 | ) | 263 | — | — | |||||
Advances/loans—related parties | — | (50 | ) | — | — | (50 | ) | ||||
Collection of advances/loans—related parties | — | 50 | — | — | 50 | ||||||
Other | — | (22 | ) | 24 | — | 2 | |||||
Net cash provided by (used in) continuing investing activities | 1,938 | (2,374 | ) | (2,732 | ) | (48 | ) | (3,216 | ) | ||
Net cash used in discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by (Used in) Investing Activities | 1,938 | (2,374 | ) | (2,732 | ) | (48 | ) | (3,216 | ) | ||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | — | — | 1,169 | — | 1,169 | ||||||
Repayment of debt | (800 | ) | (19 | ) | (99 | ) | — | (918 | ) | ||
Issuance of common stock | (27 | ) | — | — | — | (27 | ) | ||||
Repurchase of common stock | (1,106 | ) | — | — | — | (1,106 | ) | ||||
Dividends paid on common stock | (874 | ) | (874 | ) | (64 | ) | 938 | (874 | ) | ||
Distributions to controlling interests | — | — | (186 | ) | 186 | — | |||||
Distributions to noncontrolling interests | — | — | (30 | ) | — | (30 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 384 | — | 384 | ||||||
Other* | (15 | ) | 27 | 88 | (98 | ) | 2 | ||||
Net cash provided by (used in) continuing financing activities | (2,822 | ) | (866 | ) | 1,262 | 1,026 | (1,400 | ) | |||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by (Used in) Financing Activities | (2,822 | ) | (866 | ) | 1,262 | 1,026 | (1,400 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 15 | — | 15 | ||||||
Net Change in Cash and Cash Equivalents | — | (1,061 | ) | 676 | — | (385 | ) | ||||
Cash and cash equivalents at beginning of period | — | 2,045 | 3,162 | — | 5,207 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 984 | 3,838 | — | 4,822 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Cash Flows From Operating Activities | |||||||||||
Net cash provided by continuing operating activities | $ | 60 | 982 | 1,759 | (146 | ) | 2,655 | ||||
Net cash provided by discontinued operations | — | — | 2 | — | 2 | ||||||
Net Cash Provided by Operating Activities | 60 | 982 | 1,761 | (146 | ) | 2,657 | |||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments* | — | (1,747 | ) | (1,885 | ) | 985 | (2,647 | ) | |||
Proceeds from asset dispositions | — | 999 | 64 | (400 | ) | 663 | |||||
Intercompany lending activities | 2,937 | (1,743 | ) | (1,194 | ) | — | — | ||||
Advances/loans—related parties | — | — | (3 | ) | — | (3 | ) | ||||
Other | — | (1 | ) | 162 | — | 161 | |||||
Net cash provided by (used in) continuing investing activities | 2,937 | (2,492 | ) | (2,856 | ) | 585 | (1,826 | ) | |||
Net cash used in discontinued operations | — | — | (2 | ) | — | (2 | ) | ||||
Net Cash Provided by (Used in) Investing Activities | 2,937 | (2,492 | ) | (2,858 | ) | 585 | (1,828 | ) | |||
Cash Flows From Financing Activities | |||||||||||
Repayment of debt | — | (15 | ) | (15 | ) | — | (30 | ) | |||
Issuance of common stock | 1 | — | — | — | 1 | ||||||
Repurchase of common stock | (1,750 | ) | — | — | — | (1,750 | ) | ||||
Share exchange—PSPI transaction | (450 | ) | — | — | — | (450 | ) | ||||
Dividends paid on common stock | (787 | ) | — | (102 | ) | 102 | (787 | ) | |||
Distributions to controlling interests | — | — | (305 | ) | 305 | — | |||||
Distributions to noncontrolling interests | — | — | (18 | ) | — | (18 | ) | ||||
Other* | (11 | ) | 33 | 847 | (846 | ) | 23 | ||||
Net cash provided by (used in) continuing financing activities | (2,997 | ) | 18 | 407 | (439 | ) | (3,011 | ) | |||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | ||||||
Net Cash Provided by (Used in) Financing Activities | (2,997 | ) | 18 | 407 | (439 | ) | (3,011 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (110 | ) | — | (110 | ) | ||||
Net Change in Cash and Cash Equivalents | — | (1,492 | ) | (800 | ) | — | (2,292 | ) | |||
Cash and cash equivalents at beginning of period | — | 2,162 | 3,238 | — | 5,400 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 670 | 2,438 | — | 3,108 |
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