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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto
Commission file number:001-35349

Phillips 66
(Exact name of registrant as specified in its charter) 
Delaware 45-3779385
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)

2331 CityWest Blvd., Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
832-765-3010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValuePSXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
The registrant had 472,632,213 shares of common stock, $0.01 par value, outstanding as of September 30, 2022.


PHILLIPS 66

TABLE OF CONTENTS
 



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
 
Consolidated Statement of IncomePhillips 66

 Millions of Dollars
 Three Months Ended
September 30
Nine Months Ended
September 30
 2022 2021 2022 2021 
Revenues and Other Income
Sales and other operating revenues$44,955 30,243 129,711 78,872 
Equity in earnings of affiliates782 982 2,384 2,097 
Net gain on dispositions1 9 2 11 
Other income3,026 238 2,698 304 
Total Revenues and Other Income48,764 31,472 134,795 81,284 
Costs and Expenses
Purchased crude oil and products38,646 27,529 114,786 72,812 
Operating expenses1,612 1,166 4,383 3,721 
Selling, general and administrative expenses617 424 1,538 1,265 
Depreciation and amortization430 361 1,127 1,081 
Impairments 1,298 2 1,496 
Taxes other than income taxes133 85 400 343 
Accretion on discounted liabilities5 6 17 18 
Interest and debt expense158 151 426 440 
Foreign currency transaction (gains) losses5 4 24 (5)
Total Costs and Expenses41,606 31,024 122,703 81,171 
Income before income taxes7,158 448 12,092 113 
Income tax expense (benefit)1,618 (40)2,713 (110)
Net Income 5,540 488 9,379 223 
Less: net income attributable to noncontrolling interests149 86 239 179 
Net Income Attributable to Phillips 66$5,391 402 9,140 44 
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic$11.19 0.91 19.37 0.08 
Diluted11.16 0.91 19.31 0.08 
Weighted-Average Common Shares Outstanding (thousands)
Basic481,388 440,193 471,375 439,880 
Diluted483,036 440,368 473,452 440,259 
See Notes to Consolidated Financial Statements.
1

Consolidated Statement of Comprehensive Income Phillips 66
 
 Millions of Dollars
 Three Months Ended
September 30
Nine Months Ended
September 30
 2022 2021 2022 2021 
Net Income$5,540 488 9,379 223 
Other comprehensive income (loss)
Defined benefit plans
Net actuarial gain (loss) arising during the period(4) (17)210 
Amortization of net actuarial loss, prior service credit and settlements42 36 93 105 
Plans sponsored by equity affiliates9 4 15 33 
Income taxes on defined benefit plans(7)(8)(15)(82)
Defined benefit plans, net of income taxes40 32 76 266 
Foreign currency translation adjustments(305)(74)(632)(70)
Income taxes on foreign currency translation adjustments4 2 7 2 
Foreign currency translation adjustments, net of income taxes(301)(72)(625)(68)
Cash flow hedges   3 
Income taxes on hedging activities   (1)
Hedging activities, net of income taxes   2 
Other Comprehensive Income (Loss), Net of Income Taxes(261)(40)(549)200 
Comprehensive Income 5,279 448 8,830 423 
Less: comprehensive income attributable to noncontrolling interests149 86 239 179 
Comprehensive Income Attributable to Phillips 66$5,130 362 8,591 244 
See Notes to Consolidated Financial Statements.
2

Consolidated Balance SheetPhillips 66
 
 Millions of Dollars
 September 30
2022
December 31
2021
Assets
Cash and cash equivalents$3,744 3,147 
Accounts and notes receivable (net of allowances of $64 million in 2022 and $44 million in 2021)
11,606 6,138 
Accounts and notes receivable—related parties2,046 1,332 
Inventories4,294 3,394 
Prepaid expenses and other current assets1,580 686 
Total Current Assets23,270 14,697 
Investments and long-term receivables14,772 14,471 
Net properties, plants and equipment34,962 22,435 
Goodwill1,486 1,484 
Intangibles845 813 
Other assets2,004 1,694 
Total Assets$77,339 55,594 
Liabilities
Accounts payable$11,449 7,629 
Accounts payable—related parties868 832 
Short-term debt 1,032 1,489 
Accrued income and other taxes1,836 1,254 
Employee benefit obligations714 638 
Other accruals1,983 959 
Total Current Liabilities17,882 12,801 
Long-term debt16,625 12,959 
Asset retirement obligations and accrued environmental costs862 727 
Deferred income taxes6,339 5,475 
Employee benefit obligations1,021 1,055 
Other liabilities and deferred credits1,301 940 
Total Liabilities44,030 33,957 
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value)
     Issued (2022—651,844,773 shares; 2021—650,026,318 shares)
Par value7 7 
Capital in excess of par19,738 20,504 
Treasury stock (at cost: 2022—179,212,560 shares; 2021—211,771,827 shares)
(14,526)(17,116)
Retained earnings24,008 16,216 
Accumulated other comprehensive loss(994)(445)
Total Stockholders’ Equity28,233 19,166 
Noncontrolling interests5,076 2,471 
Total Equity33,309 21,637 
Total Liabilities and Equity$77,339 55,594 
See Notes to Consolidated Financial Statements.
3

Consolidated Statement of Cash FlowsPhillips 66

 Millions of Dollars
 Nine Months Ended
September 30
 2022 2021 
Cash Flows From Operating Activities
Net income$9,379 223 
Adjustments to reconcile net income to net cash provided by operating
   activities
Depreciation and amortization1,127 1,081 
Impairments2 1,496 
Accretion on discounted liabilities17 18 
Deferred income taxes1,146 (290)
Undistributed equity earnings(985)(78)
Net gain on dispositions(2)(5)
Gain related to merger of businesses(3,013) 
Unrealized investment (gain) loss418 (224)
Other15 289 
Working capital adjustments
Accounts and notes receivable(4,430)(1,465)
Inventories(970)(495)
Prepaid expenses and other current assets(462)(369)
Accounts payable2,656 3,723 
Taxes and other accruals1,165 313 
Net Cash Provided by Operating Activities6,063 4,217 
Cash Flows From Investing Activities
Capital expenditures and investments(1,481)(1,263)
Return of investments in equity affiliates 78 236 
Proceeds from asset dispositions3 26 
Advances/loans—related parties(75)(310)
Collection of advances/loans—related parties236 1 
Other(17)(5)
Net Cash Used in Investing Activities(1,256)(1,315)
Cash Flows From Financing Activities
Issuance of debt 450 
Repayment of debt(1,957)(1,485)
Issuance of common stock67 24 
Repurchase of common stock(760) 
Dividends paid on common stock(1,337)(1,182)
Distributions to noncontrolling interests(104)(239)
Repurchase of noncontrolling interests (24)
Other(55)(36)
Net Cash Used in Financing Activities(4,146)(2,492)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(64)(27)
Net Change in Cash and Cash Equivalents597 383 
Cash and cash equivalents at beginning of period3,147 2,514 
Cash and Cash Equivalents at End of Period$3,744 2,897 
See Notes to Consolidated Financial Statements.
4

Consolidated Statement of Changes in EquityPhillips 66

Millions of Dollars
Three Months Ended September 30
 Attributable to Phillips 66 
 Common Stock   
 Par ValueCapital in Excess of ParTreasury StockRetained EarningsAccum. Other Comprehensive LossNoncontrolling InterestsTotal
June 30, 2022$7 19,717 (13,802)19,087 (733)297 24,573 
Net income   5,391  149 5,540 
Other comprehensive loss    (261) (261)
Dividends paid on common stock ($0.97 per share)
   (466)  (466)
Repurchase of common stock  (724)   (724)
Benefit plan activity 21  (4)  17 
Distributions to noncontrolling interests     (3)(3)
Merger of DCP Midstream, LLC and Gray
    Oak Holdings LLC
     4,633 4,633 
September 30, 2022$7 19,738 (14,526)24,008 (994)5,076 33,309 
June 30, 2021$6 20,463 (17,116)15,345 (549)2,453 20,602 
Net income— — — 402 — 86 488 
Other comprehensive loss— — — — (40)— (40)
Dividends paid on common stock ($0.90 per share)
— — — (394)— — (394)
Benefit plan activity— 25 — (3)— — 22 
Distributions to noncontrolling interests— — — — — (81)(81)
September 30, 2021$6 20,488 (17,116)15,350 (589)2,458 20,597 


Shares
Three Months Ended September 30
 Common Stock IssuedTreasury Stock
June 30, 2022651,697,833 170,646,736 
Repurchase of common stock  8,565,824 
Shares issued—share-based compensation146,940  
September 30, 2022651,844,773 179,212,560 
June 30, 2021649,761,235 211,771,827 
Shares issued—share-based compensation110,865 — 
September 30, 2021649,872,100 211,771,827 
See Notes to Consolidated Financial Statements.


5

Consolidated Statement of Changes in EquityPhillips 66
Millions of Dollars
Nine Months Ended September 30
Attributable to Phillips 66
Common Stock
Par ValueCapital in Excess of ParTreasury StockRetained EarningsAccum. Other Comprehensive LossNoncontrolling InterestsTotal
December 31, 2021$7 20,504 (17,116)16,216 (445)2,471 21,637 
Net income   9,140  239 9,379 
Other comprehensive loss    (549) (549)
Dividends paid on common stock ($2.86 per share)
   (1,337)  (1,337)
Repurchase of common stock  (790)   (790)
Benefit plan activity 135  (11)  124 
Distributions to noncontrolling interests     (104)(104)
Acquisition of noncontrolling interest in Phillips 66 Partners LP (901)3,380   (2,163)316 
Merger of DCP Midstream, LLC and Gray
    Oak Holdings LLC
     4,633 4,633 
September 30, 2022$7 19,738 (14,526)24,008 (994)5,076 33,309 
December 31, 2020$6 20,383 (17,116)16,500 (789)2,539 21,523 
Net income— — — 44 — 179 223 
Other comprehensive income— — — — 200 — 200 
Dividends paid on common stock ($2.70 per share)
— — — (1,182)— — (1,182)
Benefit plan activity— 105 — (10)— — 95 
Distributions to noncontrolling interests— — — — — (239)(239)
Repurchase of noncontrolling interests— — — (2)— (21)(23)
September 30, 2021$6 20,488 (17,116)15,350 (589)2,458 20,597 

Shares
Nine Months Ended September 30
Common Stock IssuedTreasury Stock
December 31, 2021650,026,318 211,771,827