PHILLIPS 66 PARTNERS LP

CIK:0001572910|SEC Filings

Consolidated Statement of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues and Other Income
Revenues	$ 1,146	$ 1,038	$ 1,126
Equity in earnings of affiliates	595	493	535
Gain from equity interest transfer	0	84	0
Other income	13	3	6
Total Revenues and Other Income	1,754	1,618	1,667
Costs and Expenses
Operating and maintenance expenses	383	342	405
Depreciation	141	135	120
Impairments	208	96	0
General and administrative expenses	71	66	67
Taxes other than income taxes	41	40	39
Interest and debt expense	128	121	108
Other expenses	1	7	2
Total costs and expenses	973	807	741
Income before income taxes	781	811	926
Income tax expense	4	3	3
Net Income	777	808	923
Less: Net income attributable to noncontrolling interest	42	17	0
Net Income Attributable to the Partnership	735	791	923
Less: Preferred unitholders’ interest in net income attributable to the Partnership	48	41	37
Less: General partner’s interest in net income attributable to the Partnership	0	0	140
Limited Partners’ Interest in Net Income Attributable to the Partnership	$ 687	$ 750	$ 746
Common Units
Net Income Attributable to the Partnership Per Limited Partner Unit (dollars)
Common units—basic (in usd per share)	$ 3.00	$ 3.29	$ 4.45
Common units—diluted (in usd per share)	$ 3.00	$ 3.27	$ 4.29
Weighted-Average Limited Partner Units Outstanding (thousands)
Common units—basic (in shares)	228,340,146	228,333,213	167,655,306
Common units—diluted (in shares)	228,340,000	242,153,000	181,475,000
Related Party Sales
Revenues and Other Income
Revenues	$ 1,116	$ 1,008	$ 1,097
Third Party
Revenues and Other Income
Revenues	$ 30	$ 30	$ 29

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net Income	$ 777	$ 808	$ 923
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	141	135	120
Impairments	208	96	0
Undistributed equity earnings	(4)	7	(3)
Gain from equity interest transfer	0	(84)	0
Other	2	8	10
Working capital adjustments
Accounts receivable	(19)	(1)	(11)
Materials and supplies	21	(1)	0
Prepaid expenses and other current assets	4	(1)	10
Accounts payable	19	(16)	7
Accrued interest	0	(7)	5
Deferred revenues	(4)	11	(45)
Other accruals	8	0	0
Net Cash Provided by Operating Activities	1,153	955	1,016
Cash Flows From Investing Activities
Cash capital expenditures and investments	(311)	(910)	(1,095)
Advances/loans—related party	0	0	(95)
Collection of advances/loans—related party	0	0	95
Liberty acquisition	0	(75)	0
Return of investment from equity affiliates	137	177	67
Proceeds from sale of equity interest	22	0	81
Net Cash Used in Investing Activities	(152)	(808)	(947)
Cash Flows From Financing Activities
Issuance of debt	450	415	1,758
Repayment of debt	(465)	(25)	(1,286)
Issuance of common units	0	2	169
Debt issuance costs	(1)	0	(8)
Repurchase of preferred units	(24)	0	0
Net proceeds from equity interest transfer	0	40	342
Proceeds from noncontrolling interest	0	3	0
Distributions to noncontrolling interest	(58)	(32)	0
Other contributions from (distributions to) Phillips 66	(1)	8	(3)
Net Cash Provided by (Used in) Financing Activities	(946)	(426)	216
Net Change in Cash and Cash Equivalents	55	(279)	285
Cash and cash equivalents at beginning of period	62	7	286
Cash and Cash Equivalents at End of Period	7	286	1
Preferred Unitholders Public
Cash Flows From Financing Activities
Quarterly distributions to common unitholders/General Partner	(48)	(38)	(37)
Public \| Preferred Unitholders Public
Cash Flows From Operating Activities
Net Income	48	41	37
Public \| Common Units
Cash Flows From Operating Activities
Net Income	176	192	252
Cash Flows From Financing Activities
Quarterly distributions to common unitholders/General Partner	(205)	(205)	(192)
General Partner
Cash Flows From Financing Activities
Quarterly distributions to common unitholders/General Partner	0	0	(206)
Phillips 66 \| Non-public \| Common Units
Cash Flows From Operating Activities
Net Income	511	558	494
Cash Flows From Financing Activities
Quarterly distributions to common unitholders/General Partner	$ (594)	$ (594)	$ (321)

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 62	$ 7
Accounts receivable—related parties	119	103
Accounts receivable—third parties	7	3
Materials and supplies	16	16
Prepaid expenses and other current assets	7	11
Total current assets	211	140
Equity investments	2,929	3,244
Net properties, plants and equipment	3,727	3,639
Goodwill	185	185
Other assets	49	50
Total Assets	7,101	7,258
Liabilities
Accounts payable—related parties	30	19
Accounts payable—third parties	67	73
Accrued interest	35	35
Deferred revenues	23	27
Short-term debt	450	465
Accrued property and other taxes	16	11
Other current liabilities	6	3
Total current liabilities	627	633
Long-term debt	3,447	3,444
Other liabilities	90	90
Total Liabilities	4,164	4,167
Equity
Accumulated other comprehensive loss	(2)	(1)
Total unitholders’ equity	2,660	2,798
Noncontrolling interest	277	293
Total Equity	2,937	3,091
Total Liabilities and Equity	7,101	7,258
Public \| Preferred Unitholders Public
Equity
Preferred unitholders (2021—13,451,263 units issued and outstanding; 2020—13,819,791 units issued and outstanding)	729	749
Total Equity	729	749
Public \| Common Units
Equity
Common unitholders	2,676	2,706
Total Equity	2,676	2,706
Non-public \| Common Units \| Phillips 66
Equity
Common unitholders	(743)	(656)
Total Equity	$ (743)	$ (656)