Phillips 66, balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Midstream	11,221)	9,663)	8,849)	8,179)	6,978)
Refining	23,692)	22,640)	22,144)	21,152)	20,850)
Marketing and specialties	1,847)	1,671)	1,658)	1,451)	1,422)
Corporate and other	1,311)	1,223)	1,091)	1,207)	1,060)
Gross PP&E	38,071)	35,197)	33,742)	31,989)	30,310)
Accum. D&A	(14,285)	(13,179)	(12,282)	(11,134)	(10,589)
Net PP&E	23,786)	22,018)	21,460)	20,855)	19,721)

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Item	Description	The company
Gross PP&E	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Phillips 66 gross PP&E increased from 2017 to 2018 and from 2018 to 2019.
Net PP&E	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Phillips 66 net PP&E increased from 2017 to 2018 and from 2018 to 2019.

Phillips 66, asset age ratios

		Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
	Average age ratio	37.52%	37.44%	36.40%	34.81%	34.94%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Phillips 66 average age ratio of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Accum. D&A	14,285)	13,179)	12,282)	11,134)	10,589)
Gross PP&E	38,071)	35,197)	33,742)	31,989)	30,310)
Asset Age Ratio
Average age¹	37.52%	37.44%	36.40%	34.81%	34.94%

2019 Calculations

¹ Average age = 100 × Accum. D&A ÷ Gross PP&E
= 100 × 14,285 ÷ 38,071 = 37.52%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Phillips 66 average age ratio of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.

Phillips 66 (NYSE:PSX)

Analysis of Property, Plant and Equipment