Analysis of Revenues
Revenues as Reported
Phillips 66, income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
Consolidated sales and other operating revenues exhibited a cyclical trend between 2015 and 2019. A notable contraction occurred in 2016, with total revenues declining to 84,279 million USD from 98,975 million USD in the previous year. This was followed by a period of recovery and growth, reaching a peak of 111,461 million USD in 2018, before experiencing a slight decrease to 107,293 million USD by the end of 2019.
- Refined Petroleum Products
- As the primary revenue driver, this segment showed significant volatility early in the period, dropping from 86,249 million USD in 2015 to 73,385 million USD in 2016. However, a strong recovery was observed starting in 2017, with revenues stabilizing between 85,405 million USD and 87,967 million USD through 2019.
- Crude Oil Resales
- This revenue stream demonstrated a consistent upward trajectory from 2016 to 2018, increasing from 7,594 million USD to a peak of 16,419 million USD. A moderate correction occurred in 2019, with values settling at 14,125 million USD.
- Natural Gas Liquids (NGL)
- NGL revenues experienced steady growth from 2015 through 2018, rising from 2,998 million USD to 6,161 million USD. This represents a significant expansion of the stream before a decline to 4,814 million USD was recorded in 2019.
- Services and Other
- This segment remained the smallest contributor to total revenue and was characterized by high year-over-year instability. Revenue fluctuated from a high of 735 million USD in 2015 to a low of 193 million USD in 2016, before peaking at 914 million USD in 2018 and falling again to 452 million USD in 2019.
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