Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Phillips 66, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Sales and other operating revenues	107,293)	111,461)	102,354)	84,279)	98,975)
Purchased crude oil and products	(95,529)	(97,930)	(79,409)	(62,468)	(73,399)
Operating expenses	(5,074)	(4,880)	(4,699)	(4,275)	(4,294)
Cost of operating revenues	(100,603)	(102,810)	(84,108)	(66,743)	(77,693)
Excise taxes on sales of petroleum products	—)	—)	(13,054)	(13,381)	(13,780)
Gross profit	6,690)	8,651)	5,192)	4,155)	7,502)
Selling, general and administrative expenses	(1,681)	(1,677)	(1,695)	(1,638)	(1,670)
Depreciation and amortization	(1,341)	(1,356)	(1,318)	(1,168)	(1,078)
Impairments	(861)	(8)	(24)	(5)	(7)
Taxes other than income taxes	(409)	(425)	(408)	(307)	(297)
Accretion on discounted liabilities	(23)	(23)	(22)	(21)	(21)
Operating income	2,375)	5,162)	1,725)	1,016)	4,429)
Equity in earnings of affiliates	2,127)	2,676)	1,732)	1,414)	1,573)
Net gain on dispositions	20)	19)	15)	10)	283)
Interest income	43)	45)	31)	18)	27)
Gain on consolidation of business	—)	—)	423)	—)	—)
Other, net	76)	16)	67)	56)	91)
Other income	119)	61)	521)	74)	118)
Interest and debt expense	(458)	(504)	(438)	(338)	(310)
Foreign currency transaction gains (losses)	(5)	31)	—)	15)	(49)
Income before income taxes	4,178)	7,445)	3,555)	2,191)	6,044)
Income tax (expense) benefit	(801)	(1,572)	1,693)	(547)	(1,764)
Net income	3,377)	5,873)	5,248)	1,644)	4,280)
Net income attributable to noncontrolling interests	(301)	(278)	(142)	(89)	(53)
Net income attributable to Phillips 66	3,076)	5,595)	5,106)	1,555)	4,227)

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).

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Income statement item	Description	The company
Sales and other operating revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Phillips 66 sales and other operating revenues increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Phillips 66 operating income increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Phillips 66 income before income taxes increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Net income attributable to Phillips 66	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Phillips 66 net income attributable to Phillips 66 increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

Phillips 66 (NYSE:PSX)

Income Statement