PHILLIPS 66 LIMITED
Company number: 00529086
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
25 July 2022
Approved by:
Nina McKnight
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 85%
- in 31 to 60 days: 13%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
2 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard contractual terms relating to payment for the procurement of goods and/or services is 30 days from receipts of the invoice. In the commodities traded market Phillips 66 uses industry standard terms which are negotiated with the suppliers as part of contractual negotiation . Phillips 66 implemented a new SAP system in July, there were a few system errors which slowed the invoice processing. This is now sorted and are turning the payment around in a timely manner.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Phillips 66 Vendors can use the Actian website that allows suppliers to view and monitor their account information, and a 24-hour hotline accounts payable call centre. Queries relating to the payment of invoices should, in the first instance be raised through the Actian website or the account payable hotline, we also have an email address Transaction.account@p66.com for vendor to follow up on queries. Queries relating to the payment of invoices can also be directed to the individual responsible for the managing of the contract to which such invoice relates.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No