Analyst, Derivatives Accounting

Phillips 66 & YOU - Together we can fuel the future

Responsibilities & Essential Functions – Supervise personnel that will be performing Daily and Monthly duties:

Daily - Provide accounting support to Commercial trading business:

• Process financial trades into the trading system (SAP TRM) and work with the Trader to make sure the trade blotter is properly submitted to the Derivatives Accounting mailbox
• Perform daily cash settlements of listed market trades, pay/collect daily margin calls with clearing brokers, and enter daily margin calls/receipts into SAP S4
• Perform daily open trade equity and cash reconciliations to confirm all listed market trades executed through the previous business day tie with our clearing broker (SOX underlying control)
• Perform afternoon trade match reconciliation with the clearing broker, resolve trade discrepancies, and communicate with the clearing broker, Traders, Pricing, and Risk 

Monthly - Perform monthly accounting close functions for all financial trades:

• Monthly P&S process (move settled contracts to cash and settle all broker fees) for all listed market trades
• Analyze expiring options, liquidate realized trades, and communicate expiry position to Traders
• Book month-end cash adjustments entry from the trading system to SAP
• Pay floor broker commission invoices
• Verify data between SAP financial trading system & SAP FI accounting system for all financial trades (listed market, internal trades & OTC)
• Run month-end accounting reports from the financial trading system, validate and post month-end close journal entries in the accounting system
• Tie out and post month-end realized & mark-to-market journal entries for all financial (paper) trades for Houston, WRB, and Canada
• Work with London & Singapore Derivatives Accounting Analysts to tie out and post-month-end realized & mark-to-market journal entries for inter-company swap trades
• Prepare and record monthly manual journal entries for paper trades (working capital allocation, broker reclass, collateral netting, etc.)
• Generate reports from COPA, verify and distribute monthly Derivatives earnings reports 
• Monthly reconciliation of all assigned balance sheet accounts

Other Duties include General/Project:

• Develop a working knowledge of SAP system processing and reporting  
• Develop strong working relationships with the trade floor, clearing broker, and all commercial support groups including Risk, Pricing, and F&PA
• Assist with any SAP upgrades/patches 
• Assist with Audit and Tax requests
• Provide ad-hoc reports as needed

Required Qualifications:

• Bachelor’s degree in accounting or finance
• Basic knowledge of Excel 
• Strong communication and interpersonal skills are required due to daily interaction with the front office
• Ability to multi-task, strong time management to working under time constraints to meet daily deadlines
• Detail-oriented, accurate, and able to deal with large volumes of data

Preferred Qualifications:

• Master’s degree 
• Working knowledge of SAP
• Advanced Excel knowledge (macros, pivots, etc.)
• Trading system experience and/or general understanding of Commercial trading business 

Total Rewards

At Phillips 66, providing access to high quality programs and care for you and your family is important to us. Maintaining a culture of well-being — physical, emotional, social, and financial — is essential for a high-performing organization. When we are at our best, we are poised to deliver exceptional results — personally and professionally. Benefits for certain eligible, full-time employees include:

• Annual Variable Cash Incentive Program (VCIP) bonus
• 8% 401k company match
• Cash Balance Account pension
• Medical, Dental, and Vision benefits with an annual company contribution to a Health Savings Account for employees on HDHP
• Total well-being programs and incentives, including Employee Assistance Plan, well-being reimbursement, and backup family care services

Learn more about Phillips 66 Total Rewards.

Phillips 66 has more than 140 years of experience in providing the energy that enables people to dream bigger and go farther, faster. We are committed to improving lives, and that is our promise to our employees and our communities. We are sustained by the backgrounds and experiences of our diverse teams, which reflect who we are, the environment we create and how we work together. We have been recognized by the Human Rights Campaign, U.S. Department of Labor and the Military Times for our continued commitment to inclusive practices and policies in the hiring and retention of those in the LGBTQ+ community and military veterans. Our company is built on values of safety, honor and commitment. We call our cultural mindset Our Energy in Action, which we define through four simple, intuitive behaviors: We work for the greater good, create an environment of trust, seek different perspectives and achieve excellence.

Learn more about Phillips 66 and how we are working to meet the world's energy needs today and tomorrow, by visiting phillips66.com.

To be considered

In order to be considered for this position you must complete the entire application process, which includes answering all prescreening questions and providing your eSignature on or before the requisition closing date of 09/20/2024.

Candidates for regular U.S. positions must be a U.S. citizen or national, or an alien admitted as permanent resident, refugee, asylee or temporary resident under 8 U.S.C. 1160(a) or 1255(a)(1).  Individuals with temporary visas such as E, F-1, H-1, H-2, L, B, J, or TN or who need sponsorship for work authorization now or in the future, are not eligible for hire.