Two aspects of hippocampal temporal coding during behaviour have come to dominate theories of hippocampal function: phase precession at the single-cell level, and theta sequences at the population level. Both their significance for memory functions as much as their connection to specific network dynamics and to each other, remain matter for speculation. Here we address these questions by taking advantage of simultaneous recordings of population activity and layer-specific LFP dynamics in the CA1 region. What we find is that these two phenomena are largely segregated both at the spatial and at the temporal level. Phase precession appears only in a subset of place fields. Moreover, even for these fields, phase-location correlation only emerges in coincidence with a strong presence of medium gamma in the network. Finally, the effects of phase precession are mostly felt in the early portions of the theta cycle. At the same time, the emergence of theta sequences appears to follow an almost completely complementary pattern. Cells exhibiting stronger phase locking of spikes are more likely to be involved in the sequential encoding of spatial locations, and more strongly so in coincidence with periods dominated by slow gamma oscillations. And as a further demonstration of their separation at a finer temporal scale, theta sequences are more likely expressed in the later portion of the theta cycle. While there has been much debate about the direction of dependency between phase precession and theta sequences, and about which of the two is the most fundamental for hippocampal computations, our results point to a radically different scenario, in which these two aspects of temporal coding are largely independent, if not downright complementary. Indeed, we argue that phase precession might have very little involvement in sequential coding and could be better understood as relevant for modulating plasticity of CA1 pyramidal cells.