Oceaneering International Inc (OII)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	477,058	700,973	702,067	805,251	796,516
Total stockholders’ equity	US$ in thousands	628,020	519,741	504,961	552,094	1,069,350
Debt-to-capital ratio		0.43	0.57	0.58	0.59	0.43

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $477,058K ÷ ($477,058K + $628,020K)
= 0.43

Oceaneering International, Inc.'s debt-to-capital ratio has been fluctuating over the past five years. The ratio decreased from 0.59 in 2020 to 0.43 in 2019, indicating a reduction in debt relative to total capital. However, this trend reversed as the ratio increased to 0.58 in 2021 and 0.57 in 2022, suggesting a higher proportion of debt in the capital structure during those years.

In 2023, the debt-to-capital ratio improved to 0.43, returning to the level seen in 2019. This decrease may indicate a decrease in debt or an increase in total capital during the year. Overall, the company's debt-to-capital ratio has shown some volatility over the period, demonstrating varying levels of leverage within the capital structure.