Phillips 66 (PSX)

Days of inventory on hand (DOH)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover		34.91	23.34	21.64	27.55	47.00	34.43	30.07	26.54	31.52	21.06	16.72	14.94	16.68	15.27	16.39	18.65	26.33	17.73	19.57	18.88
DOH	days	10.46	15.64	16.86	13.25	7.77	10.60	12.14	13.75	11.58	17.33	21.83	24.44	21.89	23.90	22.27	19.57	13.86	20.58	18.65	19.33

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 34.91
= 10.46

The days of inventory on hand (DOH) for Phillips 66 has shown some fluctuation over the past eight quarters. In Q4 2023, the company had 10.69 days of inventory on hand, which was a decrease from the previous quarter's figure of 16.17 days. This indicates that Phillips 66 was able to manage its inventory more efficiently in Q4 2023.

Comparing Q4 2023 to the same quarter in the previous year, the company's DOH increased from 7.98 days to 10.69 days, suggesting a slight deterioration in inventory management efficiency year-over-year.

Overall, the trend in Phillips 66's DOH over the past few quarters shows some variability but generally hovers around the 10-17 day range. Investors and stakeholders may want to further investigate the reasons behind these fluctuations and assess the company's inventory management strategies to ensure optimal utilization of resources and effectiveness in cost control.