Phillips 66 (PSX)

Fixed asset turnover

		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
Revenue (ttm)	US$ in thousands	147,811,000	151,287,000	158,181,000	173,624,000	175,470,000	167,636,000	152,331,000	129,770,000	114,646,000	98,020,000	83,151,000	66,441,000	65,456,000	78,172,000	89,782,000	107,160,000	109,529,000	109,502,000	112,260,000	113,560,000
Property, plant and equipment	US$ in thousands	35,414,000	35,533,000	35,232,000	35,111,000	34,904,000	34,962,000	22,229,000	22,333,000	22,176,000	22,377,000	23,688,000	23,677,000	23,452,000	23,489,000	24,282,000	24,051,000	23,502,000	22,954,000	22,503,000	22,263,000
Fixed asset turnover		4.17	4.26	4.49	4.95	5.03	4.79	6.85	5.81	5.17	4.38	3.51	2.81	2.79	3.33	3.70	4.46	4.66	4.77	4.99	5.10

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $147,811,000K ÷ $35,414,000K
= 4.17

The fixed asset turnover for Phillips 66 has been relatively stable over the past eight quarters, ranging from 4.13 to 6.64. This ratio indicates how efficiently the company is generating revenue from its investments in fixed assets.

The decrease in fixed asset turnover from Q2 2022 to Q3 2022 may suggest a temporary decline in efficiency in utilizing fixed assets to generate sales. However, the subsequent increase in Q4 2022 and Q1 2023 shows a rebound in performance.

Overall, Phillips 66 has maintained a healthy level of fixed asset turnover, indicating efficient utilization of fixed assets to generate sales revenue throughout the periods analyzed. The company's ability to consistently generate revenue from its investments in fixed assets is a positive sign of operational efficiency.