Phillips 66 (PSX)

Debt-to-equity ratio

		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
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	30,583,000	30,821,000	29,898,000	30,249,000	29,494,000	28,233,000	24,276,000	21,815,000	19,166,000	18,139,000	18,149,000	17,979,000	18,984,000	19,722,000	20,715,000	21,372,000	24,910,000	24,857,000	24,752,000	24,217,000
Debt-to-equity ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $—K ÷ $30,583,000K
= 0.00

The debt-to-equity ratio of Phillips 66 has been relatively stable over the past eight quarters, ranging from 0.53 to 0.66.

In Q1 2022 and Q4 2022, the company had lower debt-to-equity ratios of 0.61 and 0.58 respectively, indicating a lower level of debt compared to equity during those periods. This could suggest a conservative financial approach with a lower reliance on debt for funding operations and investments.

On the other hand, in Q2 2022 and Q3 2023, the company had higher debt-to-equity ratios of 0.66, which may indicate an increased level of debt relative to equity. This could imply a higher financial risk due to higher leverage and potential concerns about the company's ability to service its debt obligations.

Overall, the trend in the debt-to-equity ratio suggests that Phillips 66 has maintained a moderate level of leverage, balancing the use of debt and equity to finance its operations and investments. It would be prudent for stakeholders to monitor future changes in this ratio to assess the company's evolving financial risk profile and capital structure.