Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Expand Energy Corp., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Receivables Turnover
- The receivables turnover ratio exhibits substantial fluctuations over the observed periods. Starting from values around 6.55 to 7.74 in early 2021 and 2022, it notably increased to a peak of 15.94 in September 2023. After this peak, the ratio declined considerably, reaching a low of 3.47 by March 2025. This volatility suggests variations in the efficiency of collecting receivables, with periods of strong collection performance followed by declining effectiveness towards the end of the timeline.
- Payables Turnover
- The payables turnover ratio shows a decreasing trend overall. Initial high values in the range of 23.7 to 27.05 through 2021 and early 2022 gradually declined to around 14 to 15 in late 2023 and early 2024. A significant drop is observed in 2025, falling to 5.48 before slightly recovering to 10.04. This pattern implies a lengthening of payment periods to suppliers, indicating potential changes in payment policies or cash management strategies.
- Working Capital Turnover
- Working capital turnover data is only available from mid-2023 onwards. Initial values near 18.4 and 18.79 signify high efficiency in using working capital to generate sales. However, there is a sharp reduction to 8.78 by September 2023, continuing down to between 3.57 and 4.67 by late 2024. This decline points to diminishing efficiency in generating sales from working capital, indicating possible operational or liquidity challenges.
- Average Receivable Collection Period
- The average receivable collection period reveals a general improvement in early periods, dropping from 56-59 days in 2021 to as low as 23 days in mid-2023. However, starting from late 2023, this trend reverses, with days increasing to 105 by March 2025. This indicates initial effectiveness in collecting receivables quickly, followed by increasing delays in collections more recently.
- Average Payables Payment Period
- The average payables payment period generally lengthens over time. Initial values around 13-16 days in 2021 gradually increase to 24-26 days towards the end of 2023. In 2025, the period extends dramatically to 67 days before reducing to 36 days. The lengthening payment period suggests extended credit terms from suppliers or altered payment scheduling, which may reflect cash flow management efforts or supplier negotiations.
- Summary of Trends
- Collectively, the data portray a company initially managing receivables and payables efficiently, improving collection speeds, and optimizing working capital use. However, starting in late 2023 and into 2025, the company experiences a reversal of these positive trends, with deteriorating receivables turnover and collection periods, declining working capital turnover, and increased payables payment periods. These developments may indicate emerging operational pressures, liquidity constraints, or strategic shifts in credit and payment policies impacting financial performance and efficiency.
Turnover Ratios
Average No. Days
Receivables Turnover
Expand Energy Corp., receivables turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues | 3,210) | 2,244) | 600) | 514) | 901) | 1,276) | 1,406) | 1,260) | 2,105) | 3,136) | 4,193) | 4,013) | 2,781) | 2,606) | 1,797) | 1,431) | 1,467) | ||||||
| Accounts receivable, net | 1,361) | 1,226) | 261) | 350) | 314) | 593) | 685) | 671) | 864) | 1,438) | 1,757) | 1,804) | 1,383) | 1,115) | 815) | 674) | 704) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Receivables turnover1 | 4.83 | 3.47 | 12.61 | 11.71 | 15.42 | 10.20 | 11.54 | 15.94 | 15.56 | 9.82 | 7.74 | 6.21 | 6.23 | 6.55 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 9.86 | 9.35 | 9.90 | 9.49 | 9.54 | 9.88 | 9.21 | 11.10 | 12.21 | 11.52 | 10.11 | 7.67 | 7.60 | 8.45 | 8.12 | 7.39 | 6.79 | ||||||
| ConocoPhillips | 8.97 | 8.18 | 11.47 | 10.64 | 10.11 | 10.26 | 10.57 | 14.73 | 14.26 | 11.07 | 10.21 | 8.02 | 6.82 | 6.87 | 6.62 | 6.47 | 5.01 | ||||||
| Occidental Petroleum Corp. | 7.63 | 7.58 | 6.92 | 6.96 | 8.26 | 8.84 | 7.98 | 11.07 | 10.85 | 8.56 | 8.98 | 5.31 | 5.34 | 6.17 | 6.39 | 5.94 | 5.41 | ||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Receivables turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Accounts receivable, net
= (3,210 + 2,244 + 600 + 514)
÷ 1,361 = 4.83
2 Click competitor name to see calculations.
- Revenues
- Revenues exhibited considerable volatility over the examined period. Starting at 1,467 million USD in March 2021, revenues increased steadily until reaching a peak of 4,193 million USD in September 2022. Subsequently, a sharp decline occurred through June 2024, bottoming out at 514 million USD. Revenues then rebounded significantly to 3,210 million USD by March 2025.
- Accounts Receivable, Net
- The net accounts receivable followed a broadly similar pattern to revenues but with less pronounced fluctuations. Initial values started at 704 million USD in March 2021, escalating to a high of 1,804 million USD in June 2022. Thereafter, a decline ensued with values bottoming near 261 million USD in September 2024, before climbing again to 1,361 million USD by March 2025.
- Receivables Turnover Ratio
- The receivables turnover ratio displayed notable variation reflecting changing efficiency in collecting receivables relative to sales. The ratio was 6.55 at September 2021, decreasing slightly through 2022, then increasing sharply to peak near 15.94 by September 2023, indicating improved collection efficiency. A sharp drop to 3.47 by March 2025 followed, reflecting slower collection or increased receivables relative to revenues near the end of the period.
- Overall Insights
- The data suggest a cyclical pattern where revenues and receivables rose sharply to peaks around mid to late 2022, then experienced declines spanning into 2024. The receivables turnover ratio correlated generally inversely with accounts receivable, peaking when receivables were lower relative to revenues, demonstrating periods of improved collection efficiency. The sharp revenue and receivable increases by early 2025 point to business recovery or growth after a period of contraction.
Payables Turnover
Expand Energy Corp., payables turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues | 3,210) | 2,244) | 600) | 514) | 901) | 1,276) | 1,406) | 1,260) | 2,105) | 3,136) | 4,193) | 4,013) | 2,781) | 2,606) | 1,797) | 1,431) | 1,467) | ||||||
| Accounts payable | 654) | 777) | 264) | 274) | 317) | 425) | 540) | 642) | 631) | 603) | 539) | 414) | 374) | 308) | 257) | 281) | 346) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Payables turnover1 | 10.04 | 5.48 | 12.47 | 14.95 | 15.28 | 14.23 | 14.64 | 16.66 | 21.31 | 23.42 | 25.22 | 27.05 | 23.03 | 23.70 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 9.24 | 8.76 | 9.68 | 9.38 | 9.16 | 9.64 | 9.35 | 11.48 | 12.94 | 12.44 | 10.46 | 8.28 | 8.78 | 9.46 | 8.79 | 7.88 | 7.45 | ||||||
| ConocoPhillips | 7.81 | 9.06 | 10.64 | 10.95 | 10.74 | 10.97 | 11.66 | 14.43 | 14.81 | 12.74 | 11.97 | 11.13 | 10.98 | 9.12 | 8.76 | 8.10 | 5.91 | ||||||
| Occidental Petroleum Corp. | 7.29 | 7.12 | 6.90 | 6.33 | 7.06 | 7.75 | 7.50 | 8.87 | 10.11 | 9.09 | 9.78 | 6.49 | 6.22 | 6.66 | 5.98 | 5.51 | 4.83 | ||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Payables turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Accounts payable
= (3,210 + 2,244 + 600 + 514)
÷ 654 = 10.04
2 Click competitor name to see calculations.
- Revenues Trend
- The revenues exhibit significant volatility over the observed quarters. Initially, revenues were relatively stable, fluctuating around 1400 to 1800 million US dollars in 2021. A notable upward surge occurred toward the end of 2021 and into mid-2022, peaking at 4193 million US dollars in September 2022. However, starting from late 2022, revenues sharply declined, reaching a low point of 514 million US dollars in mid-2024. Subsequently, revenues experienced a robust recovery, increasing markedly to 3210 million US dollars by the first quarter of 2025.
- Accounts Payable Trend
- Accounts payable generally followed an increasing trajectory from 2021 through early 2023, rising from 346 million US dollars in March 2021 to a peak of 642 million US dollars in June 2023. Following this peak, accounts payable decreased steadily to 264 million US dollars in September 2024 before experiencing a sharp rebound to 777 million US dollars by the first quarter of 2025. This pattern suggests periods of changing payment cycles or supplier credit terms, alongside fluctuations in procurement or operational levels.
- Payables Turnover Ratio Analysis
- The payables turnover ratio demonstrates a declining trend throughout the timeline. Starting at a high turnover of approximately 23.7 in early 2021, the ratio gradually decreased, indicating slower payment to suppliers or longer credit terms over time. By the end of 2024 and the beginning of 2025, the turnover ratio reached its lowest values, approximately 5.48 and 10.04 respectively, implying a significant extension in the payment period or reduced operational activity relative to payables.
- Interrelationship and Insights
- The data shows that as revenues surged during 2021 and 2022, accounts payable also increased, reflecting possibly higher procurement levels to support expanding operations. The subsequent decline in revenues through 2023 into 2024 corresponded with a reduction in accounts payable, indicating possible scaling back or decreased purchasing. The declining payables turnover ratio further suggests that the company allowed longer credit periods or delayed payments, possibly for cash flow management during lower revenue periods. The strong revenue recovery in early 2025, accompanied by a sharp increase in accounts payable, may point to renewed operational expansion and increased supplier engagement, although the still low payables turnover implies payment terms might remain extended compared to earlier periods.
Working Capital Turnover
Expand Energy Corp., working capital turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 2,113) | 1,997) | 1,797) | 2,013) | 2,378) | 2,609) | 2,515) | 2,220) | 2,629) | 2,698) | 2,059) | 2,010) | 1,487) | 2,103) | 1,734) | 1,354) | 1,190) | ||||||
| Less: Current liabilities | 3,589) | 3,123) | 899) | 931) | 1,020) | 1,314) | 1,614) | 1,651) | 1,898) | 2,704) | 4,238) | 4,241) | 4,392) | 2,447) | 2,510) | 1,866) | 1,443) | ||||||
| Working capital | (1,476) | (1,126) | 898) | 1,082) | 1,358) | 1,295) | 901) | 569) | 731) | (6) | (2,179) | (2,231) | (2,905) | (344) | (776) | (512) | (253) | ||||||
| Revenues | 3,210) | 2,244) | 600) | 514) | 901) | 1,276) | 1,406) | 1,260) | 2,105) | 3,136) | 4,193) | 4,013) | 2,781) | 2,606) | 1,797) | 1,431) | 1,467) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Working capital turnover1 | — | — | 3.66 | 3.79 | 3.57 | 4.67 | 8.78 | 18.79 | 18.40 | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 67.18 | 82.20 | 78.58 | 36.88 | 25.72 | 22.20 | 23.91 | 16.54 | 15.89 | 14.61 | 15.53 | 17.08 | 13.09 | 22.40 | 19.37 | 24.04 | 32.46 | ||||||
| ConocoPhillips | 16.05 | 15.54 | 17.16 | 16.55 | 15.51 | 12.98 | 8.76 | 16.88 | 16.56 | 13.30 | 11.63 | 9.84 | 9.02 | 11.37 | 3.72 | 3.24 | 3.02 | ||||||
| Exxon Mobil Corp. | 19.53 | 15.65 | 13.95 | 13.37 | 12.07 | 10.70 | 11.56 | 12.16 | 12.91 | 13.95 | 15.33 | 26.98 | 59.06 | 110.19 | — | — | — | ||||||
| Occidental Petroleum Corp. | 296.27 | — | 2,087.46 | 69.01 | — | — | — | — | 50.58 | 32.45 | 44.63 | 49.75 | 21.36 | 13.76 | 28.72 | 5.99 | 11.43 | ||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Working capital turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Working capital
= (3,210 + 2,244 + 600 + 514)
÷ -1,476 = —
2 Click competitor name to see calculations.
- Working Capital
- The working capital displayed considerable volatility over the observed periods. It started at a negative position of -253 million US dollars at the end of Q1 2021 and experienced a downward trend reaching a trough at -2,905 million by Q1 2022. Thereafter, it showed a notable recovery, turning positive by Q4 2022 and peaking at 1,358 million in Q1 2024. However, the thereafter trend indicated a decline with values dropping below zero again in Q1 and Q2 of 2025, indicating potential liquidity challenges.
- Revenues
- Revenues demonstrated a general upward trajectory from Q1 2021 through Q3 2022, increasing from 1,467 million to 4,193 million US dollars, reflecting robust sales growth. This growth was followed by a significant decline from Q4 2022 through Q2 2024, reaching a low of 514 million. Revenues rebounded sharply towards the end of the timeline, reaching 3,210 million by Q1 2025. This pattern suggests a period of contraction or market difficulty followed by recovery.
- Working Capital Turnover
- Working capital turnover data is available only from Q1 2023 onward. The ratio started exceptionally high at 18.4 and 18.79 in Q1 and Q2 of 2023, respectively, before trending downward to 3.57 by Q1 2024. It then stabilized around the 3.66–3.79 range in the subsequent quarters. The initial high turnover ratios potentially indicate efficient use of working capital relative to revenues during that period, while the decline suggests increasing working capital or decreasing revenue efficiency over time.
Average Receivable Collection Period
Expand Energy Corp., average receivable collection period calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| Receivables turnover | 4.83 | 3.47 | 12.61 | 11.71 | 15.42 | 10.20 | 11.54 | 15.94 | 15.56 | 9.82 | 7.74 | 6.21 | 6.23 | 6.55 | — | — | — | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average receivable collection period1 | 76 | 105 | 29 | 31 | 24 | 36 | 32 | 23 | 23 | 37 | 47 | 59 | 59 | 56 | — | — | — | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 37 | 39 | 37 | 38 | 38 | 37 | 40 | 33 | 30 | 32 | 36 | 48 | 48 | 43 | 45 | 49 | 54 | ||||||
| ConocoPhillips | 41 | 45 | 32 | 34 | 36 | 36 | 35 | 25 | 26 | 33 | 36 | 46 | 53 | 53 | 55 | 56 | 73 | ||||||
| Occidental Petroleum Corp. | 48 | 48 | 53 | 52 | 44 | 41 | 46 | 33 | 34 | 43 | 41 | 69 | 68 | 59 | 57 | 61 | 67 | ||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 4.83 = 76
2 Click competitor name to see calculations.
The receivables turnover ratio exhibits notable fluctuations over the analyzed periods beginning in March 2021 through March 2025. Initial data is absent until March 2022, where the ratio begins at 6.55 and remains relatively stable through September 2022, at around 6.2. A significant increase is observed starting December 2022, peaking in June and September 2023 at values above 15, indicating a much higher efficiency in collecting receivables during that period. Following this peak, the turnover ratio declines sharply toward March 2025, reaching a low of 3.47 and then slightly improving to 4.83 by the end of the reported timeframe.
In contrast, the average receivable collection period, measured in days, inversely mirrors the trend seen in the turnover ratio as expected. Starting at 56 days in March 2022, the collection period decreases steadily to a low of 23 days during the mid-2023 quarters, suggesting improved collection efficiency. From this point onward, the days increase again, reaching a high of 105 days by March 2025, indicating that receivables are being collected more slowly. The data depicts a deterioration in collection efficiency towards the end of the period.
Overall, the company experienced a phase of enhanced receivables management efficiency between late 2022 and mid-2023, as evidenced by increased turnover and reduced collection periods. However, from late 2023 onwards, there is a clear reversal, with the turnover ratio declining and collection periods lengthening, signaling potential challenges in receivables collection processes near the end of the analysis period.
- Receivables turnover ratio
- Started at 6.55 in March 2022, peaked at approximately 15.94 in September 2023, then declined to 3.47 by March 2025.
- Average receivable collection period
- Reduced from 56 days in March 2022 to 23 days by June-September 2023, subsequently increasing to 105 days by March 2025.
Average Payables Payment Period
Expand Energy Corp., average payables payment period calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| Payables turnover | 10.04 | 5.48 | 12.47 | 14.95 | 15.28 | 14.23 | 14.64 | 16.66 | 21.31 | 23.42 | 25.22 | 27.05 | 23.03 | 23.70 | — | — | — | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average payables payment period1 | 36 | 67 | 29 | 24 | 24 | 26 | 25 | 22 | 17 | 16 | 14 | 13 | 16 | 15 | — | — | — | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 39 | 42 | 38 | 39 | 40 | 38 | 39 | 32 | 28 | 29 | 35 | 44 | 42 | 39 | 42 | 46 | 49 | ||||||
| ConocoPhillips | 47 | 40 | 34 | 33 | 34 | 33 | 31 | 25 | 25 | 29 | 30 | 33 | 33 | 40 | 42 | 45 | 62 | ||||||
| Occidental Petroleum Corp. | 50 | 51 | 53 | 58 | 52 | 47 | 49 | 41 | 36 | 40 | 37 | 56 | 59 | 55 | 61 | 66 | 76 | ||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 10.04 = 36
2 Click competitor name to see calculations.
- Payables Turnover
- The payables turnover ratio shows a declining trend from March 31, 2022, to March 31, 2025. Starting at 23.7, the ratio decreased substantially to 5.48 by December 31, 2024, before slightly recovering to 10.04 by March 31, 2025. This decline indicates that the company is turning over its payables less frequently over time, suggesting a slower rate of payments to suppliers in the later periods.
- Average Payables Payment Period
- The average payables payment period, measured in number of days, exhibits an increasing trend over the observed quarters. Beginning at 15 days in March 31, 2022, it gradually lengthens, reaching a peak of 67 days by December 31, 2024. Subsequently, the period decreases to 36 days by March 31, 2025. The elongation of the payment period corresponds inversely to the declining payables turnover, indicating that the company has been extending its payment terms, delaying its disbursements to creditors.
- Overall Insights
- The inverse relationship between payables turnover and the average payables payment period reflects a consistent trend of slower payments to suppliers. The lengthened payment period may imply efforts to manage cash flow more conservatively, but the sharp increase in days payable during late 2024 suggests potential liquidity stress or renegotiation of payment terms. The partial recovery in both indicators at the start of 2025 may indicate attempts to normalize payment cycles going forward.