Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current ratio
- The current ratio exhibits a general upward trend from March 31, 2020, starting below 1 at 0.78 and reaching a peak of 1.48 by December 31, 2023. This indicates an improvement in the company's ability to cover its short-term liabilities with its short-term assets over this period. After peaking, the ratio shows a mild decline through to March 31, 2025, ending at 1.24. Despite this slight decrease, the ratio remains above 1, suggesting continued liquidity strength compared to the earlier years.
- Quick ratio
- The quick ratio follows a similar pattern to the current ratio but on a lower scale. Initially, it rose steadily from 0.50 on March 31, 2020, to a peak just above 1 (1.07) on March 31, 2023, indicating an enhanced ability to meet short-term obligations without relying on inventory sales. After this peak, the quick ratio declines modestly to 0.86 by March 31, 2025. This decline suggests a slight reduction in highly liquid assets relative to current liabilities in the later periods, but the ratio remains relatively strong compared to the initial years.
- Cash ratio
- The cash ratio displays greater volatility than the other liquidity ratios. Beginning at a low 0.18 on March 31, 2020, the cash ratio declines further to a nadir of 0.06 in the first half of 2021, indicating very limited cash and cash equivalents relative to current liabilities during that period. From mid-2021 onwards, the cash ratio generally increases, reaching a high of 0.49 on March 31, 2023, reflecting a significant accumulation of cash or cash equivalents. Following this peak, it gradually declines to 0.25 by March 31, 2025, which, while lower than the peak, still indicates a stronger cash position in later years compared to the early 2020 levels.
Current Ratio
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | ||||||||||||||||||||||||||||
ConocoPhillips | ||||||||||||||||||||||||||||
Occidental Petroleum Corp. |
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the liquidity position as indicated by current assets, current liabilities, and the current ratio over the observed periods.
- Current Assets
- The value of current assets shows an overall increasing trend from March 31, 2020, through March 31, 2025. Starting at approximately $50.2 billion in early 2020, current assets declined slightly during the middle of 2020 but then exhibited a steady upward movement. The peak values are visible around mid to late 2022, with figures approaching about $99.3 billion in September 2022, followed by relatively stable but slightly fluctuating amounts in the subsequent quarters. A modest decline occurs toward the end of the observation period, ending at approximately $91.2 billion by March 31, 2025.
- Current Liabilities
- Current liabilities experienced some volatility throughout the timeframe. Beginning at about $64.8 billion in March 2020, liabilities initially decreased in the middle and latter parts of 2020. However, starting from early 2021, current liabilities generally increased, reaching their highest point at approximately $80.1 billion by June 30, 2022. Following this peak, liabilities trended downward for about a year before showing renewed increases again toward early 2025, ending near $73.8 billion.
- Current Ratio
- The current ratio, which measures the company's ability to cover short-term obligations with current assets, improved significantly during the period. From a low of 0.78 in March 2020, the ratio gradually rose, surpassing parity (greater than 1.0) at the end of 2021, indicating a stronger liquidity position. It continued to strengthen, reaching a high of approximately 1.48 in mid-2023. Thereafter, a slight decline is observed, but the ratio remains above 1.2 through early 2025, suggesting sustained improvement in the company's short-term financial health compared to the early part of the period.
In summary, the data indicates a strengthening liquidity position over the five-year timeframe, characterized by an increase in current assets outpacing the growth in current liabilities, thereby improving the current ratio significantly. Despite some fluctuations in liabilities, the company demonstrates enhanced capacity to meet short-term financial obligations by the end of the observed period.
Quick Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Notes and accounts receivable, net | ||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | ||||||||||||||||||||||||||||
ConocoPhillips | ||||||||||||||||||||||||||||
Occidental Petroleum Corp. |
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets show a generally positive trend over the period analyzed. Starting at $32,283 million in March 2020, the value decreased slightly in the middle of 2020, reaching a low around December 2020 at $24,945 million. From there, the figure experienced consistent growth, peaking near $72,818 million in September 2022. Afterwards, the total quick assets demonstrated some volatility but generally remained elevated compared to the initial periods, fluctuating between approximately $63,000 million and $74,000 million through 2023 and early 2024. Toward March 2025, there was a slight decline to $63,339 million.
- Current Liabilities
- Current liabilities started at $64,773 million in March 2020 and saw a declining pattern through the end of 2020, bottoming at around $56,363 million in December 2020. However, beginning in 2021, current liabilities increased, peaking around mid-2022 with a value near $80,110 million in June 2022. After this peak, liabilities diminished during the latter part of 2022 and through 2023, fluctuating mostly between $61,815 million and $71,186 million. In the final months reported, current liabilities showed a modest upward trend, ending slightly above $73,000 million in March 2025.
- Quick Ratio
- The quick ratio started below 1, at 0.5 in March 2020, indicating limited coverage of current liabilities by quick assets. It declined further through late 2020, reaching a low of 0.44 in December 2020. From early 2021 onwards, the quick ratio improved steadily, moving above 1 by September 2022 and maintaining levels near or just above 1 through 2023 and early 2024. This suggests an increased ability to cover current liabilities with liquid assets during this period. Toward the end of the timeline, in late 2024 and early 2025, the quick ratio decreased slightly but remained close to 0.9, indicating slightly reduced but still relatively stable liquidity compared to earlier years.
- Overall Analysis
- The data reflects a recovery and strengthening of liquidity starting in 2021 after a dip in 2020. The increasing total quick assets and improved quick ratio indicate a better short-term financial position over time. Despite fluctuations in current liabilities, the company maintained or enhanced its liquidity capability, suggesting effective management of short-term obligations. The slight decrease in quick ratio and quick assets toward early 2025 may warrant monitoring to ensure continued liquidity strength.
Cash Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Cash and cash equivalents, restricted | ||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | ||||||||||||||||||||||||||||
ConocoPhillips | ||||||||||||||||||||||||||||
Occidental Petroleum Corp. |
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in cash assets, current liabilities, and cash ratio over the periods from March 31, 2020, through March 31, 2025.
- Total Cash Assets
- The total cash assets show significant fluctuation throughout the analyzed quarters. Starting at $11,412 million in March 2020, there was a decline to a low of $3,465 million by June 2021. Subsequently, cash assets recovered substantially, peaking at $32,973 million in September 2023. After this peak, a declining trend is observed, with cash assets reducing to $18,512 million by March 2025. The pattern indicates periods of both considerable cash accumulation and liquidity spending or investment.
- Current Liabilities
- Current liabilities demonstrated relative stability with some moderate fluctuations. Beginning at $64,773 million in March 2020, liabilities decreased slightly to a low around the mid-$56,000 million range by late 2020. Thereafter, current liabilities gradually increased, reaching peaks above $72,000 million in March 2022 and again near $73,829 million in March 2025. The overall trend suggests an upward pressure on short-term obligations, potentially reflecting increased operational or financing activities.
- Cash Ratio
- The cash ratio, which measures the company's ability to cover current liabilities with cash and equivalents, exhibits a notable U-shaped pattern followed by a decline. Initially, the ratio stood at 0.18 in March 2020, dipped to a low of 0.06 in mid-2021, and then climbed steadily to a peak of 0.49 in March 2023. After maintaining relatively high levels around 0.46-0.48 through 2023 and early 2024, the ratio decreased to 0.25 by March 2025. This change reflects the fluctuations in cash assets relative to current liabilities, indicating variations in liquidity management and financial flexibility during the period.
Overall, the data indicate a dynamic liquidity position with significant cash asset volatility and a gradual increase in current liabilities. The cash ratio's movements suggest periods of strengthening liquidity followed by a reduction, warranting close monitoring of cash management strategies to ensure adequate coverage of short-term obligations.