Phillips 66 (NYSE:PSX)

The asset composition of the company exhibits a high degree of stability over the five-year period from 2015 to 2019, with noncurrent assets consistently comprising approximately 74% to 76% of the total asset base, while current assets remained steady between 24% and 26%.

Current Asset Composition and Liquidity Trends

A notable shift in liquidity is observed within the current asset structure. Cash and cash equivalents experienced a steady decline from 6.33% in 2015 to a significant low of 2.75% in 2019. This contraction in cash is offset by an increase in accounts and notes receivable, net of allowances, which rose from 9.08% in 2015 to 12.56% in 2019. Inventories remained relatively stable, fluctuating within a narrow range between 6.10% and 7.16%, suggesting a consistent inventory management strategy relative to the total asset base.

Fixed Assets and Long-term Investments

Net properties, plants, and equipment represent the largest single component of the balance sheet, maintaining a remarkably consistent proportion of total assets, hovering around 40% throughout the entire period. Similarly, investments and long-term receivables showed minimal volatility, staying between 24.81% and 26.56%. Equity investments specifically remained a primary driver of this stability, fluctuating slightly around the 25% mark.

Intangible Assets and Other Noncurrent Items

A gradual downward trend is observed in the proportion of intangible assets. Goodwill decreased from 6.74% in 2015 to 5.57% in 2019, and intangibles followed a similar trajectory, declining from 1.86% to 1.48%. Conversely, a significant increase in other assets occurred in 2019, where the proportion rose to 3.11% from a historical range of 0.57% to 0.95% in previous years, indicating a shift in the classification or accumulation of miscellaneous noncurrent assets.