Phillips 66 (NYSE:PSX)

The financial data illustrates various trends in asset composition over the five-year period ending December 31, 2019. There is a general consistency in the overall balance between current and noncurrent assets, with current assets fluctuating slightly around the mid-20% range and noncurrent assets maintaining a dominant share around 75% of total assets.

Liquidity Position

Cash and cash equivalents as a percentage of total assets show a declining trend, starting at 6.33% in 2015 and decreasing to 2.75% in 2019, indicating a reduction in readily available liquid resources relative to the asset base.

Accounts and notes receivable (net of allowances) increase overall from 9.08% in 2015 to 12.56% in 2019, with a dip in 2018; this suggests a growing proportion of credit extended to customers, which may impact liquidity.

Related party receivables remain relatively stable with minor fluctuations, ending at 1.93% in 2019 compared to 1.57% in 2015, showing limited change in internal receivables over time.

Inventories maintain a relatively stable share around 6%, slightly decreasing from 7.16% in 2015 to 6.43% in 2019, indicating consistent inventory levels relative to total assets.

Prepaid expenses and other current assets show a modest decline overall, from 1.10% in 2015 to 0.84% in 2019, remaining a minor component of current assets.

The combined current assets percentage remains fairly stable, oscillating between 24.33% and 26.47%, indicating a steady proportion of short-term assets to total assets.

Investments and Long-Term Receivables

Equity investments present a slight decline from 24.65% in 2015 to 24.33% in 2019, peaking in 2018 at 26.18%. This suggests relatively consistent investment holdings with minor variations.

Other investments show a marginal increase from 0.17% to 0.22%, remaining a small portion of total assets.

Loans and long-term receivables fluctuate, peaking at 0.65% in 2016 before settling at 0.27% in 2019, indicating variability in long-term lending activities.

Overall, investments and long-term receivables decrease slightly from 25.00% to 24.81%, reflecting a minor reduction in the long-term investment portfolio relative to total assets.

Property, Plant, Equipment, and Intangibles

Net properties, plants, and equipment remain the largest single asset category with minor fluctuations, moving from 40.59% in 2015 to 40.51% in 2019, evidencing stable capital asset investment.

Goodwill shows a gradual decline from 6.74% in 2015 to 5.57% in 2019, which may indicate amortization or impairment over time.

Intangible assets also decrease slightly, from 1.86% to 1.48%, representing a modest reduction in intangible asset value relative to total assets.

Other Asset Categories

Other assets increase significantly from 0.57% in 2015 to 3.11% in 2019, which may reflect new or reclassified asset categories or recognition of items previously unreported, impacting the asset structure.

Noncurrent assets maintain a consistent share hovering around 75%, showing a stable long-term asset base relative to total assets.

In summary, the asset composition demonstrates a stable structure over the period with steady proportions of current and noncurrent assets. Key observations include decreasing cash levels, increasing receivables, and a notable increase in other assets. Capital investments in property, plant, and equipment remain steady, while intangible assets and goodwill show a gradual decline. These trends suggest a cautious management of liquidity alongside consistent long-term asset investment and evolving asset classifications.