Phillips 66 (NYSE:PSX)

Current liabilities as a percentage of total liabilities and equity exhibited a moderate upward trend from 15.50% in 2015 to 19.83% in 2019, peaking in 2019. This increase suggests a gradual rise in obligations expected to be settled within the short term, implying growing operational or working capital activity.

Accounts payable showed fluctuations, starting at 10.61% in 2015, increasing to 13.7% by 2019. The highest value occurred in 2019, indicating an increasing reliance on supplier credit. However, accounts payable to related parties remained relatively stable with minor fluctuations around 1%, suggesting consistent intercompany payables.

Short-term debt remained low overall, displaying some variability with an increase from 0.09% in 2015 to 0.93% in 2019, with a notable dip in 2017. This indicates limited short-term borrowing, yet a relative increase by the end of the period.

This component remained fairly stable, fluctuating modestly between around 1.5% and 2.1% over the years. No significant trend is obvious, reflecting steady tax-related liabilities.

Employee benefit obligations showed a slight decline from 1.19% in 2015 to 1.21% in 2019 for current liabilities and a more notable decrease in noncurrent liabilities from 2.65% to 1.78%. This indicates a gradual reduction in pension or similar long-term employee benefit liabilities.

Other accruals fluctuated between 0.78% and 1.42%, with a noticeable rise in 2019. This may reflect increased miscellaneous accrued expenses toward the end of the period.

Long-term debt remained relatively steady, ranging between 18.2% and 20.43%, peaking in 2018. The proportion declined slightly in 2019 but remained within the same range, indicating consistent long-term borrowing levels.

These obligations decreased slightly from 1.37% in 2015 to 1.09% in 2019, indicating diminishing environmental liabilities or retirement cost provisions over the period.

Deferred income taxes dropped significantly from 12.44% in 2015 to approximately 9.5% by 2019 after a sharp decline in 2017, suggesting changes in tax timing differences or tax planning strategies that reduce deferred tax liabilities.

These items remained low and relatively stable until 2019, where a marked increase to 2.48% occurred. This suggests a notable addition to miscellaneous noncurrent liabilities or deferred credits during 2019.

Total liabilities as a percentage of total liabilities and equity varied modestly, starting at 50.72% in 2015 and reaching 53.73% in 2019, with a low point in 2017 at 49.55%. The trend implies a slight increase in leverage or obligations over the analyzed period.

Stockholders’ equity decreased from 47.55% in 2015 to 42.42% in 2019, showing a downward trend in equity proportion. This reduction was accompanied by declining capital in excess of par, dropping from 39.41% to 34.57%. Retained earnings increased significantly, especially from 2017 onward, rising from 29.99% to 37.57% by 2019, reflecting growth in accumulated profits.

The treasury stock increased in magnitude negatively from -15.94% in 2015 to -28.39% in 2019, indicating the company repurchased more shares over the years, which reduces equity.

Accumulated other comprehensive loss remained relatively constant, near -1.3%, showing little change in other comprehensive income impacts.

Noncontrolling interests increased until 2018, reaching 4.6%, but then decreased slightly to 3.85% in 2019.

Overall total equity demonstrated a downward shift from 49.28% to 46.27%, reflecting changes in the capital structure with a slight increase in liabilities relative to equity.

Throughout the period, an observable gradual increase in liabilities relative to equity occurred, with a slight increment in total liabilities and a corresponding decrement in total equity percentage. Operational liabilities such as accounts payable and current liabilities rose moderately, while long-term obligations remained steady. Equity changes were influenced by higher retained earnings and increasing treasury stock, indicating ongoing profitability with active share repurchases that reduced total equity. Deferred tax liabilities declined notably, and environmental obligations showed a minor decrease. These patterns reveal a relatively stable financial structure with moderate leveraging and dynamic equity management strategies.