Debt to Equity
since 2012
Calculation
Phillips 66, debt to equity, long-term trends, calculation
| Debt to equity | = | Short-term and long-term debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2019 | 0.47 | = | 11,763) | ÷ | 24,910) |
| Dec 31, 2018 | 0.45 | = | 11,160) | ÷ | 24,653) |
| Dec 31, 2017 | 0.40 | = | 10,110) | ÷ | 25,085) |
| Dec 31, 2016 | 0.45 | = | 10,138) | ÷ | 22,390) |
| Dec 31, 2015 | 0.38 | = | 8,887) | ÷ | 23,100) |
| Dec 31, 2014 | 0.40 | = | 8,684) | ÷ | 21,590) |
| Dec 31, 2013 | 0.28 | = | 6,155) | ÷ | 21,950) |
| Dec 31, 2012 | 0.34 | = | 6,974) | ÷ | 20,775) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$ in millions
The financial leverage profile from 2012 to 2019 indicates a systematic increase in debt obligations relative to the growth of stockholders' equity. While the overall capitalization remains equity-heavy, there is an observable shift toward higher leverage over the eight-year window.
- Debt Accumulation
- Total debt obligations grew from US$ 6,974 million in 2012 to US$ 11,763 million in 2019. Following a brief contraction in 2013, debt levels increased significantly, particularly between 2013 and 2016, before continuing a steadier climb through 2019.
- Equity Growth
- Stockholders' equity grew from US$ 20,775 million in 2012 to US$ 24,910 million in 2019. This growth was characterized by a slow and steady climb, with the most notable increase occurring between 2016 and 2017, where equity rose from US$ 22,390 million to US$ 25,085 million.
- Leverage Ratio Evolution
- The debt to equity ratio moved from 0.34 in 2012 to 0.47 in 2019. The lowest leverage point was recorded in 2013 at 0.28, after which the ratio trended generally upward. The increase in the ratio confirms that debt grew at a faster pace than equity, although the company maintained a ratio below 0.50 throughout the entire period, suggesting a maintained preference for a conservative capital structure.
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Comparison to Competitors
Phillips 66, debt to equity, long-term trends, comparison to competitors
| Phillips 66 | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2019 | 0.47 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.45 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 0.40 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 0.45 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 0.38 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.40 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.28 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.34 | 0.09 | 0.45 | 0.07 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Phillips 66, debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Phillips 66 | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2019 | 0.47 | 0.24 |
| Dec 31, 2018 | 0.45 | 0.23 |
| Dec 31, 2017 | 0.40 | 0.28 |
| Dec 31, 2016 | 0.45 | 0.33 |
| Dec 31, 2015 | 0.38 | 0.28 |
| Dec 31, 2014 | 0.40 | 0.21 |
| Dec 31, 2013 | 0.28 | 0.17 |
| Dec 31, 2012 | 0.34 | 0.13 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Energy)
Phillips 66, debt to equity, long-term trends, comparison to industry (energy)
| Phillips 66 | Energy | |
|---|---|---|
| Dec 31, 2019 | 0.47 | 0.26 |
| Dec 31, 2018 | 0.45 | 0.25 |
| Dec 31, 2017 | 0.40 | 0.30 |
| Dec 31, 2016 | 0.45 | 0.35 |
| Dec 31, 2015 | 0.38 | 0.30 |
| Dec 31, 2014 | 0.40 | 0.22 |
| Dec 31, 2013 | 0.28 | 0.19 |
| Dec 31, 2012 | 0.34 | 0.15 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).