Analysis of Geographic Areas
Phillips 66 operates in 4 regions: United States; United Kingdom; Germany; and Other foreign countries.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2012
- Price to Book Value (P/BV) since 2012
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Area Asset Turnover
Phillips 66, asset turnover by geographic area
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Germany | |||||
| Other foreign countries |
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).
The annual geographic area asset turnover data reveals distinct trends across the listed regions over the five-year period from 2015 to 2019.
- United States
- The asset turnover ratio in the United States showed some variability, starting at 2.35 in 2015, declining to its lowest point of 1.84 in 2016, then rising again to peak at 2.5 in 2018. It slightly decreased to 2.29 by the end of 2019. Overall, the ratio fluctuated but remained within a relatively narrow range.
- United Kingdom
- The United Kingdom exhibited a generally increasing trend from 2015 to 2018, with the ratio rising from 8.31 to a peak of 9.28. However, in 2019, there was a noticeable decline to 7.85, which represents a significant drop relative to the prior year. Despite this decrease, the values over the period indicate a strong asset turnover compared to the United States.
- Germany
- Germany experienced a steady decline in asset turnover ratios throughout the entire period, starting at 13.12 in 2015 and decreasing consistently each year to reach 6.74 by 2019. This decline suggests diminishing efficiency in asset utilization in this geographic area over the five years.
- Other foreign countries
- The category of other foreign countries maintained the highest ratios among all regions, showing an increasing trend from 92.18 in 2015 to a peak of 106.09 in 2018, with a marginal decline to 106.08 in 2019. This indicates robust and improving asset turnover performance in these areas, maintaining very high turnover levels throughout the entire period.
In summary, asset turnover ratios vary substantially by geography. The United States demonstrates moderate turnover with some volatility, the United Kingdom shows a generally strong ratio with a recent decline, Germany shows a persistent downward trend, and the other foreign countries category consistently records very high and increasing turnover ratios. These differences highlight varying operational efficiencies or market dynamics across geographic segments.
Area Asset Turnover: United States
Phillips 66; United States; area asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2019 Calculation
Area asset turnover = Sales and other operating revenues ÷ Long-lived assets
= ÷ =
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibited a fluctuating trend over the five-year period. Beginning at approximately $69.6 billion in 2015, revenues decreased notably to about $59.7 billion in 2016, representing a significant decline. Subsequently, the revenues rebounded strongly in 2017, reaching around $75.7 billion, and continued to grow in 2018 to approximately $86.4 billion. In 2019, the revenues slightly declined to around $83.5 billion, indicating a marginal reduction from the prior year.
- Long-Lived Assets
- The value of long-lived assets presented a steady upward trajectory throughout the observed period. Starting at roughly $29.6 billion in 2015, the asset base increased each year, reaching about $32.4 billion in 2016, $33.3 billion in 2017, $34.6 billion in 2018, and ultimately $36.4 billion in 2019. This consistent growth suggests ongoing investment or asset capitalization within the United States geographic area during the timeframe analyzed.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency of asset utilization to generate sales, displayed variability over the course of the period. Initially, the ratio stood at 2.35 in 2015, before declining substantially to 1.84 in 2016, indicating lower efficiency in that year. The ratio then improved considerably in 2017 to 2.28 and peaked at 2.50 in 2018, reflecting enhanced asset productivity. In 2019, the ratio declined somewhat to 2.29 but remained well above the 2016 level.
- Overall Observations
- Across the period from 2015 to 2019, the financial data reveal periods of both decline and growth in sales revenues, with a significant dip in 2016 followed by recovery and subsequent stabilization. Long-lived assets consistently increased, signaling ongoing capital expenditures or asset growth. The area asset turnover ratio fluctuated, indicating changes in how effectively assets were employed to generate revenues. The interplay between rising asset values and varying sales impacted the turnover ratio, with 2016 marking a notable low point in operating efficiency. The improvements in later years suggest positive adjustments in asset management and sales generation within the geographic segment analyzed.
Area Asset Turnover: United Kingdom
Phillips 66; United Kingdom; area asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2019 Calculation
Area asset turnover = Sales and other operating revenues ÷ Long-lived assets
= ÷ =
- Sales and other operating revenues
- The sales and other operating revenues demonstrated volatility over the analyzed period. Starting at a high of 12,120 million US dollars in 2015, there was a marked decline in 2016 to 9,895 million. Revenues showed a partial recovery in the subsequent two years, reaching 10,626 million in 2017 and 11,054 million in 2018, before declining again to 9,863 million in 2019. This pattern indicates fluctuations in revenue generation without a consistent upward or downward trend by the end of the period.
- Long-lived assets
- The value of long-lived assets exhibited relative stability with minor fluctuations. Commencing at 1,459 million US dollars in 2015, the figure decreased to its lowest point in 2016 at 1,177 million. There was modest growth in the following years, with asset values recorded as 1,254 million in 2017 and 1,191 million in 2018, finally increasing to 1,256 million in 2019. Overall, long-lived assets did not show significant expansion or contraction but rather a modest recovery after a downturn in 2016.
- Area asset turnover ratio
- The area asset turnover ratio indicated fluctuating efficiency in utilizing assets to generate sales. It showed a gradual increase from 8.31 in 2015 to 8.47 in 2017, further improving to 9.28 in 2018, which represents the peak ratio during the period. However, this efficiency declined sharply to 7.85 in 2019. The ratio trend suggests improved asset utilization efficiency through 2018, followed by a significant reduction in 2019, which may correlate with the decrease in sales revenue observed in the same year.
Area Asset Turnover: Germany
Phillips 66; Germany; area asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2019 Calculation
Area asset turnover = Sales and other operating revenues ÷ Long-lived assets
= ÷ =
The data reflects financial performance and asset utilization trends over a five-year period, concluding in 2019.
- Sales and Other Operating Revenues
- There is a noticeable decline in revenues from 2015 to 2019. Starting at $6,584 million in 2015, revenues slightly decreased in 2016 to $6,128 million, rebounded somewhat in 2017 to $6,692 million, then fell sharply in 2018 to $4,352 million and continued declining to $4,053 million in 2019. This pattern indicates volatility with an overall downward trend over the period.
- Long-lived Assets
- The value of long-lived assets remained relatively stable, beginning at $502 million in 2015 and showing gradual increases through the years, reaching $601 million in 2019. This gradual appreciation suggests steady investment or asset revaluation, despite fluctuations in revenue.
- Area Asset Turnover Ratio
- The asset turnover ratio, defined as the revenue generated per unit of asset value, reveals a consistent decline. From 13.12 in 2015, the ratio decreased each year, falling to 6.74 by 2019. This significant reduction indicates a decreasing efficiency in utilizing assets to generate revenue in this geographic area.
Overall, the data demonstrates a reduction in revenue alongside relatively stable or slightly increasing asset bases, leading to a decline in asset turnover efficiency. This trend may suggest challenges in market conditions or operational effectiveness impacting revenue generation relative to asset investment.
Area Asset Turnover: Other foreign countries
Phillips 66; Other foreign countries; area asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2019 Calculation
Area asset turnover = Sales and other operating revenues ÷ Long-lived assets
= ÷ =
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibited a fluctuating pattern over the observed period. There was a notable decline from US$10,693 million in 2015 to US$8,514 million in 2016. This was followed by a recovery phase, where revenues increased to US$9,352 million in 2017, US$9,654 million in 2018, and further to US$9,865 million in 2019. Overall, after the initial decline, sales demonstrated a steady upward trend but did not return to the 2015 high by 2019.
- Long-lived Assets
- The value of long-lived assets showed a general downward trend during the period. Beginning at US$116 million in 2015, the assets decreased sharply to US$87 million in 2016. Slight increases were observed in subsequent years, reaching US$95 million in 2017, followed by small declines to US$91 million in 2018 and US$93 million in 2019. Despite minor fluctuations, the asset base remained significantly lower than the 2015 level throughout the period.
- Area Asset Turnover
- The area asset turnover ratio exhibited consistent growth across the years. Starting at 92.18 in 2015, it rose steadily each year to 97.86 in 2016, 98.44 in 2017, 106.09 in 2018, and slightly decreased to 106.08 in 2019. This upward trend indicates improving efficiency in the use of assets to generate sales, with a notable improvement after 2017.
- Summary
- The data indicates that while sales and other operating revenues experienced an initial decline, they gradually recovered but did not reach the initial 2015 level by 2019. Concurrently, the decline in long-lived assets suggests a contraction or divestiture of assets in this geographic area. Despite the reduced asset base, area asset turnover improved markedly, reflecting enhanced asset utilization and operational efficiency throughout the period.
Sales and other operating revenues
Phillips 66, sales and other operating revenues by geographic area
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Germany | |||||
| Other foreign countries | |||||
| Worldwide consolidated |
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).
- United States Sales
- The sales revenue in the United States showed considerable fluctuation over the observed period. Starting at $69,578 million in 2015, there was a decline to $59,742 million in 2016. This was followed by a notable recovery and growth, reaching a peak of $86,401 million in 2018 before slightly decreasing to $83,512 million in 2019. Overall, despite some volatility, the sales in the United States generally trended upward by the end of the period.
- United Kingdom Sales
- Sales in the United Kingdom experienced a downward trend over the five-year period. Beginning at $12,120 million in 2015, there was a decrease to $9,895 million in 2016. Although there was a modest rebound in 2017 and 2018, reaching $10,626 million and $11,054 million respectively, the revenues declined again to $9,863 million by 2019. The general pattern indicates reduced sales in this region with some short-term improvements.
- Germany Sales
- Germany's sales figures displayed a declining trajectory throughout the period. Starting from $6,584 million in 2015, values decreased gradually each year, with a significant drop after 2017. The amount fell to $6,128 million in 2016, $6,692 million in 2017, then dropped sharply to $4,352 million in 2018, and further to $4,053 million in 2019. This consistent downward trend points to weakening performance in the German market.
- Other Foreign Countries Sales
- Sales in other foreign countries demonstrated relative stability with slight growth. From $10,693 million in 2015, there was a decrease to $8,514 million in 2016, followed by a gradual increase over the next three years, peaking at $9,865 million in 2019. This suggests moderate recovery and steady market conditions in these regions.
- Worldwide Consolidated Sales
- The global consolidated revenue followed an overall increasing pattern, despite some fluctuations. Starting at $98,975 million in 2015, revenues dropped to $84,279 million in 2016, then recovered strongly to reach $111,461 million in 2018. Sales then slightly declined to $107,293 million in 2019. The data indicates overall global growth led primarily by the United States, despite declines in certain regions.
Long-lived assets
Phillips 66, long-lived assets by geographic area
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Germany | |||||
| Other foreign countries | |||||
| Worldwide consolidated |
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).
- United States
- The long-lived assets in the United States show a consistent upward trend from 2015 to 2019. The value increased steadily each year, starting at $29,624 million in 2015 and reaching $36,407 million in 2019. This represents a cumulative growth of approximately 23% over the five-year period, indicating ongoing investment or asset accumulation in this geographic area.
- United Kingdom
- The United Kingdom's long-lived assets exhibit some fluctuation over the period. Beginning at $1,459 million in 2015, the value decreased to $1,177 million in 2016. It then experienced a slight recovery to $1,254 million in 2017, followed by a minor decline in 2018 and another increase in 2019, ending at $1,256 million. Overall, the assets in this region remained relatively stable but with modest volatility and a slight net decrease from 2015 to 2019.
- Germany
- Germany’s long-lived assets demonstrate a general upward trend with minor fluctuations. The value started at $502 million in 2015, holding steady in 2016. It increased substantially to $591 million in 2017, slightly declined to $570 million in 2018, and rose again to $601 million in 2019. The overall change indicates gradual growth of approximately 20% over the five years, with some year-to-year variability.
- Other foreign countries
- Assets classified under other foreign countries show relatively low values with minor fluctuations. Starting at $116 million in 2015, values dipped to $87 million in 2016 and recovered slightly in the following years, ending at $93 million in 2019. The overall levels remain stable but demonstrate low volatility and no significant long-term growth trend.
- Worldwide Consolidated
- The worldwide consolidated long-lived assets reflect an overall increasing trend, rising from $31,701 million in 2015 to $38,357 million in 2019. This cumulative increase of roughly 21% aligns closely with the trend observed in the United States segment, indicating that the domestic assets are the primary driver of the worldwide growth. The worldwide figures show consistent year-over-year increases without any decreases across the reported periods.