Phillips 66, current enterprise value calculation

Current share price (P)	$89.25
No. shares of common stock outstanding	439,445,842
US$ in millions
Common equity (market value)¹	39,221)
Add: Noncontrolling interests (per books)	2,259)
Total equity	41,480)
Add: Short-term debt (per books)	547)
Add: Long-term debt (per books)	11,216)
Total equity and debt	53,243)
Less: Cash and cash equivalents	1,614)
Enterprise value (EV)	51,629)

Based on: 10-K (reporting date: 2019-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.25 × 439,445,842

Phillips 66, EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$89.25	$97.36	$91.83	$78.66	$80.09
No. shares of common stock outstanding¹	439,445,842	454,913,087	501,237,339	517,816,429	527,459,894
US$ in millions
Common equity (market value)³	39,221)	44,290)	46,029)	40,731)	42,244)
Add: Noncontrolling interests (book value)	2,259)	2,500)	2,343)	1,335)	838)
Total equity	41,480)	46,790)	48,372)	42,066)	43,082)
Add: Short-term debt (book value)	547)	67)	41)	550)	44)
Add: Long-term debt (book value)	11,216)	11,093)	10,069)	9,588)	8,843)
Total equity and debt	53,243)	57,950)	58,482)	52,204)	51,969)
Less: Cash and cash equivalents	1,614)	3,019)	3,119)	2,711)	3,074)
Enterprise value (EV)	51,629)	54,931)	55,363)	49,493)	48,895)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Phillips 66 Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.25 × 439,445,842

The financial metrics from 2015 to 2019 indicate a cyclical trend characterized by a steady increase in value peaking in 2017, followed by a moderate contraction. The Enterprise Value (EV) and associated equity measures moved in high correlation, reflecting broader market valuations and capital structure changes over the five-year period.

Enterprise Value (EV) Trends: Enterprise Value exhibited growth from 48,895 million USD in 2015 to a peak of 55,363 million USD in 2017. Following this peak, a gradual decline occurred, with the value receding to 54,931 million USD in 2018 and further decreasing to 51,629 million USD by the end of 2019.
Equity Market and Book Value Analysis: Common equity market value followed a trajectory similar to the Enterprise Value, rising from 42,244 million USD in 2015 to a maximum of 46,029 million USD in 2017, before falling to 39,221 million USD in 2019. Total equity (book value) mirrored this pattern, peaking at 48,372 million USD in 2017 and concluding the period at 41,480 million USD.
Capitalization and Debt Integration: Total equity and debt peaked in 2017 at 58,482 million USD, coinciding with the peak in Enterprise Value. The subsequent reduction to 53,243 million USD by 2019 suggests a contraction in the overall capital base or a reduction in total liabilities relative to the 2017 high.
Correlation of Value Drivers: A strong positive correlation is observed between the market value of common equity and the total Enterprise Value. The simultaneous decline in both metrics between 2017 and 2019 indicates that the reduction in EV was driven significantly by a decrease in market capitalization rather than solely by changes in debt levels.

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Phillips 66 (NYSE:PSX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)