Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Current Ratio
- The current ratio exhibits significant volatility across the reported periods but overall maintains a relatively high level, suggesting strong short-term liquidity. Early values in 2019 fluctuate between approximately 8.5 and 15, peaking near 19 in late 2020. However, there are notable declines in early 2020 and again in late 2021 and early 2022, dipping near 9 before rebounding. The most recent data in 2023 and early 2024 shows elevated ratios, often exceeding 15, reaching above 22 at one point, indicating improved liquidity conditions toward the end of the observed timeframe.
- Quick Ratio
- The quick ratio follows a pattern closely mirroring the current ratio, reflecting similar liquidity trends excluding inventories. Values rise and fall in strong correlation with the current ratio, maintaining a position slightly below or equal to it. The quick ratio peaks around 19 in late 2020 and late 2023, with troughs occurring around 7 to 9 during early 2020 and early 2022. The consistency between quick and current ratios suggests that inventories comprise a relatively minor portion of current assets throughout the periods analyzed.
- Cash Ratio
- The cash ratio displays more pronounced fluctuations and generally lower values compared to the current and quick ratios, indicating cash and cash equivalents make up a smaller fraction of current liabilities. Starting near 7 in early 2019, the ratio rises to over 17 by late 2020, before falling again below 7 in mid-2022. The ratio iterates through peaks and troughs, reaching a high point above 20 in mid-2024, implying periods of increased liquidity in cash holdings. The pattern suggests cash reserves vary significantly on a quarterly basis, yet maintain an overall capacity to cover a substantial portion of immediate liabilities during peak periods.
Current Ratio
Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
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Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Current assets | 708,969) | 1,017,684) | 963,828) | 862,464) | 790,858) | 737,530) | 711,006) | 633,401) | 589,187) | 523,936) | 618,840) | 526,513) | 458,108) | 398,230) | 375,847) | 334,018) | 356,931) | 307,928) | 292,422) | 366,640) | 312,684) | 258,532) | 240,452) | |||||||
Current liabilities | 57,331) | 44,268) | 70,871) | 44,387) | 47,370) | 44,884) | 61,037) | 39,595) | 43,599) | 57,073) | 67,279) | 50,900) | 29,102) | 21,810) | 33,848) | 20,581) | 18,562) | 17,357) | 35,836) | 24,464) | 23,917) | 30,228) | 16,416) | |||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||
Current ratio1 | 12.37 | 22.99 | 13.60 | 19.43 | 16.70 | 16.43 | 11.65 | 16.00 | 13.51 | 9.18 | 9.20 | 10.34 | 15.74 | 18.26 | 11.10 | 16.23 | 19.23 | 17.74 | 8.16 | 14.99 | 13.07 | 8.55 | 14.65 | |||||||
Benchmarks | ||||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||
Chevron Corp. | 1.07 | 1.16 | 1.23 | 1.27 | 1.25 | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | 1.26 | 1.28 | 1.17 | 1.11 | 1.18 | 1.26 | 1.14 | 1.01 | — | — | — | — | |||||||
ConocoPhillips | 1.30 | 1.33 | 1.35 | 1.43 | 1.66 | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | 1.34 | 1.93 | 2.11 | 2.03 | 2.25 | 2.38 | 2.69 | 2.16 | — | — | — | — | |||||||
Exxon Mobil Corp. | 1.35 | 1.36 | 1.38 | 1.48 | 1.42 | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | 1.04 | 0.90 | 0.85 | 0.80 | 0.80 | 0.86 | 0.93 | 0.78 | — | — | — | — |
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 708,969 ÷ 57,331 = 12.37
2 Click competitor name to see calculations.
- Current Assets
- The current assets generally show an upward trend over the analyzed period, with some fluctuations. Starting at approximately 240 million US dollars in the first quarter of 2019, current assets rose consistently to reach a peak near 1.02 billion US dollars by mid-2024. There is a noticeable substantial increase especially from early 2021 onwards, with a marked jump between early 2023 and mid-2024, despite a slight dip observed in the third quarter of 2024.
- Current Liabilities
- Current liabilities display considerable variability throughout the period without a clear sustained trend. Initial values are around 16 million US dollars, peaking at roughly 71 million US dollars by mid-2024. The data exhibits periods of sharp increases and decreases; for instance, in the early part of 2021 and mid-2024, as well as declines in late 2022 and mid-2023. Overall, current liabilities tend to fluctuate within a relatively narrower band compared to current assets.
- Current Ratio
- The current ratio fluctuates substantially over time, reflecting the variations in current assets relative to current liabilities. Initial values in 2019 are notably high, ranging from approximately 8 to nearly 15, sometimes reaching upwards of 17 to 19 during 2020. The ratio dips around the end of 2021 but recovers to values between 11 and 20 with pronounced peaks beyond 19 in late 2023 and mid-2024. These variations indicate generally strong liquidity positions, though the reductions in some periods suggest moments of relative tightening.
- Overall Insights
- The financial data indicate robust liquidity maintained throughout the period, supported mainly by steady growth in current assets. While current liabilities fluctuate, they remain significantly lower than current assets, contributing to high current ratios. The company demonstrates a capacity to cover short-term obligations comfortably, with periods of especially strong liquidity. However, the volatility in current liabilities and the current ratio suggests ongoing management focus may be required to maintain balanced working capital levels.
Quick Ratio
Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
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Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 533,914) | 894,704) | 837,100) | 725,169) | 654,158) | 609,252) | 590,619) | 510,834) | 446,588) | 389,794) | 507,356) | 428,242) | 372,761) | 329,134) | 310,655) | 281,046) | 315,759) | 258,364) | 223,743) | 303,645) | 249,881) | 155,401) | 113,261) | |||||||
Accounts receivable and accrued receivables, net | 122,627) | 119,102) | 121,807) | 128,971) | 126,215) | 120,771) | 106,044) | 103,983) | 139,656) | 132,410) | 108,950) | 95,217) | 82,897) | 67,038) | 61,392) | 48,216) | 41,172) | 49,564) | 68,679) | 62,995) | 62,803) | 68,011) | 65,728) | |||||||
Total quick assets | 656,541) | 1,013,806) | 958,907) | 854,140) | 780,373) | 730,023) | 696,663) | 614,817) | 586,244) | 522,204) | 616,306) | 523,459) | 455,658) | 396,172) | 372,047) | 329,262) | 356,931) | 307,928) | 292,422) | 366,640) | 312,684) | 223,412) | 178,989) | |||||||
Current liabilities | 57,331) | 44,268) | 70,871) | 44,387) | 47,370) | 44,884) | 61,037) | 39,595) | 43,599) | 57,073) | 67,279) | 50,900) | 29,102) | 21,810) | 33,848) | 20,581) | 18,562) | 17,357) | 35,836) | 24,464) | 23,917) | 30,228) | 16,416) | |||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||
Quick ratio1 | 11.45 | 22.90 | 13.53 | 19.24 | 16.47 | 16.26 | 11.41 | 15.53 | 13.45 | 9.15 | 9.16 | 10.28 | 15.66 | 18.16 | 10.99 | 16.00 | 19.23 | 17.74 | 8.16 | 14.99 | 13.07 | 7.39 | 10.90 | |||||||
Benchmarks | ||||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||
Chevron Corp. | 0.68 | 0.73 | 0.81 | 0.87 | 0.84 | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | 0.90 | 0.90 | 0.83 | 0.77 | 0.77 | 0.84 | 0.74 | 0.66 | — | — | — | — | |||||||
ConocoPhillips | 1.08 | 1.10 | 1.13 | 1.21 | 1.46 | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | 1.10 | 1.66 | 1.86 | 1.81 | 1.98 | 2.04 | 2.29 | 1.72 | — | — | — | — | |||||||
Exxon Mobil Corp. | 0.98 | 0.98 | 1.02 | 1.06 | 1.05 | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | 0.69 | 0.55 | 0.51 | 0.47 | 0.44 | 0.51 | 0.55 | 0.50 | — | — | — | — |
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 656,541 ÷ 57,331 = 11.45
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets display a generally increasing trend over the period from March 2019 through June 2024, starting at approximately $179 million and reaching over $1 billion at the peak in June 2024. Notable fluctuations occurred during this timeline, with a decline seen in the first quarter of 2024 to around $657 million after the peak in June 2024. The data indicates substantial growth in quick assets over the five-year span, reflecting an enhanced liquidity position, although the recent decrease in late 2024 warrants attention.
- Current Liabilities
- Current liabilities show considerable volatility throughout the periods. Starting at about $16.4 million in March 2019, liabilities peaked notably multiple times, such as reaching $67.3 million in March 2022 and again surging to $70.9 million in March 2024. However, there is no consistent upward or downward trend, as some quarters display sharp decreases following these peaks. The volatile nature of current liabilities suggests fluctuating short-term financial obligations, which may impact liquidity management.
- Quick Ratio
- The quick ratio exhibits significant variation but remains at relatively high levels overall, reflecting liquid asset adequacy in covering current liabilities. Starting near 10.9 in March 2019, it dropped to lower levels around 8.16 in March 2020 but quickly rebounded to peaks above 19 in mid-2020 and again showed highs reaching 22.9 in June 2024. The ratio demonstrates the company's ability to meet short-term obligations without relying on inventory sales, although the sharp fluctuations suggest periodic shifts in the balance between liquid assets and current liabilities.
- Overall Insights
- There is evidence of strong liquidity maintained throughout the analyzed periods, supported by increasing quick assets and a quick ratio consistently well above 1. The volatility observed in current liabilities introduces some variability in liquidity coverage across quarters. The general expansion in quick assets aligns with the company's apparent growth or accumulation of liquid resources. The recent decrease in quick assets in the last reported quarter and the variable current liabilities suggest the necessity for ongoing monitoring to ensure that liquidity remains sufficient to meet short-term obligations effectively.
Cash Ratio
Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
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Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 533,914) | 894,704) | 837,100) | 725,169) | 654,158) | 609,252) | 590,619) | 510,834) | 446,588) | 389,794) | 507,356) | 428,242) | 372,761) | 329,134) | 310,655) | 281,046) | 315,759) | 258,364) | 223,743) | 303,645) | 249,881) | 155,401) | 113,261) | |||||||
Total cash assets | 533,914) | 894,704) | 837,100) | 725,169) | 654,158) | 609,252) | 590,619) | 510,834) | 446,588) | 389,794) | 507,356) | 428,242) | 372,761) | 329,134) | 310,655) | 281,046) | 315,759) | 258,364) | 223,743) | 303,645) | 249,881) | 155,401) | 113,261) | |||||||
Current liabilities | 57,331) | 44,268) | 70,871) | 44,387) | 47,370) | 44,884) | 61,037) | 39,595) | 43,599) | 57,073) | 67,279) | 50,900) | 29,102) | 21,810) | 33,848) | 20,581) | 18,562) | 17,357) | 35,836) | 24,464) | 23,917) | 30,228) | 16,416) | |||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||
Cash ratio1 | 9.31 | 20.21 | 11.81 | 16.34 | 13.81 | 13.57 | 9.68 | 12.90 | 10.24 | 6.83 | 7.54 | 8.41 | 12.81 | 15.09 | 9.18 | 13.66 | 17.01 | 14.89 | 6.24 | 12.41 | 10.45 | 5.14 | 6.90 | |||||||
Benchmarks | ||||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||
Chevron Corp. | 0.13 | 0.12 | 0.19 | 0.25 | 0.18 | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | 0.21 | 0.24 | 0.27 | 0.26 | 0.25 | 0.35 | 0.33 | 0.30 | — | — | — | — | |||||||
ConocoPhillips | 0.63 | 0.58 | 0.60 | 0.66 | 0.91 | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | 0.55 | 1.14 | 1.31 | 1.18 | 1.46 | 1.58 | 1.92 | 1.35 | — | — | — | — | |||||||
Exxon Mobil Corp. | 0.39 | 0.37 | 0.46 | 0.48 | 0.46 | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | 0.12 | 0.08 | 0.06 | 0.06 | 0.08 | 0.16 | 0.22 | 0.18 | — | — | — | — |
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 533,914 ÷ 57,331 = 9.31
2 Click competitor name to see calculations.
- Total Cash Assets
-
Total cash assets exhibited a generally increasing trend from March 2019 through June 2024, with some volatility in certain quarters. Initially, cash assets rose steadily from $113.3 million in March 2019 to a peak of approximately $428.2 million by December 2021. A notable dip occurred in the middle of 2022, with cash assets decreasing to around $389.8 million in June 2022, followed by recovery and growth reaching a high of about $894.7 million in June 2024. The most recent data point in September 2024 shows a decrease to approximately $533.9 million, indicating some variability at the end of the period.
- Current Liabilities
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Current liabilities displayed a fluctuating pattern without a clear upward or downward trend over the same period. Starting at $16.4 million in March 2019, liabilities increased to $67.3 million by March 2022, representing the highest recorded level within the timeframe. This peak was followed by a decline to around $39.6 million by December 2022. Subsequently, liabilities oscillated between approximately $44.4 million and $70.9 million through mid-2024, suggesting variability in short-term obligations without sustained directional movement.
- Cash Ratio
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The cash ratio demonstrated considerable volatility, reflecting changes in both cash assets and current liabilities. Starting at 6.9 in March 2019, the ratio surged to a high of 17.0 in September 2020. Subsequently, the ratio moderated, fluctuating between 6.8 and 13.6 from late 2020 through early 2022. A rise was noted during 2023 and mid-2024, peaking at 20.2 in June 2024, indicating a strong liquidity position relative to current liabilities. The final quarter available shows a decline to 9.3 in September 2024. These fluctuations imply active management of liquidity and working capital during the period analyzed.
- Overall Observations
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The data reflect a robust liquidity profile overall, with sizable cash reserves maintained relative to current liabilities. The substantial rise in cash assets over the multi-year period suggests a focus on strengthening financial flexibility. However, the variability in current liabilities and the cash ratio highlight episodic shifts in short-term liabilities and liquidity management. The notable peaks in the cash ratio imply periods of conservative cash holding, possibly as a buffer against uncertainties. The declines observed in the most recent quarters could indicate adjustments in operational or financing activities impacting cash balances and liabilities.