Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over 2021–2024 Phillips 66’s balance sheet shows a pronounced expansion in 2022 followed by modest contraction and a weakening of equity in 2024. Total assets jumped from $55,594m in 2021 to $76,442m in 2022 (+~37%), then edged down to $75,501m in 2023 (–1.2%) and $72,582m in 2024 (–3.9%). Total liabilities rose from $33,957m to $42,336m in 2022 (+~25%) and continued to rise more slowly to $44,119m by 2024. Stockholders’ equity increased strongly in 2022 (from $19,166m to $29,494m, +~54%) and peaked in 2023 at $30,583m, but then fell to $27,408m in 2024 (–~10%). (Note: the simple sum of liabilities and equity in the provided rows does not exactly equal reported assets, suggesting omitted line items or rounding in the dataset.) Interpretation: the 2022 spike is consistent with industry dynamics that year (higher commodity prices, larger inventory and asset valuations, or deal activity) which boosted both assets and retained equity. From 2023 into 2024 assets and liabilities trended down or stabilized while leverage (liabilities/assets) moved from ~61% in 2021 → ~55% in 2022 → ~58% in 2023 → ~61% in 2024, and the equity-to-assets ratio similarly improved through 2023 then weakened in 2024. The 2024 drop in equity likely reflects a combination of shareholder distributions (dividends/repurchases), lower earnings or possible impairments—important items to check in the cash-flow and statement-of-equity notes. The 2025 row is zeroed (no data). Overall the balance sheet remains large and typical of a capital‑intensive refiners/midstream operator, but the 2024 equity decline warrants monitoring of profitability, capital returns and any one‑time charges.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.