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)

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)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Phillips 66 EV decreased from 2017 to 2018 and from 2018 to 2019.

Phillips 66 (NYSE:PSX)

Enterprise Value (EV)