Oily texture. Time to pan: 3-4 months, AM/PM use, 3-5 drops per use. This is a 22% ascorbic acid, 2% derivative vitamin C—it’s been fantastic for my PIH. I don’t have to refrigerate this, I just keep it in the box, and I’ve never seen any bottle get any darker than the barest hint of yellow. It’s a steal at the price, HG, WRP.