In 1999–2001, Guagua Pichincha volcano, Ecuador, produced a series of cyclic explosive and effusive eruptions. Rock samples, including dense blocks and pumiceous clasts collected during the eruption sequence, and ballistic bombs later collected from the crater floor, provide information about magma storage, ascent, decompression, degassing, repressurization, and regassing prior to eruption. Pairs of Fe-Ti oxides indicate equilibrium within 1.2–1.5 log units above the NNO oxidation buffer and equilibrium temperatures from 805 to 905 °C. Melt inclusions record H₂O contents of 2.7–4.6 wt% and CO₂ contents (uncorrected for CO₂ segregation into bubbles) from 19 to 310 ppm. Minimum melt inclusion saturation pressures fall between 69 and 168 MPa, or equilibration depths of 2.8 and 6.8 km, the lower end of which is coincident with the maximum inferred equilibration depths for the most vesicular breadcrust bombs sampled. Amphibole phenocrysts lack breakdown rims (except for one sample) and plagioclase phenocrysts have abundant oscillatory compositional zones. Plagioclase areal microlite number densities (N_a) range over less than one order of magnitude (8.9×10³–8.7×10⁴ mm^-2) among all samples, with the exception of a dense, low crystallinity sample (N_a = 3.0×10³ mm⁻²) and a pumiceous sample erupted on 17 December 1999 (N_a = 1.7×10³ mm⁻²). Plagioclase microlite shapes include tabular, hopper, and swallowtail forms. Taken together, the relatively high plagioclase microlite number densities, the high number of oscillatory zones in plagioclase phenocrysts, the presence of CO₂ in groundmass glass, seismicity, and time-varying tilt cycles provide a picture of sudden evacuation of magma residing at different levels in the shallow conduit. Explosive eruptions punctuate inter-eruptive repose periods marked by time-varying rates of degassing (volatile fluxing) and re-pressurization. Shallow residence time in the conduit was sufficient to allow precipitation of silica-phase in the groundmass, but insufficient to allow breakdown of hornblende phenocrysts, with the one exception of the final dome sample from 2000, which has the longest preceding repose time. These results support a model of cyclic pressure cycling, volatile exsolution and regassing, and magma decompression decoupled from ascent.