CONOCOPHILLIPS COP
ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects. On December 31, 2025, we employed approximately 9,900 people worldwide and had total assets of about $122 billion. Total company production for the year was 2,375 MBOED.
ConocoPhillips was incorporated in the state of Delaware in 2001 in connection with and in anticipation of the merger between Conoco Inc. and Phillips Petroleum Company. The merger between Conoco and Phillips was consummated on August 30, 2002. In April 2012, ConocoPhillips completed the separation of the downstream business into an independent, publicly traded energy company, Phillips 66.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.82B | $49.42B | $48.52B | $61.05B | $34.59B | $13.66B | $32.57B | $36.42B | $29.11B | $23.69B |
| Cost of revenue | $22.32B | $20.01B | $21.98B | $33.97B | $18.16B | $8.08B | $11.84B | $14.29B | $12.47B | $9.99B |
| Gross profit | $29.50B | $29.41B | $26.55B | $27.08B | $16.43B | $5.58B | $20.73B | $22.12B | $16.63B | $13.70B |
| R&D | $78.0M | $81.0M | $81.0M | $71.0M | $62.0M | $75.0M | $82.0M | $78.0M | $100.0M | $116.0M |
| SG&A | $893.0M | $1.16B | $705.0M | $623.0M | $719.0M | $430.0M | $556.0M | $401.0M | $427.0M | $473.0M |
| Total operating expenses | — | — | — | — | — | — | — | — | — | $29.89B |
| Pre-tax income | $12.66B | $13.67B | $16.29B | $28.23B | $12.71B | -$3.14B | $9.52B | $9.97B | -$2.62B | -$5.53B |
| Income tax | $4.67B | $4.43B | $5.33B | $9.55B | $4.63B | $485.0M | $2.27B | $3.67B | $1.82B | $1.97B |
| Net income | $7.99B | $9.24B | $10.96B | $18.68B | $8.08B | -$2.70B | $7.19B | $6.26B | -$855.0M | -$3.62B |
| EPS, basic | 6.36 | 7.82 | 9.08 | 14.62 | 6.09 | -2.51 | 6.43 | 5.36 | -0.70 | -2.91 |
| EPS, diluted | 6.35 | 7.81 | 9.06 | 14.57 | 6.07 | -2.51 | 6.40 | — | -0.70 | -2.91 |
| Shares, diluted (wtd. avg.) | $1.25B | $1.18B | $1.21B | $1.28B | $1.33B | $1.08B | $1.1M | $1.2M | $1.2M | $1.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.50B | $5.61B | $5.90B | $6.69B | $5.40B | $3.31B | $5.36B | $6.15B | $6.54B | $3.61B |
| Short-term investments | $484.0M | $507.0M | $971.0M | $2.79B | — | $3.61B | $3.03B | $248.0M | $1.87B | $50.0M |
| Receivables | — | — | — | — | — | — | $3.40B | $4.07B | $4.32B | $3.41B |
| Inventory | $1.87B | $1.81B | $1.40B | $1.22B | $1.21B | $1.00B | $1.03B | $1.01B | $1.06B | $1.02B |
| Total current assets | $15.53B | $15.65B | $14.33B | $18.75B | $16.05B | $12.07B | $16.91B | $13.27B | $16.51B | $8.61B |
| Property, plant and equipment | — | — | — | — | $64.91B | $39.89B | $42.27B | $45.70B | $45.68B | $58.33B |
| Total assets | $121.94B | $122.78B | $95.92B | $93.83B | $90.66B | $62.62B | $70.51B | $69.98B | $73.36B | $89.77B |
| Accounts payable | $6.22B | $6.04B | — | $6.11B | $5.00B | $2.67B | $3.18B | $3.86B | $4.01B | $3.63B |
| Short-term debt | $1.02B | $1.03B | $1.07B | $417.0M | $1.20B | $619.0M | $105.0M | $112.0M | $2.58B | $1.09B |
| Total current liabilities | $11.97B | $12.12B | $10.01B | $12.85B | $12.02B | $5.37B | $7.04B | $7.39B | $9.40B | $6.91B |
| Long-term debt | — | — | — | — | — | — | — | $16.15B | $22.43B | — |
| Total liabilities | $57.45B | $57.98B | $46.65B | $45.83B | $45.26B | $32.77B | $35.46B | $37.92B | $42.56B | $54.55B |
| Retained earnings | $68.86B | $64.87B | $59.27B | $53.03B | $40.67B | $35.21B | $39.74B | $34.01B | $29.39B | $31.55B |
| Total equity | $64.49B | $64.80B | $49.28B | $48.00B | $45.41B | $29.85B | $35.05B | $32.06B | $30.80B | $35.23B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19.80B | $20.12B | $19.96B | $28.31B | $17.00B | $4.80B | $11.10B | $12.93B | $7.08B | $4.40B |
| Depreciation and amortisation | $11.50B | $9.60B | $8.27B | $7.50B | $7.21B | $5.52B | $6.09B | $5.96B | $6.84B | $9.06B |
| Capital expenditure | — | — | — | $10.16B | $5.32B | $4.71B | $6.64B | $6.75B | $4.59B | $4.87B |
| Investing cash flow | -$8.84B | -$11.15B | -$12.00B | -$8.74B | -$8.54B | -$4.12B | -$6.62B | -$3.84B | $7.76B | -$3.86B |
| Financing cash flow | -$10.10B | -$8.84B | -$8.66B | -$18.05B | -$6.33B | -$2.71B | -$5.23B | -$9.36B | -$12.36B | $764.0M |
| Dividends paid | $4.00B | $3.65B | $5.58B | $5.73B | $2.36B | $1.83B | $1.50B | $1.36B | $1.30B | $1.25B |
| Buybacks | $5.02B | $5.46B | $5.40B | $9.27B | $3.62B | $892.0M | $3.50B | $3.00B | $3.00B | $126.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001163165-26-000009.
Others in SIC 2911
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CVX | CHEVRON CORP | $412.15B | 31.5x | -4.6% |
| MPC | Marathon Petroleum Corp | $109.21B | 29.4x | -4.4% |
| VLO | VALERO ENERGY CORP/TX | $106.74B | 49.0x | -5.5% |
| PSX | Phillips 66 | $101.79B | 23.6x | -7.5% |
| IMO | IMPERIAL OIL LTD | $62.20B | — | — |
| PBF | PBF Energy Inc. | $8.80B | — | -11.4% |
| IEP | ICAHN ENTERPRISES L.P. | $4.85B | — | -3.6% |
| CLMT | Calumet, Inc. /DE | $4.67B | — | -1.2% |