NYSE: COP · Oil & Gas Exploration & Production
ConocoPhillips
ConocoPhillips is an exploration and production (E&P) company that produces crude oil, bitumen, natural gas, NGLs and LNG in 14 countries. Its largest segment is the U.S. Lower 48, mainly the Permian Basin, followed by Alaska, Canada (oil sands), Norway, Qatar, Libya, Australia and Malaysia. 2025 production averaged 2,375 MBOED, 20% more than in 2024 after the Marathon Oil acquisition (November 2024, paid in stock). Revenue was $58.9 billion and net income $8.0 billion. Andy O'Brien became CEO on September 1, 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-1710-Q (quarter ended 2026-09-30) · filed 2026-11-05
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 25.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.48x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 14.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.45
Higher than 91% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 84% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$140.00close on 2026-11-04
Market cap$171.52B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 14.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.3%
At FY2025 year-end: 14.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$15.03B → $19.44B (vs. a year earlier)↑ +29.3%$15.03B → $19.44B (vs. a year earlier)
- Net income$1.73B → $4B (vs. a year earlier)↑ +131.8%$1.73B → $4B (vs. a year earlier)
- Diluted EPS$1.38 → $3.34 (vs. a year earlier)↑ +142.0%$1.38 → $3.34 (vs. a year earlier)
- Cash$6.57B → $7.77B (vs. previous quarter-end)↑ +18.1%$6.57B → $7.77B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 5, 2026.
Management outlook • Issued
Expects Q4 production of 2.32–2.36M barrels of oil equivalent a day. Source sentence
Fourth-quarter 2026 production is expected to be 2.32 to 2.36 million barrels of oil equivalent per day.
Key changes
Raised quarterly dividend 11% to $0.93. Source sentence
Raised quarterly ordinary dividend by 11% to $0.93 per share, consistent with top-quartile S&P 500 growth objective.
Q3 production 2,302 MBOED, down 97 from a year earlier. Source sentence
Production for the third quarter of 2026 was 2,302 MBOED, a decrease of 97 MBOED from the same period a year ago.
Distributed $3.4B to shareholders. Source sentence
Distributed $3.4 billion to shareholders, consisting of $2.4 billion through share repurchases and $1.0 billion through the ordinary dividend.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CONOCOPHILLIPS
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: COP
- Industry
- Oil & Gas Exploration & Production
- CIK
- 1163165
Workforce (as of FY2025 year-end)
Employees
9,900
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 36–39 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 6, 2026 (+37 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 17, 2026 10-K (+48 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 8, 2025 (+38 days) | May 8, 2025 10-Q (+38 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 8, 2024 (+39 days) | Feb 15, 2024 10-K (+46 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Lower 48
Unconventional oil and gas
Examples: Delaware and Midland Basins, Eagle Ford, Bakken
Largest producing segment.
Alaska
North Slope
Examples: Greater Prudhoe Bay, Greater Kuparuk Area, Western North Slope, Willow
Conventional oil.
Canada
Oil sands and Montney
Examples: Surmont (SAGD), Montney
Bitumen and liquids-rich gas.
EMENA / Asia Pacific
International and LNG
Examples: Norway (Greater Ekofisk), Qatar, Libya (Waha), APLNG, Malaysia, China
Conventional assets and LNG.
Asset names are from the FY2025 Form 10-K and the Q2 2026 earnings release.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
LNG liquefaction technology (Optimized Cascade)
Global installed LNG production capacity
U.S. share
—
Not disclosedWorldwide share
2nd largest provider
Company-disclosedOil and gas exploration and production
Worldwide E&P, by production and reserves
U.S. share
—
Not disclosedWorldwide share
One of the world's leading E&P companies
Company-disclosedCrude oil production (Prudhoe Bay, Kuparuk, Western North Slope)
Alaska
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedAlaska
Largest crude oil producer
Company-disclosed
Sources:
07
Recent strategic focusSite analysis
2026 developments from 8-Ks and earnings releases.
CEO succession
Andy O'Brien (EVP, Strategy, Commercial and CFO) became President and CEO on September 1, 2026; Ryan Lance became Executive Chair.
Source: 8-K filed 2026-08-11
Disposition target reached
Agreements to sell noncore Lower 48 assets for $1.7B closed in July 2026, meeting the $5B disposition target ahead of schedule.
Source: Q2 2026 press release
Iraq and Syria
ConocoPhillips agreed to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq (closing expected by year-end 2026) and signed an agreement to re-enter Syria.
Source: Q2 2026 press release
Free cash flow target
The company says it remains on track for a $7B free cash flow inflection by 2029.
Source: Q2 2026 press release
Capex ÷ D&A (FY2025)
1.09x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$12,553M ÷ $11,500M = 1.09x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.1%
formularesearch & development expense ÷ revenue × 100
e.g.$78M ÷ $58,944M × 100 = 0.1%
M&A spend (6-year total)
$11.1B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $4.72B in FY2020 to $12.55B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$58.94B
As reported in the 10-K
Revenue CAGR (5 years)
+25.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($58,944M ÷ $18,784M) ^ (1÷5) − 1 = 25.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
12.4%▲favorable
6-year average: 17.3%
As reported in the 10-K
P/B (FY2025 end)
1.78x
formulafiscal year-end closing price ÷ book value per share
e.g.$93.61 ÷ $52.64 = 1.78x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +25.7% a year over 5 years (strong growth)
From $18.78B in FY2020 to $58.94B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 52.9% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 17.3% over 6 years (latest: 12.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Origin Energy and Sinopec (Australia Pacific LNG)
- QatarEnergy
- Sempra (Port Arthur LNG)
07 · what it does
Key activities
Oil and gas production
Drilling and production- Transport and marketing of production into worldwide commodity markets
LNG
Liquefaction through joint ventures- LNG marketing
06 · what it draws on
Key resources
Oil and gas production
Acreage and reserves (Permian, Eagle Ford, Bakken, Alaska North Slope, Montney, oil sands, North Sea)- Capital spending of $12.6B in 2025
LNG
Equity gas- Offtake agreements
02 · why customers buy
Value propositions
- Oil, gas and LNG from a low cost-of-supply resource base, which ConocoPhillips believes drives returns through price cycles.
04 · how it keeps them
Customer relationships
- Sales contracts with buyers in each producing region.
03 · how it reaches them
Channels
- Sells crude oil to refiners and natural gas to utilities, industrials, marketers and LNG buyers.
01 · who it serves
Customer segments
Oil and gas production
Refiners, utilities, local distribution companies, industrials, marketing companiesLNG
Global LNG buyers
09 · where money goes
Cost structure
FY2025, share of revenue ($58.94B)
- Cost of revenue37.9%
- Research & development0.1%
- Selling, general & administrative1.5%
Depreciation & amortization (inside the costs above): $11.5B. Capital spending: $12.55B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Oil and gas production
Sales of crude oil, natural gas, NGLs, bitumen and LNGLNG
Equity earnings and LNG sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Oil and gas production
Explores for, produces, transports and markets crude oil, bitumen, natural gas, NGLs and LNG; operations are managed in five geographic segments.
01 what it draws on
Inputs & resources
- Acreage and reserves (Permian, Eagle Ford, Bakken, Alaska North Slope, Montney, oil sands, North Sea)
- Capital spending of $12.6B in 2025
02 what it does
Activities
- Drilling and production
- Transport and marketing of production into worldwide commodity markets
03 who it serves
Customers
- Refiners, utilities, local distribution companies, industrials, marketing companies
04 how money comes in
How it earns
- Sales of crude oil, natural gas, NGLs, bitumen and LNG
Oil and gas production: how it makes money
- Lower 48 production was 1,484 MBOED in 2025.
- Prices are not set by the company; earnings move with commodity prices.
LNG
Equity interests in LNG facilities in Australia (APLNG), Qatar and Equatorial Guinea, a 30% stake in Port Arthur LNG Phase 1, and commercial offtake and regasification contracts.
01 what it draws on
Inputs & resources
- Equity gas
- Offtake agreements
02 what it does
Activities
- Liquefaction through joint ventures
- LNG marketing
03 who it serves
Customers
- Global LNG buyers
04 how money comes in
How it earns
- Equity earnings and LNG sales
LNG: how it makes money
- Port Arthur LNG Phase 1 is scheduled to start up in 2027.
- Total LNG offtake reached 12 MTPA as of August 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
ConocoPhillips faces production and price controls abroad and CERCLA sites at home.
Regulated prices & reimbursement
Price and production controls
Regulators have at times imposed price controls and production limits.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Local restrictions and tariffs
Some locations bring leasing restrictions, special taxes, tariffs and transparency rules.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
CERCLA sites
Identified as a potentially responsible party at 20 U.S. sites at end-2025.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Lower 48
41,395 (70%)profit 5,264 · margin 12.7%
Europe, Middle East and North Africa
6,484 (11%)profit 1,224 · margin 18.9%
Alaska
5,638 (10%)profit 730 · margin 12.9%
Canada
3,625 (6%)profit 741 · margin 20.4%
Asia Pacific
1,770 (3%)profit 1,167 · margin 65.9%
Source: Form 10-K (FY2025) — Note 22, segment disclosures Revenue is consolidated sales and other operating revenues; profit is segment net income. Corporate and other: revenue $32M, net loss $1,138M. Asia Pacific profit includes equity earnings of affiliates ($762M).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Origin Energy and Sinopec (Australia Pacific LNG)
Australia Pacific LNG (47.5% COP) with Origin Energy and Sinopec; Origin operates upstream production and pipelines, and ConocoPhillips operates the LNG facility on Curtis Island.
Joint venture
QatarEnergy
25% interests in the QatarEnergy LNG NFE(4) and NFS(3) joint ventures for the North Field East and North Field South LNG projects, plus interests in existing Qatar LNG operations.
Source: Form 10-K (FY2025) — Qatar
Joint venture
Sempra (Port Arthur LNG)
30% interest in Port Arthur Liquefaction Holdings (Phase 1 of Port Arthur LNG); Sempra PALNG Holdings owns the remaining 70%.
Source: Form 10-K (FY2025) — Note 3
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Natural gas is sold to local distribution companies, gas and power utilities, large industrials, oil and gas companies and marketers.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
Suppliers
Joint-venture partners operate some assets (for example, Origin Energy operates APLNG upstream).
Named by the company
No key supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says no single competitor or small group dominates; ConocoPhillips competes with private, public and state-owned companies.
Competitors named in the 10-K
ConocoPhillips' 10-K doesn't name competitors.
Peer group the company chose
2025 performance peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Used for relative performance in incentive pay; Hess and Pioneer were dropped after their acquisitions by Chevron and ExxonMobil.
- APA Corporationsite ↗
- Chevronsite ↗
- Devon Energysite ↗
- Diamondback Energysite ↗
- EOG Resourcessite ↗
- ExxonMobilsite ↗
- Occidental Petroleumsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
The largest recent deal was Marathon Oil in 2024.
Cash spent on acquisitions, FY2020–FY2025: $11.1B
2024-11-22
Marathon Oil
About 143 million COP shares (0.255 per Marathon share; $111.93 average price), plus about $4.6B of assumed debt
U.S. E&P company.
- Stated purpose (company)
- Integrated into the Lower 48 portfolio; the company reports more than $1B of run-rate synergies.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 18,784 | 45,828 | 78,494 | 56,141 | 54,745 | 58,944 |
| Pretax income | -3,140 | 12,712 | 28,228 | 16,288 | 13,672 | 12,656 |
| Net income (attributable) | -2,701 | 8,079 | 18,680 | 10,957 | 9,245 | 7,988 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 144.0% | 71.3% | -28.5% | -2.5% | 7.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -14.4% | 17.6% | 23.8% | 19.5% | 16.9% | 13.6% |
| Balance sheet ($M) | ||||||
| Total assets | 62,618 | 90,661 | 93,829 | 95,924 | 122,780 | 121,939 |
| Total equity | 29,849 | 45,406 | 48,003 | 49,279 | 64,796 | 64,487 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 15,369 | 19,934 | 16,643 | 18,937 | 24,324 | 23,444 |
| Equity ratio | 47.7% | 50.1% | 51.2% | 51.4% | 52.8% | 52.9% |
| ROE | -9.0% | 21.5% | 40.0% | 22.5% | 16.2% | 12.4% |
| Cash flow ($M) | ||||||
| Operating CF | 4,802 | 16,996 | 28,314 | 19,965 | 20,124 | 19,796 |
| Investing CF | -4,121 | -8,544 | -8,741 | -12,000 | -11,150 | -8,836 |
| Financing CF | -2,708 | -6,335 | -18,053 | -8,661 | -8,835 | -10,102 |
| Free cash flowcalccash flow from operations − capital expenditures | 87 | 11,672 | 18,155 | 8,717 | 8,006 | 7,243 |
| Cash and equivalents | 2,991 | 5,028 | 6,458 | 5,635 | 5,607 | 6,497 |
| Per share & other | ||||||
| EPS ($) | -2.51 | 6.07 | 14.57 | 9.06 | 7.81 | 6.35 |
| BVPS ($) | 27.95 | 34.87 | 39.22 | 41.83 | 50.79 | 52.64 |
| Dividend per share ($) | 1.69 | 1.95 | 4.99 | 3.91 | 3.12 | 3.18 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 32.1% | 34.2% | 43.2% | 39.9% | 50.1% |
| P/E (x) | — | 11.9 | 8.1 | 12.8 | 12.7 | 14.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.43 | 2.07 | 3.01 | 2.77 | 1.95 | 1.78 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $19.44B+29.3% | $4B+131.8% | $3.34 |
| 2026-06-30 | $19.16B+36.8% | $3.93B+99.4% | $3.23 |
| 2026-03-31 | $15.76B-4.6% | $2.18B-23.4% | $1.78 |
| 2025-12-31 † | $13.39B-5.9% | $1.44B-37.5% | — |
| 2025-09-30 | $15.03B | $1.73B | $1.38 |
| 2025-06-30 | $14B | $1.97B | $1.56 |
| 2025-03-31 | $16.52B | $2.85B | $2.23 |
| 2024-12-31 † | $14.24B | $2.31B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.7% − 3.9%
Past FCF growth (FY2020–FY2025)
+142.1%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+25.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $7.24B (operating CF − capex); enterprise value $187.99B = market cap $171.52B (latest close, 2026-11-04) + debt $23.44B − cash and short-term investments $6.98B; r = WACC of 6.7% using this page’s default assumptions (β 0.45, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$190.61B
FCF $7.24B ÷ (6.7% − 2.9%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.7% | 5.7% | 6.7% | 7.7% | 8.7% |
|---|---|---|---|---|---|
| 0% | 0.82x | 0.68x | 0.58x | 0.50x | 0.44x |
| 2% | 1.43x | 1.04x | 0.82x | 0.68x | 0.58x |
| 4% | 5.50x | 2.27x | 1.43x | 1.04x | 0.82x |
| 6% | — | — | 5.50x | 2.27x | 1.43x |
| 8% | — | — | — | — | 5.50x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.02x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -9.7%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$19,796M ÷ $7,988M = 2.48x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,809M + $1,873M) ÷ 2 ÷ $22,325M × 365 = 30 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 85.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 14.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 264 of 416
- Beta (adjusted)
- 0.45
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 63% of covered companies have more
above 1 = swings more than the market
- 1,022.1M shares reported by 2,463 13F filers ÷ 1,201.3M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-30 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale
2025 production was 2,375 MBOED in 14 countries; the 10-K calls ConocoPhillips one of the world's leading E&P companies by production and reserves.
Evidence: Form 10-K (FY2025) Item 1
2. Marathon Oil integration
Integration was completed in the first half of 2025, with more than $1B of run-rate synergies and about $1B of one-time benefits.
Evidence: Form 10-K (FY2025) MD&A
3. Shareholder distributions
Q2 2026 distributions were $3.0B ($2.0B buybacks, $1.0B dividends). The company targets returning 45% of CFO in 2026.
Evidence: Q2 2026 press release
Weaknesses
1. Commodity price exposure
Net income fell from $18.7B in 2022 to $8.0B in 2025.
Evidence: SEC EDGAR XBRL
2. Large ongoing capital needs
Capital expenditures and investments were $12.6B in 2025; the 2026 plan is about $12B.
Evidence: Form 10-K (FY2025)
3. Q2 2026 production decline
Q2 2026 production fell 4% year over year after adjusting for acquisitions and dispositions; the company cited the Middle East conflict's impact on Qatar and higher Surmont royalties.
Evidence: Q2 2026 press release
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
14.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.40%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
50%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.3%
(Operating CF − capex) ÷ market cap
1. Cash returns
Ordinary dividend of $0.84 per quarter, plus buybacks.
- What has to hold
- Commodity prices support cash flow.
- The other side
- Distributions are tied to CFO, which moves with prices.
Evidence: Q2 2026 press release
2. LNG growth
LNG projects in Qatar and at Port Arthur and 12 MTPA of offtake.
- What has to hold
- Projects start on schedule.
- The other side
- Long-dated and capital-intensive.
Evidence: Form 10-K (FY2025); Q2 2026 press release
Dividends per share include the variable return of cash (VROC): 2021 $0.20, 2022 $3.10, 2023 $1.80 and 2024 $0.60. The VROC was folded into the ordinary dividend in Q4 2024. Operating income is not reported.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
6.8x
$6.98B vs. $1.02B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.8x
$7.24B vs. $4B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -28.5% in FY2023 ($78.49B → $56.14B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
Year-end 2025 cash, restricted cash and short-term investments were $7.4B, plus $1.1B of long-term investments.
Source: Form 10-K (FY2025), MD&A
Diversified portfolio
Operations span the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.
Source: Form 10-K (FY2025), Item 1
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
ConocoPhillips is collecting arbitration awards against Venezuela (an $8.5 billion ICSID award plus about $2 billion from ICC awards). It is defending climate-change suits by states and municipalities and a certified securities class action inherited from Concho, and was ordered to decommission legacy California offshore platforms.
3 open matters · 1 settled or closed
Climate change lawsuits
PendingEnvironmentalGovernmental entities and individuals in several U.S. states and territories
Since 2017 these suits have sought damages and abatement of alleged climate-change impacts from oil and gas companies, and more are expected. ConocoPhillips calls them legally and factually meritless.
- Amounts
- Scope of claims and damages highly uncertain.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Concho securities class action
PendingClass actionUtah Retirement Systems and Construction Laborers Pension Trust (lead) v. Concho and ConocoPhillips (S.D. Tex.)
Alleges Concho made materially false and misleading statements about its business. The motion to dismiss was largely denied in 2023, and a class was certified April 7, 2025.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
BSEE decommissioning order (Carpinteria platforms)
On appealRegulatory proceedingBureau of Safety and Environmental Enforcement; Interior Board of Land Appeals
The 2020 order requires prior owners of OCS Lease P-0166, including ConocoPhillips through legacy Phillips Petroleum's 25% interest, to decommission two abandoned platforms. The IBLA upheld it on June 9, 2026.
- Next step
- ConocoPhillips intends to appeal.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Venezuela expropriation awards (collection)
ResolvedContract disputeBolivarian Republic of Venezuela; PDVSA and affiliates
The ICSID award ($8.5 billion plus interest) was upheld by an annulment committee in January 2025. ICC awards add about $2 billion plus interest for Petrozuata/Hamaca and $33 million for Corocoro.
- Amounts
- About $795 million received so far on the first ICC award; collection actions continue.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
Geopolitical risk highlights
- [2]International operations
- 1Demand & macro
Commodity prices
- Company disclosure (summarized from the 10-K)
- Earnings and cash flow depend on crude oil, natural gas and LNG prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Geopolitical
International operations
- Company disclosure (summarized from the 10-K)
- Operations in Qatar, Libya and elsewhere face political instability and conflict; in Q2 2026 the Middle East conflict reduced Qatar production.
- Company’s stated mitigation
- Geographic diversification.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Environmental and climate regulation
- Company disclosure (summarized from the 10-K)
- Laws and regulations can require substantial capital, operating, and remediation spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- ConocoPhillips competes with private, public and state-owned companies, some larger with greater resources.
- Company’s stated mitigation
- Research and technology, portfolio management.
- This site’s assessment
- Impact Med / Likelihood Med
- 5M&A & integration
Project execution
- Company disclosure (summarized from the 10-K)
- Large projects such as Willow, Port Arthur LNG and Qatar LNG require long-term investment.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
Additionally, international climate initiatives, such as the United Nations Conference of the Parties summits, continue to shape the global response to climate change. Read more
These summits can lead to commitments from numerous countries to meet the objectives of agreements like the Paris Agreement, through adopting country level regulation to reduce greenhouse gas emissions.
No longer in the text (4)
Additionally, in 2023, at the international community at the 28th Conference of the Parties (COP28), nearly 200 countries, including most of the countries in which we operate, renewed their commitment to deliver on the aims of the 2015 Paris Agreement. COP28 included a decision on the world's first 'global stocktake' to ratchet up climate action before the end of the decade — including a goal to triple renewable energy capacity by 2030 — and for the first time its final agreement explicitly recommended "transitioning away from fossil fuels in the energy system."
Integrating Marathon Oil's business may be more difficult, costly or time-consuming than expected, and we may fail to achieve the expected benefits and synergies of the Marathon Oil acquisition, which may adversely affect our business results and negatively affect the value of our common stock.
The success of our acquisition of Marathon Oil will depend on, among other things, our ability to integrate Marathon Oil with our business in a manner that facilitates development opportunities and realizes expected synergies. Read more
We may encounter difficulties in integrating our and Marathon Oil’s businesses and realizing the expected benefits and synergies of the acquisition of Marathon Oil. If we are not able to successfully achieve our objectives, the anticipated benefits of the acquisition of Marathon Oil may not be realized fully, or at all, or may take longer to realize than expected.
Prior to the completion of our acquisition of Marathon Oil, each of ConocoPhillips and Marathon Oil operated as an independent public company. Read more
There can be no assurances that Marathon Oil’s business can be integrated successfully into ours. It is possible that the integration process could result in the loss of commercial and vendor partners; the disruption of our, Marathon Oil’s or both companies’ ongoing businesses; inconsistencies in standards, controls, procedures and policies; unexpected integration issues; higher than expected integration costs; and an overall post-completion integration process that takes longer than originally anticipated. We will be required to devote management attention and resources to integrating Marathon Oil’s business practices and operations.
4 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 17, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
26
What to watch going forwardSite analysis
- Oil and gas prices.
- Willow progress and Port Arthur LNG start-up (2027).
- Kirkuk (Iraq) joint venture closing, expected by year-end 2026.
- Qatar production after the Middle East conflict.
- New CEO Andy O'Brien from September 2026.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-17
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent ConocoPhillips’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.