ConocoPhillips, balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term debt	1,074)	417)	1,200)	619)	105)
Long-term debt	17,863)	16,226)	18,734)	14,750)	14,790)
Total debt, including finance leases (carrying amount)	18,937)	16,643)	19,934)	15,369)	14,895)

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Debt item	Description	The company
Total debt, including finance leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	ConocoPhillips total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Debt, excluding finance leases	18,621)
Finance leases	1,129)
Total debt, including finance leases (fair value)	19,750)
Financial Ratio
Debt, fair value to carrying amount ratio	1.04

Weighted-average interest rate on debt: 5.16%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.13%	461)	10)
3.35%	265)	9)
2.40%	366)	9)
8.20%	134)	11)
3.35%	199)	7)
6.88%	67)	5)
7.80%	203)	16)
3.75%	196)	7)
4.30%	223)	10)
7.38%	92)	7)
7.00%	112)	8)
6.95%	1,195)	83)
8.13%	390)	32)
2.40%	227)	5)
7.20%	447)	32)
7.25%	400)	29)
7.40%	382)	28)
5.90%	505)	30)
5.05%	1,000)	51)
4.15%	246)	10)
5.95%	326)	19)
5.95%	603)	36)
5.90%	350)	21)
6.50%	1,588)	103)
3.76%	785)	30)
4.30%	750)	32)
5.95%	329)	20)
7.90%	60)	5)
4.88%	319)	16)
4.85%	219)	11)
3.80%	1,100)	42)
5.30%	1,100)	58)
5.55%	1,000)	56)
4.03%	1,770)	71)
5.70%	700)	40)
4.70%	265)	12)
4.70%	18)	1)
3.39%	1,129)	38)
Total	19,521)	1,007)
5.16%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,007 ÷ 19,521 = 5.16%

ConocoPhillips, interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expensed	780)	805)	884)	806)	778)
Interest capitalized	153)	58)	62)	55)	57)
Interest incurred	933)	863)	946)	861)	835)

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Debt item	Description	The company
Interest expensed	Amount of the cost of borrowed funds accounted for as interest expense for debt.	ConocoPhillips interest expensed decreased from 2021 to 2022 and from 2022 to 2023.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	ConocoPhillips interest capitalized decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Interest incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	ConocoPhillips interest incurred decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips	10,957)	18,680)	8,079)	(2,701)	7,189)
Add: Net income attributable to noncontrolling interest	—)	—)	—)	46)	68)
Add: Income tax expense	5,331)	9,548)	4,633)	(485)	2,267)
Add: Interest and debt expense	780)	805)	884)	806)	778)
Earnings before interest and tax (EBIT)	17,068)	29,033)	13,596)	(2,334)	10,302)

Interest incurred	933)	863)	946)	861)	835)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	21.88	36.07	15.38	-2.90	13.24
Adjusted interest coverage ratio (with capitalized interest)²	18.29	33.64	14.37	-2.71	12.34

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= 17,068 ÷ 780 = 21.88

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest incurred
= 17,068 ÷ 933 = 18.29

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	ConocoPhillips adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

ConocoPhillips (NYSE:COP)

Analysis of Debt