Analysis of Revenues
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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- Aggregate Accruals
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Revenues as Reported
ConocoPhillips, income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Crude oil | |||||||||||
| Natural gas | |||||||||||
| Natural gas liquids | |||||||||||
| Other | |||||||||||
| Consolidated sales and other operating revenues |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Consolidated sales and other operating revenues experienced significant fluctuation between 2021 and 2025. While initially exhibiting substantial growth, revenues subsequently decreased before demonstrating a degree of stabilization. A detailed examination of the contributing revenue streams reveals varying performance patterns.
- Crude Oil Revenue
- Crude oil revenue increased markedly from US$23,648 million in 2021 to US$41,492 million in 2022. This was followed by a decline to US$37,833 million in 2023. Revenue remained relatively stable in the subsequent two years, at US$39,010 million in 2024 and US$39,068 million in 2025. This suggests a period of high demand followed by a moderation, with recent performance indicating a plateau.
- Natural Gas Revenue
- Natural gas revenue demonstrated a strong increase from US$16,904 million in 2021 to US$26,941 million in 2022. However, a substantial decrease was observed in 2023, falling to US$10,725 million. This downward trend continued into 2024, with revenue reaching US$6,444 million. A modest recovery occurred in 2025, with revenue increasing to US$8,854 million, though remaining significantly below the 2022 peak. This indicates a considerable sensitivity to market conditions.
- Natural Gas Liquids Revenue
- Revenue from natural gas liquids showed growth from US$1,668 million in 2021 to US$3,650 million in 2022. A subsequent decline to US$2,609 million occurred in 2023, followed by a slight increase to US$2,889 million in 2024. Further growth was observed in 2025, reaching US$3,705 million. This revenue stream exhibits less volatility than natural gas, but demonstrates a generally upward trajectory over the period.
- Other Revenue
- Revenue categorized as “Other” increased from US$3,608 million in 2021 to US$6,411 million in 2022. This was followed by a decrease to US$4,974 million in 2023, then a rise to US$6,402 million in 2024. Revenue continued to increase in 2025, reaching US$7,317 million. This category demonstrates consistent, though fluctuating, growth.
The consolidated revenue pattern largely mirrors the performance of crude oil and natural gas, the two largest revenue contributors. The significant increase in 2022 was driven by both commodities, while the decline in 2023 was primarily attributable to the substantial decrease in natural gas revenue. The stabilization observed in 2024 and 2025 suggests a potential leveling off of market dynamics, with modest growth in other revenue streams partially offsetting the continued lower performance of natural gas.