Stock Analysis on Net
Stock Analysis on Net

ConocoPhillips (NYSE:COP)

Common-Size Balance Sheet: Assets 

ConocoPhillips, common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 5.33 4.57 5.87 6.88 5.55
Short-term investments 0.40 0.41 1.01 2.97 0.49
Accounts and notes receivable, net of allowance 4.77 5.45 5.71 7.55 7.36
Investment in Cenovus Energy 0.00 0.00 0.00 0.00 1.23
Inventories 1.54 1.47 1.46 1.30 1.33
Prepaid expenses and other current assets 0.71 0.84 0.89 1.28 1.74
Current assets 12.74% 12.74% 14.94% 19.98% 17.70%
Equity investments 7.24 7.01 8.24 7.99 7.39
Long-term receivables 0.09 0.09 0.15 0.15 0.11
Long-term investments in debt securities 0.94 0.86 1.03 0.56 0.27
Other investments 0.08 0.07 0.10 0.07 0.07
Investments and long-term receivables 8.35% 8.04% 9.52% 8.77% 7.85%
Net properties, plants and equipment, net of accumulated DD&A 76.46 76.85 73.02 69.13 71.60
Other assets 2.45 2.37 2.52 2.12 2.85
Noncurrent assets 87.26% 87.26% 85.06% 80.02% 82.30%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition of the entity demonstrates notable shifts between 2021 and 2025. Current assets as a percentage of total assets decreased overall, while noncurrent assets increased. Within current assets, the proportion of cash and cash equivalents fluctuated, beginning and ending at similar levels but with a peak in 2022. A significant decrease in accounts and notes receivable is observed over the period. The proportion of net properties, plants, and equipment consistently represents the largest portion of the entity’s assets, increasing from 71.60% to 76.85% before stabilizing.

Liquidity and Current Assets
Current assets decreased as a percentage of total assets from 17.70% in 2021 to 12.74% in both 2024 and 2025. This decline is primarily driven by a reduction in accounts and notes receivable, which fell from 7.36% to 4.77%. Cash and cash equivalents experienced an initial increase to 6.88% in 2022, followed by a decrease to 4.57% in 2024 and a slight recovery to 5.33% in 2025. Short-term investments also showed volatility, peaking at 2.97% in 2022 before returning to approximately 0.4% in 2024 and 2025. Prepaid expenses and other current assets consistently decreased throughout the period.
Investment Portfolio
The entity maintains a substantial investment portfolio. Equity investments increased from 7.39% to 7.99% between 2021 and 2022, then continued to rise to 8.24% in 2023 before decreasing to 7.01% and 7.24% in 2024 and 2025 respectively. Long-term investments in debt securities also increased, nearly tripling from 0.27% to 1.03% between 2021 and 2023, before decreasing slightly to 0.86% and 0.94%. The investment in Cenovus Energy was present in 2021 at 1.23% of total assets but was absent in subsequent years.
Fixed Assets
Net properties, plants, and equipment consistently represent the largest component of the entity’s assets. This proportion increased from 71.60% in 2021 to a peak of 76.85% in 2024, then stabilized at 76.46% in 2025. This suggests a continued investment in and reliance on fixed assets. Other assets remained relatively stable, fluctuating between 2.12% and 2.85% of total assets.
Noncurrent Assets
Noncurrent assets increased as a percentage of total assets from 82.30% in 2021 to 87.26% in both 2024 and 2025. This increase is largely attributable to the growth in net properties, plants, and equipment, as well as investments and long-term receivables. Investments and long-term receivables increased from 7.85% to 8.35% over the period.

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