Common-Size Balance Sheet: Assets
Quarterly Data
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ConocoPhillips, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset structure exhibits a strategic shift toward long-term capital investments, characterized by a gradual decrease in the proportion of current assets and a corresponding increase in non-current assets over the analyzed period.
- Liquidity and Current Asset Trends
- Current assets peaked at 23.12% in September 2021 before trending downward to a range between 11.37% and 15.45% by mid-2026. This decline is primarily driven by a reduction in cash and cash equivalents, which dropped from a high of 11.26% in September 2021 to consistently lower levels, typically between 4% and 6% in later years. Short-term investments followed a similar trajectory, falling from 4.90% in March 2021 to negligible levels, frequently remaining below 1% after 2023.
- Fixed Asset Expansion
- Net properties, plants, and equipment (PP&E) represent the dominant portion of the balance sheet and demonstrated a general upward trend in common-size weight. From 69.62% in March 2021, this figure reached a peak of 77.69% in June 2025, indicating an increased concentration of capital in long-term production infrastructure. Although a slight contraction to 73.43% occurred by June 2026, the overall asset profile remains more heavily weighted toward fixed assets than at the start of the period.
- Noncurrent Asset Composition
- Noncurrent assets generally expanded from 82.54% in early 2021 to a peak of 88.63% in June 2025. Long-term investments and receivables remained relatively stable, fluctuating within a narrow band between 7.85% and 9.69%, suggesting that the growth in noncurrent assets was driven primarily by PP&E rather than long-term financial holdings.
- Working Capital Components
- Accounts and notes receivable exhibited volatility, peaking at 8.70% in June 2022 before stabilizing between 4.65% and 5.74% in the most recent quarters. Inventories remained remarkably stable throughout the entire period, consistently fluctuating within a tight range of 1.19% to 1.56% of total assets, indicating a consistent inventory management strategy relative to total asset growth.