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: 2026-03-31), 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 composition demonstrates a strategic shift toward long-term capital investment, characterized by a gradual reduction in liquid current assets and a corresponding increase in fixed assets over the analyzed period.
- Liquidity and Current Asset Trends
- Current assets as a percentage of total assets exhibited significant volatility early in the period, peaking at 23.12% in September 2021 before entering a long-term decline to 13.22% by March 2026. This contraction is primarily driven by a reduction in cash and short-term investments. Cash and cash equivalents reached a high of 11.26% in September 2021 but settled into a lower range between 4.00% and 5.85% from 2024 onwards. Similarly, short-term investments decreased from an initial 4.90% to a marginal level, consistently remaining below 1.00% in the final two years of the period.
- Fixed Asset Expansion
- Net properties, plants, and equipment (PP&E) constitute the largest portion of the balance sheet and show a consistent upward trajectory. PP&E rose from 69.62% in March 2021 to 75.89% by March 2026. This trend indicates a sustained increase in the proportion of capital tied up in productive physical assets. Consequently, total noncurrent assets expanded from 82.54% to 86.78% over the same timeframe, reflecting a more asset-heavy balance sheet structure.
- Working Capital Components
- Accounts and notes receivable showed an initial increase, peaking at 8.70% in June 2022, before stabilizing in a range between 4.65% and 5.74% in the latter half of the period. Inventories remained the most stable component of the asset base, fluctuating minimally between 1.19% and 1.56%. This stability suggests a consistent management of inventory levels relative to the overall size of the balance sheet.
- Other Noncurrent Assets
- Investments and long-term receivables remained relatively steady, generally oscillating between 8.00% and 9.69%. Other assets showed a slight downward trend, moving from 2.94% in March 2021 to 2.47% by March 2026. The investment in Cenovus Energy, which represented up to 2.11% of assets in early 2021, was completely removed from the asset base after December 2021.