Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

ConocoPhillips, consolidated balance sheet: assets (quarterly data)

US$ in millions

	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Cash and cash equivalents	5,877)	6,497)	5,260)	4,901)	6,309)	5,607)	5,221)	4,294)	5,574)	5,635)	8,830)	5,735)	6,974)	6,458)	8,010)	6,909)	6,414)	5,028)	9,833)	6,608)	2,831)
Short-term investments	486)	484)	996)	439)	926)	507)	1,571)	1,723)	487)	971)	616)	1,080)	1,635)	2,785)	2,412)	1,272)	730)	446)	678)	2,251)	4,104)
Accounts and notes receivable, net	7,050)	5,813)	5,744)	5,701)	6,400)	6,695)	4,815)	5,307)	5,458)	5,474)	5,671)	4,531)	5,296)	7,088)	7,354)	8,153)	7,879)	6,670)	5,465)	4,524)	4,481)
Investment in Cenovus Energy	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,117)	1,416)	1,802)	1,564)
Inventories	1,910)	1,873)	1,721)	1,897)	1,844)	1,809)	1,496)	1,447)	1,443)	1,398)	1,326)	1,236)	1,258)	1,219)	1,226)	1,234)	1,174)	1,208)	1,043)	1,138)	1,098)
Prepaid expenses and other current assets	906)	865)	2,163)	1,001)	1,427)	1,029)	881)	963)	759)	852)	738)	919)	953)	1,199)	1,451)	1,292)	1,389)	1,581)	1,746)	849)	536)
Current assets	16,229)	15,532)	15,884)	13,939)	16,906)	15,647)	13,984)	13,734)	13,721)	14,330)	17,181)	13,501)	16,116)	18,749)	20,453)	18,860)	17,586)	16,050)	20,181)	17,172)	14,614)
Investments and long-term receivables	10,320)	10,185)	10,074)	10,361)	10,008)	9,869)	9,192)	9,304)	9,132)	9,130)	8,731)	8,618)	8,197)	8,225)	8,204)	8,203)	8,309)	7,113)	8,058)	8,013)	8,286)
Loans and advances, related parties	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	59)	59)
Net properties, plants and equipment, net of accumulated DD&A	93,141)	93,239)	93,498)	95,242)	94,316)	94,356)	70,725)	70,226)	69,907)	70,044)	65,561)	65,452)	65,090)	64,866)	63,673)	64,008)	64,642)	64,911)	56,689)	57,717)	58,270)
Other assets	3,035)	2,983)	3,016)	3,057)	3,024)	2,908)	2,798)	2,730)	2,588)	2,420)	2,178)	2,034)	2,038)	1,989)	2,507)	2,622)	2,771)	2,587)	2,376)	2,442)	2,464)
Noncurrent assets	106,496)	106,407)	106,588)	108,660)	107,348)	107,133)	82,715)	82,260)	81,627)	81,594)	76,470)	76,104)	75,325)	75,080)	74,384)	74,833)	75,722)	74,611)	67,123)	68,231)	69,079)
Total assets	122,725)	121,939)	122,472)	122,599)	124,254)	122,780)	96,699)	95,994)	95,348)	95,924)	93,651)	89,605)	91,441)	93,829)	94,837)	93,693)	93,308)	90,661)	87,304)	85,403)	83,693)

Total assets exhibited a steady upward trajectory over the analyzed period, increasing from $83.69 billion in March 2021 to $122.73 billion by March 2026. The overall growth is characterized by a period of moderate expansion followed by a substantial increase in the fourth quarter of 2024, where total assets jumped from $96.70 billion to $122.78 billion.

Fixed Asset Expansion: The primary driver of total asset growth is the net properties, plants, and equipment. This line item remained relatively stable between $56.69 billion and $70.73 billion from March 2021 through September 2024. However, a significant escalation occurred in December 2024, with values rising to $94.36 billion and remaining at this elevated level through March 2026. This suggests a major capital investment or a significant acquisition event during the final quarter of 2024.
Liquidity and Cash Management: Cash and cash equivalents demonstrated cyclical volatility, peaking at $9.83 billion in September 2021 and $8.83 billion in September 2023. Concurrently, short-term investments showed a consistent long-term decline, falling from $4.10 billion in March 2021 to under $500 million by late 2025, indicating a shift in the allocation of liquid reserves.
Current Asset Dynamics: Current assets fluctuated between a low of $13.50 billion in June 2023 and a high of $20.45 billion in September 2022. Accounts and notes receivable showed a general trend of stabilization after a peak of $8.15 billion in June 2022, eventually settling around $7.05 billion by March 2026. Inventories exhibited a slow but steady increase, growing from $1.10 billion in March 2021 to $1.91 billion by March 2026.
Investment Shifts: A notable structural change occurred regarding the investment in Cenovus Energy, which was reported between March 2021 and December 2021 but ceased to appear on the balance sheet after that period. Long-term investments and receivables showed gradual growth, rising from $8.29 billion in March 2021 to $10.32 billion by March 2026.

The balance sheet structure shifted toward a heavier concentration of non-current assets over time. Non-current assets grew from $69.08 billion in March 2021 to $106.50 billion in March 2026, reinforcing the conclusion that the company's growth strategy focused heavily on increasing its long-term productive capacity and infrastructure.

ConocoPhillips (NYSE:COP)

Balance Sheet: Assets
Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

ConocoPhillips (NYSE:COP)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data