Stock Analysis on Net
Stock Analysis on Net

ConocoPhillips (NYSE:COP)

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Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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ConocoPhillips, consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Sales and other operating revenues
Equity in earnings of affiliates
Gain (loss) on dispositions
Other income
Revenues and other income
Purchased commodities
Production and operating expenses
Selling, general and administrative expenses
Exploration expenses
Depreciation, depletion and amortization
Impairments
Taxes other than income taxes
Accretion on discounted liabilities
Operating income
Interest and debt expense
Foreign currency transaction gain (loss)
Other expenses
Income before income taxes
Income tax provision
Net income

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).

Financial performance over the observed period is characterized by a significant peak in revenue and profitability during 2022, followed by a period of stabilization and a gradual increase in structural operating costs.

Revenue and Top-Line Trends
Sales and other operating revenues exhibited substantial volatility, peaking in the second quarter of 2022 at 21,161 million US$. Following this peak, revenues trended downward, stabilizing within a range of 12,351 million US$ to 16,517 million US$ from mid-2023 through early 2026. The fluctuation in total revenues and other income closely mirrors the movement of sales, indicating that the primary driver of top-line growth is core operating activity rather than ancillary income streams.
Cost Structure and Operating Expenses
The expense profile reveals a distinction between variable and structural costs. Purchased commodities represent the largest variable expense, peaking in mid-2022 at 9,251 million US$ and declining in tandem with revenue. In contrast, production and operating expenses show a consistent upward trajectory, rising from approximately 1,383 million US$ in early 2021 to a peak of 2,632 million US$ by September 2025. A similar steady increase is observed in depreciation, depletion, and amortization, which grew from 1,886 million US$ in March 2021 to nearly 3,000 million US$ in late 2025, suggesting increased capital intensity or asset base expansion.
Operating Income and Profitability
Operating income peaked in the first quarter of 2022 at 8,003 million US$. Subsequent quarters show a general decline and stabilization, with operating income typically ranging between 2,444 million US$ and 4,707 million US$ in the latter half of the period. Net income follows this pattern, with a high of 5,759 million US$ in March 2022, eventually normalizing to fluctuate between 1,442 million US$ and 3,007 million US$. The compression of operating income despite stabilized revenues is attributable to the aforementioned rise in structural operating expenses and depreciation.
Non-Operating and Exceptional Items
Interest and debt expenses remained relatively stable, generally hovering between 178 million US$ and 232 million US$. Significant volatility is noted in gain or loss on dispositions, with a notable peak of 817 million US$ in March 2022. Impairments remained minimal for most of the period, with the exception of a substantial 764 million US$ charge in December 2021. Income tax provisions have scaled proportionally with pre-tax income, although the effective tax rate has fluctuated across different quarters.