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
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue and Income Trends
- Sales and other operating revenues show a notable decline during 2020, beginning with 6,158 million USD in Q1 and dropping to a low of 2,749 million USD in Q2 2020, reflecting the impact of an adverse environment. From Q3 2020 onward, revenue recovers steadily, peaking at 21,161 million USD in Q2 2022 before experiencing fluctuations and a slight downward adjustment towards 14,004 million USD in Q3 2025. Revenues and other income follow a similar trend, closely correlated with sales figures, peaking in mid-2022, with a subsequent softening through 2025.
- Operating Expenses
- Purchased commodities costs increased significantly after mid-2020, peaking in Q3 2022 at 9,251 million USD and then displaying a declining tendency towards 5,857 million USD by Q3 2025. Production and operating expenses rose gradually over time from 1,173 million USD in Q1 2020 to 2,632 million USD in Q3 2025, indicating a continuous rise in operational costs. Selling, general, and administrative expenses show volatility, with some quarters reflecting substantial negative values, such as Q2 2025’s notable increase in expenses to -630 million USD, which suggests episodic cost fluctuations. Exploration expenses vary but generally remain lower than other operating costs, with no clear upward or downward trend.
- Depreciation and Impairments
- Depreciation, depletion, and amortization expenses illustrate a steady increase from 1,411 million USD in Q1 2020 to 2,917 million USD by Q3 2025, consistent with asset aging or increased capital investment. Impairments show sporadic negative values particularly in late 2020 and 2021, indicating occasional write-downs, but appear minimal or absent in recent periods.
- Profitability and Operating Income
- Operating income demonstrates a significant turnaround from considerable losses in early 2020 to strong positive results from mid-2021 onwards. For example, operating income was -1,457 million USD in Q1 2020 and rose sharply to 8,003 million USD in Q1 2022. Thereafter, operating income decreases gradually but remains positive through 2025, evidencing sustained profitability. Income before income taxes mirrors this pattern, peaking at nearly 7,898 million USD in Q1 2022 before moderating slightly.
- Income Taxes and Net Income
- Income tax provisions fluctuated significantly. They were negative (signifying benefits) in early 2020 but moved to substantial tax expenses from 2021 onwards, peaking around -2,913 million USD in Q3 2022. Net income follows the fluctuations in operating income and taxes, with a loss at the start of 2020 but showing strong gains beginning in 2021, reaching a high of 5,759 million USD in Q1 2022. Net income then shows a general declining but positive trend through 2025.
- Other Income and Expenses
- Equity in earnings of affiliates exhibited a gradual upward trend from 234 million USD in Q1 2020 to a peak of around 570 million USD in late 2022 before moderating in subsequent periods. Gains and losses on dispositions show notable volatility, with substantial positive peaks in early 2022, illustrating occasional significant asset transactions. Other income is generally positive, with fluctuations around moderate values, contributing consistently to total income. Interest and debt expense remain relatively stable, indicating consistent financing costs.
- Expense Components and Volatility
- Taxes other than income taxes increased steadily, reflecting possibly higher operational scale or fiscal changes. Accretion on discounted liabilities and foreign currency transaction effects show minor influences, with mostly stable or slightly fluctuating minor impacts on total results. Other expenses are inconsistent, with some quarters experiencing unusual spikes, notably Q1 2022 and Q1 2025, suggesting episodic events impacting costs.
- Summary
- Overall, the financial data depict a recovery trajectory from the initial cutbacks in 2020, driven by improved sales and operating income, offset by rising operating expenses and tax burdens. Profitability strengthened markedly from 2021 through early 2022, followed by a stabilization period marked by fluctuations in revenues and expenses. Increasing depreciation and operating costs reflect asset growth and operational scale. The trends suggest the company has adapted to economic challenges post-2020 but faces pressures from elevated expenses and variable income tax provisions.