Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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ConocoPhillips, consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Income and Profitability
- Net income demonstrated significant volatility over the five-year period. The year ending December 31, 2020, reflected a net loss of $2,655 million, followed by a substantial turnaround to net profits in subsequent years. The peak occurred in 2022 with net income of $18,680 million, followed by a decline to $10,957 million in 2023 and a further decrease to $9,245 million in 2024. This pattern indicates recovery post-2020 but a downward trend in profitability after the 2022 peak.
- Depreciation, Depletion, and Amortization
- This expense item steadily increased each year from $5,521 million in 2020 to $9,599 million in 2024, reflecting ongoing investment in assets and their consumption over time.
- Impairments and Related Costs
- Impairments were high in 2020 and 2021 ($813 million and $674 million respectively), turning slightly negative in 2022, and remaining low in 2023 and 2024. Dry hole costs and leasehold impairments peaked at $1,083 million in 2020, then fluctuated downward to $46 million in 2024. These trends suggest a reduction in non-productive asset write-downs and exploration losses over time.
- Accretion on Discounted Liabilities
- This liability-related expense rose gradually from $252 million in 2020 to $325 million in 2024, indicating increased future obligations or discounting effects.
- Deferred Taxes
- Deferred taxes shifted from a tax benefit of $834 million in 2020 to positive deferred tax expenses, peaking at $2,086 million in 2022, then declining to $367 million in 2024. This fluctuation aligns with the variability in income and tax positions.
- Equity Affiliates and Gains on Dispositions
- Distributions more (less) than income from equity affiliates remained positive throughout, peaking at $964 million in 2023 before declining in 2024. Gains on dispositions were negative in all years, although losses decreased significantly in magnitude from 2022 onwards. Additionally, losses related to investment in Cenovus Energy shifted from positive in 2020 to negative in 2021 and 2022, with no data thereafter.
- Working Capital Adjustments
- Changes in receivables, inventories, prepaid expenses, and payables revealed mixed movements. Notably, accounts receivable changes swung from positive in 2020 to negative in 2021 and 2022, then back to positive in 2023 and slightly negative in 2024. Accounts payable increased in 2021 and 2022 but decreased thereafter. Taxes and other accruals showed a large increase in 2021, little change in 2022, and significant decreases in 2023, rebounding partially in 2024. Overall, working capital adjustments were positive in 2021 but negative or minimal in other years, suggesting variable cash flow impacts from operating asset and liability management.
- Operating Cash Flows
- Net cash provided by operating activities exhibited a strong upward trend from $4,802 million in 2020 to a peak of $28,314 million in 2022, then decreased but remained robust above $20,000 million in subsequent years. This confirms strong operating performance particularly in 2021 and 2022, with some moderation thereafter.
- Investing Activities
- Capital expenditures and investments increased steadily from $4,715 million in 2020 to $12,118 million in 2024, indicating growing investment in long-term assets. Acquisition spending was significant only in 2021 and 2023, with limited activity elsewhere. Proceeds from asset dispositions peaked in 2022 and declined subsequently. Net cash used in investing activities increased sharply in 2021 and remained at elevated negative levels thereafter, reflecting continued asset purchases and acquisitions.
- Financing Activities
- Issuance of debt resumed strongly from 2022 onward after no issuance in 2021, peaking at $5,591 million in 2024. Debt repayments were large in 2022 and 2024 but lower in 2023. Common stock repurchases were aggressive from 2021 through 2024, though declining slightly after 2022, while stock issuance was minimal. Dividends paid increased substantially from 2020 to 2022 but decreased in 2024. Net cash used in financing activities was highest in 2022, then declined but remained negative, indicating significant cash outflows to shareholders and debt management.
- Liquidity and Cash Balances
- The net change in cash and equivalents was negative in 2020, positive through 2021 and 2022, negative again in 2023, and nearly flat in 2024. Ending cash balances increased from 2020 to 2022, then decreased slightly in 2023 before stabilizing in 2024 around $5,900 million, indicating maintained liquidity despite fluctuations in cash flows.
- Overall Trends
- The financial data exhibits a strong recovery and growth pattern post-2020 losses, with peak profitability and robust operating cash flow in 2022, followed by normalization with reduced net income and cash flow in subsequent years. Investments grew consistently, reflecting capital expansion or maintenance, while financing patterns reveal active debt management and shareholder returns, including substantial stock repurchases. The company maintained stable liquidity despite these activities, signaling effective cash management amid a volatile earnings environment.