Cash Flow Statement
Quarterly Data
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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ConocoPhillips pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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ConocoPhillips, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Net Income (Loss)
- The net income experienced substantial volatility over the period. Initially, the company reported a significant loss of $1,711 million in March 2020, followed by improvements culminating in strong profitability from 2021 onward, peaking at $5,759 million in March 2022. Subsequent quarters showed some decline but maintained positive income, with fluctuations suggesting variable operational performance or market conditions.
- Depreciation, Depletion, and Amortization (DD&A)
- Depreciation, depletion, and amortization steadily increased from $1,411 million in March 2020 to $2,838 million by December 2025. The upward trend indicates rising capital asset bases or accelerated asset consumption over time, reflective of ongoing capital expenditure and asset utilization.
- Impairments
- Impairment charges varied considerably, with notable peaks in December 2020 and December 2021 ($292 million and $764 million, respectively). However, overall impairment amounts appear sporadic and relatively small compared to net income and DD&A, signifying occasional asset write-downs that could relate to specific projects or market valuations.
- Working Capital Components
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Changes in accounts and notes receivable showed significant fluctuations, generally negative in 2020 and positive in the following years, indicating changes in credit sales or collections cycles. Inventories exhibited smaller, less consistent movements without a clear directional trend.
Prepaid expenses and other current assets displayed marked variability, with notable decreases in some quarters offset by increases in others, making the trend non-conclusive.
Accounts payable showed large swings, including a sharp increase in December 2021 and a decrease in the subsequent quarter, signifying variability in payment timing or procurement activities.
Taxes and other accruals similarly exhibited erratic changes, particularly large increases through mid-2021 and declines afterward, which could correspond to tax payment schedules or accrual adjustments.
Overall, working capital adjustments experienced significant volatility, especially a pronounced negative change in December 2021 (-$1,957 million), indicating potential liquidity management challenges during that period.
- Net Cash Provided by Operating Activities
- Operating cash flows improved significantly from near breakeven or modest levels in early 2020 to robust positive amounts exceeding $8 billion in mid to late 2022. The gradual decline afterward suggests some normalization or impact from changing market or operational conditions, though cash flow remained strong relative to earlier periods.
- Capital Expenditures and Investments
- Capital spending consistently increased over the years, with a peak outlay of approximately $3.3 billion in mid to late 2024. This trend highlights sustained investment in assets, supporting long-term operational capacity despite fluctuating earnings.
- Net Cash Used in Investing Activities
- Investing cash flow was generally negative across the period, reflecting ongoing capital expenditures and acquisitions such as the significant acquisition-related cash outflow in December 2021 (-$8,672 million). Occasional positive inflows from asset dispositions tempered net investing outflows but did not reverse the overall trend.
- Net Cash Used in Financing Activities
- Financing cash flows displayed substantial variability, with frequent negative outflows driven by stock repurchases, dividend payments, and debt repayments. Notable peaks in stock repurchases occurred between 2021 and 2024, reaching over $2 billion in some quarters, underscoring an aggressive capital return policy. Debt issuance was intermittent but included large inflows, particularly in 2024 and 2025, partially offsetting repayments.
- Dividends Paid
- Dividends increased from around $458 million in early 2020 to peak payments over $2 billion by late 2022, followed by reductions and subsequent fluctuations. This pattern suggests an initially growing distribution policy, later moderated in response to market or operational considerations.
- Net Change in Cash, Cash Equivalents, and Restricted Cash
- Cash balances demonstrated considerable volatility with large negative changes during early 2020 and late 2021, indicative of challenging periods possibly linked to market disruption or investment spikes. Positive changes in cash balances in mid-2021 and parts of 2023 imply periods of strong liquidity generation, consistent with robust operating cash flows.
- Summary Insights
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The financial data reveal a company that recovered strongly from significant losses in early 2020 to generate substantial profits and cash flows in subsequent years. Increasing capital expenditure reflects an ongoing focus on growth or asset renewal, supported by solid operational cash generation.
The high variability in working capital and impairments suggests exposure to fluctuating commodity prices, operational challenges, or strategic asset management decisions. Financing activities emphasize shareholder returns through dividends and share repurchases, balanced by proactive debt management.
Overall, the financial trends indicate a transition from crisis-driven losses to stable profitability and investment-led growth, albeit with ongoing sensitivity to external market and operational dynamics.