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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- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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ConocoPhillips, consolidated cash flow 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).
- Net Income Trends
- The net income exhibited significant volatility, starting with a substantial loss in early 2020, followed by a steady recovery and marked growth through 2021 and early 2022. Thereafter, net income declined gradually but remained positive through 2023 and into 2024, showing cyclical fluctuations with some upward momentum toward early 2025.
- Depreciation, Depletion, and Amortization
- This expense steadily increased from 2020 through 2025, reflecting ongoing asset utilization or possibly expansion of asset base, with minor short-term fluctuations.
- Impairments and Dry Hole Costs
- Impairments showed sporadic values with occasional sizeable entries, especially notable in late 2020 and 2021, indicating occasional asset write-downs. Dry hole costs spiked notably at the end of 2020 and again in parts of 2022 and 2023, suggesting heightened exploration-related costs during these periods.
- Operating Cash Flow
- Net cash from operating activities demonstrated a strong increasing trend from 2020 through 2022, peaking in the first half of 2022, followed by a decline through 2023 before stabilizing with moderate increases toward 2025. Adjustments for reconciling net income to operating cash flow mirrored these fluctuations, confirming strong operating cash generation post-2020 losses.
- Capital Expenditures and Investments
- Capital expenditures remained consistently high and generally increased over time, peaking around 2024. This suggests ongoing investment into operational assets or growth projects. Some quarters show reductions or stabilization in these investments, possibly reflecting adjustments in strategic priorities or response to market conditions.
- Investing Activities
- Net cash used in investing activities was negative for most periods, reflecting continuous outflows likely driven by capital expenditures and acquisitions. Some quarters showed positive inflows mainly due to asset dispositions and sales of investments, but these were insufficient to offset substantial investing cash outflows.
- Financing Activities
- Financing cash flows were predominantly negative, driven by consistent repayment of debt, significant repurchase of common stock, and steady dividend payments. Occasional increases in debt issuance countered some repayments, but overall the trend indicated a net reduction in external financing.
- Working Capital Changes
- Working capital adjustments fluctuated widely, reflecting variable movements in accounts receivable, inventories, prepaid expenses, accounts payable, and accruals. Notably, large increases and decreases in receivables and payables suggest substantial timing differences in cash collections and payments.
- Balance Sheet-Related Cash Flow Items
- Deferred taxes showed an overall increasing trend with fluctuations, indicating evolving tax obligations or timing differences. Accretion on discounted liabilities gradually increased, consistent with maturing obligations or rising discount rates.
- Other Observations
- Occasional large asset acquisitions and dispositions caused variability in investing cash flows, such as a very significant acquisition-related outflow in late 2021. Exchange rate effects on cash were minor but occasionally caused moderate positive or negative impacts.
- Summary of Financial Performance
- The data reveals recovery from early 2020 losses to robust earnings and cash flow generation by mid-2022, coupled with aggressive capital investments. The company maintained strong operating cash flows, funded substantial capital expenditures, managed working capital actively, and returned significant capital to shareholders through dividends and share repurchases. Debt management appeared active, with repayments exceeding new issuances in most periods, contributing to a conservative financial posture. The variability in impairments and exploration-related costs reflects an operational environment subject to occasional asset write-downs and exploration risk.