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, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 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).
Operating cash flow exhibits significant volatility over the analyzed period, reflecting the cyclical nature of the energy sector. While net income peaked in the first half of 2022, reaching 5,759 million US dollars in March 2022, a general softening trend occurred through 2024 and 2025, followed by a sharp recovery in the second quarter of 2026, where net cash provided by operating activities reached 7,434 million US dollars.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities consistently remained positive, though quarterly fluctuations were pronounced. A notable peak occurred in September 2022 at 8,740 million US dollars. The stability of the cash flow is supported by steadily increasing depreciation, depletion, and amortization expenses, which grew from approximately 1,800 million US dollars per quarter in 2021 to nearly 3,000 million US dollars by mid-2026, indicating a growing asset base.
- Investment and Capital Expenditure Patterns
- Capital expenditures remained aggressive and relatively consistent, typically ranging between 2,500 million and 3,400 million US dollars per quarter. Strategic inorganic growth is evident through large-scale acquisitions, most notably a 8,672 million US dollar outlay in December 2021 and a 2,724 million US dollar acquisition in December 2023. These investments are partially offset by periodic proceeds from asset dispositions, which peaked at 2,332 million US dollars in March 2022.
- Financing and Capital Allocation Strategy
- Financing activities show a consistent trend of returning capital to shareholders. Dividends paid underwent a structural increase, rising from roughly 600 million US dollars per quarter in 2021 to over 1,000 million US dollars per quarter by 2023. Share repurchases were executed aggressively throughout the period, often exceeding 1,000 million US dollars quarterly, with peaks reaching 2,799 million US dollars in September 2022.
- Debt and Liquidity Management
- Debt levels are managed through a cycle of periodic issuance and repayment. A significant issuance of 5,591 million US dollars in December 2024 was largely offset by a 4,374 million US dollar repayment in the same period. The net change in cash remains volatile, reflecting the timing of large acquisitions and the intensity of the shareholder return program relative to operating cash generation.
The overall financial trajectory indicates a strategy of balancing heavy capital reinvestment and strategic acquisitions with a disciplined approach to shareholder distributions. The increase in depreciation and amortization suggests long-term capacity expansion, while the ability to maintain high dividend and buyback levels despite fluctuations in net income points to strong underlying operational cash generation.