Stock Analysis on Net

ConocoPhillips (NYSE:COP)

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.

ConocoPhillips, consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net income (loss) 1,971 2,849 2,306 2,059 2,329 2,551 3,007 2,798 2,232 2,920 3,249 4,527 5,145 5,759 2,627 2,379 2,091 982 (772) (450) 278 (1,711)
Depreciation, depletion and amortization 2,838 2,746 2,664 2,390 2,334 2,211 2,223 2,095 2,010 1,942 1,999 1,872 1,810 1,823 1,783 1,672 1,867 1,886 1,541 1,411 1,158 1,411
Impairments 1 1 46 34 2 11 1 (18) 2 2 2 764 (89) 2 (3) 292 2 (2) 521
Dry hole costs and leasehold impairments 24 61 (2) 29 19 11 49 34 68 204 32 97 7 37 1 6 969 44 3 67
Accretion on discounted liabilities 95 94 85 80 80 80 79 68 68 68 68 60 61 61 56 61 63 62 57 62 66 67
Deferred taxes 149 (71) 118 38 124 87 392 264 165 324 492 726 495 373 451 328 364 203 (406) (108) (93) (227)
Distributions more (less) than income from equity affiliates (93) (19) 19 181 56 308 44 268 161 491 373 (22) 371 220 188 (59) 236 81 195 46 373 31
(Gain) loss on dispositions (317) (79) 35 2 5 (93) (28) (108) 1 (93) (38) 40 (262) (817) (192) (2) (59) (233) 2 3 (596) 42
(Gain) loss on investment in Cenovus Energy (251) (297) (17) (418) (308) (447) 162 (551) 1,691
Other 53 (115) 148 (28) 76 (66) (236) 23 28 (35) 124 (1) 115 (152) 78 (178) (107) (581) 231 56 40 (284)
(Increase) decrease in accounts and notes receivable 693 280 (918) 508 224 (76) 186 (1,099) 545 1,701 354 544 (326) (1,535) (881) (825) (9) (785) (611) (614) 705 1,041
(Increase) decrease in inventories (58) (26) 32 (43) (2) (55) 11 (91) 22 (45) 26 (11) (80) 27 (147) 76 (38) (51) 49 (47) (304) 277
(Increase) decrease in prepaid expenses and other current assets (95) (134) 132 94 (221) 74 (149) 191 40 255 296 (186) (341) 58 151 (412) (345) (43) 125 100 (70) (79)
Increase (decrease) in accounts payable (545) 518 (426) 66 (98) (85) (281) 777 (348) (1,266) (197) 463 839 (204) 717 359 (101) 424 334 171 (457) (297)
Increase (decrease) in taxes and other accruals (1,231) 10 218 416 (51) 30 2 199 (1,104) (928) (340) 694 (12) (303) 533 1,504 704 440 113 30 (393) (445)
Working capital adjustments (1,236) 648 (962) 1,041 (148) (112) (231) (23) (845) (283) 139 1,504 80 (1,957) 373 702 211 (15) 10 (360) (519) 497
Adjustments to reconcile net income (loss) to net cash provided by operating activities 1,514 3,266 2,151 3,704 2,590 2,434 2,256 2,647 1,622 2,483 3,343 4,213 2,769 (691) 3,241 2,418 2,160 1,098 2,444 1,318 (121) 3,816
Net cash provided by operating activities 3,485 6,115 4,457 5,763 4,919 4,985 5,263 5,445 3,854 5,403 6,592 8,740 7,914 5,068 5,868 4,797 4,251 2,080 1,672 868 157 2,105
Capital expenditures and investments (3,286) (3,378) (3,317) (2,916) (2,969) (2,916) (2,883) (2,545) (2,923) (2,897) (2,533) (2,497) (1,968) (3,161) (1,557) (1,302) (1,265) (1,200) (1,058) (1,132) (876) (1,649)
Working capital changes associated with investing activities (276) 827 107 22 4 169 205 (261) (122) 208 (22) 46 133 363 55 77 (59) 61 74 22 (332) 81
Acquisition of businesses, net of cash acquired (73) 49 (2,724) (97) 37 (8,672) 382
Proceeds from asset dispositions 706 635 44 39 5 173 19 187 238 188 117 403 619 2,332 861 632 177 (17) 5 (1) 764 549
Net (purchases) sales of investments 392 (400) 1,014 195 (1,199) 405 (487) 311 484 1,065 (394) (1,131) (841) (263) 245 1,544 1,801 (499) 431 (59) (95) (935)
Collection of advances/loans, related parties 59 55 53 52 50 66
Other 3 (30) 25 2 8 (21) 18 (76) 7 (12) (5) 15 (34) 26 473 (472) 80 6 5 4 9 (44)
Net cash (used in) provided by investing activities (2,461) (2,346) (2,200) (2,658) (4,151) (2,141) (5,852) (2,384) (2,316) (1,448) (2,934) (3,105) (2,091) (611) (8,595) 532 734 (1,215) (543) (1,116) (530) (1,932)
Issuance of debt 5,591 2,694 1,093 2,897 300
Repayment of debt (259) (547) (4,374) (44) (58) (505) (136) (43) (1,157) (43) (393) (45) (1,865) (3,964) (142) (319) (18) (26) (20) (20) (190) (24)
Issuance of company common stock (3) (52) (12) (9) 4 (61) 5 38 2 (97) 17 (5) 79 271 118 52 3 (28) (3) (4) 2
Repurchase of company common stock (1,222) (1,500) (1,950) (1,167) (1,021) (1,325) (1,100) (1,300) (1,300) (1,700) (2,746) (2,799) (2,300) (1,425) (1,399) (1,243) (606) (375) (166) (726)
Dividends paid (984) (998) (897) (910) (915) (924) (1,408) (1,337) (1,350) (1,488) (2,390) (1,484) (988) (864) (609) (579) (583) (588) (464) (454) (455) (458)
Other (15) (40) (127) (68) (53) (10) (23) (13) 2 4 3 (4) (52) 1 3 1 2 1 1 (4) (24)
Net cash used in financing activities (2,483) (3,137) (1,769) (2,198) (2,043) (2,825) (2,639) 29 (2,725) (3,326) (5,508) (4,330) (5,078) (3,137) (2,031) (2,086) (1,203) (1,015) (652) (177) (649) (1,230)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 65 83 (105) 41 4 (73) 51 12 (58) (104) 228 (215) (258) 21 (31) (12) 11 (2) 42 31 29 (122)
Net change in cash, cash equivalents and restricted cash (1,394) 715 383 948 (1,271) (54) (3,177) 3,102 (1,245) 525 (1,622) 1,090 487 1,341 (4,789) 3,231 3,793 (152) 519 (394) (993) (1,179)

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

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

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.