Debt to Equity
since 2005
Calculation
ConocoPhillips, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.36 | = | 23,444) | ÷ | 64,487) |
| Dec 31, 2024 | 0.38 | = | 24,324) | ÷ | 64,796) |
| Dec 31, 2023 | 0.38 | = | 18,937) | ÷ | 49,279) |
| Dec 31, 2022 | 0.35 | = | 16,643) | ÷ | 48,003) |
| Dec 31, 2021 | 0.44 | = | 19,934) | ÷ | 45,406) |
| Dec 31, 2020 | 0.51 | = | 15,369) | ÷ | 29,849) |
| Dec 31, 2019 | 0.43 | = | 14,895) | ÷ | 34,981) |
| Dec 31, 2018 | 0.47 | = | 14,968) | ÷ | 31,939) |
| Dec 31, 2017 | 0.64 | = | 19,703) | ÷ | 30,607) |
| Dec 31, 2016 | 0.78 | = | 27,275) | ÷ | 34,974) |
| Dec 31, 2015 | 0.63 | = | 24,880) | ÷ | 39,762) |
| Dec 31, 2014 | 0.43 | = | 22,565) | ÷ | 51,911) |
| Dec 31, 2013 | 0.42 | = | 21,662) | ÷ | 52,090) |
| Dec 31, 2012 | 0.45 | = | 21,725) | ÷ | 47,987) |
| Dec 31, 2011 | 0.35 | = | 22,623) | ÷ | 65,224) |
| Dec 31, 2010 | 0.34 | = | 23,592) | ÷ | 68,562) |
| Dec 31, 2009 | 0.46 | = | 28,653) | ÷ | 62,467) |
| Dec 31, 2008 | 0.50 | = | 27,455) | ÷ | 55,165) |
| Dec 31, 2007 | 0.24 | = | 21,687) | ÷ | 88,983) |
| Dec 31, 2006 | 0.33 | = | 27,134) | ÷ | 82,646) |
| Dec 31, 2005 | 0.24 | = | 12,516) | ÷ | 52,731) |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity ratio for the period between 2005 and 2025 exhibits considerable fluctuation. Initially, the ratio demonstrates a moderate increase, followed by periods of relative stability and then more pronounced shifts. A general observation is that the company’s financial leverage, as indicated by this ratio, has varied significantly over the analyzed timeframe.
- Initial Phase (2005-2008)
- From 2005 to 2008, the debt-to-equity ratio increased from 0.24 to 0.50. This indicates a growing reliance on debt financing relative to equity. The most substantial increase occurred between 2007 and 2008, suggesting a significant shift in the capital structure during that period.
- Period of Elevated Leverage (2009-2011)
- The ratio remained relatively high between 2009 and 2011, fluctuating between 0.34 and 0.35. While slightly decreasing from 2009 to 2010, it remained considerably above the levels observed in 2005 and 2006. This suggests continued reliance on debt, though with some stabilization.
- Increased Leverage and Peak (2012-2016)
- From 2012 to 2016, the debt-to-equity ratio experienced another increase, peaking at 0.78 in 2015. This represents the highest level of financial leverage observed throughout the entire period. The increase from 0.45 in 2012 to 0.78 in 2015 indicates a substantial increase in debt relative to equity during these years.
- Deleveraging Phase (2017-2020)
- Following the peak in 2015, a clear deleveraging trend is observed between 2017 and 2020. The ratio decreased from 0.64 in 2017 to 0.51 in 2020. This suggests a deliberate effort to reduce debt or an increase in equity, or a combination of both. The decrease in 2017 was particularly notable.
- Recent Years (2021-2025)
- From 2021 to 2025, the debt-to-equity ratio has fluctuated within a narrower range, between 0.35 and 0.38, with a slight increase to 0.36 in 2025. This suggests a period of relative stability in the company’s capital structure, following the more significant changes observed in prior years. The ratio in 2025 is lower than the peak observed in 2015, but higher than the initial levels in the early 2000s.
Overall, the debt-to-equity ratio demonstrates a cyclical pattern, with periods of increasing leverage followed by periods of deleveraging. The most significant shifts occurred between 2007-2008 and 2012-2016. The recent trend suggests a move towards a more stable capital structure, though the ratio remains above the levels observed at the beginning of the analyzed period.
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Comparison to Competitors
ConocoPhillips, debt to equity, long-term trends, comparison to competitors
| ConocoPhillips | Chevron Corp. | Exxon Mobil Corp. | |
|---|---|---|---|
| Dec 31, 2025 | 0.36 | 0.22 | 0.17 |
| Dec 31, 2024 | 0.38 | 0.16 | 0.16 |
| Dec 31, 2023 | 0.38 | 0.13 | 0.20 |
| Dec 31, 2022 | 0.35 | 0.15 | 0.21 |
| Dec 31, 2021 | 0.44 | 0.23 | 0.28 |
| Dec 31, 2020 | 0.51 | 0.34 | 0.43 |
| Dec 31, 2019 | 0.43 | 0.19 | 0.24 |
| Dec 31, 2018 | 0.47 | 0.22 | 0.20 |
| Dec 31, 2017 | 0.64 | 0.26 | 0.23 |
| Dec 31, 2016 | 0.78 | 0.32 | 0.26 |
| Dec 31, 2015 | 0.63 | 0.25 | 0.23 |
| Dec 31, 2014 | 0.43 | 0.18 | 0.17 |
| Dec 31, 2013 | 0.42 | 0.14 | 0.13 |
| Dec 31, 2012 | 0.45 | 0.09 | 0.07 |
| Dec 31, 2011 | 0.35 | 0.08 | 0.11 |
| Dec 31, 2010 | 0.34 | 0.11 | 0.10 |
| Dec 31, 2009 | 0.46 | 0.11 | 0.09 |
| Dec 31, 2008 | 0.50 | 0.10 | 0.08 |
| Dec 31, 2007 | 0.24 | 0.09 | 0.08 |
| Dec 31, 2006 | 0.33 | 0.14 | 0.07 |
| Dec 31, 2005 | 0.24 | 0.21 | 0.07 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ConocoPhillips, debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ConocoPhillips | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 0.36 | 0.21 |
| Dec 31, 2024 | 0.38 | 0.19 |
| Dec 31, 2023 | 0.38 | 0.20 |
| Dec 31, 2022 | 0.35 | 0.20 |
| Dec 31, 2021 | 0.44 | 0.28 |
| Dec 31, 2020 | 0.51 | 0.40 |
| Dec 31, 2019 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.47 | 0.23 |
| Dec 31, 2017 | 0.64 | 0.28 |
| Dec 31, 2016 | 0.78 | 0.33 |
| Dec 31, 2015 | 0.63 | 0.28 |
| Dec 31, 2014 | 0.43 | 0.21 |
| Dec 31, 2013 | 0.42 | 0.17 |
| Dec 31, 2012 | 0.45 | 0.13 |
| Dec 31, 2011 | 0.35 | 0.15 |
| Dec 31, 2010 | 0.34 | 0.16 |
| Dec 31, 2009 | 0.46 | 0.18 |
| Dec 31, 2008 | 0.50 | 0.18 |
| Dec 31, 2007 | 0.24 | 0.13 |
| Dec 31, 2006 | 0.33 | 0.17 |
| Dec 31, 2005 | 0.24 | 0.15 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ConocoPhillips, debt to equity, long-term trends, comparison to industry (energy)
| ConocoPhillips | Energy | |
|---|---|---|
| Dec 31, 2025 | 0.36 | 0.22 |
| Dec 31, 2024 | 0.38 | 0.20 |
| Dec 31, 2023 | 0.38 | 0.21 |
| Dec 31, 2022 | 0.35 | 0.22 |
| Dec 31, 2021 | 0.44 | 0.31 |
| Dec 31, 2020 | 0.51 | 0.44 |
| Dec 31, 2019 | 0.43 | 0.26 |
| Dec 31, 2018 | 0.47 | 0.25 |
| Dec 31, 2017 | 0.64 | 0.30 |
| Dec 31, 2016 | 0.78 | 0.35 |
| Dec 31, 2015 | 0.63 | 0.30 |
| Dec 31, 2014 | 0.43 | 0.22 |
| Dec 31, 2013 | 0.42 | 0.19 |
| Dec 31, 2012 | 0.45 | 0.15 |
| Dec 31, 2011 | 0.35 | 0.16 |
| Dec 31, 2010 | 0.34 | 0.17 |
| Dec 31, 2009 | 0.46 | 0.19 |
| Dec 31, 2008 | 0.50 | 0.19 |
| Dec 31, 2007 | 0.24 | 0.15 |
| Dec 31, 2006 | 0.33 | 0.19 |
| Dec 31, 2005 | 0.24 | 0.16 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).