Analysis of Geographic Areas
ConocoPhillips operates in 2 regions: U.S. and International.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Area Asset Turnover
ConocoPhillips, asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| U.S. | |||||
| International |
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).
Asset turnover ratios for the geographic areas indicate differing performance patterns between 2021 and 2025. The U.S. segment demonstrates more volatility than the International segment, while the International segment exhibits a generally stable, albeit lower, turnover.
- U.S. Asset Turnover
- The U.S. asset turnover ratio increased significantly from 0.69 in 2021 to 1.19 in 2022. This represents a substantial improvement in the efficiency of asset utilization. However, this improvement was not sustained, as the ratio decreased to 0.84 in 2023 and further declined to 0.55 in 2024. A slight recovery to 0.60 is observed in 2025, but remains below the 2021 level. This pattern suggests potential fluctuations in sales relative to assets within the U.S. segment, or changes in the asset base itself.
- International Asset Turnover
- The International asset turnover ratio showed an initial increase from 0.52 in 2021 to 0.83 in 2022. Following this increase, the ratio experienced a decline to 0.46 in 2023. The ratio remained relatively stable at 0.47 in 2024 and increased marginally to 0.50 in 2025. This indicates a more consistent, though lower, level of asset utilization compared to the U.S. segment. The International segment’s turnover appears less sensitive to year-over-year changes.
- Comparative Analysis
- In 2022, the U.S. segment’s asset turnover surpassed that of the International segment. However, from 2023 onwards, the International segment’s turnover remained consistently higher than the U.S. segment’s. This suggests a shift in relative efficiency, with the U.S. segment experiencing a more pronounced decrease in asset utilization during this period. The difference between the two segments narrowed in 2025, but the International segment still maintained a slightly higher ratio.
Overall, the asset turnover ratios suggest that asset utilization efficiency is more dynamic in the U.S. segment, while the International segment demonstrates a more stable, though comparatively lower, performance. Further investigation into the factors driving these trends within each segment would be beneficial.
Area Asset Turnover: U.S.
ConocoPhillips; U.S.; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales and other operating revenues ÷ Long-lived assets
= ÷ =
The U.S. area asset turnover exhibited fluctuating performance between 2021 and 2025. Sales and other operating revenues and long-lived assets both increased over the period, but at different rates, impacting the turnover ratio.
- Sales and Other Operating Revenues
- Sales and other operating revenues increased significantly from US$34,847 million in 2021 to US$60,899 million in 2022. A subsequent decrease to US$45,101 million occurred in 2023, followed by a slight decline to US$43,480 million in 2024. Revenues experienced a modest increase to US$46,611 million in 2025, remaining below the 2022 peak.
- Long-Lived Assets
- Long-lived assets demonstrated a consistent upward trend overall. From US$50,580 million in 2021, they rose to US$51,200 million in 2022 and US$53,955 million in 2023. A substantial increase was observed in 2024, reaching US$79,141 million, before decreasing slightly to US$77,453 million in 2025.
- Area Asset Turnover
- The area asset turnover ratio initially increased from 0.69 in 2021 to 1.19 in 2022, coinciding with the significant rise in sales. A decrease to 0.84 was noted in 2023. The ratio then declined more substantially to 0.55 in 2024, reflecting a slower growth in sales relative to the increase in long-lived assets. A slight recovery to 0.60 occurred in 2025, but the ratio remained below both the 2022 and 2023 levels. The 2024 ratio represents the lowest value within the observed period.
The divergence in the growth rates of sales and long-lived assets, particularly in 2024, appears to be the primary driver of the fluctuations in the area asset turnover ratio. The substantial investment in long-lived assets in 2024 did not translate into a proportional increase in sales, resulting in a reduced turnover.
Area Asset Turnover: International
ConocoPhillips; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales and other operating revenues ÷ Long-lived assets
= ÷ =
The financial performance of the international segment, as measured by area asset turnover, exhibits fluctuations over the five-year period. Sales and other operating revenues and long-lived assets both demonstrate changes, influencing the calculated turnover ratio.
- Sales and Other Operating Revenues
- Sales and other operating revenues increased significantly from 2021 to 2022, rising from US$10,981 million to US$17,595 million. A subsequent decrease was observed in 2023, with revenues falling to US$11,040 million. Revenues experienced modest growth in both 2024 and 2025, reaching US$11,265 million and US$12,333 million, respectively. This indicates a period of volatility followed by stabilization and a gradual upward trend in recent years.
- Long-Lived Assets
- Long-lived assets remained relatively stable between 2021 and 2022, with values of US$21,032 million and US$21,159 million, respectively. A notable increase occurred in 2023, reaching US$23,994 million. This was followed by a slight decrease in 2024 to US$23,825 million, and a further increase in 2025 to US$24,619 million. The overall trend suggests a gradual increase in long-lived assets over the period.
- Area Asset Turnover
- The area asset turnover ratio began at 0.52 in 2021. A substantial increase was recorded in 2022, reaching 0.83, likely driven by the significant rise in sales. The ratio then declined in 2023 to 0.46, coinciding with the decrease in sales. The ratio remained relatively flat in 2024 at 0.47, and experienced a slight improvement in 2025 to 0.50. This suggests that while asset utilization improved in 2022, it has since stabilized at a lower level, indicating a potential inefficiency in generating sales from the asset base compared to 2022.
The interplay between revenue fluctuations and increasing long-lived assets has resulted in a volatile area asset turnover ratio. While the ratio improved modestly in the most recent year, it remains below the peak observed in 2022.
Sales and other operating revenues
ConocoPhillips, sales and other operating revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| U.S. | |||||
| International | |||||
| Worldwide consolidated |
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).
The geographic revenue performance demonstrates significant fluctuations over the five-year period. Worldwide consolidated revenues experienced substantial growth initially, followed by a period of contraction and subsequent stabilization. A closer examination of the regional contributions reveals distinct patterns.
- U.S. Revenue
- U.S. revenues began at 34,847 million in 2021 and increased considerably to 60,899 million in 2022. However, this was followed by a decline to 45,101 million in 2023 and a further decrease to 43,480 million in 2024. A modest recovery to 46,611 million is observed in 2025, but remains below the 2022 peak. This suggests a volatile performance within the U.S. market.
- International Revenue
- International revenues exhibited a different trajectory. Starting at 10,981 million in 2021, they rose to 17,595 million in 2022. A subsequent decrease to 11,040 million occurred in 2023, followed by a slight increase to 11,265 million in 2024, and a further increase to 12,333 million in 2025. While less dramatic than the U.S. fluctuations, the international segment shows a generally upward trend from 2021 to 2025, albeit with some variability.
- Worldwide Consolidated Revenue
- Worldwide consolidated revenues mirrored the initial surge and subsequent moderation seen in the U.S. segment. Revenues increased from 45,828 million in 2021 to a high of 78,494 million in 2022. A decline to 56,141 million occurred in 2023, followed by a further decrease to 54,745 million in 2024. Revenues stabilized somewhat in 2025, reaching 58,944 million. The consolidated performance is heavily influenced by the U.S. segment’s volatility.
- Relative Contributions
- The U.S. consistently represents the largest portion of overall revenue. In 2021, the U.S. accounted for approximately 76% of worldwide consolidated revenue. This proportion increased to approximately 77% in 2022, then decreased to approximately 80% in 2023 and 79% in 2024. In 2025, the U.S. accounted for approximately 79% of worldwide consolidated revenue. The international segment’s contribution remains comparatively smaller, ranging from approximately 24% to 21% over the period.
The significant increase in 2022, followed by the declines in 2023 and 2024, warrants further investigation to determine the underlying drivers. The stabilization observed in 2025 suggests a potential leveling off, but continued monitoring is recommended. The international segment demonstrates more consistent, albeit slower, growth compared to the U.S. market.
Long-lived assets
ConocoPhillips, long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| U.S. | |||||
| International | |||||
| Worldwide consolidated |
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).
The value of long-lived assets within the U.S. demonstrates a generally increasing trend over the observed period. From 2021 to 2024, a substantial increase is noted, followed by a slight decrease in 2025. International long-lived assets exhibit a more moderate and consistent growth pattern throughout the five-year period. Worldwide consolidated long-lived assets mirror the trend observed in the U.S., with a significant rise between 2021 and 2024, and a subsequent modest decline in 2025.
- U.S. Long-Lived Assets
- The value of long-lived assets in the U.S. increased from US$50,580 million in 2021 to US$51,200 million in 2022, representing a growth of approximately 1.3%. A more significant increase occurred between 2022 and 2023, reaching US$53,955 million, a rise of roughly 5.4%. The most substantial growth was observed between 2023 and 2024, with the value reaching US$79,141 million, an increase of approximately 46.8%. In 2025, the value decreased slightly to US$77,453 million, a decline of approximately 2.1%.
- International Long-Lived Assets
- International long-lived assets experienced a modest increase from US$21,032 million in 2021 to US$21,159 million in 2022, representing a growth of approximately 0.6%. This trend continued with a value of US$23,994 million in 2023, an increase of approximately 13.4% from the prior year. The value remained relatively stable in 2024 at US$23,825 million, a decrease of approximately 0.7%. Further growth was observed in 2025, reaching US$24,619 million, an increase of approximately 3.3%.
- Worldwide Consolidated Long-Lived Assets
- Worldwide consolidated long-lived assets increased from US$71,612 million in 2021 to US$72,359 million in 2022, a growth of approximately 1.0%. A further increase to US$77,949 million was observed in 2023, representing a growth of approximately 7.7%. The most significant increase occurred between 2023 and 2024, reaching US$102,966 million, an increase of approximately 32.1%. In 2025, the value decreased slightly to US$102,072 million, a decline of approximately 0.8%.
- Relative Contribution
- Throughout the period, U.S. long-lived assets consistently represent the majority of the worldwide consolidated total. The substantial increase in U.S. assets in 2024 significantly influenced the overall consolidated growth. The comparatively smaller, but consistent, growth in international assets contributes a smaller, yet stable, portion of the consolidated total.