Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
ConocoPhillips, liquidity ratios (quarterly data)
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).
An analysis of the liquidity position reveals a cyclical pattern characterized by a period of expansion peaking in late 2023, followed by a gradual contraction through early 2026, and a subsequent recovery in the final quarter of the observed period.
- Current Ratio
- The current ratio exhibited a general downward trajectory from a peak of 1.66 in September 2023 to a low of 1.27 between March and June 2025. This indicates a tightening of the margin between current assets and current liabilities over a two-year period. However, a notable reversal occurred in June 2026, where the ratio increased to 1.54, returning to levels seen in early 2022.
- Quick Ratio
- The quick ratio followed a similar trend to the current ratio, peaking at 1.46 in September 2023 before declining steadily to a minimum of 1.00 in September 2025. This decline suggests a reduction in the most liquid assets relative to short-term obligations. A recovery phase began in late 2025, culminating in a ratio of 1.18 by June 2026.
- Cash Ratio
- The cash ratio showed the highest degree of volatility, reaching a peak of 0.91 in September 2023. A sustained decline followed, reaching a trough of 0.49 in June 2025. The ratio subsequently improved, ending the period at 0.62 in June 2026. The consistent gap between the cash ratio and the quick ratio indicates that a meaningful portion of the company's liquid assets is held in receivables rather than cash and cash equivalents.
Overall, liquidity remained sufficient throughout the period, as the current and quick ratios consistently stayed at or above 1.00. The synchronized movements across all three metrics suggest that changes in liquidity were driven by broad fluctuations in current asset management rather than isolated shifts in inventory or receivables.
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Current Ratio
ConocoPhillips, current ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 19,195) | 16,229) | 15,532) | 15,884) | 13,939) | 16,906) | 15,647) | 13,984) | 13,734) | 13,721) | 14,330) | 17,181) | 13,501) | 16,116) | 18,749) | 20,453) | 18,860) | 17,586) | ||||||
| Current liabilities | 12,452) | 12,586) | 11,972) | 12,009) | 10,986) | 13,329) | 12,124) | 10,765) | 10,324) | 10,163) | 10,005) | 10,338) | 9,548) | 11,553) | 12,847) | 13,997) | 12,216) | 11,624) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 1.54 | 1.29 | 1.30 | 1.32 | 1.27 | 1.27 | 1.29 | 1.30 | 1.33 | 1.35 | 1.43 | 1.66 | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 1.25 | 1.09 | 1.15 | 1.15 | 1.00 | 1.08 | 1.06 | 1.07 | 1.16 | 1.23 | 1.27 | 1.25 | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | ||||||
| Exxon Mobil Corp. | 1.13 | 1.04 | 1.15 | 1.14 | 1.25 | 1.24 | 1.31 | 1.35 | 1.36 | 1.38 | 1.48 | 1.42 | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | ||||||
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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,195 ÷ 12,452 = 1.54
2 Click competitor name to see calculations.
The analysis of short-term liquidity from March 31, 2022, to June 30, 2026, reveals a period of fluctuation characterized by a sustained mid-term decline followed by a recent recovery in the current ratio.
- Current Ratio Volatility
- The current ratio exhibited a peak of 1.66 in September 2023, followed by a consistent downward trajectory that reached a minimum of 1.27 by June 2025. This trend indicates a contraction in the liquidity cushion over a period of nearly two years. However, a significant recovery occurred by June 2026, with the ratio ascending to 1.54, mirroring the liquidity levels observed in mid-2022.
- Current Asset Trends
- Current assets reached a maximum of US$ 20,453 million in September 2022. A subsequent decline led to a low of US$ 13,721 million in March 2024. Assets remained relatively stagnant throughout 2024 and early 2025 before increasing to US$ 19,195 million by June 2026, which served as the primary driver for the improved current ratio at the end of the period.
- Current Liability Behavior
- Current liabilities fluctuated between a low of US$ 9,548 million in June 2023 and a high of US$ 13,997 million in September 2022. From March 2024 through March 2026, liabilities were managed within a range of US$ 10,163 million to US$ 13,329 million, suggesting a stable approach to short-term obligations despite fluctuations in asset levels.
- Liquidity Assessment
- Throughout the entire observed period, the current ratio remained consistently above 1.0, confirming that short-term assets always exceeded current liabilities. While the liquidity margin narrowed between late 2023 and mid-2025, the overall position remained sufficient to cover immediate financial commitments.
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Quick Ratio
ConocoPhillips, quick ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 6,574) | 5,877) | 6,497) | 5,260) | 4,901) | 6,309) | 5,607) | 5,221) | 4,294) | 5,574) | 5,635) | 8,830) | 5,735) | 6,974) | 6,458) | 8,010) | 6,909) | 6,414) | ||||||
| Short-term investments | 1,118) | 486) | 484) | 996) | 439) | 926) | 507) | 1,571) | 1,723) | 487) | 971) | 616) | 1,080) | 1,635) | 2,785) | 2,412) | 1,272) | 730) | ||||||
| Accounts and notes receivable, net | 6,957) | 7,050) | 5,813) | 5,744) | 5,701) | 6,400) | 6,695) | 4,815) | 5,307) | 5,458) | 5,474) | 5,671) | 4,531) | 5,296) | 7,088) | 7,354) | 8,153) | 7,879) | ||||||
| Investment in Cenovus Energy | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total quick assets | 14,649) | 13,413) | 12,794) | 12,000) | 11,041) | 13,635) | 12,809) | 11,607) | 11,324) | 11,519) | 12,080) | 15,117) | 11,346) | 13,905) | 16,331) | 17,776) | 16,334) | 15,023) | ||||||
| Current liabilities | 12,452) | 12,586) | 11,972) | 12,009) | 10,986) | 13,329) | 12,124) | 10,765) | 10,324) | 10,163) | 10,005) | 10,338) | 9,548) | 11,553) | 12,847) | 13,997) | 12,216) | 11,624) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 1.18 | 1.07 | 1.07 | 1.00 | 1.01 | 1.02 | 1.06 | 1.08 | 1.10 | 1.13 | 1.21 | 1.46 | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.84 | 0.73 | 0.73 | 0.72 | 0.62 | 0.68 | 0.71 | 0.68 | 0.73 | 0.81 | 0.87 | 0.84 | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | ||||||
| Exxon Mobil Corp. | 0.80 | 0.74 | 0.76 | 0.76 | 0.82 | 0.86 | 0.95 | 0.98 | 0.98 | 1.02 | 1.06 | 1.05 | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | ||||||
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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 14,649 ÷ 12,452 = 1.18
2 Click competitor name to see calculations.
The analysis of liquidity metrics indicates a general period of volatility with a long-term downward trend in the quick ratio, followed by a recovery in the final observed quarters. Throughout the entire period from March 2022 to June 2026, the quick ratio remained at or above 1.00, suggesting that quick assets were consistently sufficient to cover current liabilities without relying on inventory sales.
- Quick Ratio Trend Analysis
- The quick ratio began at 1.29 in March 2022 and experienced a period of relative stability through December 2022. A significant peak occurred in September 2023, where the ratio reached its maximum of 1.46. Following this peak, a sustained contraction was observed, with the ratio declining steadily over the next two years to reach a minimum of 1.00 in September 2025. A subsequent recovery trend emerged in 2026, with the ratio climbing back to 1.18 by June 30, 2026.
- Quick Asset Fluctuations
- Total quick assets showed significant variance, peaking at 17,776 million USD in September 2022 before declining to a low of 11,324 million USD by June 2024. The assets remained relatively stable between 11,000 million and 14,600 million USD from mid-2023 through June 2026, reflecting a more consolidated liquidity base compared to the 2022 levels.
- Current Liability Dynamics
- Current liabilities fluctuated between a low of 9,548 million USD in June 2023 and a high of 13,997 million USD in September 2022. The correlation between the rise in liabilities and the dip in the quick ratio is most evident in the period leading up to March 2025, where liabilities rose to 13,329 million USD, contributing to the compression of the liquidity ratio toward the 1.00 threshold.
The overall liquidity profile demonstrates a transition from a highly liquid position in 2022 to a leaner operating model by late 2025, eventually stabilizing with an improving trend in the first half of 2026.
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Cash Ratio
ConocoPhillips, cash ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 6,574) | 5,877) | 6,497) | 5,260) | 4,901) | 6,309) | 5,607) | 5,221) | 4,294) | 5,574) | 5,635) | 8,830) | 5,735) | 6,974) | 6,458) | 8,010) | 6,909) | 6,414) | ||||||
| Short-term investments | 1,118) | 486) | 484) | 996) | 439) | 926) | 507) | 1,571) | 1,723) | 487) | 971) | 616) | 1,080) | 1,635) | 2,785) | 2,412) | 1,272) | 730) | ||||||
| Investment in Cenovus Energy | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 7,692) | 6,363) | 6,981) | 6,256) | 5,340) | 7,235) | 6,114) | 6,792) | 6,017) | 6,061) | 6,606) | 9,446) | 6,815) | 8,609) | 9,243) | 10,422) | 8,181) | 7,144) | ||||||
| Current liabilities | 12,452) | 12,586) | 11,972) | 12,009) | 10,986) | 13,329) | 12,124) | 10,765) | 10,324) | 10,163) | 10,005) | 10,338) | 9,548) | 11,553) | 12,847) | 13,997) | 12,216) | 11,624) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.62 | 0.51 | 0.58 | 0.52 | 0.49 | 0.54 | 0.50 | 0.63 | 0.58 | 0.60 | 0.66 | 0.91 | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.22 | 0.13 | 0.19 | 0.22 | 0.12 | 0.13 | 0.18 | 0.13 | 0.12 | 0.19 | 0.25 | 0.18 | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | ||||||
| Exxon Mobil Corp. | 0.12 | 0.09 | 0.15 | 0.18 | 0.23 | 0.25 | 0.33 | 0.39 | 0.37 | 0.46 | 0.48 | 0.46 | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | ||||||
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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 7,692 ÷ 12,452 = 0.62
2 Click competitor name to see calculations.
The analysis of liquidity trends reveals a period of significant volatility in the cash ratio, characterized by a substantial increase through the third quarter of 2023, followed by a sustained decline and a subsequent partial recovery by mid-2026.
- Cash Asset Volatility
- Total cash assets peaked at 10,422 million US$ in September 2022. Following this peak, assets fluctuated considerably, reaching a period low of 5,340 million US$ in June 2025 before trending upward to 7,692 million US$ by June 2026.
- Current Liability Trends
- Current liabilities exhibited a pattern of expansion and contraction, with notable peaks occurring in September 2022 at 13,997 million US$ and March 2025 at 13,329 million US$. The lowest liability level was recorded in June 2023 at 9,548 million US$.
- Cash Ratio Trajectory
- The cash ratio experienced an upward trajectory from 0.61 in March 2022 to a maximum of 0.91 in September 2023, indicating a period of strengthened immediate liquidity. However, a downward trend followed, with the ratio descending to a minimum of 0.49 by June 2025, before returning to 0.62 by June 2026.
- Liquidity Coverage Analysis
- Throughout the observed period, the cash ratio remained consistently below 1.00, implying that cash assets alone were insufficient to cover total current liabilities at any single point. The most significant compression in liquidity occurred between December 2023 and June 2025, during which the ratio declined from 0.66 to 0.49.
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