Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Short-term Activity Ratios (Summary)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

ConocoPhillips, short-term (operating) activity ratios

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Turnover Ratios
Inventory turnover	19.75	12.40	16.73	19.37	16.65
Receivables turnover	7.00	7.13	9.97	9.29	6.96
Payables turnover	4.77	4.65	5.40	5.05	4.40
Working capital turnover	11.37	2.80	3.30	6.19	4.09
Average No. Days
Average inventory processing period	18	29	22	19	22
Add: Average receivable collection period	52	51	37	39	52
Operating cycle	70	80	59	58	74
Less: Average payables payment period	77	78	68	72	83
Cash conversion cycle	-7	2	-9	-14	-9

Based on: 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).

Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	ConocoPhillips inventory turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	ConocoPhillips receivables turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	ConocoPhillips payables turnover ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	ConocoPhillips working capital turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Short-term activity ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	ConocoPhillips number of days of inventory outstanding deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.	ConocoPhillips number of days of receivables outstanding deteriorated from 2019 to 2020 and from 2020 to 2021.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	ConocoPhillips operating cycle deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	ConocoPhillips number of days of payables outstanding increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	ConocoPhillips cash conversion cycle deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

ConocoPhillips, inventory turnover calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Cost of operating revenues	23,852	12,422	17,164	19,507	17,648
Inventories	1,208	1,002	1,026	1,007	1,060
Short-term Activity Ratio
Inventory turnover¹	19.75	12.40	16.73	19.37	16.65
Benchmarks
Inventory Turnover, Competitors²
Chevron Corp.	17.46	12.48	17.36	20.18	17.05
Exxon Mobil Corp.	10.18	6.60	9.75	10.17	9.55
Marathon Oil Corp.	72.74	40.75	70.32	61.48	34.71
Occidental Petroleum Corp.	5.23	4.46	5.76	5.21	4.49
Pioneer Natural Resources Co.	48.43	31.36	47.18	38.76	24.97
Valero Energy Corp.	17.69	10.87	14.76	17.06	14.01
Inventory Turnover, Sector
Oil, Gas & Consumable Fuels	13.64	8.74	12.59	13.83	12.32

Based on: 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).

¹ 2021 Calculation
Inventory turnover = Cost of operating revenues ÷ Inventories
= 23,852 ÷ 1,208 = 19.75

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	ConocoPhillips inventory turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

ConocoPhillips, receivables turnover calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Sales and other operating revenues	45,828	18,784	32,567	36,417	29,106
Accounts and notes receivable, net of allowance	6,543	2,634	3,267	3,920	4,179
Short-term Activity Ratio
Receivables turnover¹	7.00	7.13	9.97	9.29	6.96
Benchmarks
Receivables Turnover, Competitors²
Chevron Corp.	8.45	8.24	10.50	10.56	8.77
Devon Energy Corp.	7.91	8.03	7.48	12.13	8.35
Exxon Mobil Corp.	10.29	10.93	12.11	14.22	11.15
Marathon Oil Corp.	4.90	4.15	4.51	5.47	4.04
Occidental Petroleum Corp.	6.17	8.42	3.20	3.64	3.02
Pioneer Natural Resources Co.	10.61	10.11	9.37	13.51	8.28
Valero Energy Corp.	11.43	13.50	13.44	16.84	13.92
Receivables Turnover, Sector
Oil, Gas & Consumable Fuels	9.29	9.88	10.48	11.97	9.64

Based on: 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).

¹ 2021 Calculation
Receivables turnover = Sales and other operating revenues ÷ Accounts and notes receivable, net of allowance
= 45,828 ÷ 6,543 = 7.00

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	ConocoPhillips receivables turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

ConocoPhillips, payables turnover calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Cost of operating revenues	23,852	12,422	17,164	19,507	17,648
Accounts payable	5,002	2,669	3,176	3,863	4,009
Short-term Activity Ratio
Payables turnover¹	4.77	4.65	5.40	5.05	4.40
Benchmarks
Payables Turnover, Competitors²
Chevron Corp.	6.69	6.47	7.20	8.25	6.54
Devon Energy Corp.	12.74	12.96	9.37	9.95	11.66
Exxon Mobil Corp.	7.18	7.11	7.31	9.16	7.48
Marathon Oil Corp.	5.05	3.70	3.87	4.47	3.13
Occidental Petroleum Corp.	2.48	2.83	1.19	1.34	1.27
Pioneer Natural Resources Co.	7.51	7.57	7.92	6.51	4.51
Valero Energy Corp.	8.87	10.79	10.15	12.97	10.71
Payables Turnover, Sector
Oil, Gas & Consumable Fuels	6.95	6.99	6.92	8.38	6.90

Based on: 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).

¹ 2021 Calculation
Payables turnover = Cost of operating revenues ÷ Accounts payable
= 23,852 ÷ 5,002 = 4.77

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	ConocoPhillips payables turnover ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

ConocoPhillips, working capital turnover calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Current assets	16,050	12,066	16,913	13,274	16,512
Less: Current liabilities	12,021	5,366	7,043	7,395	9,397
Working capital	4,029	6,700	9,870	5,879	7,115

Sales and other operating revenues	45,828	18,784	32,567	36,417	29,106
Short-term Activity Ratio
Working capital turnover¹	11.37	2.80	3.30	6.19	4.09
Benchmarks
Working Capital Turnover, Competitors²
Chevron Corp.	22.40	24.25	77.75	23.20	163.64
Devon Energy Corp.	10.50	2.65	3.23	4.85	9.45
Exxon Mobil Corp.	110.19	—	—	—	—
Marathon Oil Corp.	30.44	7.76	12.98	5.42	7.31
Occidental Petroleum Corp.	13.76	29.88	5.46	7.07	14.38
Pioneer Natural Resources Co.	8.51	10.19	—	12.31	6.00
Valero Energy Corp.	26.42	9.89	18.65	16.84	11.40
Working Capital Turnover, Sector
Oil, Gas & Consumable Fuels	28.26	42.38	62.24	37.17	56.69

Based on: 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).

¹ 2021 Calculation
Working capital turnover = Sales and other operating revenues ÷ Working capital
= 45,828 ÷ 4,029 = 11.37

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	ConocoPhillips working capital turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

ConocoPhillips, average inventory processing period calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data
Inventory turnover	19.75	12.40	16.73	19.37	16.65
Short-term Activity Ratio (no. days)
Average inventory processing period¹	18	29	22	19	22
Benchmarks (no. days)
Average Inventory Processing Period, Competitors²
Chevron Corp.	21	29	21	18	21
Exxon Mobil Corp.	36	55	37	36	38
Marathon Oil Corp.	5	9	5	6	11
Occidental Petroleum Corp.	70	82	63	70	81
Pioneer Natural Resources Co.	8	12	8	9	15
Valero Energy Corp.	21	34	25	21	26
Average Inventory Processing Period, Sector
Oil, Gas & Consumable Fuels	27	42	29	26	30

Based on: 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).

¹ 2021 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 19.75 = 18

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	ConocoPhillips number of days of inventory outstanding deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

ConocoPhillips, average receivable collection period calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data
Receivables turnover	7.00	7.13	9.97	9.29	6.96
Short-term Activity Ratio (no. days)
Average receivable collection period¹	52	51	37	39	52
Benchmarks (no. days)
Average Receivable Collection Period, Competitors²
Chevron Corp.	43	44	35	35	42
Devon Energy Corp.	46	45	49	30	44
Exxon Mobil Corp.	35	33	30	26	33
Marathon Oil Corp.	74	88	81	67	90
Occidental Petroleum Corp.	59	43	114	100	121
Pioneer Natural Resources Co.	34	36	39	27	44
Valero Energy Corp.	32	27	27	22	26
Average Receivable Collection Period, Sector
Oil, Gas & Consumable Fuels	39	37	35	31	38

Based on: 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).

¹ 2021 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 7.00 = 52

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.	ConocoPhillips number of days of receivables outstanding deteriorated from 2019 to 2020 and from 2020 to 2021.

ConocoPhillips, operating cycle calculation, comparison to benchmarks

No. days

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data
Average inventory processing period	18	29	22	19	22
Average receivable collection period	52	51	37	39	52
Short-term Activity Ratio
Operating cycle¹	70	80	59	58	74
Benchmarks
Operating Cycle, Competitors²
Chevron Corp.	64	73	56	53	63
Exxon Mobil Corp.	71	88	67	62	71
Marathon Oil Corp.	79	97	86	73	101
Occidental Petroleum Corp.	129	125	177	170	202
Pioneer Natural Resources Co.	42	48	47	36	59
Valero Energy Corp.	53	61	52	43	52
Operating Cycle, Sector
Oil, Gas & Consumable Fuels	66	79	64	57	68

Based on: 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).

¹ 2021 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 18 + 52 = 70

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	ConocoPhillips operating cycle deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

ConocoPhillips, average payables payment period calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data
Payables turnover	4.77	4.65	5.40	5.05	4.40
Short-term Activity Ratio (no. days)
Average payables payment period¹	77	78	68	72	83
Benchmarks (no. days)
Average Payables Payment Period, Competitors²
Chevron Corp.	55	56	51	44	56
Devon Energy Corp.	29	28	39	37	31
Exxon Mobil Corp.	51	51	50	40	49
Marathon Oil Corp.	72	99	94	82	116
Occidental Petroleum Corp.	147	129	307	271	288
Pioneer Natural Resources Co.	49	48	46	56	81
Valero Energy Corp.	41	34	36	28	34
Average Payables Payment Period, Sector
Oil, Gas & Consumable Fuels	53	52	53	44	53

Based on: 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).

¹ 2021 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 4.77 = 77

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	ConocoPhillips number of days of payables outstanding increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

ConocoPhillips, cash conversion cycle calculation, comparison to benchmarks

No. days

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data
Average inventory processing period	18	29	22	19	22
Average receivable collection period	52	51	37	39	52
Average payables payment period	77	78	68	72	83
Short-term Activity Ratio
Cash conversion cycle¹	-7	2	-9	-14	-9
Benchmarks
Cash Conversion Cycle, Competitors²
Chevron Corp.	9	17	5	9	7
Exxon Mobil Corp.	20	37	17	22	22
Marathon Oil Corp.	7	-2	-8	-9	-15
Occidental Petroleum Corp.	-18	-4	-130	-101	-86
Pioneer Natural Resources Co.	-7	0	1	-20	-22
Valero Energy Corp.	12	27	16	15	18
Cash Conversion Cycle, Sector
Oil, Gas & Consumable Fuels	13	27	11	13	15

Based on: 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).

¹ 2021 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 18 + 52 – 77 = -7

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	ConocoPhillips cash conversion cycle deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

ConocoPhillips (NYSE:COP)

Analysis of Short-term (Operating) Activity Ratios

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle