ConocoPhillips, FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to ConocoPhillips	10,957)	18,680)	8,079)	(2,701)	7,189)
Net income attributable to noncontrolling interests	—)	—)	—)	46)	68)
Net noncash charges	10,390)	9,868)	7,646)	7,829)	4,426)
Working capital adjustments	(1,382)	(234)	1,271)	(372)	(579)
Net cash provided by operating activities	19,965)	28,314)	16,996)	4,802)	11,104)
Cash payments, interest, net of tax¹	472)	578)	588)	663)	617)
Interest capitalized, net of tax²	103)	38)	39)	46)	43)
Capital expenditures and investments	(11,248)	(10,159)	(5,324)	(4,715)	(6,636)
Free cash flow to the firm (FCFF)	9,292)	18,771)	12,299)	797)	5,129)

Based on: 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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the ConocoPhillips suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	ConocoPhillips FCFF increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

ConocoPhillips, interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	32.70%	33.80%	36.40%	15.50%	23.80%
Interest Paid, Net of Tax
Cash payments, interest, before tax	701)	873)	924)	785)	810)
Less: Cash payments, interest, tax²	229)	295)	336)	122)	193)
Cash payments, interest, net of tax	472)	578)	588)	663)	617)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	153)	58)	62)	55)	57)
Less: Interest capitalized, tax³	50)	20)	23)	9)	14)
Interest capitalized, net of tax	103)	38)	39)	46)	43)

Based on: 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).

¹ See details »

² 2023 Calculation
Cash payments, interest, tax = Cash payments, interest × EITR
= 701 × 32.70% = 229

³ 2023 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 153 × 32.70% = 50

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ConocoPhillips, current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	165,393)
Free cash flow to the firm (FCFF)	9,292)
Valuation Ratio
EV/FCFF	17.80
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	15.84
Exxon Mobil Corp.	14.42
Marathon Petroleum Corp.	7.20
Occidental Petroleum Corp.	12.50
Valero Energy Corp.	7.41
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	13.25
EV/FCFF, Industry
Energy	13.46

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

ConocoPhillips, historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	142,912)	139,467)	131,808)	73,692)	67,767)
Free cash flow to the firm (FCFF)²	9,292)	18,771)	12,299)	797)	5,129)
Valuation Ratio
EV/FCFF³	15.38	7.43	10.72	92.48	13.21
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	14.85	8.27	13.33	106.63	16.67
Exxon Mobil Corp.	12.47	7.84	10.06	—	44.38
Marathon Petroleum Corp.	6.31	5.22	7.80	—	13.14
Occidental Petroleum Corp.	11.15	5.95	8.39	25.58	45.65
Valero Energy Corp.	6.36	5.39	10.62	—	9.96
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	11.74	7.32	10.61	399.27	21.17
EV/FCFF, Industry
Energy	12.06	7.80	10.93	210.37	21.44

Based on: 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).

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² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 142,912 ÷ 9,292 = 15.38

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	ConocoPhillips EV/FCFF ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

ConocoPhillips (NYSE:COP)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical