ConocoPhillips, FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to ConocoPhillips	9,245)	10,957)	18,680)	8,079)	(2,701)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	46)
Net noncash charges	11,060)	10,390)	9,868)	7,646)	7,829)
Working capital adjustments	(181)	(1,382)	(234)	1,271)	(372)
Net cash provided by operating activities	20,124)	19,965)	28,314)	16,996)	4,802)
Cash payments, interest, net of tax¹	545)	472)	578)	588)	663)
Interest capitalized, net of tax²	168)	103)	38)	39)	46)
Capital expenditures and investments	(12,118)	(11,248)	(10,159)	(5,324)	(4,715)
Free cash flow to the firm (FCFF)	8,719)	9,292)	18,771)	12,299)	797)

Based on: 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).

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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 decreased from 2022 to 2023 and from 2023 to 2024.

ConocoPhillips, interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	32.40%	32.70%	33.80%	36.40%	15.50%
Interest Paid, Net of Tax
Cash payments, interest, before tax	806)	701)	873)	924)	785)
Less: Cash payments, interest, tax²	261)	229)	295)	336)	122)
Cash payments, interest, net of tax	545)	472)	578)	588)	663)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	248)	153)	58)	62)	55)
Less: Interest capitalized, tax³	80)	50)	20)	23)	9)
Interest capitalized, net of tax	168)	103)	38)	39)	46)

Based on: 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).

¹ See details »

² 2024 Calculation
Cash payments, interest, tax = Cash payments, interest × EITR
= 806 × 32.40% = 261

³ 2024 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 248 × 32.40% = 80

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ConocoPhillips, current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	128,229)
Free cash flow to the firm (FCFF)	8,719)
Valuation Ratio
EV/FCFF	14.71
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	16.43
Expand Energy Corp.	301.82
Exxon Mobil Corp.	14.77
Occidental Petroleum Corp.	12.79
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	15.48
EV/FCFF, Industry
Energy	15.29

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	142,203)	142,912)	139,467)	131,808)	73,692)
Free cash flow to the firm (FCFF)²	8,719)	9,292)	18,771)	12,299)	797)
Valuation Ratio
EV/FCFF³	16.31	15.38	7.43	10.72	92.48
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	18.98	14.85	8.27	13.33	106.63
Expand Energy Corp.	269.74	3.73	4.83	8.86	—
Exxon Mobil Corp.	15.76	12.47	7.84	10.06	—
Occidental Petroleum Corp.	13.73	11.15	5.95	8.39	25.58
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.89	12.98	7.65	10.82	163.02
EV/FCFF, Industry
Energy	16.78	13.30	8.21	11.17	117.62

Based on: 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).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 142,203 ÷ 8,719 = 16.31

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 increased from 2022 to 2023 and from 2023 to 2024.

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