ConocoPhillips is an independent oil and gas exploration and production company, with North American unconventional resources, Canadian oil sands, international fields and LNG investments and commercial activities. It is not a downstream refining company.
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A snapshot of what CONOCOPHILLIPS owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001163165-24-000010 | Feb 15, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001163165-25-000012 | Feb 18, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001163165-26-000009 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
ConocoPhillips’ latest supplied results show stronger earnings and cash generation, but not higher production. In the first half of 2026, GAAP net income reached $6.114 billion versus $4.820 billion a year earlier, while production declined. Management attributes the improvement mainly to higher oil prices and operating efficiencies; weaker gas realizations, depletion charges and regional disruptions offset part of the benefit. Operating cash flow covered capital expenditures and investments plus shareholder distributions during the half, unlike the narrower funding position in 2025. The company is also expanding long-term LNG commitments and pursuing conditional international investments. Its central dependencies remain commodity prices, replacement of declining production and project execution. The supplied August disclosures leave full-year numerical guidance incomplete and contain a production-comparison discrepancy that remains explicitly unresolved.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · EX-99.2 · 2026-08-06
ConocoPhillips earns money from producing and marketing hydrocarbons, with Lower 48 operations its largest earnings contributor. Sales also include purchased-and-resold commodities, so revenue is not simply the value of its own production. Equity-accounted ventures contribute affiliate earnings rather than fully consolidated revenue and debt, although total-company production includes proportionate affiliate volumes. Management describes production as unhedged; commercial derivatives still exist, so the company remains exposed to both commodity-price upside and downside.
Maintaining output requires continued drilling and development. At December 31, 2025, 37% of proved reserves were undeveloped and therefore depended on future spending and execution. LNG adds another source of potential earnings and obligations: contracted commercial offtake reached 12.2 million tonnes annually in the second quarter of 2026, but that is not current production, sales or owned liquefaction capacity.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The unaudited June 30, 2026 results, filed August 6, report first-half sales of $34.922 billion versus $30.521 billion and GAAP net income of $6.114 billion versus $4.820 billion. Second-quarter net income was $3.931 billion versus $1.971 billion. Management primarily credits higher prices and operating efficiencies. The improvement was not broad-based commodity strength: quarterly crude realizations rose to $99.40 per barrel from $64.23, while gas realizations fell to $2.58 per thousand cubic feet from $4.16. Lower 48 gas realizations were negative $1.44; their detailed commercial and transportation components are not explained.
First-half production fell to 2.278 million barrels of oil equivalent daily from 2.391 million. Field decline, dispositions, constrained Qatar production and higher Surmont royalties affected comparisons, while new wells and organic Lower 48 growth provided offsets. Higher royalties reduce the company's reported net production, not necessarily the field's physical output. The release describes the transaction-adjusted first-half decline as 57,000 BOE daily, or 2%, whereas the 10-Q labels the same decline 4%; this conflict is not silently corrected.
Purchased-commodity costs and depreciation, depletion and amortization increased, partly offsetting sales gains. Management links higher depletion to finalized Marathon purchase accounting and lower proved developed reserves. First-half disposition gains also fell to $19 million from $396 million, so earnings did not rely on repeating those gains. Second-quarter non-GAAP adjusted earnings were $3.951 billion, close to GAAP income but masking offsetting claims, restructuring and hedge adjustments. Diluted EPS rose to $3.23 from $1.56 with help from fewer weighted-average diluted shares, not earnings alone. Higher interest capitalization also lowered reported interest expense without an equivalent reduction in incurred interest.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · EX-99.2 · 2026-08-06
First-half GAAP operating cash flow was $11.729 billion versus $9.600 billion. It exceeded $5.972 billion of capital expenditures and investments plus $5.063 billion of dividends and repurchases. This is a funding comparison, not profit or a comprehensive free-cash-flow measure. Working capital absorbed $834 million during the half, despite supporting the second quarter; lower cash taxes also helped cash conversion. After all investing, financing and currency movements, cash including restricted cash increased only $49 million.
The current disclosed 2026 capital budget is approximately $12.0–$12.5 billion. Long-term LNG, vessel and capacity purchase obligations increased by approximately $7 billion in 2026, separate from current capital spending or funded debt. Related sales are expected to offset substantial purchases, but timing, pricing and counterparty risks remain. Management's 45% return-of-CFO objective for 2026 uses non-GAAP operating cash generation excluding working-capital changes; it is a target, and repurchases remain discretionary.
Sources: 10-Q · 2026-06-30 · EX-99.2 · 2026-08-06 · 10-K · 2025-12-31 · EX-99.1 · 2026-08-06
At June 30, ConocoPhillips held $6.574 billion of cash and equivalents and $1.118 billion of short-term investments against $23.290 billion of debt, including $462 million current debt. Its unused $5.5 billion revolver matures in February 2030; it is borrowing capacity, not cash or an assurance of unconditional access. The release's abbreviated $8.1 billion headline is clarified by the 10-Q as including cash, cash equivalents, restricted cash and short-term investments. This is broader than unrestricted cash and short-term investments.
The July 1 remarketing of $600 million of existing municipal bonds was completed, not a new $600 million debt increase. Other exposures remain outside a simple cash-minus-debt comparison: direct-bank letters of credit totaled $295 million, Qatar guarantees have no maximum limit, and a below-investment-grade downgrade would have required $39 million of additional derivative collateral at June 30.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · EX-99.2 · 2026-08-06
Lower 48 sales agreed at approximately $1.7 billion before closing adjustments closed in July, achieving the cumulative $5 billion disposition target. Neither amount is additional June cash; final proceeds and gains were not disclosed. The July agreement for a 42% Kirkuk-area joint-venture interest remained subject to approvals and customary conditions, with closing expected by year-end 2026. Its $400 million base price includes $200 million deferred consideration. Expected closing cash of $300–$500 million includes reimbursable project costs, with the deferred amount additional to that closing estimate—not another amount to add to the base price.
A Syria development agreement was signed in June; management expected no material 2026 impact, but ownership economics, spending obligations and production timing were not disclosed. Waha's proposed extension through 2050 remained subject to regulatory approvals and new fiscal terms. These disclosures establish agreements, not guaranteed earnings or completed implementation.
The August 6 board decisions, filed August 11, announced Andy O’Brien as CEO, Kontessa Haynes-Welsh as CFO and Ryan Lance as Executive Chair effective September 1. Kelly Rose's retirement as legal chief was announced June 23 for the same date. The supplied announcements do not independently confirm subsequent implementation. At the May 12 annual meeting, reported May 14, shareholders rejected a mandatory separate-chair proposal; that did not prevent the later announced separation, and Executive Chair is not an independent non-executive role.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 10-K · 2025-12-31 · 8-K · 2026-08-06 · 8-K · 2026-06-23 · 8-K · 2026-05-12
Qatar production remained constrained through the second quarter, although management reported no investment damage or impairment indications. California decommissioning exposure also persists: on June 9 an appeals board upheld an order against former owners, including ConocoPhillips, and the company intended a further appeal while assessing exposure. Canadian pending claims reduced first-half segment earnings by $121 million, with remaining exposure unidentified. Environmental remediation accruals increased to $306 million; climate litigation remains uncertain, and outstanding Venezuela award amounts remain collection exposures. Approximately $795 million had been received cumulatively on the first ICC award by June 30, 2026, while collection actions for all three awards continued.
On August 6, management forecast third-quarter production of 2.29–2.32 million BOE daily and reaffirmed full-year guidance. However, the complete supplied release and supplement do not enumerate the full-year production and expense ranges; February guidance is not substituted. Management's $7 billion free-cash-flow inflection objective for 2029 is prospective, with no supplied baseline or quantified bridge. These evidence limits prevent treating the outlook as a verified forecast or guaranteed future cash generation.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · EX-99.2 · 2026-08-06
USD 58.944 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 58.944 bn | 7.7% |
| 2024 | USD 54.745 bn | -2.5% |
| 2023 | USD 56.141 bn | — |
Consolidated operating sales, including commodity marketing and qualifying derivative-related revenue; excludes affiliate earnings, disposition gains and other income.
Sources: 10-K · 2025-12-31
USD 7.988 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 7.988 bn | -13.6% |
| 2024 | USD 9.245 bn | -15.6% |
| 2023 | USD 10.957 bn | — |
Consolidated GAAP net income before allocation of earnings to participating securities for EPS.
Sources: 10-K · 2025-12-31
USD 19.796 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 19.796 bn | -1.6% |
| 2024 | USD 20.124 bn | 0.8% |
| 2023 | USD 19.965 bn | — |
GAAP operating cash flow after operating working-capital changes; not net income or free cash flow.
Sources: 10-K · 2025-12-31
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