ConocoPhillips, balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Short-term debt	1,035)	1,074)	417)	1,200)	619)
Long-term debt	23,289)	17,863)	16,226)	18,734)	14,750)
Total debt, including finance leases (carrying amount)	24,324)	18,937)	16,643)	19,934)	15,369)

Download chart

Debt item	Description	The company
Total debt, including finance leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	ConocoPhillips total debt increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Debt, excluding finance leases	22,997)
Finance leases	940)
Total debt, including finance leases (fair value)	23,937)
Financial Ratio
Debt, fair value to carrying amount ratio	0.98

Weighted-average interest rate on debt: 5.08%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.40%	366)	9)
8.20%	134)	11)
3.35%	199)	7)
6.88%	67)	5)
7.80%	120)	9)
4.40%	424)	19)
3.75%	196)	7)
4.30%	223)	10)
7.38%	66)	5)
7.00%	95)	7)
5.30%	86)	5)
6.95%	705)	49)
4.70%	1,350)	63)
8.13%	207)	17)
2.40%	227)	5)
7.20%	447)	32)
7.25%	268)	19)
7.40%	232)	17)
4.85%	650)	32)
6.80%	180)	12)
5.90%	505)	30)
5.05%	1,000)	51)
5.70%	103)	6)
4.15%	246)	10)
5.00%	1,250)	63)
5.95%	326)	19)
5.95%	573)	34)
6.60%	335)	22)
5.90%	350)	21)
6.50%	1,588)	103)
3.76%	785)	30)
4.30%	750)	32)
5.20%	186)	10)
5.95%	329)	20)
7.90%	60)	5)
4.88%	319)	16)
4.85%	219)	11)
3.80%	1,100)	42)
5.30%	1,100)	58)
5.55%	1,000)	56)
5.50%	1,300)	72)
4.03%	1,770)	71)
5.70%	700)	40)
5.65%	650)	37)
4.80%	265)	13)
4.22%	18)	1)
2.20%	200)	4)
2.38%	200)	5)
4.05%	200)	8)
3.30%	400)	13)
3.40%	940)	32)
Total	25,009)	1,270)
5.08%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,270 ÷ 25,009 = 5.08%

ConocoPhillips, interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest expensed	783)	780)	805)	884)	806)
Interest capitalized	248)	153)	58)	62)	55)
Interest incurred	1,031)	933)	863)	946)	861)

Download chart

Debt item	Description	The company
Interest expensed	Amount of the cost of borrowed funds accounted for as interest expense for debt.	ConocoPhillips interest expensed decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	ConocoPhillips interest capitalized increased from 2022 to 2023 and from 2023 to 2024.
Interest incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	ConocoPhillips interest incurred increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips	9,245)	10,957)	18,680)	8,079)	(2,701)
Add: Net income attributable to noncontrolling interest	—)	—)	—)	—)	46)
Add: Income tax expense	4,427)	5,331)	9,548)	4,633)	(485)
Add: Interest and debt expense	783)	780)	805)	884)	806)
Earnings before interest and tax (EBIT)	14,455)	17,068)	29,033)	13,596)	(2,334)

Interest incurred	1,031)	933)	863)	946)	861)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	18.46	21.88	36.07	15.38	-2.90
Adjusted interest coverage ratio (with capitalized interest)²	14.02	18.29	33.64	14.37	-2.71

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= 14,455 ÷ 783 = 18.46

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest incurred
= 14,455 ÷ 1,031 = 14.02

Download chart

Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	ConocoPhillips adjusted interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

ConocoPhillips (NYSE:COP)

Analysis of Debt