Stock Analysis on Net
Stock Analysis on Net

ConocoPhillips (NYSE:COP)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

ConocoPhillips, adjustment to net income (loss) attributable to ConocoPhillips

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to ConocoPhillips (as reported) 10,957 18,680 8,079 (2,701) 7,189
Add: Unrealized holding gain (loss) on securities, net of tax 13 (11) (2) 2 —
Net income (loss) attributable to ConocoPhillips (adjusted) 10,970 18,669 8,077 (2,699) 7,189

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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

ConocoPhillips, adjusted profitability ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin 19.52% 23.80% 17.63% -14.38% 22.07%
Adjusted net profit margin 19.54% 23.78% 17.62% -14.37% 22.07%
Return on Equity (ROE)
Reported ROE 22.23% 38.91% 17.79% -9.05% 20.55%
Adjusted ROE 22.26% 38.89% 17.79% -9.04% 20.55%
Return on Assets (ROA)
Reported ROA 11.42% 19.91% 8.91% -4.31% 10.20%
Adjusted ROA 11.44% 19.90% 8.91% -4.31% 10.20%

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).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. ConocoPhillips adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. ConocoPhillips adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. ConocoPhillips adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

ConocoPhillips, Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips 10,957 18,680 8,079 (2,701) 7,189
Sales and other operating revenues 56,141 78,494 45,828 18,784 32,567
Profitability Ratio
Net profit margin1 19.52% 23.80% 17.63% -14.38% 22.07%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ConocoPhillips 10,970 18,669 8,077 (2,699) 7,189
Sales and other operating revenues 56,141 78,494 45,828 18,784 32,567
Profitability Ratio
Adjusted net profit margin2 19.54% 23.78% 17.62% -14.37% 22.07%

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).

2023 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to ConocoPhillips ÷ Sales and other operating revenues
= 100 × 10,957 ÷ 56,141 = 19.52%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to ConocoPhillips ÷ Sales and other operating revenues
= 100 × 10,970 ÷ 56,141 = 19.54%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. ConocoPhillips adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips 10,957 18,680 8,079 (2,701) 7,189
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Profitability Ratio
ROE1 22.23% 38.91% 17.79% -9.05% 20.55%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ConocoPhillips 10,970 18,669 8,077 (2,699) 7,189
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Profitability Ratio
Adjusted ROE2 22.26% 38.89% 17.79% -9.04% 20.55%

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).

2023 Calculations

1 ROE = 100 × Net income (loss) attributable to ConocoPhillips ÷ Common stockholders’ equity
= 100 × 10,957 ÷ 49,279 = 22.23%

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to ConocoPhillips ÷ Common stockholders’ equity
= 100 × 10,970 ÷ 49,279 = 22.26%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. ConocoPhillips adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips 10,957 18,680 8,079 (2,701) 7,189
Total assets 95,924 93,829 90,661 62,618 70,514
Profitability Ratio
ROA1 11.42% 19.91% 8.91% -4.31% 10.20%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ConocoPhillips 10,970 18,669 8,077 (2,699) 7,189
Total assets 95,924 93,829 90,661 62,618 70,514
Profitability Ratio
Adjusted ROA2 11.44% 19.90% 8.91% -4.31% 10.20%

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).

2023 Calculations

1 ROA = 100 × Net income (loss) attributable to ConocoPhillips ÷ Total assets
= 100 × 10,957 ÷ 95,924 = 11.42%

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to ConocoPhillips ÷ Total assets
= 100 × 10,970 ÷ 95,924 = 11.44%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. ConocoPhillips adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.