ConocoPhillips, balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Proved properties	134,394)	119,609)	114,274)	94,312)	88,284)
Unproved properties	5,206)	7,325)	10,993)	4,141)	3,980)
Other	4,805)	4,562)	4,379)	3,653)	5,482)
Gross properties, plants and equipment	144,405)	131,496)	129,646)	102,106)	97,746)
Accumulated depreciation, depletion and amortization	(74,361)	(66,630)	(64,735)	(62,213)	(55,477)
Net properties, plants and equipment	70,044)	64,866)	64,911)	39,893)	42,269)

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Item	Description	The company
Gross properties, plants and equipment	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	ConocoPhillips gross properties, plants and equipment increased from 2021 to 2022 and from 2022 to 2023.
Net properties, plants and equipment	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	ConocoPhillips net properties, plants and equipment decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

ConocoPhillips, asset age ratios

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Average age ratio	51.49%	50.67%	49.93%	60.93%	56.76%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	ConocoPhillips average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation, depletion and amortization	74,361)	66,630)	64,735)	62,213)	55,477)
Gross properties, plants and equipment	144,405)	131,496)	129,646)	102,106)	97,746)
Asset Age Ratio
Average age¹	51.49%	50.67%	49.93%	60.93%	56.76%

2023 Calculations

¹ Average age = 100 × Accumulated depreciation, depletion and amortization ÷ Gross properties, plants and equipment
= 100 × 74,361 ÷ 144,405 = 51.49%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	ConocoPhillips average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.

ConocoPhillips (NYSE:COP)

Analysis of Property, Plant and Equipment