Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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ConocoPhillips, consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Total assets experienced a generally increasing trend over the five-year period, rising from US$90,661 million in 2021 to US$121,939 million in 2025. However, the rate of growth was not consistent, with a notable acceleration between 2022 and 2024. A closer examination of the asset composition reveals varying patterns across current and noncurrent asset categories.
- Current Assets
- Current assets demonstrated volatility throughout the period. An initial increase from US$16,050 million in 2021 to US$18,749 million in 2022 was followed by a decline to US$14,330 million in 2023. A partial recovery occurred in 2024, reaching US$15,647 million, before stabilizing at US$15,532 million in 2025. Within current assets, cash and cash equivalents remained relatively stable, fluctuating between approximately US$5,600 million and US$6,500 million. Accounts and notes receivable also showed fluctuation, peaking in 2022 at US$7,088 million and decreasing to US$5,813 million by 2025. Short-term investments experienced a significant increase in 2022, followed by a decline in subsequent years. Inventories exhibited a consistent upward trend, increasing from US$1,208 million in 2021 to US$1,873 million in 2025.
- Investments and Long-Term Receivables
- Investments and long-term receivables consistently increased over the period, rising from US$7,113 million in 2021 to US$10,185 million in 2025. This growth was driven primarily by increases in equity investments and long-term investments in debt securities. The investment in Cenovus Energy was recorded in 2021 but was not present in subsequent years, suggesting a potential divestment or reclassification. Long-term receivables remained relatively stable, fluctuating around US$100-150 million.
- Net Properties, Plants and Equipment
- Net properties, plants and equipment constituted the largest portion of total assets. This category experienced a moderate decrease from US$64,911 million in 2021 to US$64,866 million in 2022, followed by substantial growth to US$94,356 million in 2024. A slight decrease to US$93,239 million was observed in 2025. This significant increase suggests substantial capital expenditures or acquisitions during the 2023-2024 timeframe.
- Other Assets and Noncurrent Assets
- Other assets remained relatively stable, fluctuating between approximately US$1,900 million and US$2,900 million. Noncurrent assets mirrored the trend in net properties, plants, and equipment, with a significant increase between 2022 and 2024, driven by the changes in the latter. The overall increase in noncurrent assets contributed significantly to the growth in total assets.
In summary, the asset base demonstrated a general expansion, largely attributable to growth in net properties, plants, and equipment and investments. Current assets exhibited more volatility, while long-term investments showed consistent growth. The changes observed suggest strategic shifts in asset allocation and potential capital investment activities.