Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

ConocoPhillips, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Sales and other operating revenues	54,745)	56,141)	78,494)	45,828)	18,784)
Equity in earnings of affiliates	1,705)	1,720)	2,081)	832)	432)
Gain on dispositions	51)	228)	1,077)	486)	549)
Interest income	402)	412)	195)	33)	100)
Gain (loss) on investment in Cenovus Energy	—)	—)	251)	1,040)	(855)
Other, net	50)	73)	58)	130)	246)
Other income (loss)	452)	485)	504)	1,203)	(509)
Revenues and other income	56,953)	58,574)	82,156)	48,349)	19,256)
Purchased commodities	(20,012)	(21,975)	(33,971)	(18,158)	(8,078)
Production and operating expenses	(8,751)	(7,693)	(7,006)	(5,694)	(4,344)
Selling, general and administrative expenses	(1,158)	(705)	(623)	(719)	(430)
Exploration expenses	(355)	(398)	(564)	(344)	(1,457)
Depreciation, depletion and amortization	(9,599)	(8,270)	(7,504)	(7,208)	(5,521)
Impairments	(80)	(14)	12)	(674)	(813)
Taxes other than income taxes	(2,087)	(2,074)	(3,364)	(1,634)	(754)
Accretion on discounted liabilities	(325)	(283)	(250)	(242)	(252)
Operating income (loss)	14,586)	17,162)	28,886)	13,676)	(2,393)
Interest and debt expense	(783)	(780)	(805)	(884)	(806)
Foreign currency transaction gain (loss)	50)	(92)	100)	22)	72)
Other expenses	(181)	(2)	47)	(102)	(13)
Income (loss) before income taxes	13,672)	16,288)	28,228)	12,712)	(3,140)
Income tax (provision) benefit	(4,427)	(5,331)	(9,548)	(4,633)	485)
Net income (loss)	9,245)	10,957)	18,680)	8,079)	(2,655)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	(46)
Net income (loss) attributable to ConocoPhillips	9,245)	10,957)	18,680)	8,079)	(2,701)

Based on: 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), 10-K (reporting date: 2020-12-31).

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Income statement item	Description	The company
Sales and other operating revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	ConocoPhillips sales and other operating revenues decreased from 2022 to 2023 and from 2023 to 2024.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	ConocoPhillips operating income (loss) decreased from 2022 to 2023 and from 2023 to 2024.
Income (loss) before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	ConocoPhillips income (loss) before income taxes decreased from 2022 to 2023 and from 2023 to 2024.
Net income (loss) attributable to ConocoPhillips	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	ConocoPhillips net income (loss) attributable to ConocoPhillips decreased from 2022 to 2023 and from 2023 to 2024.

ConocoPhillips (NYSE:COP)

Income Statement