ConocoPhillips, current enterprise value calculation

Current share price (P)	$113.09
No. shares of common stock outstanding	1,150,912,478
US$ in millions
Common equity (market value)¹	130,157)
Add: Noncontrolling interests (per books)	—)
Total equity	130,157)
Add: Short-term debt (per books)	1,074)
Add: Long-term debt (per books)	17,863)
Total equity and debt	149,094)
Less: Cash and cash equivalents	5,635)
Less: Short-term investments	971)
Less: Investment in Cenovus Energy	—)
Enterprise value (EV)	142,488)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 113.09 × 1,150,912,478

ConocoPhillips, EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$111.00	$108.36	$91.16	$48.85	$58.30
No. shares of common stock outstanding¹	1,176,408,368	1,218,776,494	1,299,526,916	1,354,734,727	1,081,132,415
US$ in millions
Common equity (market value)³	130,581)	132,067)	118,465)	66,179)	63,030)
Add: Noncontrolling interests (book value)	—)	—)	—)	—)	69)
Total equity	130,581)	132,067)	118,465)	66,179)	63,099)
Add: Short-term debt (book value)	1,074)	417)	1,200)	619)	105)
Add: Long-term debt (book value)	17,863)	16,226)	18,734)	14,750)	14,790)
Total equity and debt	149,518)	148,710)	138,399)	81,548)	77,994)
Less: Cash and cash equivalents	5,635)	6,458)	5,028)	2,991)	5,088)
Less: Short-term investments	971)	2,785)	446)	3,609)	3,028)
Less: Investment in Cenovus Energy	—)	—)	1,117)	1,256)	2,111)
Enterprise value (EV)	142,912)	139,467)	131,808)	73,692)	67,767)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of ConocoPhillips Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 111.00 × 1,176,408,368

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	ConocoPhillips EV increased from 2021 to 2022 and from 2022 to 2023.

ConocoPhillips (NYSE:COP)

Enterprise Value (EV)