ConocoPhillips, current enterprise value calculation

Current share price (P)	$91.80
No. shares of common stock outstanding	1,272,380,205
US$ in millions
Common equity (market value)¹	116,805)
Add: Noncontrolling interests (per books)	—)
Total equity	116,805)
Add: Short-term debt (per books)	1,035)
Add: Long-term debt (per books)	23,289)
Total equity and debt	141,129)
Less: Cash and cash equivalents	5,607)
Less: Short-term investments	507)
Less: Investment in Cenovus Energy	—)
Enterprise value (EV)	135,015)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 91.80 × 1,272,380,205

ConocoPhillips, EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$97.45	$111.00	$108.36	$91.16	$48.85
No. shares of common stock outstanding¹	1,272,380,205	1,176,408,368	1,218,776,494	1,299,526,916	1,354,734,727
US$ in millions
Common equity (market value)³	123,993)	130,581)	132,067)	118,465)	66,179)
Add: Noncontrolling interests (book value)	—)	—)	—)	—)	—)
Total equity	123,993)	130,581)	132,067)	118,465)	66,179)
Add: Short-term debt (book value)	1,035)	1,074)	417)	1,200)	619)
Add: Long-term debt (book value)	23,289)	17,863)	16,226)	18,734)	14,750)
Total equity and debt	148,317)	149,518)	148,710)	138,399)	81,548)
Less: Cash and cash equivalents	5,607)	5,635)	6,458)	5,028)	2,991)
Less: Short-term investments	507)	971)	2,785)	446)	3,609)
Less: Investment in Cenovus Energy	—)	—)	—)	1,117)	1,256)
Enterprise value (EV)	142,203)	142,912)	139,467)	131,808)	73,692)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 97.45 × 1,272,380,205

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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 2022 to 2023 but then slightly decreased from 2023 to 2024.

ConocoPhillips (NYSE:COP)

Enterprise Value (EV)