ConocoPhillips (COP) FY2023 results: revenue $56.1 billion, down 28.5% on the year

ConocoPhillips (COP) reported revenue of $56.1 billion for fiscal 2023, the year ended 31 December 2023, down 28.5% on the year before. Net income was $11.0 billion, down 41.3%, and diluted earnings per share $9.06. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$56.1 billion

-28.5% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$11.0 billion

-41.3% on the year

FY2016FY2023

Diluted EPS

$9.06

-37.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	56,141	78,494	45,828	-28.5%
Cost of revenue	21,975	33,971	18,158	-35.3%
Gross profit	34,166	44,523	27,670	-23.3%
Gross margin	60.9%	56.7%	60.4%
Research and development	81.0	71.0	62.0	+14.1%
Selling, general and administrative	705	623	719	+13.2%
Interest expense	824	791	887	+4.2%
Pre-tax income	16,288	28,228	12,712	-42.3%
Income tax	5,331	9,548	4,633	-44.2%
Effective tax rate	32.7%	33.8%	36.4%
Net income	10,957	18,680	8,079	-41.3%
Net margin	19.5%	23.8%	17.6%
Diluted EPS	$9.06	$14.57	$6.07	-37.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	19,965	28,314	16,996	-29.5%
Capital expenditure	n/a	10,159	5,324
Free cash flow	n/a	18,155	11,672
Free cash flow margin	n/a	23.1%	25.5%
Cash from investing	-12,000	-8,741	-8,544
Cash from financing	-8,661	-18,053	-6,335
Depreciation and amortisation	8,270	7,504	7,208	+10.2%
Share-based compensation	334	377	304	-11.4%
Buybacks	5,400	9,270	3,623	-41.7%
Dividends paid	5,583	5,726	2,359	-2.5%
Dividend per share	$2.11	$1.89	$1.75	+11.6%
Diluted shares, weighted	1,206m	1,278m	1,328m	-5.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	49,279	48,003	45,406	+2.7%
Debt	18,937	16,643	19,934	+13.8%
Other liabilities	27,708	29,183	25,321	-5.1%
Total liabilities and equity	95,924	93,829	90,661	+2.2%
Fixed assets	70,044	64,866	64,911	+8.0%
Investments	1,960	3,307	248	-40.7%
Cash and equivalents	5,635	6,458	5,028	-12.7%
Inventory	1,398	1,219	1,208	+14.7%
Other assets	16,887	17,979	19,266	-6.1%
Total assets	95,924	93,829	90,661	+2.2%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.