ConocoPhillips (COP)

Inventory turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cost of revenue (ttm)	US$ in thousands	23,163,000	26,249,000	29,919,000	34,423,000	35,058,000	33,586,000	28,404,000	22,191,000	20,043,000	15,453,000	13,173,000	11,343,000	9,736,000	9,691,000	10,602,000	12,143,000	12,812,000	13,860,000	14,732,000	15,754,000
Inventory	US$ in thousands	1,398,000	1,326,000	1,236,000	1,258,000	1,219,000	1,226,000	1,234,000	1,174,000	1,208,000	1,043,000	1,138,000	1,098,000	1,002,000	1,034,000	982,000	726,000	1,026,000	955,000	1,089,000	1,014,000
Inventory turnover		16.57	19.80	24.21	27.36	28.76	27.39	23.02	18.90	16.59	14.82	11.58	10.33	9.72	9.37	10.80	16.73	12.49	14.51	13.53	15.54

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $23,163,000K ÷ $1,398,000K
= 16.57

Conoco Philips' inventory turnover has shown a consistent upward trend over the past eight quarters. The ratio has increased from 17.40 in Q1 2022 to 26.52 in Q1 2023, indicating that the company is managing its inventory more efficiently and turning over its inventory at a faster rate. This improvement suggests that Conoco Philips is effectively managing its inventory levels and optimizing its supply chain processes. The recent ratio of 26.52 in Q1 2023 indicates that the company has been able to sell and replace its inventory 26.52 times during the quarter, which is a positive sign for the company's financial performance and operational efficiency.