ConocoPhillips (COP)

Total asset 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
Revenue (ttm)	US$ in thousands	56,141,000	59,970,000	66,733,000	75,543,000	78,494,000	75,056,000	65,369,000	53,764,000	45,828,000	36,285,000	29,339,000	23,799,000	18,784,000	21,347,000	27,060,000	31,424,000	36,670,000	38,891,000	38,963,000	39,544,000
Total assets	US$ in thousands	95,924,000	93,651,000	89,605,000	91,441,000	93,829,000	94,837,000	93,693,000	93,308,000	90,661,000	87,304,000	85,403,000	83,693,000	62,618,000	63,157,000	63,046,000	65,033,000	70,514,000	70,340,000	71,261,000	71,498,000
Total asset turnover		0.59	0.64	0.74	0.83	0.84	0.79	0.70	0.58	0.51	0.42	0.34	0.28	0.30	0.34	0.43	0.48	0.52	0.55	0.55	0.55

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $56,141,000K ÷ $95,924,000K
= 0.59

Conoco Phillips' total asset turnover has shown some fluctuation over the past eight quarters. The company's total asset turnover ratio has ranged from a low of 0.58 in Q1 2022 to a high of 0.84 in Q4 2022. Generally, a higher total asset turnover ratio indicates that the company is generating more revenue for each dollar of assets it holds.

The trend in Conoco Phillips' total asset turnover ratio shows a slight decrease in efficiency from Q1 2023 to Q4 2023, falling from 0.83 to 0.59. This may suggest that the company is less effective in utilizing its assets to generate sales during this period. It would be essential for the company's management to investigate the reasons behind this trend to identify opportunities for improvement and optimization in asset utilization.