ConocoPhillips (COP)
Gross profit margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Gross profit | US$ in thousands | 32,978,000 | 43,436,000 | 28,306,000 | 9,520,000 | 23,442,000 |
| Revenue | US$ in thousands | 56,141,000 | 78,494,000 | 45,828,000 | 18,784,000 | 36,670,000 |
| Gross profit margin | 58.74% | 55.34% | 61.77% | 50.68% | 63.93% |
December 31, 2023 calculation
Gross profit margin = Gross profit ÷ Revenue
= $32,978,000K ÷ $56,141,000K
= 58.74%
Conoco Phillips has demonstrated fluctuating trends in its gross profit margin over the past five years. The company's gross profit margin was 60.86% as of December 31, 2023, which represents an increase compared to the previous year's margin of 56.72%. Additionally, the 2023 gross profit margin is higher than the 2021 and 2020 margins of 60.38% and 57.00%, respectively. However, it is lower than the margin reported in 2019, which stood at 63.64%.
The increase in the gross profit margin from 2022 to 2023 indicates a potentially improved efficiency in cost management or pricing strategies that led to a higher percentage of revenue retained after accounting for the cost of goods sold. Despite the positive trend in 2023, it would be advisable to further investigate the reasons behind the variations in gross profit margin over the past five years to assess the overall financial health and performance of Conoco Phillips.
Peer comparison
Dec 31, 2023