ConocoPhillips (COP)

Operating profit margin

		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
Operating income (ttm)	US$ in thousands	25,065,000	25,903,000	29,173,000	33,653,000	36,311,000	35,782,000	31,966,000	27,985,000	22,718,000	17,439,000	12,892,000	8,363,000	4,746,000	6,735,000	11,178,000	13,657,000	17,980,000	19,215,000	18,347,000	18,183,000
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
Operating profit margin		44.65%	43.19%	43.72%	44.55%	46.26%	47.67%	48.90%	52.05%	49.57%	48.06%	43.94%	35.14%	25.27%	31.55%	41.31%	43.46%	49.03%	49.41%	47.09%	45.98%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $25,065,000K ÷ $56,141,000K
= 44.65%

Conoco Phillips' operating profit margin has shown a declining trend over the past eight quarters. The company's operating profit margin decreased from 32.12% in Q4 2022 to 26.26% in Q4 2023, indicating a downward trajectory in profitability. This suggests that the company may be facing challenges in controlling its operating expenses relative to its revenue generation. It is important for Conoco Phillips to closely monitor and address the factors contributing to this decline in operating profit margin to ensure long-term profitability and sustainability.