ConocoPhillips (COP)

Operating return on assets (Operating ROA)

		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
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
Operating ROA		26.13%	27.66%	32.56%	36.80%	38.70%	37.73%	34.12%	29.99%	25.06%	19.98%	15.10%	9.99%	7.58%	10.66%	17.73%	21.00%	25.50%	27.32%	25.75%	25.43%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $25,065,000K ÷ $95,924,000K
= 26.13%

Conoco Phillips' operating return on assets (operating ROA) has shown a fluctuating trend over the past eight quarters. In Q4 2022, the operating ROA stood at 26.87%, representing a peak level during this period. Subsequently, there was a downward trend in the following quarters, reaching its lowest point in Q1 2023 at 15.37%. However, there was a gradual increase in the operating ROA from Q1 2023 to Q3 2023, with Q3 2023 reflecting the second-highest level at 16.51%.

Overall, despite the fluctuations, Conoco Phillips' operating ROA has remained relatively strong, indicating the company's ability to generate earnings from its assets. The variations in the operating ROA may have been influenced by factors such as changes in revenues, expenses, and asset utilization efficiency. Further analysis and comparison with industry benchmarks could provide additional insights into the company's operational performance.