Conocophillips (COP) Operating Expenses (2009 - 2026)
Conocophillips (COP) posted quarterly Operating Expenses of $2.3 billion for Q1 2026, down 9.18% year-over-year from $2.5 billion in Q1 2025, and down 13.16% quarter-over-quarter from $2.6 billion in Q4 2025.
Conocophillips (COP) Operating Expenses (2009 - 2026) Analysis & Trends
Conocophillips (COP) has reported Operating Expenses for 18 consecutive years, with $2.3 billion the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses fell 9.18% year-over-year to $2.3 billion; the TTM figure through Mar 2026 stood at $10.1 billion (up 9.29% YoY), while the FY2025 annual figure was $10.3 billion, up 18.06% from the prior year.
- Operating Expenses retreated to $2.3 billion in Q1 2026 per COP's latest filing, from $2.6 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $2.6 billion in Q3 2025 and bottomed at $1.6 billion in Q1 2022.
- Historically, Operating Expenses has averaged $2.1 billion across 5 years, with a median of $2.0 billion in 2023.
- Annual changes were most pronounced in 2022 — Operating Expenses increased 29.52% — and 2026, when it fell 9.18%.
- Conocophillips' Operating Expenses stood at $1.9 billion in 2022, then increased by 7.85% to $2.0 billion in 2023, then rose by 13.67% to $2.3 billion in 2024, then climbed by 13.41% to $2.6 billion in 2025, then slipped by 13.16% to $2.3 billion in 2026.
- Business Quant data shows COP's Operating Expenses at $2.3 billion in Q1 2026, $2.6 billion in Q4 2025, and $2.6 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 163.55 Bn | 155.86 Bn | 12.81 Bn | 2.43 Bn |
| 2 | Canadian Natural Resources | 106.27 Bn | 104.37 Bn | 10.66 Bn | 114.95 Mn |
| 3 | Eog Resources | 80.09 Bn | 75.19 Bn | - | 5.09 Bn |
| 4 | Diamondback Energy | 59.30 Bn | 58.83 Bn | 5.55 Bn | 3.05 Bn |
| 5 | Devon Energy | 46.23 Bn | 45.22 Bn | 6.02 Bn | 5.03 Bn |
| 6 | Woodside Energy | 45.77 Bn | 39.83 Bn | 6.02 Bn | - |
| 7 | Occidental Petroleum | 39.39 Bn | 35.24 Bn | 7.73 Bn | 4.55 Bn |
| 8 | Eqt | 33.71 Bn | 33.60 Bn | 1.42 Bn | 1.42 Bn |
| 9 | Texas Pacific Land | 25.43 Bn | 25.18 Bn | - | 54.24 Mn |
| 10 | Expand Energy | 22.90 Bn | 21.63 Bn | 2.33 Bn | 2.30 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 2.43 Bn |
| Mar 31, 2026 | 2.28 Bn |
| Dec 31, 2025 | 2.62 Bn |
| Sep 30, 2025 | 2.63 Bn |
| Jun 30, 2025 | 2.57 Bn |
| Mar 31, 2025 | 2.51 Bn |
| Dec 31, 2024 | 2.31 Bn |
| Sep 30, 2024 | 2.26 Bn |
| Jun 30, 2024 | 2.16 Bn |
| Mar 31, 2024 | 2.02 Bn |
| Dec 31, 2023 | 2.03 Bn |
| Sep 30, 2023 | 2.00 Bn |
| Jun 30, 2023 | 1.89 Bn |
| Mar 31, 2023 | 1.78 Bn |
| Dec 31, 2022 | 1.89 Bn |
| Sep 30, 2022 | 1.80 Bn |
| Jun 30, 2022 | 1.74 Bn |
| Mar 31, 2022 | 1.58 Bn |
| Dec 31, 2021 | 1.54 Bn |
| Sep 30, 2021 | 1.39 Bn |