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ConocoPhillips COP Lower 48 — Capital expenditures and investments

Other segment segments

Lower Forty Eight
$1.61B
Alaska Segment
$949M-9.3%
EMENA
$262M-4.4%
Canada Operating Segment
$121M-26.7%
Asia Pacific Operating Segment
$82M+51.9%

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SLBAll Other Segments — Capital Investments
$107M-11.6%

Other financials

Income statement

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Revenue$15.8B-4.6%
Gross profit$9.5B-8.2%
Net income$2.2B-23.4%
EPS (diluted)$1.78-20.2%

Balance sheet

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Cash & equivalents$6.2B-5.6%
Total debt$23.3B-4.5%
Total equity$64.5B-1.1%
Total assets$122.73B-1.2%

Cash flow

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Operating cash flow$4.3B-29.8%
CapEx$3.0B-75.5%
Free cash flow$1.3B

Valuation

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Market cap$146.51B+19.6%
Enterprise value$163.57B+15.9%
P/E20×+6.7×
P/S2.5×+0.4×

Profitability

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Gross margin61.5%-2.2pp
Net margin12.6%-4.0pp
FCF margin12.3%

Returns & leverage

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Return on equity11.3%-5.4pp
Debt / equity0.4×0.0×
Current ratio1.3×0.0×

Where this comes from

Reported directly by ConocoPhillips in its filing.

Tagged under the XBRL concept cop:SegmentReportingInformationCapitalExpendituresAndInvestments.

The official record: ConocoPhillips’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is ConocoPhillips's lower 48 — capital expenditures and investments?
ConocoPhillips (COP) reported lower 48 — capital expenditures and investments of $1.51B in Q1 2026.
How has ConocoPhillips's lower 48 — capital expenditures and investments changed year-over-year?
ConocoPhillips's lower 48 — capital expenditures and investments decreased by 17.0% year-over-year, from $1.81B to $1.51B.
What is the long-term trend for ConocoPhillips's lower 48 — capital expenditures and investments?
Over 3 years (2021 to 2024), ConocoPhillips's lower 48 — capital expenditures and investments has grown at a 27.7% compound annual growth rate (CAGR), from $3.13B to $6.51B.
What does lower 48 — capital expenditures and investments mean?
This metric measures the cash outflows dedicated to acquiring, maintaining, or improving long-term assets within the Lower 48 segment. It encompasses drilling costs, infrastructure development, and the acquisition of new acreage or reserves. This is a key indicator of the company's growth strategy and its commitment to sustaining future production capacity.