What is ConocoPhillips's lower 48 — expensed?

ConocoPhillips (COP) reported lower 48 — expensed of $0 in Q1 2026.

What does lower 48 — expensed mean?

Costs incurred during the period that are recognized immediately as expenses rather than capitalized. This typically includes exploration costs or administrative overheads that do not provide future economic benefit beyond the current period.

ConocoPhillips COP Lower 48 — Expensed

Similar metrics at other companies

APAU.S. — Lease operating expenses

$170M-15.0%

NOWOther operating expenses

$2.33B+17.2%

HLOther operating expenses

$30.15M+41.7%

XOMNon-U.S. — Operating expenses, excl. depreciation and depletion

$6.17B+1.2%

ADAMOther operating expenses

$40.03M+59.5%

PLXSOther operating expenses

$74.28M+23.0%

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$131.26B+21.2%

Enterprise value$148.31B+18.2%

P/E17.9×+6.6×

P/S2.3×+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 us-gaap:InterestAndDebtExpense.

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 — expensed?: ConocoPhillips (COP) reported lower 48 — expensed of $0 in Q1 2026.
What does lower 48 — expensed mean?: Costs incurred during the period that are recognized immediately as expenses rather than capitalized. This typically includes exploration costs or administrative overheads that do not provide future economic benefit beyond the current period.