ConocoPhillips

TTM operating cash flow of about 19.9 billion dollars against roughly 12.8 billion dollars of capex produced an estimated 7.1 billion dollars of free cash flow for the last four reported quarters.

At Q3 2025 the company held about 6.6 billion dollars of cash and short‑term investments, plus 1.1 billion dollars of long‑term investments, against approximately 23.5 billion dollars of total debt, implying net debt around the high teens in billions.

Liquidity is strong, maturities are manageable, and Fitch affirms an A rating with Stable Outlook, reflecting scale, diversification and conservative policy. This provides resilience through cycles, despite the commodity exposure.