• ConocoPhillips average gross margin for 2023 was 58.79%, a 2.62% increase from 2022.
• ConocoPhillips average gross margin for 2022 was 60.37%, a 2.83% decline from 2021.
• ConocoPhillips average gross margin for 2021 was 58.71%, a 0.31% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.