CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 31, 2013

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8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPSa50547123.htm
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa50547123_ex99-1.htm

Exhibit 99.2

2011     2012  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
 
Revenues and Other Income
Sales and other operating revenues 15,398 16,735 16,108 15,955 64,196 14,593 13,664 14,141 15,569 57,967
Equity in earnings of affiliates 328 377 445 89 1,239 490 529 412 480 1,911
Gain (loss) on dispositions 612 36 (260 ) (18 ) 370 940 583 118 16 1,657
Other income 84   82   6   92   264   60   66   42   301   469  
Total Revenues and Other Income 16,422   17,230   16,299   16,118   66,069   16,083   14,842   14,713   16,366   62,004  
 
Costs and Expenses
Purchased commodities 6,921 7,625 7,922 7,329 29,797 6,078 5,721 6,357 7,076 25,232
Production and operating expenses 1,484 1,530 1,689 1,723 6,426 1,559 1,802 1,637 1,795 6,793
Selling, general and administrative expenses 247 204 143 271 865 326 235 329 216 1,106
Exploration expenses 170 255 261 352 1,038 675 265 215 345 1,500
Depreciation, depletion and amortization 1,802 1,800 1,602 1,623 6,827 1,571 1,580 1,650 1,779 6,580
Impairments - - - 321 321 214 82 - 384 680
Taxes other than income taxes 880 1,192 898 1,029 3,999 1,095 900 673 878 3,546
Accretion on discounted liabilities 103 106 106 107 422 105 103 100 86 394
Interest and debt expense 257 242 230 225 954 190 197 161 161 709
Foreign currency transaction (gains) losses 7   20   47   (50 ) 24   5   12   -   24   41  
Total Costs and Expenses 11,871   12,974   12,898   12,930   50,673   11,818   10,897   11,122   12,744   46,581  
Income from continuing operations before income taxes 4,551 4,256 3,401 3,188 15,396 4,265 3,945 3,591 3,622 15,423
Provision for income taxes 2,286   2,040   1,974   1,908   8,208   2,086   2,225   1,851   1,780   7,942  
Income from continuing operations 2,265 2,216 1,427 1,280 7,188 2,179 1,720 1,740 1,842 7,481
Income from discontinued operations 777   1,203   1,204   2,130   5,314   776   569   73   (401 ) 1,017  
Net Income 3,042 3,419 2,631 3,410 12,502 2,955 2,289 1,813 1,441 8,498
Less: net income attributable to noncontrolling interests (14 ) (17 ) (15 ) (20 ) (66 ) (18 ) (22 ) (15 ) (15 ) (70 )
Net Income Attributable to ConocoPhillips 3,028   3,402   2,616   3,390   12,436   2,937   2,267   1,798   1,426   8,428  
 
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.57 1.57 1.04 0.96 5.18 1.69 1.36 1.41 1.49 5.95
Discontinued operations 0.54   0.86   0.89   1.62   3.86   0.60   0.46   0.06   (0.33 ) 0.82  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 2.11   2.43   1.93   2.58   9.04   2.29   1.82   1.47   1.16   6.77  
Diluted
Continuing operations 1.56 1.56 1.03 0.95 5.14 1.67 1.35 1.40 1.48 5.91
Discontinued operations 0.53   0.85   0.88   1.61   3.83   0.60   0.45   0.06   (0.32 ) 0.81  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 2.09   2.41   1.91   2.56   8.97   2.27   1.80   1.46   1.16   6.72  
 
Average Common Shares Outstanding (in thousands)
Basic 1,432,285 1,399,473 1,357,710 1,312,184 1,375,035 1,283,493 1,248,300 1,220,462 1,223,422 1,243,799
Diluted   1,445,477   1,412,147   1,369,562   1,322,773   1,387,100   1,293,104   1,258,189   1,229,343   1,231,395   1,253,093  
 
 
 
 
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
 
Alaska 894 781 789 691 3,155 983 856 820 882 3,541
 
Lower 48 and Latin America 521 528 504 477 2,030 426 207 250 279 1,162
 
Canada (23 ) 123 85 (139 ) 46 (725 ) (134 ) (39 ) (38 ) (936 )
 
Europe 1,468 1,625 1,385 1,809 6,287 1,464 1,896 962 1,188 5,510
 
Asia Pacific and Middle East 1,388 1,501 943 1,147 4,979 2,204 1,090 1,105 1,175 5,574
 
Other International 247 (6 ) (41 ) (413 ) (213 ) 282 409 798 356 1,845
 
LUKOIL Investment 362 - - - 362 - - - - -
 
Corporate and Other (306 ) (296 ) (264 ) (384 ) (1,250 ) (369 ) (379 ) (305 ) (220 ) (1,273 )
                       
Consolidated 4,551   4,256   3,401   3,188   15,396   4,265   3,945   3,591   3,622   15,423  
 
 
 
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 36.8 % 37.0 % 36.3 % 38.5 % 37.1 % 36.9 % 35.7 % 34.8 % 35.4 % 35.8 %
 
Lower 48 and Latin America** 37.5 % 36.0 % 33.8 % 38.9 % 36.5 % 40.2 % 42.6 % 26.9 % -69.6 % 11.4 %
 
Canada 217.5 % 18.4 % 14.2 % 21.8 % -100.3 % 24.3 % 29.8 % 19.2 % 73.2 % 26.9 %
 
Europe 68.3 % 67.2 % 80.7 % 68.8 % 70.9 % 73.4 % 64.7 % 86.3 % 74.0 % 72.8 %
 
Asia Pacific and Middle East 36.9 % 35.3 % 48.9 % 33.4 % 37.9 % 20.4 % 27.1 % 38.1 % 35.0 % 28.3 %
 
Other International 74.5 % -32.7 % 53.4 % 0.5 % -76.1 % 92.6 % 114.0 % 38.3 % 127.2 % 80.5 %
 
LUKOIL Investment 34.1 % 0.0 % 0.0 % 0.0 % 34.1 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
 
Corporate and Other 3.6 % 29.1 % 19.8 % 36.7 % 23.2 % 15.8 % 31.1 % 16.7 % 23.9 % 22.0 %
                       
Consolidated 50.2 % 48.0 % 58.0 % 59.8 % 53.3 % 48.9 % 56.4 % 51.5 %

49.1

% 51.5 %

*Alaska including taxes other than income taxes

60.2 % 69.3 % 64.4 % 71.4 % 66.5 % 66.0 % 63.9 % 56.7 % 61.7 % 62.5 %

**Lower 48 and Latin America fourth quarter effective tax rate excluding special items was 38.3%.

Page 1 of 8

2011     2012  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
EARNINGS BY SEGMENT
 
Alaska 564 492 502 426 1,984 620 551 535 570 2,276
 
Lower 48 and Latin America* 325 337 334 292 1,288 255 119 182 473 1,029
 
Canada 27 101 73 (110 ) 91 (549 ) (94 ) (31 ) (10 ) (684 )
 
Europe 466 533 266 565 1,830 389 669 132 308 1,498
 
Asia Pacific and Middle East 863 956 469 744 3,032 1,738 772 669 749 3,928
 
Other International 63 (9 ) (19 ) (412 ) (377 ) 21 (57 ) 492 (97 ) 359
 
LUKOIL Investment 239 - - - 239 - - - - -
 
Corporate and Other (295 ) (210 ) (211 ) (244 ) (960 ) (311 ) (262 ) (254 ) (166 ) (993 )
 
Discontinued Operations - Phillips 66 724 1,118 1,134 2,066 5,042 712 534 1 (15 ) 1,232
 
Discontinued Operations - Other International 52 84 68 63 267 62 35 72 (386 ) (217 )
                       
Consolidated 3,028   3,402   2,616   3,390   12,436   2,937   2,267   1,798   1,426   8,428  

*Lower 48 only:

312 301 299 270 1,182 234 104 145 262 745
 
 
 
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - (54 ) - - (54 ) - - - (25 ) (25 )
 
Lower 48 and Latin America* 151 8 (1 ) (47 ) 111 - - - 316 316
 
Canada 4 19 - (202 ) (179 ) (520 ) - - (42 ) (562 )
 
Europe - - (109 ) - (109 ) - 255 (167 ) (80 ) 8
 
Asia Pacific and Middle East - - (320 ) (101 ) (421 ) 937 (17 ) (133 ) - 787
 
Other International - - - (395 ) (395 ) - - 443 (108 ) 335
 
LUKOIL Investment 237 - - - 237 - - - - -
 
Corporate and Other - - - (45 ) (45 ) (33 ) (40 ) (118 ) 11 (180 )
 
Discontinued Operations - Phillips 66 724 1,118 1,134 2,066 5,042 712 534 1 (15 ) 1,232
 
Discontinued Operations - Other International 52 84 68 63 267 62 35 72 (386 ) (217 )
                       
Consolidated 1,168   1,175   772   1,339   4,454   1,158   767   98   (329 ) 1,694  

*Lower 48 only:

151 (1 ) (1 ) (47 ) 102 - - - 115 115
 
 
 
 
ADJUSTED EARNINGS
 
Alaska 564 546 502 426 2,038 620 551 535 595 2,301
 
Lower 48 and Latin America* 174 329 335 339 1,177 255 119 182 157 713
 
Canada 23 82 73 92 270 (29 ) (94 ) (31 ) 32 (122 )
 
Europe 466 533 375 565 1,939 389 414 299 388 1,490
 
Asia Pacific and Middle East 863 956 789 845 3,453 801 789 802 749 3,141
 
Other International 63 (9 ) (19 ) (17 ) 18 21 (57 ) 49 11 24
 
LUKOIL Investment 2 - - - 2 - - - - -
 
Corporate and Other (295 ) (210 ) (211 ) (199 ) (915 ) (278 ) (222 ) (136 ) (177 ) (813 )
                       
Consolidated 1,860   2,227   1,844   2,051   7,982   1,779   1,500   1,700   1,755   6,734  

*Lower 48 only:

161 302 300 317 1,080 234 104 145 147 630
Page 2 of 8

2011     2012  
$ Millions 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
DETAILED SPECIAL ITEMS (AFTER-TAX)
 
Alaska
Cancelled projects - (54 ) - - (54 ) - - - - -
Pending claims and settlements - -   -   -   -   -   -   -   (25 ) (25 )
Total   - (54 ) -   -   (54 ) -   -   -   (25 ) (25 )
 
Lower 48 and Latin America
Gain (loss) on asset sales 151 8 (1 ) (3 ) 155 - - - - -
Impairments - - - (44 ) (44 ) - - - (121 ) (121 )
Tax loss carry forward realization - - - - - - - - 236 236
Pending claims and settlements - -   -   -   -   -   -   -   201   201  
Total   151 8   (1 ) (47 ) 111   -   -   -   316   316  
 
Canada
Gain (loss) on asset sales 4 19 - (12 ) 11 - - - - -
Impairments   - -   -   (190 ) (190 ) (520 ) -   -   (42 ) (562 )
Total   4 19   -   (202 ) (179 ) (520 ) -   -   (42 ) (562 )
 
Europe
International tax law changes - - (109 ) - (109 ) - - (167 ) - (167 )
Gain (loss) on asset sales - - - - - - 285 - - 285
Impairments   - -   -   -   -   -   (30 ) -   (80 ) (110 )
Total   - -   (109 ) -   (109 ) -   255   (167 ) (80 ) 8  
 
Asia Pacific and Middle East
Gain (loss) on asset sales - - (279 ) - (279 ) 937 - (133 ) - 804
Bohai Bay incidents - - (41 ) (101 ) (142 ) - (89 ) - - (89 )
Deferred tax adjustment - -   -   -   -   -   72   -   -   72  
Total   - -   (320 ) (101 ) (421 ) 937   (17 ) (133 ) -   787  
 
Other International
Gain (loss) on asset sales - - - - - - - 443 - 443
Impairments   - -   -   (395 ) (395 ) -   -   -   (108 ) (108 )
Total   - -   -   (395 ) (395 ) -   -   443   (108 ) 335  
 
LUKOIL Investment
Gain (loss) on asset sales 237 -   -   -   237   -   -   -   -   -  
Total   237 -   -   -   237   -   -   -   -   -  
 
Corporate and Other
Impairments - - - (20 ) (20 ) - - - - -
Separation costs - - - (25 ) (25 ) (33 ) (40 ) (7 ) (4 ) (84 )
Pension settlement expense - - - - - - - (82 ) (5 ) (87 )
Premium on early debt retirement - - - - - - - (68 ) - (68 )
Pending claims and settlements - -   -   -   -   -   -   39   20   59  
Total   - -   -   (45 ) (45 ) (33 ) (40 ) (118 ) 11   (180 )
 
Discontinued Operations - Phillips 66 724 1,118   1,134   2,066   5,042   712   534   1   (15 ) 1,232  
Discontinued Operations - Other International 52 84   68   63   267   62   35   72   (386 ) (217 )
 
Total Company 1,168 1,175   772   1,339   4,454   1,158   767   98   (329 ) 1,694  

*Lower 48 only:

151 (1 ) (1 ) (47 ) 102 - - - 115 115
Page 3 of 8

2011     2012  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
CASH FLOW INFORMATION
 
Cash Flows from Operating Activities
Net income 3,042 3,419 2,631 3,410 12,502 2,955 2,289 1,813 1,441 8,498
Depreciation, depletion and amortization 1,802 1,800 1,602 1,623 6,827 1,571 1,580 1,650 1,779 6,580
Impairments - - - 321 321 214 82 - 384 680
Dry hole costs and leasehold impairments 50 89 152 178 469 518 116 69 171 874
Accretion on discounted liabilities 103 106 106 107 422 105 103 100 86 394
Deferred taxes (180 ) 77 296 147 340 131 284 396 586 1,397
Undistributed equity earnings (217 ) (72 ) (9 ) 167 (131 ) (77 ) (179 ) (153 ) (187 ) (596 )
Gain (loss) on dispositions (612 ) (36 ) 260 18 (370 ) (940 ) (583 ) (118 ) (16 ) (1,657 )
Income from discontinued operations (777 ) (1,203 ) (1,204 ) (2,130 ) (5,314 ) (776 ) (569 ) (73 ) 401 (1,017 )
Other (119 ) (33 ) (51 ) (200 ) (403 ) 173 (279 ) 53 (403 ) (456 )
Net working capital changes (229 ) (1,026 ) 1,062   (517 ) (710 ) 196   (766 ) (297 ) (372 ) (1,239 )
Net cash provided by continuing operations 2,863 3,121 4,845 3,124 13,953 4,070 2,078 3,440 3,870 13,458
Net cash provided by (used in) discontinued operations (916 ) 3,153   768   2,688   5,693   112   272   80   -   464  
Net Cash Provided by Operating Activities 1,947   6,274   5,613   5,812   19,646   4,182   2,350   3,520   3,870   13,922  
 
Cash Flows from Investing Activities
Capital expenditures and investments (2,443 ) (2,407 ) (3,109 ) (3,255 ) (11,214 ) (3,818 ) (3,623 ) (3,279 ) (3,452 ) (14,172 )
Proceeds from asset dispositions 1,757 106 91 238 2,192 1,102 464 522 44 2,132
Net sales (purchases) of short-term investments (1,170 ) (424 ) (29 ) 2,023 400 92 505 - - 597
Long-term collections from related parties

and other investments

50   32   45   21   148   45   23   207   660   935  
Net cash used in continuing operations (1,806 ) (2,693 ) (3,002 ) (973 ) (8,474 ) (2,579 ) (2,631 ) (2,550 ) (2,748 ) (10,508 )
Net cash provided by (used in) discontinued operations (405 ) 10   (243 ) 2,097   1,459   (431 ) (284 ) (223 ) (181 ) (1,119 )
Net Cash Provided by (Used in) Investing Activities (2,211 ) (2,683 ) (3,245 ) 1,124   (7,015 ) (3,010 ) (2,915 ) (2,773 ) (2,929 ) (11,627 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (367 ) (11 ) (41 ) (515 ) (934 ) (47 ) 831 (1,967 ) 614 (569 )
Special cash distribution from Phillips 66 - - - - - - 7,818 - - 7,818
Change in restricted cash - - - - - - (5,000 ) 2,532 1,720 (748 )
Issuance of company common stock 75 24 10 (13 ) 96 36 9 38 55 138
Repurchase of company common stock (1,636 ) (3,149 ) (3,199 ) (3,139 ) (11,123 ) (1,899 ) (3,050 ) (149 ) - (5,098 )
Dividends paid on company common stock (944 ) (917 ) (900 ) (871 ) (3,632 ) (843 ) (818 ) (808 ) (809 ) (3,278 )
Other   (183 ) (174 ) (185 ) (142 ) (684 ) (199 ) (170 ) (178 ) (178 ) (725 )
Net cash used in continuing operations (3,055 ) (4,227 ) (4,315 ) (4,680 ) (16,277 ) (2,952 ) (380 ) (532 ) 1,402 (2,462 )
Net cash used in discontinued operations (6 ) (8 ) (7 ) (7 ) (28 ) (318 ) (1,701 ) -   -   (2,019 )
Net Cash Used in Financing Activities (3,061 ) (4,235 ) (4,322 ) (4,687 ) (16,305 ) (3,270 ) (2,081 ) (532 ) 1,402   (4,481 )
 
Effect of Exchange Rate Changes 43   (23 ) (114 ) 94   -   25   (17 ) 9   7   24  
 
Net Change in Cash and Cash Equivalents (3,282 ) (667 ) (2,068 ) 2,343 (3,674 ) (2,073 ) (2,663 ) 224 2,350 (2,162 )
Cash and cash equivalents at beginning of period 9,454   6,172   5,505   3,437   9,454   5,780   3,707   1,044   1,268   5,780  
Cash and Cash Equivalents at End of Period 6,172   5,505   3,437   5,780   5,780   3,707   1,044   1,268   3,618   3,618  
 
 
 
 
CAPITAL PROGRAM
 
Capital expenditures and investments
Alaska 195 196 194 190 775 186 202 208 232 828
 
Lower 48 and Latin America 774 761 1,247 1,100 3,882 1,267 1,288 1,339 1,357 5,251
 
Canada 519 209 431 602 1,761 629 428 493 634 2,184
 
Europe 405 524 611 682 2,222 622 735 738 765 2,860
 
Asia Pacific and Middle East 513 670 580 562 2,325 699 886 468 377 2,430
 
Other International 9 3 1 (6 ) 7 354 34 11 16 415
 
Corporate and Other 28   44   45   125   242   61   50   22   71   204  
Total capital expenditures and investments 2,443   2,407   3,109   3,255   11,214   3,818   3,623   3,279   3,452   14,172  
 
Loans and advances - Other International - - - - - - - - - -
Joint venture acquisition obligation (principal) - Canada 170   173   175   177   695   180   183   183   188   734  
Total Capital Program 2,613   2,580   3,284   3,432   11,909   3,998   3,806   3,462   3,640   14,906  

Capital Program for Algeria, Nigeria and Kashagan for full-year 2012 was $817 million.

Page 4 of 8

2011   2012
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
TOTAL SEGMENTS
 
 
Production
Total (MBOED)
Continuing operations, including equity affiliates 1,644 1,584 1,481 1,538 1,561 1,581 1,489 1,470 1,566 1,527
Discontinued operations (Algeria and Nigeria) 58 56 57 59 58 56 53 55 41 51
Total, including equity affiliates 1,702 1,640 1,538 1,597 1,619 1,637 1,542 1,525 1,607 1,578
 
Crude Oil (MBD)
Consolidated operations 633 591 525 558 577 590 554 528 598 567
Equity affiliates 53 48 41 37 45 34 31 25 21 28
Total continuing operations 686 639 566 595 622 624 585 553 619 595
Discontinued operations (Algeria and Nigeria) 30 29 27 28 28 26 23 25 17 23
Total   716 668 593 623 650 650 608 578 636 618
Over (under) lifting of crude oil (MBD)* 11 9 7 5 8 (11) 29 32 25 19

*Includes continuing and discontinued opertaions.

 
NGL (MBD)
Consolidated operations 134 136 138 149 138 155 143 144 152 148
Equity affiliates 7 8 7 7 7 8 7 7 8 8
Total continuing operations 141 144 145 156 145 163 150 151 160 156
Discontinued operations (Nigeria) 3 2 3 4 4 3 4 4 3 4
Total   144 146 148 160 149 166 154 155 163 160
 
Bitumen (MBD)
Consolidated operations 11 8 11 11 10 11 11 12 12 12
Equity affiliates 53 59 53 62 57 73 77 80 94 81
Total   64 67 64 73 67 84 88 92 106 93
 
Natural Gas (MMCFD)
Consolidated operations 4,009 3,879 3,757 3,822 3,867 3,756 3,509 3,588 3,592 3,611
Equity affiliates 507 521 479 462 492 505 491 449 497 485
Total continuing operations 4,516 4,400 4,236 4,284 4,359 4,261 4,000 4,037 4,089 4,096
Discontinued operations (Nigeria) 153 152 161 163 157 161 153 162 120 149
Total   4,669 4,552 4,397 4,447 4,516 4,422 4,153 4,199 4,209 4,245
 
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot 93.98 102.44 89.70 94.07 95.05 102.99 93.44 92.11 88.09 94.16
WCS spot 71.47 84.88 75.38 81.64 78.34 75.99 73.62 77.25 61.33 72.05
Brent dated 104.97 117.36 113.46 109.31 111.27 118.49 108.19 109.61 110.02 111.58
JCC 81.77 96.86 110.35 113.35 100.59 111.43 116.70 121.99 105.85 113.99
Natural Gas ($/MMBTU)
Henry Hub first of month 4.11 4.32 4.20 3.54 4.04 2.72 2.21 2.80 3.41 2.79
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 97.98 112.88 106.35 106.18 105.68 111.91 105.77 102.79 103.16 105.86
Equity affiliates 98.83 108.48 104.11 102.10 103.42 111.37 99.28 96.57 100.90 102.80
Total continuing operations 98.04 112.54 106.19 105.92 105.52 111.88 105.43 102.54 103.08 105.72
Discontinued operations (Algeria and Nigeria) 105.40 121.24 114.84 111.58 113.43 122.73 108.92 106.97 112.15 112.90
Total   98.35 112.95 106.61 106.14 105.87 112.33 105.56 102.72 103.33 105.98
 
NGL ($/BBL)
Consolidated operations 51.94 56.75 55.82 54.46 54.79 53.26 42.77 40.02 42.38 44.62
Equity affiliates 72.58 73.49 70.79 65.48 70.62 88.24 70.28 62.18 86.97 77.30
Total continuing operations 53.40 57.74 56.64 55.06 55.73 55.03 44.36 41.08 44.93 46.36
Discontinued operations (Nigeria) 13.82 12.88 12.60 14.84 13.63 11.97 15.34 14.26 11.06 13.30
Total   52.27 56.88 55.61 54.03 54.71 54.11 43.55 40.39 44.15 45.55
 
Bitumen ($/BBL)
Consolidated operations 47.94 56.91 45.79 69.04 55.16 64.95 54.75 56.23 55.29 57.58
Equity affiliates 56.15 67.05 60.65 70.42 63.93 60.04 50.85 56.95 47.43 53.39
Total   54.77 65.74 58.14 70.20 62.56 60.66 51.38 56.86 48.32 53.91
 
Natural Gas ($/MCF)
Consolidated operations 5.67 5.93 5.91 5.60 5.78 5.20 4.72 4.86 5.50 5.07
Equity affiliates* 2.52 4.97 8.33 8.22 5.93 8.62 8.98 8.66 7.90 8.54
Total continuing operations 5.32 5.82 6.18 5.88 5.80 5.61 5.25 5.28 5.79 5.48
Discontinued operations (Nigeria) 2.15 2.10 2.36 2.36 2.25 2.53 2.51 2.84 2.32 2.57
Total*   5.22 5.70 6.04 5.75 5.67 5.49 5.14 5.18 5.69 5.38
*Prior periods have been restated to reflect revised equity affiliates natural gas prices.
 
Exploration Expenses ($ Millions)
Dry holes 9 48 112 141 310 6 64 6 79 155
Leasehold impairment 41 41 40 37 159 512 52 63 92 719
Total noncash expenses 50 89 152 178 469 518 116 69 171 874
Other (G&A, G&G and lease rentals) 120 166 109 174 569 157 149 146 174 626
Total exploration expenses 170 255 261 352 1,038 675 265 215 345 1,500
 
U.S. exploration expenses 69 108 105 114 396 87 96 106 126 415
International exploration expenses 101 147 156 238 642 588 169 109 219 1,085
 
DD&A ($ Millions)
Alaska 136 151 134 155 576 134 134 117 131 516
Lower 48 and Latin America 514 531 552 559 2,156 603 625 657 719 2,604
Canada 380 396 382 348 1,506 324 333 355 326 1,338
Europe 442 400 283 317 1,442 266 246 214 267 993
Asia Pacific and Middle East 307 303 231 223 1,064 211 210 274 303 998
Other International 6 - - 1 7 9 11 12 13 45
Corporate and Other 17 19 20 20 76 24 21 21 20 86
Total DD&A   1,802 1,800 1,602 1,623 6,827 1,571 1,580 1,650 1,779 6,580
Page 5 of 8

2011   2012
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
PRODUCTION
 
 
Crude Oil (MBD)
Consolidated operations
Alaska 198 207 187 210 200 208 190 157 196 188
Lower 48 83 88 95 107 94 117 115 124 136 123
Canada 12 11 12 12 12 13 14 14 13 13
Norway 125 111 108 114 114 112 103 97 103 104
United Kingdom 59 57 42 43 50 44 35 20 27 31
Europe   184 168 150 157 164 156 138 117 130 135
Australia/Timor-Leste 19 17 17 16 18 17 15 18 16 16
China 77 70 35 26 52 23 31 48 54 39
Indonesia 10 11 12 11 11 10 8 9 9 9
Malaysia - - - - - - - - 4 1
Vietnam   22 19 17 15 18 11 - - - 3
AP/ME   128 117 81 68 99 61 54 75 83 68
Libya   28 - - 4 8 35 43 41 40 40
Other International 28 - - 4 8 35 43 41 40 40
Total consolidated operations 633 591 525 558 577 590 554 528 598 567
Equity affiliates 53 48 41 37 45 34 31 25 21 28
Total continuing operations 686 639 566 595 622 624 585 553 619 595
Discontinued operations (Algeria and Nigeria) 30 29 27 28 28 26 23 25 17 23
Total   716 668 593 623 650 650 608 578 636 618
 
NGL (MBD)
Consolidated operations
Alaska 16 16 12 17 15 18 16 10 17 16
Lower 48 67 72 79 79 74 84 83 87 87 85
Canada 25 25 25 31 26 25 22 25 24 24
Norway 6 6 5 5 6 5 4 3 3 4
United Kingdom 6 6 4 5 5 5 4 2 4 3
Europe   12 12 9 10 11 10 8 5 7 7
Australia/Timor-Leste 13 11 13 12 12 12 9 12 12 11
Indonesia 1 - - - - 6 5 5 5 5
AP/ME   14 11 13 12 12 18 14 17 17 16
Total consolidated operations 134 136 138 149 138 155 143 144 152 148
Equity affiliates 7 8 7 7 7 8 7 7 8 8
Total continuing operations 141 144 145 156 145 163 150 151 160 156
Discontinued operations (Nigeria) 3 2 3 4 4 3 4 4 3 4
Total   144 146 148 160 149 166 154 155 163 160
 
Bitumen (MBD)
Consolidated operations 11 8 11 11 10 11 11 12 12 12
Equity affiliates 53 59 53 62 57 73 77 80 94 81
Total   64 67 64 73 67 84 88 92 106 93
 
Natural Gas (MMCFD)
Consolidated operations
Alaska 67 62 56 59 61 59 56 51 56 55
Lower 48 1,522 1,589 1,561 1,547 1,556 1,502 1,456 1,507 1,508 1,493
Canada 944 947 929 891 928 863 864 874 826 857
Norway 208 130 130 185 163 195 141 127 176 160
United Kingdom 543 457 381 472 463 437 399 287 302 356
Europe   751 587 511 657 626 632 540 414 478 516
Australia/Timor-Leste 237 236 253 209 234 249 159 261 251 230
China - - - - - - 1 4 5 3
Indonesia 467 445 437 451 450 441 427 444 438 437
Vietnam   16 13 10 7 11 7 - - - 2
AP/ME   720 694 700 667 695 697 587 709 694 672
Libya   5 - - 1 1 3 6 33 30 18
Other International 5 - - 1 1 3 6 33 30 18
Total consolidated operations 4,009 3,879 3,757 3,822 3,867 3,756 3,509 3,588 3,592 3,611
Equity affiliates 507 521 479 462 492 505 491 449 497 485
Total continuing operations 4,516 4,400 4,236 4,284 4,359 4,261 4,000 4,037 4,089 4,096
Discontinued operations (Nigeria) 153 152 161 163 157 161 153 162 120 149
Total   4,669 4,552 4,397 4,447 4,516 4,422 4,153 4,199 4,209 4,245
 
Total (MBOED)
Consolidated operations
Alaska 225 233 208 237 225 236 215 176 222 213
Lower 48 404 425 434 444 428 451 441 462 475 457
Canada 205 203 203 202 203 193 191 197 187 192
Norway 166 139 136 150 147 149 131 121 135 135
United Kingdom 155 139 109 127 132 122 105 70 81 93
Europe   321 278 245 277 279 271 236 191 216 228
Australia/Timor-Leste 72 67 72 63 69 70 51 73 69 66
China 77 70 35 26 52 23 31 49 55 40
Indonesia 89 85 85 86 86 90 84 88 87 87
Malaysia - - - - - - - - 4 1
Vietnam   25 21 18 16 20 12 - - - 3
AP/ME   263 243 210 191 227 195 166 210 215 197
Libya   29 - - 4 8 36 43 47 45 43
Other International 29 - - 4 8 36 43 47 45 43
Total consolidated operations 1,447 1,382 1,300 1,355 1,370 1,382 1,292 1,283 1,360 1,330
Equity affiliates 197 202 181 183 191 199 197 187 206 197
Total continuing operations 1,644 1,584 1,481 1,538 1,561 1,581 1,489 1,470 1,566 1,527
Discontinued operations (Algeria and Nigeria) 58 56 57 59 58 56 53 55 41 51
Total   1,702 1,640 1,538 1,597 1,619 1,637 1,542 1,525 1,607 1,578
Page 6 of 8

2011   2012
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
AVERAGE REALIZED PRICES
 
 
Crude Oil ($/BBL)
Consolidated operations
Alaska 95.56 113.75 107.26 108.51 105.95 112.20 112.38 106.53 106.91 109.62
Lower 48 88.01 99.70 89.13 94.07 92.79 99.00 89.61 90.06 88.63 91.67
Canada 78.34 94.19 85.02 86.98 86.04 83.85 74.76 77.19 77.71 78.26
Norway 106.55 119.97 116.01 111.33 113.05 122.49 109.50 111.74 111.87 113.80
United Kingdom 99.40 112.33 112.62 108.55 108.85 116.54 111.55 104.55 109.54 110.31
Europe   105.03 117.40 115.03 110.41 111.82 121.25 109.89 109.67 111.51 113.08
Australia/Timor-Leste 102.61 115.64 108.76 105.35 108.05 113.00 103.53 105.47 103.31 106.66
China 100.54 116.85 114.31 114.74 109.98 122.02 113.71 107.68 105.01 109.94
Indonesia 96.22 108.04 104.13 101.25 102.52 109.16 96.96 91.45 93.95 98.21
Malaysia - - - - - - - - - -
Vietnam   107.37 121.92 118.29 116.23 115.50 126.02 - - - 126.02
AP/ME   101.63 116.69 112.44 110.53 109.84 117.66 109.12 105.12 103.34 108.20
Libya   98.30 - - - 98.30 121.68 109.52 108.00 109.95 110.75
Other International 98.30 - - - 98.30 121.68 109.52 108.00 109.95 110.75
Total consolidated operations 97.98 112.88 106.35 106.18 105.68 111.91 105.77 102.79 103.16 105.86
Equity affiliates 98.83 108.48 104.11 102.10 103.42 111.37 99.28 96.57 100.90 102.80
Total continuing operations 98.04 112.54 106.19 105.92 105.52 111.88 105.43 102.54 103.08 105.72
Discontinued operations (Algeria and Nigeria) 105.40 121.24 114.84 111.58 113.43 122.73 108.92 106.97 112.15 112.90
Total   98.35 112.95 106.61 106.14 105.87 112.33 105.56 102.72 103.33 105.98
 
NGL ($/BBL)
Consolidated operations
Lower 48 45.94 51.45 52.25 51.81 50.55 44.90 34.62 31.40 31.32 35.45
Canada 54.26 60.23 58.90 54.48 56.84 54.13 48.66 45.31 46.28 48.64
Norway 54.05 58.91 56.85 57.89 57.20 57.56 53.57 55.56 72.71 59.22
United Kingdom 63.44 61.31 59.99 60.16 61.42 61.10 56.38 59.72 74.83 63.84
Europe   59.68 60.04 58.05 58.88 59.19 59.29 54.81 57.62 73.94 61.53
Australia/Timor-Leste 73.42 78.23 71.77 68.27 72.97 88.97 70.98 74.68 85.00 80.03
Indonesia 66.26 - - - 66.26 90.85 72.30 63.40 84.60 77.58
AP/ME   73.02 78.23 71.77 68.27 72.87 89.56 71.39 71.06 84.88 79.26
Total consolidated operations 51.94 56.75 55.82 54.46 54.79 53.26 42.77 40.02 42.38 44.62
Equity affiliates 72.58 73.49 70.79 65.48 70.62 88.24 70.28 62.18 86.97 77.30
Total continuing operations 53.40 57.74 56.64 55.06 55.73 55.03 44.36 41.08 44.93 46.36
Discontinued operations (Nigeria) 13.82 12.88 12.60 14.84 13.63 11.97 15.34 14.26 11.06 13.30
Total   52.27 56.88 55.61 54.03 54.71 54.11 43.55 40.39 44.15 45.55
 
Bitumen ($/BBL)
Consolidated operations 47.94 56.91 45.79 69.04 55.16 64.95 54.75 56.23 55.29 57.58
Equity affiliates 56.15 67.05 60.65 70.42 63.93 60.04 50.85 56.95 47.43 53.39
Total   54.77 65.74 58.14 70.20 62.56 60.66 51.38 56.86 48.32 53.91
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 3.93 4.66 5.04 4.69 4.56 4.68 3.93 3.97 4.28 4.22
Lower 48 4.11 4.22 4.15 3.48 3.99 2.65 2.10 2.64 3.24 2.67
Canada 3.59 3.74 3.56 2.93 3.46 1.98 1.61 2.05 2.92 2.13
Norway 9.61 10.57 9.89 10.09 10.00 10.40 9.58 8.47 10.26 9.77
United Kingdom 8.18 9.25 8.78 9.80 8.99 9.80 9.49 9.06 10.72 9.76
Europe   8.59 9.57 9.08 9.88 9.26 9.98 9.52 8.87 10.56 9.76
Australia/Timor-Leste* 0.81 0.90 1.16 1.12 1.00 1.10 1.10 1.18 1.12 1.12
China - - -

-

-

-

2.46 2.44 2.39 2.41
Indonesia 9.43 10.98 10.18 10.01 10.14 10.37 12.85 9.94 10.14 10.80
Vietnam   1.16 1.11 1.07 1.19 1.13 1.15 - - - 1.15
AP/ME   8.82 9.80 10.68 9.99 9.82 10.40 11.47 10.64 10.15 10.63
Libya   0.09 - - - 0.09 0.09 0.09 6.77 5.19 5.55
Other International 0.09 - - - 0.09 0.09 0.09 6.77 5.19 5.55
Total consolidated operations 5.67 5.93 5.91 5.60 5.78 5.20 4.72 4.86 5.50 5.07
Equity affiliates** 2.52 4.97 8.33 8.22 5.93 8.62 8.98 8.66 7.90 8.54
Total continuing operations 5.32 5.82 6.18 5.88 5.80 5.61 5.25 5.28 5.79 5.48
Discontinued operations (Nigeria) 2.15 2.10 2.36 2.36 2.25 2.53 2.51 2.84 2.32 2.57
Total**   5.22 5.70 6.04 5.75 5.67 5.49 5.14 5.18 5.69 5.38
*Excludes transfers to Darwin LNG plant.
**Prior periods have been restated to reflect revised equity affiliates natural gas prices.
Page 7 of 8

2011     2012  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
CORPORATE AND OTHER
 
 
Corporate and Other Earnings (Loss) ($ Millions) (295 ) (210 ) (211 ) (244 ) (960 ) (311 ) (262 ) (254 ) (166 ) (993 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense* (189 ) (175 ) (174 ) (172 ) (710 ) (161 ) (160 ) (214 ) (113 ) (648 )
Corporate G&A expenses (61 ) (43 ) (33 ) (53 ) (190 ) (74 ) (44 ) (128 ) (67 ) (313 )
Technology** 2 (3 ) 44 (28 ) 15 (18 ) (22 ) 46 (10 ) (4 )
Separation costs - - - (25 ) (25 ) (33 ) (40 ) (7 ) (4 ) (84 )
Other*   (47 ) 11   (48 ) 34   (50 ) (25 ) 4   49   28   56  
Total   (295 ) (210 ) (211 ) (244 ) (960 ) (311 ) (262 ) (254 ) (166 ) (993 )

*The second quarter of 2012 has been recast to reclassify certain costs between “Net interest expense” and “Other”.

**Includes investment in new technologies or businesses outside of our normal scope of operations and is net of licensing revenues.

 
Before-Tax Net Interest Expense ($ Millions)
Interest expense (337 ) (326 ) (325 ) (332 ) (1,320 ) (309 ) (315 ) (294 ) (303 ) (1,221 )
Capitalized interest 112 115 125 136 488 146 145 157 167 615
Interest revenue 36 23 16 19 94 11 18 7 60 96
Premium on early debt retirement -   -   -   -   -   -   -   (79 ) -   (79 )
Total   (189 ) (188 ) (184 ) (177 ) (738 ) (152 ) (152 ) (209 ) (76 ) (589 )
 
Debt
Total debt ($ Millions) 23,210 23,196 23,150 22,623 22,623 28,360 23,008 21,117 21,725 21,725
Debt-to-capital ratio (%) 25 % 25 % 26 % 26 % 26 % 30 % 33 % 31 % 31 % 31 %
 
Equity ($ Millions) 70,536   70,593   66,340   65,749   65,749   67,057   46,443   47,877   48,427   48,427  
 
 
REFERENCE
 
Commonly Used Abbreviations
Earnings Net Income (Loss) Attributable to ConocoPhillips
DD&A Depreciation, Depletion and Amortization
FX Foreign Currency
G&G Geological and Geophysical
G&A General and Administrative
JCC Japan Crude Cocktail
LNG Liquefied Natural Gas
NGL Natural Gas Liquids
R&D

Research and Development

WCS Western Canada Select
WTI West Texas Intermediate
 
Units of Measure
BBL Barrels
MMBBL Millions of Barrels
MBD Thousands of Barrels per Day
MBOED Thousands of Barrels of Oil Equivalent per Day
MCF Thousands of Cubic Feet
MMCFD Millions of Cubic Feet per Day

Page 8 of 8

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