CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 30, 2014

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EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa50792365_ex991.htm

Exhibit 99.2


2013 Detailed Supplemental Information
 
2012   2013  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
 
Revenues and Other Income
Sales and other operating revenues 14,593 13,664 14,141 15,569 57,967 14,166 13,350 13,643 13,254 54,413
Equity in earnings of affiliates 490 529 412 480 1,911 362 494 709 654 2,219
Gain on dispositions 940 583 118 16 1,657 58 95 1,069 20 1,242
Other income 60   66   42   301   469   65   203   49   57   374  
Total Revenues and Other Income 16,083   14,842   14,713   16,366   62,004   14,651   14,142   15,470   13,985   58,248  
 
Costs and Expenses
Purchased commodities 6,078 5,721 6,357 7,076 25,232 5,834 5,521 5,708 5,580 22,643
Production and operating expenses 1,559 1,802 1,637 1,795 6,793 1,687 1,672 1,962 1,917 7,238
Selling, general and administrative expenses 326 235 329 216 1,106 165 193 249 247 854
Exploration expenses 675 265 215 345 1,500 277 321 313 321 1,232
Depreciation, depletion and amortization 1,571 1,580 1,650 1,779 6,580 1,807 1,832 1,902 1,893 7,434
Impairments 214 82 - 384 680 2 28 1 498 529
Taxes other than income taxes 1,095 900 673 878 3,546 892 642 664 686 2,884
Accretion on discounted liabilities 105 103 100 86 394 106 105 106 117 434
Interest and debt expense 190 197 161 161 709 130 139 151 192 612
Foreign currency transaction (gains) losses 5   12   -   24   41   (36 ) (7 ) 9   (24 ) (58 )
Total Costs and Expenses 11,818   10,897   11,122   12,744   46,581   10,864   10,446   11,065   11,427   43,802  
Income from continuing operations before income taxes 4,265 3,945 3,591 3,622 15,423 3,787 3,696 4,405 2,558 14,446
Provision for income taxes 2,086   2,225   1,851   1,780   7,942   1,763   1,630   1,966   1,050   6,409  
Income from continuing operations 2,179 1,720 1,740 1,842 7,481 2,024 2,066 2,439 1,508 8,037
Income from discontinued operations 776   569   73   (401 ) 1,017   129   (3 ) 57   995   1,178  
Net Income 2,955 2,289 1,813 1,441 8,498 2,153 2,063 2,496 2,503 9,215
Less: net income attributable to noncontrolling interests (18 ) (22 ) (15 ) (15 ) (70 ) (14 ) (13 ) (16 ) (16 ) (59 )
Net Income Attributable to ConocoPhillips 2,937   2,267   1,798   1,426   8,428   2,139   2,050   2,480   2,487   9,156  
 
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.69 1.36 1.41 1.49 5.95 1.64 1.66 1.96 1.20 6.47
Discontinued operations 0.60   0.46   0.06   (0.33 ) 0.82   0.10   -   0.05   0.81   0.96  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 2.29   1.82   1.47   1.16   6.77   1.74   1.66   2.01   2.01   7.43  
Diluted
Continuing operations 1.67 1.35 1.40 1.49 5.91 1.63 1.65 1.95 1.20 6.43
Discontinued operations 0.60   0.45   0.06   (0.33 ) 0.81   0.10   -   0.05   0.80   0.95  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 2.27   1.80   1.46   1.16   6.72   1.73   1.65   2.00   2.00   7.38  
 
Average Common Shares Outstanding (in thousands)
Basic 1,283,493 1,248,300 1,220,462 1,223,422 1,243,799 1,229,232 1,229,773 1,231,054 1,233,741 1,230,963
Diluted 1,293,104   1,258,189   1,229,343   1,231,395   1,253,093   1,235,907   1,237,157   1,240,365   1,241,112   1,239,803  
 
 
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
 
Alaska 983 856 820 882 3,541 842 1,060 787 860 3,549
 
Lower 48 and Latin America 426 207 250 279 1,162 260 352 765 237 1,614
 
Canada (725 ) (134 ) (39 ) (38 ) (936 ) (117 ) 10 868 (87 ) 674
 
Europe 1,464 1,896 962 1,188 5,510 1,191 625 960 747 3,523
 
Asia Pacific and Middle East 2,204 1,090 1,105 1,175 5,574 1,393 1,416 1,120 1,173 5,102
 
Other International 282 409 798 356 1,845 401 381 196 (50 ) 928
 
Corporate and Other (369 ) (379 ) (305 ) (220 ) (1,273 ) (183 ) (148 ) (291 ) (322 ) (944 )
                     
Consolidated 4,265   3,945   3,591   3,622   15,423   3,787   3,696   4,405   2,558   14,446  
 
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 36.9 % 35.7 % 34.8 % 35.4 % 35.8 % 35.5 % 35.7 % 37.1 % 35.4 % 35.9 %
 
Lower 48 and Latin America 40.2 % 42.6 % 26.9 % -69.6 % 11.4 % 49.1 % 29.6 % 34.9 % 14.9 % 33.1 %
 
Canada 24.3 % 29.8 % 19.2 % 73.2 % 26.9 % 213.7 % 52.2 % 26.0 % 29.3 % -6.6 %
 
Europe 73.4 % 64.7 % 86.3 % 74.0 % 72.8 % 63.8 % 58.3 % 70.4 % 70.1 % 66.0 %
 
Asia Pacific and Middle East 20.4 % 27.1 % 38.1 % 35.0 % 28.3 % 33.1 % 27.2 % 32.4 % 25.8 % 29.6 %
 
Other International 92.6 % 114.0 % 38.3 % 127.2 % 80.5 % 96.5 % 96.2 % 101.2 % 36.7 % 100.6 %
 
Corporate and Other 15.8 % 31.1 % 16.7 % 23.9 % 22.0 % 11.7 % -16.8 % 19.4 % 22.0 % 13.1 %
                     
Consolidated 48.9 % 56.4 % 51.5 % 49.1 % 51.5 % 46.6 % 44.1 % 44.6 % 41.1 % 44.4 %
*Alaska including taxes other than income taxes 66.0 % 63.9 % 56.7 % 61.7 % 62.5 % 61.6 % 52.9 % 57.8 % 56.2 % 57.1 %
 
1 of 8

2012     2013  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
$ Millions
EARNINGS BY SEGMENT
 
Alaska 620 551 535 570 2,276 543 682 494 555 2,274
 
Lower 48 and Latin America* 255 119 182 473 1,029 133 247 498 203 1,081
 
Canada (549 ) (94 ) (31 ) (10 ) (684 ) 133 5 642 (62 ) 718
 
Europe 389 669 132 308 1,498 431 261 284 223 1,199
 
Asia Pacific and Middle East 1,738 772 669 749 3,928 918 1,017 741 856 3,532
 
Other International 21 (57 ) 492 (97 ) 359 14 14 (2 ) (32 ) (6 )
 
Corporate and Other (311 ) (262 ) (254 ) (166 ) (993 ) (162 ) (173 ) (234 ) (251 ) (820 )
 
Discontinued Operations - Phillips 66 712 534 2 (16 ) 1,232 - - - - -
 
Discontinued Operations - Other 62 35 71 (385 ) (217 ) 129 (3 ) 57 995 1,178
                     
Consolidated 2,937   2,267   1,798   1,426   8,428   2,139   2,050   2,480   2,487   9,156  
*Lower 48 only: 234 104 145 262 745 105 233 210 206 754
 
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - - - (25 ) (25 ) - 97 - - 97
 
Lower 48 and Latin America* - - - 316 316 (60 ) 69 288 - 297
 
Canada (520 ) - - (42 ) (562 ) 224 - 461 (129 ) 556
 
Europe - 255 (167 ) (80 ) 8 83 - - (107 ) (24 )
 
Asia Pacific and Middle East 937 (17 ) (133 ) - 787 - 146 (116 ) - 30
 
Other International - - 443 (108 ) 335 - - - - -
 
Corporate and Other (33 ) (40 ) (118 ) 11 (180 ) 11 (9 ) (31 ) (10 ) (39 )
 
Discontinued Operations - Phillips 66 712 534 2 (16 ) 1,232 - - - - -
 
Discontinued Operations - Other 62 35 71 (385 ) (217 ) 129 (3 ) 57 995 1,178
                     
Consolidated 1,158   767   98   (329 ) 1,694   387   300   659   749   2,095  
*Lower 48 only: - - - 115 115 (60 ) 69 - - 9
 
 
ADJUSTED EARNINGS
 
Alaska 620 551 535 595 2,301 543 585 494 555 2,177
 
Lower 48 and Latin America* 255 119 182 157 713 193 178 210 203 784
 
Canada (29 ) (94 ) (31 ) 32 (122 ) (91 ) 5 181 67 162
 
Europe 389 414 299 388 1,490 348 261 284 330 1,223
 
Asia Pacific and Middle East 801 789 802 749 3,141 918 871 857 856 3,502
 
Other International 21 (57 ) 49 11 24 14 14 (2 ) (32 ) (6 )
 
Corporate and Other (278 ) (222 ) (136 ) (177 ) (813 ) (173 ) (164 ) (203 ) (241 ) (781 )
                     
Consolidated 1,779   1,500   1,700   1,755   6,734   1,752   1,750   1,821   1,738   7,061  
*Lower 48 only: 234 104 145 147 630 165 164 210 206 745
 
 
ADJUSTED EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska 36.9 % 35.7 % 34.8 % 35.5 % 35.8 % 35.5 % 35.6 % 37.1 % 35.4 % 35.9 %
 
Lower 48 and Latin America 40.2 % 42.6 % 26.9 % 42.1 % 38.2 % 40.2 % 35.5 % 39.6 % 14.9 % 33.9 %
 
Canada 7.2 % 29.8 % 19.2 % -81.8 % 34.3 % 22.2 % 52.2 % 28.7 % 20.6 % 30.0 %
 
Europe 73.4 % 70.2 % 69.0 % 71.2 % 71.1 % 68.4 % 58.3 % 70.4 % 67.9 % 67.1 %
 
Asia Pacific and Middle East 36.8 % 30.6 % 35.2 % 36.2 % 34.8 % 34.1 % 31.2 % 31.5 % 25.8 % 30.3 %
 
Other International 92.6 % 114.0 % 91.7 % 97.4 % 98.6 % 96.5 % 96.2 % 101.2 % 36.7 % 100.6 %
 
Corporate and Other 17.8 % 33.4 % 4.8 % 24.0 % 22.4 % 11.0 % -19.6 % 15.5 % 21.2 % 11.0 %
                     
Consolidated 56.1 % 57.5 % 53.8 % 55.5 % 55.7 % 53.3 % 47.4 % 48.7 % 42.1 % 48.0 %
 
2 of 8

2012     2013  
$ Millions 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
DETAILED SPECIAL ITEMS (AFTER-TAX)
 
Alaska
Pending claims and settlements -   -   -   (25 ) (25 ) -   97   -   -   97  
Total -   -   -   (25 ) (25 ) -   97   -   -   97  
 

Lower 48 and Latin America*

Gain (loss) on asset sales - - - - - (39 ) 47 288 - 296
Impairments - - - (121 ) (121 ) - - - - -
Tax loss carryforward realization - - - 236 236 (21 ) 22 - - 1
Pending claims and settlements -   -   -   201   201   -   -   -   -   -  
Total -   -   -   316   316   (60 ) 69   288   -   297  
 
Canada
Gain (loss) on asset sales - - - - - 224 - 461 - 685
Impairments (520 ) - - (42 ) (562 ) - - - (162 ) (162 )
FCCL IFRS depreciation adjustment -   -   -   -   -   -   -   -   33   33  
Total (520 ) -   -   (42 ) (562 ) 224   -   461   (129 ) 556  
 
Europe
Gain (loss) on asset sales - 285 - - 285 83 - - - 83
Impairments - (30 ) - (80 ) (110 ) - - - (107 ) (107 )
International tax law changes -   -   (167 ) -   (167 ) -   -   -   -   -  
Total -   255   (167 ) (80 ) 8   83   -   -   (107 ) (24 )
 
Asia Pacific and Middle East
Gain (loss) on asset sales 937 - (133 ) - 804 - - - - -
Bohai Bay incidents - (89 ) - - (89 ) - - - - -
Deferred tax adjustment - 72 - - 72 - - - - -
Pending claims and settlements -   -   -   -   -   -   146   (116 ) -   30  
Total 937   (17 ) (133 ) -   787   -   146   (116 ) -   30  
 
Other International
Gain (loss) on asset sales - - 443 - 443 - - - - -
Impairments -   -   -   (108 ) (108 ) -   -   -   -   -  
Total -   -   443   (108 ) 335   -   -   -   -   -  
 
Corporate and Other
Gain (loss) on asset sales - - - - - 11 - - - 11
Separation costs (33 ) (40 ) (7 ) (4 ) (84 ) - - - - -
Pension settlement expense - - (82 ) (5 ) (87 ) - - (31 ) (10 ) (41 )
Premium on early debt retirement - - (68 ) - (68 ) - - - - -
Pending claims and settlements -   -   39   20   59   -   (9 ) -   -   (9 )
Total (33 ) (40 ) (118 ) 11   (180 ) 11   (9 ) (31 ) (10 ) (39 )
 
Discontinued Operations - Phillips 66 712   534   2   (16 ) 1,232   -   -   -   -   -  
Discontinued Operations - Other 62   35   71   (385 ) (217 ) 129   (3 ) 57   995   1,178  
 
Total Company 1,158   767   98   (329 ) 1,694   387   300   659   749   2,095  
*Lower 48 only: - - - 115 115 (60 ) 69 - - 9
 
3 of 8

2012     2013  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
$ Millions
CASH FLOW INFORMATION
 
Cash Flows from Operating Activities
Net income 2,955 2,289 1,813 1,441 8,498 2,153 2,063 2,496 2,503 9,215
Depreciation, depletion and amortization 1,571 1,580 1,650 1,779 6,580 1,807 1,832 1,902 1,893 7,434
Impairments 214 82 - 384 680 2 28 1 498 529
Dry hole costs and leasehold impairments 518 116 69 171 874 36 176 133 98 443
Accretion on discounted liabilities 105 103 100 86 394 106 105 106 117 434
Deferred taxes 131 284 396 586 1,397 241 443 458 169 1,311
Undistributed equity earnings (77 ) (179 ) (153 ) (187 ) (596 ) (29 ) (199 ) (357 ) (237 ) (822 )
Gain on dispositions (940 ) (583 ) (118 ) (16 ) (1,657 ) (58 ) (95 ) (1,069 ) (20 ) (1,242 )
Income from discontinued operations (776 ) (569 ) (73 ) 401 (1,017 ) (129 ) 3 (57 ) (995 ) (1,178 )
Other 173 (279 ) 53 (403 ) (456 ) (503 ) 17 206 (91 ) (371 )
Net working capital changes 196   (766 ) (297 ) (372 ) (1,239 ) 982   (684 ) (175 ) (75 ) 48  
Net cash provided by continuing operations 4,070 2,078 3,440 3,870 13,458 4,608 3,689 3,644 3,860 15,801
Net cash provided by discontinued operations 112   272   80   -   464   122   52   61   51   286  
Net Cash Provided by Operating Activities 4,182   2,350   3,520   3,870   13,922   4,730   3,741   3,705   3,911   16,087  
 
Cash Flows from Investing Activities
Capital expenditures and investments (3,818 ) (3,623 ) (3,279 ) (3,452 ) (14,172 ) (3,391 ) (3,705 ) (4,185 ) (4,256 ) (15,537 )
Proceeds from asset dispositions 1,102 464 522 44 2,132 1,134 542 1,499 7,045 10,220
Net sales (purchases) of short-term investments 92 505 - - 597 (23 ) (51 ) 75 (264 ) (263 )
Long-term collections from related parties
and other investments 45   23   207   660   935   36   (11 ) 54   (146 ) (67 )
Net cash provided by (used in) continuing operations (2,579 ) (2,631 ) (2,550 ) (2,748 ) (10,508 ) (2,244 ) (3,225 ) (2,557 ) 2,379 (5,647 )
Net cash used in discontinued operations (431 ) (284 ) (223 ) (181 ) (1,119 ) (189 ) (190 ) (161 ) (64 ) (604 )
Net Cash Provided by (Used in) Investing Activities (3,010 ) (2,915 ) (2,773 ) (2,929 ) (11,627 ) (2,433 ) (3,415 ) (2,718 ) 2,315   (6,251 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (47 ) 831 (1,967 ) 614 (569 ) (48 ) (850 ) (48 ) - (946 )
Special cash distribution from Phillips 66 - 7,818 - - 7,818 - - - - -
Change in restricted cash - (5,000 ) 2,532 1,720 (748 ) 748 - - - 748
Issuance of company common stock 36 9 38 55 138 (10 ) 5 17 8 20
Repurchase of company common stock (1,899 ) (3,050 ) (149 ) - (5,098 ) - - - - -
Dividends paid (843 ) (818 ) (808 ) (809 ) (3,278 ) (815 ) (814 ) (852 ) (853 ) (3,334 )
Other (199 ) (170 ) (178 ) (178 ) (725 ) (205 ) (186 ) (202 ) (3,028 ) (3,621 )
Net cash provided by (used in) continuing operations (2,952 ) (380 ) (532 ) 1,402 (2,462 ) (330 ) (1,845 ) (1,085 ) (3,873 ) (7,133 )
Net cash used in discontinued operations (318 ) (1,701 ) -   -   (2,019 ) -   -   -   -   -  
Net Cash Provided by (Used in) Financing Activities (3,270 ) (2,081 ) (532 ) 1,402   (4,481 ) (330 ) (1,845 ) (1,085 ) (3,873 ) (7,133 )
 
Effect of Exchange Rate Changes 25   (17 ) 9   7   24   (163 ) 6   72   10   (75 )
 
Net Change in Cash and Cash Equivalents (2,073 ) (2,663 ) 224 2,350 (2,162 ) 1,804 (1,513 ) (26 ) 2,363 2,628
Cash and cash equivalents at beginning of period 5,780   3,707   1,044   1,268   5,780   3,618   5,422   3,909   3,883   3,618  
Cash and Cash Equivalents at End of Period 3,707   1,044   1,268   3,618   3,618   5,422   3,909   3,883   6,246   6,246  
 
 
CAPITAL PROGRAM
 
Capital expenditures and investments
Alaska 186 202 208 232 828 262 283 291 304 1,140
 
Lower 48 and Latin America 1,267 1,288 1,339 1,357 5,251 1,280 1,377 1,244 1,333 5,234
 
Canada 629 428 493 634 2,184 675 422 505 630 2,232
 
Europe 622 735 738 765 2,860 791 765 791 768 3,115
 
Asia Pacific and Middle East 699 886 468 377 2,430 337 827 1,142 1,076 3,382
 
Other International 354 34 11 16 415 19 4 169 60 252
 
Corporate and Other 61   50   22   71   204   27   27   43   85   182  
Total capital expenditures and investments 3,818   3,623   3,279   3,452   14,172   3,391   3,705   4,185   4,256   15,537  
Joint venture acquisition obligation (principal) - Canada* 180   181   185   187   733   189   192   194   197   772  
Total Capital Program 3,998   3,804   3,464   3,639   14,905   3,580   3,897   4,379   4,453   16,309  
Capital spending for Algeria, Nigeria and Kashagan 220 190 225 182 817 189 190 161 69 609
*Excludes $2,810 million prepayment in the fourth quarter of 2013.
 
4 of 8

2012   2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
TOTAL SEGMENTS
 
 
Production
Total (MBOED)
Continuing operations, including equity affiliates 1,581 1,489 1,470 1,566 1,527 1,555 1,510 1,470 1,473 1,502
Discontinued operations (Algeria and Nigeria) 56   53 55 41 51 41   42 44 45 43
Total, including equity affiliates 1,637   1,542 1,525 1,607 1,578 1,596   1,552 1,514 1,518 1,545
 
Crude Oil (MBD)
Consolidated operations 590 554 528 598 567 606 565 532 543 562
Equity affiliates 34   31 25 21 28 20   20 20 17 19
Total continuing operations 624   585 553 619 595 626   585 552 560 581
Discontinued operations (Algeria and Nigeria) 26   23 25 17 23 20   18 19 15 18
Total 650   608 578 636 618 646   603 571 575 599
Over (under) lifting of crude oil (MBD)* (11 ) 29 32 25 19 (9 ) 4 19 11 6
*Includes continuing and discontinued operations.
 
NGL (MBD)
Consolidated operations 155 143 144 152 148 151 150 148 144 149
Equity affiliates 8   7 7 8 8 8   8 8 6 7
Total continuing operations 163   150 151 160 156 159   158 156 150 156
Discontinued operations (Nigeria) 3   4 4 3 4 3   3 4 4 3
Total 166   154 155 163 160 162   161 160 154 159
 
Bitumen (MBD)
Consolidated operations 11 11 12 12 12 13 12 13 13 13
Equity affiliates 73   77 80 94 81 96   88 94 106 96
Total 84   88 92 106 93 109   100 107 119 109
 
Natural Gas (MMCFD)
Consolidated operations 3,756 3,509 3,588 3,592 3,611 3,479 3,505 3,423 3,427 3,458
Equity affiliates 505   491 449 497 485 483   493 507 439 481
Total continuing operations 4,261   4,000 4,037 4,089 4,096 3,962   3,998 3,930 3,866 3,939
Discontinued operations (Nigeria) 161   153 162 120 149 110   128 125 155 129
Total 4,422   4,153 4,199 4,209 4,245 4,072   4,126 4,055 4,021 4,068
 
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI 102.99 93.44 92.11 88.09 94.16 94.29 94.12 105.80 97.38 97.90
WCS* 81.51 70.63 70.49 70.07 73.18 62.41 75.06 88.35 65.26 72.77
Brent dated 118.49 108.19 109.61 110.02 111.58 112.55 102.44 110.32 109.27 108.65
JCC 111.43 116.70 121.99 105.85 113.99 114.19 113.07 107.36 107.94 110.64
Natural Gas ($/MMBTU)
Henry Hub first of month 2.72   2.21 2.80 3.41 2.79 3.34   4.10 3.58 3.60 3.65
*Quoted WCS price has been revised.
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 111.91 105.77 102.79 103.16 105.86 106.17 100.31 106.85 100.67 103.50
Equity affiliates 111.37   99.28 96.57 100.90 102.80 100.27   93.41 99.41 98.81 97.92
Total continuing operations 111.88   105.43 102.54 103.08 105.72 105.97   100.07 106.60 100.61 103.32
Discontinued operations (Algeria and Nigeria) 122.73   108.92 106.97 112.15 112.90 112.62   103.45 110.28 110.29 109.72
Total 112.33   105.56 102.72 103.33 105.98 106.20   100.14 106.74 100.83 103.51
 
NGL ($/BBL)
Consolidated operations 53.26 42.77 40.02 42.38 44.62 40.87 36.21 39.44 41.89 39.60
Equity affiliates 88.24   70.28 62.18 86.97 77.30 77.32   64.63 69.90 83.05 73.31
Total continuing operations 55.03   44.36 41.08 44.93 46.36 42.95   37.80 41.14 43.82 41.42
Discontinued operations (Nigeria) 11.97   15.34 14.26 11.06 13.30 12.30   13.13 15.76 16.13 14.58
Total 54.11   43.55 40.39 44.15 45.55 42.41   37.24 40.47 43.07 40.79
 
Bitumen ($/BBL)
Consolidated operations 64.95 54.75 56.23 55.29 57.58 36.78 59.67 76.90 44.73 55.25
Equity affiliates 60.04   50.85 56.95 47.43 53.39 39.52   55.13 75.93 43.64 53.00
Total 60.66   51.38 56.86 48.32 53.91 39.23   55.69 76.06 43.76 53.27
 
Natural Gas ($/MCF)
Consolidated operations 5.20 4.72 4.86 5.50 5.07 5.75 5.88 5.49 5.73 5.71
Equity affiliates 8.62   8.98 8.66 7.90 8.54 9.36   8.84 9.35 8.29 8.98
Total continuing operations 5.61   5.25 5.28 5.79 5.48 6.19   6.25 5.99 6.02 6.11
Discontinued operations (Nigeria) 2.53   2.51 2.84 2.32 2.57 2.54   2.98 2.58 2.36 2.60
Total 5.49   5.14 5.18 5.69 5.38 6.09   6.15 5.88 5.88 6.00
 
 
Exploration Expenses ($ Millions)
Dry holes 6 64 6 79 155 4 98 101 65 268
Leasehold impairment 512   52 63 92 719 32   78 32 33 175
Total noncash expenses 518 116 69 171 874 36 176 133 98 443
Other (G&A, G&G and lease rentals) 157   149 146 174 626 241   145 180 223 789
Total exploration expenses 675   265 215 345 1,500 277   321 313 321 1,232
 
U.S. exploration expenses 87   96 106 126 415 152   196 165 178 691
International exploration expenses 588   169 109 219 1,085 125   125 148 143 541
 
DD&A ($ Millions)
Alaska 134 134 117 131 516 135 135 124 136 530
Lower 48 and Latin America 603 625 657 719 2,604 744 785 880 836 3,245
Canada 324 333 355 326 1,338 343 345 330 297 1,315
Europe 266 246 214 267 993 261 234 234 304 1,033
Asia Pacific and Middle East 211 210 274 303 998 293 298 303 291 1,185
Other International 9 11 12 13 45 11 12 5 2 30
Corporate and Other 24   21 21 20 86 20   23 26 27 96
Total DD&A 1,571   1,580 1,650 1,779 6,580 1,807   1,832 1,902 1,893 7,434
 
5 of 8

2012   2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
PRODUCTION
 
 
Crude Oil (MBD)
Consolidated operations
Alaska 208 190 157 196 188 190 176 161 182 178
Lower 48 117 115 124 136 123 148 147 153 158 152
Canada 13 14 14 13 13 14 14 13 12 13
Norway 112 103 97 103 104 100 78 94 95 92
United Kingdom 44 35 20 27 31 24 22 17 23 21
Europe 156 138 117 130 135 124 100 111 118 113
Australia/Timor-Leste 17 15 18 16 16 13 15 13 10 13
China 23 31 48 54 39 57 56 51 48 53
Indonesia 10 8 9 9 9 9 7 8 7 8
Malaysia - - - 4 1 7 6 5 7 6
Vietnam 11 - - - 3 - - - - -
AP/ME 61 54 75 83 68 86 84 77 72 80
Libya 35 43 41 40 40 44 44 17 1 26
Other International 35 43 41 40 40 44 44 17 1 26
Total consolidated operations 590 554 528 598 567 606 565 532 543 562
Equity affiliates 34 31 25 21 28 20 20 20 17 19
Total continuing operations 624 585 553 619 595 626 585 552 560 581
Discontinued operations (Algeria and Nigeria) 26 23 25 17 23 20 18 19 15 18
Total 650 608 578 636 618 646 603 571 575 599
 
NGL (MBD)
Consolidated operations
Alaska 18 16 10 17 16 18 15 11 16 15
Lower 48 84 83 87 87 85 87 91 94 90 91
Canada 25 22 25 24 24 26 25 25 23 25
Norway 5 4 3 3 4 3 2 3 3 3
United Kingdom 5 4 2 4 3 3 3 2 3 3
Europe 10 8 5 7 7 6 5 5 6 6
Australia/Timor-Leste 12 9 12 12 11 10 10 9 7 9
Indonesia 6 5 5 5 5 4 4 4 2 3
AP/ME 18 14 17 17 16 14 14 13 9 12
Total consolidated operations 155 143 144 152 148 151 150 148 144 149
Equity affiliates 8 7 7 8 8 8 8 8 6 7
Total continuing operations 163 150 151 160 156 159 158 156 150 156
Discontinued operations (Nigeria) 3 4 4 3 4 3 3 4 4 3
Total 166 154 155 163 160 162 161 160 154 159
 
Bitumen (MBD)
Consolidated operations 11 11 12 12 12 13 12 13 13 13
Equity affiliates 73 77 80 94 81 96 88 94 106 96
Total 84 88 92 106 93 109 100 107 119 109
 
Natural Gas (MMCFD)
Consolidated operations
Alaska 59 56 51 56 55 56 38 35 43 43
Lower 48 1,502 1,456 1,507 1,508 1,493 1,441 1,516 1,511 1,493 1,490
Canada 863 864 874 826 857 806 788 775 731 775
Norway 195 141 127 176 160 161 119 130 163 143
United Kingdom 437 399 287 302 356 300 290 227 277 273
Europe 632 540 414 478 516 461 409 357 440 416
Australia/Timor-Leste 249 159 261 251 230 251 272 268 255 262
China - 1 4 5 3 4 6 4 4 4
Indonesia 441 427 444 438 437 428 447 439 452 442
Malaysia - - - - - 1 1 1 1 1
Vietnam 7 - - - 2 - - - - -
AP/ME 697 587 709 694 672 684 726 712 712 709
Libya 3 6 33 30 18 31 28 33 8 25
Other International 3 6 33 30 18 31 28 33 8 25
Total consolidated operations 3,756 3,509 3,588 3,592 3,611 3,479 3,505 3,423 3,427 3,458
Equity affiliates 505 491 449 497 485 483 493 507 439 481
Total continuing operations 4,261 4,000 4,037 4,089 4,096 3,962 3,998 3,930 3,866 3,939
Discontinued operations (Nigeria) 161 153 162 120 149 110 128 125 155 129
Total 4,422 4,153 4,199 4,209 4,245 4,072 4,126 4,055 4,021 4,068
 
Total (MBOED)
Consolidated operations
Alaska 236 215 176 222 213 218 197 178 205 200
Lower 48 451 441 462 475 457 475 491 499 497 491
Canada 193 191 197 187 192 187 183 180 170 180
Norway 149 131 121 135 135 130 100 119 125 119
United Kingdom 122 105 70 81 93 77 73 57 72 70
Europe 271 236 191 216 228 207 173 176 197 189
Australia/Timor-Leste 70 51 73 69 66 65 70 67 60 65
China 23 31 49 55 40 58 57 52 49 54
Indonesia 90 84 88 87 87 84 86 85 84 85
Malaysia - - - 4 1 7 6 5 7 6
Vietnam 12 - - - 3 - - - - -
AP/ME 195 166 210 215 197 214 219 209 200 210
Libya 36 43 47 45 43 49 49 22 2 30
Other International 36 43 47 45 43 49 49 22 2 30
Total consolidated operations 1,382 1,292 1,283 1,360 1,330 1,350 1,312 1,264 1,271 1,300
Equity affiliates 199 197 187 206 197 205 198 206 202 202
Total continuing operations 1,581 1,489 1,470 1,566 1,527 1,555 1,510 1,470 1,473 1,502
Discontinued operations (Algeria and Nigeria) 56 53 55 41 51 41 42 44 45 43
Total 1,637 1,542 1,525 1,607 1,578 1,596 1,552 1,514 1,518 1,545
 
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2012   2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
AVERAGE REALIZED PRICES
 
 
Crude Oil ($/BBL)
Consolidated operations
Alaska 112.20 112.38 106.53 106.91 109.62 110.79 106.09 110.95 104.04 107.83
Lower 48 99.00 89.61 90.06 88.63 91.67 93.69 93.56 100.25 87.81 93.79
Canada 83.85 74.76 77.19 77.71 78.26 72.85 81.09 91.81 72.86 79.73
Norway 122.49 109.50 111.74 111.87 113.80 114.75 103.21 112.50 111.59 111.32
United Kingdom 116.54 111.55 104.55 109.54 110.31 111.07 101.67 110.62 108.94 107.57
Europe 121.25 109.89 109.67 111.51 113.08 114.11 102.74 112.28 110.96 110.56
Australia/Timor-Leste 113.00 103.53 105.47 103.31 106.66 107.76 97.11 103.84 107.26 104.17
China 122.02 113.71 107.68 105.01 109.94 110.91 98.58 106.36 106.17 105.50
Indonesia 109.16 96.96 91.45 93.95 98.21 93.32 83.15 93.35 95.66 91.37
Malaysia - - - - - 119.87 108.67 114.90 118.29 115.44
Vietnam 126.02 - - - 126.02 - - - - -
AP/ME 117.66 109.12 105.12 103.34 108.20 109.35 97.77 105.43 106.43 104.78
Libya 121.68 109.52 108.00 109.95 110.75 112.18 102.82 107.49 - 107.21
Other International 121.68 109.52 108.00 109.95 110.75 112.18 102.82 107.49 - 107.21
Total consolidated operations 111.91 105.77 102.79 103.16 105.86 106.17 100.31 106.85 100.67 103.50
Equity affiliates 111.37 99.28 96.57 100.90 102.80 100.27 93.41 99.41 98.81 97.92
Total continuing operations 111.88 105.43 102.54 103.08 105.72 105.97 100.07 106.60 100.61 103.32
Discontinued operations (Algeria and Nigeria) 122.73 108.92 106.97 112.15 112.90 112.62 103.45 110.28 110.29 109.72
Total 112.33 105.56 102.72 103.33 105.98 106.20 100.14 106.74 100.83 103.51
 
NGL ($/BBL)
Consolidated operations
Lower 48 44.90 34.62 31.40 31.32 35.45 29.58 29.30 32.57 34.33 31.48
Canada 54.13 48.66 45.31 46.28 48.64 50.15 44.08 46.90 47.57 47.19
Norway 57.56 53.57 55.56 72.71 59.22 59.77 52.15 56.29 64.13 59.08
United Kingdom 61.10 56.38 59.72 74.83 63.84 60.61 46.32 58.58 61.69 57.48
Europe 59.29 54.81 57.62 73.94 61.53 60.10 49.29 57.36 63.01 58.36
Australia/Timor-Leste 88.97 70.98 74.68 85.00 80.03 77.42 67.48 71.92 81.14 74.79
Indonesia 90.85 72.30 63.40 84.60 77.58 78.10 64.58 69.97 72.47 71.23
AP/ME 89.56 71.39 71.06 84.88 79.26 77.59 66.54 71.35 79.29 73.82
Total consolidated operations 53.26 42.77 40.02 42.38 44.62 40.87 36.21 39.44 41.89 39.60
Equity affiliates 88.24 70.28 62.18 86.97 77.30 77.32 64.63 69.90 83.05 73.31
Total continuing operations 55.03 44.36 41.08 44.93 46.36 42.95 37.80 41.14 43.82 41.42
Discontinued operations (Nigeria) 11.97 15.34 14.26 11.06 13.30 12.30 13.13 15.76 16.13 14.58
Total 54.11 43.55 40.39 44.15 45.55 42.41 37.24 40.47 43.07 40.79
 
Bitumen ($/BBL)
Consolidated operations 64.95 54.75 56.23 55.29 57.58 36.78 59.67 76.90 44.73 55.25
Equity affiliates 60.04 50.85 56.95 47.43 53.39 39.52 55.13 75.93 43.64 53.00
Total 60.66 51.38 56.86 48.32 53.91 39.23 55.69 76.06 43.76 53.27
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 4.68 3.93 3.97 4.28 4.22 5.20 4.03 4.09 3.74 4.35
Lower 48 2.65 2.10 2.64 3.24 2.67 3.19 3.85 3.39 3.55 3.50
Canada 1.98 1.61 2.05 2.92 2.13 2.89 3.28 2.42 3.09 2.92
Norway 10.40 9.58 8.47 10.26 9.77 10.69 10.42 11.11 11.24 10.89
United Kingdom 9.80 9.49 9.06 10.72 9.76 10.87 10.19 10.12 11.04 10.58
Europe 9.98 9.52 8.87 10.56 9.76 10.81 10.26 10.48 11.11 10.68
Australia/Timor-Leste* 1.10 1.10 1.18 1.12 1.12 1.10 1.11 1.81 1.09 1.28
China - 2.46 2.44 2.39 2.41 2.50 2.52 2.54 3.30 2.70
Indonesia 10.37 12.85 9.94 10.14 10.80 11.57 10.56 11.01 10.04 10.78
Vietnam 1.15 - - - 1.15 - - - - -
AP/ME 10.40 11.47 10.64 10.15 10.63 11.20 10.62 10.81 9.83 10.61
Libya 0.09 0.09 6.77 5.19 5.55 4.86 4.65 5.92 7.37 5.38
Other International 0.09 0.09 6.77 5.19 5.55 4.86 4.65 5.92 7.37 5.38
Total consolidated operations 5.20 4.72 4.86 5.50 5.07 5.75 5.88 5.49 5.73 5.71
Equity affiliates 8.62 8.98 8.66 7.90 8.54 9.36 8.84 9.35 8.29 8.98
Total continuing operations 5.61 5.25 5.28 5.79 5.48 6.19 6.25 5.99 6.02 6.11
Discontinued operations (Nigeria) 2.53 2.51 2.84 2.32 2.57 2.54 2.98 2.58 2.36 2.60
Total 5.49 5.14 5.18 5.69 5.38 6.09 6.15 5.88 5.88 6.00
*Excludes transfers to Darwin LNG plant.
 
7 of 8

2012     2013  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
CORPORATE AND OTHER
 
 
Corporate and Other Earnings (Loss) ($ Millions)

(311

) (262 ) (254 ) (166 ) (993 ) (162 ) (173 ) (234 ) (251 ) (820 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense

(161

) (160 ) (214 ) (113 ) (648 ) (108 ) (127 ) (124 ) (171 ) (530 )
Corporate G&A expenses (74 ) (44 ) (128 ) (67 ) (313 ) (27 ) (43 ) (77 ) (66 ) (213 )
Technology* (18 ) (22 ) 46 (10 ) (4 ) (8 ) 41 (26 ) (13 ) (6 )
Separation costs

(33

) (40 ) (7 ) (4 ) (84 ) - - - - -
Other (25 ) 4   49   28   56   (19 ) (44 ) (7 ) (1 ) (71 )
Total (311 ) (262 ) (254 ) (166 ) (993 ) (162 ) (173 ) (234 ) (251 ) (820 )
*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 (309 ) (315 ) (294 ) (303 ) (1,221 ) (287 ) (303 ) (303 ) (306 ) (1,199 )
Capitalized interest 146 145 157 167 615 179 186 172 130 667
Interest revenue 11 18 7 60 96 10 28 10 12 60
Premium on early debt retirement -   -   (79 ) -   (79 ) -   -   -   -   -  
Total (152 ) (152 ) (209 ) (76 ) (589 ) (98 ) (89 ) (121 ) (164 ) (472 )
 
Debt
Total debt ($ Millions) 28,360 23,008 21,117 21,725 21,725 21,670 21,721 21,668 21,662 21,662
Debt-to-capital ratio (%) 30 % 33 % 31 % 31 % 31 % 31 % 31 % 30 % 29 % 29 %
 
Equity ($ Millions) 67,057   46,443   47,877   48,427   48,427   49,240   48,932   51,537   52,492   52,492  
 
 
 
REFERENCE
 
Commonly Used Abbreviations
Earnings Net Income (Loss) Attributable to ConocoPhillips
DD&A Depreciation, Depletion and Amortization
G&G Geological and Geophysical
G&A General and Administrative
IFRS International Financial Reporting Standards
JCC Japan Crude Cocktail
LNG Liquefied Natural Gas
NGL Natural Gas Liquids
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
MMBTU Millions of British Thermal Units
MMCFD Millions of Cubic Feet per Day


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