CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 1, 2014

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Exhibit 99.2

First-Quarter 2014 Detailed Supplemental Information
 
 
2013   2014  
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 14,166 13,350 13,643 13,254 54,413 15,415 15,415
Equity in earnings of affiliates 362 494 709 654 2,219 572 572
Gain on dispositions 58 95 1,069 20 1,242 9 9
Other income 65   203   49   57   374   52         52  
Total Revenues and Other Income 14,651   14,142   15,470   13,985   58,248   16,048         16,048  
 
Costs and Expenses
Purchased commodities 5,834 5,521 5,708 5,580 22,643 7,127 7,127
Production and operating expenses 1,687 1,672 1,962 1,917 7,238 1,895 1,895
Selling, general and administrative expenses 165 193 249 247 854 182 182
Exploration expenses 277 321 313 321 1,232 296 296
Depreciation, depletion and amortization 1,807 1,832 1,902 1,893 7,434 1,892 1,892
Impairments 2 28 1 498 529 1 1
Taxes other than income taxes 892 642 664 686 2,884 651 651
Accretion on discounted liabilities 106 105 106 117 434 117 117
Interest and debt expense 130 139 151 192 612 171 171
Foreign currency transaction (gains) losses (36 ) (7 ) 9   (24 ) (58 ) 18         18  
Total Costs and Expenses 10,864   10,446   11,065   11,427   43,802   12,350         12,350  
Income from continuing operations before income taxes 3,787 3,696 4,405 2,558 14,446 3,698 3,698
Provision for income taxes 1,763   1,630   1,966   1,050   6,409   1,581         1,581  
Income from continuing operations 2,024 2,066 2,439 1,508 8,037 2,117 2,117
Income from discontinued operations 129   (3 ) 57   995   1,178   20         20  
Net Income 2,153 2,063 2,496 2,503 9,215 2,137 2,137
Less: net income attributable to noncontrolling interests (14 ) (13 ) (16 ) (16 ) (59 ) (14 )       (14 )
Net Income Attributable to ConocoPhillips 2,139   2,050   2,480   2,487   9,156   2,123         2,123  
 
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.64 1.66 1.96 1.20 6.47 1.70 1.70
Discontinued operations 0.10   -   0.05   0.81   0.96   0.02         0.02  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 1.74   1.66   2.01   2.01   7.43   1.72         1.72  
Diluted
Continuing operations 1.63 1.65 1.95 1.20 6.43 1.69 1.69
Discontinued operations 0.10   -   0.05   0.80   0.95   0.02         0.02  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 1.73   1.65   2.00   2.00   7.38   1.71         1.71  
 
Average Common Shares Outstanding (in thousands)
Basic 1,229,232 1,229,773 1,231,054 1,233,741 1,230,963 1,234,968 1,234,968
Diluted 1,235,907   1,237,157   1,240,365   1,241,112   1,239,803   1,242,667         1,242,667  
INCOME (LOSS) FROM CONTINUING        
OPERATIONS BEFORE INCOME TAXES

 

 
Alaska 842 1,060 787 860 3,549 930

 

 

 

930
 
Lower 48 and Latin America 260 352 765 237 1,614 512 512
 
Canada (117 ) 10 868 (87 ) 674 466 466
 
Europe 1,191 625 960 747 3,523 1,037 1,037
 
Asia Pacific and Middle East 1,393 1,416 1,120 1,173 5,102 1,093 1,093
 
Other International 401 381 196 (50 ) 928 (59 ) (59 )
 
Corporate and Other (183 ) (148 ) (291 ) (322 ) (944 ) (281 ) (281 )
                         
Consolidated 3,787   3,696   4,405   2,558   14,446   3,698         3,698  
 
 
 
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 35.5 % 35.7 % 37.1 % 35.4 % 35.9 % 35.6 % 35.6 %
 
Lower 48 and Latin America 49.1 % 29.6 % 34.9 % 14.9 % 33.1 % 37.5 % 37.5 %
 
Canada 213.7 % 52.2 % 26.0 % 29.3 % -6.6 % 23.7 % 23.7 %
 
Europe 63.8 % 58.3 % 70.4 % 70.1 % 66.0 % 66.9 % 66.9 %
 
Asia Pacific and Middle East 33.1 % 27.2 % 32.4 % 25.8 % 29.6 % 30.9 % 30.9 %
 
Other International 96.5 % 96.2 % 101.2 % 36.7 % 100.6 % 64.1 % 64.1 %
 
Corporate and Other 11.7 % -16.8 % 19.4 % 22.0 % 13.1 % 16.4 % 16.4 %
                         
Consolidated 46.6 % 44.1 % 44.6 % 41.1 % 44.4 % 42.8 %       42.8 %
*Alaska including taxes other than income taxes 61.6 % 52.9 % 57.8 % 56.2 % 57.1 % 51.6 % 51.6 %
1 of 8
2013  

 

2014  
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD   1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD  
$ Millions
EARNINGS BY SEGMENT
 
Alaska 543 682 494 555 2,274 598

 

 

 

598
 
Lower 48 and Latin America* 133 247 498 203 1,081 320 320
 
Canada 133 5 642 (62 ) 718 356 356
 
Europe 431 261 284 223 1,199 343 343
 
Asia Pacific and Middle East 918 1,017 741 856 3,532 742 742
 
Other International 14 14 (2 ) (32 ) (6 ) (21 ) (21 )
 
Corporate and Other (162 ) (173 ) (234 ) (251 ) (820 ) (235 ) (235 )
 
Discontinued Operations 129 (3 ) 57 995 1,178 20 20
                         
Consolidated 2,139   2,050   2,480   2,487   9,156   2,123         2,123  
*Lower 48 only: 105 233 210 206 754 324 324
 
 
 
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - 97 - - 97 - -
 
Lower 48 and Latin America* (60 ) 69 288 - 297 (122 ) (122 )
 
Canada 224 - 461 (129 ) 556 - -
 
Europe 83 - - (107 ) (24 ) - -
 
Asia Pacific and Middle East - 146 (116 ) - 30 (28 ) (28 )
 
Other International - - - - - - -
 
Corporate and Other 11 (9 ) (31 ) (10 ) (39 ) - -
 
Discontinued Operations 129 (3 ) 57 995 1,178 20 20
                         
Consolidated 387   300   659   749   2,095   (130 )       (130 )
*Lower 48 only: (60 ) 69 - - 9 (122 ) (122 )
 
 
 
 
ADJUSTED EARNINGS
 
Alaska 543 585 494 555 2,177 598 598
 
Lower 48 and Latin America* 193 178 210 203 784 442 442
 
Canada (91 ) 5 181 67 162 356 356
 
Europe 348 261 284 330 1,223 343 343
 
Asia Pacific and Middle East 918 871 857 856 3,502 770 770
 
Other International 14 14 (2 ) (32 ) (6 ) (21 ) (21 )
 
Corporate and Other (173 ) (164 ) (203 ) (241 ) (781 ) (235 ) (235 )
                         
Consolidated 1,752   1,750   1,821   1,738   7,061   2,253         2,253  
*Lower 48 only: 165 164 210 206 745 446 446
 
 
 
 
ADJUSTED EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska 35.5 % 35.6 % 37.1 % 35.4 % 35.9 % 35.6 % 35.6 %
 
Lower 48 and Latin America 40.2 % 35.5 % 39.6 % 14.9 % 33.9 % 37.0 % 37.0 %
 
Canada 22.2 % 52.2 % 28.7 % 20.6 % 30.0 % 23.7 % 23.7 %
 
Europe 68.4 % 58.3 % 70.4 % 67.9 % 67.1 % 66.9 % 66.9 %
 
Asia Pacific and Middle East 34.1 % 31.2 % 31.5 % 25.8 % 30.3 % 30.1 % 30.1 %
 
Other International 96.5 % 96.2 % 101.2 % 36.7 % 100.6 % 64.1 % 64.1 %
 
Corporate and Other 11.0 % -19.6 % 15.5 % 21.2 % 11.0 % 16.4 % 16.4 %
                         
Consolidated 53.3 % 47.4 % 48.7 % 42.1 % 48.0 % 42.1 %       42.1 %
The income tax effects of the special items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.
2 of 8
2013  

 

2014  
$ 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
Pending claims and settlements -   97   -   -   97   -         -  
Total -   97   -   -   97   -         -  
 

Lower 48 and Latin America*

Gain (loss) on asset sales (39 ) 47 288 - 296 - -
Loss on capacity agreements - - - - - (83 ) (83 )
Tax loss carryforward realization (21 ) 22 - - 1 - -
Pending claims and settlements -   -   -   -   -   (39 )       (39 )
Total (60 ) 69   288   -   297   (122 )       (122 )
 
Canada
Gain (loss) on asset sales 224 - 461 - 685 - -
Impairments - - - (162 ) (162 ) - -
FCCL IFRS depreciation adjustment -   -   -   33   33   -         -  
Total 224   -   461   (129 ) 556   -         -  
 
Europe
Gain (loss) on asset sales 83 - - - 83 - -
Impairments -   -   -   (107 ) (107 ) -         -  
Total 83   -   -   (107 ) (24 ) -         -  
 
Asia Pacific and Middle East
Qatar depreciation adjustment - - - - - (28 ) (28 )
Pending claims and settlements -   146   (116 ) -   30   -         -  
Total -   146   (116 ) -   30   (28 )       (28 )
 
Other International                        
Total -   -   -   -   -   -         -  
 
Corporate and Other
Gain (loss) on asset sales 11 - - - 11 - -
Pension settlement expense - - (31 ) (10 ) (41 ) - -
Pending claims and settlements -   (9 ) -   -   (9 ) -         -  
Total 11   (9 ) (31 ) (10 ) (39 ) -         -  
 
Discontinued Operations 129 (3 ) 57 995 1,178 20 20
 
Total Company 387   300   659   749   2,095   (130 )       (130 )
*Lower 48 only: (60 ) 69 - - 9 (122 ) (122 )
3 of 8

2013  

 

2014  
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 2,153 2,063 2,496 2,503 9,215 2,137 2,137
Depreciation, depletion and amortization 1,807 1,832 1,902 1,893 7,434 1,892 1,892
Impairments 2 28 1 498 529 1 1
Dry hole costs and leasehold impairments 36 176 133 98 443 69 69
Accretion on discounted liabilities 106 105 106 117 434 117 117
Deferred taxes 241 443 458 169 1,311 230 230
Undistributed equity earnings (29 ) (199 ) (357 ) (237 ) (822 ) 1,131 1,131
Gain on dispositions (58 ) (95 ) (1,069 ) (20 ) (1,242 ) (9 ) (9 )
Income from discontinued operations (129 ) 3 (57 ) (995 ) (1,178 ) (20 ) (20 )
Other (503 ) 17 206 (91 ) (371 ) 116 116
Net working capital changes 982   (684 ) (175 ) (75 ) 48   614         614  
Net cash provided by continuing operations 4,608 3,689 3,644 3,860 15,801 6,278 6,278
Net cash provided by discontinued operations 122   52   61   51   286   58         58  
Net Cash Provided by Operating Activities 4,730   3,741   3,705   3,911   16,087   6,336         6,336  
 
Cash Flows from Investing Activities
Capital expenditures and investments (3,391 ) (3,705 ) (4,185 ) (4,256 ) (15,537 ) (3,895 ) (3,895 )
Proceeds from asset dispositions 1,134 542 1,499 7,045 10,220 48 48
Net sales (purchases) of short-term investments (23 ) (51 ) 75 (264 ) (263 ) 63 63
Long-term collections from related parties
and other investments 36   (11 ) 54   (146 ) (67 ) 108         108  

Net cash provided by (used in) continuing operations

(2,244 ) (3,225 ) (2,557 ) 2,379 (5,647 ) (3,676 ) (3,676 )
Net cash used in discontinued operations (189 ) (190 ) (161 ) (64 ) (604 ) (22 )       (22 )
Net Cash Provided by (Used in) Investing Activities (2,433 ) (3,415 ) (2,718 ) 2,315   (6,251 ) (3,698 )       (3,698 )
 
Cash Flows from Financing Activities
Repayment of debt (48 ) (850 ) (48 ) - (946 ) (450 ) (450 )
Change in restricted cash 748 - - - 748 - -
Issuance of company common stock (10 ) 5 17 8 20 (32 ) (32 )
Dividends paid (815 ) (814 ) (852 ) (853 ) (3,334 ) (855 ) (855 )
Other (205 ) (186 ) (202 ) (3,028 ) (3,621 ) (17 )       (17 )

Net cash used in continuing operations

(330 ) (1,845 ) (1,085 ) (3,873 ) (7,133 ) (1,354 ) (1,354 )
Net cash used in discontinued operations -   -   -   -   -   -         -  
Net Cash Used in Financing Activities (330 ) (1,845 ) (1,085 ) (3,873 ) (7,133 ) (1,354 )       (1,354 )
 
Effect of Exchange Rate Changes (163 ) 6   72   10   (75 ) (10 )       (10 )
 
Net Change in Cash and Cash Equivalents 1,804 (1,513 ) (26 ) 2,363 2,628 1,274 1,274
Cash and cash equivalents at beginning of period 3,618   5,422   3,909   3,883   3,618   6,246         6,246  
Cash and Cash Equivalents at End of Period 5,422   3,909   3,883   6,246   6,246   7,520         7,520  
 
 
 
 
CAPITAL PROGRAM
 
Capital expenditures and investments
Alaska 262 283 291 304 1,140 415 415
 
Lower 48 and Latin America 1,280 1,377 1,244 1,333 5,234 1,318 1,318
 
Canada 675 422 505 630 2,232 622 622
 
Europe 791 765 791 768 3,115 613 613
 
Asia Pacific and Middle East 337 827 1,142 1,076 3,382 848 848
 
Other International 19 4 169 60 252 44 44
 
Corporate and Other 27   27   43   85   182   35         35  
Total capital expenditures and investments 3,391   3,705   4,185   4,256   15,537   3,895         3,895  
 
Joint venture acquisition obligation (principal) - Canada* 189   192   194   197   772   -         -  
Total Capital Program 3,580   3,897   4,379   4,453   16,309   3,895         3,895  
Capital Program for Algeria, Nigeria and Kashagan: 189 190 161 69 609 22 22
*Excludes $2,810 million prepayment in the fourth quarter of 2013.
4 of 8
2013

 

2014  
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 1,555 1,510 1,470 1,473 1,502 1,532 1,532
Discontinued operations (Algeria and Nigeria) 41   42 44 45 43 36         36  
Total, including equity affiliates 1,596   1,552 1,514 1,518 1,545 1,568         1,568  
 
Crude Oil (MBD)
Consolidated operations 606 565 532 543 562 581 581
Equity affiliates 20   20 20 17 19 18         18  
Total continuing operations 626   585 552 560 581 599         599  
Discontinued operations (Algeria and Nigeria) 20   18 19 15 18 8         8  
Total 646   603 571 575 599 607         607  
Over (under) lifting of crude oil (MBD)* (9 ) 4 19 11 6 (16 )       (16 )
*Includes continuing and discontinued operations.
 
NGL (MBD)
Consolidated operations 151 150 148 144 149 152 152
Equity affiliates 8   8 8 6 7 7         7  
Total continuing operations 159   158 156 150 156 159         159  
Discontinued operations (Nigeria) 3   3 4 4 3 3         3  
Total 162   161 160 154 159 162         162  
 
Bitumen (MBD)
Consolidated operations 13 12 13 13 13 13 13
Equity affiliates 96   88 94 106 96 111         111  
Total 109   100 107 119 109 124         124  
 
Natural Gas (MMCFD)
Consolidated operations 3,479 3,505 3,423 3,427 3,458 3,432 3,432
Equity affiliates 483   493 507 439 481 469         469  
Total continuing operations 3,962   3,998 3,930 3,866 3,939 3,901         3,901  
Discontinued operations (Nigeria) 110   128 125 155 129 149         149  
Total 4,072   4,126 4,055 4,021 4,068 4,050         4,050  
 
Industry Prices
Crude Oil ($/BBL)
WTI 94.29 94.12 105.80 97.38 97.90 98.75 98.75
WCS 62.41 75.06 88.35 65.26 72.77 75.55 75.55
Brent dated 112.55 102.44 110.32 109.27 108.65 108.22 108.22
JCC 114.19 113.07 107.36 107.94 110.64 112.78 112.78
Natural Gas ($/MMBTU)
Henry Hub first of month 3.34   4.10 3.58 3.60 3.65 4.94         4.94  
 
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 106.17 100.31 106.85 100.67 103.50 101.71 101.71
Equity affiliates 100.27   93.41 99.41 98.81 97.92 97.83         97.83  
Total continuing operations 105.97   100.07 106.60 100.61 103.32 101.59         101.59  
Discontinued operations (Algeria and Nigeria) 112.62   103.45 110.28 110.29 109.72 108.81         108.81  
Total 106.20   100.14 106.74 100.83 103.51 101.69         101.69  
 
NGL ($/BBL)
Consolidated operations 40.87 36.21 39.44 41.89 39.60 44.86 44.86
Equity affiliates 77.32   64.63 69.90 83.05 73.31 79.91         79.91  
Total continuing operations 42.95   37.80 41.14 43.82 41.42 46.52         46.52  
Discontinued operations (Nigeria) 12.30   13.13 15.76 16.13 14.58 12.99         12.99  
Total 42.41   37.24 40.47 43.07 40.79 45.85         45.85  
 
Bitumen ($/BBL)
Consolidated operations 36.78 59.67 76.90 44.73 55.25 61.69 61.69
Equity affiliates 39.52   55.13 75.93 43.64 53.00 55.85         55.85  
Total 39.23   55.69 76.06 43.76 53.27 56.47         56.47  
 
Natural Gas ($/MCF)
Consolidated operations 5.75 5.88 5.49 5.73 5.71 7.15 7.15
Equity affiliates 9.36   8.84 9.35 8.29 8.98 10.43         10.43  
Total continuing operations 6.19   6.25 5.99 6.02 6.11 7.55         7.55  
Discontinued operations (Nigeria) 2.54   2.98 2.58 2.36 2.60 2.69         2.69  
Total 6.09   6.15 5.88 5.88 6.00 7.37         7.37  
 
 
Exploration Expenses ($ Millions)
Dry holes 4 98 101 65 268 23 23
Leasehold impairment 32   78 32 33 175 46         46  
Total noncash expenses 36 176 133 98 443 69 69
Other (G&A, G&G and lease rentals) 241   145 180 223 789 227         227  
Total exploration expenses 277   321 313 321 1,232 296         296  
 
U.S. exploration expenses 152   196 165 178 691 150         150  
International exploration expenses 125   125 148 143 541 146         146  
 
DD&A ($ Millions)
Alaska 135 135 124 136 530 132 132
Lower 48 and Latin America 744 785 880 836 3,245 829 829
Canada 343 345 330 297 1,315 232 232
Europe 261 234 234 304 1,033 404 404
Asia Pacific and Middle East 293 298 303 291 1,185 268 268
Other International 11 12 5 2 30 1 1
Corporate and Other 20   23 26 27 96 26         26  
Total DD&A 1,807   1,832 1,902 1,893 7,434 1,892         1,892  
5 of 8
2013

 

2014
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
PRODUCTION
 
 
Crude Oil (MBD)
Alaska 190 176 161 182 178 175 175
Lower 48 148 147 153 158 152 171 171
Canada 14 14 13 12 13 13 13
Norway 100 78 94 95 92 96 96
United Kingdom 24 22 17 23 21 39       39
Europe 124 100 111 118 113 135       135
Australia/Timor-Leste 13 15 13 10 13 12 12
China 57 56 51 48 53 58 58
Indonesia 9 7 8 7 8 10 10
Malaysia 7 6 5 7 6 6 6
Equity affiliates 15 15 16 13 15 14       14
AP/ME 101 99 93 85 95 100       100
Libya 44 44 17 1 26 1 1
Equity affiliates 5 5 4 4 4 4       4
Other International 49 49 21 5 30 5       5
Total continuing operations 626 585 552 560 581 599       599
Discontinued operations (Algeria and Nigeria) 20 18 19 15 18 8       8
Total 646 603 571 575 599 607       607
 
NGL (MBD)
Alaska 18 15 11 16 15 16 16
Lower 48 87 91 94 90 91 91 91
Canada 26 25 25 23 25 25 25
Norway 3 2 3 3 3 2 2
United Kingdom 3 3 2 3 3 5       5
Europe 6 5 5 6 6 7       7
Australia/Timor-Leste 10 10 9 7 9 8 8
Indonesia 4 4 4 2 3 5 5
Equity affiliates 8 8 8 6 7 7       7
AP/ME 22 22 21 15 19 20       20
Total continuing operations 159 158 156 150 156 159       159
Discontinued operations (Nigeria) 3 3 4 4 3 3       3
Total 162 161 160 154 159 162       162
 
Bitumen (MBD)
Consolidated operations 13 12 13 13 13 13 13
Equity affiliates 96 88 94 106 96 111       111
Total 109 100 107 119 109 124       124
 
Natural Gas (MMCFD)
Alaska 56 38 35 43 43 55 55
Lower 48 1,441 1,516 1,511 1,493 1,490 1,468 1,468
Canada 806 788 775 731 775 707 707
Norway 161 119 130 163 143 157 157
United Kingdom 300 290 227 277 273 315       315
Europe 461 409 357 440 416 472       472
Australia/Timor-Leste 251 272 268 255 262 263 263
China 4 6 4 4 4 3 3
Indonesia 428 447 439 452 442 457 457
Malaysia 1 1 1 1 1 3 3
Equity affiliates 483 493 507 439 481 469       469
AP/ME 1,167 1,219 1,219 1,151 1,190 1,195       1,195
Libya 31 28 33 8 25 4       4
Other International 31 28 33 8 25 4       4
Total continuing operations 3,962 3,998 3,930 3,866 3,939 3,901       3,901
Discontinued operations (Nigeria) 110 128 125 155 129 149       149
Total 4,072 4,126 4,055 4,021 4,068 4,050       4,050
 
Total (MBOED)
Alaska 218 197 178 205 200 200 200
Lower 48 475 491 499 497 491 507 507
Consolidated operations 187 183 180 170 180 169 169
Equity affiliates 96 88 94 106 96   111       111
Canada 283 271 274 276 276   280       280
Norway 130 100 119 125 119 124 124
United Kingdom 77 73 57 72 70 96       96
Europe 207 173 176 197 189 220       220
Australia/Timor-Leste 65 70 67 60 65 64 64
China 58 57 52 49 54 59 59
Indonesia 84 86 85 84 85 91 91
Malaysia 7 6 5 7 6 6 6
Equity affiliates 104 105 108 92 102 99       99
AP/ME 318 324 317 292 312 319       319
Libya 49 49 22 2 30 2 2
Equity affiliates 5 5 4 4 4 4       4
Other International 54 54 26 6 34 6       6
Total continuing operations 1,555 1,510 1,470 1,473 1,502 1,532       1,532
Discontinued operations (Algeria and Nigeria) 41 42 44 45 43 36       36
Total 1,596 1,552 1,514 1,518 1,545 1,568       1,568
6 of 8
2013   2014
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 110.79 106.09 110.95 104.04 107.83 106.39 106.39
Lower 48 93.69 93.56 100.25 87.81 93.79 91.52 91.52
Canada 72.85 81.09 91.81 72.86 79.73 80.32 80.32
Norway 114.75 103.21 112.50 111.59 111.32 109.69 109.69
United Kingdom 111.07 101.67 110.62 108.94 107.57 107.37       107.37
Europe 114.11 102.74 112.28 110.96 110.56 109.05       109.05
Australia/Timor-Leste 107.76 97.11 103.84 107.26 104.17 106.36 106.36
China 110.91 98.58 106.36 106.17 105.50 105.62 105.62
Indonesia 93.32 83.15 93.35 95.66 91.37 92.82 92.82
Malaysia 119.87 108.67 114.90 118.29 115.44 115.35       115.35
AP/ME 109.35 97.77 105.43 106.43 104.78 104.92       104.92
Libya 112.18 102.82 107.49 - 107.21 -       -
Other International 112.18 102.82 107.49 - 107.21 -       -
Total consolidated operations 106.17 100.31 106.85 100.67 103.50 101.71       101.71
Equity affiliates 100.27 93.41 99.41 98.81 97.92 97.83       97.83
Total continuing operations 105.97 100.07 106.60 100.61 103.32 101.59       101.59
Discontinued operations (Algeria and Nigeria) 112.62 103.45 110.28 110.29 109.72 108.81       108.81
Total 106.20 100.14 106.74 100.83 103.51 101.69       101.69
 
NGL ($/BBL)
Consolidated operations
Lower 48 29.58 29.30 32.57 34.33 31.48 36.06 36.06
Canada 50.15 44.08 46.90 47.57 47.19 56.13 56.13
Norway 59.77 52.15 56.29 64.13 59.08 52.95 52.95
United Kingdom 60.61 46.32 58.58 61.69 57.48 64.99       64.99
Europe 60.10 49.29 57.36 63.01 58.36 60.48       60.48
Australia/Timor-Leste 77.42 67.48 71.92 81.14 74.79 78.51 78.51
Indonesia 78.10 64.58 69.97 72.47 71.23 82.11       82.11
AP/ME 77.59 66.54 71.35 79.29 73.82 80.07       80.07
Total consolidated operations 40.87 36.21 39.44 41.89 39.60 44.86       44.86
Equity affiliates 77.32 64.63 69.90 83.05 73.31 79.91       79.91
Total continuing operations 42.95 37.80 41.14 43.82 41.42 46.52       46.52
Discontinued operations (Nigeria) 12.30 13.13 15.76 16.13 14.58 12.99       12.99
Total 42.41 37.24 40.47 43.07 40.79 45.85       45.85
 
Bitumen ($/BBL)
Consolidated operations 36.78 59.67 76.90 44.73 55.25 61.69 61.69
Equity affiliates 39.52 55.13 75.93 43.64 53.00 55.85       55.85
Total 39.23 55.69 76.06 43.76 53.27 56.47       56.47
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 5.20 4.03 4.09 3.74 4.35 5.22 5.22
Lower 48 3.19 3.85 3.39 3.55 3.50 5.08 5.08
Canada 2.89 3.28 2.42 3.09 2.92 5.81 5.81
Norway 10.69 10.42 11.11 11.24 10.89 11.16 11.16
United Kingdom 10.87 10.19 10.12 11.04 10.58 10.83       10.83
Europe 10.81 10.26 10.48 11.11 10.68 10.94       10.94
Australia/Timor-Leste* 1.10 1.11 1.81 1.09 1.28 1.09 1.09
China 2.50 2.52 2.54 3.30 2.70 1.66 1.66
Indonesia 11.57 10.56 11.01 10.04 10.78 10.24       10.24
AP/ME 11.20 10.62 10.81 9.83 10.61 10.32       10.32
Libya 4.86 4.65 5.92 7.37 5.38 6.65       6.65
Other International 4.86 4.65 5.92 7.37 5.38 6.65       6.65
Total consolidated operations 5.75 5.88 5.49 5.73 5.71 7.15       7.15
Equity affiliates 9.36 8.84 9.35 8.29 8.98 10.43       10.43
Total continuing operations 6.19 6.25 5.99 6.02 6.11 7.55       7.55
Discontinued operations (Nigeria) 2.54 2.98 2.58 2.36 2.60 2.69       2.69
Total 6.09 6.15 5.88 5.88 6.00 7.37       7.37
*Excludes transfers to Darwin LNG plant.
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2013  

 

2014  
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) (162 ) (173 ) (234 ) (251 ) (820 ) (235 )       (235 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense (108 ) (127 ) (124 ) (171 ) (530 ) (163 ) (163 )
Corporate G&A expenses (27 ) (43 ) (77 ) (66 ) (213 ) (31 ) (31 )
Technology* (8 ) 41 (26 ) (13 ) (6 ) (28 ) (28 )
Other (19 ) (44 ) (7 ) (1 ) (71 ) (13 )       (13 )
Total (162 ) (173 ) (234 ) (251 ) (820 ) (235 )       (235 )
*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 (287 ) (303 ) (303 ) (306 ) (1,199 ) (291 ) (291 )
Capitalized interest 179 186 172 130 667 120 120
Interest revenue 10   28   10   12   60   9         9  
Total (98 ) (89 ) (121 ) (164 ) (472 ) (162 )       (162 )
 
Debt
Total debt ($ Millions) 21,670 21,721 21,668 21,662 21,662 21,206 21,206
Debt-to-capital ratio (%) 31 % 31 % 30 % 29 % 29 % 28 %       28 %
 
Equity ($ Millions) 49,240   48,932   51,537   52,492   52,492   53,621         53,621  
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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