CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPS	a52167333ex99_1.htm
8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPS	a52167333.htm

Exhibit 99.2

Fourth-Quarter 2019 Detailed Supplemental Information

	2018															2019
	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		8,798			8,504			9,449			9,666			36,417			9,150			7,953			7,756			7,708			32,567
Equity in earnings of affiliates		208			265			294			307			1,074			188			173			290			128			779
Gain on dispositions		7			55			113			888			1,063			17			82			1,785			82			1,966
Other income (loss)		(52	)		416			309			(500	)		173			702			172			262			222			1,358
Total Revenues and Other Income		8,961			9,240			10,165			10,361			38,727			10,057			8,380			10,093			8,140			36,670

Costs and Expenses
Purchased commodities		3,714			3,064			3,530			3,986			14,294			3,675			2,674			2,710			2,783			11,842
Production and operating expenses		1,171			1,313			1,367			1,362			5,213			1,271			1,418			1,331			1,302			5,322
Selling, general and administrative expenses		99			118			119			65			401			153			129			87			187			556
Exploration expenses		95			69			103			102			369			110			122			360			151			743
Depreciation, depletion and amortization		1,412			1,438			1,494			1,612			5,956			1,546			1,490			1,566			1,488			6,090
Impairments		12			(35	)		44			6			27			1			1			24			379			405
Taxes other than income taxes		183			273			312			280			1,048			275			194			237			247			953
Accretion on discounted liabilities		88			89			89			87			353			86			87			86			67			326
Interest and debt expense		184			177			186			188			735			233			165			184			196			778
Foreign currency transaction (gains) losses		30			(28	)		5			(24	)		(17	)		12			28			(21	)		47			66
Other expenses		197			143			10			25			375			8			14			36			7			65
Total Costs and Expenses		7,185			6,621			7,259			7,689			28,754			7,370			6,322			6,600			6,854			27,146
Income before income taxes		1,776			2,619			2,906			2,672			9,973			2,687			2,058			3,493			1,286			9,524
Income tax provision		876			965			1,033			794			3,668			841			461			422			543			2,267
Net Income		900			1,654			1,873			1,878			6,305			1,846			1,597			3,071			743			7,257
Less: net income attributable to noncontrolling interests		(12	)		(14	)		(12	)		(10	)		(48	)		(13	)		(17	)		(15	)		(23	)		(68	)
Net Income Attributable to ConocoPhillips		888			1,640			1,861			1,868			6,257			1,833			1,580			3,056			720			7,189


Net Income Attributable to ConocoPhillips Per Share of Common Stock (dollars)
Basic		0.75			1.40			1.60			1.62			5.36			1.61			1.40			2.76			0.66			6.43
Diluted		0.75			1.39			1.59			1.61			5.32			1.60			1.40			2.74			0.65			6.40

Average Common Shares Outstanding (in thousands)*
Basic		1,179,792			1,172,378			1,163,033			1,151,148			1,166,499			1,139,463			1,125,995			1,108,555			1,095,606			1,117,260
Diluted		1,186,454			1,181,167			1,172,694			1,159,305			1,175,538			1,146,515			1,131,242			1,113,250			1,099,786			1,123,536
*Ending Common Shares Outstanding is 1,084,868 as of Dec. 31, 2019, compared with 1,097,269 as of Sep. 30, 2019.


INCOME (LOSS) BEFORE INCOME TAXES

Alaska		654			531			535			470			2,190			505			580			417			491			1,993

Lower 48		398			523			660			640			2,221			261			269			35			9			574

Canada		(105	)		47			49			(24	)		(33	)		73			100			69			(6	)		236

Europe and North Africa		771			862			811			1,687			4,131			709			602			2,345			502			4,158

Asia Pacific and Middle East		653			629			815			743			2,840			730			642			606			509			2,487

Other International		(10	)		(2	)		334			72			394			130			87			75			(21	)		271

Corporate and Other		(585	)		29			(298	)		(916	)		(1,770	)		279			(222	)		(54	)		(198	)		(195	)

Consolidated		1,776			2,619			2,906			2,672			9,973			2,687			2,058			3,493			1,286			9,524




EFFECTIVE INCOME TAX RATES

Alaska*		19.9	%		21.4	%		20.1	%		5.4	%		17.2	%		23.9	%		20.5	%		26.6	%		24.7	%		23.7	%

Lower 48		22.6	%		21.7	%		22.2	%		19.3	%		21.3	%		26.2	%		23.1	%		27.7	%		-32.5	%		24.0	%

Canada		38.4	%		29.7	%		31.2	%		361.3	%		291.3	%		-66.4	%		-1.0	%		26.1	%		196.6	%		-18.3	%

Europe and North Africa		68.3	%		66.3	%		70.3	%		35.4	%		54.8	%		70.8	%		32.4	%		14.6	%		78.4	%		34.5	%

Asia Pacific and Middle East		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%		26.2	%		17.1	%		-3.8	%		41.8	%		19.7	%

Other International		-336.7	%		-102.3	%		5.4	%		-33.5	%		7.6	%		-1.3	%		6.6	%		4.4	%		-0.8	%		2.8	%

Corporate and Other		7.5	%		5.3	%		17.3	%		0.9	%		5.8	%		3.0	%		13.3	%		74.3	%		86.6	%		119.4	%

Consolidated		49.3	%		36.8	%		35.5	%		29.7	%		36.8	%		31.3	%		22.4	%		12.1	%		42.2	%		23.8	%
*Alaska including taxes other than income taxes.		22.4	%		36.1	%		37.1	%		24.9	%		30.3	%		38.1	%		25.8	%		40.6	%		38.2	%		35.4	%

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
EARNINGS BY SEGMENT

Alaska		524			418			427			445			1,814			384			462			306			368			1,520

Lower 48		308			410			513			516			1,747			193			206			26			11			436

Canada		(65	)		33			34			61			63			122			100			51			6			279

Europe and North Africa		245			290			241			1,090			1,866			207			407			2,001			109			2,724

Asia Pacific and Middle East		461			466			577			566			2,070			525			517			613			274			1,929

Other International		(44	)		(5	)		316			97			364			131			81			73			(22	)		263

Corporate and Other		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)		(14	)		(26	)		38

Consolidated		888			1,640			1,861			1,868			6,257			1,833			1,580			3,056			720			7,189





SPECIAL ITEMS

Alaska		79			-			-			98			177			-			81			(6	)		4			79

Lower 48		(8	)		-			(37	)		106			61			(47	)		(125	)		(110	)		(230	)		(512	)

Canada		-			36			32			80			148			68			66			-			-			134

Europe and North Africa		-			32			-			805			837			-			234			1,845			(7	)		2,072

Asia Pacific and Middle East		-			-			-			-			-			-			52			164			(151	)		65

Other International		(34	)		-			325			93			384			147			84			86			-			317

Corporate and Other		(285	)		281			(54	)		(623	)		(681	)		517			45			163			273			998

Consolidated		(248	)		349			266			559			926			685			437			2,142			(111	)		3,153
Detailed reconciliation of these items is provided on page 3.




ADJUSTED EARNINGS

Alaska		445			418			427			347			1,637			384			381			312			364			1,441

Lower 48		316			410			550			410			1,686			240			331			136			241			948

Canada		(65	)		(3	)		2			(19	)		(85	)		54			34			51			6			145

Europe and North Africa		245			258			241			285			1,029			207			173			156			116			652

Asia Pacific and Middle East		461			466			577			566			2,070			525			465			449			425			1,864

Other International		(10	)		(5	)		(9	)		4			(20	)		(16	)		(3	)		(13	)		(22	)		(54	)

Corporate and Other		(256	)		(253	)		(193	)		(284	)		(986	)		(246	)		(238	)		(177	)		(299	)		(960	)

Consolidated		1,136			1,291			1,595			1,309			5,331			1,148			1,143			914			831			4,036





ADJUSTED EFFECTIVE INCOME TAX RATES

Alaska		19.5	%		21.4	%		20.1	%		26.2	%		21.7	%		23.9	%		25.6	%		25.2	%		25.4	%		25.0	%

Lower 48		22.5	%		21.7	%		22.3	%		19.1	%		21.4	%		25.3	%		23.0	%		23.1	%		20.5	%		23.0	%

Canada		38.4	%		-1.5	%		61.1	%		20.3	%		33.6	%		26.7	%		20.8	%		26.1	%		196.6	%		19.5	%

Europe and North Africa		68.3	%		68.1	%		70.3	%		69.0	%		68.9	%		70.8	%		71.3	%		73.4	%		77.7	%		73.0	%

Asia Pacific and Middle East		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%		26.2	%		24.6	%		23.3	%		28.9	%		25.8	%

Other International		0.7	%		-102.3	%		17.2	%		130.6	%		44.9	%		9.6	%		-32.9	%		-2.7	%		-0.8	%		0.7	%

Corporate and Other		13.8	%		5.8	%		11.3	%		-8.2	%		5.7	%		14.8	%		12.7	%		23.3	%		4.8	%		13.2	%

Consolidated		41.8	%		41.2	%		39.2	%		43.6	%		41.4	%		42.9	%		40.5	%		42.5	%		46.6	%		43.0	%

	2018															2019
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
DETAILED SPECIAL ITEMS

Alaska
Pending claims and settlements		101			-			-			-			101			-			69			-			-			69
Subtotal before income taxes		101			-			-			-			101			-			69			-			-			69
Income tax provision (benefit)¹		22			-			-			(98	)		(76	)		-			(12	)		6			(4	)		(10	)
Total		79			-			-			98			177			-			81			(6	)		4			79

Lower 48
Restructuring		-			-			(20	)		(3	)		(23	)		-			-			-			-			-
Impairments		(10	)		-			(43	)		-			(53	)		(60	)		(95	)		(141	)		(386	)		(682	)
Gain (loss) on asset sales		-			-			56			136			192			-			-			-			82			82
Pending claims and settlements		-			-			(41	)		-			(41	)		-			(67	)		-			9			(58	)
Subtotal before income taxes		(10	)		-			(48	)		133			75			(60	)		(162	)		(141	)		(295	)		(658	)
Income tax provision (benefit)¹		(2	)		-			(11	)		27			14			(13	)		(37	)		(31	)		(65	)		(146	)
Total		(8	)		-			(37	)		106			61			(47	)		(125	)		(110	)		(230	)		(512	)

Canada
Gain (loss) on asset sales		-			50			45			-			95			-			56			-			-			56
Subtotal before income taxes		-			50			45			-			95			-			56			-			-			56
Income tax provision (benefit)²		-			14			13			(80	)		(53	)		(68	)		(10	)		-			-			(78	)
Total		-			36			32			80			148			68			66			-			-			134

Europe and North Africa
Impairments		-			53			-			52			105			-			-			-			-			-
Gain (loss) on asset sales		-			-			-			715			715			-			-			1,752			(15	)		1,737
Subtotal before income taxes		-			53			-			767			820			-			-			1,752			(15	)		1,737
Income tax provision (benefit)³		-			21			-			(38	)		(17	)		-			(234	)		(93	)		(8	)		(335	)
Total		-			32			-			805			837			-			234			1,845			(7	)		2,072

Asia Pacific and Middle East
Gain (loss) on asset sales		-			-			-			-			-			-			5			-			-			5
Qatar deferred tax adjustment		-			-			-			-			-			-			-			-			(118	)		(118	)
Pending claims and settlements		-			-			-			-			-			-			-			-			(2	)		(2	)
Subtotal before income taxes		-			-			-			-			-			-			5			-			(120	)		(115	)
Income tax provision (benefit)⁴		-			-			-			-			-			-			(47	)		(164	)		31			(180	)
Total		-			-			-			-			-			-			52			164			(151	)		65

Other International
Pending claims and settlements		-			-			345			85			430			147			89			89			-			325
Subtotal before income taxes		-			-			345			85			430			147			89			89			-			325
Income tax provision (benefit)⁵		34			-			20			(8	)		46			-			5			3			-			8
Total		(34	)		-			325			93			384			147			84			86			-			317

Corporate and Other
Pension settlement expense		-			(147	)		(14	)		(35	)		(196	)		-			-			(37	)		(8	)		(45	)
Pending claims and settlements		34			-			(18	)		-			16			(17	)		44			34			(17	)		44
Premiums on early debt retirement		(206	)		(2	)		-			-			(208	)		-			-			-			-			-
Unrealized gain (loss) on CVE common shares		(123	)		383			(73	)		(624	)		(437	)		343			30			116			160			649
Unrealized gain (loss) on CAD FX derivative		7			4			(3	)		6			14			(6	)		(24	)		15			(18	)		(33	)
Recognition of deferred revenue		-			60			44			-			104			248			-			49			-			297
Restructuring		-			-			(17	)		-			(17	)		-			-			-			-			-
Subtotal before income taxes		(288	)		298			(81	)		(653	)		(724	)		568			50			177			117			912
Income tax provision (benefit)⁶		(3	)		17			(27	)		(30	)		(43	)		51			5			14			(156	)		(86	)
Total		(285	)		281			(54	)		(623	)		(681	)		517			45			163			273			998

Total Company		(248	)		349			266			559			926			685			437			2,142			(111	)		3,153
¹Includes deferred tax adjustment in 4Q 2018 and 2Q 2019 in Alaska and in 4Q 2018 in Lower 48.
²Includes deferred tax adjustment in 4Q 2018 and 1Q 2019, and a tax rate change in 2Q 2019 in Canada.
³Includes tax adjustment in 2Q 2019 and 3Q 2019 related to the U.K. disposition.
⁴Includes tax adjustment in 2Q 2019 related to the Greater Sunrise Fields disposition and in 3Q 2019 for Malaysia Deepwater tax incentives.
⁵Includes 1Q 2018 Nigeria tax settlement.
⁶Includes deferred tax adjustment related to foreign tax credits in 4Q 2019.

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
CONSOLIDATED BALANCE SHEET

Assets
Cash and cash equivalents		4,984			3,234			3,716			5,915			5,915			6,218			5,941			7,193			5,088			5,088
Short-term investments		288			612			875			248			248			249			732			908			3,028			3,028
Accounts and notes receivable		4,032			3,750			4,319			3,920			3,920			3,701			3,490			3,478			3,267			3,267
Accounts and notes receivable—related parties		160			180			180			147			147			168			161			138			134			134
Investment in Cenovus Energy		1,776			2,159			2,086			1,462			1,462			1,805			1,835			1,951			2,111			2,111
Inventories		1,053			1,093			1,239			1,007			1,007			1,014			1,089			955			1,026			1,026
Prepaid expenses and other current assets		894			580			2,308			575			575			528			2,552			594			2,259			2,259
Total Current Assets		13,187			11,608			14,723			13,274			13,274			13,683			15,800			15,217			16,913			16,913
Investments and long-term receivables		9,572			9,435			9,553			9,329			9,329			9,302			8,748			8,916			8,687			8,687
Loans and advances—related parties		399			399			335			335			335			268			268			219			219			219
Net properties, plants and equipment		45,997			46,306			44,736			45,698			45,698			45,942			44,334			43,814			42,269			42,269
Other assets		1,572			1,188			1,209			1,344			1,344			2,303			2,111			2,174			2,426			2,426
Total Assets		70,727			68,936			70,556			69,980			69,980			71,498			71,261			70,340			70,514			70,514

Liabilities
Accounts payable		3,824			3,642			3,887			3,863			3,863			3,815			3,618			3,148			3,176			3,176
Accounts payable—related parties		62			24			31			32			32			31			17			23			24			24
Short-term debt		337			89			95			112			112			113			114			121			105			105
Accrued income and other taxes		1,341			1,301			1,582			1,320			1,320			1,539			1,213			1,077			1,030			1,030
Employee benefit obligations		408			511			626			809			809			470			529			543			663			663
Other accruals		1,137			1,071			1,180			1,259			1,259			1,402			3,505			1,030			2,045			2,045
Total Current Liabilities		7,109			6,638			7,401			7,395			7,395			7,370			8,996			5,942			7,043			7,043
Long-term debt		16,709			14,885			14,902			14,856			14,856			14,832			14,809			14,799			14,790			14,790
Asset retirement obligations and accrued environmental costs		7,789			7,665			7,554			7,688			7,688			7,730			5,996			6,087			5,352			5,352
Deferred income taxes		5,409			5,534			5,535			5,021			5,021			5,043			4,825			4,693			4,634			4,634
Employee benefit obligations		1,832			1,774			1,755			1,764			1,764			1,704			1,689			1,786			1,781			1,781
Other liabilities and deferred credits		1,161			1,218			1,330			1,192			1,192			1,838			1,872			1,794			1,864			1,864
Total Liabilities		40,009			37,714			38,477			37,916			37,916			38,517			38,187			35,101			35,464			35,464

Equity
Common stock issued
Par value		18			18			18			18			18			18			18			18			18			18
Capital in excess of par		46,642			46,746			46,858			46,879			46,879			46,877			46,922			46,954			46,983			46,983
Treasury stock		(40,406	)		(41,052	)		(41,979	)		(42,905	)		(42,905	)		(43,656	)		(44,906	)		(45,656	)		(46,405	)		(46,405	)
Accumulated other comprehensive income (loss)		(5,371	)		(5,637	)		(5,442	)		(6,063	)		(6,063	)		(5,914	)		(5,827	)		(5,654	)		(5,357	)		(5,357	)
Retained earnings		29,663			30,967			32,495			34,010			34,010			35,534			36,769			39,484			39,742			39,742
Total Common Stockholders' Equity		30,546			31,042			31,950			31,939			31,939			32,859			32,976			35,146			34,981			34,981
Noncontrolling Interests		172			180			129			125			125			122			98			93			69			69
Total Equity		30,718			31,222			32,079			32,064			32,064			32,981			33,074			35,239			35,050			35,050
Total Liabilities and Equity		70,727			68,936			70,556			69,980			69,980			71,498			71,261			70,340			70,514			70,514

	2018															2019
	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 (loss)		900			1,654			1,873			1,878			6,305			1,846			1,597			3,071			743			7,257
Depreciation, depletion and amortization		1,412			1,438			1,494			1,612			5,956			1,546			1,490			1,566			1,488			6,090
Impairments		12			(35	)		44			6			27			1			1			24			379			405
Dry hole costs and leasehold impairments		20			16			28			31			95			27			41			293			60			421
Accretion on discounted liabilities		88			89			89			87			353			86			87			86			67			326
Deferred taxes		65			197			136			(115	)		283			(1	)		(220	)		(83	)		(140	)		(444	)
Undistributed equity earnings		(34	)		128			(105	)		163			152			24			338			(102	)		334			594
Gain on dispositions		(7	)		(55	)		(113	)		(888	)		(1,063	)		(17	)		(82	)		(1,785	)		(82	)		(1,966	)
Other		29			(267	)		15			414			191			(564	)		170			(426	)		(180	)		(1,000	)
Net working capital changes		(86	)		177			(51	)		595			635			(54	)		(531	)		(307	)		313			(579	)
Net Cash Provided by Operating Activities		2,399			3,342			3,410			3,783			12,934			2,894			2,891			2,337			2,982			11,104

Cash Flows from Investing Activities
Capital expenditures and investments		(1,535	)		(1,999	)		(1,599	)		(1,617	)		(6,750	)		(1,637	)		(1,729	)		(1,675	)		(1,595	)		(6,636	)
Working capital changes associated with investing activities		28			(120	)		35			(11	)		(68	)		107			(83	)		(7	)		(120	)		(103	)
Proceeds from asset dispositions		169			139			86			688			1,082			142			559			2,219			92			3,012
Net sales (purchases) of investments		1,593			(336	)		(261	)		624			1,620			(1	)		(484	)		(180	)		(2,245	)		(2,910	)
Long-term collections from (advances to)
related parties and other investments		(333	)		367			101			138			273			(88	)		276			(207	)		38			19
Net Cash Provided by (Used in) Investing Activities		(78	)		(1,949	)		(1,638	)		(178	)		(3,843	)		(1,477	)		(1,461	)		150			(3,830	)		(6,618	)

Cash Flows from Financing Activities
Repayment of debt		(2,888	)		(2,064	)		(18	)		(25	)		(4,995	)		(19	)		(19	)		(21	)		(21	)		(80	)
Issuance of company common stock		(18	)		60			79			-			121			(38	)		2			(3	)		9			(30	)
Repurchase of company common stock		(500	)		(646	)		(927	)		(926	)		(2,999	)		(752	)		(1,250	)		(749	)		(749	)		(3,500	)
Dividends paid		(338	)		(337	)		(334	)		(354	)		(1,363	)		(350	)		(346	)		(341	)		(463	)		(1,500	)
Other		(32	)		(16	)		(63	)		(12	)		(123	)		(14	)		(41	)		(18	)		(46	)		(119	)
Net Cash Provided by (Used in) Financing Activities		(3,776	)		(3,003	)		(1,263	)		(1,317	)		(9,359	)		(1,173	)		(1,654	)		(1,132	)		(1,270	)		(5,229	)

Effect of Exchange Rate Changes		125			(139	)		(26	)		(77	)		(117	)		75			(49	)		(94	)		22			(46	)

Net Change in Cash, Cash Equivalents and Restricted Cash		(1,330	)		(1,749	)		483			2,211			(385	)		319			(273	)		1,261			(2,096	)		(789	)
Cash, cash equivalents and restricted cash at beginning of period		6,536			5,206			3,457			3,940			6,536			6,151			6,470			6,197			7,458			6,151
Cash, Cash Equivalents and Restricted Cash at End of Period		5,206			3,457			3,940			6,151			6,151			6,470			6,197			7,458			5,362			5,362



CAPITAL EXPENDITURES AND INVESTMENTS

Alaska		263			581			190			264			1,298			410			370			427			306			1,513

Lower 48		751			889			835			709			3,184			834			936			843			781			3,394

Canada		173			45			100			159			477			123			109			83			53			368

Europe and North Africa		216			246			216			199			877			157			182			198			171			708

Asia Pacific and Middle East		99			194			200			225			718			96			123			103			262			584

Other International		1			2			3			-			6			1			-			-			7			8

Corporate and Other		32			42			55			61			190			16			9			21			15			61
Total Capital Expenditures and Investments		1,535			1,999			1,599			1,617			6,750			1,637			1,729			1,675			1,595			6,636

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr			YTD
TOTAL SEGMENTS


Production
Total (MBOED)		1,269		1,249		1,261		1,357		1,283		1,361		1,332			1,366		1,334			1,348

Crude Oil (MBD)
Consolidated operations		621		610		622		705		639		703		688			696		681			692
Equity affiliates		15		14		13		12		14		12		14			14		14			13
Total		636		624		635		717		653		715		702			710		695			705
Over (under) lifting of crude oil (MBD)		15		9		28		11		16		8		(3	)		19		(2	)		6

NGL (MBD)
Consolidated operations		88		95		98		98		95		103		110			106		110			107
Equity affiliates		8		8		8		7		7		7		8			8		8			8
Total		96		103		106		105		102		110		118			114		118			115

Bitumen (MBD)
Consolidated operations		66		63		65		71		66		63		51			63		64			60
Equity affiliates		-		-		-		-		-		-		-			-		-			-
Total		66		63		65		71		66		63		51			63		64			60

Natural Gas (MMCFD)
Consolidated operations		1,775		1,700		1,707		1,793		1,743		1,852		1,704			1,795		1,661			1,753
Equity affiliates		1,053		1,054		1,025		992		1,031		988		1,064			1,076		1,080			1,052
Total		2,828		2,754		2,732		2,785		2,774		2,840		2,768			2,871		2,741			2,805

Industry Prices
Crude Oil ($/BBL)
WTI		62.88		67.99		69.71		59.09		64.92		54.87		59.80			56.44		56.98			57.02
WCS		38.60		48.72		47.47		19.64		38.61		42.58		49.13			44.18		41.15			44.26
Brent dated		66.76		74.35		75.27		67.76		71.04		63.20		68.82			61.94		63.22			64.30
JCC ($/BBL)		58.62		66.66		71.51		76.66		68.36		76.98		63.72			71.59		66.34			69.66
Natural Gas ($/MMBTU)
Henry Hub first of month		3.01		2.80		2.91		3.65		3.09		3.15		2.64			2.23		2.50			2.63


Average Realized Prices
Total ($/BBL)		50.49		54.32		57.71		53.00		53.88		50.59		50.50			47.07		47.01			48.78

Crude Oil ($/BBL)
Consolidated operations		65.47		70.42		72.97		63.74		68.03		59.45		64.90			59.56		60.14			60.98
Equity affiliates		66.50		76.11		76.62		70.73		72.49		59.53		63.98			59.91		61.58			61.32
Total		65.49		70.55		73.05		63.86		68.13		59.45		64.88			59.57		60.17			60.99

NGL ($/BBL)
Consolidated operations		26.68		28.57		33.80		26.61		29.03		22.74		19.97			14.33		18.26			18.73
Equity affiliates		43.99		43.60		49.71		45.48		45.69		38.19		41.72			30.18		37.28			36.70
Total		28.37		29.94		35.14		28.04		30.48		23.85		21.65			15.59		19.67			20.09

Bitumen ($/BBL)
Consolidated operations		14.06		32.38		34.15		11.65		22.29		33.15		37.20			32.54		24.58			31.72
Equity affiliates		-		-		-		-		-		-		-			-		-			-
Total		14.06		32.38		34.15		11.65		22.29		33.15		37.20			32.54		24.58			31.72

Natural Gas ($/MCF)
Consolidated operations		5.18		4.85		5.48		6.05		5.40		5.27		4.08			3.73		3.88			4.25
Equity affiliates		5.04		5.72		6.35		7.15		6.06		7.31		5.81			6.40		5.75			6.29
Total		5.13		5.18		5.81		6.46		5.65		6.00		4.76			4.74		4.62			5.03


Exploration Expenses ($ Millions)
Dry holes		15		1		12		11		39		10		16			139		35			200
Leasehold impairment		5		15		16		20		56		17		25			154		25			221
Total noncash expenses		20		16		28		31		95		27		41			293		60			421
Other (G&A, G&G and lease rentals)		75		53		75		71		274		83		81			67		91			322
Total exploration expenses		95		69		103		102		369		110		122			360		151			743

U.S. exploration expenses		66		49		59		58		232		75		70			319		60			524
International exploration expenses		29		20		44		44		137		35		52			41		91			219


DD&A ($ Millions)
Alaska		185		182		161		213		741		205		208			200		192			805
Lower 48		498		553		603		653		2,307		621		709			731		761			2,822
Canada		91		85		89		50		315		56		48			63		63			230
Europe and North Africa		285		275		281		278		1,119		273		173			222		218			886
Asia Pacific and Middle East		327		317		334		390		1,368		375		338			332		240			1,285
Other International		-		-		-		-		-		-		-			-		-			-
Corporate and Other		26		26		26		28		106		16		14			18		14			62
Total DD&A		1,412		1,438		1,494		1,612		5,956		1,546		1,490			1,566		1,488			6,090

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
PRODUCTION


Crude Oil (MBD)
Alaska		174		170		152		187		171		210		199		190		205		202
Lower 48		197		218		240		262		229		245		269		277		274		266
Canada		2		1		1		1		1		1		1		1		1		1
Norway		89		82		89		89		87		89		73		91		85		84
United Kingdom		29		23		23		29		26		25		20		19		-		16
Libya		40		34		33		39		36		38		37		39		39		38
Europe and North Africa		158		139		145		157		149		152		130		149		124		138
Australia/Timor-Leste		4		3		3		5		4		6		7		6		5		6
China		37		29		34		42		36		41		37		35		29		35
Indonesia		2		2		2		2		2		2		2		2		2		2
Malaysia		47		48		45		49		47		46		43		36		41		42
Equity affiliates		15		14		13		12		14		12		14		14		14		13
AP/ME		105		96		97		110		103		107		103		93		91		98
Total		636		624		635		717		653		715		702		710		695		705

NGL (MBD)
Alaska		16		14		12		16		14		17		17		11		16		15
Lower 48		60		70		73		71		69		74		82		84		85		81
Canada		-		-		2		-		1		-		1		-		-		-
Norway		4		4		4		3		4		4		3		4		5		4
United Kingdom		4		4		4		4		4		4		3		3		-		3
Europe and North Africa		8		8		8		7		8		8		6		7		5		7
Australia/Timor-Leste		4		3		3		4		3		4		4		4		4		4
Equity affiliates		8		8		8		7		7		7		8		8		8		8
AP/ME		12		11		11		11		10		11		12		12		12		12
Total		96		103		106		105		102		110		118		114		118		115

Bitumen (MBD)
Canada		66		63		65		71		66		63		51		63		64		60
Total		66		63		65		71		66		63		51		63		64		60

Natural Gas (MMCFD)
Alaska		7		6		5		7		6		8		7		6		8		7
Lower 48		568		593		608		616		596		568		593		649		677		622
Canada		13		14		12		9		12		7		8		9		11		9
Norway		208		172		189		206		194		263		244		226		284		254
United Kingdom		309		309		238		270		281		310		247		218		-		193
Libya		31		26		25		31		28		31		27		29		36		31
Europe and North Africa		548		507		452		507		503		604		518		473		320		478
Australia/Timor-Leste		295		241		289		276		275		273		202		222		203		225
Indonesia		307		305		316		307		309		311		314		324		333		321
Malaysia		37		34		25		71		42		81		62		112		109		91
Equity affiliates		1,053		1,054		1,025		992		1,031		988		1,064		1,076		1,080		1,052
AP/ME		1,692		1,634		1,655		1,646		1,657		1,653		1,642		1,734		1,725		1,689
Total		2,828		2,754		2,732		2,785		2,774		2,840		2,768		2,871		2,741		2,805

Total (MBOED)
Alaska		191		185		165		204		186		228		217		202		222		218
Lower 48		352		387		414		436		397		414		450		469		472		451
Canada		70		67		70		74		70		65		54		66		67		63
Norway		128		114		125		126		123		137		117		133		137		131
United Kingdom		85		78		67		78		77		80		64		58		-		50
Libya		45		38		37		44		41		43		42		44		45		43
Europe and North Africa		258		230		229		248		241		260		223		235		182		224
Australia/Timor-Leste		57		46		54		55		53		56		45		47		43		48
China		37		29		34		42		36		41		37		35		29		35
Indonesia		53		53		54		53		53		54		54		56		58		56
Malaysia		53		54		49		61		54		60		53		55		59		57
Equity affiliates		198		198		192		184		193		183		199		201		202		196
AP/ME		398		380		383		395		389		394		388		394		391		392
Total		1,269		1,249		1,261		1,357		1,283		1,361		1,332		1,366		1,334		1,348

	2018										2019
	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		68.31		72.49		76.47		66.58		70.86		62.81		67.57		62.78		63.43		64.12
Lower 48		61.99		65.79		67.73		57.08		62.99		53.15		59.17		54.38		54.34		55.30
Canada		-		-		-		-		48.73		-		-		-		-		40.87
Norway		65.84		73.13		77.74		70.19		71.61		63.16		70.09		64.00		64.25		65.19
United Kingdom		64.27		70.97		76.51		66.56		69.00		59.74		69.22		63.32		-		64.68
Libya		65.90		72.86		73.42		68.30		69.83		63.22		68.95		62.30		63.95		64.47
Europe and North Africa		65.57		72.65		76.54		68.97		70.71		62.83		69.65		63.47		64.15		64.94
Australia/Timor-Leste		70.71		72.25		71.12		68.88		70.70		59.39		62.22		57.02		58.32		59.29
China		62.49		69.51		70.71		62.37		65.94		59.23		65.40		59.07		63.17		61.26
Indonesia		58.60		49.93		55.16		50.54		53.34		47.07		51.62		48.79		50.35		49.55
Malaysia		70.42		78.42		79.32		73.50		75.33		67.33		73.99		66.26		69.74		69.45
AP/ME		67.07		74.88		74.78		67.76		70.93		62.94		69.78		62.01		65.90		65.02
Total consolidated operations		65.47		70.42		72.97		63.74		68.03		59.45		64.90		59.56		60.14		60.98
Equity affiliates		66.50		76.11		76.62		70.73		72.49		59.53		63.98		59.91		61.58		61.32
Total		65.49		70.55		73.05		63.86		68.13		59.45		64.88		59.57		60.17		60.99

NGL ($/BBL)
Consolidated operations
Lower 48		24.57		26.71		32.17		25.13		27.30		20.66		17.91		13.04		16.27		16.83
Canada		-		-		-		-		43.70		-		-		-		-		19.87
Norway		32.58		41.12		35.57		33.23		35.56		33.37		29.42		24.38		32.42		30.67
United Kingdom		33.43		39.77		40.43		37.14		38.13		27.65		32.75		22.20		-		27.71
Europe and North Africa		32.98		40.35		38.80		34.75		36.87		31.15		32.00		23.20		32.42		29.37
Australia/Timor-Leste		44.36		44.23		52.30		42.66		47.20		40.13		39.97		30.13		37.20		37.85
AP/ME		44.36		44.23		52.30		42.66		47.20		40.13		39.97		30.13		37.20		37.85
Total consolidated operations		26.68		28.57		33.80		26.61		29.03		22.74		19.97		14.33		18.26		18.73
Equity affiliates		43.99		43.60		49.71		45.48		45.69		38.19		41.72		30.18		37.28		36.70
Total		28.37		29.94		35.14		28.04		30.48		23.85		21.65		15.59		19.67		20.09

Bitumen ($/BBL)
Canada*		14.06		32.38		34.15		11.65		22.29		33.15		37.20		32.54		24.58		31.72
Total		14.06		32.38		34.15		11.65		22.29		33.15		37.20		32.54		24.58		31.72

Natural Gas ($/MCF)
Consolidated operations
Alaska		2.51		2.51		2.52		2.41		2.48		3.42		3.19		3.01		3.09		3.19
Lower 48		2.76		2.34		2.80		3.35		2.82		2.74		2.10		1.80		1.92		2.12
Canada		-		-		-		-		1.00		-		-		-		-		0.49
Norway		7.32		7.19		8.23		8.57		7.87		6.39		4.31		3.37		4.61		4.72
United Kingdom		7.58		7.31		7.37		8.73		7.74		6.83		4.49		3.69		-		5.19
Libya		5.62		5.52		4.11		4.10		4.84		4.92		4.79		4.83		4.91		4.87
Europe and North Africa		7.38		7.19		7.62		8.42		7.65		6.55		4.42		3.60		4.63		4.92
Australia/Timor-Leste**		0.62		0.69		1.14		0.79		0.82		0.83		0.78		0.76		0.77		0.79
Indonesia		6.61		6.96		7.09		7.71		7.10		6.69		7.19		6.69		6.66		6.81
Malaysia		2.78		3.06		3.11		3.64		3.25		3.84		3.57		3.44		3.47		3.56
AP/ME		5.57		5.50		6.53		6.90		6.15		6.36		5.89		5.78		5.60		5.91
Total consolidated operations		5.18		4.85		5.48		6.05		5.40		5.27		4.08		3.73		3.88		4.25
Equity affiliates		5.04		5.72		6.35		7.15		6.06		7.31		5.81		6.40		5.75		6.29
Total		5.13		5.18		5.81		6.46		5.65		6.00		4.76		4.74		4.62		5.03
*Average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
**Excludes transfers to Darwin LNG plant.

	2018															2019
	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)		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)		(14	)		(26	)		38


Detail of Earnings (Loss) ($ Millions)
Net interest expense		(160	)		(174	)		(174	)		(172	)		(680	)		(196	)		(131	)		(123	)		(154	)		(604	)
Corporate G&A expenses		(50	)		(53	)		(36	)		48			(91	)		(65	)		(49	)		(34	)		(104	)		(252	)
Technology*		(10	)		63			64			(8	)		109			96			(10	)		43			(6	)		123
Other		(321	)		192			(101	)		(775	)		(1,005	)		436			(3	)		100			238			771
Total		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)		(14	)		(26	)		38
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.


Before-Tax Net Interest Expense ($ Millions)
Interest expense		(221	)		(222	)		(236	)		(226	)		(905	)		(243	)		(178	)		(200	)		(214	)		(835	)
Capitalized interest		37			45			50			38			170			10			13			16			18			57
Interest revenue		22			15			18			24			79			32			33			45			39			149
Total		(162	)		(162	)		(168	)		(164	)		(656	)		(201	)		(132	)		(139	)		(157	)		(629	)

Debt
Total debt ($ Millions)		17,046			14,974			14,997			14,968			14,968			14,945			14,923			14,920			14,895			14,895
Debt-to-capital ratio (%)		36%			32%			32%			32%			32%			31%			31%			30%			30%			30%

Equity ($ Millions)		30,718			31,222			32,079			32,064			32,064			32,981			33,074			35,239			35,050			35,050

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
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

Attached files

Stock widget

Investing forum

CONOCOPHILLIPS Reports

CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 4, 2020

Attached files

Stock widget

Investing forum

CONOCOPHILLIPS Reports