Attached files
file | filename |
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8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPS | a6807065.htm |
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPS | a6807065ex99_1.htm |
Exhibit 99.2
CONSOLIDATED INCOME STATEMENT | |||||||||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||||||||
2010 | 2011 | ||||||||||||||||||||||||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|||||||||||||||||||
Revenues and Other Income |
|||||||||||||||||||||||||||||
Sales and other operating revenues* | 44,821 | 45,686 | 47,208 | 51,726 | 189,441 | 56,530 | 65,627 | 122,157 | |||||||||||||||||||||
Equity in earnings of affiliates | 868 | 1,088 | 1,004 | 173 | 3,133 | 1,017 | 1,160 | 2,177 | |||||||||||||||||||||
Gain on dispositions** | 24 | 3,249 | 1,398 | 1,132 | 5,803 | 616 | 78 | 694 | |||||||||||||||||||||
Other income** | 49 | 104 | (61 | ) | 186 | 278 | 84 | 96 | 180 | ||||||||||||||||||||
Total Revenues and Other Income | 45,762 | 50,127 | 49,549 | 53,217 | 198,655 | 58,247 | 66,961 | 125,208 | |||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||||||||
Purchased crude oil, natural gas and products | 31,521 | 32,088 | 34,051 | 38,091 | 135,751 | 42,376 | 50,133 | 92,509 | |||||||||||||||||||||
Production and operating expenses | 2,527 | 2,619 | 2,583 | 2,906 | 10,635 | 2,628 | 2,606 | 5,234 | |||||||||||||||||||||
Selling, general and administrative expenses | 444 | 438 | 493 | 630 | 2,005 | 499 | 514 | 1,013 | |||||||||||||||||||||
Exploration expenses | 383 | 213 | 252 | 307 | 1,155 | 176 | 264 | 440 | |||||||||||||||||||||
Depreciation, depletion and amortization | 2,318 | 2,280 | 2,246 | 2,216 | 9,060 | 2,070 | 2,075 | 4,145 | |||||||||||||||||||||
Impairments | 91 | 1,532 | 59 | 98 | 1,780 | - | 2 | 2 | |||||||||||||||||||||
Taxes other than income taxes* | 4,037 | 4,247 | 4,227 | 4,282 | 16,793 | 4,364 | 4,830 | 9,194 | |||||||||||||||||||||
Accretion on discounted liabilities | 114 | 113 | 110 | 110 | 447 | 112 | 115 | 227 | |||||||||||||||||||||
Interest and debt expense | 301 | 349 | 264 | 273 | 1,187 | 262 | 247 | 509 | |||||||||||||||||||||
Foreign currency transaction (gains) losses | 36 | 54 | (10 | ) | 12 | 92 | (36 | ) | (17 | ) | (53 | ) | |||||||||||||||||
Total Costs and Expenses | 41,772 | 43,933 | 44,275 | 48,925 | 178,905 | 52,451 | 60,769 | 113,220 | |||||||||||||||||||||
Income before income taxes | 3,990 | 6,194 | 5,274 | 4,292 | 19,750 | 5,796 | 6,192 | 11,988 | |||||||||||||||||||||
Provision for income taxes | 1,878 | 2,011 | 2,205 | 2,239 | 8,333 | 2,754 | 2,773 | 5,527 | |||||||||||||||||||||
Net Income | 2,112 | 4,183 | 3,069 | 2,053 | 11,417 | 3,042 | 3,419 | 6,461 | |||||||||||||||||||||
Less: net income attributable to | |||||||||||||||||||||||||||||
noncontrolling interests | (14 | ) | (19 | ) | (14 | ) | (12 | ) | (59 | ) | (14 | ) | (17 | ) | (31 | ) | |||||||||||||
Net Income Attributable to ConocoPhillips | 2,098 | 4,164 | 3,055 | 2,041 | 11,358 | 3,028 | 3,402 | 6,430 | |||||||||||||||||||||
*Includes excise taxes on petroleum products sales: | 3,220 | 3,417 | 3,544 | 3,508 | 13,689 | 3,382 | 3,554 | 6,936 | |||||||||||||||||||||
Net Income Attributable to ConocoPhillips | |||||||||||||||||||||||||||||
Per Share of Common Stock (dollars) | |||||||||||||||||||||||||||||
Basic | 1.41 | 2.79 | 2.06 | 1.40 | 7.68 | 2.11 | 2.43 | 4.54 | |||||||||||||||||||||
Diluted | 1.40 | 2.77 | 2.05 | 1.39 | 7.62 | 2.09 | 2.41 | 4.50 | |||||||||||||||||||||
Average Common Shares Outstanding (in thousands) | |||||||||||||||||||||||||||||
Basic | 1,492,861 | 1,489,814 | 1,481,522 | 1,453,532 | 1,479,330 | 1,432,285 | 1,399,473 | 1,415,788 | |||||||||||||||||||||
Diluted | 1,503,565 | 1,501,257 | 1,493,080 | 1,465,794 | 1,491,067 | 1,445,477 | 1,412,147 | 1,428,760 | |||||||||||||||||||||
**2010 has been reclassified to conform to current-year presentation. |
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|||||||||||
U.S. E&P | 757 | 536 | 563 | 912 | 2,768 | 863 | 817 | 1,680 | ||||||||||||
International E&P | 1,075 | 3,578 | 1,001 | 776 | 6,430 | 1,489 | 1,707 | 3,196 | ||||||||||||
Total E&P | 1,832 | 4,114 | 1,564 | 1,688 | 9,198 | 2,352 | 2,524 | 4,876 | ||||||||||||
Midstream | 77 | 61 | 77 | 91 | 306 | 73 | 130 | 203 | ||||||||||||
U.S. R&M | 12 | 782 | 199 | 29 | 1,022 | 402 | 692 | 1,094 | ||||||||||||
International R&M | (16 | ) | (1,061 | ) | 69 | 178 | (830 | ) | 80 | 74 | 154 | |||||||||
Total R&M | (4 | ) | (279 | ) | 268 | 207 | 192 | 482 | 766 | 1,248 | ||||||||||
LUKOIL Investment | 387 | 529 | 1,310 | 277 | 2,503 | 239 | - | 239 | ||||||||||||
Chemicals | 110 | 138 | 132 | 118 | 498 | 193 | 199 | 392 | ||||||||||||
Emerging Businesses | 6 | (10 | ) | (20 | ) | (35 | ) | (59 | ) | (7 | ) | (14 | ) | (21 | ) | |||||
Corporate and Other | (310 | ) | (389 | ) | (276 | ) | (305 | ) | (1,280 | ) | (304 | ) | (203 | ) | (507 | ) | ||||
Consolidated | 2,098 | 4,164 | 3,055 | 2,041 | 11,358 | 3,028 | 3,402 | 6,430 |
Page 1 of 12
SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|||||||||||||||||||
U.S. E&P | 1,149 | 833 | 879 | 1,477 | 4,338 | 1,362 | 1,291 | 2,653 | ||||||||||||||||||||
International E&P | 2,632 | 5,145 | 2,539 | 2,291 | 12,607 | 3,248 | 3,535 | 6,783 | ||||||||||||||||||||
Total E&P | 3,781 | 5,978 | 3,418 | 3,768 | 16,945 | 4,610 | 4,826 | 9,436 | ||||||||||||||||||||
Midstream | 116 | 94 | 115 | 139 | 464 | 111 | 192 | 303 | ||||||||||||||||||||
U.S. R&M | 41 | 1,265 | 320 | 46 | 1,672 | 685 | 1,129 | 1,814 | ||||||||||||||||||||
International R&M | (86 | ) | (1,452 | ) | 76 | 218 | (1,244 | ) | 114 | 93 | 207 | |||||||||||||||||
Total R&M | (45 | ) | (187 | ) | 396 | 264 | 428 | 799 | 1,222 | 2,021 | ||||||||||||||||||
LUKOIL Investment | 395 | 546 | 1,653 | 424 | 3,018 | 362 | - | 362 | ||||||||||||||||||||
Chemicals | 135 | 198 | 182 | 165 | 680 | 260 | 265 | 525 | ||||||||||||||||||||
Emerging Businesses | 4 | (18 | ) | (43 | ) | (56 | ) | (113 | ) | (15 | ) | (25 | ) | (40 | ) | |||||||||||||
Corporate and Other | (396 | ) | (417 | ) | (447 | ) | (412 | ) | (1,672 | ) | (331 | ) | (288 | ) | (619 | ) | ||||||||||||
Consolidated | 3,990 | 6,194 | 5,274 | 4,292 | 19,750 | 5,796 | 6,192 | 11,988 |
EFFECTIVE TAX RATES | ||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
U.S. E&P | 34.0 | % | 35.7 | % | 35.8 | % | 38.3 | % | 36.2 | % | 36.6 | % | 36.7 | % | 36.7 | % | ||||
International E&P | 58.7 | % | 30.1 | % | 60.1 | % | 65.6 | % | 48.6 | % | 53.8 | % | 51.3 | % | 52.5 | % | ||||
Total E&P | 51.2 | % | 30.9 | % | 53.9 | % | 54.9 | % | 45.4 | % | 48.7 | % | 47.4 | % | 48.0 | % | ||||
Midstream | 33.6 | % | 35.1 | % | 33.9 | % | 33.8 | % | 34.1 | % | 34.2 | % | 32.3 | % | 33.0 | % | ||||
U.S. R&M | 68.3 | % | 38.1 | % | 37.5 | % | 32.6 | % | 38.6 | % | 41.0 | % | 38.6 | % | 39.5 | % | ||||
International R&M | 81.4 | % | 26.9 | % | 9.2 | % | 18.3 | % | 33.3 | % | 30.7 | % | 19.4 | % | 25.6 | % | ||||
Total R&M | 93.3 | % | -48.7 | % | 32.1 | % | 20.8 | % | 54.0 | % | 39.5 | % | 37.2 | % | 38.1 | % | ||||
LUKOIL Investment | 1.8 | % | 3.3 | % | 20.8 | % | 34.7 | % | 17.1 | % | 34.0 | % | - | 34.0 | % | |||||
Chemicals | 18.5 | % | 29.8 | % | 28.0 | % | 28.5 | % | 26.8 | % | 25.8 | % | 24.9 | % | 25.3 | % | ||||
Emerging Businesses | -25.0 | % | 50.0 | % | 55.8 | % | 35.7 | % | 47.8 | % | 53.3 | % | 44.0 | % | 47.5 | % | ||||
Corporate and Other | 21.7 | % | 6.5 | % | 38.5 | % | 26.0 | % | 23.4 | % | 8.2 | % | 29.5 | % | 18.1 | % | ||||
Consolidated | 47.1 | % | 32.5 | % | 41.8 | % | 52.2 | % | 42.2 | % | 47.5 | % | 44.8 | % | 46.1 | % |
ESTIMATED TAXES PAID | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|||||||||||
Cash income taxes paid | 1,596 | 2,329 | 2,097 | 2,452 | 8,474 | 2,722 | 2,730 | 5,452 | ||||||||||||
Taxes other than income taxes | 4,037 | 4,247 | 4,227 | 4,282 | 16,793 | 4,364 | 4,830 | 9,194 | ||||||||||||
Less: Excise taxes* | (3,220 | ) | (3,417 | ) | (3,544 | ) | (3,508 | ) | (13,689 | ) | (3,382 | ) | (3,554 | ) | (6,936 | ) | ||||
Estimated Taxes Paid | 2,413 | 3,159 | 2,780 | 3,226 | 11,578 | 3,704 | 4,006 | 7,710 | ||||||||||||
*Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities. |
Page 2 of 12
SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX) | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2010 | 2011 | ||||||||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
||||||||||
U.S. E&P |
|||||||||||||||||||
Gain (loss) on asset sales | - | - | 32 | 293 | 325 | 151 | (1 | ) | 150 | ||||||||||
Cancelled projects | - | - | - | - | - | - | (54 | ) | (54 | ) | |||||||||
Pending claims and settlements | - | (82 | ) | - | - | (82 | ) | - | - | - | |||||||||
Total | - | (82 | ) | 32 | 293 | 243 | 151 | (55 | ) | 96 | |||||||||
International E&P | |||||||||||||||||||
Gain (loss) on asset sales | - | 2,679 | - | 147 | 2,826 | 4 | 28 | 32 | |||||||||||
Impairments | - | - | - | (638 | ) | (638 | ) | - | - | - | |||||||||
Cancelled projects | (83 | ) | (2 | ) | - | - | (85 | ) | - | - | - | ||||||||
Deferred tax adjustment | - | 40 | - | - | 40 | - | - | - | |||||||||||
Pending claims and settlements | - | - | 26 | 32 | 58 | - | - | - | |||||||||||
Total | (83 | ) | 2,717 | 26 | (459 | ) | 2,201 | 4 | 28 | 32 | |||||||||
Total E&P | (83 | ) | 2,635 | 58 | (166 | ) | 2,444 | 155 | (27 | ) | 128 | ||||||||
Midstream | |||||||||||||||||||
Total | - | - | - | - | - | - | - | - | |||||||||||
U.S. R&M | |||||||||||||||||||
Gain (loss) on asset sales | - | 116 | - | - | 116 | 2 | 26 | 28 | |||||||||||
Impairments | - | (8 | ) | - | - | (8 | ) | - | - | - | |||||||||
Pending claims and settlements | - | 35 | - | - | 35 | - | - | - | |||||||||||
Total | - | 143 | - | - | 143 | 2 | 26 | 28 | |||||||||||
International R&M | |||||||||||||||||||
Impairments | - | (1,110 | ) | - | - | (1,110 | ) | - | - | - | |||||||||
Cancelled projects | (25 | ) | (4 | ) | - | - | (29 | ) | - | - | - | ||||||||
Severance accrual | - | (28 | ) | - | - | (28 | ) | - | - | - | |||||||||
Total | (25 | ) | (1,142 | ) | - | - | (1,167 | ) | - | - | - | ||||||||
Total R&M | (25 | ) | (999 | ) | - | - | (1,024 | ) | 2 | 26 | 28 | ||||||||
LUKOIL Investment | |||||||||||||||||||
Gain (loss) on asset sales | - | 99 | 874 | 278 | 1,251 | 237 | - | 237 | |||||||||||
Total | - | 99 | 874 | 278 | 1,251 | 237 | - | 237 | |||||||||||
Chemicals | |||||||||||||||||||
Total | - | - | - | - | - | - | - | - | |||||||||||
Emerging Businesses | |||||||||||||||||||
Total | - | - | - | - | - | - | - | - | |||||||||||
Corporate and Other | |||||||||||||||||||
Pending claims and settlements | - | (24 | ) | - | - | (24 | ) | - | - | - | |||||||||
Cancelled projects | (2 | ) | 2 | - | - | - | - | - | - | ||||||||||
Premium on early debt retirement | - | - | (114 | ) | - | (114 | ) | - | - | - | |||||||||
Total | (2 | ) | (22 | ) | (114 | ) | - | (138 | ) | - | - | - | |||||||
Total Company | (110 | ) | 1,713 | 818 | 112 | 2,533 | 394 | (1 | ) | 393 |
Page 3 of 12
CASH FLOW INFORMATION | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|||||||||||
Cash Flows from Operating Activities |
||||||||||||||||||||
Net income | 2,112 | 4,183 | 3,069 | 2,053 | 11,417 | 3,042 | 3,419 | 6,461 | ||||||||||||
Depreciation, depletion and amortization | 2,318 | 2,280 | 2,246 | 2,216 | 9,060 | 2,070 | 2,075 | 4,145 | ||||||||||||
Impairments | 91 | 1,532 | 59 | 98 | 1,780 | - | 2 | 2 | ||||||||||||
Dry hole costs and leasehold impairments | 133 | 72 | 122 | 150 | 477 | 50 | 89 | 139 | ||||||||||||
Accretion on discounted liabilities | 114 | 113 | 110 | 110 | 447 | 112 | 115 | 227 | ||||||||||||
Deferred taxes | (35 | ) | (508 | ) | (392 | ) | 57 | (878 | ) | 87 | 429 | 516 | ||||||||
Undistributed equity earnings | (503 | ) | (686 | ) | (453 | ) | 569 | (1,073 | ) | (523 | ) | (570 | ) | (1,093 | ) | |||||
Gain on asset dispositions | (24 | ) | (3,249 | ) | (1,398 | ) | (1,132 | ) | (5,803 | ) | (616 | ) | (78 | ) | (694 | ) | ||||
Other | (187 | ) | (356 | ) | 322 | (28 | ) | (249 | ) | (185 | ) | (67 | ) | (252 | ) | |||||
Net working capital changes | (979 | ) | 94 | 654 | 2,098 | 1,867 | (2,090 | ) | 860 | (1,230 | ) | |||||||||
Net Cash Provided by | ||||||||||||||||||||
Operating Activities | 3,040 | 3,475 | 4,339 | 6,191 | 17,045 | 1,947 | 6,274 | 8,221 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Capital expenditures and investments | (2,071 | ) | (2,009 | ) | (2,291 | ) | (3,390 | ) | (9,761 | ) | (2,884 | ) | (2,893 | ) | (5,777 | ) | ||||
Proceeds from asset dispositions | 132 | 5,811 | 6,290 | 3,139 | 15,372 | 1,787 | 162 | 1,949 | ||||||||||||
Net purchases of short-term investments | - | - | - | (982 | ) | (982 | ) | (1,170 | ) | (424 | ) | (1,594 | ) | |||||||
Long-term advances to/collections from | ||||||||||||||||||||
related parties and other investments | (218 | ) | 38 | 102 | 114 | 36 | 56 | 472 | 528 | |||||||||||
Net Cash Provided by (Used in) Investing Activities | (2,157 | ) | 3,840 | 4,101 | (1,119 | ) | 4,665 | (2,211 | ) | (2,683 | ) | (4,894 | ) | |||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Net issuance (repayment) of debt | 347 | (2,717 | ) | (2,838 | ) | 6 | (5,202 | ) | (373 | ) | (19 | ) | (392 | ) | ||||||
Issuance of company common stock | 9 | 26 | 24 | 74 | 133 | 75 | 24 | 99 | ||||||||||||
Repurchase of company common stock | - | (390 | ) | (868 | ) | (2,608 | ) | (3,866 | ) | (1,636 | ) | (3,149 | ) | (4,785 | ) | |||||
Dividends paid on company common stock | (744 | ) | (816 | ) | (816 | ) | (799 | ) | (3,175 | ) | (944 | ) | (917 | ) | (1,861 | ) | ||||
Other | (186 | ) | (169 | ) | (189 | ) | (165 | ) | (709 | ) | (183 | ) | (174 | ) | (357 | ) | ||||
Net Cash Used in | ||||||||||||||||||||
Financing Activities | (574 | ) | (4,066 | ) | (4,687 | ) | (3,492 | ) | (12,819 | ) | (3,061 | ) | (4,235 | ) | (7,296 | ) | ||||
Effect of Exchange Rate Changes | 4 | 16 | 123 | (122 | ) | 21 | 43 | (23 | ) | 20 | ||||||||||
Net Change in Cash | ||||||||||||||||||||
and Cash Equivalents | 313 | 3,265 | 3,876 | 1,458 | 8,912 | (3,282 | ) | (667 | ) | (3,949 | ) | |||||||||
Cash and cash equivalents | ||||||||||||||||||||
at beginning of period | 542 | 855 | 4,120 | 7,996 | 542 | 9,454 | 6,172 | 9,454 | ||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||
at End of Period | 855 | 4,120 | 7,996 | 9,454 | 9,454 | 6,172 | 5,505 | 5,505 |
CAPITAL PROGRAM | |||||||||||||
Millions of Dollars | |||||||||||||
2010 | 2011 | ||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
||||
E&P |
|||||||||||||
Capital expenditures and investments | 1,850 | 1,745 | 2,012 | 2,886 | 8,493 | 2,692 | 2,627 | 5,319 | |||||
Loans and advances | 48 | 21 | 27 | 17 | 113 | (4 | ) | 7 | 3 | ||||
Joint venture acquisition obligation--principal | 161 | 164 | 166 | 168 | 659 | 170 | 173 | 343 | |||||
E&P total | 2,059 | 1,930 | 2,205 | 3,071 | 9,265 | 2,858 | 2,807 | 5,665 | |||||
Midstream* | - | - | 1 | 2 | 3 | 3 | 1 | 4 | |||||
R&M | |||||||||||||
Capital expenditures and investments | 192 | 226 | 241 | 397 | 1,056 | 156 | 222 | 378 | |||||
Loans and advances | 200 | - | - | - | 200 | - | - | - | |||||
R&M total | 392 | 226 | 241 | 397 | 1,256 | 156 | 222 | 378 | |||||
LUKOIL Investment* | - | - | - | - | - | - | - | - | |||||
Chemicals* | - | - | - | - | - | - | - | - | |||||
Emerging Businesses* | 1 | 4 | 2 | 20 | 27 | 6 | 8 | 14 | |||||
Corporate and Other* | 28 | 34 | 35 | 85 | 182 | 27 | 35 | 62 | |||||
Total Capital Program | 2,480 | 2,194 | 2,484 | 3,575 | 10,733 | 3,050 | 3,073 | 6,123 | |||||
*Capital expenditures and investments only. |
Page 4 of 12
E&P | ||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
E&P Net Income Attributable | ||||||||||||||||||||
to ConocoPhillips ($ Millions) | 1,832 | 4,114 | 1,564 | 1,688 | 9,198 | 2,352 | 2,524 | 4,876 | ||||||||||||
Production | ||||||||||||||||||||
Total, Including Equity Affiliates (MBOE/D) | 1,828 | 1,733 | 1,717 | 1,729 | 1,752 | 1,702 | 1,640 | 1,672 | ||||||||||||
E&P segment plus LUKOIL Investment segment: | 2,271 | 2,176 | 2,139 | 1,729 | 2,078 | 1,702 | 1,640 | 1,672 | ||||||||||||
Crude Oil and Natural Gas Liquids (NGL) (MB/D) | ||||||||||||||||||||
Consolidated operations | 901 | 837 | 846 | 847 | 858 | 800 | 758 | 779 | ||||||||||||
Equity affiliates | 57 | 56 | 51 | 56 | 55 | 60 | 56 | 58 | ||||||||||||
Total | 958 | 893 | 897 | 903 | 913 | 860 | 814 | 837 | ||||||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | 19 | 6 | (16 | ) | (17 | ) | (1 | ) | 12 | 9 | 10 | |||||||||
Synthetic Oil (MB/D) | 22 | 25 | - | - | 12 | - | - | - | ||||||||||||
Bitumen (MB/D) | ||||||||||||||||||||
Consolidated operations | 8 | 10 | 10 | 11 | 10 | 11 | 8 | 9 | ||||||||||||
Equity affiliates | 52 | 48 | 49 | 50 | 49 | 53 | 59 | 57 | ||||||||||||
Total | 60 | 58 | 59 | 61 | 59 | 64 | 67 | 66 | ||||||||||||
Natural Gas (MMCF/D) | ||||||||||||||||||||
Consolidated operations | 4,635 | 4,431 | 4,431 | 4,252 | 4,437 | 4,162 | 4,031 | 4,097 | ||||||||||||
Equity affiliates | 91 | 110 | 134 | 339 | 169 | 507 | 521 | 514 | ||||||||||||
Total | 4,726 | 4,541 | 4,565 | 4,591 | 4,606 | 4,669 | 4,552 | 4,611 | ||||||||||||
Industry Prices (Platt's) | ||||||||||||||||||||
Crude Oil ($/BBL) | ||||||||||||||||||||
WTI spot | 78.67 | 77.78 | 76.03 | 85.06 | 79.39 | 93.98 | 102.44 | 98.21 | ||||||||||||
Brent dated | 76.24 | 78.30 | 76.86 | 86.48 | 79.47 | 104.97 | 117.36 | 111.16 | ||||||||||||
Natural Gas ($/MMBTU) | ||||||||||||||||||||
Henry Hub -- First of Month | 5.30 | 4.09 | 4.38 | 3.80 | 4.39 | 4.11 | 4.32 | 4.21 | ||||||||||||
Average Realized Prices | ||||||||||||||||||||
Crude Oil and NGL ($/BBL) | ||||||||||||||||||||
Consolidated operations | 71.89 | 71.00 | 69.22 | 78.53 | 72.63 | 91.30 | 103.91 | 97.45 | ||||||||||||
Equity affiliates | 71.30 | 72.46 | 72.95 | 81.95 | 74.81 | 94.95 | 103.82 | 99.35 | ||||||||||||
Total | 71.86 | 71.09 | 69.45 | 78.76 | 72.77 | 91.55 | 103.90 | 97.58 | ||||||||||||
Synthetic Oil ($/BBL) | 78.67 | 76.60 | - | - | 77.56 | - | - | - | ||||||||||||
Bitumen ($/BBL) | ||||||||||||||||||||
Consolidated operations | 59.18 | 45.81 | 47.96 | 52.37 | 51.10 | 47.94 | 56.91 | 51.99 | ||||||||||||
Equity affiliates | 56.15 | 49.73 | 52.38 | 55.27 | 53.43 | 56.15 | 67.05 | 61.90 | ||||||||||||
Total | 56.57 | 49.19 | 51.50 | 54.79 | 53.06 | 54.77 | 65.74 | 60.44 | ||||||||||||
Natural Gas ($/MCF) | ||||||||||||||||||||
Consolidated operations | 5.63 | 4.64 | 4.86 | 5.13 | 5.07 | 5.54 | 5.79 | 5.67 | ||||||||||||
Equity affiliates | 2.67 | 3.02 | 2.82 | 2.73 | 2.79 | 2.59 | 3.28 | 2.94 | ||||||||||||
Total | 5.57 | 4.60 | 4.80 | 4.95 | 4.98 | 5.22 | 5.50 | 5.36 | ||||||||||||
Exploration Charges ($ Millions) | ||||||||||||||||||||
Dry holes | 93 | 28 | 26 | 89 | 236 | 9 | 48 | 57 | ||||||||||||
Leasehold impairment | 40 | 44 | 96 | 61 | 241 | 41 | 41 | 82 | ||||||||||||
Total Noncash Charges | 133 | 72 | 122 | 150 | 477 | 50 | 89 | 139 | ||||||||||||
Other (G&A, G&G and Lease rentals) | 250 | 141 | 130 | 157 | 678 | 126 | 175 | 301 | ||||||||||||
Total Exploration Charges | 383 | 213 | 252 | 307 | 1,155 | 176 | 264 | 440 | ||||||||||||
Depreciation, Depletion and | ||||||||||||||||||||
Amortization (DD&A) ($ Millions) | 2,071 | 2,033 | 2,017 | 1,975 | 8,096 | 1,830 | 1,829 | 3,659 | ||||||||||||
Foreign Currency Gains | ||||||||||||||||||||
(Losses) After-Tax ($ Millions) | 60 | 18 | (20 | ) | 2 | 60 | (4 | ) | (5 | ) | (9 | ) |
Page 5 of 12
U.S. E&P | ||||||||||||||||||
2010 | 2011 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
U.S. E&P Net Income Attributable | ||||||||||||||||||
to ConocoPhillips ($ Millions) | 757 | 536 | 563 | 912 | 2,768 | 863 | 817 | 1,680 | ||||||||||
Alaska ($ Millions) | 517 | 381 | 361 | 476 | 1,735 | 549 | 490 | 1,039 | ||||||||||
Lower 48 ($ Millions) | 240 | 155 | 202 | 436 | 1,033 | 314 | 327 | 641 | ||||||||||
Production | ||||||||||||||||||
Total U.S. (MBOE/D) | 703 | 686 | 678 | 676 | 686 | 629 | 658 | 644 | ||||||||||
Crude Oil and NGL (MB/D) | ||||||||||||||||||
Alaska | 247 | 221 | 215 | 238 | 230 | 214 | 223 | 219 | ||||||||||
Lower 48 | 156 | 161 | 160 | 160 | 160 | 150 | 160 | 155 | ||||||||||
Total | 403 | 382 | 375 | 398 | 390 | 364 | 383 | 374 | ||||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | 9 | 4 | (26 | ) | - | (3 | ) | 38 | 6 | 22 | ||||||||
Natural Gas (MMCF/D) | ||||||||||||||||||
Alaska | 94 | 82 | 82 | 70 | 82 | 67 | 62 | 65 | ||||||||||
Lower 48 | 1,705 | 1,740 | 1,738 | 1,599 | 1,695 | 1,522 | 1,589 | 1,556 | ||||||||||
Total | 1,799 | 1,822 | 1,820 | 1,669 | 1,777 | 1,589 | 1,651 | 1,621 | ||||||||||
Average Realized Prices | ||||||||||||||||||
Crude Oil and NGL ($/BBL) | ||||||||||||||||||
Alaska | 77.25 | 77.44 | 75.87 | 83.54 | 78.61 | 95.56 | 113.75 | 104.26 | ||||||||||
Lower 48 | 59.54 | 55.70 | 54.07 | 61.53 | 57.69 | 69.34 | 77.99 | 73.83 | ||||||||||
Total U.S. | 70.40 | 68.15 | 65.71 | 74.22 | 69.73 | 85.36 | 98.43 | 91.83 | ||||||||||
Natural Gas ($/MCF) | ||||||||||||||||||
Alaska | 4.33 | 4.76 | 4.89 | 4.55 | 4.62 | 3.93 | 4.66 | 4.28 | ||||||||||
Lower 48 | 5.21 | 3.93 | 4.06 | 3.82 | 4.25 | 4.11 | 4.22 | 4.16 | ||||||||||
Total U.S. | 5.16 | 3.96 | 4.10 | 3.85 | 4.27 | 4.10 | 4.23 | 4.17 | ||||||||||
Kenai, Alaska LNG Sales | ||||||||||||||||||
Volume (MMCF/D) | 56 | 51 | 49 | 32 | 47 | 20 | 18 | 19 | ||||||||||
Sales price per MCF | 11.70 | 12.08 | 12.84 | 11.86 | 12.13 | 12.94 | 9.95 | 11.48 | ||||||||||
U.S. Exploration Charges ($ Millions) | ||||||||||||||||||
Dry holes | - | (1 | ) | (6 | ) | (1 | ) | (8 | ) | 6 | 10 | 16 | ||||||
Leasehold impairment | 22 | 26 | 79 | 23 | 150 | 22 | 22 | 44 | ||||||||||
Total Noncash Charges | 22 | 25 | 73 | 22 | 142 | 28 | 32 | 60 | ||||||||||
Other (G&A, G&G and Lease rentals) | 32 | 48 | 39 | 64 | 183 | 41 | 76 | 117 | ||||||||||
Total U.S. Exploration Charges | 54 | 73 | 112 | 86 | 325 | 69 | 108 | 177 | ||||||||||
Alaska Only | 7 | 10 | 10 | 14 | 41 | 8 | 6 | 14 | ||||||||||
DD&A ($ Millions) | ||||||||||||||||||
Alaska | 152 | 152 | 151 | 166 | 621 | 136 | 151 | 287 | ||||||||||
Lower 48 | 585 | 589 | 549 | 540 | 2,263 | 513 | 530 | 1,043 | ||||||||||
Total U.S. | 737 | 741 | 700 | 706 | 2,884 | 649 | 681 | 1,330 |
Page 6 of 12
INTERNATIONAL E&P | |||||||||||||||||
2010 | 2011 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||
International E&P Net Income | |||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | 1,075 | 3,578 | 1,001 | 776 | 6,430 | 1,489 | 1,707 | 3,196 | |||||||||
Production | |||||||||||||||||
Total, Including Equity Affiliates (MBOE/D) | 1,125 | 1,047 | 1,039 | 1,053 | 1,066 | 1,073 | 982 | 1,027 | |||||||||
Crude Oil and NGL (MB/D) | |||||||||||||||||
Consolidated operations | |||||||||||||||||
Canada | 41 | 42 | 40 | 31 | 38 | 37 | 36 | 37 | |||||||||
Norway | 152 | 121 | 142 | 133 | 137 | 131 | 117 | 124 | |||||||||
United Kingdom | 83 | 77 | 65 | 72 | 74 | 65 | 63 | 64 | |||||||||
Australia/Timor-Leste | 34 | 25 | 34 | 30 | 31 | 32 | 28 | 30 | |||||||||
China | 71 | 67 | 66 | 66 | 68 | 77 | 70 | 73 | |||||||||
Indonesia | 17 | 20 | 19 | 14 | 17 | 11 | 11 | 11 | |||||||||
Vietnam | 22 | 24 | 25 | 24 | 24 | 22 | 19 | 20 | |||||||||
Algeria | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | |||||||||
Libya | 46 | 47 | 46 | 46 | 46 | 28 | - | 14 | |||||||||
Nigeria | 19 | 19 | 21 | 20 | 20 | 20 | 18 | 19 | |||||||||
Total consolidated operations | 498 | 455 | 471 | 449 | 468 | 436 | 375 | 405 | |||||||||
Equity affiliates | 57 | 56 | 51 | 56 | 55 | 60 | 56 | 58 | |||||||||
Total | 555 | 511 | 522 | 505 | 523 | 496 | 431 | 463 | |||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | 10 | 2 | 10 | (17 | ) | 2 | (26 | ) | 3 | (12 | ) | ||||||
Synthetic Oil (MB/D) | |||||||||||||||||
Consolidated operations--Canada | 22 | 25 | - | - | 12 | - | - | - | |||||||||
Bitumen (MB/D) | |||||||||||||||||
Consolidated operations--Canada | 8 | 10 | 10 | 11 | 10 | 11 | 8 | 9 | |||||||||
Equity affiliates | 52 | 48 | 49 | 50 | 49 | 53 | 59 | 57 | |||||||||
Total | 60 | 58 | 59 | 61 | 59 | 64 | 67 | 66 | |||||||||
Natural Gas (MMCF/D) | |||||||||||||||||
Consolidated operations | |||||||||||||||||
Canada | 1,021 | 1,043 | 974 | 902 | 984 | 944 | 947 | 946 | |||||||||
Norway | 249 | 182 | 185 | 219 | 209 | 208 | 130 | 169 | |||||||||
United Kingdom | 712 | 567 | 546 | 601 | 606 | 543 | 457 | 500 | |||||||||
Australia/Timor-Leste | 239 | 184 | 260 | 248 | 233 | 237 | 236 | 236 | |||||||||
Indonesia | 462 | 473 | 472 | 443 | 463 | 467 | 445 | 456 | |||||||||
Vietnam | 15 | 16 | 16 | 16 | 16 | 16 | 13 | 14 | |||||||||
Libya | 8 | 8 | 8 | 8 | 8 | 5 | - | 2 | |||||||||
Nigeria | 130 | 136 | 150 | 146 | 141 | 153 | 152 | 153 | |||||||||
Total consolidated operations | 2,836 | 2,609 | 2,611 | 2,583 | 2,660 | 2,573 | 2,380 | 2,476 | |||||||||
Equity affiliates | 91 | 110 | 134 | 339 | 169 | 507 | 521 | 514 | |||||||||
Total | 2,927 | 2,719 | 2,745 | 2,922 | 2,829 | 3,080 | 2,901 | 2,990 | |||||||||
Darwin, Australia LNG Sales (MMCF/D) | 401 | 297 | 458 | 455 | 403 | 420 | 410 | 415 |
Page 7 of 12
INTERNATIONAL E&P (continued) | ||||||||||||||
2010 | 2011 | |||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||
Average Realized Prices | ||||||||||||||
Crude Oil and NGL ($/BBL) | ||||||||||||||
Consolidated operations | ||||||||||||||
Canada | 57.58 | 54.56 | 50.58 | 61.50 | 55.70 | 62.27 | 71.06 | 66.65 | ||||||
Norway | 75.47 | 76.16 | 76.12 | 86.54 | 78.20 | 104.90 | 116.79 | 110.45 | ||||||
United Kingdom | 74.03 | 72.64 | 73.04 | 82.24 | 75.82 | 93.94 | 107.82 | 102.25 | ||||||
Australia/Timor-Leste | 68.73 | 68.75 | 64.88 | 78.92 | 70.21 | 91.02 | 100.09 | 95.53 | ||||||
China | 74.89 | 77.78 | 73.64 | 83.77 | 77.31 | 100.54 | 116.85 | 108.18 | ||||||
Indonesia | 67.65 | 68.49 | 63.71 | 75.70 | 68.41 | 94.31 | 108.04 | 101.12 | ||||||
Vietnam | 80.92 | 81.26 | 78.79 | 89.20 | 82.65 | 107.37 | 121.92 | 114.07 | ||||||
Algeria | 74.39 | 79.92 | 77.45 | 89.31 | 80.68 | 105.21 | 120.09 | 114.15 | ||||||
Libya | 76.17 | 77.81 | 76.22 | 86.63 | 79.22 | 98.30 | - | 98.30 | ||||||
Nigeria | 71.76 | 61.61 | 70.29 | 66.70 | 68.04 | 91.53 | 107.50 | 98.57 | ||||||
Total consolidated operations | 73.08 | 73.34 | 71.75 | 82.29 | 74.95 | 96.86 | 109.35 | 102.86 | ||||||
Equity affiliates | 71.30 | 72.46 | 72.95 | 81.95 | 74.81 | 94.95 | 103.82 | 99.35 | ||||||
Total | 72.91 | 73.24 | 71.87 | 82.25 | 74.94 | 96.62 | 108.62 | 102.41 | ||||||
Synthetic Oil ($/BBL) | ||||||||||||||
Consolidated operations--Canada | 78.67 | 76.60 | - | - | 77.56 | - | - | - | ||||||
Bitumen ($/BBL) | ||||||||||||||
Consolidated operations--Canada | 59.18 | 45.81 | 47.96 | 52.37 | 51.10 | 47.94 | 56.91 | 51.99 | ||||||
Equity affiliates | 56.15 | 49.73 | 52.38 | 55.27 | 53.43 | 56.15 | 67.05 | 61.90 | ||||||
Total | 56.57 | 49.19 | 51.50 | 54.79 | 53.06 | 54.77 | 65.74 | 60.44 | ||||||
Natural Gas ($/MCF) | ||||||||||||||
Consolidated operations | ||||||||||||||
Canada | 4.63 | 3.63 | 3.34 | 3.32 | 3.74 | 3.59 | 3.74 | 3.67 | ||||||
Norway | 7.08 | 7.01 | 7.68 | 9.23 | 7.70 | 9.61 | 10.57 | 9.99 | ||||||
United Kingdom | 6.66 | 5.61 | 6.27 | 8.02 | 6.67 | 8.18 | 9.25 | 8.68 | ||||||
Australia/Timor-Leste* | 1.06 | 0.85 | 0.96 | 0.71 | 0.90 | 0.81 | 0.90 |
0.86 |
||||||
Indonesia | 7.49 | 7.60 | 7.07 | 7.80 | 7.48 | 9.43 | 10.98 | 10.19 | ||||||
Vietnam | 1.17 | 1.16 | 1.17 | 1.19 | 1.17 | 1.16 | 1.11 | 1.14 | ||||||
Libya | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | - | 0.09 | ||||||
Nigeria | 2.04 | 1.88 | 1.76 | 1.80 | 1.86 | 2.15 | 2.10 | 2.12 | ||||||
Total consolidated operations | 5.92 | 5.10 | 5.38 | 5.96 | 5.60 | 6.43 | 6.86 | 6.64 | ||||||
Equity affiliates | 2.67 | 3.02 | 2.82 | 2.73 | 2.79 | 2.59 | 3.28 | 2.94 | ||||||
Total | 5.82 | 5.03 | 5.26 | 5.58 | 5.43 | 5.80 | 6.22 | 6.00 | ||||||
International Exploration Charges ($ Millions) | ||||||||||||||
Dry holes | 93 | 29 | 32 | 90 | 244 | 3 | 38 | 41 | ||||||
Leasehold impairment | 18 | 18 | 17 | 38 | 91 | 19 | 19 | 38 | ||||||
Total Noncash Charges | 111 | 47 | 49 | 128 | 335 | 22 | 57 | 79 | ||||||
Other (G&A, G&G and Lease rentals) | 218 | 93 | 91 | 93 | 495 | 85 | 99 | 184 | ||||||
Total International Exploration Charges | 329 | 140 | 140 | 221 | 830 | 107 | 156 | 263 | ||||||
DD&A ($ Millions) | 1,334 | 1,292 | 1,317 | 1,269 | 5,212 | 1,181 | 1,148 | 2,329 | ||||||
*Excludes transfers to Darwin LNG plant. |
Page 8 of 12
R&M | ||||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
R&M Net Income (Loss) Attributable | ||||||||||||||||||||||
to ConocoPhillips ($ Millions) | (4 | ) | (279 | ) | 268 | 207 | 192 | 482 | 766 | 1,248 | ||||||||||||
United States ($ Millions) | 12 | 782 | 199 | 29 | 1,022 | 402 | 692 | 1,094 | ||||||||||||||
International ($ Millions) | (16 | ) | (1,061 | ) | 69 | 178 | (830 | ) | 80 | 74 | 154 | |||||||||||
Worldwide - Including Net Share of Equity Affiliates | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 2,066 | 2,275 | 2,232 | 2,049 | 2,156 | 2,145 | 2,196 | 2,171 | ||||||||||||||
Total Charge Input (MB/D) | 2,226 | 2,448 | 2,383 | 2,235 | 2,323 | 2,315 | 2,398 | 2,357 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 78 | % | 86 | % | 84 | % | 77 | % | 81 | % | 89 | % | 91 | % | 90 | % | ||||||
Clean Product Yield (%) | 84 | % | 84 | % | 83 | % | 83 | % | 83 | % | 83 | % | 83 | % | 83 | % | ||||||
Refined Products Production (MB/D) | ||||||||||||||||||||||
Gasoline | 986 | 1,038 | 996 | 927 | 987 | 986 | 1,013 | 1,000 | ||||||||||||||
Distillates | 834 | 969 | 935 | 882 | 905 | 903 | 932 | 918 | ||||||||||||||
Other | 418 | 457 | 468 | 452 | 449 | 442 | 463 | 453 | ||||||||||||||
Total | 2,238 | 2,464 | 2,399 | 2,261 | 2,341 | 2,331 | 2,408 | 2,371 | ||||||||||||||
Petroleum Products Sales (MB/D) | ||||||||||||||||||||||
Gasoline | 1,249 | 1,319 | 1,280 | 1,321 | 1,292 | 1,270 | 1,409 | 1,340 | ||||||||||||||
Distillates | 1,089 | 1,201 | 1,199 | 1,263 | 1,189 | 1,203 | 1,177 | 1,191 | ||||||||||||||
Other | 471 | 524 | 627 | 613 | 559 | 587 | 568 | 577 | ||||||||||||||
Total | 2,809 | 3,044 | 3,106 | 3,197 | 3,040 | 3,060 | 3,154 | 3,108 | ||||||||||||||
Market Indicators | ||||||||||||||||||||||
U.S. East Coast Crack Spread ($/BBL) | 8.21 | 10.71 | 8.84 | 11.83 | 9.90 | 19.09 | 25.30 | 22.19 | ||||||||||||||
U.S. Gulf Coast Crack Spread ($/BBL) | 6.70 | 9.90 | 7.45 | 7.79 | 7.96 | 17.25 | 25.25 | 21.25 | ||||||||||||||
U.S. Group Central Crack Spread ($/BBL) | 6.82 | 11.38 | 10.58 | 9.17 | 9.49 | 18.95 | 27.26 | 23.10 | ||||||||||||||
U.S. West Coast Crack Spread ($/BBL) | 9.72 | 14.95 | 14.97 | 12.58 | 13.06 | 16.14 | 15.86 | 16.00 | ||||||||||||||
U.S. Weighted 3:2:1 Crack Spread ($/BBL) | 7.68 | 11.44 | 9.97 | 9.95 | 9.76 | 17.76 | 23.70 | 20.73 | ||||||||||||||
NW Europe Crack Spread ($/BBL) | 9.25 | 11.60 | 9.84 | 12.04 | 10.68 | 12.31 | 11.88 | 12.10 | ||||||||||||||
Singapore 3:1:2 Crack Spread ($/BBL) | 10.17 | 10.68 | 11.13 | 12.25 | 11.06 | 16.33 | 17.75 | 17.04 | ||||||||||||||
Realized Margins | ||||||||||||||||||||||
Refining Margin ($/BBL) | ||||||||||||||||||||||
U.S. | 5.62 | 8.82 | 6.53 | 7.06 | 7.05 | 10.05 | 10.55 | 10.31 | ||||||||||||||
International | 8.73 | 10.27 | 4.41 | 12.20 | 8.90 | 8.28 | 4.21 | 6.22 | ||||||||||||||
Integrated Margin ($/BBL) | ||||||||||||||||||||||
U.S. | 6.07 | 10.40 | 7.21 | 7.55 | 7.87 | 10.16 | 11.70 | 10.95 | ||||||||||||||
International | 11.60 | 13.82 | 7.68 | 14.37 | 11.85 | 9.34 | 7.75 | 8.53 | ||||||||||||||
DD&A ($ Millions) | 214 | 211 | 199 | 208 | 832 | 207 | 213 | 420 | ||||||||||||||
Foreign Currency Gains | ||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | (47 | ) | (55 | ) | 42 | - | (60 | ) | 31 | 22 | 53 | |||||||||||
Turnaround Expense ($ Millions) | 72 | 94 | 86 | 207 | 459 | 81 | 82 | 163 |
Page 9 of 12
R&M (continued) | ||||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
U.S. R&M | ||||||||||||||||||||||
Eastern U.S. | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 379 | 410 | 387 | 269 | 361 | 392 | 376 | 384 | ||||||||||||||
Total Charge Input (MB/D) | 406 | 457 | 433 | 347 | 411 | 443 | 432 | 438 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 90 | % | 97 | % | 91 | % | 64 | % | 85 | % | 93 | % | 89 | % | 91 | % | ||||||
Clean Product Yield (%) | 89 | % | 89 | % | 89 | % | 90 | % | 89 | % | 91 | % | 90 | % | 90 | % | ||||||
U.S. Gulf Coast | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 641 | 730 | 664 | 636 | 668 | 614 | 664 | 639 | ||||||||||||||
Total Charge Input (MB/D) | 731 | 804 | 730 | 701 | 741 | 685 | 758 | 721 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 87 | % | 100 | % | 90 | % | 87 | % | 91 | % | 84 | % | 91 | % | 87 | % | ||||||
Clean Product Yield (%) | 82 | % | 82 | % | 81 | % | 78 | % | 81 | % | 80 | % | 82 | % | 81 | % | ||||||
Western U.S. | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 374 | 394 | 394 | 377 | 385 | 371 | 353 | 362 | ||||||||||||||
Total Charge Input (MB/D) | 389 | 425 | 416 | 395 | 406 | 397 | 381 | 389 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 90 | % | 95 | % | 95 | % | 90 | % | 92 | % | 89 | % | 85 | % | 87 | % | ||||||
Clean Product Yield (%) | 82 | % | 83 | % | 81 | % | 82 | % | 82 | % | 83 | % | 81 | % | 82 | % | ||||||
Central U.S. - Consolidated | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 170 | 189 | 187 | 152 | 175 | 177 | 189 | 183 | ||||||||||||||
Total Charge Input (MB/D) | 172 | 191 | 190 | 153 | 177 | 179 | 191 | 185 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 91 | % | 101 | % | 100 | % | 81 | % | 93 | % | 94 | % | 101 | % | 98 | % | ||||||
Clean Product Yield (%) | 91 | % | 92 | % | 92 | % | 92 | % | 92 | % | 91 | % | 93 | % | 92 | % | ||||||
Central U.S. - Equity Affiliates - Net Share* | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 178 | 190 | 201 | 205 | 193 | 181 | 203 | 192 | ||||||||||||||
Total Charge Input (MB/D) | 189 | 202 | 205 | 218 | 203 | 194 | 213 | 204 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 79 | % | 84 | % | 89 | % | 91 | % | 86 | % | 80 | % | 90 | % | 85 | % | ||||||
Clean Product Yield (%) | 83 | % | 82 | % | 79 | % | 82 | % | 82 | % | 80 | % | 80 | % | 80 | % | ||||||
Total U.S. | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 1,742 | 1,913 | 1,833 | 1,639 | 1,782 | 1,735 | 1,785 | 1,760 | ||||||||||||||
Total Charge Input (MB/D) | 1,887 | 2,079 | 1,974 | 1,814 | 1,938 | 1,898 | 1,975 | 1,937 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 88 | % | 96 | % | 92 | % | 83 | % | 90 | % | 87 | % | 90 | % | 89 | % | ||||||
Clean Product Yield (%) | 84 | % | 85 | % | 84 | % | 83 | % | 84 | % | 85 | % | 84 | % | 84 | % | ||||||
Refined Products Production (MB/D) | ||||||||||||||||||||||
Gasoline | 873 | 938 | 869 | 786 | 867 | 853 | 886 | 870 | ||||||||||||||
Distillates | 679 | 785 | 746 | 683 | 723 | 717 | 738 | 728 | ||||||||||||||
Other | 349 | 377 | 377 | 369 | 368 | 344 | 362 | 353 | ||||||||||||||
Total | 1,901 | 2,100 | 1,992 | 1,838 | 1,958 | 1,914 | 1,986 | 1,951 | ||||||||||||||
Petroleum Products Sales (MB/D) | ||||||||||||||||||||||
Gasoline | 1,092 | 1,170 | 1,103 | 1,115 | 1,120 | 1,099 | 1,218 | 1,159 | ||||||||||||||
Distillates | 807 | 921 | 874 | 890 | 873 | 852 | 861 | 857 | ||||||||||||||
Other | 366 | 387 | 432 | 413 | 400 | 437 | 385 | 411 | ||||||||||||||
Total | 2,265 | 2,478 | 2,409 | 2,418 | 2,393 | 2,388 | 2,464 | 2,427 | ||||||||||||||
*Represents 50 percent share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||
International R&M | ||||||||||||||||||||||
International - Consolidated* | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 276 | 255 | 285 | 280 | 274 | 272 | 281 | 277 | ||||||||||||||
Total Charge Input (MB/D) | 288 | 262 | 295 | 288 | 283 | 279 | 293 | 286 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 50 | % | 46 | % | 52 | % | 51 | % | 50 | % | 93 | % | 96 | % | 95 | % | ||||||
Clean Product Yield (%) | 80 | % | 75 | % | 77 | % | 79 | % | 78 | % | 75 | % | 76 | % | 75 | % | ||||||
International - Equity Affiliates - Net Share** | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 48 | 107 | 114 | 130 | 100 | 138 | 130 | 134 | ||||||||||||||
Total Charge Input (MB/D) | 51 | 107 | 114 | 133 | 102 | 138 | 130 | 134 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 41 | % | 90 | % | 96 | % | 109 | % | 84 | % | 103 | % | 97 | % | 100 | % | ||||||
Clean Product Yield (%) | 81 | % | 87 | % | 83 | % | 87 | % | 85 | % | 84 | % | 79 | % | 82 | % | ||||||
Total International | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 324 | 362 | 399 | 410 | 374 | 410 | 411 | 411 | ||||||||||||||
Total Charge Input (MB/D) | 339 | 369 | 409 | 421 | 385 | 417 | 423 | 420 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 48 | % | 54 | % | 60 | % | 61 | % | 56 | % | 96 | % | 96 | % | 96 | % | ||||||
Clean Product Yield (%) | 81 | % | 78 | % | 79 | % | 82 | % | 80 | % | 78 | % | 77 | % | 77 | % | ||||||
Refined Products Production (MB/D) | ||||||||||||||||||||||
Gasoline | 113 | 100 | 127 | 141 | 120 | 133 | 127 | 130 | ||||||||||||||
Distillates | 155 | 184 | 189 | 199 | 182 | 186 | 194 | 190 | ||||||||||||||
Other | 69 | 80 | 91 | 83 | 81 | 98 | 101 | 100 | ||||||||||||||
Total | 337 | 364 | 407 | 423 | 383 | 417 | 422 | 420 | ||||||||||||||
Petroleum Products Sales (MB/D) | ||||||||||||||||||||||
Gasoline | 157 | 149 | 177 | 206 | 172 | 171 | 191 | 181 | ||||||||||||||
Distillates | 282 | 280 | 325 | 373 | 316 | 351 | 316 | 334 | ||||||||||||||
Other | 105 | 137 | 195 | 200 | 159 | 150 | 183 | 166 | ||||||||||||||
Total | 544 | 566 | 697 | 779 | 647 | 672 | 690 | 681 | ||||||||||||||
*Represents our Humber Refinery in the United Kingdom and Whitegate Refinery in Ireland. Prior to January 1, 2011, also represented our Wilhelmshaven Refinery in Germany. | ||||||||||||||||||||||
**Represents 18.75 percent interest in a refinery complex in Karlsruhe, Germany, and 47 percent interest in a refinery in Melaka, Malaysia. |
Page 10 of 12
LUKOIL INVESTMENT | ||||||||||||||||||
2010 | 2011 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
LUKOIL Investment Net Income | ||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | 387 | 529 | 1,310 | 277 | 2,503 | 239 | - | 239 | ||||||||||
Upstream | ||||||||||||||||||
Production | ||||||||||||||||||
Net crude oil production (MB/D) | 391 | 382 | 366 | - | 284 | - | - | - | ||||||||||
Net natural gas production (MMCF/D) | 312 | 368 | 338 | - | 254 | - | - | - | ||||||||||
Total (MBOE/D) | 443 | 443 | 422 | - | 326 | - | - | - | ||||||||||
Industry Prices | ||||||||||||||||||
Crude Oil ($/BBL) | ||||||||||||||||||
Urals crude (CIF Mediterranean) (one-quarter lag) | 74.26 | 75.41 | 76.86 | - | - | - | - | - | ||||||||||
Downstream | ||||||||||||||||||
Refinery Throughput | ||||||||||||||||||
Crude Processed (MB/D) | 246 | 248 | 263 | - | 189 | - | - | - | ||||||||||
Foreign Currency Gains | ||||||||||||||||||
(Losses) After-Tax ($ Millions) | (2 | ) | (16 | ) | 5 | (2 | ) | (15 | ) | 2 | - | 2 | ||||||
MIDSTREAM | ||||||||||||||||||
2010 | 2011 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Midstream Net Income Attributable | ||||||||||||||||||
to ConocoPhillips ($ Millions) | 77 | 61 | 77 | 91 | 306 | 73 | 130 | 203 | ||||||||||
U.S. Equity Affiliate ($ Millions)* | 53 | 31 | 39 | 68 | 191 | 48 | 86 | 134 | ||||||||||
NGL Extracted (MB/D) | ||||||||||||||||||
Equity Affiliates | ||||||||||||||||||
United States* | 176 | 181 | 189 | 191 | 184 | 179 | 189 | 184 | ||||||||||
International | 10 | 9 | 9 | 8 | 9 | 9 | 9 | 9 | ||||||||||
Total | 186 | 190 | 198 | 199 | 193 | 188 | 198 | 193 | ||||||||||
*Represents 50 percent interest in DCP Midstream. | ||||||||||||||||||
NGL Fractionated (MB/D) | ||||||||||||||||||
United States* | 140 | 138 | 116 | 141 | 134 | 121 | 127 | 124 | ||||||||||
International | 19 | 18 | 18 | 16 | 18 | 18 | 17 | 17 | ||||||||||
Total | 159 | 156 | 134 | 157 | 152 | 139 | 144 | 141 | ||||||||||
*Excludes DCP Midstream. | ||||||||||||||||||
Product Prices | ||||||||||||||||||
Weighted Average NGL ($/BBL)* | ||||||||||||||||||
Consolidated | 48.93 | 43.21 | 40.55 | 48.98 | 45.42 | 53.55 | 59.14 | 56.35 | ||||||||||
DCP Midstream | 45.65 | 38.11 | 36.66 | 44.68 | 41.28 | 47.64 | 52.24 | 49.94 | ||||||||||
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix. | ||||||||||||||||||
DD&A ($ Millions) | 1 | 2 | 1 | 2 | 6 | 2 | 1 | 3 |
Page 11 of 12
CHEMICALS | ||||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Chemicals Net Income Attributable | ||||||||||||||||||||||
to ConocoPhillips ($ Millions) | 110 | 138 | 132 | 118 | 498 | 193 | 199 | 392 | ||||||||||||||
Industry Margins (Cents/Lb)* | ||||||||||||||||||||||
Ethylene industry cash margin | 18.2 | 19.6 | 11.2 | 12.1 | 15.2 | 16.7 | 26.9 | 21.8 | ||||||||||||||
HDPE industry contract sales margin | 17.3 | 24.5 | 28.2 | 24.8 | 23.7 | 25.1 | 21.1 | 23.1 | ||||||||||||||
Benzene domestic contract margin | 16.1 | 12.1 | 8.2 | 9.6 | 11.5 | 16.4 | 7.2 | 11.8 | ||||||||||||||
*Prices, economics and views expressed by CMAI are strictly the opinion of CMAI and Purvin & Gertz and are based on information collected within the public sector and on assessments by CMAI and Purvin & Gertz staff utilizing reasonable care consistent with normal industry practice. CMAI and Purvin & Gertz make no guarantee or warranty and assume no liability as to their use. |
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EMERGING BUSINESSES | ||||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Emerging Businesses Net Income (Loss) | ||||||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | 6 | (10 | ) | (20 | ) | (35 | ) | (59 | ) | (7 | ) | (14 | ) | (21 | ) | |||||||
Detail of Net Income (Loss) | ||||||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | ||||||||||||||||||||||
Power | 29 | 17 | 8 | (5 | ) | 49 | 22 | 17 | 39 | |||||||||||||
Other | (23 | ) | (27 | ) | (28 | ) | (30 | ) | (108 | ) | (29 | ) | (31 | ) | (60 | ) | ||||||
Total | 6 | (10 | ) | (20 | ) | (35 | ) | (59 | ) | (7 | ) | (14 | ) | (21 | ) | |||||||
Foreign Currency Gains | ||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | - | (1 | ) | - | - | (1 | ) | - | - | - | ||||||||||||
CORPORATE AND OTHER | ||||||||||||||||||||||
2010 | 2011 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Corporate and Other Net Income (Loss) | ||||||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | (310 | ) | (389 | ) | (276 | ) | (305 | ) | (1,280 | ) | (304 | ) | (203 | ) | (507 | ) | ||||||
Detail of Net Income (Loss) | ||||||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | ||||||||||||||||||||||
Net interest expense | (222 | ) | (254 | ) | (285 | ) | (204 | ) | (965 | ) | (181 | ) | (165 | ) | (346 | ) | ||||||
Corporate overhead | (36 | ) | (47 | ) | (37 | ) | (89 | ) | (209 | ) | (63 | ) | (46 | ) | (109 | ) | ||||||
Other | (52 | ) | (88 | ) | 46 | (12 | ) | (106 | ) | (60 | ) | 8 | (52 | ) | ||||||||
Total | (310 | ) | (389 | ) | (276 | ) | (305 | ) | (1,280 | ) | (304 | ) | (203 | ) | (507 | ) | ||||||
Before-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||||||
Interest expense | (383 | ) | (433 | ) | (351 | ) | (351 | ) | (1,518 | ) | (342 | ) | (330 | ) | (672 | ) | ||||||
Capitalized interest | 119 | 119 | 121 | 112 | 471 | 112 | 115 | 227 | ||||||||||||||
Interest revenue | 6 | 14 | 13 | 31 | 64 | 39 | 27 | 66 | ||||||||||||||
Premium on early debt retirement | - | - | (146 | ) | - | (146 | ) | - | - | - | ||||||||||||
Total | (258 | ) | (300 | ) | (363 | ) | (208 | ) | (1,129 | ) | (191 | ) | (188 | ) | (379 | ) | ||||||
Foreign Currency Gains | ||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | (19 | ) | (70 | ) | 60 | 14 | (15 | ) | (12 | ) | 19 | 7 | ||||||||||
Debt | ||||||||||||||||||||||
Total Debt ($ Millions) | 28,988 | 26,279 | 23,601 | 23,592 | 23,592 | 23,209 | 23,196 | 23,196 | ||||||||||||||
Debt-to-Capital Ratio (%) | 31 | % | 28 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | ||||||
Equity ($ Millions) | 63,417 | 65,945 | 69,917 | 69,109 | 69,109 | 70,521 | 70,578 | 70,578 |
Page 12 of 12