CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 29, 2015

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EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa51027824_ex991.htm

Exhibit 99.2


Fourth-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 13,821 12,080 11,208 52,524
Equity in earnings of affiliates 362 494 709 654 2,219 572 672 764 521 2,529
Gain on dispositions 58 95 1,069 20 1,242 9 7 4 78 98
Other income 65   203   49   57   374   52   201   69   44   366  
Total Revenues and Other Income 14,651   14,142   15,470   13,985   58,248   16,048   14,701   12,917   11,851   55,517  
 
Costs and Expenses
Purchased commodities 5,834 5,521 5,708 5,580 22,643 7,127 5,495 4,703 4,774 22,099
Production and operating expenses 1,687 1,672 1,962 1,917 7,238 1,895 2,030 2,041 2,943 8,909
Selling, general and administrative expenses 165 193 249 247 854 182 218 203 132 735
Exploration expenses 277 321 313 321 1,232 296 517 459 773 2,045
Depreciation, depletion and amortization 1,807 1,832 1,902 1,893 7,434 1,892 2,070 2,096 2,271 8,329
Impairments 2 28 1 498 529 1 17 108 730 856
Taxes other than income taxes 892 642 664 686 2,884 651 612 493 332 2,088
Accretion on discounted liabilities 106 105 106 117 434 117 120 120 127 484
Interest and debt expense 130 139 151 192 612 171 155 149 173 648
Foreign currency transaction (gains) losses (36 ) (7 ) 9   (24 ) (58 ) 18   7   (8 ) (83 ) (66 )
Total Costs and Expenses 10,864   10,446   11,065   11,427   43,802   12,350   11,241   10,364   12,172   46,127  
Income (loss) from continuing operations before income taxes 3,787 3,696 4,405 2,558 14,446 3,698 3,460 2,553 (321 ) 9,390
Provision (benefit) for income taxes 1,763   1,630   1,966   1,050   6,409   1,581   1,395   904   (297 ) 3,583  
Income (loss) from continuing operations 2,024 2,066 2,439 1,508 8,037 2,117 2,065 1,649 (24 ) 5,807
Income from discontinued operations 129   (3 ) 57   995   1,178   20   33   1,078   -   1,131  
Net Income (Loss) 2,153 2,063 2,496 2,503 9,215 2,137 2,098 2,727 (24 ) 6,938
Less: net income attributable to noncontrolling interests (14 ) (13 ) (16 ) (16 ) (59 ) (14 ) (17 ) (23 ) (15 ) (69 )
Net Income (Loss) Attributable to ConocoPhillips 2,139   2,050   2,480   2,487   9,156   2,123   2,081   2,704   (39 ) 6,869  
 
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.64 1.66 1.96 1.20 6.47 1.70 1.65 1.31 (0.03 ) 4.63
Discontinued operations 0.10   -   0.05   0.81   0.96   0.02   0.03   0.87   -   0.91  
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock 1.74   1.66   2.01   2.01   7.43   1.72   1.68   2.18   (0.03 ) 5.54  
Diluted
Continuing operations 1.63 1.65 1.95 1.20 6.43 1.69 1.64 1.31 (0.03 ) 4.60
Discontinued operations 0.10   -   0.05   0.80   0.95   0.02   0.03   0.86   -   0.91  
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock 1.73   1.65   2.00   2.00   7.38   1.71   1.67   2.17   (0.03 ) 5.51  
 
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 1,236,057 1,236,431 1,239,975 1,237,325
Diluted   1,235,907   1,237,157   1,240,365   1,241,112   1,239,803   1,242,667   1,245,155   1,246,788   1,239,975   1,245,863  
 
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
 
Alaska 842 1,060 787 860 3,549 930 973 722 497 3,122
 
Lower 48 223 336 349 244 1,152 516 434 78 (1,142 ) (114 )
 
Canada (117 ) 10 868 (87 ) 674 466 241 340 129 1,176
 
Europe 1,213 627 965 747 3,552 1,041 781 633 (163 ) 2,292
 
Asia Pacific and Middle East 1,393 1,416 1,120 1,173 5,102 1,093 1,233 1,058 818 4,202
 
Other International 416 395 607 (57 ) 1,361 (67 ) 99 10 (131 ) (89 )
 
Corporate and Other (183 ) (148 ) (291 ) (322 ) (944 ) (281 ) (301 ) (288 ) (329 ) (1,199 )
                       
Consolidated 3,787   3,696   4,405   2,558   14,446   3,698   3,460   2,553   (321 ) 9,390  
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 35.5 % 35.7 % 37.1 % 35.4 % 35.9 % 35.6 % 35.6 % 34.4 % 31.1 % 34.6 %
 
Lower 48 52.8 % 30.4 % 40.1 % 15.5 % 34.5 % 37.3 % 38.7 % 60.0 % 43.8 % 80.9 %
 
Canada 213.7 % 52.2 % 26.0 % 29.3 % -6.6 % 23.7 % 24.0 % 9.7 % 27.0 % 20.1 %
 
Europe 62.6 % 58.1 % 70.2 % 70.0 % 65.4 % 66.7 % 66.8 % 66.4 % 90.8 % 64.9 %
 
Asia Pacific and Middle East 33.1 % 27.2 % 32.4 % 25.8 % 29.6 % 30.9 % 30.1 % 27.0 % 24.4 % 28.4 %
 
Other International 95.4 % 93.3 % 53.4 % 36.0 % 78.6 % 57.2 % -21.7 % 296.5 % -24.6 % -0.2 %
 
Corporate and Other 11.7 % -16.8 % 19.4 % 22.0 % 13.1 % 16.4 % 16.3 % 55.0 % 21.5 % 27.1 %
                       
Consolidated 46.6 % 44.1 % 44.6 % 41.1 % 44.4 % 42.8 % 40.3 % 35.4 % 92.7 % 38.2 %
*Alaska including taxes other than income taxes 61.6 % 52.9 % 57.8 % 56.2 % 57.1 % 51.6 % 50.3 % 48.6 % 44.2 % 49.4 %
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 2,274 598 627 473 343 2,041
 
Lower 48 105 233 209 207 754 324 265 32 (643 ) (22 )
 
Canada 133 5 642 (62 ) 718 356 182 307 95 940
 
Europe 454 263 288 224 1,229 347 259 213 (15 ) 804
 
Asia Pacific and Middle East 918 1,017 741 856 3,532 742 845 749 603 2,939
 
Other International 19 26 283 (37 ) 291 (29 ) 121 (18 ) (164 ) (90 )
 
Corporate and Other (162 ) (173 ) (234 ) (251 ) (820 ) (235 ) (251 ) (130 ) (258 ) (874 )
 
Discontinued Operations 129 (3 ) 57 995 1,178 20 33 1,078 - 1,131
                       
Consolidated 2,139   2,050   2,480   2,487   9,156   2,123   2,081   2,704   (39 ) 6,869  
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - 97 - - 97 - - - (36 ) (36 )
 
Lower 48 (60 ) 69 - - 9 (122 ) - (151 ) (610 ) (883 )
 
Canada 224 - 461 (129 ) 556 - (109 ) 47 9 (53 )
 
Europe 83 - - (107 ) (24 ) - - - (144 ) (144 )
 
Asia Pacific and Middle East - 146 (116 ) - 30 (28 ) - 30 - 2
 
Other International - - 288 - 288 - 154 - - 154
 
Corporate and Other 11 (9 ) (31 ) (10 ) (39 ) - - 89 - 89
 
Discontinued Operations 129 (3 ) 57 995 1,178 20 33 1,078 - 1,131
                       
Consolidated 387   300   659   749   2,095   (130 ) 78   1,093   (781 ) 260  
ADJUSTED EARNINGS  
 
Alaska 543 585 494 555 2,177 598 627 473 379 2,077
 
Lower 48 165 164 209 207 745 446 265 183 (33 ) 861
 
Canada (91 ) 5 181 67 162 356 291 260 86 993
 
Europe 371 263 288 331 1,253 347 259 213 129 948
 
Asia Pacific and Middle East 918 871 857 856 3,502 770 845 719 603 2,937
 
Other International 19 26 (5 ) (37 ) 3 (29 ) (33 ) (18 ) (164 ) (244 )
 
Corporate and Other (173 ) (164 ) (203 ) (241 ) (781 ) (235 ) (251 ) (219 ) (258 ) (963 )
                       
Consolidated 1,752   1,750   1,821   1,738   7,061   2,253   2,003   1,611   742   6,609  
 
ADJUSTED EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska 35.5 % 35.6 % 37.1 % 35.4 % 35.9 % 35.6 % 35.6 % 34.4 % 31.5 % 34.6 %
 
Lower 48 42.1 % 36.9 % 40.1 % 15.5 % 34.6 % 37.0 % 38.7 % 42.7 % 68.1 % 36.5 %
 
Canada 22.2 % 52.2 % 28.7 % 20.6 % 30.0 % 23.7 % 24.3 % 23.5 % 26.5 % 24.1 %
 
Europe 67.1 % 58.1 % 70.2 % 67.8 % 66.6 % 66.7 % 66.8 % 66.4 % 61.1 % 66.0 %
 
Asia Pacific and Middle East 34.1 % 31.2 % 31.5 % 25.8 % 30.3 % 30.1 % 30.1 % 27.1 % 24.4 % 28.3 %
 
Other International 95.4 % 93.3 % 102.6 % 36.0 % 99.6 % 57.2 % 39.3 % 296.5 % -24.6 % -0.1 %
 
Corporate and Other 11.0 % -19.6 % 15.5 % 21.2 % 11.0 % 16.4 % 16.3 % 30.8 % 21.5 % 21.5 %
                       
Consolidated 53.3 % 47.4 % 48.7 % 42.1 % 48.0 % 42.1 % 41.5 % 40.0 % 39.7 % 41.2 %
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 - - - - -
Impairments -   -   -   -   -   -   -   -   (36 ) (36 )
Total   -   97   -   -   97   -   -   -   (36 ) (36 )
 
Lower 48
Gain (loss) on asset sales (39 ) 47 - - 8 - - - - -
Loss on capacity agreements - - - - - (83 ) - - - (83 )
Tax loss carryforward realization (21 ) 22 - - 1 - - - - -
Impairments - - - - - - - (151 ) (124 ) (275 )
Pending claims and settlements - - - - - (39 ) - - - (39 )
Freeport LNG termination agreement - - - - - - - - (545 ) (545 )
Deferred tax adjustment -   -   -   -   -   -   -   -   59   59  
Total   (60 ) 69   -   -   9   (122 ) -   (151 ) (610 ) (883 )
 
Canada
Gain (loss) on asset sales 224 - 461 - 685 - - - 38 38
Impairments - - - (162 ) (162 ) - (109 ) - (29 ) (138 )
FCCL IFRS depreciation adjustment - - - 33 33 - - - - -
Pending claims and settlements -   -   -   -   -   -   -   47   -   47  
Total   224   -   461   (129 ) 556   -   (109 ) 47   9   (53 )
 
Europe
Gain (loss) on asset sales 83 - - - 83 - - - - -
Impairments - - - (107 ) (107 ) - - - (192 ) (192 )
Pending claims and settlements -   -   -   -   -   -   -   -   48   48  
Total   83   -   -   (107 ) (24 ) -   -   -   (144 ) (144 )
 
Asia Pacific and Middle East
Qatar depreciation adjustment - - - - - (28 ) - - - (28 )
Pending claims and settlements -   146   (116 ) -   30   -   -   30   -   30  
Total   -   146   (116 ) -   30   (28 ) -   30   -   2  
 
Other International
Gain (loss) on asset sales - - 288 - 288 - - - - -
Pending claims and settlements -   -   -   -   -   -   154   -   -   154  
Total   -   -   288   -   288   -   154   -   -   154  
 
Corporate and Other
Gain (loss) on asset sales 11 - - - 11 - - - - -
Pension settlement expense - - (31 ) (10 ) (41 ) - - - - -
Tax benefit on interest expense - - - - - - - 61 - 61
Pending claims and settlements -   (9 ) -   -   (9 ) -   -   28   -   28  
Total   11   (9 ) (31 ) (10 ) (39 ) -   -   89   -   89  
 
Discontinued Operations 129 (3 ) 57 995 1,178 20 33 1,078 - 1,131
 
Total Company 387   300   659   749   2,095   (130 ) 78   1,093   (781 ) 260  
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 (loss) 2,153 2,063 2,496 2,503 9,215 2,137 2,098 2,727 (24 ) 6,938
Depreciation, depletion and amortization 1,807 1,832 1,902 1,893 7,434 1,892 2,070 2,096 2,271 8,329
Impairments 2 28 1 498 529 1 17 108 730 856
Dry hole costs and leasehold impairments 36 176 133 98 443 69 334 265 498 1,166
Accretion on discounted liabilities 106 105 106 117 434 117 120 120 127 484
Deferred taxes 241 443 458 169 1,311 230 403 391 (315 ) 709
Undistributed equity earnings (29 ) (199 ) (357 ) (237 ) (822 ) 1,131 (450 ) (347 ) (257 ) 77
Gain on dispositions (58 ) (95 ) (1,069 ) (20 ) (1,242 ) (9 ) (7 ) (4 ) (78 ) (98 )
Income from discontinued operations (129 ) 3 (57 ) (995 ) (1,178 ) (20 ) (33 ) (1,078 ) - (1,131 )
Other (503 ) 17 206 (91 ) (371 ) 116 (308 ) (344 ) 303 (233 )
Net working capital changes 982   (684 ) (175 ) (75 ) 48   614   (681 ) 220   (658 ) (505 )
Net cash provided by continuing operations 4,608 3,689 3,644 3,860 15,801 6,278 3,563 4,154 2,597 16,592
Net cash provided by discontinued operations 122   52   61   51   286   58   59   26   -   143  
Net Cash Provided by Operating Activities 4,730   3,741   3,705   3,911   16,087   6,336   3,622   4,180   2,597   16,735  
 
Cash Flows from Investing Activities
Capital expenditures and investments (3,391 ) (3,705 ) (4,185 ) (4,256 ) (15,537 ) (3,895 ) (4,246 ) (4,588 ) (4,356 ) (17,085 )
Proceeds from asset dispositions 1,134 542 1,499 7,045 10,220 48 15 1,371 169 1,603
Net sales (purchases) of short-term investments (23 ) (51 ) 75 (264 ) (263 ) 63 (71 ) (101 ) 362 253

Long-term collections from related parties

and other investments

36   (11 ) 54   (146 ) (67 ) 108   65   (484 ) 468   157  
Net cash provided by (used in) continuing operations (2,244 ) (3,225 ) (2,557 ) 2,379 (5,647 ) (3,676 ) (4,237 ) (3,802 ) (3,357 ) (15,072 )
Net cash used in discontinued operations (189 ) (190 ) (161 ) (64 ) (604 ) (22 ) (28 ) (9 ) -   (59 )
Net Cash Provided by (Used in) Investing Activities (2,433 ) (3,415 ) (2,718 ) 2,315   (6,251 ) (3,698 ) (4,265 ) (3,811 ) (3,357 ) (15,131 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (48 ) (850 ) (48 ) - (946 ) (450 ) - (55 ) 1,485 980
Change in restricted cash 748 - - - 748 - - - - -
Issuance of company common stock (10 ) 5 17 8 20 (32 ) 78 (19 ) 8 35
Dividends paid (815 ) (814 ) (852 ) (853 ) (3,334 ) (855 ) (856 ) (907 ) (907 ) (3,525 )
Other   (205 ) (186 ) (202 ) (3,028 ) (3,621 ) (17 ) (11 ) 8   (44 ) (64 )
Net cash provided by (used in) continuing operations (330 ) (1,845 ) (1,085 ) (3,873 ) (7,133 ) (1,354 ) (789 ) (973 ) 542 (2,574 )
Net cash used in discontinued operations -   -   -   -   -   -   -   -   -   -  
Net Cash Provided by (Used in) Financing Activities (330 ) (1,845 ) (1,085 ) (3,873 ) (7,133 ) (1,354 ) (789 ) (973 ) 542   (2,574 )
 
Effect of Exchange Rate Changes (163 ) 6   72   10   (75 ) (10 ) 54   (130 ) (128 ) (214 )
 
Net Change in Cash and Cash Equivalents 1,804 (1,513 ) (26 ) 2,363 2,628 1,274 (1,378 ) (734 ) (346 ) (1,184 )
Cash and cash equivalents at beginning of period 3,618   5,422   3,909   3,883   3,618   6,246   7,520   6,142   5,408   6,246  
Cash and Cash Equivalents at End of Period 5,422   3,909   3,883   6,246   6,246   7,520   6,142   5,408   5,062   5,062  
 
CAPITAL PROGRAM
 
Capital expenditures and investments
Alaska 262 283 291 304 1,140 415 390 369 390 1,564
 
Lower 48 1,280 1,367 1,238 1,325 5,210 1,312 1,385 1,656 1,701 6,054
 
Canada 675 422 505 630 2,232 622 515 613 590 2,340
 
Europe 786 761 779 752 3,078 596 656 660 609 2,521
 
Asia Pacific and Middle East 337 827 1,142 1,076 3,382 848 1,094 1,077 858 3,877
 
Other International 24 18 187 84 313 67 172 164 136 539
 
Corporate and Other 27   27   43   85   182   35   34   49   72   190  
Total capital expenditures and investments 3,391   3,705   4,185   4,256   15,537   3,895   4,246   4,588   4,356   17,085  
 
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   4,246   4,588   4,356   17,085  
Capital Program for Algeria, Nigeria and Kashagan: 189 190 161 69 609 22 28 9 - 59
*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 1,557 1,481 1,589 1,540
Discontinued operations (Algeria and Nigeria) 41   42 44 45 43 36   37 14 - 21
Total, including equity affiliates 1,596   1,552 1,514 1,518 1,545 1,568   1,594 1,495 1,589 1,561
 
Crude Oil (MBD)
Consolidated operations 606 565 532 543 562 581 576 542 605 576
Equity affiliates 20   20 20 17 19 18   20 19 18 19
Total continuing operations 626   585 552 560 581 599   596 561 623 595
Discontinued operations (Algeria and Nigeria) 20   18 19 15 18 8   9 4 - 5
Total   646   603 571 575 599 607   605 565 623 600
Over (under) lifting of crude oil (MBD)* (9 ) 4 19 11 6 (16 ) 4 15 6 2
*Includes continuing and discontinued operations.
 
NGL (MBD)
Consolidated operations 151 150 148 144 149 152 159 149 145 151
Equity affiliates 8   8 8 6 7 7   8 8 7 8
Total continuing operations 159   158 156 150 156 159   167 157 152 159
Discontinued operations (Nigeria) 3   3 4 4 3 3   3 1 - 1
Total   162   161 160 154 159 162   170 158 152 160
 
Bitumen (MBD)
Consolidated operations 13 12 13 13 13 13 14 9 13 12
Equity affiliates 96   88 94 106 96 111   114 115 128 117
Total   109   100 107 119 109 124   128 124 141 129
 
Natural Gas (MMCFD)
Consolidated operations 3,479 3,505 3,423 3,427 3,458 3,432 3,482 3,315 3,524 3,438
Equity affiliates 483   493 507 439 481 469   516 518 516 505
Total continuing operations 3,962   3,998 3,930 3,866 3,939 3,901   3,998 3,833 4,040 3,943
Discontinued operations (Nigeria) 110   128 125 155 129 149   151 54 - 88
Total   4,072   4,126 4,055 4,021 4,068 4,050   4,149 3,887 4,040 4,031
 
Industry Prices
Crude Oil ($/BBL)
WTI 94.29 94.12 105.80 97.38 97.90 98.75 103.05 97.48 73.41 93.17
WCS 62.41 75.06 88.35 65.26 72.77 75.55 82.94 76.99 58.90 73.60
Brent dated 112.55 102.44 110.32 109.27 108.65 108.22 109.63 101.85 76.27 98.99
JCC ($/BBL) 114.19 113.07 107.36 107.94 110.64 112.78 111.40 109.59 110.37 111.04
Natural Gas ($/MMBTU)
Henry Hub first of month 3.34   4.10 3.58 3.60 3.65 4.94   4.68 4.07 4.04 4.43
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 106.17 100.31 106.85 100.67 103.50 101.71 103.48 96.65 71.34 92.84
Equity affiliates 100.27   93.41 99.41 98.81 97.92 97.82   100.80 96.03 70.40 91.48
Total continuing operations 105.97   100.07 106.60 100.61 103.32 101.59   103.39 96.63 71.31 92.80
Discontinued operations (Algeria and Nigeria) 112.62   103.45 110.28 110.29 109.72 108.81   113.07 107.74 - 110.61
Total   106.20   100.14 106.74 100.83 103.51 101.69   103.53 96.67 71.31 92.94
 
NGL ($/BBL)
Consolidated operations 40.87 36.21 39.44 41.89 39.60 44.86 38.71 36.26 29.75 37.45
Equity affiliates 77.32   64.63 69.90 83.05 73.31 79.91   68.84 67.13 54.09 67.20
Total continuing operations 42.95   37.80 41.14 43.82 41.42 46.52   40.36 37.83 31.07 38.99
Discontinued operations (Nigeria) 12.30   13.13 15.76 16.13 14.58 12.99   14.55 11.49 - 13.41
Total   42.41   37.24 40.47 43.07 40.79 45.85   39.93 37.66 31.07 38.71
 
Bitumen ($/BBL)
Consolidated operations 36.78 59.67 76.90 44.73 55.25 61.69 68.00 64.95 46.57 60.03
Equity affiliates 39.52   55.13 75.93 43.64 53.00 55.85   65.55 62.30 36.85 54.62
Total   39.23   55.69 76.06 43.76 53.27 56.47   65.82 62.49 37.76 55.13
 
Natural Gas ($/MCF)
Consolidated operations 5.75 5.88 5.49 5.73 5.71 7.15 6.29 5.46 5.51 6.10
Equity affiliates 9.36   8.84 9.35 8.29 8.98 10.43   10.46 9.11 9.24 9.79
Total continuing operations 6.19   6.25 5.99 6.02 6.11 7.55   6.82 5.96 5.98 6.57
Discontinued operations (Nigeria) 2.54   2.98 2.58 2.36 2.60 2.69   2.46 2.26 - 2.53
Total   6.09   6.15 5.88 5.88 6.00 7.37   6.66 5.91 5.98 6.48
 
Exploration Expenses ($ Millions)
Dry holes 4 98 101 65 268 23 145 86 350 604
Leasehold impairment 32   78 32 33 175 46   189 179 148 562
Total noncash expenses 36 176 133 98 443 69 334 265 498 1,166
Other (G&A, G&G and lease rentals) 241   145 180 223 789 227   183 194 275 879
Total exploration expenses 277   321 313 321 1,232 296   517 459 773 2,045
 
U.S. exploration expenses 152   196 165 178 691 150   242 340 370 1,102
International exploration expenses 125   125 148 143 541 146   275 119 403 943
 
DD&A ($ Millions)
Alaska 135 135 124 136 530 132 135 123 135 525
Lower 48 744 785 880 836 3,245 829 939 982 953 3,703
Canada 343 345 330 297 1,315 232 238 236 218 924
Europe 261 234 234 304 1,033 404 421 427 546 1,798
Asia Pacific and Middle East 293 298 303 291 1,185 268 310 300 390 1,268
Other International 11 12 5 2 30 1 - 2 4 7
Corporate and Other 20   23 26 27 96 26   27 26 25 104
Total DD&A   1,807   1,832 1,902 1,893 7,434 1,892   2,070 2,096 2,271 8,329
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 190 176 161 182 178 175 170 139 164 162
Lower 48 148 147 153 158 152 171 191 191 199 188
Canada 14 14 13 12 13 13 12 13 13 13
Norway 100 78 94 95 92 96 89 89 91 91
United Kingdom 24 22 17 23 21 39 37 30 33 35
Europe   124 100 111 118 113 135 126 119 124 126
Australia/Timor-Leste 13 15 13 10 13 12 9 8 10 9
China 57 56 51 48 53 58 50 46 46 50
Indonesia 9 7 8 7 8 10 7 7 5 7
Malaysia 7 6 5 7 6 6 10 11 23 13
Equity affiliates 15 15 16 13 15 14 16 15 14 15
AP/ME   101 99 93 85 95 100 92 87 98 94
Libya 44 44 17 1 26 1 1 8 21 8
Equity affiliates 5 5 4 4 4 4 4 4 4 4
Other International 49 49 21 5 30 5 5 12 25 12
Total continuing operations 626 585 552 560 581 599 596 561 623 595
Discontinued operations (Algeria and Nigeria) 20 18 19 15 18 8 9 4 - 5
Total   646 603 571 575 599 607 605 565 623 600
 
NGL (MBD)
Alaska 18 15 11 16 15 16 16 8 14 13
Lower 48 87 91 94 90 91 91 100 104 90 97
Canada 26 25 25 23 25 25 25 21 22 23
Norway 3 2 3 3 3 2 2 3 3 3
United Kingdom 3 3 2 3 3 5 5 5 6 5
Europe   6 5 5 6 6 7 7 8 9 8
Australia/Timor-Leste 10 10 9 7 9 8 6 5 6 6
Indonesia 4 4 4 2 3 5 5 3 4 4
Equity affiliates 8 8 8 6 7 7 8 8 7 8
AP/ME   22 22 21 15 19 20 19 16 17 18
Total continuing operations 159 158 156 150 156 159 167 157 152 159
Discontinued operations (Nigeria) 3 3 4 4 3 3 3 1 - 1
Total   162 161 160 154 159 162 170 158 152 160
 
Bitumen (MBD)
Consolidated operations 13 12 13 13 13 13 14 9 13 12
Equity affiliates 96 88 94 106 96 111 114 115 128 117
Total   109 100 107 119 109 124 128 124 141 129
 
Natural Gas (MMCFD)
Alaska 56 38 35 43 43 55 45 48 49 49
Lower 48 1,441 1,516 1,511 1,493 1,490 1,468 1,495 1,485 1,514 1,491
Canada 806 788 775 731 775 707 713 707 719 711
Norway 161 119 130 163 143 157 135 106 156 138
United Kingdom 300 290 227 277 273 315 345 298 334 323
Europe   461 409 357 440 416 472 480 404 490 461
Australia/Timor-Leste 251 272 268 255 262 263 277 200 279 255
China 4 6 4 4 4 3 3 4 4 4
Indonesia 428 447 439 452 442 457 463 464 461 461
Malaysia 1 1 1 1 1 3 5 2 3 3
Equity affiliates 483 493 507 439 481 469 516 518 516 505
AP/ME   1,167 1,219 1,219 1,151 1,190 1,195 1,264 1,188 1,263 1,228
Libya   31 28 33 8 25 4 1 1 5 3
Other International 31 28 33 8 25 4 1 1 5 3
Total continuing operations 3,962 3,998 3,930 3,866 3,939 3,901 3,998 3,833 4,040 3,943
Discontinued operations (Nigeria) 110 128 125 155 129 149 151 54 - 88
Total   4,072 4,126 4,055 4,021 4,068 4,050 4,149 3,887 4,040 4,031
 
Total (MBOED)
Alaska 218 197 178 205 200 200 193 155 186 183
Lower 48 475 491 499 497 491 507 540 543 541 533
Consolidated operations 187 183 180 170 180 169 170 161 168 167
Equity affiliates 96 88 94 106 96 111 114 115 128 117
Canada   283 271 274 276 276 280 284 276 296 284
Norway 130 100 119 125 119 124 114 110 120 117
United Kingdom 77 73 57 72 70 96 99 84 95 94
Europe   207 173 176 197 189 220 213 194 215 211
Australia/Timor-Leste 65 70 67 60 65 64 61 46 62 57
China 58 57 52 49 54 59 51 47 46 51
Indonesia 84 86 85 84 85 91 89 87 86 88
Malaysia 7 6 5 7 6 6 11 11 24 14
Equity affiliates 104 105 108 92 102 99 110 110 107 107
AP/ME   318 324 317 292 312 319 322 301 325 317
Libya 49 49 22 2 30 2 1 8 22 8
Equity affiliates 5 5 4 4 4 4 4 4 4 4
Other International 54 54 26 6 34 6 5 12 26 12
Total continuing operations 1,555 1,510 1,470 1,473 1,502 1,532 1,557 1,481 1,589 1,540
Discontinued operations (Algeria and Nigeria) 41 42 44 45 43 36 37 14 - 21
Total   1,596 1,552 1,514 1,518 1,545 1,568 1,594 1,495 1,589 1,561
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 110.79 106.09 110.95 104.04 107.83 106.39 108.93 102.36 74.07 97.68
Lower 48 93.69 93.56 100.25 87.81 93.79 91.52 93.73 87.91 65.34 84.18
Canada 72.85 81.09 91.81 72.86 79.73 80.32 86.33 82.48 62.89 77.87
Norway 114.75 103.21 112.50 111.59 111.32 109.69 111.97 103.53 73.91 98.37
United Kingdom 111.07 101.67 110.62 108.94 107.57 107.37 110.01 102.22 85.38 103.07
Europe   114.11 102.74 112.28 110.96 110.56 109.05 111.38 103.17 75.76 99.56
Australia/Timor-Leste 107.76 97.11 103.84 107.26 104.17 106.36 105.31 101.26 75.57 98.70
China 110.91 98.58 106.36 106.17 105.50 105.62 106.18 97.73 71.34 95.94
Indonesia 93.32 83.15 93.35 95.66 91.37 92.82 94.82 84.28 53.74 84.28
Malaysia 119.87 108.67 114.90 118.29 115.44 115.35 114.51 109.62 76.87 96.94
AP/ME   109.35 97.77 105.43 106.43 104.78 104.92 105.65 99.07 71.94 95.32
Libya   112.18 102.82 107.49 - 107.21 - 107.33 95.22 83.52 86.71
Other International 112.18 102.82 107.49 - 107.21 - 107.33 95.22 83.52 86.71
Total consolidated operations 106.17 100.31 106.85 100.67 103.50 101.71 103.48 96.65 71.34 92.84
Equity affiliates 100.27 93.41 99.41 98.81 97.92 97.82 100.80 96.03 70.40 91.48
Total continuing operations 105.97 100.07 106.60 100.61 103.32 101.59 103.39 96.63 71.31 92.80
Discontinued operations (Algeria and Nigeria) 112.62 103.45 110.28 110.29 109.72 108.81 113.07 107.74 - 110.61
Total   106.20 100.14 106.74 100.83 103.51 101.69 103.53 96.67 71.31 92.94
 
NGL ($/BBL)
Consolidated operations
Lower 48 29.58 29.30 32.57 34.33 31.48 36.06 31.28 30.67 24.93 30.74
Canada 50.15 44.08 46.90 47.57 47.19 56.13 46.56 45.29 35.72 46.23
Norway 59.77 52.15 56.29 64.13 59.08 52.95 52.18 45.14 37.40 47.74
United Kingdom 60.61 46.32 58.58 61.69 57.48 64.99 59.48 58.21 40.05 54.74
Europe   60.10 49.29 57.36 63.01 58.36 60.48 57.32 54.47 39.42 52.65
Australia/Timor-Leste 77.42 67.48 71.92 81.14 74.79 78.51 72.80 71.18 51.27 69.56
Indonesia 78.10 64.58 69.97 72.47 71.23 82.11 69.07 67.57 56.31 69.06
AP/ME   77.59 66.54 71.35 79.29 73.82 80.07 71.52 69.69 53.66 69.36
Total consolidated operations 40.87 36.21 39.44 41.89 39.60 44.86 38.71 36.26 29.75 37.45
Equity affiliates 77.32 64.63 69.90 83.05 73.31 79.91 68.84 67.13 54.09 67.20
Total continuing operations 42.95 37.80 41.14 43.82 41.42 46.52 40.36 37.83 31.07 38.99
Discontinued operations (Nigeria) 12.30 13.13 15.76 16.13 14.58 12.99 14.55 11.49 - 13.41
Total   42.41 37.24 40.47 43.07 40.79 45.85 39.93 37.66 31.07 38.71
 
Bitumen ($/BBL)
Consolidated operations 36.78 59.67 76.90 44.73 55.25 61.69 68.00 64.95 46.57 60.03
Equity affiliates 39.52 55.13 75.93 43.64 53.00 55.85 65.55 62.30 36.85 54.62
Total   39.23 55.69 76.06 43.76 53.27 56.47 65.82 62.49 37.76 55.13
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 5.20 4.03 4.09 3.74 4.35 5.22 6.03 5.47 5.01 5.42
Lower 48 3.19 3.85 3.39 3.55 3.50 5.08 4.43 3.96 3.73 4.29
Canada 2.89 3.28 2.42 3.09 2.92 5.81 4.13 3.50 3.12 4.13
Norway 10.69 10.42 11.11 11.24 10.89 11.16 9.19 7.81 8.66 9.35
United Kingdom 10.87 10.19 10.12 11.04 10.58 10.83 8.92 7.88 9.42 9.27
Europe   10.81 10.26 10.48 11.11 10.68 10.94 8.99 7.86 9.22 9.29
Australia/Timor-Leste* 1.10 1.11 1.81 1.09 1.28 1.09 1.11 1.08 1.09 1.09
China 2.50 2.52 2.54 3.30 2.70 1.66 2.49 2.52 2.54 2.33
Indonesia 11.57 10.56 11.01 10.04 10.78 10.24 10.21 10.18 8.16 9.69
AP/ME   11.20 10.62 10.81 9.83 10.61 10.32 10.32 9.39 9.17 9.80
Libya   4.86 4.65 5.92 7.37 5.38 6.65 - - 0.09 3.40
Other International 4.86 4.65 5.92 7.37 5.38 6.65 - - 0.09 3.40
Total consolidated operations 5.75 5.88 5.49 5.73 5.71 7.15 6.29 5.46 5.51 6.10
Equity affiliates 9.36 8.84 9.35 8.29 8.98 10.43 10.46 9.11 9.24 9.79
Total continuing operations 6.19 6.25 5.99 6.02 6.11 7.55 6.82 5.96 5.98 6.57
Discontinued operations (Nigeria) 2.54 2.98 2.58 2.36 2.60 2.69 2.46 2.26 - 2.53
Total   6.09 6.15 5.88 5.88 6.00 7.37 6.66 5.91 5.98 6.48
*Excludes transfers to Darwin LNG plant.
7 of 8
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 ) (251 ) (130 ) (258 ) (874 )
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense* (108 ) (127 ) (124 ) (171 ) (530 ) (163 ) (158 ) (36 ) (145 ) (502 )
Corporate G&A expenses (27 ) (43 ) (77 ) (66 ) (213 ) (31 ) (51 ) (51 ) (61 ) (194 )
Technology** (8 ) 41 (26 ) (13 ) (6 ) (28 ) (20 ) (26 ) (19 ) (93 )
Other   (19 ) (44 ) (7 ) (1 ) (71 ) (13 ) (22 ) (17 ) (33 ) (85 )
Total   (162 ) (173 ) (234 ) (251 ) (820 ) (235 ) (251 ) (130 ) (258 ) (874 )
*Third-quarter 2014 includes a $61 million tax benefit on interest expense from the prior year, as shown on page 3, as well as a $32 million tax benefit related to the current year.
**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 ) (276 ) (280 ) (289 ) (1,136 )
Capitalized interest 179 186 172 130 667 120 121 131 116 488
Interest revenue 10   28   10   12   60   9   10   10   11   40  
Total   (98 ) (89 ) (121 ) (164 ) (472 ) (162 ) (145 ) (139 ) (162 ) (608 )
 
Debt
Total debt ($ Millions) 21,670 21,721 21,668 21,662 21,662 21,206 21,234 21,187 22,565 22,565
Debt-to-capital ratio (%) 31 % 31 % 30 % 29 % 29 % 28 % 28 % 28 % 30 % 30 %
 
Equity ($ Millions) 49,240   48,932   51,537   52,492   52,492   53,621   55,686   55,661   52,273   52,273  
 
 
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


8 of 8

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