CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 30, 2015

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Exhibit 99.2

 
First-Quarter 2015 Detailed Supplemental Information
 

 

   

2014

   

 

   

2015

   
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 15,415 13,821 12,080 11,208 52,524 7,716 7,716
Equity in earnings of affiliates 572 672 764 521 2,529 205 205
Gain on dispositions 9 7 4 78 98 52 52
Other income 52   201   69   44   366   29         29  
Total Revenues and Other Income 16,048   14,701   12,917   11,851   55,517   8,002         8,002  
 
Costs and Expenses
Purchased commodities 7,127 5,495 4,703 4,774 22,099 3,237 3,237
Production and operating expenses 1,895 2,030 2,041 2,943 8,909 1,802 1,802
Selling, general and administrative expenses 182 218 203 132 735 159 159
Exploration expenses 296 517 459 773 2,045 482 482
Depreciation, depletion and amortization 1,892 2,070 2,096 2,271 8,329 2,131 2,131
Impairments 1 17 108 730 856 16 16
Taxes other than income taxes 651 612 493 332 2,088 224 224
Accretion on discounted liabilities 117 120 120 127 484 121 121
Interest and debt expense 171 155 149 173 648 202 202
Foreign currency transaction (gains) losses 18   7   (8

)

(83 ) (66 ) (16 )

 

    (16 )
Total Costs and Expenses 12,350   11,241   10,364   12,172   46,127   8,358         8,358  
Income (loss) from continuing operations before income taxes 3,698 3,460 2,553 (321 ) 9,390 (356

)

(356 )
Provision (benefit) for income taxes 1,581   1,395   904   (297 ) 3,583   (642 )       (642 )
Income (loss) from continuing operations 2,117 2,065 1,649 (24 ) 5,807 286 286
Income from discontinued operations 20   33   1,078   -   1,131   -         -  

Net Income

2,137 2,098 2,727 (24 ) 6,938 286 286
Less: net income attributable to noncontrolling interests (14 ) (17 ) (23 ) (15 ) (69 ) (14 )       (14 )
Net Income Attributable to ConocoPhillips 2,123   2,081   2,704   (39 ) 6,869   272         272  
 
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.70 1.65 1.31 (0.03 ) 4.63 0.22 0.22
Discontinued operations 0.02   0.03   0.87   -   0.91   -         -  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 1.72   1.68   2.18   (0.03 ) 5.54   0.22         0.22  
Diluted
Continuing operations 1.69 1.64 1.31 (0.03 ) 4.60 0.22 0.22
Discontinued operations 0.02   0.03   0.86   -   0.91   -         -  
Net Income Attributable to ConocoPhillips
Per Share of Common Stock 1.71   1.67   2.17   (0.03 ) 5.51   0.22         0.22  
 
Average Common Shares Outstanding (in thousands)
Basic 1,234,968 1,236,057 1,236,431 1,239,975 1,237,325 1,240,791 1,240,791
Diluted   1,242,667   1,245,155   1,246,788   1,239,975   1,245,863   1,245,531         1,245,531  
 
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
 
Alaska 930 973 722 497 3,122 225 225
 
Lower 48 516 434 78 (1,142 ) (114 ) (637 ) (637 )
 
Canada 466 241 340 129 1,176 (218 ) (218 )
 
Europe 1,041 781 633 (163 ) 2,292 187 187
 
Asia Pacific and Middle East 1,093 1,233 1,058 818 4,202 572 572
 
Other International (67 ) 99 10 (131 ) (89 ) (160 ) (160 )
 
Corporate and Other (281 ) (301 ) (288 ) (329 ) (1,199 ) (325 ) (325 )
                       
Consolidated 3,698   3,460   2,553   (321 ) 9,390   (356 )       (356 )
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 35.6 % 35.6 % 34.4 % 31.1 % 34.6 % 35.2 % 35.2 %
 
Lower 48 37.3 % 38.7 % 60.0 % 43.8 % 80.9 % 36.5 % 36.5 %
 
Canada 23.7 % 24.0 % 9.7 % 27.0 % 20.1 % 27.6 % 27.6 %
 
Europe 66.7 % 66.8 % 66.4 % 90.8 % 64.9 % -240.1 % -240.1 %
 
Asia Pacific and Middle East 30.9 % 30.1 % 27.0 % 24.4 % 28.4 % 28.6 % 28.6 %
 
Other International 57.2 % -21.7 % 296.5 % -24.6 % -0.2 % 41.9 % 41.9 %
 
Corporate and Other 16.4 % 16.3 % 55.0 % 21.5 % 27.1 % 23.3 % 23.3 %
                       
Consolidated 42.8 % 40.3 % 35.4 % 92.7 % 38.2 % 179.8 %       179.8 %
*Alaska including taxes other than income taxes 51.6 % 50.3 % 48.6 % 44.2 % 49.4 % 47.0 % 47.0 %
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2014

     

 

   

2015

   
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
EARNINGS BY SEGMENT
 
Alaska 598 627 473 343 2,041 145 145
 
Lower 48 324 265 32 (643 ) (22 ) (405 ) (405 )
 
Canada 356 182 307 95 940 (158 ) (158 )
 
Europe 347 259 213 (15 ) 804 637 637
 
Asia Pacific and Middle East 742 845 749 603 2,939 395 395
 
Other International (29 ) 121 (18 ) (164 ) (90 ) (93 ) (93 )
 
Corporate and Other (235 ) (251 ) (130 ) (258 ) (874 ) (249 ) (249 )
 
Discontinued Operations 20 33 1,078 - 1,131 - -
                       
Consolidated 2,123   2,081   2,704   (39 ) 6,869   272         272  
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - - - (36 ) (36 ) (1 ) (1 )
 
Lower 48 (122 ) - (151 ) (610 ) (883 ) (16 ) (16 )
 
Canada - (109 ) 47 9 (53 ) (18 ) (18 )
 
Europe - - - (144 ) (144 ) 551 551
 
Asia Pacific and Middle East (28 ) - 30 - 2 (1 ) (1 )
 
Other International - 154 - - 154 - -
 
Corporate and Other - - 89 - 89 (21 ) (21 )
 
Discontinued Operations 20 33 1,078 - 1,131 - -
                       
Consolidated (130 ) 78   1,093   (781 ) 260   494         494  
 
ADJUSTED EARNINGS
 
Alaska 598 627 473 379 2,077 146 146
 
Lower 48 446 265 183 (33 ) 861 (389 ) (389 )
 
Canada 356 291 260 86 993 (140 ) (140 )
 
Europe 347 259 213 129 948 86 86
 
Asia Pacific and Middle East 770 845 719 603 2,937 396 396
 
Other International (29 ) (33 ) (18 ) (164 ) (244 ) (93 ) (93 )
 
Corporate and Other (235 ) (251 ) (219 ) (258 ) (963 ) (228 ) (228 )
                       
Consolidated 2,253   2,003   1,611   742   6,609   (222 )       (222 )
 
ADJUSTED EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska 35.6 % 35.6 % 34.4 % 31.5 % 34.6 % 35.2 % 35.2 %
 
Lower 48 37.0 % 38.7 % 42.7 % 68.1 % 36.5 % 36.5 % 36.5 %
 
Canada 23.7 % 24.3 % 23.5 % 26.5 % 24.1 % 28.0 % 28.0 %
 
Europe 66.7 % 66.8 % 66.4 % 61.1 % 66.0 % 58.3 % 58.3 %
 
Asia Pacific and Middle East 30.1 % 30.1 % 27.1 % 24.4 % 28.3 % 28.6 % 28.6 %
 
Other International 57.2 % 39.3 % 296.5 % -24.6 % -0.1 % 41.8 % 41.8 %
 
Corporate and Other 16.4 % 16.3 % 30.8 % 21.5 % 21.5 % 21.9 % 21.9 %
                       
Consolidated 42.1 % 41.5 % 40.0 % 39.7 % 41.2 % 17.8 %       17.8 %
The income tax effects of the special items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.
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2014

     

 

   

2015

   
$ 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
Impairments - - - (36 ) (36 ) - -
Restructuring -   -   -   -   -   (1 )       (1 )
Total   -   -   -   (36 ) (36 ) (1 )       (1 )
 
Lower 48
Restructuring - - - - - (16 ) (16 )
Loss on capacity agreements (83 ) - - - (83 ) - -
Impairments - - (151 ) (124 ) (275 ) - -
Pending claims and settlements (39 ) - - - (39 ) - -
Freeport LNG termination agreement - - - (545 ) (545 ) - -
Deferred tax adjustment -   -   -   59   59   -         -  
Total   (122 ) -   (151 ) (610 ) (883 ) (16 )       (16 )
 
Canada
Gain (loss) on asset sales - - - 38 38 - -
Pendindg claims and settlements - - 47 - 47 - -
Impairments - (109 ) - (29 ) (138 ) - -
Restructuring -   -   -   -   -   (18 )       (18 )
Total   -   (109 ) 47   9   (53 ) (18 )       (18 )
 
Europe
Restructuring - - - - - (4 ) (4 )
International tax law changes - - - - - 555 555
Impairments - - - (192 ) (192 ) - -
Pending claims and settlements -   -   -   48   48   -         -  
Total   -   -   -   (144 ) (144 ) 551         551  
 
Asia Pacific and Middle East
Qatar depreciation adjustment (28 ) - - - (28 ) - -
Pending claims and settlements - - 30 - 30 - -
Restructuring -   -   -   -   -   (1 )       (1 )
Total   (28 ) -   30   -   2   (1 )       (1 )
 
Other International
Pending claims and settlements -   154   -   -   154   -         -  
Total   -   154   -   -   154   -         -  
 
Corporate and Other
Restructuring - - - - - (21 ) (21 )
Tax benefit on interest expense - - 61 - 61 - -
Pending claims and settlements -   -   28   -   28   -         -  
Total   -   -   89   -   89   (21 )       (21 )
 
Discontinued Operations 20 33 1,078 - 1,131 - -
 
Total Company (130 ) 78   1,093   (781 ) 260   494         494  
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2014

     

 

   

2015

   
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) 2,137 2,098 2,727 (24 ) 6,938 286 286
Depreciation, depletion and amortization 1,892 2,070 2,096 2,271 8,329 2,131 2,131
Impairments 1 17 108 730 856 16 16
Dry hole costs and leasehold impairments 69 334 265 498 1,166 311 311
Accretion on discounted liabilities 117 120 120 127 484 121 121
Deferred taxes 230 403 391 (315 ) 709 (637 ) (637 )
Undistributed equity earnings 1,131 (450 ) (347 ) (257 ) 77 80 80
Gain on dispositions (9 ) (7 ) (4 ) (78 ) (98 ) (52 ) (52 )
Income from discontinued operations (20 ) (33 ) (1,078 ) - (1,131 ) - -
Other 116 (308 ) (344 ) 303 (233 ) (133 ) (133 )
Net working capital changes 614   (681 ) 220   (658 ) (505 ) (253 )       (253 )
Net cash provided by continuing operations 6,278 3,563 4,154 2,597 16,592 1,870 1,870
Net cash provided by discontinued operations 58   59   26   -   143   -         -  
Net Cash Provided by Operating Activities 6,336   3,622   4,180   2,597   16,735   1,870         1,870  
 
Cash Flows from Investing Activities
Capital expenditures and investments (3,895 ) (4,246 ) (4,588 ) (4,356 ) (17,085 ) (3,332 ) (3,332 )
Proceeds from asset dispositions 48 15 1,371 169 1,603 173 173
Net sales (purchases) of short-term investments 63 (71 ) (101 ) 362 253 - -
Long-term collections from related parties
and other investments 108   65   (484 ) 468   157   43         43  
Net cash used in continuing operations (3,676 ) (4,237 ) (3,802 ) (3,357 ) (15,072 ) (3,116 ) (3,116 )
Net cash used in discontinued operations (22 ) (28 ) (9 ) -   (59 ) -         -  
Net Cash Used in Investing Activities (3,698 ) (4,265 ) (3,811 ) (3,357 ) (15,131 ) (3,116 )       (3,116 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (450 ) - (55 ) 1,485 980 (57 ) (57 )
Issuance of company common stock (32 ) 78 (19 ) 8 35 (34 ) (34 )
Dividends paid (855 ) (856 ) (907 ) (907 ) (3,525 ) (910 ) (910 )
Other   (17 ) (11 ) 8   (44 ) (64 ) (18 )       (18 )
Net cash provided by (used in) continuing operations (1,354 ) (789 ) (973 ) 542 (2,574 ) (1,019 ) (1,019 )
Net cash provided by (used in) discontinued operations -   -   -   -   -   -         -  
Net Cash Provided by (Used in) Financing Activities (1,354 ) (789 ) (973 ) 542   (2,574 ) (1,019 )       (1,019 )
 
Effect of Exchange Rate Changes (10 ) 54   (130 ) (128 ) (214 ) (133 )       (133 )
 
Net Change in Cash and Cash Equivalents 1,274 (1,378 ) (734 ) (346 ) (1,184 ) (2,398 ) (2,398 )
Cash and cash equivalents at beginning of period 6,246   7,520   6,142   5,408   6,246   5,062         5,062  
Cash and Cash Equivalents at End of Period 7,520   6,142   5,408   5,062   5,062   2,664         2,664  
 
CAPITAL EXPENDITURES AND INVESTMENTS
 
Alaska 415 390 369 390 1,564 402 402
 
Lower 48 1,312 1,385 1,656 1,701 6,054 1,372 1,372
 
Canada 622 515 613 590 2,340 455 455
 
Europe 596 656 660 609 2,521 500 500
 
Asia Pacific and Middle East 848 1,094 1,077 858 3,877 488 488
 
Other International 67 172 164 136 539 83 83
 
Corporate and Other 35   34   49   72   190   32         32  
Total capital expenditures and investments 3,895   4,246   4,588   4,356   17,085   3,332         3,332  
Capital expenditures and investments for Nigeria: 22 28 9 - 59 - -
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2014

     

 

 

2015

   
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 1,532 1,557 1,481 1,589 1,540 1,610 1,610
Discontinued operations (Nigeria) 36   37 14 - 21 -       -
Total, including equity affiliates 1,568   1,594 1,495 1,589 1,561 1,610       1,610
 
Crude Oil (MBD)
Consolidated operations 581 576 542 605 576 603 603
Equity affiliates 18   20 19 18 19 19       19
Total continuing operations 599   596 561 623 595 622       622
Discontinued operations (Nigeria) 8   9 4 - 5 -       -
Total   607   605 565 623 600 622       622
Over (under) lifting of crude oil (MBD)* (16 ) 4 15 6 2 17       17
*Includes continuing and discontinued operations.
 
NGL (MBD)
Consolidated operations 152 159 149 145 151 148 148
Equity affiliates 7   8 8 7 8 7       7
Total continuing operations 159   167 157 152 159 155       155
Discontinued operations (Nigeria) 3   3 1 - 1 -       -
Total   162   170 158 152 160 155       155
 
Bitumen (MBD)
Consolidated operations 13 14 9 13 12 12 12
Equity affiliates 111   114 115 128 117 144       144
Total   124   128 124 141 129 156       156
 
Natural Gas (MMCFD)
Consolidated operations 3,432 3,482 3,315 3,524 3,438 3,498 3,498
Equity affiliates 469   516 518 516 505 561       561
Total continuing operations 3,901   3,998 3,833 4,040 3,943 4,059       4,059
Discontinued operations (Nigeria) 149   151 54 - 88 -       -
Total   4,050   4,149 3,887 4,040 4,031 4,059       4,059
 
Industry Prices
Crude Oil ($/BBL)
WTI 98.75 103.05 97.48 73.41 93.17 48.56 48.56
WCS 75.55 82.94 76.99 58.90 73.60 33.86 33.86
Brent dated 108.22 109.63 101.85 76.27 98.99 53.97 53.97
JCC ($/BBL) 112.78 111.40 109.59 110.37 111.04 89.63 89.63
Natural Gas ($/MMBTU)
Henry Hub first of month 4.94   4.68 4.07 4.04 4.43 2.99       2.99
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 101.71 103.48 96.65 71.34 92.84 48.02 48.02
Equity affiliates 97.82   100.80 96.03 70.40 91.48 49.14       49.14
Total continuing operations 101.59   103.39 96.63 71.31 92.80 48.05       48.05
Discontinued operations (Nigeria) 108.81   113.07 107.74 - 110.61 -       -
Total   101.69   103.53 96.67 71.31 92.94 48.05       48.05
 
NGL ($/BBL)
Consolidated operations 44.86 38.71 36.26 29.75 37.45 18.54 18.54
Equity affiliates 79.91   68.84 67.13 54.09 67.20 38.80       38.80
Total continuing operations 46.52   40.36 37.83 31.07 38.99 19.60       19.60
Discontinued operations (Nigeria) 12.99   14.55 11.49 - 13.41 -       -
Total   45.85   39.93 37.66 31.07 38.71 19.60       19.60
 
Bitumen ($/BBL)
Consolidated operations 61.69 68.00 64.95 46.57 60.03 24.31 24.31
Equity affiliates 55.85   65.55 62.30 36.85 54.62 16.60       16.60
Total   56.47   65.82 62.49 37.76 55.13 17.22       17.22
 
Natural Gas ($/MCF)
Consolidated operations 7.15 6.29 5.46 5.51 6.10 4.28 4.28
Equity affiliates 10.43   10.46 9.11 9.24 9.79 7.48       7.48
Total continuing operations 7.55   6.82 5.96 5.98 6.57 4.72       4.72
Discontinued operations (Nigeria) 2.69   2.46 2.26 - 2.53 -       -
Total   7.37   6.66 5.91 5.98 6.48 4.72       4.72
 
Exploration Expenses ($ Millions)
Dry holes 23 145 86 350 604 271 271
Leasehold impairment 46   189 179 148 562 40       40
Total noncash expenses 69 334 265 498 1,166 311 311
Other (G&A, G&G and lease rentals) 227   183 194 275 879 171       171
Total exploration expenses 296   517 459 773 2,045 482       482
 
U.S. exploration expenses 150   242 340 370 1,102 127       127
International exploration expenses 146   275 119 403 943 355       355
 
DD&A ($ Millions)
Alaska 132 135 123 135 525 140 140
Lower 48 829 939 982 953 3,703 952 952
Canada 232 238 236 218 924 199 199
Europe 404 421 427 546 1,798 417 417
Asia Pacific and Middle East 268 310 300 390 1,268 399 399
Other International 1 - 2 4 7 - -
Corporate and Other 26   27 26 25 104 24       24
Total DD&A   1,892   2,070 2,096 2,271 8,329 2,131       2,131
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2014

     

 

 

2015

   
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
PRODUCTION
 
 
Crude Oil (MBD)
Alaska 175 170 139 164 162 163 163
Lower 48 171 191 191 199 188 198 198
Canada 13 12 13 13 13 14 14
Norway 96 89 89 91 91 88 88
United Kingdom 39 37 30 33 35 32       32
Europe   135 126 119 124 126 120       120
Australia/Timor-Leste 12 9 8 10 9 9 9
China 58 50 46 46 50 53 53
Indonesia 10 7 7 5 7 9 9
Malaysia 6 10 11 23 13 37 37
Equity affiliates 14 16 15 14 15 15       15
AP/ME   100 92 87 98 94 123       123
Libya 1 1 8 21 8 - -
Equity affiliates 4 4 4 4 4 4       4
Other International 5 5 12 25 12 4       4
Total continuing operations 599 596 561 623 595 622       622
Discontinued operations (Nigeria) 8 9 4 - 5 -       -
Total   607 605 565 623 600 622       622
 
NGL (MBD)
Alaska 16 16 8 14 13 14 14
Lower 48 91 100 104 90 97 93 93
Canada 25 25 21 22 23 25 25
Norway 2 2 3 3 3 3 3
United Kingdom 5 5 5 6 5 4       4
Europe   7 7 8 9 8 7       7
Australia/Timor-Leste 8 6 5 6 6 6 6
Indonesia 5 5 3 4 4 3 3
Equity affiliates 7 8 8 7 8 7       7
AP/ME   20 19 16 17 18 16       16
Total continuing operations 159 167 157 152 159 155       155
Discontinued operations (Nigeria) 3 3 1 - 1 -       -
Total   162 170 158 152 160 155       155
 
Bitumen (MBD)
Consolidated operations 13 14 9 13 12 12 12
Equity affiliates 111 114 115 128 117 144       144
Total   124 128 124 141 129 156       156
 
Natural Gas (MMCFD)
Alaska 55 45 48 49 49 52 52
Lower 48 1,468 1,495 1,485 1,514 1,491 1,505 1,505
Canada 707 713 707 719 711 736 736
Norway 157 135 106 156 138 163 163
United Kingdom 315 345 298 334 323 331       331
Europe   472 480 404 490 461 494       494
Australia/Timor-Leste 263 277 200 279 255 276 276
China 3 3 4 4 4 3 3
Indonesia 457 463 464 461 461 430 430
Malaysia 3 5 2 3 3 2 2
Equity affiliates 469 516 518 516 505 561       561
AP/ME   1,195 1,264 1,188 1,263 1,228 1,272       1,272
Libya   4 1 1 5 3 -       -
Other International 4 1 1 5 3 -       -
Total continuing operations 3,901 3,998 3,833 4,040 3,943 4,059       4,059
Discontinued operations (Nigeria) 149 151 54 - 88 -       -
Total   4,050 4,149 3,887 4,040 4,031 4,059       4,059
 
Total (MBOED)
Alaska 200 193 155 186 183 186 186
Lower 48 507 540 543 541 533 542 542
Consolidated operations 169 170 161 168 167 174 174
Equity affiliates 111 114 115 128 117 144       144
Canada   280 284 276 296 284 318       318
Norway 124 114 110 120 117 118 118
United Kingdom 96 99 84 95 94 91       91
Europe   220 213 194 215 211 209       209
Australia/Timor-Leste 64 61 46 62 57 61 61
China 59 51 47 46 51 54 54
Indonesia 91 89 87 86 88 84 84
Malaysia 6 11 11 24 14 37 37
Equity affiliates 99 110 110 107 107 115       115
AP/ME   319 322 301 325 317 351       351
Libya 2 1 8 22 8 - -
Equity affiliates 4 4 4 4 4 4       4
Other International 6 5 12 26 12 4       4
Total continuing operations 1,532 1,557 1,481 1,589 1,540 1,610       1,610
Discontinued operations (Nigeria) 36 37 14 - 21 -       -
Total   1,568 1,594 1,495 1,589 1,561 1,610       1,610
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2014

     

 

 

2015

   
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 106.39 108.93 102.36 74.07 97.68 50.74 50.74
Lower 48 91.52 93.73 87.91 65.34 84.18 40.77 40.77
Canada 80.32 86.33 82.48 62.89 77.87 37.12 37.12
Norway 109.69 111.97 103.53 73.91 98.37 55.72 55.72
United Kingdom 107.37 110.01 102.22 85.38 103.07 52.24       52.24
Europe   109.05 111.38 103.17 75.76 99.56 54.30       54.30
Australia/Timor-Leste 106.36 105.31 101.26 75.57 98.70 50.58 50.58
China 105.62 106.18 97.73 71.34 95.94 48.99 48.99
Indonesia 92.82 94.82 84.28 53.74 84.28 43.64 43.64
Malaysia   115.35 114.51 109.62 76.87 96.94 56.33       56.33
AP/ME   104.92 105.65 99.07 71.94 95.32 51.20       51.20
Libya   - 107.33 95.22 83.52 86.71 -       -
Other International - 107.33 95.22 83.52 86.71 -       -
Total consolidated operations 101.71 103.48 96.65 71.34 92.84 48.02       48.02
Equity affiliates 97.82 100.80 96.03 70.40 91.48 49.14       49.14
Total continuing operations 101.59 103.39 96.63 71.31 92.80 48.05       48.05
Discontinued operations (Nigeria) 108.81 113.07 107.74 - 110.61 -       -
Total   101.69 103.53 96.67 71.31 92.94 48.05       48.05
 
NGL ($/BBL)
Consolidated operations
Lower 48 36.06 31.28 30.67 24.93 30.74 15.55 15.55
Canada 56.13 46.56 45.29 35.72 46.23 18.28 18.28
Norway 52.95 52.18 45.14 37.40 47.74 30.43 30.43
United Kingdom 64.99 59.48 58.21 40.05 54.74 29.69       29.69
Europe   60.48 57.32 54.47 39.42 52.65 29.90       29.90
Australia/Timor-Leste 78.51 72.80 71.18 51.27 69.56 41.63 41.63
Indonesia 82.11 69.07 67.57 56.31 69.06 39.31       39.31
AP/ME   80.07 71.52 69.69 53.66 69.36 40.90       40.90
Total consolidated operations 44.86 38.71 36.26 29.75 37.45 18.54       18.54
Equity affiliates 79.91 68.84 67.13 54.09 67.20 38.80       38.80
Total continuing operations 46.52 40.36 37.83 31.07 38.99 19.60       19.60
Discontinued operations (Nigeria) 12.99 14.55 11.49 - 13.41 -       -
Total   45.85 39.93 37.66 31.07 38.71 19.60       19.60
 
Bitumen ($/BBL)
Consolidated operations 61.69 68.00 64.95 46.57 60.03 24.31 24.31
Equity affiliates 55.85 65.55 62.30 36.85 54.62 16.60       16.60
Total   56.47 65.82 62.49 37.76 55.13 17.22       17.22
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 5.22 6.03 5.47 5.01 5.42 4.29 4.29
Lower 48 5.08 4.43 3.96 3.73 4.29 2.60 2.60
Canada 5.81 4.13 3.50 3.12 4.13 2.21 2.21
Norway 11.16 9.19 7.81 8.66 9.35 7.67 7.67
United Kingdom 10.83 8.92 7.88 9.42 9.27 8.65       8.65
Europe   10.94 8.99 7.86 9.22 9.29 8.33       8.33
Australia/Timor-Leste* 1.09 1.11 1.08 1.09 1.09 1.05 1.05
China 1.66 2.49 2.52 2.54 2.33 2.49 2.49
Indonesia 10.24 10.21 10.18 8.16 9.69 6.50 6.50
Malaysia   - - - - - 1.21       1.21
AP/ME   10.32 10.32 9.39 9.17 9.80 7.23       7.23
Libya   6.65 - - 0.09 3.40 -       -
Other International 6.65 - - 0.09 3.40 -       -
Total consolidated operations 7.15 6.29 5.46 5.51 6.10 4.28       4.28
Equity affiliates 10.43 10.46 9.11 9.24 9.79 7.48       7.48
Total continuing operations 7.55 6.82 5.96 5.98 6.57 4.72       4.72
Discontinued operations (Nigeria) 2.69 2.46 2.26 - 2.53 -       -
Total   7.37 6.66 5.91 5.98 6.48 4.72       4.72
*Excludes transfers to Darwin LNG plant.
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2014

     

 

   

2015

   
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) (235 ) (251 ) (130 ) (258 ) (874 ) (249 )       (249 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense* (163 ) (158 ) (36 ) (145 ) (502 ) (155 ) (155 )
Corporate G&A expenses (31 ) (51 ) (51 ) (61 ) (194 ) (21 ) (21 )
Technology** (28 ) (20 ) (26 ) (19 ) (93 ) (16 ) (16 )
Other   (13 ) (22 ) (17 ) (33 ) (85 ) (57 )       (57 )
Total   (235 ) (251 ) (130 ) (258 ) (874 ) (249 )       (249 )
*Third-quarter 2014 includes a $61 million tax benefit on interest expense from 2013, as shown on page 3, as well as a $32 million tax benefit related to 2014.
**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 (291 ) (276 ) (280 ) (289 ) (1,136 ) (296 ) (296 )
Capitalized interest 120 121 131 116 488 94 94
Interest revenue 9   10   10   11   40   12         12  
Total   (162 ) (145 ) (139 ) (162 ) (608 ) (190 )       (190 )
 
Debt
Total debt ($ Millions) 21,206 21,234 21,187 22,565 22,565 22,511 22,511
Debt-to-capital ratio (%) 28 % 28 % 28 % 30 % 30 % 31 %       31 %
 
Equity ($ Millions) 53,621   55,686   55,661   52,273   52,273   49,008         49,008  

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



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