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

Attached files

file filename
8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPSa51151599.htm
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa51151599ex99_1.htm

Exhibit 99.2

  Second-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 8,293 16,009
Equity in earnings of affiliates 572 672 764 521 2,529 205 258 463
Gain on dispositions 9 7 4 78 98 52 52 104
Other income   52     201     69     44     366   29     57             86  
Total Revenues and Other Income   16,048     14,701     12,917     11,851     55,517   8,002     8,660             16,662  
 
Costs and Expenses
Purchased commodities 7,127 5,495 4,703 4,774 22,099 3,237 3,230 6,467
Production and operating expenses 1,895 2,030 2,041 2,943 8,909 1,802 1,798 3,600
Selling, general and administrative expenses 182 218 203 132 735 159 218 377
Exploration expenses 296 517 459 773 2,045 482 549 1,031
Depreciation, depletion and amortization 1,892 2,070 2,096 2,271 8,329 2,131 2,329 4,460
Impairments 1 17 108 730 856 16 78 94
Taxes other than income taxes 651 612 493 332 2,088 224 225 449
Accretion on discounted liabilities 117 120 120 127 484 121 122 243
Interest and debt expense 171 155 149 173 648 202 210 412
Foreign currency transaction (gains) losses   18     7     (8 )   (83 )   (66 ) (16 )   (8 )           (24 )
Total Costs and Expenses   12,350     11,241     10,364     12,172     46,127   8,358     8,751             17,109  
Income (loss) from continuing operations before income taxes 3,698 3,460 2,553 (321 )

9,390

(356 ) (91 ) (447 )
Provision (benefit) for income taxes   1,581     1,395     904     (297 )   3,583   (642 )   73             (569 )
Income (loss) from continuing operations 2,117 2,065 1,649 (24 ) 5,807 286 (164 ) 122
Income from discontinued operations   20     33     1,078     -     1,131   -     -             -  
Net Income (Loss) 2,137 2,098 2,727 (24 ) 6,938 286 (164 ) 122

Less: net income attributable to noncontrolling interests

  (14 )   (17 )   (23 )   (15 )   (69 ) (14 )   (15 )           (29 )
Net Income (Loss) Attributable to ConocoPhillips   2,123     2,081     2,704     (39 )   6,869   272     (179 )           93  
 
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.70 1.65 1.31 (0.03 ) 4.63 0.22 (0.15 ) 0.07
Discontinued operations   0.02     0.03     0.87     -     0.91   -     -             -  
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock   1.72     1.68     2.18     (0.03 )   5.54   0.22     (0.15 )           0.07  
Diluted
Continuing operations 1.69 1.64 1.31 (0.03 ) 4.60 0.22 (0.15 ) 0.07
Discontinued operations   0.02     0.03     0.86     -     0.91   -     -             -  
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock   1.71     1.67     2.17     (0.03 )   5.51   0.22     (0.15 )           0.07  
 
Average Common Shares Outstanding (in thousands)
Basic* 1,234,968 1,236,057 1,238,234 1,239,975 1,237,325 1,240,791 1,241,026 1,240,909
Diluted*     1,242,667     1,245,155     1,247,436     1,239,975     1,245,863   1,245,531     1,241,026             1,246,130  
*3Q 2014 has been restated to align with current period financial statements.
 
 
 
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
 
Alaska 930 973 722 497 3,122 225 305 530
 
Lower 48 516 434 78 (1,142 ) (114 ) (637 ) (460 ) (1,097 )
 
Canada 466 241 340 129 1,176 (218 ) (38 ) (256 )
 
Europe 1,041 781 633 (163 ) 2,292 187 116 303
 
Asia Pacific and Middle East 1,093 1,233 1,058 818 4,202 572 521 1,093
 
Other International (67 ) 99 10 (131 ) (89 ) (160 ) (329 ) (489 )
 
Corporate and Other (281 ) (301 ) (288 ) (329 ) (1,199 ) (325 ) (206 ) (531 )
                                         
Consolidated   3,698     3,460     2,553     (321 )   9,390   (356 )   (91 )           (447 )
 
 
 
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 35.6 % 35.6 % 34.4 % 31.1 % 34.6 % 35.2 % 36.3 % 35.8 %
 
Lower 48 37.3 % 38.7 % 60.0 % 43.8 % 80.9 % 36.5 % 36.3 % 36.4 %
 
Canada 23.7 % 24.0 % 9.7 % 27.0 % 20.1 % 27.6 % -343.5 % -26.5 %
 
Europe 66.7 % 66.8 % 66.4 % 90.8 % 64.9 % -240.1 % 67.9 % -122.2 %
 
Asia Pacific and Middle East 30.9 % 30.1 % 27.0 % 24.4 % 28.4 % 28.6 % 34.0 % 31.2 %
 
Other International 57.2 % -21.7 % 296.5 % -24.6 % -0.2 % 41.9 % 54.8 % 50.6 %
 
Corporate and Other 16.4 % 16.3 % 55.0 % 21.5 % 27.1 % 23.3 % 36.1 % 28.3 %
                                         
Consolidated   42.8 %   40.3 %   35.4 %   92.7 %   38.2 % 179.8 %   -81.7 %           127.3 %
*Alaska including taxes other than income taxes. 51.6 % 50.3 % 48.6 % 44.2 % 49.4 % 47.0 % 49.9 % 48.7 %
1 of 8
  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 2,041 145 195 340
 
Lower 48 324 265 32 (643 ) (22 ) (405 ) (293 ) (698 )
 
Canada 356 182 307 95 940 (158 ) (166 ) (324 )
 
Europe 347 259 213 (15 ) 804 637 37 674
 
Asia Pacific and Middle East 742 845 749 603 2,939 395 328 723
 
Other International (29 ) 121 (18 ) (164 ) (90 ) (93 ) (148 ) (241 )
 
Corporate and Other (235 ) (251 ) (130 ) (258 ) (874 ) (249 ) (132 ) (381 )
 
Discontinued Operations 20 33 1,078 - 1,131 - - -
                                         
Consolidated   2,123     2,081     2,704     (39 )   6,869   272     (179 )           93  
 
 
 
 
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - - - (36 ) (36 ) (1 ) - (1 )
 
Lower 48 (122 ) - (151 ) (610 ) (883 ) (16 ) - (16 )
 
Canada - (109 ) 47 9 (53 ) (18 ) (106 ) (124 )
 
Europe - - - (144 ) (144 ) 551 (34 ) 517
 
Asia Pacific and Middle East (28 ) - 30 - 2 (1 ) - (1 )
 
Other International - 154 - - 154 - (79 ) (79 )
 
Corporate and Other - - 89 - 89 (21 ) (41 ) (62 )
 
Discontinued Operations 20 33 1,078 - 1,131 - - -
                                         
Consolidated   (130 )   78     1,093     (781 )   260   494     (260 )           234  
 
 
 
 
 
ADJUSTED EARNINGS
 
Alaska 598 627 473 379 2,077 146 195 341
 
Lower 48 446 265 183 (33 ) 861 (389 ) (293 ) (682 )
 
Canada 356 291 260 86 993 (140 ) (60 ) (200 )
 
Europe 347 259 213 129 948 86 71 157
 
Asia Pacific and Middle East 770 845 719 603 2,937 396 328 724
 
Other International (29 ) (33 ) (18 ) (164 ) (244 ) (93 ) (69 ) (162 )
 
Corporate and Other (235 ) (251 ) (219 ) (258 ) (963 ) (228 ) (91 ) (319 )
                                         
Consolidated   2,253     2,003     1,611     742     6,609   (222 )   81             (141 )
 
 
 
 
 

ADJUSTED EFFECTIVE INCOME TAX RATES

      FOR CONTINUING OPERATIONS

 

 
Alaska 35.6 % 35.6 % 34.4 % 31.5 % 34.6 % 35.2 % 36.3 % 35.9 %
 
Lower 48 37.0 % 38.7 % 42.7 % 68.1 % 36.5 % 36.5 % 36.4 % 36.5 %
 
Canada 23.7 % 24.3 % 23.5 % 26.5 % 24.1 % 28.0 % 22.9 % 26.5 %
 
Europe 66.7 % 66.8 % 66.4 % 61.1 % 66.0 % 58.3 % 61.7 % 59.9 %
 
Asia Pacific and Middle East 30.1 % 30.1 % 27.1 % 24.4 % 28.3 % 28.6 % 34.0 % 31.2 %
 
Other International 57.2 % 39.3 % 296.5 % -24.6 % -0.1 % 41.8 % 42.0 % 41.9 %
 
Corporate and Other 16.4 % 16.3 % 30.8 % 21.5 % 21.5 % 21.9 % 34.9 % 26.1 %
                                         
Consolidated   42.1 %   41.5 %   40.0 %   39.7 %   41.2 % 17.8 %   54.9 %           -189.8 %
The income tax effects of the special items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.
2 of 8
  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 - 29 29
Pending claims and settlements - - 47 - 47 - - -
Impairments - (109 ) - (29 ) (138 ) - - -
International tax law changes - - - - - - (136 ) (136 )
Restructuring   -     -     -     -     -   (18 )   1             (17 )
Total     -     (109 )   47     9     (53 ) (18 )   (106 )           (124 )
 
Europe
Restructuring - - - - - (4 ) (1 ) (5 )
International tax law changes - - - - - 555 - 555
Impairments - - - (192 ) (192 ) - (33 ) (33 )
Pending claims and settlements   -     -     -     48     48   -     -             -  
Total     -     -     -     (144 )   (144 ) 551     (34 )           517  
 
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
Impairments - - - - - - (107 ) (107 )
Pending claims and settlements - 154 - - 154 - - -
Tax impact from country exit   -     -     -     -     -   -     28             28  
Total     -     154     -     -     154   -     (79 )           (79 )
 
Corporate and Other
Restructuring - - - - - (21 ) (10 ) (31 )
Pension settlement expenses - - - - - - (38 ) (38 )
International tax law changes - - - - - - 7 7
Tax benefit on interest expense - - 61 - 61 - - -
Pending claims and settlements   -     -     28     -     28   -     -             -  
Total     -     -     89     -     89   (21 )   (41 )           (62 )
 
Discontinued Operations 20 33 1,078 - 1,131 - - -
 
Total Company   (130 )   78     1,093     (781 )   260   494     (260 )           234  
3 of 8
  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 (164 ) 122
Depreciation, depletion and amortization 1,892 2,070 2,096 2,271 8,329 2,131 2,329 4,460
Impairments 1 17 108 730 856 16 78 94
Dry hole costs and leasehold impairments 69 334 265 498 1,166 311 402 713
Accretion on discounted liabilities 117 120 120 127 484 121 122 243
Deferred taxes 230 403 391 (315 ) 709 (637 ) 35 (602 )
Undistributed equity earnings 1,131 (450 ) (347 ) (257 ) 77 80 (121 ) (41 )
Gain on dispositions (9 ) (7 ) (4 ) (78 ) (98 ) (52 ) (52 ) (104 )
Income from discontinued operations (20 ) (33 ) (1,078 ) - (1,131 ) - - -
Other 116 (308 ) (344 ) 303 (233 ) (133 ) (321 ) (454 )
Net working capital changes*   587     (738 )   (90 )   (444 )   (685 ) (55 )   (334 )           (389 )
Net cash provided by continuing operations* 6,251 3,506 3,844 2,811 16,412 2,068 1,974 4,042
Net cash provided by discontinued operations*   74     56     27     -     157   -     -             -  
Net Cash Provided by Operating Activities*   6,325     3,562     3,871     2,811     16,569   2,068     1,974             4,042  
 
Cash Flows from Investing Activities
Capital expenditures and investments (3,895 ) (4,246 ) (4,588 ) (4,356 ) (17,085 ) (3,332 ) (2,407 ) (5,739 )
Working capital changes associated with investing activities* 27 57 310 (214 ) 180 (198 ) (480 ) (678 )
Proceeds from asset dispositions 48 15 1,371 169 1,603 173 121 294
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     300             343  
Net cash used in continuing operations* (3,649 ) (4,180 ) (3,492 ) (3,571 ) (14,892 ) (3,314 ) (2,466 ) (5,780 )
Net cash used in discontinued operations*   (38 )   (25 )   (10 )   -     (73 ) -     -             -  
Net Cash Used in Investing Activities*   (3,687 )   (4,205 )   (3,502 )   (3,571 )   (14,965 ) (3,314 )   (2,466 )           (5,780 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (450 ) - (55 ) 1,485 980 (57 ) 2,493 2,436
Issuance of company common stock (32 ) 78 (19 ) 8 35 (34 ) (12 ) (46 )
Dividends paid (855 ) (856 ) (907 ) (907 ) (3,525 ) (910 ) (909 ) (1,819 )
Other     (17 )   (11 )   8     (44 )   (64 ) (18 )   (17 )           (35 )
Net cash provided by (used in) continuing operations (1,354 ) (789 ) (973 ) 542 (2,574 ) (1,019 ) 1,555 536
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 )   1,555             536  
 
Effect of Exchange Rate Changes   (10 )   54     (130 )   (128 )   (214 ) (133 )   86             (47 )
 
Net Change in Cash and Cash Equivalents 1,274 (1,378 ) (734 ) (346 ) (1,184 ) (2,398 ) 1,149 (1,249 )
Cash and cash equivalents at beginning of period   6,246     7,520     6,142     5,408     6,246   5,062     2,664             5,062  
Cash and Cash Equivalents at End of Period   7,520     6,142     5,408     5,062     5,062   2,664     3,813             3,813  
*Working capital changes associated with investing activities have been reclassified from operating activities to investing activities for 2014 through 1Q 2015.
 
 
 
CAPITAL EXPENDITURES AND INVESTMENTS
 
Alaska 415 390 369 390 1,564 402 379 781
 
Lower 48 1,312 1,385 1,656 1,701 6,054 1,372 882 2,254
 
Canada 622 515 613 590 2,340 455 272 727
 
Europe 596 656 660 609 2,521 500 367 867
 
Asia Pacific and Middle East 848 1,094 1,077 858 3,877 488 432 920
 
Other International 67 172 164 136 539 83 43 126
 
Corporate and Other   35     34     49     72     190   32     32             64  
Total capital expenditures and investments   3,895     4,246     4,588     4,356     17,085   3,332     2,407             5,739  
Capital expenditures and investments for Nigeria: 22 28 9 - 59 - - -
4 of 8
  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 1,595 1,603
Discontinued operations (Nigeria)   36     37   14   -   21 -   -           -
Total, including equity affiliates   1,568     1,594   1,495   1,589   1,561 1,610   1,595           1,603
 
Crude Oil (MBD)
Consolidated operations 581 576 542 605 576 603 589 596
Equity affiliates   18     20   19   18   19 19   19           19
Total continuing operations   599     596   561   623   595 622   608           615
Discontinued operations (Nigeria)   8     9   4   -   5 -   -           -
Total     607     605   565   623   600 622   608           615
Over (under) lifting of crude oil (MBD)*   (16 )   4   15   6   2 17   17           17
*Includes continuing and discontinued operations.
 
NGL (MBD)
Consolidated operations 152 159 149 145 151 148 152 150
Equity affiliates   7     8   8   7   8 7   8           8
Total continuing operations   159     167   157   152   159 155   160           158
Discontinued operations (Nigeria)   3     3   1   -   1 -   -           -
Total     162     170   158   152   160 155   160           158
 
Bitumen (MBD)
Consolidated operations 13 14 9 13 12 12 12 12
Equity affiliates   111     114   115   128   117 144   126           135
Total     124     128   124   141   129 156   138           147
 
Natural Gas (MMCFD)
Consolidated operations 3,432 3,482 3,315 3,524 3,438 3,498 3,514 3,506
Equity affiliates   469     516   518   516   505 561   622           592
Total continuing operations   3,901     3,998   3,833   4,040   3,943 4,059   4,136           4,098
Discontinued operations (Nigeria)   149     151   54   -   88 -   -           -
Total     4,050     4,149   3,887   4,040   4,031 4,059   4,136           4,098
 
Industry Prices
Crude Oil ($/BBL)
WTI 98.75 103.05 97.48 73.41 93.17 48.56 57.84 53.20
WCS 75.55 82.94 76.99 58.90 73.60 33.86 46.25 40.05
Brent dated 108.22 109.63 101.85 76.27 98.99 53.97 61.92 57.95
JCC ($/BBL) 112.78 111.40 109.59 110.37 111.04 89.63 55.45 72.54
Natural Gas ($/MMBTU)
Henry Hub first of month   4.94     4.68   4.07   4.04   4.43 2.99   2.65           2.82
 
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 101.71 103.48 96.65 71.34 92.84 48.02 57.94 52.95
Equity affiliates   97.82     100.80   96.03   70.40   91.48 49.14   59.93           54.45
Total continuing operations   101.59     103.39   96.63   71.31   92.80 48.05   58.00           53.00
Discontinued operations (Nigeria)   108.81     113.07   107.74   -   110.61 -   -           -
Total     101.69     103.53   96.67   71.31   92.94 48.05   58.00           53.00
 
NGL ($/BBL)
Consolidated operations 44.86 38.71 36.26 29.75 37.45 18.54 18.63 18.59
Equity affiliates   79.91     68.84   67.13   54.09   67.20   38.80   38.24           38.51
Total continuing operations   46.52     40.36   37.83   31.07   38.99 19.60   19.62           19.61
Discontinued operations (Nigeria)   12.99     14.55   11.49   -   13.41 -   -           -
Total     45.85     39.93   37.66   31.07   38.71 19.60   19.62           19.61
 
Bitumen ($/BBL)
Consolidated operations 61.69 68.00 64.95 46.57 60.03 24.31 39.74 32.03
Equity affiliates   55.85     65.55   62.30   36.85   54.62 16.60   32.66           24.11
Total     56.47     65.82   62.49   37.76   55.13 17.22   33.30           24.79
 
Natural Gas ($/MCF)
Consolidated operations 7.15 6.29 5.46 5.51 6.10 4.28 3.80 4.04
Equity affiliates   10.43     10.46   9.11   9.24   9.79 7.48   4.42           5.85
Total continuing operations   7.55     6.82   5.96   5.98   6.57 4.72   3.90           4.30
Discontinued operations (Nigeria)   2.69     2.46   2.26   -   2.53 -   -           -
Total     7.37     6.66   5.91   5.98   6.48 4.72   3.90           4.30
 
 
Exploration Expenses ($ Millions)
Dry holes 23 145 86 350 604 271 157 428
Leasehold impairment   46     189   179   148   562 40   245           285
Total noncash expenses 69 334 265 498 1,166 311 402 713
Other (G&A, G&G and lease rentals)   227     183   194   275   879 171   147           318
Total exploration expenses   296     517   459   773   2,045 482   549           1,031
 
U.S. exploration expenses*   150     242   340   370   1,102 220   153           373
International exploration expenses*   146     275   119   403   943 262   396           658
*1Q 2015 has been restated to conform to current period presentation.
 
DD&A ($ Millions)
Alaska 132 135 123 135 525 140 158 298
Lower 48 829 939 982 953 3,703 952 1,073 2,025
Canada 232 238 236 218 924 199 217 416
Europe 404 421 427 546 1,798 417 481 898
Asia Pacific and Middle East 268 310 300 390 1,268 399 374 773
Other International 1 - 2 4 7 - - -
Corporate and Other   26     27   26   25   104 24   26           50
Total DD&A     1,892     2,070   2,096   2,271   8,329 2,131   2,329           4,460
5 of 8
  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 175 170 139 164 162 163 154 159
Lower 48 171 191 191 199 188 198 209 204
Canada 13 12 13 13 13 14 13 14
Norway 96 89 89 91 91 88 91 89
United Kingdom   39   37   30   33   35 32   29           30
Europe     135   126   119   124   126 120   120           119
Australia/Timor-Leste 12 9 8 10 9 9 10 10
China 58 50 46 46 50 53 46 49
Indonesia 10 7 7 5 7 9 8 8
Malaysia 6 10 11 23 13 37 29 33
Equity affiliates   14   16   15   14   15 15   15           15
AP/ME     100   92   87   98   94 123   108           115
Libya 1 1 8 21 8 - - -
Equity affiliates   4   4   4   4   4 4   4           4
Other International   5   5   12   25   12 4   4           4
Total continuing operations   599   596   561   623   595 622   608           615
Discontinued operations (Nigeria)   8   9   4   -   5 -   -           -
Total     607   605   565   623   600 622   608           615
 
NGL (MBD)
Alaska 16 16 8 14 13 14 13 13
Lower 48 91 100 104 90 97 93 97 95
Canada 25 25 21 22 23 25 26 26
Norway 2 2 3 3 3 3 2 3
United Kingdom   5   5   5   6   5 4   4           4
Europe     7   7   8   9   8 7   6           7
Australia/Timor-Leste 8 6 5 6 6 6 7 6
Indonesia 5 5 3 4 4 3 3 3
Equity affiliates   7   8   8   7   8 7   8           8
AP/ME     20   19   16   17   18 16   18           17
Total continuing operations   159   167   157   152   159 155   160           158
Discontinued operations (Nigeria)   3   3   1   -   1 -   -           -
Total     162   170   158   152   160 155   160           158
 
Bitumen (MBD)
Consolidated operations 13 14 9 13 12 12 12 12
Equity affiliates     111   114   115   128   117 144   126           135
Total     124   128   124   141   129 156   138           147
 
Natural Gas (MMCFD)
Alaska 55 45 48 49 49 52 41 46
Lower 48 1,468 1,495 1,485 1,514 1,491 1,505 1,501 1,503
Canada 707 713 707 719 711 736 768 752
Norway 157 135 106 156 138 163 143 153
United Kingdom   315   345   298   334   323 331   339           335
Europe     472   480   404   490   461 494   482           488
Australia/Timor-Leste 263 277 200 279 255 276 294 285
China 3 3 4 4 4 3 3 3
Indonesia 457 463 464 461 461 430 417 423
Malaysia 3 5 2 3 3 2 7 5
Equity affiliates   469   516   518   516   505 561   622           592
AP/ME     1,195   1,264   1,188   1,263   1,228 1,272   1,343           1,308
Libya     4   1   1   5   3 -   1           1
Other International   4   1   1   5   3 -   1           1
Total continuing operations   3,901   3,998   3,833   4,040   3,943 4,059   4,136           4,098
Discontinued operations (Nigeria)   149   151   54   -   88 -   -           -
Total     4,050   4,149   3,887   4,040   4,031 4,059   4,136           4,098
 
Total (MBOED)
Alaska 200 193 155 186 183 186 174 180
Lower 48 507 540 543 541 533 542 556 549
Consolidated operations 169 170 161 168 167 174 180 177
Equity affiliates   111   114   115   128   117 144   126           135
Canada     280   284   276   296   284 318   306           312
Norway 124 114 110 120 117 118 117 118
United Kingdom   96   99   84   95   94 91   89           90
Europe     220   213   194   215   211 209   206           208
Australia/Timor-Leste 64 61 46 62 57 61 66 64
China 59 51 47 46 51 54 46 50
Indonesia 91 89 87 86 88 84 80 82
Malaysia 6 11 11 24 14 37 30 33
Equity affiliates   99   110   110   107   107 115   127           121
AP/ME     319   322   301   325   317 351   349           350
Libya 2 1 8 22 8 - - -
Equity affiliates   4   4   4   4   4 4   4           4
Other International   6   5   12   26   12 4   4           4
Total continuing operations   1,532   1,557   1,481   1,589   1,540 1,610   1,595           1,603
Discontinued operations (Nigeria)   36   37   14   -   21 -   -           -
Total     1,568   1,594   1,495   1,589   1,561 1,610   1,595           1,603
6 of 8
  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 61.51 55.99
Lower 48 91.52 93.73 87.91 65.34 84.18 40.77 52.01 46.58
Canada 80.32 86.33 82.48 62.89 77.87 37.12 46.58 41.72
Norway 109.69 111.97 103.53 73.91 98.37 55.72 62.39 59.72
United Kingdom   107.37   110.01   102.22   85.38   103.07 52.24   62.15           55.18
Europe     109.05   111.38   103.17   75.76   99.56 54.30   62.35           58.44
Australia/Timor-Leste 106.36 105.31 101.26 75.57 98.70 50.58 60.38 54.75
China 105.62 106.18 97.73 71.34 95.94 48.99 57.26 52.86
Indonesia 92.82 94.82 84.28 53.74 84.28 43.64 61.28 52.08
Malaysia     115.35   114.51   109.62   76.87   96.94 56.33   65.51           60.42
AP/ME     104.92   105.65   99.07   71.94   95.32 51.20   60.55           55.47
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   57.94           52.95
Equity affiliates   97.82   100.80   96.03   70.40   91.48 49.14   59.93           54.45
Total continuing operations   101.59   103.39   96.63   71.31   92.80 48.05   58.00           53.00
Discontinued operations (Nigeria)   108.81   113.07   107.74   -   110.61 -   -           -
Total     101.69   103.53   96.67   71.31   92.94 48.05   58.00           53.00
 
NGL ($/BBL)
Consolidated operations
Lower 48 36.06 31.28 30.67 24.93 30.74 15.55 15.29 15.41
Canada 56.13 46.56 45.29 35.72 46.23 18.28 19.23 18.77
Norway 52.95 52.18 45.14 37.40 47.74 30.43 28.66 29.10
United Kingdom   64.99   59.48   58.21   40.05   54.74 29.69   30.90           30.22
Europe     60.48   57.32   54.47   39.42   52.65 29.90   29.54           29.69
Australia/Timor-Leste 78.51 72.80 71.18 51.27 69.56 41.63 40.95 41.28
Indonesia   82.11   69.07   67.57   56.31   69.06 39.31   38.95           39.13
AP/ME     80.07   71.52   69.69   53.66   69.36 40.90   40.35           40.62
Total consolidated operations   44.86   38.71   36.26   29.75   37.45 18.54   18.63           18.59
Equity affiliates   79.91   68.84   67.13   54.09   67.20 38.80   38.24           38.51
Total continuing operations   46.52   40.36   37.83   31.07   38.99 19.60   19.62           19.61
Discontinued operations (Nigeria)   12.99   14.55   11.49   -   13.41 -   -           -
Total     45.85   39.93   37.66   31.07   38.71 19.60   19.62           19.61
 
Bitumen ($/BBL)
Consolidated operations 61.69 68.00 64.95 46.57 60.03 24.31 39.74 32.03
Equity affiliates   55.85   65.55   62.30   36.85   54.62 16.60   32.66           24.11
Total     56.47   65.82   62.49   37.76   55.13 17.22   33.30           24.79
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 5.22 6.03 5.47 5.01 5.42 4.29 4.50 4.38
Lower 48 5.08 4.43 3.96 3.73 4.29 2.60 2.38 2.49
Canada 5.81 4.13 3.50 3.12 4.13 2.21 1.88 2.04
Norway 11.16 9.19 7.81 8.66 9.35 7.67 6.84 7.27
United Kingdom   10.83   8.92   7.88   9.42   9.27 8.65   7.40           8.02
Europe     10.94   8.99   7.86   9.22   9.29 8.33   7.23           7.78
Australia/Timor-Leste* 1.09 1.11 1.08 1.09 1.09 1.05 0.85 0.95
China 1.66 2.49 2.52 2.54 2.33 2.49 2.51 2.50
Indonesia 10.24 10.21 10.18 8.16 9.69 6.50 7.55 7.02
Malaysia     0.26   0.26   0.26   0.26   0.26 1.21   1.49           1.42
AP/ME     10.32   10.32   9.39   9.17   9.80 7.23   6.48           6.85
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   3.80           4.04
Equity affiliates   10.43   10.46   9.11   9.24   9.79 7.48   4.42           5.85
Total continuing operations   7.55   6.82   5.96   5.98   6.57 4.72   3.90           4.30
Discontinued operations (Nigeria)   2.69   2.46   2.26   -   2.53 -   -           -
Total     7.37   6.66   5.91   5.98   6.48 4.72   3.90           4.30
*Excludes transfers to Darwin LNG plant.
7 of 8
  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 )   (132 )           (381 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense* (163 ) (158 ) (36 ) (145 ) (502 ) (155 ) (161 ) (316 )
Corporate G&A expenses (31 ) (51 ) (51 ) (61 ) (194 ) (21 ) (71 ) (92 )
Technology** (28 ) (20 ) (26 ) (19 ) (93 ) (16 ) 88 72
Other     (13 )   (22 )   (17 )   (33 )   (85 ) (57 )   12             (45 )
Total     (235 )   (251 )   (130 )   (258 )   (874 ) (249 )   (132 )           (381 )
*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 licensing revenues.
 
Before-Tax Net Interest Expense ($ Millions)
Interest expense (291 ) (276 ) (280 ) (289 ) (1,136 ) (296 ) (307 ) (603 )
Capitalized interest 120 121 131 116 488 94 97 191
Interest revenue   9     10     10     11     40   12     13             25  
Total     (162 )   (145 )   (139 )   (162 )   (608 ) (190 )   (197 )           (387 )
 
Debt
Total debt ($ Millions) 21,206 21,234 21,187 22,565 22,565 22,511 24,925 24,925
Debt-to-capital ratio (%)   28 %   28 %   28 %   30 %   30 % 31 %   34 %           34 %
 
Equity ($ Millions)   53,621     55,686     55,661     52,273     52,273   49,008     48,969             48,969  
 
 
 
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

8 of 8

Stock widget

Investing forum

CONOCOPHILLIPS Reports