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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPS	a51932604ex99_1.htm
8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPS	a51932604.htm

Exhibit 99.2

	Fourth-Quarter 2018 Detailed Supplemental Information


	2017															2018
	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		7,518			6,781			6,688			8,119			29,106			8,798			8,504			9,449			9,666			36,417
Equity in earnings of affiliates		200			178			196			198			772			208			265			294			307			1,074
Gain on dispositions		22			1,876			246			33			2,177			7			55			113			888			1,063
Other income (loss)		31			47			65			386			529			(52	)		416			309			(500	)		173
Total Revenues and Other Income		7,771			8,882			7,195			8,736			32,584			8,961			9,240			10,165			10,361			38,727

Costs and Expenses
Purchased commodities		3,192			2,922			2,926			3,435			12,475			3,714			3,064			3,530			3,986			14,294
Production and operating expenses*		1,291			1,325			1,222			1,324			5,162			1,171			1,313			1,367			1,362			5,213
Selling, general and administrative expenses*		97			95			110			125			427			99			118			119			65			401
Exploration expenses*		550			97			73			214			934			95			69			103			102			369
Depreciation, depletion and amortization		1,979			1,625			1,608			1,633			6,845			1,412			1,438			1,494			1,612			5,956
Impairments		175			6,294			6			126			6,601			12			(35	)		44			6			27
Taxes other than income taxes		231			198			175			205			809			183			273			312			280			1,048
Accretion on discounted liabilities		95			92			89			86			362			88			89			89			87			353
Interest and debt expense		315			306			251			226			1,098			184			177			186			188			735
Foreign currency transaction (gains) losses		10			13			5			7			35			30			(28	)		5			(24	)		(17	)
Other expenses*		68			276			77			30			451			197			143			10			25			375
Total Costs and Expenses		8,003			13,243			6,542			7,411			35,199			7,185			6,621			7,259			7,689			28,754
Income (loss) before income taxes		(232	)		(4,361	)		653			1,325			(2,615	)		1,776			2,619			2,906			2,672			9,973
Income tax provision (benefit)		(831	)		(935	)		217			(273	)		(1,822	)		876			965			1,033			794			3,668
Net Income (Loss)		599			(3,426	)		436			1,598			(793	)		900			1,654			1,873			1,878			6,305
Less: net income attributable to noncontrolling interests		(13	)		(14	)		(16	)		(19	)		(62	)		(12	)		(14	)		(12	)		(10	)		(48	)
Net Income (Loss) Attributable to ConocoPhillips		586			(3,440	)		420			1,579			(855	)		888			1,640			1,861			1,868			6,257

Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic		0.47			(2.78	)		0.35			1.32			(0.70	)		0.75			1.40			1.60			1.62			5.36
Diluted		0.47			(2.78	)		0.34			1.32			(0.70	)		0.75			1.39			1.59			1.61			5.32

Average Common Shares Outstanding (in thousands)**
Basic		1,243,280			1,236,831			1,212,454			1,192,243			1,221,038			1,179,792			1,172,378			1,163,033			1,151,148			1,166,499
Diluted		1,248,722			1,236,831			1,215,341			1,198,276			1,221,038			1,186,454			1,181,167			1,172,694			1,159,305			1,175,538
*2017 has been restated to align with current period financial statements.
**Ending Common Shares Outstanding is 1,138,349 as of Dec. 31, 2018, compared with 1,151,242 as of Sep. 30, 2018.


INCOME (LOSS) BEFORE INCOME TAXES

Alaska		6			215			159			396			776			654			531			535			470			2,190

Lower 48		(562	)		(4,013	)		(148	)		(102	)		(4,825	)		398			523			660			640			2,221

Canada		(87	)		1,846			243			(55	)		1,947			(105	)		47			49			(24	)		(33	)

Europe and North Africa		533			276			303			607			1,719			771			862			811			1,687			4,131

Asia Pacific and Middle East		392			(2,052	)		452			524			(684	)		653			629			815			743			2,840

Other International		(68	)		(11	)		(15	)		282			188			(10	)		(2	)		334			72			394

Corporate and Other		(446	)		(622	)		(341	)		(327	)		(1,736	)		(585	)		29			(298	)		(916	)		(1,770	)

Consolidated		(232	)		(4,361	)		653			1,325			(2,615	)		1,776			2,619			2,906			2,672			9,973




EFFECTIVE INCOME TAX RATES

Alaska*		295.2	%		7.4	%		35.3	%		-195.8	%		-88.7	%		19.9	%		21.4	%		20.1	%		5.4	%		17.2	%

Lower 48		35.5	%		36.8	%		34.8	%		710.1	%		50.9	%		22.6	%		21.7	%		22.2	%		19.3	%		21.3	%

Canada		1193.9	%		25.2	%		-14.8	%		21.9	%		-31.7	%		38.4	%		29.7	%		31.2	%		361.3	%		291.3	%

Europe and North Africa		67.8	%		55.5	%		72.0	%		71.2	%		67.8	%		68.3	%		66.3	%		70.3	%		35.4	%		54.8	%

Asia Pacific and Middle East		36.6	%		-5.2	%		8.9	%		11.9	%		-51.4	%		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%

Other International		29.6	%		14.2	%		-27.3	%		13.7	%		11.3	%		-336.7	%		-102.3	%		5.4	%		-33.5	%		7.6	%

Corporate and Other		22.0	%		31.8	%		4.2	%		-217.2	%		-23.0	%		7.5	%		5.3	%		17.3	%		0.9	%		5.8	%

Consolidated		359.0	%		21.4	%		33.2	%		-20.5	%		69.7	%		49.3	%		36.8	%		35.5	%		29.7	%		36.8	%
*Alaska including taxes other than income taxes.		111.9	%		32.2	%		56.6	%		-142.9	%		-32.5	%		22.4	%		36.1	%		37.1	%		24.9	%		30.3	%

	2017															2018
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
EARNINGS BY SEGMENT

Alaska		(11	)		199			103			1,175			1,466			524			418			427			445			1,814

Lower 48		(362	)		(2,536	)		(97	)		624			(2,371	)		308			410			513			516			1,747

Canada		948			1,379			280			(43	)		2,564			(65	)		33			34			61			63

Europe and North Africa		171			123			85			174			553			245			290			241			1,090			1,866

Asia Pacific and Middle East		236			(2,172	)		396			442			(1,098	)		461			466			577			566			2,070

Other International		(48	)		(9	)		(20	)		244			167			(44	)		(5	)		316			97			364

Corporate and Other		(348	)		(424	)		(327	)		(1,037	)		(2,136	)		(541	)		28			(247	)		(907	)		(1,667	)

Consolidated		586			(3,440	)		420			1,579			(855	)		888			1,640			1,861			1,868			6,257





SPECIAL ITEMS

Alaska		(110	)		32			-			892			814			79			-			-			98			177

Lower 48		(33	)		(2,464	)		(40	)		610			(1,927	)		(8	)		-			(37	)		106			61

Canada		977			1,366			304			(5	)		2,642			-			36			32			80			148

Europe and North Africa		-			41			-			12			53			-			32			-			805			837

Asia Pacific and Middle East		-			(2,384	)		83			74			(2,227	)		-			-			-			-			-

Other International		(28	)		-			-			275			247			(34	)		-			325			93			384

Corporate and Other		(43	)		(209	)		(125	)		(819	)		(1,196	)		(285	)		281			(54	)		(623	)		(681	)

Consolidated		763			(3,618	)		222			1,039			(1,594	)		(248	)		349			266			559			926
Detailed reconciliation of these items is provided on page 3.




ADJUSTED EARNINGS

Alaska		99			167			103			283			652			445			418			427			347			1,637

Lower 48		(329	)		(72	)		(57	)		14			(444	)		316			410			550			410			1,686

Canada		(29	)		13			(24	)		(38	)		(78	)		(65	)		(3	)		2			(19	)		(85	)

Europe and North Africa		171			82			85			162			500			245			258			241			285			1,029

Asia Pacific and Middle East		236			212			313			368			1,129			461			466			577			566			2,070

Other International		(20	)		(9	)		(20	)		(31	)		(80	)		(10	)		(5	)		(9	)		4			(20	)

Corporate and Other		(305	)		(215	)		(202	)		(218	)		(940	)		(256	)		(253	)		(193	)		(284	)		(986	)

Consolidated		(177	)		178			198			540			739			1,136			1,291			1,595			1,309			5,331





ADJUSTED EFFECTIVE INCOME TAX RATES

Alaska		44.9	%		22.3	%		35.3	%		28.8	%		31.5	%		19.5	%		21.4	%		20.1	%		26.2	%		21.7	%

Lower 48		35.5	%		37.9	%		39.2	%		28.3	%		36.6	%		22.5	%		21.7	%		22.3	%		19.1	%		21.4	%

Canada		50.9	%		-83.2	%		34.7	%		31.0	%		46.0	%		38.4	%		-1.5	%		61.1	%		20.3	%		33.6	%

Europe and North Africa		67.8	%		70.4	%		72.0	%		71.7	%		70.3	%		68.3	%		68.1	%		70.3	%		69.0	%		68.9	%

Asia Pacific and Middle East		36.6	%		31.9	%		27.2	%		26.0	%		29.9	%		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%

Other International		20.4	%		14.2	%		-27.3	%		16.9	%		9.9	%		0.7	%		-102.3	%		17.2	%		130.6	%		44.9	%

Corporate and Other		21.1	%		39.2	%		22.7	%		30.4	%		28.5	%		13.8	%		5.8	%		11.3	%		-8.2	%		5.7	%

Consolidated		232.5	%		45.2	%		57.7	%		49.5	%		61.6	%		41.8	%		41.2	%		39.2	%		43.6	%		41.4	%

	2017															2018
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
DETAILED SPECIAL ITEMS

Alaska
Impairments		(174	)		-			-			-			(174	)		-			-			-			-			-
Pending claims and settlements		-			-			-			-			-			101			-			-			-			101
Subtotal before income taxes		(174	)		-			-			-			(174	)		101			-			-			-			101
Income tax provision (benefit)¹		(64	)		(32	)		-			(892	)		(988	)		22			-			-			(98	)		(76	)
Total		(110	)		32			-			892			814			79			-			-			98			177

Lower 48
Restructuring		-			(15	)		(3	)		1			(17	)		-			-			(20	)		(3	)		(23	)
Impairments		(51	)		(3,882	)		(2	)		(122	)		(4,057	)		(10	)		-			(43	)		-			(53	)
Gain (loss) on asset sales		-			-			(50	)		-			(50	)		-			-			56			136			192
Pending claims and settlements		-			-			-			-			-			-			-			(41	)		-			(41	)
Subtotal before income taxes		(51	)		(3,897	)		(55	)		(121	)		(4,124	)		(10	)		-			(48	)		133			75
Income tax provision (benefit)¹		(18	)		(1,433	)		(15	)		(731	)		(2,197	)		(2	)		-			(11	)		27			14
Total		(33	)		(2,464	)		(40	)		610			(1,927	)		(8	)		-			(37	)		106			61

Canada
Gain (loss) on asset sales		-			1,855			281			-			2,136			-			50			45			-			95
Impairments		-			(18	)		-			-			(18	)		-			-			-			-			-
Restructuring		(27	)		1			-			-			(26	)		-			-			-			-			-
Subtotal before income taxes		(27	)		1,838			281			-			2,092			-			50			45			-			95
Income tax provision (benefit)²		(1,004	)		472			(23	)		5			(550	)		-			14			13			(80	)		(53	)
Total		977			1,366			304			(5	)		2,642			-			36			32			80			148

Europe and North Africa
Impairments		-			-			-			33			33			-			53			-			52			105
Gain (loss) on asset sales		-			-			-			-			-			-			-			-			715			715
Subtotal before income taxes		-			-			-			33			33			-			53			-			767			820
Income tax provision (benefit)³		-			(41	)		-			21			(20	)		-			21			-			(38	)		(17	)
Total		-			41			-			12			53			-			32			-			805			837

Asia Pacific and Middle East
Impairments		-			(2,384	)		-			-			(2,384	)		-			-			-			-			-
Subtotal before income taxes		-			(2,384	)		-			-			(2,384	)		-			-			-			-			-
Income tax provision (benefit)⁴		-			-			(83	)		(74	)		(157	)		-			-			-			-			-
Total		-			(2,384	)		83			74			(2,227	)		-			-			-			-			-

Other International
Pending claims and settlements		-			-			-			320			320			-			-			345			85			430
Rig termination		(43	)		-			-			-			(43	)		-			-			-			-			-
Subtotal before income taxes		(43	)		-			-			320			277			-			-			345			85			430
Income tax provision (benefit)⁵		(15	)		-			-			45			30			34			-			20			(8	)		46
Total		(28	)		-			-			275			247			(34	)		-			325			93			384

Corporate and Other
Pension settlement expense		(60	)		(36	)		(20	)		(14	)		(130	)		-			(147	)		(14	)		(35	)		(196	)
Pending claims and settlements		-			2			(9	)		17			10			34			-			(18	)		-			16
Premiums on early debt retirement		-			(234	)		(51	)		(17	)		(302	)		(206	)		(2	)		-			-			(208	)
Unrealized gain (loss) on CVE equity		-			-			-			-			-			(116	)		387			(76	)		(618	)		(423	)
Recognition of deferred licensing revenue⁶		-			-			-			-			-			-			60			44			-			104
Restructuring		-			-			-			-			-			-			-			(17	)		-			(17	)
Subtotal before income taxes		(60	)		(268	)		(80	)		(14	)		(422	)		(288	)		298			(81	)		(653	)		(724	)
Income tax provision (benefit)⁴		(17	)		(59	)		45			805			774			(3	)		17			(27	)		(30	)		(43	)
Total		(43	)		(209	)		(125	)		(819	)		(1,196	)		(285	)		281			(54	)		(623	)		(681	)

Total Company		763			(3,618	)		222			1,039			(1,594	)		(248	)		349			266			559			926
¹Includes deferred tax adjustment in 2Q 2017 and 4Q 2018 in Alaska and Lower 48; pending claims and settlements in 2Q 2017 in Alaska; and 4Q 2017 U.S. Tax Reform.
²Includes tax adjustment related to Canadian disposition in 1Q 2017; tax benefit related to our prior decision to exit Nova Scotia deepwater exploration in 3Q 2017; 4Q 2017 U.S. Tax Reform; and 4Q 2018 deferred tax adjustment.
³Includes pending claims and settlements in 2Q 2017; 4Q 2017 deferred tax adjustment in U.K.; and 4Q 2017 U.S. Tax Reform.
⁴Includes pending claims and settlements in 3Q 2017 and 4Q 2017 U.S. Tax Reform.
⁵Includes 4Q 2017 U.S. Tax Reform and 1Q 2018 Nigeria tax settlement.
⁶Pursuant to adoption of ASC Topic 606 in 2018.

	2017															2018
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
CONSOLIDATED BALANCE SHEET

Assets
Cash and cash equivalents		3,109			7,534			6,911			6,325			6,325			4,984			3,234			3,716			5,915			5,915
Short-term investments		252			2,733			2,696			1,873			1,873			288			612			875			248			248
Accounts and notes receivable		3,105			3,020			3,222			4,179			4,179			4,032			3,750			4,319			3,920			3,920
Accounts and notes receivable—related parties		254			143			142			141			141			160			180			180			147			147
Investment in Cenovus Energy		-			1,533			2,084			1,899			1,899			1,776			2,159			2,086			1,462			1,462
Inventories		1,097			1,019			1,023			1,060			1,060			1,053			1,093			1,239			1,007			1,007
Prepaid expenses and other current assets		2,911			3,897			876			1,035			1,035			894			580			2,308			575			575
Total Current Assets		10,728			19,879			16,954			16,512			16,512			13,187			11,608			14,723			13,274			13,274
Investments and long-term receivables		21,153			9,681			9,696			9,599			9,599			9,572			9,435			9,553			9,329			9,329
Loans and advances—related parties		522			522			461			461			461			399			399			335			335			335
Net properties, plants and equipment		54,440			46,846			46,669			45,683			45,683			45,997			46,306			44,736			45,698			45,698
Other assets		1,130			1,076			1,081			1,107			1,107			1,572			1,188			1,209			1,344			1,344
Total Assets		87,973			78,004			74,861			73,362			73,362			70,727			68,936			70,556			69,980			69,980

Liabilities
Accounts payable		3,494			3,401			3,378			4,009			4,009			3,824			3,642			3,887			3,863			3,863
Accounts payable—related parties		37			33			38			21			21			62			24			31			32			32
Short-term debt		1,095			3,798			1,331			2,575			2,575			337			89			95			112			112
Accrued income and other taxes		756			791			1,005			1,038			1,038			1,341			1,301			1,582			1,320			1,320
Employee benefit obligations		465			509			528			725			725			408			511			626			809			809
Other accruals		1,679			1,394			851			1,029			1,029			1,137			1,071			1,180			1,259			1,259
Total Current Liabilities		7,526			9,926			7,131			9,397			9,397			7,109			6,638			7,401			7,395			7,395
Long-term debt		25,340			19,670			19,673			17,128			17,128			16,709			14,885			14,902			14,856			14,856
Asset retirement obligations and accrued environmental costs		7,884			7,631			7,763			7,631			7,631			7,789			7,665			7,554			7,688			7,688
Deferred income taxes		7,568			6,335			6,262			5,282			5,282			5,409			5,534			5,535			5,021			5,021
Employee benefit obligations		2,534			2,499			1,903			1,854			1,854			1,832			1,774			1,755			1,764			1,764
Other liabilities and deferred credits		1,520			1,444			1,417			1,269			1,269			1,161			1,218			1,330			1,192			1,192
Total Liabilities		52,372			47,505			44,149			42,561			42,561			40,009			37,714			38,477			37,916			37,916

Equity
Common stock issued
Par value		18			18			18			18			18			18			18			18			18			18
Capital in excess of par		46,510			46,558			46,595			46,622			46,622			46,642			46,746			46,858			46,879			46,879
Treasury stock		(37,018	)		(37,981	)		(38,951	)		(39,906	)		(39,906	)		(40,406	)		(41,052	)		(41,979	)		(42,905	)		(42,905	)
Accumulated other comprehensive income (loss)		(5,961	)		(6,342	)		(5,292	)		(5,518	)		(5,518	)		(5,371	)		(5,637	)		(5,442	)		(6,063	)		(6,063	)
Retained earnings		31,804			28,033			28,130			29,391			29,391			29,663			30,967			32,495			34,010			34,010
Total Common Stockholders' Equity		35,353			30,286			30,500			30,607			30,607			30,546			31,042			31,950			31,939			31,939
Noncontrolling Interests		248			213			212			194			194			172			180			129			125			125
Total Equity		35,601			30,499			30,712			30,801			30,801			30,718			31,222			32,079			32,064			32,064
Total Liabilities and Equity		87,973			78,004			74,861			73,362			73,362			70,727			68,936			70,556			69,980			69,980

	2017															2018
	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)		599			(3,426	)		436			1,598			(793	)		900			1,654			1,873			1,878			6,305
Depreciation, depletion and amortization		1,979			1,625			1,608			1,633			6,845			1,412			1,438			1,494			1,612			5,956
Impairments		175			6,294			6			126			6,601			12			(35	)		44			6			27
Dry hole costs and leasehold impairments		406			22			7			131			566			20			16			28			31			95
Accretion on discounted liabilities		95			92			89			86			362			88			89			89			87			353
Deferred taxes		(1,314	)		(1,234	)		(222	)		(911	)		(3,681	)		65			197			136			(115	)		283
Undistributed equity earnings		(43	)		(78	)		(72	)		(39	)		(232	)		(34	)		128			(105	)		163			152
Gain on dispositions		(22	)		(1,876	)		(246	)		(33	)		(2,177	)		(7	)		(55	)		(113	)		(888	)		(1,063	)
Other		(47	)		222			(542	)		(62	)		(429	)		29			(267	)		15			414			191
Net working capital changes		(38	)		110			(9	)		(48	)		15			(86	)		177			(51	)		595			635
Net Cash Provided by Operating Activities		1,790			1,751			1,055			2,481			7,077			2,399			3,342			3,410			3,783			12,934

Cash Flows from Investing Activities
Capital expenditures and investments		(966	)		(1,020	)		(1,088	)		(1,517	)		(4,591	)		(1,535	)		(1,999	)		(1,599	)		(1,617	)		(6,750	)
Working capital changes associated with investing activities		(26	)		(87	)		95			150			132			28			(120	)		35			(11	)		(68	)
Proceeds from asset dispositions		35			10,707			2,998			120			13,860			169			139			86			688			1,082
Net sales (purchases) of short-term investments		(203	)		(2,450	)		70			793			(1,790	)		1,593			(336	)		(261	)		624			1,620
Long-term collections from (advances to)
related parties and other investments		186			47			(67	)		(15	)		151			(333	)		367			101			138			273
Net Cash Provided by (Used in) Investing Activities		(974	)		7,197			2,008			(469	)		7,762			(78	)		(1,949	)		(1,638	)		(178	)		(3,843	)

Cash Flows from Financing Activities
Repayment of debt		(839	)		(3,240	)		(2,515	)		(1,282	)		(7,876	)		(2,888	)		(2,064	)		(18	)		(25	)		(4,995	)
Issuance of company common stock		(46	)		(17	)		(2	)		2			(63	)		(18	)		60			79			-			121
Repurchase of company common stock		(112	)		(963	)		(970	)		(955	)		(3,000	)		(500	)		(646	)		(927	)		(926	)		(2,999	)
Dividends paid		(331	)		(331	)		(324	)		(319	)		(1,305	)		(338	)		(337	)		(334	)		(354	)		(1,363	)
Other		(16	)		(48	)		(16	)		(32	)		(112	)		(32	)		(16	)		(63	)		(12	)		(123	)
Net Cash Provided by (Used in) Financing Activities		(1,344	)		(4,599	)		(3,827	)		(2,586	)		(12,356	)		(3,776	)		(3,003	)		(1,263	)		(1,317	)		(9,359	)

Effect of Exchange Rate Changes		27			76			141			(12	)		232			125			(139	)		(26	)		(77	)		(117	)

Net Change in Cash, Cash Equivalents and Restricted Cash		(501	)		4,425			(623	)		(586	)		2,715			(1,330	)		(1,749	)		483			2,211			(385	)
Cash, cash equivalents and restricted cash at beginning of period*		3,610			3,109			7,534			6,911			3,610			6,536			5,206			3,457			3,940			6,536
Cash, Cash Equivalents and Restricted Cash at End of Period		3,109			7,534			6,911			6,325			6,325			5,206			3,457			3,940			6,151			6,151
*2018 Cash, cash equivalents and restricted cash at beginning of period has been restated to include $211MM of restricted cash.



CAPITAL EXPENDITURES AND INVESTMENTS

Alaska		228			229			179			179			815			263			581			190			264			1,298

Lower 48		343			383			508			902			2,136			751			889			835			709			3,184

Canada		62			85			33			22			202			173			45			100			159			477

Europe and North Africa		200			212			245			215			872			216			246			216			199			877

Asia Pacific and Middle East		109			93			114			166			482			99			194			200			225			718

Other International		5			5			7			4			21			1			2			3			-			6

Corporate and Other		19			13			2			29			63			32			42			55			61			190
Total Capital Expenditures and Investments		966			1,020			1,088			1,517			4,591			1,535			1,999			1,599			1,617			6,750

	2017											2018
	1st Qtr		2nd Qtr		3rd Qtr			4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
TOTAL SEGMENTS


Production
Total (MBOED)		1,593		1,437		1,226			1,256		1,377		1,269		1,249		1,261		1,357		1,283

Crude Oil (MBD)
Consolidated operations		588		576		568			608		585		621		610		622		705		639
Equity affiliates		13		14		14			14		14		15		14		13		12		14
Total		601		590		582			622		599		636		624		635		717		653
Over (under) lifting of crude oil (MBD)		36		28		11			13		22		15		9		28		11		16

NGL (MBD)
Consolidated operations		127		119		87			84		104		88		95		98		98		95
Equity affiliates		7		8		8			5		7		8		8		8		7		7
Total		134		127		95			89		111		96		103		106		105		102

Bitumen (MBD)
Consolidated operations		52		52		63			67		59		66		63		65		71		66
Equity affiliates		171		85		-			-		63		-		-		-		-		-
Total		223		137		63			67		122		66		63		65		71		66

Natural Gas (MMCFD)
Consolidated operations		2,874		2,484		1,878			1,833		2,263		1,775		1,700		1,707		1,793		1,743
Equity affiliates		935		1,015		1,040			1,035		1,007		1,053		1,054		1,025		992		1,031
Total		3,809		3,499		2,918			2,868		3,270		2,828		2,754		2,732		2,785		2,774

Industry Prices
Crude Oil ($/BBL)
WTI		51.83		48.24		48.16			55.35		50.90		62.88		67.99		69.71		59.09		64.92
WCS		37.25		37.12		38.22			43.08		38.92		38.60		48.72		47.47		19.64		38.61
Brent dated		53.78		49.83		52.09			61.39		54.27		66.76		74.35		75.27		67.76		71.04
JCC ($/BBL)		47.21		54.95		53.16			49.87		51.30		58.62		66.66		71.51		76.66		68.36
Natural Gas ($/MMBTU)
Henry Hub first of month		3.32		3.19		2.99			2.93		3.11		3.01		2.80		2.91		3.65		3.09


Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations		50.86		48.11		49.31			58.95		51.89		65.47		70.42		72.97		63.74		68.03
Equity affiliates		55.58		50.55		52.29			60.52		54.76		66.50		76.11		76.62		70.73		72.49
Total		50.97		48.16		49.39			58.99		51.96		65.49		70.55		73.05		63.86		68.13

NGL ($/BBL)
Consolidated operations		23.81		19.97		22.50			32.08		24.21		26.68		28.57		33.80		26.61		29.03
Equity affiliates		43.20		34.49		35.94			44.06		38.74		43.99		43.60		49.71		45.48		45.69
Total		24.87		20.99		23.82			32.79		25.22		28.37		29.94		35.14		28.04		30.48

Bitumen ($/BBL)
Consolidated operations		15.63		19.28		24.19			25.20		21.43		14.06		32.38		34.15		11.65		22.29
Equity affiliates		23.63		24.19		-			-		23.83		-		-		-		-		-
Total		21.56		22.42		24.19			25.20		22.66		14.06		32.38		34.15		11.65		22.29

Natural Gas ($/MCF)
Consolidated operations		3.78		3.64		3.88			4.80		3.97		5.18		4.85		5.48		6.05		5.40
Equity affiliates		4.00		4.29		4.51			4.25		4.27		5.04		5.72		6.35		7.15		6.06
Total		3.84		3.83		4.11			4.59		4.07		5.13		5.18		5.81		6.46		5.65


Exploration Expenses ($ Millions)
Dry holes		343		14		(3	)		76		430		15		1		12		11		39
Leasehold impairment		63		8		10			55		136		5		15		16		20		56
Total noncash expenses		406		22		7			131		566		20		16		28		31		95
Other (G&A, G&G and lease rentals)*		144		75		66			83		368		75		53		75		71		274
Total exploration expenses*		550		97		73			214		934		95		69		103		102		369

U.S. exploration expenses*		427		43		38			152		660		66		49		59		58		232
International exploration expenses*		123		54		35			62		274		29		20		44		44		137
*2017 has been restated to align with current period financial statements.

DD&A ($ Millions)
Alaska		234		216		188			208		846		185		182		161		213		741
Lower 48		819		666		612			627		2,724		498		553		603		653		2,307
Canada		196		70		84			89		439		91		85		89		50		315
Europe and North Africa		346		318		317			286		1,267		285		275		281		278		1,119
Asia Pacific and Middle East		350		321		374			390		1,435		327		317		334		390		1,368
Other International		-		-		-			-		-		-		-		-		-		-
Corporate and Other		34		34		33			33		134		26		26		26		28		106
Total DD&A		1,979		1,625		1,608			1,633		6,845		1,412		1,438		1,494		1,612		5,956

	2017										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
PRODUCTION


Crude Oil (MBD)
Alaska		175		169		154		173		167		174		170		152		187		171
Lower 48		176		179		175		191		180		197		218		240		262		229
Canada		6		3		1		2		3		2		1		1		1		1
Norway		103		99		95		90		97		89		82		89		89		87
United Kingdom		28		26		23		24		25		29		23		23		29		26
Libya		9		11		23		34		20		40		34		33		39		36
Europe and North Africa		140		136		141		148		142		158		139		145		157		149
Australia/Timor-Leste		7		6		6		6		6		4		3		3		5		4
China		41		38		37		35		38		37		29		34		42		36
Indonesia		2		2		2		2		2		2		2		2		2		2
Malaysia		41		43		52		51		47		47		48		45		49		47
Equity affiliates		13		14		14		14		14		15		14		13		12		14
AP/ME		104		103		111		108		107		105		96		97		110		103
Total		601		590		582		622		599		636		624		635		717		653

NGL (MBD)
Alaska		15		14		11		15		14		16		14		12		16		14
Lower 48		75		79		64		58		69		60		70		73		71		69
Canada		23		13		1		-		9		-		-		2		-		1
Norway		4		4		4		4		4		4		4		4		3		4
United Kingdom		5		5		3		3		4		4		4		4		4		4
Europe and North Africa		9		9		7		7		8		8		8		8		7		8
Australia/Timor-Leste		5		4		4		4		4		4		3		3		4		3
Equity affiliates		7		8		8		5		7		8		8		8		7		7
AP/ME		12		12		12		9		11		12		11		11		11		10
Total		134		127		95		89		111		96		103		106		105		102

Bitumen (MBD)
Consolidated operations		52		52		63		67		59		66		63		65		71		66
Equity affiliates		171		85		-		-		63		-		-		-		-		-
Total		223		137		63		67		122		66		63		65		71		66

Natural Gas (MMCFD)
Alaska		7		7		5		7		7		7		6		5		7		6
Lower 48		1,116		1,142		765		576		898		568		593		608		616		596
Canada		488		247		10		12		187		13		14		12		9		12
Norway		213		188		193		206		200		208		172		189		206		194
United Kingdom		328		284		209		284		276		309		309		238		270		281
Libya		3		4		6		20		8		31		26		25		31		28
Europe and North Africa		544		476		408		510		484		548		507		452		507		503
Australia/Timor-Leste		284		260		241		286		267		295		241		289		276		275
Indonesia		327		276		323		305		308		307		305		316		307		309
Malaysia		108		76		126		137		112		37		34		25		71		42
Equity affiliates		935		1,015		1,040		1,035		1,007		1,053		1,054		1,025		992		1,031
AP/ME		1,654		1,627		1,730		1,763		1,694		1,692		1,634		1,655		1,646		1,657
Total		3,809		3,499		2,918		2,868		3,270		2,828		2,754		2,732		2,785		2,774

Total (MBOED)
Alaska		191		184		166		189		182		191		185		165		204		186
Lower 48		437		448		366		345		399		352		387		414		436		397
Consolidated operations		162		109		67		71		102		70		67		70		74		70
Equity affiliates		171		85		-		-		63		-		-		-		-		-
Canada		333		194		67		71		165		70		67		70		74		70
Norway		143		134		131		128		134		128		114		125		126		123
United Kingdom		88		78		61		75		75		85		78		67		78		77
Libya		9		12		24		37		21		45		38		37		44		41
Europe and North Africa		240		224		216		240		230		258		230		229		248		241
Australia/Timor-Leste		59		53		50		58		55		57		46		54		55		53
China		41		38		37		35		38		37		29		34		42		36
Indonesia		57		48		56		52		53		53		53		54		53		53
Malaysia		59		56		73		74		66		53		54		49		61		54
Equity affiliates		176		192		195		192		189		198		198		192		184		193
AP/ME		392		387		411		411		401		398		380		383		395		389
Total		1,593		1,437		1,226		1,256		1,377		1,269		1,249		1,261		1,357		1,283

	2017										2018
	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		52.09		49.95		50.53		60.68		53.33		68.31		72.49		76.47		66.58		70.86
Lower 48		45.89		43.38		45.29		54.27		47.36		61.99		65.79		67.73		57.08		62.99
Canada		43.82		43.35		-		-		43.69		-		-		-		-		48.73
Norway		54.14		51.19		51.94		62.28		54.61		65.84		73.13		77.74		70.19		71.61
United Kingdom		50.09		51.72		46.88		57.63		51.85		64.27		70.97		76.51		66.56		69.00
Libya		52.98		48.77		51.00		60.82		55.11		65.90		72.86		73.42		68.30		69.83
Europe and North Africa		53.34		50.98		51.05		61.04		54.21		65.57		72.65		76.54		68.97		70.71
Australia/Timor-Leste		53.85		49.43		50.35		63.35		54.10		70.71		72.25		71.12		68.88		70.70
China		50.31		46.00		49.09		58.07		50.91		62.49		69.51		70.71		62.37		65.94
Indonesia		42.45		37.44		38.89		75.00		47.09		58.60		49.93		55.16		50.54		53.34
Malaysia		58.13		52.64		54.66		64.54		57.59		70.42		78.42		79.32		73.50		75.33
AP/ME		53.74		49.28		52.06		62.09		54.38		67.07		74.88		74.78		67.76		70.93
Total consolidated operations		50.86		48.11		49.31		58.95		51.89		65.47		70.42		72.97		63.74		68.03
Equity affiliates		55.58		50.55		52.29		60.52		54.76		66.50		76.11		76.62		70.73		72.49
Total		50.97		48.16		49.39		58.99		51.96		65.49		70.55		73.05		63.86		68.13

NGL ($/BBL)
Consolidated operations
Lower 48		22.07		18.99		20.72		28.41		22.20		24.57		26.71		32.17		25.13		27.30
Canada		21.32		20.96		-		-		21.51		-		-		-		-		43.70
Norway		31.77		24.24		28.86		40.56		34.14		32.58		41.12		35.57		33.23		35.56
United Kingdom		30.32		25.32		33.07		43.60		33.98		33.43		39.77		40.43		37.14		38.13
Europe and North Africa		31.21		24.88		31.16		41.74		34.07		32.98		40.35		38.80		34.75		36.87
Australia/Timor-Leste		42.96		34.54		35.74		49.26		41.37		44.36		44.23		52.30		42.66		47.20
AP/ME		42.96		34.54		35.74		49.26		41.37		44.36		44.23		52.30		42.66		47.20
Total consolidated operations		23.81		19.97		22.50		32.08		24.21		26.68		28.57		33.80		26.61		29.03
Equity affiliates		43.20		34.49		35.94		44.06		38.74		43.99		43.60		49.71		45.48		45.69
Total		24.87		20.99		23.82		32.79		25.22		28.37		29.94		35.14		28.04		30.48

Bitumen ($/BBL)
Consolidated operations*		15.63		19.28		24.19		25.20		21.43		14.06		32.38		34.15		11.65		22.29
Equity affiliates		23.63		24.19		-		-		23.83		-		-		-		-		-
Total		21.56		22.42		24.19		25.20		22.66		14.06		32.38		34.15		11.65		22.29

Natural Gas ($/MCF)
Consolidated operations
Alaska		3.53		1.43		4.55		2.59		2.72		2.51		2.51		2.52		2.41		2.48
Lower 48		2.83		2.72		2.63		2.68		2.73		2.76		2.34		2.80		3.35		2.82
Canada		1.95		2.00		-		-		1.93		-		-		-		-		1.00
Norway		5.52		4.87		5.00		6.59		5.54		7.32		7.19		8.23		8.57		7.87
United Kingdom		6.07		4.99		5.20		6.89		5.84		7.58		7.31		7.37		8.73		7.74
Libya		-		-		0.09		3.68		3.53		5.62		5.52		4.11		4.10		4.84
Europe and North Africa		5.86		4.95		5.09		6.65		5.70		7.38		7.19		7.62		8.42		7.65
Australia/Timor-Leste**		0.57		0.77		0.64		0.61		0.65		0.62		0.69		1.14		0.79		0.82
Indonesia		6.52		6.34		5.81		6.38		6.26		6.61		6.96		7.09		7.71		7.10
Malaysia		2.82		3.07		3.30		3.16		3.10		2.78		3.06		3.11		3.64		3.25
AP/ME		4.96		5.05		4.63		5.27		4.98		5.57		5.50		6.53		6.90		6.15
Total consolidated operations		3.78		3.64		3.88		4.80		3.97		5.18		4.85		5.48		6.05		5.40
Equity affiliates		4.00		4.29		4.51		4.25		4.27		5.04		5.72		6.35		7.15		6.06
Total		3.84		3.83		4.11		4.59		4.07		5.13		5.18		5.81		6.46		5.65
*2018 average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
**Excludes transfers to Darwin LNG plant.

	2017															2018
	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)		(348	)		(424	)		(327	)		(1,037	)		(2,136	)		(541	)		28			(247	)		(907	)		(1,667	)


Detail of Earnings (Loss) ($ Millions)
Net interest expense		(253	)		(174	)		(176	)		(136	)		(739	)		(160	)		(174	)		(174	)		(172	)		(680	)
Corporate G&A expenses*		(51	)		(39	)		(42	)		(61	)		(193	)		(50	)		(53	)		(36	)		48			(91	)
Technology**		9			-			20			(9	)		20			(10	)		63			64			(8	)		109
Other*		(53	)		(211	)		(129	)		(831	)		(1,224	)		(321	)		192			(101	)		(775	)		(1,005	)
Total		(348	)		(424	)		(327	)		(1,037	)		(2,136	)		(541	)		28			(247	)		(907	)		(1,667	)
*2017 has been restated to align with current period financial statements.
**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		(340	)		(336	)		(282	)		(259	)		(1,217	)		(221	)		(222	)		(236	)		(226	)		(905	)
Capitalized interest		25			30			31			33			119			37			45			50			38			170
Interest revenue		11			17			29			43			100			22			15			18			24			79
Total		(304	)		(289	)		(222	)		(183	)		(998	)		(162	)		(162	)		(168	)		(164	)		(656	)

Debt
Total debt ($ Millions)		26,435			23,468			21,004			19,703			19,703			17,046			14,974			14,997			14,968			14,968
Debt-to-capital ratio (%)		43	%		43	%		41	%		39	%		39	%		36	%		32	%		32	%		32	%		32	%

Equity ($ Millions)		35,601			30,499			30,712			30,801			30,801			30,718			31,222			32,079			32,064			32,064

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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CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 31, 2019

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