Exhibit 99.2
CONSOLIDATED INCOME STATEMENT | |||||||||||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||||||||||
2009 | 2010 | ||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||||||||||||||
Sales and other operating revenues* | 30,741 | 35,448 | 40,173 | 42,979 | 149,341 | 44,821 | 45,686 | 90,507 | |||||||||||||||||||||||
Equity in earnings of affiliates | 373 | 632 | 981 | 545 | 2,531 | 868 | 1,088 | 1,956 | |||||||||||||||||||||||
Gain on sale of Syncrude | - | - | - | - | - | - | 2,878 | 2,878 | |||||||||||||||||||||||
Other income | 124 | 106 | 117 | 171 | 518 | 73 | 475 | 548 | |||||||||||||||||||||||
Total Revenues and Other Income | 31,238 | 36,186 | 41,271 | 43,695 | 152,390 | 45,762 | 50,127 | 95,889 | |||||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||||||||||
Purchased crude oil, natural gas and products | 19,759 | 24,609 | 28,008 | 30,057 | 102,433 | 31,521 | 32,088 | 63,609 | |||||||||||||||||||||||
Production and operating expenses | 2,545 | 2,573 | 2,534 | 2,687 | 10,339 | 2,527 | 2,619 | 5,146 | |||||||||||||||||||||||
Selling, general and administrative expenses | 475 | 476 | 427 | 452 | 1,830 | 444 | 438 | 882 | |||||||||||||||||||||||
Exploration expenses | 225 | 243 | 386 | 328 | 1,182 | 383 | 213 | 596 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 2,230 | 2,347 | 2,327 | 2,391 | 9,295 | 2,318 | 2,280 | 4,598 | |||||||||||||||||||||||
Impairments | 3 | 51 | 56 | 425 | 535 | 91 | 1,532 | 1,623 | |||||||||||||||||||||||
Taxes other than income taxes* | 3,464 | 3,715 | 4,205 | 4,145 | 15,529 | 4,037 | 4,247 | 8,284 | |||||||||||||||||||||||
Accretion on discounted liabilities | 104 | 108 | 96 | 114 | 422 | 114 | 113 | 227 | |||||||||||||||||||||||
Interest and debt expense | 310 | 268 | 336 | 375 | 1,289 | 301 | 349 | 650 | |||||||||||||||||||||||
Foreign currency transaction (gains) losses | 131 | (142 | ) | (17 | ) | (18 | ) | (46 | ) | 36 | 54 | 90 | |||||||||||||||||||
Total Costs and Expense | 29,246 | 34,248 | 38,358 | 40,956 | 142,808 | 41,772 | 43,933 | 85,705 | |||||||||||||||||||||||
Income before income taxes | 1,992 | 1,938 | 2,913 | 2,739 | 9,582 | 3,990 | 6,194 | 10,184 | |||||||||||||||||||||||
Provision for income taxes | 1,176 | 1,063 | 1,426 | 1,425 | 5,090 | 1,878 | 2,011 | 3,889 | |||||||||||||||||||||||
Net Income | 816 | 875 | 1,487 | 1,314 | 4,492 | 2,112 | 4,183 | 6,295 | |||||||||||||||||||||||
Less: net income attributable to | |||||||||||||||||||||||||||||||
noncontrolling interests | (16 | ) | (16 | ) | (17 | ) | (29 | ) | (78 | ) | (14 | ) | (19 | ) | (33 | ) | |||||||||||||||
Net Income Attributable to ConocoPhillips | 800 | 859 | 1,470 | 1,285 | 4,414 | 2,098 | 4,164 | 6,262 | |||||||||||||||||||||||
*Includes excise taxes on petroleum products sales: | 3,060 | 3,316 | 3,538 | 3,411 | 13,325 | 3,220 | 3,417 | 6,637 | |||||||||||||||||||||||
Net income (loss) attributable to ConocoPhillips | |||||||||||||||||||||||||||||||
per share of common stock (dollars)** | |||||||||||||||||||||||||||||||
Basic | 0.54 | 0.58 | 0.98 | 0.86 | 2.96 | 1.41 | 2.79 | 4.20 | |||||||||||||||||||||||
Diluted | 0.54 | 0.57 | 0.97 | 0.86 | 2.94 | 1.40 | 2.77 | 4.17 | |||||||||||||||||||||||
Average common shares outstanding (in thousands) | |||||||||||||||||||||||||||||||
Basic | 1,485,890 | 1,486,496 | 1,488,352 | 1,489,811 | 1,487,650 | 1,492,861 | 1,489,814 | 1,491,329 | |||||||||||||||||||||||
Diluted | 1,495,247 | 1,495,700 | 1,498,204 | 1,500,983 | 1,497,608 | 1,503,565 | 1,501,257 | 1,502,529 | |||||||||||||||||||||||
**For the purpose of the earnings-per-share calculation only, third-quarter and twelve-month 2009 net income attributable to ConocoPhillips has been reduced $12 million for the | |||||||||||||||||||||||||||||||
excess of the amount paid for the redemption of a noncontrolling interest over its carrying value, which was charged directly to retained earnings. | |||||||||||||||||||||||||||||||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording | |||||||||||||||||||||||||||||||
equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. | |||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT | |||||||||||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||||||||||
2009 | 2010 | ||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||||||
U.S. E&P | 173 | 336 | 327 | 667 | 1,503 | 757 | 536 | 1,293 | |||||||||||||||||||||||
International E&P | 527 | 389 | 651 | 534 | 2,101 | 1,075 | 3,578 | 4,653 | |||||||||||||||||||||||
Total E&P | 700 | 725 | 978 | 1,201 | 3,604 | 1,832 | 4,114 | 5,946 | |||||||||||||||||||||||
Midstream | 123 | 31 | 62 | 97 | 313 | 77 | 61 | 138 | |||||||||||||||||||||||
U.S. R&M | 98 | (38 | ) | 73 | (325 | ) | (192 | ) | 12 | 782 | 794 | ||||||||||||||||||||
International R&M | 107 | (14 | ) | 26 | 110 | 229 | (16 | ) | (1,061 | ) | (1,077 | ) | |||||||||||||||||||
Total R&M | 205 | (52 | ) | 99 | (215 | ) | 37 | (4 | ) | (279 | ) | (283 | ) | ||||||||||||||||||
LUKOIL Investment | 8 | 243 | 512 | 456 | 1,219 | 387 | 529 | 916 | |||||||||||||||||||||||
Chemicals | 23 | 67 | 104 | 54 | 248 | 110 | 138 | 248 | |||||||||||||||||||||||
Emerging Businesses | - | 2 | (2 | ) | 3 | 3 | 6 | (10 | ) | (4 | ) | ||||||||||||||||||||
Corporate and Other | (259 | ) | (157 | ) | (283 | ) | (311 | ) | (1,010 | ) | (310 | ) | (389 | ) | (699 | ) | |||||||||||||||
Consolidated | 800 | 859 | 1,470 | 1,285 | 4,414 | 2,098 | 4,164 | 6,262 | |||||||||||||||||||||||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. |
SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
U.S. E&P | 283 | 502 | 505 | 1,000 | 2,290 | 1,149 | 833 | 1,982 | |||||||||||
International E&P | 1,498 | 1,311 | 1,855 | 1,828 | 6,492 | 2,632 | 5,145 | 7,777 | |||||||||||
Total E&P | 1,781 | 1,813 | 2,360 | 2,828 | 8,782 | 3,781 | 5,978 | 9,759 | |||||||||||
Midstream | 202 | 50 | 93 | 139 | 484 | 116 | 94 | 210 | |||||||||||
U.S. R&M | 163 | 13 | 116 | (448 | ) | (156 | ) | 41 | 1,265 | 1,306 | |||||||||
International R&M | 150 | (37 | ) | 25 | 99 | 237 | (86 | ) | (1,452 | ) | (1,538 | ) | |||||||
Total R&M | 313 | (24 | ) | 141 | (349 | ) | 81 | (45 | ) | (187 | ) | (232 | ) | ||||||
LUKOIL Investment | - | 243 | 523 | 465 | 1,231 | 395 | 546 | 941 | |||||||||||
Chemicals | 32 | 82 | 131 | 50 | 295 | 135 | 198 | 333 | |||||||||||
Emerging Businesses | (5 | ) | (2 | ) | (6 | ) | - | (13 | ) | 4 | (18 | ) | (14 | ) | |||||
Corporate and Other | (331 | ) | (224 | ) | (329 | ) | (394 | ) | (1,278 | ) | (396 | ) | (417 | ) | (813 | ) | |||
Consolidated | 1,992 | 1,938 | 2,913 | 2,739 | 9,582 | 3,990 | 6,194 | 10,184 | |||||||||||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. | |||||||||||||||||||
EFFECTIVE TAX RATES | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
U.S. E&P | 38.5 | % | 33.1 | % | 35.2 | % | 33.3 | % | 34.3 | % | 34.0 | % | 35.7 | % | 34.7 | % | |||
International E&P | 64.1 | % | 69.4 | % | 64.1 | % | 69.3 | % | 66.6 | % | 58.7 | % | 30.1 | % | 39.8 | % | |||
Total E&P | 60.0 | % | 59.3 | % | 57.9 | % | 56.5 | % | 58.2 | % | 51.2 | % | 30.9 | % | 38.8 | % | |||
Midstream | 39.1 | % | 40.0 | % | 33.3 | % | 30.2 | % | 35.3 | % | 33.6 | % | 35.1 | % | 34.3 | % | |||
U.S. R&M | 39.9 | % | 384.6 | % | 35.3 | % | 27.5 | % | -20.5 | % | 68.3 | % | 38.1 | % | 39.1 | % | |||
International R&M | 28.7 | % | 62.2 | % | 0.0 | % | -11.1 | % | 3.8 | % | 81.4 | % | 26.9 | % | 30.0 | % | |||
Total R&M | 34.5 | % | -112.5 | % | 29.1 | % | 38.4 | % | 50.6 | % | 93.3 | % | -48.7 | % | -21.1 | % | |||
LUKOIL Investment | -- | 0.0 | % | 1.9 | % | 2.2 | % | 1.0 | % | 1.8 | % | 3.3 | % | 2.7 | % | ||||
Chemicals | 28.1 | % | 17.1 | % | 21.4 | % | -10.0 | % | 15.9 | % | 18.5 | % | 29.8 | % | 25.2 | % | |||
Emerging Businesses | 100.0 | % | 200.0 | % | 66.7 | % | -- | 123.1 | % | -25.0 | % | 50.0 | % | 71.4 | % | ||||
Corporate and Other | 22.7 | % | 31.3 | % | 14.3 | % | 21.3 | % | 21.6 | % | 21.7 | % | 6.5 | % | 13.9 | % | |||
Consolidated | 59.0 | % | 54.9 | % | 49.0 | % | 52.0 | % | 53.1 | % | 47.1 | % | 32.5 | % | 38.2 | % | |||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. | |||||||||||||||||||
ESTIMATED TAXES PAID | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Cash income taxes paid | 1,346 | 1,925 | 1,535 | 1,835 | 6,641 | 1,596 | 2,329 | 3,925 | |||||||||||
Taxes other than income taxes | 3,464 | 3,715 | 4,205 | 4,145 | 15,529 | 4,037 | 4,247 | 8,284 | |||||||||||
Less: Excise taxes* | (3,060 | ) | (3,316 | ) | (3,538 | ) | (3,411 | ) | (13,325 | ) | (3,220 | ) | (3,417 | ) | (6,637 | ) | |||
Estimated Taxes Paid | 1,750 | 2,324 | 2,202 | 2,569 | 8,845 | 2,413 | 3,159 | 5,572 | |||||||||||
*Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities. |
SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX) | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
U.S. E&P | |||||||||||||||||||
Gain (loss) on asset sales | - | - | - | - | - | - | - | - | |||||||||||
Impairments | - | - | - | (29 | ) | (29 | ) | - | - | - | |||||||||
Severance accrual | - | - | 20 | - | 20 | - | - | - | |||||||||||
Pending claims and settlements | - | - | - | - | - | - | (82 | ) | (82 | ) | |||||||||
Total | - | - | 20 | (29 | ) | (9 | ) | - | (82 | ) | (82 | ) | |||||||
International E&P | |||||||||||||||||||
Gain (loss) on asset sales | - | - | - | 55 | 55 | - | 2,679 | 2,679 | |||||||||||
Impairments | - | (51 | ) | - | (533 | ) | (584 | ) | - | - | - | ||||||||
Cancelled projects | - | - | - | - | - | (83 | ) | (2 | ) | (85 | ) | ||||||||
Severance accrual | - | - | 11 | - | 11 | - | - | - | |||||||||||
Asset retirement | - | (37 | ) | - | - | (37 | ) | - | - | - | |||||||||
Deferred tax adjustment | - | - | - | - | - | - | 40 | 40 | |||||||||||
Total | - | (88 | ) | 11 | (478 | ) | (555 | ) | (83 | ) | 2,717 | 2,634 | |||||||
Total E&P | - | (88 | ) | 31 | (507 | ) | (564 | ) | (83 | ) | 2,635 | 2,552 | |||||||
Midstream | |||||||||||||||||||
Gain on share issuance by equity affiliate | 88 | - | - | - | 88 | - | - | - | |||||||||||
Total | 88 | - | - | - | 88 | - | - | - | |||||||||||
U.S. R&M | |||||||||||||||||||
Gain (loss) on asset sales | - | - | 32 | - | 32 | - | 116 | 116 | |||||||||||
Impairments | - | (72 | ) | (33 | ) | (11 | ) | (116 | ) | - | (8 | ) | (8 | ) | |||||
Severance accrual | - | - | 6 | - | 6 | - | - | - | |||||||||||
Pending claims and settlements | (25 | ) | - | (33 | ) | - | (58 | ) | - | 35 | 35 | ||||||||
Total | (25 | ) | (72 | ) | (28 | ) | (11 | ) | (136 | ) | - | 143 | 143 | ||||||
International R&M | |||||||||||||||||||
Impairments | - | - | - | - | - | - | (1,103 | ) | (1,103 | ) | |||||||||
Cancelled projects | - | - | - | - | - | (25 | ) | (4 | ) | (29 | ) | ||||||||
Severance accrual | - | - | - | - | - | - | (28 | ) | (28 | ) | |||||||||
Total | - | - | - | - | - | (25 | ) | (1,135 | ) | (1,160 | ) | ||||||||
Total R&M | (25 | ) | (72 | ) | (28 | ) | (11 | ) | (136 | ) | (25 | ) | (992 | ) | (1,017 | ) | |||
LUKOIL Investment | |||||||||||||||||||
Gain (loss) on asset sales | - | - | - | - | - | - | 99 | 99 | |||||||||||
Total | - | - | - | - | - | - | 99 | 99 | |||||||||||
Chemicals | |||||||||||||||||||
Total | - | - | - | - | - | - | - | - | |||||||||||
Emerging Businesses | |||||||||||||||||||
Total | - | - | - | - | - | - | - | - | |||||||||||
Corporate and Other | |||||||||||||||||||
Pending claims and settlements | - | - | (7 | ) | - | (7 | ) | - | (24 | ) | (24 | ) | |||||||
Cancelled projects | - | - | - | - | - | (2 | ) | 2 | - | ||||||||||
Severance accrual | - | - | 3 | - | 3 | - | - | - | |||||||||||
Total | - | - | (4 | ) | - | (4 | ) | (2 | ) | (22 | ) | (24 | ) | ||||||
Total Company | 63 | (160 | ) | (1 | ) | (518 | ) | (616 | ) | (110 | ) | 1,720 | 1,610 |
CASH FLOW INFORMATION | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||
Net income | 816 | 875 | 1,487 | 1,314 | 4,492 | 2,112 | 4,183 | 6,295 | |||||||||||
Depreciation, depletion and amortization | 2,230 | 2,347 | 2,327 | 2,391 | 9,295 | 2,318 | 2,280 | 4,598 | |||||||||||
Impairments | 3 | 51 | 56 | 425 | 535 | 91 | 1,532 | 1,623 | |||||||||||
Dry hole costs and leasehold impairments | 123 | 115 | 233 | 135 | 606 | 133 | 72 | 205 | |||||||||||
Accretion on discounted liabilities | 104 | 108 | 96 | 114 | 422 | 114 | 113 | 227 | |||||||||||
Deferred income taxes | (221 | ) | (382 | ) | (269 | ) | (243 | ) | (1,115 | ) | (35 | ) | (508 | ) | (543 | ) | |||
Undistributed equity earnings | (280 | ) | (326 | ) | (692 | ) | 44 | (1,254 | ) | (503 | ) | (686 | ) | (1,189 | ) | ||||
Net gain on asset dispositions | (39 | ) | 3 | (52 | ) | (72 | ) | (160 | ) | (24 | ) | (3,249 | ) | (3,273 | ) | ||||
Other | (2 | ) | 177 | (326 | ) | 347 | 196 | (187 | ) | (356 | ) | (543 | ) | ||||||
Net working capital changes | (849 | ) | (401 | ) | 73 | 639 | (538 | ) | (979 | ) | 94 | (885 | ) | ||||||
Net Cash Provided by | |||||||||||||||||||
Operating Activities | 1,885 | 2,567 | 2,933 | 5,094 | 12,479 | 3,040 | 3,475 | 6,515 | |||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Capital expenditures & investments | (2,906 | ) | (2,672 | ) | (2,598 | ) | (2,685 | ) | (10,861 | ) | (2,071 | ) | (2,009 | ) | (4,080 | ) | |||
Proceeds from asset dispositions | 86 | 146 | 706 | 332 | 1,270 | 132 | 5,811 | 5,943 | |||||||||||
Long-term advances to/collections from | |||||||||||||||||||
affiliates and other investments | (106 | ) | (56 | ) | (29 | ) | (153 | ) | (344 | ) | (218 | ) | 38 | (180 | ) | ||||
Net Cash Used for Investing Activities | (2,926 | ) | (2,582 | ) | (1,921 | ) | (2,506 | ) | (9,935 | ) | (2,157 | ) | 3,840 | 1,683 | |||||
Cash Flows from Financing Activities | |||||||||||||||||||
Net issuance (repayment) of debt | 1,931 | 989 | 104 | (1,795 | ) | 1,229 | 347 | (2,717 | ) | (2,370 | ) | ||||||||
Issuance of stock | (21 | ) | - | 10 | 24 | 13 | 9 | 26 | 35 | ||||||||||
Repurchase of stock | - | - | - | - | - | - | (390 | ) | (390 | ) | |||||||||
Dividends | (696 | ) | (697 | ) | (697 | ) | (742 | ) | (2,832 | ) | (744 | ) | (816 | ) | (1,560 | ) | |||
Other | (203 | ) | (203 | ) | (685 | ) | (174 | ) | (1,265 | ) | (186 | ) | (169 | ) | (355 | ) | |||
Net Cash Provided by (Used for) | |||||||||||||||||||
Financing Activities | 1,011 | 89 | (1,268 | ) | (2,687 | ) | (2,855 | ) | (574 | ) | (4,066 | ) | (4,640 | ) | |||||
Effect of Exchange Rate Changes | 77 | 12 | 9 | - | 98 | 4 | 16 | 20 | |||||||||||
Net Change in Cash | |||||||||||||||||||
and Cash Equivalents | 47 | 86 | (247 | ) | (99 | ) | (213 | ) | 313 | 3,265 | 3,578 | ||||||||
Cash and cash equivalents | |||||||||||||||||||
at beginning of period | 755 | 802 | 888 | 641 | 755 | 542 | 855 | 542 | |||||||||||
Cash and Cash Equivalents | |||||||||||||||||||
at End of Period | 802 | 888 | 641 | 542 | 542 | 855 | 4,120 | 4,120 | |||||||||||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. | |||||||||||||||||||
CAPITAL PROGRAM | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
E&P | |||||||||||||||||||
Capital expenditures and investments | 2,376 | 2,059 | 2,202 | 2,262 | 8,899 | 1,850 | 1,745 | 3,595 | |||||||||||
Loans and advances | 88 | 33 | 32 | 22 | 175 | 48 | 21 | 69 | |||||||||||
Joint venture acquisition obligation--principal | 153 | 156 | 157 | 159 | 625 | 161 | 164 | 325 | |||||||||||
E&P total | 2,617 | 2,248 | 2,391 | 2,443 | 9,699 | 2,059 | 1,930 | 3,989 | |||||||||||
Midstream* | 1 | 3 | - | 1 | 5 | - | - | - | |||||||||||
R&M | |||||||||||||||||||
Capital expenditures and investments | 496 | 523 | 352 | 355 | 1,726 | 192 | 226 | 418 | |||||||||||
Loans and advances | - | - | 150 | 200 | 350 | 200 | - | 200 | |||||||||||
R&M total | 496 | 523 | 502 | 555 | 2,076 | 392 | 226 | 618 | |||||||||||
LUKOIL Investment* | - | - | - | - | - | - | - | - | |||||||||||
Chemicals* | - | - | - | - | - | - | - | - | |||||||||||
Emerging Businesses* | 17 | 56 | 16 | 8 | 97 | 1 | 4 | 5 | |||||||||||
Corporate and Other* | 16 | 31 | 28 | 59 | 134 | 28 | 34 | 62 | |||||||||||
Total Capital Program | 3,147 | 2,861 | 2,937 | 3,066 | 12,011 | 2,480 | 2,194 | 4,674 | |||||||||||
*Capital expenditures and investments only. |
E&P | ||||||||||||||||
2009 | 2010 | |||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||
E&P Net Income Attributable | ||||||||||||||||
to ConocoPhillips ($ Millions) | 700 | 725 | 978 | 1,201 | 3,604 | 1,832 | 4,114 | 5,946 | ||||||||
Production | ||||||||||||||||
Total, Including Equity Affiliates (MBOE/D) | 1,925 | 1,872 | 1,791 | 1,828 | 1,854 | 1,828 | 1,733 | 1,779 | ||||||||
E&P segment plus LUKOIL Investment segment:* | 2,375 | 2,307 | 2,223 | 2,261 | 2,291 | 2,271 | 2,176 | 2,222 | ||||||||
Crude Oil and Natural Gas Liquids (NGL) (MB/D) | ||||||||||||||||
Consolidated operations | 963 | 912 | 863 | 913 | 913 | 901 | 837 | 869 | ||||||||
Equity affiliates | 49 | 55 | 59 | 57 | 55 | 57 | 56 | 56 | ||||||||
Total | 1,012 | 967 | 922 | 970 | 968 | 958 | 893 | 925 | ||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | 10 | 1 | 17 | (17 | ) | 3 | 19 | 6 | 13 | |||||||
Synthetic Oil (MB/D) | 23 | 16 | 25 | 27 | 23 | 22 | 25 | 23 | ||||||||
Bitumen (MB/D) | ||||||||||||||||
Consolidated operations | 7 | 6 | 8 | 7 | 7 | 8 | 10 | 9 | ||||||||
Equity affiliates | 35 | 41 | 45 | 52 | 43 | 52 | 48 | 50 | ||||||||
Total | 42 | 47 | 53 | 59 | 50 | 60 | 58 | 59 | ||||||||
Natural Gas (MMCF/D) | ||||||||||||||||
Consolidated operations | 5,011 | 4,957 | 4,658 | 4,556 | 4,793 | 4,635 | 4,431 | 4,532 | ||||||||
Equity affiliates | 76 | 94 | 88 | 76 | 84 | 91 | 110 | 101 | ||||||||
Total | 5,087 | 5,051 | 4,746 | 4,632 | 4,877 | 4,726 | 4,541 | 4,633 | ||||||||
Industry Prices (Platt's) | ||||||||||||||||
Crude Oil ($/BBL) | ||||||||||||||||
WTI spot | 42.97 | 59.54 | 68.19 | 76.06 | 61.69 | 78.67 | 77.78 | 78.23 | ||||||||
Brent dated | 44.40 | 58.79 | 68.28 | 74.56 | 61.51 | 76.24 | 78.30 | 77.27 | ||||||||
Natural Gas ($/MMBTU) | ||||||||||||||||
Henry Hub -- First of Month | 4.91 | 3.51 | 3.39 | 4.16 | 3.99 | 5.30 | 4.09 | 4.70 | ||||||||
Average Realized Prices | ||||||||||||||||
Crude Oil and NGL ($/BBL) | ||||||||||||||||
Consolidated operations | 40.39 | 51.77 | 61.93 | 68.66 | 55.47 | 71.89 | 71.00 | 71.46 | ||||||||
Equity affiliates | 39.92 | 55.44 | 64.31 | 70.69 | 58.23 | 71.30 | 72.46 | 71.89 | ||||||||
Total | 40.37 | 51.98 | 62.08 | 68.78 | 55.63 | 71.86 | 71.09 | 71.49 | ||||||||
Synthetic Oil ($/BBL) | 45.69 | 58.71 | 66.42 | 73.35 | 62.01 | 78.67 | 76.60 | 77.56 | ||||||||
Bitumen ($/BBL) | ||||||||||||||||
Consolidated operations | 21.10 | 40.65 | 48.35 | 47.44 | 39.67 | 59.18 | 45.81 | 52.68 | ||||||||
Equity affiliates | 24.64 | 46.90 | 49.81 | 55.07 | 45.69 | 56.15 | 49.73 | 53.04 | ||||||||
Total | 24.04 | 46.10 | 49.59 | 54.14 | 44.84 | 56.57 | 49.19 | 52.99 | ||||||||
Natural Gas ($/MCF) | ||||||||||||||||
Consolidated operations | 4.98 | 3.72 | 3.69 | 4.81 | 4.30 | 5.51 | 4.53 | 5.03 | ||||||||
Equity affiliates | 2.10 | 2.10 | 2.57 | 2.62 | 2.35 | 2.67 | 3.02 | 2.86 | ||||||||
Total | 4.93 | 3.69 | 3.67 | 4.77 | 4.26 | 5.45 | 4.50 | 4.98 | ||||||||
Exploration Charges ($ Millions) | ||||||||||||||||
Dry holes | 80 | 66 | 162 | 51 | 359 | 93 | 28 | 121 | ||||||||
Lease impairments | 43 | 49 | 71 | 84 | 247 | 40 | 44 | 84 | ||||||||
Total Noncash Charges | 123 | 115 | 233 | 135 | 606 | 133 | 72 | 205 | ||||||||
Other (G&A, G&G and Lease rentals) | 102 | 128 | 153 | 193 | 576 | 250 | 141 | 391 | ||||||||
Total Exploration Charges | 225 | 243 | 386 | 328 | 1,182 | 383 | 213 | 596 | ||||||||
Depreciation, Depletion and | ||||||||||||||||
Amortization (DD&A) ($ Millions) | 1,994 | 2,127 | 2,082 | 2,134 | 8,337 | 2,071 | 2,033 | 4,104 | ||||||||
Foreign Currency Gains | ||||||||||||||||
(Losses) After-Tax ($ Millions) | (98 | ) | (22 | ) | (11 | ) | 20 | (111 | ) | 60 | 18 | 78 | ||||
*Recast 2009 to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from | ||||||||||||||||
estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. |
U.S. E&P | |||||||||||||||||
2009 | 2010 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||
U.S. E&P Net Income Attributable | |||||||||||||||||
to ConocoPhillips ($ Millions) | 173 | 336 | 327 | 667 | 1,503 | 757 | 536 | 1,293 | |||||||||
Alaska ($ Millions) | 244 | 404 | 356 | 536 | 1,540 | 517 | 381 | 898 | |||||||||
Lower 48 ($ Millions) | (71 | ) | (68 | ) | (29 | ) | 131 | (37 | ) | 240 | 155 | 395 | |||||
Production | |||||||||||||||||
Total U.S. (MBOE/D) | 791 | 771 | 737 | 722 | 755 | 703 | 686 | 694 | |||||||||
Crude Oil and NGL (MB/D) | |||||||||||||||||
Alaska | 275 | 252 | 229 | 252 | 252 | 247 | 221 | 234 | |||||||||
Lower 48 | 163 | 170 | 168 | 165 | 166 | 156 | 161 | 159 | |||||||||
Total | 438 | 422 | 397 | 417 | 418 | 403 | 382 | 393 | |||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | 12 | 21 | (5 | ) | 8 | 10 | 9 | 4 | 7 | ||||||||
Natural Gas (MMCF/D) | |||||||||||||||||
Alaska | 92 | 83 | 105 | 95 | 94 | 94 | 82 | 88 | |||||||||
Lower 48 | 2,027 | 2,012 | 1,938 | 1,736 | 1,927 | 1,705 | 1,740 | 1,722 | |||||||||
Total | 2,119 | 2,095 | 2,043 | 1,831 | 2,021 | 1,799 | 1,822 | 1,810 | |||||||||
Average Realized Prices | |||||||||||||||||
Crude Oil and NGL ($/BBL) | |||||||||||||||||
Alaska | 41.75 | 55.25 | 67.91 | 74.35 | 59.23 | 77.25 | 77.44 | 77.34 | |||||||||
Lower 48 | 30.85 | 41.52 | 47.78 | 55.86 | 44.12 | 59.54 | 55.70 | 57.58 | |||||||||
Total U.S. | 37.68 | 49.86 | 59.13 | 67.06 | 53.21 | 70.40 | 68.15 | 69.31 | |||||||||
Natural Gas ($/MCF) | |||||||||||||||||
Alaska | 7.69 | 6.38 | 4.87 | 5.22 | 6.25 | 5.28 | 4.73 | 5.04 | |||||||||
Lower 48 | 3.76 | 2.97 | 2.98 | 4.03 | 3.42 | 5.21 | 3.93 | 4.56 | |||||||||
Total U.S. | 3.82 | 3.00 | 2.99 | 4.05 | 3.45 | 5.21 | 3.94 | 4.57 | |||||||||
Kenai, Alaska LNG Sales | |||||||||||||||||
Volume (MMCF/D) | 43 | 47 | 82 | 64 | 59 | 56 | 51 | 54 | |||||||||
Sales price per MCF | 6.29 | 7.20 | 8.29 | 11.02 | 8.45 | 11.70 | 12.08 | 11.88 | |||||||||
U.S. Exploration Charges ($ Millions) | |||||||||||||||||
Dry holes | 58 | 30 | 49 | 29 | 166 | - | (1 | ) | (1 | ) | |||||||
Lease impairments | 26 | 28 | 27 | 62 | 143 | 22 | 26 | 48 | |||||||||
Total Noncash Charges | 84 | 58 | 76 | 91 | 309 | 22 | 25 | 47 | |||||||||
Other (G&A, G&G and Lease rentals) | 30 | 35 | 58 | 72 | 195 | 32 | 48 | 80 | |||||||||
Total U.S. Exploration Charges | 114 | 93 | 134 | 163 | 504 | 54 | 73 | 127 | |||||||||
Alaska Only | 34 | 8 | 11 | 17 | 70 | 7 | 10 | 17 | |||||||||
DD&A ($ Millions) | |||||||||||||||||
Alaska | 173 | 185 | 167 | 169 | 694 | 152 | 152 | 304 | |||||||||
Lower 48 | 651 | 683 | 671 | 642 | 2,647 | 585 | 589 | 1,174 | |||||||||
Total U.S. | 824 | 868 | 838 | 811 | 3,341 | 737 | 741 | 1,478 |
INTERNATIONAL E&P | |||||||||||||||
2009 | 2010 | ||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||
International E&P Net Income | |||||||||||||||
Attributable to ConocoPhillips ($ Millions) | 527 | 389 | 651 | 534 | 2,101 | 1,075 | 3,578 | 4,653 | |||||||
Production | |||||||||||||||
Total, Including Equity Affiliates (MBOE/D) | 1,134 | 1,101 | 1,054 | 1,106 | 1,099 | 1,125 | 1,047 | 1,085 | |||||||
Crude Oil and NGL (MB/D) | |||||||||||||||
Consolidated operations | |||||||||||||||
Canada | 40 | 41 | 39 | 39 | 40 | 41 | 42 | 41 | |||||||
Norway | 172 | 155 | 150 | 160 | 160 | 152 | 121 | 137 | |||||||
United Kingdom | 87 | 85 | 71 | 81 | 81 | 83 | 77 | 80 | |||||||
Australia/Timor-Leste | 35 | 35 | 36 | 36 | 35 | 34 | 25 | 30 | |||||||
China | 40 | 41 | 53 | 60 | 49 | 71 | 67 | 69 | |||||||
Indonesia | 29 | 19 | 12 | 14 | 19 | 17 | 20 | 18 | |||||||
Vietnam | 36 | 31 | 27 | 24 | 29 | 22 | 24 | 23 | |||||||
Algeria | 16 | 13 | 14 | 14 | 14 | 13 | 13 | 13 | |||||||
Libya | 43 | 43 | 45 | 48 | 45 | 46 | 47 | 46 | |||||||
Nigeria | 19 | 19 | 19 | 20 | 19 | 19 | 19 | 19 | |||||||
Other | 8 | 8 | - | - | 4 | - | - | - | |||||||
Total consolidated operations | 525 | 490 | 466 | 496 | 495 | 498 | 455 | 476 | |||||||
Equity affiliates | 49 | 55 | 59 | 57 | 55 | 57 | 56 | 56 | |||||||
Total | 574 | 545 | 525 | 553 | 550 | 555 | 511 | 532 | |||||||
Over/(Under) Lifting of Crude Oil (MB/D) | (2 | ) | (20 | ) | 22 | (25 | ) | (7 | ) | 10 | 2 | 6 | |||
Synthetic Oil (MB/D) | |||||||||||||||
Consolidated operations--Canada | 23 | 16 | 25 | 27 | 23 | 22 | 25 | 23 | |||||||
Bitumen (MB/D) | |||||||||||||||
Consolidated operations--Canada | 7 | 6 | 8 | 7 | 7 | 8 | 10 | 9 | |||||||
Equity affiliates | 35 | 41 | 45 | 52 | 43 | 52 | 48 | 50 | |||||||
Total | 42 | 47 | 53 | 59 | 50 | 60 | 58 | 59 | |||||||
Natural Gas (MMCF/D) | |||||||||||||||
Consolidated operations | |||||||||||||||
Canada | 1,066 | 1,174 | 1,063 | 945 | 1,062 | 1,021 | 1,043 | 1,032 | |||||||
Norway | 259 | 196 | 188 | 225 | 217 | 249 | 182 | 215 | |||||||
United Kingdom | 742 | 653 | 514 | 728 | 659 | 712 | 567 | 639 | |||||||
Australia/Timor-Leste | 247 | 258 | 266 | 233 | 251 | 239 | 184 | 211 | |||||||
Indonesia | 449 | 451 | 443 | 450 | 447 | 462 | 473 | 468 | |||||||
Vietnam | 17 | 12 | 17 | 16 | 15 | 15 | 16 | 16 | |||||||
Libya | 8 | 8 | 12 | 12 | 10 | 8 | 8 | 8 | |||||||
Nigeria | 104 | 110 | 112 | 116 | 111 | 130 | 136 | 133 | |||||||
Total consolidated operations | 2,892 | 2,862 | 2,615 | 2,725 | 2,772 | 2,836 | 2,609 | 2,722 | |||||||
Equity affiliates | 76 | 94 | 88 | 76 | 84 | 91 | 110 | 101 | |||||||
Total | 2,968 | 2,956 | 2,703 | 2,801 | 2,856 | 2,927 | 2,719 | 2,823 | |||||||
Darwin, Australia LNG Sales (MMCF/D) | 438 | 430 | 453 | 391 | 428 | 401 | 297 | 348 |
INTERNATIONAL E&P (continued) | |||||||||||
2009 | 2010 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||
Average Realized Prices | |||||||||||
Crude Oil and NGL ($/BBL) | |||||||||||
Consolidated operations | |||||||||||
Canada | 34.61 | 37.75 | 44.77 | 50.24 | 41.76 | 57.58 | 54.56 | 56.05 | |||
Norway | 45.55 | 57.49 | 67.32 | 72.23 | 60.34 | 75.47 | 76.16 | 75.77 | |||
United Kingdom | 42.41 | 52.63 | 64.45 | 69.43 | 56.19 | 74.03 | 72.64 | 73.42 | |||
Australia/Timor-Leste | 41.33 | 42.77 | 54.11 | 62.23 | 50.30 | 68.73 | 68.75 | 68.74 | |||
China | 38.17 | 57.72 | 65.97 | 73.72 | 61.33 | 74.89 | 77.78 | 76.37 | |||
Indonesia | 42.35 | 52.36 | 76.41 | 73.63 | 56.28 | 67.65 | 68.49 | 68.10 | |||
Vietnam | 42.75 | 58.00 | 70.27 | 79.64 | 60.97 | 80.92 | 81.26 | 81.10 | |||
Algeria | 46.05 | 61.26 | 64.67 | 76.81 | 61.75 | 74.39 | 79.92 | 77.60 | |||
Libya | 44.22 | 57.30 | 67.93 | 73.99 | 62.38 | 76.17 | 77.81 | 77.20 | |||
Nigeria | 43.86 | 49.45 | 63.36 | 68.15 | 56.55 | 71.76 | 61.61 | 67.06 | |||
Other | 32.01 | - | - | - | 32.01 | - | - | - | |||
Total consolidated operations | 42.67 | 53.52 | 64.12 | 70.07 | 57.40 | 73.08 | 73.34 | 73.20 | |||
Equity affiliates | 39.92 | 55.44 | 64.31 | 70.69 | 58.23 | 71.30 | 72.46 | 71.89 | |||
Total | 42.43 | 53.72 | 64.14 | 70.14 | 57.48 | 72.91 | 73.24 | 73.07 | |||
Synthetic Oil ($/BBL) | |||||||||||
Consolidated operations--Canada | 45.69 | 58.71 | 66.42 | 73.35 | 62.01 | 78.67 | 76.60 | 77.56 | |||
Bitumen ($/BBL) | |||||||||||
Consolidated operations--Canada | 21.10 | 40.65 | 48.35 | 47.44 | 39.67 | 59.18 | 45.81 | 52.68 | |||
Equity affiliates | 24.64 | 46.90 | 49.81 | 55.07 | 45.69 | 56.15 | 49.73 | 53.04 | |||
Total | 24.04 | 46.10 | 49.59 | 54.14 | 44.84 | 56.57 | 49.19 | 52.99 | |||
Natural Gas ($/MCF) | |||||||||||
Consolidated operations | |||||||||||
Canada | 4.13 | 2.84 | 2.53 | 3.97 | 3.33 | 4.63 | 3.63 | 4.12 | |||
Norway | 9.68 | 7.09 | 6.24 | 6.64 | 7.52 | 7.08 | 7.01 | 7.05 | |||
United Kingdom | 8.75 | 5.60 | 5.74 | 5.81 | 6.57 | 6.66 | 5.61 | 6.19 | |||
Australia/Timor-Leste | 1.16 | 0.66 | 0.82 | 1.16 | 0.95 | 1.06 | 0.85 | 0.96 | |||
Indonesia | 4.74 | 5.91 | 7.15 | 7.72 | 6.39 | 7.49 | 7.60 | 7.55 | |||
Vietnam | 1.14 | 1.13 | 1.15 | 1.17 | 1.15 | 1.17 | 1.16 | 1.16 | |||
Libya | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | |||
Nigeria | 0.84 | 0.83 | 0.73 | 3.92 | 1.62 | 2.04 | 1.88 | 1.96 | |||
Total consolidated operations | 5.87 | 4.27 | 4.26 | 5.34 | 4.94 | 5.71 | 4.95 | 5.34 | |||
Equity affiliates | 2.10 | 2.10 | 2.57 | 2.62 | 2.35 | 2.67 | 3.02 | 2.86 | |||
Total | 5.76 | 4.19 | 4.20 | 5.26 | 4.86 | 5.61 | 4.88 | 5.25 | |||
International Exploration Charges ($ Millions) | |||||||||||
Dry holes | 22 | 36 | 113 | 22 | 193 | 93 | 29 | 122 | |||
Lease impairments | 17 | 21 | 44 | 22 | 104 | 18 | 18 | 36 | |||
Total Noncash Charges | 39 | 57 | 157 | 44 | 297 | 111 | 47 | 158 | |||
Other (G&A, G&G and Lease rentals) | 72 | 93 | 95 | 121 | 381 | 218 | 93 | 311 | |||
Total International Exploration Charges | 111 | 150 | 252 | 165 | 678 | 329 | 140 | 469 | |||
DD&A ($ Millions) | 1,170 | 1,259 | 1,244 | 1,323 | 4,996 | 1,334 | 1,292 | 2,626 |
R&M | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
R&M Net Income (Loss) Attributable | |||||||||||||||||||
to ConocoPhillips ($ Millions) | 205 | (52 | ) | 99 | (215 | ) | 37 | (4 | ) | (279 | ) | (283 | ) | ||||||
United States ($ Millions) | 98 | (38 | ) | 73 | (325 | ) | (192 | ) | 12 | 782 | 794 | ||||||||
International ($ Millions) | 107 | (14 | ) | 26 | 110 | 229 | (16 | ) | (1,061 | ) | (1,077 | ) | |||||||
Worldwide - Including Net Share of Equity Affiliates | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 2,156 | 2,337 | 2,382 | 2,028 | 2,226 | 2,066 | 2,275 | 2,171 | |||||||||||
Total Charge Input (MB/D) | 2,296 | 2,517 | 2,553 | 2,192 | 2,389 | 2,226 | 2,448 | 2,338 | |||||||||||
Crude Oil Capacity Utilization (%) | 81 | % | 88 | % | 90 | % | 76 | % | 84 | % | 78 | % | 86 | % | 82 | % | |||
Clean Product Yield (%) | 80 | % | 82 | % | 81 | % | 84 | % | 82 | % | 84 | % | 84 | % | 84 | % | |||
Refined Products Production (MB/D) | |||||||||||||||||||
Gasoline | 916 | 1,042 | 1,054 | 940 | 988 | 986 | 1,038 | 1,012 | |||||||||||
Distillates | 899 | 974 | 979 | 851 | 926 | 834 | 969 | 902 | |||||||||||
Other | 477 | 501 | 532 | 414 | 481 | 418 | 457 | 437 | |||||||||||
Total | 2,292 | 2,517 | 2,565 | 2,205 | 2,395 | 2,238 | 2,464 | 2,351 | |||||||||||
Petroleum Products Sales (MB/D) | |||||||||||||||||||
Gasoline | 1,161 | 1,337 | 1,342 | 1,250 | 1,273 | 1,249 | 1,319 | 1,284 | |||||||||||
Distillates | 1,092 | 1,213 | 1,204 | 1,166 | 1,169 | 1,089 | 1,201 | 1,145 | |||||||||||
Other | 470 | 562 | 594 | 503 | 532 | 471 | 524 | 498 | |||||||||||
Total | 2,723 | 3,112 | 3,140 | 2,919 | 2,974 | 2,809 | 3,044 | 2,927 | |||||||||||
Market Indicators | |||||||||||||||||||
U.S. East Coast Crack Spread ($/BBL) | 10.43 | 9.13 | 8.14 | 6.19 | 8.47 | 8.21 | 10.71 | 9.46 | |||||||||||
U.S. Gulf Coast Crack Spread ($/BBL) | 9.06 | 8.39 | 6.74 | 4.46 | 7.16 | 6.70 | 9.90 | 8.30 | |||||||||||
U.S. Group Central Crack Spread ($/BBL) | 9.62 | 9.16 | 8.06 | 5.52 | 8.09 | 6.82 | 11.38 | 9.10 | |||||||||||
U.S. West Coast Crack Spread ($/BBL) | 15.79 | 15.11 | 13.89 | 8.75 | 13.38 | 9.72 | 14.95 | 12.34 | |||||||||||
U.S. Weighted 3:2:1 Crack Spread ($/BBL) | 10.88 | 10.12 | 8.81 | 5.95 | 8.94 | 7.68 | 11.44 | 9.56 | |||||||||||
NW Europe Crack Spread ($/BBL) | 10.81 | 9.42 | 8.44 | 8.14 | 9.20 | 9.25 | 11.60 | 10.42 | |||||||||||
Singapore 3:1:2 Crack Spread ($/BBL) | 9.45 | 7.88 | 7.63 | 5.83 | 7.70 | 10.17 | 10.68 | 10.42 | |||||||||||
Realized Margins | |||||||||||||||||||
Refining Margin ($/BBL) | |||||||||||||||||||
U.S. | 7.55 | 4.85 | 4.69 | 2.42 | 4.83 | 5.62 | 8.82 | 7.31 | |||||||||||
International | 6.23 | 3.01 | 3.66 | 6.24 | 4.73 | 7.64 | 9.26 | 8.49 | |||||||||||
Integrated Margin ($/BBL) | |||||||||||||||||||
U.S. | 8.23 | 5.40 | 5.92 | 3.48 | 5.71 | 6.07 | 10.40 | 8.35 | |||||||||||
International | 8.30 | 4.61 | 6.16 | 8.92 | 6.93 | 10.51 | 12.81 | 11.72 | |||||||||||
DD&A ($ Millions) | 211 | 198 | 220 | 227 | 856 | 214 | 211 | 425 | |||||||||||
Foreign Currency Gains | |||||||||||||||||||
(Losses) After-Tax ($ Millions) | (10 | ) | 49 | 2 | (5 | ) | 36 | (47 | ) | (55 | ) | (102 | ) | ||||||
Turnaround Expense ($ Millions) | 207 | 121 | 62 | 145 | 535 | 72 | 94 | 166 |
R&M (continued) | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
U.S. R&M | |||||||||||||||||||
Eastern U.S. | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 346 | 376 | 393 | 374 | 372 | 379 | 410 | 395 | |||||||||||
Total Charge Input (MB/D) | 363 | 427 | 443 | 410 | 411 | 406 | 457 | 431 | |||||||||||
Crude Oil Capacity Utilization (%) | 82 | % | 89 | % | 93 | % | 88 | % | 88 | % | 90 | % | 97 | % | 93 | % | |||
Clean Product Yield (%) | 83 | % | 87 | % | 89 | % | 89 | % | 87 | % | 89 | % | 89 | % | 89 | % | |||
U.S. Gulf Coast | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 470 | 711 | 660 | 554 | 599 | 641 | 730 | 686 | |||||||||||
Total Charge Input (MB/D) | 534 | 773 | 725 | 629 | 664 | 731 | 804 | 769 | |||||||||||
Crude Oil Capacity Utilization (%) | 64 | % | 97 | % | 90 | % | 75 | % | 82 | % | 87 | % | 100 | % | 94 | % | |||
Clean Product Yield (%) | 81 | % | 83 | % | 80 | % | 81 | % | 81 | % | 82 | % | 82 | % | 82 | % | |||
Western U.S. | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 402 | 380 | 397 | 386 | 391 | 374 | 394 | 384 | |||||||||||
Total Charge Input (MB/D) | 424 | 405 | 423 | 412 | 416 | 389 | 425 | 407 | |||||||||||
Crude Oil Capacity Utilization (%) | 96 | % | 91 | % | 95 | % | 93 | % | 94 | % | 90 | % | 95 | % | 92 | % | |||
Clean Product Yield (%) | 79 | % | 80 | % | 81 | % | 84 | % | 81 | % | 82 | % | 83 | % | 83 | % | |||
Central U.S. - Consolidated | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 172 | 184 | 179 | 152 | 172 | 170 | 189 | 180 | |||||||||||
Total Charge Input (MB/D) | 175 | 188 | 182 | 154 | 175 | 172 | 191 | 182 | |||||||||||
Crude Oil Capacity Utilization (%) | 92 | % | 98 | % | 96 | % | 81 | % | 92 | % | 91 | % | 101 | % | 96 | % | |||
Clean Product Yield (%) | 90 | % | 91 | % | 93 | % | 91 | % | 91 | % | 91 | % | 92 | % | 92 | % | |||
Central U.S. - Equity Affiliates - Net Share* | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 199 | 202 | 212 | 174 | 197 | 178 | 190 | 183 | |||||||||||
Total Charge Input (MB/D) | 213 | 215 | 224 | 186 | 210 | 189 | 202 | 195 | |||||||||||
Crude Oil Capacity Utilization (%) | 88 | % | 89 | % | 94 | % | 77 | % | 87 | % | 79 | % | 84 | % | 81 | % | |||
Clean Product Yield (%) | 81 | % | 84 | % | 85 | % | 82 | % | 83 | % | 83 | % | 82 | % | 83 | % | |||
Total U.S. | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 1,589 | 1,852 | 1,841 | 1,640 | 1,731 | 1,742 | 1,913 | 1,828 | |||||||||||
Total Charge Input (MB/D) | 1,709 | 2,008 | 1,997 | 1,791 | 1,876 | 1,887 | 2,079 | 1,984 | |||||||||||
Crude Oil Capacity Utilization (%) | 80 | % | 93 | % | 93 | % | 83 | % | 87 | % | 88 | % | 96 | % | 92 | % | |||
Clean Product Yield (%) | 82 | % | 84 | % | 84 | % | 85 | % | 84 | % | 84 | % | 85 | % | 84 | % | |||
Refined Products Production (MB/D) | |||||||||||||||||||
Gasoline | 755 | 904 | 912 | 816 | 847 | 873 | 938 | 905 | |||||||||||
Distillates | 623 | 748 | 725 | 665 | 691 | 679 | 785 | 732 | |||||||||||
Other | 338 | 366 | 380 | 326 | 353 | 349 | 377 | 363 | |||||||||||
Total | 1,716 | 2,018 | 2,017 | 1,807 | 1,891 | 1,901 | 2,100 | 2,000 | |||||||||||
Petroleum Products Sales (MB/D) | |||||||||||||||||||
Gasoline | 1,037 | 1,180 | 1,188 | 1,112 | 1,130 | 1,092 | 1,170 | 1,131 | |||||||||||
Distillates | 749 | 924 | 906 | 853 | 858 | 807 | 921 | 864 | |||||||||||
Other | 328 | 378 | 420 | 342 | 367 | 366 | 387 | 377 | |||||||||||
Total | 2,114 | 2,482 | 2,514 | 2,307 | 2,355 | 2,265 | 2,478 | 2,372 | |||||||||||
*Represents 50 percent share of the Borger Refinery and Wood River Refinery. | |||||||||||||||||||
International R&M | |||||||||||||||||||
International - Consolidated* | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 453 | 364 | 422 | 288 | 381 | 276 | 255 | 265 | |||||||||||
Total Charge Input (MB/D) | 465 | 380 | 430 | 296 | 393 | 288 | 262 | 275 | |||||||||||
Crude Oil Capacity Utilization (%) | 82 | % | 66 | % | 76 | % | 52 | % | 69 | % | 50 | % | 46 | % | 48 | % | |||
Clean Product Yield (%) | 72 | % | 69 | % | 69 | % | 76 | % | 71 | % | 80 | % | 75 | % | 78 | % | |||
International - Equity Affiliates - Net Share** | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 114 | 121 | 119 | 100 | 114 | 48 | 107 | 78 | |||||||||||
Total Charge Input (MB/D) | 122 | 129 | 126 | 105 | 120 | 51 | 107 | 79 | |||||||||||
Crude Oil Capacity Utilization (%) | 96 | % | 102 | % | 101 | % | 84 | % | 95 | % | 41 | % | 90 | % | 66 | % | |||
Clean Product Yield (%) | 87 | % | 81 | % | 85 | % | 86 | % | 85 | % | 81 | % | 87 | % | 85 | % | |||
Total International | |||||||||||||||||||
Crude Oil Charge Input (MB/D) | 567 | 485 | 541 | 388 | 495 | 324 | 362 | 343 | |||||||||||
Total Charge Input (MB/D) | 587 | 509 | 556 | 401 | 513 | 339 | 369 | 354 | |||||||||||
Crude Oil Capacity Utilization (%) | 85 | % | 72 | % | 81 | % | 58 | % | 74 | % | 48 | % | 54 | % | 51 | % | |||
Clean Product Yield (%) | 75 | % | 72 | % | 72 | % | 79 | % | 74 | % | 81 | % | 78 | % | 79 | % | |||
Refined Products Production (MB/D) | |||||||||||||||||||
Gasoline | 161 | 138 | 142 | 124 | 141 | 113 | 100 | 107 | |||||||||||
Distillates | 276 | 226 | 254 | 186 | 235 | 155 | 184 | 170 | |||||||||||
Other | 139 | 135 | 152 | 88 | 128 | 69 | 80 | 74 | |||||||||||
Total | 576 | 499 | 548 | 398 | 504 | 337 | 364 | 351 | |||||||||||
Petroleum Products Sales (MB/D) | |||||||||||||||||||
Gasoline | 124 | 157 | 154 | 138 | 143 | 157 | 149 | 153 | |||||||||||
Distillates | 343 | 289 | 298 | 313 | 311 | 282 | 280 | 281 | |||||||||||
Other | 142 | 184 | 174 | 161 | 165 | 105 | 137 | 121 | |||||||||||
Total | 609 | 630 | 626 | 612 | 619 | 544 | 566 | 555 | |||||||||||
*Represents our Humber Refinery in the United Kingdom, the Whitegate Refinery in Ireland, and our Wilhelmshaven Refinery in Germany. | |||||||||||||||||||
**Represents 18.75 percent interest in a refinery complex in Karlsruhe, Germany, and 47 percent interest in a refinery in Melaka, Malaysia. |
LUKOIL INVESTMENT | ||||||||||||||
2009 | 2010 | |||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||
LUKOIL Investment Net Income | ||||||||||||||
Attributable to ConocoPhillips ($ Millions) | 8 | 243 | 512 | 456 | 1,219 | 387 | 529 | 916 | ||||||
Upstream | ||||||||||||||
Production | ||||||||||||||
Net crude oil production (MB/D) | 394 | 385 | 386 | 387 | 388 | 391 | 382 | 386 | ||||||
Net natural gas production (MMCF/D) | 334 | 297 | 273 | 276 | 295 | 312 | 368 | 340 | ||||||
Total (MBOE/D) | 450 | 435 | 432 | 433 | 437 | 443 | 443 | 443 | ||||||
Industry Prices | ||||||||||||||
Crude Oil ($/BBL) | ||||||||||||||
Urals crude (CIF Mediterranean) (one-quarter lag) | 54.66 | 43.73 | 58.49 | 67.89 | 56.19 | 74.26 | 75.41 | 74.84 | ||||||
Downstream | ||||||||||||||
Refinery Throughput | ||||||||||||||
Crude Processed (MB/D) | 225 | 231 | 250 | 255 | 240 | 246 | 248 | 247 | ||||||
Foreign Currency Gains | ||||||||||||||
(Losses) After-Tax ($ Millions) | 2 | 12 | 5 | 1 | 20 | (2 | ) | (16 | ) | (18 | ) | |||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. | ||||||||||||||
MIDSTREAM | ||||||||||||||
2009 | 2010 | |||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||
Midstream Net Income Attributable | ||||||||||||||
to ConocoPhillips ($ Millions) | 123 | 31 | 62 | 97 | 313 | 77 | 61 | 138 | ||||||
U.S. Equity Affiliate ($ Millions)* | 90 | 12 | 26 | 55 | 183 | 53 | 31 | 84 | ||||||
NGL Extracted (MB/D) | ||||||||||||||
Consolidated | ||||||||||||||
United States | - | - | - | - | - | - | - | - | ||||||
International | - | - | - | - | - | - | - | - | ||||||
Equity Affiliates | ||||||||||||||
United States* | 165 | 180 | 186 | 185 | 179 | 176 | 181 | 179 | ||||||
International | 7 | 8 | 8 | 9 | 8 | 10 | 9 | 9 | ||||||
Total | 172 | 188 | 194 | 194 | 187 | 186 | 190 | 188 | ||||||
*Represents 50 percent interest in DCP Midstream. | ||||||||||||||
NGL Fractionated (MB/D) | ||||||||||||||
United States* | 144 | 157 | 147 | 147 | 149 | 140 | 138 | 139 | ||||||
International | 16 | 17 | 17 | 17 | 17 | 19 | 18 | 19 | ||||||
Total | 160 | 174 | 164 | 164 | 166 | 159 | 156 | 158 | ||||||
*Excludes DCP Midstream. | ||||||||||||||
Product Prices | ||||||||||||||
Weighted Average NGL ($/BBL)* | ||||||||||||||
Consolidated | 26.04 | 29.99 | 34.66 | 43.83 | 33.63 | 48.93 | 43.21 | 46.07 | ||||||
DCP Midstream | 23.86 | 26.02 | 28.89 | 40.44 | 29.80 | 45.65 | 38.11 | 41.88 | ||||||
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix. | ||||||||||||||
DD&A ($ Millions) | 2 | 1 | 1 | 2 | 6 | 1 | 2 | 3 |
CHEMICALS | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Chemicals Net Income Attributable | |||||||||||||||||||
to ConocoPhillips ($ Millions) | 23 | 67 | 104 | 54 | 248 | 110 | 138 | 248 | |||||||||||
Industry Margins (Cents/Lb)* | |||||||||||||||||||
Ethylene industry cash margin | 4.7 | 3.0 | 5.2 | 4.0 | 4.2 | 18.2 | 19.6 | 18.9 | |||||||||||
HDPE industry contract sales margin | 18.2 | 24.5 | 27.6 | 22.3 | 23.1 | 17.3 | 24.5 | 20.9 | |||||||||||
Styrene industry contract sales margin | 14.8 | 13.9 | 11.5 | 11.2 | 12.8 | 10.3 | 12.3 | 11.3 | |||||||||||
*Prices, economics and views expressed by CMAI are strictly the opinion of CMAI and Purvin & Gertz and are based on information collected within the public sector and on | |||||||||||||||||||
assessments by CMAI and Purvin & Gertz staff utilizing reasonable care consistent with normal industry practice. CMAI and Purvin & Gertz make no guarantee or warranty and | |||||||||||||||||||
assume no liability as to their use. | |||||||||||||||||||
EMERGING BUSINESSES | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Emerging Businesses Net Income (Loss) | |||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | - | 2 | (2 | ) | 3 | 3 | 6 | (10 | ) | (4 | ) | ||||||||
Detail of Net Income (Loss) | |||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | |||||||||||||||||||
Power | 24 | 27 | 22 | 32 | 105 | 29 | 17 | 46 | |||||||||||
Other | (24 | ) | (25 | ) | (24 | ) | (29 | ) | (102 | ) | (23 | ) | (27 | ) | (50 | ) | |||
Total | - | 2 | (2 | ) | 3 | 3 | 6 | (10 | ) | (4 | ) | ||||||||
Foreign Currency Gains | |||||||||||||||||||
(Losses) After-Tax ($ Millions) | (1 | ) | 4 | (1 | ) | - | 2 | - | (1 | ) | (1 | ) | |||||||
CORPORATE AND OTHER | |||||||||||||||||||
2009 | 2010 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Corporate and Other Net Income (Loss) | |||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | (259 | ) | (157 | ) | (283 | ) | (311 | ) | (1,010 | ) | (310 | ) | (389 | ) | (699 | ) | |||
Detail of Net Income (Loss) | |||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | |||||||||||||||||||
Net interest expense | (190 | ) | (175 | ) | (245 | ) | (241 | ) | (851 | ) | (222 | ) | (254 | ) | (476 | ) | |||
Corporate overhead | (41 | ) | (31 | ) | (5 | ) | (31 | ) | (108 | ) | (36 | ) | (47 | ) | (83 | ) | |||
Other | (28 | ) | 49 | (33 | ) | (39 | ) | (51 | ) | (52 | ) | (88 | ) | (140 | ) | ||||
Total | (259 | ) | (157 | ) | (283 | ) | (311 | ) | (1,010 | ) | (310 | ) | (389 | ) | (699 | ) | |||
Before-Tax Net Interest Expense ($ Millions) | |||||||||||||||||||
Interest expense | (387 | ) | (360 | ) | (426 | ) | (447 | ) | (1,620 | ) | (383 | ) | (433 | ) | (816 | ) | |||
Capitalized interest | 118 | 131 | 129 | 109 | 487 | 119 | 119 | 238 | |||||||||||
Interest revenue | 40 | 10 | 9 | 30 | 89 | 6 | 14 | 20 | |||||||||||
Premium on early debt retirement | (2 | ) | - | - | - | (2 | ) | - | - | - | |||||||||
Total | (231 | ) | (219 | ) | (288 | ) | (308 | ) | (1,046 | ) | (258 | ) | (300 | ) | (558 | ) | |||
Foreign Currency Gains | |||||||||||||||||||
(Losses) After-Tax ($ Millions) | (1 | ) | 79 | 18 | 1 | 97 | (19 | ) | (70 | ) | (89 | ) | |||||||
Debt | |||||||||||||||||||
Total Debt ($ Millions) | 29,379 | 30,364 | 30,458 | 28,653 | 28,653 | 28,988 | 26,279 | 26,279 | |||||||||||
Debt-to-Capital Ratio (%) | 34 | % | 34 | % | 33 | % | 31 | % | 31 | % | 31 | % | 28 | % | 28 | % | |||
Equity ($ Millions) | 56,153 | 59,528 | 61,585 | 62,613 | 62,613 | 63,417 | 65,945 | 65,945 | |||||||||||
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis. |
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