Exhibit 99.2
2011 | 2012 | |||||||||||||||||||||
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 | 15,398 | 16,735 | 16,108 | 15,955 | 64,196 | 14,593 | 13,664 | 14,141 | 15,569 | 57,967 | ||||||||||||
Equity in earnings of affiliates | 328 | 377 | 445 | 89 | 1,239 | 490 | 529 | 412 | 480 | 1,911 | ||||||||||||
Gain (loss) on dispositions | 612 | 36 | (260 | ) | (18 | ) | 370 | 940 | 583 | 118 | 16 | 1,657 | ||||||||||
Other income | 84 | 82 | 6 | 92 | 264 | 60 | 66 | 42 | 301 | 469 | ||||||||||||
Total Revenues and Other Income | 16,422 | 17,230 | 16,299 | 16,118 | 66,069 | 16,083 | 14,842 | 14,713 | 16,366 | 62,004 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||
Purchased commodities | 6,921 | 7,625 | 7,922 | 7,329 | 29,797 | 6,078 | 5,721 | 6,357 | 7,076 | 25,232 | ||||||||||||
Production and operating expenses | 1,484 | 1,530 | 1,689 | 1,723 | 6,426 | 1,559 | 1,802 | 1,637 | 1,795 | 6,793 | ||||||||||||
Selling, general and administrative expenses | 247 | 204 | 143 | 271 | 865 | 326 | 235 | 329 | 216 | 1,106 | ||||||||||||
Exploration expenses | 170 | 255 | 261 | 352 | 1,038 | 675 | 265 | 215 | 345 | 1,500 | ||||||||||||
Depreciation, depletion and amortization | 1,802 | 1,800 | 1,602 | 1,623 | 6,827 | 1,571 | 1,580 | 1,650 | 1,779 | 6,580 | ||||||||||||
Impairments | - | - | - | 321 | 321 | 214 | 82 | - | 384 | 680 | ||||||||||||
Taxes other than income taxes | 880 | 1,192 | 898 | 1,029 | 3,999 | 1,095 | 900 | 673 | 878 | 3,546 | ||||||||||||
Accretion on discounted liabilities | 103 | 106 | 106 | 107 | 422 | 105 | 103 | 100 | 86 | 394 | ||||||||||||
Interest and debt expense | 257 | 242 | 230 | 225 | 954 | 190 | 197 | 161 | 161 | 709 | ||||||||||||
Foreign currency transaction (gains) losses | 7 | 20 | 47 | (50 | ) | 24 | 5 | 12 | - | 24 | 41 | |||||||||||
Total Costs and Expenses | 11,871 | 12,974 | 12,898 | 12,930 | 50,673 | 11,818 | 10,897 | 11,122 | 12,744 | 46,581 | ||||||||||||
Income from continuing operations before income taxes | 4,551 | 4,256 | 3,401 | 3,188 | 15,396 | 4,265 | 3,945 | 3,591 | 3,622 | 15,423 | ||||||||||||
Provision for income taxes | 2,286 | 2,040 | 1,974 | 1,908 | 8,208 | 2,086 | 2,225 | 1,851 | 1,780 | 7,942 | ||||||||||||
Income from continuing operations | 2,265 | 2,216 | 1,427 | 1,280 | 7,188 | 2,179 | 1,720 | 1,740 | 1,842 | 7,481 | ||||||||||||
Income from discontinued operations | 777 | 1,203 | 1,204 | 2,130 | 5,314 | 776 | 569 | 73 | (401 | ) | 1,017 | |||||||||||
Net Income | 3,042 | 3,419 | 2,631 | 3,410 | 12,502 | 2,955 | 2,289 | 1,813 | 1,441 | 8,498 | ||||||||||||
Less: net income attributable to noncontrolling interests | (14 | ) | (17 | ) | (15 | ) | (20 | ) | (66 | ) | (18 | ) | (22 | ) | (15 | ) | (15 | ) | (70 | ) | ||
Net Income Attributable to ConocoPhillips | 3,028 | 3,402 | 2,616 | 3,390 | 12,436 | 2,937 | 2,267 | 1,798 | 1,426 | 8,428 | ||||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||||||||||
Per Share of Common Stock (dollars) | ||||||||||||||||||||||
Basic | ||||||||||||||||||||||
Continuing operations | 1.57 | 1.57 | 1.04 | 0.96 | 5.18 | 1.69 | 1.36 | 1.41 | 1.49 | 5.95 | ||||||||||||
Discontinued operations | 0.54 | 0.86 | 0.89 | 1.62 | 3.86 | 0.60 | 0.46 | 0.06 | (0.33 | ) | 0.82 | |||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||||||||||
Per Share of Common Stock | 2.11 | 2.43 | 1.93 | 2.58 | 9.04 | 2.29 | 1.82 | 1.47 | 1.16 | 6.77 | ||||||||||||
Diluted | ||||||||||||||||||||||
Continuing operations | 1.56 | 1.56 | 1.03 | 0.95 | 5.14 | 1.67 | 1.35 | 1.40 | 1.48 | 5.91 | ||||||||||||
Discontinued operations | 0.53 | 0.85 | 0.88 | 1.61 | 3.83 | 0.60 | 0.45 | 0.06 | (0.32 | ) | 0.81 | |||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||||||||||
Per Share of Common Stock | 2.09 | 2.41 | 1.91 | 2.56 | 8.97 | 2.27 | 1.80 | 1.46 | 1.16 | 6.72 | ||||||||||||
Average Common Shares Outstanding (in thousands) | ||||||||||||||||||||||
Basic | 1,432,285 | 1,399,473 | 1,357,710 | 1,312,184 | 1,375,035 | 1,283,493 | 1,248,300 | 1,220,462 | 1,223,422 | 1,243,799 | ||||||||||||
Diluted | 1,445,477 | 1,412,147 | 1,369,562 | 1,322,773 | 1,387,100 | 1,293,104 | 1,258,189 | 1,229,343 | 1,231,395 | 1,253,093 | ||||||||||||
INCOME (LOSS) FROM CONTINUING | ||||||||||||||||||||||
OPERATIONS BEFORE INCOME TAXES | ||||||||||||||||||||||
Alaska | 894 | 781 | 789 | 691 | 3,155 | 983 | 856 | 820 | 882 | 3,541 | ||||||||||||
Lower 48 and Latin America | 521 | 528 | 504 | 477 | 2,030 | 426 | 207 | 250 | 279 | 1,162 | ||||||||||||
Canada | (23 | ) | 123 | 85 | (139 | ) | 46 | (725 | ) | (134 | ) | (39 | ) | (38 | ) | (936 | ) | |||||
Europe | 1,468 | 1,625 | 1,385 | 1,809 | 6,287 | 1,464 | 1,896 | 962 | 1,188 | 5,510 | ||||||||||||
Asia Pacific and Middle East | 1,388 | 1,501 | 943 | 1,147 | 4,979 | 2,204 | 1,090 | 1,105 | 1,175 | 5,574 | ||||||||||||
Other International | 247 | (6 | ) | (41 | ) | (413 | ) | (213 | ) | 282 | 409 | 798 | 356 | 1,845 | ||||||||
LUKOIL Investment | 362 | - | - | - | 362 | - | - | - | - | - | ||||||||||||
Corporate and Other | (306 | ) | (296 | ) | (264 | ) | (384 | ) | (1,250 | ) | (369 | ) | (379 | ) | (305 | ) | (220 | ) | (1,273 | ) | ||
Consolidated | 4,551 | 4,256 | 3,401 | 3,188 | 15,396 | 4,265 | 3,945 | 3,591 | 3,622 | 15,423 | ||||||||||||
EFFECTIVE INCOME TAX RATES FOR | ||||||||||||||||||||||
CONTINUING OPERATIONS | ||||||||||||||||||||||
Alaska* | 36.8 | % | 37.0 | % | 36.3 | % | 38.5 | % | 37.1 | % | 36.9 | % | 35.7 | % | 34.8 | % | 35.4 | % | 35.8 | % | ||
Lower 48 and Latin America** | 37.5 | % | 36.0 | % | 33.8 | % | 38.9 | % | 36.5 | % | 40.2 | % | 42.6 | % | 26.9 | % | -69.6 | % | 11.4 | % | ||
Canada | 217.5 | % | 18.4 | % | 14.2 | % | 21.8 | % | -100.3 | % | 24.3 | % | 29.8 | % | 19.2 | % | 73.2 | % | 26.9 | % | ||
Europe | 68.3 | % | 67.2 | % | 80.7 | % | 68.8 | % | 70.9 | % | 73.4 | % | 64.7 | % | 86.3 | % | 74.0 | % | 72.8 | % | ||
Asia Pacific and Middle East | 36.9 | % | 35.3 | % | 48.9 | % | 33.4 | % | 37.9 | % | 20.4 | % | 27.1 | % | 38.1 | % | 35.0 | % | 28.3 | % | ||
Other International | 74.5 | % | -32.7 | % | 53.4 | % | 0.5 | % | -76.1 | % | 92.6 | % | 114.0 | % | 38.3 | % | 127.2 | % | 80.5 | % | ||
LUKOIL Investment | 34.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 34.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||
Corporate and Other | 3.6 | % | 29.1 | % | 19.8 | % | 36.7 | % | 23.2 | % | 15.8 | % | 31.1 | % | 16.7 | % | 23.9 | % | 22.0 | % | ||
Consolidated | 50.2 | % | 48.0 | % | 58.0 | % | 59.8 | % | 53.3 | % | 48.9 | % | 56.4 | % | 51.5 | % | 49.1 | % | 51.5 | % | ||
*Alaska including taxes other than income taxes | 60.2 | % | 69.3 | % | 64.4 | % | 71.4 | % | 66.5 | % | 66.0 | % | 63.9 | % | 56.7 | % | 61.7 | % | 62.5 | % | ||
**Lower 48 and Latin America fourth quarter effective tax rate excluding special items was 38.3%. |
2011 | 2012 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
$ Millions | ||||||||||||||||||||||
EARNINGS BY SEGMENT | ||||||||||||||||||||||
Alaska | 564 | 492 | 502 | 426 | 1,984 | 620 | 551 | 535 | 570 | 2,276 | ||||||||||||
Lower 48 and Latin America* | 325 | 337 | 334 | 292 | 1,288 | 255 | 119 | 182 | 473 | 1,029 | ||||||||||||
Canada | 27 | 101 | 73 | (110 | ) | 91 | (549 | ) | (94 | ) | (31 | ) | (10 | ) | (684 | ) | ||||||
Europe | 466 | 533 | 266 | 565 | 1,830 | 389 | 669 | 132 | 308 | 1,498 | ||||||||||||
Asia Pacific and Middle East | 863 | 956 | 469 | 744 | 3,032 | 1,738 | 772 | 669 | 749 | 3,928 | ||||||||||||
Other International | 63 | (9 | ) | (19 | ) | (412 | ) | (377 | ) | 21 | (57 | ) | 492 | (97 | ) | 359 | ||||||
LUKOIL Investment | 239 | - | - | - | 239 | - | - | - | - | - | ||||||||||||
Corporate and Other | (295 | ) | (210 | ) | (211 | ) | (244 | ) | (960 | ) | (311 | ) | (262 | ) | (254 | ) | (166 | ) | (993 | ) | ||
Discontinued Operations - Phillips 66 | 724 | 1,118 | 1,134 | 2,066 | 5,042 | 712 | 534 | 1 | (15 | ) | 1,232 | |||||||||||
Discontinued Operations - Other International | 52 | 84 | 68 | 63 | 267 | 62 | 35 | 72 | (386 | ) | (217 | ) | ||||||||||
Consolidated | 3,028 | 3,402 | 2,616 | 3,390 | 12,436 | 2,937 | 2,267 | 1,798 | 1,426 | 8,428 | ||||||||||||
*Lower 48 only: | 312 | 301 | 299 | 270 | 1,182 | 234 | 104 | 145 | 262 | 745 | ||||||||||||
SPECIAL ITEMS (AFTER-TAX) | ||||||||||||||||||||||
Alaska | - | (54 | ) | - | - | (54 | ) | - | - | - | (25 | ) | (25 | ) | ||||||||
Lower 48 and Latin America* | 151 | 8 | (1 | ) | (47 | ) | 111 | - | - | - | 316 | 316 | ||||||||||
Canada | 4 | 19 | - | (202 | ) | (179 | ) | (520 | ) | - | - | (42 | ) | (562 | ) | |||||||
Europe | - | - | (109 | ) | - | (109 | ) | - | 255 | (167 | ) | (80 | ) | 8 | ||||||||
Asia Pacific and Middle East | - | - | (320 | ) | (101 | ) | (421 | ) | 937 | (17 | ) | (133 | ) | - | 787 | |||||||
Other International | - | - | - | (395 | ) | (395 | ) | - | - | 443 | (108 | ) | 335 | |||||||||
LUKOIL Investment | 237 | - | - | - | 237 | - | - | - | - | - | ||||||||||||
Corporate and Other | - | - | - | (45 | ) | (45 | ) | (33 | ) | (40 | ) | (118 | ) | 11 | (180 | ) | ||||||
Discontinued Operations - Phillips 66 | 724 | 1,118 | 1,134 | 2,066 | 5,042 | 712 | 534 | 1 | (15 | ) | 1,232 | |||||||||||
Discontinued Operations - Other International | 52 | 84 | 68 | 63 | 267 | 62 | 35 | 72 | (386 | ) | (217 | ) | ||||||||||
Consolidated | 1,168 | 1,175 | 772 | 1,339 | 4,454 | 1,158 | 767 | 98 | (329 | ) | 1,694 | |||||||||||
*Lower 48 only: | 151 | (1 | ) | (1 | ) | (47 | ) | 102 | - | - | - | 115 | 115 | |||||||||
ADJUSTED EARNINGS | ||||||||||||||||||||||
Alaska | 564 | 546 | 502 | 426 | 2,038 | 620 | 551 | 535 | 595 | 2,301 | ||||||||||||
Lower 48 and Latin America* | 174 | 329 | 335 | 339 | 1,177 | 255 | 119 | 182 | 157 | 713 | ||||||||||||
Canada | 23 | 82 | 73 | 92 | 270 | (29 | ) | (94 | ) | (31 | ) | 32 | (122 | ) | ||||||||
Europe | 466 | 533 | 375 | 565 | 1,939 | 389 | 414 | 299 | 388 | 1,490 | ||||||||||||
Asia Pacific and Middle East | 863 | 956 | 789 | 845 | 3,453 | 801 | 789 | 802 | 749 | 3,141 | ||||||||||||
Other International | 63 | (9 | ) | (19 | ) | (17 | ) | 18 | 21 | (57 | ) | 49 | 11 | 24 | ||||||||
LUKOIL Investment | 2 | - | - | - | 2 | - | - | - | - | - | ||||||||||||
Corporate and Other | (295 | ) | (210 | ) | (211 | ) | (199 | ) | (915 | ) | (278 | ) | (222 | ) | (136 | ) | (177 | ) | (813 | ) | ||
Consolidated | 1,860 | 2,227 | 1,844 | 2,051 | 7,982 | 1,779 | 1,500 | 1,700 | 1,755 | 6,734 | ||||||||||||
*Lower 48 only: | 161 | 302 | 300 | 317 | 1,080 | 234 | 104 | 145 | 147 | 630 |
2011 | 2012 | ||||||||||||||||||||
$ 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 | |||||||||||||||||||||
Cancelled projects | - | (54 | ) | - | - | (54 | ) | - | - | - | - | - | |||||||||
Pending claims and settlements | - | - | - | - | - | - | - | - | (25 | ) | (25 | ) | |||||||||
Total | - | (54 | ) | - | - | (54 | ) | - | - | - | (25 | ) | (25 | ) | |||||||
Lower 48 and Latin America | |||||||||||||||||||||
Gain (loss) on asset sales | 151 | 8 | (1 | ) | (3 | ) | 155 | - | - | - | - | - | |||||||||
Impairments | - | - | - | (44 | ) | (44 | ) | - | - | - | (121 | ) | (121 | ) | |||||||
Tax loss carry forward realization | - | - | - | - | - | - | - | - | 236 | 236 | |||||||||||
Pending claims and settlements | - | - | - | - | - | - | - | - | 201 | 201 | |||||||||||
Total | 151 | 8 | (1 | ) | (47 | ) | 111 | - | - | - | 316 | 316 | |||||||||
Canada | |||||||||||||||||||||
Gain (loss) on asset sales | 4 | 19 | - | (12 | ) | 11 | - | - | - | - | - | ||||||||||
Impairments | - | - | - | (190 | ) | (190 | ) | (520 | ) | - | - | (42 | ) | (562 | ) | ||||||
Total | 4 | 19 | - | (202 | ) | (179 | ) | (520 | ) | - | - | (42 | ) | (562 | ) | ||||||
Europe | |||||||||||||||||||||
International tax law changes | - | - | (109 | ) | - | (109 | ) | - | - | (167 | ) | - | (167 | ) | |||||||
Gain (loss) on asset sales | - | - | - | - | - | - | 285 | - | - | 285 | |||||||||||
Impairments | - | - | - | - | - | - | (30 | ) | - | (80 | ) | (110 | ) | ||||||||
Total | - | - | (109 | ) | - | (109 | ) | - | 255 | (167 | ) | (80 | ) | 8 | |||||||
Asia Pacific and Middle East | |||||||||||||||||||||
Gain (loss) on asset sales | - | - | (279 | ) | - | (279 | ) | 937 | - | (133 | ) | - | 804 | ||||||||
Bohai Bay incidents | - | - | (41 | ) | (101 | ) | (142 | ) | - | (89 | ) | - | - | (89 | ) | ||||||
Deferred tax adjustment | - | - | - | - | - | - | 72 | - | - | 72 | |||||||||||
Total | - | - | (320 | ) | (101 | ) | (421 | ) | 937 | (17 | ) | (133 | ) | - | 787 | ||||||
Other International | |||||||||||||||||||||
Gain (loss) on asset sales | - | - | - | - | - | - | - | 443 | - | 443 | |||||||||||
Impairments | - | - | - | (395 | ) | (395 | ) | - | - | - | (108 | ) | (108 | ) | |||||||
Total | - | - | - | (395 | ) | (395 | ) | - | - | 443 | (108 | ) | 335 | ||||||||
LUKOIL Investment | |||||||||||||||||||||
Gain (loss) on asset sales | 237 | - | - | - | 237 | - | - | - | - | - | |||||||||||
Total | 237 | - | - | - | 237 | - | - | - | - | - | |||||||||||
Corporate and Other | |||||||||||||||||||||
Impairments | - | - | - | (20 | ) | (20 | ) | - | - | - | - | - | |||||||||
Separation costs | - | - | - | (25 | ) | (25 | ) | (33 | ) | (40 | ) | (7 | ) | (4 | ) | (84 | ) | ||||
Pension settlement expense | - | - | - | - | - | - | - | (82 | ) | (5 | ) | (87 | ) | ||||||||
Premium on early debt retirement | - | - | - | - | - | - | - | (68 | ) | - | (68 | ) | |||||||||
Pending claims and settlements | - | - | - | - | - | - | - | 39 | 20 | 59 | |||||||||||
Total | - | - | - | (45 | ) | (45 | ) | (33 | ) | (40 | ) | (118 | ) | 11 | (180 | ) | |||||
Discontinued Operations - Phillips 66 | 724 | 1,118 | 1,134 | 2,066 | 5,042 | 712 | 534 | 1 | (15 | ) | 1,232 | ||||||||||
Discontinued Operations - Other International | 52 | 84 | 68 | 63 | 267 | 62 | 35 | 72 | (386 | ) | (217 | ) | |||||||||
Total Company | 1,168 | 1,175 | 772 | 1,339 | 4,454 | 1,158 | 767 | 98 | (329 | ) | 1,694 | ||||||||||
*Lower 48 only: | 151 | (1 | ) | (1 | ) | (47 | ) | 102 | - | - | - | 115 | 115 |
2011 | 2012 | |||||||||||||||||||||
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 | 3,042 | 3,419 | 2,631 | 3,410 | 12,502 | 2,955 | 2,289 | 1,813 | 1,441 | 8,498 | ||||||||||||
Depreciation, depletion and amortization | 1,802 | 1,800 | 1,602 | 1,623 | 6,827 | 1,571 | 1,580 | 1,650 | 1,779 | 6,580 | ||||||||||||
Impairments | - | - | - | 321 | 321 | 214 | 82 | - | 384 | 680 | ||||||||||||
Dry hole costs and leasehold impairments | 50 | 89 | 152 | 178 | 469 | 518 | 116 | 69 | 171 | 874 | ||||||||||||
Accretion on discounted liabilities | 103 | 106 | 106 | 107 | 422 | 105 | 103 | 100 | 86 | 394 | ||||||||||||
Deferred taxes | (180 | ) | 77 | 296 | 147 | 340 | 131 | 284 | 396 | 586 | 1,397 | |||||||||||
Undistributed equity earnings | (217 | ) | (72 | ) | (9 | ) | 167 | (131 | ) | (77 | ) | (179 | ) | (153 | ) | (187 | ) | (596 | ) | |||
Gain (loss) on dispositions | (612 | ) | (36 | ) | 260 | 18 | (370 | ) | (940 | ) | (583 | ) | (118 | ) | (16 | ) | (1,657 | ) | ||||
Income from discontinued operations | (777 | ) | (1,203 | ) | (1,204 | ) | (2,130 | ) | (5,314 | ) | (776 | ) | (569 | ) | (73 | ) | 401 | (1,017 | ) | |||
Other | (119 | ) | (33 | ) | (51 | ) | (200 | ) | (403 | ) | 173 | (279 | ) | 53 | (403 | ) | (456 | ) | ||||
Net working capital changes | (229 | ) | (1,026 | ) | 1,062 | (517 | ) | (710 | ) | 196 | (766 | ) | (297 | ) | (372 | ) | (1,239 | ) | ||||
Net cash provided by continuing operations | 2,863 | 3,121 | 4,845 | 3,124 | 13,953 | 4,070 | 2,078 | 3,440 | 3,870 | 13,458 | ||||||||||||
Net cash provided by (used in) discontinued operations | (916 | ) | 3,153 | 768 | 2,688 | 5,693 | 112 | 272 | 80 | - | 464 | |||||||||||
Net Cash Provided by Operating Activities | 1,947 | 6,274 | 5,613 | 5,812 | 19,646 | 4,182 | 2,350 | 3,520 | 3,870 | 13,922 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||||
Capital expenditures and investments | (2,443 | ) | (2,407 | ) | (3,109 | ) | (3,255 | ) | (11,214 | ) | (3,818 | ) | (3,623 | ) | (3,279 | ) | (3,452 | ) | (14,172 | ) | ||
Proceeds from asset dispositions | 1,757 | 106 | 91 | 238 | 2,192 | 1,102 | 464 | 522 | 44 | 2,132 | ||||||||||||
Net sales (purchases) of short-term investments | (1,170 | ) | (424 | ) | (29 | ) | 2,023 | 400 | 92 | 505 | - | - | 597 | |||||||||
Long-term collections from related parties | ||||||||||||||||||||||
and other investments | 50 | 32 | 45 | 21 | 148 | 45 | 23 | 207 | 660 | 935 | ||||||||||||
Net cash used in continuing operations | (1,806 | ) | (2,693 | ) | (3,002 | ) | (973 | ) | (8,474 | ) | (2,579 | ) | (2,631 | ) | (2,550 | ) | (2,748 | ) | (10,508 | ) | ||
Net cash provided by (used in) discontinued operations | (405 | ) | 10 | (243 | ) | 2,097 | 1,459 | (431 | ) | (284 | ) | (223 | ) | (181 | ) | (1,119 | ) | |||||
Net Cash Provided by (Used in) Investing Activities | (2,211 | ) | (2,683 | ) | (3,245 | ) | 1,124 | (7,015 | ) | (3,010 | ) | (2,915 | ) | (2,773 | ) | (2,929 | ) | (11,627 | ) | |||
Cash Flows from Financing Activities | ||||||||||||||||||||||
Net issuance (repayment) of debt | (367 | ) | (11 | ) | (41 | ) | (515 | ) | (934 | ) | (47 | ) | 831 | (1,967 | ) | 614 | (569 | ) | ||||
Special cash distribution from Phillips 66 | - | - | - | - | - | - | 7,818 | - | - | 7,818 | ||||||||||||
Change in restricted cash | - | - | - | - | - | - | (5,000 | ) | 2,532 | 1,720 | (748 | ) | ||||||||||
Issuance of company common stock | 75 | 24 | 10 | (13 | ) | 96 | 36 | 9 | 38 | 55 | 138 | |||||||||||
Repurchase of company common stock | (1,636 | ) | (3,149 | ) | (3,199 | ) | (3,139 | ) | (11,123 | ) | (1,899 | ) | (3,050 | ) | (149 | ) | - | (5,098 | ) | |||
Dividends paid on company common stock | (944 | ) | (917 | ) | (900 | ) | (871 | ) | (3,632 | ) | (843 | ) | (818 | ) | (808 | ) | (809 | ) | (3,278 | ) | ||
Other | (183 | ) | (174 | ) | (185 | ) | (142 | ) | (684 | ) | (199 | ) | (170 | ) | (178 | ) | (178 | ) | (725 | ) | ||
Net cash used in continuing operations | (3,055 | ) | (4,227 | ) | (4,315 | ) | (4,680 | ) | (16,277 | ) | (2,952 | ) | (380 | ) | (532 | ) | 1,402 | (2,462 | ) | |||
Net cash used in discontinued operations | (6 | ) | (8 | ) | (7 | ) | (7 | ) | (28 | ) | (318 | ) | (1,701 | ) | - | - | (2,019 | ) | ||||
Net Cash Used in Financing Activities | (3,061 | ) | (4,235 | ) | (4,322 | ) | (4,687 | ) | (16,305 | ) | (3,270 | ) | (2,081 | ) | (532 | ) | 1,402 | (4,481 | ) | |||
Effect of Exchange Rate Changes | 43 | (23 | ) | (114 | ) | 94 | - | 25 | (17 | ) | 9 | 7 | 24 | |||||||||
Net Change in Cash and Cash Equivalents | (3,282 | ) | (667 | ) | (2,068 | ) | 2,343 | (3,674 | ) | (2,073 | ) | (2,663 | ) | 224 | 2,350 | (2,162 | ) | |||||
Cash and cash equivalents at beginning of period | 9,454 | 6,172 | 5,505 | 3,437 | 9,454 | 5,780 | 3,707 | 1,044 | 1,268 | 5,780 | ||||||||||||
Cash and Cash Equivalents at End of Period | 6,172 | 5,505 | 3,437 | 5,780 | 5,780 | 3,707 | 1,044 | 1,268 | 3,618 | 3,618 | ||||||||||||
CAPITAL PROGRAM | ||||||||||||||||||||||
Capital expenditures and investments | ||||||||||||||||||||||
Alaska | 195 | 196 | 194 | 190 | 775 | 186 | 202 | 208 | 232 | 828 | ||||||||||||
Lower 48 and Latin America | 774 | 761 | 1,247 | 1,100 | 3,882 | 1,267 | 1,288 | 1,339 | 1,357 | 5,251 | ||||||||||||
Canada | 519 | 209 | 431 | 602 | 1,761 | 629 | 428 | 493 | 634 | 2,184 | ||||||||||||
Europe | 405 | 524 | 611 | 682 | 2,222 | 622 | 735 | 738 | 765 | 2,860 | ||||||||||||
Asia Pacific and Middle East | 513 | 670 | 580 | 562 | 2,325 | 699 | 886 | 468 | 377 | 2,430 | ||||||||||||
Other International | 9 | 3 | 1 | (6 | ) | 7 | 354 | 34 | 11 | 16 | 415 | |||||||||||
Corporate and Other | 28 | 44 | 45 | 125 | 242 | 61 | 50 | 22 | 71 | 204 | ||||||||||||
Total capital expenditures and investments | 2,443 | 2,407 | 3,109 | 3,255 | 11,214 | 3,818 | 3,623 | 3,279 | 3,452 | 14,172 | ||||||||||||
Loans and advances - Other International | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Joint venture acquisition obligation (principal) - Canada | 170 | 173 | 175 | 177 | 695 | 180 | 183 | 183 | 188 | 734 | ||||||||||||
Total Capital Program | 2,613 | 2,580 | 3,284 | 3,432 | 11,909 | 3,998 | 3,806 | 3,462 | 3,640 | 14,906 | ||||||||||||
Capital Program for Algeria, Nigeria and Kashagan for full-year 2012 was $817 million. |
2011 | 2012 | |||||||||||
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 | 1,644 | 1,584 | 1,481 | 1,538 | 1,561 | 1,581 | 1,489 | 1,470 | 1,566 | 1,527 | ||
Discontinued operations (Algeria and Nigeria) | 58 | 56 | 57 | 59 | 58 | 56 | 53 | 55 | 41 | 51 | ||
Total, including equity affiliates | 1,702 | 1,640 | 1,538 | 1,597 | 1,619 | 1,637 | 1,542 | 1,525 | 1,607 | 1,578 | ||
Crude Oil (MBD) | ||||||||||||
Consolidated operations | 633 | 591 | 525 | 558 | 577 | 590 | 554 | 528 | 598 | 567 | ||
Equity affiliates | 53 | 48 | 41 | 37 | 45 | 34 | 31 | 25 | 21 | 28 | ||
Total continuing operations | 686 | 639 | 566 | 595 | 622 | 624 | 585 | 553 | 619 | 595 | ||
Discontinued operations (Algeria and Nigeria) | 30 | 29 | 27 | 28 | 28 | 26 | 23 | 25 | 17 | 23 | ||
Total | 716 | 668 | 593 | 623 | 650 | 650 | 608 | 578 | 636 | 618 | ||
Over (under) lifting of crude oil (MBD)* | 11 | 9 | 7 | 5 | 8 | (11) | 29 | 32 | 25 | 19 | ||
*Includes continuing and discontinued opertaions. | ||||||||||||
NGL (MBD) | ||||||||||||
Consolidated operations | 134 | 136 | 138 | 149 | 138 | 155 | 143 | 144 | 152 | 148 | ||
Equity affiliates | 7 | 8 | 7 | 7 | 7 | 8 | 7 | 7 | 8 | 8 | ||
Total continuing operations | 141 | 144 | 145 | 156 | 145 | 163 | 150 | 151 | 160 | 156 | ||
Discontinued operations (Nigeria) | 3 | 2 | 3 | 4 | 4 | 3 | 4 | 4 | 3 | 4 | ||
Total | 144 | 146 | 148 | 160 | 149 | 166 | 154 | 155 | 163 | 160 | ||
Bitumen (MBD) | ||||||||||||
Consolidated operations | 11 | 8 | 11 | 11 | 10 | 11 | 11 | 12 | 12 | 12 | ||
Equity affiliates | 53 | 59 | 53 | 62 | 57 | 73 | 77 | 80 | 94 | 81 | ||
Total | 64 | 67 | 64 | 73 | 67 | 84 | 88 | 92 | 106 | 93 | ||
Natural Gas (MMCFD) | ||||||||||||
Consolidated operations | 4,009 | 3,879 | 3,757 | 3,822 | 3,867 | 3,756 | 3,509 | 3,588 | 3,592 | 3,611 | ||
Equity affiliates | 507 | 521 | 479 | 462 | 492 | 505 | 491 | 449 | 497 | 485 | ||
Total continuing operations | 4,516 | 4,400 | 4,236 | 4,284 | 4,359 | 4,261 | 4,000 | 4,037 | 4,089 | 4,096 | ||
Discontinued operations (Nigeria) | 153 | 152 | 161 | 163 | 157 | 161 | 153 | 162 | 120 | 149 | ||
Total | 4,669 | 4,552 | 4,397 | 4,447 | 4,516 | 4,422 | 4,153 | 4,199 | 4,209 | 4,245 | ||
Industry Prices (Platt's) | ||||||||||||
Crude Oil ($/BBL) | ||||||||||||
WTI spot | 93.98 | 102.44 | 89.70 | 94.07 | 95.05 | 102.99 | 93.44 | 92.11 | 88.09 | 94.16 | ||
WCS spot | 71.47 | 84.88 | 75.38 | 81.64 | 78.34 | 75.99 | 73.62 | 77.25 | 61.33 | 72.05 | ||
Brent dated | 104.97 | 117.36 | 113.46 | 109.31 | 111.27 | 118.49 | 108.19 | 109.61 | 110.02 | 111.58 | ||
JCC | 81.77 | 96.86 | 110.35 | 113.35 | 100.59 | 111.43 | 116.70 | 121.99 | 105.85 | 113.99 | ||
Natural Gas ($/MMBTU) | ||||||||||||
Henry Hub first of month | 4.11 | 4.32 | 4.20 | 3.54 | 4.04 | 2.72 | 2.21 | 2.80 | 3.41 | 2.79 | ||
Average Realized Prices | ||||||||||||
Crude Oil ($/BBL) | ||||||||||||
Consolidated operations | 97.98 | 112.88 | 106.35 | 106.18 | 105.68 | 111.91 | 105.77 | 102.79 | 103.16 | 105.86 | ||
Equity affiliates | 98.83 | 108.48 | 104.11 | 102.10 | 103.42 | 111.37 | 99.28 | 96.57 | 100.90 | 102.80 | ||
Total continuing operations | 98.04 | 112.54 | 106.19 | 105.92 | 105.52 | 111.88 | 105.43 | 102.54 | 103.08 | 105.72 | ||
Discontinued operations (Algeria and Nigeria) | 105.40 | 121.24 | 114.84 | 111.58 | 113.43 | 122.73 | 108.92 | 106.97 | 112.15 | 112.90 | ||
Total | 98.35 | 112.95 | 106.61 | 106.14 | 105.87 | 112.33 | 105.56 | 102.72 | 103.33 | 105.98 | ||
NGL ($/BBL) | ||||||||||||
Consolidated operations | 51.94 | 56.75 | 55.82 | 54.46 | 54.79 | 53.26 | 42.77 | 40.02 | 42.38 | 44.62 | ||
Equity affiliates | 72.58 | 73.49 | 70.79 | 65.48 | 70.62 | 88.24 | 70.28 | 62.18 | 86.97 | 77.30 | ||
Total continuing operations | 53.40 | 57.74 | 56.64 | 55.06 | 55.73 | 55.03 | 44.36 | 41.08 | 44.93 | 46.36 | ||
Discontinued operations (Nigeria) | 13.82 | 12.88 | 12.60 | 14.84 | 13.63 | 11.97 | 15.34 | 14.26 | 11.06 | 13.30 | ||
Total | 52.27 | 56.88 | 55.61 | 54.03 | 54.71 | 54.11 | 43.55 | 40.39 | 44.15 | 45.55 | ||
Bitumen ($/BBL) | ||||||||||||
Consolidated operations | 47.94 | 56.91 | 45.79 | 69.04 | 55.16 | 64.95 | 54.75 | 56.23 | 55.29 | 57.58 | ||
Equity affiliates | 56.15 | 67.05 | 60.65 | 70.42 | 63.93 | 60.04 | 50.85 | 56.95 | 47.43 | 53.39 | ||
Total | 54.77 | 65.74 | 58.14 | 70.20 | 62.56 | 60.66 | 51.38 | 56.86 | 48.32 | 53.91 | ||
Natural Gas ($/MCF) | ||||||||||||
Consolidated operations | 5.67 | 5.93 | 5.91 | 5.60 | 5.78 | 5.20 | 4.72 | 4.86 | 5.50 | 5.07 | ||
Equity affiliates* | 2.52 | 4.97 | 8.33 | 8.22 | 5.93 | 8.62 | 8.98 | 8.66 | 7.90 | 8.54 | ||
Total continuing operations | 5.32 | 5.82 | 6.18 | 5.88 | 5.80 | 5.61 | 5.25 | 5.28 | 5.79 | 5.48 | ||
Discontinued operations (Nigeria) | 2.15 | 2.10 | 2.36 | 2.36 | 2.25 | 2.53 | 2.51 | 2.84 | 2.32 | 2.57 | ||
Total* | 5.22 | 5.70 | 6.04 | 5.75 | 5.67 | 5.49 | 5.14 | 5.18 | 5.69 | 5.38 | ||
*Prior periods have been restated to reflect revised equity affiliates natural gas prices. | ||||||||||||
Exploration Expenses ($ Millions) | ||||||||||||
Dry holes | 9 | 48 | 112 | 141 | 310 | 6 | 64 | 6 | 79 | 155 | ||
Leasehold impairment | 41 | 41 | 40 | 37 | 159 | 512 | 52 | 63 | 92 | 719 | ||
Total noncash expenses | 50 | 89 | 152 | 178 | 469 | 518 | 116 | 69 | 171 | 874 | ||
Other (G&A, G&G and lease rentals) | 120 | 166 | 109 | 174 | 569 | 157 | 149 | 146 | 174 | 626 | ||
Total exploration expenses | 170 | 255 | 261 | 352 | 1,038 | 675 | 265 | 215 | 345 | 1,500 | ||
U.S. exploration expenses | 69 | 108 | 105 | 114 | 396 | 87 | 96 | 106 | 126 | 415 | ||
International exploration expenses | 101 | 147 | 156 | 238 | 642 | 588 | 169 | 109 | 219 | 1,085 | ||
DD&A ($ Millions) | ||||||||||||
Alaska | 136 | 151 | 134 | 155 | 576 | 134 | 134 | 117 | 131 | 516 | ||
Lower 48 and Latin America | 514 | 531 | 552 | 559 | 2,156 | 603 | 625 | 657 | 719 | 2,604 | ||
Canada | 380 | 396 | 382 | 348 | 1,506 | 324 | 333 | 355 | 326 | 1,338 | ||
Europe | 442 | 400 | 283 | 317 | 1,442 | 266 | 246 | 214 | 267 | 993 | ||
Asia Pacific and Middle East | 307 | 303 | 231 | 223 | 1,064 | 211 | 210 | 274 | 303 | 998 | ||
Other International | 6 | - | - | 1 | 7 | 9 | 11 | 12 | 13 | 45 | ||
Corporate and Other | 17 | 19 | 20 | 20 | 76 | 24 | 21 | 21 | 20 | 86 | ||
Total DD&A | 1,802 | 1,800 | 1,602 | 1,623 | 6,827 | 1,571 | 1,580 | 1,650 | 1,779 | 6,580 |
2011 | 2012 | |||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||
PRODUCTION | ||||||||||||
Crude Oil (MBD) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 198 | 207 | 187 | 210 | 200 | 208 | 190 | 157 | 196 | 188 | ||
Lower 48 | 83 | 88 | 95 | 107 | 94 | 117 | 115 | 124 | 136 | 123 | ||
Canada | 12 | 11 | 12 | 12 | 12 | 13 | 14 | 14 | 13 | 13 | ||
Norway | 125 | 111 | 108 | 114 | 114 | 112 | 103 | 97 | 103 | 104 | ||
United Kingdom | 59 | 57 | 42 | 43 | 50 | 44 | 35 | 20 | 27 | 31 | ||
Europe | 184 | 168 | 150 | 157 | 164 | 156 | 138 | 117 | 130 | 135 | ||
Australia/Timor-Leste | 19 | 17 | 17 | 16 | 18 | 17 | 15 | 18 | 16 | 16 | ||
China | 77 | 70 | 35 | 26 | 52 | 23 | 31 | 48 | 54 | 39 | ||
Indonesia | 10 | 11 | 12 | 11 | 11 | 10 | 8 | 9 | 9 | 9 | ||
Malaysia | - | - | - | - | - | - | - | - | 4 | 1 | ||
Vietnam | 22 | 19 | 17 | 15 | 18 | 11 | - | - | - | 3 | ||
AP/ME | 128 | 117 | 81 | 68 | 99 | 61 | 54 | 75 | 83 | 68 | ||
Libya | 28 | - | - | 4 | 8 | 35 | 43 | 41 | 40 | 40 | ||
Other International | 28 | - | - | 4 | 8 | 35 | 43 | 41 | 40 | 40 | ||
Total consolidated operations | 633 | 591 | 525 | 558 | 577 | 590 | 554 | 528 | 598 | 567 | ||
Equity affiliates | 53 | 48 | 41 | 37 | 45 | 34 | 31 | 25 | 21 | 28 | ||
Total continuing operations | 686 | 639 | 566 | 595 | 622 | 624 | 585 | 553 | 619 | 595 | ||
Discontinued operations (Algeria and Nigeria) | 30 | 29 | 27 | 28 | 28 | 26 | 23 | 25 | 17 | 23 | ||
Total | 716 | 668 | 593 | 623 | 650 | 650 | 608 | 578 | 636 | 618 | ||
NGL (MBD) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 16 | 16 | 12 | 17 | 15 | 18 | 16 | 10 | 17 | 16 | ||
Lower 48 | 67 | 72 | 79 | 79 | 74 | 84 | 83 | 87 | 87 | 85 | ||
Canada | 25 | 25 | 25 | 31 | 26 | 25 | 22 | 25 | 24 | 24 | ||
Norway | 6 | 6 | 5 | 5 | 6 | 5 | 4 | 3 | 3 | 4 | ||
United Kingdom | 6 | 6 | 4 | 5 | 5 | 5 | 4 | 2 | 4 | 3 | ||
Europe | 12 | 12 | 9 | 10 | 11 | 10 | 8 | 5 | 7 | 7 | ||
Australia/Timor-Leste | 13 | 11 | 13 | 12 | 12 | 12 | 9 | 12 | 12 | 11 | ||
Indonesia | 1 | - | - | - | - | 6 | 5 | 5 | 5 | 5 | ||
AP/ME | 14 | 11 | 13 | 12 | 12 | 18 | 14 | 17 | 17 | 16 | ||
Total consolidated operations | 134 | 136 | 138 | 149 | 138 | 155 | 143 | 144 | 152 | 148 | ||
Equity affiliates | 7 | 8 | 7 | 7 | 7 | 8 | 7 | 7 | 8 | 8 | ||
Total continuing operations | 141 | 144 | 145 | 156 | 145 | 163 | 150 | 151 | 160 | 156 | ||
Discontinued operations (Nigeria) | 3 | 2 | 3 | 4 | 4 | 3 | 4 | 4 | 3 | 4 | ||
Total | 144 | 146 | 148 | 160 | 149 | 166 | 154 | 155 | 163 | 160 | ||
Bitumen (MBD) | ||||||||||||
Consolidated operations | 11 | 8 | 11 | 11 | 10 | 11 | 11 | 12 | 12 | 12 | ||
Equity affiliates | 53 | 59 | 53 | 62 | 57 | 73 | 77 | 80 | 94 | 81 | ||
Total | 64 | 67 | 64 | 73 | 67 | 84 | 88 | 92 | 106 | 93 | ||
Natural Gas (MMCFD) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 67 | 62 | 56 | 59 | 61 | 59 | 56 | 51 | 56 | 55 | ||
Lower 48 | 1,522 | 1,589 | 1,561 | 1,547 | 1,556 | 1,502 | 1,456 | 1,507 | 1,508 | 1,493 | ||
Canada | 944 | 947 | 929 | 891 | 928 | 863 | 864 | 874 | 826 | 857 | ||
Norway | 208 | 130 | 130 | 185 | 163 | 195 | 141 | 127 | 176 | 160 | ||
United Kingdom | 543 | 457 | 381 | 472 | 463 | 437 | 399 | 287 | 302 | 356 | ||
Europe | 751 | 587 | 511 | 657 | 626 | 632 | 540 | 414 | 478 | 516 | ||
Australia/Timor-Leste | 237 | 236 | 253 | 209 | 234 | 249 | 159 | 261 | 251 | 230 | ||
China | - | - | - | - | - | - | 1 | 4 | 5 | 3 | ||
Indonesia | 467 | 445 | 437 | 451 | 450 | 441 | 427 | 444 | 438 | 437 | ||
Vietnam | 16 | 13 | 10 | 7 | 11 | 7 | - | - | - | 2 | ||
AP/ME | 720 | 694 | 700 | 667 | 695 | 697 | 587 | 709 | 694 | 672 | ||
Libya | 5 | - | - | 1 | 1 | 3 | 6 | 33 | 30 | 18 | ||
Other International | 5 | - | - | 1 | 1 | 3 | 6 | 33 | 30 | 18 | ||
Total consolidated operations | 4,009 | 3,879 | 3,757 | 3,822 | 3,867 | 3,756 | 3,509 | 3,588 | 3,592 | 3,611 | ||
Equity affiliates | 507 | 521 | 479 | 462 | 492 | 505 | 491 | 449 | 497 | 485 | ||
Total continuing operations | 4,516 | 4,400 | 4,236 | 4,284 | 4,359 | 4,261 | 4,000 | 4,037 | 4,089 | 4,096 | ||
Discontinued operations (Nigeria) | 153 | 152 | 161 | 163 | 157 | 161 | 153 | 162 | 120 | 149 | ||
Total | 4,669 | 4,552 | 4,397 | 4,447 | 4,516 | 4,422 | 4,153 | 4,199 | 4,209 | 4,245 | ||
Total (MBOED) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 225 | 233 | 208 | 237 | 225 | 236 | 215 | 176 | 222 | 213 | ||
Lower 48 | 404 | 425 | 434 | 444 | 428 | 451 | 441 | 462 | 475 | 457 | ||
Canada | 205 | 203 | 203 | 202 | 203 | 193 | 191 | 197 | 187 | 192 | ||
Norway | 166 | 139 | 136 | 150 | 147 | 149 | 131 | 121 | 135 | 135 | ||
United Kingdom | 155 | 139 | 109 | 127 | 132 | 122 | 105 | 70 | 81 | 93 | ||
Europe | 321 | 278 | 245 | 277 | 279 | 271 | 236 | 191 | 216 | 228 | ||
Australia/Timor-Leste | 72 | 67 | 72 | 63 | 69 | 70 | 51 | 73 | 69 | 66 | ||
China | 77 | 70 | 35 | 26 | 52 | 23 | 31 | 49 | 55 | 40 | ||
Indonesia | 89 | 85 | 85 | 86 | 86 | 90 | 84 | 88 | 87 | 87 | ||
Malaysia | - | - | - | - | - | - | - | - | 4 | 1 | ||
Vietnam | 25 | 21 | 18 | 16 | 20 | 12 | - | - | - | 3 | ||
AP/ME | 263 | 243 | 210 | 191 | 227 | 195 | 166 | 210 | 215 | 197 | ||
Libya | 29 | - | - | 4 | 8 | 36 | 43 | 47 | 45 | 43 | ||
Other International | 29 | - | - | 4 | 8 | 36 | 43 | 47 | 45 | 43 | ||
Total consolidated operations | 1,447 | 1,382 | 1,300 | 1,355 | 1,370 | 1,382 | 1,292 | 1,283 | 1,360 | 1,330 | ||
Equity affiliates | 197 | 202 | 181 | 183 | 191 | 199 | 197 | 187 | 206 | 197 | ||
Total continuing operations | 1,644 | 1,584 | 1,481 | 1,538 | 1,561 | 1,581 | 1,489 | 1,470 | 1,566 | 1,527 | ||
Discontinued operations (Algeria and Nigeria) | 58 | 56 | 57 | 59 | 58 | 56 | 53 | 55 | 41 | 51 | ||
Total | 1,702 | 1,640 | 1,538 | 1,597 | 1,619 | 1,637 | 1,542 | 1,525 | 1,607 | 1,578 |
2011 | 2012 | |||||||||||
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 | 95.56 | 113.75 | 107.26 | 108.51 | 105.95 | 112.20 | 112.38 | 106.53 | 106.91 | 109.62 | ||
Lower 48 | 88.01 | 99.70 | 89.13 | 94.07 | 92.79 | 99.00 | 89.61 | 90.06 | 88.63 | 91.67 | ||
Canada | 78.34 | 94.19 | 85.02 | 86.98 | 86.04 | 83.85 | 74.76 | 77.19 | 77.71 | 78.26 | ||
Norway | 106.55 | 119.97 | 116.01 | 111.33 | 113.05 | 122.49 | 109.50 | 111.74 | 111.87 | 113.80 | ||
United Kingdom | 99.40 | 112.33 | 112.62 | 108.55 | 108.85 | 116.54 | 111.55 | 104.55 | 109.54 | 110.31 | ||
Europe | 105.03 | 117.40 | 115.03 | 110.41 | 111.82 | 121.25 | 109.89 | 109.67 | 111.51 | 113.08 | ||
Australia/Timor-Leste | 102.61 | 115.64 | 108.76 | 105.35 | 108.05 | 113.00 | 103.53 | 105.47 | 103.31 | 106.66 | ||
China | 100.54 | 116.85 | 114.31 | 114.74 | 109.98 | 122.02 | 113.71 | 107.68 | 105.01 | 109.94 | ||
Indonesia | 96.22 | 108.04 | 104.13 | 101.25 | 102.52 | 109.16 | 96.96 | 91.45 | 93.95 | 98.21 | ||
Malaysia | - | - | - | - | - | - | - | - | - | - | ||
Vietnam | 107.37 | 121.92 | 118.29 | 116.23 | 115.50 | 126.02 | - | - | - | 126.02 | ||
AP/ME | 101.63 | 116.69 | 112.44 | 110.53 | 109.84 | 117.66 | 109.12 | 105.12 | 103.34 | 108.20 | ||
Libya | 98.30 | - | - | - | 98.30 | 121.68 | 109.52 | 108.00 | 109.95 | 110.75 | ||
Other International | 98.30 | - | - | - | 98.30 | 121.68 | 109.52 | 108.00 | 109.95 | 110.75 | ||
Total consolidated operations | 97.98 | 112.88 | 106.35 | 106.18 | 105.68 | 111.91 | 105.77 | 102.79 | 103.16 | 105.86 | ||
Equity affiliates | 98.83 | 108.48 | 104.11 | 102.10 | 103.42 | 111.37 | 99.28 | 96.57 | 100.90 | 102.80 | ||
Total continuing operations | 98.04 | 112.54 | 106.19 | 105.92 | 105.52 | 111.88 | 105.43 | 102.54 | 103.08 | 105.72 | ||
Discontinued operations (Algeria and Nigeria) | 105.40 | 121.24 | 114.84 | 111.58 | 113.43 | 122.73 | 108.92 | 106.97 | 112.15 | 112.90 | ||
Total | 98.35 | 112.95 | 106.61 | 106.14 | 105.87 | 112.33 | 105.56 | 102.72 | 103.33 | 105.98 | ||
NGL ($/BBL) | ||||||||||||
Consolidated operations | ||||||||||||
Lower 48 | 45.94 | 51.45 | 52.25 | 51.81 | 50.55 | 44.90 | 34.62 | 31.40 | 31.32 | 35.45 | ||
Canada | 54.26 | 60.23 | 58.90 | 54.48 | 56.84 | 54.13 | 48.66 | 45.31 | 46.28 | 48.64 | ||
Norway | 54.05 | 58.91 | 56.85 | 57.89 | 57.20 | 57.56 | 53.57 | 55.56 | 72.71 | 59.22 | ||
United Kingdom | 63.44 | 61.31 | 59.99 | 60.16 | 61.42 | 61.10 | 56.38 | 59.72 | 74.83 | 63.84 | ||
Europe | 59.68 | 60.04 | 58.05 | 58.88 | 59.19 | 59.29 | 54.81 | 57.62 | 73.94 | 61.53 | ||
Australia/Timor-Leste | 73.42 | 78.23 | 71.77 | 68.27 | 72.97 | 88.97 | 70.98 | 74.68 | 85.00 | 80.03 | ||
Indonesia | 66.26 | - | - | - | 66.26 | 90.85 | 72.30 | 63.40 | 84.60 | 77.58 | ||
AP/ME | 73.02 | 78.23 | 71.77 | 68.27 | 72.87 | 89.56 | 71.39 | 71.06 | 84.88 | 79.26 | ||
Total consolidated operations | 51.94 | 56.75 | 55.82 | 54.46 | 54.79 | 53.26 | 42.77 | 40.02 | 42.38 | 44.62 | ||
Equity affiliates | 72.58 | 73.49 | 70.79 | 65.48 | 70.62 | 88.24 | 70.28 | 62.18 | 86.97 | 77.30 | ||
Total continuing operations | 53.40 | 57.74 | 56.64 | 55.06 | 55.73 | 55.03 | 44.36 | 41.08 | 44.93 | 46.36 | ||
Discontinued operations (Nigeria) | 13.82 | 12.88 | 12.60 | 14.84 | 13.63 | 11.97 | 15.34 | 14.26 | 11.06 | 13.30 | ||
Total | 52.27 | 56.88 | 55.61 | 54.03 | 54.71 | 54.11 | 43.55 | 40.39 | 44.15 | 45.55 | ||
Bitumen ($/BBL) | ||||||||||||
Consolidated operations | 47.94 | 56.91 | 45.79 | 69.04 | 55.16 | 64.95 | 54.75 | 56.23 | 55.29 | 57.58 | ||
Equity affiliates | 56.15 | 67.05 | 60.65 | 70.42 | 63.93 | 60.04 | 50.85 | 56.95 | 47.43 | 53.39 | ||
Total | 54.77 | 65.74 | 58.14 | 70.20 | 62.56 | 60.66 | 51.38 | 56.86 | 48.32 | 53.91 | ||
Natural Gas ($/MCF) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 3.93 | 4.66 | 5.04 | 4.69 | 4.56 | 4.68 | 3.93 | 3.97 | 4.28 | 4.22 | ||
Lower 48 | 4.11 | 4.22 | 4.15 | 3.48 | 3.99 | 2.65 | 2.10 | 2.64 | 3.24 | 2.67 | ||
Canada | 3.59 | 3.74 | 3.56 | 2.93 | 3.46 | 1.98 | 1.61 | 2.05 | 2.92 | 2.13 | ||
Norway | 9.61 | 10.57 | 9.89 | 10.09 | 10.00 | 10.40 | 9.58 | 8.47 | 10.26 | 9.77 | ||
United Kingdom | 8.18 | 9.25 | 8.78 | 9.80 | 8.99 | 9.80 | 9.49 | 9.06 | 10.72 | 9.76 | ||
Europe | 8.59 | 9.57 | 9.08 | 9.88 | 9.26 | 9.98 | 9.52 | 8.87 | 10.56 | 9.76 | ||
Australia/Timor-Leste* | 0.81 | 0.90 | 1.16 | 1.12 | 1.00 | 1.10 | 1.10 | 1.18 | 1.12 | 1.12 | ||
China | - | - | - | - | - | - | 2.46 | 2.44 | 2.39 | 2.41 | ||
Indonesia | 9.43 | 10.98 | 10.18 | 10.01 | 10.14 | 10.37 | 12.85 | 9.94 | 10.14 | 10.80 | ||
Vietnam | 1.16 | 1.11 | 1.07 | 1.19 | 1.13 | 1.15 | - | - | - | 1.15 | ||
AP/ME | 8.82 | 9.80 | 10.68 | 9.99 | 9.82 | 10.40 | 11.47 | 10.64 | 10.15 | 10.63 | ||
Libya | 0.09 | - | - | - | 0.09 | 0.09 | 0.09 | 6.77 | 5.19 | 5.55 | ||
Other International | 0.09 | - | - | - | 0.09 | 0.09 | 0.09 | 6.77 | 5.19 | 5.55 | ||
Total consolidated operations | 5.67 | 5.93 | 5.91 | 5.60 | 5.78 | 5.20 | 4.72 | 4.86 | 5.50 | 5.07 | ||
Equity affiliates** | 2.52 | 4.97 | 8.33 | 8.22 | 5.93 | 8.62 | 8.98 | 8.66 | 7.90 | 8.54 | ||
Total continuing operations | 5.32 | 5.82 | 6.18 | 5.88 | 5.80 | 5.61 | 5.25 | 5.28 | 5.79 | 5.48 | ||
Discontinued operations (Nigeria) | 2.15 | 2.10 | 2.36 | 2.36 | 2.25 | 2.53 | 2.51 | 2.84 | 2.32 | 2.57 | ||
Total** | 5.22 | 5.70 | 6.04 | 5.75 | 5.67 | 5.49 | 5.14 | 5.18 | 5.69 | 5.38 | ||
*Excludes transfers to Darwin LNG plant. | ||||||||||||
**Prior periods have been restated to reflect revised equity affiliates natural gas prices. |
2011 | 2012 | |||||||||||||||||||||
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) | (295 | ) | (210 | ) | (211 | ) | (244 | ) | (960 | ) | (311 | ) | (262 | ) | (254 | ) | (166 | ) | (993 | ) | ||
Detail of Earnings (Loss) ($ Millions) | ||||||||||||||||||||||
Net interest expense* | (189 | ) | (175 | ) | (174 | ) | (172 | ) | (710 | ) | (161 | ) | (160 | ) | (214 | ) | (113 | ) | (648 | ) | ||
Corporate G&A expenses | (61 | ) | (43 | ) | (33 | ) | (53 | ) | (190 | ) | (74 | ) | (44 | ) | (128 | ) | (67 | ) | (313 | ) | ||
Technology** | 2 | (3 | ) | 44 | (28 | ) | 15 | (18 | ) | (22 | ) | 46 | (10 | ) | (4 | ) | ||||||
Separation costs | - | - | - | (25 | ) | (25 | ) | (33 | ) | (40 | ) | (7 | ) | (4 | ) | (84 | ) | |||||
Other* | (47 | ) | 11 | (48 | ) | 34 | (50 | ) | (25 | ) | 4 | 49 | 28 | 56 | ||||||||
Total | (295 | ) | (210 | ) | (211 | ) | (244 | ) | (960 | ) | (311 | ) | (262 | ) | (254 | ) | (166 | ) | (993 | ) | ||
*The second quarter of 2012 has been recast to reclassify certain costs between “Net interest expense” and “Other”. | ||||||||||||||||||||||
**Includes investment in new technologies or businesses outside of our normal scope of operations and is net of licensing revenues. | ||||||||||||||||||||||
Before-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||||||
Interest expense | (337 | ) | (326 | ) | (325 | ) | (332 | ) | (1,320 | ) | (309 | ) | (315 | ) | (294 | ) | (303 | ) | (1,221 | ) | ||
Capitalized interest | 112 | 115 | 125 | 136 | 488 | 146 | 145 | 157 | 167 | 615 | ||||||||||||
Interest revenue | 36 | 23 | 16 | 19 | 94 | 11 | 18 | 7 | 60 | 96 | ||||||||||||
Premium on early debt retirement | - | - | - | - | - | - | - | (79 | ) | - | (79 | ) | ||||||||||
Total | (189 | ) | (188 | ) | (184 | ) | (177 | ) | (738 | ) | (152 | ) | (152 | ) | (209 | ) | (76 | ) | (589 | ) | ||
Debt | ||||||||||||||||||||||
Total debt ($ Millions) | 23,210 | 23,196 | 23,150 | 22,623 | 22,623 | 28,360 | 23,008 | 21,117 | 21,725 | 21,725 | ||||||||||||
Debt-to-capital ratio (%) | 25 | % | 25 | % | 26 | % | 26 | % | 26 | % | 30 | % | 33 | % | 31 | % | 31 | % | 31 | % | ||
Equity ($ Millions) | 70,536 | 70,593 | 66,340 | 65,749 | 65,749 | 67,057 | 46,443 | 47,877 | 48,427 | 48,427 | ||||||||||||
REFERENCE | ||||||||||||||||||||||
Commonly Used Abbreviations | ||||||||||||||||||||||
Earnings | Net Income (Loss) Attributable to ConocoPhillips | |||||||||||||||||||||
DD&A | Depreciation, Depletion and Amortization | |||||||||||||||||||||
FX | Foreign Currency | |||||||||||||||||||||
G&G | Geological and Geophysical | |||||||||||||||||||||
G&A | General and Administrative | |||||||||||||||||||||
JCC | Japan Crude Cocktail | |||||||||||||||||||||
LNG | Liquefied Natural Gas | |||||||||||||||||||||
NGL | Natural Gas Liquids | |||||||||||||||||||||
R&D | Research and Development | |||||||||||||||||||||
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 | |||||||||||||||||||||
MMCFD | Millions of Cubic Feet per Day |
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