Exhibit 99.2
First-Quarter 2015 Detailed Supplemental Information | |||||||||||||||||||
| 2014 |
| 2015 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
$ Millions, Except as Indicated | |||||||||||||||||||
CONSOLIDATED INCOME STATEMENT | |||||||||||||||||||
Revenues and Other Income | |||||||||||||||||||
Sales and other operating revenues | 15,415 | 13,821 | 12,080 | 11,208 | 52,524 | 7,716 | 7,716 | ||||||||||||
Equity in earnings of affiliates | 572 | 672 | 764 | 521 | 2,529 | 205 | 205 | ||||||||||||
Gain on dispositions | 9 | 7 | 4 | 78 | 98 | 52 | 52 | ||||||||||||
Other income | 52 | 201 | 69 | 44 | 366 | 29 | 29 | ||||||||||||
Total Revenues and Other Income | 16,048 | 14,701 | 12,917 | 11,851 | 55,517 | 8,002 | 8,002 | ||||||||||||
Costs and Expenses | |||||||||||||||||||
Purchased commodities | 7,127 | 5,495 | 4,703 | 4,774 | 22,099 | 3,237 | 3,237 | ||||||||||||
Production and operating expenses | 1,895 | 2,030 | 2,041 | 2,943 | 8,909 | 1,802 | 1,802 | ||||||||||||
Selling, general and administrative expenses | 182 | 218 | 203 | 132 | 735 | 159 | 159 | ||||||||||||
Exploration expenses | 296 | 517 | 459 | 773 | 2,045 | 482 | 482 | ||||||||||||
Depreciation, depletion and amortization | 1,892 | 2,070 | 2,096 | 2,271 | 8,329 | 2,131 | 2,131 | ||||||||||||
Impairments | 1 | 17 | 108 | 730 | 856 | 16 | 16 | ||||||||||||
Taxes other than income taxes | 651 | 612 | 493 | 332 | 2,088 | 224 | 224 | ||||||||||||
Accretion on discounted liabilities | 117 | 120 | 120 | 127 | 484 | 121 | 121 | ||||||||||||
Interest and debt expense | 171 | 155 | 149 | 173 | 648 | 202 | 202 | ||||||||||||
Foreign currency transaction (gains) losses | 18 | 7 | (8 | ) | (83 | ) | (66 | ) | (16 | ) |
| (16 | ) | ||||||
Total Costs and Expenses | 12,350 | 11,241 | 10,364 | 12,172 | 46,127 | 8,358 | 8,358 | ||||||||||||
Income (loss) from continuing operations before income taxes | 3,698 | 3,460 | 2,553 | (321 | ) | 9,390 | (356 | ) | (356 | ) | |||||||||
Provision (benefit) for income taxes | 1,581 | 1,395 | 904 | (297 | ) | 3,583 | (642 | ) | (642 | ) | |||||||||
Income (loss) from continuing operations | 2,117 | 2,065 | 1,649 | (24 | ) | 5,807 | 286 | 286 | |||||||||||
Income from discontinued operations | 20 | 33 | 1,078 | - | 1,131 | - | - | ||||||||||||
Net Income | 2,137 | 2,098 | 2,727 | (24 | ) | 6,938 | 286 | 286 | |||||||||||
Less: net income attributable to noncontrolling interests | (14 | ) | (17 | ) | (23 | ) | (15 | ) | (69 | ) | (14 | ) | (14 | ) | |||||
Net Income Attributable to ConocoPhillips | 2,123 | 2,081 | 2,704 | (39 | ) | 6,869 | 272 | 272 | |||||||||||
Net Income Attributable to ConocoPhillips | |||||||||||||||||||
Per Share of Common Stock (dollars) | |||||||||||||||||||
Basic | |||||||||||||||||||
Continuing operations | 1.70 | 1.65 | 1.31 | (0.03 | ) | 4.63 | 0.22 | 0.22 | |||||||||||
Discontinued operations | 0.02 | 0.03 | 0.87 | - | 0.91 | - | - | ||||||||||||
Net Income Attributable to ConocoPhillips | |||||||||||||||||||
Per Share of Common Stock | 1.72 | 1.68 | 2.18 | (0.03 | ) | 5.54 | 0.22 | 0.22 | |||||||||||
Diluted | |||||||||||||||||||
Continuing operations | 1.69 | 1.64 | 1.31 | (0.03 | ) | 4.60 | 0.22 | 0.22 | |||||||||||
Discontinued operations | 0.02 | 0.03 | 0.86 | - | 0.91 | - | - | ||||||||||||
Net Income Attributable to ConocoPhillips | |||||||||||||||||||
Per Share of Common Stock | 1.71 | 1.67 | 2.17 | (0.03 | ) | 5.51 | 0.22 | 0.22 | |||||||||||
Average Common Shares Outstanding (in thousands) | |||||||||||||||||||
Basic | 1,234,968 | 1,236,057 | 1,236,431 | 1,239,975 | 1,237,325 | 1,240,791 | 1,240,791 | ||||||||||||
Diluted | 1,242,667 | 1,245,155 | 1,246,788 | 1,239,975 | 1,245,863 | 1,245,531 | 1,245,531 | ||||||||||||
INCOME (LOSS) FROM CONTINUING | |||||||||||||||||||
OPERATIONS BEFORE INCOME TAXES | |||||||||||||||||||
Alaska | 930 | 973 | 722 | 497 | 3,122 | 225 | 225 | ||||||||||||
Lower 48 | 516 | 434 | 78 | (1,142 | ) | (114 | ) | (637 | ) | (637 | ) | ||||||||
Canada | 466 | 241 | 340 | 129 | 1,176 | (218 | ) | (218 | ) | ||||||||||
Europe | 1,041 | 781 | 633 | (163 | ) | 2,292 | 187 | 187 | |||||||||||
Asia Pacific and Middle East | 1,093 | 1,233 | 1,058 | 818 | 4,202 | 572 | 572 | ||||||||||||
Other International | (67 | ) | 99 | 10 | (131 | ) | (89 | ) | (160 | ) | (160 | ) | |||||||
Corporate and Other | (281 | ) | (301 | ) | (288 | ) | (329 | ) | (1,199 | ) | (325 | ) | (325 | ) | |||||
Consolidated | 3,698 | 3,460 | 2,553 | (321 | ) | 9,390 | (356 | ) | (356 | ) | |||||||||
EFFECTIVE INCOME TAX RATES FOR | |||||||||||||||||||
CONTINUING OPERATIONS | |||||||||||||||||||
Alaska* | 35.6 | % | 35.6 | % | 34.4 | % | 31.1 | % | 34.6 | % | 35.2 | % | 35.2 | % | |||||
Lower 48 | 37.3 | % | 38.7 | % | 60.0 | % | 43.8 | % | 80.9 | % | 36.5 | % | 36.5 | % | |||||
Canada | 23.7 | % | 24.0 | % | 9.7 | % | 27.0 | % | 20.1 | % | 27.6 | % | 27.6 | % | |||||
Europe | 66.7 | % | 66.8 | % | 66.4 | % | 90.8 | % | 64.9 | % | -240.1 | % | -240.1 | % | |||||
Asia Pacific and Middle East | 30.9 | % | 30.1 | % | 27.0 | % | 24.4 | % | 28.4 | % | 28.6 | % | 28.6 | % | |||||
Other International | 57.2 | % | -21.7 | % | 296.5 | % | -24.6 | % | -0.2 | % | 41.9 | % | 41.9 | % | |||||
Corporate and Other | 16.4 | % | 16.3 | % | 55.0 | % | 21.5 | % | 27.1 | % | 23.3 | % | 23.3 | % | |||||
Consolidated | 42.8 | % | 40.3 | % | 35.4 | % | 92.7 | % | 38.2 | % | 179.8 | % | 179.8 | % | |||||
*Alaska including taxes other than income taxes | 51.6 | % | 50.3 | % | 48.6 | % | 44.2 | % | 49.4 | % | 47.0 | % | 47.0 | % |
1 of 8
| 2014 |
| 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
$ Millions | ||||||||||||||||||||
EARNINGS BY SEGMENT | ||||||||||||||||||||
Alaska | 598 | 627 | 473 | 343 | 2,041 | 145 | 145 | |||||||||||||
Lower 48 | 324 | 265 | 32 | (643 | ) | (22 | ) | (405 | ) | (405 | ) | |||||||||
Canada | 356 | 182 | 307 | 95 | 940 | (158 | ) | (158 | ) | |||||||||||
Europe | 347 | 259 | 213 | (15 | ) | 804 | 637 | 637 | ||||||||||||
Asia Pacific and Middle East | 742 | 845 | 749 | 603 | 2,939 | 395 | 395 | |||||||||||||
Other International | (29 | ) | 121 | (18 | ) | (164 | ) | (90 | ) | (93 | ) | (93 | ) | |||||||
Corporate and Other | (235 | ) | (251 | ) | (130 | ) | (258 | ) | (874 | ) | (249 | ) | (249 | ) | ||||||
Discontinued Operations | 20 | 33 | 1,078 | - | 1,131 | - | - | |||||||||||||
Consolidated | 2,123 | 2,081 | 2,704 | (39 | ) | 6,869 | 272 | 272 | ||||||||||||
SPECIAL ITEMS (AFTER-TAX) | ||||||||||||||||||||
Alaska | - | - | - | (36 | ) | (36 | ) | (1 | ) | (1 | ) | |||||||||
Lower 48 | (122 | ) | - | (151 | ) | (610 | ) | (883 | ) | (16 | ) | (16 | ) | |||||||
Canada | - | (109 | ) | 47 | 9 | (53 | ) | (18 | ) | (18 | ) | |||||||||
Europe | - | - | - | (144 | ) | (144 | ) | 551 | 551 | |||||||||||
Asia Pacific and Middle East | (28 | ) | - | 30 | - | 2 | (1 | ) | (1 | ) | ||||||||||
Other International | - | 154 | - | - | 154 | - | - | |||||||||||||
Corporate and Other | - | - | 89 | - | 89 | (21 | ) | (21 | ) | |||||||||||
Discontinued Operations | 20 | 33 | 1,078 | - | 1,131 | - | - | |||||||||||||
Consolidated | (130 | ) | 78 | 1,093 | (781 | ) | 260 | 494 | 494 | |||||||||||
ADJUSTED EARNINGS | ||||||||||||||||||||
Alaska | 598 | 627 | 473 | 379 | 2,077 | 146 | 146 | |||||||||||||
Lower 48 | 446 | 265 | 183 | (33 | ) | 861 | (389 | ) | (389 | ) | ||||||||||
Canada | 356 | 291 | 260 | 86 | 993 | (140 | ) | (140 | ) | |||||||||||
Europe | 347 | 259 | 213 | 129 | 948 | 86 | 86 | |||||||||||||
Asia Pacific and Middle East | 770 | 845 | 719 | 603 | 2,937 | 396 | 396 | |||||||||||||
Other International | (29 | ) | (33 | ) | (18 | ) | (164 | ) | (244 | ) | (93 | ) | (93 | ) | ||||||
Corporate and Other | (235 | ) | (251 | ) | (219 | ) | (258 | ) | (963 | ) | (228 | ) | (228 | ) | ||||||
Consolidated | 2,253 | 2,003 | 1,611 | 742 | 6,609 | (222 | ) | (222 | ) | |||||||||||
ADJUSTED EFFECTIVE INCOME TAX RATES FOR | ||||||||||||||||||||
CONTINUING OPERATIONS | ||||||||||||||||||||
Alaska | 35.6 | % | 35.6 | % | 34.4 | % | 31.5 | % | 34.6 | % | 35.2 | % | 35.2 | % | ||||||
Lower 48 | 37.0 | % | 38.7 | % | 42.7 | % | 68.1 | % | 36.5 | % | 36.5 | % | 36.5 | % | ||||||
Canada | 23.7 | % | 24.3 | % | 23.5 | % | 26.5 | % | 24.1 | % | 28.0 | % | 28.0 | % | ||||||
Europe | 66.7 | % | 66.8 | % | 66.4 | % | 61.1 | % | 66.0 | % | 58.3 | % | 58.3 | % | ||||||
Asia Pacific and Middle East | 30.1 | % | 30.1 | % | 27.1 | % | 24.4 | % | 28.3 | % | 28.6 | % | 28.6 | % | ||||||
Other International | 57.2 | % | 39.3 | % | 296.5 | % | -24.6 | % | -0.1 | % | 41.8 | % | 41.8 | % | ||||||
Corporate and Other | 16.4 | % | 16.3 | % | 30.8 | % | 21.5 | % | 21.5 | % | 21.9 | % | 21.9 | % | ||||||
Consolidated | 42.1 | % | 41.5 | % | 40.0 | % | 39.7 | % | 41.2 | % | 17.8 | % | 17.8 | % | ||||||
The income tax effects of the special items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides. |
2 of 8
| 2014 |
| 2015 | ||||||||||||||||
$ Millions | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
DETAILED SPECIAL ITEMS (AFTER-TAX) | |||||||||||||||||||
Alaska | |||||||||||||||||||
Impairments | - | - | - | (36 | ) | (36 | ) | - | - | ||||||||||
Restructuring | - | - | - | - | - | (1 | ) | (1 | ) | ||||||||||
Total | - | - | - | (36 | ) | (36 | ) | (1 | ) | (1 | ) | ||||||||
Lower 48 | |||||||||||||||||||
Restructuring | - | - | - | - | - | (16 | ) | (16 | ) | ||||||||||
Loss on capacity agreements | (83 | ) | - | - | - | (83 | ) | - | - | ||||||||||
Impairments | - | - | (151 | ) | (124 | ) | (275 | ) | - | - | |||||||||
Pending claims and settlements | (39 | ) | - | - | - | (39 | ) | - | - | ||||||||||
Freeport LNG termination agreement | - | - | - | (545 | ) | (545 | ) | - | - | ||||||||||
Deferred tax adjustment | - | - | - | 59 | 59 | - | - | ||||||||||||
Total | (122 | ) | - | (151 | ) | (610 | ) | (883 | ) | (16 | ) | (16 | ) | ||||||
Canada | |||||||||||||||||||
Gain (loss) on asset sales | - | - | - | 38 | 38 | - | - | ||||||||||||
Pendindg claims and settlements | - | - | 47 | - | 47 | - | - | ||||||||||||
Impairments | - | (109 | ) | - | (29 | ) | (138 | ) | - | - | |||||||||
Restructuring | - | - | - | - | - | (18 | ) | (18 | ) | ||||||||||
Total | - | (109 | ) | 47 | 9 | (53 | ) | (18 | ) | (18 | ) | ||||||||
Europe | |||||||||||||||||||
Restructuring | - | - | - | - | - | (4 | ) | (4 | ) | ||||||||||
International tax law changes | - | - | - | - | - | 555 | 555 | ||||||||||||
Impairments | - | - | - | (192 | ) | (192 | ) | - | - | ||||||||||
Pending claims and settlements | - | - | - | 48 | 48 | - | - | ||||||||||||
Total | - | - | - | (144 | ) | (144 | ) | 551 | 551 | ||||||||||
Asia Pacific and Middle East | |||||||||||||||||||
Qatar depreciation adjustment | (28 | ) | - | - | - | (28 | ) | - | - | ||||||||||
Pending claims and settlements | - | - | 30 | - | 30 | - | - | ||||||||||||
Restructuring | - | - | - | - | - | (1 | ) | (1 | ) | ||||||||||
Total | (28 | ) | - | 30 | - | 2 | (1 | ) | (1 | ) | |||||||||
Other International | |||||||||||||||||||
Pending claims and settlements | - | 154 | - | - | 154 | - | - | ||||||||||||
Total | - | 154 | - | - | 154 | - | - | ||||||||||||
Corporate and Other | |||||||||||||||||||
Restructuring | - | - | - | - | - | (21 | ) | (21 | ) | ||||||||||
Tax benefit on interest expense | - | - | 61 | - | 61 | - | - | ||||||||||||
Pending claims and settlements | - | - | 28 | - | 28 | - | - | ||||||||||||
Total | - | - | 89 | - | 89 | (21 | ) | (21 | ) | ||||||||||
Discontinued Operations | 20 | 33 | 1,078 | - | 1,131 | - | - | ||||||||||||
Total Company | (130 | ) | 78 | 1,093 | (781 | ) | 260 | 494 | 494 |
3 of 8
| 2014 |
| 2015 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
$ Millions | |||||||||||||||||||
CASH FLOW INFORMATION | |||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||
Net income (loss) | 2,137 | 2,098 | 2,727 | (24 | ) | 6,938 | 286 | 286 | |||||||||||
Depreciation, depletion and amortization | 1,892 | 2,070 | 2,096 | 2,271 | 8,329 | 2,131 | 2,131 | ||||||||||||
Impairments | 1 | 17 | 108 | 730 | 856 | 16 | 16 | ||||||||||||
Dry hole costs and leasehold impairments | 69 | 334 | 265 | 498 | 1,166 | 311 | 311 | ||||||||||||
Accretion on discounted liabilities | 117 | 120 | 120 | 127 | 484 | 121 | 121 | ||||||||||||
Deferred taxes | 230 | 403 | 391 | (315 | ) | 709 | (637 | ) | (637 | ) | |||||||||
Undistributed equity earnings | 1,131 | (450 | ) | (347 | ) | (257 | ) | 77 | 80 | 80 | |||||||||
Gain on dispositions | (9 | ) | (7 | ) | (4 | ) | (78 | ) | (98 | ) | (52 | ) | (52 | ) | |||||
Income from discontinued operations | (20 | ) | (33 | ) | (1,078 | ) | - | (1,131 | ) | - | - | ||||||||
Other | 116 | (308 | ) | (344 | ) | 303 | (233 | ) | (133 | ) | (133 | ) | |||||||
Net working capital changes | 614 | (681 | ) | 220 | (658 | ) | (505 | ) | (253 | ) | (253 | ) | |||||||
Net cash provided by continuing operations | 6,278 | 3,563 | 4,154 | 2,597 | 16,592 | 1,870 | 1,870 | ||||||||||||
Net cash provided by discontinued operations | 58 | 59 | 26 | - | 143 | - | - | ||||||||||||
Net Cash Provided by Operating Activities | 6,336 | 3,622 | 4,180 | 2,597 | 16,735 | 1,870 | 1,870 | ||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Capital expenditures and investments | (3,895 | ) | (4,246 | ) | (4,588 | ) | (4,356 | ) | (17,085 | ) | (3,332 | ) | (3,332 | ) | |||||
Proceeds from asset dispositions | 48 | 15 | 1,371 | 169 | 1,603 | 173 | 173 | ||||||||||||
Net sales (purchases) of short-term investments | 63 | (71 | ) | (101 | ) | 362 | 253 | - | - | ||||||||||
Long-term collections from related parties | |||||||||||||||||||
and other investments | 108 | 65 | (484 | ) | 468 | 157 | 43 | 43 | |||||||||||
Net cash used in continuing operations | (3,676 | ) | (4,237 | ) | (3,802 | ) | (3,357 | ) | (15,072 | ) | (3,116 | ) | (3,116 | ) | |||||
Net cash used in discontinued operations | (22 | ) | (28 | ) | (9 | ) | - | (59 | ) | - | - | ||||||||
Net Cash Used in Investing Activities | (3,698 | ) | (4,265 | ) | (3,811 | ) | (3,357 | ) | (15,131 | ) | (3,116 | ) | (3,116 | ) | |||||
Cash Flows from Financing Activities | |||||||||||||||||||
Net issuance (repayment) of debt | (450 | ) | - | (55 | ) | 1,485 | 980 | (57 | ) | (57 | ) | ||||||||
Issuance of company common stock | (32 | ) | 78 | (19 | ) | 8 | 35 | (34 | ) | (34 | ) | ||||||||
Dividends paid | (855 | ) | (856 | ) | (907 | ) | (907 | ) | (3,525 | ) | (910 | ) | (910 | ) | |||||
Other | (17 | ) | (11 | ) | 8 | (44 | ) | (64 | ) | (18 | ) | (18 | ) | ||||||
Net cash provided by (used in) continuing operations | (1,354 | ) | (789 | ) | (973 | ) | 542 | (2,574 | ) | (1,019 | ) | (1,019 | ) | ||||||
Net cash provided by (used in) discontinued operations | - | - | - | - | - | - | - | ||||||||||||
Net Cash Provided by (Used in) Financing Activities | (1,354 | ) | (789 | ) | (973 | ) | 542 | (2,574 | ) | (1,019 | ) | (1,019 | ) | ||||||
Effect of Exchange Rate Changes | (10 | ) | 54 | (130 | ) | (128 | ) | (214 | ) | (133 | ) | (133 | ) | ||||||
Net Change in Cash and Cash Equivalents | 1,274 | (1,378 | ) | (734 | ) | (346 | ) | (1,184 | ) | (2,398 | ) | (2,398 | ) | ||||||
Cash and cash equivalents at beginning of period | 6,246 | 7,520 | 6,142 | 5,408 | 6,246 | 5,062 | 5,062 | ||||||||||||
Cash and Cash Equivalents at End of Period | 7,520 | 6,142 | 5,408 | 5,062 | 5,062 | 2,664 | 2,664 | ||||||||||||
CAPITAL EXPENDITURES AND INVESTMENTS | |||||||||||||||||||
Alaska | 415 | 390 | 369 | 390 | 1,564 | 402 | 402 | ||||||||||||
Lower 48 | 1,312 | 1,385 | 1,656 | 1,701 | 6,054 | 1,372 | 1,372 | ||||||||||||
Canada | 622 | 515 | 613 | 590 | 2,340 | 455 | 455 | ||||||||||||
Europe | 596 | 656 | 660 | 609 | 2,521 | 500 | 500 | ||||||||||||
Asia Pacific and Middle East | 848 | 1,094 | 1,077 | 858 | 3,877 | 488 | 488 | ||||||||||||
Other International | 67 | 172 | 164 | 136 | 539 | 83 | 83 | ||||||||||||
Corporate and Other | 35 | 34 | 49 | 72 | 190 | 32 | 32 | ||||||||||||
Total capital expenditures and investments | 3,895 | 4,246 | 4,588 | 4,356 | 17,085 | 3,332 | 3,332 | ||||||||||||
Capital expenditures and investments for Nigeria: | 22 | 28 | 9 | - | 59 | - | - |
4 of 8
| 2014 |
| 2015 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||
TOTAL SEGMENTS | |||||||||||||
Production | |||||||||||||
Total (MBOED) | |||||||||||||
Continuing operations, including equity affiliates | 1,532 | 1,557 | 1,481 | 1,589 | 1,540 | 1,610 | 1,610 | ||||||
Discontinued operations (Nigeria) | 36 | 37 | 14 | - | 21 | - | - | ||||||
Total, including equity affiliates | 1,568 | 1,594 | 1,495 | 1,589 | 1,561 | 1,610 | 1,610 | ||||||
Crude Oil (MBD) | |||||||||||||
Consolidated operations | 581 | 576 | 542 | 605 | 576 | 603 | 603 | ||||||
Equity affiliates | 18 | 20 | 19 | 18 | 19 | 19 | 19 | ||||||
Total continuing operations | 599 | 596 | 561 | 623 | 595 | 622 | 622 | ||||||
Discontinued operations (Nigeria) | 8 | 9 | 4 | - | 5 | - | - | ||||||
Total | 607 | 605 | 565 | 623 | 600 | 622 | 622 | ||||||
Over (under) lifting of crude oil (MBD)* | (16 | ) | 4 | 15 | 6 | 2 | 17 | 17 | |||||
*Includes continuing and discontinued operations. | |||||||||||||
NGL (MBD) | |||||||||||||
Consolidated operations | 152 | 159 | 149 | 145 | 151 | 148 | 148 | ||||||
Equity affiliates | 7 | 8 | 8 | 7 | 8 | 7 | 7 | ||||||
Total continuing operations | 159 | 167 | 157 | 152 | 159 | 155 | 155 | ||||||
Discontinued operations (Nigeria) | 3 | 3 | 1 | - | 1 | - | - | ||||||
Total | 162 | 170 | 158 | 152 | 160 | 155 | 155 | ||||||
Bitumen (MBD) | |||||||||||||
Consolidated operations | 13 | 14 | 9 | 13 | 12 | 12 | 12 | ||||||
Equity affiliates | 111 | 114 | 115 | 128 | 117 | 144 | 144 | ||||||
Total | 124 | 128 | 124 | 141 | 129 | 156 | 156 | ||||||
Natural Gas (MMCFD) | |||||||||||||
Consolidated operations | 3,432 | 3,482 | 3,315 | 3,524 | 3,438 | 3,498 | 3,498 | ||||||
Equity affiliates | 469 | 516 | 518 | 516 | 505 | 561 | 561 | ||||||
Total continuing operations | 3,901 | 3,998 | 3,833 | 4,040 | 3,943 | 4,059 | 4,059 | ||||||
Discontinued operations (Nigeria) | 149 | 151 | 54 | - | 88 | - | - | ||||||
Total | 4,050 | 4,149 | 3,887 | 4,040 | 4,031 | 4,059 | 4,059 | ||||||
Industry Prices | |||||||||||||
Crude Oil ($/BBL) | |||||||||||||
WTI | 98.75 | 103.05 | 97.48 | 73.41 | 93.17 | 48.56 | 48.56 | ||||||
WCS | 75.55 | 82.94 | 76.99 | 58.90 | 73.60 | 33.86 | 33.86 | ||||||
Brent dated | 108.22 | 109.63 | 101.85 | 76.27 | 98.99 | 53.97 | 53.97 | ||||||
JCC ($/BBL) | 112.78 | 111.40 | 109.59 | 110.37 | 111.04 | 89.63 | 89.63 | ||||||
Natural Gas ($/MMBTU) | |||||||||||||
Henry Hub first of month | 4.94 | 4.68 | 4.07 | 4.04 | 4.43 | 2.99 | 2.99 | ||||||
Average Realized Prices | |||||||||||||
Crude Oil ($/BBL) | |||||||||||||
Consolidated operations | 101.71 | 103.48 | 96.65 | 71.34 | 92.84 | 48.02 | 48.02 | ||||||
Equity affiliates | 97.82 | 100.80 | 96.03 | 70.40 | 91.48 | 49.14 | 49.14 | ||||||
Total continuing operations | 101.59 | 103.39 | 96.63 | 71.31 | 92.80 | 48.05 | 48.05 | ||||||
Discontinued operations (Nigeria) | 108.81 | 113.07 | 107.74 | - | 110.61 | - | - | ||||||
Total | 101.69 | 103.53 | 96.67 | 71.31 | 92.94 | 48.05 | 48.05 | ||||||
NGL ($/BBL) | |||||||||||||
Consolidated operations | 44.86 | 38.71 | 36.26 | 29.75 | 37.45 | 18.54 | 18.54 | ||||||
Equity affiliates | 79.91 | 68.84 | 67.13 | 54.09 | 67.20 | 38.80 | 38.80 | ||||||
Total continuing operations | 46.52 | 40.36 | 37.83 | 31.07 | 38.99 | 19.60 | 19.60 | ||||||
Discontinued operations (Nigeria) | 12.99 | 14.55 | 11.49 | - | 13.41 | - | - | ||||||
Total | 45.85 | 39.93 | 37.66 | 31.07 | 38.71 | 19.60 | 19.60 | ||||||
Bitumen ($/BBL) | |||||||||||||
Consolidated operations | 61.69 | 68.00 | 64.95 | 46.57 | 60.03 | 24.31 | 24.31 | ||||||
Equity affiliates | 55.85 | 65.55 | 62.30 | 36.85 | 54.62 | 16.60 | 16.60 | ||||||
Total | 56.47 | 65.82 | 62.49 | 37.76 | 55.13 | 17.22 | 17.22 | ||||||
Natural Gas ($/MCF) | |||||||||||||
Consolidated operations | 7.15 | 6.29 | 5.46 | 5.51 | 6.10 | 4.28 | 4.28 | ||||||
Equity affiliates | 10.43 | 10.46 | 9.11 | 9.24 | 9.79 | 7.48 | 7.48 | ||||||
Total continuing operations | 7.55 | 6.82 | 5.96 | 5.98 | 6.57 | 4.72 | 4.72 | ||||||
Discontinued operations (Nigeria) | 2.69 | 2.46 | 2.26 | - | 2.53 | - | - | ||||||
Total | 7.37 | 6.66 | 5.91 | 5.98 | 6.48 | 4.72 | 4.72 | ||||||
Exploration Expenses ($ Millions) | |||||||||||||
Dry holes | 23 | 145 | 86 | 350 | 604 | 271 | 271 | ||||||
Leasehold impairment | 46 | 189 | 179 | 148 | 562 | 40 | 40 | ||||||
Total noncash expenses | 69 | 334 | 265 | 498 | 1,166 | 311 | 311 | ||||||
Other (G&A, G&G and lease rentals) | 227 | 183 | 194 | 275 | 879 | 171 | 171 | ||||||
Total exploration expenses | 296 | 517 | 459 | 773 | 2,045 | 482 | 482 | ||||||
U.S. exploration expenses | 150 | 242 | 340 | 370 | 1,102 | 127 | 127 | ||||||
International exploration expenses | 146 | 275 | 119 | 403 | 943 | 355 | 355 | ||||||
DD&A ($ Millions) | |||||||||||||
Alaska | 132 | 135 | 123 | 135 | 525 | 140 | 140 | ||||||
Lower 48 | 829 | 939 | 982 | 953 | 3,703 | 952 | 952 | ||||||
Canada | 232 | 238 | 236 | 218 | 924 | 199 | 199 | ||||||
Europe | 404 | 421 | 427 | 546 | 1,798 | 417 | 417 | ||||||
Asia Pacific and Middle East | 268 | 310 | 300 | 390 | 1,268 | 399 | 399 | ||||||
Other International | 1 | - | 2 | 4 | 7 | - | - | ||||||
Corporate and Other | 26 | 27 | 26 | 25 | 104 | 24 | 24 | ||||||
Total DD&A | 1,892 | 2,070 | 2,096 | 2,271 | 8,329 | 2,131 | 2,131 |
5 of 8
| 2014 |
| 2015 | |||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||
PRODUCTION | ||||||||||||
Crude Oil (MBD) | ||||||||||||
Alaska | 175 | 170 | 139 | 164 | 162 | 163 | 163 | |||||
Lower 48 | 171 | 191 | 191 | 199 | 188 | 198 | 198 | |||||
Canada | 13 | 12 | 13 | 13 | 13 | 14 | 14 | |||||
Norway | 96 | 89 | 89 | 91 | 91 | 88 | 88 | |||||
United Kingdom | 39 | 37 | 30 | 33 | 35 | 32 | 32 | |||||
Europe | 135 | 126 | 119 | 124 | 126 | 120 | 120 | |||||
Australia/Timor-Leste | 12 | 9 | 8 | 10 | 9 | 9 | 9 | |||||
China | 58 | 50 | 46 | 46 | 50 | 53 | 53 | |||||
Indonesia | 10 | 7 | 7 | 5 | 7 | 9 | 9 | |||||
Malaysia | 6 | 10 | 11 | 23 | 13 | 37 | 37 | |||||
Equity affiliates | 14 | 16 | 15 | 14 | 15 | 15 | 15 | |||||
AP/ME | 100 | 92 | 87 | 98 | 94 | 123 | 123 | |||||
Libya | 1 | 1 | 8 | 21 | 8 | - | - | |||||
Equity affiliates | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |||||
Other International | 5 | 5 | 12 | 25 | 12 | 4 | 4 | |||||
Total continuing operations | 599 | 596 | 561 | 623 | 595 | 622 | 622 | |||||
Discontinued operations (Nigeria) | 8 | 9 | 4 | - | 5 | - | - | |||||
Total | 607 | 605 | 565 | 623 | 600 | 622 | 622 | |||||
NGL (MBD) | ||||||||||||
Alaska | 16 | 16 | 8 | 14 | 13 | 14 | 14 | |||||
Lower 48 | 91 | 100 | 104 | 90 | 97 | 93 | 93 | |||||
Canada | 25 | 25 | 21 | 22 | 23 | 25 | 25 | |||||
Norway | 2 | 2 | 3 | 3 | 3 | 3 | 3 | |||||
United Kingdom | 5 | 5 | 5 | 6 | 5 | 4 | 4 | |||||
Europe | 7 | 7 | 8 | 9 | 8 | 7 | 7 | |||||
Australia/Timor-Leste | 8 | 6 | 5 | 6 | 6 | 6 | 6 | |||||
Indonesia | 5 | 5 | 3 | 4 | 4 | 3 | 3 | |||||
Equity affiliates | 7 | 8 | 8 | 7 | 8 | 7 | 7 | |||||
AP/ME | 20 | 19 | 16 | 17 | 18 | 16 | 16 | |||||
Total continuing operations | 159 | 167 | 157 | 152 | 159 | 155 | 155 | |||||
Discontinued operations (Nigeria) | 3 | 3 | 1 | - | 1 | - | - | |||||
Total | 162 | 170 | 158 | 152 | 160 | 155 | 155 | |||||
Bitumen (MBD) | ||||||||||||
Consolidated operations | 13 | 14 | 9 | 13 | 12 | 12 | 12 | |||||
Equity affiliates | 111 | 114 | 115 | 128 | 117 | 144 | 144 | |||||
Total | 124 | 128 | 124 | 141 | 129 | 156 | 156 | |||||
Natural Gas (MMCFD) | ||||||||||||
Alaska | 55 | 45 | 48 | 49 | 49 | 52 | 52 | |||||
Lower 48 | 1,468 | 1,495 | 1,485 | 1,514 | 1,491 | 1,505 | 1,505 | |||||
Canada | 707 | 713 | 707 | 719 | 711 | 736 | 736 | |||||
Norway | 157 | 135 | 106 | 156 | 138 | 163 | 163 | |||||
United Kingdom | 315 | 345 | 298 | 334 | 323 | 331 | 331 | |||||
Europe | 472 | 480 | 404 | 490 | 461 | 494 | 494 | |||||
Australia/Timor-Leste | 263 | 277 | 200 | 279 | 255 | 276 | 276 | |||||
China | 3 | 3 | 4 | 4 | 4 | 3 | 3 | |||||
Indonesia | 457 | 463 | 464 | 461 | 461 | 430 | 430 | |||||
Malaysia | 3 | 5 | 2 | 3 | 3 | 2 | 2 | |||||
Equity affiliates | 469 | 516 | 518 | 516 | 505 | 561 | 561 | |||||
AP/ME | 1,195 | 1,264 | 1,188 | 1,263 | 1,228 | 1,272 | 1,272 | |||||
Libya | 4 | 1 | 1 | 5 | 3 | - | - | |||||
Other International | 4 | 1 | 1 | 5 | 3 | - | - | |||||
Total continuing operations | 3,901 | 3,998 | 3,833 | 4,040 | 3,943 | 4,059 | 4,059 | |||||
Discontinued operations (Nigeria) | 149 | 151 | 54 | - | 88 | - | - | |||||
Total | 4,050 | 4,149 | 3,887 | 4,040 | 4,031 | 4,059 | 4,059 | |||||
Total (MBOED) | ||||||||||||
Alaska | 200 | 193 | 155 | 186 | 183 | 186 | 186 | |||||
Lower 48 | 507 | 540 | 543 | 541 | 533 | 542 | 542 | |||||
Consolidated operations | 169 | 170 | 161 | 168 | 167 | 174 | 174 | |||||
Equity affiliates | 111 | 114 | 115 | 128 | 117 | 144 | 144 | |||||
Canada | 280 | 284 | 276 | 296 | 284 | 318 | 318 | |||||
Norway | 124 | 114 | 110 | 120 | 117 | 118 | 118 | |||||
United Kingdom | 96 | 99 | 84 | 95 | 94 | 91 | 91 | |||||
Europe | 220 | 213 | 194 | 215 | 211 | 209 | 209 | |||||
Australia/Timor-Leste | 64 | 61 | 46 | 62 | 57 | 61 | 61 | |||||
China | 59 | 51 | 47 | 46 | 51 | 54 | 54 | |||||
Indonesia | 91 | 89 | 87 | 86 | 88 | 84 | 84 | |||||
Malaysia | 6 | 11 | 11 | 24 | 14 | 37 | 37 | |||||
Equity affiliates | 99 | 110 | 110 | 107 | 107 | 115 | 115 | |||||
AP/ME | 319 | 322 | 301 | 325 | 317 | 351 | 351 | |||||
Libya | 2 | 1 | 8 | 22 | 8 | - | - | |||||
Equity affiliates | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |||||
Other International | 6 | 5 | 12 | 26 | 12 | 4 | 4 | |||||
Total continuing operations | 1,532 | 1,557 | 1,481 | 1,589 | 1,540 | 1,610 | 1,610 | |||||
Discontinued operations (Nigeria) | 36 | 37 | 14 | - | 21 | - | - | |||||
Total | 1,568 | 1,594 | 1,495 | 1,589 | 1,561 | 1,610 | 1,610 |
6 of 8
| 2014 |
| 2015 | |||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||
AVERAGE REALIZED PRICES | ||||||||||||
Crude Oil ($/BBL) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 106.39 | 108.93 | 102.36 | 74.07 | 97.68 | 50.74 | 50.74 | |||||
Lower 48 | 91.52 | 93.73 | 87.91 | 65.34 | 84.18 | 40.77 | 40.77 | |||||
Canada | 80.32 | 86.33 | 82.48 | 62.89 | 77.87 | 37.12 | 37.12 | |||||
Norway | 109.69 | 111.97 | 103.53 | 73.91 | 98.37 | 55.72 | 55.72 | |||||
United Kingdom | 107.37 | 110.01 | 102.22 | 85.38 | 103.07 | 52.24 | 52.24 | |||||
Europe | 109.05 | 111.38 | 103.17 | 75.76 | 99.56 | 54.30 | 54.30 | |||||
Australia/Timor-Leste | 106.36 | 105.31 | 101.26 | 75.57 | 98.70 | 50.58 | 50.58 | |||||
China | 105.62 | 106.18 | 97.73 | 71.34 | 95.94 | 48.99 | 48.99 | |||||
Indonesia | 92.82 | 94.82 | 84.28 | 53.74 | 84.28 | 43.64 | 43.64 | |||||
Malaysia | 115.35 | 114.51 | 109.62 | 76.87 | 96.94 | 56.33 | 56.33 | |||||
AP/ME | 104.92 | 105.65 | 99.07 | 71.94 | 95.32 | 51.20 | 51.20 | |||||
Libya | - | 107.33 | 95.22 | 83.52 | 86.71 | - | - | |||||
Other International | - | 107.33 | 95.22 | 83.52 | 86.71 | - | - | |||||
Total consolidated operations | 101.71 | 103.48 | 96.65 | 71.34 | 92.84 | 48.02 | 48.02 | |||||
Equity affiliates | 97.82 | 100.80 | 96.03 | 70.40 | 91.48 | 49.14 | 49.14 | |||||
Total continuing operations | 101.59 | 103.39 | 96.63 | 71.31 | 92.80 | 48.05 | 48.05 | |||||
Discontinued operations (Nigeria) | 108.81 | 113.07 | 107.74 | - | 110.61 | - | - | |||||
Total | 101.69 | 103.53 | 96.67 | 71.31 | 92.94 | 48.05 | 48.05 | |||||
NGL ($/BBL) | ||||||||||||
Consolidated operations | ||||||||||||
Lower 48 | 36.06 | 31.28 | 30.67 | 24.93 | 30.74 | 15.55 | 15.55 | |||||
Canada | 56.13 | 46.56 | 45.29 | 35.72 | 46.23 | 18.28 | 18.28 | |||||
Norway | 52.95 | 52.18 | 45.14 | 37.40 | 47.74 | 30.43 | 30.43 | |||||
United Kingdom | 64.99 | 59.48 | 58.21 | 40.05 | 54.74 | 29.69 | 29.69 | |||||
Europe | 60.48 | 57.32 | 54.47 | 39.42 | 52.65 | 29.90 | 29.90 | |||||
Australia/Timor-Leste | 78.51 | 72.80 | 71.18 | 51.27 | 69.56 | 41.63 | 41.63 | |||||
Indonesia | 82.11 | 69.07 | 67.57 | 56.31 | 69.06 | 39.31 | 39.31 | |||||
AP/ME | 80.07 | 71.52 | 69.69 | 53.66 | 69.36 | 40.90 | 40.90 | |||||
Total consolidated operations | 44.86 | 38.71 | 36.26 | 29.75 | 37.45 | 18.54 | 18.54 | |||||
Equity affiliates | 79.91 | 68.84 | 67.13 | 54.09 | 67.20 | 38.80 | 38.80 | |||||
Total continuing operations | 46.52 | 40.36 | 37.83 | 31.07 | 38.99 | 19.60 | 19.60 | |||||
Discontinued operations (Nigeria) | 12.99 | 14.55 | 11.49 | - | 13.41 | - | - | |||||
Total | 45.85 | 39.93 | 37.66 | 31.07 | 38.71 | 19.60 | 19.60 | |||||
Bitumen ($/BBL) | ||||||||||||
Consolidated operations | 61.69 | 68.00 | 64.95 | 46.57 | 60.03 | 24.31 | 24.31 | |||||
Equity affiliates | 55.85 | 65.55 | 62.30 | 36.85 | 54.62 | 16.60 | 16.60 | |||||
Total | 56.47 | 65.82 | 62.49 | 37.76 | 55.13 | 17.22 | 17.22 | |||||
Natural Gas ($/MCF) | ||||||||||||
Consolidated operations | ||||||||||||
Alaska | 5.22 | 6.03 | 5.47 | 5.01 | 5.42 | 4.29 | 4.29 | |||||
Lower 48 | 5.08 | 4.43 | 3.96 | 3.73 | 4.29 | 2.60 | 2.60 | |||||
Canada | 5.81 | 4.13 | 3.50 | 3.12 | 4.13 | 2.21 | 2.21 | |||||
Norway | 11.16 | 9.19 | 7.81 | 8.66 | 9.35 | 7.67 | 7.67 | |||||
United Kingdom | 10.83 | 8.92 | 7.88 | 9.42 | 9.27 | 8.65 | 8.65 | |||||
Europe | 10.94 | 8.99 | 7.86 | 9.22 | 9.29 | 8.33 | 8.33 | |||||
Australia/Timor-Leste* | 1.09 | 1.11 | 1.08 | 1.09 | 1.09 | 1.05 | 1.05 | |||||
China | 1.66 | 2.49 | 2.52 | 2.54 | 2.33 | 2.49 | 2.49 | |||||
Indonesia | 10.24 | 10.21 | 10.18 | 8.16 | 9.69 | 6.50 | 6.50 | |||||
Malaysia | - | - | - | - | - | 1.21 | 1.21 | |||||
AP/ME | 10.32 | 10.32 | 9.39 | 9.17 | 9.80 | 7.23 | 7.23 | |||||
Libya | 6.65 | - | - | 0.09 | 3.40 | - | - | |||||
Other International | 6.65 | - | - | 0.09 | 3.40 | - | - | |||||
Total consolidated operations | 7.15 | 6.29 | 5.46 | 5.51 | 6.10 | 4.28 | 4.28 | |||||
Equity affiliates | 10.43 | 10.46 | 9.11 | 9.24 | 9.79 | 7.48 | 7.48 | |||||
Total continuing operations | 7.55 | 6.82 | 5.96 | 5.98 | 6.57 | 4.72 | 4.72 | |||||
Discontinued operations (Nigeria) | 2.69 | 2.46 | 2.26 | - | 2.53 | - | - | |||||
Total | 7.37 | 6.66 | 5.91 | 5.98 | 6.48 | 4.72 | 4.72 | |||||
*Excludes transfers to Darwin LNG plant. |
7 of 8
| 2014 |
| 2015 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
CORPORATE AND OTHER | |||||||||||||||||||
Corporate and Other Earnings (Loss) ($ Millions) | (235 | ) | (251 | ) | (130 | ) | (258 | ) | (874 | ) | (249 | ) | (249 | ) | |||||
Detail of Earnings (Loss) ($ Millions) | |||||||||||||||||||
Net interest expense* | (163 | ) | (158 | ) | (36 | ) | (145 | ) | (502 | ) | (155 | ) | (155 | ) | |||||
Corporate G&A expenses | (31 | ) | (51 | ) | (51 | ) | (61 | ) | (194 | ) | (21 | ) | (21 | ) | |||||
Technology** | (28 | ) | (20 | ) | (26 | ) | (19 | ) | (93 | ) | (16 | ) | (16 | ) | |||||
Other | (13 | ) | (22 | ) | (17 | ) | (33 | ) | (85 | ) | (57 | ) | (57 | ) | |||||
Total | (235 | ) | (251 | ) | (130 | ) | (258 | ) | (874 | ) | (249 | ) | (249 | ) | |||||
*Third-quarter 2014 includes a $61 million tax benefit on interest expense from 2013, as shown on page 3, as well as a $32 million tax benefit related to 2014. | |||||||||||||||||||
**Includes investment in new technologies or businesses outside of our normal scope of operations and is net of licensing revenues. | |||||||||||||||||||
Before-Tax Net Interest Expense ($ Millions) | |||||||||||||||||||
Interest expense | (291 | ) | (276 | ) | (280 | ) | (289 | ) | (1,136 | ) | (296 | ) | (296 | ) | |||||
Capitalized interest | 120 | 121 | 131 | 116 | 488 | 94 | 94 | ||||||||||||
Interest revenue | 9 | 10 | 10 | 11 | 40 | 12 | 12 | ||||||||||||
Total | (162 | ) | (145 | ) | (139 | ) | (162 | ) | (608 | ) | (190 | ) | (190 | ) | |||||
Debt | |||||||||||||||||||
Total debt ($ Millions) | 21,206 | 21,234 | 21,187 | 22,565 | 22,565 | 22,511 | 22,511 | ||||||||||||
Debt-to-capital ratio (%) | 28 | % | 28 | % | 28 | % | 30 | % | 30 | % | 31 | % | 31 | % | |||||
Equity ($ Millions) | 53,621 | 55,686 | 55,661 | 52,273 | 52,273 | 49,008 | 49,008 |
REFERENCE | ||
Commonly Used Abbreviations | ||
Earnings | Net Income (Loss) Attributable to ConocoPhillips | |
DD&A | Depreciation, Depletion and Amortization | |
G&G | Geological and Geophysical | |
G&A | General and Administrative | |
JCC | Japan Crude Cocktail | |
LNG | Liquefied Natural Gas | |
NGL | Natural Gas Liquids | |
WCS | Western Canada Select | |
WTI | West Texas Intermediate | |
Units of Measure | ||
BBL | Barrels | |
MMBBL | Millions of Barrels | |
MBD | Thousands of Barrels per Day | |
MBOED | Thousands of Barrels of Oil Equivalent per Day | |
MCF | Thousands of Cubic Feet | |
MMBTU | Millions of British Thermal Units | |
MMCFD | Millions of Cubic Feet per Day |
8 of 8