Exhibit 99.2
Third-Quarter 2019 Detailed Supplemental Information | ||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 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 | 8,798 | 8,504 | 9,449 | 9,666 | 36,417 | 9,150 | 7,953 | 7,756 | 24,859 | |||||||||||
Equity in earnings of affiliates | 208 | 265 | 294 | 307 | 1,074 | 188 | 173 | 290 | 651 | |||||||||||
Gain on dispositions | 7 | 55 | 113 | 888 | 1,063 | 17 | 82 | 1,785 | 1,884 | |||||||||||
Other income (loss) | (52 | ) | 416 | 309 | (500 | ) | 173 | 702 | 172 | 262 | 1,136 | |||||||||
Total Revenues and Other Income | 8,961 | 9,240 | 10,165 | 10,361 | 38,727 | 10,057 | 8,380 | 10,093 | 28,530 | |||||||||||
Costs and Expenses | ||||||||||||||||||||
Purchased commodities | 3,714 | 3,064 | 3,530 | 3,986 | 14,294 | 3,675 | 2,674 | 2,710 | 9,059 | |||||||||||
Production and operating expenses | 1,171 | 1,313 | 1,367 | 1,362 | 5,213 | 1,271 | 1,418 | 1,331 | 4,020 | |||||||||||
Selling, general and administrative expenses | 99 | 118 | 119 | 65 | 401 | 153 | 129 | 87 | 369 | |||||||||||
Exploration expenses | 95 | 69 | 103 | 102 | 369 | 110 | 122 | 360 | 592 | |||||||||||
Depreciation, depletion and amortization | 1,412 | 1,438 | 1,494 | 1,612 | 5,956 | 1,546 | 1,490 | 1,566 | 4,602 | |||||||||||
Impairments | 12 | (35 | ) | 44 | 6 | 27 | 1 | 1 | 24 | 26 | ||||||||||
Taxes other than income taxes | 183 | 273 | 312 | 280 | 1,048 | 275 | 194 | 237 | 706 | |||||||||||
Accretion on discounted liabilities | 88 | 89 | 89 | 87 | 353 | 86 | 87 | 86 | 259 | |||||||||||
Interest and debt expense | 184 | 177 | 186 | 188 | 735 | 233 | 165 | 184 | 582 | |||||||||||
Foreign currency transaction (gains) losses | 30 | (28 | ) | 5 | (24 | ) | (17 | ) | 12 | 28 | (21 | ) | 19 | |||||||
Other expenses | 197 | 143 | 10 | 25 | 375 | 8 | 14 | 36 | 58 | |||||||||||
Total Costs and Expenses | 7,185 | 6,621 | 7,259 | 7,689 | 28,754 | 7,370 | 6,322 | 6,600 | 20,292 | |||||||||||
Income before income taxes | 1,776 | 2,619 | 2,906 | 2,672 | 9,973 | 2,687 | 2,058 | 3,493 | 8,238 | |||||||||||
Income tax provision | 876 | 965 | 1,033 | 794 | 3,668 | 841 | 461 | 422 | 1,724 | |||||||||||
Net Income | 900 | 1,654 | 1,873 | 1,878 | 6,305 | 1,846 | 1,597 | 3,071 | 6,514 | |||||||||||
Less: net income attributable to noncontrolling interests | (12 | ) | (14 | ) | (12 | ) | (10 | ) | (48 | ) | (13 | ) | (17 | ) | (15 | ) | (45 | ) | ||
Net Income Attributable to ConocoPhillips | 888 | 1,640 | 1,861 | 1,868 | 6,257 | 1,833 | 1,580 | 3,056 | 6,469 | |||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||||||||
Per Share of Common Stock (dollars) | ||||||||||||||||||||
Basic | 0.75 | 1.40 | 1.60 | 1.62 | 5.36 | 1.61 | 1.40 | 2.76 | 5.75 | |||||||||||
Diluted | 0.75 | 1.39 | 1.59 | 1.61 | 5.32 | 1.60 | 1.40 | 2.74 | 5.72 | |||||||||||
Average Common Shares Outstanding (in thousands)* | ||||||||||||||||||||
Basic | 1,179,792 | 1,172,378 | 1,163,033 | 1,151,148 | 1,166,499 | 1,139,463 | 1,125,995 | 1,108,555 | 1,124,558 | |||||||||||
Diluted | 1,186,454 | 1,181,167 | 1,172,694 | 1,159,305 | 1,175,538 | 1,146,515 | 1,131,242 | 1,113,250 | 1,131,034 | |||||||||||
*Ending Common Shares Outstanding is 1,097,269 as of Sept. 30, 2019, compared with 1,110,142 as of Jun. 30, 2019. | ||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | ||||||||||||||||||||
Alaska | 654 | 531 | 535 | 470 | 2,190 | 505 | 580 | 417 | 1,502 | |||||||||||
Lower 48 | 398 | 523 | 660 | 640 | 2,221 | 261 | 269 | 35 | 565 | |||||||||||
Canada | (105 | ) | 47 | 49 | (24 | ) | (33 | ) | 73 | 100 | 69 | 242 | ||||||||
Europe and North Africa | 771 | 862 | 811 | 1,687 | 4,131 | 709 | 602 | 2,345 | 3,656 | |||||||||||
Asia Pacific and Middle East | 653 | 629 | 815 | 743 | 2,840 | 730 | 642 | 606 | 1,978 | |||||||||||
Other International | (10 | ) | (2 | ) | 334 | 72 | 394 | 130 | 87 | 75 | 292 | |||||||||
Corporate and Other | (585 | ) | 29 | (298 | ) | (916 | ) | (1,770 | ) | 279 | (222 | ) | (54 | ) | 3 | |||||
Consolidated | 1,776 | 2,619 | 2,906 | 2,672 | 9,973 | 2,687 | 2,058 | 3,493 | 8,238 | |||||||||||
EFFECTIVE INCOME TAX RATES | ||||||||||||||||||||
Alaska* | 19.9 | % | 21.4 | % | 20.1 | % | 5.4 | % | 17.2 | % | 23.9 | % | 20.5 | % | 26.6 | % | 23.3 | % | ||
Lower 48 | 22.6 | % | 21.7 | % | 22.2 | % | 19.3 | % | 21.3 | % | 26.2 | % | 23.1 | % | 27.7 | % | 24.8 | % | ||
Canada | 38.4 | % | 29.7 | % | 31.2 | % | 361.3 | % | 291.3 | % | -66.4 | % | -1.0 | % | 26.1 | % | -13.1 | % | ||
Europe and North Africa | 68.3 | % | 66.3 | % | 70.3 | % | 35.4 | % | 54.8 | % | 70.8 | % | 32.4 | % | 14.6 | % | 28.5 | % | ||
Asia Pacific and Middle East | 27.6 | % | 23.5 | % | 27.8 | % | 22.4 | % | 25.4 | % | 26.2 | % | 17.1 | % | -3.8 | % | 14.0 | % | ||
Other International | -336.7 | % | -102.3 | % | 5.4 | % | -33.5 | % | 7.6 | % | -1.3 | % | 6.6 | % | 4.4 | % | 2.6 | % | ||
Corporate and Other | 7.5 | % | 5.3 | % | 17.3 | % | 0.9 | % | 5.8 | % | 3.0 | % | 13.3 | % | 74.3 | % | -2081.3 | % | ||
Consolidated | 49.3 | % | 36.8 | % | 35.5 | % | 29.7 | % | 36.8 | % | 31.3 | % | 22.4 | % | 12.1 | % | 20.9 | % | ||
*Alaska including taxes other than income taxes. | 22.4 | % | 36.1 | % | 37.1 | % | 24.9 | % | 30.3 | % | 38.1 | % | 25.8 | % | 40.6 | % | 34.5 | % |
2018 | 2019 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
$ Millions | ||||||||||||||||||||
EARNINGS BY SEGMENT | ||||||||||||||||||||
Alaska | 524 | 418 | 427 | 445 | 1,814 | 384 | 462 | 306 | 1,152 | |||||||||||
Lower 48 | 308 | 410 | 513 | 516 | 1,747 | 193 | 206 | 26 | 425 | |||||||||||
Canada | (65 | ) | 33 | 34 | 61 | 63 | 122 | 100 | 51 | 273 | ||||||||||
Europe and North Africa | 245 | 290 | 241 | 1,090 | 1,866 | 207 | 407 | 2,001 | 2,615 | |||||||||||
Asia Pacific and Middle East | 461 | 466 | 577 | 566 | 2,070 | 525 | 517 | 613 | 1,655 | |||||||||||
Other International | (44 | ) | (5 | ) | 316 | 97 | 364 | 131 | 81 | 73 | 285 | |||||||||
Corporate and Other | (541 | ) | 28 | (247 | ) | (907 | ) | (1,667 | ) | 271 | (193 | ) | (14 | ) | 64 | |||||
Consolidated | 888 | 1,640 | 1,861 | 1,868 | 6,257 | 1,833 | 1,580 | 3,056 | 6,469 | |||||||||||
SPECIAL ITEMS | ||||||||||||||||||||
Alaska | 79 | - | - | 98 | 177 | - | 81 | (6 | ) | 75 | ||||||||||
Lower 48 | (8 | ) | - | (37 | ) | 106 | 61 | (47 | ) | (125 | ) | (110 | ) | (282 | ) | |||||
Canada | - | 36 | 32 | 80 | 148 | 68 | 66 | - | 134 | |||||||||||
Europe and North Africa | - | 32 | - | 805 | 837 | - | 234 | 1,845 | 2,079 | |||||||||||
Asia Pacific and Middle East | - | - | - | - | - | - | 52 | 164 | 216 | |||||||||||
Other International | (34 | ) | - | 325 | 93 | 384 | 147 | 84 | 86 | 317 | ||||||||||
Corporate and Other | (285 | ) | 281 | (54 | ) | (623 | ) | (681 | ) | 517 | 45 | 163 | 725 | |||||||
Consolidated | (248 | ) | 349 | 266 | 559 | 926 | 685 | 437 | 2,142 | 3,264 | ||||||||||
Detailed reconciliation of these items is provided on page 3. | ||||||||||||||||||||
ADJUSTED EARNINGS | ||||||||||||||||||||
Alaska | 445 | 418 | 427 | 347 | 1,637 | 384 | 381 | 312 | 1,077 | |||||||||||
Lower 48 | 316 | 410 | 550 | 410 | 1,686 | 240 | 331 | 136 | 707 | |||||||||||
Canada | (65 | ) | (3 | ) | 2 | (19 | ) | (85 | ) | 54 | 34 | 51 | 139 | |||||||
Europe and North Africa | 245 | 258 | 241 | 285 | 1,029 | 207 | 173 | 156 | 536 | |||||||||||
Asia Pacific and Middle East | 461 | 466 | 577 | 566 | 2,070 | 525 | 465 | 449 | 1,439 | |||||||||||
Other International | (10 | ) | (5 | ) | (9 | ) | 4 | (20 | ) | (16 | ) | (3 | ) | (13 | ) | (32 | ) | |||
Corporate and Other | (256 | ) | (253 | ) | (193 | ) | (284 | ) | (986 | ) | (246 | ) | (238 | ) | (177 | ) | (661 | ) | ||
Consolidated | 1,136 | 1,291 | 1,595 | 1,309 | 5,331 | 1,148 | 1,143 | 914 | 3,205 | |||||||||||
ADJUSTED EFFECTIVE INCOME TAX RATES | ||||||||||||||||||||
Alaska | 19.5 | % | 21.4 | % | 20.1 | % | 26.2 | % | 21.7 | % | 23.9 | % | 25.6 | % | 25.2 | % | 24.9 | % | ||
Lower 48 | 22.5 | % | 21.7 | % | 22.3 | % | 19.1 | % | 21.4 | % | 25.3 | % | 23.0 | % | 23.1 | % | 23.8 | % | ||
Canada | 38.4 | % | -1.5 | % | 61.1 | % | 20.3 | % | 33.6 | % | 26.7 | % | 20.8 | % | 26.1 | % | 25.1 | % | ||
Europe and North Africa | 68.3 | % | 68.1 | % | 70.3 | % | 69.0 | % | 68.9 | % | 70.8 | % | 71.3 | % | 73.4 | % | 71.8 | % | ||
Asia Pacific and Middle East | 27.6 | % | 23.5 | % | 27.8 | % | 22.4 | % | 25.4 | % | 26.2 | % | 24.6 | % | 23.3 | % | 24.8 | % | ||
Other International | 0.7 | % | -102.3 | % | 17.2 | % | 130.6 | % | 44.9 | % | 9.6 | % | -32.9 | % | -2.7 | % | 1.6 | % | ||
Corporate and Other | 13.8 | % | 5.8 | % | 11.3 | % | -8.2 | % | 5.7 | % | 14.8 | % | 12.7 | % | 23.3 | % | 16.6 | % | ||
Consolidated | 41.8 | % | 41.2 | % | 39.2 | % | 43.6 | % | 41.4 | % | 42.9 | % | 40.5 | % | 42.5 | % | 41.9 | % |
2018 | 2019 | |||||||||||||||||||
$ Millions | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
DETAILED SPECIAL ITEMS | ||||||||||||||||||||
Alaska | ||||||||||||||||||||
Pending claims and settlements | 101 | - | - | - | 101 | - | 69 | - | 69 | |||||||||||
Subtotal before income taxes | 101 | - | - | - | 101 | - | 69 | - | 69 | |||||||||||
Income tax provision (benefit)1 | 22 | - | - | (98 | ) | (76 | ) | - | (12 | ) | 6 | (6 | ) | |||||||
Total | 79 | - | - | 98 | 177 | - | 81 | (6 | ) | 75 | ||||||||||
Lower 48 | ||||||||||||||||||||
Restructuring | - | - | (20 | ) | (3 | ) | (23 | ) | - | - | - | - | ||||||||
Impairments | (10 | ) | - | (43 | ) | - | (53 | ) | (60 | ) | (95 | ) | (141 | ) | (296 | ) | ||||
Gain (loss) on asset sales | - | - | 56 | 136 | 192 | - | - | - | - | |||||||||||
Pending claims and settlements | - | - | (41 | ) | - | (41 | ) | - | (67 | ) | - | (67 | ) | |||||||
Subtotal before income taxes | (10 | ) | - | (48 | ) | 133 | 75 | (60 | ) | (162 | ) | (141 | ) | (363 | ) | |||||
Income tax provision (benefit)1 | (2 | ) | - | (11 | ) | 27 | 14 | (13 | ) | (37 | ) | (31 | ) | (81 | ) | |||||
Total | (8 | ) | - | (37 | ) | 106 | 61 | (47 | ) | (125 | ) | (110 | ) | (282 | ) | |||||
Canada | ||||||||||||||||||||
Gain (loss) on asset sales | - | 50 | 45 | - | 95 | - | 56 | - | 56 | |||||||||||
Subtotal before income taxes | - | 50 | 45 | - | 95 | - | 56 | - | 56 | |||||||||||
Income tax provision (benefit)2 | - | 14 | 13 | (80 | ) | (53 | ) | (68 | ) | (10 | ) | - | (78 | ) | ||||||
Total | - | 36 | 32 | 80 | 148 | 68 | 66 | - | 134 | |||||||||||
Europe and North Africa | ||||||||||||||||||||
Impairments | - | 53 | - | 52 | 105 | - | - | - | - | |||||||||||
Gain (loss) on asset sales | - | - | - | 715 | 715 | - | - | 1,752 | 1,752 | |||||||||||
Subtotal before income taxes | - | 53 | - | 767 | 820 | - | - | 1,752 | 1,752 | |||||||||||
Income tax provision (benefit)3 | - | 21 | - | (38 | ) | (17 | ) | - | (234 | ) | (93 | ) | (327 | ) | ||||||
Total | - | 32 | - | 805 | 837 | - | 234 | 1,845 | 2,079 | |||||||||||
Asia Pacific and Middle East | ||||||||||||||||||||
Gain (loss) on asset sales | - | - | - | - | - | - | 5 | - | 5 | |||||||||||
Subtotal before income taxes | - | - | - | - | - | - | 5 | - | 5 | |||||||||||
Income tax provision (benefit)4 | - | - | - | - | - | - | (47 | ) | (164 | ) | (211 | ) | ||||||||
Total | - | - | - | - | - | - | 52 | 164 | 216 | |||||||||||
Other International | ||||||||||||||||||||
Pending claims and settlements | - | - | 345 | 85 | 430 | 147 | 89 | 89 | 325 | |||||||||||
Subtotal before income taxes | - | - | 345 | 85 | 430 | 147 | 89 | 89 | 325 | |||||||||||
Income tax provision (benefit)5 | 34 | - | 20 | (8 | ) | 46 | - | 5 | 3 | 8 | ||||||||||
Total | (34 | ) | - | 325 | 93 | 384 | 147 | 84 | 86 | 317 | ||||||||||
Corporate and Other | ||||||||||||||||||||
Pension settlement expense | - | (147 | ) | (14 | ) | (35 | ) | (196 | ) | - | - | (37 | ) | (37 | ) | |||||
Pending claims and settlements | 34 | - | (18 | ) | - | 16 | (17 | ) | 44 | 34 | 61 | |||||||||
Premiums on early debt retirement | (206 | ) | (2 | ) | - | - | (208 | ) | - | - | - | - | ||||||||
Unrealized gain (loss) on CVE common shares | (123 | ) | 383 | (73 | ) | (624 | ) | (437 | ) | 343 | 30 | 116 | 489 | |||||||
Unrealized gain (loss) on CAD FX derivative | 7 | 4 | (3 | ) | 6 | 14 | (6 | ) | (24 | ) | 15 | (15 | ) | |||||||
Recognition of deferred revenue | - | 60 | 44 | - | 104 | 248 | - | 49 | 297 | |||||||||||
Restructuring | - | - | (17 | ) | - | (17 | ) | - | - | - | - | |||||||||
Subtotal before income taxes | (288 | ) | 298 | (81 | ) | (653 | ) | (724 | ) | 568 | 50 | 177 | 795 | |||||||
Income tax provision (benefit) | (3 | ) | 17 | (27 | ) | (30 | ) | (43 | ) | 51 | 5 | 14 | 70 | |||||||
Total | (285 | ) | 281 | (54 | ) | (623 | ) | (681 | ) | 517 | 45 | 163 | 725 | |||||||
Total Company | (248 | ) | 349 | 266 | 559 | 926 | 685 | 437 | 2,142 | 3,264 | ||||||||||
1Includes deferred tax adjustment in 4Q 2018 and 2Q 2019 in Alaska and in 4Q 2018 in Lower 48. | ||||||||||||||||||||
2Includes deferred tax adjustment in 4Q 2018 and 1Q 2019, and a tax rate change in 2Q 2019 in Canada. | ||||||||||||||||||||
3Includes tax adjustment in 2Q 2019 and 3Q 2019 related to the U.K. disposition. | ||||||||||||||||||||
4Includes tax adjustment in 2Q 2019 related to the Greater Sunrise Fields disposition and in 3Q 2019 for Malaysia Deepwater tax incentives. | ||||||||||||||||||||
5Includes 1Q 2018 Nigeria tax settlement. |
2018 | 2019 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
$ Millions | ||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | 4,984 | 3,234 | 3,716 | 5,915 | 5,915 | 6,218 | 5,941 | 7,193 | 7,193 | |||||||||||
Short-term investments | 288 | 612 | 875 | 248 | 248 | 249 | 732 | 908 | 908 | |||||||||||
Accounts and notes receivable | 4,032 | 3,750 | 4,319 | 3,920 | 3,920 | 3,701 | 3,490 | 3,478 | 3,478 | |||||||||||
Accounts and notes receivable—related parties | 160 | 180 | 180 | 147 | 147 | 168 | 161 | 138 | 138 | |||||||||||
Investment in Cenovus Energy | 1,776 | 2,159 | 2,086 | 1,462 | 1,462 | 1,805 | 1,835 | 1,951 | 1,951 | |||||||||||
Inventories | 1,053 | 1,093 | 1,239 | 1,007 | 1,007 | 1,014 | 1,089 | 955 | 955 | |||||||||||
Prepaid expenses and other current assets | 894 | 580 | 2,308 | 575 | 575 | 528 | 2,552 | 594 | 594 | |||||||||||
Total Current Assets | 13,187 | 11,608 | 14,723 | 13,274 | 13,274 | 13,683 | 15,800 | 15,217 | 15,217 | |||||||||||
Investments and long-term receivables | 9,572 | 9,435 | 9,553 | 9,329 | 9,329 | 9,302 | 8,748 | 8,916 | 8,916 | |||||||||||
Loans and advances—related parties | 399 | 399 | 335 | 335 | 335 | 268 | 268 | 219 | 219 | |||||||||||
Net properties, plants and equipment | 45,997 | 46,306 | 44,736 | 45,698 | 45,698 | 45,942 | 44,334 | 43,814 | 43,814 | |||||||||||
Other assets | 1,572 | 1,188 | 1,209 | 1,344 | 1,344 | 2,303 | 2,111 | 2,174 | 2,174 | |||||||||||
Total Assets | 70,727 | 68,936 | 70,556 | 69,980 | 69,980 | 71,498 | 71,261 | 70,340 | 70,340 | |||||||||||
Liabilities | ||||||||||||||||||||
Accounts payable | 3,824 | 3,642 | 3,887 | 3,863 | 3,863 | 3,815 | 3,618 | 3,148 | 3,148 | |||||||||||
Accounts payable—related parties | 62 | 24 | 31 | 32 | 32 | 31 | 17 | 23 | 23 | |||||||||||
Short-term debt | 337 | 89 | 95 | 112 | 112 | 113 | 114 | 121 | 121 | |||||||||||
Accrued income and other taxes | 1,341 | 1,301 | 1,582 | 1,320 | 1,320 | 1,539 | 1,213 | 1,077 | 1,077 | |||||||||||
Employee benefit obligations | 408 | 511 | 626 | 809 | 809 | 470 | 529 | 543 | 543 | |||||||||||
Other accruals | 1,137 | 1,071 | 1,180 | 1,259 | 1,259 | 1,402 | 3,505 | 1,030 | 1,030 | |||||||||||
Total Current Liabilities | 7,109 | 6,638 | 7,401 | 7,395 | 7,395 | 7,370 | 8,996 | 5,942 | 5,942 | |||||||||||
Long-term debt | 16,709 | 14,885 | 14,902 | 14,856 | 14,856 | 14,832 | 14,809 | 14,799 | 14,799 | |||||||||||
Asset retirement obligations and accrued environmental costs | 7,789 | 7,665 | 7,554 | 7,688 | 7,688 | 7,730 | 5,996 | 6,087 | 6,087 | |||||||||||
Deferred income taxes | 5,409 | 5,534 | 5,535 | 5,021 | 5,021 | 5,043 | 4,825 | 4,693 | 4,693 | |||||||||||
Employee benefit obligations | 1,832 | 1,774 | 1,755 | 1,764 | 1,764 | 1,704 | 1,689 | 1,786 | 1,786 | |||||||||||
Other liabilities and deferred credits | 1,161 | 1,218 | 1,330 | 1,192 | 1,192 | 1,838 | 1,872 | 1,794 | 1,794 | |||||||||||
Total Liabilities | 40,009 | 37,714 | 38,477 | 37,916 | 37,916 | 38,517 | 38,187 | 35,101 | 35,101 | |||||||||||
Equity | ||||||||||||||||||||
Common stock issued | ||||||||||||||||||||
Par value | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||
Capital in excess of par | 46,642 | 46,746 | 46,858 | 46,879 | 46,879 | 46,877 | 46,922 | 46,954 | 46,954 | |||||||||||
Treasury stock | (40,406 | ) | (41,052 | ) | (41,979 | ) | (42,905 | ) | (42,905 | ) | (43,656 | ) | (44,906 | ) | (45,656 | ) | (45,656 | ) | ||
Accumulated other comprehensive income (loss) | (5,371 | ) | (5,637 | ) | (5,442 | ) | (6,063 | ) | (6,063 | ) | (5,914 | ) | (5,827 | ) | (5,654 | ) | (5,654 | ) | ||
Retained earnings | 29,663 | 30,967 | 32,495 | 34,010 | 34,010 | 35,534 | 36,769 | 39,484 | 39,484 | |||||||||||
Total Common Stockholders' Equity | 30,546 | 31,042 | 31,950 | 31,939 | 31,939 | 32,859 | 32,976 | 35,146 | 35,146 | |||||||||||
Noncontrolling Interests | 172 | 180 | 129 | 125 | 125 | 122 | 98 | 93 | 93 | |||||||||||
Total Equity | 30,718 | 31,222 | 32,079 | 32,064 | 32,064 | 32,981 | 33,074 | 35,239 | 35,239 | |||||||||||
Total Liabilities and Equity | 70,727 | 68,936 | 70,556 | 69,980 | 69,980 | 71,498 | 71,261 | 70,340 | 70,340 |
2018 | 2019 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
$ Millions | ||||||||||||||||||||
CASH FLOW INFORMATION | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income (loss) | 900 | 1,654 | 1,873 | 1,878 | 6,305 | 1,846 | 1,597 | 3,071 | 6,514 | |||||||||||
Depreciation, depletion and amortization | 1,412 | 1,438 | 1,494 | 1,612 | 5,956 | 1,546 | 1,490 | 1,566 | 4,602 | |||||||||||
Impairments | 12 | (35 | ) | 44 | 6 | 27 | 1 | 1 | 24 | 26 | ||||||||||
Dry hole costs and leasehold impairments | 20 | 16 | 28 | 31 | 95 | 27 | 41 | 293 | 361 | |||||||||||
Accretion on discounted liabilities | 88 | 89 | 89 | 87 | 353 | 86 | 87 | 86 | 259 | |||||||||||
Deferred taxes | 65 | 197 | 136 | (115 | ) | 283 | (1 | ) | (220 | ) | (83 | ) | (304 | ) | ||||||
Undistributed equity earnings | (34 | ) | 128 | (105 | ) | 163 | 152 | 24 | 338 | (102 | ) | 260 | ||||||||
Gain on dispositions | (7 | ) | (55 | ) | (113 | ) | (888 | ) | (1,063 | ) | (17 | ) | (82 | ) | (1,785 | ) | (1,884 | ) | ||
Other | 29 | (267 | ) | 15 | 414 | 191 | (564 | ) | 170 | (426 | ) | (820 | ) | |||||||
Net working capital changes | (86 | ) | 177 | (51 | ) | 595 | 635 | (54 | ) | (531 | ) | (307 | ) | (892 | ) | |||||
Net Cash Provided by Operating Activities | 2,399 | 3,342 | 3,410 | 3,783 | 12,934 | 2,894 | 2,891 | 2,337 | 8,122 | |||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Capital expenditures and investments | (1,535 | ) | (1,999 | ) | (1,599 | ) | (1,617 | ) | (6,750 | ) | (1,637 | ) | (1,729 | ) | (1,675 | ) | (5,041 | ) | ||
Working capital changes associated with investing activities | 28 | (120 | ) | 35 | (11 | ) | (68 | ) | 107 | (83 | ) | (7 | ) | 17 | ||||||
Proceeds from asset dispositions | 169 | 139 | 86 | 688 | 1,082 | 142 | 559 | 2,219 | 2,920 | |||||||||||
Net sales (purchases) of short-term investments | 1,593 | (336 | ) | (261 | ) | 624 | 1,620 | (1 | ) | (484 | ) | (180 | ) | (665 | ) | |||||
Long-term collections from (advances to) | ||||||||||||||||||||
related parties and other investments | (333 | ) | 367 | 101 | 138 | 273 | (88 | ) | 276 | (207 | ) | (19 | ) | |||||||
Net Cash Provided by (Used in) Investing Activities | (78 | ) | (1,949 | ) | (1,638 | ) | (178 | ) | (3,843 | ) | (1,477 | ) | (1,461 | ) | 150 | (2,788 | ) | |||
Cash Flows from Financing Activities | ||||||||||||||||||||
Repayment of debt | (2,888 | ) | (2,064 | ) | (18 | ) | (25 | ) | (4,995 | ) | (19 | ) | (19 | ) | (21 | ) | (59 | ) | ||
Issuance of company common stock | (18 | ) | 60 | 79 | - | 121 | (38 | ) | 2 | (3 | ) | (39 | ) | |||||||
Repurchase of company common stock | (500 | ) | (646 | ) | (927 | ) | (926 | ) | (2,999 | ) | (752 | ) | (1,250 | ) | (749 | ) | (2,751 | ) | ||
Dividends paid | (338 | ) | (337 | ) | (334 | ) | (354 | ) | (1,363 | ) | (350 | ) | (346 | ) | (341 | ) | (1,037 | ) | ||
Other | (32 | ) | (16 | ) | (63 | ) | (12 | ) | (123 | ) | (14 | ) | (41 | ) | (18 | ) | (73 | ) | ||
Net Cash Provided by (Used in) Financing Activities | (3,776 | ) | (3,003 | ) | (1,263 | ) | (1,317 | ) | (9,359 | ) | (1,173 | ) | (1,654 | ) | (1,132 | ) | (3,959 | ) | ||
Effect of Exchange Rate Changes | 125 | (139 | ) | (26 | ) | (77 | ) | (117 | ) | 75 | (49 | ) | (94 | ) | (68 | ) | ||||
Net Change in Cash, Cash Equivalents and Restricted Cash | (1,330 | ) | (1,749 | ) | 483 | 2,211 | (385 | ) | 319 | (273 | ) | 1,261 | 1,307 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,536 | 5,206 | 3,457 | 3,940 | 6,536 | 6,151 | 6,470 | 6,197 | 6,151 | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | 5,206 | 3,457 | 3,940 | 6,151 | 6,151 | 6,470 | 6,197 | 7,458 | 7,458 | |||||||||||
CAPITAL EXPENDITURES AND INVESTMENTS | ||||||||||||||||||||
Alaska | 263 | 581 | 190 | 264 | 1,298 | 410 | 370 | 427 | 1,207 | |||||||||||
Lower 48 | 751 | 889 | 835 | 709 | 3,184 | 834 | 936 | 843 | 2,613 | |||||||||||
Canada | 173 | 45 | 100 | 159 | 477 | 123 | 109 | 83 | 315 | |||||||||||
Europe and North Africa | 216 | 246 | 216 | 199 | 877 | 157 | 182 | 198 | 537 | |||||||||||
Asia Pacific and Middle East | 99 | 194 | 200 | 225 | 718 | 96 | 123 | 103 | 322 | |||||||||||
Other International | 1 | 2 | 3 | - | 6 | 1 | - | - | 1 | |||||||||||
Corporate and Other | 32 | 42 | 55 | 61 | 190 | 16 | 9 | 21 | 46 | |||||||||||
Total Capital Expenditures and Investments | 1,535 | 1,999 | 1,599 | 1,617 | 6,750 | 1,637 | 1,729 | 1,675 | 5,041 |
2018 | 2019 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
TOTAL SEGMENTS | ||||||||||||||||||
Production | ||||||||||||||||||
Total (MBOED) | 1,269 | 1,249 | 1,261 | 1,357 | 1,283 | 1,361 | 1,332 | 1,366 | 1,353 | |||||||||
Crude Oil (MBD) | ||||||||||||||||||
Consolidated operations | 621 | 610 | 622 | 705 | 639 | 703 | 688 | 696 | 696 | |||||||||
Equity affiliates | 15 | 14 | 13 | 12 | 14 | 12 | 14 | 14 | 13 | |||||||||
Total | 636 | 624 | 635 | 717 | 653 | 715 | 702 | 710 | 709 | |||||||||
Over (under) lifting of crude oil (MBD) | 15 | 9 | 28 | 11 | 16 | 8 | (3) | 19 | 8 | |||||||||
NGL (MBD) | ||||||||||||||||||
Consolidated operations | 88 | 95 | 98 | 98 | 95 | 103 | 110 | 106 | 106 | |||||||||
Equity affiliates | 8 | 8 | 8 | 7 | 7 | 7 | 8 | 8 | 8 | |||||||||
Total | 96 | 103 | 106 | 105 | 102 | 110 | 118 | 114 | 114 | |||||||||
Bitumen (MBD) | ||||||||||||||||||
Consolidated operations | 66 | 63 | 65 | 71 | 66 | 63 | 51 | 63 | 59 | |||||||||
Equity affiliates | - | - | - | - | - | - | - | - | - | |||||||||
Total | 66 | 63 | 65 | 71 | 66 | 63 | 51 | 63 | 59 | |||||||||
Natural Gas (MMCFD) | ||||||||||||||||||
Consolidated operations | 1,775 | 1,700 | 1,707 | 1,793 | 1,743 | 1,852 | 1,704 | 1,795 | 1,783 | |||||||||
Equity affiliates | 1,053 | 1,054 | 1,025 | 992 | 1,031 | 988 | 1,064 | 1,076 | 1,043 | |||||||||
Total | 2,828 | 2,754 | 2,732 | 2,785 | 2,774 | 2,840 | 2,768 | 2,871 | 2,826 | |||||||||
Industry Prices | ||||||||||||||||||
Crude Oil ($/BBL) | ||||||||||||||||||
WTI | 62.88 | 67.99 | 69.71 | 59.09 | 64.92 | 54.87 | 59.80 | 56.44 | 57.04 | |||||||||
WCS | 38.60 | 48.72 | 47.47 | 19.64 | 38.61 | 42.58 | 49.13 | 44.18 | 45.30 | |||||||||
Brent dated | 66.76 | 74.35 | 75.27 | 67.76 | 71.04 | 63.20 | 68.82 | 61.94 | 64.65 | |||||||||
JCC ($/BBL) | 58.62 | 66.66 | 71.51 | 76.66 | 68.36 | 76.98 | 63.72 | 71.59 | 70.77 | |||||||||
Natural Gas ($/MMBTU) | ||||||||||||||||||
Henry Hub first of month | 3.01 | 2.80 | 2.91 | 3.65 | 3.09 | 3.15 | 2.64 | 2.23 | 2.67 | |||||||||
Average Realized Prices | ||||||||||||||||||
Total ($/BBL) | 50.49 | 54.32 | 57.71 | 53.00 | 53.88 | 50.59 | 50.50 | 47.07 | 49.35 | |||||||||
Crude Oil ($/BBL) | ||||||||||||||||||
Consolidated operations | 65.47 | 70.42 | 72.97 | 63.74 | 68.03 | 59.45 | 64.90 | 59.56 | 61.26 | |||||||||
Equity affiliates | 66.50 | 76.11 | 76.62 | 70.73 | 72.49 | 59.53 | 63.98 | 59.91 | 61.23 | |||||||||
Total | 65.49 | 70.55 | 73.05 | 63.86 | 68.13 | 59.45 | 64.88 | 59.57 | 61.26 | |||||||||
NGL ($/BBL) | ||||||||||||||||||
Consolidated operations | 26.68 | 28.57 | 33.80 | 26.61 | 29.03 | 22.74 | 19.97 | 14.33 | 18.90 | |||||||||
Equity affiliates | 43.99 | 43.60 | 49.71 | 45.48 | 45.69 | 38.19 | 41.72 | 30.18 | 36.49 | |||||||||
Total | 28.37 | 29.94 | 35.14 | 28.04 | 30.48 | 23.85 | 21.65 | 15.59 | 20.24 | |||||||||
Bitumen ($/BBL) | ||||||||||||||||||
Consolidated operations | 14.06 | 32.38 | 34.15 | 11.65 | 22.29 | 33.15 | 37.20 | 32.54 | 34.11 | |||||||||
Equity affiliates | - | - | - | - | - | - | - | - | - | |||||||||
Total | 14.06 | 32.38 | 34.15 | 11.65 | 22.29 | 33.15 | 37.20 | 32.54 | 34.11 | |||||||||
Natural Gas ($/MCF) | ||||||||||||||||||
Consolidated operations | 5.18 | 4.85 | 5.48 | 6.05 | 5.40 | 5.27 | 4.08 | 3.73 | 4.37 | |||||||||
Equity affiliates | 5.04 | 5.72 | 6.35 | 7.15 | 6.06 | 7.31 | 5.81 | 6.40 | 6.48 | |||||||||
Total | 5.13 | 5.18 | 5.81 | 6.46 | 5.65 | 6.00 | 4.76 | 4.74 | 5.17 | |||||||||
Exploration Expenses ($ Millions) | ||||||||||||||||||
Dry holes | 15 | 1 | 12 | 11 | 39 | 10 | 16 | 139 | 165 | |||||||||
Leasehold impairment | 5 | 15 | 16 | 20 | 56 | 17 | 25 | 154 | 196 | |||||||||
Total noncash expenses | 20 | 16 | 28 | 31 | 95 | 27 | 41 | 293 | 361 | |||||||||
Other (G&A, G&G and lease rentals) | 75 | 53 | 75 | 71 | 274 | 83 | 81 | 67 | 231 | |||||||||
Total exploration expenses | 95 | 69 | 103 | 102 | 369 | 110 | 122 | 360 | 592 | |||||||||
U.S. exploration expenses | 66 | 49 | 59 | 58 | 232 | 75 | 70 | 319 | 464 | |||||||||
International exploration expenses | 29 | 20 | 44 | 44 | 137 | 35 | 52 | 41 | 128 | |||||||||
DD&A ($ Millions) | ||||||||||||||||||
Alaska | 185 | 182 | 161 | 213 | 741 | 205 | 208 | 200 | 613 | |||||||||
Lower 48 | 498 | 553 | 603 | 653 | 2,307 | 621 | 709 | 731 | 2,061 | |||||||||
Canada | 91 | 85 | 89 | 50 | 315 | 56 | 48 | 63 | 167 | |||||||||
Europe and North Africa | 285 | 275 | 281 | 278 | 1,119 | 273 | 173 | 222 | 668 | |||||||||
Asia Pacific and Middle East | 327 | 317 | 334 | 390 | 1,368 | 375 | 338 | 332 | 1,045 | |||||||||
Other International | - | - | - | - | - | - | - | - | - | |||||||||
Corporate and Other | 26 | 26 | 26 | 28 | 106 | 16 | 14 | 18 | 48 | |||||||||
Total DD&A | 1,412 | 1,438 | 1,494 | 1,612 | 5,956 | 1,546 | 1,490 | 1,566 | 4,602 |
2018 | 2019 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
PRODUCTION | |||||||||||||||||||
Crude Oil (MBD) | |||||||||||||||||||
Alaska | 174 | 170 | 152 | 187 | 171 | 210 | 199 | 190 | 200 | ||||||||||
Lower 48 | 197 | 218 | 240 | 262 | 229 | 245 | 269 | 277 | 264 | ||||||||||
Canada | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||
Norway | 89 | 82 | 89 | 89 | 87 | 89 | 73 | 91 | 84 | ||||||||||
United Kingdom | 29 | 23 | 23 | 29 | 26 | 25 | 20 | 19 | 21 | ||||||||||
Libya | 40 | 34 | 33 | 39 | 36 | 38 | 37 | 39 | 38 | ||||||||||
Europe and North Africa | 158 | 139 | 145 | 157 | 149 | 152 | 130 | 149 | 143 | ||||||||||
Australia/Timor-Leste | 4 | 3 | 3 | 5 | 4 | 6 | 7 | 6 | 6 | ||||||||||
China | 37 | 29 | 34 | 42 | 36 | 41 | 37 | 35 | 38 | ||||||||||
Indonesia | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||
Malaysia | 47 | 48 | 45 | 49 | 47 | 46 | 43 | 36 | 42 | ||||||||||
Equity affiliates | 15 | 14 | 13 | 12 | 14 | 12 | 14 | 14 | 13 | ||||||||||
AP/ME | 105 | 96 | 97 | 110 | 103 | 107 | 103 | 93 | 101 | ||||||||||
Total | 636 | 624 | 635 | 717 | 653 | 715 | 702 | 710 | 709 | ||||||||||
NGL (MBD) | |||||||||||||||||||
Alaska | 16 | 14 | 12 | 16 | 14 | 17 | 17 | 11 | 15 | ||||||||||
Lower 48 | 60 | 70 | 73 | 71 | 69 | 74 | 82 | 84 | 80 | ||||||||||
Canada | - | - | 2 | - | 1 | - | 1 | - | - | ||||||||||
Norway | 4 | 4 | 4 | 3 | 4 | 4 | 3 | 4 | 4 | ||||||||||
United Kingdom | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | ||||||||||
Europe and North Africa | 8 | 8 | 8 | 7 | 8 | 8 | 6 | 7 | 7 | ||||||||||
Australia/Timor-Leste | 4 | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 4 | ||||||||||
Equity affiliates | 8 | 8 | 8 | 7 | 7 | 7 | 8 | 8 | 8 | ||||||||||
AP/ME | 12 | 11 | 11 | 11 | 10 | 11 | 12 | 12 | 12 | ||||||||||
Total | 96 | 103 | 106 | 105 | 102 | 110 | 118 | 114 | 114 | ||||||||||
Bitumen (MBD) | |||||||||||||||||||
Canada | 66 | 63 | 65 | 71 | 66 | 63 | 51 | 63 | 59 | ||||||||||
Total | 66 | 63 | 65 | 71 | 66 | 63 | 51 | 63 | 59 | ||||||||||
Natural Gas (MMCFD) | |||||||||||||||||||
Alaska | 7 | 6 | 5 | 7 | 6 | 8 | 7 | 6 | 7 | ||||||||||
Lower 48 | 568 | 593 | 608 | 616 | 596 | 568 | 593 | 649 | 604 | ||||||||||
Canada | 13 | 14 | 12 | 9 | 12 | 7 | 8 | 9 | 8 | ||||||||||
Norway | 208 | 172 | 189 | 206 | 194 | 263 | 244 | 226 | 244 | ||||||||||
United Kingdom | 309 | 309 | 238 | 270 | 281 | 310 | 247 | 218 | 258 | ||||||||||
Libya | 31 | 26 | 25 | 31 | 28 | 31 | 27 | 29 | 29 | ||||||||||
Europe and North Africa | 548 | 507 | 452 | 507 | 503 | 604 | 518 | 473 | 531 | ||||||||||
Australia/Timor-Leste | 295 | 241 | 289 | 276 | 275 | 273 | 202 | 222 | 232 | ||||||||||
Indonesia | 307 | 305 | 316 | 307 | 309 | 311 | 314 | 324 | 316 | ||||||||||
Malaysia | 37 | 34 | 25 | 71 | 42 | 81 | 62 | 112 | 85 | ||||||||||
Equity affiliates | 1,053 | 1,054 | 1,025 | 992 | 1,031 | 988 | 1,064 | 1,076 | 1,043 | ||||||||||
AP/ME | 1,692 | 1,634 | 1,655 | 1,646 | 1,657 | 1,653 | 1,642 | 1,734 | 1,676 | ||||||||||
Total | 2,828 | 2,754 | 2,732 | 2,785 | 2,774 | 2,840 | 2,768 | 2,871 | 2,826 | ||||||||||
Total (MBOED) | |||||||||||||||||||
Alaska | 191 | 185 | 165 | 204 | 186 | 228 | 217 | 202 | 216 | ||||||||||
Lower 48 | 352 | 387 | 414 | 436 | 397 | 414 | 450 | 469 | 444 | ||||||||||
Canada | 70 | 67 | 70 | 74 | 70 | 65 | 54 | 66 | 62 | ||||||||||
Norway | 128 | 114 | 125 | 126 | 123 | 137 | 117 | 133 | �� 128 | ||||||||||
United Kingdom | 85 | 78 | 67 | 78 | 77 | 80 | 64 | 58 | 67 | ||||||||||
Libya | 45 | 38 | 37 | 44 | 41 | 43 | 42 | 44 | 43 | ||||||||||
Europe and North Africa | 258 | 230 | 229 | 248 | 241 | 260 | 223 | 235 | 238 | ||||||||||
Australia/Timor-Leste | 57 | 46 | 54 | 55 | 53 | 56 | 45 | 47 | 49 | ||||||||||
China | 37 | 29 | 34 | 42 | 36 | 41 | 37 | 35 | 38 | ||||||||||
Indonesia | 53 | 53 | 54 | 53 | 53 | 54 | 54 | 56 | 55 | ||||||||||
Malaysia | 53 | 54 | 49 | 61 | 54 | 60 | 53 | 55 | 56 | ||||||||||
Equity affiliates | 198 | 198 | 192 | 184 | 193 | 183 | 199 | 201 | 195 | ||||||||||
AP/ME | 398 | 380 | 383 | 395 | 389 | 394 | 388 | 394 | 393 | ||||||||||
Total | 1,269 | 1,249 | 1,261 | 1,357 | 1,283 | 1,361 | 1,332 | 1,366 | 1,353 |
2018 | 2019 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
AVERAGE REALIZED PRICES | |||||||||||||||||||
Crude Oil ($/BBL) | |||||||||||||||||||
Consolidated operations | |||||||||||||||||||
Alaska | 68.31 | 72.49 | 76.47 | 66.58 | 70.86 | 62.81 | 67.57 | 62.78 | 64.34 | ||||||||||
Lower 48 | 61.99 | 65.79 | 67.73 | 57.08 | 62.99 | 53.15 | 59.17 | 54.38 | 55.63 | ||||||||||
Canada | - | - | - | - | 48.73 | - | - | - | - | ||||||||||
Norway | 65.84 | 73.13 | 77.74 | 70.19 | 71.61 | 63.16 | 70.09 | 64.00 | 65.49 | ||||||||||
United Kingdom | 64.27 | 70.97 | 76.51 | 66.56 | 69.00 | 59.74 | 69.22 | 63.32 | 64.68 | ||||||||||
Libya | 65.90 | 72.86 | 73.42 | 68.30 | 69.83 | 63.22 | 68.95 | 62.30 | 64.66 | ||||||||||
Europe and North Africa | 65.57 | 72.65 | 76.54 | 68.97 | 70.71 | 62.83 | 69.65 | 63.47 | 65.17 | ||||||||||
Australia/Timor-Leste | 70.71 | 72.25 | 71.12 | 68.88 | 70.70 | 59.39 | 62.22 | 57.02 | 59.60 | ||||||||||
China | 62.49 | 69.51 | 70.71 | 62.37 | 65.94 | 59.23 | 65.40 | 59.07 | 60.71 | ||||||||||
Indonesia | 58.60 | 49.93 | 55.16 | 50.54 | 53.34 | 47.07 | 51.62 | 48.79 | 49.26 | ||||||||||
Malaysia | 70.42 | 78.42 | 79.32 | 73.50 | 75.33 | 67.33 | 73.99 | 66.26 | 69.36 | ||||||||||
AP/ME | 67.07 | 74.88 | 74.78 | 67.76 | 70.93 | 62.94 | 69.78 | 62.01 | 64.75 | ||||||||||
Total consolidated operations | 65.47 | 70.42 | 72.97 | 63.74 | 68.03 | 59.45 | 64.90 | 59.56 | 61.26 | ||||||||||
Equity affiliates | 66.50 | 76.11 | 76.62 | 70.73 | 72.49 | 59.53 | 63.98 | 59.91 | 61.23 | ||||||||||
Total | 65.49 | 70.55 | 73.05 | 63.86 | 68.13 | 59.45 | 64.88 | 59.57 | 61.26 | ||||||||||
NGL ($/BBL) | |||||||||||||||||||
Consolidated operations | |||||||||||||||||||
Lower 48 | 24.57 | 26.71 | 32.17 | 25.13 | 27.30 | 20.66 | 17.91 | 13.04 | 17.03 | ||||||||||
Canada | - | - | - | - | 43.70 | - | - | - | - | ||||||||||
Norway | 32.58 | 41.12 | 35.57 | 33.23 | 35.56 | 33.37 | 29.42 | 24.38 | 29.76 | ||||||||||
United Kingdom | 33.43 | 39.77 | 40.43 | 37.14 | 38.13 | 27.65 | 32.75 | 22.20 | 27.71 | ||||||||||
Europe and North Africa | 32.98 | 40.35 | 38.80 | 34.75 | 36.87 | 31.15 | 32.00 | 23.20 | 28.65 | ||||||||||
Australia/Timor-Leste | 44.36 | 44.23 | 52.30 | 42.66 | 47.20 | 40.13 | 39.97 | 30.13 | 38.13 | ||||||||||
AP/ME | 44.36 | 44.23 | 52.30 | 42.66 | 47.20 | 40.13 | 39.97 | 30.13 | 38.13 | ||||||||||
Total consolidated operations | 26.68 | 28.57 | 33.80 | 26.61 | 29.03 | 22.74 | 19.97 | 14.33 | 18.90 | ||||||||||
Equity affiliates | 43.99 | 43.60 | 49.71 | 45.48 | 45.69 | 38.19 | 41.72 | 30.18 | 36.49 | ||||||||||
Total | 28.37 | 29.94 | 35.14 | 28.04 | 30.48 | 23.85 | 21.65 | 15.59 | 20.24 | ||||||||||
Bitumen ($/BBL) | |||||||||||||||||||
Canada* | 14.06 | 32.38 | 34.15 | 11.65 | 22.29 | 33.15 | 37.20 | 32.54 | 34.11 | ||||||||||
Total | 14.06 | 32.38 | 34.15 | 11.65 | 22.29 | 33.15 | 37.20 | 32.54 | 34.11 | ||||||||||
Natural Gas ($/MCF) | |||||||||||||||||||
Consolidated operations | |||||||||||||||||||
Alaska | 2.51 | 2.51 | 2.52 | 2.41 | 2.48 | 3.42 | 3.19 | 3.01 | 3.23 | ||||||||||
Lower 48 | 2.76 | 2.34 | 2.80 | 3.35 | 2.82 | 2.74 | 2.10 | 1.80 | 2.19 | ||||||||||
Canada | - | - | - | - | 1.00 | - | - | - | - | ||||||||||
Norway | 7.32 | 7.19 | 8.23 | 8.57 | 7.87 | 6.39 | 4.31 | 3.37 | 4.76 | ||||||||||
United Kingdom | 7.58 | 7.31 | 7.37 | 8.73 | 7.74 | 6.83 | 4.49 | 3.69 | 5.19 | ||||||||||
Libya | 5.62 | 5.52 | 4.11 | 4.10 | 4.84 | 4.92 | 4.79 | 4.83 | 4.85 | ||||||||||
Europe and North Africa | 7.38 | 7.19 | 7.62 | 8.42 | 7.65 | 6.55 | 4.42 | 3.60 | 4.98 | ||||||||||
Australia/Timor-Leste** | 0.62 | 0.69 | 1.14 | 0.79 | 0.82 | 0.83 | 0.78 | 0.76 | 0.79 | ||||||||||
Indonesia | 6.61 | 6.96 | 7.09 | 7.71 | 7.10 | 6.69 | 7.19 | 6.69 | 6.86 | ||||||||||
Malaysia | 2.78 | 3.06 | 3.11 | 3.64 | 3.25 | 3.84 | 3.57 | 3.44 | 3.60 | ||||||||||
AP/ME | 5.57 | 5.50 | 6.53 | 6.90 | 6.15 | 6.36 | 5.89 | 5.78 | 6.01 | ||||||||||
Total consolidated operations | 5.18 | 4.85 | 5.48 | 6.05 | 5.40 | 5.27 | 4.08 | 3.73 | 4.37 | ||||||||||
Equity affiliates | 5.04 | 5.72 | 6.35 | 7.15 | 6.06 | 7.31 | 5.81 | 6.40 | 6.48 | ||||||||||
Total | 5.13 | 5.18 | 5.81 | 6.46 | 5.65 | 6.00 | 4.76 | 4.74 | 5.17 | ||||||||||
*Average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast. | |||||||||||||||||||
**Excludes transfers to Darwin LNG plant. |
2018 | 2019 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||
CORPORATE AND OTHER | ||||||||||||||||||||
Corporate and Other Earnings (Loss) ($ Millions) | (541 | ) | 28 | (247 | ) | (907) | (1,667 | ) | 271 | (193 | ) | (14 | ) | 64 | ||||||
Detail of Earnings (Loss) ($ Millions) | ||||||||||||||||||||
Net interest expense | (160 | ) | (174 | ) | (174 | ) | (172) | (680 | ) | (196 | ) | (131 | ) | (123 | ) | (450 | ) | |||
Corporate G&A expenses | (50 | ) | (53 | ) | (36 | ) | 48 | (91 | ) | (65 | ) | (49 | ) | (34 | ) | (148 | ) | |||
Technology* | (10 | ) | 63 | 64 | (8) | 109 | 96 | (10 | ) | 43 | 129 | |||||||||
Other | (321 | ) | 192 | (101 | ) | (775) | (1,005 | ) | 436 | (3 | ) | 100 | 533 | |||||||
Total | (541 | ) | 28 | (247 | ) | (907) | (1,667 | ) | 271 | (193 | ) | (14 | ) | 64 | ||||||
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues. | ||||||||||||||||||||
Before-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||||
Interest expense | (221 | ) | (222 | ) | (236 | ) | (226) | (905 | ) | (243 | ) | (178 | ) | (200 | ) | (621 | ) | |||
Capitalized interest | 37 | 45 | 50 | 38 | 170 | 10 | 13 | 16 | 39 | |||||||||||
Interest revenue | 22 | 15 | 18 | 24 | 79 | 32 | 33 | 45 | 110 | |||||||||||
Total | (162 | ) | (162 | ) | (168 | ) | (164) | (656 | ) | (201 | ) | (132 | ) | (139 | ) | (472 | ) | |||
Debt | ||||||||||||||||||||
Total debt ($ Millions) | 17,046 | 14,974 | 14,997 | 14,968 | 14,968 | 14,945 | 14,923 | 14,920 | 14,920 | |||||||||||
Debt-to-capital ratio (%) | 36 | % | 32 | % | 32 | % | 32% | 32 | % | 31 | % | 31 | % | 30% | 30 | % | ||||
Equity ($ Millions) | 30,718 | 31,222 | 32,079 | 32,064 | 32,064 | 32,981 | 33,074 | 35,239 | 35,239 |
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 |