ConocoPhillips (COP) 8-K Results of Operations and Financial Condition

Exhibit 99.2

	First-Quarter 2020 Detailed Supplemental Information
	2019															2020
	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		9,150			7,953			7,756			7,708			32,567			6,158						6,158
Equity in earnings of affiliates		188			173			290			128			779			234						234
Gain (loss) on dispositions		17			82			1,785			82			1,966			(42	)					(42	)
Other income (loss)		702			172			262			222			1,358			(1,539	)					(1,539	)
Total Revenues and Other Income		10,057			8,380			10,093			8,140			36,670			4,811						4,811
Costs and Expenses
Purchased commodities		3,675			2,674			2,710			2,783			11,842			2,661						2,661
Production and operating expenses		1,271			1,418			1,331			1,302			5,322			1,173						1,173
Selling, general and administrative expenses		153			129			87			187			556			(3	)					(3	)
Exploration expenses		110			122			360			151			743			188						188
Depreciation, depletion and amortization		1,546			1,490			1,566			1,488			6,090			1,411						1,411
Impairments		1			1			24			379			405			521						521
Taxes other than income taxes		275			194			237			247			953			250						250
Accretion on discounted liabilities		86			87			86			67			326			67						67
Interest and debt expense		233			165			184			196			778			202						202
Foreign currency transactions (gain) loss		12			28			(21	)		47			66			(90	)					(90	)
Other expenses		8			14			36			7			65			(6	)					(6	)
Total Costs and Expenses		7,370			6,322			6,600			6,854			27,146			6,374						6,374
Income (loss) before income taxes		2,687			2,058			3,493			1,286			9,524			(1,563	)					(1,563	)
Income tax provision		841			461			422			543			2,267			148						148
Net Income (Loss)		1,846			1,597			3,071			743			7,257			(1,711	)					(1,711	)
Less: net income attributable to noncontrolling interests		(13	)		(17	)		(15	)		(23	)		(68	)		(28	)					(28	)
Net Income (Loss) Attributable to ConocoPhillips		1,833			1,580			3,056			720			7,189			(1,739	)					(1,739	)
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic		1.61			1.40			2.76			0.66			6.43			(1.60	)					(1.60	)
Diluted		1.60			1.40			2.74			0.65			6.40			(1.60	)					(1.60	)
Average Common Shares Outstanding (in thousands)*
Basic		1,139,463			1,125,995			1,108,555			1,095,606			1,117,260			1,084,561						1,084,561
Diluted		1,146,515			1,131,242			1,113,250			1,099,786			1,123,536			1,084,561						1,084,561
*Ending Common Shares Outstanding is 1,072,425 as of Mar. 31, 2020, compared with 1,084,868 as of Dec. 31, 2019.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska		505			580			417			491			1,993			107						107
Lower 48		261			269			35			9			574			(562	)					(562	)
Canada		73			100			69			(6	)		236			(150	)					(150	)
Europe and North Africa		709			602			2,345			502			4,158			187						187
Asia Pacific and Middle East		730			642			606			509			2,487			569						569
Other International		130			87			75			(21	)		271			27						27
Corporate and Other		279			(222	)		(54	)		(198	)		(195	)		(1,741	)					(1,741	)
Consolidated		2,687			2,058			3,493			1,286			9,524			(1,563	)					(1,563	)
EFFECTIVE INCOME TAX RATES
Alaska*		23.9	%		20.5	%		26.6	%		24.7	%		23.7	%		24.3	%					24.3	%
Lower 48		26.2	%		23.1	%		27.7	%		-32.5	%		24.0	%		22.3	%					22.3	%
Canada		-66.4	%		-1.0	%		26.1	%		196.6	%		-18.3	%		26.8	%					26.8	%
Europe and North Africa		70.8	%		32.4	%		14.6	%		78.4	%		34.5	%		59.8	%					59.8	%
Asia Pacific and Middle East		26.2	%		17.1	%		-3.8	%		41.8	%		19.7	%		25.2	%					25.2	%
Other International		-1.3	%		6.6	%		4.4	%		-0.8	%		2.8	%		-2.0	%					-2.0	%
Corporate and Other		3.0	%		13.3	%		74.3	%		86.6	%		119.4	%		-1.9	%					-1.9	%
Consolidated		31.3	%		22.4	%		12.1	%		42.2	%		23.8	%		-9.5	%					-9.5	%
*Alaska including taxes other than income taxes.		38.1	%		25.8	%		40.6	%		38.2	%		35.4	%		61.2	%					61.2	%

	2019															2020
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr	YTD
$ Millions
EARNINGS BY SEGMENT
Alaska		384			462			306			368			1,520			81						81
Lower 48		193			206			26			11			436			(437	)					(437	)
Canada		122			100			51			6			279			(109	)					(109	)
Europe and North Africa		207			407			2,001			109			2,724			75						75
Asia Pacific and Middle East		525			517			613			274			1,929			398						398
Other International		131			81			73			(22	)		263			28						28
Corporate and Other		271			(193	)		(14	)		(26	)		38			(1,775	)					(1,775	)
Consolidated		1,833			1,580			3,056			720			7,189			(1,739	)					(1,739	)
SPECIAL ITEMS
Alaska		-			81			(6	)		4			79			(120	)					(120	)
Lower 48		(47	)		(125	)		(110	)		(230	)		(512	)		(467	)					(467	)
Canada		68			66			-			-			134			(29	)					(29	)
Europe and North Africa		-			234			1,845			(7	)		2,072			(2	)					(2	)
Asia Pacific and Middle East		-			52			164			(151	)		65			(4	)					(4	)
Other International		147			84			86			-			317			29						29
Corporate and Other		517			45			163			273			998			(1,632	)					(1,632	)
Consolidated		685			437			2,142			(111	)		3,153			(2,225	)					(2,225	)
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska		384			381			312			364			1,441			201						201
Lower 48		240			331			136			241			948			30						30
Canada		54			34			51			6			145			(80	)					(80	)
Europe and North Africa		207			173			156			116			652			77						77
Asia Pacific and Middle East		525			465			449			425			1,864			402						402
Other International		(16	)		(3	)		(13	)		(22	)		(54	)		(1	)					(1	)
Corporate and Other		(246	)		(238	)		(177	)		(299	)		(960	)		(143	)					(143	)
Consolidated		1,148			1,143			914			831			4,036			486						486
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska		23.9	%		25.6	%		25.2	%		25.4	%		25.0	%		23.0	%					23.0	%
Lower 48		25.3	%		23.0	%		23.1	%		20.5	%		23.0	%		18.0	%					18.0	%
Canada		26.7	%		20.8	%		26.1	%		196.6	%		19.5	%		27.2	%					27.2	%
Europe and North Africa		70.8	%		71.3	%		73.4	%		77.7	%		73.0	%		61.0	%					61.0	%
Asia Pacific and Middle East		26.2	%		24.6	%		23.3	%		28.9	%		25.8	%		25.1	%					25.1	%
Other International		9.6	%		-32.9	%		-2.7	%		-0.8	%		0.7	%		28.6	%					28.6	%
Corporate and Other		14.8	%		12.7	%		23.3	%		4.8	%		13.2	%		-13.9	%					-13.9	%
Consolidated		42.9	%		40.5	%		42.5	%		46.6	%		43.0	%		38.2	%					38.2	%

	2019															2020
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr	YTD
DETAILED SPECIAL ITEMS
Alaska
Impairments		-			-			-			-			-			(154	)					(154	)
Pending claims and settlements		-			69			-			-			69			-						-
Subtotal before income taxes		-			69			-			-			69			(154	)					(154	)
Income tax provision (benefit)1		-			(12	)		6			(4	)		(10	)		(34	)					(34	)
Total		-			81			(6	)		4			79			(120	)					(120	)
Lower 48
Impairments		(60	)		(95	)		(141	)		(386	)		(682	)		(561	)					(561	)
Gain (loss) on asset sales		-			-			-			82			82			(38	)					(38	)
Pending claims and settlements		-			(67	)		-			9			(58	)		-						-
Subtotal before income taxes		(60	)		(162	)		(141	)		(295	)		(658	)		(599	)					(599	)
Income tax provision (benefit)		(13	)		(37	)		(31	)		(65	)		(146	)		(132	)					(132	)
Total		(47	)		(125	)		(110	)		(230	)		(512	)		(467	)					(467	)
Canada
Impairments		-			-			-			-			-			(39	)					(39	)
Gain (loss) on asset sales		-			56			-			-			56			-						-
Subtotal before income taxes		-			56			-			-			56			(39	)					(39	)
Income tax provision (benefit)2		(68	)		(10	)		-			-			(78	)		(10	)					(10	)
Total		68			66			-			-			134			(29	)					(29	)
Europe and North Africa
Impairments		-			-			-			-			-			(11	)					(11	)
Gain (loss) on asset sales		-			-			1,752			(15	)		1,737			-						-
Subtotal before income taxes		-			-			1,752			(15	)		1,737			(11	)					(11	)
Income tax provision (benefit)3		-			(234	)		(93	)		(8	)		(335	)		(9	)					(9	)
Total		-			234			1,845			(7	)		2,072			(2	)					(2	)
Asia Pacific and Middle East
Gain (loss) on asset sales		-			5			-			-			5			-						-
Impairments		-			-			-			-			-			(5	)					(5	)
Qatar deferred tax adjustment		-			-			-			(118	)		(118	)		-						-
Pending claims and settlements		-			-			-			(2	)		(2	)		-						-
Subtotal before income taxes		-			5			-			(120	)		(115	)		(5	)					(5	)
Income tax provision (benefit)4		-			(47	)		(164	)		31			(180	)		(1	)					(1	)
Total		-			52			164			(151	)		65			(4	)					(4	)
Other International
Pending claims and settlements		147			89			89			-			325			29						29
Subtotal before income taxes		147			89			89			-			325			29						29
Income tax provision (benefit)		-			5			3			-			8			-						-
Total		147			84			86			-			317			29						29
Corporate and Other
Pension settlement expense		-			-			(37	)		(8	)		(45	)		-						-
Pending claims and settlements		(17	)		44			34			(17	)		44			-						-
Unrealized gain (loss) on CVE common shares		343			30			116			160			649			(1,691	)					(1,691	)
Unrealized gain (loss) on CAD FX derivative		(6	)		(24	)		15			(18	)		(33	)		75						75
Recognition of deferred revenue		248			-			49			-			297			-						-
Subtotal before income taxes		568			50			177			117			912			(1,616	)					(1,616	)
Income tax provision (benefit)5		51			5			14			(156	)		(86	)		16						16
Total		517			45			163			273			998			(1,632	)					(1,632	)
Total Company		685			437			2,142			(111	)		3,153			(2,225	)					(2,225	)

¹Includes deferred tax adjustment in 2Q 2019 in Alaska.

²Includes deferred tax adjustment in 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 deferred tax adjustment related to foreign tax credits in 4Q 2019.

		2019															2020
		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			6,218			5,941			7,193			5,088			5,088			3,908						3,908
Short-term investments			249			732			908			3,028			3,028			3,866						3,866
Accounts and notes receivable			3,701			3,490			3,478			3,267			3,267			2,116						2,116
Accounts and notes receivable—related parties			168			161			138			134			134			148						148
Investment in Cenovus Energy			1,805			1,835			1,951			2,111			2,111			420						420
Inventories			1,014			1,089			955			1,026			1,026			726						726
Prepaid expenses and other current assets			528			2,552			594			2,259			2,259			1,960						1,960
Total Current Assets			13,683			15,800			15,217			16,913			16,913			13,144						13,144
Investments and long-term receivables			9,302			8,748			8,916			8,687			8,687			8,707						8,707
Loans and advances—related parties			268			268			219			219			219			167						167
Net properties, plants and equipment			45,942			44,334			43,814			42,269			42,269			40,645						40,645
Other assets			2,303			2,111			2,174			2,426			2,426			2,370						2,370
Total Assets			71,498			71,261			70,340			70,514			70,514			65,033						65,033
Liabilities
Accounts payable			3,815			3,618			3,148			3,176			3,176			2,900						2,900
Accounts payable—related parties			31			17			23			24			24			21						21
Short-term debt			113			114			121			105			105			126						126
Accrued income and other taxes			1,539			1,213			1,077			1,030			1,030			853						853
Employee benefit obligations			470			529			543			663			663			323						323
Other accruals			1,402			3,505			1,030			2,045			2,045			1,852						1,852
Total Current Liabilities			7,370			8,996			5,942			7,043			7,043			6,075						6,075
Long-term debt			14,832			14,809			14,799			14,790			14,790			14,847						14,847
Asset retirement obligations and accrued environmental costs			7,730			5,996			6,087			5,352			5,352			5,316						5,316
Deferred income taxes			5,043			4,825			4,693			4,634			4,634			4,141						4,141
Employee benefit obligations			1,704			1,689			1,786			1,781			1,781			1,563						1,563
Other liabilities and deferred credits			1,838			1,872			1,794			1,864			1,864			1,704						1,704
Total Liabilities			38,517			38,187			35,101			35,464			35,464			33,646						33,646
Equity
Common stock issued
Par value			18			18			18			18			18			18						18
Capital in excess of par			46,877			46,922			46,954			46,983			46,983			47,027						47,027
Treasury stock			(43,656	)		(44,906	)		(45,656	)		(46,405	)		(46,405	)		(47,130	)					(47,130	)
Accumulated other comprehensive income (loss)	��		(5,914	)		(5,827	)		(5,654	)		(5,357	)		(5,357	)		(6,145	)					(6,145	)
Retained earnings			35,534			36,769			39,484			39,742			39,742			37,545						37,545
Total Common Stockholders' Equity			32,859			32,976			35,146			34,981			34,981			31,315						31,315
Noncontrolling Interests			122			98			93			69			69			72						72
Total Equity			32,981			33,074			35,239			35,050			35,050			31,387						31,387
Total Liabilities and Equity			71,498			71,261			70,340			70,514			70,514			65,033						65,033

	2019															2020
	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)		1,846			1,597			3,071			743			7,257			(1,711	)					(1,711	)
Depreciation, depletion and amortization		1,546			1,490			1,566			1,488			6,090			1,411						1,411
Impairments		1			1			24			379			405			521						521
Dry hole costs and leasehold impairments		27			41			293			60			421			67						67
Accretion on discounted liabilities		86			87			86			67			326			67						67
Deferred taxes		(1	)		(220	)		(83	)		(140	)		(444	)		(227	)					(227	)
Undistributed equity earnings		24			338			(102	)		334			594			31						31
Gain on dispositions		(17	)		(82	)		(1,785	)		(82	)		(1,966	)		42						42
Unrealized (gain) loss on investment in Cenovus Energy		(343	)		(30	)		(116	)		(160	)		(649	)		1,691						1,691
Other		(221	)		200			(310	)		(20	)		(351	)		(284	)					(284	)
Net working capital changes		(54	)		(531	)		(307	)		313			(579	)		497						497
Net Cash Provided by Operating Activities		2,894			2,891			2,337			2,982			11,104			2,105						2,105
Cash Flows from Investing Activities
Capital expenditures and investments		(1,637	)		(1,729	)		(1,675	)		(1,595	)		(6,636	)		(1,649	)					(1,649	)
Working capital changes associated with investing activities		107			(83	)		(7	)		(120	)		(103	)		81						81
Proceeds from asset dispositions		142			559			2,219			92			3,012			549						549
Net sales (purchases) of investments		(1	)		(484	)		(180	)		(2,245	)		(2,910	)		(935	)					(935	)
Long-term collections from (advances to)
related parties and other investments		(88	)		276			(207	)		38			19			22						22
Net Cash Provided by (Used in) Investing Activities		(1,477	)		(1,461	)		150			(3,830	)		(6,618	)		(1,932	)					(1,932	)
Cash Flows from Financing Activities
Repayment of debt		(19	)		(19	)		(21	)		(21	)		(80	)		(24	)					(24	)
Issuance of company common stock		(38	)		2			(3	)		9			(30	)		2						2
Repurchase of company common stock		(752	)		(1,250	)		(749	)		(749	)		(3,500	)		(726	)					(726	)
Dividends paid		(350	)		(346	)		(341	)		(463	)		(1,500	)		(458	)					(458	)
Other		(14	)		(41	)		(18	)		(46	)		(119	)		(24	)					(24	)
Net Cash Provided by (Used in) Financing Activities		(1,173	)		(1,654	)		(1,132	)		(1,270	)		(5,229	)		(1,230	)					(1,230	)
Effect of Exchange Rate Changes		75			(49	)		(94	)		22			(46	)		(122	)					(122	)
Net Change in Cash, Cash Equivalents and Restricted Cash		319			(273	)		1,261			(2,096	)		(789	)		(1,179	)					(1,179	)
Cash, cash equivalents and restricted cash at beginning of period		6,151			6,470			6,197			7,458			6,151			5,362						5,362
Cash, Cash Equivalents and Restricted Cash at End of Period		6,470			6,197			7,458			5,362			5,362			4,183						4,183
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska		410			370			427			306			1,513			509						509
Lower 48		834			936			843			781			3,394			776						776
Canada		123			109			83			53			368			74						74
Europe and North Africa		157			182			198			171			708			121						121
Asia Pacific and Middle East		96			123			103			262			584			103						103
Other International		1			-			-			7			8			53						53
Corporate and Other		16			9			21			15			61			13						13
Total Capital Expenditures and Investments		1,637			1,729			1,675			1,595			6,636			1,649						1,649

	2019												2020
	1st Qtr		2nd Qtr			3rd Qtr		4th Qtr			Full Year		1st Qtr			2nd Qtr	3rd Qtr	4th Qtr	YTD
TOTAL SEGMENTS
Production
Total (MBOED)		1,361		1,332			1,366		1,334			1,348		1,289						1,289
Crude Oil (MBD)
Consolidated operations		703		688			696		681			692		642						642
Equity affiliates		12		14			14		14			13		12						12
Total		715		702			710		695			705		654						654
Over (under) lifting of crude oil (MBD)		8		(3	)		19		(2	)		6		(20	)					(20	)
NGL (MBD)
Consolidated operations		103		110			106		110			107		116						116
Equity affiliates		7		8			8		8			8		7						7
Total		110		118			114		118			115		123						123
Bitumen (MBD)
Consolidated operations		63		51			63		64			60		66						66
Equity affiliates		-		-			-		-			-		-						-
Total		63		51			63		64			60		66						66
Natural Gas (MMCFD)
Consolidated operations		1,852		1,704			1,795		1,661			1,753		1,638						1,638
Equity affiliates		988		1,064			1,076		1,080			1,052		1,036						1,036
Total		2,840		2,768			2,871		2,741			2,805		2,674						2,674
Industry Prices
Crude Oil ($/BBL)
WTI		54.87		59.80			56.44		56.98			57.02		46.06						46.06
WCS		42.58		49.13			44.18		41.15			44.26		25.54						25.54
Brent dated		63.20		68.82			61.94		63.22			64.30		50.31						50.31
JCC ($/BBL)		76.98		63.72			71.59		66.34			69.66		65.89						65.89
Natural Gas ($/MMBTU)														��
Henry Hub first of month		3.15		2.64			2.23		2.50			2.63		1.95						1.95
Average Realized Prices
Total ($/BBL)		50.59		50.50			47.07		47.01			48.78		38.81						38.81
Crude Oil ($/BBL)
Consolidated operations		59.45		64.90			59.56		60.14			60.98		48.77						48.77
Equity affiliates		59.53		63.98			59.91		61.58			61.32		53.14						53.14
Total		59.45		64.88			59.57		60.17			60.99		48.86						48.86
NGL ($/BBL)
Consolidated operations		22.74		19.97			14.33		18.26			18.73		12.81						12.81
Equity affiliates		38.19		41.72			30.18		37.28			36.70		42.41						42.41
Total		23.85		21.65			15.59		19.67			20.09		14.82						14.82
Bitumen ($/BBL)
Consolidated operations		33.15		37.20			32.54		24.58			31.72		5.90						5.90
Equity affiliates		-		-			-		-			-		-						-
Total		33.15		37.20			32.54		24.58			31.72		5.90						5.90
Natural Gas ($/MCF)
Consolidated operations		5.27		4.08			3.73		3.88			4.25		3.60						3.60
Equity affiliates		7.31		5.81			6.40		5.75			6.29		5.41						5.41
Total		6.00		4.76			4.74		4.62			5.03		4.30						4.30
Exploration Expenses ($ Millions)
Dry holes		10		16			139		35			200		36						36
Leasehold impairment		17		25			154		25			221		31						31
Total noncash expenses		27		41			293		60			421		67						67
Other (G&A, G&G and lease rentals)		83		81			67		91			322		121						121
Total exploration expenses		110		122			360		151			743		188						188
U.S. exploration expenses		75		70			319		60			524		99						99
International exploration expenses		35		52			41		91			219		89						89
DD&A ($ Millions)
Alaska		205		208			200		192			805		209						209
Lower 48		621		709			731		761			2,822		707						707
Canada		56		48			63		63			230		69						69
Europe and North Africa		273		173			222		218			886		196						196
Asia Pacific and Middle East		375		338			332		240			1,285		217						217
Other International		-		-			-		-			-		-						-
Corporate and Other		16		14			18		14			62		13						13
Total DD&A		1,546		1,490			1,566		1,488			6,090		1,411						1,411

	2019										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Alaska		210		199		190		205		202		198					198
Lower 48		245		269		277		274		266		270					270
Canada		1		1		1		1		1		2					2
Norway		89		73		91		85		84		84					84
United Kingdom		25		20		19		-		16		-					-
Libya		38		37		39		39		38		9					9
Europe and North Africa		152		130		149		124		138		93					93
Australia/Timor-Leste		6		7		6		5		6		4					4
China		41		37		35		29		35		31					31
Indonesia		2		2		2		2		2		2					2
Malaysia		46		43		36		41		42		42					42
Equity affiliates		12		14		14		14		13		12					12
AP/ME		107		103		93		91		98		91					91
Total		715		702		710		695		705		654					654
NGL (MBD)
Alaska		17		17		11		16		15		19					19
Lower 48		74		82		84		85		81		89					89
Canada		-		1		-		-		-		1					1
Norway		4		3		4		5		4		5					5
United Kingdom		4		3		3		-		3		-					-
Europe and North Africa		8		6		7		5		7		5					5
Australia/Timor-Leste		4		4		4		4		4		2					2
Equity affiliates		7		8		8		8		8		7					7
AP/ME		11		12		12		12		12		9					9
Total		110		118		114		118		115		123					123
Bitumen (MBD)
Canada		63		51		63		64		60		66					66
Total		63		51		63		64		60		66					66
Natural Gas (MMCFD)
Alaska		8		7		6		8		7		8					8
Lower 48		568		593		649		677		622		679					679
Canada		7		8		9		11		9		20					20
Norway		263		244		226		284		254		297					297
United Kingdom		310		247		218		-		193		-					-
Libya		31		27		29		36		31		13					13
Europe and North Africa		604		518		473		320		478		310					310
Australia/Timor-Leste		273		202		222		203		225		237					237
Indonesia		311		314		324		333		321		309					309
Malaysia		81		62		112		109		91		75					75
Equity affiliates		988		1,064		1,076		1,080		1,052		1,036					1,036
AP/ME		1,653		1,642		1,734		1,725		1,689		1,657					1,657
Total		2,840		2,768		2,871		2,741		2,805		2,674					2,674
Total (MBOED)																	��
Alaska		228		217		202		222		218		218					218
Lower 48		414		450		469		472		451		472					472
Canada		65		54		66		67		63		72					72
Norway		137		117		133		137		131		139					139
United Kingdom		80		64		58		-		50		-					-
Libya		43		42		44		45		43		11					11
Europe and North Africa		260		223		235		182		224		150					150
Australia/Timor-Leste		56		45		47		43		48		46					46
China		41		37		35		29		35		31					31
Indonesia		54		54		56		58		56		54					54
Malaysia		60		53		55		59		57		54					54
Equity affiliates		183		199		201		202		196		192					192
AP/ME		394		388		394		391		392		377					377
Total		1,361		1,332		1,366		1,334		1,348		1,289					1,289

	2019										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska		62.81		67.57		62.78		63.43		64.12		54.78					54.78
Lower 48		53.15		59.17		54.38		54.34		55.30		40.97					40.97
Canada		-		-		-		-		40.87		-					-
Norway		63.16		70.09		64.00		64.25		65.19		54.92					54.92
United Kingdom		59.74		69.22		63.32		-		64.68		-					-
Libya		63.22		68.95		62.30		63.95		64.47		64.21					64.21
Europe and North Africa		62.83		69.65		63.47		64.15		64.94		55.53					55.53
Australia/Timor-Leste		59.39		62.22		57.02		58.32		59.29		47.35					47.35
China		59.23		65.40		59.07		63.17		61.26		54.10					54.10
Indonesia		47.07		51.62		48.79		50.35		49.55		29.33					29.33
Malaysia		67.33		73.99		66.26		69.74		69.45		57.67					57.67
AP/ME		62.94		69.78		62.01		65.90		65.02		54.71					54.71
Total consolidated operations		59.45		64.90		59.56		60.14		60.98		48.77					48.77
Equity affiliates		59.53		63.98		59.91		61.58		61.32		53.14					53.14
Total		59.45		64.88		59.57		60.17		60.99		48.86					48.86
NGL ($/BBL)
Consolidated operations
Lower 48		20.66		17.91		13.04		16.27		16.83		11.85					11.85
Canada		-		-		-		-		19.87		-					-
Norway		33.37		29.42		24.38		32.42		30.67		21.54					21.54
United Kingdom		27.65		32.75		22.20		-		27.71		-					-
Europe and North Africa		31.15		32.00		23.20		32.42		29.37		21.54					21.54
Australia/Timor-Leste		40.13		39.97		30.13		37.20		37.85		39.34					39.34
AP/ME		40.13		39.97		30.13		37.20		37.85		39.34					39.34
Total consolidated operations		22.74		19.97		14.33		18.26		18.73		12.81					12.81
Equity affiliates		38.19		41.72		30.18		37.28		36.70		42.41					42.41
Total		23.85		21.65		15.59		19.67		20.09		14.82					14.82
Bitumen ($/BBL)
Canada*		33.15		37.20		32.54		24.58		31.72		5.90					5.90
Total		33.15		37.20		32.54		24.58		31.72		5.90					5.90
Natural Gas ($/MCF)
Consolidated operations
Alaska		3.42		3.19		3.01		3.09		3.19		3.07					3.07
Lower 48		2.74		2.10		1.80		1.92		2.12		1.48					1.48
Canada		-		-		-		-		0.49		-					-
Norway		6.39		4.31		3.37		4.61		4.72		3.65					3.65
United Kingdom		6.83		4.49		3.69		-		5.19		-					-
Libya		4.92		4.79		4.83		4.91		4.87		4.53					4.53
Europe and North Africa		6.55		4.42		3.60		4.63		4.92		3.68					3.68
Australia/Timor-Leste**		0.83		0.78		0.76		0.77		0.79		6.43					6.43
Indonesia		6.69		7.19		6.69		6.66		6.81		6.58					6.58
Malaysia		3.84		3.57		3.44		3.47		3.56		2.93					2.93
AP/ME		6.36		5.89		5.78		5.60		5.91		5.94					5.94
Total consolidated operations		5.27		4.08		3.73		3.88		4.25		3.60					3.60
Equity affiliates		7.31		5.81		6.40		5.75		6.29		5.41					5.41
Total		6.00		4.76		4.74		4.62		5.03		4.30					4.30

 *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.

	2019															2020
	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)		271			(193	)		(14	)		(26	)		38			(1,775	)					(1,775	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense		(196	)		(131	)		(123	)		(154	)		(604	)		(155	)					(155	)
Corporate G&A expenses		(65	)		(49	)		(34	)		(104	)		(252	)		50						50
Technology*		96			(10	)		43			(6	)		123			1						1
Other		436			(3	)		100			238			771			(1,671	)					(1,671	)
Total		271			(193	)		(14	)		(26	)		38			(1,775	)					(1,775	)
*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		(243	)		(178	)		(200	)		(214	)		(835	)		(216	)					(216	)
Capitalized interest		10			13			16			18			57			14						14
Interest revenue		32			33			45			39			149			42						42
Total		(201	)		(132	)		(139	)		(157	)		(629	)		(160	)					(160	)
Debt
Total debt ($ Millions)		14,945			14,923			14,920			14,895			14,895			14,973						14,973
Debt-to-capital ratio (%)		31	%		31	%		30	%		30	%		30	%		32	%					32	%
Equity ($ Millions)		32,981			33,074			35,239			35,050			35,050			31,387						31,387

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