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

 Exhibit 99.2

	First-Quarter 2022 Detailed Supplemental Information
	2021															2022
	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		9,826			9,556			11,326			15,120			45,828			17,762			-			-		-		17,762
Equity in earnings of affiliates		122			139			239			332			832			426			-			-		-		426
Gain on dispositions		233			59			2			192			486			817			-			-		-		817
Other income		378			457			49			319			1,203			286			-			-		-		286
Total Revenues and Other Income		10,559			10,211			11,616			15,963			48,349			19,291			-			-		-		19,291
Costs and Expenses
Purchased commodities		4,483			2,998			4,179			6,498			18,158			6,751			-			-		-		6,751
Production and operating expenses		1,383			1,379			1,389			1,543			5,694			1,581			-			-		-		1,581
Selling, general and administrative expenses		311			117			128			163			719			187			-			-		-		187
Exploration expenses		84			57			65			138			344			69			-			-		-		69
Depreciation, depletion and amortization		1,886			1,867			1,672			1,783			7,208			1,823			-			-		-		1,823
Impairments		(3	)		2			(89	)		764			674			2			-			-		-		2
Taxes other than income taxes		370			381			403			480			1,634			814			-			-		-		814
Accretion on discounted liabilities		62			63			61			56			242			61			-			-		-		61
Interest and debt expense		226			220			219			219			884			217			-			-		-		217
Foreign currency transactions (gain) loss		19			10			(10	)		(41	)		(22	)		24			-			-		-		24
Other expenses		24			37			17			24			102			(136	)		-			-		-		(136	)
Total Costs and Expenses		8,845			7,131			8,034			11,627			35,637			11,393			-			-		-		11,393
Income before income taxes		1,714			3,080			3,582			4,336			12,712			7,898			-			-		-		7,898
Income tax provision		732			989			1,203			1,709			4,633			2,139			-			-		-		2,139
Net Income		982			2,091			2,379			2,627			8,079			5,759			-			-		-		5,759
Net Income Per Share of Common Stock (dollars)
Basic		0.75			1.55			1.78			1.99			6.09			4.41			-			-		-		4.41
Diluted		0.75			1.55			1.78			1.98			6.07			4.39			-			-		-		4.39
Average Common Shares Outstanding (in thousands)*
Basic		1,300,375			1,348,637			1,332,286			1,315,225			1,324,194			1,301,930			-			-		-		1,301,930
Diluted		1,302,691			1,353,201			1,336,379			1,320,829			1,328,151			1,307,404			-			-		-		1,307,404
*Ending Common Shares Outstanding is 1,293,450 as of March 31, 2022, compared with 1,302,243 as of December 31, 2021.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska		217			480			517			574			1,788			802			-			-		-		802
Lower 48		609			1,502			2,094			2,117			6,322			3,547			-			-		-		3,547
Canada		16			135			205			252			608			381			-			-		-		381
Europe, Middle East and North Africa		511			697			878			1,624			3,710			1,774			-			-		-		1,774
Asia Pacific		432			289			377			(162	)		936			1,310			-			-		-		1,310
Other International		(5	)		(6	)		(140	)		(9	)		(160	)		-			-			-		-		-
Corporate and Other		(66	)		(17	)		(349	)		(60	)		(492	)		84			-			-		-		84
Consolidated		1,714			3,080			3,582			4,336			12,712			7,898			-			-		-		7,898
EFFECTIVE INCOME TAX RATES
Alaska*		26.8	%		22.8	%		21.6	%		21.4	%		22.5	%		27.1	%		-			-		-		27.1	%
Lower 48		23.2	%		21.7	%		22.1	%		21.7	%		22.0	%		21.4	%		-			-		-		21.4	%
Canada		33.7	%		24.9	%		24.4	%		24.2	%		24.7	%		23.7	%		-			-		-		23.7	%
Europe, Middle East and North Africa		70.1	%		70.3	%		72.5	%		65.2	%		68.5	%		76.8	%		-			-		-		76.8	%
Asia Pacific		26.6	%		39.4	%		31.9	%		-82.9	%		51.6	%		13.3	%		-			-		-		13.3	%
Other International		28.0	%		7.6	%		30.4	%		91.6	%		33.0	%		-137.8	%		-	��		-		-		-137.8	%
Corporate and Other		-85.1	%		496.6	%		38.9	%		198.2	%		57.3	%		-546.2	%		-			-		-		-546.2	%
Consolidated		42.7	%		32.1	%		33.6	%		39.4	%		36.4	%		27.1	%		-			-		-		27.1	%
*Alaska including taxes other than income taxes.		50.3	%		38.8	%		36.0	%		37.9	%		39.3	%		47.8	%		-			-		-		47.8	%

							2021														2022
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		YTD
$ Millions
EARNINGS BY SEGMENT
Alaska		159			371			405			451			1,386			584			-		-		-		584
Lower 48		468			1,175			1,631			1,658			4,932			2,790			-		-		-		2,790
Canada		10			102			155			191			458			291			-		-		-		291
Europe, Middle East and North Africa		153			207			241			566			1,167			412			-		-		-		412
Asia Pacific		317			175			257			(296	)		453			1,136			-		-		-		1,136
Other International		(4	)		(5	)		(97	)		(1	)		(107	)		-			-		-		-		-
Corporate and Other		(121	)		66			(213	)		58			(210	)		546			-		-		-		546
Consolidated		982			2,091			2,379			2,627			8,079			5,759			-		-		-		5,759
SPECIAL ITEMS
Alaska		(20	)		(2	)		(1	)		3			(20	)		23			-		-		-		23
Lower 48		(236	)		(10	)		56			(109	)		(299	)		16			-		-		-		16
Canada		(3	)		52			77			97			223			176			-		-		-		176
Europe, Middle East and North Africa		-			-			(5	)		-			(5	)		-			-		-		-		-
Asia Pacific		199			-			-			(688	)		(489	)		534			-		-		-		534
Other International		-			-			(105	)		(3	)		(108	)		-			-		-		-		-
Corporate and Other		140			335			(15	)		317			777			721			-		-		-		721
Consolidated		80			375			7			(383	)		79			1,470			-		-		-		1,470
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska		179			373			406			448			1,406			561			-		-		-		561
Lower 48		704			1,185			1,575			1,767			5,231			2,774			-		-		-		2,774
Canada		13			50			78			94			235			115			-		-		-		115
Europe, Middle East and North Africa		153			207			246			566			1,172			412			-		-		-		412
Asia Pacific		118			175			257			392			942			602			-		-		-		602
Other International		(4	)		(5	)		8			2			1			-			-		-		-		-
Corporate and Other		(261	)		(269	)		(198	)		(259	)		(987	)		(175	)		-		-		-		(175	)
Consolidated		902			1,716			2,372			3,010			8,000			4,289			-		-		-		4,289
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska		26.4	%		22.7	%		21.7	%		22.4	%		22.8	%		30.0	%		-		-		-		30.0	%
Lower 48		23.3	%		21.7	%		22.0	%		21.8	%		22.1	%		22.1	%		-		-		-		22.1	%
Canada		28.3	%		26.2	%		25.7	%		25.3	%		25.8	%		24.4	%		-		-		-		24.4	%
Europe, Middle East and North Africa		70.2	%		70.3	%		72.7	%		65.2	%		68.6	%		76.8	%		-		-		-		76.8	%
Asia Pacific		49.3	%		39.4	%		31.9	%		25.5	%		33.9	%		22.4	%		-		-		-		22.4	%
Other International		28.0	%		7.6	%		-7.1	%		143.6	%		107.8	%		-137.8	%		-		-		-		-137.8	%
Corporate and Other		8.1	%		18.7	%		38.9	%		25.1	%		23.1	%		38.1	%		-		-		-		38.1	%
Consolidated		44.8	%		36.8	%		34.2	%		36.8	%		37.1	%		36.8	%		-		-		-		36.8	%

					2021									2022
$ Millions	1st Qtr		2ndQtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
DETAILED SPECIAL ITEMS
Alaska
Transaction and restructuring expenses	(26	)	(2	)	(1	)	(4	)	(33	)	-		-	-	-	-
Impairments	-		-		-		-		-		-		-	-	-	-
Subtotal before income taxes	(26	)	(2	)	(1	)	(4	)	(33	)	-		-	-	-	-
Income tax provision (benefit)1	(6	)	-		-		(7	)	(13	)	(23	)	-	-	-	(23	)
Total	(20	)	(2	)	(1	)	3		(20	)	23		-	-	-	23
Lower 48
Transaction and restructuring expenses	(175	)	(13	)	(15	)	(57	)	(260	)	(14	)	-	-	-	(14	)
Gain (loss) on accelerated settlement of Concho hedging program	(132	)	-		-		-		(132	)	-		-	-	-	-
Impairments	-		-		89		(85	)	4		-		-	-	-	-
Gain (loss) on asset sales	-		-		-		-		-		-		-	-	-	-
Pending claims and settlements	-		-		-		-		-		-		-	-	-	-
Subtotal before income taxes	(307	)	(13	)	74		(142	)	(388	)	(14	)	-	-	-	(14	)
Income tax provision (benefit)2	(71	)	(3	)	18		(33	)	(89	)	(30	)	-	-	-	(30	)
Total	(236	)	(10	)	56		(109	)	(299	)	16		-	-	-	16
Canada
Impairments	-		-		-		-		-		-		-	-	-	-
Gain (loss) on asset sales	-		68		100		126		294		229		-	-	-	229
Transaction and restructuring expenses	(3	)	-		-		-		(3	)	-		-	-	-	-
Subtotal before income taxes	(3	)	68		100		126		291		229		-	-	-	229
Income tax provision (benefit)	-		16		23		29		68		53		-	-	-	53
Total	(3	)	52		77		97		223		176		-	-	-	176
Europe, Middle East and North Africa
Impairments	-		-		-		-		-		-		-	-	-	-
Transaction and restructuring expenses	(1	)	-		(24	)	-		(25	)	-		-	-	-	-
Subtotal before income taxes	(1	)	-		(24	)	-		(25	)	-		-	-	-	-
Income tax provision (benefit)	(1	)	-		(19	)	-		(20	)	-		-	-	-	-
Total	-		-		(5	)	-		(5	)	-		-	-	-	-
Asia Pacific
Gain (loss) on asset sales	200		-		-		-		200		534		-	-	-	534
Impairments	-		-		-		(688	)	(688	)	-		-	-	-	-
Transaction and restructuring expenses	(1	)	-		-		-		(1	)	-		-	-	-	-
Subtotal before income taxes	199		-		-		(688	)	(489	)	534		-	-	-	534
Income tax provision (benefit)	-		-		-		-		-		-		-	-	-	-
Total	199		-		-		(688	)	(489	)	534		-	-	-	534
Other International
Pending claims and settlements	-		-		-		-		-		-		-	-	-	-
Gain (loss) on asset sales	-		-		(147	)	-		(147	)	-		-	-	-	-
Transaction and restructuring expenses	-		-		-		(4	)	(4	)	-		-	-	-	-
Exploration expense	-		-		-		-		-		-		-	-	-	-
Subtotal before income taxes	-		-		(147	)	(4	)	(151	)	-		-	-	-	-
Income tax provision (benefit)	-		-		(42	)	(1	)	(43	)	-		-	-	-	-
Total	-		-		(105	)	(3	)	(108	)	-		-	-	-	-
Corporate and Other
Pension settlement expense	-		(42	)	(28	)	(29	)	(99	)	-		-	-	-	-
Pending claims and settlements	-		(48	)	-		-		(48	)	-		-	-	-	-
Transaction and restructuring expense	(85	)	(8	)	(12	)	(4	)	(109	)	-		-	-	-	-
Gain (loss) on investment in Cenovus Energy	308		418		17		297		1,040		251		-	-	-	251
Gain (loss) on CAD FX derivative	(4	)	(8	)	-		-		(12	)	-		-	-	-	-
Gain (loss) on AUD FX derivative	-		-		-		21		21		(10	)	-	-	-	(10	)
Gain on debt extinguishment and exchange fees	-		-		-		-		-		127		-	-	-	127
Subtotal before income taxes	219		312		(23	)	285		793		368		-	-	-	368
Income tax provision (benefit)3	79		(23	)	(8	)	(32	)	16		(353	)	-	-	-	(353	)
Total	140		335		(15	)	317		777		721		-	-	-	721
Total Company	80		375		7		(383	)	79		1,470		-	-	-	1,470
1Includes a tax adjustment in Q1 2022 related to the closure of an audit.
2Includes a tax adjustment in Q1 2022 related to the closure of an audit.
3Includes deferred tax adjustment related to foreign tax credits in Q1 2021; Q4 2021 and Q1 2022 tax adjustment related to Indonesia disposition; Q1 2022 tax adjustments including the closure of an audit.

					2021									2022
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents	2,831		6,608		9,833		5,028		5,028		6,414		-	-	-	6,414
Short-term investments	4,104		2,251		678		446		446		730		-	-	-	730
Accounts and notes receivable	4,339		4,401		5,336		6,543		6,543		7,807		-	-	-	7,807
Accounts and notes receivable—related parties	142		123		129		127		127		72		-	-	-	72
Investment in Cenovus Energy	1,564		1,802		1,416		1,117		1,117		-		-	-	-	-
Inventories	1,098		1,138		1,043		1,208		1,208		1,174		-	-	-	1,174
Prepaid expenses and other current assets	536		849		1,746		1,581		1,581		1,389		-	-	-	1,389
Total Current Assets	14,614		17,172		20,181		16,050		16,050		17,586		-	-	-	17,586
Investments and long-term receivables	8,286		8,013		8,058		7,113		7,113		8,309		-	-	-	8,309
Loans and advances—related parties	59		59		-		-		-		-		-	-	-	-
Net properties, plants and equipment	58,270		57,717		56,689		64,911		64,911		64,642		-	-	-	64,642
Other assets	2,464		2,442		2,376		2,587		2,587		2,771		-	-	-	2,771
Total Assets	83,693		85,403		87,304		90,661		90,661		93,308		-	-	-	93,308
Liabilities
Accounts payable	3,779		3,591		4,101		5,002		5,002		4,875		-	-	-	4,875
Accounts payable—related parties	22		22		30		23		23		22		-	-	-	22
Short-term debt	689		1,205		920		1,200		1,200		1,160		-	-	-	1,160
Accrued income and other taxes	959		1,406		2,082		2,862		2,862		3,162		-	-	-	3,162
Employee benefit obligations	567		571		691		755		755		446		-	-	-	446
Other accruals	1,168		1,355		2,625		2,179		2,179		1,959		-	-	-	1,959
Total Current Liabilities	7,184		8,150		10,449		12,021		12,021		11,624		-	-	-	11,624
Long-term debt	19,338		18,805		18,748		18,734		18,734		17,586		-	-	-	17,586
Asset retirement obligations and accrued environmental costs	5,782		5,819		5,721		5,754		5,754		5,815		-	-	-	5,815
Deferred income taxes	4,982		5,331		5,630		6,179		6,179		6,556		-	-	-	6,556
Employee benefit obligations	1,530		1,297		1,162		1,153		1,153		1,085		-	-	-	1,085
Other liabilities and deferred credits	1,722		1,725		1,479		1,414		1,414		1,424		-	-	-	1,424
Total Liabilities	40,538		41,127		43,189		45,255		45,255		44,090		-	-	-	44,090
Equity
Common stock issued
Par value	21		21		21		21		21		21		-	-	-	21
Capital in excess of par	60,278		60,337		60,431		60,581		60,581		60,907		-	-	-	60,907
Treasury stock	(47,672	)	(48,278	)	(49,521	)	(50,920	)	(50,920	)	(52,344	)	-	-	-	(52,344	)
Accumulated other comprehensive loss	(5,080	)	(4,920	)	(5,123	)	(4,950	)	(4,950	)	(4,808	)	-	-	-	(4,808	)
Retained earnings	35,608		37,116		38,307		40,674		40,674		45,442		-	-	-	45,442
Total Equity	43,155		44,276		44,115		45,406		45,406		49,218		-	-	-	49,218
Total Liabilities and Equity	83,693		85,403		87,304		90,661		90,661		93,308		-	-	-	93,308

								2021														2022
	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)		982			2,091			2,379			2,627			8,079			5,759			-		-		-		5,759
Depreciation, depletion and amortization		1,886			1,867			1,672			1,783			7,208			1,823			-		-		-		1,823
Impairments		(3	)		2			(89	)		764			674			2			-		-		-		2
Dry hole costs and leasehold impairments		6			1			-			37			44			7			-		-		-		7
Accretion on discounted liabilities		62			63			61			56			242			61			-		-		-		61
Deferred taxes		203			364			328			451			1,346			373			-		-		-		373
Undistributed equity earnings		81			236			(59	)		188			446			220			-		-		-		220
Gain on dispositions		(233	)		(59	)		(2	)		(192	)		(486	)		(817	)		-		-		-		(817	)
Gain on investment in Cenovus Energy		(308	)		(418	)		(17	)		(297	)		(1,040	)		(251	)		-		-		-		(251	)
Other		(581	)		(107	)		(178	)		78			(788	)		(152	)		-		-		-		(152	)
Net working capital changes		(15	)		211			702			373			1,271			(1,957	)		-		-		-		(1,957	)
Net Cash Provided by Operating Activities		2,080			4,251			4,797			5,868			16,996			5,068			-		-		-		5,068
Cash Flows from Investing Activities
Capital expenditures and investments		(1,200	)		(1,265	)		(1,302	)		(1,557	)		(5,324	)		(3,161	)		-		-		-		(3,161	)
Working capital changes associated with investing activities		61			(59	)		77			55			134			363			-		-		-		363
Acquisition of businesses, net of cash acquired		382			-			-			(8,672	)		(8,290	)		37			-		-		-		37
Proceeds from asset dispositions		(17	)		177			632			861			1,653			2,332			-		-		-		2,332
Net sales (purchases) of investments		(499	)		1,801			1,544			245			3,091			(263	)		-		-		-		(263	)
Collection of advances/loans—related parties		52			-			53			-			105			55			-		-		-		55
Other		6			80			(472	)		473			87			26			-		-		-		26
Net Cash Provided by (Used in) Investing Activities		(1,215	)		734			532			(8,595	)		(8,544	)		(611	)		-		-		-		(611	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt		(26	)		(18	)		(319	)		(142	)		(505	)		(1,067	)		-		-		-		(1,067	)
Issuance of company common stock		(28	)		3			52			118			145			271			-		-		-		271
Repurchase of company common stock		(375	)		(606	)		(1,243	)		(1,399	)		(3,623	)		(1,425	)		-		-		-		(1,425	)
Dividends paid		(588	)		(583	)		(579	)		(609	)		(2,359	)		(864	)		-		-		-		(864	)
Other		2			1			3			1			7			(52	)		-		-		-		(52	)
Net Cash Used in Financing Activities		(1,015	)		(1,203	)		(2,086	)		(2,031	)		(6,335	)		(3,137	)		-		-		-		(3,137	)
Effect of Exchange Rate Changes		(2	)		11			(12	)		(31	)		(34	)		21			-		-		-		21
Net Change in Cash, Cash Equivalents and Restricted Cash		(152	)		3,793			3,231			(4,789	)		2,083			1,341			-		-		-		1,341
Cash, cash equivalents and restricted cash at beginning of period		3,315			3,163			6,956			10,187			3,315			5,398			-		-		-		5,398
Cash, Cash Equivalents and Restricted Cash at End of Period		3,163			6,956			10,187			5,398			5,398			6,739			-		-		-		6,739
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska		235			228			235			284			982			253			-		-		-		253
Lower 48		718			762			770			879			3,129			1,062			-		-		-		1,062
Canada		33			35			61			74			203			122			-		-		-		122
Europe, Middle East and North Africa		121			136			128			149			534			172			-		-		-		172
Asia Pacific		76			72			87			155			390			1,538			-		-		-		1,538
Other International		6			12			15			-			33			-			-		-		-		-
Corporate and Other		11			20			6			16			53			14			-		-		-		14
Total Capital Expenditures and Investments		1,200			1,265			1,302			1,557			5,324			3,161			-		-		-		3,161

				2021						2022
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr		YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
TOTAL SEGMENTS
Production
Total (MBOED)	1,527		1,588	1,544	1,608		1,567	1,747	-	-	-	1,747
Crude Oil (MBD)
Consolidated operations	804		836	802	824		816	903	-	-	-	903
Equity affiliates	14		13	13	12		13	12	-	-	-	12
Total	818		849	815	836		829	915	-	-	-	915
Over (under) lifting of crude oil (MBD)	(28	)	27	42	(13	)	7	28	-	-	-	28
NGL (MBD)
Consolidated operations	105		120	123	186		134	216	-	-	-	216
Equity affiliates	8		8	7	8		8	7	-	-	-	7
Total	113		128	130	194		142	223	-	-	-	223
Bitumen (MBD)
Consolidated operations	70		68	69	68		69	67	-	-	-	67
Equity affiliates	-		-	-	-		-	-	-	-	-	-
Total	70		68	69	68		69	67	-	-	-	67
Natural Gas (MMCFD)
Consolidated operations	2,074		2,209	2,144	2,009		2,109	2,126	-	-	-	2,126
Equity affiliates	1,081		1,051	1,033	1,049		1,053	1,127	-	-	-	1,127
Total	3,155		3,260	3,177	3,058		3,162	3,253	-	-	-	3,253
Industry Prices
Crude Oil ($/BBL)
WTI	57.84		66.07	70.56	77.19		67.92	94.29	-	-	-	94.29
WCS	45.32		54.60	56.99	62.58		54.87	79.76	-	-	-	79.76
Brent dated	60.90		68.83	73.47	79.73		70.73	101.40	-	-	-	101.40
JCC ($/BBL)	43.77		55.88	67.00	73.13		59.94	80.43	-	-	-	80.43
Natural Gas ($/MMBTU)
Henry Hub first of month	2.71		2.83	4.02	5.84		3.85	4.96	-	-	-	4.96
Average Realized Prices
Total ($/BBL)	45.36		50.03	56.92	65.56		54.63	76.99	-	-	-	76.99
Crude Oil ($/BBL)
Consolidated operations	57.18		65.54	70.39	76.69		67.61	94.79	-	-	-	94.79
Equity affiliates	59.73		64.10	73.44	81.53		69.45	97.20	-	-	-	97.20
Total	57.22		65.51	70.43	76.76		67.64	94.82	-	-	-	94.82
NGL ($/BBL)
Consolidated operations	24.36		25.62	33.28	36.41		31.04	40.95	-	-	-	40.95
Equity affiliates	48.89		44.12	56.70	67.77		54.16	67.04	-	-	-	67.04
Total	26.44		26.87	34.79	37.72		32.45	41.80	-	-	-	41.80
Bitumen ($/BBL)
Consolidated operations	30.78		37.60	41.19	40.74		37.52	65.86	-	-	-	65.86
Equity affiliates	-		-	-	-		-	-	-	-	-	-
Total	30.78		37.60	41.19	40.74		37.52	65.86	-	-	-	65.86
Natural Gas ($/MCF)
Consolidated operations	4.89		4.25	5.93	9.13		6.00	8.81	-	-	-	8.81
Equity affiliates	3.54		3.97	5.95	7.80		5.31	8.86	-	-	-	8.86
Total	4.42		4.16	5.94	8.66		5.77	8.83	-	-	-	8.83
Exploration Expenses ($ Millions)
Dry holes	6		-	-	28		34	1	-	-	-	1
Leasehold impairment	-		1	-	9		10	6	-	-	-	6
Total noncash expenses	6		1	-	37		44	7	-	-	-	7
Other (G&A, G&G and lease rentals)	78		56	65	101		300	62	-	-	-	62
Total exploration expenses	84		57	65	138		344	69	-	-	-	69
U.S. exploration expenses	50		35	32	99		216	54	-	-	-	54
International exploration expenses	34		22	33	39		128	15	-	-	-	15
DD&A ($ Millions)
Alaska	317		262	201	217		997	226	-	-	-	226
Lower 48	1,000		1,017	988	1,070		4,075	1,168	-	-	-	1,168
Canada	126		93	85	82		386	102	-	-	-	102
Europe, Middle East and North Africa	219		234	217	216		886	192	-	-	-	192
Asia Pacific	211		240	167	170		788	124	-	-	-	124
Other International	-		-	-	-		-	-	-	-	-	-
Corporate and Other	13		21	14	28		76	11	-	-	-	11
Total DD&A	1,886		1,867	1,672	1,783		7,208	1,823	-	-	-	1,823

			2021					2022
	1st Qtr	2nd Qtr	3rd  Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska	190	184	163	180	178	182	-	-	-	182
Lower 48	416	454	457	457	447	538	-	-	-	538
Canada	11	9	8	7	8	6	-	-	-	6
Norway	80	81	82	80	81	76	-	-	-	76
Libya	36	39	35	38	37	37	-	-	-	37
Europe, Middle East and North Africa	116	120	117	118	118	113	-	-	-	113
China	31	27	27	28	28	30	-	-	-	30
Indonesia	2	2	2	2	2	1	-	-	-	1
Malaysia	38	40	28	32	35	33	-	-	-	33
Asia Pacific	71	69	57	62	65	64	-	-	-	64
Total consolidated operations	804	836	802	824	816	903	-	-	-	903
Equity affiliates	14	13	13	12	13	12	-	-	-	12
Total	818	849	815	836	829	915	-	-	-	915
NGL (MBD)
Consolidated operations
Alaska	17	15	13	17	16	18	-	-	-	18
Lower 48	79	97	101	162	110	191	-	-	-	191
Canada	4	4	4	3	4	3	-	-	-	3
Norway	5	4	5	4	4	4	-	-	-	4
Europe, Middle East and North Africa	5	4	5	4	4	4	-	-	-	4
Total consolidated operations	105	120	123	186	134	216	-	-	-	216
Equity affiliates	8	8	7	8	8	7	-	-	-	7
Total	113	128	130	194	142	223	-	-	-	223
Bitumen (MBD)
Canada	70	68	69	68	69	67	-	-	-	67
Total	70	68	69	68	69	67	-	-	-	67
Natural Gas (MMCFD)
Consolidated operations
Alaska	8	11	11	33	16	35	-	-	-	35
Lower 48	1,319	1,459	1,389	1,195	1,340	1,426	-	-	-	1,426
Canada	91	84	73	70	80	63	-	-	-	63
Norway	295	284	291	323	298	308	-	-	-	308
Libya	14	13	12	21	15	23	-	-	-	23
Europe, Middle East and North Africa	309	297	303	344	313	331	-	-	-	331
Indonesia	290	290	299	296	294	194	-	-	-	194
Malaysia	57	68	69	71	66	77	-	-	-	77
Asia Pacific	347	358	368	367	360	271	-	-	-	271
Total consolidated operations	2,074	2,209	2,144	2,009	2,109	2,126	-	-	-	2,126
Equity affiliates	1,081	1,051	1,033	1,049	1,053	1,127	-	-	-	1,127
Total	3,155	3,260	3,177	3,058	3,162	3,253	-	-	-	3,253
Total (MBOED)
Consolidated operations
Alaska	208	201	178	203	197	206	-	-	-	206
Lower 48	715	794	790	818	780	967	-	-	-	967
Canada	100	95	93	90	94	86	-	-	-	86
Norway	134	132	135	138	135	131	-	-	-	131
Libya	39	41	37	41	40	41	-	-	-	41
Europe, Middle East and North Africa	173	173	172	179	175	172	-	-	-	172
China	31	27	27	28	28	30	-	-	-	30
Indonesia	50	50	52	51	51	33	-	-	-	33
Malaysia	48	52	40	44	46	46	-	-	-	46
Asia Pacific	129	129	119	123	125	109	-	-	-	109
Total consolidated operations	1,325	1,392	1,352	1,413	1,371	1,540	-	-	-	1,540
Equity affiliates	202	196	192	195	196	207	-	-	-	207
Total	1,527	1,588	1,544	1,608	1,567	1,747	-	-	-	1,747

			2021					2022
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska	59.56	67.87	72.55	79.61	69.87	95.54	-	-	-	95.54
Lower 48**	55.68	64.13	68.59	74.82	66.12	93.55	-	-	-	93.55
Canada	47.41	56.87	58.99	66.62	56.38	82.13	-	-	-	82.13
Norway	56.72	66.10	72.36	78.51	68.94	92.18	-	-	-	92.18
Libya	59.78	66.88	72.57	77.64	69.06	99.92	-	-	-	99.92
Europe, Middle East and North Africa	57.75	66.34	72.43	78.27	68.97	94.68	-	-	-	94.68
China	58.27	65.63	74.39	79.61	69.39	105.75	-	-	-	105.75
Indonesia	53.79	57.16	61.35	73.35	61.92	77.09	-	-	-	77.09
Malaysia	62.27	69.77	75.65	80.87	71.59	104.88	-	-	-	104.88
Asia Pacific	60.36	67.72	74.66	80.05	70.36	104.84	-	-	-	104.84
Total consolidated operations	57.18	65.54	70.39	76.69	67.61	94.79	-	-	-	94.79
Equity affiliates	59.73	64.10	73.44	81.53	69.45	97.20	-	-	-	97.20
Total	57.22	65.51	70.43	76.76	67.64	94.82	-	-	-	94.82
NGL ($/BBL)
Consolidated operations
Lower 48	23.99	24.62	32.87	35.99	30.63	40.42	-	-	-	40.42
Canada	25.32	27.14	33.47	39.68	31.18	41.83	-	-	-	41.83
Norway	34.70	39.49	50.32	57.91	43.97	58.67	-	-	-	58.67
Europe, Middle East and North Africa	34.70	39.49	50.32	57.91	43.97	58.67	-	-	-	58.67
Total consolidated operations	24.36	25.62	33.28	36.41	31.04	40.95	-	-	-	40.95
Equity affiliates	48.89	44.12	56.70	67.77	54.16	67.04	-	-	-	67.04
Total	26.44	26.87	34.79	37.72	32.45	41.80	-	-	-	41.80
Bitumen ($/BBL)
Canada*	30.78	37.60	41.19	40.74	37.52	65.86	-	-	-	65.86
Total	30.78	37.60	41.19	40.74	37.52	65.86	-	-	-	65.86
Natural Gas ($/MCF)
Consolidated operations
Alaska	2.23	4.53	2.63	2.22	2.81	3.92	-	-	-	3.92
Lower 48**	4.56	3.27	4.63	5.25	4.38	4.63	-	-	-	4.63
Canada	2.37	2.26	2.45	3.16	2.54	3.25	-	-	-	3.25
Norway	6.15	7.36	12.28	27.06	13.75	30.93	-	-	-	30.93
Libya	2.71	3.02	4.17	4.58	3.73	5.13	-	-	-	5.13
Europe, Middle East and North Africa	5.99	7.17	11.96	25.71	13.27	29.18	-	-	-	29.18
Indonesia	6.57	7.19	7.49	8.23	7.38	8.26	-	-	-	8.26
Malaysia	2.35	2.61	3.02	3.59	2.93	3.85	-	-	-	3.85
Asia Pacific	5.88	6.32	6.66	7.33	6.56	7.01	-	-	-	7.01
Total consolidated operations	4.89	4.25	5.93	9.13	6.00	8.81	-	-	-	8.81
Equity affiliates	3.54	3.97	5.95	7.80	5.31	8.86	-	-	-	8.86
Total	4.42	4.16	5.94	8.66	5.77	8.83	-	-	-	8.83
*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.
**Average sales prices, including the impact of hedges settling per initial contract terms in the first quarter of 2021 assumed in our Concho acquisition, were $65.19 per barrel for crude oil and $4.33 per mcf for natural gas for the year ended December 31, 2021. As of March 31, 2021, we had settled all oil and gas hedging positions acquired from Concho.

					2021									2022
	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)	(121	)	66		(213	)	58		(210	)	546		-	-	-	546
Detail of Earnings (Loss) ($ Millions)
Net interest expense	(270	)	(181	)	(176	)	(174	)	(801	)	(218	)	-	-	-	(218	)
Corporate G&A expenses	(129	)	(65	)	(57	)	(66	)	(317	)	(79	)	-	-	-	(79	)
Technology*	41		(4	)	(6	)	(6	)	25		58		-	-	-	58
Other	237		316		26		304		883		785		-	-	-	785
Total	(121	)	66		(213	)	58		(210	)	546		-	-	-	546
*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	(241	)	(235	)	(236	)	(234	)	(946	)	(227	)	-	-	-	(227	)
Capitalized interest	15		15		17		15		62		10		-	-	-	10
Interest revenue	6		4		5		7		22		6		-	-	-	6
Total	(220	)	(216	)	(214	)	(212	)	(862	)	(211	)	-	-	-	(211	)
Debt
Total debt ($ Millions)	20,027		20,010		19,668		19,934		19,934		18,746		-	-	-	18,746
Debt-to-capital ratio (%)	32	%	31	%	31	%	31	%	31	%	28	%	-	-	-	28	%
Equity ($ Millions)	43,155		44,276		44,115		45,406		45,406		49,218		-	-	-	49,218

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