Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CONOCOPHILLIPS | ' |
Entity Central Index Key | '0001163165 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Public Float | $74 | ' |
Entity Common Stock, Shares Outstanding | ' | 1,226,104,592 |
Consolidated_Income_Statement
Consolidated Income Statement (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | $54,413 | [1] | $57,967 | [1] | $64,196 | [1] |
Equity in earnings of affiliates | 2,219 | 1,911 | 1,239 | |||
Gain on dispositions | 1,242 | 1,657 | 370 | |||
Other income | 374 | 469 | 264 | |||
Total Revenues and Other Income | 58,248 | 62,004 | 66,069 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased commodities | 22,643 | 25,232 | 29,797 | |||
Production and operating expenses | 7,238 | 6,793 | 6,426 | |||
Selling, general and administrative expenses | 854 | 1,106 | 865 | |||
Exploration expenses | 1,232 | 1,500 | 1,038 | |||
Depreciation, depletion and amortization | 7,434 | 6,580 | 6,827 | |||
Impairments | 529 | 680 | 321 | |||
Taxes other than income taxes | 2,884 | 3,546 | 3,999 | |||
Accretion on discounted liabilities | 434 | 394 | 422 | |||
Interest and debt expense | 612 | 709 | 954 | |||
Foreign currency transaction (gains) losses | -58 | 41 | 24 | |||
Total Costs and Expenses | 43,802 | 46,581 | 50,673 | |||
Income from continuing operations before income taxes | 14,446 | 15,423 | 15,396 | |||
Provision for income taxes | 6,409 | 7,942 | 8,208 | |||
Income (Loss) From Continuing Operations | 8,037 | 7,481 | 7,188 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,178 | [2] | 1,017 | [2] | 5,314 | [2] |
Net income | 9,215 | 8,498 | 12,502 | |||
Less: net income attributable to noncontrolling interests | -59 | -70 | -66 | |||
Net Income Attributable to ConocoPhillips | 9,156 | 8,428 | 12,436 | |||
Amounts Attributable to ConocoPhillips Common Shareholders: | ' | ' | ' | |||
Income from continuing operations | 7,978 | 7,413 | 7,127 | |||
Income from discontinued operations | 1,178 | 1,015 | 5,309 | |||
Net income (loss) attributable to ConocoPhillips | $9,156 | $8,428 | $12,436 | |||
Basic | ' | ' | ' | |||
Continuing operations | $6.47 | $5.95 | $5.18 | |||
Discontinued operations | $0.96 | $0.82 | $3.86 | |||
Net Income Attributable to ConocoPhillips Per Share of Common Stock | $7.43 | $6.77 | $9.04 | |||
Diluted | ' | ' | ' | |||
Continuing operations | $6.43 | $5.91 | $5.14 | |||
Discontinued operations | $0.95 | $0.81 | $3.83 | |||
Net Income Attributable to ConocoPhillips Per Share of Common Stock | $7.38 | $6.72 | $8.97 | |||
Dividends Paid Per Share of Common Stock (dollars) | $2.70 | $2.64 | $2.64 | |||
Average Common Shares Outstanding (in thousands) | ' | ' | ' | |||
Basic | 1,230,963 | 1,243,799 | 1,375,035 | |||
Diluted | 1,239,803 | 1,253,093 | 1,387,100 | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | |||||
[2] | *Net of provision for income taxes on discontinued operations of: $283, $745, $2,291 |
Consolidated_Income_Statement_
Consolidated Income Statement (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Income Statement [Abstract] | ' | ' | ' |
Net of provision for income taxes on discontinued operations of | $283 | $745 | $2,291 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Consolidated Statement of Comprehensive Income | ' | ' | ' | |||
Net income | $9,215 | $8,498 | $12,502 | |||
Defined benefit plans | ' | ' | ' | |||
Prior service (cost) credit arising during the period | 1 | 2 | 19 | |||
Reclassification adjustment for amortization of prior service cost included in net income | -5 | -5 | 2 | |||
Net change | -4 | -3 | 21 | |||
Net gain (loss) arising during the period | 688 | -704 | -1,185 | |||
Reclassification adjustment for amortization of prior net losses included in net income | 294 | 430 | 226 | |||
Net change | 982 | -274 | -959 | |||
Nonsponsored plans | 10 | [1] | 8 | [1] | -50 | [1] |
Income taxes on defined benefit plans | -387 | 132 | 375 | |||
Defined benefit plans, net of tax | 601 | -137 | -613 | |||
Unrealized holding gain on securities | ' | ' | 8 | |||
Reclassification adjustment for amortization of prior net losses included in net income | ' | ' | -255 | |||
Income taxes on unrealized holding gain on securities | ' | ' | 89 | |||
Unrealized loss on securities, net of tax | ' | ' | -158 | |||
Foreign currency translation adjustments | -2,705 | 929 | -387 | |||
Reclassification adjustment for gain included in net income | -4 | -155 | -516 | |||
Income taxes on foreign currency translation adjustments | 23 | -16 | -14 | |||
Foreign currency translation adjustments, net of tax | -2,686 | 758 | -917 | |||
Hedging activities | ' | 6 | 1 | |||
Hedging activities, net of tax | ' | 6 | 1 | |||
Other comprehensive income (loss), net of tax | -2,085 | 627 | -1,687 | |||
Comprehensive income | 7,130 | 9,125 | 10,815 | |||
Less: comprehensive income attributable to noncontrolling interests | -59 | -70 | -66 | |||
Comprehensive Income Attributable to ConocoPhillips | $7,071 | $9,055 | $10,749 | |||
[1] | Plans for which ConocoPhillips is not the primary obligor—primarily those administered by equity affiliates. |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Assets | ' | ' | |
Cash and cash equivalents | $6,246 | $3,618 | |
Short-term Investments | 272 | [1] | ' |
Restricted cash | ' | 748 | |
Accounts and notes receivable (net of allowance of $8 million in 2013 and $10 million in 2012) | 8,273 | 8,929 | |
Accounts and notes receivable-related parties | 214 | 253 | |
Inventories | 1,194 | 965 | |
Prepaid expenses and other current assets | 2,824 | 9,476 | |
Total Current Assets | 19,023 | 23,989 | |
Investments and long-term receivables | 23,907 | 23,489 | |
Loans and advances-related parties | 1,357 | 1,517 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $65,321 million in 2013 and $58,916 million in 2012) | 72,827 | 67,263 | |
Other assets | 943 | 886 | |
Total Assets | 118,057 | 117,144 | |
Liabilities | ' | ' | |
Accounts payable | 9,250 | 9,154 | |
Accounts payable-related parties | 64 | 859 | |
Short-term debt | 589 | 955 | |
Accrued income and other taxes | 2,713 | 3,366 | |
Employee benefit obligations | 842 | 742 | |
Other accruals | 1,671 | 2,367 | |
Total Current Liabilities | 15,129 | 17,443 | |
Long-term debt | 21,073 | 20,770 | |
Long-term asset retirement obligations and accrued environmental costs | 9,883 | 8,947 | |
Joint venture acquisition obligation-related party | ' | 2,810 | |
Deferred income taxes | 15,220 | 13,185 | |
Employee benefit obligations | 2,459 | 3,346 | |
Other liabilities and deferred credits | 1,801 | 2,216 | |
Total Liabilities | 65,565 | 68,717 | |
Equity | ' | ' | |
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2013- 1,768,169,906 shares; 2012- 1,762,247,949) Par value | 18 | 18 | |
Capital in excess of par | 45,690 | 45,324 | |
Treasury stock (at cost: 2013- 542,230,673; 2012- 542,230,673) | -36,780 | -36,780 | |
Accumulated other comprehensive income | 2,002 | 4,087 | |
Retained earnings | 41,160 | 35,338 | |
Total Common Stockholders' Equity | 52,090 | 47,987 | |
Noncontrolling interests | 402 | 440 | |
Total Equity | 52,492 | 48,427 | |
Total Liabilities and Equity | $118,057 | $117,144 | |
[1] | *Includes marketable securities of: $135, 0 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheet [Abstract] | ' | ' |
Marketable securities | $135 | ' |
Allowance for accounts and notes receivable | 8 | 10 |
Accumulated depreciation, depletion and amortization | $65,321 | $58,916 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 1,768,169,906 | 1,762,247,949 |
Treasury stock, shares | 542,230,673 | 542,230,673 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cash Flows From Operating Activities | ' | ' | ' | |||
Net income | $9,215 | $8,498 | $12,502 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' | |||
Depreciation, depletion and amortization | 7,434 | 6,580 | 6,827 | |||
Impairments | 529 | 680 | 321 | |||
Dry hole costs and leasehold impairments | 443 | 874 | 469 | |||
Accretion on discounted liabilities | 434 | 394 | 422 | |||
Deferred taxes | 1,311 | 1,397 | 340 | |||
Undistributed equity earnings | -822 | -596 | -131 | |||
Gain on dispositions | -1,242 | -1,657 | -370 | |||
Income from discontinued operations | -1,178 | [1] | -1,017 | [1] | -5,314 | [1] |
Other | -371 | -456 | -403 | |||
Working capital adjustments | ' | ' | ' | |||
Decrease (increase) in accounts and notes receivable | 744 | -1,866 | -938 | |||
Decrease (increase) in inventories | -278 | 210 | -81 | |||
Decrease (increase) in prepaid expenses and other current assets | -83 | 513 | -300 | |||
Increase (decrease) in accounts payable | 183 | 1,103 | 1,297 | |||
Increase (decrease) in taxes and other accruals | -518 | -1,199 | -688 | |||
Net cash provided by continuing operating activities | 15,801 | 13,458 | 13,953 | |||
Net cash provided by discontinued operations | 286 | 464 | 5,693 | |||
Net Cash Provided by Operating Activities | 16,087 | 13,922 | 19,646 | |||
Cash Flows From Investing Activities | ' | ' | ' | |||
Capital expenditures and investments | -15,537 | -14,172 | -11,214 | |||
Proceeds from asset dispositions | 10,220 | 2,132 | 2,192 | |||
Net sales (purchases) of short-term investments | -263 | 597 | 400 | |||
Collection of advances/loans-related parties | 145 | 114 | 98 | |||
Other | -212 | 821 | 50 | |||
Net cash used in continuing investing activities | -5,647 | -10,508 | -8,474 | |||
Net cash provided by (used in) discontinued operations | -604 | -1,119 | 1,459 | |||
Net Cash Provided by (Used in) Investing Activities | -6,251 | -11,627 | -7,015 | |||
Cash Flows From Financing Activities | ' | ' | ' | |||
Issuance of debt | ' | 1,996 | ' | |||
Repayment of debt | -946 | -2,565 | -934 | |||
Special cash distribution from Phillips 66 | ' | 7,818 | ' | |||
Change in restricted cash | 748 | -748 | ' | |||
Issuance of company common stock | 20 | 138 | 96 | |||
Repurchase of company common stock | ' | -5,098 | -11,123 | |||
Dividends paid on company common stock | -3,334 | -3,278 | -3,632 | |||
Other | -3,621 | -725 | -684 | |||
Net cash used in continuing financing activities | -7,133 | -2,462 | -16,277 | |||
Net cash used in discontinued operations | ' | -2,019 | -28 | |||
Net Cash Used in Financing Activities | -7,133 | -4,481 | -16,305 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -75 | 24 | ' | |||
Net Change in Cash and Cash Equivalents | 2,628 | -2,162 | -3,674 | |||
Cash and cash equivalents at beginning of period | 3,618 | 5,780 | 9,454 | |||
Cash and Cash Equivalents at End of Period | $6,246 | $3,618 | $5,780 | |||
[1] | *Net of provision for income taxes on discontinued operations of: $283, $745, $2,291 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Grantor Trusts [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned Employee Compensation [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
In Millions | |||||||||
Beginning Balance at Dec. 31, 2010 | $69,124 | $17 | $44,132 | ($20,077) | ($633) | $4,933 | ($47) | $40,252 | $547 |
Net income | 12,502 | ' | ' | ' | ' | ' | ' | 12,436 | 66 |
Other comprehensive income (loss) | -1,687 | ' | ' | ' | ' | -1,687 | ' | ' | ' |
Dividends paid on company common stock | -3,632 | ' | ' | ' | ' | ' | ' | -3,632 | ' |
Repurchase of company common stock | -11,123 | ' | ' | -11,133 | 10 | ' | ' | ' | ' |
Distributions to noncontrolling interests and other | -103 | ' | ' | ' | ' | ' | ' | ' | -103 |
Distributed under benefit plans | 639 | ' | 593 | 33 | 13 | ' | ' | ' | ' |
Recognition of unearned compensation | 36 | ' | ' | ' | ' | ' | 36 | ' | ' |
Transfer to treasury stock | ' | ' | ' | -610 | 610 | ' | ' | ' | ' |
Other | -7 | ' | ' | ' | ' | ' | ' | -7 | ' |
Ending Balance at Dec. 31, 2011 | 65,749 | 17 | 44,725 | -31,787 | ' | 3,246 | -11 | 49,049 | 510 |
Net income | 8,498 | ' | ' | ' | ' | ' | ' | 8,428 | 70 |
Other comprehensive income (loss) | 627 | ' | ' | ' | ' | 627 | ' | ' | ' |
Dividends paid on company common stock | -3,278 | ' | ' | ' | ' | ' | ' | -3,278 | ' |
Repurchase of company common stock | -5,098 | ' | ' | -5,098 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests and other | -109 | ' | ' | ' | ' | ' | ' | ' | -109 |
Distributed under benefit plans | 705 | 1 | 599 | 105 | ' | ' | ' | ' | ' |
Recognition of unearned compensation | 11 | ' | ' | ' | ' | ' | 11 | ' | ' |
Separation of Downstream business | -18,697 | ' | ' | ' | ' | 214 | ' | -18,880 | -31 |
Other | 19 | ' | ' | ' | ' | ' | ' | 19 | ' |
Ending Balance at Dec. 31, 2012 | 48,427 | 18 | 45,324 | -36,780 | ' | 4,087 | ' | 35,338 | 440 |
Net income | 9,215 | ' | ' | ' | ' | ' | ' | 9,156 | 59 |
Other comprehensive income (loss) | -2,085 | ' | ' | ' | ' | -2,085 | ' | ' | ' |
Dividends paid on company common stock | -3,334 | ' | ' | ' | ' | ' | ' | -3,334 | ' |
Distributions to noncontrolling interests and other | -97 | ' | ' | ' | ' | ' | ' | ' | -97 |
Distributed under benefit plans | 366 | ' | 366 | ' | ' | ' | ' | ' | ' |
Recognition of unearned compensation | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $52,492 | $18 | $45,690 | ($36,780) | ' | $2,002 | ' | $41,160 | $402 |
Accounting_Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
Notes to Consolidated Financial Statements ConocoPhillips | |
Note 1—Accounting Policies | |
Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates' operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method is used if fair value is not readily determinable. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. | |
As a result of the separation of Phillips 66 on April 30, 2012, the results of operations for our former refining, marketing and transportation businesses; most of our former Midstream segment; our former Chemicals segment; and our power generation and certain technology operations included in our former Emerging Businesses segment (collectively, our “Downstream business”), have been classified as discontinued operations for all periods presented. In addition, the results of operations for our interest in the North Caspian Sea Production Sharing Agreement (Kashagan) and our Algeria and Nigeria businesses have been classified as discontinued operations for all periods presented. See Note 3—Discontinued Operations, for additional information. | |
We manage our operations through six operating segments, defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International. For additional information, see Note 25—Segment Disclosures and Related Information. Unless indicated otherwise, the information in the Notes to the Consolidated Financial Statements relates to our continuing operations. | |
Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in common stockholders' equity. Foreign currency transaction gains and losses are included in current earnings. Most of our foreign operations use their local currency as the functional currency. | |
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. | |
Revenue Recognition—Revenues associated with sales of crude oil, bitumen, natural gas, liquefied natural gas (LNG), natural gas liquids and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. | |
Revenues associated with producing properties in which we have an interest with other producers are recognized based on the actual volumes we sold during the period. Any differences between volumes sold and entitlement volumes, based on our net working interest, which are deemed to be nonrecoverable through remaining production, are recognized as accounts receivable or accounts payable, as appropriate. Cumulative differences between volumes sold and entitlement volumes are generally not significant. | |
Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line). | |
Shipping and Handling Costs—We include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are recorded as a component of revenue. | |
Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. | |
Short-Term Investments—Investments in bank time deposits and marketable securities (commercial paper and government obligations) with original maturities of greater than 90 days but less than one year are classified as short-term investments. See Note 15—Derivative and Financial Instruments, for additional information on these held-to-maturity financial instruments. | |
Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Commodity-related inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method, and the first-in, first-out (FIFO) method, consistent with industry practice. | |
Fair Value Measurements—We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. | |
Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. | |
Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income and appear on the balance sheet in accumulated other comprehensive income until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses will be recognized immediately in earnings. | |
Oil and Gas Exploration and Development—Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. | |
Property Acquisition Costs—Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption properties, plants and equipment (PP&E). Leasehold impairment is recognized based on exploratory experience and management's judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. | |
Exploratory Costs—Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or co-venturer approval of development plans | |
or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. | |
Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 8—Suspended Wells, for additional information on suspended wells. | |
Development Costs—Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. | |
Depletion and Amortization—Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of intangible development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves. | |
Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. | |
Depreciation and Amortization—Depreciation and amortization of PP&E on producing hydrocarbon properties and certain pipeline assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). | |
Impairment of Properties, Plants and Equipment—PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration | |
in the future cash flows expected to be generated by an asset group and annually in the fourth quarter following updates to corporate planning assumptions. If there is an indication the carrying amount of an asset may not be recovered, the asset is monitored by management through an established process where changes to significant assumptions such as prices, volumes and future development plans are reviewed. If, upon review, the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value through additional amortization or depreciation provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for exploration and production assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. | |
The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, prices and costs, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. | |
Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred and annually following updates to corporate planning assumptions. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. | |
Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. | |
Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain on dispositions” line of our consolidated income statement. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. | |
Asset Retirement Obligations and Environmental Costs—The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. If, in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Over time the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. For additional information, see Note 10—Asset Retirement Obligations and Accrued Environmental Costs. | |
Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. | |
Guarantees—The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. | |
Share-Based Compensation—We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. | |
Income Taxes—Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to cumulative translation adjustment (CTA) considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses. | |
Taxes Collected from Customers and Remitted to Governmental Authorities—Sales and value-added taxes are recorded net. | |
Net Income Per Share of Common Stock—Basic net income per share of common stock is calculated based upon the daily weighted-average number of common shares outstanding during the year, including unallocated shares held by the stock savings feature of the ConocoPhillips Savings Plan. Also, this calculation includes fully vested stock and unit awards that have not yet been issued as common stock, along with an adjustment to net income for dividend equivalents paid on unvested unit awards that are considered participating securities. Diluted net income per share of common stock includes unvested stock, unit or option awards granted under our compensation plans and vested but unexercised stock options, but only to the extent these instruments dilute net income per share, primarily under the treasury-stock method. Treasury stock and shares held by grantor trusts are excluded from the daily weighted-average number of common shares outstanding in both calculations. The earnings per share impact of the participating securities is immaterial. | |
Change_in_Accounting_Principle
Change in Accounting Principles | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Changes in Accounting Principles [Text Block] | ' |
Note 2—Change in Accounting Principles | |
Effective January 1, 2013, we early adopted, on a prospective basis, Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU clarifies that the CTA should not be released into net income unless a parent sells a part of its investment within a foreign entity which represents the complete or substantially complete liquidation of the reporting parent's investment in the broader foreign entity. The ASU also requires the release of all the related CTA into net income upon gaining control in a step acquisition of an equity method investment that is considered to be a stand-alone foreign entity, and a pro rata release of the related CTA into net income upon a partial sale of an interest in an equity method investment that is considered to be a stand-alone foreign entity. There was no impact to our consolidated financial statements from the early adoption of this standard. | |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Discontinued Operations [Abstract] | ' | ||||||
Discontinued Operations Disclosure [Text Block] | ' | ||||||
Note 3—Discontinued Operations | |||||||
Separation of Downstream Business | |||||||
On April 30, 2012, the separation of our Downstream business was completed, creating two independent energy companies: ConocoPhillips and Phillips 66. In connection with the separation, Phillips 66 distributed approximately $7.8 billion to us in a special cash distribution. The principal funds from the special cash distribution were designated solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing, within twelve months following the distribution. At December 31, 2012, the remaining balance of the cash distribution was $748 million and was included in the “Restricted cash” line on our consolidated balance sheet. No balance remained from the cash distribution as of December 31, 2013. We also entered into several agreements with Phillips 66 in order to effect the separation and govern our relationship with Phillips 66. | |||||||
Sales and other operating revenues and income from discontinued operations related to Phillips 66 during | |||||||
2012 and 2011 were as follows: | |||||||
Millions of Dollars | |||||||
2012 | 2011 | ||||||
Sales and other operating revenues from discontinued operations | $ | 62,109 | 196,068 | ||||
Income from discontinued operations before-tax | $ | 1,768 | 6,776 | ||||
Income tax expense | 534 | 1,729 | |||||
Income from discontinued operations | $ | 1,234 | 5,047 | ||||
Income from discontinued operations after-tax includes transaction, information systems and other costs incurred to effect the separation of $70 million and $17 million for the years ended December 31, 2012 and 2011, respectively. No separation costs were incurred in 2013. | |||||||
Prior to the separation, commodity sales to Phillips 66 were $4,973 million and $15,822 million for the years ended December 31, 2012 and 2011, respectively. Commodity purchases from Phillips 66 prior to the separation were $166 million and $516 million for the years ended December 31, 2012 and 2011, respectively. Prior to May 1, 2012, commodity sales and related costs were eliminated in consolidation between ConocoPhillips and Phillips 66. Beginning May 1, 2012, these revenues and costs represent third-party transactions with Phillips 66. | |||||||
Other Discontinued Operations | |||||||
As part of our ongoing strategic asset disposition program, we agreed to sell our interest in Kashagan and our Algeria and Nigeria businesses (collectively, the “Disposition Group”). The Disposition Group was previously part of the Other International operating segment. | |||||||
On November 26, 2012, we notified government authorities in Kazakhstan and co-venturers of our intent to sell the Company's 8.4 percent interest in Kashagan to ONGC Videsh Limited (OVL). On July 2, 2013, we received notification from the government of Kazakhstan indicating it was exercising its right to pre-empt the proposed sale to OVL and designating KazMunayGas (KMG) as the entity to acquire the interest. On October 31, 2013, we completed the transaction with KMG for total proceeds of $5,392 million and recognized a pre-tax gain of $22 million, which is included in the “Income from discontinued operations” line on the consolidated income statement. We recorded pre-tax impairments of $43 million and $606 million in the first quarter of 2013 and the fourth quarter of 2012, respectively. At the time of disposition, the carrying value of the net assets related to our interest in Kashagan was $5,370 million, which included $212 million of other current assets, $239 million of long-term receivables, $5,149 million of PP&E, $144 million of other current liabilities, and $86 million of asset retirement obligations (ARO). | |||||||
On December 18, 2012, we entered into an agreement with Pertamina to sell our wholly owned subsidiary, ConocoPhillips Algeria Ltd. On November 27, 2013, we completed the transaction with Pertamina, resulting in proceeds of $1,652 million, which included a $175 million deposit received in December 2012. We recognized a pre-tax gain of $938 million, which is included in the “Income from discontinued operations” line on the consolidated income statement. At the time of disposition, the net carrying value of our Algerian assets was $714 million, which included $48 million of other current assets, $883 million of PP&E, $41 million of other current liabilities, $37 million of ARO, and $139 million of deferred taxes. | |||||||
On December 20, 2012, we entered into agreements with affiliates of Oando PLC to sell our Nigeria business. This includes its upstream affiliates and Phillips (Brass) Limited, which owns a 17 percent interest in the Brass LNG Project. Brass LNG plans to construct an LNG facility in the Niger Delta. In order to provide additional time for Oando to obtain financing and government consents, we agreed to further extend the outside date, or the date the sales agreements may terminate if closing has not occurred, for our Nigerian upstream affiliates to February 28, 2014. We anticipate extending the outside date to enable a March 2014 closing. The upstream sale is expected to generate proceeds of approximately $1.5 billion, after customary adjustments, inclusive of deposits received. We received deposits of $15 million and $435 million in December 2013 and 2012, respectively. In February 2014, we received an additional $50 million deposit, bringing our total deposits received to $500 million. We may retain the deposits if closing does not occur due to default by the buyer or failure to obtain all consents required under Nigerian petroleum laws. The buyer has until March 31, 2014, to close on Brass LNG. The sale of our Brass LNG interest would generate proceeds of approximately $0.16 billion, after customary adjustments. As of December 31, 2013, the net carrying value of our Nigerian assets was $409 million. | |||||||
At December 31, 2013, we classified $7 million of loans and advances to related parties in the “Accounts and notes receivable—related parties” line and $1,215 million of noncurrent assets in the “Prepaid expenses and other current assets” line of our consolidated balance sheet. In addition, we classified $765 million of noncurrent deferred income taxes in the “Accrued income and other taxes” line and $14 million of ARO in the “Other accruals” line of our consolidated balance sheet. The carrying amounts of the major classes of assets and liabilities associated with the Disposition Group at December 31 were as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Assets | |||||||
Accounts and notes receivable | $ | 376 | 268 | ||||
Accounts and notes receivable—related parties | - | 1 | |||||
Inventories | 9 | 44 | |||||
Prepaid expenses and other current assets | 72 | 220 | |||||
Total current assets of discontinued operations | 457 | 533 | |||||
Investments and long-term receivables | 60 | 272 | |||||
Loans and advances—related parties | 7 | 29 | |||||
Net properties, plants and equipment | 1,154 | 6,629 | |||||
Other assets | 1 | 4 | |||||
Total assets of discontinued operations | $ | 1,679 | 7,467 | ||||
Liabilities | |||||||
Accounts payable | $ | 419 | 471 | ||||
Accrued income and other taxes | 72 | 125 | |||||
Total current liabilities of discontinued operations | 491 | 596 | |||||
Asset retirement obligations and accrued environmental costs | 14 | 131 | |||||
Deferred income taxes | 765 | 759 | |||||
Total liabilities of discontinued operations | $ | 1,270 | 1,486 | ||||
Sales and other operating revenues and income (loss) from discontinued operations related to the Disposition | |||||||
Group during 2013, 2012 and 2011 were as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | 2011 | |||||
Sales and other operating revenues from discontinued operations | $ | 1,185 | 1,369 | 1,560 | |||
Income (loss) from discontinued operations before-tax | $ | 1,461 | -6 | 829 | |||
Income tax expense | 283 | 211 | 562 | ||||
Income (loss) from discontinued operations | $ | 1,178 | -217 | 267 |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities VIEs [Abstract] | ' |
Variable Interest Entities (VIEs) | ' |
Note 4—Variable Interest Entities (VIEs) | |
We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on our significant VIEs follows: | |
Freeport LNG Development, L.P. (Freeport LNG) | |
We have an agreement with Freeport LNG to participate in an LNG receiving terminal in Quintana, Texas. We have no ownership in Freeport LNG; however, we own a 50 percent interest in Freeport LNG GP, Inc. (Freeport GP), which serves as the general partner managing the venture. We entered into a credit agreement with Freeport LNG, whereby we agreed to provide loan financing for the construction of the terminal. We also entered into a long-term agreement with Freeport LNG to use 0.9 billion cubic feet per day of regasification capacity, which expires in 2033. The terminal became operational in June 2008, and we began making payments under the terminal use agreement. At December 31, 2013, the prepaid balance of the terminal use agreement was $282 million, which is primarily reflected in the “Other assets” line on our consolidated balance sheet. Freeport LNG began making loan repayments in September 2008, and the loan balance outstanding was $506 million at December 31, 2013, and $565 million at December 31, 2012. | |
In July 2013, we reached an agreement with Freeport LNG to terminate our long-term agreement at the Freeport LNG Terminal, subject to Freeport LNG obtaining regulatory approval and project financing for an LNG liquefaction and export facility in Texas, in which we are not a participant. Upon satisfaction of these conditions, currently expected to occur during the second half of 2014, we will pay Freeport LNG a termination fee of approximately $600 million. Freeport LNG will repay the outstanding ConocoPhillips loan used by Freeport LNG to partially fund the original construction of the terminal. When the agreement becomes effective, we expect to recognize an after-tax charge to earnings of approximately $540 million. At that time, our terminal regasification capacity will be reduced from 0.9 billion cubic feet per day to 0.4 billion cubic feet per day, until July 1, 2016, at which time it will be reduced to zero. | |
Freeport LNG is a VIE because Freeport GP holds no equity in Freeport LNG, and the limited partners of Freeport LNG do not have any substantive decision making ability. Since we do not have the unilateral power to direct the key activities which most significantly impact its economic performance, we are not the primary beneficiary of Freeport LNG. These key activities primarily involve or relate to operating and maintaining the terminal. We also performed an analysis of the expected losses and determined we are not the primary beneficiary. This expected loss analysis took into account that the credit support arrangement requires Freeport LNG to maintain sufficient commercial insurance to mitigate any loan losses. The loan to Freeport LNG is accounted for as a financial asset, and our investment in Freeport GP is accounted for as an equity investment. | |
Australia Pacific LNG Pty Ltd (APLNG) | |
APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support. We are not the primary beneficiary of APLNG because we share with Origin Energy and China Petrochemical Corporation (Sinopec) the power to direct the key activities of APLNG that most significantly impact its economic performance, which involve activities related to the production and commercialization of coalbed methane, as well as LNG processing and export marketing. As a result, we do not consolidate APLNG, and it is accounted for as an equity method investment. | |
As of December 31, 2013, we have not provided any financial support to APLNG other than amounts previously contractually required. Unless we elect otherwise, we have no requirement to provide liquidity or purchase the assets of APLNG. See Note 7—Investments, Loans and Long-Term Receivables, and Note 13—Guarantees, for additional information. |
Inventories
Inventories | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
Note 5—Inventories | |||||
Inventories at December 31 were: | |||||
Millions of Dollars | |||||
2013 | 2012 | ||||
Crude oil and natural gas | $ | 452 | 244 | ||
Materials, supplies and other | 742 | 721 | |||
$ | 1,194 | 965 | |||
Inventories valued on the LIFO basis totaled $343 million and $147 million at December 31, 2013 and 2012, respectively. The estimated excess of current replacement cost over LIFO cost of inventories was approximately $160 million at December 31, 2013, and $200 million at December 31, 2012. In 2013, there were no liquidations of LIFO inventory values impacting net income from continuing operations. | |||||
Assets_Held_for_Sale_or_Sold
Assets Held for Sale or Sold | 12 Months Ended |
Dec. 31, 2013 | |
Disposal Group Excluding Discontinued Operation Additional Disclosures [Abstract] | ' |
Disposal Groups Excluding Discontinued Operations Disclosure [Text Block] | ' |
Note 6—Assets Held for Sale or Sold | |
Assets Held for Sale | |
Our interest in the Nigeria business was considered held for sale as of December 31, 2013. See Note 3—Discontinued Operations, for additional information. | |
Assets Sold | |
All gains or losses are reported before-tax and are included net in the “Gain on dispositions” line on the consolidated income statement. | |
2013 | |
In March 2013, we sold the majority of our producing zones in the Cedar Creek Anticline for $994 million and recognized a loss on disposition of $43 million. At the time of the disposition, the carrying value of our interest, which was included in the Lower 48 and Latin America segment, was $1,037 million, which included primarily $1,066 million of PP&E and $28 million of ARO. | |
In June 2013, we sold a portion of our working interests in the Browse and Canning basins for $402 million. Because we retain a working interest in the unproved properties, proceeds were treated as a reduction of the carrying value of PP&E with no gain or loss on disposition recognized. Prior to the partial disposition, the carrying value of the PP&E associated with our interests, included in our Asia Pacific and Middle East segment, was $486 million. | |
In August 2013, we sold our interest in the Clyden undeveloped oil sands leasehold for $724 million and recognized a gain on disposition of $614 million. At the time of the disposition, the carrying value of our interest in Clyden, which was included in the Canada segment, was $110 million and was primarily classified as PP&E. | |
In August 2013, we also sold our 39 percent interest in Phoenix Park Gas Processors Limited for $593 million and recognized a gain on disposition of $417 million. At the time of the disposition, the carrying value of our equity investment in Phoenix Park, which was included in our Lower 48 and Latin America segment, was $176 million. | |
For information on the Kashagan and Algeria sales, which are included in the “Income from discontinued operations” line on the consolidated income statement, see Note 3—Discontinued Operations. | |
2012 | |
In March 2012, we sold our Vietnam business for $1,095 million and recognized a gain on disposition of $931 million. At the time of the disposition, the net carrying value of the business, which was included in the Asia Pacific and Middle East segment, was approximately $164 million, which included $352 million of PP&E, $69 million of ARO and $145 million of deferred income taxes. | |
In April 2012, we sold our interest in the Statfjord Field and associated satellites, all of which are located in the North Sea, for $228 million and recognized a gain of $429 million. At the time of disposition, the carrying value of our interest, which was included in the Europe segment, was negative $201 million, which included $205 million of PP&E and $445 million of ARO. | |
In May 2012, we sold our interest in the North Sea Alba Field for $220 million, and recognized a gain of $155 million. At the time of disposition, the carrying value of our interest, which was included in the Europe segment, was $65 million, which included $160 million of PP&E and $86 million of ARO. | |
In August 2012, we sold our 30 percent interest in Naryanmarneftegaz (NMNG) and certain related assets for $450 million, and recognized a gain of $206 million. At the time of the disposition, the carrying value of our equity investment in NMNG, which was included in the Other International segment, was $244 million. | |
2011 | |
In the first quarter of 2011, we sold the remainder of our interest in LUKOIL for cash proceeds of $1,243 million, and recognized a gain of $360 million. The cost basis for the shares, which were classified as available-for-sale, was average cost. | |
Investments_Loans_and_LongTerm
Investments, Loans and Long-Term Receivables | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Investments, Loans and Long-Term Receivables and Joint Venture Acquisition Obligation [Abstract] | ' | ||||||
Investments, Loans and Long-Term Receivables | ' | ||||||
Note 7—Investments, Loans and Long-Term Receivables | |||||||
Components of investments, loans and long-term receivables at December 31 were: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Equity investments | $ | 22,980 | 22,431 | ||||
Loans and advances—related parties | 1,357 | 1,517 | |||||
Long-term receivables | 470 | 609 | |||||
Other investments | 457 | 449 | |||||
$ | 25,264 | 25,006 | |||||
Equity Investments | |||||||
Affiliated companies in which we had a significant equity investment at December 31, 2013, included: | |||||||
APLNG—37.5 percent owned joint venture with Origin Energy (37.5 percent) and Sinopec (25 percent)—to develop coalbed methane production from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG. | |||||||
FCCL Partnership—50 percent owned business venture with Cenovus Energy Inc.—produces bitumen in the Athabasca oil sands in northeastern Alberta and sells the bitumen blend. | |||||||
Qatar Liquefied Gas Company Limited (3) (QG3)—30 percent owned joint venture with affiliates of Qatar Petroleum (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar's North Field, as well as exports LNG. | |||||||
Summarized 100 percent earnings information for equity method investments in affiliated companies, | |||||||
combined, was as follows (information includes equity investments disposed of in connection with the | |||||||
separation of the Downstream business until the date of the separation): | |||||||
Millions of Dollars | |||||||
2013 | 2012 | 2011 | |||||
Revenues | $ | 18,035 | 17,903 | 77,263 | |||
Income before income taxes | 6,384 | 5,986 | 11,958 | ||||
Net income | 6,125 | 5,767 | 11,089 | ||||
Summarized 100 percent balance sheet information for equity method investments in affiliated companies, | |||||||
combined, was as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Current assets | $ | 9,073 | 11,510 | ||||
Noncurrent assets | 51,674 | 46,743 | |||||
Current liabilities | 3,416 | 3,721 | |||||
Noncurrent liabilities | 13,850 | 9,698 | |||||
Our share of income taxes incurred directly by an equity company is reported in equity in earnings of affiliates, and as such is not included in income taxes in our consolidated financial statements. | |||||||
At December 31, 2013, retained earnings included $1,358 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $1,425 million, $1,351 million and $3,670 million in 2013, 2012 and 2011, respectively. | |||||||
APLNG | |||||||
In 2008, we closed on a transaction with Origin Energy, an integrated Australian energy company, to further enhance our long-term Australasian natural gas business. APLNG is focused on coalbed methane production from the Bowen and Surat basins in Queensland, Australia, and LNG processing and export sales. This transaction gives us access to coalbed methane resources in Australia and enhances our LNG position with the expected creation of an additional LNG hub targeting the Asia Pacific markets. Origin is the operator of APLNG's production and pipeline system, while we will operate the LNG facility. | |||||||
In April 2011, APLNG and Sinopec signed definitive agreements for APLNG to supply up to 4.3 million metric tonnes of LNG per year for 20 years. The agreements also specified terms under which Sinopec subscribed for a 15 percent equity interest in APLNG, with both our ownership interest and Origin Energy's ownership interest diluting to 42.5 percent. The Subscription Agreement was completed in August 2011, and we recorded a loss on disposition of $279 million before- and after-tax from the dilution. The book value of our investment in APLNG was reduced by $795 million, and we reduced the currency translation adjustment associated with our investment by $516 million. | |||||||
In January 2012, APLNG and Sinopec signed an amendment to their existing LNG sales agreement for the sale and purchase of an additional 3.3 million metric tonnes of LNG per year through 2035. This agreement, in combination with the execution of an LNG sale and purchase agreement with The Kansai Electric Power Co. Inc., in June 2012 for approximately 1.0 million metric tonnes of LNG per year through 2035, finalized the marketing of the second train. | |||||||
In July 2012, the APLNG co-venturers sanctioned the development of a second 4.5-million-tonnes-per-year LNG production train. Upon sanctioning of the second train in July and in conjunction with the LNG sales agreement, Sinopec subscribed to additional shares in APLNG, which increased its equity interest from 15 percent to 25 percent. As a result, on July 12, 2012, both our ownership interest and Origin's ownership interest diluted from 42.5 percent to 37.5 percent. We recorded a before- and after-tax loss of $133 million from the dilution in the third quarter of 2012. The book value of our investment in APLNG was reduced by $453 million, and we reduced the foreign currency translation adjustment associated with our investment by $320 million. | |||||||
In addition, APLNG executed project financing agreements for an $8.5 billion project finance facility during the third quarter of 2012. The $8.5 billion project finance facility is composed of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $2.9 billion, the Export-Import Bank of China for approximately $2.7 billion, and a syndicate of Australian and international commercial banks for approximately $2.9 billion. At December 31, 2013, $7.3 billion had been drawn from the facility. In connection with the execution of the project financing, we provided a completion guarantee for our pro-rata share of the project finance facility which will be released upon meeting certain completion milestones. See Note 13—Guarantees, for additional information. | |||||||
APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support. See Note 4—Variable Interest Entities (VIEs) for additional information. | |||||||
At December 31, 2013, the book value of our equity method investment in APLNG was $10,766 million, which includes $1,159 million of cumulative translation effects due to a strengthening Australian dollar relative to the U.S. dollar over time. The historical cost basis of our 37.5 percent share of net assets on the books of APLNG under U.S. generally accepted accounting principles was $5,160 million, resulting in a basis difference of $5,606 million on our books. The amortizable portion of the basis difference, $4,022 million associated with PP&E, has been allocated on a relative fair value basis to individual exploration and production license areas owned by APLNG, most of which are not currently in production. Any future additional payments are expected to be allocated in a similar manner. Each exploration license area will periodically be reviewed for any indicators of potential impairment, which, if required, would result in acceleration of basis difference amortization. As the joint venture produces natural gas from each license, we amortize the basis difference allocated to that license using the unit-of-production method. Included in net income attributable to ConocoPhillips for 2013, 2012 and 2011 was after-tax expense of $16 million, $19 million and $17 million, respectively, representing the amortization of this basis difference on currently producing licenses. | |||||||
FCCL | |||||||
FCCL Partnership, a Canadian upstream 50/50 general partnership with Cenovus Energy Inc., produces bitumen in the Athabasca oil sands in northeastern Alberta and sells the bitumen blend. We account for our investment in FCCL under the equity method of accounting, with the operating results of our investment in FCCL converted to reflect the use of the successful efforts method of accounting for oil and gas exploration and development activities. | |||||||
At December 31, 2013, the book value of our investment in FCCL was $10,273 million. FCCL's operating assets consist of the Foster Creek and Christina Lake steam-assisted gravity drainage bitumen projects, both located in the eastern flank of the Athabasca oil sands in northeastern Alberta. Cenovus is the operator and managing partner of FCCL. We were obligated to contribute $7.5 billion, plus accrued interest, to FCCL over a 10-year period that began in 2007. In December 2013, we repaid the remaining balance of the obligation. See Note 12—Joint Venture Acquisition Obligation, for additional information on this obligation. | |||||||
QG3 | |||||||
QG3 is a joint venture that owns an integrated large-scale LNG project located in Qatar. We provided project financing, with a current outstanding balance of $1,005 million as described below under “Loans and Long-Term Receivables.” At December 31, 2013, the book value of our equity method investment in QG3, excluding the project financing, was $1,041 million. We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, in which we have a 12.4 percent interest, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from QG3. However, currently the LNG from QG3 is being sold to markets outside of the United States. | |||||||
Loans and Long-Term Receivables | |||||||
As part of our normal ongoing business operations and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans and long-term receivables to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement's stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered. | |||||||
At December 31, 2013, significant loans to affiliated companies include the following: | |||||||
$506 million in loan financing to Freeport LNG Development, L.P. for the construction of an LNG receiving terminal that became operational in June 2008. Freeport LNG began making repayments in 2008 and is required to continue making repayments through full repayment of the loan in 2026. Repayment by Freeport LNG is supported by “process-or-pay” capacity service payments made by us to Freeport LNG under our terminal use agreement. See Note 4—Variable Interest Entities (VIEs), for additional information. | |||||||
$1,005 million in project financing to QG3. We own a 30 percent interest in QG3, for which we use the equity method of accounting. The other participants in the project are affiliates of Qatar Petroleum and Mitsui. QG3 secured project financing of $4.0 billion in December 2005, consisting of $1.3 billion of loans from export credit agencies (ECA), $1.5 billion from commercial banks, and $1.2 billion from ConocoPhillips. The ConocoPhillips loan facilities have substantially the same terms as the ECA and commercial bank facilities. On December 15, 2011, QG3 achieved financial completion and all project loan facilities became nonrecourse to the project participants. Semi-annual repayments began in January 2011 and will extend through July 2022. | |||||||
The long-term portion of these loans is included in the “Loans and advances—related parties” line on our consolidated balance sheet, while the short-term portion is in “Accounts and notes receivable—related parties.” | |||||||
Suspended_Wells
Suspended Wells | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Suspended Wells [Abstract] | ' | |||||||||
Suspended Wells | ' | |||||||||
Note 8—Suspended Wells | ||||||||||
The following table reflects the net changes in suspended exploratory well costs during 2013, 2012 and 2011: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Beginning balance at January 1 | $ | 1,038 | 1,037 | 1,013 | ||||||
Additions pending the determination of proved reserves | 466 | 185 | 96 | |||||||
Reclassifications to proved properties | -29 | -144 | -72 | |||||||
Sales of suspended well investment | -481 | -18 | - | |||||||
Charged to dry hole expense | - | -22 | - | |||||||
Ending balance at December 31 | $ | 994 | * | 1,038 | ** | 1,037 | ||||
*Includes $57 million of assets held for sale in Nigeria. | ||||||||||
**Includes $190 million of assets held for sale—$133 million in Kazakhstan and $57 million in Nigeria. | ||||||||||
The following table provides an aging of suspended well balances at December 31, 2013, 2012 and 2011: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Exploratory well costs capitalized for a period of one year or less | $ | 437 | 186 | 115 | ||||||
Exploratory well costs capitalized for a period greater than one year | 557 | 852 | 922 | |||||||
Ending balance | $ | 994 | * | 1,038 | ** | 1,037 | ||||
Number of projects with exploratory well costs capitalized for a period | ||||||||||
greater than one year | 29 | 35 | 40 | |||||||
*Includes $57 million of assets held for sale in Nigeria. | ||||||||||
**Includes $190 million of assets held for sale—$133 million in Kazakhstan and $57 million in Nigeria. | ||||||||||
The following table provides a further aging of those exploratory well costs that have been capitalized | ||||||||||
for more than one year since the completion of drilling as of December 31, 2013: | ||||||||||
Millions of Dollars | ||||||||||
Suspended Since | ||||||||||
Total | 2010–2012 | 2007–2009 | 2002–2006 | |||||||
Alpine Satellite—Alaska(2) | 23 | - | - | 23 | ||||||
Browse Basin—Australia(1) | 18 | 13 | 5 | - | ||||||
Caldita/Barossa—Australia(1) | 77 | - | - | 77 | ||||||
Clair SW—UK(1) | 15 | 15 | - | - | ||||||
Fiord West—Alaska(2) | 16 | - | 16 | - | ||||||
Muskwa—Canada(1) | 54 | 54 | - | - | ||||||
NPR-A—Alaska(2) | 17 | - | 17 | - | ||||||
Nza—Nigeria(2)(3) | 12 | 12 | - | - | ||||||
Pisagan—Malaysia(2) | 10 | - | - | 10 | ||||||
Saleski—Canada(1) | 17 | - | 17 | - | ||||||
Shenandoah—Lower 48(1) | 43 | - | 43 | - | ||||||
Sunrise 3—Australia(2) | 13 | - | 13 | - | ||||||
Surmont 3 and beyond—Canada(1) | 63 | 37 | 18 | 8 | ||||||
Thornbury—Canada(1) | 19 | - | 19 | - | ||||||
Tiber—Lower 48(1) | 40 | - | 40 | - | ||||||
Ubah—Malaysia(2) | 36 | 11 | 25 | - | ||||||
Uge—Nigeria(2)(3) | 45 | 15 | 16 | 14 | ||||||
Other of $10 million or less each(1)(2) | 39 | 9 | 13 | 17 | ||||||
Total | $ | 557 | 166 | 242 | 149 | |||||
(1) Additional appraisal wells planned. | ||||||||||
(2) Appraisal drilling complete; costs being incurred to assess development. | ||||||||||
(3) Assets held for sale as of December 31, 2013 and December 31, 2012. |
Impairments
Impairments | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Impairment Of Long Lived Assets [Abstract] | ' | ||||||
Impairments | ' | ||||||
Note 9—Impairments | |||||||
During 2013, 2012 and 2011, we recognized the following before-tax impairment charges: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | 2011 | |||||
Alaska | $ | 3 | 3 | 2 | |||
Lower 48 and Latin America | 2 | 192 | 71 | ||||
Canada | 216 | 262 | 253 | ||||
Europe | 301 | 211 | -37 | ||||
Asia Pacific and Middle East | 3 | 4 | - | ||||
Corporate | 4 | 8 | 32 | ||||
$ | 529 | 680 | 321 | ||||
2013 | |||||||
In 2013, we recorded property impairments of $216 million in our Canada segment, mainly as a result of lower natural gas price assumptions, reduced volume forecasts and higher costs. | |||||||
In Europe, we recorded impairments of $301 million, primarily due to ARO revisions for properties in the United Kingdom which are nearing the end of their useful lives or have ceased production. | |||||||
2012 | |||||||
In 2012, we recorded a $192 million property impairment in the Lower 48 and Latin America segment related to the planned disposition of the majority of our producing zones in the Cedar Creek Anticline, located in southwestern North Dakota and eastern Montana. | |||||||
The Canada segment included a $213 million property impairment for the carrying value of capitalized project development costs associated with our Mackenzie Gas Project. Advancement of the project was suspended indefinitely in the first quarter of 2012 due to a continued decline in market conditions and the lack of acceptable commercial terms. We also recorded a $481 million impairment for the undeveloped leasehold costs associated with the project, which was included in the “Exploration expenses” line on our consolidated income statement. Additionally, we recorded impairments on various producing and non-producing properties. | |||||||
In Europe, we recorded impairments of $211 million, mainly related to ARO revisions for properties which have ceased production or are nearing the end of their useful lives. | |||||||
2011 | |||||||
During 2011, we recorded property impairments of $289 million, primarily in our Lower 48 and Latin America and Canada segments, largely as a result of lower natural gas price assumptions and reduced volume forecasts. | |||||||
Asset_Retirement_Obligations_a
Asset Retirement Obligations and Accrued Environmental Costs | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligations and Accrued Environmental Costs [Abstract] | ' | ||||
Asset Retirement Obligations and Accrued Environmental Costs | ' | ||||
Note 10—Asset Retirement Obligations and Accrued Environmental Costs | |||||
Asset retirement obligations and accrued environmental costs at December 31 were: | |||||
Millions of Dollars | |||||
2013 | 2012 | ||||
Asset retirement obligations | $ | 10,076 | 9,164 | ||
Accrued environmental costs | 348 | 364 | |||
Total asset retirement obligations and accrued environmental costs | 10,424 | 9,528 | |||
Asset retirement obligations and accrued environmental costs due within one year* | -541 | -581 | |||
Long-term asset retirement obligations and accrued environmental costs | $ | 9,883 | 8,947 | ||
*Classified as a current liability on the balance sheet under "Other accruals" and includes $14 million and $158 million of liabilities | |||||
associated with assets held for sale at December 31, 2013 and 2012, respectively. | |||||
Asset Retirement Obligations | |||||
We record the fair value of a liability for an asset retirement obligation when it is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related PP&E. If, in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. | |||||
We have numerous asset retirement obligations we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years, or decades, in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve plugging and abandonment of wells and removal and disposal of offshore oil and gas platforms around the world, as well as oil and gas production facilities and pipelines in Alaska. | |||||
During 2013 and 2012, our overall asset retirement obligation changed as follows: | |||||
Millions of Dollars | |||||
2013 | 2012 | ||||
Balance at January 1 | $ | 9,164 | 8,920 | ||
Accretion of discount | 434 | 412 | |||
New obligations | 410 | 315 | |||
Changes in estimates of existing obligations | 707 | 543 | |||
Spending on existing obligations | -298 | -319 | |||
Property dispositions | -163 | -607 | |||
Foreign currency translation | -178 | 281 | |||
Separation of Downstream business | - | -381 | |||
Balance at December 31 | $ | 10,076 | 9,164 | ||
Accrued Environmental Costs | |||||
Total accrued environmental costs at December 31, 2013 and 2012, were $348 million and $364 million, respectively. | |||||
We had accrued environmental costs of $271 million and $279 million at December 31, 2013 and 2012, respectively, related to remediation activities in the United States and Canada. We had also accrued in Corporate and Other $60 million and $70 million of environmental costs associated with sites no longer in operation at December 31, 2013 and 2012, respectively. In addition, $17 million and $15 million were included at both December 31, 2013 and 2012, respectively, where the Company has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities are expected to be paid over periods extending up to 30 years. | |||||
Expected expenditures for environmental obligations acquired in various business combinations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $124 million at December 31, 2013. The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $19 million in 2014, $18 million in 2015, $10 million in 2016, $6 million in 2017, $4 million in 2018, and $82 million for all future years after 2018. |
Debt
Debt | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt [Abstract] | ' | |||||
Debt | ' | |||||
Note 11—Debt | ||||||
Long-term debt at December 31 was: | ||||||
Millions of Dollars | ||||||
2013 | 2012 | |||||
9.125% Debentures due 2021 | $ | 150 | 150 | |||
8.20% Debentures due 2025 | 150 | 150 | ||||
8.125% Notes due 2030 | 600 | 600 | ||||
7.9% Debentures due 2047 | 100 | 100 | ||||
7.8% Debentures due 2027 | 300 | 300 | ||||
7.65% Debentures due 2023 | 88 | 88 | ||||
7.625% Debentures due 2013 | - | 100 | ||||
7.40% Notes due 2031 | 500 | 500 | ||||
7.375% Debentures due 2029 | 92 | 92 | ||||
7.25% Notes due 2031 | 500 | 500 | ||||
7.20% Notes due 2031 | 575 | 575 | ||||
7% Debentures due 2029 | 200 | 200 | ||||
6.95% Notes due 2029 | 1,549 | 1,549 | ||||
6.875% Debentures due 2026 | 67 | 67 | ||||
6.65% Debentures due 2018 | 297 | 297 | ||||
6.50% Notes due 2039 | 2,250 | 2,250 | ||||
6.50% Notes due 2039 | 500 | 500 | ||||
6.00% Notes due 2020 | 1,000 | 1,000 | ||||
5.951% Notes due 2037 | 645 | 645 | ||||
5.95% Notes due 2036 | 500 | 500 | ||||
5.90% Notes due 2032 | 505 | 505 | ||||
5.90% Notes due 2038 | 600 | 600 | ||||
5.75% Notes due 2019 | 2,250 | 2,250 | ||||
5.625% Notes due 2016 | 1,250 | 1,250 | ||||
5.50% Notes due 2013 | - | 750 | ||||
5.20% Notes due 2018 | 500 | 500 | ||||
4.75% Notes due 2014 | 400 | 400 | ||||
4.60% Notes due 2015 | 1,500 | 1,500 | ||||
2.4% Notes due 2022 | 1,000 | 1,000 | ||||
1.05% Notes due 2017 | 1,000 | 1,000 | ||||
Commercial paper at 0.20% – 0.25% during 2013 and 0.15% – 0.33% during | ||||||
2012 | 961 | 1,055 | ||||
Industrial Development Bonds due 2013 through 2038 at 0.04% – 0.25% during | ||||||
2013 and 0.04% – 0.35% during 2012 | 18 | 18 | ||||
Marine Terminal Revenue Refunding Bonds due 2031 at 0.04% – 0.26% during | ||||||
2013 and 0.04% – 0.35% during 2012 | 265 | 265 | ||||
Other | 24 | 24 | ||||
Debt at face value | 20,336 | 21,280 | ||||
Capitalized leases | 922 | 16 | ||||
Net unamortized premiums and discounts | 404 | 429 | ||||
Total debt | 21,662 | 21,725 | ||||
Short-term debt | -589 | -955 | ||||
Long-term debt | $ | 21,073 | 20,770 | |||
Maturities of long-term borrowings, inclusive of net unamortized premiums and discounts, in 2014 through 2018 are: $589 million, $1,576 million, $2,202 million, $1,073 million and $873 million, respectively. At December 31, 2013, we classified $861 million of short-term debt as long-term debt, based on our ability and intent to refinance the obligation on a long-term basis under our revolving credit facility. | ||||||
During 2013, the following debt instruments were repaid at maturity: | ||||||
The $100 million 7.625% Debentures due 2013. | ||||||
The $750 million 5.50% Notes due 2013. | ||||||
In February 2014, the $400 million 4.75% Notes due 2014 were repaid at maturity. | ||||||
At December 31, 2013, we had a revolving credit facility totaling $7.5 billion expiring in August 2016. Our revolving credit facility may be used as direct bank borrowings, as support for issuances of letters of credit totaling up to $750 million, or as support for our commercial paper programs. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or by any of its consolidated subsidiaries. | ||||||
Credit facility borrowings may bear interest at a margin above rates offered by certain designated banks in the London interbank market or at a margin above the overnight federal funds rate or prime rates offered by certain designated banks in the United States. The agreements call for commitment fees on available, but unused, amounts. The agreements also contain early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. | ||||||
We have two commercial paper programs supported by our $7.5 billion revolving credit facility: the ConocoPhillips $6.35 billion program, primarily a funding source for short-term working capital needs, and the ConocoPhillips Qatar Funding Ltd. $1.15 billion program, which is used to fund commitments relating to QG3. Commercial paper maturities are generally limited to 90 days. | ||||||
At both December 31, 2013 and 2012, we had no direct outstanding borrowings under the revolving credit facility, with no letters of credit as of December 31, 2013. In addition, under the ConocoPhillips Qatar Funding Ltd. commercial paper program, there was $961 million of commercial paper outstanding at December 31, 2013, compared with $1,055 million at December 31, 2012. Since we had $961 million of commercial paper outstanding and had issued no letters of credit, we had access to $6.5 billion in borrowing capacity under our revolving credit facility at December 31, 2013. | ||||||
During the second quarter of 2013, a lease of a semi-submersible floating production system (FPS) commenced for the Gumusut development, located in Malaysia, in which we are a co-venturer. The FPS lease provides for an initial noncancelable term of 15 years, a subsequent 5-year cancelable term with no required lease payments, and an additional 5-year term with terms and conditions to be agreed at a later date. The lease has no ongoing purchase options or escalation clauses. Certain contingent rental payments may be incurred if actual commissioning costs exceed provisioned amounts. The lease does not impose any significant restrictions concerning dividends, debt or further leasing activities. | ||||||
A capital lease asset and capital lease obligation were recognized for our proportionate interest in the FPS of $906 million, based on the present value of the future minimum lease payments using our pre-tax incremental borrowing rate of 3.58 percent for debt with similar terms. As of December 31, 2013, the value of the lease asset and associated obligation is $906 million with commissioning activities continuing. Following the startup of the FPS, the capital lease asset will be depreciated over a period consistent with the estimated proved reserves of Gumusut using the unit-of-production method with the associated depreciation included in the “Depreciation, depletion and amortization” line on our consolidated income statement. | ||||||
At December 31, 2013, future minimum payments due under capital leases were: | ||||||
Millions | ||||||
of Dollars | ||||||
2014 | $ | 127 | ||||
2015 | 80 | |||||
2016 | 80 | |||||
2017 | 80 | |||||
2018 | 80 | |||||
Remaining years | 769 | |||||
Total | 1,216 | |||||
Less: portion representing imputed interest | -294 | |||||
Capital lease obligations | $ | 922 |
Joint_Venture_Acquisition_Obli
Joint Venture Acquisition Obligation | 12 Months Ended |
Dec. 31, 2013 | |
Investments, Loans and Long-Term Receivables and Joint Venture Acquisition Obligation [Abstract] | ' |
Joint Venture Acquisition Obligation | ' |
Note 12—Joint Venture Acquisition Obligation | |
We were obligated to contribute $7.5 billion, plus interest, over a 10-year period that began in 2007, to FCCL. Quarterly principal and interest payments of $237 million began in the second quarter of 2007. The principal portion of these payments totaled $772 million in 2013. In December 2013, we paid the remaining balance of the obligation, which totaled $2,810 million and is included in the “Other” line in the financing activities section of our consolidated statement of cash flows. Interest accrued at a fixed annual rate of 5.3 percent on the unpaid principal balance. Fifty percent of the quarterly interest payment is reflected as a capital contribution and is included in the “Capital expenditures and investments” line on our consolidated statement of cash flows. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2013 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
Note 13—Guarantees | |
At December 31, 2013, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability at inception for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. | |
APLNG Guarantees | |
At December 31, 2013, we have outstanding multiple guarantees in connection with our 37.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing December 2013 exchange rates: | |
We have guaranteed APLNG's performance with regard to a construction contract executed in connection with APLNG's issuance of the Train 1 and Train 2 Notices to Proceed. We estimate the remaining term of this guarantee is 3 years. Our maximum potential amount of future payments related to this guarantee is approximately $130 million and would become payable if APLNG cancels the applicable construction contract and does not perform with respect to the amounts owed to the contractor. | |
We have issued a construction completion guarantee related to the third-party project financing secured by APLNG. Our maximum potential amount of future payments under the guarantee is estimated to be $3.2 billion, which could be payable if the full debt financing capacity is utilized and completion of the project is not achieved. Our guarantee of the project financing will be released upon meeting certain completion tests with milestones, which we estimate would occur beginning in 2016. Our maximum exposure at December 31, 2013, is $2.8 billion based upon our pro-rata share of the facility used at that date. At December 31, 2013, the carrying value of this guarantee is approximately $114 million. | |
In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy in October 2008, we agreed to guarantee an existing obligation of APLNG to deliver natural gas under several sales agreements with remaining terms of 3 to 18 years. Our maximum potential amount of future payments, or cost of volume delivery, under these guarantees is estimated to be $0.8 billion ($1.9 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. | |
We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project's continued development. The guarantees have remaining terms of up to 32 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $170 million and would become payable if APLNG does not perform. | |
Other Guarantees | |
We have other guarantees with maximum future potential payment amounts totaling approximately $260 million, which consist primarily of guarantees of the residual value of leased corporate aircraft, guarantees to fund the short-term cash liquidity deficit of two joint ventures, a guarantee for our portion of a joint venture's debt obligations and a guarantee of minimum charter revenue for an LNG vessel. These guarantees have remaining terms of up to 10 years or the life of the venture and would become payable if, upon sale, certain asset values are lower than guaranteed amounts, business conditions decline at guaranteed entities, or as a result of non-performance of contractual terms by guaranteed parties. | |
Indemnifications | |
Over the years, we have entered into agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes, environmental liabilities, employee claims, and litigation. The terms of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, the term is generally indefinite and the maximum amount of future payments is generally unlimited. The carrying amount recorded for these indemnifications at December 31, 2013, was approximately $60 million. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essentially relieved or amortize the liability over an appropriate time period as the fair value of our indemnification exposure declines. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. Included in the recorded carrying amount at December 31, 2013 were approximately $50 million of environmental accruals for known contamination that are included in the “Asset retirement obligations and accrued environmental costs” line on our consolidated balance sheet. For additional information about environmental liabilities, see Note 14—Contingencies and Commitments. | |
In connection with the separation of the Downstream business, the Company entered into an Indemnification and Release Agreement with Phillips 66. This agreement provided for cross-indemnities between Phillips 66 and ConocoPhillips and established procedures for handling claims subject to indemnification and related matters. We evaluated the impact of the indemnifications given and the Phillips 66 indemnifications received as of the separation date and concluded those fair values were immaterial. | |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies and Commitments [Abstract] | ' |
Contingencies and Commitments | ' |
Note 14—Contingencies and Commitments | |
A number of lawsuits involving a variety of claims arising in the ordinary course of business have been made against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 20—Income Taxes, for additional information about income tax-related contingencies. | |
Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. | |
Environmental | |
We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management's best estimates, using all information that is available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies' cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. | |
Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. | |
We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 10—Asset Retirement Obligations and Accrued Environmental Costs, for a summary of our accrued environmental liabilities. | |
Legal Proceedings | |
Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. | |
Other Contingencies | |
We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at December 31, 2013, we had performance obligations secured by letters of credit of $827 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. | |
In 2007, we announced we had been unable to reach agreement with respect to our migration to an empresa mixta structure mandated by the Venezuelan government's Nationalization Decree. As a result, Venezuela's national oil company, Petróleos de Venezuela S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips' interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, we filed a request for international arbitration on November 2, 2007, with the World Bank's International Centre for Settlement of Investment Disputes (ICSID). An arbitration hearing was held before an ICSID tribunal during the summer of 2010. On September 3, 2013, an ICSID arbitration tribunal held that Venezuela unlawfully expropriated ConocoPhillips' significant oil investments in June 2007. A separate arbitration phase will proceed to determine the amount of damages owed to ConocoPhillips for Venezuela's actions. | |
In 2008, Burlington Resources, Inc., a wholly owned subsidiary of ConocoPhillips, initiated arbitration before ICSID against The Republic of Ecuador, as a result of the newly enacted Windfall Profits Tax Law and government-mandated renegotiation of our production sharing contracts. Despite a restraining order issued by the ICSID tribunal, Ecuador confiscated the crude oil production of Burlington and its co-venturer and sold the seized crude oil. In 2009, Ecuador took over operations in Blocks 7 and 21, fully expropriating our assets. In June 2010, the ICSID tribunal concluded it has jurisdiction to hear the expropriation claim. On April 24, 2012, Ecuador filed supplemental counterclaims asserting environmental damages, which we believe are not material. The ICSID tribunal issued a decision on liability on December 14, 2012, in favor of Burlington, finding that Ecuador's seizure of Blocks 7 and 21 was an unlawful expropriation in violation of the Ecuador-U.S. Bilateral Investment Treaty. An additional arbitration phase is now proceeding to determine the damages owed to ConocoPhillips for Ecuador's actions and to address Ecuador's counterclaims. | |
ConocoPhillips served a Notice of Arbitration on the Timor-Leste Minister of Finance in October 2012 for outstanding disputes related to a series of tax assessments. As of December 2013, ConocoPhillips paid, under protest, tax assessments totaling approximately $232 million, which are primarily recorded in the “Investments and long-term receivables” line on our consolidated balance sheet. The arbitration will be conducted in Singapore under the United Nations Commission on International Trade Laws (UNCITRAL) arbitration rules, pursuant to the terms of the Tax Stability Agreement with the Timor-Leste government. The arbitration process is currently underway. Future impacts on our business are not known at this time. | |
Long-Term Throughput Agreements and Take-or-Pay Agreements | |
We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements typically provide for natural gas or crude oil transportation to be used in the ordinary course of the Company's business. The aggregate amounts of estimated payments under these various agreements are: 2014—$125 million; 2015—$117 million; 2016—$25 million; 2017—$25 million; 2018—$22 million; and 2019 and after—$121 million. Total payments under the agreements were $127 million in 2013, $130 million in 2012 and $429 million in 2011. | |
Derivative_and_Financial_Instr
Derivative and Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments and Derivative Contracts [Abstract] | ' | ||||||||
Derivative and Financial Instruments | ' | ||||||||
Note 15—Derivative and Financial Instruments | |||||||||
We use futures, forwards, swaps and options in various markets to meet our customer needs and capture market opportunities. Our commodity business primarily consists of natural gas, crude oil, bitumen, LNG and natural gas liquids. | |||||||||
Our derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on the consolidated statement of cash flows. On our consolidated income statement, realized and unrealized gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the normal purchase normal sale exception are recognized upon settlement. We generally apply this exception to eligible crude contracts. We do not use hedge accounting for our commodity derivatives. | |||||||||
The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 871 | 1,538 | ||||||
Other assets | 64 | 105 | |||||||
Liabilities | |||||||||
Other accruals | 890 | 1,509 | |||||||
Other liabilities and deferred credits | 58 | 99 | |||||||
The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | 2011 | |||||||
Sales and other operating revenues | $ | -160 | -291 | 907 | |||||
Other income | 4 | -1 | -9 | ||||||
Purchased commodities | 139 | 214 | -729 | ||||||
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: | |||||||||
Open Position | |||||||||
Long/(Short) | |||||||||
2013 | 2012 | ||||||||
Commodity | |||||||||
Natural gas and power (billions of cubic feet equivalent) | |||||||||
Fixed price | -18 | -48 | |||||||
Basis | -10 | 125 | |||||||
Foreign Currency Exchange Derivatives | |||||||||
We have foreign currency exchange rate risk resulting from international operations. Our foreign currency exchange derivative activity primarily consists of transactions designed to mitigate our cash-related and foreign currency exchange rate exposures, such as firm commitments for capital programs or local currency tax payments, dividends, and cash returns from net investments in foreign affiliates. We do not elect hedge accounting on our foreign currency exchange derivatives. | |||||||||
The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 1 | 32 | ||||||
Liabilities | |||||||||
Other accruals | - | 2 | |||||||
Other liabilities and deferred credits | - | 1 | |||||||
The (gains) losses from foreign currency exchange derivatives incurred, and the line items where they appear | |||||||||
on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | 2011 | |||||||
Foreign currency transaction (gains) losses | $ | 4 | -138 | -9 | |||||
We had the following net notional position of outstanding foreign currency exchange derivatives: | |||||||||
In Millions | |||||||||
Notional Currency | |||||||||
2013 | 2012 | ||||||||
Foreign Currency Exchange Derivatives | |||||||||
Sell U.S. dollar, buy British pound | USD | - | 2,573 | ||||||
Buy U.S. dollar, sell other currencies* | USD | 6 | 140 | ||||||
Buy British pound, sell euro | GPB | 17 | - | ||||||
Buy euro, sell British pound | EUR | - | 96 | ||||||
*Primarily Canadian dollar, euro and Norwegian krone. | |||||||||
Financial Instruments | |||||||||
We invest excess cash in financial instruments with maturities based on our cash forecasts for the various currency pools we manage. The maturities of these investments may from time to time extend beyond 90 days. The types of financial instruments include: | |||||||||
Time deposits: Interest bearing deposits placed with approved financial institutions. | |||||||||
Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank, or government agency purchased at a discount, maturing at par. | |||||||||
These financial instruments appear in the “Cash and cash equivalents” line of our consolidated balance sheet if the maturities at the time we made the investments were 90 days or less; otherwise, these held-to-maturity investments are included in the “Short-term investments” line. At December 31, we held the following financial instruments: | |||||||||
Millions of Dollars | |||||||||
Carrying Amount | |||||||||
Cash and Cash Equivalents | Short-Term Investments | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Cash | $ | 636 | 829 | - | - | ||||
Time Deposits | |||||||||
Remaining maturities from 1 to 90 days | 5,336 | 2,789 | 137 | - | |||||
Commercial Paper | |||||||||
Remaining maturities from 1 to 90 days | 274 | - | 135 | - | |||||
$ | 6,246 | 3,618 | 272 | - | |||||
Credit Risk | |||||||||
Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, over-the-counter (OTC) derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, money market funds, government debt securities and time deposits with major international banks and financial institutions. | |||||||||
The credit risk from our OTC derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. | |||||||||
Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less, and we continually monitor this exposure and the creditworthiness of the counterparties. We do not generally require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments, and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due us. | |||||||||
Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange or IntercontinentalExchange. | |||||||||
The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position on December 31, 2013 and December 31, 2012, was $57 million and $130 million, respectively. For these instruments, no collateral was posted as of December 31, 2013 or December 31, 2012. If our credit rating had been lowered one level from its “A” rating (per Standard and Poor's) on December 31, 2013, we would be required to post no additional collateral to our counterparties. If we had been downgraded below investment grade, we would be required to post $57 million of additional collateral, either with cash or letters of credit. | |||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||
Note 16—Fair Value Measurement | ||||||||||||||||||
We carry a portion of our assets and liabilities at fair value that are measured at a reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the following hierarchy: | ||||||||||||||||||
Level 1: Quoted prices (unadjusted) in an active market for identical assets or liabilities. | ||||||||||||||||||
Level 2: Inputs other than quoted prices that are directly or indirectly observable. | ||||||||||||||||||
Level 3: Unobservable inputs that are significant to the fair value of assets or liabilities. | ||||||||||||||||||
The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. Transfers occur at the end of the reporting period. There were no material transfers in or out of Level 1 during 2013 and 2012. | ||||||||||||||||||
Recurring Fair Value Measurement | ||||||||||||||||||
Financial assets and liabilities reported at fair value on a recurring basis primarily include commodity derivatives and certain investments to support nonqualified deferred compensation plans. The deferred compensation investments are measured at fair value using unadjusted prices available from national securities exchanges; therefore, these assets are categorized as Level 1 in the fair value hierarchy. Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts that are long-term in nature and where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management's best estimate of fair value. Level 3 activity was not material for all periods presented. | ||||||||||||||||||
The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis): | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | ||||||||||||||||||
Deferred compensation | ||||||||||||||||||
investments | $ | 306 | - | - | 306 | 305 | - | - | 305 | |||||||||
Commodity derivatives | 744 | 177 | 10 | 931 | 1,052 | 567 | 18 | 1,637 | ||||||||||
Total assets | $ | 1,050 | 177 | 10 | 1,237 | 1,357 | 567 | 18 | 1,942 | |||||||||
Liabilities | ||||||||||||||||||
Commodity derivatives | $ | 765 | 172 | 7 | 944 | 1,031 | 567 | 4 | 1,602 | |||||||||
Total liabilities | $ | 765 | 172 | 7 | 944 | 1,031 | 567 | 4 | 1,602 | |||||||||
The following table summarizes those commodity derivative balances subject to the right of setoff as presented | ||||||||||||||||||
on our consolidated balance sheet: | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Gross | Gross | Net Amounts | Net Amounts | |||||||||||||||
Amounts | Amounts | Excluding | Cash | Subject | ||||||||||||||
Recognized | Offset | Collateral | Collateral | to Setoff | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
Assets | $ | 919 | 827 | 92 | 6 | 86 | ||||||||||||
Liabilities | 935 | 827 | 108 | 26 | 82 | |||||||||||||
31-Dec-12 | ||||||||||||||||||
Assets | $ | 1,621 | 1,403 | 218 | 29 | 189 | ||||||||||||
Liabilities | 1,588 | 1,403 | 185 | 16 | 169 | |||||||||||||
At December 31, 2013 and December 31, 2012, we did not present any amounts gross on our consolidated | ||||||||||||||||||
balance sheet where we had the right of setoff. | ||||||||||||||||||
Non-Recurring Fair Value Measurement | ||||||||||||||||||
The following table summarizes the fair value hierarchy by major category for assets accounted for at fair value on a non-recurring basis: | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||
Fair Value | * | Level 1 Inputs | Level 3 Inputs | Before-Tax Loss | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||
Net PP&E (held for use) | 117 | - | 117 | 488 | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||
Net PP&E (held for sale) | $ | 6,116 | 6,116 | - | 798 | |||||||||||||
Net PP&E (held for use) | 95 | - | 95 | 134 | ||||||||||||||
*Represents the fair value at the time of the impairment. | ||||||||||||||||||
Net PP&E (held for use) | ||||||||||||||||||
Net PP&E held for use is comprised of various producing properties impaired to their individual fair values. The fair values were determined by the use of internal discounted cash flow models using estimates of future production, prices from futures exchanges and pricing service companies, costs and a discount rate believed to be consistent with those used by principal market participants. | ||||||||||||||||||
Net PP&E (held for sale) | ||||||||||||||||||
In 2012, net PP&E held for sale was written down to fair value, less costs to sell. The fair value of each asset was determined by its binding negotiated selling price. | ||||||||||||||||||
Reported Fair Values of Financial Instruments | ||||||||||||||||||
We used the following methods and assumptions to estimate the fair value of financial instruments: | ||||||||||||||||||
Cash and cash equivalents, restricted cash and short-term investments: The carrying amount reported on the balance sheet approximates fair value. | ||||||||||||||||||
Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value. The valuation technique and methods used to estimate the fair value of the current portion of fixed-rate related party loans is consistent with Loans and advances—related parties. | ||||||||||||||||||
Loans and advances—related parties: The carrying amount of floating-rate loans approximates fair value. The fair value of fixed-rate loan activity is measured using market observable data and is categorized as Level 2 in the fair value hierarchy. See Note 7—Investments, Loans and Long-Term Receivables, for additional information. | ||||||||||||||||||
Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value. The valuation technique and methods used to estimate the fair value of the current portion of the joint venture acquisition obligation is consistent with the methodology below. | ||||||||||||||||||
Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy. | ||||||||||||||||||
Joint venture acquisition obligation—related party: Fair value at December 31, 2012, was estimated based on the net present value of the future cash flows as a Level 2 fair value with an effective yield rate of 0.7 percent, based on yields of U.S. Treasury securities of similar average duration adjusted for our average credit risk spread and the amortizing nature of the obligation principal. See Note 12—Joint Venture Acquisition Obligation, for additional information. | ||||||||||||||||||
The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Financial assets | ||||||||||||||||||
Deferred compensation investments | $ | 306 | 305 | 306 | 305 | |||||||||||||
Commodity derivatives | 99 | 221 | 99 | 221 | ||||||||||||||
Total loans and advances—related parties | 1,528 | 1,697 | 1,680 | 1,916 | ||||||||||||||
Financial liabilities | ||||||||||||||||||
Total debt, excluding capital leases | 20,740 | 21,709 | 23,553 | 26,349 | ||||||||||||||
Total joint venture acquisition obligation | - | 3,582 | - | 3,968 | ||||||||||||||
Commodity derivatives | 92 | 199 | 92 | 199 | ||||||||||||||
At December 31, 2013, commodity derivative assets and liabilities appear net of $6 million of obligations to return cash collateral and $26 million of rights to reclaim cash collateral, respectively. At December 31, 2012, commodity derivative assets and liabilities appear net of $29 million of obligations to return cash collateral and $16 million of rights to reclaim cash collateral. | ||||||||||||||||||
Equity
Equity | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Equity [Abstract] | ' | |||||
Equity | ' | |||||
Note 17—Equity | ||||||
Common Stock | ||||||
The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: | ||||||
Shares | ||||||
2013 | 2012 | 2011 | ||||
Issued | ||||||
Beginning of year | 1,762,247,949 | 1,749,550,587 | 1,740,529,279 | |||
Distributed under benefit plans | 5,921,957 | 12,697,362 | 9,021,308 | |||
End of year | 1,768,169,906 | 1,762,247,949 | 1,749,550,587 | |||
Held in Treasury | ||||||
Beginning of year | 542,230,673 | 463,880,628 | 272,873,537 | |||
Repurchase of common stock | - | 79,904,400 | 155,453,382 | |||
Distributed under benefit plans | - | -1,554,355 | -475,696 | |||
Transfer from grantor trust | - | - | 36,029,405 | |||
End of year | 542,230,673 | 542,230,673 | 463,880,628 | |||
Held in Grantor Trusts | ||||||
Beginning of year | - | - | 36,890,375 | |||
Repurchase of common stock | - | - | -157,470 | |||
Distributed under benefit plans | - | - | -703,500 | |||
Transfer to treasury stock | - | - | -36,029,405 | |||
End of year | - | - | - | |||
Preferred Stock | ||||||
We have authorized 500 million shares of preferred stock, par value $.01 per share, none of which was issued or outstanding at December 31, 2013 or 2012. | ||||||
Noncontrolling Interests | ||||||
At December 31, 2013 and 2012, we had $402 million and $440 million outstanding, respectively, of equity in less-than-wholly owned consolidated subsidiaries held by noncontrolling interest owners. For both periods, the amounts were related to the Darwin LNG and Bayu-Darwin Pipeline operating joint ventures we control, located in Australia's Northern Territory. |
Non_Mineral_Leases
Non Mineral Leases | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Non-Mineral Leases | ' | |||||||
Note 18—Non-Mineral Leases | ||||||||
The company primarily leases drilling equipment and office buildings, as well as ocean transport vessels, tugboats, barges, corporate aircraft, computers and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property for the fair market value at the end of the lease term. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. For additional information on leased assets under capital leases, see Note 11—Debt. | ||||||||
At December 31, 2013, future minimum rental payments due under noncancelable leases were: | ||||||||
Millions | ||||||||
of Dollars | ||||||||
2014 | $ | 602 | ||||||
2015 | 519 | |||||||
2016 | 483 | |||||||
2017 | 318 | |||||||
2018 | 182 | |||||||
Remaining years | 645 | |||||||
Total | 2,749 | |||||||
Less: income from subleases | -19 | |||||||
Net minimum operating lease payments | $ | 2,730 | ||||||
Operating lease rental expense for the years ended December 31 was: | ||||||||
Millions of Dollars | ||||||||
2013 | 2012 | 2011 | ||||||
Total rentals* | $ | 317 | 282 | 304 | ||||
Less: sublease rentals | -12 | -15 | -14 | |||||
$ | 305 | 267 | 290 | |||||
*Includes $3 million and $29 million of contingent rentals in 2012 and 2011, respectively. Contingent rentals were primarily related to drilling | ||||||||
equipment and based on usage. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||
Note 19—Employee Benefit Plans | ||||||||||||||||||||
Pension and Postretirement Plans | ||||||||||||||||||||
In connection with the separation of the Downstream business in 2012, ConocoPhillips entered into an Employee Matters Agreement with Phillips 66, which provides that employees of Phillips 66 no longer participate in benefit plans sponsored or maintained by ConocoPhillips as of the separation date. Upon separation, the ConocoPhillips pension and postretirement plans transferred assets and obligations to the Phillips 66 plans resulting in a net decrease in sponsored pension and postretirement plan obligations of $1,127 million. Additionally, as a result of the transfer of unrecognized losses to Phillips 66, deferred income taxes and other comprehensive income decreased $335 million and $570 million, respectively. | ||||||||||||||||||||
An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for | ||||||||||||||||||||
our postretirement health and life insurance plans follows: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||
Benefit obligation at January 1 | $ | 4,225 | 3,438 | 6,175 | 3,484 | 765 | 926 | |||||||||||||
Service cost | 138 | 102 | 170 | 91 | 3 | 6 | ||||||||||||||
Interest cost | 143 | 145 | 186 | 152 | 26 | 33 | ||||||||||||||
Plan participant contributions | - | 6 | - | 7 | 22 | 23 | ||||||||||||||
Separation of Downstream business | - | - | -2,464 | -653 | - | -199 | ||||||||||||||
Actuarial (gain) loss | -205 | 72 | 735 | 297 | -57 | 47 | ||||||||||||||
Benefits paid | -347 | -110 | -577 | -113 | -75 | -72 | ||||||||||||||
Foreign currency exchange rate change | - | -70 | - | 173 | -2 | 1 | ||||||||||||||
Benefit obligation at December 31* | $ | 3,954 | 3,583 | 4,225 | 3,438 | 682 | 765 | |||||||||||||
*Accumulated benefit obligation portion of above at | 3,516 | 2,798 | 3,710 | 2,972 | ||||||||||||||||
December 31: | $ | |||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 2,732 | 2,760 | 4,149 | 2,722 | - | - | |||||||||||||
Actual return on plan assets | 505 | 315 | 509 | 267 | - | - | ||||||||||||||
Company contributions | 202 | 198 | 363 | 204 | 53 | 49 | ||||||||||||||
Plan participant contributions | - | 6 | - | 7 | 22 | 23 | ||||||||||||||
Separation of Downstream business | - | - | -1,712 | -479 | - | - | ||||||||||||||
Benefits paid | -347 | -110 | -577 | -113 | -75 | -72 | ||||||||||||||
Foreign currency exchange rate change | - | -37 | - | 152 | - | - | ||||||||||||||
Fair value of plan assets at December 31 | $ | 3,092 | 3,132 | 2,732 | 2,760 | - | - | |||||||||||||
Funded Status | $ | -862 | -451 | -1,493 | -678 | -682 | -765 | |||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Amounts Recognized in the | ||||||||||||||||||||
Consolidated Balance Sheet at | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
Noncurrent assets | $ | - | 128 | - | 94 | - | - | |||||||||||||
Current liabilities | -35 | -8 | -21 | -8 | -53 | -54 | ||||||||||||||
Noncurrent liabilities | -827 | -571 | -1,472 | -764 | -629 | -711 | ||||||||||||||
Total recognized | $ | -862 | -451 | -1,493 | -678 | -682 | -765 | |||||||||||||
Weighted-Average Assumptions Used to | ||||||||||||||||||||
Determine Benefit Obligations at | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
Discount rate | 4.4 | % | 4.75 | 3.55 | 4.5 | 4.45 | 3.55 | |||||||||||||
Rate of compensation increase | 4.75 | 4.6 | 4.75 | 4.45 | - | - | ||||||||||||||
Weighted-Average Assumptions Used to | ||||||||||||||||||||
Determine Net Periodic Benefit Cost for | ||||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||||
Discount rate | 3.55 | % | 4.5 | 4 | 4.95 | 3.55 | 4.25 | |||||||||||||
Expected return on plan assets | 7 | 6 | 7 | 6.1 | - | - | ||||||||||||||
Rate of compensation increase | 4.75 | 4.45 | 4.5 | 4.5 | - | - | ||||||||||||||
For both U.S. and international pensions, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. | ||||||||||||||||||||
Included in accumulated other comprehensive income at December 31 were the following before-tax amounts | ||||||||||||||||||||
that had not been recognized in net periodic benefit cost: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 767 | 578 | 1,509 | 758 | -31 | 29 | |||||||||||||
Unrecognized prior service cost (credit) | 22 | -54 | 28 | -60 | -8 | -12 | ||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Sources of Change in Other | ||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||
Net gain (loss) arising during the period | $ | 524 | 107 | -450 | -206 | 57 | -48 | |||||||||||||
Separation of Downstream business | - | - | 810 | 94 | - | -7 | ||||||||||||||
Amortization of loss included in income* | 218 | 73 | 371 | 59 | 3 | - | ||||||||||||||
Net change during the period | $ | 742 | 180 | 731 | -53 | 60 | -55 | |||||||||||||
Prior service credit arising during the period | $ | - | 1 | - | 2 | - | - | |||||||||||||
Separation of Downstream business | - | - | 17 | -12 | - | 3 | ||||||||||||||
Amortization of prior service cost (credit) | ||||||||||||||||||||
included in income | 6 | -7 | 7 | -8 | -4 | -4 | ||||||||||||||
Net change during the period | $ | 6 | -6 | 24 | -18 | -4 | -1 | |||||||||||||
*Includes settlement losses recognized during the period. | ||||||||||||||||||||
Amounts included in accumulated other comprehensive income at December 31, 2013, that are expected to | ||||||||||||||||||||
be amortized into net periodic benefit cost during 2014 are provided below: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension | Other | |||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||
U.S. | Int’l. | |||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 76 | 58 | -3 | ||||||||||||||||
Unrecognized prior service cost (credit) | 6 | -8 | -4 | |||||||||||||||||
For our tax-qualified pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets were $6,011 million, $5,393 million, and $5,151 million, respectively, at December 31, 2013, and $6,278 million, $5,602 million, and $4,537 million, respectively, at December 31, 2012. | ||||||||||||||||||||
For our unfunded nonqualified key employee supplemental pension plans, the projected benefit obligation and the accumulated benefit obligation were $581 million and $392 million, respectively, at December 31, 2013, and were $525 million and $382 million, respectively, at December 31, 2012. | ||||||||||||||||||||
The components of net periodic benefit cost of all defined benefit plans are presented in the following table: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||
Components of Net | ||||||||||||||||||||
Periodic Benefit Cost | ||||||||||||||||||||
Service cost | $ | 138 | 102 | 170 | 91 | 225 | 98 | 3 | 6 | 10 | ||||||||||
Interest cost | 143 | 145 | 186 | 152 | 247 | 178 | 26 | 33 | 42 | |||||||||||
Expected return on plan | ||||||||||||||||||||
assets | -186 | -160 | -223 | -158 | -280 | -175 | - | - | - | |||||||||||
Amortization of prior | ||||||||||||||||||||
service cost (credit) | 6 | -7 | 7 | -8 | 9 | - | -4 | -4 | -7 | |||||||||||
Recognized net actuarial | ||||||||||||||||||||
loss (gain) | 151 | 73 | 191 | 59 | 165 | 46 | 3 | - | -5 | |||||||||||
Settlements | 67 | - | 181 | - | 21 | - | - | - | - | |||||||||||
Net periodic benefit cost | $ | 319 | 153 | 512 | 136 | 387 | 147 | 28 | 35 | 40 | ||||||||||
We recognized pension settlement losses of $67 million in 2013, $181 million (including $24 million in discontinued operations) in 2012 and $21 million in 2011. In 2013 and 2012, lump-sum benefit payments from the U.S. qualified pension plan exceeded the sum of service and interest costs for that plan and led to an increase in settlement losses. | ||||||||||||||||||||
In determining net pension and other postretirement benefit costs, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. | ||||||||||||||||||||
We have multiple nonpension postretirement benefit plans for health and life insurance. The health care plans are contributory and subject to various cost sharing features, with participant and company contributions adjusted annually; the life insurance plans are noncontributory. The measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate of 7.25 percent in 2013 that declines to 5 percent by 2023. A one-percentage-point change in the assumed health care cost trend rate would be immaterial to ConocoPhillips. | ||||||||||||||||||||
Plan Assets—We follow a policy of broadly diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include U.S. equities, non-U.S. equities, U.S. fixed income, non-U.S. fixed income, real estate and private equity investments. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are 59 percent equity securities, 37 percent debt securities and 4 percent real estate. Generally, the plan investments are publicly traded, therefore minimizing liquidity risk in the portfolio. | ||||||||||||||||||||
The following is a description of the valuation methodologies used for the pension plan assets. There have been no changes in the methodologies used at December 31, 2013 and 2012. | ||||||||||||||||||||
Fair values of equity securities and government debt securities categorized in Level 1 are primarily based on quoted market prices in active markets for identical assets and liabilities. | ||||||||||||||||||||
Fair values of corporate debt securities, agency and mortgage-backed securities and government debt securities categorized in Level 2 are estimated using recently executed transactions and quoted market prices for similar assets and liabilities in active markets and for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. When observable quoted market prices are not available, fair value is based on pricing models that use something other than actual market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy. | ||||||||||||||||||||
Fair values of investments in common/collective trusts are determined by the issuer of each fund based on the fair value of the underlying assets. | ||||||||||||||||||||
Fair values of mutual funds are based on quoted market prices, which represent the net asset value of shares held. | ||||||||||||||||||||
Cash is valued at cost, which approximates fair value. Fair values of international cash equivalents categorized in Level 2 are valued using observable yield curves, discounting and interest rates. U.S. cash balances held in the form of short-term fund units that are redeemable at the measurement date are categorized as Level 2. | ||||||||||||||||||||
Fair values of exchange-traded derivatives classified in Level 1 are based on quoted market prices. For other derivatives classified in Level 2, the values are generally calculated from pricing models with market input parameters from third-party sources. | ||||||||||||||||||||
Private equity funds are valued at net asset value as determined by the issuer based on the fair value of the underlying assets. | ||||||||||||||||||||
Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans' participants. | ||||||||||||||||||||
Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available. | ||||||||||||||||||||
A portion of U.S. pension plan assets is held as a participating interest in an insurance annuity contract, which is calculated as the market value of investments held under this contract, less the accumulated benefit obligation covered by the contract. The participating interest is classified as Level 3 in the fair value hierarchy as the fair value is determined via a combination of quoted market prices, recently executed transactions, and an actuarial present value computation for contract obligations. At December 31, 2013, the participating interest in the annuity contract was valued at $110 million and consisted of $312 million in debt securities, less $202 million for the accumulated benefit obligation covered by the contract. At December 31, 2012, the participating interest in the annuity contract was valued at $133 million and consisted of $358 million in debt securities, less $225 million for the accumulated benefit obligation covered by the contract. The net change from 2012 to 2013 is due to a decrease in the fair value of the underlying investments of $46 million and a decrease in the present value of the contract obligation of $23 million. The participating interest is not available for meeting general pension benefit obligations in the near term. No future company contributions are required and no new benefits are being accrued under this insurance annuity contract. | ||||||||||||||||||||
The fair values of our pension plan assets at December 31, by asset class were as follows: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
U.S. | International | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
2013 | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
U.S. | $ | 1,018 | - | - | 1,018 | 531 | - | - | 531 | |||||||||||
International | 702 | - | - | 702 | 437 | - | - | 437 | ||||||||||||
Common/collective trusts | - | 529 | - | 529 | - | 217 | - | 217 | ||||||||||||
Mutual funds | - | - | - | - | 373 | - | - | 373 | ||||||||||||
Debt Securities | ||||||||||||||||||||
Government | 106 | 69 | - | 175 | 557 | - | - | 557 | ||||||||||||
Corporate | - | 333 | 3 | 336 | - | 150 | - | 150 | ||||||||||||
Agency and mortgage-backed | ||||||||||||||||||||
securities | - | 97 | - | 97 | - | 25 | 1 | 26 | ||||||||||||
Common/collective trusts | - | - | - | - | - | 356 | - | 356 | ||||||||||||
Mutual funds | - | - | - | - | 191 | - | - | 191 | ||||||||||||
Cash and cash equivalents | - | 123 | - | 123 | 30 | 17 | - | 47 | ||||||||||||
Private equity funds | - | - | 1 | 1 | - | - | 21 | 21 | ||||||||||||
Derivatives | -1 | 2 | - | 1 | 19 | 12 | - | 31 | ||||||||||||
Real estate | - | - | - | - | - | - | 190 | 190 | ||||||||||||
Total* | $ | 1,825 | 1,153 | 4 | 2,982 | 2,138 | 777 | 212 | 3,127 | |||||||||||
*Excludes the participating interest in the insurance annuity contract with a net asset value of $110 million and net receivables related to | ||||||||||||||||||||
security transactions of $5 million. | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
U.S. | $ | 875 | - | - | 875 | 443 | - | - | 443 | |||||||||||
International | 587 | - | - | 587 | 381 | - | - | 381 | ||||||||||||
Common/collective trusts | - | 472 | - | 472 | - | 195 | - | 195 | ||||||||||||
Mutual funds | - | - | - | - | 319 | - | - | 319 | ||||||||||||
Debt Securities | ||||||||||||||||||||
Government | 146 | 54 | - | 200 | 496 | - | - | 496 | ||||||||||||
Corporate | - | 306 | 2 | 308 | - | 155 | 1 | 156 | ||||||||||||
Agency and mortgage-backed | ||||||||||||||||||||
securities | - | 59 | - | 59 | - | 29 | - | 29 | ||||||||||||
Common/collective trusts | - | - | - | - | - | 314 | - | 314 | ||||||||||||
Mutual funds | - | - | - | - | 155 | - | - | 155 | ||||||||||||
Cash and cash equivalents | - | 94 | - | 94 | 22 | 18 | - | 40 | ||||||||||||
Private equity funds | - | - | 4 | 4 | - | - | 18 | 18 | ||||||||||||
Derivatives | - | 1 | - | 1 | 10 | 13 | - | 23 | ||||||||||||
Real estate | - | - | - | - | - | - | 183 | 183 | ||||||||||||
Total* | $ | 1,608 | 986 | 6 | 2,600 | 1,826 | 724 | 202 | 2,752 | |||||||||||
*Excludes the participating interest in the insurance annuity contract with a net asset value of $133 million and net receivables related to | ||||||||||||||||||||
security transactions of $7 million. | ||||||||||||||||||||
Level 3 activity was not material for all periods. | ||||||||||||||||||||
Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to foreign plans are dependent upon local laws and tax regulations. In 2014, we expect to contribute approximately $350 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $210 million to our international qualified and nonqualified pension and postretirement benefit plans. | ||||||||||||||||||||
The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity | ||||||||||||||||||||
contract and which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||
U.S. | Int’l. | |||||||||||||||||||
2014 | $ | 402 | 117 | 61 | ||||||||||||||||
2015 | 361 | 121 | 62 | |||||||||||||||||
2016 | 362 | 123 | 62 | |||||||||||||||||
2017 | 366 | 134 | 62 | |||||||||||||||||
2018 | 400 | 137 | 62 | |||||||||||||||||
2019–2023 | 1,965 | 791 | 294 | |||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||
Most U.S. employees are eligible to participate in the ConocoPhillips Savings Plan (CPSP). Employees can deposit up to 75 percent of their eligible pay, subject to statutory limits, in the thrift feature of the CPSP to a choice of approximately 37 investment funds. Starting in 2013, employees who participate in the CPSP and contribute 1 percent of their eligible pay receive a 9 percent Company cash match, subject to certain limitations. Prior to 2013, ConocoPhillips matched contribution deposits up to 1.25 percent of eligible pay. Company contributions charged to expense related to continuing and discontinued operations for the CPSP and predecessor plans, excluding the stock savings feature (discussed below), were $101 million in 2013, $16 million in 2012, and $25 million in 2011. | ||||||||||||||||||||
The stock savings feature of the CPSP was a leveraged employee stock ownership plan; however, beginning in 2013, the CPSP no longer has a stock savings feature. Prior to 2013, employees could elect to participate in the stock savings feature by contributing 1 percent of eligible pay and receiving an allocation of shares of common stock proportionate to the amount of contribution. | ||||||||||||||||||||
In 1990, the Long-Term Stock Savings Plan of Phillips Petroleum Company (subsequently the stock savings feature of the CPSP) borrowed funds that were used to purchase previously unissued shares of Company common stock. Since the Company guaranteed the CPSP's borrowings, the unpaid balance was reported as a liability of the Company and unearned compensation was shown as a reduction of common stockholders' equity. Dividends on all shares were charged against retained earnings. The debt was serviced by the CPSP from Company contributions and dividends received on certain shares of common stock held by the plan, including all unallocated shares. The shares held by the stock savings feature of the CPSP were released for allocation to participant accounts based on debt service payments on CPSP borrowings. In 2012, the final debt service payment was made and all remaining unallocated shares were released for allocation to participant accounts. The total number of allocated CPSP stock savings feature shares as of December 31, 2013 and 2012, were 9,280,837 and 11,246,660, respectively. | ||||||||||||||||||||
With the stock savings feature, we recognized interest expense as incurred and compensation expense based on the fair value of the stock contributed or on the cost of the unallocated shares released, using the shares-allocated method. We recognized total CPSP expense related to continuing and discontinued operations for the stock savings feature of $104 million and $77 million in 2012 and 2011, respectively, all of which was compensation expense. In 2012 and 2011, we made cash contributions to the CPSP of $5 million and $4 million, respectively. In 2011, we contributed 660,775 shares of Company common stock from the Compensation and Benefits Trust. The shares had a fair value of $84 million. In 2012 and 2011, we contributed 1,554,355 and 475,696 shares, respectively, of Company common stock from treasury stock. Dividends used to service debt were $10 million and $45 million in 2012 and 2011, respectively. These dividends reduced the amount of compensation expense recognized in each period. Interest incurred on the CPSP debt in 2012 and 2011 was $0.1 million and $1 million, respectively. | ||||||||||||||||||||
We have several defined contribution plans for our international employees, each with its own terms and eligibility depending on location. Total compensation expense related to continuing and discontinued operations recognized for these international plans was approximately $60 million in 2013 and $56 million in both 2012 and 2011. | ||||||||||||||||||||
Share-Based Compensation Plans | ||||||||||||||||||||
The 2011 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (the Plan) was approved by shareholders in May 2011. Over its 10-year life, the Plan allows the issuance of up to 100 million shares of our common stock for compensation to our employees and directors; however, as of the effective date of the Plan, (i) any shares of common stock available for future awards under the prior plans and (ii) any shares of common stock represented by awards granted under the prior plans that are forfeited, expire or are canceled without delivery of shares of common stock or which result in the forfeiture of shares of common stock back to the Company shall be available for awards under the Plan, and no new awards shall be granted under the prior plans. Of the 100 million shares available for issuance under the Plan, no more than 40 million shares of common stock are available for incentive stock options, and no more than 40 million shares are available for awards in stock. The Human Resources and Compensation Committee of our Board of Directors is authorized to determine the types, terms, conditions, and limitations of awards granted. Awards may be granted in the form of, but not limited to, stock options, restricted stock units, and performance share units to employees and nonemployee directors who contribute to the Company's continued success and profitability. | ||||||||||||||||||||
Total share-based compensation expense is measured using the grant date fair value for our equity-classified awards and the settlement date fair value for our liability-classified awards. We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award); or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, as this is the minimum period of time required for an award to not be subject to forfeiture. Our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). We recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. | ||||||||||||||||||||
Separation-Related Adjustments—In connection with the separation of the Downstream business on April 30, 2012, ConocoPhillips entered into an Employee Matters Agreement with Phillips 66, which provided that employees of Phillips 66 no longer participate in benefit plans sponsored or maintained by ConocoPhillips. Pursuant to the Employee Matters Agreement, we made certain adjustments, using volumetric weighted-average prices for the 4-day period immediately prior to and immediately following the separation, to the exercise price and number of our share-based compensation awards, with the intention of preserving the intrinsic value of the awards immediately prior to the separation. These adjustments are summarized as follows: | ||||||||||||||||||||
Outstanding options to purchase common shares of ConocoPhillips stock that were exercisable prior to the separation were adjusted so that the holders of the options would then hold one option to purchase common shares of Phillips 66 stock for every two adjusted stock options to purchase common shares of ConocoPhillips stock following the separation. | ||||||||||||||||||||
Nonexercisable stock options and restricted stock units were converted to those of the entity where the employee holding them was working immediately post-separation. Therefore, nonexercisable stock options to purchase common shares of ConocoPhillips stock and ConocoPhillips restricted stock units held by an employee who separated with the Downstream business were surrendered as a result of the separation. | ||||||||||||||||||||
In addition, former employee holders and a specified group of holders of stock options and restricted stock units who retired or terminated employment upon or shortly after the separation received both adjusted ConocoPhillips awards and Phillips 66 awards. | ||||||||||||||||||||
ConocoPhillips restricted stock and performance share units awarded for completed performance periods under the Performance Share Program, as well as vested restricted stock units held by current or former directors, were adjusted to provide holders one restricted share or restricted stock unit of Phillips 66 stock for every two restricted shares or restricted stock units of ConocoPhillips stock. | ||||||||||||||||||||
The separation-related adjustments did not have a material impact on either compensation expense for the year ended December 31, 2012, or the number of potentially dilutive securities as of December 31, 2012, to be considered in the calculation of diluted earnings per share of common stock. | ||||||||||||||||||||
Compensation Expense—Total share-based compensation expense recognized in income related to continuing | ||||||||||||||||||||
and discontinued operations and the associated tax benefit for the years ended December 31 were as follows: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Compensation cost | $ | 308 | 321 | 246 | ||||||||||||||||
Tax benefit | 109 | 118 | 86 | |||||||||||||||||
Stock Options—Stock options granted under the provisions of the Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average market price of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of grant. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. | ||||||||||||||||||||
The fair market values of the options granted over the past three years were measured on the date of grant using | ||||||||||||||||||||
the Black-Scholes-Merton option-pricing model. The weighted-average assumptions used were as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Assumptions used | ||||||||||||||||||||
Risk-free interest rate | 1.09 | % | 1.62 | 3.1 | ||||||||||||||||
Dividend yield | 4 | % | 4 | 4 | ||||||||||||||||
Volatility factor | 28.95 | % | 33.3 | 33.4 | ||||||||||||||||
Expected life (years) | 5.95 | 7.42 | 6.87 | |||||||||||||||||
There were no ranges in the assumptions used to determine the fair market values of our options granted over the past three years. | ||||||||||||||||||||
For 2012 and 2011, expected volatility was based on historical volatility of the Company's stock using ConocoPhillips' end-of-week closing stock prices over a period commensurate with the expected life of the options granted. Due to the separation of our Downstream business in 2012, expected volatility for grants of options in 2013 was based on a three-year average historical stock price volatility of a group of peer companies. We believe our historical volatility for periods prior to the separation of our Downstream business is no longer relevant in estimating expected volatility. | ||||||||||||||||||||
The following summarizes our stock option activity for the year ended December 31, 2013: | ||||||||||||||||||||
Weighted- | ||||||||||||||||||||
Weighted- | Average | Millions of Dollars | ||||||||||||||||||
Average | Grant-Date | Aggregate | ||||||||||||||||||
Options | Exercise Price | Fair Value | Intrinsic Value | |||||||||||||||||
Outstanding at December 31, 2012 | 16,297,005 | $ | 43.67 | |||||||||||||||||
Granted | 3,109,800 | 58.08 | $ | 9.9 | ||||||||||||||||
Exercised | -3,078,576 | 33.45 | $ | 95 | ||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Expired or canceled | -13,139 | 60.53 | ||||||||||||||||||
Outstanding at December 31, 2013 | 16,315,090 | $ | 48.33 | |||||||||||||||||
Vested at December 31, 2013 | 13,418,902 | $ | 46.42 | $ | 320 | |||||||||||||||
Exercisable at December 31, 2013 | 11,600,659 | $ | 44.88 | $ | 294 | |||||||||||||||
The weighted-average remaining contractual term of vested options and exercisable options at December 31, 2013, was 5.10 years and 4.57 years, respectively. The weighted-average grant date fair value of stock option awards granted during 2012 and 2011 was $15.69 and $16.70, respectively. The aggregate intrinsic value of options exercised during 2012 and 2011 was $469 million and $416 million, respectively. | ||||||||||||||||||||
During 2013, we received $103 million in cash and realized a tax benefit related to both continuing and discontinued operations of $47 million from the exercise of options. At December 31, 2013, the remaining unrecognized compensation expense from unvested options was $17 million, which will be recognized over a weighted-average period of 1.84 years, the longest period being 2.10 years. | ||||||||||||||||||||
Stock Unit Program—Generally, restricted stock units are granted annually under the provisions of the Plan. Restricted stock units granted prior to 2013 vest ratably in three equal annual installments beginning on the third anniversary of the grant date. Beginning in 2013, restricted stock units granted will vest in an aggregate installment on the third anniversary of the grant date. In addition, beginning in 2012, restricted stock units granted under the Plan for a variable long-term incentive program vest ratably in three equal annual installments beginning on the first anniversary of the grant date. Restricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award. Upon vesting, the restricted stock units are settled by issuing one share of ConocoPhillips common stock per unit. Units awarded to retirement eligible employees vest six months from the grant date; however, those units are not issued as common stock until the earlier of separation from the Company or the end of the regularly scheduled vesting period. Until issued as stock, most recipients of the restricted stock units receive a quarterly cash payment of a dividend equivalent that is charged to retained earnings. The grant date fair market value of these restricted stock units is deemed equal to the average ConocoPhillips stock price on the grant date. The grant date fair market value of units that do not receive a dividend equivalent while unvested is deemed equal to the average ConocoPhillips stock price on the grant date, less the net present value of the dividends that will not be received. | ||||||||||||||||||||
The following summarizes our stock unit activity for the year ended December 31, 2013: | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | 11,477,122 | $ | 46.58 | |||||||||||||||||
Granted | 4,881,483 | 57.99 | ||||||||||||||||||
Forfeited | -364,716 | 51.38 | ||||||||||||||||||
Issued | -3,832,737 | $ | 245 | |||||||||||||||||
Outstanding at December 31, 2013 | 12,161,152 | $ | 51.37 | |||||||||||||||||
Not Vested at December 31, 2013 | 8,626,833 | $ | 52.66 | |||||||||||||||||
At December 31, 2013, the remaining unrecognized compensation cost from the unvested units was $307 million, which will be recognized over a weighted-average period of 2.18 years, the longest period being 6.33 years. The weighted-average grant date fair value of stock unit awards granted during 2012 and 2011 was $60.62 and $67.54, respectively. The total fair value of stock units issued during 2012 and 2011 was $187 million and $109 million, respectively. | ||||||||||||||||||||
Performance Share Program—Under the Plan, we also annually grant restricted performance share units (PSUs) to senior management. These PSUs are authorized three years prior to their effective grant date (the performance period). Compensation expense is initially measured using the average fair market value of ConocoPhillips common stock and is subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the grant date for stock-settled awards and the settlement date for cash-settled awards. | ||||||||||||||||||||
Stock-Settled | ||||||||||||||||||||
For performance periods beginning before 2009, PSUs do not vest until the employee becomes eligible for retirement by reaching age 55 with five years of service, and restrictions do not lapse until the employee separates from the Company. With respect to awards for performance periods beginning in 2009 through 2012, PSUs do not vest until the earlier of the date the employee becomes eligible for retirement by reaching age 55 with five years of service or five years after the grant date of the award, and restrictions do not lapse until the earlier of the employee's separation from the Company or five years after the grant date (although recipients can elect to defer the lapsing of restrictions until separation). We recognize compensation expense for these awards beginning on the grant date and ending on the date the PSUs are scheduled to vest. Since these awards are authorized three years prior to the grant date, for employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Until issued as stock, recipients of the PSUs receive a quarterly cash payment of a dividend equivalent that is charged to retained earnings. Beginning in 2013, PSUs authorized for future grants will vest, absent employee election to defer, upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. PSUs are settled by issuing one share of ConocoPhillips common stock per unit. | ||||||||||||||||||||
The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2013. | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | 5,184,284 | $ | 51.54 | |||||||||||||||||
Granted | 7,650 | 60 | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Issued | -290,748 | $ | 18 | |||||||||||||||||
Outstanding at December 31, 2013 | 4,901,186 | $ | 51.6 | |||||||||||||||||
Not Vested at December 31, 2013 | 1,150,628 | $ | 52.83 | |||||||||||||||||
At December 31, 2013, the remaining unrecognized compensation cost from unvested stock-settled performance share awards was $30 million, which includes $7 million related to unvested stock-settled performance share awards tied to Phillips 66 stock held by ConocoPhillips employees, which will be recognized over a weighted-average period of 3.35 years, the longest period being 7.18 years. The weighted-average grant date fair value of stock-settled performance share units granted during 2012 and 2011 was $74.16 and $70.57, respectively. The total fair value of stock-settled PSUs issued during 2012 and 2011 was $71 million and $37 million, respectively. | ||||||||||||||||||||
Cash-Settled | ||||||||||||||||||||
In connection with and immediately following the separation of our Downstream business in 2012, new performance share units, subject to a shortened performance period, were authorized to be granted. Once granted, these PSUs vest, absent employee election to defer, on the earlier of five years after the grant date of the award or the date the employee becomes eligible for retirement. For employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Otherwise, we recognize compensation expense beginning on the grant date and ending on the date the PSUs are scheduled to vest. These PSUs are settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and thus are classified as liabilities on the balance sheet. Until settlement occurs, recipients of the PSUs receive a quarterly cash payment of a dividend equivalent that is charged to compensation expense. | ||||||||||||||||||||
Beginning in 2013, PSUs authorized for future grants will vest upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. These PSUs will be settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. | ||||||||||||||||||||
The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2013: | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | - | $ | - | |||||||||||||||||
Granted | 128,567 | 58.08 | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Settled | -3,791 | $ | - | |||||||||||||||||
Outstanding at December 31, 2013 | 124,776 | $ | 58.08 | |||||||||||||||||
Not Vested at December 31, 2013 | 82,793 | $ | 58.08 | |||||||||||||||||
At December 31, 2013, the remaining unrecognized compensation cost from unvested cash-settled performance share awards was $4 million, which will be recognized over a weighted-average period of 3.13 years, the longest period being 4.10 years. There were no cash-settled performance share awards granted, issued or outstanding as of December 31, 2012 or 2011. | ||||||||||||||||||||
From inception of the Performance Share Program through 2013, approved PSU awards were granted after the conclusion of performance periods. Beginning in February 2014, initial target PSU awards will be issued near the beginning of new performance periods. These initial target PSU awards will terminate at the end of the performance periods and will be settled after the performance periods have ended. Also in 2014, initial target PSU awards will be issued for open performance periods that began in prior years. For the open performance period beginning in 2012, the initial target PSU awards will terminate at the end of the three-year performance period and will be replaced with approved PSU awards. For the open performance period beginning in 2013, the initial target PSU awards will terminate at the end of the three-year performance period and will be settled after the performance period has ended. | ||||||||||||||||||||
Other—In addition to the above active programs, we have outstanding shares of restricted stock and restricted stock units that were either issued to replace awards held by employees of companies we acquired or issued as part of a compensation program that has been discontinued. Generally, the recipients of the restricted shares or units receive a quarterly dividend or dividend equivalent. | ||||||||||||||||||||
The following summarizes the aggregate activity of these restricted shares and units for the year ended | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | 1,132,556 | $ | 27.34 | |||||||||||||||||
Granted | 76,920 | 62.52 | ||||||||||||||||||
Forfeited | -3,458 | 20.22 | ||||||||||||||||||
Issued | -33,417 | $ | 2 | |||||||||||||||||
Outstanding at December 31, 2013 | 1,172,601 | $ | 29.31 | |||||||||||||||||
Not Vested at December 31, 2013 | - | |||||||||||||||||||
At December 31, 2013, all outstanding restricted stock and restricted stock units were fully vested and there was no remaining compensation cost to be recorded. The weighted-average grant date fair value of awards granted during 2012 and 2011 was $63.54 and $70.25, respectively. The total fair value of awards issued during 2012 and 2011 was $73 million and $10 million, respectively. | ||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||
Income Taxes | ' | ||||||||||||||
Note 20—Income Tax | |||||||||||||||
Income taxes charged to income from continuing operations were: | |||||||||||||||
Millions of Dollars | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Income Taxes | |||||||||||||||
Federal | |||||||||||||||
Current | $ | 724 | 63 | 1,066 | |||||||||||
Deferred | 811 | 624 | 285 | ||||||||||||
Foreign | |||||||||||||||
Current | 4,249 | 6,255 | 6,400 | ||||||||||||
Deferred | 504 | 744 | 48 | ||||||||||||
State and local | |||||||||||||||
Current | 220 | 231 | 308 | ||||||||||||
Deferred | -99 | 25 | 101 | ||||||||||||
$ | 6,409 | 7,942 | 8,208 | ||||||||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of | |||||||||||||||
assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major | |||||||||||||||
components of deferred tax liabilities and assets at December 31 were: | |||||||||||||||
Millions of Dollars | |||||||||||||||
2013 | 2012 | ||||||||||||||
Deferred Tax Liabilities | |||||||||||||||
PP&E and intangibles | $ | 20,079 | 18,826 | ||||||||||||
Investment in joint ventures | 943 | 872 | |||||||||||||
Inventory | 86 | 76 | |||||||||||||
Partnership income deferral | 168 | 343 | |||||||||||||
Other | 724 | 793 | |||||||||||||
Total deferred tax liabilities | 22,000 | 20,910 | |||||||||||||
Deferred Tax Assets | |||||||||||||||
Benefit plan accruals | 1,274 | 1,760 | |||||||||||||
Asset retirement obligations and accrued environmental costs | 4,483 | 3,954 | |||||||||||||
Deferred state income tax | 49 | 77 | |||||||||||||
Other financial accruals and deferrals | 297 | 544 | |||||||||||||
Loss and credit carryforwards | 1,487 | 2,062 | |||||||||||||
Other | 267 | 398 | |||||||||||||
Total deferred tax assets | 7,857 | 8,795 | |||||||||||||
Less: valuation allowance | -969 | -1,345 | |||||||||||||
Net deferred tax assets | 6,888 | 7,450 | |||||||||||||
Net deferred tax liabilities | $ | 15,112 | 13,460 | ||||||||||||
Current assets, long-term assets, current liabilities and long-term liabilities included deferred taxes of $703 million, $171 million, $766 million and $15,220 million, respectively, at December 31, 2013, and $461 million, $222 million, $958 million and $13,185 million, respectively, at December 31, 2012. | |||||||||||||||
We have loss and credit carryovers in multiple taxing jurisdictions. These attributes generally expire between 2015 and 2034 with some carryovers having indefinite carryforward periods. | |||||||||||||||
Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During 2013, valuation allowances decreased a total of $376 million. This primarily relates to a net utilization of loss carryforwards, a utilization of U.S. foreign tax credit carryforwards and relinquishment of assets. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and as offsets to the tax consequences of future taxable income. | |||||||||||||||
At December 31, 2013 and 2012, income considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures totaled approximately $3,222 million and $2,286 million, respectively. Deferred income taxes have not been provided on this income, as we do not plan to initiate any action that would require the payment of income taxes. It is not practicable to estimate the amount of additional tax that might be payable on this foreign income if distributed. | |||||||||||||||
The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2013, | |||||||||||||||
2012 and 2011: | |||||||||||||||
Millions of Dollars | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Balance at January 1 | $ | 872 | 1,071 | 1,125 | |||||||||||
Additions based on tax positions related to the current year | 52 | 98 | 46 | ||||||||||||
Additions for tax positions of prior years | 30 | 48 | 145 | ||||||||||||
Reductions for tax positions of prior years | -251 | -206 | -35 | ||||||||||||
Settlements | -48 | -108 | -206 | ||||||||||||
Lapse of statute | - | -31 | -4 | ||||||||||||
Balance at December 31 | $ | 655 | 872 | 1,071 | |||||||||||
Included in the balance of unrecognized tax benefits for 2013, 2012 and 2011 were $440 million, $650 million and $815 million, respectively, which, if recognized, would impact our effective tax rate. | |||||||||||||||
At December 31, 2013, 2012 and 2011, accrued liabilities for interest and penalties totaled $120 million, $129 million and $141 million, respectively, net of accrued income taxes. Interest and penalties resulted in a benefit to earnings in 2013 of $9 million, a benefit to earnings in 2012 of $9 million, and a charge to earnings in 2011 of $10 million. | |||||||||||||||
We and our subsidiaries file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in major jurisdictions are generally complete as follows: United Kingdom (2010), Canada (2006), United States (2008) and Norway (2012). Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion in the many jurisdictions in which we operate around the world. As a consequence, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. It is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, but the amount of change is not estimable. | |||||||||||||||
The amounts of U.S. and foreign income from continuing operations before income taxes, with a reconciliation | |||||||||||||||
of tax at the federal statutory rate with the provision for income taxes, were: | |||||||||||||||
Percent of | |||||||||||||||
Millions of Dollars | Pretax Income | ||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||
Income before income taxes | |||||||||||||||
from continuing operations | |||||||||||||||
United States | $ | 5,046 | 4,070 | 4,762 | 34.9 | % | 26.4 | 30.9 | |||||||
Foreign | 9,400 | 11,353 | 10,634 | 65.1 | 73.6 | 69.1 | |||||||||
$ | 14,446 | 15,423 | 15,396 | 100 | % | 100 | 100 | ||||||||
Federal statutory income tax | $ | 5,056 | 5,398 | 5,389 | 35 | % | 35 | 35 | |||||||
Foreign taxes in excess of federal | |||||||||||||||
statutory rate | 1,389 | 2,878 | 2,658 | 9.6 | 18.6 | 17.3 | |||||||||
Capital loss benefit | -79 | -461 | - | -0.5 | -3 | - | |||||||||
Federal manufacturing deduction | -35 | -52 | -73 | -0.2 | -0.3 | -0.5 | |||||||||
State income tax | 79 | 166 | 266 | 0.5 | 1.1 | 1.7 | |||||||||
Other | -1 | 13 | -32 | - | 0.1 | -0.2 | |||||||||
$ | 6,409 | 7,942 | 8,208 | 44.4 | % | 51.5 | 53.3 | ||||||||
The change in the effective tax rate from 2012 to 2013 was primarily due to lower income in high tax jurisdictions in 2013. The change in the effective tax rate from 2011 to 2012 was primarily due to the effect of the Company's asset disposition program, partially offset by higher income in high tax jurisdictions in 2012. | |||||||||||||||
Statutory tax rate changes did not have a significant impact on our income tax expense in 2013. | |||||||||||||||
In the United Kingdom, legislation was enacted on July 17, 2012, restricting corporate tax relief on decommissioning costs to 50 percent, retroactively effective from March 21, 2012. Our 2012 earnings were reduced by $192 million due to remeasurement of deferred tax balances as of the effective date. | |||||||||||||||
In the United Kingdom, legislation was enacted on July 19, 2011, which increased the supplementary corporate tax rate applicable to U.K. Upstream activity from 20 to 32 percent, retroactively effective from March 24, 2011. This resulted in the overall U.K. corporate rate increasing from 50 percent to 62 percent. The enactment resulted in increased U.K. corporate income tax expense of $316 million in 2011. This is comprised of $106 million due to remeasurement of U.K. deferred tax liabilities, and $210 million to reflect the new rate from March 24, 2011, through December 31, 2011. | |||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||
Note 21—Accumulated Other Comprehensive Income | ||||||||||||
Accumulated other comprehensive income in the equity section of the balance sheet included: | ||||||||||||
Millions of Dollars | ||||||||||||
Defined Benefit Plans | Net Unrealized Gain on Securities | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Income (Loss) | ||||||||
31-Dec-10 | $ | -1,358 | 158 | 6,140 | -7 | 4,933 | ||||||
Other comprehensive income (loss) | -613 | -158 | -917 | 1 | -1,687 | |||||||
31-Dec-11 | -1,971 | - | 5,223 | -6 | 3,246 | |||||||
Other comprehensive income (loss) | -137 | - | 758 | 6 | 627 | |||||||
Separation of Downstream business | 683 | - | -469 | - | 214 | |||||||
31-Dec-12 | -1,425 | - | 5,512 | - | 4,087 | |||||||
Other comprehensive income (loss) | 601 | - | -2,686 | - | -2,085 | |||||||
31-Dec-13 | $ | -824 | - | 2,826 | - | 2,002 | ||||||
The following table summarizes reclassifications out of accumulated other comprehensive income during the year ended December 31, 2013: | ||||||||||||
Millions of Dollars | ||||||||||||
2013 | ||||||||||||
Defined Benefit Plans | $ | 184 | ||||||||||
Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $105 million | ||||||||||||
for the year-ended December 31, 2013. See Note 19—Employee Benefit Plans, for additional information. | ||||||||||||
There were no items within accumulated other comprehensive income related to noncontrolling interests. |
Cash_Flow_Information
Cash Flow Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash Flow Information [Abstract] | ' | |||||||
Cash Flow Information | ' | |||||||
Note 22—Cash Flow Information | ||||||||
Amounts included in continuing operations for the years ended December 31 were: | ||||||||
Millions of Dollars | ||||||||
2013 | 2012 | 2011 | ||||||
Noncash Investing and Financing Activities | ||||||||
Increase in PP&E related to an increase in asset retirement obligations* | $ | 1,329 | 1,010 | 182 | ||||
Increase in PP&E and debt related to a capital lease asset and obligation | 906 | - | - | |||||
Cash Payments | ||||||||
Interest | $ | 566 | 724 | 919 | ||||
Income taxes** | 4,910 | 8,100 | 9,827 | |||||
Net Sales (Purchases) of Short-Term Investments | ||||||||
Short-term investments purchased | $ | -361 | -497 | -6,744 | ||||
Short-term investments sold | 98 | 1,094 | 7,144 | |||||
$ | -263 | 597 | 400 | |||||
*Includes $212 million and $152 million in 2013 and 2012, respectively, primarily related to the impact of U.K. tax law changes on the | ||||||||
deductibility of decommissioning costs. | ||||||||
**2012 and 2011 have been revised to conform to current-year presentation to include only income tax payments related to continuing | ||||||||
operations. |
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Financial Information [Abstract] | ' | |||||||
Other Financial Information | ' | |||||||
Note 23—Other Financial Information | ||||||||
Amounts included in continuing operations for the years ended December 31 were: | ||||||||
Millions of Dollars | ||||||||
Except Per Share Amounts | ||||||||
2013 | 2012 | 2011 | ||||||
Interest and Debt Expense | ||||||||
Incurred | ||||||||
Debt | $ | 1,087 | 1,170 | 1,230 | ||||
Other | 192 | 154 | 212 | |||||
1,279 | 1,324 | 1,442 | ||||||
Capitalized | -667 | -615 | -488 | |||||
Expensed | $ | 612 | 709 | 954 | ||||
Other Income | ||||||||
Interest income | $ | 113 | 163 | 170 | ||||
Other, net | 261 | 306 | 94 | |||||
$ | 374 | 469 | 264 | |||||
Research and Development Expenditures—expensed | $ | 258 | 221 | 193 | ||||
Shipping and Handling Costs* | $ | 1,137 | 1,338 | 1,394 | ||||
*Amounts included in production and operating expenses. | ||||||||
Foreign Currency Transaction (Gains) Losses—after-tax | ||||||||
Alaska | $ | - | - | - | ||||
Lower 48 and Latin America | - | - | - | |||||
Canada | -6 | 5 | -3 | |||||
Europe | -31 | 21 | 7 | |||||
Asia Pacific and Middle East | -29 | 29 | -23 | |||||
Other International | 2 | 1 | 3 | |||||
LUKOIL Investment | - | - | -1 | |||||
Corporate and Other | 31 | 2 | -16 | |||||
$ | -33 | 58 | -33 | |||||
Millions of Dollars | ||||||||
2013 | 2012 | |||||||
Properties, Plants and Equipment | ||||||||
Proved properties* | $ | 123,012 | 111,458 | |||||
Unproved properties* | 8,465 | 8,257 | ||||||
Other | 6,671 | 6,464 | ||||||
Gross properties, plants and equipment | 138,148 | 126,179 | ||||||
Less: Accumulated depreciation | -65,321 | -58,916 | ||||||
Net properties, plants and equipment | $ | 72,827 | 67,263 | |||||
*Excludes assets held for sale reclassified to prepaid expenses and other current assets, including proved and unproved properties | ||||||||
of $1,773 million and $73 million, respectively, at December 31, 2013, and $11,075 million and $234 million, respectively, at December 31, 2012. | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Note 24—Related Party Transactions | |||||||||
We consider our equity method investments to be related parties. Significant transactions with related parties were: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | 2011 | |||||||
Operating revenues and other income | $ | 102 | 59 | 49 | |||||
Purchases | 184 | 261 | 327 | ||||||
Operating expenses and selling, general and administrative expenses | 193 | 183 | 233 | ||||||
Net interest expense* | 31 | 38 | 61 | ||||||
*We paid interest to, or received interest from, various affiliates, including FCCL Partnership. See Note 7—Investments, Loans and Long-Term | |||||||||
Receivables and Note 12—Joint Venture Acquisition Obligation, for additional information on loans to affiliated companies. |
Segment_Disclosures_and_Relate
Segment Disclosures and Related Information | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Disclosures and Related Information [Abstract] | ' | |||||||||||||
Segment Disclosures and Related Information | ' | |||||||||||||
Note 25—Segment Disclosures and Related Information | ||||||||||||||
We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and natural gas liquids on a worldwide basis. We manage our operations through six operating segments, which are defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International. | ||||||||||||||
On April 30, 2012, our Downstream business was separated into a stand-alone, publicly traded corporation, Phillips 66. In 2012, we also agreed to sell our Nigeria and Algeria businesses and our interest in Kashagan. Accordingly, results for these operations have been reported as discontinued operations in all periods presented. Commodity sales to Phillips 66, which were previously eliminated in consolidation prior to the separation, are now reported as third-party sales. For additional information, see Note 3—Discontinued Operations. | ||||||||||||||
Our LUKOIL Investment represents our prior investment in the ordinary shares of OAO LUKOIL, an international, integrated oil and gas company headquartered in Russia. We completed the divestiture of our entire interest in LUKOIL in the first quarter of 2011. | ||||||||||||||
Corporate and Other represents costs not directly associated with an operating segment, such as most interest expense, corporate overhead, costs associated with the separation and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents, short-term investments and restricted cash. | ||||||||||||||
We evaluate performance and allocate resources based on net income attributable to ConocoPhillips. Segment accounting policies are the same as those in Note 1—Accounting Policies. Intersegment sales are at prices that approximate market. | ||||||||||||||
Analysis of Results by Operating Segment | ||||||||||||||
Millions of Dollars | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Sales and Other Operating Revenues | ||||||||||||||
Alaska | $ | 8,553 | 9,502 | 9,533 | ||||||||||
Lower 48 and Latin America | 19,480 | 19,600 | 23,507 | |||||||||||
Intersegment eliminations | -104 | -230 | -283 | |||||||||||
Lower 48 and Latin America | 19,376 | 19,370 | 23,224 | |||||||||||
Canada | 5,254 | 5,028 | 6,270 | |||||||||||
Intersegment eliminations | -607 | -475 | -944 | |||||||||||
Canada | 4,647 | 4,553 | 5,326 | |||||||||||
Europe | 12,040 | 14,709 | 17,119 | |||||||||||
Intersegment eliminations | - | -72 | -50 | |||||||||||
Europe | 12,040 | 14,637 | 17,069 | |||||||||||
Asia Pacific and Middle East | 8,426 | 7,705 | 8,665 | |||||||||||
Intersegment eliminations | - | -41 | -1 | |||||||||||
Asia Pacific and Middle East | 8,426 | 7,664 | 8,664 | |||||||||||
Other International | 1,208 | 2,088 | 221 | |||||||||||
Corporate and Other | 163 | 153 | 159 | |||||||||||
Consolidated sales and other operating revenues | $ | 54,413 | 57,967 | 64,196 | ||||||||||
Depreciation, Depletion, Amortization and Impairments | ||||||||||||||
Alaska | $ | 533 | 520 | 578 | ||||||||||
Lower 48 and Latin America | 3,247 | 2,796 | 2,228 | |||||||||||
Canada | 1,531 | 1,600 | 1,758 | |||||||||||
Europe | 1,334 | 1,203 | 1,405 | |||||||||||
Asia Pacific and Middle East | 1,188 | 1,002 | 1,063 | |||||||||||
Other International | 30 | 45 | 8 | |||||||||||
Corporate and Other | 100 | 94 | 108 | |||||||||||
Consolidated depreciation, depletion, amortization and impairments | $ | 7,963 | 7,260 | 7,148 | ||||||||||
Millions of Dollars | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Equity in Earnings of Affiliates | ||||||||||||||
Alaska | $ | 7 | 10 | -77 | ||||||||||
Lower 48 and Latin America | 45 | 86 | 99 | |||||||||||
Canada | 984 | 726 | 677 | |||||||||||
Europe | -3 | 29 | 46 | |||||||||||
Asia Pacific and Middle East | 1,162 | 1,057 | 819 | |||||||||||
Other International | 26 | 6 | -324 | |||||||||||
Corporate and Other | -2 | -3 | -1 | |||||||||||
Consolidated equity in earnings of affiliates | $ | 2,219 | 1,911 | 1,239 | ||||||||||
Income Taxes | ||||||||||||||
Alaska | $ | 1,275 | 1,266 | 1,171 | ||||||||||
Lower 48 and Latin America | 534 | 133 | 741 | |||||||||||
Canada | -44 | -252 | -45 | |||||||||||
Europe | 2,323 | 4,012 | 4,459 | |||||||||||
Asia Pacific and Middle East | 1,512 | 1,578 | 1,887 | |||||||||||
Other International | 933 | 1,485 | 162 | |||||||||||
LUKOIL Investment | - | - | 123 | |||||||||||
Corporate and Other | -124 | -280 | -290 | |||||||||||
Consolidated income taxes | $ | 6,409 | 7,942 | 8,208 | ||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||
Alaska | $ | 2,274 | 2,276 | 1,984 | ||||||||||
Lower 48 and Latin America | 1,081 | 1,029 | 1,288 | |||||||||||
Canada | 718 | -684 | 91 | |||||||||||
Europe | 1,199 | 1,498 | 1,830 | |||||||||||
Asia Pacific and Middle East | 3,532 | 3,928 | 3,032 | |||||||||||
Other International | -6 | 359 | -377 | |||||||||||
LUKOIL Investment | - | - | 239 | |||||||||||
Corporate and Other | -820 | -993 | -960 | |||||||||||
Discontinued operations | 1,178 | 1,015 | 5,309 | |||||||||||
Consolidated net income attributable to ConocoPhillips | $ | 9,156 | 8,428 | 12,436 | ||||||||||
Investments In and Advances To Affiliates | ||||||||||||||
Alaska | $ | 53 | 56 | 58 | ||||||||||
Lower 48 and Latin America | 905 | 1,133 | 1,168 | |||||||||||
Canada | 10,273 | 9,973 | 9,045 | |||||||||||
Europe | 216 | 242 | 195 | |||||||||||
Asia Pacific and Middle East | 12,806 | 12,468 | 11,571 | |||||||||||
Other International | 68 | 61 | 339 | |||||||||||
Corporate and Other | 16 | 15 | 9 | |||||||||||
Discontinued operations | - | - | 10,275 | |||||||||||
Consolidated investments in and advances to affiliates | $ | 24,337 | 23,948 | 32,660 | ||||||||||
Millions of Dollars | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Total Assets | ||||||||||||||
Alaska | $ | 11,662 | 10,950 | 10,723 | ||||||||||
Lower 48 and Latin America | 29,571 | 28,895 | 25,872 | |||||||||||
Canada | 22,394 | 22,308 | 20,847 | |||||||||||
Europe | 17,299 | 15,562 | 12,452 | |||||||||||
Asia Pacific and Middle East | 25,473 | 23,721 | 22,374 | |||||||||||
Other International | 1,610 | 1,418 | 1,542 | |||||||||||
Corporate and Other | 8,367 | 6,823 | 8,485 | |||||||||||
Discontinued operations | 1,681 | 7,467 | 50,935 | |||||||||||
Consolidated total assets | $ | 118,057 | 117,144 | 153,230 | ||||||||||
Capital Expenditures and Investments | ||||||||||||||
Alaska | $ | 1,140 | 828 | 774 | ||||||||||
Lower 48 and Latin America | 5,234 | 5,251 | 3,882 | |||||||||||
Canada | 2,232 | 2,184 | 1,761 | |||||||||||
Europe | 3,115 | 2,860 | 2,222 | |||||||||||
Asia Pacific and Middle East | 3,382 | 2,430 | 2,325 | |||||||||||
Other International | 252 | 415 | 8 | |||||||||||
Corporate and Other | 182 | 204 | 242 | |||||||||||
Consolidated capital expenditures and investments | $ | 15,537 | 14,172 | 11,214 | ||||||||||
Interest Income and Expense | ||||||||||||||
Interest income | ||||||||||||||
Corporate | $ | 60 | 96 | 94 | ||||||||||
Lower 48 and Latin America | 43 | 47 | 51 | |||||||||||
Europe | 1 | - | - | |||||||||||
Asia Pacific and Middle East | 8 | 11 | 7 | |||||||||||
Other International | 1 | 9 | 18 | |||||||||||
Interest and debt expense | ||||||||||||||
Corporate | $ | 532 | 606 | 832 | ||||||||||
Canada | 80 | 103 | 122 | |||||||||||
Sales and Other Operating Revenues by Product | ||||||||||||||
Crude oil | $ | 24,899 | 26,302 | 24,237 | ||||||||||
Natural gas | 22,539 | 25,163 | 29,915 | |||||||||||
Natural gas liquids | 2,111 | 2,416 | 3,101 | |||||||||||
Other* | 4,864 | 4,086 | 6,943 | |||||||||||
Consolidated sales and other operating revenues by product | $ | 54,413 | 57,967 | 64,196 | ||||||||||
*Includes LNG and bitumen. | ||||||||||||||
Geographic Information | ||||||||||||||
Millions of Dollars | ||||||||||||||
Sales and Other Operating Revenues(1) | Long-Lived Assets(2) | |||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||
United States | $ | 27,954 | 28,901 | 32,790 | 37,593 | 35,443 | 33,750 | |||||||
Australia(3) | 3,571 | 3,371 | 3,458 | 13,450 | 13,483 | 12,572 | ||||||||
Canada | 4,647 | 4,553 | 5,326 | 21,380 | 21,304 | 20,083 | ||||||||
China | 2,120 | 1,499 | 2,154 | 2,143 | 2,408 | 2,449 | ||||||||
Indonesia | 2,083 | 2,198 | 2,076 | 1,780 | 1,662 | 1,726 | ||||||||
Malaysia | 281 | - | - | 3,406 | 1,832 | 1,349 | ||||||||
Norway | 4,323 | 5,059 | 5,755 | 8,089 | 7,288 | 5,918 | ||||||||
United Kingdom | 7,717 | 9,578 | 11,314 | 5,959 | 4,480 | 3,257 | ||||||||
Other foreign countries | 1,717 | 2,808 | 1,323 | 3,364 | 3,311 | 3,758 | ||||||||
Discontinued operations(4) | - | - | - | - | - | 31,978 | ||||||||
Worldwide consolidated | $ | 54,413 | 57,967 | 64,196 | 97,164 | 91,211 | 116,840 | |||||||
(1)Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | ||||||||||||||
(2)Defined as net PP&E plus investments in and advances to affiliated companies. | ||||||||||||||
(3)Includes amounts related to the joint petroleum development area with shared ownership held by Australia and Timor-Leste. | ||||||||||||||
(4)Represents the Downstream business. |
Supplementary_Information_Cond
Supplementary Information - Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||
Supplementary Information - Condensed Consolidating Financial Information | ' | |||||||||||||||
Supplementary Information—Condensed Consolidating Financial Information | ||||||||||||||||
We have various cross guarantees among ConocoPhillips, ConocoPhillips Company, ConocoPhillips Australia Funding Company and ConocoPhillips Canada Funding Company I, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. ConocoPhillips Australia Funding Company and ConocoPhillips Canada Funding Company I are indirect, 100 percent owned subsidiaries of ConocoPhillips Company. ConocoPhillips and ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of ConocoPhillips Australia Funding Company and ConocoPhillips Canada Funding Company I, with respect to their publicly held debt securities. Similarly, ConocoPhillips has fully and unconditionally guaranteed the payment obligations of ConocoPhillips Company with respect to its publicly held debt securities. In addition, ConocoPhillips Company has fully and unconditionally guaranteed the payment obligations of ConocoPhillips with respect to its publicly held debt securities. All guarantees are joint and several. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: | ||||||||||||||||
ConocoPhillips, ConocoPhillips Company, ConocoPhillips Australia Funding Company and ConocoPhillips Canada Funding Company I (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). | ||||||||||||||||
All other nonguarantor subsidiaries of ConocoPhillips. | ||||||||||||||||
The consolidating adjustments necessary to present ConocoPhillips' results on a consolidated basis. | ||||||||||||||||
In February 2009, we filed a universal shelf registration statement with the SEC under which ConocoPhillips, as a well-known seasoned issuer, has the ability to issue and sell an indeterminate amount of various types of debt and equity securities, with certain debt securities guaranteed by ConocoPhillips Company. Also as part of that registration statement, ConocoPhillips Trust I and ConocoPhillips Trust II have the ability to issue and sell preferred trust securities, guaranteed by ConocoPhillips. ConocoPhillips Trust I and ConocoPhillips Trust II have not issued any trust-preferred securities under this registration statement, and thus have no assets or liabilities. Accordingly, columns for these two trusts are not included in the condensed consolidating financial information. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Income Statement | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 18,186 | - | - | 36,227 | - | 54,413 | ||||||||
Equity in earnings of affiliates | 8,374 | 9,200 | - | - | 2,611 | -17,966 | 2,219 | |||||||||
Gain on dispositions | - | 364 | - | - | 878 | - | 1,242 | |||||||||
Other income | 2 | 271 | - | - | 101 | - | 374 | |||||||||
Intercompany revenues | 82 | 458 | 13 | 305 | 4,948 | -5,806 | - | |||||||||
Total Revenues and Other Income | 8,458 | 28,479 | 13 | 305 | 44,765 | -23,772 | 58,248 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 15,779 | - | - | 11,812 | -4,948 | 22,643 | |||||||||
Production and operating expenses | - | 1,492 | - | - | 5,756 | -10 | 7,238 | |||||||||
Selling, general and administrative expenses | 11 | 623 | - | 1 | 238 | -19 | 854 | |||||||||
Exploration expenses | - | 659 | - | - | 573 | - | 1,232 | |||||||||
Depreciation, depletion and amortization | - | 907 | - | - | 6,527 | - | 7,434 | |||||||||
Impairments | - | 4 | - | - | 525 | - | 529 | |||||||||
Taxes other than income taxes | - | 236 | - | - | 2,648 | - | 2,884 | |||||||||
Accretion on discounted liabilities | - | 56 | - | - | 378 | - | 434 | |||||||||
Interest and debt expense | 630 | 327 | 12 | 235 | 237 | -829 | 612 | |||||||||
Foreign currency transaction (gains) losses | 52 | 3 | - | -349 | 236 | - | -58 | |||||||||
Total Costs and Expenses | 693 | 20,086 | 12 | -113 | 28,930 | -5,806 | 43,802 | |||||||||
Income from continuing operations before income taxes | 7,765 | 8,393 | 1 | 418 | 15,835 | -17,966 | 14,446 | |||||||||
Provision for income taxes | -213 | 19 | - | 31 | 6,572 | - | 6,409 | |||||||||
Income From Continuing Operations | 7,978 | 8,374 | 1 | 387 | 9,263 | -17,966 | 8,037 | |||||||||
Income from discontinued operations | 1,178 | 1,178 | - | - | 1,178 | -2,356 | 1,178 | |||||||||
Net income | 9,156 | 9,552 | 1 | 387 | 10,441 | -20,322 | 9,215 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -59 | - | -59 | |||||||||
Net Income Attributable to ConocoPhillips | $ | 9,156 | 9,552 | 1 | 387 | 10,382 | -20,322 | 9,156 | ||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 7,071 | 7,467 | 1 | 99 | 7,782 | -15,349 | 7,071 | ||||||||
Income Statement | Year Ended December 31, 2012 | |||||||||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 17,768 | - | - | 40,199 | - | 57,967 | ||||||||
Equity in earnings of affiliates* | 7,871 | 8,545 | - | - | 1,832 | -16,337 | 1,911 | |||||||||
Gain on dispositions | - | 2 | - | - | 1,655 | - | 1,657 | |||||||||
Other income (loss) | -76 | 177 | - | - | 368 | - | 469 | |||||||||
Intercompany revenues* | 61 | 1,077 | 46 | 313 | 2,997 | -4,494 | - | |||||||||
Total Revenues and Other Income | 7,856 | 27,569 | 46 | 313 | 47,051 | -20,831 | 62,004 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 15,680 | - | - | 13,000 | -3,448 | 25,232 | |||||||||
Production and operating expenses | - | 1,304 | - | - | 5,512 | -23 | 6,793 | |||||||||
Selling, general and administrative expenses | 12 | 845 | - | 1 | 258 | -10 | 1,106 | |||||||||
Exploration expenses | - | 402 | - | - | 1,098 | - | 1,500 | |||||||||
Depreciation, depletion and amortization | - | 807 | - | - | 5,773 | - | 6,580 | |||||||||
Impairments | - | 8 | - | - | 672 | - | 680 | |||||||||
Taxes other than income taxes | - | 264 | - | - | 3,282 | - | 3,546 | |||||||||
Accretion on discounted liabilities | - | 53 | - | - | 341 | - | 394 | |||||||||
Interest and debt expense* | 700 | 316 | 42 | 237 | 427 | -1,013 | 709 | |||||||||
Foreign currency transaction (gains) losses | -19 | 19 | - | 152 | -111 | - | 41 | |||||||||
Total Costs and Expenses | 693 | 19,698 | 42 | 390 | 30,252 | -4,494 | 46,581 | |||||||||
Income (loss) from continuing operations before income taxes | 7,163 | 7,871 | 4 | -77 | 16,799 | -16,337 | 15,423 | |||||||||
Provision for income taxes | -248 | -1 | 1 | 9 | 8,181 | - | 7,942 | |||||||||
Income (Loss) From Continuing Operations | 7,411 | 7,872 | 3 | -86 | 8,618 | -16,337 | 7,481 | |||||||||
Income from discontinued operations | 1,017 | 1,017 | - | - | 777 | -1,794 | 1,017 | |||||||||
Net income (loss) | 8,428 | 8,889 | 3 | -86 | 9,395 | -18,131 | 8,498 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -70 | - | -70 | |||||||||
Net Income (Loss) Attributable to ConocoPhillips | $ | 8,428 | 8,889 | 3 | -86 | 9,325 | -18,131 | 8,428 | ||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 9,055 | 9,516 | 3 | 24 | 9,560 | -19,103 | 9,055 | ||||||||
*"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany Revenues" lines for | ||||||||||||||||
ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Income Statement | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 20,606 | - | - | 43,590 | - | 64,196 | ||||||||
Equity in earnings of affiliates* | 7,600 | 7,317 | - | - | 1,312 | -14,990 | 1,239 | |||||||||
Gain on dispositions | - | 261 | - | - | 109 | - | 370 | |||||||||
Other income | - | 98 | - | - | 166 | - | 264 | |||||||||
Intercompany revenues* | 4 | 1,406 | 46 | 328 | 1,766 | -3,550 | - | |||||||||
Total Revenues and Other Income | 7,604 | 29,688 | 46 | 328 | 46,943 | -18,540 | 66,069 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 17,944 | - | - | 14,287 | -2,434 | 29,797 | |||||||||
Production and operating expenses | - | 1,126 | - | - | 5,363 | -63 | 6,426 | |||||||||
Selling, general and administrative expenses | 13 | 607 | - | 1 | 253 | -9 | 865 | |||||||||
Exploration expenses | - | 333 | - | - | 705 | - | 1,038 | |||||||||
Depreciation, depletion and amortization | - | 867 | - | - | 5,960 | - | 6,827 | |||||||||
Impairments | - | 38 | - | - | 283 | - | 321 | |||||||||
Taxes other than income taxes | - | 292 | - | - | 3,707 | - | 3,999 | |||||||||
Accretion on discounted liabilities | - | 48 | - | - | 374 | - | 422 | |||||||||
Interest and debt expense* | 726 | 448 | 42 | 220 | 562 | -1,044 | 954 | |||||||||
Foreign currency transaction (gains) losses | - | -16 | - | 37 | 3 | - | 24 | |||||||||
Total Costs and Expenses | 739 | 21,687 | 42 | 258 | 31,497 | -3,550 | 50,673 | |||||||||
Income from continuing operations before income taxes | 6,865 | 8,001 | 4 | 70 | 15,446 | -14,990 | 15,396 | |||||||||
Provision for income taxes | -257 | 401 | 1 | - | 8,063 | - | 8,208 | |||||||||
Income From Continuing Operations | 7,122 | 7,600 | 3 | 70 | 7,383 | -14,990 | 7,188 | |||||||||
Income from discontinued operations | 5,314 | 5,314 | - | - | 4,868 | -10,182 | 5,314 | |||||||||
Net income | 12,436 | 12,914 | 3 | 70 | 12,251 | -25,172 | 12,502 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -66 | - | -66 | |||||||||
Net Income Attributable to ConocoPhillips | $ | 12,436 | 12,914 | 3 | 70 | 12,185 | -25,172 | 12,436 | ||||||||
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ | 10,749 | 11,227 | 3 | -28 | 10,973 | -22,175 | 10,749 | ||||||||
*"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany revenues" lines | ||||||||||||||||
for ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | - | 2,434 | - | 229 | 3,583 | - | 6,246 | ||||||||
Short-term investments | - | - | - | - | 272 | - | 272 | |||||||||
Accounts and notes receivable | 73 | 2,122 | 2 | - | 9,267 | -2,977 | 8,487 | |||||||||
Inventories | - | 174 | - | - | 1,020 | - | 1,194 | |||||||||
Prepaid expenses and other current assets | 20 | 535 | - | 35 | 2,311 | -77 | 2,824 | |||||||||
Total Current Assets | 93 | 5,265 | 2 | 264 | 16,453 | -3,054 | 19,023 | |||||||||
Investments, loans and long-term receivables(1) | 86,836 | 100,052 | - | 4,259 | 34,795 | -200,678 | 25,264 | |||||||||
Net properties, plants and equipment | - | 9,313 | - | - | 63,514 | - | 72,827 | |||||||||
Other assets | 38 | 260 | - | 103 | 1,394 | -852 | 943 | |||||||||
Total Assets | $ | 86,967 | 114,890 | 2 | 4,626 | 116,156 | -204,584 | 118,057 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accounts payable | $ | - | 3,388 | - | 4 | 8,899 | -2,977 | 9,314 | ||||||||
Short-term debt | 395 | 4 | - | 5 | 185 | - | 589 | |||||||||
Accrued income and other taxes | - | 223 | - | - | 2,517 | -27 | 2,713 | |||||||||
Employee benefit obligations | - | 566 | - | - | 276 | - | 842 | |||||||||
Other accruals | 210 | 639 | - | 81 | 790 | -49 | 1,671 | |||||||||
Total Current Liabilities | 605 | 4,820 | - | 90 | 12,667 | -3,053 | 15,129 | |||||||||
Long-term debt | 9,047 | 5,208 | - | 2,980 | 3,838 | - | 21,073 | |||||||||
Asset retirement obligations and accrued environmental costs | - | 1,289 | - | - | 8,594 | - | 9,883 | |||||||||
Deferred income taxes | 94 | 557 | - | - | 14,569 | - | 15,220 | |||||||||
Employee benefit obligations | - | 1,791 | - | - | 668 | - | 2,459 | |||||||||
Other liabilities and deferred credits(1) | 31,693 | 9,422 | - | 1,603 | 22,204 | -63,121 | 1,801 | |||||||||
Total Liabilities | 41,439 | 23,087 | - | 4,673 | 62,540 | -66,174 | 65,565 | |||||||||
Retained earnings | 34,636 | 31,835 | - | -1,500 | 12,848 | -36,659 | 41,160 | |||||||||
Other common stockholders’ equity | 10,892 | 59,968 | 2 | 1,453 | 40,366 | -101,751 | 10,930 | |||||||||
Noncontrolling interests | - | - | - | - | 402 | - | 402 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 86,967 | 114,890 | 2 | 4,626 | 116,156 | -204,584 | 118,057 | ||||||||
Balance Sheet | At December 31, 2012 | |||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | ||||||||
Restricted cash | 748 | - | - | - | - | - | 748 | |||||||||
Accounts and notes receivable | 64 | 2,711 | - | - | 11,503 | -5,096 | 9,182 | |||||||||
Inventories | - | 57 | - | - | 908 | - | 965 | |||||||||
Prepaid expenses and other current assets | 20 | 848 | - | 30 | 8,659 | -81 | 9,476 | |||||||||
Total Current Assets | 834 | 3,628 | 6 | 89 | 24,609 | -5,177 | 23,989 | |||||||||
Investments, loans and long-term receivables(1) (2) | 79,428 | 107,926 | 760 | 4,551 | 49,488 | -217,147 | 25,006 | |||||||||
Net properties, plants and equipment | - | 8,771 | - | - | 58,492 | - | 67,263 | |||||||||
Other assets | 55 | 216 | - | 163 | 1,654 | -1,202 | 886 | |||||||||
Total Assets | $ | 80,317 | 120,541 | 766 | 4,803 | 134,243 | -223,526 | 117,144 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accounts payable | $ | - | 5,532 | - | 15 | 9,562 | -5,096 | 10,013 | ||||||||
Short-term debt | -5 | 4 | 751 | 5 | 200 | - | 955 | |||||||||
Accrued income and other taxes | - | 104 | - | - | 3,291 | -29 | 3,366 | |||||||||
Employee benefit obligations | - | 485 | - | - | 257 | - | 742 | |||||||||
Other accruals | 210 | 636 | 9 | 90 | 1,474 | -52 | 2,367 | |||||||||
Total Current Liabilities | 205 | 6,761 | 760 | 110 | 14,784 | -5,177 | 17,443 | |||||||||
Long-term debt | 9,453 | 5,215 | - | 2,985 | 3,117 | - | 20,770 | |||||||||
Asset retirement obligations and accrued environmental costs | - | 1,250 | - | - | 7,697 | - | 8,947 | |||||||||
Joint venture acquisition obligation | - | - | - | - | 2,810 | - | 2,810 | |||||||||
Deferred income taxes | 15 | 598 | - | 23 | 12,549 | - | 13,185 | |||||||||
Employee benefit obligations | - | 2,464 | - | - | 882 | - | 3,346 | |||||||||
Other liabilities and deferred credits(1) (2) | 29,220 | 19,917 | - | 1,830 | 24,953 | -73,704 | 2,216 | |||||||||
Total Liabilities | 38,893 | 36,205 | 760 | 4,948 | 66,792 | -78,881 | 68,717 | |||||||||
Retained earnings(2) | 28,814 | 22,283 | 3 | -1,887 | 24,541 | -38,416 | 35,338 | |||||||||
Other common stockholders’ equity | 12,610 | 62,053 | 3 | 1,742 | 42,470 | -106,229 | 12,649 | |||||||||
Noncontrolling interests | - | - | - | - | 440 | - | 440 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 80,317 | 120,541 | 766 | 4,803 | 134,243 | -223,526 | 117,144 | ||||||||
(1)Includes intercompany loans. | ||||||||||||||||
(2)Revised to reflect adjustments to intercompany interest for ConocoPhillips, ConocoPhillips Company, and All Other Subsidiaries, and to reduce "Investments, loans and long-term receivables" and Retained earnings" in the All Other Subsidiaries column to conform to current-year presentation. There was no impact to Total Consolidated balances. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Statement of Cash Flows | Year Ended December 31, 2013 | |||||||||||||||
ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | -295 | 22,996 | -2 | 1 | 14,387 | -21,286 | 15,801 | ||||||||
Net cash provided by discontinued operations | - | 91 | - | - | 643 | -448 | 286 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -295 | 23,087 | -2 | 1 | 15,030 | -21,734 | 16,087 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -4,821 | - | - | -13,566 | 2,850 | -15,537 | |||||||||
Proceeds from asset dispositions | - | 2,633 | - | - | 9,745 | -2,158 | 10,220 | |||||||||
Net purchases of short-term investments | - | - | - | - | -263 | - | -263 | |||||||||
Long-term advances/loans—related parties | - | -342 | - | - | -545 | 887 | - | |||||||||
Collection of advances/loans—related parties | - | 174 | 750 | 169 | 3,010 | -3,958 | 145 | |||||||||
Intercompany cash management | 2,511 | -15,919 | - | - | 13,408 | - | - | |||||||||
Other | - | 21 | - | - | -233 | - | -212 | |||||||||
Net cash provided by (used in) continuing investing activities | 2,511 | -18,254 | 750 | 169 | 11,556 | -2,379 | -5,647 | |||||||||
Net cash used in discontinued operations | - | -52 | - | - | -604 | 52 | -604 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 2,511 | -18,306 | 750 | 169 | 10,952 | -2,327 | -6,251 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | 522 | - | - | 365 | -887 | - | |||||||||
Repayment of debt | - | -2,924 | -750 | - | -1,230 | 3,958 | -946 | |||||||||
Change in restricted cash | 748 | - | - | - | - | - | 748 | |||||||||
Issuance of company common stock | 365 | - | - | - | - | -345 | 20 | |||||||||
Dividends paid | -3,334 | - | -4 | - | -21,984 | 21,988 | -3,334 | |||||||||
Other | 3 | 52 | - | - | -2,984 | -692 | -3,621 | |||||||||
Net cash used in continuing financing activities | -2,218 | -2,350 | -754 | - | -25,833 | 24,022 | -7,133 | |||||||||
Net cash used in discontinued operations | - | - | - | - | -39 | 39 | - | |||||||||
Net Cash Used in Financing Activities | -2,218 | -2,350 | -754 | - | -25,872 | 24,061 | -7,133 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | -9 | - | - | -66 | - | -75 | |||||||||
Net Change in Cash and Cash Equivalents | -2 | 2,422 | -6 | 170 | 44 | - | 2,628 | |||||||||
Cash and cash equivalents at beginning of period | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | |||||||||
Cash and Cash Equivalents at End of Period | $ | - | 2,434 | - | 229 | 3,583 | - | 6,246 | ||||||||
Statement of Cash Flows | Year Ended December 31, 2012* | |||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | -456 | 6,470 | 5 | -2 | 15,748 | -8,307 | 13,458 | ||||||||
Net cash provided by (used in) discontinued operations | - | 6,201 | - | - | -1,355 | -4,382 | 464 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -456 | 12,671 | 5 | -2 | 14,393 | -12,689 | 13,922 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -1,323 | - | - | -12,433 | -416 | -14,172 | |||||||||
Proceeds from asset dispositions | - | 16,505 | - | - | 2,126 | -16,499 | 2,132 | |||||||||
Net sales of short-term investments | - | - | - | - | 597 | - | 597 | |||||||||
Long-term advances/loans—related parties | - | -378 | - | - | -8,272 | 8,650 | - | |||||||||
Collection of advances/loans—related parties | - | 1,193 | - | 6 | 5,884 | -6,969 | 114 | |||||||||
Intercompany cash management | 3,840 | -16,040 | - | - | 12,200 | - | - | |||||||||
Other | - | 442 | - | - | 379 | - | 821 | |||||||||
Net cash provided by continuing investing activities | 3,840 | 399 | - | 6 | 481 | -15,234 | -10,508 | |||||||||
Net cash provided by (used in) discontinued operations | -303 | -11,292 | - | - | 14,241 | -3,765 | -1,119 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 3,537 | -10,893 | - | 6 | 14,722 | -18,999 | -11,627 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | 10,285 | - | - | 361 | -8,650 | 1,996 | |||||||||
Repayment of debt | -2,474 | -5,833 | - | - | -1,227 | 6,969 | -2,565 | |||||||||
Special cash distribution from Phillips 66 | 7,818 | - | - | - | - | - | 7,818 | |||||||||
Change in restricted cash | -748 | - | - | - | - | - | -748 | |||||||||
Issuance of company common stock | 701 | - | - | - | - | -563 | 138 | |||||||||
Repurchase of company common stock | -5,098 | - | - | - | - | - | -5,098 | |||||||||
Dividends paid | -3,278 | - | - | - | -7,645 | 7,645 | -3,278 | |||||||||
Other | - | 118 | - | - | -17,339 | 16,496 | -725 | |||||||||
Net cash provided by (used in) continuing financing activities | -3,079 | 4,570 | - | - | -25,850 | 21,897 | -2,462 | |||||||||
Net cash used in discontinued operations | - | -8,327 | - | - | -3,483 | 9,791 | -2,019 | |||||||||
Net Cash Used in Financing Activities | -3,079 | -3,757 | - | - | -29,333 | 31,688 | -4,481 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | -37 | - | - | 61 | - | 24 | |||||||||
Net Change in Cash and Cash Equivalents | 2 | -2,016 | 5 | 4 | -157 | - | -2,162 | |||||||||
Cash and cash equivalents at beginning of period | - | 2,028 | 1 | 55 | 3,696 | - | 5,780 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | ||||||||
*Revised to reflect intercompany cash management activities previously presented as cash flows from continuing operating activities as both continuing activities and discontinued operations in | ||||||||||||||||
"Cash Flows From Investing Activities" and "Cash Flows From Financing Activities." There was no impact to Total Consolidated balances. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Statement of Cash Flows | Year Ended December 31, 2011* | |||||||||||||||
ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | -502 | 6,415 | 1 | -273 | 14,179 | -5,867 | 13,953 | ||||||||
Net cash provided by discontinued operations | - | -2,048 | - | - | 4,691 | 3,050 | 5,693 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -502 | 4,367 | 1 | -273 | 18,870 | -2,817 | 19,646 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -1,504 | - | - | -9,710 | - | -11,214 | |||||||||
Proceeds from asset dispositions | - | 318 | - | - | 1,874 | - | 2,192 | |||||||||
Net sales of short-term investments | - | - | - | - | 400 | - | 400 | |||||||||
Long-term advances/loans—related parties | - | -831 | - | -4 | -5,334 | 6,169 | - | |||||||||
Collection of advances/loans—related parties | - | 909 | - | - | 8,338 | -9,149 | 98 | |||||||||
Intercompany cash management | 14,643 | -11,516 | - | - | -3,127 | - | ||||||||||
Other | - | 6 | - | - | 44 | - | 50 | |||||||||
Net cash provided by (used in) continuing investing activities | 14,643 | -12,618 | - | -4 | -7,515 | -2,980 | -8,474 | |||||||||
Net cash provided by (used in) discontinued operations | - | 5,360 | - | - | -12,101 | 8,200 | 1,459 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 14,643 | -7,258 | - | -4 | -19,616 | 5,220 | -7,015 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | 4,558 | - | 784 | 827 | -6,169 | - | |||||||||
Repayment of debt | - | -8,657 | - | -500 | -926 | 9,149 | -934 | |||||||||
Issuance of company common stock | 623 | - | - | - | - | -527 | 96 | |||||||||
Repurchase of company common stock | -11,123 | - | - | - | - | - | -11,123 | |||||||||
Dividends paid | -3,632 | - | - | - | -3,031 | 3,031 | -3,632 | |||||||||
Other | -9 | 119 | - | - | -794 | - | -684 | |||||||||
Net cash provided by (used in) continuing financing activities | -14,141 | -3,980 | - | 284 | -3,924 | 5,484 | -16,277 | |||||||||
Net cash provided by (used in) discontinued operations | - | 8,182 | - | - | -323 | -7,887 | -28 | |||||||||
Net Cash Provided by (Used in) Financing Activities | -14,141 | 4,202 | - | 284 | -4,247 | -2,403 | -16,305 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | -1 | - | 2 | -1 | - | - | |||||||||
Net Change in Cash and Cash Equivalents | - | 1,310 | 1 | 9 | -4,994 | - | -3,674 | |||||||||
Cash and cash equivalents at beginning of period | - | 718 | - | 46 | 8,690 | - | 9,454 | |||||||||
Cash and Cash Equivalents at End of Period | $ | - | 2,028 | 1 | 55 | 3,696 | - | 5,780 | ||||||||
*Revised to reflect intercompany cash management activities previously presented as cash flows from continuing operating activities as both continuing activities and discontinued | ||||||||||||||||
operations in "Cash Flows From Investing Activities" and "Cash Flows From Financing Activities." There was no impact to Total Consolidated balances. |
Schedule_ll
Schedule ll | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Consolidated) | ||||||||||||
ConocoPhillips | ||||||||||||
Millions of Dollars | ||||||||||||
Balance at | Charged to | Balance at | ||||||||||
Description | 1-Jan | Expense | Other | (a) | Deductions | 31-Dec | ||||||
2013 | ||||||||||||
Deducted from asset accounts: | ||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 10 | - | - | -2 | (b) | 8 | |||||
Deferred tax asset valuation allowance | 1,345 | -357 | 3 | -22 | 969 | |||||||
Included in other liabilities: | ||||||||||||
Restructuring accruals | 17 | 10 | -1 | -7 | (c) | 19 | ||||||
2012 | ||||||||||||
Deducted from asset accounts: | ||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 30 | -4 | -13 | -3 | (b) | 10 | |||||
Deferred tax asset valuation allowance | 1,487 | 369 | -447 | -64 | 1,345 | |||||||
Included in other liabilities: | ||||||||||||
Restructuring accruals | 48 | 9 | -5 | -35 | (c) | 17 | ||||||
2011 | ||||||||||||
Deducted from asset accounts: | ||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 32 | 2 | - | -4 | (b) | 30 | |||||
Deferred tax asset valuation allowance | 1,400 | 174 | -31 | -56 | 1,487 | |||||||
Included in other liabilities: | ||||||||||||
Restructuring accruals | 105 | 25 | -1 | -81 | (c) | 48 | ||||||
(a)Represents acquisitions/dispositions/revisions and the effect of translating foreign financial statements. | ||||||||||||
(b)Amounts charged off less recoveries of amounts previously charged off. | ||||||||||||
(c)Benefit payments. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation Principles and Investments | ' |
Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates' operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method is used if fair value is not readily determinable. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. | |
As a result of the separation of Phillips 66 on April 30, 2012, the results of operations for our former refining, marketing and transportation businesses; most of our former Midstream segment; our former Chemicals segment; and our power generation and certain technology operations included in our former Emerging Businesses segment (collectively, our “Downstream business”), have been classified as discontinued operations for all periods presented. In addition, the results of operations for our interest in the North Caspian Sea Production Sharing Agreement (Kashagan) and our Algeria and Nigeria businesses have been classified as discontinued operations for all periods presented. See Note 3—Discontinued Operations, for additional information. | |
We manage our operations through six operating segments, defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International. For additional information, see Note 25—Segment Disclosures and Related Information. Unless indicated otherwise, the information in the Notes to the Consolidated Financial Statements relates to our continuing operations. | |
Foreign Currency Translation | ' |
Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in common stockholders' equity. Foreign currency transaction gains and losses are included in current earnings. Most of our foreign operations use their local currency as the functional currency. | |
Use of Estimates | ' |
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. | |
Revenue Recognition | ' |
Revenue Recognition—Revenues associated with sales of crude oil, bitumen, natural gas, liquefied natural gas (LNG), natural gas liquids and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. | |
Revenues associated with producing properties in which we have an interest with other producers are recognized based on the actual volumes we sold during the period. Any differences between volumes sold and entitlement volumes, based on our net working interest, which are deemed to be nonrecoverable through remaining production, are recognized as accounts receivable or accounts payable, as appropriate. Cumulative differences between volumes sold and entitlement volumes are generally not significant. | |
Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line). | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs—We include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are recorded as a component of revenue. | |
Cash Equivalents | ' |
Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. | |
Short-Term Investments | ' |
Short-Term Investments—Investments in bank time deposits and marketable securities (commercial paper and government obligations) with original maturities of greater than 90 days but less than one year are classified as short-term investments. See Note 15—Derivative and Financial Instruments, for additional information on these held-to-maturity financial instruments. | |
Inventories | ' |
Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Commodity-related inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method, and the first-in, first-out (FIFO) method, consistent with industry practice. | |
Fair Value Measurements | ' |
Fair Value Measurements—We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. | |
Derivative Instruments | ' |
Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. | |
Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income and appear on the balance sheet in accumulated other comprehensive income until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses will be recognized immediately in earnings. | |
Oil and Gas Exploration and Development | ' |
Oil and Gas Exploration and Development—Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. | |
Property Acquisition Costs—Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption properties, plants and equipment (PP&E). Leasehold impairment is recognized based on exploratory experience and management's judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. | |
Exploratory Costs—Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or co-venturer approval of development plans | |
or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. | |
Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 8—Suspended Wells, for additional information on suspended wells. | |
Development Costs—Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. | |
Depletion and Amortization—Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of intangible development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves. | |
Capitalized Interest | ' |
Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. | |
Depreciation and Amortization | ' |
Depreciation and Amortization—Depreciation and amortization of PP&E on producing hydrocarbon properties and certain pipeline assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). | |
Impairment of Properties, Plants and Equipment | ' |
Impairment of Properties, Plants and Equipment—PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration | |
in the future cash flows expected to be generated by an asset group and annually in the fourth quarter following updates to corporate planning assumptions. If there is an indication the carrying amount of an asset may not be recovered, the asset is monitored by management through an established process where changes to significant assumptions such as prices, volumes and future development plans are reviewed. If, upon review, the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value through additional amortization or depreciation provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for exploration and production assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. | |
The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, prices and costs, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. | |
Impairment of Investments in Nonconsolidated Entities | ' |
Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred and annually following updates to corporate planning assumptions. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. | |
Maintenance and Repairs | ' |
Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. | |
Property Dispositions | ' |
Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain on dispositions” line of our consolidated income statement. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. | |
Asset Retirement Obligations and Environmental Costs | ' |
Asset Retirement Obligations and Environmental Costs—The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. If, in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Over time the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. For additional information, see Note 10—Asset Retirement Obligations and Accrued Environmental Costs. | |
Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. | |
Guarantees | ' |
Guarantees—The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. | |
Stock-Based Compensation | ' |
Share-Based Compensation—We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. | |
Income Taxes | ' |
Income Taxes—Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to cumulative translation adjustment (CTA) considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses. | |
Taxes Collected from Customers and Remitted to Governmental Authorities | ' |
Taxes Collected from Customers and Remitted to Governmental Authorities—Sales and value-added taxes are recorded net. | |
Net Income Per Share of Common Stock | ' |
Net Income Per Share of Common Stock—Basic net income per share of common stock is calculated based upon the daily weighted-average number of common shares outstanding during the year, including unallocated shares held by the stock savings feature of the ConocoPhillips Savings Plan. Also, this calculation includes fully vested stock and unit awards that have not yet been issued as common stock, along with an adjustment to net income for dividend equivalents paid on unvested unit awards that are considered participating securities. Diluted net income per share of common stock includes unvested stock, unit or option awards granted under our compensation plans and vested but unexercised stock options, but only to the extent these instruments dilute net income per share, primarily under the treasury-stock method. Treasury stock and shares held by grantor trusts are excluded from the daily weighted-average number of common shares outstanding in both calculations. The earnings per share impact of the participating securities is immaterial. | |
Discontinured_Operations_Table
Discontinured Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||
The carrying value of the major categories of assets and liabilities and operting results | ' | ||||||
Sales and other operating revenues and income from discontinued operations related to Phillips 66 during | |||||||
2012 and 2011 were as follows: | |||||||
Millions of Dollars | |||||||
2012 | 2011 | ||||||
Sales and other operating revenues from discontinued operations | $ | 62,109 | 196,068 | ||||
Income from discontinued operations before-tax | $ | 1,768 | 6,776 | ||||
Income tax expense | 534 | 1,729 | |||||
Income from discontinued operations | $ | 1,234 | 5,047 | ||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Assets | |||||||
Accounts and notes receivable | $ | 376 | 268 | ||||
Accounts and notes receivable—related parties | - | 1 | |||||
Inventories | 9 | 44 | |||||
Prepaid expenses and other current assets | 72 | 220 | |||||
Total current assets of discontinued operations | 457 | 533 | |||||
Investments and long-term receivables | 60 | 272 | |||||
Loans and advances—related parties | 7 | 29 | |||||
Net properties, plants and equipment | 1,154 | 6,629 | |||||
Other assets | 1 | 4 | |||||
Total assets of discontinued operations | $ | 1,679 | 7,467 | ||||
Liabilities | |||||||
Accounts payable | $ | 419 | 471 | ||||
Accrued income and other taxes | 72 | 125 | |||||
Total current liabilities of discontinued operations | 491 | 596 | |||||
Asset retirement obligations and accrued environmental costs | 14 | 131 | |||||
Deferred income taxes | 765 | 759 | |||||
Total liabilities of discontinued operations | $ | 1,270 | 1,486 | ||||
Sales and other operating revenues and income (loss) from discontinued operations related to the Disposition | |||||||
Group during 2013, 2012 and 2011 were as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | 2011 | |||||
Sales and other operating revenues from discontinued operations | $ | 1,185 | 1,369 | 1,560 | |||
Income (loss) from discontinued operations before-tax | $ | 1,461 | -6 | 829 | |||
Income tax expense | 283 | 211 | 562 | ||||
Income (loss) from discontinued operations | $ | 1,178 | -217 | 267 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
Note 5—Inventories | |||||
Inventories at December 31 were: | |||||
Millions of Dollars | |||||
2013 | 2012 | ||||
Crude oil and natural gas | $ | 452 | 244 | ||
Materials, supplies and other | 742 | 721 | |||
$ | 1,194 | 965 |
Investments_Loans_and_LongTerm1
Investments, Loans and Long-Term Receivables (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Investments, Loans and Long-Term Receivables and Joint Venture Acquisition Obligation [Abstract] | ' | ||||||
Components of investments, loans and long-term receivables | ' | ||||||
Note 7—Investments, Loans and Long-Term Receivables | |||||||
Components of investments, loans and long-term receivables at December 31 were: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Equity investments | $ | 22,980 | 22,431 | ||||
Loans and advances—related parties | 1,357 | 1,517 | |||||
Long-term receivables | 470 | 609 | |||||
Other investments | 457 | 449 | |||||
$ | 25,264 | 25,006 | |||||
Summarized financial information for equity method investments in affiliated companies | ' | ||||||
Summarized 100 percent earnings information for equity method investments in affiliated companies, | |||||||
combined, was as follows (information includes equity investments disposed of in connection with the | |||||||
separation of the Downstream business until the date of the separation): | |||||||
Millions of Dollars | |||||||
2013 | 2012 | 2011 | |||||
Revenues | $ | 18,035 | 17,903 | 77,263 | |||
Income before income taxes | 6,384 | 5,986 | 11,958 | ||||
Net income | 6,125 | 5,767 | 11,089 | ||||
Summarized 100 percent balance sheet information for equity method investments in affiliated companies, | |||||||
combined, was as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Current assets | $ | 9,073 | 11,510 | ||||
Noncurrent assets | 51,674 | 46,743 | |||||
Current liabilities | 3,416 | 3,721 | |||||
Noncurrent liabilities | 13,850 | 9,698 |
Suspended_Wells_Tables
Suspended Wells (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Suspended Wells [Abstract] | ' | |||||||||
Net changes in suspended exploratory well costs | ' | |||||||||
Note 8—Suspended Wells | ||||||||||
The following table reflects the net changes in suspended exploratory well costs during 2013, 2012 and 2011: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Beginning balance at January 1 | $ | 1,038 | 1,037 | 1,013 | ||||||
Additions pending the determination of proved reserves | 466 | 185 | 96 | |||||||
Reclassifications to proved properties | -29 | -144 | -72 | |||||||
Sales of suspended well investment | -481 | -18 | - | |||||||
Charged to dry hole expense | - | -22 | - | |||||||
Ending balance at December 31 | $ | 994 | * | 1,038 | ** | 1,037 | ||||
*Includes $57 million of assets held for sale in Nigeria. | ||||||||||
**Includes $190 million of assets held for sale—$133 million in Kazakhstan and $57 million in Nigeria. | ||||||||||
Aging of suspended well cost | ' | |||||||||
The following table provides an aging of suspended well balances at December 31, 2013, 2012 and 2011: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Exploratory well costs capitalized for a period of one year or less | $ | 437 | 186 | 115 | ||||||
Exploratory well costs capitalized for a period greater than one year | 557 | 852 | 922 | |||||||
Ending balance | $ | 994 | * | 1,038 | ** | 1,037 | ||||
Number of projects with exploratory well costs capitalized for a period | ||||||||||
greater than one year | 29 | 35 | 40 | |||||||
*Includes $57 million of assets held for sale in Nigeria. | ||||||||||
**Includes $190 million of assets held for sale—$133 million in Kazakhstan and $57 million in Nigeria. | ||||||||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | ' | |||||||||
The following table provides a further aging of those exploratory well costs that have been capitalized | ||||||||||
for more than one year since the completion of drilling as of December 31, 2013: | ||||||||||
Millions of Dollars | ||||||||||
Suspended Since | ||||||||||
Total | 2010–2012 | 2007–2009 | 2002–2006 | |||||||
Alpine Satellite—Alaska(2) | 23 | - | - | 23 | ||||||
Browse Basin—Australia(1) | 18 | 13 | 5 | - | ||||||
Caldita/Barossa—Australia(1) | 77 | - | - | 77 | ||||||
Clair SW—UK(1) | 15 | 15 | - | - | ||||||
Fiord West—Alaska(2) | 16 | - | 16 | - | ||||||
Muskwa—Canada(1) | 54 | 54 | - | - | ||||||
NPR-A—Alaska(2) | 17 | - | 17 | - | ||||||
Nza—Nigeria(2)(3) | 12 | 12 | - | - | ||||||
Pisagan—Malaysia(2) | 10 | - | - | 10 | ||||||
Saleski—Canada(1) | 17 | - | 17 | - | ||||||
Shenandoah—Lower 48(1) | 43 | - | 43 | - | ||||||
Sunrise 3—Australia(2) | 13 | - | 13 | - | ||||||
Surmont 3 and beyond—Canada(1) | 63 | 37 | 18 | 8 | ||||||
Thornbury—Canada(1) | 19 | - | 19 | - | ||||||
Tiber—Lower 48(1) | 40 | - | 40 | - | ||||||
Ubah—Malaysia(2) | 36 | 11 | 25 | - | ||||||
Uge—Nigeria(2)(3) | 45 | 15 | 16 | 14 | ||||||
Other of $10 million or less each(1)(2) | 39 | 9 | 13 | 17 | ||||||
Total | $ | 557 | 166 | 242 | 149 | |||||
(1) Additional appraisal wells planned. | ||||||||||
(2) Appraisal drilling complete; costs being incurred to assess development. | ||||||||||
(3) Assets held for sale as of December 31, 2013 and December 31, 2012. |
Impairments_Tables
Impairments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Impairment Of Long Lived Assets [Abstract] | ' | ||||||
Impairment Charges By Segment Before Tax | ' | ||||||
Note 9—Impairments | |||||||
During 2013, 2012 and 2011, we recognized the following before-tax impairment charges: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | 2011 | |||||
Alaska | $ | 3 | 3 | 2 | |||
Lower 48 and Latin America | 2 | 192 | 71 | ||||
Canada | 216 | 262 | 253 | ||||
Europe | 301 | 211 | -37 | ||||
Asia Pacific and Middle East | 3 | 4 | - | ||||
Corporate | 4 | 8 | 32 | ||||
$ | 529 | 680 | 321 |
Asset_Retirement_Obligations_a1
Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligations and Accrued Environmental Costs [Abstract] | ' | ||||
Asset retirement obligations and accrued environmental costs | ' | ||||
Note 10—Asset Retirement Obligations and Accrued Environmental Costs | |||||
Asset retirement obligations and accrued environmental costs at December 31 were: | |||||
Millions of Dollars | |||||
2013 | 2012 | ||||
Asset retirement obligations | $ | 10,076 | 9,164 | ||
Accrued environmental costs | 348 | 364 | |||
Total asset retirement obligations and accrued environmental costs | 10,424 | 9,528 | |||
Asset retirement obligations and accrued environmental costs due within one year* | -541 | -581 | |||
Long-term asset retirement obligations and accrued environmental costs | $ | 9,883 | 8,947 | ||
*Classified as a current liability on the balance sheet under "Other accruals" and includes $14 million and $158 million of liabilities | |||||
associated with assets held for sale at December 31, 2013 and 2012, respectively. | |||||
Changes in overall asset retirement obligation changed | ' | ||||
During 2013 and 2012, our overall asset retirement obligation changed as follows: | |||||
Millions of Dollars | |||||
2013 | 2012 | ||||
Balance at January 1 | $ | 9,164 | 8,920 | ||
Accretion of discount | 434 | 412 | |||
New obligations | 410 | 315 | |||
Changes in estimates of existing obligations | 707 | 543 | |||
Spending on existing obligations | -298 | -319 | |||
Property dispositions | -163 | -607 | |||
Foreign currency translation | -178 | 281 | |||
Separation of Downstream business | - | -381 | |||
Balance at December 31 | $ | 10,076 | 9,164 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt [Abstract] | ' | |||||
Long-term debt | ' | |||||
Note 11—Debt | ||||||
Long-term debt at December 31 was: | ||||||
Millions of Dollars | ||||||
2013 | 2012 | |||||
9.125% Debentures due 2021 | $ | 150 | 150 | |||
8.20% Debentures due 2025 | 150 | 150 | ||||
8.125% Notes due 2030 | 600 | 600 | ||||
7.9% Debentures due 2047 | 100 | 100 | ||||
7.8% Debentures due 2027 | 300 | 300 | ||||
7.65% Debentures due 2023 | 88 | 88 | ||||
7.625% Debentures due 2013 | - | 100 | ||||
7.40% Notes due 2031 | 500 | 500 | ||||
7.375% Debentures due 2029 | 92 | 92 | ||||
7.25% Notes due 2031 | 500 | 500 | ||||
7.20% Notes due 2031 | 575 | 575 | ||||
7% Debentures due 2029 | 200 | 200 | ||||
6.95% Notes due 2029 | 1,549 | 1,549 | ||||
6.875% Debentures due 2026 | 67 | 67 | ||||
6.65% Debentures due 2018 | 297 | 297 | ||||
6.50% Notes due 2039 | 2,250 | 2,250 | ||||
6.50% Notes due 2039 | 500 | 500 | ||||
6.00% Notes due 2020 | 1,000 | 1,000 | ||||
5.951% Notes due 2037 | 645 | 645 | ||||
5.95% Notes due 2036 | 500 | 500 | ||||
5.90% Notes due 2032 | 505 | 505 | ||||
5.90% Notes due 2038 | 600 | 600 | ||||
5.75% Notes due 2019 | 2,250 | 2,250 | ||||
5.625% Notes due 2016 | 1,250 | 1,250 | ||||
5.50% Notes due 2013 | - | 750 | ||||
5.20% Notes due 2018 | 500 | 500 | ||||
4.75% Notes due 2014 | 400 | 400 | ||||
4.60% Notes due 2015 | 1,500 | 1,500 | ||||
2.4% Notes due 2022 | 1,000 | 1,000 | ||||
1.05% Notes due 2017 | 1,000 | 1,000 | ||||
Commercial paper at 0.20% – 0.25% during 2013 and 0.15% – 0.33% during | ||||||
2012 | 961 | 1,055 | ||||
Industrial Development Bonds due 2013 through 2038 at 0.04% – 0.25% during | ||||||
2013 and 0.04% – 0.35% during 2012 | 18 | 18 | ||||
Marine Terminal Revenue Refunding Bonds due 2031 at 0.04% – 0.26% during | ||||||
2013 and 0.04% – 0.35% during 2012 | 265 | 265 | ||||
Other | 24 | 24 | ||||
Debt at face value | 20,336 | 21,280 | ||||
Capitalized leases | 922 | 16 | ||||
Net unamortized premiums and discounts | 404 | 429 | ||||
Total debt | 21,662 | 21,725 | ||||
Short-term debt | -589 | -955 | ||||
Long-term debt | $ | 21,073 | 20,770 | |||
Capital lease payment table | ' | |||||
At December 31, 2013, future minimum payments due under capital leases were: | ||||||
Millions | ||||||
of Dollars | ||||||
2014 | $ | 127 | ||||
2015 | 80 | |||||
2016 | 80 | |||||
2017 | 80 | |||||
2018 | 80 | |||||
Remaining years | 769 | |||||
Total | 1,216 | |||||
Less: portion representing imputed interest | -294 | |||||
Capital lease obligations | $ | 922 |
Derivative_and_Financial_Instr1
Derivative and Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments and Derivative Contracts [Abstract] | ' | ||||||||
Balance sheet location and fair value amounts of derivatives | ' | ||||||||
The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 871 | 1,538 | ||||||
Other assets | 64 | 105 | |||||||
Liabilities | |||||||||
Other accruals | 890 | 1,509 | |||||||
Other liabilities and deferred credits | 58 | 99 | |||||||
The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 1 | 32 | ||||||
Liabilities | |||||||||
Other accruals | - | 2 | |||||||
Other liabilities and deferred credits | - | 1 | |||||||
Income statement location and gain/loss amounts of derivatives | ' | ||||||||
The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | 2011 | |||||||
Sales and other operating revenues | $ | -160 | -291 | 907 | |||||
Other income | 4 | -1 | -9 | ||||||
Purchased commodities | 139 | 214 | -729 | ||||||
The (gains) losses from foreign currency exchange derivatives incurred, and the line items where they appear | |||||||||
on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | 2011 | |||||||
Foreign currency transaction (gains) losses | $ | 4 | -138 | -9 | |||||
Net exposures/net notional positions of derivative contracts | ' | ||||||||
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: | |||||||||
Open Position | |||||||||
Long/(Short) | |||||||||
2013 | 2012 | ||||||||
Commodity | |||||||||
Natural gas and power (billions of cubic feet equivalent) | |||||||||
Fixed price | -18 | -48 | |||||||
Basis | -10 | 125 | |||||||
We had the following net notional position of outstanding foreign currency exchange derivatives: | |||||||||
In Millions | |||||||||
Notional Currency | |||||||||
2013 | 2012 | ||||||||
Foreign Currency Exchange Derivatives | |||||||||
Sell U.S. dollar, buy British pound | USD | - | 2,573 | ||||||
Buy U.S. dollar, sell other currencies* | USD | 6 | 140 | ||||||
Buy British pound, sell euro | GPB | 17 | - | ||||||
Buy euro, sell British pound | EUR | - | 96 | ||||||
*Primarily Canadian dollar, euro and Norwegian krone. | |||||||||
Net carrying amount of held to maturity investments | ' | ||||||||
Millions of Dollars | |||||||||
Carrying Amount | |||||||||
Cash and Cash Equivalents | Short-Term Investments | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Cash | $ | 636 | 829 | - | - | ||||
Time Deposits | |||||||||
Remaining maturities from 1 to 90 days | 5,336 | 2,789 | 137 | - | |||||
Commercial Paper | |||||||||
Remaining maturities from 1 to 90 days | 274 | - | 135 | - | |||||
$ | 6,246 | 3,618 | 272 | - |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||
Fair value hierarchy for gross financial assets and liabilities | ' | |||||||||||||||||
Millions of Dollars | ||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | ||||||||||||||||||
Deferred compensation | ||||||||||||||||||
investments | $ | 306 | - | - | 306 | 305 | - | - | 305 | |||||||||
Commodity derivatives | 744 | 177 | 10 | 931 | 1,052 | 567 | 18 | 1,637 | ||||||||||
Total assets | $ | 1,050 | 177 | 10 | 1,237 | 1,357 | 567 | 18 | 1,942 | |||||||||
Liabilities | ||||||||||||||||||
Commodity derivatives | $ | 765 | 172 | 7 | 944 | 1,031 | 567 | 4 | 1,602 | |||||||||
Total liabilities | $ | 765 | 172 | 7 | 944 | 1,031 | 567 | 4 | 1,602 | |||||||||
Commodity derivative balances subject to right of setoff | ' | |||||||||||||||||
The following table summarizes those commodity derivative balances subject to the right of setoff as presented | ||||||||||||||||||
on our consolidated balance sheet: | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Gross | Gross | Net Amounts | Net Amounts | |||||||||||||||
Amounts | Amounts | Excluding | Cash | Subject | ||||||||||||||
Recognized | Offset | Collateral | Collateral | to Setoff | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
Assets | $ | 919 | 827 | 92 | 6 | 86 | ||||||||||||
Liabilities | 935 | 827 | 108 | 26 | 82 | |||||||||||||
31-Dec-12 | ||||||||||||||||||
Assets | $ | 1,621 | 1,403 | 218 | 29 | 189 | ||||||||||||
Liabilities | 1,588 | 1,403 | 185 | 16 | 169 | |||||||||||||
At December 31, 2013 and December 31, 2012, we did not present any amounts gross on our consolidated | ||||||||||||||||||
balance sheet where we had the right of setoff. | ||||||||||||||||||
Values of assets, by major category, measured at fair value on a nonrecurring basis | ' | |||||||||||||||||
Non-Recurring Fair Value Measurement | ||||||||||||||||||
The following table summarizes the fair value hierarchy by major category for assets accounted for at fair value on a non-recurring basis: | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||
Fair Value | * | Level 1 Inputs | Level 3 Inputs | Before-Tax Loss | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||
Net PP&E (held for use) | 117 | - | 117 | 488 | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||
Net PP&E (held for sale) | $ | 6,116 | 6,116 | - | 798 | |||||||||||||
Net PP&E (held for use) | 95 | - | 95 | 134 | ||||||||||||||
*Represents the fair value at the time of the impairment. | ||||||||||||||||||
Commodity derivative and financial instruments | ' | |||||||||||||||||
The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Financial assets | ||||||||||||||||||
Deferred compensation investments | $ | 306 | 305 | 306 | 305 | |||||||||||||
Commodity derivatives | 99 | 221 | 99 | 221 | ||||||||||||||
Total loans and advances—related parties | 1,528 | 1,697 | 1,680 | 1,916 | ||||||||||||||
Financial liabilities | ||||||||||||||||||
Total debt, excluding capital leases | 20,740 | 21,709 | 23,553 | 26,349 | ||||||||||||||
Total joint venture acquisition obligation | - | 3,582 | - | 3,968 | ||||||||||||||
Commodity derivatives | 92 | 199 | 92 | 199 |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Equity [Abstract] | ' | |||||
Changes in shares of common stock | ' | |||||
Note 17—Equity | ||||||
Common Stock | ||||||
The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: | ||||||
Shares | ||||||
2013 | 2012 | 2011 | ||||
Issued | ||||||
Beginning of year | 1,762,247,949 | 1,749,550,587 | 1,740,529,279 | |||
Distributed under benefit plans | 5,921,957 | 12,697,362 | 9,021,308 | |||
End of year | 1,768,169,906 | 1,762,247,949 | 1,749,550,587 | |||
Held in Treasury | ||||||
Beginning of year | 542,230,673 | 463,880,628 | 272,873,537 | |||
Repurchase of common stock | - | 79,904,400 | 155,453,382 | |||
Distributed under benefit plans | - | -1,554,355 | -475,696 | |||
Transfer from grantor trust | - | - | 36,029,405 | |||
End of year | 542,230,673 | 542,230,673 | 463,880,628 | |||
Held in Grantor Trusts | ||||||
Beginning of year | - | - | 36,890,375 | |||
Repurchase of common stock | - | - | -157,470 | |||
Distributed under benefit plans | - | - | -703,500 | |||
Transfer to treasury stock | - | - | -36,029,405 | |||
End of year | - | - | - |
Non_Mineral_Leases_Tables
Non Mineral Leases (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Future minimum rental payments due under noncancelable leases | ' | |||||||
At December 31, 2013, future minimum rental payments due under noncancelable leases were: | ||||||||
Millions | ||||||||
of Dollars | ||||||||
2014 | $ | 602 | ||||||
2015 | 519 | |||||||
2016 | 483 | |||||||
2017 | 318 | |||||||
2018 | 182 | |||||||
Remaining years | 645 | |||||||
Total | 2,749 | |||||||
Less: income from subleases | -19 | |||||||
Net minimum operating lease payments | $ | 2,730 | ||||||
Operating leases rental expense | ' | |||||||
Operating lease rental expense for the years ended December 31 was: | ||||||||
Millions of Dollars | ||||||||
2013 | 2012 | 2011 | ||||||
Total rentals* | $ | 317 | 282 | 304 | ||||
Less: sublease rentals | -12 | -15 | -14 | |||||
$ | 305 | 267 | 290 | |||||
*Includes $3 million and $29 million of contingent rentals in 2012 and 2011, respectively. Contingent rentals were primarily related to drilling | ||||||||
equipment and based on usage. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||||||||
Pension and Postretirement Plans | ' | |||||||||||||||||||
An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for | ||||||||||||||||||||
our postretirement health and life insurance plans follows: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||
Benefit obligation at January 1 | $ | 4,225 | 3,438 | 6,175 | 3,484 | 765 | 926 | |||||||||||||
Service cost | 138 | 102 | 170 | 91 | 3 | 6 | ||||||||||||||
Interest cost | 143 | 145 | 186 | 152 | 26 | 33 | ||||||||||||||
Plan participant contributions | - | 6 | - | 7 | 22 | 23 | ||||||||||||||
Separation of Downstream business | - | - | -2,464 | -653 | - | -199 | ||||||||||||||
Actuarial (gain) loss | -205 | 72 | 735 | 297 | -57 | 47 | ||||||||||||||
Benefits paid | -347 | -110 | -577 | -113 | -75 | -72 | ||||||||||||||
Foreign currency exchange rate change | - | -70 | - | 173 | -2 | 1 | ||||||||||||||
Benefit obligation at December 31* | $ | 3,954 | 3,583 | 4,225 | 3,438 | 682 | 765 | |||||||||||||
*Accumulated benefit obligation portion of above at | 3,516 | 2,798 | 3,710 | 2,972 | ||||||||||||||||
December 31: | $ | |||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 2,732 | 2,760 | 4,149 | 2,722 | - | - | |||||||||||||
Actual return on plan assets | 505 | 315 | 509 | 267 | - | - | ||||||||||||||
Company contributions | 202 | 198 | 363 | 204 | 53 | 49 | ||||||||||||||
Plan participant contributions | - | 6 | - | 7 | 22 | 23 | ||||||||||||||
Separation of Downstream business | - | - | -1,712 | -479 | - | - | ||||||||||||||
Benefits paid | -347 | -110 | -577 | -113 | -75 | -72 | ||||||||||||||
Foreign currency exchange rate change | - | -37 | - | 152 | - | - | ||||||||||||||
Fair value of plan assets at December 31 | $ | 3,092 | 3,132 | 2,732 | 2,760 | - | - | |||||||||||||
Funded Status | $ | -862 | -451 | -1,493 | -678 | -682 | -765 | |||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | ' | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Amounts Recognized in the | ||||||||||||||||||||
Consolidated Balance Sheet at | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
Noncurrent assets | $ | - | 128 | - | 94 | - | - | |||||||||||||
Current liabilities | -35 | -8 | -21 | -8 | -53 | -54 | ||||||||||||||
Noncurrent liabilities | -827 | -571 | -1,472 | -764 | -629 | -711 | ||||||||||||||
Total recognized | $ | -862 | -451 | -1,493 | -678 | -682 | -765 | |||||||||||||
Weighted-Average Assumptions Used to | ||||||||||||||||||||
Determine Benefit Obligations at | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
Discount rate | 4.4 | % | 4.75 | 3.55 | 4.5 | 4.45 | 3.55 | |||||||||||||
Rate of compensation increase | 4.75 | 4.6 | 4.75 | 4.45 | - | - | ||||||||||||||
Weighted-Average Assumptions Used to | ||||||||||||||||||||
Determine Net Periodic Benefit Cost for | ||||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||||
Discount rate | 3.55 | % | 4.5 | 4 | 4.95 | 3.55 | 4.25 | |||||||||||||
Expected return on plan assets | 7 | 6 | 7 | 6.1 | - | - | ||||||||||||||
Rate of compensation increase | 4.75 | 4.45 | 4.5 | 4.5 | - | - | ||||||||||||||
Sources of change in other comprehensive income | ' | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Sources of Change in Other | ||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||
Net gain (loss) arising during the period | $ | 524 | 107 | -450 | -206 | 57 | -48 | |||||||||||||
Separation of Downstream business | - | - | 810 | 94 | - | -7 | ||||||||||||||
Amortization of loss included in income* | 218 | 73 | 371 | 59 | 3 | - | ||||||||||||||
Net change during the period | $ | 742 | 180 | 731 | -53 | 60 | -55 | |||||||||||||
Prior service credit arising during the period | $ | - | 1 | - | 2 | - | - | |||||||||||||
Separation of Downstream business | - | - | 17 | -12 | - | 3 | ||||||||||||||
Amortization of prior service cost (credit) | ||||||||||||||||||||
included in income | 6 | -7 | 7 | -8 | -4 | -4 | ||||||||||||||
Net change during the period | $ | 6 | -6 | 24 | -18 | -4 | -1 | |||||||||||||
*Includes settlement losses recognized during the period. | ||||||||||||||||||||
Amounts included in accumulated other comprehensive income that are expected to be amortized into net periodic postretirement cost | ' | |||||||||||||||||||
Included in accumulated other comprehensive income at December 31 were the following before-tax amounts | ||||||||||||||||||||
that had not been recognized in net periodic benefit cost: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 767 | 578 | 1,509 | 758 | -31 | 29 | |||||||||||||
Unrecognized prior service cost (credit) | 22 | -54 | 28 | -60 | -8 | -12 | ||||||||||||||
Amounts included in accumulated other comprehensive income at December 31, 2013, that are expected to | ||||||||||||||||||||
be amortized into net periodic benefit cost during 2014 are provided below: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension | Other | |||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||
U.S. | Int’l. | |||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 76 | 58 | -3 | ||||||||||||||||
Unrecognized prior service cost (credit) | 6 | -8 | -4 | |||||||||||||||||
Net periodic benefit cost of all defined benefit plans | ' | |||||||||||||||||||
The components of net periodic benefit cost of all defined benefit plans are presented in the following table: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||
Components of Net | ||||||||||||||||||||
Periodic Benefit Cost | ||||||||||||||||||||
Service cost | $ | 138 | 102 | 170 | 91 | 225 | 98 | 3 | 6 | 10 | ||||||||||
Interest cost | 143 | 145 | 186 | 152 | 247 | 178 | 26 | 33 | 42 | |||||||||||
Expected return on plan | ||||||||||||||||||||
assets | -186 | -160 | -223 | -158 | -280 | -175 | - | - | - | |||||||||||
Amortization of prior | ||||||||||||||||||||
service cost (credit) | 6 | -7 | 7 | -8 | 9 | - | -4 | -4 | -7 | |||||||||||
Recognized net actuarial | ||||||||||||||||||||
loss (gain) | 151 | 73 | 191 | 59 | 165 | 46 | 3 | - | -5 | |||||||||||
Settlements | 67 | - | 181 | - | 21 | - | - | - | - | |||||||||||
Net periodic benefit cost | $ | 319 | 153 | 512 | 136 | 387 | 147 | 28 | 35 | 40 | ||||||||||
Fair values of our pension plan assets | ' | |||||||||||||||||||
The fair values of our pension plan assets at December 31, by asset class were as follows: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
U.S. | International | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
2013 | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
U.S. | $ | 1,018 | - | - | 1,018 | 531 | - | - | 531 | |||||||||||
International | 702 | - | - | 702 | 437 | - | - | 437 | ||||||||||||
Common/collective trusts | - | 529 | - | 529 | - | 217 | - | 217 | ||||||||||||
Mutual funds | - | - | - | - | 373 | - | - | 373 | ||||||||||||
Debt Securities | ||||||||||||||||||||
Government | 106 | 69 | - | 175 | 557 | - | - | 557 | ||||||||||||
Corporate | - | 333 | 3 | 336 | - | 150 | - | 150 | ||||||||||||
Agency and mortgage-backed | ||||||||||||||||||||
securities | - | 97 | - | 97 | - | 25 | 1 | 26 | ||||||||||||
Common/collective trusts | - | - | - | - | - | 356 | - | 356 | ||||||||||||
Mutual funds | - | - | - | - | 191 | - | - | 191 | ||||||||||||
Cash and cash equivalents | - | 123 | - | 123 | 30 | 17 | - | 47 | ||||||||||||
Private equity funds | - | - | 1 | 1 | - | - | 21 | 21 | ||||||||||||
Derivatives | -1 | 2 | - | 1 | 19 | 12 | - | 31 | ||||||||||||
Real estate | - | - | - | - | - | - | 190 | 190 | ||||||||||||
Total* | $ | 1,825 | 1,153 | 4 | 2,982 | 2,138 | 777 | 212 | 3,127 | |||||||||||
*Excludes the participating interest in the insurance annuity contract with a net asset value of $110 million and net receivables related to | ||||||||||||||||||||
security transactions of $5 million. | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
U.S. | $ | 875 | - | - | 875 | 443 | - | - | 443 | |||||||||||
International | 587 | - | - | 587 | 381 | - | - | 381 | ||||||||||||
Common/collective trusts | - | 472 | - | 472 | - | 195 | - | 195 | ||||||||||||
Mutual funds | - | - | - | - | 319 | - | - | 319 | ||||||||||||
Debt Securities | ||||||||||||||||||||
Government | 146 | 54 | - | 200 | 496 | - | - | 496 | ||||||||||||
Corporate | - | 306 | 2 | 308 | - | 155 | 1 | 156 | ||||||||||||
Agency and mortgage-backed | ||||||||||||||||||||
securities | - | 59 | - | 59 | - | 29 | - | 29 | ||||||||||||
Common/collective trusts | - | - | - | - | - | 314 | - | 314 | ||||||||||||
Mutual funds | - | - | - | - | 155 | - | - | 155 | ||||||||||||
Cash and cash equivalents | - | 94 | - | 94 | 22 | 18 | - | 40 | ||||||||||||
Private equity funds | - | - | 4 | 4 | - | - | 18 | 18 | ||||||||||||
Derivatives | - | 1 | - | 1 | 10 | 13 | - | 23 | ||||||||||||
Real estate | - | - | - | - | - | - | 183 | 183 | ||||||||||||
Total* | $ | 1,608 | 986 | 6 | 2,600 | 1,826 | 724 | 202 | 2,752 | |||||||||||
*Excludes the participating interest in the insurance annuity contract with a net asset value of $133 million and net receivables related to | ||||||||||||||||||||
security transactions of $7 million. | ||||||||||||||||||||
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | ' | |||||||||||||||||||
The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity | ||||||||||||||||||||
contract and which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||
U.S. | Int’l. | |||||||||||||||||||
2014 | $ | 402 | 117 | 61 | ||||||||||||||||
2015 | 361 | 121 | 62 | |||||||||||||||||
2016 | 362 | 123 | 62 | |||||||||||||||||
2017 | 366 | 134 | 62 | |||||||||||||||||
2018 | 400 | 137 | 62 | |||||||||||||||||
2019–2023 | 1,965 | 791 | 294 | |||||||||||||||||
Share-based compensation expense recognized in income and the associated tax benefit | ' | |||||||||||||||||||
Compensation Expense—Total share-based compensation expense recognized in income related to continuing | ||||||||||||||||||||
and discontinued operations and the associated tax benefit for the years ended December 31 were as follows: | ||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Compensation cost | $ | 308 | 321 | 246 | ||||||||||||||||
Tax benefit | 109 | 118 | 86 | |||||||||||||||||
Significant assumptions used to calculate the fair market values | ' | |||||||||||||||||||
The fair market values of the options granted over the past three years were measured on the date of grant using | ||||||||||||||||||||
the Black-Scholes-Merton option-pricing model. The weighted-average assumptions used were as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Assumptions used | ||||||||||||||||||||
Risk-free interest rate | 1.09 | % | 1.62 | 3.1 | ||||||||||||||||
Dividend yield | 4 | % | 4 | 4 | ||||||||||||||||
Volatility factor | 28.95 | % | 33.3 | 33.4 | ||||||||||||||||
Expected life (years) | 5.95 | 7.42 | 6.87 | |||||||||||||||||
Summary of stock option activity | ' | |||||||||||||||||||
The following summarizes our stock option activity for the year ended December 31, 2013: | ||||||||||||||||||||
Weighted- | ||||||||||||||||||||
Weighted- | Average | Millions of Dollars | ||||||||||||||||||
Average | Grant-Date | Aggregate | ||||||||||||||||||
Options | Exercise Price | Fair Value | Intrinsic Value | |||||||||||||||||
Outstanding at December 31, 2012 | 16,297,005 | $ | 43.67 | |||||||||||||||||
Granted | 3,109,800 | 58.08 | $ | 9.9 | ||||||||||||||||
Exercised | -3,078,576 | 33.45 | $ | 95 | ||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Expired or canceled | -13,139 | 60.53 | ||||||||||||||||||
Outstanding at December 31, 2013 | 16,315,090 | $ | 48.33 | |||||||||||||||||
Vested at December 31, 2013 | 13,418,902 | $ | 46.42 | $ | 320 | |||||||||||||||
Exercisable at December 31, 2013 | 11,600,659 | $ | 44.88 | $ | 294 | |||||||||||||||
The following summarizes our stock unit activity for the year ended December 31, 2013: | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | 11,477,122 | $ | 46.58 | |||||||||||||||||
Granted | 4,881,483 | 57.99 | ||||||||||||||||||
Forfeited | -364,716 | 51.38 | ||||||||||||||||||
Issued | -3,832,737 | $ | 245 | |||||||||||||||||
Outstanding at December 31, 2013 | 12,161,152 | $ | 51.37 | |||||||||||||||||
Not Vested at December 31, 2013 | 8,626,833 | $ | 52.66 | |||||||||||||||||
Summary of Performance Share Program activity | ' | |||||||||||||||||||
The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2013. | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | 5,184,284 | $ | 51.54 | |||||||||||||||||
Granted | 7,650 | 60 | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Issued | -290,748 | $ | 18 | |||||||||||||||||
Outstanding at December 31, 2013 | 4,901,186 | $ | 51.6 | |||||||||||||||||
Not Vested at December 31, 2013 | 1,150,628 | $ | 52.83 | |||||||||||||||||
The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2013: | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | - | $ | - | |||||||||||||||||
Granted | 128,567 | 58.08 | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Settled | -3,791 | $ | - | |||||||||||||||||
Outstanding at December 31, 2013 | 124,776 | $ | 58.08 | |||||||||||||||||
Not Vested at December 31, 2013 | 82,793 | $ | 58.08 | |||||||||||||||||
Summary of aggregate activity of restricted shares and units | ' | |||||||||||||||||||
The following summarizes the aggregate activity of these restricted shares and units for the year ended | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
Weighted-Average | Millions of Dollars | |||||||||||||||||||
Stock Units | Grant-Date Fair Value | Total Fair Value | ||||||||||||||||||
Outstanding at December 31, 2012 | 1,132,556 | $ | 27.34 | |||||||||||||||||
Granted | 76,920 | 62.52 | ||||||||||||||||||
Forfeited | -3,458 | 20.22 | ||||||||||||||||||
Issued | -33,417 | $ | 2 | |||||||||||||||||
Outstanding at December 31, 2013 | 1,172,601 | $ | 29.31 | |||||||||||||||||
Not Vested at December 31, 2013 | - |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||
Income taxes charged to income (loss) | ' | ||||||||||||||
Note 20—Income Tax | |||||||||||||||
Income taxes charged to income from continuing operations were: | |||||||||||||||
Millions of Dollars | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Income Taxes | |||||||||||||||
Federal | |||||||||||||||
Current | $ | 724 | 63 | 1,066 | |||||||||||
Deferred | 811 | 624 | 285 | ||||||||||||
Foreign | |||||||||||||||
Current | 4,249 | 6,255 | 6,400 | ||||||||||||
Deferred | 504 | 744 | 48 | ||||||||||||
State and local | |||||||||||||||
Current | 220 | 231 | 308 | ||||||||||||
Deferred | -99 | 25 | 101 | ||||||||||||
$ | 6,409 | 7,942 | 8,208 | ||||||||||||
Components of deferred tax liabilities and assets | ' | ||||||||||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of | |||||||||||||||
assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major | |||||||||||||||
components of deferred tax liabilities and assets at December 31 were: | |||||||||||||||
Millions of Dollars | |||||||||||||||
2013 | 2012 | ||||||||||||||
Deferred Tax Liabilities | |||||||||||||||
PP&E and intangibles | $ | 20,079 | 18,826 | ||||||||||||
Investment in joint ventures | 943 | 872 | |||||||||||||
Inventory | 86 | 76 | |||||||||||||
Partnership income deferral | 168 | 343 | |||||||||||||
Other | 724 | 793 | |||||||||||||
Total deferred tax liabilities | 22,000 | 20,910 | |||||||||||||
Deferred Tax Assets | |||||||||||||||
Benefit plan accruals | 1,274 | 1,760 | |||||||||||||
Asset retirement obligations and accrued environmental costs | 4,483 | 3,954 | |||||||||||||
Deferred state income tax | 49 | 77 | |||||||||||||
Other financial accruals and deferrals | 297 | 544 | |||||||||||||
Loss and credit carryforwards | 1,487 | 2,062 | |||||||||||||
Other | 267 | 398 | |||||||||||||
Total deferred tax assets | 7,857 | 8,795 | |||||||||||||
Less: valuation allowance | -969 | -1,345 | |||||||||||||
Net deferred tax assets | 6,888 | 7,450 | |||||||||||||
Net deferred tax liabilities | $ | 15,112 | 13,460 | ||||||||||||
Reconciliation of the beginning and ending unrecognized tax benefits | ' | ||||||||||||||
The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2013, | |||||||||||||||
2012 and 2011: | |||||||||||||||
Millions of Dollars | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Balance at January 1 | $ | 872 | 1,071 | 1,125 | |||||||||||
Additions based on tax positions related to the current year | 52 | 98 | 46 | ||||||||||||
Additions for tax positions of prior years | 30 | 48 | 145 | ||||||||||||
Reductions for tax positions of prior years | -251 | -206 | -35 | ||||||||||||
Settlements | -48 | -108 | -206 | ||||||||||||
Lapse of statute | - | -31 | -4 | ||||||||||||
Balance at December 31 | $ | 655 | 872 | 1,071 | |||||||||||
Amounts of U.S. and foreign income (loss) before income taxes | ' | ||||||||||||||
The amounts of U.S. and foreign income from continuing operations before income taxes, with a reconciliation | |||||||||||||||
of tax at the federal statutory rate with the provision for income taxes, were: | |||||||||||||||
Percent of | |||||||||||||||
Millions of Dollars | Pretax Income | ||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||
Income before income taxes | |||||||||||||||
from continuing operations | |||||||||||||||
United States | $ | 5,046 | 4,070 | 4,762 | 34.9 | % | 26.4 | 30.9 | |||||||
Foreign | 9,400 | 11,353 | 10,634 | 65.1 | 73.6 | 69.1 | |||||||||
$ | 14,446 | 15,423 | 15,396 | 100 | % | 100 | 100 | ||||||||
Federal statutory income tax | $ | 5,056 | 5,398 | 5,389 | 35 | % | 35 | 35 | |||||||
Foreign taxes in excess of federal | |||||||||||||||
statutory rate | 1,389 | 2,878 | 2,658 | 9.6 | 18.6 | 17.3 | |||||||||
Capital loss benefit | -79 | -461 | - | -0.5 | -3 | - | |||||||||
Federal manufacturing deduction | -35 | -52 | -73 | -0.2 | -0.3 | -0.5 | |||||||||
State income tax | 79 | 166 | 266 | 0.5 | 1.1 | 1.7 | |||||||||
Other | -1 | 13 | -32 | - | 0.1 | -0.2 | |||||||||
$ | 6,409 | 7,942 | 8,208 | 44.4 | % | 51.5 | 53.3 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated other comprehensive income in the equity section of the balance sheet included | ' | |||||||||||
Note 21—Accumulated Other Comprehensive Income | ||||||||||||
Accumulated other comprehensive income in the equity section of the balance sheet included: | ||||||||||||
Millions of Dollars | ||||||||||||
Defined Benefit Plans | Net Unrealized Gain on Securities | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Income (Loss) | ||||||||
31-Dec-10 | $ | -1,358 | 158 | 6,140 | -7 | 4,933 | ||||||
Other comprehensive income (loss) | -613 | -158 | -917 | 1 | -1,687 | |||||||
31-Dec-11 | -1,971 | - | 5,223 | -6 | 3,246 | |||||||
Other comprehensive income (loss) | -137 | - | 758 | 6 | 627 | |||||||
Separation of Downstream business | 683 | - | -469 | - | 214 | |||||||
31-Dec-12 | -1,425 | - | 5,512 | - | 4,087 | |||||||
Other comprehensive income (loss) | 601 | - | -2,686 | - | -2,085 | |||||||
31-Dec-13 | $ | -824 | - | 2,826 | - | 2,002 | ||||||
Items reclassified out of accumulated other comprehensive income (loss) | ' | |||||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income during the year ended December 31, 2013: | ||||||||||||
Millions of Dollars | ||||||||||||
2013 | ||||||||||||
Defined Benefit Plans | $ | 184 | ||||||||||
Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $105 million | ||||||||||||
for the year-ended December 31, 2013. See Note 19—Employee Benefit Plans, for additional information. | ||||||||||||
There were no items within accumulated other comprehensive income related to noncontrolling interests. |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash Flow Information [Abstract] | ' | |||||||
Cash Flow Information | ' | |||||||
Note 22—Cash Flow Information | ||||||||
Amounts included in continuing operations for the years ended December 31 were: | ||||||||
Millions of Dollars | ||||||||
2013 | 2012 | 2011 | ||||||
Noncash Investing and Financing Activities | ||||||||
Increase in PP&E related to an increase in asset retirement obligations* | $ | 1,329 | 1,010 | 182 | ||||
Increase in PP&E and debt related to a capital lease asset and obligation | 906 | - | - | |||||
Cash Payments | ||||||||
Interest | $ | 566 | 724 | 919 | ||||
Income taxes** | 4,910 | 8,100 | 9,827 | |||||
Net Sales (Purchases) of Short-Term Investments | ||||||||
Short-term investments purchased | $ | -361 | -497 | -6,744 | ||||
Short-term investments sold | 98 | 1,094 | 7,144 | |||||
$ | -263 | 597 | 400 | |||||
*Includes $212 million and $152 million in 2013 and 2012, respectively, primarily related to the impact of U.K. tax law changes on the | ||||||||
deductibility of decommissioning costs. | ||||||||
**2012 and 2011 have been revised to conform to current-year presentation to include only income tax payments related to continuing | ||||||||
operations. |
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Financial Information [Abstract] | ' | |||||||
Other Financial Information | ' | |||||||
Note 23—Other Financial Information | ||||||||
Amounts included in continuing operations for the years ended December 31 were: | ||||||||
Millions of Dollars | ||||||||
Except Per Share Amounts | ||||||||
2013 | 2012 | 2011 | ||||||
Interest and Debt Expense | ||||||||
Incurred | ||||||||
Debt | $ | 1,087 | 1,170 | 1,230 | ||||
Other | 192 | 154 | 212 | |||||
1,279 | 1,324 | 1,442 | ||||||
Capitalized | -667 | -615 | -488 | |||||
Expensed | $ | 612 | 709 | 954 | ||||
Other Income | ||||||||
Interest income | $ | 113 | 163 | 170 | ||||
Other, net | 261 | 306 | 94 | |||||
$ | 374 | 469 | 264 | |||||
Research and Development Expenditures—expensed | $ | 258 | 221 | 193 | ||||
Shipping and Handling Costs* | $ | 1,137 | 1,338 | 1,394 | ||||
*Amounts included in production and operating expenses. | ||||||||
Foreign Currency Transaction (Gains) Losses—after-tax | ||||||||
Alaska | $ | - | - | - | ||||
Lower 48 and Latin America | - | - | - | |||||
Canada | -6 | 5 | -3 | |||||
Europe | -31 | 21 | 7 | |||||
Asia Pacific and Middle East | -29 | 29 | -23 | |||||
Other International | 2 | 1 | 3 | |||||
LUKOIL Investment | - | - | -1 | |||||
Corporate and Other | 31 | 2 | -16 | |||||
$ | -33 | 58 | -33 | |||||
Property, Plant And Equipment [Table Text Block] | ' | |||||||
Millions of Dollars | ||||||||
2013 | 2012 | |||||||
Properties, Plants and Equipment | ||||||||
Proved properties* | $ | 123,012 | 111,458 | |||||
Unproved properties* | 8,465 | 8,257 | ||||||
Other | 6,671 | 6,464 | ||||||
Gross properties, plants and equipment | 138,148 | 126,179 | ||||||
Less: Accumulated depreciation | -65,321 | -58,916 | ||||||
Net properties, plants and equipment | $ | 72,827 | 67,263 | |||||
*Excludes assets held for sale reclassified to prepaid expenses and other current assets, including proved and unproved properties | ||||||||
of $1,773 million and $73 million, respectively, at December 31, 2013, and $11,075 million and $234 million, respectively, at December 31, 2012. | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Significant transactions with related parties | ' | ||||||||
Note 24—Related Party Transactions | |||||||||
We consider our equity method investments to be related parties. Significant transactions with related parties were: | |||||||||
Millions of Dollars | |||||||||
2013 | 2012 | 2011 | |||||||
Operating revenues and other income | $ | 102 | 59 | 49 | |||||
Purchases | 184 | 261 | 327 | ||||||
Operating expenses and selling, general and administrative expenses | 193 | 183 | 233 | ||||||
Net interest expense* | 31 | 38 | 61 | ||||||
*We paid interest to, or received interest from, various affiliates, including FCCL Partnership. See Note 7—Investments, Loans and Long-Term | |||||||||
Receivables and Note 12—Joint Venture Acquisition Obligation, for additional information on loans to affiliated companies. |
Segment_Disclosures_and_Relate1
Segment Disclosures and Related Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Disclosures and Related Information [Abstract] | ' | |||||||||||||
Sales and Other Operating Revenues | ' | |||||||||||||
Analysis of Results by Operating Segment | ||||||||||||||
Millions of Dollars | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Sales and Other Operating Revenues | ||||||||||||||
Alaska | $ | 8,553 | 9,502 | 9,533 | ||||||||||
Lower 48 and Latin America | 19,480 | 19,600 | 23,507 | |||||||||||
Intersegment eliminations | -104 | -230 | -283 | |||||||||||
Lower 48 and Latin America | 19,376 | 19,370 | 23,224 | |||||||||||
Canada | 5,254 | 5,028 | 6,270 | |||||||||||
Intersegment eliminations | -607 | -475 | -944 | |||||||||||
Canada | 4,647 | 4,553 | 5,326 | |||||||||||
Europe | 12,040 | 14,709 | 17,119 | |||||||||||
Intersegment eliminations | - | -72 | -50 | |||||||||||
Europe | 12,040 | 14,637 | 17,069 | |||||||||||
Asia Pacific and Middle East | 8,426 | 7,705 | 8,665 | |||||||||||
Intersegment eliminations | - | -41 | -1 | |||||||||||
Asia Pacific and Middle East | 8,426 | 7,664 | 8,664 | |||||||||||
Other International | 1,208 | 2,088 | 221 | |||||||||||
Corporate and Other | 163 | 153 | 159 | |||||||||||
Consolidated sales and other operating revenues | $ | 54,413 | 57,967 | 64,196 | ||||||||||
Depreciation, Depletion, Amortization and Impairments | ' | |||||||||||||
Depreciation, Depletion, Amortization and Impairments | ||||||||||||||
Alaska | $ | 533 | 520 | 578 | ||||||||||
Lower 48 and Latin America | 3,247 | 2,796 | 2,228 | |||||||||||
Canada | 1,531 | 1,600 | 1,758 | |||||||||||
Europe | 1,334 | 1,203 | 1,405 | |||||||||||
Asia Pacific and Middle East | 1,188 | 1,002 | 1,063 | |||||||||||
Other International | 30 | 45 | 8 | |||||||||||
Corporate and Other | 100 | 94 | 108 | |||||||||||
Consolidated depreciation, depletion, amortization and impairments | $ | 7,963 | 7,260 | 7,148 | ||||||||||
Equity in Earnings of Affiliates | ' | |||||||||||||
Millions of Dollars | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Equity in Earnings of Affiliates | ||||||||||||||
Alaska | $ | 7 | 10 | -77 | ||||||||||
Lower 48 and Latin America | 45 | 86 | 99 | |||||||||||
Canada | 984 | 726 | 677 | |||||||||||
Europe | -3 | 29 | 46 | |||||||||||
Asia Pacific and Middle East | 1,162 | 1,057 | 819 | |||||||||||
Other International | 26 | 6 | -324 | |||||||||||
Corporate and Other | -2 | -3 | -1 | |||||||||||
Consolidated equity in earnings of affiliates | $ | 2,219 | 1,911 | 1,239 | ||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
Alaska | $ | 1,275 | 1,266 | 1,171 | ||||||||||
Lower 48 and Latin America | 534 | 133 | 741 | |||||||||||
Canada | -44 | -252 | -45 | |||||||||||
Europe | 2,323 | 4,012 | 4,459 | |||||||||||
Asia Pacific and Middle East | 1,512 | 1,578 | 1,887 | |||||||||||
Other International | 933 | 1,485 | 162 | |||||||||||
LUKOIL Investment | - | - | 123 | |||||||||||
Corporate and Other | -124 | -280 | -290 | |||||||||||
Consolidated income taxes | $ | 6,409 | 7,942 | 8,208 | ||||||||||
Net Income Attributable to ConocoPhillips | ' | |||||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||
Alaska | $ | 2,274 | 2,276 | 1,984 | ||||||||||
Lower 48 and Latin America | 1,081 | 1,029 | 1,288 | |||||||||||
Canada | 718 | -684 | 91 | |||||||||||
Europe | 1,199 | 1,498 | 1,830 | |||||||||||
Asia Pacific and Middle East | 3,532 | 3,928 | 3,032 | |||||||||||
Other International | -6 | 359 | -377 | |||||||||||
LUKOIL Investment | - | - | 239 | |||||||||||
Corporate and Other | -820 | -993 | -960 | |||||||||||
Discontinued operations | 1,178 | 1,015 | 5,309 | |||||||||||
Consolidated net income attributable to ConocoPhillips | $ | 9,156 | 8,428 | 12,436 | ||||||||||
Investments In and Advances To Affiliates | ' | |||||||||||||
Investments In and Advances To Affiliates | ||||||||||||||
Alaska | $ | 53 | 56 | 58 | ||||||||||
Lower 48 and Latin America | 905 | 1,133 | 1,168 | |||||||||||
Canada | 10,273 | 9,973 | 9,045 | |||||||||||
Europe | 216 | 242 | 195 | |||||||||||
Asia Pacific and Middle East | 12,806 | 12,468 | 11,571 | |||||||||||
Other International | 68 | 61 | 339 | |||||||||||
Corporate and Other | 16 | 15 | 9 | |||||||||||
Discontinued operations | - | - | 10,275 | |||||||||||
Consolidated investments in and advances to affiliates | $ | 24,337 | 23,948 | 32,660 | ||||||||||
Total Assets | ' | |||||||||||||
Millions of Dollars | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Total Assets | ||||||||||||||
Alaska | $ | 11,662 | 10,950 | 10,723 | ||||||||||
Lower 48 and Latin America | 29,571 | 28,895 | 25,872 | |||||||||||
Canada | 22,394 | 22,308 | 20,847 | |||||||||||
Europe | 17,299 | 15,562 | 12,452 | |||||||||||
Asia Pacific and Middle East | 25,473 | 23,721 | 22,374 | |||||||||||
Other International | 1,610 | 1,418 | 1,542 | |||||||||||
Corporate and Other | 8,367 | 6,823 | 8,485 | |||||||||||
Discontinued operations | 1,681 | 7,467 | 50,935 | |||||||||||
Consolidated total assets | $ | 118,057 | 117,144 | 153,230 | ||||||||||
Capital Expenditures and Investments | ' | |||||||||||||
Capital Expenditures and Investments | ||||||||||||||
Alaska | $ | 1,140 | 828 | 774 | ||||||||||
Lower 48 and Latin America | 5,234 | 5,251 | 3,882 | |||||||||||
Canada | 2,232 | 2,184 | 1,761 | |||||||||||
Europe | 3,115 | 2,860 | 2,222 | |||||||||||
Asia Pacific and Middle East | 3,382 | 2,430 | 2,325 | |||||||||||
Other International | 252 | 415 | 8 | |||||||||||
Corporate and Other | 182 | 204 | 242 | |||||||||||
Consolidated capital expenditures and investments | $ | 15,537 | 14,172 | 11,214 | ||||||||||
Interest Income and Expense | ' | |||||||||||||
Interest Income and Expense | ||||||||||||||
Interest income | ||||||||||||||
Corporate | $ | 60 | 96 | 94 | ||||||||||
Lower 48 and Latin America | 43 | 47 | 51 | |||||||||||
Europe | 1 | - | - | |||||||||||
Asia Pacific and Middle East | 8 | 11 | 7 | |||||||||||
Other International | 1 | 9 | 18 | |||||||||||
Interest and debt expense | ||||||||||||||
Corporate | $ | 532 | 606 | 832 | ||||||||||
Canada | 80 | 103 | 122 | |||||||||||
Geographic Information | ' | |||||||||||||
Geographic Information | ||||||||||||||
Millions of Dollars | ||||||||||||||
Sales and Other Operating Revenues(1) | Long-Lived Assets(2) | |||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||
United States | $ | 27,954 | 28,901 | 32,790 | 37,593 | 35,443 | 33,750 | |||||||
Australia(3) | 3,571 | 3,371 | 3,458 | 13,450 | 13,483 | 12,572 | ||||||||
Canada | 4,647 | 4,553 | 5,326 | 21,380 | 21,304 | 20,083 | ||||||||
China | 2,120 | 1,499 | 2,154 | 2,143 | 2,408 | 2,449 | ||||||||
Indonesia | 2,083 | 2,198 | 2,076 | 1,780 | 1,662 | 1,726 | ||||||||
Malaysia | 281 | - | - | 3,406 | 1,832 | 1,349 | ||||||||
Norway | 4,323 | 5,059 | 5,755 | 8,089 | 7,288 | 5,918 | ||||||||
United Kingdom | 7,717 | 9,578 | 11,314 | 5,959 | 4,480 | 3,257 | ||||||||
Other foreign countries | 1,717 | 2,808 | 1,323 | 3,364 | 3,311 | 3,758 | ||||||||
Discontinued operations(4) | - | - | - | - | - | 31,978 | ||||||||
Worldwide consolidated | $ | 54,413 | 57,967 | 64,196 | 97,164 | 91,211 | 116,840 | |||||||
(1)Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | ||||||||||||||
(2)Defined as net PP&E plus investments in and advances to affiliated companies. | ||||||||||||||
(3)Includes amounts related to the joint petroleum development area with shared ownership held by Australia and Timor-Leste. | ||||||||||||||
(4)Represents the Downstream business. | ||||||||||||||
Sales and Other Operating Revenues by Product | ' | |||||||||||||
Sales and Other Operating Revenues by Product | ||||||||||||||
Crude oil | $ | 24,899 | 26,302 | 24,237 | ||||||||||
Natural gas | 22,539 | 25,163 | 29,915 | |||||||||||
Natural gas liquids | 2,111 | 2,416 | 3,101 | |||||||||||
Other* | 4,864 | 4,086 | 6,943 | |||||||||||
Consolidated sales and other operating revenues by product | $ | 54,413 | 57,967 | 64,196 | ||||||||||
*Includes LNG and bitumen. |
Supplementary_Information_Cond1
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||
Condensed Consolidated Income Statement | ' | |||||||||||||||
Millions of Dollars | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Income Statement | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 18,186 | - | - | 36,227 | - | 54,413 | ||||||||
Equity in earnings of affiliates | 8,374 | 9,200 | - | - | 2,611 | -17,966 | 2,219 | |||||||||
Gain on dispositions | - | 364 | - | - | 878 | - | 1,242 | |||||||||
Other income | 2 | 271 | - | - | 101 | - | 374 | |||||||||
Intercompany revenues | 82 | 458 | 13 | 305 | 4,948 | -5,806 | - | |||||||||
Total Revenues and Other Income | 8,458 | 28,479 | 13 | 305 | 44,765 | -23,772 | 58,248 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 15,779 | - | - | 11,812 | -4,948 | 22,643 | |||||||||
Production and operating expenses | - | 1,492 | - | - | 5,756 | -10 | 7,238 | |||||||||
Selling, general and administrative expenses | 11 | 623 | - | 1 | 238 | -19 | 854 | |||||||||
Exploration expenses | - | 659 | - | - | 573 | - | 1,232 | |||||||||
Depreciation, depletion and amortization | - | 907 | - | - | 6,527 | - | 7,434 | |||||||||
Impairments | - | 4 | - | - | 525 | - | 529 | |||||||||
Taxes other than income taxes | - | 236 | - | - | 2,648 | - | 2,884 | |||||||||
Accretion on discounted liabilities | - | 56 | - | - | 378 | - | 434 | |||||||||
Interest and debt expense | 630 | 327 | 12 | 235 | 237 | -829 | 612 | |||||||||
Foreign currency transaction (gains) losses | 52 | 3 | - | -349 | 236 | - | -58 | |||||||||
Total Costs and Expenses | 693 | 20,086 | 12 | -113 | 28,930 | -5,806 | 43,802 | |||||||||
Income from continuing operations before income taxes | 7,765 | 8,393 | 1 | 418 | 15,835 | -17,966 | 14,446 | |||||||||
Provision for income taxes | -213 | 19 | - | 31 | 6,572 | - | 6,409 | |||||||||
Income From Continuing Operations | 7,978 | 8,374 | 1 | 387 | 9,263 | -17,966 | 8,037 | |||||||||
Income from discontinued operations | 1,178 | 1,178 | - | - | 1,178 | -2,356 | 1,178 | |||||||||
Net income | 9,156 | 9,552 | 1 | 387 | 10,441 | -20,322 | 9,215 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -59 | - | -59 | |||||||||
Net Income Attributable to ConocoPhillips | $ | 9,156 | 9,552 | 1 | 387 | 10,382 | -20,322 | 9,156 | ||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 7,071 | 7,467 | 1 | 99 | 7,782 | -15,349 | 7,071 | ||||||||
Income Statement | Year Ended December 31, 2012 | |||||||||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 17,768 | - | - | 40,199 | - | 57,967 | ||||||||
Equity in earnings of affiliates* | 7,871 | 8,545 | - | - | 1,832 | -16,337 | 1,911 | |||||||||
Gain on dispositions | - | 2 | - | - | 1,655 | - | 1,657 | |||||||||
Other income (loss) | -76 | 177 | - | - | 368 | - | 469 | |||||||||
Intercompany revenues* | 61 | 1,077 | 46 | 313 | 2,997 | -4,494 | - | |||||||||
Total Revenues and Other Income | 7,856 | 27,569 | 46 | 313 | 47,051 | -20,831 | 62,004 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 15,680 | - | - | 13,000 | -3,448 | 25,232 | |||||||||
Production and operating expenses | - | 1,304 | - | - | 5,512 | -23 | 6,793 | |||||||||
Selling, general and administrative expenses | 12 | 845 | - | 1 | 258 | -10 | 1,106 | |||||||||
Exploration expenses | - | 402 | - | - | 1,098 | - | 1,500 | |||||||||
Depreciation, depletion and amortization | - | 807 | - | - | 5,773 | - | 6,580 | |||||||||
Impairments | - | 8 | - | - | 672 | - | 680 | |||||||||
Taxes other than income taxes | - | 264 | - | - | 3,282 | - | 3,546 | |||||||||
Accretion on discounted liabilities | - | 53 | - | - | 341 | - | 394 | |||||||||
Interest and debt expense* | 700 | 316 | 42 | 237 | 427 | -1,013 | 709 | |||||||||
Foreign currency transaction (gains) losses | -19 | 19 | - | 152 | -111 | - | 41 | |||||||||
Total Costs and Expenses | 693 | 19,698 | 42 | 390 | 30,252 | -4,494 | 46,581 | |||||||||
Income (loss) from continuing operations before income taxes | 7,163 | 7,871 | 4 | -77 | 16,799 | -16,337 | 15,423 | |||||||||
Provision for income taxes | -248 | -1 | 1 | 9 | 8,181 | - | 7,942 | |||||||||
Income (Loss) From Continuing Operations | 7,411 | 7,872 | 3 | -86 | 8,618 | -16,337 | 7,481 | |||||||||
Income from discontinued operations | 1,017 | 1,017 | - | - | 777 | -1,794 | 1,017 | |||||||||
Net income (loss) | 8,428 | 8,889 | 3 | -86 | 9,395 | -18,131 | 8,498 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -70 | - | -70 | |||||||||
Net Income (Loss) Attributable to ConocoPhillips | $ | 8,428 | 8,889 | 3 | -86 | 9,325 | -18,131 | 8,428 | ||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 9,055 | 9,516 | 3 | 24 | 9,560 | -19,103 | 9,055 | ||||||||
*"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany Revenues" lines for | ||||||||||||||||
ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Income Statement | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 20,606 | - | - | 43,590 | - | 64,196 | ||||||||
Equity in earnings of affiliates* | 7,600 | 7,317 | - | - | 1,312 | -14,990 | 1,239 | |||||||||
Gain on dispositions | - | 261 | - | - | 109 | - | 370 | |||||||||
Other income | - | 98 | - | - | 166 | - | 264 | |||||||||
Intercompany revenues* | 4 | 1,406 | 46 | 328 | 1,766 | -3,550 | - | |||||||||
Total Revenues and Other Income | 7,604 | 29,688 | 46 | 328 | 46,943 | -18,540 | 66,069 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 17,944 | - | - | 14,287 | -2,434 | 29,797 | |||||||||
Production and operating expenses | - | 1,126 | - | - | 5,363 | -63 | 6,426 | |||||||||
Selling, general and administrative expenses | 13 | 607 | - | 1 | 253 | -9 | 865 | |||||||||
Exploration expenses | - | 333 | - | - | 705 | - | 1,038 | |||||||||
Depreciation, depletion and amortization | - | 867 | - | - | 5,960 | - | 6,827 | |||||||||
Impairments | - | 38 | - | - | 283 | - | 321 | |||||||||
Taxes other than income taxes | - | 292 | - | - | 3,707 | - | 3,999 | |||||||||
Accretion on discounted liabilities | - | 48 | - | - | 374 | - | 422 | |||||||||
Interest and debt expense* | 726 | 448 | 42 | 220 | 562 | -1,044 | 954 | |||||||||
Foreign currency transaction (gains) losses | - | -16 | - | 37 | 3 | - | 24 | |||||||||
Total Costs and Expenses | 739 | 21,687 | 42 | 258 | 31,497 | -3,550 | 50,673 | |||||||||
Income from continuing operations before income taxes | 6,865 | 8,001 | 4 | 70 | 15,446 | -14,990 | 15,396 | |||||||||
Provision for income taxes | -257 | 401 | 1 | - | 8,063 | - | 8,208 | |||||||||
Income From Continuing Operations | 7,122 | 7,600 | 3 | 70 | 7,383 | -14,990 | 7,188 | |||||||||
Income from discontinued operations | 5,314 | 5,314 | - | - | 4,868 | -10,182 | 5,314 | |||||||||
Net income | 12,436 | 12,914 | 3 | 70 | 12,251 | -25,172 | 12,502 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -66 | - | -66 | |||||||||
Net Income Attributable to ConocoPhillips | $ | 12,436 | 12,914 | 3 | 70 | 12,185 | -25,172 | 12,436 | ||||||||
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ | 10,749 | 11,227 | 3 | -28 | 10,973 | -22,175 | 10,749 | ||||||||
*"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany revenues" lines | ||||||||||||||||
for ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. | ||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||
Millions of Dollars | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | - | 2,434 | - | 229 | 3,583 | - | 6,246 | ||||||||
Short-term investments | - | - | - | - | 272 | - | 272 | |||||||||
Accounts and notes receivable | 73 | 2,122 | 2 | - | 9,267 | -2,977 | 8,487 | |||||||||
Inventories | - | 174 | - | - | 1,020 | - | 1,194 | |||||||||
Prepaid expenses and other current assets | 20 | 535 | - | 35 | 2,311 | -77 | 2,824 | |||||||||
Total Current Assets | 93 | 5,265 | 2 | 264 | 16,453 | -3,054 | 19,023 | |||||||||
Investments, loans and long-term receivables(1) | 86,836 | 100,052 | - | 4,259 | 34,795 | -200,678 | 25,264 | |||||||||
Net properties, plants and equipment | - | 9,313 | - | - | 63,514 | - | 72,827 | |||||||||
Other assets | 38 | 260 | - | 103 | 1,394 | -852 | 943 | |||||||||
Total Assets | $ | 86,967 | 114,890 | 2 | 4,626 | 116,156 | -204,584 | 118,057 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accounts payable | $ | - | 3,388 | - | 4 | 8,899 | -2,977 | 9,314 | ||||||||
Short-term debt | 395 | 4 | - | 5 | 185 | - | 589 | |||||||||
Accrued income and other taxes | - | 223 | - | - | 2,517 | -27 | 2,713 | |||||||||
Employee benefit obligations | - | 566 | - | - | 276 | - | 842 | |||||||||
Other accruals | 210 | 639 | - | 81 | 790 | -49 | 1,671 | |||||||||
Total Current Liabilities | 605 | 4,820 | - | 90 | 12,667 | -3,053 | 15,129 | |||||||||
Long-term debt | 9,047 | 5,208 | - | 2,980 | 3,838 | - | 21,073 | |||||||||
Asset retirement obligations and accrued environmental costs | - | 1,289 | - | - | 8,594 | - | 9,883 | |||||||||
Deferred income taxes | 94 | 557 | - | - | 14,569 | - | 15,220 | |||||||||
Employee benefit obligations | - | 1,791 | - | - | 668 | - | 2,459 | |||||||||
Other liabilities and deferred credits(1) | 31,693 | 9,422 | - | 1,603 | 22,204 | -63,121 | 1,801 | |||||||||
Total Liabilities | 41,439 | 23,087 | - | 4,673 | 62,540 | -66,174 | 65,565 | |||||||||
Retained earnings | 34,636 | 31,835 | - | -1,500 | 12,848 | -36,659 | 41,160 | |||||||||
Other common stockholders’ equity | 10,892 | 59,968 | 2 | 1,453 | 40,366 | -101,751 | 10,930 | |||||||||
Noncontrolling interests | - | - | - | - | 402 | - | 402 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 86,967 | 114,890 | 2 | 4,626 | 116,156 | -204,584 | 118,057 | ||||||||
Balance Sheet | At December 31, 2012 | |||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | ||||||||
Restricted cash | 748 | - | - | - | - | - | 748 | |||||||||
Accounts and notes receivable | 64 | 2,711 | - | - | 11,503 | -5,096 | 9,182 | |||||||||
Inventories | - | 57 | - | - | 908 | - | 965 | |||||||||
Prepaid expenses and other current assets | 20 | 848 | - | 30 | 8,659 | -81 | 9,476 | |||||||||
Total Current Assets | 834 | 3,628 | 6 | 89 | 24,609 | -5,177 | 23,989 | |||||||||
Investments, loans and long-term receivables(1) (2) | 79,428 | 107,926 | 760 | 4,551 | 49,488 | -217,147 | 25,006 | |||||||||
Net properties, plants and equipment | - | 8,771 | - | - | 58,492 | - | 67,263 | |||||||||
Other assets | 55 | 216 | - | 163 | 1,654 | -1,202 | 886 | |||||||||
Total Assets | $ | 80,317 | 120,541 | 766 | 4,803 | 134,243 | -223,526 | 117,144 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accounts payable | $ | - | 5,532 | - | 15 | 9,562 | -5,096 | 10,013 | ||||||||
Short-term debt | -5 | 4 | 751 | 5 | 200 | - | 955 | |||||||||
Accrued income and other taxes | - | 104 | - | - | 3,291 | -29 | 3,366 | |||||||||
Employee benefit obligations | - | 485 | - | - | 257 | - | 742 | |||||||||
Other accruals | 210 | 636 | 9 | 90 | 1,474 | -52 | 2,367 | |||||||||
Total Current Liabilities | 205 | 6,761 | 760 | 110 | 14,784 | -5,177 | 17,443 | |||||||||
Long-term debt | 9,453 | 5,215 | - | 2,985 | 3,117 | - | 20,770 | |||||||||
Asset retirement obligations and accrued environmental costs | - | 1,250 | - | - | 7,697 | - | 8,947 | |||||||||
Joint venture acquisition obligation | - | - | - | - | 2,810 | - | 2,810 | |||||||||
Deferred income taxes | 15 | 598 | - | 23 | 12,549 | - | 13,185 | |||||||||
Employee benefit obligations | - | 2,464 | - | - | 882 | - | 3,346 | |||||||||
Other liabilities and deferred credits(1) (2) | 29,220 | 19,917 | - | 1,830 | 24,953 | -73,704 | 2,216 | |||||||||
Total Liabilities | 38,893 | 36,205 | 760 | 4,948 | 66,792 | -78,881 | 68,717 | |||||||||
Retained earnings(2) | 28,814 | 22,283 | 3 | -1,887 | 24,541 | -38,416 | 35,338 | |||||||||
Other common stockholders’ equity | 12,610 | 62,053 | 3 | 1,742 | 42,470 | -106,229 | 12,649 | |||||||||
Noncontrolling interests | - | - | - | - | 440 | - | 440 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 80,317 | 120,541 | 766 | 4,803 | 134,243 | -223,526 | 117,144 | ||||||||
(1)Includes intercompany loans. | ||||||||||||||||
(2)Revised to reflect adjustments to intercompany interest for ConocoPhillips, ConocoPhillips Company, and All Other Subsidiaries, and to reduce "Investments, loans and long-term receivables" and Retained earnings" in the All Other Subsidiaries column to conform to current-year presentation. There was no impact to Total Consolidated balances. | ||||||||||||||||
Condensed Consolidated Statement of Cash Flows | ' | |||||||||||||||
Millions of Dollars | ||||||||||||||||
Statement of Cash Flows | Year Ended December 31, 2013 | |||||||||||||||
ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | -295 | 22,996 | -2 | 1 | 14,387 | -21,286 | 15,801 | ||||||||
Net cash provided by discontinued operations | - | 91 | - | - | 643 | -448 | 286 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -295 | 23,087 | -2 | 1 | 15,030 | -21,734 | 16,087 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -4,821 | - | - | -13,566 | 2,850 | -15,537 | |||||||||
Proceeds from asset dispositions | - | 2,633 | - | - | 9,745 | -2,158 | 10,220 | |||||||||
Net purchases of short-term investments | - | - | - | - | -263 | - | -263 | |||||||||
Long-term advances/loans—related parties | - | -342 | - | - | -545 | 887 | - | |||||||||
Collection of advances/loans—related parties | - | 174 | 750 | 169 | 3,010 | -3,958 | 145 | |||||||||
Intercompany cash management | 2,511 | -15,919 | - | - | 13,408 | - | - | |||||||||
Other | - | 21 | - | - | -233 | - | -212 | |||||||||
Net cash provided by (used in) continuing investing activities | 2,511 | -18,254 | 750 | 169 | 11,556 | -2,379 | -5,647 | |||||||||
Net cash used in discontinued operations | - | -52 | - | - | -604 | 52 | -604 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 2,511 | -18,306 | 750 | 169 | 10,952 | -2,327 | -6,251 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | 522 | - | - | 365 | -887 | - | |||||||||
Repayment of debt | - | -2,924 | -750 | - | -1,230 | 3,958 | -946 | |||||||||
Change in restricted cash | 748 | - | - | - | - | - | 748 | |||||||||
Issuance of company common stock | 365 | - | - | - | - | -345 | 20 | |||||||||
Dividends paid | -3,334 | - | -4 | - | -21,984 | 21,988 | -3,334 | |||||||||
Other | 3 | 52 | - | - | -2,984 | -692 | -3,621 | |||||||||
Net cash used in continuing financing activities | -2,218 | -2,350 | -754 | - | -25,833 | 24,022 | -7,133 | |||||||||
Net cash used in discontinued operations | - | - | - | - | -39 | 39 | - | |||||||||
Net Cash Used in Financing Activities | -2,218 | -2,350 | -754 | - | -25,872 | 24,061 | -7,133 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | -9 | - | - | -66 | - | -75 | |||||||||
Net Change in Cash and Cash Equivalents | -2 | 2,422 | -6 | 170 | 44 | - | 2,628 | |||||||||
Cash and cash equivalents at beginning of period | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | |||||||||
Cash and Cash Equivalents at End of Period | $ | - | 2,434 | - | 229 | 3,583 | - | 6,246 | ||||||||
Statement of Cash Flows | Year Ended December 31, 2012* | |||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | -456 | 6,470 | 5 | -2 | 15,748 | -8,307 | 13,458 | ||||||||
Net cash provided by (used in) discontinued operations | - | 6,201 | - | - | -1,355 | -4,382 | 464 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -456 | 12,671 | 5 | -2 | 14,393 | -12,689 | 13,922 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -1,323 | - | - | -12,433 | -416 | -14,172 | |||||||||
Proceeds from asset dispositions | - | 16,505 | - | - | 2,126 | -16,499 | 2,132 | |||||||||
Net sales of short-term investments | - | - | - | - | 597 | - | 597 | |||||||||
Long-term advances/loans—related parties | - | -378 | - | - | -8,272 | 8,650 | - | |||||||||
Collection of advances/loans—related parties | - | 1,193 | - | 6 | 5,884 | -6,969 | 114 | |||||||||
Intercompany cash management | 3,840 | -16,040 | - | - | 12,200 | - | - | |||||||||
Other | - | 442 | - | - | 379 | - | 821 | |||||||||
Net cash provided by continuing investing activities | 3,840 | 399 | - | 6 | 481 | -15,234 | -10,508 | |||||||||
Net cash provided by (used in) discontinued operations | -303 | -11,292 | - | - | 14,241 | -3,765 | -1,119 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 3,537 | -10,893 | - | 6 | 14,722 | -18,999 | -11,627 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | 10,285 | - | - | 361 | -8,650 | 1,996 | |||||||||
Repayment of debt | -2,474 | -5,833 | - | - | -1,227 | 6,969 | -2,565 | |||||||||
Special cash distribution from Phillips 66 | 7,818 | - | - | - | - | - | 7,818 | |||||||||
Change in restricted cash | -748 | - | - | - | - | - | -748 | |||||||||
Issuance of company common stock | 701 | - | - | - | - | -563 | 138 | |||||||||
Repurchase of company common stock | -5,098 | - | - | - | - | - | -5,098 | |||||||||
Dividends paid | -3,278 | - | - | - | -7,645 | 7,645 | -3,278 | |||||||||
Other | - | 118 | - | - | -17,339 | 16,496 | -725 | |||||||||
Net cash provided by (used in) continuing financing activities | -3,079 | 4,570 | - | - | -25,850 | 21,897 | -2,462 | |||||||||
Net cash used in discontinued operations | - | -8,327 | - | - | -3,483 | 9,791 | -2,019 | |||||||||
Net Cash Used in Financing Activities | -3,079 | -3,757 | - | - | -29,333 | 31,688 | -4,481 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | -37 | - | - | 61 | - | 24 | |||||||||
Net Change in Cash and Cash Equivalents | 2 | -2,016 | 5 | 4 | -157 | - | -2,162 | |||||||||
Cash and cash equivalents at beginning of period | - | 2,028 | 1 | 55 | 3,696 | - | 5,780 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | ||||||||
*Revised to reflect intercompany cash management activities previously presented as cash flows from continuing operating activities as both continuing activities and discontinued operations in | ||||||||||||||||
"Cash Flows From Investing Activities" and "Cash Flows From Financing Activities." There was no impact to Total Consolidated balances. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Statement of Cash Flows | Year Ended December 31, 2011* | |||||||||||||||
ConocoPhillips | ConocoPhillips Company | ConocoPhillips Australia Funding Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | -502 | 6,415 | 1 | -273 | 14,179 | -5,867 | 13,953 | ||||||||
Net cash provided by discontinued operations | - | -2,048 | - | - | 4,691 | 3,050 | 5,693 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -502 | 4,367 | 1 | -273 | 18,870 | -2,817 | 19,646 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -1,504 | - | - | -9,710 | - | -11,214 | |||||||||
Proceeds from asset dispositions | - | 318 | - | - | 1,874 | - | 2,192 | |||||||||
Net sales of short-term investments | - | - | - | - | 400 | - | 400 | |||||||||
Long-term advances/loans—related parties | - | -831 | - | -4 | -5,334 | 6,169 | - | |||||||||
Collection of advances/loans—related parties | - | 909 | - | - | 8,338 | -9,149 | 98 | |||||||||
Intercompany cash management | 14,643 | -11,516 | - | - | -3,127 | - | ||||||||||
Other | - | 6 | - | - | 44 | - | 50 | |||||||||
Net cash provided by (used in) continuing investing activities | 14,643 | -12,618 | - | -4 | -7,515 | -2,980 | -8,474 | |||||||||
Net cash provided by (used in) discontinued operations | - | 5,360 | - | - | -12,101 | 8,200 | 1,459 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 14,643 | -7,258 | - | -4 | -19,616 | 5,220 | -7,015 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | 4,558 | - | 784 | 827 | -6,169 | - | |||||||||
Repayment of debt | - | -8,657 | - | -500 | -926 | 9,149 | -934 | |||||||||
Issuance of company common stock | 623 | - | - | - | - | -527 | 96 | |||||||||
Repurchase of company common stock | -11,123 | - | - | - | - | - | -11,123 | |||||||||
Dividends paid | -3,632 | - | - | - | -3,031 | 3,031 | -3,632 | |||||||||
Other | -9 | 119 | - | - | -794 | - | -684 | |||||||||
Net cash provided by (used in) continuing financing activities | -14,141 | -3,980 | - | 284 | -3,924 | 5,484 | -16,277 | |||||||||
Net cash provided by (used in) discontinued operations | - | 8,182 | - | - | -323 | -7,887 | -28 | |||||||||
Net Cash Provided by (Used in) Financing Activities | -14,141 | 4,202 | - | 284 | -4,247 | -2,403 | -16,305 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | -1 | - | 2 | -1 | - | - | |||||||||
Net Change in Cash and Cash Equivalents | - | 1,310 | 1 | 9 | -4,994 | - | -3,674 | |||||||||
Cash and cash equivalents at beginning of period | - | 718 | - | 46 | 8,690 | - | 9,454 | |||||||||
Cash and Cash Equivalents at End of Period | $ | - | 2,028 | 1 | 55 | 3,696 | - | 5,780 | ||||||||
*Revised to reflect intercompany cash management activities previously presented as cash flows from continuing operating activities as both continuing activities and discontinued | ||||||||||||||||
operations in "Cash Flows From Investing Activities" and "Cash Flows From Financing Activities." There was no impact to Total Consolidated balances. |
Schedule_ll_Tables
Schedule ll (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||
Schedule Of Valuation And Qualifying Accounts Disclosure [Table Text Block] | ' | |||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Consolidated) | ||||||||||||
ConocoPhillips | ||||||||||||
Millions of Dollars | ||||||||||||
Balance at | Charged to | Balance at | ||||||||||
Description | 1-Jan | Expense | Other | (a) | Deductions | 31-Dec | ||||||
2013 | ||||||||||||
Deducted from asset accounts: | ||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 10 | - | - | -2 | (b) | 8 | |||||
Deferred tax asset valuation allowance | 1,345 | -357 | 3 | -22 | 969 | |||||||
Included in other liabilities: | ||||||||||||
Restructuring accruals | 17 | 10 | -1 | -7 | (c) | 19 | ||||||
2012 | ||||||||||||
Deducted from asset accounts: | ||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 30 | -4 | -13 | -3 | (b) | 10 | |||||
Deferred tax asset valuation allowance | 1,487 | 369 | -447 | -64 | 1,345 | |||||||
Included in other liabilities: | ||||||||||||
Restructuring accruals | 48 | 9 | -5 | -35 | (c) | 17 | ||||||
2011 | ||||||||||||
Deducted from asset accounts: | ||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 32 | 2 | - | -4 | (b) | 30 | |||||
Deferred tax asset valuation allowance | 1,400 | 174 | -31 | -56 | 1,487 | |||||||
Included in other liabilities: | ||||||||||||
Restructuring accruals | 105 | 25 | -1 | -81 | (c) | 48 | ||||||
(a)Represents acquisitions/dispositions/revisions and the effect of translating foreign financial statements. | ||||||||||||
(b)Amounts charged off less recoveries of amounts previously charged off. | ||||||||||||
(c)Benefit payments. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Sales and other operating revenues and income (loss) from discontinued operations | ' | ' | ' | |||
Income tax expense (benefit) | $283 | $745 | $2,291 | |||
Income from discontinued operations | 1,178 | [1] | 1,017 | [1] | 5,314 | [1] |
Phillips 66 [Member] | ' | ' | ' | |||
Sales and other operating revenues and income (loss) from discontinued operations | ' | ' | ' | |||
Sales and other operating revenues from discontinued operations | ' | 62,109 | 196,068 | |||
Discontinued operation, income | ' | 1,768 | 6,776 | |||
Income tax expense (benefit) | ' | 534 | 1,729 | |||
Income from discontinued operations | ' | 1,234 | 5,047 | |||
Kashagan, Algeria and Nigeria [Member] | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | |||
Accounts and notes receivable | 376 | 268 | ' | |||
Accounts and notes receivable-related parties | ' | 1 | ' | |||
Inventories | 9 | 44 | ' | |||
Prepaid expenses and other current assets | 72 | 220 | ' | |||
Total current assets of discontinued operations | 457 | 533 | ' | |||
Disposal Group Investments And Long Term Receivables | 60 | 272 | ' | |||
Loans and advances-related parties | 7 | 29 | ' | |||
Net properties, plants and equipment | 1,154 | 6,629 | ' | |||
Other assets | 1 | 4 | ' | |||
Total assets of discontinued operations | 1,679 | 7,467 | ' | |||
Liabilities [Abstract] | ' | ' | ' | |||
Accounts payable | 419 | 471 | ' | |||
Accrued income and other taxes | 72 | 125 | ' | |||
Total current liabilities of discontinued operations | 491 | 596 | ' | |||
Asset retirement obligations and accrued environmental costs | 14 | 131 | ' | |||
Deferred income taxes | 765 | 759 | ' | |||
Total liabilities of discontinued operations | 1,270 | 1,486 | ' | |||
Sales and other operating revenues and income (loss) from discontinued operations | ' | ' | ' | |||
Sales and other operating revenues from discontinued operations | 1,185 | 1,369 | 1,560 | |||
Discontinued operation, income | 1,461 | -6 | 829 | |||
Income tax expense (benefit) | 283 | 211 | 562 | |||
Income from discontinued operations | $1,178 | ($217) | $267 | |||
[1] | *Net of provision for income taxes on discontinued operations of: $283, $745, $2,291 |
Discontinued_Operations_Textua
Discontinued Operations - Textuals (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | ||||
Phillips 66 [Member] | Phillips 66 [Member] | Kashagan [Member] | Kashagan [Member] | Algeria [Member] | Algeria [Member] | Nigeria [Member] | Nigeria [Member] | Kashagan Algeria Nigeria [Member] | Brass [Member] | Nigeria Upstream Affiliates [Member] | Nigeria Upstream Affiliates [Member] | |||||||
Separation of Downstream Business (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Special cash distribution from Phillips 66 | ' | $7,818,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted cash | ' | 748,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Separation costs incurred | ' | ' | ' | 70,000,000 | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales and other operating revenues | 54,413,000,000 | [1] | 57,967,000,000 | [1] | 64,196,000,000 | [1] | 4,973,000,000 | 15,822,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Purchased Oil and Gas | 22,643,000,000 | 25,232,000,000 | 29,797,000,000 | 166,000,000 | 516,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other Discontinued Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percent interest | ' | ' | ' | ' | ' | 8.40% | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | |||
Expected Proceeds From Sale Of Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | 1,500,000,000 | ' | |||
Impairment of asset held for sale | ' | 798,000,000 | ' | ' | ' | 43,000,000 | 606,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Carrying value | ' | 6,116,000,000 | [2] | ' | ' | ' | ' | ' | ' | ' | 409,000,000 | ' | ' | ' | ' | ' | ||
Deposit | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | 435,000,000 | ' | ' | 15,000,000 | 50,000,000 | |||
Total Deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | |||
Noncurrent assets reclassified to current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,215,000,000 | ' | ' | ' | |||
Proceeds from asset dispositions | ' | ' | ' | ' | ' | 5,392,000,000 | ' | 1,652,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Gain on sale, before tax | ' | ' | ' | ' | ' | 22,000,000 | ' | 938,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Carrying value at disposal | ' | ' | ' | ' | ' | 5,370,000,000 | ' | 714,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Other current assets at disposal | ' | ' | ' | ' | ' | 212,000,000 | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Long-term receivables at disposal | ' | ' | ' | ' | ' | 239,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount of PP&E in carrying value of asset | ' | ' | ' | ' | ' | 5,149,000,000 | ' | 883,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Other current liabilities at disposal | ' | ' | ' | ' | ' | 144,000,000 | ' | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Amount of deferred taxes in carrying value of asset | ' | ' | ' | ' | ' | ' | ' | 139,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Asset retirement obligation at disposal | ' | ' | ' | ' | ' | $86,000,000 | ' | $37,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | |||||||||||||||||
[2] | *Represents the fair value at the time of the impairment. |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Freeport GP [Member] | ' | ' |
Variable Interest Entities (VIEs) (Textual) [Abstract] | ' | ' |
Ownership percentage in equity investment | 50.00% | ' |
Freeport LNG [Member] | ' | ' |
Variable Interest Entities (VIEs) (Textual) [Abstract] | ' | ' |
Long-term agreement with Freeport LNG to use LNG regasification capacity, cubic feet per day | 900,000,000 | ' |
Loan balance outstanding | $506 | $565 |
Prepaid balance of terminal use agreement | 282 | ' |
Expected Termination Payment | 600 | ' |
Expected After Tax Charge | $540 | ' |
Expected Long Term Agreement To Use Regasification Capacity Cubic Feet Per Day | 400,000,000 | ' |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories | ' | ' |
Crude oil and natural gas | $452 | $244 |
Materials, supplies and other | 742 | 721 |
Total Inventories | 1,194 | 965 |
Inventories (Textual) [Abstract] | ' | ' |
Inventories valued on the LIFO basis | 343 | 147 |
Excess of current replacement cost over LIFO cost of inventories | 160 | 200 |
Effect of LIFO Inventory Liquidation on Income | $0 | ' |
Assets_Held_for_Sale_or_Sold_D
Assets Held for Sale or Sold (Details) (USD $) | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Cedar Creek Anticline [Member] | Browse And Canning Basins [Member] | Clyden [Member] | Phoenix Park Gas Processors Limited [Member] | Vietnam Exploration and Production Equipment [Member] | Statfjord [Member] | Alba [Member] | NMNG [Member] | Lukoil [Member] | |
Assets Held for Sale or Sold (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from asset dispositions | $994 | $402 | $724 | ' | $1,095 | $228 | $220 | ' | $1,243 |
Gain (Loss) on Sale of Oil and Gas Property | -43 | ' | 614 | ' | 931 | 429 | 155 | ' | 360 |
Net carrying value | 1,037 | ' | 110 | ' | 164 | -201 | 65 | ' | ' |
Amount of PP&E in carrying value of asset | 1,066 | 486 | ' | ' | 352 | 205 | 160 | ' | ' |
Amount of deferred taxes in carrying value of asset | ' | ' | ' | ' | 145 | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 39.00% | ' | ' | ' | 30.00% | ' |
Equity Method Investment Sales Proceeds | ' | ' | ' | 593 | ' | ' | ' | 450 | ' |
Carrying Value of Equity Investment Sold | ' | ' | ' | 176 | ' | ' | ' | 244 | ' |
Gain (Loss) on sale of equity investment | ' | ' | ' | 417 | ' | ' | ' | 206 | ' |
Asset retirement obligation at disposal | $28 | ' | ' | ' | $69 | $445 | $86 | ' | ' |
Investments_Loans_and_LT_Recei
Investments, Loans and LT Receivables Components (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components of investments, loans and long-term receivables | ' | ' |
Equity investments | $22,980 | $22,431 |
Loans and advances-related parties | 1,357 | 1,517 |
Long-term receivables | 470 | 609 |
Other investments | 457 | 449 |
Total | $25,264 | $25,006 |
Investments_Loans_and_LT_Recei1
Investments, Loans and LT Receivables - Financial Info (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summarized financial information for equity method investments in affiliated companies | ' | ' | ' |
Revenues | $18,035 | $17,903 | $77,263 |
Income before income taxes | 6,384 | 5,986 | 11,958 |
Net income | 6,125 | 5,767 | 11,089 |
Current assets | 9,073 | 11,510 | ' |
Noncurrent assets | 51,674 | 46,743 | ' |
Current liabilities | 3,416 | 3,721 | ' |
Noncurrent liabilities | $13,850 | $9,698 | ' |
Investments_Loans_and_LT_Recei2
Investments, Loans and LT Receivables Textuals (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Undistributed earnings of affiliates in retained earnings | $1,358,000,000 | ' | ' | ' |
Dividends received from affiliates | 1,425,000,000 | 1,351,000,000 | 3,670,000,000 | ' |
Project finance facility | 7,500,000,000 | ' | ' | ' |
Book value of equity method investment | 22,980,000,000 | 22,431,000,000 | ' | ' |
Cumulative translation effect | 2,826,000,000 | 5,512,000,000 | 5,223,000,000 | 6,140,000,000 |
Initial acquisition obligation to joint venture | 7,500,000,000 | ' | ' | ' |
Time period for contribution | '10 years | ' | ' | ' |
Australia Pacific APLNG [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Ownership percentage in equity investment | ' | 37.50% | 42.50% | ' |
Gain (Loss) on sale of equity investment | ' | 133,000,000 | 279,000,000 | ' |
Carrying Value of Equity Investment Sold | ' | 453,000,000 | 795,000,000 | ' |
Reduction in currency translation adjustment associated with investment | ' | 320,000,000 | 516,000,000 | ' |
Maximum capacity of second LNG production train | ' | 4,500,000 | ' | ' |
Project finance facility | ' | 8,500,000,000 | ' | ' |
Book value of equity method investment | 10,766,000,000 | ' | ' | ' |
Cumulative translation effect | 1,159,000,000 | ' | ' | ' |
Historical cost basis | 5,160,000,000 | ' | ' | ' |
Difference between estimated value and book value of equity method investment | 5,606,000,000 | ' | ' | ' |
Amortizable portion of the basis difference in properties, plants and equipment | 4,022,000,000 | ' | ' | ' |
Annual amortization of basis difference | 16,000,000 | 19,000,000 | 17,000,000 | ' |
Amount drawn from project finance facility | 7,300,000,000 | ' | ' | ' |
Australia Pacific APLNG [Member] | Export-Import Bank of US [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Project finance facility | ' | 2,900,000,000 | ' | ' |
Australia Pacific APLNG [Member] | Export-Import Bank of China [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Project finance facility | ' | 2,700,000,000 | ' | ' |
Australia Pacific APLNG [Member] | Australian and International Commercial Bank Syndicate [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Project finance facility | ' | 2,900,000,000 | ' | ' |
Australia Pacific APLNG [Member] | Origin Energy [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Interest Of Others | ' | 37.50% | 42.50% | ' |
Australia Pacific APLNG [Member] | Sinopec [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Interest Of Others | ' | 25.00% | 15.00% | ' |
Volumes In Aplng Sales Agreement | ' | 3,300,000 | 4,300,000 | ' |
Number of years for LNG supply | ' | ' | '20 years | ' |
Australia Pacific APLNG [Member] | Kansai Electric [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Volumes In Aplng Sales Agreement | ' | 1,000,000 | ' | ' |
FCCL [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Ownership percentage in equity investment | 50.00% | ' | ' | ' |
Book value of equity method investment | 10,273,000,000 | ' | ' | ' |
Initial acquisition obligation to joint venture | 7,500,000,000 | ' | ' | ' |
FCCL [Member] | Cenovus Energy Inc. [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Interest Of Others | 50.00% | ' | ' | ' |
QG 3 [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Ownership percentage in equity investment | 30.00% | ' | ' | ' |
Project finance facility | 4,000,000,000 | ' | ' | ' |
Book value of equity method investment | 1,041,000,000 | ' | ' | ' |
Loans to related parties - project financing | 1,005,000,000 | ' | ' | ' |
Percentage of interest in terminal and pipeline use agreements | 12.40% | ' | ' | ' |
QG 3 [Member] | Export credit agencies [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Project finance facility | 1,300,000,000 | ' | ' | ' |
QG 3 [Member] | Commerical Banks [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Project finance facility | 1,500,000,000 | ' | ' | ' |
QG 3 [Member] | Conoco Philips [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Project finance facility | 1,200,000,000 | ' | ' | ' |
QG 3 [Member] | Qatar Petroleum [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Interest Of Others | 68.50% | ' | ' | ' |
QG 3 [Member] | Mitsui & Co, Ltd. [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Interest Of Others | 1.50% | ' | ' | ' |
Freeport LNG [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Loans to related parties - project financing | $506,000,000 | $565,000,000 | ' | ' |
Suspended_Wells_Net_Changes_in
Suspended Wells Net Changes in Well Costs (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net changes in suspended Exploratory well costs | ' | ' | ' | ||
Beginning balance | $1,038 | [1] | $1,037 | $1,013 | |
Additions pending the determination of proved reserves | 466 | 185 | 96 | ||
Reclassifications to proved properties | -29 | -144 | -72 | ||
Sales of suspended well investment | -481 | -18 | ' | ||
Charged to dry hole expense | ' | -22 | ' | ||
Ending balance | 994 | [2] | 1,038 | [1] | 1,037 |
Assets Held for Sale [Line Items] | ' | ' | ' | ||
Capitalized exploratory well costs in assets held for sale | 57 | 190 | ' | ||
Kazakhstan [Member] | ' | ' | ' | ||
Assets Held for Sale [Line Items] | ' | ' | ' | ||
Capitalized exploratory well costs in assets held for sale | ' | 133 | ' | ||
Nigeria [Member] | ' | ' | ' | ||
Assets Held for Sale [Line Items] | ' | ' | ' | ||
Capitalized exploratory well costs in assets held for sale | ' | $57 | ' | ||
[1] | **Includes $190 million of assets held for saleb$133 million in Kazakhstan and $57 million in Nigeria. | ||||
[2] | B B B *Includes $57 million of assets held for sale in Nigeria. |
Suspended_Wells_Aging_of_suspe
Suspended Wells - Aging of suspended well balances (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | numberofprojects | numberofprojects | numberofprojects | |||
Aging of suspended well cost | ' | ' | ' | ' | ||
Exploratory well costs capitalized for a period of one year or less | $437 | $186 | $115 | ' | ||
Exploratory well costs capitalized for a period greater than one year | 557 | 852 | 922 | ' | ||
Ending balance | $994 | [1] | $1,038 | [2] | $1,037 | $1,013 |
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year | 29 | 35 | 40 | ' | ||
[1] | B B B *Includes $57 million of assets held for sale in Nigeria. | |||||
[2] | **Includes $190 million of assets held for saleb$133 million in Kazakhstan and $57 million in Nigeria. |
Suspended_WellsExploratory_Cap
Suspended Wells-Exploratory Capitalized Well Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | $557 | $852 | $922 | |
2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 166 | ' | ' | |
2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 242 | ' | ' | |
2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 149 | ' | ' | |
Alpine Satellite-Alaska [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 23 | [1] | ' | ' |
Alpine Satellite-Alaska [Member] | 2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 23 | [1] | ' | ' |
Browse Basin-Australia[Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 18 | [2] | ' | ' |
Browse Basin-Australia[Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 13 | [2] | ' | ' |
Browse Basin-Australia[Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 5 | [2] | ' | ' |
Caldita/Barossa-Australia [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 77 | [2] | ' | ' |
Caldita/Barossa-Australia [Member] | 2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 77 | [2] | ' | ' |
Clair SW-UK [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 15 | [2] | ' | ' |
Clair SW-UK [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 15 | [2] | ' | ' |
Fiord West-Alaska [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 16 | [1] | ' | ' |
Fiord West-Alaska [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 16 | [1] | ' | ' |
Muskwa-Canada [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 54 | [2] | ' | ' |
Muskwa-Canada [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 54 | [2] | ' | ' |
NPR-A-Alaska [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 17 | [1] | ' | ' |
NPR-A-Alaska [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 17 | [1] | ' | ' |
Nza-Nigeria [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 12 | [1],[3] | ' | ' |
Nza-Nigeria [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 12 | [1],[3] | ' | ' |
Pisagan-Malaysia [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 10 | [1] | ' | ' |
Pisagan-Malaysia [Member] | 2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 10 | [1] | ' | ' |
Saleski-Canada [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 17 | [2] | ' | ' |
Saleski-Canada [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 17 | [2] | ' | ' |
Shenandoah-Lower 48 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 43 | [2] | ' | ' |
Shenandoah-Lower 48 [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 43 | [2] | ' | ' |
Sunrise 3-Australia[Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 13 | [1] | ' | ' |
Sunrise 3-Australia[Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 13 | [1] | ' | ' |
Surmont III and beyond-Canada [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 63 | [2] | ' | ' |
Surmont III and beyond-Canada [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 37 | [2] | ' | ' |
Surmont III and beyond-Canada [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 18 | [2] | ' | ' |
Surmont III and beyond-Canada [Member] | 2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 8 | [2] | ' | ' |
Thornbury-Canada [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 19 | [2] | ' | ' |
Thornbury-Canada [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 19 | [2] | ' | ' |
Tiber-Lower 48 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 40 | [2] | ' | ' |
Tiber-Lower 48 [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 40 | [2] | ' | ' |
Ubah-Malaysia [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 36 | [1] | ' | ' |
Ubah-Malaysia [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 11 | [1] | ' | ' |
Ubah-Malaysia [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 25 | [1] | ' | ' |
Uge-Nigeria [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 45 | [1],[3] | ' | ' |
Uge-Nigeria [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 15 | [1],[3] | ' | ' |
Uge-Nigeria [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 16 | [1],[3] | ' | ' |
Uge-Nigeria [Member] | 2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 14 | [1],[3] | ' | ' |
Other of $10 million or less each [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 39 | [1],[2] | ' | ' |
Other of $10 million or less each [Member] | 2010-2012 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 9 | [1],[2] | ' | ' |
Other of $10 million or less each [Member] | 2007-2009 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | 13 | [1],[2] | ' | ' |
Other of $10 million or less each [Member] | 2002-2006 [Member] | ' | ' | ' | |
Aging of exploratory well costs that have been capitalized for more than one year | ' | ' | ' | |
Aging of Exploratory Well Cost that have been capitalized for more than one year | $17 | [1],[2] | ' | ' |
[1] | Appraisal drilling complete; costs being incurred to assess development. | |||
[2] | Additional appraisal wells planned. | |||
[3] | Assets held for sale as of December 31, 2013, and December 31, 2012. |
Impairments_Details
Impairments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | $529 | $680 | $321 |
Exploration expenses | 1,232 | 1,500 | 1,038 |
Alaska [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | 3 | 3 | 2 |
Lower 48 and Latin America [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | 2 | 192 | 71 |
Canada [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | 216 | 262 | 253 |
Europe [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | 301 | 211 | -37 |
Asia Pacific and Middle East [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | 3 | 4 | ' |
Corporate [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | 4 | 8 | 32 |
McKenzie Gas Project [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | ' | 213 | ' |
Exploration expenses | ' | 481 | ' |
L48, Latin American And Canada [Member] | ' | ' | ' |
Impairment charges by segment, before-tax | ' | ' | ' |
Asset Impairment Charges | ' | ' | $289 |
Asset_Retirement_Obligations_a2
Asset Retirement Obligations and Accrued Environmental Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Asset retirement obligations and accrued environmental costs | ' | ' | ' | ||
Asset retirement obligations | $10,076 | $9,164 | $8,920 | ||
Accrued environmental costs | 348 | 364 | ' | ||
Total asset retirement obligations and accrued environmental costs | 10,424 | 9,528 | ' | ||
Asset retirement obligations and accrued environmental costs due within one year | -541 | [1] | -581 | [1] | ' |
Long-term asset retirement obligations and accrued environmental costs | 9,883 | 8,947 | ' | ||
Asset retirement obligations and accrued environmental costs due within one year that are held for sale | $14 | $158 | ' | ||
[1] | *Classified as a current liability on the balance sheet under "Other accruals" and includes $14 million and $158 million of liabilities associated with assets held for sale at December 31, 2013 and 2012, respectively. |
Asset_Retirement_Obligations_a3
Asset Retirement Obligations and Accrued Environmental Costs - Change in Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in overall asset retirement obligation changed | ' | ' |
Asset Retirement Obligation, Beginning Balance | $9,164 | $8,920 |
Accretion of discount | 434 | 412 |
New obligations | 410 | 315 |
Changes in estimates of existing obligations | 707 | 543 |
Spending on existing obligations | -298 | -319 |
Property dispositions | -163 | -607 |
Foreign currency translation | -178 | 281 |
Separation Of Downstream business | ' | -381 |
Asset Retirement Obligation, Ending Balance | $10,076 | $9,164 |
Asset_Retirement_Obligations_a4
Asset Retirement Obligations and Accrued Environmental Costs - Textuals (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Environmental Liabilities [Line Items] | ' | ' |
Accrued environmental costs | $348 | $364 |
Additional Asset Retirement Obligations and Accrued Environmental Costs (Textual) [Abstract] | ' | ' |
Maximum number of years accrued environmental liabilities will be paid over | '30 years | ' |
Expected expenditures for acquired environmental obligations, weighted-average discount factor rate | 5.00% | ' |
Present value of the estimated aggregate accrual for environmental loss contingencies | 124 | ' |
Accrued environmental costs, undiscounted due within one year | 19 | ' |
Accrued environmental costs, undiscounted due within second year | 18 | ' |
Accrued environmental costs, undiscounted due within three year | 10 | ' |
Accrued environmental costs, undiscounted due within fourth year | 6 | ' |
Accrued environmental costs, undiscounted due within fifth year | 4 | ' |
Accrued environmental costs, undiscounted due after fifth year | 82 | ' |
Cleanup Remediation Activities [Member] | ' | ' |
Environmental Liabilities [Line Items] | ' | ' |
Accrued environmental costs | 271 | 279 |
Corporate and Other Environmental Liabilities [Member] | ' | ' |
Environmental Liabilities [Line Items] | ' | ' |
Accrued environmental costs | 60 | 70 |
Federal Comprehensive Environmental Response Compensation and Liability Act or Similar State Laws [Member] | ' | ' |
Environmental Liabilities [Line Items] | ' | ' |
Accrued environmental costs | $17 | $15 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term debt | ' | ' |
Debt at face value | $20,336 | $21,280 |
Capitalized leases | 922 | 16 |
Net unamortized premiums and discounts | 404 | 429 |
Total debt | 21,662 | 21,725 |
Short-term debt | -589 | -955 |
Long-term debt | 21,073 | 20,770 |
Capital lease obligations | ' | ' |
Capital lease payments-current | 127 | ' |
Capital lease payments-due in 2 years | 80 | ' |
Capital lease payments-due in 3 years | 80 | ' |
Capital lease payments-due in 4 years | 80 | ' |
Capital lease payments-due in 5 years | 80 | ' |
Capital lease payments-due remaining years | 769 | ' |
Capital lease payments-Total | 1,216 | ' |
Less portion representing imputed interest | -294 | ' |
9.125% Debentures due 2021 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 150 | 150 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 9.13% | 9.13% |
8.20% Debentures due 2025 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 150 | 150 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 8.20% | 8.20% |
8.125% Notes due 2030 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 600 | 600 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 8.13% | 8.13% |
7.9% Debentures due 2047 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 100 | 100 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.90% | 7.90% |
7.8% Debentures due 2027 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 300 | 300 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.80% | 7.80% |
7.65% Debentures due 2023 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 88 | 88 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.65% | 7.65% |
7.625% Debentures due 2013 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | ' | 100 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | ' | 7.63% |
7.40% Notes due 2031 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 500 | 500 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.40% | 7.40% |
7.375% Debentures due 2029 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 92 | 92 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.38% | 7.38% |
7.25% Notes due 2031 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 500 | 500 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.25% | 7.25% |
7.20% Notes due 2031 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 575 | 575 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.20% | 7.20% |
7% Debentures due 2029 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 200 | 200 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 7.00% | 7.00% |
6.95% Notes due 2029 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 1,549 | 1,549 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 6.95% | 6.95% |
6.875% Debentures due 2026 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 67 | 67 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 6.88% | 6.88% |
6.65% Debentures due 2018 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 297 | 297 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 6.65% | 6.65% |
6.50% Notes due 2039 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 2,250 | 2,250 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 6.50% | 6.50% |
6.50% Notes due 2039 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 500 | 500 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 6.50% | 6.50% |
6.00% Notes due 2020 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 1,000 | 1,000 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 6.00% | 6.00% |
5.951% Notes due 2037 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 645 | 645 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.95% | 5.95% |
5.95% Notes due 2036 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 500 | 500 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.95% | 5.95% |
5.90% Notes due 2032 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 505 | 505 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.90% | 5.90% |
5.90% Notes due 2038 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 600 | 600 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.90% | 5.90% |
5.75% Notes due 2019 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 2,250 | 2,250 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.75% | 5.75% |
5.625% Notes due 2016 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 1,250 | 1,250 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.63% | 5.63% |
5.50% Notes due 2013 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | ' | 750 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | ' | 5.50% |
5.20% Notes due 2018 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 500 | 500 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 5.20% | 5.20% |
4.75% Notes due 2014 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 400 | 400 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 4.75% | 4.75% |
4.60% Notes due 2015 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 1,500 | 1,500 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 4.60% | 4.60% |
2.4% Notes due 2022 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 1,000 | 1,000 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 2.40% | 2.40% |
1.05% Notes due 2017 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 1,000 | 1,000 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt | 1.05% | 1.05% |
Commercial paper at 0.20% - 0.25% at year-end 2013 and 0.15% - 0.33% at year-end 2012 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 961 | 1,055 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt minimum | 0.20% | 0.15% |
Stated percentage of debt maximum | 0.25% | 0.33% |
Industrial Development Bonds due 2013 through 2038 at 0.04% - 0.25% at year-end 2013 and 0.04% - 0.35% at year-end 2012 | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 18 | 18 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt minimum | 0.04% | 0.04% |
Stated percentage of debt maximum | 0.25% | 0.35% |
Marine Terminal Revenue Refunding Bonds due 2031 at 0.04% - 0.26% at year-end 2013 and 0.04% - 0.35% at year-end 2012 | ' | ' |
Long-term debt | ' | ' |
Debt at face value | 265 | 265 |
Debt (Additional Textual) [Abstract] | ' | ' |
Stated percentage of debt minimum | 0.04% | 0.04% |
Stated percentage of debt maximum | 0.26% | 0.35% |
Other Debt [Member] | ' | ' |
Long-term debt | ' | ' |
Debt at face value | $24 | $24 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt (Textual) [Abstract] | ' | ' |
Maturities of long-term borrowings in 2014 | $589,000,000 | ' |
Maturities of long-term borrowings in 2015 | 1,576,000,000 | ' |
Maturities of long-term borrowings in 2016 | 2,202,000,000 | ' |
Maturities of long-term borrowings in 2017 | 1,073,000,000 | ' |
Maturities of long-term borrowings in 2018 | 873,000,000 | ' |
Classification of short-term debt as long-term debt | 861,000,000 | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital Lease Obligations | 922,000,000 | 16,000,000 |
Revolving Credit Facilities and Commecial Paper [Line Items] | ' | ' |
Revolving credit facilities | 7,500,000,000 | ' |
Letters of credit outstanding | 750,000,000 | ' |
Minimum limit of debt for cross default provision | 200,000,000 | ' |
Maturity period of commercial paper (in days) | 'P90D | ' |
Letters of credit issued under revolving credit facilities | 827,000,000 | ' |
Commercial paper outstanding | 961,000,000 | 1,055,000,000 |
Credit facilities remaining after commercial paper outstanding and issuance of letters of credit | 6,500,000,000 | ' |
ConocoPhillips [Member] | ' | ' |
Revolving Credit Facilities and Commecial Paper [Line Items] | ' | ' |
Commercial paper program | 6,350,000,000 | ' |
ConocoPhillips Qatar Funding Ltd. [Member] | ' | ' |
Revolving Credit Facilities and Commecial Paper [Line Items] | ' | ' |
Commercial paper program | 1,150,000,000 | ' |
Under Revolving Credit Facilities [Member] | ' | ' |
Revolving Credit Facilities and Commecial Paper [Line Items] | ' | ' |
Letters of credit issued under revolving credit facilities | 0 | ' |
7.625% Debentures due 2013 [Member] | ' | ' |
Extinguishment Of Debt [Line Items] | ' | ' |
Debt instruments repaid | 100,000,000 | ' |
5.50% Notes due 2013 [Member] | ' | ' |
Extinguishment Of Debt [Line Items] | ' | ' |
Debt instruments repaid | 750,000,000 | ' |
4.75% Notes due 2014 [Member] | ' | ' |
Extinguishment Of Debt [Line Items] | ' | ' |
Debt instruments repaid | 400,000,000 | ' |
Gumusut Lease [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease, initial non-cancelable term | '15 years | ' |
Capital lease, cancelable term | '5 years | ' |
Capital lease, additional term | '5 years | ' |
Capital Lease Obligations | $906,000,000 | ' |
Incremental Borrowing Rate | 3.58% | ' |
Joint_Venture_Acquisition_Obli1
Joint Venture Acquisition Obligation (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Joint Venture Acquisition Obligation (Textual) [Abstract] | ' |
Initial acquisition obligation to joint venture | $7,500,000,000 |
Time period for contribution | '10 years |
Quarterly principal and interest payments for joint venture acquisition obligation | 237,000,000 |
Principal payment for joint venture obligation | 772,000,000 |
Fixed annual interest rate | 5.30% |
Percentage of quarterly interest payment as capital contribution | 50.00% |
Payoff of remaining balance of obligation | $2,810,000,000 |
Guarantees_Details
Guarantees (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Australia Pacific APLNG [Member] | Australia Pacific APLNG [Member] | Train 1 and Train 2 [Member] | Construction completion guarantee [Member] | Continued development [Member] | Other Guarantees [Member] | Indemnification [Member] | Guarantee existing sales agreement of natural gas delivery | ||
Australia Pacific APLNG [Member] | Australia Pacific APLNG [Member] | Australia Pacific APLNG [Member] | Australia Pacific APLNG [Member] | ||||||
Guarantees (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in equity investment | ' | 37.50% | 42.50% | ' | ' | ' | ' | ' | ' |
Maximum potential amount of future payments | ' | ' | ' | $130,000,000 | $3,200,000,000 | $170,000,000 | $260,000,000 | ' | $1,000,000,000 |
Maximum potential amount of future payments - reckless breach | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000,000 |
Maximum potential amount of future payments - based on pro-rata share | ' | ' | ' | ' | 2,800,000,000 | ' | ' | ' | ' |
Terms of Guarantees Outstanding | ' | ' | ' | '3 years | ' | 'up to 32 years or the life of the venture | 'up to 10 years or the life of the venture | ' | '3 to 18 years |
Number Of Joint Ventures Backed By Guarantee | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | 124,000,000 | ' | ' | ' | ' | ' | ' | 50,000,000 | ' |
Carrying value of the guarantee to third-party lenders | ' | ' | ' | ' | $114,000,000 | ' | ' | $60,000,000 | ' |
Contingencies_and_Commitments_
Contingencies and Commitments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Contingencies and Commitments (Textual) [Abstract] | ' | ' | ' |
Letters of Credit Outstanding, Amount | $827 | ' | ' |
Tax assessments paid under protest | 232 | ' | ' |
Long-Term Throughput Agreements and Take-or-Pay Agreements [Abstract] | ' | ' | ' |
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due Within One Year | 125 | ' | ' |
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Second Year | 117 | ' | ' |
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Third Year | 25 | ' | ' |
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Fourth Year | 25 | ' | ' |
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Fifth Year | 22 | ' | ' |
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due after Fifth Year | 121 | ' | ' |
Total payments under Long-Term Throughput Agreements and Take-or-Pay Agreements | $127 | $130 | $429 |
Derivative_and_Financial_Instr2
Derivative and Financial Instruments - Commodity Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Prepaid expenses and other current assets [Member] | ' | ' |
Derivative Fair Value assets and liabilities | ' | ' |
Commodity derivative assets | $871 | $1,538 |
Other assets [Member] | ' | ' |
Derivative Fair Value assets and liabilities | ' | ' |
Commodity derivative assets | 64 | 105 |
Other accruals [Member] | ' | ' |
Derivative Fair Value assets and liabilities | ' | ' |
Commodity derivative liabilities | 890 | 1,509 |
Other liabilities and deferred credits [Member] | ' | ' |
Derivative Fair Value assets and liabilities | ' | ' |
Commodity derivative liabilities | $58 | $99 |
Derivative_and_Financial_Instr3
Derivative and Financial Instruments - Commodity GainLoss (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales and other operating revenues [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) from commodity derivatives | ($160) | ($291) | $907 |
Other Income [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) from commodity derivatives | 4 | -1 | -9 |
Purchased crude oil, natural gas and products [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) from commodity derivatives | $139 | $214 | ($729) |
Derivative_and_Financial_Instr4
Derivative and Financial Instruments - Commodity Notional (Details 2) | Dec. 31, 2013 | Dec. 31, 2012 |
Natural gas and power, Fixed price [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Commodity derivatives - volumetric material net exposures | -18,000,000,000 | -48,000,000,000 |
Natural gas and power, Basis [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Commodity derivatives - volumetric material net exposures | -10,000,000,000 | 125,000,000,000 |
Derivative_and_Financial_Instr5
Derivative and Financial Instruments - FX Balance Sheet (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Prepaid expenses and other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange derivative assets | $1 | $32 |
Other accruals [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange derivative liabilities | ' | 2 |
Other liabilities and deferred credits [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange derivative liabilities | ' | $1 |
Derivative_and_Financial_Instr6
Derivative and Financial Instruments - FX GainLoss (Details 4) (Foreign currency transaction (gains) losses [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign currency transaction (gains) losses [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Foreign currency transaction (gains) losses | $4 | ($138) | ($9) |
Derivative_and_Financial_Instr7
Derivative and Financial Instruments - FX Notional (Details 5) | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Sell U.S. dollar, buy British pound [Member] | Buy U.S. dollar, sell other currencies [Member] | Buy U.S. dollar, sell other currencies [Member] | Buy British pound, sell euro [Member] | Buy euro, sell British pound [Member] |
USD ($) | USD ($) | USD ($) | GBP (£) | EUR (€) | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' | ' |
Net notional position of foreign currency exchange derivatives | $2,573 | $6 | $140 | £ 17 | € 96 |
Derivative_and_Financial_Instr8
Derivative and Financial Instruments - Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Millions, unless otherwise specified | |||||
Financial Instruments | ' | ' | ' | ' | |
Cash | $636 | $829 | ' | ' | |
Cash and Cash Equivalents, at Carrying Value, Total | 6,246 | 3,618 | 5,780 | 9,454 | |
Short-term Investments | 272 | [1] | ' | ' | ' |
Remaining maturities from 1 to 90 days [Member] | ' | ' | ' | ' | |
Financial Instruments | ' | ' | ' | ' | |
Time Deposits | 5,336 | 2,789 | ' | ' | |
Commercial Paper | 274 | ' | ' | ' | |
Time Deposits [Member] | Remaining maturities from 1 to 90 days [Member] | ' | ' | ' | ' | |
Financial Instruments | ' | ' | ' | ' | |
Short-term Investments | 137 | ' | ' | ' | |
Commercial Paper [Member] | Remaining maturities from 1 to 90 days [Member] | ' | ' | ' | ' | |
Financial Instruments | ' | ' | ' | ' | |
Short-term Investments | $135 | ' | ' | ' | |
[1] | *Includes marketable securities of: $135, 0 |
Derivative_and_Financial_Instr9
Derivative and Financial Instruments - Textuals (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Instruments and Derivative Contracts (Textual) [Abstract] | ' | ' |
Restricted cash | ' | $748 |
Credit Risk [Abstract] | ' | ' |
Payment term of receivables | '30 days | '30 days |
Aggregate fair value of all derivative instruments in a liability position | 57 | 130 |
Additional collateral, either in the form of cash or letters of credit | $57 | ' |
Fair_Value_Measurement_FV_Hier
Fair Value Measurement - FV Hierarchy (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity derivative asset, gross | $919 | $1,621 |
Commodity derivative liability, gross | 935 | 1,588 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation investments | 306 | 305 |
Commodity derivative asset, gross | 931 | 1,637 |
Total assets | 1,237 | 1,942 |
Commodity derivative liability, gross | 944 | 1,602 |
Total liabilities | 944 | 1,602 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation investments | 306 | 305 |
Commodity derivative asset, gross | 744 | 1,052 |
Total assets | 1,050 | 1,357 |
Commodity derivative liability, gross | 765 | 1,031 |
Total liabilities | 765 | 1,031 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity derivative asset, gross | 177 | 567 |
Total assets | 177 | 567 |
Commodity derivative liability, gross | 172 | 567 |
Total liabilities | 172 | 567 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity derivative asset, gross | 10 | 18 |
Total assets | 10 | 18 |
Commodity derivative liability, gross | 7 | 4 |
Total liabilities | $7 | $4 |
Fair_Value_Measurement_FV_of_C
Fair Value Measurement - FV of Commodity Derivatives (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets [Abstract] | ' | ' |
Assets - gross amounts recognized | $919 | $1,621 |
Assets - gross amounts offset | 827 | 1,403 |
Assets - net amounts excluding collateral | 92 | 218 |
Assets - cash collateral | 6 | 29 |
Assets - net amounts subject to setoff | 86 | 189 |
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Liabilities - gross amounts recognized | 935 | 1,588 |
Liabilities - gross amounts offset | 827 | 1,403 |
Liabilities - net amounts excluding collateral | 108 | 185 |
Liabilities - cash collateral | 26 | 16 |
Liabilities - net amounts subject to setoff | $82 | $169 |
Fair_Value_Measurement_Nonrecu
Fair Value Measurement - Nonrecurring (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value - Net PP&E (held for sale) | ' | $6,116 | [1] | |
Before-Tax Loss - Net PP&E (held for sale) | ' | 798 | ||
Fair Value - Net PP&E (held for use) | 117 | [1] | 95 | [1] |
Before-Tax Loss - Net PP&E (held for use) | 488 | 134 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value - Net PP&E (held for sale) | ' | 6,116 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value - Net PP&E (held for use) | $117 | $95 | ||
[1] | *Represents the fair value at the time of the impairment. |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement - Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial Liabilities | ' | ' |
Total debt, excluding capital leases, carrying amount | $20,740 | $21,709 |
Total debt, excluding capital leases, fair value | 23,553 | 26,349 |
Total joint venture acquisition obligation, carrying amount | ' | 3,582 |
Total joint venture acquisition obligation, fair value | ' | 3,968 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Assets | ' | ' |
Deferred compensation investments | 306 | 305 |
Commodity derivatives, assets | 99 | 221 |
Loans to related parties - project financing | 1,528 | 1,697 |
Financial Liabilities | ' | ' |
Commodity derivatives, liability | 92 | 199 |
Portion at Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Assets | ' | ' |
Deferred compensation investments | 306 | 305 |
Commodity derivatives, assets | 99 | 221 |
Loans to related parties - project financing | 1,680 | 1,916 |
Financial Liabilities | ' | ' |
Commodity derivatives, liability | $92 | $199 |
Fair_Value_Measurement_Textual
Fair Value Measurement - Textuals (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial Instruments and Derivative Contracts (Textual) [Abstract] | ' | ' |
Effective yield rate | ' | 0.70% |
Obligations to return cash collateral | $6 | $29 |
Rights to reclaim cash collateral | $26 | $16 |
Equity_changes_in_shares_of_co
Equity - changes in shares of common stock (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock [Member] | ' | ' | ' |
Changes in shares of common stock | ' | ' | ' |
Beginning Balance, Common Stock | 1,762,247,949 | 1,749,550,587 | 1,740,529,279 |
Distributed under benefit plans | 5,921,957 | 12,697,362 | 9,021,308 |
Ending Balance, Common Stock | 1,768,169,906 | 1,762,247,949 | 1,749,550,587 |
Treasury Stock [Member] | ' | ' | ' |
Changes in shares of common stock | ' | ' | ' |
Beginning Balance, Common Stock | ' | 463,880,628 | 272,873,537 |
Repurchase of common stock | ' | 79,904,400 | 155,453,382 |
Distributed under benefit plans | ' | -1,554,355 | -475,696 |
Transfer from grantor trust | ' | ' | 36,029,405 |
Ending Balance, Common Stock | 542,230,673 | 542,230,673 | 463,880,628 |
Grantor Trust [Member] | ' | ' | ' |
Changes in shares of common stock | ' | ' | ' |
Beginning Balance, Common Stock | ' | ' | 36,890,375 |
Repurchase of common stock | ' | ' | -157,470 |
Distributed under benefit plans | ' | ' | -703,500 |
Transfer to treasury stock | ' | ' | -36,029,405 |
Equity_Textuals_Details
Equity - Textuals (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Equity (Textual) [Abstract] | ' | ' |
Preferred Stock, Authorized | 500,000,000 | 500,000,000 |
Preferred Stock, Par value | $0.01 | $0.01 |
Preferred Stock, Issued | 0 | 0 |
Preferred Stock, Outstanding | 0 | 0 |
Noncontrolling interests | $402 | $440 |
Non_Mineral_Leases_Details
Non Mineral Leases (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future minimum rental payments due under noncancelable leases | ' |
2014 | $602 |
2015 | 519 |
2016 | 483 |
2017 | 318 |
2018 | 182 |
Remaining Years | 645 |
Total | 2,749 |
Less income from subleases | -19 |
Net Minimum Operating Lease Payments | $2,730 |
NonMineral_Leases_Operating_le
Non-Mineral Leases - Operating lease rental (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Operating lease rental expense | ' | ' | ' | ||
Total rentals | $317 | $282 | [1] | $304 | [1] |
Less sublease rentals | -12 | -15 | -14 | ||
Operating Leases, Rent Expense, Total | 305 | 267 | 290 | ||
Non Mineral Leases (Textual) [Abstract] | ' | ' | ' | ||
Contingent Rentals | ' | $3 | $29 | ||
[1] | *Includes $3 million and $29B million of contingent rentals in 2012 and 2011, respectively. Contingent rentals are primarily related to drilling equipment and are based on usage or volume of product sold. |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Benefit Obligations (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ||
Change in Benefit Obligation | ' | ' | ' | ||
Benefit obligation at January 1 | $4,225 | [1] | $6,175 | ' | |
Service cost | 138 | 170 | 225 | ||
Interest cost | 143 | 186 | 247 | ||
Separation of Downstream Business | ' | -2,464 | ' | ||
Actuarial (gain) loss | -205 | 735 | ' | ||
Benefits paid | -347 | -577 | ' | ||
Benefit obligation at December 31 | 3,954 | [1] | 4,225 | [1] | 6,175 |
Accumulated benefit at year end | 3,516 | 3,710 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ||
Change in Benefit Obligation | ' | ' | ' | ||
Benefit obligation at January 1 | 3,438 | [1] | 3,484 | ' | |
Service cost | 102 | 91 | 98 | ||
Interest cost | 145 | 152 | 178 | ||
Plan participant contributions | 6 | 7 | ' | ||
Separation of Downstream Business | ' | -653 | ' | ||
Actuarial (gain) loss | 72 | 297 | ' | ||
Benefits paid | -110 | -113 | ' | ||
Foreign currency exchange rate change | -70 | 173 | ' | ||
Benefit obligation at December 31 | 3,583 | [1] | 3,438 | [1] | 3,484 |
Accumulated benefit at year end | 2,798 | 2,972 | ' | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ||
Change in Benefit Obligation | ' | ' | ' | ||
Benefit obligation at January 1 | 765 | 926 | ' | ||
Service cost | 3 | 6 | 10 | ||
Interest cost | 26 | 33 | 42 | ||
Plan participant contributions | 22 | 23 | ' | ||
Separation of Downstream Business | ' | -199 | ' | ||
Actuarial (gain) loss | -57 | 47 | ' | ||
Benefits paid | -75 | -72 | ' | ||
Foreign currency exchange rate change | -2 | 1 | ' | ||
Benefit obligation at December 31 | $682 | $765 | $926 | ||
[1] | *Accumulated benefit obligation portion of above at December 31: $3,516, $2,798, $3,710, $2,972 |
Employee_Benefit_Plans_Change_1
Employee Benefit Plans - Change in Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Change in Fair Value of Plan Assets | ' | ' |
Fair value of plan assets at January 1 | $2,732 | $4,149 |
Actual return on plan assets | 505 | 509 |
Company contributions | 202 | 363 |
Separation of Downstream business | ' | -1,712 |
Benefits paid | -347 | -577 |
Fair value of plan assets at December 31 | 3,092 | 2,732 |
Funded Status | -862 | -1,493 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Change in Fair Value of Plan Assets | ' | ' |
Fair value of plan assets at January 1 | 2,760 | 2,722 |
Actual return on plan assets | 315 | 267 |
Company contributions | 198 | 204 |
Plan participant contributions | 6 | 7 |
Separation of Downstream business | ' | -479 |
Benefits paid | -110 | -113 |
Foreign currency exchange rate change | -37 | 152 |
Fair value of plan assets at December 31 | 3,132 | 2,760 |
Funded Status | -451 | -678 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Change in Fair Value of Plan Assets | ' | ' |
Company contributions | 53 | 49 |
Plan participant contributions | 22 | 23 |
Benefits paid | -75 | -72 |
Funded Status | ($682) | ($765) |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts recognized in Balance Sheet And Assumptions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Amounts Recognized in the Consolidated Balance Sheet | ' | ' |
Current liabilities | ($35) | ($21) |
Noncurrent liabilities | -827 | -1,472 |
Total recognized | -862 | -1,493 |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 | ' | ' |
Discount rate | 4.40% | 3.55% |
Rate of compensation increase | 4.75% | 4.75% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | ' | ' |
Discount rate | 3.55% | 4.00% |
Expected return on plan assets | 7.00% | 7.00% |
Rate of compensation increase | 4.75% | 4.50% |
Before-tax amounts unrecognized in net periodic postretirement benefit cost | ' | ' |
Unrecognized net actuarial loss (gain) | 767 | 1,509 |
Unrecognized prior service cost (credit) | 22 | 28 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Amounts Recognized in the Consolidated Balance Sheet | ' | ' |
Noncurrent assets | 128 | 94 |
Current liabilities | -8 | -8 |
Noncurrent liabilities | -571 | -764 |
Total recognized | -451 | -678 |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 | ' | ' |
Discount rate | 4.75% | 4.50% |
Rate of compensation increase | 4.60% | 4.45% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | ' | ' |
Discount rate | 4.50% | 4.95% |
Expected return on plan assets | 6.00% | 6.10% |
Rate of compensation increase | 4.45% | 4.50% |
Before-tax amounts unrecognized in net periodic postretirement benefit cost | ' | ' |
Unrecognized net actuarial loss (gain) | 578 | 758 |
Unrecognized prior service cost (credit) | -54 | -60 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Amounts Recognized in the Consolidated Balance Sheet | ' | ' |
Current liabilities | -53 | -54 |
Noncurrent liabilities | -629 | -711 |
Total recognized | -682 | -765 |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 | ' | ' |
Discount rate | 4.45% | 3.55% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | ' | ' |
Discount rate | 3.55% | 4.25% |
Before-tax amounts unrecognized in net periodic postretirement benefit cost | ' | ' |
Unrecognized net actuarial loss (gain) | -31 | 29 |
Unrecognized prior service cost (credit) | ($8) | ($12) |
Employee_Benefit_Plans_Sources
Employee Benefit Plans - Sources of Change in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Sources of change in other comprehensive income | ' | ' | ' | ||
Net gain (loss) arising during the period | $688 | ($704) | ($1,185) | ||
Amortization of (gain) loss included in income | 294 | 430 | 226 | ||
Prior service cost (credit) arising during the period | -1 | -2 | -19 | ||
Amortization of prior service cost (credit) included in income | 5 | 5 | -2 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ||
Sources of change in other comprehensive income | ' | ' | ' | ||
Net gain (loss) arising during the period | 524 | -450 | ' | ||
Separation of Downstream business | ' | 810 | ' | ||
Amortization of (gain) loss included in income | 218 | [1] | 371 | [1] | ' |
Net change during the period | 742 | 731 | ' | ||
Separation of Downstream business | ' | 17 | ' | ||
Amortization of prior service cost (credit) included in income | 6 | 7 | ' | ||
Net change during the period | 6 | 24 | ' | ||
Amounts included in accumulated other comprehensive income that are expected to be amortized into net periodic postretirement cost | ' | ' | ' | ||
Unrecognized net actuarial loss (gain) | 76 | ' | ' | ||
Unrecognized prior service cost (credit) | 6 | ' | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ||
Sources of change in other comprehensive income | ' | ' | ' | ||
Net gain (loss) arising during the period | 107 | -206 | ' | ||
Separation of Downstream business | ' | 94 | ' | ||
Amortization of (gain) loss included in income | 73 | [1] | 59 | [1] | ' |
Net change during the period | 180 | -53 | ' | ||
Prior service cost (credit) arising during the period | 1 | 2 | ' | ||
Separation of Downstream business | ' | -12 | ' | ||
Amortization of prior service cost (credit) included in income | -7 | -8 | ' | ||
Net change during the period | -6 | -18 | ' | ||
Amounts included in accumulated other comprehensive income that are expected to be amortized into net periodic postretirement cost | ' | ' | ' | ||
Unrecognized net actuarial loss (gain) | 58 | ' | ' | ||
Unrecognized prior service cost (credit) | -8 | ' | ' | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ||
Sources of change in other comprehensive income | ' | ' | ' | ||
Net gain (loss) arising during the period | 57 | -48 | ' | ||
Separation of Downstream business | ' | -7 | ' | ||
Amortization of (gain) loss included in income | 3 | [1] | ' | ' | |
Net change during the period | 60 | -55 | ' | ||
Separation of Downstream business | ' | 3 | ' | ||
Amortization of prior service cost (credit) included in income | -4 | -4 | ' | ||
Net change during the period | -4 | -1 | ' | ||
Amounts included in accumulated other comprehensive income that are expected to be amortized into net periodic postretirement cost | ' | ' | ' | ||
Unrecognized net actuarial loss (gain) | -3 | ' | ' | ||
Unrecognized prior service cost (credit) | ($4) | ' | ' | ||
[1] | Includes settlement losses recognized during the period. |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Net periodic benefit cost of all defined benefit plans | ' | ' | ' |
Service cost | $138 | $170 | $225 |
Interest cost | 143 | 186 | 247 |
Expected return on plan assets | -186 | -223 | -280 |
Amortization of prior service cost (credit) | 6 | 7 | 9 |
Recognized net actuarial loss (gain) | 151 | 191 | 165 |
Settlements | 67 | 181 | 21 |
Net periodic benefit cost | 319 | 512 | 387 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Net periodic benefit cost of all defined benefit plans | ' | ' | ' |
Service cost | 102 | 91 | 98 |
Interest cost | 145 | 152 | 178 |
Expected return on plan assets | -160 | -158 | -175 |
Amortization of prior service cost (credit) | -7 | -8 | ' |
Recognized net actuarial loss (gain) | 73 | 59 | 46 |
Net periodic benefit cost | 153 | 136 | 147 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Net periodic benefit cost of all defined benefit plans | ' | ' | ' |
Service cost | 3 | 6 | 10 |
Interest cost | 26 | 33 | 42 |
Amortization of prior service cost (credit) | -4 | -4 | -7 |
Recognized net actuarial loss (gain) | 3 | ' | -5 |
Net periodic benefit cost | $28 | $35 | $40 |
Employee_Benefit_Plans_Fair_va
Employee Benefit Plans - Fair values of pension plan assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Fair values of our pension plan assets | ' | ' | ' | ||
Net receivables related to security transactions | $5 | $7 | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair value of participating interest in annuity contract | 110 | 133 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 3,092 | 2,732 | 4,149 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | U.S. (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1,018 | 875 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | International (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 702 | 587 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Common/Collective Trusts(Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 529 | 472 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Government (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 175 | 200 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 336 | 308 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Agency and Mortgage Backed Securities(Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 97 | 59 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 123 | 94 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1 | 4 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Derivatives [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1 | 1 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 2,982 | [1] | 2,600 | [2] | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1,018 | 875 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | International (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 702 | 587 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Government (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 106 | 146 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Derivatives [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | -1 | ' | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1,825 | [1] | 1,608 | [2] | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Common/Collective Trusts(Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 529 | 472 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Government (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 69 | 54 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 333 | 306 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Agency and Mortgage Backed Securities(Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 97 | 59 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 123 | 94 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Derivatives [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 2 | 1 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1,153 | [1] | 986 | [2] | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 3 | 2 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1 | 4 | ' | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 4 | [1] | 6 | [2] | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 3,132 | 2,760 | 2,722 | ||
Foreign Pension Plans, Defined Benefit [Member] | U.S. (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 531 | 443 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | International (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 437 | 381 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Common/Collective Trusts(Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 217 | 195 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 373 | 319 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Government (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 557 | 496 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Corporate (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 150 | 156 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Agency and Mortgage Backed Securities(Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 26 | 29 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Common/Collective Trusts (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 356 | 314 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 191 | 155 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 47 | 40 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 21 | 18 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Derivatives [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 31 | 23 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 190 | 183 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 3,127 | [1] | 2,752 | [2] | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 531 | 443 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | International (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 437 | 381 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Funds (Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 373 | 319 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Government (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 557 | 496 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Funds (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 191 | 155 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 30 | 22 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Derivatives [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 19 | 10 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 2,138 | [1] | 1,826 | [2] | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Common/Collective Trusts(Equity Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 217 | 195 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 150 | 155 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Agency and Mortgage Backed Securities(Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 25 | 29 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Common/Collective Trusts (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 356 | 314 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 17 | 18 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Derivatives [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 12 | 13 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 777 | [1] | 724 | [2] | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate (Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | ' | 1 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Agency and Mortgage Backed Securities(Debt Securities) [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 1 | ' | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 21 | 18 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | 190 | 183 | ' | ||
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Excluding reconciling items [Member] | ' | ' | ' | ||
Fair values of our pension plan assets | ' | ' | ' | ||
Fair Value of Option Plan Assets | $212 | [1] | $202 | [2] | ' |
[1] | Excludes the participating interest in the annuity contract with a net asset value of $110 million and net receivables related to security transactions of $5 million. | ||||
[2] | Excludes the participating interest in the annuity contract with a net asset value of $133 million and net receivables related to security transactions of $7 million. |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans - Benefit payments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based compensation expense recognized in income and the associated tax benefit | ' | ' | ' |
Compensation cost | $308 | $321 | $246 |
Tax benefit | 109 | 118 | 86 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | ' | ' | ' |
2014 | 402 | ' | ' |
2015 | 361 | ' | ' |
2016 | 362 | ' | ' |
2017 | 366 | ' | ' |
2018 | 400 | ' | ' |
2019-2023 | 1,965 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | ' | ' | ' |
2014 | 117 | ' | ' |
2015 | 121 | ' | ' |
2016 | 123 | ' | ' |
2017 | 134 | ' | ' |
2018 | 137 | ' | ' |
2019-2023 | 791 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | ' | ' | ' |
2014 | 61 | ' | ' |
2015 | 62 | ' | ' |
2016 | 62 | ' | ' |
2017 | 62 | ' | ' |
2018 | 62 | ' | ' |
2019-2023 | $294 | ' | ' |
Employee_Benefit_Plans_Stock_o
Employee Benefit Plans - Stock option activity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assumptions used | ' | ' | ' |
Risk-free interest rate | 1.09% | 1.62% | 3.10% |
Dividend yield | 4.00% | 4.00% | 4.00% |
Volatility factor | 28.95% | 33.30% | 33.40% |
Expected life (years) | '5 years 11 months 12 days | '7 years 5 months 1 day | '6 years 10 months 13 days |
Summary of Stock Options Activity | ' | ' | ' |
Stock option, exercisable | 11,600,659 | ' | ' |
Weighted-Average Exercise Price at the beginning of year | $43.67 | ' | ' |
Weighted-Average Exercise Price, granted | $58.08 | ' | ' |
Weighted-Average Exercise Price, exercised | $33.45 | ' | ' |
Weighted-Average Exercise Price, expired or canceled | $60.53 | ' | ' |
Weighted-Average Exercise Price at the end of year | $48.33 | $43.67 | ' |
Weighted-Average Exercise Price, vested | $46.42 | ' | ' |
Weighted-Average Exercise Price, Exercisable | $44.88 | ' | ' |
Weighted-Average Grant-Date Fair Value, granted | $9.90 | ' | ' |
Aggregate Intrinsic Value, exercised | $95 | ' | ' |
Aggregate Intrinsic Value, vested | 320 | ' | ' |
Aggregate Intrinsic Value, exercisable | $294 | ' | ' |
Stock option Outstanding at the beginning of year | 16,297,005 | ' | ' |
Stock option, granted | 3,109,800 | ' | ' |
Stock option, exercised | -3,078,576 | ' | ' |
Stock option, expired or canceled | -13,139 | ' | ' |
Stock option Outstanding at the end of year | 16,315,090 | 16,297,005 | ' |
Stock option, vested | 13,418,902 | ' | ' |
Employee_Benefit_Plans_Stock_u
Employee Benefit Plans - Stock unit activity (Details) (Stock Unit Program [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Unit Program [Member] | ' | ' | ' |
Summary of stock unit activity | ' | ' | ' |
Stock Units, Outstanding beginning of year | 11,477,122 | ' | ' |
Stock Units, Granted | 4,881,483 | ' | ' |
Stock Units, Forfeited | -364,716 | ' | ' |
Stock Units, Issued/Settled | -3,832,737 | ' | ' |
Stock Units, Outstanding ending of year | 12,161,152 | 11,477,122 | ' |
Stock Units Not Vested, ending of year | 8,626,833 | ' | ' |
Weighted-Average Grant-Date Fair Value, beginning of year | $46.58 | ' | ' |
Weighted-Average Grant-Date Fair Value, Granted | $57.99 | ' | ' |
Weighted-Average Grant-Date Fair Value, Forfeited | $51.38 | ' | ' |
Weighted-Average Grant-Date Fair Value, ending of year | $51.37 | $46.58 | ' |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $52.66 | ' | ' |
Total Fair Value, Issued | $245 | $187 | $109 |
Employee_Benefit_Plans_Perform
Employee Benefit Plans - Performance Share Program activity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Settled Performance Share Program [Member] | ' | ' | ' |
Summary of Performance Share Program activity | ' | ' | ' |
Stock Units, Outstanding beginning of year | 5,184,284 | ' | ' |
Stock Units, Granted | 7,650 | ' | ' |
Stock Units, Issued/Settled | -290,748 | ' | ' |
Stock Units, Outstanding ending of year | 4,901,186 | 5,184,284 | ' |
Stock Units Not Vested, ending of year | 1,150,628 | ' | ' |
Weighted-Average Grant-Date Fair Value, beginning of year | $51.54 | ' | ' |
Weighted-Average Grant-Date Fair Value, Granted | $60 | ' | ' |
Weighted-Average Grant-Date Fair Value, ending of year | $51.60 | $51.54 | ' |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $52.83 | ' | ' |
Total Fair Value, Issued | $18 | $71 | $37 |
Cash Settled Performance Share Program [Member] | ' | ' | ' |
Summary of Performance Share Program activity | ' | ' | ' |
Stock Units, Outstanding beginning of year | 0 | ' | ' |
Stock Units, Granted | 128,567 | ' | ' |
Stock Units, Issued/Settled | -3,791 | ' | ' |
Stock Units, Outstanding ending of year | 124,776 | ' | ' |
Stock Units Not Vested, ending of year | 82,793 | ' | ' |
Weighted-Average Grant-Date Fair Value, beginning of year | $0 | ' | ' |
Weighted-Average Grant-Date Fair Value, Granted | $58.08 | ' | ' |
Weighted-Average Grant-Date Fair Value, ending of year | $58.08 | ' | ' |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $58.08 | ' | ' |
Total Fair Value, Issued | $0 | ' | ' |
Employee_Benefit_Plans_Restric
Employee Benefit Plans - Restricted shares and units (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | ' |
Summary of aggregate activity of restricted shares and units | ' |
Stock Units, Outstanding beginning of year | 1,132,556 |
Stock Units, Granted | 76,920 |
Stock Units, Forfeited | -3,458 |
Stock Units, Issued/Settled | -33,417 |
Stock Units, Outstanding ending of year | 1,172,601 |
Weighted-Average Grant-Date Fair Value, beginning of year | $27.34 |
Weighted-Average Grant-Date Fair Value, Granted | $62.52 |
Weighted-Average Grant-Date Fair Value, Forfeited | $20.22 |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $29.31 |
Total Fair Value, Issued | $2 |
Employee_Benefits_Plans_Detail
Employee Benefits Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
investments | |||
Pension And Postretirement Plans (Textual) [Abstract] | ' | ' | ' |
Decrease in pension liabilities due to separation | ' | $1,127 | ' |
Decrease in deferred taxes due to pension separation | ' | 335 | ' |
Decrease in other comprehensive income due to pension separation | ' | 570 | ' |
Percent amortized of unamortized balance for net actuarial gain and losses | 10.00% | ' | ' |
Measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate | 7.25% | ' | ' |
Measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate, after decline | 5.00% | ' | ' |
Year of measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate, after decline | '2023 | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Decrease in fair value of debt securities | 46 | ' | ' |
Decrease in Present Value of Contract Obligation | 23 | ' | ' |
Defined Contribution Plans (Textual) [Abstract] | ' | ' | ' |
Employees maximum percent to deposit in saving plan | 75.00% | ' | ' |
Number of investment funds in which employee can contribute | 37 | ' | ' |
Employer matching contribution up to a certain percentage of pay | ' | 1.25% | ' |
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense | 101 | 16 | 25 |
Eligibility of employees to participate in leveraged employee stock ownership plan | 1.00% | ' | ' |
CPSP stock savings feature shares | ' | ' | ' |
Allocated shares | 9,280,837 | 11,246,660 | ' |
Company's contribution in common stock from compensation and Benefits Trust | ' | ' | 660,775 |
Fair value of Company's contribution in common stock from compensation and Benefits Trust | ' | ' | 84 |
Company's contribution shares of company common stock from Treasury stock | ' | 1,554,355 | 475,696 |
Dividends used to service debt | ' | 10 | 45 |
Interest incurred on the CPSP debt | ' | 0.1 | 1 |
Share Based Compensation Plans (Textual) [Abstract] | ' | ' | ' |
Omnibus Stock and Performance Incentive Plan life | '10 | ' | ' |
Authorized common stock for compensation plan, maximum | 100,000,000 | ' | ' |
Common stock available under incentive stock options, maximum | 40,000,000 | ' | ' |
Common stock available for awards in stock, maximum | 40,000,000 | ' | ' |
Stock Savings Feature [Member] | ' | ' | ' |
Defined Contribution Plans (Textual) [Abstract] | ' | ' | ' |
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense | ' | 104 | 77 |
CPSP stock savings feature shares | ' | ' | ' |
Cash contribution to the CPSP | ' | 5 | 4 |
ConocoPhilips Pension Plan [Member] | ' | ' | ' |
Defined Contribution Plans (Textual) [Abstract] | ' | ' | ' |
Employer matching contribution up to a certain percentage of pay | 9.00% | ' | ' |
CPSP stock savings feature shares | ' | ' | ' |
Defined contribution plan employee contribution percent | 1.00% | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Target allocations for plan assets | 59.00% | ' | ' |
Debt Securities [Member] | ' | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Target allocations for plan assets | 37.00% | ' | ' |
Real Estate [Member] | ' | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Target allocations for plan assets | 4.00% | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Fair value of participating interest in annuity contract | 110 | 133 | ' |
Fair value of participating interest in debt security | 312 | 358 | ' |
Accumulated benefit obligation covered by the contract | 202 | 225 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Pension And Postretirement Plans (Textual) [Abstract] | ' | ' | ' |
Pension settlement losses | 67 | 181 | 21 |
International qualified and nonqualified pension and postretirement benefit plans [Member] | ' | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Expected contribution to qualified and nonqualified pension and postretirement benefit | 210 | ' | ' |
Defined Contribution Plans (Textual) [Abstract] | ' | ' | ' |
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense | 60 | 56 | 56 |
Domestic qualified and nonqualified pension and postretirement benefit plans [Member] | ' | ' | ' |
Plan Assets (Textual) [Abstract] | ' | ' | ' |
Expected contribution to qualified and nonqualified pension and postretirement benefit | 350 | ' | ' |
Tax qualified pension plan [Member] | ' | ' | ' |
Pension And Postretirement Plans (Textual) [Abstract] | ' | ' | ' |
Tax-qualified pension plans with projected benefit obligations in excess of plan assets | 6,011 | 6,278 | ' |
Tax-qualified pension plans with accumulated benefit obligation in excess of plan assets | 5,393 | 5,602 | ' |
Tax-qualified pension plans with fair value of plan assets in excess of plan assets | 5,151 | 4,537 | ' |
Unfunded non qualified key employee pension plan [Member] | ' | ' | ' |
Pension And Postretirement Plans (Textual) [Abstract] | ' | ' | ' |
Tax-qualified pension plans with projected benefit obligations in excess of plan assets | 581 | 525 | ' |
Tax-qualified pension plans with accumulated benefit obligation in excess of plan assets | 392 | 382 | ' |
Discontinued Operations [Member] | ' | ' | ' |
Pension And Postretirement Plans (Textual) [Abstract] | ' | ' | ' |
Pension settlement losses | ' | $24 | ' |
Employee_Benefits_Plans_Detail1
Employee Benefits Plans (Details Textual 1) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, granted | $9.90 | ' | ' |
Aggregate Intrinsic Value, exercised | $95 | ' | ' |
Stock Option [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Vest ratably options term, in year | '10 years | ' | ' |
Portion of options or units that are vesting | 33.00% | ' | ' |
Vesting period of stock options or stock units | '6 months | ' | ' |
Weighted-average remaining contractual term of vested options | '5 years 1 month 6 days | ' | ' |
Weighted-average remaining contractual term exercisable | '4 years 6 months 25 days | ' | ' |
Weighted-Average Grant-Date Fair Value, granted | ' | $15.69 | $16.70 |
Aggregate Intrinsic Value, exercised | ' | 469 | 416 |
Cash received from exercise of stock options | 103 | ' | ' |
Tax benefit from exercise of options | 47 | ' | ' |
Unrecognized compensation cost from stock options | 17 | ' | ' |
Weighted average period of recognition of unvested options, in months | '1 year 10 months 2 days | ' | ' |
Longest weighted-average period of recognition of unvested options, in months | '2 years 1 month 6 days | ' | ' |
Stock Unit Program [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Vest ratably options term, in year | '3 years | ' | ' |
Weighted-Average Grant-Date Fair Value, granted | ' | $60.62 | $67.54 |
Unrecognized compensation cost from stock options | 307 | ' | ' |
Weighted average period of recognition of unvested options, in months | '2 years 2 months 5 days | ' | ' |
Longest weighted-average period of recognition of unvested options, in months | '6 years 3 months 29 days | ' | ' |
Total Fair Value, Issued | 245 | 187 | 109 |
Performance Share Program [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Vest ratably options term, in year | '3 years | ' | ' |
Phillips 66 [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Unrecognized compensation cost from stock options | ' | 7 | ' |
Stock Settled Performance Share Program [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, granted | ' | $74.16 | $70.57 |
Years of service required for award | '5 years | ' | ' |
Unrecognized compensation cost from stock options | 30 | ' | ' |
Weighted average period of recognition of unvested options, in months | '3 years 4 months 6 days | ' | ' |
Longest weighted-average period of recognition of unvested options, in months | '7 years 2 months 5 days | ' | ' |
Total Fair Value, Issued | 18 | 71 | 37 |
Cash Settled Performance Share Program [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Years of service required for award | '5 years | ' | ' |
Unrecognized compensation cost from stock options | 4 | ' | ' |
Weighted average period of recognition of unvested options, in months | '3 years 1 month 17 days | ' | ' |
Longest weighted-average period of recognition of unvested options, in months | '4 years 1 month 6 days | ' | ' |
Total Fair Value, Issued | 0 | ' | ' |
Other [Member] | ' | ' | ' |
Employee Benefit Plans Additional (Textual) [Abstract] | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, granted | ' | $63.54 | $70.25 |
Total Fair Value, Issued | ' | $73 | $10 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income taxes charged to income (loss) | ' | ' | ' |
Current Federal Income Taxes | $724 | $63 | $1,066 |
Deferred Federal Income Taxes | 811 | 624 | 285 |
Current Foreign Tax Expense (Benefit) | 4,249 | 6,255 | 6,400 |
Deferred Foreign Income Taxes | 504 | 744 | 48 |
Current State and Local Income Taxes | 220 | 231 | 308 |
Deferred State and Local Income Taxes | -99 | 25 | 101 |
Provision for income taxes | 6,409 | 7,942 | 8,208 |
Deferred Tax Liabilities | ' | ' | ' |
Properties, plants and equipment, and intangibles | 20,079 | 18,826 | ' |
Investment in joint ventures | 943 | 872 | ' |
Inventory | 86 | 76 | ' |
Partnership income deferral | 168 | 343 | ' |
Other | 724 | 793 | ' |
Total deferred tax liabilities | 22,000 | 20,910 | ' |
Deferred Tax Assets | ' | ' | ' |
Benefit plan accruals | 1,274 | 1,760 | ' |
Asset retirement obligations and accrued environmental costs | 4,483 | 3,954 | ' |
Deferred state income tax | 49 | 77 | ' |
Other financial accruals and deferrals | 297 | 544 | ' |
Loss and credit carryforwards | 1,487 | 2,062 | ' |
Other | 267 | 398 | ' |
Total deferred tax assets | 7,857 | 8,795 | ' |
Less valuation allowance | -969 | -1,345 | ' |
Net deferred tax assets | 6,888 | 7,450 | ' |
Net deferred tax liabilities | 15,112 | 13,460 | ' |
Reconciliation of the beginning and ending unrecognized tax benefits | ' | ' | ' |
Unrecognized Tax Benefits, Balance at January 1 | 872 | 1,071 | 1,125 |
Additions based on tax positions related to the current year | 52 | 98 | 46 |
Additions for tax positions of prior years | 30 | 48 | 145 |
Reductions for tax positions of prior years | -251 | -206 | -35 |
Settlements | -48 | -108 | -206 |
Lapse of statute | ' | -31 | -4 |
Unrecognized Tax Benefits, Balance at December 31 | 655 | 872 | 1,071 |
Income (loss) before income taxes, Income Tax Reconciliation | ' | ' | ' |
Income (loss) before taxes - United States | 5,046 | 4,070 | 4,762 |
Income (loss) before taxes - foreign | 9,400 | 11,353 | 10,634 |
Income from continuing operations before income taxes | 14,446 | 15,423 | 15,396 |
Federal statutory income tax | 5,056 | 5,398 | 5,389 |
Foreign taxes in excess of federal statutory rate | 1,389 | 2,878 | 2,658 |
Capital loss benefit | -79 | -461 | ' |
Federal manufacturing deduction | -35 | -52 | -73 |
State income tax | 79 | 166 | 266 |
Other | -1 | 13 | -32 |
Provision for income taxes | 6,409 | 7,942 | 8,208 |
Income (loss) before income taxes, Percent of Pretax Income | ' | ' | ' |
Income (loss) before income taxes, United States, Percentage | 34.90% | 26.40% | 30.90% |
Income (loss) before income taxes, Foreign, Percentage | 65.10% | 73.60% | 69.10% |
Income (loss) before income taxes, Percent | 100.00% | 100.00% | 100.00% |
Domestic federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign taxes in excess of federal statutory rate | 9.60% | 18.60% | 17.30% |
Capital loss benefit, Percent | -0.50% | -3.00% | ' |
Federal manufacturing deduction, Rate | -0.20% | -0.30% | -0.50% |
State income tax, Rate | 0.50% | 1.10% | 1.70% |
Other, Rate | ' | 0.10% | -0.20% |
Total Income taxes charged to income (loss), Rate | 44.40% | 51.50% | 53.30% |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Deferred taxes Included in current assets | 703 | 461 | ' |
Deferred taxes Included in long-term assets | 171 | 222 | ' |
Deferred taxes Included in current liabilities | 766 | 958 | ' |
Deferred taxes Included in long-term liabilities | 15,220 | 13,185 | ' |
Income considered to be permanently reinvested in foreign subsidiaries and foreign corporate joint ventures | 3,222 | 2,286 | ' |
Unrecognized tax benefits that if recognized, would affect effective tax rate | 440 | 650 | 815 |
Accrued liabilities for interest and penalties | 120 | 129 | 141 |
Interest and penalties (benefiting) charging earnings | -9 | -9 | 10 |
UK Tax Relief Rate | ' | 50.00% | ' |
Earnings reduction due to deferred tax remeasurement | ' | 192 | ' |
Supplementary UK Corporate Rate, before change | ' | ' | 20.00% |
Supplementary UK Corporate Rate, after change | ' | ' | 32.00% |
Overall UK Corporate Rate Before Change | ' | ' | 50.00% |
Overall UK Corporate Rate, after change | ' | ' | 62.00% |
Foreign Income Tax Expense Total, related to new rate | ' | ' | 316 |
Foreign Income Tax Expense Deferred, related to new rate | ' | ' | 106 |
Foreign Income Tax Expense Current, related to new rate | ' | ' | 210 |
Valuation Allowance [Line Items] | ' | ' | ' |
Increase (decrease) in valuation allowance | -376 | ' | ' |
Valuation Allowance Amount Of Increase [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Increase (decrease) in valuation allowance | 0 | ' | ' |
Valuation Allowance Amount Of Decrease [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Increase (decrease) in valuation allowance | $0 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated other comprehensive income | ' | ' | ' | |
Defined Benefit Plans, Beginning Balance | ($1,425) | ($1,971) | ($1,358) | |
Net Unrealized Gain on Securities, Beginning Balance | ' | ' | 158 | |
Foreign Currency Translation, Beginning Balance | 5,512 | 5,223 | 6,140 | |
Hedging, Beginning Balance | ' | -6 | -7 | |
Accumulated Other Comprehensive Income (loss), Beginning Balance | 4,087 | 3,246 | 4,933 | |
Defined Benefit Pension Plans | 601 | -137 | -613 | |
Defined Benefit Plans, Separation of Downstream Business | ' | 683 | ' | |
Net Unrealized Gain (loss) on Securities | ' | ' | -158 | |
Foreign Currency Translation | -2,686 | 758 | -917 | |
Foreign Currency Translation, Separation of Downstream Business | ' | -469 | ' | |
Hedging | ' | 6 | 1 | |
Other Comprehensive Income, Net of Tax, Separation of Downstream Business | ' | 214 | ' | |
Other Comprehensive Income (Loss), Net of Tax | -2,085 | 627 | -1,687 | |
Defined Benefit Plans, Ending Balance | -824 | -1,425 | -1,971 | |
Foreign Currency Translation, Ending Balance | 2,826 | 5,512 | 5,223 | |
Hedging, Ending Balance | ' | ' | -6 | |
Accumulated Other Comprehensive Income (loss), Ending Balance | 2,002 | 4,087 | 3,246 | |
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | |
Other Comprehensive (Income) Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans, Net Of Tax | -184 | [1] | ' | ' |
Other Comprehensive (Income) Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans, Tax | $105 | ' | ' | |
[1] | Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $105 million for the year-ended December 31, 2013. See Note 19bEmployee Benefit Plans, for additional information. |
Cash_Flow_Information_Details
Cash Flow Information (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Noncash Investing and Financing Activities | ' | ' | ' | |||
Increase in PP&E related to increase in asset retirement obligations | $1,329 | [1] | $1,010 | [1] | $182 | |
Increase in PP&E and debt related to a capital lease asset and obligation | 906 | ' | ' | |||
Cash payments | ' | ' | ' | |||
Interest | 566 | 724 | 919 | |||
Income taxes | 4,910 | 8,100 | [2] | 9,827 | [2] | |
Net Sales (Purchases) of Short-Term Investments | ' | ' | ' | |||
Short-term investments purchased | -361 | -497 | -6,744 | |||
Short-term investments sold | 98 | 1,094 | 7,144 | |||
Net Sales (Purchases) of Short-Term Investments | -263 | 597 | 400 | |||
ARO increase related to UK tax law changes | $212 | $152 | ' | |||
[1] | B B B *Includes $212 million and $152 million in 2013 and 2012, respectively, primarily related to the impact of U.K. tax law changes on the deductibility of decommissioning costs. | |||||
[2] | **2012 and 2011 have been revised to conform to current-year presentation to include only income tax payments related to continuing operations. |
Other_Financial_Information_De
Other Financial Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | ($33) | $58 | ($33) |
Incurred | ' | ' | ' |
Debt | 1,087 | 1,170 | 1,230 |
Other | 192 | 154 | 212 |
Interest Costs Incurred, Total | 1,279 | 1,324 | 1,442 |
Capitalized | -667 | -615 | -488 |
Expensed | 612 | 709 | 954 |
Other Income | ' | ' | ' |
Interest income | 113 | 163 | 170 |
Other, net | 261 | 306 | 94 |
Other Nonoperating Income | 374 | 469 | 264 |
Research and Development Expenditures - expensed | 258 | 221 | 193 |
Shipping and Handling Costs | 1,137 | 1,338 | 1,394 |
Lower 48 and Latin America [Member] | ' | ' | ' |
Other Income | ' | ' | ' |
Interest income | 43 | 47 | 51 |
Canada [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | -6 | 5 | -3 |
Europe [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | -31 | 21 | 7 |
Other Income | ' | ' | ' |
Interest income | 1 | ' | ' |
Asia Pacific and Middle East [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | -29 | 29 | -23 |
Other Income | ' | ' | ' |
Interest income | 8 | 11 | 7 |
Other International [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | 2 | 1 | 3 |
Other Income | ' | ' | ' |
Interest income | 1 | 9 | 18 |
LUKOIL Investment [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | ' | ' | -1 |
Corporate and Other [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign currency transaction gain loss after tax | $31 | $2 | ($16) |
Other_Financial_Information_Pr
Other Financial Information - Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Properties, Plants And Equipment | ' | ' | ||
Proved properties | $123,012 | [1] | $111,458 | [1] |
Unproved properties | 8,465 | [1] | 8,257 | [1] |
Other | 6,671 | 6,464 | ||
Gross properties, plants and equipment | 138,148 | 126,179 | ||
Accumulated depreciation | -65,321 | -58,916 | ||
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $65,321 million in 2013 and $58,916 million in 2012) | 72,827 | 67,263 | ||
Assets held for sale, formerly in proved properties | 1,773 | 11,075 | ||
Assets held for sale, formerly in unproved properties | $73 | $234 | ||
[1] | *Excludes assets held for sale reclassified to prepaid expenses and other current assets, including proved and unproved properties of $1,773 million and $73 million, respectively, at December 31, 2013, and $11,075 million and $234 million, respectively, at December 31, 2012. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Significant transactions with related parties | ' | ' | ' | |||
Operating revenues and other income | $102 | $59 | $49 | |||
Purchases | 184 | 261 | 327 | |||
Operating expenses and selling, general and administrative expenses | 193 | 183 | 233 | |||
Net interest expense | $31 | [1] | $38 | [1] | $61 | [1] |
[1] | *We paid interest to, or received interest from, various affiliates, including FCCL Partnership. See Note 7bInvestments, Loans and Long-Term Receivables and Note 12bJoint Venture Acquisition Obligation, for additional information on loans to affiliated companies. |
Segment_Disclosures_Analysis_o
Segment Disclosures - Analysis of Results by Operating Segment (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | $54,413 | [1] | $57,967 | [1] | $64,196 | [1] |
Alaska [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 8,553 | 9,502 | 9,533 | |||
Lower 48 and Latin America Before Intersegment Eliminations [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 19,480 | 19,600 | 23,507 | |||
Intersegment Eliminations before Lower 48 and Latin America [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | -104 | -230 | -283 | |||
Lower 48 and Latin America [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 19,376 | 19,370 | 23,224 | |||
Canada before Intersegment Eliminations [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 5,254 | 5,028 | 6,270 | |||
Intersegment Eliminations before Canada [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | -607 | -475 | -944 | |||
Canada [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 4,647 | [1] | 4,553 | [1] | 5,326 | [1] |
Europe before Intersegment Eliminations [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 12,040 | 14,709 | 17,119 | |||
Intersegment Eliminations before Europe [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 0 | -72 | -50 | |||
Europe [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 12,040 | 14,637 | 17,069 | |||
Asia Pacific before Intersegment Eliminations [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 8,426 | 7,705 | 8,665 | |||
Intersegment Eliminations before Asia Pacific [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 0 | -41 | -1 | |||
Asia Pacific and Middle East [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 8,426 | 7,664 | 8,664 | |||
Other International [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | 1,208 | 2,088 | 221 | |||
Corporate and Other [Member] | ' | ' | ' | |||
Sales and Operating Revenues by Segment | ' | ' | ' | |||
Sales and other operating revenues | $163 | $153 | $159 | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. |
Segment_Disclosures_Depreciati
Segment Disclosures - Depreciation, Equity Earnings, Income Tax (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | $7,963 | $7,260 | $7,148 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | 2,219 | 1,911 | 1,239 |
Income Taxes | ' | ' | ' |
Provision for income taxes | 6,409 | 7,942 | 8,208 |
Alaska State [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 533 | 520 | 578 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | 7 | 10 | -77 |
Income Taxes | ' | ' | ' |
Provision for income taxes | 1,275 | 1,266 | 1,171 |
Lower 48 and Latin America [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 3,247 | 2,796 | 2,228 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | 45 | 86 | 99 |
Income Taxes | ' | ' | ' |
Provision for income taxes | 534 | 133 | 741 |
Canada [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 1,531 | 1,600 | 1,758 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | 984 | 726 | 677 |
Income Taxes | ' | ' | ' |
Provision for income taxes | -44 | -252 | -45 |
Europe [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 1,334 | 1,203 | 1,405 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | -3 | 29 | 46 |
Income Taxes | ' | ' | ' |
Provision for income taxes | 2,323 | 4,012 | 4,459 |
Asia Pacific and Middle East [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 1,188 | 1,002 | 1,063 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | 1,162 | 1,057 | 819 |
Income Taxes | ' | ' | ' |
Provision for income taxes | 1,512 | 1,578 | 1,887 |
Other International [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 30 | 45 | 8 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | 26 | 6 | -324 |
Income Taxes | ' | ' | ' |
Provision for income taxes | 933 | 1,485 | 162 |
Lukoil [Member] | ' | ' | ' |
Income Taxes | ' | ' | ' |
Provision for income taxes | ' | ' | 123 |
Corporate and Other [Member] | ' | ' | ' |
Depreciation, Depletion, Amortization, and Impairments | ' | ' | ' |
Depreciation, Depletion, Amortization and Impairments, Total | 100 | 94 | 108 |
Equity in Earnings of Affiliates | ' | ' | ' |
Equity in earnings of affiliates | -2 | -3 | -1 |
Income Taxes | ' | ' | ' |
Provision for income taxes | ($124) | ($280) | ($290) |
Segment_Disclosures_Net_Income
Segment Disclosures - Net Income, Investments, Total Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | $9,156 | $8,428 | $12,436 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 24,337 | 23,948 | 32,660 |
Total Assets | ' | ' | ' |
Total assets | 118,057 | 117,144 | 153,230 |
Alaska State [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | 2,274 | 2,276 | 1,984 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 53 | 56 | 58 |
Total Assets | ' | ' | ' |
Total assets | 11,662 | 10,950 | 10,723 |
Lower 48 and Latin America [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | 1,081 | 1,029 | 1,288 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 905 | 1,133 | 1,168 |
Total Assets | ' | ' | ' |
Total assets | 29,571 | 28,895 | 25,872 |
Canada [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | 718 | -684 | 91 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 10,273 | 9,973 | 9,045 |
Total Assets | ' | ' | ' |
Total assets | 22,394 | 22,308 | 20,847 |
Europe [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | 1,199 | 1,498 | 1,830 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 216 | 242 | 195 |
Total Assets | ' | ' | ' |
Total assets | 17,299 | 15,562 | 12,452 |
Asia Pacific and Middle East [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | 3,532 | 3,928 | 3,032 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 12,806 | 12,468 | 11,571 |
Total Assets | ' | ' | ' |
Total assets | 25,473 | 23,721 | 22,374 |
Other International [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | -6 | 359 | -377 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 68 | 61 | 339 |
Total Assets | ' | ' | ' |
Total assets | 1,610 | 1,418 | 1,542 |
Lukoil [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | ' | ' | 239 |
Corporate and Other [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | -820 | -993 | -960 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | 16 | 15 | 9 |
Total Assets | ' | ' | ' |
Total assets | 8,367 | 6,823 | 8,485 |
Discontinued Operations [Member] | ' | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' | ' |
Consolidated net income attributable to ConocoPhillips | 1,178 | 1,015 | 5,309 |
Investments In and Advances To Affiliates | ' | ' | ' |
Investments in and advances to affiliates | ' | ' | 10,275 |
Total Assets | ' | ' | ' |
Total assets | $1,681 | $7,467 | $50,935 |
Segment_Disclosures_Capital_Ex
Segment Disclosures - Capital Expenditures and Interest (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | $15,537 | $14,172 | $11,214 |
Interest Income and Expense | ' | ' | ' |
Interest income | 113 | 163 | 170 |
Alaska State [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 1,140 | 828 | 774 |
Lower 48 and Latin America [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 5,234 | 5,251 | 3,882 |
Interest Income and Expense | ' | ' | ' |
Interest income | 43 | 47 | 51 |
Canada [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 2,232 | 2,184 | 1,761 |
Interest Income and Expense | ' | ' | ' |
Interest and debt expense | 80 | 103 | 122 |
Europe [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 3,115 | 2,860 | 2,222 |
Interest Income and Expense | ' | ' | ' |
Interest income | 1 | ' | ' |
Asia Pacific and Middle East [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 3,382 | 2,430 | 2,325 |
Interest Income and Expense | ' | ' | ' |
Interest income | 8 | 11 | 7 |
Other International [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 252 | 415 | 8 |
Interest Income and Expense | ' | ' | ' |
Interest income | 1 | 9 | 18 |
Corporate and Other [Member] | ' | ' | ' |
Capital Expenditures and Investments | ' | ' | ' |
Consolidated capital expenditures and investments | 182 | 204 | 242 |
Interest Income and Expense | ' | ' | ' |
Interest income | 60 | 96 | 94 |
Interest and debt expense | $532 | $606 | $832 |
Segment_Disclosures_Sales_by_P
Segment Disclosures - Sales by Product (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Sales And Other Operating Revenues By Product [Abstract] | ' | ' | ' | |||
Consolidated sales and other operating revenues by product | $54,413 | [1] | $57,967 | [1] | $64,196 | [1] |
Crude Oil [Member] | ' | ' | ' | |||
Sales And Other Operating Revenues By Product [Abstract] | ' | ' | ' | |||
Consolidated sales and other operating revenues by product | 24,899 | 26,302 | 24,237 | |||
Natural Gas [Member] | ' | ' | ' | |||
Sales And Other Operating Revenues By Product [Abstract] | ' | ' | ' | |||
Consolidated sales and other operating revenues by product | 22,539 | 25,163 | 29,915 | |||
Natural Gas Liquids [Member] | ' | ' | ' | |||
Sales And Other Operating Revenues By Product [Abstract] | ' | ' | ' | |||
Consolidated sales and other operating revenues by product | 2,111 | 2,416 | 3,101 | |||
Other Products [Member] | ' | ' | ' | |||
Sales And Other Operating Revenues By Product [Abstract] | ' | ' | ' | |||
Consolidated sales and other operating revenues by product | $4,864 | [2] | $4,086 | [2] | $6,943 | [2] |
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | |||||
[2] | *Includes LNG and bitumen. |
Segment_Disclosures_Geographic
Segment Disclosures - Geographic Information (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | $54,413 | [1] | $57,967 | [1] | $64,196 | [1] |
Long-Lived Assets | 97,164 | [2] | 91,211 | [2] | 116,840 | [2] |
UNITED STATES | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 27,954 | [1] | 28,901 | [1] | 32,790 | [1] |
Long-Lived Assets | 37,593 | [2] | 35,443 | [2] | 33,750 | [2] |
AUSTRALIA | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 3,571 | [1],[3] | 3,371 | [1],[3] | 3,458 | [1],[3] |
Long-Lived Assets | 13,450 | [2],[3] | 13,483 | [2],[3] | 12,572 | [2],[3] |
CANADA | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 4,647 | [1] | 4,553 | [1] | 5,326 | [1] |
Long-Lived Assets | 21,380 | [2] | 21,304 | [2] | 20,083 | [2] |
CHINA | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 2,120 | [1] | 1,499 | [1] | 2,154 | [1] |
Long-Lived Assets | 2,143 | [2] | 2,408 | [2] | 2,449 | [2] |
INDONESIA | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 2,083 | [1] | 2,198 | [1] | 2,076 | [1] |
Long-Lived Assets | 1,780 | [2] | 1,662 | [2] | 1,726 | [2] |
MALAYSIA | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 281 | [1] | ' | ' | ||
Long-Lived Assets | 3,406 | [2] | 1,832 | [2] | 1,349 | [2] |
NORWAY | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 4,323 | [1] | 5,059 | [1] | 5,755 | [1] |
Long-Lived Assets | 8,089 | [2] | 7,288 | [2] | 5,918 | [2] |
UNITED KINGDOM | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 7,717 | [1] | 9,578 | [1] | 11,314 | [1] |
Long-Lived Assets | 5,959 | [2] | 4,480 | [2] | 3,257 | [2] |
Segment Geographical Groups of Countries Other [Member] | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Sales and other operating revenues | 1,717 | [1] | 2,808 | [1] | 1,323 | [1] |
Long-Lived Assets | 3,364 | [2] | 3,311 | [2] | 3,758 | [2] |
Discontinued Operations [Member] | ' | ' | ' | |||
Geographic Information | ' | ' | ' | |||
Long-Lived Assets | ' | ' | $31,978 | [2],[4] | ||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | |||||
[2] | Defined as net PP&E plus investments in and advances to affiliated companies. | |||||
[3] | Includes amounts related to the joint petroleum development area with shared ownership held by Australia and Timor-Leste. | |||||
[4] | Represents the Downstream business. |
Supplementary_Information_Cond2
Supplementary Information - Condensed Consolidating Financial Information (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | $54,413 | [1] | $57,967 | [1] | $64,196 | [1] |
Equity in earnings of affiliates | 2,219 | 1,911 | 1,239 | |||
Gain on dispositions | 1,242 | 1,657 | 370 | |||
Other income | 374 | 469 | 264 | |||
Total Revenues and Other Income | 58,248 | 62,004 | 66,069 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased commodities | 22,643 | 25,232 | 29,797 | |||
Production and operating expenses | 7,238 | 6,793 | 6,426 | |||
Selling, general and administrative expenses | 854 | 1,106 | 865 | |||
Exploration expenses | 1,232 | 1,500 | 1,038 | |||
Depreciation, depletion and amortization | 7,434 | 6,580 | 6,827 | |||
Impairments | 529 | 680 | 321 | |||
Taxes other than income taxes | 2,884 | 3,546 | 3,999 | |||
Accretion on discounted liabilities | 434 | 394 | 422 | |||
Interest and debt expense | 612 | 709 | 954 | |||
Foreign currency transaction (gains) losses | -58 | 41 | 24 | |||
Total Costs and Expenses | 43,802 | 46,581 | 50,673 | |||
Income (loss) before income taxes | 14,446 | 15,423 | 15,396 | |||
Provision for income taxes | 6,409 | 7,942 | 8,208 | |||
Income (Loss) From Continuing Operations | 8,037 | 7,481 | 7,188 | |||
Income (loss) from discontinued operations | 1,178 | [2] | 1,017 | [2] | 5,314 | [2] |
Net income (loss) | 9,215 | 8,498 | 12,502 | |||
Less: net income attributable to noncontrolling interests | -59 | -70 | -66 | |||
Net income (loss) attributable to ConocoPhillips | 9,156 | 8,428 | 12,436 | |||
Comprehensive Income Attributable to ConocoPhillips | 7,071 | 9,055 | 10,749 | |||
ConocoPhillips [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Equity in earnings of affiliates | 8,374 | 7,871 | [3] | 7,600 | [3] | |
Other income | 2 | -76 | ' | |||
Intercompany revenues | 82 | 61 | [3] | 4 | [3] | |
Total Revenues and Other Income | 8,458 | 7,856 | 7,604 | |||
Costs and Expenses | ' | ' | ' | |||
Selling, general and administrative expenses | 11 | 12 | 13 | |||
Interest and debt expense | 630 | 700 | [3] | 726 | [3] | |
Foreign currency transaction (gains) losses | 52 | -19 | ' | |||
Total Costs and Expenses | 693 | 693 | 739 | |||
Income (loss) before income taxes | 7,765 | 7,163 | 6,865 | |||
Provision for income taxes | -213 | -248 | -257 | |||
Income (Loss) From Continuing Operations | 7,978 | 7,411 | 7,122 | |||
Income (loss) from discontinued operations | 1,178 | 1,017 | 5,314 | |||
Net income (loss) | 9,156 | 8,428 | 12,436 | |||
Net income (loss) attributable to ConocoPhillips | 9,156 | 8,428 | 12,436 | |||
Comprehensive Income Attributable to ConocoPhillips | 7,071 | 9,055 | 10,749 | |||
ConocoPhillips Company [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | 18,186 | 17,768 | 20,606 | |||
Equity in earnings of affiliates | 9,200 | 8,545 | [3] | 7,317 | [3] | |
Gain on dispositions | 364 | 2 | 261 | |||
Other income | 271 | 177 | 98 | |||
Intercompany revenues | 458 | 1,077 | [3] | 1,406 | [3] | |
Total Revenues and Other Income | 28,479 | 27,569 | 29,688 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased commodities | 15,779 | 15,680 | 17,944 | |||
Production and operating expenses | 1,492 | 1,304 | 1,126 | |||
Selling, general and administrative expenses | 623 | 845 | 607 | |||
Exploration expenses | 659 | 402 | 333 | |||
Depreciation, depletion and amortization | 907 | 807 | 867 | |||
Impairments | 4 | 8 | 38 | |||
Taxes other than income taxes | 236 | 264 | 292 | |||
Accretion on discounted liabilities | 56 | 53 | 48 | |||
Interest and debt expense | 327 | 316 | [3] | 448 | [3] | |
Foreign currency transaction (gains) losses | 3 | 19 | -16 | |||
Total Costs and Expenses | 20,086 | 19,698 | 21,687 | |||
Income (loss) before income taxes | 8,393 | 7,871 | 8,001 | |||
Provision for income taxes | 19 | -1 | 401 | |||
Income (Loss) From Continuing Operations | 8,374 | 7,872 | 7,600 | |||
Income (loss) from discontinued operations | 1,178 | 1,017 | 5,314 | |||
Net income (loss) | 9,552 | 8,889 | 12,914 | |||
Net income (loss) attributable to ConocoPhillips | 9,552 | 8,889 | 12,914 | |||
Comprehensive Income Attributable to ConocoPhillips | 7,467 | 9,516 | 11,227 | |||
ConocoPhillips Australia Funding Company [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Intercompany revenues | 13 | 46 | [3] | 46 | [3] | |
Total Revenues and Other Income | 13 | 46 | 46 | |||
Costs and Expenses | ' | ' | ' | |||
Interest and debt expense | 12 | 42 | [3] | 42 | [3] | |
Total Costs and Expenses | 12 | 42 | 42 | |||
Income (loss) before income taxes | 1 | 4 | 4 | |||
Provision for income taxes | ' | 1 | 1 | |||
Income (Loss) From Continuing Operations | 1 | 3 | 3 | |||
Net income (loss) | 1 | 3 | 3 | |||
Net income (loss) attributable to ConocoPhillips | 1 | 3 | 3 | |||
Comprehensive Income Attributable to ConocoPhillips | 1 | 3 | 3 | |||
ConocoPhillips Canada Funding Company I [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Intercompany revenues | 305 | 313 | [3] | 328 | [3] | |
Total Revenues and Other Income | 305 | 313 | 328 | |||
Costs and Expenses | ' | ' | ' | |||
Selling, general and administrative expenses | 1 | 1 | 1 | |||
Interest and debt expense | 235 | 237 | [3] | 220 | [3] | |
Foreign currency transaction (gains) losses | -349 | 152 | 37 | |||
Total Costs and Expenses | -113 | 390 | 258 | |||
Income (loss) before income taxes | 418 | -77 | 70 | |||
Provision for income taxes | 31 | 9 | ' | |||
Income (Loss) From Continuing Operations | 387 | -86 | 70 | |||
Net income (loss) | 387 | -86 | 70 | |||
Net income (loss) attributable to ConocoPhillips | 387 | -86 | 70 | |||
Comprehensive Income Attributable to ConocoPhillips | 99 | 24 | -28 | |||
All Other Subsidiaries [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | 36,227 | 40,199 | 43,590 | |||
Equity in earnings of affiliates | 2,611 | 1,832 | [3] | 1,312 | [3] | |
Gain on dispositions | 878 | 1,655 | 109 | |||
Other income | 101 | 368 | 166 | |||
Intercompany revenues | 4,948 | 2,997 | [3] | 1,766 | [3] | |
Total Revenues and Other Income | 44,765 | 47,051 | 46,943 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased commodities | 11,812 | 13,000 | 14,287 | |||
Production and operating expenses | 5,756 | 5,512 | 5,363 | |||
Selling, general and administrative expenses | 238 | 258 | 253 | |||
Exploration expenses | 573 | 1,098 | 705 | |||
Depreciation, depletion and amortization | 6,527 | 5,773 | 5,960 | |||
Impairments | 525 | 672 | 283 | |||
Taxes other than income taxes | 2,648 | 3,282 | 3,707 | |||
Accretion on discounted liabilities | 378 | 341 | 374 | |||
Interest and debt expense | 237 | 427 | [3] | 562 | [3] | |
Foreign currency transaction (gains) losses | 236 | -111 | 3 | |||
Total Costs and Expenses | 28,930 | 30,252 | 31,497 | |||
Income (loss) before income taxes | 15,835 | 16,799 | 15,446 | |||
Provision for income taxes | 6,572 | 8,181 | 8,063 | |||
Income (Loss) From Continuing Operations | 9,263 | 8,618 | 7,383 | |||
Income (loss) from discontinued operations | 1,178 | 777 | 4,868 | |||
Net income (loss) | 10,441 | 9,395 | 12,251 | |||
Less: net income attributable to noncontrolling interests | -59 | -70 | -66 | |||
Net income (loss) attributable to ConocoPhillips | 10,382 | 9,325 | 12,185 | |||
Comprehensive Income Attributable to ConocoPhillips | 7,782 | 9,560 | 10,973 | |||
Consolidating Adjustments [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Equity in earnings of affiliates | -17,966 | -16,337 | [3] | -14,990 | [3] | |
Intercompany revenues | -5,806 | -4,494 | [3] | -3,550 | [3] | |
Total Revenues and Other Income | -23,772 | -20,831 | -18,540 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased commodities | -4,948 | -3,448 | -2,434 | |||
Production and operating expenses | -10 | -23 | -63 | |||
Selling, general and administrative expenses | -19 | -10 | -9 | |||
Interest and debt expense | -829 | -1,013 | [3] | -1,044 | [3] | |
Total Costs and Expenses | -5,806 | -4,494 | -3,550 | |||
Income (loss) before income taxes | -17,966 | -16,337 | -14,990 | |||
Income (Loss) From Continuing Operations | -17,966 | -16,337 | -14,990 | |||
Income (loss) from discontinued operations | -2,356 | -1,794 | -10,182 | |||
Net income (loss) | -20,322 | -18,131 | -25,172 | |||
Net income (loss) attributable to ConocoPhillips | -20,322 | -18,131 | -25,172 | |||
Comprehensive Income Attributable to ConocoPhillips | ($15,349) | ($19,103) | ($22,175) | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. | |||||
[2] | *Net of provision for income taxes on discontinued operations of: $283, $745, $2,291 | |||||
[3] | *"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany Revenues" lines for ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. |
Supplementary_Information_Cond3
Supplementary Information - Condensed Consolidating Financial Information (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | $6,246 | $3,618 | $5,780 | $9,454 | ||
Short-term investments | 272 | [1] | ' | ' | ' | |
Restricted cash | ' | 748 | ' | ' | ||
Accounts and notes receivable | 8,487 | 9,182 | ' | ' | ||
Inventories | 1,194 | 965 | ' | ' | ||
Prepaid expenses and other current assets | 2,824 | 9,476 | ' | ' | ||
Total Current Assets | 19,023 | 23,989 | ' | ' | ||
Investments, loans and long-term receivables | 25,264 | 25,006 | ' | ' | ||
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $65,321 million in 2013 and $58,916 million in 2012) | 72,827 | 67,263 | ' | ' | ||
Other assets | 943 | 886 | ' | ' | ||
Total Assets | 118,057 | 117,144 | 153,230 | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Accounts payable | 9,314 | 10,013 | ' | ' | ||
Short-term debt | 589 | 955 | ' | ' | ||
Accrued income and other taxes | 2,713 | 3,366 | ' | ' | ||
Employee benefit obligations | 842 | 742 | ' | ' | ||
Other accruals | 1,671 | 2,367 | ' | ' | ||
Total Current Liabilities | 15,129 | 17,443 | ' | ' | ||
Long-term debt | 21,073 | 20,770 | ' | ' | ||
Long-term asset retirement obligations and accrued environmental costs | 9,883 | 8,947 | ' | ' | ||
Joint venture acquisition obligation | ' | 2,810 | ' | ' | ||
Deferred income taxes | 15,220 | 13,185 | ' | ' | ||
Employee benefit obligations | 2,459 | 3,346 | ' | ' | ||
Other liabilities and deferred credits | 1,801 | 2,216 | ' | ' | ||
Total Liabilities | 65,565 | 68,717 | ' | ' | ||
Retained earnings | 41,160 | 35,338 | ' | ' | ||
Other common stockholders' equity | 10,930 | 12,649 | ' | ' | ||
Noncontrolling interests | 402 | 440 | ' | ' | ||
Total Liabilities and Equity | 118,057 | 117,144 | ' | ' | ||
ConocoPhillips [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | ' | 2 | ' | ' | ||
Restricted cash | ' | 748 | ' | ' | ||
Accounts and notes receivable | 73 | 64 | ' | ' | ||
Prepaid expenses and other current assets | 20 | 20 | ' | ' | ||
Total Current Assets | 93 | 834 | ' | ' | ||
Investments, loans and long-term receivables | 86,836 | [2] | 79,428 | [2],[3] | ' | ' |
Other assets | 38 | 55 | ' | ' | ||
Total Assets | 86,967 | 80,317 | ' | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Short-term debt | 395 | -5 | ' | ' | ||
Other accruals | 210 | 210 | ' | ' | ||
Total Current Liabilities | 605 | 205 | ' | ' | ||
Long-term debt | 9,047 | 9,453 | ' | ' | ||
Deferred income taxes | 94 | 15 | ' | ' | ||
Other liabilities and deferred credits | 31,693 | [2] | 29,220 | [2],[3] | ' | ' |
Total Liabilities | 41,439 | 38,893 | ' | ' | ||
Retained earnings | 34,636 | 28,814 | [3] | ' | ' | |
Other common stockholders' equity | 10,892 | 12,610 | ' | ' | ||
Total Liabilities and Equity | 86,967 | 80,317 | ' | ' | ||
ConocoPhillips Company [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 2,434 | 12 | 2,028 | 718 | ||
Accounts and notes receivable | 2,122 | 2,711 | ' | ' | ||
Inventories | 174 | 57 | ' | ' | ||
Prepaid expenses and other current assets | 535 | 848 | ' | ' | ||
Total Current Assets | 5,265 | 3,628 | ' | ' | ||
Investments, loans and long-term receivables | 100,052 | [2] | 107,926 | [2],[3] | ' | ' |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $65,321 million in 2013 and $58,916 million in 2012) | 9,313 | 8,771 | ' | ' | ||
Other assets | 260 | 216 | ' | ' | ||
Total Assets | 114,890 | 120,541 | ' | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Accounts payable | 3,388 | 5,532 | ' | ' | ||
Short-term debt | 4 | 4 | ' | ' | ||
Accrued income and other taxes | 223 | 104 | ' | ' | ||
Employee benefit obligations | 566 | 485 | ' | ' | ||
Other accruals | 639 | 636 | ' | ' | ||
Total Current Liabilities | 4,820 | 6,761 | ' | ' | ||
Long-term debt | 5,208 | 5,215 | ' | ' | ||
Long-term asset retirement obligations and accrued environmental costs | 1,289 | 1,250 | ' | ' | ||
Deferred income taxes | 557 | 598 | ' | ' | ||
Employee benefit obligations | 1,791 | 2,464 | ' | ' | ||
Other liabilities and deferred credits | 9,422 | [2] | 19,917 | [2],[3] | ' | ' |
Total Liabilities | 23,087 | 36,205 | ' | ' | ||
Retained earnings | 31,835 | 22,283 | [3] | ' | ' | |
Other common stockholders' equity | 59,968 | 62,053 | ' | ' | ||
Total Liabilities and Equity | 114,890 | 120,541 | ' | ' | ||
ConocoPhillips Australia Funding Company [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | ' | 6 | 1 | ' | ||
Accounts and notes receivable | 2 | ' | ' | ' | ||
Total Current Assets | 2 | 6 | ' | ' | ||
Investments, loans and long-term receivables | ' | 760 | [2],[3] | ' | ' | |
Total Assets | 2 | 766 | ' | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Short-term debt | ' | 751 | ' | ' | ||
Other accruals | ' | 9 | ' | ' | ||
Total Current Liabilities | ' | 760 | ' | ' | ||
Total Liabilities | ' | 760 | ' | ' | ||
Retained earnings | ' | 3 | [3] | ' | ' | |
Other common stockholders' equity | 2 | 3 | ' | ' | ||
Total Liabilities and Equity | 2 | 766 | ' | ' | ||
ConocoPhillips Canada Funding Company I [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 229 | 59 | 55 | 46 | ||
Prepaid expenses and other current assets | 35 | 30 | ' | ' | ||
Total Current Assets | 264 | 89 | ' | ' | ||
Investments, loans and long-term receivables | 4,259 | [2] | 4,551 | [2],[3] | ' | ' |
Other assets | 103 | 163 | ' | ' | ||
Total Assets | 4,626 | 4,803 | ' | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Accounts payable | 4 | 15 | ' | ' | ||
Short-term debt | 5 | 5 | ' | ' | ||
Other accruals | 81 | 90 | ' | ' | ||
Total Current Liabilities | 90 | 110 | ' | ' | ||
Long-term debt | 2,980 | 2,985 | ' | ' | ||
Deferred income taxes | ' | 23 | ' | ' | ||
Other liabilities and deferred credits | 1,603 | [2] | 1,830 | [2],[3] | ' | ' |
Total Liabilities | 4,673 | 4,948 | ' | ' | ||
Retained earnings | -1,500 | -1,887 | [3] | ' | ' | |
Other common stockholders' equity | 1,453 | 1,742 | ' | ' | ||
Total Liabilities and Equity | 4,626 | 4,803 | ' | ' | ||
All Other Subsidiaries [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 3,583 | 3,539 | 3,696 | 8,690 | ||
Short-term investments | 272 | ' | ' | ' | ||
Accounts and notes receivable | 9,267 | 11,503 | ' | ' | ||
Inventories | 1,020 | 908 | ' | ' | ||
Prepaid expenses and other current assets | 2,311 | 8,659 | ' | ' | ||
Total Current Assets | 16,453 | 24,609 | ' | ' | ||
Investments, loans and long-term receivables | 34,795 | [2] | 49,488 | [2],[3] | ' | ' |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $65,321 million in 2013 and $58,916 million in 2012) | 63,514 | 58,492 | ' | ' | ||
Other assets | 1,394 | 1,654 | ' | ' | ||
Total Assets | 116,156 | 134,243 | ' | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Accounts payable | 8,899 | 9,562 | ' | ' | ||
Short-term debt | 185 | 200 | ' | ' | ||
Accrued income and other taxes | 2,517 | 3,291 | ' | ' | ||
Employee benefit obligations | 276 | 257 | ' | ' | ||
Other accruals | 790 | 1,474 | ' | ' | ||
Total Current Liabilities | 12,667 | 14,784 | ' | ' | ||
Long-term debt | 3,838 | 3,117 | ' | ' | ||
Long-term asset retirement obligations and accrued environmental costs | 8,594 | 7,697 | ' | ' | ||
Joint venture acquisition obligation | ' | 2,810 | ' | ' | ||
Deferred income taxes | 14,569 | 12,549 | ' | ' | ||
Employee benefit obligations | 668 | 882 | ' | ' | ||
Other liabilities and deferred credits | 22,204 | [2] | 24,953 | [2],[3] | ' | ' |
Total Liabilities | 62,540 | 66,792 | ' | ' | ||
Retained earnings | 12,848 | 24,541 | [3] | ' | ' | |
Other common stockholders' equity | 40,366 | 42,470 | ' | ' | ||
Noncontrolling interests | 402 | 440 | ' | ' | ||
Total Liabilities and Equity | 116,156 | 134,243 | ' | ' | ||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Accounts and notes receivable | -2,977 | -5,096 | ' | ' | ||
Prepaid expenses and other current assets | -77 | -81 | ' | ' | ||
Total Current Assets | -3,054 | -5,177 | ' | ' | ||
Investments, loans and long-term receivables | -200,678 | [2] | -217,147 | [2],[3] | ' | ' |
Other assets | -852 | -1,202 | ' | ' | ||
Total Assets | -204,584 | -223,526 | ' | ' | ||
Liabilities and Stockholders Equity | ' | ' | ' | ' | ||
Accounts payable | -2,977 | -5,096 | ' | ' | ||
Accrued income and other taxes | -27 | -29 | ' | ' | ||
Other accruals | -49 | -52 | ' | ' | ||
Total Current Liabilities | -3,053 | -5,177 | ' | ' | ||
Other liabilities and deferred credits | -63,121 | [2] | -73,704 | [2],[3] | ' | ' |
Total Liabilities | -66,174 | -78,881 | ' | ' | ||
Retained earnings | -36,659 | -38,416 | [3] | ' | ' | |
Other common stockholders' equity | -101,751 | -106,229 | ' | ' | ||
Total Liabilities and Equity | ($204,584) | ($223,526) | ' | ' | ||
[1] | *Includes marketable securities of: $135, 0 | |||||
[2] | Includes intercompany loans | |||||
[3] | Revised to reflect adjustments to intercompany interest for ConocoPhillips, ConocoPhillips Company, and All Other Subsidiaries, and to reduce "Investments, loans and long-term receivables" and Retained earnings" in the All Other Subsidiaries column to conform to current-year presentation. There was no impact to Total Consolidated balances. |
Supplementary_Information_Cond4
Supplementary Information - Condensed Consolidating Financial Information (Details 2) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | $15,801 | $13,458 | $13,953 | ||
Net cash provided by (used in) discontinued operations | 286 | 464 | 5,693 | ||
Net Cash Provided by (Used in) Operating Activities | 16,087 | 13,922 | 19,646 | ||
Cash Flows From Investing Activities | ' | ' | ' | ||
Capital expenditures and investments | -15,537 | -14,172 | -11,214 | ||
Proceeds from asset dispositions | 10,220 | 2,132 | 2,192 | ||
Net sales (purchases) of short-term investments | -263 | 597 | 400 | ||
Collection of advances/loans-related parties | 145 | 114 | 98 | ||
Other | -212 | 821 | 50 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -5,647 | -10,508 | -8,474 | ||
Net cash provided by (used in) discontinued operations | -604 | -1,119 | 1,459 | ||
Net Cash Provided by (Used in) Investing Activities | -6,251 | -11,627 | -7,015 | ||
Cash Flows From Financing Activities | ' | ' | ' | ||
Issuance of debt | ' | 1,996 | ' | ||
Repayment of debt | -946 | -2,565 | -934 | ||
Special cash distribution from Phillips 66 | ' | 7,818 | ' | ||
Change in restricted cash | 748 | -748 | ' | ||
Issuance of company common stock | 20 | 138 | 96 | ||
Repurchase of company common stock | ' | -5,098 | -11,123 | ||
Dividends paid on company common stock | -3,334 | -3,278 | -3,632 | ||
Other | -3,621 | -725 | -684 | ||
Net cash provided by (used in) continuing financing activities | -7,133 | -2,462 | -16,277 | ||
Net cash provided by (used in) discontinued operations | ' | -2,019 | -28 | ||
Net Cash Provided by (Used in) Financing Activities | -7,133 | -4,481 | -16,305 | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -75 | 24 | ' | ||
Net Change in Cash and Cash Equivalents | 2,628 | -2,162 | -3,674 | ||
Cash and cash equivalents at beginning of period | 3,618 | 5,780 | 9,454 | ||
Cash and Cash Equivalents at End of Period | 6,246 | 3,618 | 5,780 | ||
ConocoPhillips [Member] | ' | ' | ' | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | -295 | -456 | [1] | -502 | [1] |
Net Cash Provided by (Used in) Operating Activities | -295 | -456 | [1] | -502 | [1] |
Cash Flows From Investing Activities | ' | ' | ' | ||
Intercompany cash management | 2,511 | 3,840 | [1] | 14,643 | [1] |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 2,511 | 3,840 | [1] | 14,643 | [1] |
Net cash provided by (used in) discontinued operations | ' | -303 | [1] | ' | |
Net Cash Provided by (Used in) Investing Activities | 2,511 | 3,537 | [1] | 14,643 | [1] |
Cash Flows From Financing Activities | ' | ' | ' | ||
Repayment of debt | ' | -2,474 | [1] | ' | |
Special cash distribution from Phillips 66 | ' | 7,818 | [1] | ' | |
Change in restricted cash | 748 | -748 | [1] | ' | |
Issuance of company common stock | 365 | 701 | [1] | 623 | [1] |
Repurchase of company common stock | ' | -5,098 | [1] | -11,123 | [1] |
Dividends paid on company common stock | -3,334 | -3,278 | [1] | -3,632 | [1] |
Other | 3 | 0 | [1] | -9 | [1] |
Net cash provided by (used in) continuing financing activities | -2,218 | -3,079 | [1] | -14,141 | [1] |
Net Cash Provided by (Used in) Financing Activities | -2,218 | -3,079 | [1] | -14,141 | [1] |
Net Change in Cash and Cash Equivalents | -2 | 2 | ' | ||
Cash and cash equivalents at beginning of period | 2 | ' | ' | ||
Cash and Cash Equivalents at End of Period | ' | 2 | ' | ||
ConocoPhillips Company [Member] | ' | ' | ' | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | 22,996 | 6,470 | [1] | 6,415 | [1] |
Net cash provided by (used in) discontinued operations | 91 | 6,201 | [1] | -2,048 | [1] |
Net Cash Provided by (Used in) Operating Activities | 23,087 | 12,671 | [1] | 4,367 | [1] |
Cash Flows From Investing Activities | ' | ' | ' | ||
Capital expenditures and investments | -4,821 | -1,323 | [1] | -1,504 | [1] |
Proceeds from asset dispositions | 2,633 | 16,505 | [1] | 318 | [1] |
Long-term advances/loans-related parties | -342 | -378 | [1] | -831 | [1] |
Collection of advances/loans-related parties | 174 | 1,193 | [1] | 909 | [1] |
Intercompany cash management | -15,919 | -16,040 | [1] | -11,516 | [1] |
Other | 21 | 442 | [1] | 6 | [1] |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -18,254 | 399 | [1] | -12,618 | [1] |
Net cash provided by (used in) discontinued operations | -52 | -11,292 | [1] | 5,360 | [1] |
Net Cash Provided by (Used in) Investing Activities | -18,306 | -10,893 | [1] | -7,258 | [1] |
Cash Flows From Financing Activities | ' | ' | ' | ||
Issuance of debt | 522 | 10,285 | [1] | 4,558 | [1] |
Repayment of debt | -2,924 | -5,833 | [1] | -8,657 | [1] |
Other | 52 | 118 | [1] | 119 | [1] |
Net cash provided by (used in) continuing financing activities | -2,350 | 4,570 | [1] | -3,980 | [1] |
Net cash provided by (used in) discontinued operations | ' | -8,327 | [1] | 8,182 | [1] |
Net Cash Provided by (Used in) Financing Activities | -2,350 | -3,757 | [1] | 4,202 | [1] |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -9 | -37 | [1] | -1 | [1] |
Net Change in Cash and Cash Equivalents | 2,422 | -2,016 | 1,310 | ||
Cash and cash equivalents at beginning of period | 12 | 2,028 | 718 | ||
Cash and Cash Equivalents at End of Period | 2,434 | 12 | 2,028 | ||
ConocoPhillips Australia Funding Company [Member] | ' | ' | ' | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | -2 | 5 | [1] | 1 | [1] |
Net Cash Provided by (Used in) Operating Activities | -2 | 5 | [1] | 1 | [1] |
Cash Flows From Investing Activities | ' | ' | ' | ||
Collection of advances/loans-related parties | 750 | ' | ' | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 750 | ' | ' | ||
Net Cash Provided by (Used in) Investing Activities | 750 | ' | ' | ||
Cash Flows From Financing Activities | ' | ' | ' | ||
Repayment of debt | -750 | ' | ' | ||
Dividends paid on company common stock | -4 | ' | ' | ||
Net cash provided by (used in) continuing financing activities | -754 | ' | ' | ||
Net Cash Provided by (Used in) Financing Activities | -754 | ' | ' | ||
Net Change in Cash and Cash Equivalents | -6 | 5 | 1 | ||
Cash and cash equivalents at beginning of period | 6 | 1 | ' | ||
Cash and Cash Equivalents at End of Period | ' | 6 | 1 | ||
ConocoPhillips Canada Funding Company I [Member] | ' | ' | ' | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | 1 | -2 | [1] | -273 | [1] |
Net Cash Provided by (Used in) Operating Activities | 1 | -2 | [1] | -273 | [1] |
Cash Flows From Investing Activities | ' | ' | ' | ||
Long-term advances/loans-related parties | ' | ' | -4 | [1] | |
Collection of advances/loans-related parties | 169 | 6 | [1] | ' | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 169 | 6 | [1] | -4 | [1] |
Net Cash Provided by (Used in) Investing Activities | 169 | 6 | [1] | -4 | [1] |
Cash Flows From Financing Activities | ' | ' | ' | ||
Issuance of debt | ' | ' | 784 | [1] | |
Repayment of debt | ' | ' | -500 | [1] | |
Net cash provided by (used in) continuing financing activities | ' | ' | 284 | [1] | |
Net Cash Provided by (Used in) Financing Activities | ' | ' | 284 | [1] | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ' | ' | 2 | [1] | |
Net Change in Cash and Cash Equivalents | 170 | 4 | 9 | ||
Cash and cash equivalents at beginning of period | 59 | 55 | 46 | ||
Cash and Cash Equivalents at End of Period | 229 | 59 | 55 | ||
All Other Subsidiaries [Member] | ' | ' | ' | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | 14,387 | 15,748 | [1] | 14,179 | [1] |
Net cash provided by (used in) discontinued operations | 643 | -1,355 | [1] | 4,691 | [1] |
Net Cash Provided by (Used in) Operating Activities | 15,030 | 14,393 | [1] | 18,870 | [1] |
Cash Flows From Investing Activities | ' | ' | ' | ||
Capital expenditures and investments | -13,566 | -12,433 | [1] | -9,710 | [1] |
Proceeds from asset dispositions | 9,745 | 2,126 | [1] | 1,874 | [1] |
Net sales (purchases) of short-term investments | -263 | 597 | [1] | 400 | [1] |
Long-term advances/loans-related parties | -545 | -8,272 | [1] | -5,334 | [1] |
Collection of advances/loans-related parties | 3,010 | 5,884 | [1] | 8,338 | [1] |
Intercompany cash management | 13,408 | 12,200 | [1] | -3,127 | [1] |
Other | -233 | 379 | [1] | 44 | [1] |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 11,556 | 481 | [1] | -7,515 | [1] |
Net cash provided by (used in) discontinued operations | -604 | 14,241 | [1] | -12,101 | [1] |
Net Cash Provided by (Used in) Investing Activities | 10,952 | 14,722 | [1] | -19,616 | [1] |
Cash Flows From Financing Activities | ' | ' | ' | ||
Issuance of debt | 365 | 361 | [1] | 827 | [1] |
Repayment of debt | -1,230 | -1,227 | [1] | -926 | [1] |
Dividends paid on company common stock | -21,984 | -7,645 | [1] | -3,031 | [1] |
Other | -2,984 | -17,339 | [1] | -794 | [1] |
Net cash provided by (used in) continuing financing activities | -25,833 | -25,850 | [1] | -3,924 | [1] |
Net cash provided by (used in) discontinued operations | -39 | -3,483 | [1] | -323 | [1] |
Net Cash Provided by (Used in) Financing Activities | -25,872 | -29,333 | [1] | -4,247 | [1] |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -66 | 61 | [1] | -1 | [1] |
Net Change in Cash and Cash Equivalents | 44 | -157 | -4,994 | ||
Cash and cash equivalents at beginning of period | 3,539 | 3,696 | 8,690 | ||
Cash and Cash Equivalents at End of Period | 3,583 | 3,539 | 3,696 | ||
Consolidating Adjustments [Member] | ' | ' | ' | ||
Cash Flows From Operating Activities | ' | ' | ' | ||
Net cash provided by (used in) continuing operating activities | -21,286 | -8,307 | [1] | -5,867 | [1] |
Net cash provided by (used in) discontinued operations | -448 | -4,382 | [1] | 3,050 | [1] |
Net Cash Provided by (Used in) Operating Activities | -21,734 | -12,689 | [1] | -2,817 | [1] |
Cash Flows From Investing Activities | ' | ' | ' | ||
Capital expenditures and investments | 2,850 | -416 | [1] | ' | |
Proceeds from asset dispositions | -2,158 | -16,499 | [1] | ' | |
Long-term advances/loans-related parties | 887 | 8,650 | [1] | 6,169 | [1] |
Collection of advances/loans-related parties | -3,958 | -6,969 | [1] | -9,149 | [1] |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -2,379 | -15,234 | [1] | -2,980 | [1] |
Net cash provided by (used in) discontinued operations | 52 | -3,765 | [1] | 8,200 | [1] |
Net Cash Provided by (Used in) Investing Activities | -2,327 | -18,999 | [1] | 5,220 | [1] |
Cash Flows From Financing Activities | ' | ' | ' | ||
Issuance of debt | -887 | -8,650 | [1] | -6,169 | [1] |
Repayment of debt | 3,958 | 6,969 | [1] | 9,149 | [1] |
Issuance of company common stock | -345 | -563 | [1] | -527 | [1] |
Dividends paid on company common stock | 21,988 | 7,645 | [1] | 3,031 | [1] |
Other | -692 | 16,496 | [1] | ' | |
Net cash provided by (used in) continuing financing activities | 24,022 | 21,897 | [1] | 5,484 | [1] |
Net cash provided by (used in) discontinued operations | 39 | 9,791 | [1] | -7,887 | [1] |
Net Cash Provided by (Used in) Financing Activities | $24,061 | $31,688 | [1] | ($2,403) | [1] |
[1] | *Revised to reflect intercompany cash management activities previously presented as cash flows from continuing operating activities as both continuing activities and discontinued operations in "Cash Flows From Investing Activities" and "Cash Flows From Financing Activities." There was no impact to Total Consolidated balances. |
Schedule_ll_Details
Schedule ll (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at January 1 | $10 | $30 | $32 | |||
Charged to Expense | 0 | -4 | 2 | |||
Other | 0 | [1] | -13 | [1] | 0 | [1] |
Deductions | -2 | [2] | -3 | [2] | -4 | [2] |
Balance at December 31 | 8 | 10 | 30 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at January 1 | 1,345 | 1,487 | 1,400 | |||
Charged to Expense | -357 | 369 | 174 | |||
Other | 3 | [1] | -447 | [1] | -31 | [1] |
Deductions | -22 | -64 | -56 | |||
Balance at December 31 | 969 | 1,345 | 1,487 | |||
Business Restructuring Reserves [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at January 1 | 17 | 48 | 105 | |||
Charged to Expense | 10 | 9 | 25 | |||
Other | -1 | [1] | -5 | [1] | -1 | [1] |
Deductions | -7 | [3] | -35 | [3] | -81 | [3] |
Balance at December 31 | $19 | $17 | $48 | |||
[1] | Represents acquisitions/dispositions/revisions and the effect of translating foreign financial statements. | |||||
[2] | Amounts charged off less recoveries of amounts previously charged off. | |||||
[3] | Benefit payments. |