Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'CONOCOPHILLIPS |
Entity Central Index Key | '0001163165 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,227,705,457 |
Consolidated_Income_Statement
Consolidated Income Statement (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenues and Other Income | ' | ' | ||
Sales and other operating revenues | $15,415 | $14,166 | ||
Equity in earnings of affiliates | 572 | 362 | ||
Gain (loss) on dispositions | 9 | 58 | ||
Other income | 52 | 65 | ||
Total Revenues and Other Income | 16,048 | 14,651 | ||
Costs and Expenses | ' | ' | ||
Purchased commodities | 7,127 | 5,834 | ||
Production and operating expenses | 1,895 | 1,687 | ||
Selling, general and administrative expenses | 182 | 165 | ||
Exploration expenses | 296 | 277 | ||
Depreciation, depletion and amortization | 1,892 | 1,807 | ||
Impairments | 1 | 2 | ||
Taxes other than income taxes | 651 | 892 | ||
Accretion on discounted liabilities | 117 | 106 | ||
Interest and debt expense | 171 | 130 | ||
Foreign currency transaction (gains) losses | 18 | -36 | ||
Total Costs and Expenses | 12,350 | 10,864 | ||
Income from continuing operations before income taxes | 3,698 | 3,787 | ||
Provision for income taxes | 1,581 | 1,763 | ||
Income From Continuing Operations | 2,117 | 2,024 | ||
Income from discontinued operations | 20 | [1] | 129 | [1] |
Net income | 2,137 | 2,153 | ||
Less: net income attributable to noncontrolling interests | -14 | -14 | ||
Net Income Attributable to ConocoPhillips | 2,123 | 2,139 | ||
Amounts Attributable to ConocoPhillips Common Shareholders: | ' | ' | ||
Income from continuing operations | 2,103 | 2,010 | ||
Income from discontinued operations | 20 | 129 | ||
Net Income | $2,123 | $2,139 | ||
Earnings Per Share, Basic [Abstract] | ' | ' | ||
Continuing operations | $1.70 | $1.64 | ||
Discontinued operations | $0.02 | $0.10 | ||
Net Income Attributable to ConocoPhillips Per Share of Common Stock | $1.72 | $1.74 | ||
Earnings Per Share, Diluted [Abstract] | ' | ' | ||
Continuing operations | $1.69 | $1.63 | ||
Discontinued operations | $0.02 | $0.10 | ||
Net Income Attributable to ConocoPhillips Per Share of Common Stock | $1.71 | $1.73 | ||
Dividends Paid Per Share of Common Stock (dollars) | $0.69 | $0.66 | ||
Average Common Shares Outstanding (in thousands) | ' | ' | ||
Basic | 1,234,968 | 1,229,232 | ||
Diluted | 1,242,667 | 1,235,907 | ||
[1] | *Net of provision for income taxes on discontinued operations of: 2014 $32 ;2013 $(9) |
Consolidated_Income_Statement_
Consolidated Income Statement (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Income Statement [Abstract] | ' | ' |
Net of provision for income taxes on discontinued operations | $32 | ($9) |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Consolidated Statement of Comprehensive Income [Abstract] | ' | ' | ||
Net income | $2,137 | $2,153 | ||
Defined benefit plans | ' | ' | ||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | -2 | -1 | ||
Reclassification adjustment for amortization of net actuarial losses included in net income | 33 | 57 | ||
Nonsponsored plans | 6 | [1] | 1 | [1] |
Income taxes on defined benefit plans | -11 | -22 | ||
Defined benefit plans, net of tax | 26 | 35 | ||
Foreign currency translation adjustments | -222 | -644 | ||
Reclassification adjustment for loss included in net income | -4 | -4 | ||
Income taxes on foreign currency translation adjustments | 0 | 4 | ||
Foreign currency translation adjustments, net of tax | -226 | -644 | ||
Other Comprehensive Income (Loss), Net of Tax | -200 | -609 | ||
Comprehensive Income | 1,937 | 1,544 | ||
Less: comprehensive income attributable to noncontrolling interests | -14 | -14 | ||
Comprehensive Income Attributable to ConocoPhillips | $1,923 | $1,530 | ||
[1] | *Plans for which ConocoPhillips is not the primary obligor?primarily those administered by equity affiliates. |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $7,520 | $6,246 | ||
Short-term investments | 210 | [1] | 272 | [1] |
Accounts and notes receivable (net of allowance of $8 million in 2014 and $8 million in 2013) | 8,438 | 8,273 | ||
Accounts and notes receivable-related parties | 213 | 214 | ||
Inventories | 1,221 | 1,194 | ||
Prepaid expenses and other current assets | 2,798 | 2,824 | ||
Total Current Assets | 20,400 | 19,023 | ||
Investments and long-term receivables | 23,261 | 23,907 | ||
Loans and advances-related parties | 1,289 | 1,357 | ||
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $66,890 million in 2014 and $65,321 million in 2013) | 74,025 | 72,827 | ||
Other assets | 1,050 | 943 | ||
Total Assets | 120,025 | 118,057 | ||
Liabilities | ' | ' | ||
Accounts payable | 9,534 | 9,250 | ||
Accounts payable-related parties | 70 | 64 | ||
Short-term debt | 1,712 | 589 | ||
Accrued income and other taxes | 3,485 | 2,713 | ||
Employee benefit obligations | 495 | 842 | ||
Other accruals | 1,821 | 1,671 | ||
Total Current Liabilities | 17,117 | 15,129 | ||
Long-term debt | 19,494 | 21,073 | ||
Asset retirement obligations and accrued environmental costs | 9,908 | 9,883 | ||
Deferred income taxes | 15,539 | 15,220 | ||
Employee benefit obligations | 2,394 | 2,459 | ||
Other liabilities and deferred credits | 1,952 | 1,801 | ||
Total Liabilities | 66,404 | 65,565 | ||
Equity | ' | ' | ||
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (201 - 1,769,936,130 shares; 2013 - 1,768,169,906 shares) Par value | 18 | 18 | ||
Capital in excess of par | 45,754 | 45,690 | ||
Treasury stock (at cost: 2014 - 542,230,673 shares ; 2013 - 542,230,673 shares) | -36,780 | -36,780 | ||
Accumulated other comprehensive income | 1,802 | 2,002 | ||
Retained earnings | 42,428 | 41,160 | ||
Total Common Stockholders' Equity | 53,222 | 52,090 | ||
Noncontrolling interests | 399 | 402 | ||
Total Equity | 53,621 | 52,492 | ||
Total Liabilities and Equity | $120,025 | $118,057 | ||
[1] | Includes marketable securities of: $43, $135 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheet [Abstract] | ' | ' |
Marketable Securities | $43 | $135 |
Allowance for accounts and notes receivable | 8 | 8 |
Accumulated depreciation, depletion and amortization | $66,890 | $65,321 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 1,769,936,130 | 1,768,169,906 |
Treasury stock, shares | 542,230,673 | 542,230,673 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash Flows From Operating Activities | ' | ' | ||
Net income | $2,137 | $2,153 | ||
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ||
Depreciation, depletion and amortization | 1,892 | 1,807 | ||
Impairments | 1 | 2 | ||
Dry hole costs and leasehold impairments | 69 | 36 | ||
Accretion on discounted liabilities | 117 | 106 | ||
Deferred taxes | 230 | 241 | ||
Undistributed equity earnings | 1,131 | -29 | ||
Gain on dispositions | -9 | -58 | ||
Income from discontinued operations | -20 | [1] | -129 | [1] |
Other | 116 | -503 | ||
Working capital adjustments | ' | ' | ||
Decrease (increase) in accounts and notes receivable | -290 | 249 | ||
Decrease (increase) in inventories | -27 | -177 | ||
Decrease (increase) in prepaid expenses and other current assets | -17 | -131 | ||
Increase (decrease) in accounts payable | 353 | 528 | ||
Increase (decrease) in taxes and other accruals | 595 | 513 | ||
Net cash provided by continuing operating activities | 6,278 | 4,608 | ||
Net cash provided by discontinued operations | 58 | 122 | ||
Net Cash Provided by Operating Activities | 6,336 | 4,730 | ||
Cash Flows From Investing Activities | ' | ' | ||
Capital expenditures and investments | -3,895 | -3,391 | ||
Proceeds from asset dispositions | 48 | 1,134 | ||
Net sales (purchases) of short-term investments | 63 | -23 | ||
Collection of advances/loans-related parties | 62 | 57 | ||
Other | 46 | -21 | ||
Net cash used in continuing investing activities | -3,676 | -2,244 | ||
Net cash used in discontinued operations | -22 | -189 | ||
Net Cash Used in Investing Activities | -3,698 | -2,433 | ||
Cash Flows From Financing Activities | ' | ' | ||
Repayment of debt | -450 | -48 | ||
Change in restricted cash | 0 | 748 | ||
Issuance of company common stock | -32 | -10 | ||
Dividends paid | -855 | -815 | ||
Other | -17 | -205 | ||
Net cash used in continuing financing activities | -1,354 | -330 | ||
Net cash used in discontinued operations | ' | 0 | ||
Net Cash Used in Financing Activities | -1,354 | -330 | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -10 | -163 | ||
Net Change in Cash and Cash Equivalents | 1,274 | 1,804 | ||
Cash and cash equivalents at beginning of period | 6,246 | 3,618 | ||
Cash and Cash Equivalents at End of Period | $7,520 | $5,422 | ||
[1] | *Net of provision for income taxes on discontinued operations of: 2014 $32 ;2013 $(9) |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1—Basis of Presentation | |
The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips and its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2013 Annual Report on Form 10-K. | |
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 2—Discontinued Operations, for additional information. Unless indicated otherwise, the information in the Notes to the Consolidated Financial Statements relates to our continuing operations. | |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||
Separation of Downstream Business | ' | |||||
Note 2—Discontinued Operations | ||||||
As part of our 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. We completed the sales of Kashagan and our Algeria business in the fourth quarter of 2013. | ||||||
On December 20, 2012, we entered into agreements with affiliates of Oando PLC to sell our Nigeria business. This originally included our upstream affiliates and Phillips (Brass) Limited, which owns a 17 percent interest in the Brass LNG Project. Brass LNG plans to construct a liquefied natural gas (LNG) facility in the Niger Delta. For the upstream affiliates, we agreed to further extend the outside date, the date the sales agreement may terminate if closing has not occurred, to June 30, 2014, in order to provide additional time for the parties to obtain government consents. The upstream sale is expected to generate proceeds of approximately $1.4 billion, after customary adjustments, inclusive of deposits received. We received deposits of $435 million and $15 million in December 2012 and 2013, respectively. In 2014, we received additional deposits of $50 million in February and $25 million in April, bringing our total deposits received to $525 million. An additional deposit of $25 million is to be paid on May 30, 2014, if government consent has not been obtained by May 23, 2014. 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. In the first quarter of 2014, we and Oando agreed to terminate the sales agreement for Phillips (Brass) Limited, and we are currently evaluating options for exiting the Brass LNG Project. As of March 31, 2014, the net carrying value of our Nigerian upstream assets and Phillips (Brass) Limited was $329 million and $63 million, respectively. | ||||||
At March 31, 2014, our interest in the Nigeria business was considered held for sale, and accordingly, we classified $4 million of loans and advances to related parties in the “Accounts and notes receivable—related parties” line and $1,238 million of noncurrent assets in the “Prepaid expenses and other current assets” line of our consolidated balance sheet. In addition, we classified $786 million of deferred income taxes in the “Accrued income and other taxes” line and $14 million of asset retirement obligations 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 were as follows: | ||||||
Millions of Dollars | ||||||
31-Mar | 31-Dec | |||||
2014 | 2013 | |||||
Assets | ||||||
Accounts and notes receivable | $ | 276 | 376 | |||
Inventories | 9 | 9 | ||||
Prepaid expenses and other current assets | 88 | 72 | ||||
Total current assets of discontinued operations | 373 | 457 | ||||
Investments and long-term receivables | 62 | 60 | ||||
Loans and advances—related parties | 4 | 7 | ||||
Net properties, plants and equipment | 1,176 | 1,154 | ||||
Other assets | - | 1 | ||||
Total assets of discontinued operations | $ | 1,615 | 1,679 | |||
Liabilities | ||||||
Accounts payable | $ | 340 | 419 | |||
Accrued income and other taxes | 83 | 72 | ||||
Total current liabilities of discontinued operations | 423 | 491 | ||||
Asset retirement obligations and accrued environmental costs | 14 | 14 | ||||
Deferred income taxes | 786 | 765 | ||||
Total liabilities of discontinued operations | $ | 1,223 | 1,270 | |||
Sales and other operating revenues and income from discontinued operations related to the Disposition Group were as follows: | ||||||
Millions of Dollars | ||||||
Three Months Ended | ||||||
31-Mar | ||||||
2014 | 2013 | |||||
Sales and other operating revenues from discontinued operations | $ | 158 | 329 | |||
Income from discontinued operations before-tax | $ | 52 | 120 | |||
Income tax expense (benefit) | 32 | -9 | ||||
Income from discontinued operations | $ | 20 | 129 | |||
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities VIEs [Abstract] | ' |
Variable Interest Entities (VIEs) | ' |
Note 3—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 March 31, 2014, the prepaid balance of the terminal use agreement was $293 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 $491 million at March 31, 2014, and $506 million at December 31, 2013. | |
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 in 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 method 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 March 31, 2014, 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 5—Investments, Loans and Long-Term Receivables, and Note 9—Guarantees, for additional information. |
Inventories
Inventories | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
Note 4—Inventories | |||||
Inventories consisted of the following: | |||||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2014 | 2013 | ||||
Crude oil and natural gas | $ | 468 | 452 | ||
Materials, supplies and other | 753 | 742 | |||
$ | 1,221 | 1,194 | |||
Inventories valued on the last-in, first-out (LIFO) basis totaled $319 million and $343 million at March 31, 2014 and December 31, 2013, respectively. The estimated excess of current replacement cost over LIFO cost of inventories was approximately $160 million at both March 31, 2014 and December 31, 2013. |
Investments_Loans_and_LongTerm
Investments, Loans and Long-Term Receivables | 3 Months Ended |
Mar. 31, 2014 | |
Investments, Loans and Long-Term Receivables [Abstract] | ' |
Investments, Loans and Long-Term Receivables | ' |
Note 5—Investments, Loans and Long-Term Receivables | |
APLNG | |
In the fourth quarter of 2012, APLNG satisfied all conditions precedent to drawdown from the $8.5 billion project finance facility. The facility consists 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 March 31, 2014, $7.6 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 until the project achieves financial completion. See Note 9—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 3—Variable Interest Entities (VIEs), for additional information. | |
At March 31, 2014, the book value of our equity method investment in APLNG was $11,569 million, which included $1,504 million of cumulative translation effects due to strengthening of the Australian dollar relative to the U.S. dollar over time, and is included in the “Investments and long-term receivables” line on our consolidated balance sheet. | |
FCCL | |
In the first quarter of 2014, we received a $1.3 billion distribution from FCCL Partnership, our 50 percent owned business venture with Cenovus Energy Inc., which is included in the “Undistributed equity earnings” line on our consolidated statement of cash flows. | |
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 made to certain affiliated and non-affiliated companies. Significant loans to affiliated companies at March 31, 2014, included the following: | |
$491 million in loan financing to Freeport LNG. See Note 3—Variable Interest Entities (VIEs), for additional information. | |
$959 million in project financing to Qatar Liquefied Gas Company Limited (3) (QG3). | |
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 | 3 Months Ended |
Mar. 31, 2014 | |
Suspended Wells [Abstract] | ' |
Suspended Wells | ' |
Note 6—Suspended Wells | |
The capitalized cost of suspended wells at March 31, 2014, was $997 million, an increase of $3 million from $994 million at year-end 2013. No suspended wells were charged to dry hole expense during the first three months of 2014 relating to exploratory well costs capitalized for a period greater than one year as of December 31, 2013. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt [Abstract] | ' |
Debt | ' |
Note 7—Debt | |
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 March 31, 2014 and December 31, 2013, we had no direct outstanding borrowings under the revolving credit facility, with no letters of credit as of March 31, 2014 or December 31, 2013. In addition, under the ConocoPhillips Qatar Funding Ltd. commercial paper program, there was $912 million of commercial paper outstanding at March 31, 2014, compared with $961 million at December 31, 2013. Since we had $912 million of commercial paper outstanding and had issued no letters of credit, we had access to $6.6 billion in borrowing capacity under our revolving credit facility at March 31, 2014. | |
At March 31, 2014, we classified $810 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. | |
In February 2014, the $400 million 4.75% Notes due 2014 were repaid at maturity. | |
During 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. As of March 31, 2014, the value of the capital lease asset and associated obligation for our proportionate interest in the FPS was $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. | |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Noncontrolling Interests [Abstract] | ' | |||||||||||||
Noncontrolling Interests | ' | |||||||||||||
Note 8—Noncontrolling Interests | ||||||||||||||
Activity attributable to common stockholders’ equity and noncontrolling interests for the first three months of 2014 and 2013 was as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
2014 | 2013 | |||||||||||||
Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | |||||||||
Balance at January 1 | $ | 52,090 | 402 | 52,492 | 47,987 | 440 | 48,427 | |||||||
Net income | 2,123 | 14 | 2,137 | 2,139 | 14 | 2,153 | ||||||||
Dividends | -855 | - | -855 | -815 | - | -815 | ||||||||
Distributions to noncontrolling | ||||||||||||||
interests | - | -17 | -17 | - | -17 | -17 | ||||||||
Other changes, net* | -136 | - | -136 | -508 | - | -508 | ||||||||
Balance at March 31 | $ | 53,222 | 399 | 53,621 | 48,803 | 437 | 49,240 | |||||||
*Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2014 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
Note 9—Guarantees | |
At March 31, 2014, 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 guarantees and expect future performance to be either immaterial or have only a remote chance of occurrence. | |
APLNG Guarantees | |
At March 31, 2014, 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 March 2014 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 three years. Our maximum potential amount of future payments related to this guarantee is approximately $140 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 March 31, 2014, is approximately $2.8 billion based upon our pro-rata share of the facility used at that date. At March 31, 2014, the carrying value of this guarantee is $114 million. | |
In conjunction with our original acquisition of an ownership interest in APLNG 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 (approximately $2.0 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 $200 million and would become payable if APLNG does not perform. | |
Other Guarantees | |
We have other guarantees with maximum future potential payment amounts totaling approximately $250 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 March 31, 2014, 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 March 31, 2014, 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 10—Contingencies and Commitments. | |
On April 30, 2012, the separation of our downstream businesses was completed, creating two independent energy companies: ConocoPhillips and Phillips 66. In connection with the separation, we entered into an Indemnification and Release Agreement, which provides for cross-indemnities between Phillips 66 and us 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 | 3 Months Ended |
Mar. 31, 2014 | |
Contingencies and Commitments [Abstract] | ' |
Contingencies and Commitments | ' |
Note 10—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. | |
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. At March 31, 2014, our balance sheet included a total environmental accrual of $347 million, compared with $348 million at December 31, 2013, for remediation activities in the U.S. and Canada. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. | |
Legal Proceedings | |
We are subject to various lawsuits and claims including but not limited to matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty underpayments on certain Federal, State and privately owned properties and claims of alleged environmental contamination from historic operations. We will continue to defend ourselves vigorously in these matters. | |
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 March 31, 2014, we had performance obligations secured by letters of credit of $756 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 March 2014, 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. | |
Derivative_and_Financial_Instr
Derivative and Financial Instruments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative and Financial Instruments [Abstract] | ' | ||||||||
Derivative and Financial Instruments | ' | ||||||||
Note 11—Derivative and Financial Instruments | |||||||||
Derivative 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 | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 1,168 | 871 | ||||||
Other assets | 76 | 64 | |||||||
Liabilities | |||||||||
Other accruals | 1,138 | 890 | |||||||
Other liabilities and deferred credits | 68 | 58 | |||||||
The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
Three Months Ended | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Sales and other operating revenues | $ | 237 | -208 | ||||||
Other income | 1 | 2 | |||||||
Purchased commodities | -221 | 185 | |||||||
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: | |||||||||
Open Position | |||||||||
Long/(Short) | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Commodity | |||||||||
Natural gas and power (billions of cubic feet equivalent) | |||||||||
Fixed price | -15 | -18 | |||||||
Basis | 1 | -10 | |||||||
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 | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 1 | 1 | ||||||
Liabilities | |||||||||
Other accruals | 1 | - | |||||||
The losses from foreign currency exchange derivatives incurred, and the line items where they appear on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
Three Months Ended | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Foreign currency transaction losses | $ | - | 22 | ||||||
We had the following net notional position of outstanding foreign currency exchange derivatives: | |||||||||
In Millions | |||||||||
Notional Currency | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Sell U.S. dollar, buy British pound | USD | 250 | - | ||||||
Buy U.S. dollar, sell other currencies* | USD | 163 | 6 | ||||||
Buy British pound, sell euro | GBP | 63 | 17 | ||||||
*Primarily Canadian dollar and Norwegian krone. | |||||||||
Financial Instruments | |||||||||
We have certain financial instruments on our consolidated balance sheet related to interest bearing time deposits and commercial paper. These held-to-maturity financial instruments are included in “Cash and cash equivalents” on our consolidated balance sheet if the maturities at the time we made the investments were 90 days or less; otherwise, these investments are included in “Short-term investments” on our consolidated balance sheet. | |||||||||
Millions of Dollars | |||||||||
Carrying Amount | |||||||||
Cash and Cash Equivalents | Short-Term Investments | ||||||||
31-Mar | 31-Dec | 31-Mar | 31-Dec | ||||||
2014 | 2013 | 2014 | 2013 | ||||||
Cash | $ | 1,014 | 636 | - | - | ||||
Time deposits | |||||||||
Remaining maturities from 1 to 90 days | 4,590 | 5,336 | 167 | 137 | |||||
Commercial paper | |||||||||
Remaining maturities from 1 to 90 days | 1,916 | 274 | 43 | 135 | |||||
$ | 7,520 | 6,246 | 210 | 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 March 31, 2014 and December 31, 2013, was $107 million and $57 million, respectively. For these instruments, no collateral was posted as of March 31, 2014 or December 31, 2013. If our credit rating had been lowered one level from its “A” rating (per Standard and Poor's) on March 31, 2014, 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 $107 million of additional collateral, either with cash or letters of credit. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||
Note 12—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 2014 or 2013. | ||||||||||||||||||
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-Mar-14 | 31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | ||||||||||||||||||
Deferred compensation | ||||||||||||||||||
investments | $ | 302 | - | - | 302 | 306 | - | - | 306 | |||||||||
Commodity derivatives | 898 | 335 | 11 | 1,244 | 744 | 177 | 10 | 931 | ||||||||||
Total assets | $ | 1,200 | 335 | 11 | 1,546 | 1,050 | 177 | 10 | 1,237 | |||||||||
Liabilities | ||||||||||||||||||
Commodity derivatives | $ | 863 | 334 | 9 | 1,206 | 765 | 172 | 7 | 944 | |||||||||
Total liabilities | $ | 863 | 334 | 9 | 1,206 | 765 | 172 | 7 | 944 | |||||||||
The following table summarizes those commodity derivative balances subject to the right of setoff as presented | ||||||||||||||||||
on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple | ||||||||||||||||||
derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Gross | Gross | Net | Gross Amounts | |||||||||||||||
Amounts | Amounts | Amounts | Cash | without | Net | |||||||||||||
Recognized | Offset | Presented | Collateral | Right of Setoff | Amounts | |||||||||||||
31-Mar-14 | ||||||||||||||||||
Assets | $ | 1,244 | 1,034 | 210 | 24 | 26 | 160 | |||||||||||
Liabilities | 1,206 | 1,034 | 172 | 1 | 29 | 142 | ||||||||||||
31-Dec-13 | ||||||||||||||||||
Assets | $ | 931 | 827 | 104 | 6 | 12 | 86 | |||||||||||
Liabilities | 944 | 827 | 117 | 26 | 9 | 82 | ||||||||||||
At March 31, 2014 and December 31, 2013, we did not present any amounts gross on our consolidated | ||||||||||||||||||
balance sheet where we had the right of setoff. | ||||||||||||||||||
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 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 5—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. | ||||||||||||||||||
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. | ||||||||||||||||||
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 | |||||||||||||||||
31-Mar | 31-Dec | 31-Mar | 31-Dec | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Financial assets | ||||||||||||||||||
Deferred compensation investments | $ | 302 | 306 | 302 | 306 | |||||||||||||
Commodity derivatives | 186 | 99 | 186 | 99 | ||||||||||||||
Total loans and advances—related parties | 1,461 | 1,528 | 1,596 | 1,680 | ||||||||||||||
Financial liabilities | ||||||||||||||||||
Total debt, excluding capital leases | 20,285 | 20,740 | 23,686 | 23,553 | ||||||||||||||
Commodity derivatives | 171 | 92 | 171 | 92 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||
Note 13—Accumulated Other Comprehensive Income | ||||||||||||
Accumulated other comprehensive income in the equity section of our consolidated balance sheet included: | ||||||||||||
Millions of Dollars | ||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Accumulated Other Comprehensive Income (Loss) | ||||||||||
31-Dec-13 | $ | -824 | 2,826 | 2,002 | ||||||||
Other comprehensive income (loss) | 26 | -226 | -200 | |||||||||
31-Mar-14 | $ | -798 | 2,600 | 1,802 | ||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income: | ||||||||||||
Millions of Dollars | ||||||||||||
Three Months Ended | ||||||||||||
31-Mar | ||||||||||||
2014 | 2013 | |||||||||||
Defined Benefit Plans | $ | 20 | 35 | |||||||||
Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $11 million and $22 million | ||||||||||||
for the three-month periods ended March 31, 2014 and 2013, respectively. See Note 15—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 | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Cash Flow Information [Abstract] | ' | ||||
Cash Flow Information | ' | ||||
Note 14—Cash Flow Information | |||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2014 | 2013 | ||||
Cash Payments | |||||
Interest | $ | 199 | 157 | ||
Income taxes | 667 | 1,199 | |||
Net Sales (Purchases) of Short-Term Investments | |||||
Short-term investments purchased | $ | -210 | -23 | ||
Short-term investments sold | 273 | - | |||
$ | 63 | -23 |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Note 15—Employee Benefit Plans | |||||||||||||
Pension and Postretirement Plans | |||||||||||||
Millions of Dollars | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||
Three Months Ended | 31-Mar | 31-Mar | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||
Service cost | $ | 31 | 28 | 35 | 26 | 1 | 1 | ||||||
Interest cost | 41 | 42 | 36 | 37 | 7 | 6 | |||||||
Expected return on plan assets | -53 | -46 | -47 | -41 | - | - | |||||||
Amortization of prior service cost (credit) | 1 | -2 | 1 | -2 | -1 | -1 | |||||||
Recognized net actuarial loss (gain) | 19 | 15 | 38 | 19 | -1 | 1 | |||||||
Net periodic benefit cost | $ | 39 | 37 | 63 | 39 | 6 | 7 | ||||||
During the first three months of 2014, we contributed $86 million to our domestic benefit plans and $35 million to our international benefit plans. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Related Party Transactions [Abstract] | ' | |||||
Related Party Transactions | ' | |||||
Note 16—Related Party Transactions | ||||||
We consider our equity method investments to be related parties. Significant transactions with related parties were: | ||||||
Millions of Dollars | ||||||
Three Months Ended | ||||||
31-Mar | ||||||
2014 | 2013 | |||||
Operating revenues and other income | $ | 21 | 8 | |||
Purchases | 48 | 41 | ||||
Operating expenses and selling, general and administrative expenses | 52 | 46 | ||||
Net interest (income) expense* | -12 | 9 | ||||
*We paid interest to, or received interest from various affiliates. See Note 5—Investments, Loans and Long-Term Receivables, for additional | ||||||
information on loans to affiliated companies. |
Segment_Disclosures_and_Relate
Segment Disclosures and Related Information | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Segment Disclosures and Related Information [Abstract] | ' | ||||
Segment Disclosures and Related Information | ' | ||||
Note 17—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. | |||||
In 2012, we agreed to sell our Nigeria and Algeria businesses and our interest in Kashagan. We sold Kashagan and our Algeria business in the fourth quarter of 2013. Results for the Disposition Group have been reported as discontinued operations in all periods presented. For additional information, see Note 2—Discontinued Operations. | |||||
Corporate and Other represents costs not directly associated with an operating segment, such as most interest expense, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments. | |||||
We evaluate performance and allocate resources based on net income attributable to ConocoPhillips. Intersegment sales are at prices that approximate market. | |||||
Effective April 1, 2014, the Other International segment will be restructured to focus on enhancing our capability to operate in emerging and new country business units. The Latin America and Poland businesses will be included in the Other International segment. Accordingly, results of operations for the Lower 48 and Latin America, Europe and Other International segments will be revised for current and prior periods beginning in the second quarter of 2014. There is no expected impact on our consolidated financial statements, and the impact on our segment presentation is expected to be immaterial. | |||||
Analysis of Results by Operating Segment | |||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2014 | 2013 | ||||
Sales and Other Operating Revenues | |||||
Alaska | $ | 2,186 | 2,104 | ||
Lower 48 and Latin America | 6,584 | 4,822 | |||
Intersegment eliminations | -38 | -29 | |||
Lower 48 and Latin America | 6,546 | 4,793 | |||
Canada | 1,859 | 1,255 | |||
Intersegment eliminations | -345 | -158 | |||
Canada | 1,514 | 1,097 | |||
Europe | 3,209 | 3,453 | |||
Asia Pacific and Middle East | 1,949 | 2,218 | |||
Other International | 2 | 483 | |||
Corporate and Other | 9 | 18 | |||
Consolidated sales and other operating revenues | $ | 15,415 | 14,166 | ||
Net Income Attributable to ConocoPhillips | |||||
Alaska | $ | 598 | 543 | ||
Lower 48 and Latin America | 320 | 133 | |||
Canada | 356 | 133 | |||
Europe | 343 | 431 | |||
Asia Pacific and Middle East | 742 | 918 | |||
Other International | -21 | 14 | |||
Corporate and Other | -235 | -162 | |||
Discontinued operations | 20 | 129 | |||
Consolidated net income attributable to ConocoPhillips | $ | 2,123 | 2,139 | ||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2014 | 2013 | ||||
Total Assets | |||||
Alaska | $ | 12,073 | 11,662 | ||
Lower 48 and Latin America | 30,295 | 29,571 | |||
Canada | 21,250 | 22,394 | |||
Europe | 17,570 | 17,299 | |||
Asia Pacific and Middle East | 26,094 | 25,473 | |||
Other International | 1,678 | 1,610 | |||
Corporate and Other | 9,446 | 8,367 | |||
Discontinued operations | 1,619 | 1,681 | |||
Consolidated total assets | $ | 120,025 | 118,057 |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 18—Income Taxes | |
Our effective tax rate from continuing operations for the first quarter of 2014 was 43 percent compared with 47 percent for the first quarter of 2013. The decrease in the effective tax rate was primarily due to a smaller proportion of income in higher tax jurisdictions in 2014. The first quarter of 2013 effective tax rate was favorably impacted by the tax resolution associated with the sale of certain western Canada properties which occurred in a prior year. | |
The effective tax rate in excess of the domestic federal statutory rate of 35 percent was primarily due to foreign taxes. | |
Supplementary_Information_Cond
Supplementary Information - Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 and ConocoPhillips Canada Funding Company I, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. ConocoPhillips Canada Funding Company I is an indirect, 100 percent owned subsidiary of ConocoPhillips Company. ConocoPhillips and ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of ConocoPhillips Canada Funding Company I, with respect to its 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 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. | ||||||||||||||||
During 2013, ConocoPhillips Australia Funding Company's guaranteed, publicly held debt was repaid. Beginning in the first quarter of 2014, financial information for ConocoPhillips Australia Funding Company is presented in the “All Other Subsidiaries” column of our condensed consolidating financial information. | ||||||||||||||||
In April 2014, ConocoPhillips received a $32 billion dividend from ConocoPhillips Company to settle certain accumulated intercompany balances. The transaction will be reflected in the second quarter 2014 Condensed Consolidating Financial Information for ConocoPhillips and ConocoPhillips Company and is expected to have no impact on our consolidated financial statements. | ||||||||||||||||
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Income Statement | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 6,143 | - | 9,272 | - | 15,415 | |||||||||
Equity in earnings of affiliates | 2,212 | 2,451 | - | 721 | -4,812 | 572 | ||||||||||
Gain (loss) on dispositions | - | -1 | - | 10 | - | 9 | ||||||||||
Other income | - | 18 | - | 34 | - | 52 | ||||||||||
Intercompany revenues | 20 | 154 | 71 | 1,643 | -1,888 | - | ||||||||||
Total Revenues and Other Income | 2,232 | 8,765 | 71 | 11,680 | -6,700 | 16,048 | ||||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 5,517 | - | 3,290 | -1,680 | 7,127 | ||||||||||
Production and operating expenses | - | 360 | - | 1,538 | -3 | 1,895 | ||||||||||
Selling, general and administrative expenses | 3 | 124 | - | 69 | -14 | 182 | ||||||||||
Exploration expenses | - | 144 | - | 152 | - | 296 | ||||||||||
Depreciation, depletion and amortization | - | 242 | - | 1,650 | - | 1,892 | ||||||||||
Impairments | - | 1 | - | - | - | 1 | ||||||||||
Taxes other than income taxes | - | 93 | - | 558 | - | 651 | ||||||||||
Accretion on discounted liabilities | - | 14 | - | 103 | - | 117 | ||||||||||
Interest and debt expense | 159 | 70 | 58 | 75 | -191 | 171 | ||||||||||
Foreign currency transaction (gains) losses | 25 | - | -139 | 132 | - | 18 | ||||||||||
Total Costs and Expenses | 187 | 6,565 | -81 | 7,567 | -1,888 | 12,350 | ||||||||||
Income from continuing operations before income taxes | 2,045 | 2,200 | 152 | 4,113 | -4,812 | 3,698 | ||||||||||
Provision for income taxes | -58 | -12 | 2 | 1,649 | - | 1,581 | ||||||||||
Income From Continuing Operations | 2,103 | 2,212 | 150 | 2,464 | -4,812 | 2,117 | ||||||||||
Income from discontinued operations | 20 | 20 | - | 20 | -40 | 20 | ||||||||||
Net income | 2,123 | 2,232 | 150 | 2,484 | -4,852 | 2,137 | ||||||||||
Less: net income attributable to noncontrolling interests | - | - | - | -14 | - | -14 | ||||||||||
Net Income Attributable to ConocoPhillips | $ | 2,123 | 2,232 | 150 | 2,470 | -4,852 | 2,123 | |||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 1,923 | 2,032 | 9 | 2,255 | -4,296 | 1,923 | |||||||||
Millions of Dollars | ||||||||||||||||
Three Months Ended March 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 | $ | - | 4,463 | - | - | 9,703 | - | 14,166 | ||||||||
Equity in earnings of affiliates* | 2,110 | 2,372 | - | - | 474 | -4,594 | 362 | |||||||||
Gain (loss) on dispositions | - | -2 | - | - | 60 | - | 58 | |||||||||
Other income | 1 | 45 | - | - | 19 | - | 65 | |||||||||
Intercompany revenues* | 20 | 125 | 11 | 78 | 1,159 | -1,393 | - | |||||||||
Total Revenues and Other Income | 2,131 | 7,003 | 11 | 78 | 11,415 | -5,987 | 14,651 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 3,928 | - | - | 3,065 | -1,159 | 5,834 | |||||||||
Production and operating expenses | - | 316 | - | - | 1,373 | -2 | 1,687 | |||||||||
Selling, general and administrative expenses | 4 | 122 | - | - | 57 | -18 | 165 | |||||||||
Exploration expenses | - | 143 | - | - | 134 | - | 277 | |||||||||
Depreciation, depletion and amortization | - | 209 | - | - | 1,598 | - | 1,807 | |||||||||
Impairments | - | - | - | - | 2 | - | 2 | |||||||||
Taxes other than income taxes | - | 77 | - | - | 815 | - | 892 | |||||||||
Accretion on discounted liabilities | - | 14 | - | - | 92 | - | 106 | |||||||||
Interest and debt expense* | 154 | 81 | 10 | 59 | 40 | -214 | 130 | |||||||||
Foreign currency transaction (gains) losses | 17 | 8 | - | -98 | 37 | - | -36 | |||||||||
Total Costs and Expenses | 175 | 4,898 | 10 | -39 | 7,213 | -1,393 | 10,864 | |||||||||
Income from continuing operations before income taxes | 1,956 | 2,105 | 1 | 117 | 4,202 | -4,594 | 3,787 | |||||||||
Provision for income taxes | -54 | -5 | - | 5 | 1,817 | - | 1,763 | |||||||||
Income From Continuing Operations | 2,010 | 2,110 | 1 | 112 | 2,385 | -4,594 | 2,024 | |||||||||
Income from discontinued operations | 129 | 129 | - | - | 129 | -258 | 129 | |||||||||
Net income | 2,139 | 2,239 | 1 | 112 | 2,514 | -4,852 | 2,153 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -14 | - | -14 | |||||||||
Net Income Attributable to ConocoPhillips | $ | 2,139 | 2,239 | 1 | 112 | 2,500 | -4,852 | 2,139 | ||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 1,530 | 1,630 | 1 | 17 | 1,885 | -3,533 | 1,530 | ||||||||
*"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 | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | - | 3,718 | 230 | 3,572 | - | 7,520 | |||||||||
Short-term investments | - | - | - | 210 | - | 210 | ||||||||||
Accounts and notes receivable | 16 | 3,275 | 22 | 9,172 | -3,834 | 8,651 | ||||||||||
Inventories | - | 105 | - | 1,116 | - | 1,221 | ||||||||||
Prepaid expenses and other current assets | 19 | 477 | 10 | 2,339 | -47 | 2,798 | ||||||||||
Total Current Assets | 35 | 7,575 | 262 | 16,409 | -3,881 | 20,400 | ||||||||||
Investments, loans and long-term receivables* | 88,823 | 102,251 | 4,156 | 35,431 | -206,111 | 24,550 | ||||||||||
Net properties, plants and equipment | - | 9,528 | - | 64,497 | - | 74,025 | ||||||||||
Other assets | 38 | 270 | 123 | 1,396 | -777 | 1,050 | ||||||||||
Total Assets | $ | 88,896 | 119,624 | 4,541 | 117,733 | -210,769 | 120,025 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accounts payable | $ | - | 4,567 | 6 | 8,865 | -3,834 | 9,604 | |||||||||
Short-term debt | 1,504 | 6 | 5 | 197 | - | 1,712 | ||||||||||
Accrued income and other taxes | - | 374 | - | 3,111 | - | 3,485 | ||||||||||
Employee benefit obligations | - | 336 | - | 159 | - | 495 | ||||||||||
Other accruals | 115 | 714 | 101 | 937 | -46 | 1,821 | ||||||||||
Total Current Liabilities | 1,619 | 5,997 | 112 | 13,269 | -3,880 | 17,117 | ||||||||||
Long-term debt | 7,537 | 5,207 | 2,978 | 3,772 | - | 19,494 | ||||||||||
Asset retirement obligations and accrued environmental costs | - | 1,289 | - | 8,619 | - | 9,908 | ||||||||||
Deferred income taxes | - | 561 | - | 14,984 | -6 | 15,539 | ||||||||||
Employee benefit obligations | - | 1,749 | - | 645 | - | 2,394 | ||||||||||
Other liabilities and deferred credits* | 33,078 | 11,023 | 1,489 | 20,665 | -64,303 | 1,952 | ||||||||||
Total Liabilities | 42,234 | 25,826 | 4,579 | 61,954 | -68,189 | 66,404 | ||||||||||
Retained earnings | 35,907 | 34,030 | -1,350 | 15,086 | -41,245 | 42,428 | ||||||||||
Other common stockholders’ equity | 10,755 | 59,768 | 1,312 | 40,294 | -101,335 | 10,794 | ||||||||||
Noncontrolling interests | - | - | - | 399 | - | 399 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 88,896 | 119,624 | 4,541 | 117,733 | -210,769 | 120,025 | |||||||||
*Includes intercompany loans. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
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* | 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* | 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 | ||||||||
*Includes intercompany loans. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
Statement of Cash Flows | Three Months Ended March 31, 2014 | |||||||||||||||
ConocoPhillips | ConocoPhillips 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 | $ | -134 | 373 | 1 | 5,976 | 62 | 6,278 | |||||||||
Net cash provided by discontinued operations | - | 100 | - | 121 | -163 | 58 | ||||||||||
Net Cash Provided by (Used in) Operating Activities | -134 | 473 | 1 | 6,097 | -101 | 6,336 | ||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -662 | - | -3,378 | 145 | -3,895 | ||||||||||
Proceeds from asset dispositions | - | -1 | - | 49 | - | 48 | ||||||||||
Net sales of short-term investments | - | - | - | 63 | - | 63 | ||||||||||
Long-term advances/loans—related parties | - | -44 | - | -2 | 46 | - | ||||||||||
Collection of advances/loans—related parties | - | 15 | - | 47 | - | 62 | ||||||||||
Intercompany cash management | 1,325 | 1,486 | - | -2,811 | - | - | ||||||||||
Other | - | 18 | - | -6 | 34 | 46 | ||||||||||
Net cash provided by (used in) continuing investing activities | 1,325 | 812 | - | -6,038 | 225 | -3,676 | ||||||||||
Net cash used in discontinued operations | - | -1 | - | -22 | 1 | -22 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 1,325 | 811 | - | -6,060 | 226 | -3,698 | ||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | - | - | 46 | -46 | - | ||||||||||
Repayment of debt | -400 | - | - | -50 | - | -450 | ||||||||||
Issuance of company common stock | 63 | - | - | - | -95 | -32 | ||||||||||
Dividends paid | -855 | - | - | -96 | 96 | -855 | ||||||||||
Other | 1 | - | - | 161 | -179 | -17 | ||||||||||
Net cash provided by (used in) continuing financing activities | -1,191 | - | - | 61 | -224 | -1,354 | ||||||||||
Net cash used in discontinued operations | - | - | - | -99 | 99 | - | ||||||||||
Net Cash Used in Financing Activities | -1,191 | - | - | -38 | -125 | -1,354 | ||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | - | - | -10 | - | -10 | ||||||||||
Net Change in Cash and Cash Equivalents | - | 1,284 | 1 | -11 | - | 1,274 | ||||||||||
Cash and cash equivalents at beginning of period | - | 2,434 | 229 | 3,583 | - | 6,246 | ||||||||||
Cash and Cash Equivalents at End of Period | $ | - | 3,718 | 230 | 3,572 | - | 7,520 | |||||||||
Millions of Dollars | ||||||||||||||||
Three Months Ended March 31, 2013* | ||||||||||||||||
Statement of Cash Flows | 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 | $ | -185 | 1,308 | - | -10 | 3,610 | -115 | 4,608 | ||||||||
Net cash provided by discontinued operations | - | 50 | - | - | 239 | -167 | 122 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -185 | 1,358 | - | -10 | 3,849 | -282 | 4,730 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -448 | - | - | -2,943 | - | -3,391 | |||||||||
Proceeds from asset dispositions | - | 4 | - | - | 1,130 | - | 1,134 | |||||||||
Net purchases of short-term investments | - | - | - | - | -23 | - | -23 | |||||||||
Long-term advances/loans—related parties | - | 2 | - | - | -7 | 5 | - | |||||||||
Collection of advances/loans—related parties | - | 14 | - | 2 | 1,609 | -1,568 | 57 | |||||||||
Intercompany cash management | 148 | 903 | - | - | -1,051 | - | - | |||||||||
Other | - | - | - | - | -21 | - | -21 | |||||||||
Net cash provided by (used in) continuing investing activities | 148 | 475 | - | 2 | -1,306 | -1,563 | -2,244 | |||||||||
Net cash used in discontinued operations | - | - | - | - | -189 | - | -189 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 148 | 475 | - | 2 | -1,495 | -1,563 | -2,433 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | - | - | - | 5 | -5 | - | |||||||||
Repayment of debt | - | -1,566 | - | - | -50 | 1,568 | -48 | |||||||||
Change in restricted cash | 748 | - | - | - | - | - | 748 | |||||||||
Issuance of company common stock | 101 | - | - | - | - | -111 | -10 | |||||||||
Dividends paid | -815 | - | - | - | -343 | 343 | -815 | |||||||||
Other | 1 | - | - | - | -206 | - | -205 | |||||||||
Net cash provided by (used in) continuing financing activities | 35 | -1,566 | - | - | -594 | 1,795 | -330 | |||||||||
Net cash used in discontinued operations | - | - | - | - | -50 | 50 | - | |||||||||
Net Cash Provided by (Used in) Financing Activities | 35 | -1,566 | - | - | -644 | 1,845 | -330 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | - | - | - | -163 | - | -163 | |||||||||
Net Change in Cash and Cash Equivalents | -2 | 267 | - | -8 | 1,547 | - | 1,804 | |||||||||
Cash and cash equivalents at beginning of period | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | |||||||||
Cash and Cash Equivalents at End of Period | $ | - | 279 | 6 | 51 | 5,086 | - | 5,422 | ||||||||
*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 on Total Consolidated balances. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||
The carrying value of the major categories of assets and liabilities and operating results | ' | |||||
Millions of Dollars | ||||||
31-Mar | 31-Dec | |||||
2014 | 2013 | |||||
Assets | ||||||
Accounts and notes receivable | $ | 276 | 376 | |||
Inventories | 9 | 9 | ||||
Prepaid expenses and other current assets | 88 | 72 | ||||
Total current assets of discontinued operations | 373 | 457 | ||||
Investments and long-term receivables | 62 | 60 | ||||
Loans and advances—related parties | 4 | 7 | ||||
Net properties, plants and equipment | 1,176 | 1,154 | ||||
Other assets | - | 1 | ||||
Total assets of discontinued operations | $ | 1,615 | 1,679 | |||
Liabilities | ||||||
Accounts payable | $ | 340 | 419 | |||
Accrued income and other taxes | 83 | 72 | ||||
Total current liabilities of discontinued operations | 423 | 491 | ||||
Asset retirement obligations and accrued environmental costs | 14 | 14 | ||||
Deferred income taxes | 786 | 765 | ||||
Total liabilities of discontinued operations | $ | 1,223 | 1,270 | |||
Sales and other operating revenues and income from discontinued operations related to the Disposition Group were as follows: | ||||||
Millions of Dollars | ||||||
Three Months Ended | ||||||
31-Mar | ||||||
2014 | 2013 | |||||
Sales and other operating revenues from discontinued operations | $ | 158 | 329 | |||
Income from discontinued operations before-tax | $ | 52 | 120 | |||
Income tax expense (benefit) | 32 | -9 | ||||
Income from discontinued operations | $ | 20 | 129 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
Note 4—Inventories | |||||
Inventories consisted of the following: | |||||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2014 | 2013 | ||||
Crude oil and natural gas | $ | 468 | 452 | ||
Materials, supplies and other | 753 | 742 | |||
$ | 1,221 | 1,194 |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Noncontrolling Interests [Abstract] | ' | |||||||||||||
Change in equity attributable to non-controlling interests | ' | |||||||||||||
Note 8—Noncontrolling Interests | ||||||||||||||
Activity attributable to common stockholders’ equity and noncontrolling interests for the first three months of 2014 and 2013 was as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
2014 | 2013 | |||||||||||||
Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | |||||||||
Balance at January 1 | $ | 52,090 | 402 | 52,492 | 47,987 | 440 | 48,427 | |||||||
Net income | 2,123 | 14 | 2,137 | 2,139 | 14 | 2,153 | ||||||||
Dividends | -855 | - | -855 | -815 | - | -815 | ||||||||
Distributions to noncontrolling | ||||||||||||||
interests | - | -17 | -17 | - | -17 | -17 | ||||||||
Other changes, net* | -136 | - | -136 | -508 | - | -508 | ||||||||
Balance at March 31 | $ | 53,222 | 399 | 53,621 | 48,803 | 437 | 49,240 | |||||||
*Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Derivative_and_Financial_Instr1
Derivative and Financial Instruments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative and Financial Instruments [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 | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 1,168 | 871 | ||||||
Other assets | 76 | 64 | |||||||
Liabilities | |||||||||
Other accruals | 1,138 | 890 | |||||||
Other liabilities and deferred credits | 68 | 58 | |||||||
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 | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Prepaid expenses and other current assets | $ | 1 | 1 | ||||||
Liabilities | |||||||||
Other accruals | 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 | |||||||||
Three Months Ended | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Sales and other operating revenues | $ | 237 | -208 | ||||||
Other income | 1 | 2 | |||||||
Purchased commodities | -221 | 185 | |||||||
The losses from foreign currency exchange derivatives incurred, and the line items where they appear on our consolidated income statement were: | |||||||||
Millions of Dollars | |||||||||
Three Months Ended | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Foreign currency transaction losses | $ | - | 22 | ||||||
Net exposures from outstanding commodity derivative contracts | ' | ||||||||
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: | |||||||||
Open Position | |||||||||
Long/(Short) | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Commodity | |||||||||
Natural gas and power (billions of cubic feet equivalent) | |||||||||
Fixed price | -15 | -18 | |||||||
Basis | 1 | -10 | |||||||
We had the following net notional position of outstanding foreign currency exchange derivatives: | |||||||||
In Millions | |||||||||
Notional Currency | |||||||||
31-Mar | 31-Dec | ||||||||
2014 | 2013 | ||||||||
Sell U.S. dollar, buy British pound | USD | 250 | - | ||||||
Buy U.S. dollar, sell other currencies* | USD | 163 | 6 | ||||||
Buy British pound, sell euro | GBP | 63 | 17 | ||||||
*Primarily Canadian dollar and Norwegian krone. | |||||||||
Balances of financial instruments | ' | ||||||||
Millions of Dollars | |||||||||
Carrying Amount | |||||||||
Cash and Cash Equivalents | Short-Term Investments | ||||||||
31-Mar | 31-Dec | 31-Mar | 31-Dec | ||||||
2014 | 2013 | 2014 | 2013 | ||||||
Cash | $ | 1,014 | 636 | - | - | ||||
Time deposits | |||||||||
Remaining maturities from 1 to 90 days | 4,590 | 5,336 | 167 | 137 | |||||
Commercial paper | |||||||||
Remaining maturities from 1 to 90 days | 1,916 | 274 | 43 | 135 | |||||
$ | 7,520 | 6,246 | 210 | 272 |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||
Fair value hierarchy for gross financial assets and liabilities | ' | |||||||||||||||||
Millions of Dollars | ||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | ||||||||||||||||||
Deferred compensation | ||||||||||||||||||
investments | $ | 302 | - | - | 302 | 306 | - | - | 306 | |||||||||
Commodity derivatives | 898 | 335 | 11 | 1,244 | 744 | 177 | 10 | 931 | ||||||||||
Total assets | $ | 1,200 | 335 | 11 | 1,546 | 1,050 | 177 | 10 | 1,237 | |||||||||
Liabilities | ||||||||||||||||||
Commodity derivatives | $ | 863 | 334 | 9 | 1,206 | 765 | 172 | 7 | 944 | |||||||||
Total liabilities | $ | 863 | 334 | 9 | 1,206 | 765 | 172 | 7 | 944 | |||||||||
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. We have elected to offset the recognized fair value amounts for multiple | ||||||||||||||||||
derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Gross | Gross | Net | Gross Amounts | |||||||||||||||
Amounts | Amounts | Amounts | Cash | without | Net | |||||||||||||
Recognized | Offset | Presented | Collateral | Right of Setoff | Amounts | |||||||||||||
31-Mar-14 | ||||||||||||||||||
Assets | $ | 1,244 | 1,034 | 210 | 24 | 26 | 160 | |||||||||||
Liabilities | 1,206 | 1,034 | 172 | 1 | 29 | 142 | ||||||||||||
31-Dec-13 | ||||||||||||||||||
Assets | $ | 931 | 827 | 104 | 6 | 12 | 86 | |||||||||||
Liabilities | 944 | 827 | 117 | 26 | 9 | 82 | ||||||||||||
At March 31, 2014 and December 31, 2013, we did not present any amounts gross on our consolidated | ||||||||||||||||||
balance sheet where we had the right of setoff. | ||||||||||||||||||
Net fair value of 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 | |||||||||||||||||
31-Mar | 31-Dec | 31-Mar | 31-Dec | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Financial assets | ||||||||||||||||||
Deferred compensation investments | $ | 302 | 306 | 302 | 306 | |||||||||||||
Commodity derivatives | 186 | 99 | 186 | 99 | ||||||||||||||
Total loans and advances—related parties | 1,461 | 1,528 | 1,596 | 1,680 | ||||||||||||||
Financial liabilities | ||||||||||||||||||
Total debt, excluding capital leases | 20,285 | 20,740 | 23,686 | 23,553 | ||||||||||||||
Commodity derivatives | 171 | 92 | 171 | 92 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||
Components of accumulated other comprehensive income in the equity section of the balance sheet | ' | |||||||||||
Note 13—Accumulated Other Comprehensive Income | ||||||||||||
Accumulated other comprehensive income in the equity section of our consolidated balance sheet included: | ||||||||||||
Millions of Dollars | ||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Accumulated Other Comprehensive Income (Loss) | ||||||||||
31-Dec-13 | $ | -824 | 2,826 | 2,002 | ||||||||
Other comprehensive income (loss) | 26 | -226 | -200 | |||||||||
31-Mar-14 | $ | -798 | 2,600 | 1,802 | ||||||||
Items reclassified out of accumulated other comprehensive income (loss) | ' | |||||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income: | ||||||||||||
Millions of Dollars | ||||||||||||
Three Months Ended | ||||||||||||
31-Mar | ||||||||||||
2014 | 2013 | |||||||||||
Defined Benefit Plans | $ | 20 | 35 | |||||||||
Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $11 million and $22 million | ||||||||||||
for the three-month periods ended March 31, 2014 and 2013, respectively. See Note 15—Employee Benefit Plans, for additional information. |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Cash Flow Information [Abstract] | ' | ||||
Cash Flow Information | ' | ||||
Note 14—Cash Flow Information | |||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2014 | 2013 | ||||
Cash Payments | |||||
Interest | $ | 199 | 157 | ||
Income taxes | 667 | 1,199 | |||
Net Sales (Purchases) of Short-Term Investments | |||||
Short-term investments purchased | $ | -210 | -23 | ||
Short-term investments sold | 273 | - | |||
$ | 63 | -23 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Pension and Postretirement Plans | ' | ||||||||||||
Note 15—Employee Benefit Plans | |||||||||||||
Pension and Postretirement Plans | |||||||||||||
Millions of Dollars | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||
Three Months Ended | 31-Mar | 31-Mar | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||
Service cost | $ | 31 | 28 | 35 | 26 | 1 | 1 | ||||||
Interest cost | 41 | 42 | 36 | 37 | 7 | 6 | |||||||
Expected return on plan assets | -53 | -46 | -47 | -41 | - | - | |||||||
Amortization of prior service cost (credit) | 1 | -2 | 1 | -2 | -1 | -1 | |||||||
Recognized net actuarial loss (gain) | 19 | 15 | 38 | 19 | -1 | 1 | |||||||
Net periodic benefit cost | $ | 39 | 37 | 63 | 39 | 6 | 7 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Related Party Transactions [Abstract] | ' | |||||
Significant transactions with related parties | ' | |||||
Note 16—Related Party Transactions | ||||||
We consider our equity method investments to be related parties. Significant transactions with related parties were: | ||||||
Millions of Dollars | ||||||
Three Months Ended | ||||||
31-Mar | ||||||
2014 | 2013 | |||||
Operating revenues and other income | $ | 21 | 8 | |||
Purchases | 48 | 41 | ||||
Operating expenses and selling, general and administrative expenses | 52 | 46 | ||||
Net interest (income) expense* | -12 | 9 | ||||
*We paid interest to, or received interest from various affiliates. See Note 5—Investments, Loans and Long-Term Receivables, for additional | ||||||
information on loans to affiliated companies. |
Segment_Disclosures_and_Relate1
Segment Disclosures and Related Information (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Segment Disclosures and Related Information [Abstract] | ' | ||||
Analysis of Results by Operating Segment | ' | ||||
Analysis of Results by Operating Segment | |||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2014 | 2013 | ||||
Sales and Other Operating Revenues | |||||
Alaska | $ | 2,186 | 2,104 | ||
Lower 48 and Latin America | 6,584 | 4,822 | |||
Intersegment eliminations | -38 | -29 | |||
Lower 48 and Latin America | 6,546 | 4,793 | |||
Canada | 1,859 | 1,255 | |||
Intersegment eliminations | -345 | -158 | |||
Canada | 1,514 | 1,097 | |||
Europe | 3,209 | 3,453 | |||
Asia Pacific and Middle East | 1,949 | 2,218 | |||
Other International | 2 | 483 | |||
Corporate and Other | 9 | 18 | |||
Consolidated sales and other operating revenues | $ | 15,415 | 14,166 | ||
Net Income Attributable to ConocoPhillips | |||||
Alaska | $ | 598 | 543 | ||
Lower 48 and Latin America | 320 | 133 | |||
Canada | 356 | 133 | |||
Europe | 343 | 431 | |||
Asia Pacific and Middle East | 742 | 918 | |||
Other International | -21 | 14 | |||
Corporate and Other | -235 | -162 | |||
Discontinued operations | 20 | 129 | |||
Consolidated net income attributable to ConocoPhillips | $ | 2,123 | 2,139 | ||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2014 | 2013 | ||||
Total Assets | |||||
Alaska | $ | 12,073 | 11,662 | ||
Lower 48 and Latin America | 30,295 | 29,571 | |||
Canada | 21,250 | 22,394 | |||
Europe | 17,570 | 17,299 | |||
Asia Pacific and Middle East | 26,094 | 25,473 | |||
Other International | 1,678 | 1,610 | |||
Corporate and Other | 9,446 | 8,367 | |||
Discontinued operations | 1,619 | 1,681 | |||
Consolidated total assets | $ | 120,025 | 118,057 |
Supplementary_Information_Cond1
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||
Condensed Consolidated Income Statement | ' | |||||||||||||||
Millions of Dollars | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Income Statement | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Revenues and Other Income | ||||||||||||||||
Sales and other operating revenues | $ | - | 6,143 | - | 9,272 | - | 15,415 | |||||||||
Equity in earnings of affiliates | 2,212 | 2,451 | - | 721 | -4,812 | 572 | ||||||||||
Gain (loss) on dispositions | - | -1 | - | 10 | - | 9 | ||||||||||
Other income | - | 18 | - | 34 | - | 52 | ||||||||||
Intercompany revenues | 20 | 154 | 71 | 1,643 | -1,888 | - | ||||||||||
Total Revenues and Other Income | 2,232 | 8,765 | 71 | 11,680 | -6,700 | 16,048 | ||||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 5,517 | - | 3,290 | -1,680 | 7,127 | ||||||||||
Production and operating expenses | - | 360 | - | 1,538 | -3 | 1,895 | ||||||||||
Selling, general and administrative expenses | 3 | 124 | - | 69 | -14 | 182 | ||||||||||
Exploration expenses | - | 144 | - | 152 | - | 296 | ||||||||||
Depreciation, depletion and amortization | - | 242 | - | 1,650 | - | 1,892 | ||||||||||
Impairments | - | 1 | - | - | - | 1 | ||||||||||
Taxes other than income taxes | - | 93 | - | 558 | - | 651 | ||||||||||
Accretion on discounted liabilities | - | 14 | - | 103 | - | 117 | ||||||||||
Interest and debt expense | 159 | 70 | 58 | 75 | -191 | 171 | ||||||||||
Foreign currency transaction (gains) losses | 25 | - | -139 | 132 | - | 18 | ||||||||||
Total Costs and Expenses | 187 | 6,565 | -81 | 7,567 | -1,888 | 12,350 | ||||||||||
Income from continuing operations before income taxes | 2,045 | 2,200 | 152 | 4,113 | -4,812 | 3,698 | ||||||||||
Provision for income taxes | -58 | -12 | 2 | 1,649 | - | 1,581 | ||||||||||
Income From Continuing Operations | 2,103 | 2,212 | 150 | 2,464 | -4,812 | 2,117 | ||||||||||
Income from discontinued operations | 20 | 20 | - | 20 | -40 | 20 | ||||||||||
Net income | 2,123 | 2,232 | 150 | 2,484 | -4,852 | 2,137 | ||||||||||
Less: net income attributable to noncontrolling interests | - | - | - | -14 | - | -14 | ||||||||||
Net Income Attributable to ConocoPhillips | $ | 2,123 | 2,232 | 150 | 2,470 | -4,852 | 2,123 | |||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 1,923 | 2,032 | 9 | 2,255 | -4,296 | 1,923 | |||||||||
Millions of Dollars | ||||||||||||||||
Three Months Ended March 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 | $ | - | 4,463 | - | - | 9,703 | - | 14,166 | ||||||||
Equity in earnings of affiliates* | 2,110 | 2,372 | - | - | 474 | -4,594 | 362 | |||||||||
Gain (loss) on dispositions | - | -2 | - | - | 60 | - | 58 | |||||||||
Other income | 1 | 45 | - | - | 19 | - | 65 | |||||||||
Intercompany revenues* | 20 | 125 | 11 | 78 | 1,159 | -1,393 | - | |||||||||
Total Revenues and Other Income | 2,131 | 7,003 | 11 | 78 | 11,415 | -5,987 | 14,651 | |||||||||
Costs and Expenses | ||||||||||||||||
Purchased commodities | - | 3,928 | - | - | 3,065 | -1,159 | 5,834 | |||||||||
Production and operating expenses | - | 316 | - | - | 1,373 | -2 | 1,687 | |||||||||
Selling, general and administrative expenses | 4 | 122 | - | - | 57 | -18 | 165 | |||||||||
Exploration expenses | - | 143 | - | - | 134 | - | 277 | |||||||||
Depreciation, depletion and amortization | - | 209 | - | - | 1,598 | - | 1,807 | |||||||||
Impairments | - | - | - | - | 2 | - | 2 | |||||||||
Taxes other than income taxes | - | 77 | - | - | 815 | - | 892 | |||||||||
Accretion on discounted liabilities | - | 14 | - | - | 92 | - | 106 | |||||||||
Interest and debt expense* | 154 | 81 | 10 | 59 | 40 | -214 | 130 | |||||||||
Foreign currency transaction (gains) losses | 17 | 8 | - | -98 | 37 | - | -36 | |||||||||
Total Costs and Expenses | 175 | 4,898 | 10 | -39 | 7,213 | -1,393 | 10,864 | |||||||||
Income from continuing operations before income taxes | 1,956 | 2,105 | 1 | 117 | 4,202 | -4,594 | 3,787 | |||||||||
Provision for income taxes | -54 | -5 | - | 5 | 1,817 | - | 1,763 | |||||||||
Income From Continuing Operations | 2,010 | 2,110 | 1 | 112 | 2,385 | -4,594 | 2,024 | |||||||||
Income from discontinued operations | 129 | 129 | - | - | 129 | -258 | 129 | |||||||||
Net income | 2,139 | 2,239 | 1 | 112 | 2,514 | -4,852 | 2,153 | |||||||||
Less: net income attributable to noncontrolling interests | - | - | - | - | -14 | - | -14 | |||||||||
Net Income Attributable to ConocoPhillips | $ | 2,139 | 2,239 | 1 | 112 | 2,500 | -4,852 | 2,139 | ||||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 1,530 | 1,630 | 1 | 17 | 1,885 | -3,533 | 1,530 | ||||||||
*"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 | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | - | 3,718 | 230 | 3,572 | - | 7,520 | |||||||||
Short-term investments | - | - | - | 210 | - | 210 | ||||||||||
Accounts and notes receivable | 16 | 3,275 | 22 | 9,172 | -3,834 | 8,651 | ||||||||||
Inventories | - | 105 | - | 1,116 | - | 1,221 | ||||||||||
Prepaid expenses and other current assets | 19 | 477 | 10 | 2,339 | -47 | 2,798 | ||||||||||
Total Current Assets | 35 | 7,575 | 262 | 16,409 | -3,881 | 20,400 | ||||||||||
Investments, loans and long-term receivables* | 88,823 | 102,251 | 4,156 | 35,431 | -206,111 | 24,550 | ||||||||||
Net properties, plants and equipment | - | 9,528 | - | 64,497 | - | 74,025 | ||||||||||
Other assets | 38 | 270 | 123 | 1,396 | -777 | 1,050 | ||||||||||
Total Assets | $ | 88,896 | 119,624 | 4,541 | 117,733 | -210,769 | 120,025 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accounts payable | $ | - | 4,567 | 6 | 8,865 | -3,834 | 9,604 | |||||||||
Short-term debt | 1,504 | 6 | 5 | 197 | - | 1,712 | ||||||||||
Accrued income and other taxes | - | 374 | - | 3,111 | - | 3,485 | ||||||||||
Employee benefit obligations | - | 336 | - | 159 | - | 495 | ||||||||||
Other accruals | 115 | 714 | 101 | 937 | -46 | 1,821 | ||||||||||
Total Current Liabilities | 1,619 | 5,997 | 112 | 13,269 | -3,880 | 17,117 | ||||||||||
Long-term debt | 7,537 | 5,207 | 2,978 | 3,772 | - | 19,494 | ||||||||||
Asset retirement obligations and accrued environmental costs | - | 1,289 | - | 8,619 | - | 9,908 | ||||||||||
Deferred income taxes | - | 561 | - | 14,984 | -6 | 15,539 | ||||||||||
Employee benefit obligations | - | 1,749 | - | 645 | - | 2,394 | ||||||||||
Other liabilities and deferred credits* | 33,078 | 11,023 | 1,489 | 20,665 | -64,303 | 1,952 | ||||||||||
Total Liabilities | 42,234 | 25,826 | 4,579 | 61,954 | -68,189 | 66,404 | ||||||||||
Retained earnings | 35,907 | 34,030 | -1,350 | 15,086 | -41,245 | 42,428 | ||||||||||
Other common stockholders’ equity | 10,755 | 59,768 | 1,312 | 40,294 | -101,335 | 10,794 | ||||||||||
Noncontrolling interests | - | - | - | 399 | - | 399 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 88,896 | 119,624 | 4,541 | 117,733 | -210,769 | 120,025 | |||||||||
*Includes intercompany loans. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
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* | 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* | 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 | ||||||||
*Includes intercompany loans. | ||||||||||||||||
Condensed Consolidated Statement of Cash Flows | ' | |||||||||||||||
Millions of Dollars | ||||||||||||||||
Statement of Cash Flows | Three Months Ended March 31, 2014 | |||||||||||||||
ConocoPhillips | ConocoPhillips 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 | $ | -134 | 373 | 1 | 5,976 | 62 | 6,278 | |||||||||
Net cash provided by discontinued operations | - | 100 | - | 121 | -163 | 58 | ||||||||||
Net Cash Provided by (Used in) Operating Activities | -134 | 473 | 1 | 6,097 | -101 | 6,336 | ||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -662 | - | -3,378 | 145 | -3,895 | ||||||||||
Proceeds from asset dispositions | - | -1 | - | 49 | - | 48 | ||||||||||
Net sales of short-term investments | - | - | - | 63 | - | 63 | ||||||||||
Long-term advances/loans—related parties | - | -44 | - | -2 | 46 | - | ||||||||||
Collection of advances/loans—related parties | - | 15 | - | 47 | - | 62 | ||||||||||
Intercompany cash management | 1,325 | 1,486 | - | -2,811 | - | - | ||||||||||
Other | - | 18 | - | -6 | 34 | 46 | ||||||||||
Net cash provided by (used in) continuing investing activities | 1,325 | 812 | - | -6,038 | 225 | -3,676 | ||||||||||
Net cash used in discontinued operations | - | -1 | - | -22 | 1 | -22 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 1,325 | 811 | - | -6,060 | 226 | -3,698 | ||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | - | - | 46 | -46 | - | ||||||||||
Repayment of debt | -400 | - | - | -50 | - | -450 | ||||||||||
Issuance of company common stock | 63 | - | - | - | -95 | -32 | ||||||||||
Dividends paid | -855 | - | - | -96 | 96 | -855 | ||||||||||
Other | 1 | - | - | 161 | -179 | -17 | ||||||||||
Net cash provided by (used in) continuing financing activities | -1,191 | - | - | 61 | -224 | -1,354 | ||||||||||
Net cash used in discontinued operations | - | - | - | -99 | 99 | - | ||||||||||
Net Cash Used in Financing Activities | -1,191 | - | - | -38 | -125 | -1,354 | ||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | - | - | -10 | - | -10 | ||||||||||
Net Change in Cash and Cash Equivalents | - | 1,284 | 1 | -11 | - | 1,274 | ||||||||||
Cash and cash equivalents at beginning of period | - | 2,434 | 229 | 3,583 | - | 6,246 | ||||||||||
Cash and Cash Equivalents at End of Period | $ | - | 3,718 | 230 | 3,572 | - | 7,520 | |||||||||
Millions of Dollars | ||||||||||||||||
Three Months Ended March 31, 2013* | ||||||||||||||||
Statement of Cash Flows | 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 | $ | -185 | 1,308 | - | -10 | 3,610 | -115 | 4,608 | ||||||||
Net cash provided by discontinued operations | - | 50 | - | - | 239 | -167 | 122 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -185 | 1,358 | - | -10 | 3,849 | -282 | 4,730 | |||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures and investments | - | -448 | - | - | -2,943 | - | -3,391 | |||||||||
Proceeds from asset dispositions | - | 4 | - | - | 1,130 | - | 1,134 | |||||||||
Net purchases of short-term investments | - | - | - | - | -23 | - | -23 | |||||||||
Long-term advances/loans—related parties | - | 2 | - | - | -7 | 5 | - | |||||||||
Collection of advances/loans—related parties | - | 14 | - | 2 | 1,609 | -1,568 | 57 | |||||||||
Intercompany cash management | 148 | 903 | - | - | -1,051 | - | - | |||||||||
Other | - | - | - | - | -21 | - | -21 | |||||||||
Net cash provided by (used in) continuing investing activities | 148 | 475 | - | 2 | -1,306 | -1,563 | -2,244 | |||||||||
Net cash used in discontinued operations | - | - | - | - | -189 | - | -189 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 148 | 475 | - | 2 | -1,495 | -1,563 | -2,433 | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of debt | - | - | - | - | 5 | -5 | - | |||||||||
Repayment of debt | - | -1,566 | - | - | -50 | 1,568 | -48 | |||||||||
Change in restricted cash | 748 | - | - | - | - | - | 748 | |||||||||
Issuance of company common stock | 101 | - | - | - | - | -111 | -10 | |||||||||
Dividends paid | -815 | - | - | - | -343 | 343 | -815 | |||||||||
Other | 1 | - | - | - | -206 | - | -205 | |||||||||
Net cash provided by (used in) continuing financing activities | 35 | -1,566 | - | - | -594 | 1,795 | -330 | |||||||||
Net cash used in discontinued operations | - | - | - | - | -50 | 50 | - | |||||||||
Net Cash Provided by (Used in) Financing Activities | 35 | -1,566 | - | - | -644 | 1,845 | -330 | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | - | - | - | -163 | - | -163 | |||||||||
Net Change in Cash and Cash Equivalents | -2 | 267 | - | -8 | 1,547 | - | 1,804 | |||||||||
Cash and cash equivalents at beginning of period | 2 | 12 | 6 | 59 | 3,539 | - | 3,618 | |||||||||
Cash and Cash Equivalents at End of Period | $ | - | 279 | 6 | 51 | 5,086 | - | 5,422 | ||||||||
*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 on Total Consolidated balances. |
Discontinued_Operations_Financ
Discontinued Operations - Financial Statement Disclosures (Details) (USD $) | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Kashagan, Algeria and Nigeria [Member] | Nigeria [Member] | Nigeria [Member] | |||||
Assets | ' | ' | ' | ' | ' | ||
Accounts and notes receivable | ' | ' | ' | $276 | $376 | ||
Inventories | ' | ' | ' | 9 | 9 | ||
Prepaid expenses and other current assets | ' | ' | ' | 88 | 72 | ||
Total current assets of discontinued operations | ' | ' | ' | 373 | 457 | ||
Investments and long-term receivables | ' | ' | ' | 62 | 60 | ||
Loans and advances-related parties | ' | ' | ' | 4 | 7 | ||
Net properties, plants and equipment | ' | ' | ' | 1,176 | 1,154 | ||
Other assets | ' | ' | ' | ' | 1 | ||
Total assets of discontinued operations | ' | ' | ' | 1,615 | 1,679 | ||
Liabilities | ' | ' | ' | ' | ' | ||
Accounts payable | ' | ' | ' | 340 | 419 | ||
Accrued income and other taxes | ' | ' | ' | 83 | 72 | ||
Total current liabilities of discontinued operations | ' | ' | ' | 423 | 491 | ||
Asset retirement obligations and accrued environmental costs | ' | ' | ' | 14 | 14 | ||
Deferred income taxes | ' | ' | ' | 786 | 765 | ||
Total liabilities of discontinued operations | ' | ' | ' | 1,223 | 1,270 | ||
Sales and other operating revenues and income (loss) from discontinued operations | ' | ' | ' | ' | ' | ||
Sales and other operating revenues from discontinued operations | ' | ' | 329 | 158 | ' | ||
Income (loss) from discontinued operations before-tax | ' | ' | 120 | 52 | ' | ||
Income tax expense (benefit) | 32 | -9 | -9 | 32 | ' | ||
Income from discontinued operations | $20 | [1] | $129 | [1] | $129 | $20 | ' |
[1] | *Net of provision for income taxes on discontinued operations of: 2014 $32 ;2013 $(9) |
Discontinued_Operations_Detail
Discontinued Operations (Details Textual) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | 31-May-14 | Apr. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nigeria [Member] | ' | ' | ' | ' | ' |
Other Discontinued Operations [Abstract] | ' | ' | ' | ' | ' |
Noncurrent assets reclassified to current | $1,238,000,000 | ' | ' | ' | ' |
Loans and advances-related parties | 4,000,000 | ' | ' | 7,000,000 | ' |
Deferred income taxes | 786,000,000 | ' | ' | 765,000,000 | ' |
Asset retirement obligations and accrued environmental costs | 14,000,000 | ' | ' | 14,000,000 | ' |
Nigeria Upstream Affiliates [Member] | ' | ' | ' | ' | ' |
Other Discontinued Operations [Abstract] | ' | ' | ' | ' | ' |
Expected proceeds from sale of asset | 1,400,000,000 | ' | ' | ' | ' |
Carrying Value | 329,000,000 | ' | ' | ' | ' |
Deposit | 50,000,000 | 25,000,000 | 25,000,000 | 15,000,000 | 435,000,000 |
Total Deposit | ' | ' | 525,000,000 | ' | ' |
Phillips (Brass) Limited [Member] | ' | ' | ' | ' | ' |
Other Discontinued Operations [Abstract] | ' | ' | ' | ' | ' |
Percent interest | 17.00% | ' | ' | ' | ' |
Expected proceeds from sale of asset | ' | ' | ' | ' | ' |
Carrying Value | $63,000,000 | ' | ' | ' | ' |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
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 with affiliated company | $491 | $506 |
Prepaid balance of terminal use agreement | 293 | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Crude oil and petroleum products | $468 | $452 |
Materials, supplies and other | 753 | 742 |
Total Inventories | 1,221 | 1,194 |
Inventories (Textual) [Abstract] | ' | ' |
Inventories valued on the LIFO basis | 319 | 343 |
Excess of current replacement cost over LIFO cost of inventories | $160 | $160 |
Investments_Loans_and_LongTerm1
Investments, Loans and Long-Term Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Australia Pacific LNG [Member] | Australia Pacific LNG [Member] | Australia Pacific LNG [Member] | Australia Pacific LNG [Member] | Qatar Liquefied Gas Company Limited (3) (QG3) [Member] | Freeport LNG [Member] | Freeport LNG [Member] | FCCL [Member] | |||
Export-Import Bank of the US [Member] | Export-Import Bank of China [Member] | Australian and International Commercial Bank Syndicate [Member] | ||||||||
Equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book value of investment | ' | ' | $11,569,000,000 | ' | ' | ' | ' | ' | ' | ' |
Project finance facility | 7,500,000,000 | ' | 8,500,000,000 | 2,900,000,000 | 2,700,000,000 | 2,900,000,000 | ' | ' | ' | ' |
Cumulative foreign currency translation adjustment | 2,600,000,000 | 2,826,000,000 | 1,504,000,000 | ' | ' | ' | ' | ' | ' | ' |
Loan balance with affiliated company | ' | ' | ' | ' | ' | ' | 959,000,000 | 491,000,000 | 506,000,000 | ' |
Distribution from equity affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 |
Amount drawn from project finance facility | ' | ' | $7,600,000,000 | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in equity investment | ' | ' | 37.50% | ' | ' | ' | ' | ' | ' | 50.00% |
Suspended_Wells_Details
Suspended Wells (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Suspended Wells (Textual) [Abstract] | ' | ' |
Capitalized cost of suspended wells | $997 | $994 |
Increase (decrease) in capitalized cost of suspended wells | $3 | ' |
Impairments_by_Segment_Details
Impairments by Segment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Impairment charges by segment, before-tax | ' | ' |
Impairments | $1 | $2 |
Impairments_Details_Textual
Impairments (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Impairments (Textual) [Abstract] | ' | ' |
Impairments | $1 | $2 |
Exploration expenses | $296 | $277 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
4.75% Notes Due 2014 [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | ConocoPhillips [Member] | ConocoPhillips Qatar Funding Ltd. [Member] | ConocoPhillips Qatar Funding Ltd. [Member] | |||
Commercial Paper Programs (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount under revolving credit facilities | $7,500,000,000 | ' | ' | ' | ' | ' | ' | ' |
ConocoPhillips Commercial Paper Program | ' | ' | ' | ' | ' | 6,350,000,000 | 1,150,000,000 | ' |
Maturity period of commercial paper (in days) | 'P90D | ' | ' | ' | ' | ' | ' | ' |
Direct outstanding borrowings under the revolving credit facilities | ' | ' | ' | 0 | 0 | ' | ' | ' |
Letters of credit issued | 756,000,000 | ' | ' | 0 | 0 | ' | ' | ' |
Commercial paper outstanding | ' | ' | ' | ' | ' | ' | 912,000,000 | 961,000,000 |
Credit facilities remaining after commercial paper outstanding and issuance of letters of credit | 6,600,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Classification of short-term debt as long-term debt | 810,000,000 | ' | ' | ' | ' | ' | ' | ' |
Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligation | 906,000,000 | ' | ' | ' | ' | ' | ' | ' |
Capital lease assets | 906,000,000 | ' | ' | ' | ' | ' | ' | ' |
Changes in Debt Balance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Stated percentage of debt | ' | ' | 4.75% | ' | ' | ' | ' | ' |
Debt instruments repaid | $450,000,000 | $48,000,000 | $400,000,000 | ' | ' | $400,000,000 | ' | ' |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ||
Beginning Balance | $52,492 | $48,427 | ||
Net income | 2,137 | 2,153 | ||
Dividends paid | -855 | -815 | ||
Distributions to noncontrolling interests | -17 | -17 | ||
Other | -136 | [1] | -508 | [1] |
Ending Balance | 53,621 | 49,240 | ||
Common Stockholders' Equity [Member] | ' | ' | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ||
Beginning Balance | 52,090 | 47,987 | ||
Net income | 2,123 | 2,139 | ||
Dividends paid | -855 | -815 | ||
Other | -136 | [1] | -508 | [1] |
Ending Balance | 53,222 | 48,803 | ||
Noncontrolling Interest [Member] | ' | ' | ||
Activity for equity attributable to noncontrolling interests | ' | ' | ||
Beginning Balance | 402 | 440 | ||
Net income | 14 | 14 | ||
Distributions to noncontrolling interests | -17 | -17 | ||
Ending Balance | $399 | $437 | ||
[1] | *Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Guarantees_Details
Guarantees (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Train 1 and Train 2 [Member] | Construction completion guarantee [Member] | Continued development [Member] | Other Guarantees [Member] | Indemnifications [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] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum potential amount of future payments | ' | ' | $140,000,000 | $3,200,000,000 | $200,000,000 | $250,000,000 | ' | $800,000,000 |
Maximum potential amount of future payments under the guarantees in the event of intentional or reckless breach | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 |
Maximum potential amount of future payments based on current 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 |
Carrying value of the guarantee to third-party lenders | ' | ' | ' | 114,000,000 | ' | ' | 60,000,000 | ' |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | $347,000,000 | $348,000,000 | ' | ' | ' | ' | $50,000,000 | ' |
Number Of Joint Ventures Backed By Guarantee | ' | ' | ' | ' | ' | 2 | ' | ' |
Contingencies_and_Commitments_
Contingencies and Commitments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Contingencies and Commitments (Textual) [Abstract] | ' | ' |
Total environmental accrual included in balance sheet | $347 | $348 |
Expected years to incur the majority of expenditures | '30 years | ' |
Letters of credit that secure performance obligations | 756 | ' |
Tax Assessments Paid Under Protest | $232 | ' |
Derivative_and_Financial_Instr2
Derivative and Financial Instruments - Commodity Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Prepaid expenses and other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity derivative assets | $1,168 | $871 |
Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity derivative assets | 76 | 64 |
Other accruals [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity derivative liabilities | 1,138 | 890 |
Other liabilities and deferred credits [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Commodity derivative liabilities | $68 | $58 |
Derivative_and_Financial_Instr3
Derivative and Financial Instruments - Commodity GainLoss (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Sales and other operating revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gains (losses) from commodity derivatives | $237 | ($208) |
Other Income [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gains (losses) from commodity derivatives | 1 | 2 |
Purchased commodities [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gains (losses) from commodity derivatives | ($221) | $185 |
Derivative_and_Financial_Instr4
Derivative and Financial Instruments - Commodity Notional (Details 2) | Mar. 31, 2014 | Dec. 31, 2013 |
ft3 | ft3 | |
Natural gas and power, Fixed price [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Commodity derivatives - volumetric material net exposures | -15,000,000,000 | -18,000,000,000 |
Natural gas and power, Basis [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Commodity derivatives - volumetric material net exposures | 1,000,000,000 | -10,000,000,000 |
Derivative_and_Financial_Instr5
Derivative and Financial Instruments - FX Balance Sheet (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange derivative assets | $1 | $1 |
Other Accruals [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 $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Foreign currency transaction (gains) losses [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Foreign currency transaction (gains) losses | $22 |
Derivative_and_Financial_Instr7
Derivative and Financial Instruments - FX Notional (Details 5) (Foreign Currency Exchange Derivative [Member]) | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | Sell U.S. dollar, buy British pound [Member] | Buy U.S. dollar, sell other currencies [Member] | Buy U.S. dollar, sell other currencies [Member] | Buy British pound, sell euro [Member] | Buy British pound, sell euro [Member] | ||
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | |||
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' | ' | ||
Net notional position of foreign currency exchange derivatives | $250 | $163 | [1] | $6 | [1] | £ 63 | $17 |
[1] | *Primarily Canadian dollar and Norwegian krone. |
Derivative_and_Financial_Instr8
Derivative and Financial Instruments - Financial Instruments (Details 6) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Investment [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Time Deposits | $167 | $137 |
Commercial Paper | 43 | 135 |
Cash and Cash Equivalents [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cash | 1,014 | 636 |
Time Deposits | 4,590 | 5,336 |
Commercial Paper | $1,916 | $274 |
Derivative_and_Financial_Instr9
Derivative and Financial Instruments (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Trade receivables [Member] | ||
Credit Risk [Abstract] | ' | ' | ' |
Aggregate fair value of all derivative instruments in a liability position | $107 | $57 | ' |
Additional collateral, either in the form of cash or letters of credit | $107 | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Terms of financial instruments and trade receivables | ' | ' | '30 days |
Fair_Value_Measurement_FV_Hier
Fair Value Measurement - FV Hierarchy (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation investments | $302 | $306 |
Commodity derivatives - assets, gross | 1,244 | 931 |
Total assets | 1,546 | 1,237 |
Commodity derivatives - liabilities, gross | 1,206 | 944 |
Total liabilities | 1,206 | 944 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation investments | 302 | 306 |
Commodity derivatives - assets, gross | 898 | 744 |
Total assets | 1,200 | 1,050 |
Commodity derivatives - liabilities, gross | 863 | 765 |
Total liabilities | 863 | 765 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity derivatives - assets, gross | 335 | 177 |
Total assets | 335 | 177 |
Commodity derivatives - liabilities, gross | 334 | 172 |
Total liabilities | 334 | 172 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity derivatives - assets, gross | 11 | 10 |
Total assets | 11 | 10 |
Commodity derivatives - liabilities, gross | 9 | 7 |
Total liabilities | $9 | $7 |
Fair_Value_Measurement_FV_of_C
Fair Value Measurement - FV of Commodity Derivatives (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets[Abstract] | ' | ' |
Assets - gross amounts recognized | $1,244 | $931 |
Assets - gross amounts offset | 1,034 | 827 |
Assets - net amounts presented | 210 | 104 |
Assets - cash collateral | 24 | 6 |
Assets - amounts without right of setoff | 26 | 12 |
Assets - net amounts | 160 | 86 |
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Liabilities - gross amounts recognized | 1,206 | 944 |
Liabilities - gross amounts offset | 1,034 | 827 |
Liabilities - net amounts presented | 172 | 117 |
Liabilities - cash collateral | 1 | 26 |
Liabilities - amounts without right of setoff | 29 | 9 |
Liabilities - net amounts | $142 | $82 |
Fair_Value_Measurement_FV_of_F
Fair Value Measurement - FV of Fin. Instruments (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Assets [Abstract] | ' | ' |
Deferred compensation investments | $302 | $306 |
Commodity derivatives, assets | 210 | 104 |
Financial Liabilities [Abstract] | ' | ' |
Commodity derivatives, liabilities | 172 | 117 |
Carrying Amount [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Deferred compensation investments | 302 | 306 |
Commodity derivatives, assets | 186 | 99 |
Total loans and advances - related parties | 1,461 | 1,528 |
Financial Liabilities [Abstract] | ' | ' |
Total debt, excluding capital leases, carrying amount | 20,285 | 20,740 |
Commodity derivatives, liabilities | 171 | 92 |
Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Deferred compensation investments | 302 | 306 |
Commodity derivatives, assets | 186 | 99 |
Total loans and advances - related parties | 1,596 | 1,680 |
Financial Liabilities [Abstract] | ' | ' |
Total debt, excluding capital leases, fair value | 23,686 | 23,553 |
Commodity derivatives, liabilities | $171 | $92 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated other comprehensive income in the equity section of the balance sheet included | ' | ' |
Defined Benefit Plans, Beginning Balance | ($824) | ' |
Foreign Currency Translation, Beginning Balance | 2,826 | ' |
Accumulated Other Comprehensive Income, Beginning Balance | 2,002 | ' |
Defined Benefit Plans | 26 | 35 |
Foreign Currency Translation | -226 | -644 |
Other Comprehensive Income, Net of Tax | -200 | -609 |
Defined Benefit Plans, Ending Balance | -798 | ' |
Foreign Currency Translation, Ending Balance | 2,600 | ' |
Accumulated Other Comprehensive Income, Ending Balance | $1,802 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Details 1) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ||
Defined Benefit Plans | $20 | [1] | $35 | [1] |
Tax expense of defined benefit plans | $11 | $22 | ||
[1] | Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $11 million and $22 millionfor the three-month periods ended March 31, 2014 and 2013, respectively. See Note 15bEmployee Benefit Plans, for additional information. |
Cash_Flow_Information_Details
Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash payments | ' | ' |
Interest | $199 | $157 |
Income taxes | 667 | 1,199 |
Net Purchases of Short-Term Investments | ' | ' |
Short-term investments purchased | -210 | -23 |
Short-term investments sold | 273 | ' |
Net sale (purchases) of short-term investments | $63 | ($23) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
U.S. (Pension Benefits) [Member] | ' | ' |
Components of Net Periodic Benefit Cost | ' | ' |
Service cost | $31 | $35 |
Interest cost | 41 | 36 |
Expected return on plan assets | -53 | -47 |
Amortization of prior service cost | 1 | 1 |
Recognized net actuarial (gain) loss | 19 | 38 |
Net periodic benefit cost | 39 | 63 |
Int'l (Pension Benefits) [Member] | ' | ' |
Components of Net Periodic Benefit Cost | ' | ' |
Service cost | 28 | 26 |
Interest cost | 42 | 37 |
Expected return on plan assets | -46 | -41 |
Amortization of prior service cost | -2 | -2 |
Recognized net actuarial (gain) loss | 15 | 19 |
Net periodic benefit cost | 37 | 39 |
Other Benefits [Member] | ' | ' |
Components of Net Periodic Benefit Cost | ' | ' |
Service cost | 1 | 1 |
Interest cost | 7 | 6 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | -1 | -1 |
Recognized net actuarial (gain) loss | -1 | 1 |
Net periodic benefit cost | $6 | $7 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
U.S. (Pension Benefits) [Member] | ' |
Employee Benefit Plans (Textual) [Abstract] | ' |
Company contributions | $86 |
Int'l (Pension Benefits) [Member] | ' |
Employee Benefit Plans (Textual) [Abstract] | ' |
Company contributions | $35 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Significant transactions with related parties | ' | ' | ||
Operating revenues and other income | $21 | $8 | ||
Purchases | 48 | 41 | ||
Operating expenses and selling, general and administrative expenses | 52 | 46 | ||
Net interest (income) expense | ($12) | [1] | $9 | [1] |
[1] | *We paid interest to, or received interest from various affiliates. See Note 5bInvestments, Loans and Long-Term Receivables, for additionalinformation on loans to affiliated companies. |
Segment_Disclosures_and_Relate2
Segment Disclosures and Related Information - Sales (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | $15,415 | $14,166 |
Alaska [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 2,186 | 2,104 |
Lower 48 and Latin America Before Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 6,584 | 4,822 |
Intersegment Eliminations before Lower 48 and Latin America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | -38 | -29 |
Lower 48 and Latin America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 6,546 | 4,793 |
Canada before Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 1,859 | 1,255 |
Intersegment Eliminations before Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | -345 | -158 |
Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 1,514 | 1,097 |
Europe before Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 3,209 | 3,453 |
Asia Pacific Before Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 1,949 | 2,218 |
Other International [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | 2 | 483 |
Corporate and Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales and other operating revenues | $9 | $18 |
Segment_Disclosures_and_Relate3
Segment Disclosures and Related Information - Net Income (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | $2,123 | $2,139 |
Alaska [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | 598 | 543 |
Lower 48 and Latin America [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | 320 | 133 |
Canada [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | 356 | 133 |
Europe [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | 343 | 431 |
Asia Pacific and Middle East [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | 742 | 918 |
Other International [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | -21 | 14 |
Corporate and Other [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | -235 | -162 |
Discontinued operations [Member] | ' | ' |
Net Income Attributable to ConocoPhillips | ' | ' |
Consolidated net income attributable to ConocoPhillips | $20 | $129 |
Segment_Disclosures_and_Relate4
Segment Disclosures and Related Information - Assets (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Consolidated total assets | $120,025 | $118,057 |
Alaska [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 12,073 | 11,662 |
Lower 48 and Latin America [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 30,295 | 29,571 |
Canada [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 21,250 | 22,394 |
Europe [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 17,570 | 17,299 |
Asia Pacific and Middle East [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 26,094 | 25,473 |
Other International [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 1,678 | 1,610 |
Corporate and Other [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | 9,446 | 8,367 |
Discontinued operations [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Consolidated total assets | $1,619 | $1,681 |
Segment_Disclosures_and_Relate5
Segment Disclosures and Related Information (Details Textual) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Disclosures and Related Information (Textual) [Abstract] | ' |
Number of operating segments | 6 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes (Textual) [Abstract] | ' | ' |
Effective tax rate | 43.00% | 47.00% |
Domestic federal statutory rate | 35.00% | ' |
Supplementary_Information_Cond2
Supplementary Information - Condensed Consolidating Financial Information - Inc Stmt (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenues and Other Income | ' | ' | ||
Sales and other operating revenues | $15,415 | $14,166 | ||
Equity in earnings of affiliates | 572 | 362 | ||
Gain (loss) on dispositions | 9 | 58 | ||
Other income | 52 | 65 | ||
Total Revenues and Other Income | 16,048 | 14,651 | ||
Costs and Expenses | ' | ' | ||
Purchased commodities | 7,127 | 5,834 | ||
Production and operating expenses | 1,895 | 1,687 | ||
Selling, general and administrative expenses | 182 | 165 | ||
Exploration expenses | 296 | 277 | ||
Depreciation, depletion and amortization | 1,892 | 1,807 | ||
Impairments | 1 | 2 | ||
Taxes other than income taxes | 651 | 892 | ||
Accretion on discounted liabilities | 117 | 106 | ||
Interest and debt expense | 171 | 130 | ||
Foreign currency transaction (gains) losses | 18 | -36 | ||
Total Costs and Expenses | 12,350 | 10,864 | ||
Income from continuing operations before income taxes | 3,698 | 3,787 | ||
Provision for income taxes | 1,581 | 1,763 | ||
Income (Loss) From Continuing Operations | 2,117 | 2,024 | ||
Income (loss) from discontinued operations | 20 | [1] | 129 | [1] |
Net income (loss) | 2,137 | 2,153 | ||
Less: net income attributable to noncontrolling interests | -14 | -14 | ||
Net Income | 2,123 | 2,139 | ||
Comprehensive Income Attributable to ConocoPhillips | 1,923 | 1,530 | ||
ConocoPhillips [Member] | ' | ' | ||
Revenues and Other Income | ' | ' | ||
Equity in earnings of affiliates | 2,212 | 2,110 | [2] | |
Other income | ' | 1 | ||
Intercompany revenues | 20 | 20 | [2] | |
Total Revenues and Other Income | 2,232 | 2,131 | ||
Costs and Expenses | ' | ' | ||
Selling, general and administrative expenses | 3 | 4 | ||
Interest and debt expense | 159 | 154 | [2] | |
Foreign currency transaction (gains) losses | 25 | 17 | ||
Total Costs and Expenses | 187 | 175 | ||
Income from continuing operations before income taxes | 2,045 | 1,956 | ||
Provision for income taxes | -58 | -54 | ||
Income (Loss) From Continuing Operations | 2,103 | 2,010 | ||
Income (loss) from discontinued operations | 20 | 129 | ||
Net income (loss) | 2,123 | 2,139 | ||
Net Income | 2,123 | 2,139 | ||
Comprehensive Income Attributable to ConocoPhillips | 1,923 | 1,530 | ||
ConocoPhillips Company [Member] | ' | ' | ||
Revenues and Other Income | ' | ' | ||
Sales and other operating revenues | 6,143 | 4,463 | ||
Equity in earnings of affiliates | 2,451 | 2,372 | [2] | |
Gain (loss) on dispositions | -1 | -2 | ||
Other income | 18 | 45 | ||
Intercompany revenues | 154 | 125 | [2] | |
Total Revenues and Other Income | 8,765 | 7,003 | ||
Costs and Expenses | ' | ' | ||
Purchased commodities | 5,517 | 3,928 | ||
Production and operating expenses | 360 | 316 | ||
Selling, general and administrative expenses | 124 | 122 | ||
Exploration expenses | 144 | 143 | ||
Depreciation, depletion and amortization | 242 | 209 | ||
Impairments | 1 | ' | ||
Taxes other than income taxes | 93 | 77 | ||
Accretion on discounted liabilities | 14 | 14 | ||
Interest and debt expense | 70 | 81 | [2] | |
Foreign currency transaction (gains) losses | 0 | 8 | ||
Total Costs and Expenses | 6,565 | 4,898 | ||
Income from continuing operations before income taxes | 2,200 | 2,105 | ||
Provision for income taxes | -12 | -5 | ||
Income (Loss) From Continuing Operations | 2,212 | 2,110 | ||
Income (loss) from discontinued operations | 20 | 129 | ||
Net income (loss) | 2,232 | 2,239 | ||
Net Income | 2,232 | 2,239 | ||
Comprehensive Income Attributable to ConocoPhillips | 2,032 | 1,630 | ||
ConocoPhillips Australia Funding Company [Member] | ' | ' | ||
Revenues and Other Income | ' | ' | ||
Intercompany revenues | ' | 11 | [2] | |
Total Revenues and Other Income | ' | 11 | ||
Costs and Expenses | ' | ' | ||
Interest and debt expense | ' | 10 | [2] | |
Total Costs and Expenses | ' | 10 | ||
Income from continuing operations before income taxes | ' | 1 | ||
Income (Loss) From Continuing Operations | ' | 1 | ||
Net income (loss) | ' | 1 | ||
Net Income | ' | 1 | ||
Comprehensive Income Attributable to ConocoPhillips | ' | 1 | ||
ConocoPhillips Canada Funding Company I [Member] | ' | ' | ||
Revenues and Other Income | ' | ' | ||
Intercompany revenues | 71 | 78 | [2] | |
Total Revenues and Other Income | 71 | 78 | ||
Costs and Expenses | ' | ' | ||
Interest and debt expense | 58 | 59 | [2] | |
Foreign currency transaction (gains) losses | -139 | -98 | ||
Total Costs and Expenses | -81 | -39 | ||
Income from continuing operations before income taxes | 152 | 117 | ||
Provision for income taxes | 2 | 5 | ||
Income (Loss) From Continuing Operations | 150 | 112 | ||
Net income (loss) | 150 | 112 | ||
Net Income | 150 | 112 | ||
Comprehensive Income Attributable to ConocoPhillips | 9 | 17 | ||
All Other Subsidiaries [Member] | ' | ' | ||
Revenues and Other Income | ' | ' | ||
Sales and other operating revenues | 9,272 | 9,703 | ||
Equity in earnings of affiliates | 721 | 474 | [2] | |
Gain (loss) on dispositions | 10 | 60 | ||
Other income | 34 | 19 | ||
Intercompany revenues | 1,643 | 1,159 | [2] | |
Total Revenues and Other Income | 11,680 | 11,415 | ||
Costs and Expenses | ' | ' | ||
Purchased commodities | 3,290 | 3,065 | ||
Production and operating expenses | 1,538 | 1,373 | ||
Selling, general and administrative expenses | 69 | 57 | ||
Exploration expenses | 152 | 134 | ||
Depreciation, depletion and amortization | 1,650 | 1,598 | ||
Impairments | ' | 2 | ||
Taxes other than income taxes | 558 | 815 | ||
Accretion on discounted liabilities | 103 | 92 | ||
Interest and debt expense | 75 | 40 | [2] | |
Foreign currency transaction (gains) losses | 132 | 37 | ||
Total Costs and Expenses | 7,567 | 7,213 | ||
Income from continuing operations before income taxes | 4,113 | 4,202 | ||
Provision for income taxes | 1,649 | 1,817 | ||
Income (Loss) From Continuing Operations | 2,464 | 2,385 | ||
Income (loss) from discontinued operations | 20 | 129 | ||
Net income (loss) | 2,484 | 2,514 | ||
Less: net income attributable to noncontrolling interests | -14 | -14 | ||
Net Income | 2,470 | 2,500 | ||
Comprehensive Income Attributable to ConocoPhillips | 2,255 | 1,885 | ||
Consolidating Adjustments [Member] | ' | ' | ||
Revenues and Other Income | ' | ' | ||
Equity in earnings of affiliates | -4,812 | -4,594 | [2] | |
Intercompany revenues | -1,888 | -1,393 | [2] | |
Total Revenues and Other Income | -6,700 | -5,987 | ||
Costs and Expenses | ' | ' | ||
Purchased commodities | -1,680 | -1,159 | ||
Production and operating expenses | -3 | -2 | ||
Selling, general and administrative expenses | -14 | -18 | ||
Interest and debt expense | -191 | -214 | [2] | |
Total Costs and Expenses | -1,888 | -1,393 | ||
Income from continuing operations before income taxes | -4,812 | -4,594 | ||
Income (Loss) From Continuing Operations | -4,812 | -4,594 | ||
Income (loss) from discontinued operations | -40 | -258 | ||
Net income (loss) | -4,852 | -4,852 | ||
Net Income | -4,852 | -4,852 | ||
Comprehensive Income Attributable to ConocoPhillips | ($4,296) | ($3,533) | ||
[1] | *Net of provision for income taxes on discontinued operations of: 2014 $32 ;2013 $(9) | |||
[2] | *"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 - Bal Sheet (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||
In Millions, unless otherwise specified | ||||||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | $7,520 | $6,246 | $5,422 | $3,618 | ||||
Short-term investments | 210 | [1] | 272 | [1] | ' | ' | ||
Accounts and notes receivable | 8,651 | 8,487 | ' | ' | ||||
Inventories | 1,221 | 1,194 | ' | ' | ||||
Prepaid expenses and other current assets | 2,798 | 2,824 | ' | ' | ||||
Total Current Assets | 20,400 | 19,023 | ' | ' | ||||
Investments, loans and long-term receivables | 24,550 | [2] | 25,264 | ' | ' | |||
Net properties, plants and equipment | 74,025 | 72,827 | ' | ' | ||||
Other assets | 1,050 | 943 | ' | ' | ||||
Total Assets | 120,025 | 118,057 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Accounts payable | 9,604 | 9,314 | ' | ' | ||||
Short-term debt | 1,712 | 589 | ' | ' | ||||
Accrued income and other taxes | 3,485 | 2,713 | ' | ' | ||||
Employee benefit obligations | 495 | 842 | ' | ' | ||||
Other accruals | 1,821 | 1,671 | ' | ' | ||||
Total Current Liabilities | 17,117 | 15,129 | ' | ' | ||||
Long-term debt | 19,494 | 21,073 | ' | ' | ||||
Asset retirement obligations and accrued environmental costs | 9,908 | 9,883 | ' | ' | ||||
Deferred income taxes | 15,539 | 15,220 | ' | ' | ||||
Employee benefit obligations | 2,394 | 2,459 | ' | ' | ||||
Other liabilities and deferred credits | 1,952 | 1,801 | ' | ' | ||||
Total Liabilities | 66,404 | 65,565 | ' | ' | ||||
Retained earnings | 42,428 | 41,160 | ' | ' | ||||
Other common stockholders' equity | 10,794 | 10,930 | ' | ' | ||||
Noncontrolling interests | 399 | 402 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 120,025 | 118,057 | ' | ' | ||||
ConocoPhillips [Member] | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | ' | ' | 2 | [3] | |||
Accounts and notes receivable | 16 | 73 | ' | ' | ||||
Prepaid expenses and other current assets | 19 | 20 | ' | ' | ||||
Total Current Assets | 35 | 93 | ' | ' | ||||
Investments, loans and long-term receivables | 88,823 | [2] | 86,836 | [2] | ' | ' | ||
Other assets | 38 | 38 | ' | ' | ||||
Total Assets | 88,896 | 86,967 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Short-term debt | 1,504 | 395 | ' | ' | ||||
Other accruals | 115 | 210 | ' | ' | ||||
Total Current Liabilities | 1,619 | 605 | ' | ' | ||||
Long-term debt | 7,537 | 9,047 | ' | ' | ||||
Deferred income taxes | ' | 94 | ' | ' | ||||
Other liabilities and deferred credits | 33,078 | [2] | 31,693 | [2] | ' | ' | ||
Total Liabilities | 42,234 | 41,439 | ' | ' | ||||
Retained earnings | 35,907 | 34,636 | ' | ' | ||||
Other common stockholders' equity | 10,755 | 10,892 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 88,896 | 86,967 | ' | ' | ||||
ConocoPhillips Company [Member] | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 3,718 | 2,434 | 279 | [3] | 12 | [3] | ||
Accounts and notes receivable | 3,275 | 2,122 | ' | ' | ||||
Inventories | 105 | 174 | ' | ' | ||||
Prepaid expenses and other current assets | 477 | 535 | ' | ' | ||||
Total Current Assets | 7,575 | 5,265 | ' | ' | ||||
Investments, loans and long-term receivables | 102,251 | [2] | 100,052 | [2] | ' | ' | ||
Net properties, plants and equipment | 9,528 | 9,313 | ' | ' | ||||
Other assets | 270 | 260 | ' | ' | ||||
Total Assets | 119,624 | 114,890 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Accounts payable | 4,567 | 3,388 | ' | ' | ||||
Short-term debt | 6 | 4 | ' | ' | ||||
Accrued income and other taxes | 374 | 223 | ' | ' | ||||
Employee benefit obligations | 336 | 566 | ' | ' | ||||
Other accruals | 714 | 639 | ' | ' | ||||
Total Current Liabilities | 5,997 | 4,820 | ' | ' | ||||
Long-term debt | 5,207 | 5,208 | ' | ' | ||||
Asset retirement obligations and accrued environmental costs | 1,289 | 1,289 | ' | ' | ||||
Deferred income taxes | 561 | 557 | ' | ' | ||||
Employee benefit obligations | 1,749 | 1,791 | ' | ' | ||||
Other liabilities and deferred credits | 11,023 | [2] | 9,422 | [2] | ' | ' | ||
Total Liabilities | 25,826 | 23,087 | ' | ' | ||||
Retained earnings | 34,030 | 31,835 | ' | ' | ||||
Other common stockholders' equity | 59,768 | 59,968 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 119,624 | 114,890 | ' | ' | ||||
ConocoPhillips Australia Funding Company [Member] | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Accounts and notes receivable | ' | 2 | ' | ' | ||||
Total Current Assets | ' | 2 | ' | ' | ||||
Total Assets | ' | 2 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Other common stockholders' equity | ' | 2 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | ' | 2 | ' | ' | ||||
ConocoPhillips Canada Funding Company I [Member] | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 230 | 229 | 51 | [3] | 59 | [3] | ||
Accounts and notes receivable | 22 | ' | ' | ' | ||||
Prepaid expenses and other current assets | 10 | 35 | ' | ' | ||||
Total Current Assets | 262 | 264 | ' | ' | ||||
Investments, loans and long-term receivables | 4,156 | [2] | 4,259 | [2] | ' | ' | ||
Other assets | 123 | 103 | ' | ' | ||||
Total Assets | 4,541 | 4,626 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Accounts payable | 6 | 4 | ' | ' | ||||
Short-term debt | 5 | 5 | ' | ' | ||||
Other accruals | 101 | 81 | ' | ' | ||||
Total Current Liabilities | 112 | 90 | ' | ' | ||||
Long-term debt | 2,978 | 2,980 | ' | ' | ||||
Other liabilities and deferred credits | 1,489 | [2] | 1,603 | [2] | ' | ' | ||
Total Liabilities | 4,579 | 4,673 | ' | ' | ||||
Retained earnings | -1,350 | -1,500 | ' | ' | ||||
Other common stockholders' equity | 1,312 | 1,453 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 4,541 | 4,626 | ' | ' | ||||
All Other Subsidiaries [Member] | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 3,572 | 3,583 | 5,086 | [3] | 3,539 | [3] | ||
Short-term investments | 210 | 272 | ' | ' | ||||
Accounts and notes receivable | 9,172 | 9,267 | ' | ' | ||||
Inventories | 1,116 | 1,020 | ' | ' | ||||
Prepaid expenses and other current assets | 2,339 | 2,311 | ' | ' | ||||
Total Current Assets | 16,409 | 16,453 | ' | ' | ||||
Investments, loans and long-term receivables | 35,431 | [2] | 34,795 | [2] | ' | ' | ||
Net properties, plants and equipment | 64,497 | 63,514 | ' | ' | ||||
Other assets | 1,396 | 1,394 | ' | ' | ||||
Total Assets | 117,733 | 116,156 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Accounts payable | 8,865 | 8,899 | ' | ' | ||||
Short-term debt | 197 | 185 | ' | ' | ||||
Accrued income and other taxes | 3,111 | 2,517 | ' | ' | ||||
Employee benefit obligations | 159 | 276 | ' | ' | ||||
Other accruals | 937 | 790 | ' | ' | ||||
Total Current Liabilities | 13,269 | 12,667 | ' | ' | ||||
Long-term debt | 3,772 | 3,838 | ' | ' | ||||
Asset retirement obligations and accrued environmental costs | 8,619 | 8,594 | ' | ' | ||||
Deferred income taxes | 14,984 | 14,569 | ' | ' | ||||
Employee benefit obligations | 645 | 668 | ' | ' | ||||
Other liabilities and deferred credits | 20,665 | [2] | 22,204 | [2] | ' | ' | ||
Total Liabilities | 61,954 | 62,540 | ' | ' | ||||
Retained earnings | 15,086 | 12,848 | ' | ' | ||||
Other common stockholders' equity | 40,294 | 40,366 | ' | ' | ||||
Noncontrolling interests | 399 | 402 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 117,733 | 116,156 | ' | ' | ||||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Accounts and notes receivable | -3,834 | -2,977 | ' | ' | ||||
Prepaid expenses and other current assets | -47 | -77 | ' | ' | ||||
Total Current Assets | -3,881 | -3,054 | ' | ' | ||||
Investments, loans and long-term receivables | -206,111 | [2] | -200,678 | [2] | ' | ' | ||
Other assets | -777 | -852 | ' | ' | ||||
Total Assets | -210,769 | -204,584 | ' | ' | ||||
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ||||
Accounts payable | -3,834 | -2,977 | ' | ' | ||||
Accrued income and other taxes | ' | -27 | ' | ' | ||||
Other accruals | -46 | -49 | ' | ' | ||||
Total Current Liabilities | -3,880 | -3,053 | ' | ' | ||||
Deferred income taxes | -6 | ' | ' | ' | ||||
Other liabilities and deferred credits | -64,303 | [2] | -63,121 | [2] | ' | ' | ||
Total Liabilities | -68,189 | -66,174 | ' | ' | ||||
Retained earnings | -41,245 | -36,659 | ' | ' | ||||
Other common stockholders' equity | -101,335 | -101,751 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | ($210,769) | ($204,584) | ' | ' | ||||
[1] | Includes marketable securities of: $43, $135 | |||||||
[2] | *Includes intercompany loans. | |||||||
[3] | *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 on Total Consolidated balances. |
Supplementary_Information_Cond4
Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details Textual) (USD $) | Apr. 30, 2014 |
In Billions, unless otherwise specified | |
ConocoPhillips [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Intercompany dividend | $32 |
ConocoPhillips Company [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Intercompany dividend | ($32) |
Supplementary_Information_Cond5
Supplementary Information - Condensed Consolidating Financial Information - Cash Flow (Details 2) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows From Operating Activities | ' | ' | |
Net cash provided by (used in) continuing operating activities | $6,278 | $4,608 | |
Net cash provided by (used in) discontinued operations | 58 | 122 | |
Net Cash Provided by (Used in) Operating Activities | 6,336 | 4,730 | |
Cash Flows From Investing Activities | ' | ' | |
Capital expenditures and investments | -3,895 | -3,391 | |
Proceeds from asset dispositions | 48 | 1,134 | |
Net sales (purchases) of short-term investments | 63 | -23 | |
Collection of advances/loans-related parties | 62 | 57 | |
Other | 46 | -21 | |
Net cash provided by (used in) continuing investing activities | -3,676 | -2,244 | |
Net cash used in discontinued operations | -22 | -189 | |
Net Cash Provided by (Used in) Investing Activities | -3,698 | -2,433 | |
Cash Flows From Financing Activities | ' | ' | |
Repayment of debt | -450 | -48 | |
Change in restricted cash | 0 | 748 | |
Issuance of company common stock | -32 | -10 | |
Dividends paid | -855 | -815 | |
Other | -17 | -205 | |
Net cash provided by (used in) continuing financing activities | -1,354 | -330 | |
Net cash provided by (used in) discontinued operations | ' | 0 | |
Net Cash Provided by (Used in) Financing Activities | -1,354 | -330 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -10 | -163 | |
Net Change in Cash and Cash Equivalents | 1,274 | 1,804 | |
Cash and cash equivalents at beginning of period | 6,246 | 3,618 | |
Cash and Cash Equivalents at End of Period | 7,520 | 5,422 | |
ConocoPhillips [Member] | ' | ' | |
Cash Flows From Operating Activities | ' | ' | |
Net cash provided by (used in) continuing operating activities | -134 | -185 | [1] |
Net Cash Provided by (Used in) Operating Activities | -134 | -185 | [1] |
Cash Flows From Investing Activities | ' | ' | |
Intercompany cash management | 1,325 | 148 | [1] |
Net cash provided by (used in) continuing investing activities | 1,325 | 148 | [1] |
Net Cash Provided by (Used in) Investing Activities | 1,325 | 148 | [1] |
Cash Flows From Financing Activities | ' | ' | |
Repayment of debt | -400 | ' | |
Change in restricted cash | ' | 748 | [1] |
Issuance of company common stock | 63 | 101 | [1] |
Dividends paid | -855 | -815 | [1] |
Other | 1 | 1 | [1] |
Net cash provided by (used in) continuing financing activities | -1,191 | 35 | [1] |
Net Cash Provided by (Used in) Financing Activities | -1,191 | 35 | [1] |
Net Change in Cash and Cash Equivalents | ' | -2 | [1] |
Cash and cash equivalents at beginning of period | ' | 2 | [1] |
ConocoPhillips Company [Member] | ' | ' | |
Cash Flows From Operating Activities | ' | ' | |
Net cash provided by (used in) continuing operating activities | 373 | 1,308 | [1] |
Net cash provided by (used in) discontinued operations | 100 | 50 | [1] |
Net Cash Provided by (Used in) Operating Activities | 473 | 1,358 | [1] |
Cash Flows From Investing Activities | ' | ' | |
Capital expenditures and investments | -662 | -448 | [1] |
Proceeds from asset dispositions | -1 | 4 | [1] |
Long-term advances/loans-related parties | -44 | 2 | [1] |
Collection of advances/loans-related parties | 15 | 14 | [1] |
Intercompany cash management | 1,486 | 903 | [1] |
Other | 18 | ' | |
Net cash provided by (used in) continuing investing activities | 812 | 475 | [1] |
Net cash used in discontinued operations | -1 | ' | |
Net Cash Provided by (Used in) Investing Activities | 811 | 475 | [1] |
Cash Flows From Financing Activities | ' | ' | |
Repayment of debt | ' | -1,566 | [1] |
Net cash provided by (used in) continuing financing activities | ' | -1,566 | [1] |
Net Cash Provided by (Used in) Financing Activities | ' | -1,566 | [1] |
Net Change in Cash and Cash Equivalents | 1,284 | 267 | [1] |
Cash and cash equivalents at beginning of period | 2,434 | 12 | [1] |
Cash and Cash Equivalents at End of Period | 3,718 | 279 | [1] |
ConocoPhillips Canada Funding Company I [Member] | ' | ' | |
Cash Flows From Operating Activities | ' | ' | |
Net cash provided by (used in) continuing operating activities | 1 | -10 | [1] |
Net Cash Provided by (Used in) Operating Activities | 1 | -10 | [1] |
Cash Flows From Investing Activities | ' | ' | |
Collection of advances/loans-related parties | ' | 2 | [1] |
Net cash provided by (used in) continuing investing activities | ' | 2 | [1] |
Net Cash Provided by (Used in) Investing Activities | ' | 2 | [1] |
Cash Flows From Financing Activities | ' | ' | |
Net Change in Cash and Cash Equivalents | 1 | -8 | [1] |
Cash and cash equivalents at beginning of period | 229 | 59 | [1] |
Cash and Cash Equivalents at End of Period | 230 | 51 | [1] |
All Other Subsidiaries [Member] | ' | ' | |
Cash Flows From Operating Activities | ' | ' | |
Net cash provided by (used in) continuing operating activities | 5,976 | 3,610 | [1] |
Net cash provided by (used in) discontinued operations | 121 | 239 | [1] |
Net Cash Provided by (Used in) Operating Activities | 6,097 | 3,849 | [1] |
Cash Flows From Investing Activities | ' | ' | |
Capital expenditures and investments | -3,378 | -2,943 | [1] |
Proceeds from asset dispositions | 49 | 1,130 | [1] |
Net sales (purchases) of short-term investments | 63 | -23 | [1] |
Long-term advances/loans-related parties | -2 | -7 | [1] |
Collection of advances/loans-related parties | 47 | 1,609 | [1] |
Intercompany cash management | -2,811 | -1,051 | [1] |
Other | -6 | -21 | [1] |
Net cash provided by (used in) continuing investing activities | -6,038 | -1,306 | [1] |
Net cash used in discontinued operations | -22 | -189 | [1] |
Net Cash Provided by (Used in) Investing Activities | -6,060 | -1,495 | [1] |
Cash Flows From Financing Activities | ' | ' | |
Issuance of debt | 46 | 5 | [1] |
Repayment of debt | -50 | -50 | [1] |
Dividends paid | -96 | -343 | [1] |
Other | 161 | -206 | [1] |
Net cash provided by (used in) continuing financing activities | 61 | -594 | [1] |
Net cash provided by (used in) discontinued operations | -99 | -50 | [1] |
Net Cash Provided by (Used in) Financing Activities | -38 | -644 | [1] |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -10 | -163 | [1] |
Net Change in Cash and Cash Equivalents | -11 | 1,547 | [1] |
Cash and cash equivalents at beginning of period | 3,583 | 3,539 | [1] |
Cash and Cash Equivalents at End of Period | 3,572 | 5,086 | [1] |
Consolidating Adjustments [Member] | ' | ' | |
Cash Flows From Operating Activities | ' | ' | |
Net cash provided by (used in) continuing operating activities | 62 | -115 | [1] |
Net cash provided by (used in) discontinued operations | -163 | -167 | [1] |
Net Cash Provided by (Used in) Operating Activities | -101 | -282 | [1] |
Cash Flows From Investing Activities | ' | ' | |
Capital expenditures and investments | 145 | ' | |
Long-term advances/loans-related parties | 46 | 5 | [1] |
Collection of advances/loans-related parties | ' | -1,568 | [1] |
Other | 34 | ' | |
Net cash provided by (used in) continuing investing activities | 225 | -1,563 | [1] |
Net cash used in discontinued operations | 1 | ' | |
Net Cash Provided by (Used in) Investing Activities | 226 | -1,563 | [1] |
Cash Flows From Financing Activities | ' | ' | |
Issuance of debt | -46 | -5 | [1] |
Repayment of debt | ' | 1,568 | [1] |
Issuance of company common stock | -95 | -111 | [1] |
Dividends paid | 96 | 343 | [1] |
Other | -179 | ' | |
Net cash provided by (used in) continuing financing activities | -224 | 1,795 | [1] |
Net cash provided by (used in) discontinued operations | 99 | 50 | [1] |
Net Cash Provided by (Used in) Financing Activities | ($125) | $1,845 | [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 on Total Consolidated balances. |