Supplementary Information - Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2015 |
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
Supplementary Information - Condensed Consolidating Financial Information | Supplementary Information—Condensed Consolidating Financial Information |
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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: |
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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. |
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This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. |
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In April 2015, ConocoPhillips received a $2 billion return of capital from ConocoPhillips Company to settle certain accumulated intercompany balances. The transaction will be reflected in the second quarter 2015 Condensed Consolidating Financial Information for ConocoPhillips and ConocoPhillips Company and is expected to have no impact on our consolidated financial statements. |
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| | | Millions of Dollars |
| | | Three Months Ended March 31, 2015 |
Income Statement | | ConocoPhillips | | ConocoPhillips Company | | ConocoPhillips Canada Funding Company I | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
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Revenues and Other Income | | | | | | | | | | | | |
Sales and other operating revenues | $ | - | | 2,933 | | - | | 4,783 | | - | | 7,716 |
Equity in earnings of affiliates | | 381 | | 813 | | - | | 578 | | -1,567 | | 205 |
Gain on dispositions | | - | | 31 | | - | | 21 | | - | | 52 |
Other income | | - | | 7 | | - | | 22 | | - | | 29 |
Intercompany revenues | | 19 | | 98 | | 64 | | 843 | | -1,024 | | - |
Total Revenues and Other Income | | 400 | | 3,882 | | 64 | | 6,247 | | -2,591 | | 8,002 |
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Costs and Expenses | | | | | | | | | | | | |
Purchased commodities | | - | | 2,560 | | - | | 1,494 | | -817 | | 3,237 |
Production and operating expenses | | - | | 400 | | - | | 1,434 | | -32 | | 1,802 |
Selling, general and administrative expenses | | 3 | | 120 | | - | | 45 | | -9 | | 159 |
Exploration expenses | | - | | 200 | | - | | 282 | | - | | 482 |
Depreciation, depletion and amortization | | - | | 259 | | - | | 1,872 | | - | | 2,131 |
Impairments | | - | | - | | - | | 16 | | - | | 16 |
Taxes other than income taxes | | - | | 69 | | - | | 155 | | - | | 224 |
Accretion on discounted liabilities | | - | | 14 | | - | | 107 | | - | | 121 |
Interest and debt expense | | 121 | | 101 | | 57 | | 89 | | -166 | | 202 |
Foreign currency transaction (gains) losses | | 63 | | -1 | | -378 | | 300 | | - | | -16 |
Total Costs and Expenses | | 187 | | 3,722 | | -321 | | 5,794 | | -1,024 | | 8,358 |
Income (loss) from continuing operations before income taxes | | 213 | | 160 | | 385 | | 453 | | -1,567 | | -356 |
Provision (benefit) for income taxes | | -59 | | -221 | | 11 | | -373 | | - | | -642 |
Income From Continuing Operations | | 272 | | 381 | | 374 | | 826 | | -1,567 | | 286 |
Income from discontinued operations | | - | | - | | - | | - | | - | | - |
Net income | | 272 | | 381 | | 374 | | 826 | | -1,567 | | 286 |
Less: net income attributable to noncontrolling interests | | - | | - | | - | | -14 | | - | | -14 |
Net Income Attributable to ConocoPhillips | $ | 272 | | 381 | | 374 | | 812 | | -1,567 | | 272 |
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Comprehensive Income (Loss) Attributable to ConocoPhillips | $ | -2,415 | | -2,306 | | 30 | | -1,874 | | 4,150 | | -2,415 |
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| | | Three Months Ended March 31, 2014 |
Income Statement | | ConocoPhillips | | ConocoPhillips Company | | ConocoPhillips Canada Funding Company I | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
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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 |
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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 (benefit) 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 |
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Comprehensive Income Attributable to ConocoPhillips | $ | 1,923 | | 2,032 | | 9 | | 2,255 | | -4,296 | | 1,923 |
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| | Millions of Dollars |
| | 31-Mar-15 |
Balance Sheet | ConocoPhillips | | ConocoPhillips Company | | ConocoPhillips Canada Funding Company I | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
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Assets | | | | | | | | | | | | |
Cash and cash equivalents | $ | - | | 64 | | 8 | | 2,592 | | - | | 2,664 |
Accounts and notes receivable | | 18 | | 1,936 | | 20 | | 6,989 | | -3,584 | | 5,379 |
Inventories | | - | | 170 | | - | | 1,063 | | - | | 1,233 |
Prepaid expenses and other current assets | | 6 | | 668 | | 23 | | 912 | | -45 | | 1,564 |
Total Current Assets | | 24 | | 2,838 | | 51 | | 11,556 | | -3,629 | | 10,840 |
Investments, loans and long-term receivables* | | 53,220 | | 70,182 | | 3,760 | | 30,685 | | -133,873 | | 23,974 |
Net properties, plants and equipment | | - | | 9,910 | | - | | 64,310 | | - | | 74,220 |
Other assets | | 39 | | 171 | | 357 | | 1,198 | | -757 | | 1,008 |
Total Assets | $ | 53,283 | | 83,101 | | 4,168 | | 107,749 | | -138,259 | | 110,042 |
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Liabilities and Stockholders’ Equity | | | | | | | | | | | | |
Accounts payable | $ | - | | 4,477 | | 15 | | 5,842 | | -3,584 | | 6,750 |
Short-term debt | | -5 | | 6 | | 6 | | 186 | | - | | 193 |
Accrued income and other taxes | | - | | 67 | | - | | 797 | | - | | 864 |
Employee benefit obligations | | - | | 401 | | - | | 151 | | - | | 552 |
Other accruals | | 101 | | 332 | | 85 | | 731 | | -45 | | 1,204 |
Total Current Liabilities | | 96 | | 5,283 | | 106 | | 7,707 | | -3,629 | | 9,563 |
Long-term debt | | 7,542 | | 8,195 | | 2,973 | | 3,608 | | - | | 22,318 |
Asset retirement obligations and accrued environmental costs | | - | | 1,335 | | - | | 8,969 | | - | | 10,304 |
Deferred income taxes | | - | | 244 | | - | | 13,804 | | -6 | | 14,042 |
Employee benefit obligations | | - | | 2,169 | | - | | 810 | | - | | 2,979 |
Other liabilities and deferred credits* | | 3,552 | | 7,583 | | 1,048 | | 16,370 | | -26,725 | | 1,828 |
Total Liabilities | | 11,190 | | 24,809 | | 4,127 | | 51,268 | | -30,360 | | 61,034 |
Retained earnings | | 37,345 | | 21,828 | | -722 | | 18,163 | | -32,747 | | 43,867 |
Other common stockholders’ equity | | 4,748 | | 36,464 | | 763 | | 37,962 | | -75,152 | | 4,785 |
Noncontrolling interests | | - | | - | | - | | 356 | | - | | 356 |
Total Liabilities and Stockholders’ Equity | $ | 53,283 | | 83,101 | | 4,168 | | 107,749 | | -138,259 | | 110,042 |
*Includes intercompany loans. |
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| | 31-Dec-14 |
Balance Sheet | | ConocoPhillips | ConocoPhillips Company | | ConocoPhillips Canada Funding Company I | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
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Assets | | | | | | | | | | | | |
Cash and cash equivalents | $ | - | | 770 | | 7 | | 4,285 | | - | | 5,062 |
Accounts and notes receivable | | 20 | | 2,813 | | 22 | | 6,671 | | -2,719 | | 6,807 |
Inventories | | - | | 281 | | - | | 1,050 | | - | | 1,331 |
Prepaid expenses and other current assets | | 6 | | 754 | | 15 | | 1,138 | | -45 | | 1,868 |
Total Current Assets | | 26 | | 4,618 | | 44 | | 13,144 | | -2,764 | | 15,068 |
Investments, loans and long-term receivables* | | 55,568 | | 70,732 | | 3,965 | | 32,467 | | -137,593 | | 25,139 |
Net properties, plants and equipment | | - | | 9,730 | | - | | 65,714 | | - | | 75,444 |
Other assets | | 40 | | 67 | | 208 | | 1,338 | | -765 | | 888 |
Total Assets | | 55,634 | | 85,147 | | 4,217 | | 112,663 | | -141,122 | | 116,539 |
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Liabilities and Stockholders’ Equity | | | | | | | | | | | | |
Accounts payable | | 1 | | 4,149 | | 14 | | 6,581 | | -2,719 | | 8,026 |
Short-term debt | | -5 | | 6 | | 5 | | 176 | | - | | 182 |
Accrued income and other taxes | | - | | 117 | | - | | 934 | | - | | 1,051 |
Employee benefit obligations | | - | | 595 | | - | | 283 | | - | | 878 |
Other accruals | | 170 | | 337 | | 71 | | 868 | | -46 | | 1,400 |
Total Current Liabilities | | 166 | | 5,204 | | 90 | | 8,842 | | -2,765 | | 11,537 |
Long-term debt | | 7,541 | | 8,197 | | 2,974 | | 3,671 | | - | | 22,383 |
Asset retirement obligations and accrued environmental costs | | - | | 1,328 | | - | | 9,319 | | - | | 10,647 |
Deferred income taxes | | - | | 265 | | - | | 14,811 | | -6 | | 15,070 |
Employee benefit obligations | | - | | 2,162 | | - | | 802 | | - | | 2,964 |
Other liabilities and deferred credits* | | 2,577 | | 7,391 | | 1,142 | | 17,218 | | -26,663 | | 1,665 |
Total Liabilities | | 10,284 | | 24,547 | | 4,206 | | 54,663 | | -29,434 | | 64,266 |
Retained earnings | | 37,983 | | 21,448 | | -1,096 | | 17,355 | | -31,186 | | 44,504 |
Other common stockholders’ equity | | 7,367 | | 39,152 | | 1,107 | | 40,283 | | -80,502 | | 7,407 |
Noncontrolling interests | | - | | - | | - | | 362 | | - | | 362 |
Total Liabilities and Stockholders’ Equity | $ | 55,634 | | 85,147 | | 4,217 | | 112,663 | | -141,122 | | 116,539 |
*Includes intercompany loans. | | |
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| | Millions of Dollars |
| Three Months Ended March 31, 2015 |
Statement of Cash Flows | ConocoPhillips | | ConocoPhillips Company | | ConocoPhillips Canada Funding Company I | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
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Cash Flows From Operating Activities | | | | | | | | | | | | |
Net cash provided by (used in) continuing operating activities | $ | -131 | | -171 | | 1 | | 2,082 | | 89 | | 1,870 |
Net cash provided by (used in) discontinued operations | | - | | - | | - | | - | | - | | - |
Net Cash Provided by (Used in) Operating Activities | | -131 | | -171 | | 1 | | 2,082 | | 89 | | 1,870 |
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Cash Flows From Investing Activities | | | | | | | | | | | | |
Capital expenditures and investments | | - | | -941 | | - | | -2,759 | | 368 | | -3,332 |
Proceeds from asset dispositions | | - | | 88 | | - | | 88 | | -3 | | 173 |
Long-term advances/loans—related parties | | - | | -72 | | - | | -1,482 | | 1,554 | | - |
Collection of advances/loans—related parties | | - | | - | | - | | 52 | | - | | 52 |
Intercompany cash management | | 974 | | -1,085 | | - | | 111 | | - | | - |
Other | | - | | -7 | | - | | -2 | | - | | -9 |
Net cash provided by (used in) continuing investing activities | | 974 | | -2,017 | | - | | -3,992 | | 1,919 | | -3,116 |
Net cash provided by (used in) discontinued operations | | - | | - | | - | | - | | - | | - |
Net Cash Provided by (Used in) Investing Activities | | 974 | | -2,017 | | - | | -3,992 | | 1,919 | | -3,116 |
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Cash Flows From Financing Activities | | | | | | | | | | | | |
Issuance of debt | | - | | 1,482 | | - | | 72 | | -1,554 | | - |
Repayment of debt | | - | | - | | - | | -57 | | - | | -57 |
Issuance of company common stock | | 66 | | - | | - | | - | | -100 | | -34 |
Dividends paid | | -910 | | - | | - | | -11 | | 11 | | -910 |
Other | | 1 | | - | | - | | 346 | | -365 | | -18 |
Net cash provided by (used in) continuing financing activities | | -843 | | 1,482 | | - | | 350 | | -2,008 | | -1,019 |
Net cash used in discontinued operations | | - | | - | | - | | - | | - | | - |
Net Cash Provided by (Used in) Financing Activities | | -843 | | 1,482 | | - | | 350 | | -2,008 | | -1,019 |
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Effect of Exchange Rate Changes on Cash and Cash Equivalents | | - | | - | | - | | -133 | | - | | -133 |
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Net Change in Cash and Cash Equivalents | | - | | -706 | | 1 | | -1,693 | | - | | -2,398 |
Cash and cash equivalents at beginning of period | | - | | 770 | | 7 | | 4,285 | | - | | 5,062 |
Cash and Cash Equivalents at End of Period | $ | - | | 64 | | 8 | | 2,592 | | - | | 2,664 |
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| | Three Months Ended March 31, 2014 |
Statement of Cash Flows | | ConocoPhillips | ConocoPhillips Company | | ConocoPhillips Canada Funding Company I | | All Other Subsidiaries | | Consolidating Adjustments | | Total Consolidated |
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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 (used in) discontinued operations | | - | | 100 | | - | | 121 | | -163 | | 58 |
Net Cash Provided by (Used in) Operating Activities | | -134 | | 473 | | 1 | | 6,097 | | -101 | | 6,336 |
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Cash Flows From Investing Activities | | | | | | | | | | | | |
Capital expenditures and investments | | - | | -662 | | - | | -3,378 | | 145 | | -3,895 |
Proceeds from asset dispositions | | - | | -1 | | - | | 49 | | - | | 48 |
Net sales (purchases) 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 provided by (used in) discontinued operations | | - | | -1 | | - | | -22 | | 1 | | -22 |
Net Cash Provided by (Used in) Investing Activities | | 1,325 | | 811 | | - | | -6,060 | | 226 | | -3,698 |
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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 provided by (used in) discontinued operations | | - | | - | | - | | -99 | | 99 | | - |
Net Cash Provided by (Used in) Financing Activities | | -1,191 | | - | | - | | -38 | | -125 | | -1,354 |
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Effect of Exchange Rate Changes on Cash and Cash Equivalents | | - | | - | | - | | -10 | | - | | -10 |
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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 |
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