Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | CONOCOPHILLIPS |
Entity Central Index Key | 1163165 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,232,946,616 |
Trading Symbol | COP |
Consolidated_Income_Statement
Consolidated Income Statement (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues and Other Income | |||
Sales and other operating revenues | $7,716 | $15,415 | |
Equity in earnings of affiliates | 205 | 572 | |
Gain on Dispositions | 52 | 9 | |
Other income | 29 | 52 | |
Total Revenues and Other Income | 8,002 | 16,048 | |
Costs and Expenses | |||
Purchased commodities | 3,237 | 7,127 | |
Production and operating expenses | 1,802 | 1,895 | |
Selling, general and administrative expenses | 159 | 182 | |
Exploration expenses | 482 | 296 | |
Depreciation, depletion and amortization | 2,131 | 1,892 | |
Impairments | 16 | 1 | |
Taxes other than Income Taxes | 224 | 651 | |
Accretion on discounted liabilities | 121 | 117 | |
Interest and debt expense | 202 | 171 | |
Foreign currency transaction (gains) losses | -16 | 18 | |
Total Costs and Expenses | 8,358 | 12,350 | |
Income from continuing operations before income taxes | -356 | 3,698 | |
Provision for income taxes | -642 | 1,581 | |
Income From Continuing Operations | 286 | 2,117 | |
Income from discontinued operations | 20 | [1] | |
Net income | 286 | 2,137 | |
Less: net income attributable to noncontrolling interests | -14 | -14 | |
Net Income Attributable to ConocoPhillips | 272 | 2,123 | |
Amounts Attributable to ConocoPhillips Common Shareholders: | |||
Income from continuing operations | 272 | 2,103 | |
Income from discontinued operations | 0 | 20 | |
Net Income | $272 | $2,123 | |
Earnings Per Share, Basic [Abstract] | |||
Continuing operations | $0.22 | $1.70 | |
Discontinued operations | $0 | $0.02 | |
Net Income Attributable to ConocoPhillips Per Share of Common Stock | $0.22 | $1.72 | |
Earnings Per Share, Diluted [Abstract] | |||
Continuing operations | $0.22 | $1.69 | |
Discontinued operations | $0 | $0.02 | |
Net Income Attributable to ConocoPhillips Per Share of Common Stock | $0.22 | $1.71 | |
Dividends Paid Per Share of Common Stock (dollars) | $0.73 | $0.69 | |
Average Common Shares Outstanding (in thousands) | |||
Basic | 1,240,791 | 1,234,968 | |
Diluted | 1,245,531 | 1,242,667 | |
[1] | *Net of provision for income taxes on discontinued operations of: $0, $32 |
Consolidated_Income_Statement_
Consolidated Income Statement (Parenthetical) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Consolidated Income Statement [Abstract] | |
Net of provision for income taxes on discontinued operations | $32 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net income | $286 | $2,137 | ||
Defined benefit plans | ||||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | -1 | -2 | ||
Reclassification adjustment for amortization of net actuarial losses included in net income | 50 | 33 | ||
Nonsponsored plans | 0 | [1] | 6 | [1] |
Income taxes on defined benefit plans | -17 | -11 | ||
Defined benefit plans, net of tax | 32 | 26 | ||
Foreign currency translation adjustments | -2,745 | -222 | ||
Income taxes on foreign currency translation adjustments | 26 | -4 | ||
Foreign currency translation adjustments, net of tax | -2,719 | -226 | ||
Other Comprehensive Income (Loss), Net of Tax | -2,687 | -200 | ||
Comprehensive Income | -2,401 | 1,937 | ||
Less: comprehensive income attributable to noncontrolling interests | -14 | -14 | ||
Comprehensive Income Attributable to ConocoPhillips | ($2,415) | $1,923 | ||
[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, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $2,664 | $5,062 |
Accounts and notes receivable (net of allowance of $4 million in 2015 and $5 million in 2014) | 5,246 | 6,675 |
Accounts and notes receivable-related parties | 133 | 132 |
Inventories | 1,233 | 1,331 |
Prepaid expenses and other current assets | 1,564 | 1,868 |
Total Current Assets | 10,840 | 15,068 |
Investments and long-term receiavables | 23,224 | 24,335 |
Loans and advances-related parties | 750 | 804 |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $70,256 million in 2015 and $70,786 million in 2014) | 74,220 | 75,444 |
Other assets | 1,008 | 888 |
Total Assets | 110,042 | 116,539 |
Liabilities | ||
Accounts payable | 6,706 | 7,982 |
Accounts payable-related parties | 44 | 44 |
Short-term debt | 193 | 182 |
Accrued income and other taxes | 864 | 1,051 |
Employee benefit obligations | 552 | 878 |
Other accruals | 1,204 | 1,400 |
Total Current Liabilities | 9,563 | 11,537 |
Long-term debt | 22,318 | 22,383 |
Asset retirement obligations and accrued environmental costs | 10,304 | 10,647 |
Deferred income taxes | 14,042 | 15,070 |
Employee benefit obligations | 2,979 | 2,964 |
Other liabilities and deferred credits | 1,828 | 1,665 |
Total Liabilities | 61,034 | 64,266 |
Equity | ||
Common stock (2,500,000,000 shares authorized at $.01 par value) | 18 | 18 |
Capital in excess of par | 46,136 | 46,071 |
Treasury stock (at cost: 2015-542,230,673 shares; 2014-542,230,673 shares) | -36,780 | -36,780 |
Accumulated other comprehensive income (loss) | -4,589 | -1,902 |
Retained earnings | 43,867 | 44,504 |
Total Common Stockholders' Equity | 48,652 | 51,911 |
Noncontrolling interests | 356 | 362 |
Total Equity | 49,008 | 52,273 |
Total Liabilities and Equity | $110,042 | $116,539 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $4 | $5 |
Accumulated depreciation, depletion and amortization | $70,256 | $70,786 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 1,775,177,289 | 1,773,583,368 |
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, 2015 | Mar. 31, 2014 | |
Cash Flows From Operating Activities | |||
Net income | $286 | $2,137 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation, depletion and amortization | 2,131 | 1,892 | |
Impairments | 16 | 1 | |
Dry hole costs and leasehold impairments | 311 | 69 | |
Accretion on discounted liabilities | 121 | 117 | |
Deferred taxes | -637 | 230 | |
Undistributed equity earnings | 80 | 1,131 | |
Gain on dispositions | -52 | -9 | |
Income from discontinued operations | -20 | [1] | |
Other | -133 | 116 | |
Working capital adjustments | |||
Decrease (increase) in accounts and notes receivable | 1,368 | -290 | |
Decrease (increase) in inventories | 77 | -27 | |
Decrease (increase) in prepaid expenses and other current assets | 234 | -17 | |
Increase (decrease) in accounts payable | -1,302 | 353 | |
Increase (decrease) in taxes and other accruals | -630 | 595 | |
Net cash provided by continuing operating activities | 1,870 | 6,278 | |
Net cash provided by discontinued operations | 0 | 58 | |
Net Cash Provided by Operating Activities | 1,870 | 6,336 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | -3,332 | -3,895 | |
Proceeds from asset dispositions | 173 | 48 | |
Net sales (purchases) of short-term investments | 63 | ||
Collection of advances/loans-related parties | 52 | 62 | |
Other | -9 | 46 | |
Net cash used in continuing investing activities | -3,116 | -3,676 | |
Net cash used in discontinued operations | 0 | -22 | |
Net Cash Used in Investing Activities | -3,116 | -3,698 | |
Cash Flows From Financing Activities | |||
Repayment of debt | -57 | -450 | |
Issuance of company common stock | -34 | -32 | |
Dividends paid | -910 | -855 | |
Other | -18 | -17 | |
Net cash used in continuing financing activities | -1,019 | -1,354 | |
Net Cash Used in Financing Activities | -1,019 | -1,354 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -133 | -10 | |
Net Change in Cash and Cash Equivalents | -2,398 | 1,274 | |
Cash and cash equivalents at beginning of period | 5,062 | 6,246 | |
Cash and Cash Equivalents at End of Period | $2,664 | $7,520 | |
[1] | *Net of provision for income taxes on discontinued operations of: $0, $32 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 2014 Annual Report on Form 10-K. | |
Effective April 1, 2014, the Other International segment was restructured to focus on enhancing our capability to operate in emerging and new country business units. As a result, we moved the Latin America and Poland businesses from the historically presented Lower 48 and Latin America segment and the Europe segment to the Other International segment. Results of operations for the Lower 48, Europe and Other International segments have been revised for all periods presented. For additional information, see Note 16—Segment Disclosures and Related Information. | |
The results of operations for our former Nigeria business have been classified as discontinued operations for all periods presented. Unless indicated otherwise, the information in the Notes to Consolidated Financial Statements relates to our continuing operations. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2015 | |
Variable Interest Entities VIEs [Abstract] | |
Variable Interest Entities (VIEs) | Note 2—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 VIE follows: | |
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 liquefied natural gas (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, 2015, 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 4—Investments, Loans and Long-Term Receivables, and Note 8—Guarantees, for additional information. |
Inventories
Inventories | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Inventories [Abstract] | |||||
Inventories | Note 3—Inventories | ||||
Inventories consisted of the following: | |||||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2015 | 2014 | ||||
Crude oil and natural gas | $ | 456 | 538 | ||
Materials, supplies and other | 777 | 793 | |||
$ | 1,233 | 1,331 | |||
Inventories valued on the last-in, first-out (LIFO) basis totaled $330 million and $440 million at March 31, 2015 and December 31, 2014, respectively. |
Investments_Loans_and_LongTerm
Investments, Loans and Long-Term Receivables | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Loans and Long-Term Receivables [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 4—Investments, Loans and Long-Term Receivables |
APLNG | |
APLNG’s $8.5 billion project finance 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, 2015, $8.3 billion had been drawn from the facility. In connection with the execution of the project financing, we provided a completion guarantee for our pro-rata share of the project finance facility until the project achieves financial completion. See Note 8—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 2—Variable Interest Entities (VIEs), for additional information. | |
At March 31, 2015, the book value of our equity method investment in APLNG was $11,718 million, net of a $671 million reduction due to cumulative translation effects. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. | |
FCCL | |
At March 31, 2015, the book value of our equity method investment in FCCL was $8,637 million, net of a $1,216 million reduction due to cumulative translation effects. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. In the first quarter of 2014, we received a $1.3 billion distribution from FCCL, 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. At March 31, 2015, significant loans to affiliated companies included $857 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_and_Wells_in_P
Suspended Wells and Wells in Progress | 3 Months Ended |
Mar. 31, 2015 | |
Suspended Wells [Abstract] | |
Suspended Wells | Note 5—Suspended Wells |
The capitalized cost of suspended wells at March 31, 2015, was $1,310 million, an increase of $11 million from $1,299 million at year-end 2014. No suspended wells were charged to dry hole expense during the first three months of 2015 relating to exploratory well costs capitalized for a period greater than one year as of December 31, 2014. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt [Abstract] | |
Debt | Note 6—Debt |
We have two commercial paper programs supported by our $7.0 billion revolving credit facility: the ConocoPhillips $6.1 billion program, primarily a funding source for short-term working capital needs, and the ConocoPhillips Qatar Funding Ltd. $900 million program, which is used to fund commitments relating to QG3. Commercial paper maturities are generally limited to 90 days. | |
At March 31, 2015 and December 31, 2014, we had no direct outstanding borrowings under the revolving credit facility, with no letters of credit as of March 31, 2015 or December 31, 2014. In addition, under the ConocoPhillips Qatar Funding Ltd. commercial paper program, there was $806 million of commercial paper outstanding at March 31, 2015, compared with $860 million at December 31, 2014. Since we had $806 million of commercial paper outstanding and had issued no letters of credit, we had access to $6.2 billion in borrowing capacity under our revolving credit facility at March 31, 2015. | |
At March 31, 2015, we classified $698 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. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Noncontrolling Interests [Abstract] | ||||||||||||||
Noncontrolling Interests | Note 7—Noncontrolling Interests | |||||||||||||
Activity attributable to common stockholders’ equity and noncontrolling interests for the first three months of 2015 and 2014 was as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
2015 | 2014 | |||||||||||||
Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | |||||||||
Balance at January 1 | $ | 51,911 | 362 | 52,273 | 52,090 | 402 | 52,492 | |||||||
Net income | 272 | 14 | 286 | 2,123 | 14 | 2,137 | ||||||||
Dividends | -910 | - | -910 | -855 | - | -855 | ||||||||
Distributions to noncontrolling | ||||||||||||||
interests | - | -21 | -21 | - | -17 | -17 | ||||||||
Other changes, net* | -2,621 | 1 | -2,620 | -136 | - | -136 | ||||||||
Balance at March 31 | $ | 48,652 | 356 | 49,008 | 53,222 | 399 | 53,621 | |||||||
*Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees | Note 8—Guarantees |
At March 31, 2015, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. | |
APLNG Guarantees | |
At March 31, 2015, 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 2015 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 two years. Our maximum potential amount of future payments related to this guarantee is approximately $90 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 should occur beginning in 2016. Our maximum exposure at March 31, 2015, is $3.1 billion based upon our pro-rata share of the facility used at that date. At March 31, 2015, the carrying value of this guarantee is approximately $114 million. | |
In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy in October 2008, we agreed to guarantee an existing obligation of APLNG to deliver natural gas under several sales agreements with remaining terms of 1 to 27 years. Our maximum potential amount of future payments, or cost of volume delivery, under these guarantees is estimated to be $1.2 billion ($2.1 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 31 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $150 million and would become payable if APLNG does not perform. | |
Other Guarantees | |
We have other guarantees with maximum future potential payment amounts totaling approximately $300 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 9 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, 2015, was approximately $90 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, 2015, were approximately $40 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 9—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. | |
On March 1, 2015, a supplier to one of the refineries that was included in Phillips 66 as part of the separation of our Downstream businesses formally registered Phillips 66 as a party to the supply agreement, thereby triggering a guarantee we provided at the time of separation. Our maximum potential liability for future payments under this guarantee, which would become payable if Phillips 66 does not perform its contractual obligations under the supply agreement, is approximately $1.7 billion. At March 31, 2015, the carrying value of this guarantee is approximately $100 million and the remaining term is 9 years. Because Phillips 66 has indemnified us for losses incurred under this guarantee, we have recorded an indemnification asset from Phillips 66 of approximately $100 million. The recorded indemnification asset amount represents the estimated fair value of the guarantee; however, if we are required to perform under the guarantee, we would expect to recover from Phillips 66 any amounts in excess of that value, provided Phillips 66 is a going concern. |
Contingencies_and_Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2015 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 9—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, 2015, our balance sheet included a total environmental accrual of $322 million, compared with $344 million at December 31, 2014, for remediation activities in the United States 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, 2015, we had performance obligations secured by letters of credit of $472 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 is currently proceeding to determine the damages owed to ConocoPhillips for Venezuela’s actions. On October 10, 2014, we filed a separate arbitration under the rules of the International Chamber of Commerce against PDVSA for contractual compensation related to the Petrozuata and Hamaca heavy crude oil projects. | |
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 31, 2015, ConocoPhillips has paid, under protest, tax assessments totaling approximately $237 million, which are primarily recorded in the “Investments and long-term receivables” line on our consolidated balance sheet. The arbitration hearing was conducted in Singapore in June 2014 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. Post-hearing briefs from both parties were filed in August 2014. We are now awaiting the Tribunal’s decision. Future impacts on our business are not known at this time. |
Derivative_and_Financial_Instr
Derivative and Financial Instruments | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Derivative and Financial Instruments [Abstract] | ||||||
Derivative and Financial Instruments | Note 10—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 | |||||
2015 | 2014 | |||||
Assets | ||||||
Prepaid expenses and other current assets | $ | 3,593 | 4,500 | |||
Other assets | 162 | 157 | ||||
Liabilities | ||||||
Other accruals | 3,590 | 4,426 | ||||
Other liabilities and deferred credits | 157 | 144 | ||||
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 | ||||||
2015 | 2014 | |||||
Sales and other operating revenues | $ | -16 | 237 | |||
Other income | -1 | 1 | ||||
Purchased commodities | 44 | -221 | ||||
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: | ||||||
Open Position | ||||||
Long/(Short) | ||||||
31-Mar | 31-Dec | |||||
2015 | 2014 | |||||
Commodity | ||||||
Natural gas and power (billions of cubic feet equivalent) | ||||||
Fixed price | -5 | -11 | ||||
Basis | -3 | 18 | ||||
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 | |||||
2015 | 2014 | |||||
Assets | ||||||
Prepaid expenses and other current assets | $ | 2 | 1 | |||
Liabilities | ||||||
Other accruals | 21 | 1 | ||||
The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were | ||||||
Millions of Dollars | ||||||
Three Months Ended | ||||||
31-Mar | ||||||
2015 | 2014 | |||||
Foreign currency transaction losses | $ | 24 | - | |||
We had the following net notional position of outstanding foreign currency exchange derivatives: | ||||||
In Millions | ||||||
Notional Currency | ||||||
31-Mar | 31-Dec | |||||
2015 | 2014 | |||||
Sell U.S. dollar, buy other currencies* | USD | 624 | 7 | |||
Buy U.S. dollar, sell other currencies** | USD | 9 | 44 | |||
Sell British pound, buy euro | GBP | 7 | - | |||
Buy British pound, sell euro | GBP | - | 20 | |||
*Primarily Canadian dollar, Norwegian krone and British pound. | ||||||
**Primarily Canadian dollar, Norwegian krone and euro. | ||||||
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. | ||||||
Millions of Dollars | ||||||
Carrying Amount | ||||||
Cash and Cash Equivalents | ||||||
31-Mar | 31-Dec | |||||
2015 | 2014 | |||||
Cash | $ | 535 | 946 | |||
Money Market Funds | - | 50 | ||||
Time deposits | ||||||
Remaining maturities from 1 to 90 days | 2,129 | 3,726 | ||||
Commercial paper | ||||||
Remaining maturities from 1 to 90 days | - | 340 | ||||
$ | 2,664 | 5,062 | ||||
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 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, 2015 and December 31, 2014, was $121 million and $150 million, respectively. For these instruments, no collateral was posted as of March 31, 2015 or December 31, 2014. If our credit rating had been lowered one level from its “A” rating (per Standard and Poor’s) on March 31, 2015, 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 $121 million of additional collateral, either with cash or letters of credit. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Measurement [Abstract] | ||||||||||||||||||
Fair Value Measurement | Note 11—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 2015 or 2014. | ||||||||||||||||||
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-15 | 31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | ||||||||||||||||||
Deferred compensation | ||||||||||||||||||
investments | $ | 296 | - | - | 296 | 297 | - | - | 297 | |||||||||
Commodity derivatives | 3,452 | 232 | 71 | 3,755 | 4,221 | 361 | 75 | 4,657 | ||||||||||
Total assets | $ | 3,748 | 232 | 71 | 4,051 | 4,518 | 361 | 75 | 4,954 | |||||||||
Liabilities | ||||||||||||||||||
Commodity derivatives | $ | 3,481 | 254 | 12 | 3,747 | 4,200 | 354 | 16 | 4,570 | |||||||||
Total liabilities | $ | 3,481 | 254 | 12 | 3,747 | 4,200 | 354 | 16 | 4,570 | |||||||||
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-15 | ||||||||||||||||||
Assets | $ | 3,755 | 3,550 | 205 | 7 | 13 | 185 | |||||||||||
Liabilities | 3,747 | 3,550 | 197 | 37 | 10 | 150 | ||||||||||||
31-Dec-14 | ||||||||||||||||||
Assets | $ | 4,657 | 4,352 | 305 | 8 | 28 | 269 | |||||||||||
Liabilities | 4,570 | 4,352 | 218 | 4 | 22 | 192 | ||||||||||||
At March 31, 2015 and December 31, 2014, 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: 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 4—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 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Financial assets | ||||||||||||||||||
Deferred compensation investments | $ | 296 | 297 | 296 | 297 | |||||||||||||
Commodity derivatives | 198 | 297 | 198 | 297 | ||||||||||||||
Total loans and advances—related parties | 859 | 913 | 859 | 913 | ||||||||||||||
Financial liabilities | ||||||||||||||||||
Total debt, excluding capital leases | 21,650 | 21,707 | 25,460 | 25,191 | ||||||||||||||
Commodity derivatives | 160 | 214 | 160 | 214 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||
Accumulated Other Comprehensive Income | Note 12—Accumulated Other Comprehensive Income | |||||||
Accumulated other comprehensive income (loss) 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-14 | $ | -1,261 | -641 | -1,902 | ||||
Other comprehensive income (loss) | 32 | -2,719 | -2,687 | |||||
31-Mar-15 | $ | -1,229 | -3,360 | -4,589 | ||||
Foreign Currency Translation decreased due to the strengthening of the U.S. dollar relative to the Canadian dollar, Australian dollar | ||||||||
and Norwegian krone. | ||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income (loss): | ||||||||
Millions of Dollars | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2015 | 2014 | |||||||
Defined benefit plans | $ | 32 | 20 | |||||
The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $17 million and | ||||||||
$11 million for the three-month periods ended March 31, 2015 and 2014, respectively. See Note 14—Employee Benefit Plans, for additional | ||||||||
information. | ||||||||
There were no items within accumulated other comprehensive income (loss) related to noncontrolling interests. |
Cash_Flow_Information
Cash Flow Information | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Cash Flow Information [Abstract] | |||||
Cash Flow Information | Note 13—Cash Flow Information | ||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2015 | 2014 | ||||
Cash Payments (Receipts) | |||||
Interest | $ | 197 | 199 | ||
Income taxes* | -253 | 667 | |||
Net Sales (Purchases) of Short-Term Investments | |||||
Short-term investments purchased | $ | - | -210 | ||
Short-term investments sold | - | 273 | |||
$ | - | 63 | |||
*Includes $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||
Employee Benefit Plans | Note 14—Employee Benefit Plans | ||||||||||||
Pension and Postretirement Plans | |||||||||||||
Millions of Dollars | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||
Three Months Ended | 31-Mar | 31-Mar | |||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||
Service cost | $ | 36 | 32 | 31 | 28 | 1 | 1 | ||||||
Interest cost | 40 | 34 | 41 | 42 | 7 | 7 | |||||||
Expected return on plan assets | -54 | -44 | -53 | -46 | - | - | |||||||
Amortization of prior service cost (credit) | 2 | -2 | 1 | -2 | -1 | -1 | |||||||
Recognized net actuarial loss (gain) | 28 | 21 | 19 | 15 | 1 | -1 | |||||||
Net periodic benefit cost | $ | 52 | 41 | 39 | 37 | 8 | 6 | ||||||
During the first three months of 2015, we contributed $14 million to our domestic benefit plans and $44 million to our international benefit plans. In 2015, we expect to contribute approximately $110 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $120 million to our international qualified and nonqualified pension and postretirement benefit plans. | |||||||||||||
Due to an ongoing restructuring program in the Europe segment, we recognized additional expense of $50 million associated with employee special termination benefits during the three-month period ended March 31, 2015, of which approximately 62 percent is expected to be recovered from partners. | |||||||||||||
Severance Accrual | |||||||||||||
As a result of the current business environment’s impact on our operating and capital plans, a reduction in our overall employee workforce is expected in 2015. The following segments recorded accruals totaling $85 million in the first quarter of 2015 for severance and related employee benefits: $33 million in Corporate and Other, $25 million in Lower 48, $24 million in Canada, $2 million in Alaska, and $1 million in Asia Pacific and Middle East. The following table summarizes our severance accrual activity: | |||||||||||||
Millions of Dollars | |||||||||||||
Balance at January 1, 2015 | $ | 61 | |||||||||||
Accruals | 85 | ||||||||||||
Benefit payments | -13 | ||||||||||||
Foreign currency translation adjustments | -4 | ||||||||||||
Balance at March 31, 2015 | $ | 129 | |||||||||||
Of the remaining balance at March 31, 2015, $88 million is classified as short-term. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Related Party Transactions [Abstract] | ||||||
Related Party Transactions | Note 15—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 | ||||||
2015 | 2014 | |||||
Operating revenues and other income | $ | 25 | 21 | |||
Purchases | 22 | 48 | ||||
Operating expenses and selling, general and administrative expenses* | 18 | 18 | ||||
Net interest (income) expense** | -2 | -12 | ||||
*2014 has been restated to eliminate certain non-related party transactions. | ||||||
**We paid interest to, or received interest from various affiliates. See Note 4—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, 2015 | |||||
Segment Disclosures and Related Information [Abstract] | |||||
Segment Disclosures and Related Information | Note 16—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 primarily defined by geographic region: Alaska, Lower 48, Canada, Europe, Asia Pacific and Middle East, and Other International. | |||||
Effective April 1, 2014, the Other International segment was restructured to focus on enhancing our capability to operate in emerging and new country business units. As a result, we moved the Latin America and Poland businesses from the historically presented Lower 48 and Latin America segment and the Europe segment to the Other International segment. Results of operations for the Lower 48, Europe and Other International segments have been revised for all periods presented. There was no impact on our consolidated financial statements, and the impact on our segment presentation was immaterial. | |||||
In 2012, we agreed to sell our Nigeria business. We sold our Nigeria business in the third quarter of 2014. Results for these operations have been reported as discontinued operations in all periods presented. | |||||
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. | |||||
We evaluate performance and allocate resources based on net income attributable to ConocoPhillips. Intersegment sales are at prices that approximate market. | |||||
Analysis of Results by Operating Segment | |||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2015 | 2014 | ||||
Sales and Other Operating Revenues | |||||
Alaska | $ | 1,050 | 2,186 | ||
Lower 48 | 3,139 | 6,584 | |||
Intersegment eliminations | -22 | -38 | |||
Lower 48 | 3,117 | 6,546 | |||
Canada | 703 | 1,859 | |||
Intersegment eliminations | -110 | -345 | |||
Canada | 593 | 1,514 | |||
Europe | 1,554 | 3,209 | |||
Asia Pacific and Middle East | 1,388 | 1,949 | |||
Other International | -5 | 2 | |||
Corporate and Other | 19 | 9 | |||
Consolidated sales and other operating revenues | $ | 7,716 | 15,415 | ||
Net Income (Loss) Attributable to ConocoPhillips | |||||
Alaska | $ | 145 | 598 | ||
Lower 48 | -405 | 324 | |||
Canada | -158 | 356 | |||
Europe | 637 | 347 | |||
Asia Pacific and Middle East | 395 | 742 | |||
Other International | -93 | -29 | |||
Corporate and Other | -249 | -235 | |||
Discontinued operations | - | 20 | |||
Consolidated net income (loss) attributable to ConocoPhillips | $ | 272 | 2,123 | ||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2015 | 2014 | ||||
Total Assets | |||||
Alaska | $ | 12,913 | 12,655 | ||
Lower 48 | 29,905 | 30,185 | |||
Canada | 20,035 | 21,764 | |||
Europe | 15,020 | 16,125 | |||
Asia Pacific and Middle East | 25,015 | 25,976 | |||
Other International | 2,025 | 1,961 | |||
Corporate and Other | 5,129 | 7,815 | |||
Discontinued operations | - | 58 | |||
Consolidated total assets | $ | 110,042 | 116,539 |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 17—Income Taxes |
Our effective tax rate from continuing operations for the first quarter of 2015 was 180 percent compared with 43 percent for the first quarter of 2014. The increase in the effective tax rate was primarily due to the effect of the 2015 U.K. tax law change discussed below, partially offset by positive earnings in higher tax rate jurisdictions in 2015. | |
The effective tax rate in excess of the domestic federal statutory rate of 35 percent was primarily due to foreign taxes. | |
In the United Kingdom, legislation was enacted on March 26, 2015, to decrease the overall U.K. upstream corporation tax rate from 62 percent to 50 percent effective January 1, 2015. As a result, a $555 million net tax benefit for revaluing the U.K. deferred tax liability is reflected in the “Provision (benefit) for income taxes” line on our consolidated income statement. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Standards [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 18—New Accounting Standards |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU supersedes the revenue recognition requirements in FASB Accounting Standards Codification (ASC) Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The ASU is currently effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. Entities may choose to adopt the standard using either a full retrospective approach or a modified retrospective approach. We are currently evaluating the impact of the adoption of this ASU. | |
In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis,” which amends existing requirements applicable to reporting entities that are required to evaluate whether certain legal entities should be consolidated. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may choose to adopt the standard using either a full retrospective approach or a modified retrospective approach. We are currently evaluating the impact of the adoption of this ASU. | |
Supplementary_Information_Cond
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 | |||||||||||||
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. | ||||||||||||||
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. | ||||||||||||||
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. | ||||||||||||||
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 | ||||||||
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 | ||||||||
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 | |||||||
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ | -2,415 | -2,306 | 30 | -1,874 | 4,150 | -2,415 | |||||||
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 (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 | |||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 1,923 | 2,032 | 9 | 2,255 | -4,296 | 1,923 | |||||||
Millions of Dollars | ||||||||||||||
31-Mar-15 | ||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||
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 | |||||||
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. | ||||||||||||||
31-Dec-14 | ||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||
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 | ||||||||
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. | ||||||||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | - | - | -133 | - | -133 | ||||||||
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 | |||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | |||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Inventories [Abstract] | |||||
Inventories | Note 3—Inventories | ||||
Inventories consisted of the following: | |||||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2015 | 2014 | ||||
Crude oil and natural gas | $ | 456 | 538 | ||
Materials, supplies and other | 777 | 793 | |||
$ | 1,233 | 1,331 |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Noncontrolling Interests [Abstract] | ||||||||||||||
Change in equity attributable to non-controlling interests | Note 7—Noncontrolling Interests | |||||||||||||
Activity attributable to common stockholders’ equity and noncontrolling interests for the first three months of 2015 and 2014 was as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
2015 | 2014 | |||||||||||||
Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | Common Stockholders’ Equity | Non-Controlling Interest | Total Equity | |||||||||
Balance at January 1 | $ | 51,911 | 362 | 52,273 | 52,090 | 402 | 52,492 | |||||||
Net income | 272 | 14 | 286 | 2,123 | 14 | 2,137 | ||||||||
Dividends | -910 | - | -910 | -855 | - | -855 | ||||||||
Distributions to noncontrolling | ||||||||||||||
interests | - | -21 | -21 | - | -17 | -17 | ||||||||
Other changes, net* | -2,621 | 1 | -2,620 | -136 | - | -136 | ||||||||
Balance at March 31 | $ | 48,652 | 356 | 49,008 | 53,222 | 399 | 53,621 | |||||||
*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, 2015 | ||||||
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 | |||||
2015 | 2014 | |||||
Assets | ||||||
Prepaid expenses and other current assets | $ | 3,593 | 4,500 | |||
Other assets | 162 | 157 | ||||
Liabilities | ||||||
Other accruals | 3,590 | 4,426 | ||||
Other liabilities and deferred credits | 157 | 144 | ||||
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 | |||||
2015 | 2014 | |||||
Assets | ||||||
Prepaid expenses and other current assets | $ | 2 | 1 | |||
Liabilities | ||||||
Other accruals | 21 | 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 | ||||||
2015 | 2014 | |||||
Sales and other operating revenues | $ | -16 | 237 | |||
Other income | -1 | 1 | ||||
Purchased commodities | 44 | -221 | ||||
The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were | ||||||
Millions of Dollars | ||||||
Three Months Ended | ||||||
31-Mar | ||||||
2015 | 2014 | |||||
Foreign currency transaction losses | $ | 24 | - | |||
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 | |||||
2015 | 2014 | |||||
Commodity | ||||||
Natural gas and power (billions of cubic feet equivalent) | ||||||
Fixed price | -5 | -11 | ||||
Basis | -3 | 18 | ||||
We had the following net notional position of outstanding foreign currency exchange derivatives: | ||||||
In Millions | ||||||
Notional Currency | ||||||
31-Mar | 31-Dec | |||||
2015 | 2014 | |||||
Sell U.S. dollar, buy other currencies* | USD | 624 | 7 | |||
Buy U.S. dollar, sell other currencies** | USD | 9 | 44 | |||
Sell British pound, buy euro | GBP | 7 | - | |||
Buy British pound, sell euro | GBP | - | 20 | |||
*Primarily Canadian dollar, Norwegian krone and British pound. | ||||||
**Primarily Canadian dollar, Norwegian krone and euro. | ||||||
Balances of financial instruments | ||||||
Millions of Dollars | ||||||
Carrying Amount | ||||||
Cash and Cash Equivalents | ||||||
31-Mar | 31-Dec | |||||
2015 | 2014 | |||||
Cash | $ | 535 | 946 | |||
Money Market Funds | - | 50 | ||||
Time deposits | ||||||
Remaining maturities from 1 to 90 days | 2,129 | 3,726 | ||||
Commercial paper | ||||||
Remaining maturities from 1 to 90 days | - | 340 | ||||
$ | 2,664 | 5,062 |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Measurement [Abstract] | ||||||||||||||||||
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | ||||||||||||||||||
Deferred compensation | ||||||||||||||||||
investments | $ | 296 | - | - | 296 | 297 | - | - | 297 | |||||||||
Commodity derivatives | 3,452 | 232 | 71 | 3,755 | 4,221 | 361 | 75 | 4,657 | ||||||||||
Total assets | $ | 3,748 | 232 | 71 | 4,051 | 4,518 | 361 | 75 | 4,954 | |||||||||
Liabilities | ||||||||||||||||||
Commodity derivatives | $ | 3,481 | 254 | 12 | 3,747 | 4,200 | 354 | 16 | 4,570 | |||||||||
Total liabilities | $ | 3,481 | 254 | 12 | 3,747 | 4,200 | 354 | 16 | 4,570 | |||||||||
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-15 | ||||||||||||||||||
Assets | $ | 3,755 | 3,550 | 205 | 7 | 13 | 185 | |||||||||||
Liabilities | 3,747 | 3,550 | 197 | 37 | 10 | 150 | ||||||||||||
31-Dec-14 | ||||||||||||||||||
Assets | $ | 4,657 | 4,352 | 305 | 8 | 28 | 269 | |||||||||||
Liabilities | 4,570 | 4,352 | 218 | 4 | 22 | 192 | ||||||||||||
At March 31, 2015 and December 31, 2014, 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 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Financial assets | ||||||||||||||||||
Deferred compensation investments | $ | 296 | 297 | 296 | 297 | |||||||||||||
Commodity derivatives | 198 | 297 | 198 | 297 | ||||||||||||||
Total loans and advances—related parties | 859 | 913 | 859 | 913 | ||||||||||||||
Financial liabilities | ||||||||||||||||||
Total debt, excluding capital leases | 21,650 | 21,707 | 25,460 | 25,191 | ||||||||||||||
Commodity derivatives | 160 | 214 | 160 | 214 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||
Components of accumulated other comprehensive income in the equity section of the balance sheet | Note 12—Accumulated Other Comprehensive Income | |||||||
Accumulated other comprehensive income (loss) 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-14 | $ | -1,261 | -641 | -1,902 | ||||
Other comprehensive income (loss) | 32 | -2,719 | -2,687 | |||||
31-Mar-15 | $ | -1,229 | -3,360 | -4,589 | ||||
Foreign Currency Translation decreased due to the strengthening of the U.S. dollar relative to the Canadian dollar, Australian dollar | ||||||||
and Norwegian krone. | ||||||||
Items reclassified out of accumulated other comprehensive income (loss) | The following table summarizes reclassifications out of accumulated other comprehensive income (loss): | |||||||
Millions of Dollars | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2015 | 2014 | |||||||
Defined benefit plans | $ | 32 | 20 | |||||
The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $17 million and | ||||||||
$11 million for the three-month periods ended March 31, 2015 and 2014, respectively. See Note 14—Employee Benefit Plans, for additional | ||||||||
information. |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Cash Flow Information [Abstract] | |||||
Cash Flow Information | Note 13—Cash Flow Information | ||||
Millions of Dollars | |||||
Three Months Ended | |||||
31-Mar | |||||
2015 | 2014 | ||||
Cash Payments (Receipts) | |||||
Interest | $ | 197 | 199 | ||
Income taxes* | -253 | 667 | |||
Net Sales (Purchases) of Short-Term Investments | |||||
Short-term investments purchased | $ | - | -210 | ||
Short-term investments sold | - | 273 | |||
$ | - | 63 | |||
*Includes $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||
Pension and Postretirement Plans | Note 14—Employee Benefit Plans | ||||||||||||
Pension and Postretirement Plans | |||||||||||||
Millions of Dollars | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||
Three Months Ended | 31-Mar | 31-Mar | |||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||
Service cost | $ | 36 | 32 | 31 | 28 | 1 | 1 | ||||||
Interest cost | 40 | 34 | 41 | 42 | 7 | 7 | |||||||
Expected return on plan assets | -54 | -44 | -53 | -46 | - | - | |||||||
Amortization of prior service cost (credit) | 2 | -2 | 1 | -2 | -1 | -1 | |||||||
Recognized net actuarial loss (gain) | 28 | 21 | 19 | 15 | 1 | -1 | |||||||
Net periodic benefit cost | $ | 52 | 41 | 39 | 37 | 8 | 6 | ||||||
Severance accrual | Millions of Dollars | ||||||||||||
Balance at January 1, 2015 | $ | 61 | |||||||||||
Accruals | 85 | ||||||||||||
Benefit payments | -13 | ||||||||||||
Foreign currency translation adjustments | -4 | ||||||||||||
Balance at March 31, 2015 | $ | 129 | |||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Related Party Transactions [Abstract] | ||||||
Significant transactions with related parties | Note 15—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 | ||||||
2015 | 2014 | |||||
Operating revenues and other income | $ | 25 | 21 | |||
Purchases | 22 | 48 | ||||
Operating expenses and selling, general and administrative expenses* | 18 | 18 | ||||
Net interest (income) expense** | -2 | -12 | ||||
*2014 has been restated to eliminate certain non-related party transactions. | ||||||
**We paid interest to, or received interest from various affiliates. See Note 4—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, 2015 | |||||
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 | |||||
2015 | 2014 | ||||
Sales and Other Operating Revenues | |||||
Alaska | $ | 1,050 | 2,186 | ||
Lower 48 | 3,139 | 6,584 | |||
Intersegment eliminations | -22 | -38 | |||
Lower 48 | 3,117 | 6,546 | |||
Canada | 703 | 1,859 | |||
Intersegment eliminations | -110 | -345 | |||
Canada | 593 | 1,514 | |||
Europe | 1,554 | 3,209 | |||
Asia Pacific and Middle East | 1,388 | 1,949 | |||
Other International | -5 | 2 | |||
Corporate and Other | 19 | 9 | |||
Consolidated sales and other operating revenues | $ | 7,716 | 15,415 | ||
Net Income (Loss) Attributable to ConocoPhillips | |||||
Alaska | $ | 145 | 598 | ||
Lower 48 | -405 | 324 | |||
Canada | -158 | 356 | |||
Europe | 637 | 347 | |||
Asia Pacific and Middle East | 395 | 742 | |||
Other International | -93 | -29 | |||
Corporate and Other | -249 | -235 | |||
Discontinued operations | - | 20 | |||
Consolidated net income (loss) attributable to ConocoPhillips | $ | 272 | 2,123 | ||
Millions of Dollars | |||||
31-Mar | 31-Dec | ||||
2015 | 2014 | ||||
Total Assets | |||||
Alaska | $ | 12,913 | 12,655 | ||
Lower 48 | 29,905 | 30,185 | |||
Canada | 20,035 | 21,764 | |||
Europe | 15,020 | 16,125 | |||
Asia Pacific and Middle East | 25,015 | 25,976 | |||
Other International | 2,025 | 1,961 | |||
Corporate and Other | 5,129 | 7,815 | |||
Discontinued operations | - | 58 | |||
Consolidated total assets | $ | 110,042 | 116,539 |
Supplementary_Information_Cond1
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | ||||||||||||||
Condensed Consolidated Income Statement | 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 | ||||||||
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 | ||||||||
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 | |||||||
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ | -2,415 | -2,306 | 30 | -1,874 | 4,150 | -2,415 | |||||||
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 (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 | |||||||
Comprehensive Income Attributable to ConocoPhillips | $ | 1,923 | 2,032 | 9 | 2,255 | -4,296 | 1,923 | |||||||
Schedule of Condensed Balance Sheet | Millions of Dollars | |||||||||||||
31-Mar-15 | ||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||
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 | |||||||
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. | ||||||||||||||
31-Dec-14 | ||||||||||||||
Balance Sheet | ConocoPhillips | ConocoPhillips Company | ConocoPhillips Canada Funding Company I | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||
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 | ||||||||
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. | ||||||||||||||
Condensed Consolidated Statement of Cash Flows | 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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | - | - | -133 | - | -133 | ||||||||
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 | |||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | |||||||
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventories | ||
Crude oil and petroleum products | $456 | $538 |
Materials, supplies and other | 777 | 793 |
Total Inventories | 1,233 | 1,331 |
Inventories (Textual) [Abstract] | ||
Inventories valued on the LIFO basis | $330 | $440 |
Investments_Loans_and_LongTerm1
Investments, Loans and Long-Term Receivables (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Equity method investments | |||
Cumulative foreign currency translation adjustment | ($3,360,000,000) | ($641,000,000) | |
Australia Pacific LNG [Member] | |||
Equity method investments | |||
Book value of investment | 11,718,000,000 | ||
Project finance facility | 8,500,000,000 | ||
Cumulative foreign currency translation adjustment | 671,000,000 | ||
Amount drawn from project finance facility | 8,300,000,000 | ||
Australia Pacific LNG [Member] | Export-Import Bank of the US [Member] | |||
Equity method investments | |||
Project finance facility | 2,900,000,000 | ||
Australia Pacific LNG [Member] | Export-Import Bank of China [Member] | |||
Equity method investments | |||
Project finance facility | 2,700,000,000 | ||
Australia Pacific LNG [Member] | Australian and International Commercial Bank Syndicate [Member] | |||
Equity method investments | |||
Project finance facility | 2,900,000,000 | ||
Qatar Liquefied Gas Company Limited (3) (QG3) [Member] | |||
Equity method investments | |||
Loan balance with affiliated company | 857,000,000 | ||
FCCL [Member] | |||
Equity method investments | |||
Book value of investment | 8,637,000,000 | ||
Cumulative foreign currency translation adjustment | 1,216,000,000 | ||
Distribution from equity affiliate | $1,300,000,000 |
Suspended_Wells_and_Wells_in_P1
Suspended Wells and Wells in Progress (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Suspended Wells (Textual) [Abstract] | ||
Capitalized cost of suspended wells | $1,310 | $1,299 |
Increase (decrease) in capitalized cost of suspended wells | $11 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Commercial Paper Programs (Textual) [Abstract] | ||
Maturity period of commercial paper (in days) | P90D | |
Letters of credit issued | $472,000,000 | |
Debt (Textual) [Abstract] | ||
Classification of short-term debt as long-term debt | 698,000,000 | |
Revolving Credit Facilities [Member] | ||
Commercial Paper Programs (Textual) [Abstract] | ||
Total amount under revolving credit facilities | 7,000,000,000 | |
Letters of credit issued | 0 | |
Credit facilities remaining after commercial paper outstanding and issuance of letters of credit | 6,200,000,000 | |
ConocoPhillips [Member] | ||
Commercial Paper Programs (Textual) [Abstract] | ||
Commercial paper program. | 6,100,000,000 | |
ConocoPhillips Qatar Funding Ltd. [Member] | ||
Commercial Paper Programs (Textual) [Abstract] | ||
Commercial paper program. | 900,000,000 | |
Commercial paper outstanding | $806,000,000 | $860,000,000 |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Activity for equity attributable to noncontrolling interests | ||
Beginning Balance | $52,273 | $52,492 |
Net income | 286 | 2,137 |
Dividends paid | -910 | -855 |
Distributions to noncontrolling interests | -21 | -17 |
Other | -2,620 | -136 |
Ending Balance | 49,008 | 53,621 |
Common Stockholders' Equity [Member] | ||
Activity for equity attributable to noncontrolling interests | ||
Beginning Balance | 51,911 | 52,090 |
Net income | 272 | 2,123 |
Dividends paid | -910 | -855 |
Other | -2,621 | -136 |
Ending Balance | 48,652 | 53,222 |
Noncontrolling Interest [Member] | ||
Activity for equity attributable to noncontrolling interests | ||
Beginning Balance | 362 | 402 |
Net income | 14 | 14 |
Distributions to noncontrolling interests | -21 | -17 |
Other | 1 | |
Ending Balance | $356 | $399 |
Guarantees_Details
Guarantees (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Guarantees (Textual) [Abstract] | ||
Environmental accruals for known contamination in carrying amount recorded for indemnifications | $322,000,000 | $344,000,000 |
Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Ownership percentage in equity investment | 37.50% | |
Train 1 and Train 2 [Member] | Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 90,000,000 | |
Terms of guarantees outstanding | 2 years | |
Construction completion guarantee [Member] | Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 3,200,000,000 | |
Maximum potential amount of future payments based on current pro-rata share | 3,100,000,000 | |
Carrying value of the guarantee to third-party lenders | 114,000,000 | |
Continued development [Member] | Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 150,000,000 | |
Terms of guarantees outstanding | up to 31 years or the life of the venture | |
Other Guarantees [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 300,000,000 | |
Terms of guarantees outstanding | up to 9 years or the life of the venture | |
Number Of Joint Ventures Backed By Guarantee | 2 | |
Indemnifications [Member] | ||
Guarantees (Textual) [Abstract] | ||
Carrying value of the guarantee to third-party lenders | 90,000,000 | |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | 40,000,000 | |
Indemnifications [Member] | Refinery Supplier [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 1,700,000,000 | |
Terms of guarantees outstanding | 9 years | |
Carrying value of the guarantee to third-party lenders | 100,000,000 | |
Carrying value of indemnification asset | 100,000,000 | |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 1,200,000,000 | |
Maximum potential amount of future payments under the guarantees in the event of intentional or reckless breach | $2,100,000,000 | |
Terms of guarantees outstanding | 1 to 27 years |
Contingencies_and_Commitments_
Contingencies and Commitments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Contingencies and Commitments (Textual) [Abstract] | ||
Total environmental accrual included in balance sheet | $322 | $344 |
Expected years to incur the majority of expenditures | 30 years | |
Letters of credit that secure performance obligations | 472 | |
Tax Assessments Paid Under Protest | $237 |
Derivative_and_Financial_Instr2
Derivative and Financial Instruments - Commodity Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $3,593 | $4,500 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 162 | 157 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 3,590 | 4,426 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $157 | $144 |
Derivative_and_Financial_Instr3
Derivative and Financial Instruments - Commodity GainLoss (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Sales and other operating revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) from commodity derivatives | ($16) | $237 |
Other Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) from commodity derivatives | -1 | 1 |
Purchased commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) from commodity derivatives | $44 | ($221) |
Derivative_and_Financial_Instr4
Derivative and Financial Instruments - Commodity Notional (Details 2) | Mar. 31, 2015 | Dec. 31, 2014 |
Natural gas and power, Fixed price [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | -5,000,000,000 | -11,000,000,000 |
Natural gas and power, Basis [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | -3,000,000,000 | 18,000,000,000 |
Derivative_and_Financial_Instr5
Derivative and Financial Instruments - FX Balance Sheet (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | $2 | $1 |
Other Accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | $21 | $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, 2015 | Mar. 31, 2014 |
Foreign currency transaction (gains) losses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency transaction (gains) losses | $24 | $0 |
Derivative_and_Financial_Instr7
Derivative and Financial Instruments - FX Notional (Details 5) (Foreign Currency Exchange Derivative [Member]) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | ||||
In Millions, unless otherwise specified | Sell US Dollar Buy Other Currencies [Member] | Sell US Dollar Buy Other Currencies [Member] | Buy U.S. dollar, sell other currencies [Member] | Buy U.S. dollar, sell other currencies [Member] | Buy British pound, sell euro [Member] | Sell British pound, buy euro [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | |||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Net notional position of foreign currency exchange derivatives | $624 | [1] | $7 | [1] | $9 | [2] | $44 | [2] | £ 20 | £ 7 |
[1] | *Primarily Canadian dollar, Norwegian krone and British pound. | |||||||||
[2] | **Primarily Canadian dollar, Norwegian krone and euro. |
Derivative_and_Financial_Instr8
Derivative and Financial Instruments - Financial Instruments (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents Total | $2,664 | $5,062 | $7,520 | $6,246 |
Cash and Cash Equivalents [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash | 535 | 946 | ||
Time Deposits | 2,129 | 3,726 | ||
Commercial Paper | 340 | |||
Money Market Funds | $50 |
Derivative_and_Financial_Instr9
Derivative and Financial Instruments (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Credit Risk [Line items] | ||
Aggregate fair value of all derivative instruments in a liability position | 121 | $150 |
Collateral was posted for derivative instruments in a liability position | 0 | 0 |
Trade receivables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Terms of financial instruments and trade receivables | 30 days | |
In event of downgrade below investment grade [Member] | ||
Schedule of Credit Risk [Line items] | ||
Additional collateral, either in the form of cash or letters of credit | 121 |
Fair_Value_Measurement_FV_Hier
Fair Value Measurement - FV Hierarchy (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation investments | $296 | $297 |
Commodity derivative asset, gross | 3,755 | 4,657 |
Total assets | 4,051 | 4,954 |
Commodity derivative liability, gross | 3,747 | 4,570 |
Total liabilities | 3,747 | 4,570 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation investments | 296 | 297 |
Commodity derivative asset, gross | 3,452 | 4,221 |
Total assets | 3,748 | 4,518 |
Commodity derivative liability, gross | 3,481 | 4,200 |
Total liabilities | 3,481 | 4,200 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative asset, gross | 232 | 361 |
Total assets | 232 | 361 |
Commodity derivative liability, gross | 254 | 354 |
Total liabilities | 254 | 354 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative asset, gross | 71 | 75 |
Total assets | 71 | 75 |
Commodity derivative liability, gross | 12 | 16 |
Total liabilities | $12 | $16 |
Fair_Value_Measurement_FV_of_C
Fair Value Measurement - FV of Commodity Derivatives (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets[Abstract] | ||
Assets - gross amounts recognized | $3,755 | $4,657 |
Assets - gross amounts offset | 3,550 | 4,352 |
Assets - net amounts presented | 205 | 305 |
Assets - cash collateral | 7 | 8 |
Assets - amounts without right of setoff | 13 | 28 |
Assets - net amounts | 185 | 269 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 3,747 | 4,570 |
Liabilities - gross amounts offset | 3,550 | 4,352 |
Liabilities - net amounts presented | 197 | 218 |
Liabilities - cash collateral | 37 | 4 |
Liabilities - amounts without right of setoff | 10 | 22 |
Liabilities - net amounts | $150 | $192 |
Fair_Value_Measurement_FV_of_F
Fair Value Measurement - FV of Fin. Instruments (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial Assets [Abstract] | ||
Deferred compensation investments | $296 | $297 |
Commodity derivatives, assets | 205 | 305 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liabilities | 197 | 218 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Deferred compensation investments | 296 | 297 |
Commodity derivatives, assets | 198 | 297 |
Total loans and advances - related parties | 859 | 913 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases, carrying amount | 21,650 | 21,707 |
Commodity derivatives, liabilities | 160 | 214 |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Deferred compensation investments | 296 | 297 |
Commodity derivatives, assets | 198 | 297 |
Total loans and advances - related parties | 859 | 913 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases, fair value | 25,460 | 25,191 |
Commodity derivatives, liabilities | $160 | $214 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated other comprehensive income in the equity section of the balance sheet included | ||
Defined Benefit Plans, Beginning Balance | ($1,261) | |
Foreign Currency Translation, Beginning Balance | -641 | |
Accumulated Other Comprehensive Income, Beginning Balance | -1,902 | |
Defined Benefit Plans | 32 | 26 |
Foreign Currency Translation | -2,719 | -226 |
Other Comprehensive Income, Net of Tax | -2,687 | -200 |
Defined Benefit Plans, Ending Balance | -1,229 | |
Foreign Currency Translation, Ending Balance | -3,360 | |
Accumulated Other Comprehensive Income, Ending Balance | ($4,589) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Details 1) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ||||
Defined Benefit Plans | $32 | [1] | $20 | [1] |
Tax expense of defined benefit plans | $17 | $11 | ||
[1] | The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $17 million and$11 million for the three-month periods ended March 31, 2015 and 2014, respectively. See Note 14bEmployee Benefit Plans, for additional |
Cash_Flow_Information_Details
Cash Flow Information (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash payments | |||
Interest | $197 | $199 | |
Income taxes | -253 | [1] | 667 |
Net Purchases of Short-Term Investments | |||
Short-term investments purchased | 0 | -210 | |
Short-term investments sold | 0 | 273 | |
Net sale (purchases) of short-term investments | $63 | ||
[1] | *Includes $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes. |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Supplemental Unemployment Benefits [Line Items] | |||
Foreign currency translation adjustments | ($2,745,000,000) | ($222,000,000) | |
Employee Severance | |||
Supplemental Unemployment Benefits [Line Items] | |||
Severance Accrual | 129,000,000 | 61,000,000 | |
Payments For Postemployment Benefits | -13,000,000 | ||
Severance accrual current period change | 85,000,000 | ||
Foreign currency translation adjustments | -4,000,000 | ||
Short term portion of severance accrual | 88,000,000 | ||
Corporate and Other [Member] | |||
Supplemental Unemployment Benefits [Line Items] | |||
Severance accrual current period change | 33,000,000 | ||
Lower 48 [Member] | |||
Supplemental Unemployment Benefits [Line Items] | |||
Severance accrual current period change | 25,000,000 | ||
Canada [Member] | |||
Supplemental Unemployment Benefits [Line Items] | |||
Severance accrual current period change | 24,000,000 | ||
Alaska [Member] | |||
Supplemental Unemployment Benefits [Line Items] | |||
Severance accrual current period change | 2,000,000 | ||
Asia Pacific and Middle East [Member] | |||
Supplemental Unemployment Benefits [Line Items] | |||
Severance accrual current period change | 1,000,000 | ||
U.S. (Pension Benefits) [Member] | |||
Components of Net Periodic Benefit Cost | |||
Service cost | 36,000,000 | 31,000,000 | |
Interest cost | 40,000,000 | 41,000,000 | |
Expected return on plan assets | -54,000,000 | -53,000,000 | |
Amortization of prior service cost | 2,000,000 | 1,000,000 | |
Recognized net actuarial (gain) loss | 28,000,000 | 19,000,000 | |
Net periodic benefit cost | 52,000,000 | 39,000,000 | |
Int'l (Pension Benefits) [Member] | |||
Components of Net Periodic Benefit Cost | |||
Service cost | 32,000,000 | 28,000,000 | |
Interest cost | 34,000,000 | 42,000,000 | |
Expected return on plan assets | -44,000,000 | -46,000,000 | |
Amortization of prior service cost | -2,000,000 | -2,000,000 | |
Recognized net actuarial (gain) loss | 21,000,000 | 15,000,000 | |
Net periodic benefit cost | 41,000,000 | 37,000,000 | |
Other Benefits [Member] | |||
Components of Net Periodic Benefit Cost | |||
Service cost | 1,000,000 | 1,000,000 | |
Interest cost | 7,000,000 | 7,000,000 | |
Expected return on plan assets | 0 | 0 | |
Amortization of prior service cost | -1,000,000 | -1,000,000 | |
Recognized net actuarial (gain) loss | 1,000,000 | -1,000,000 | |
Net periodic benefit cost | $8,000,000 | $6,000,000 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
U.S. (Pension Benefits) [Member] | |
Employee Benefit Plans (Textual) [Abstract] | |
Company contributions | $14,000,000 |
Expected company contributions | 110,000,000 |
Int'l (Pension Benefits) [Member] | |
Employee Benefit Plans (Textual) [Abstract] | |
Company contributions | 44,000,000 |
Expected company contributions | 120,000,000 |
Europe [Member] | |
Employee Benefit Plans (Textual) [Abstract] | |
Special pension termination benefits | $50,000,000 |
Special pension termination benefits recoverable from partner | 62.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Significant transactions with related parties | ||||
Operating revenues and other income | $25,000,000 | $21,000,000 | ||
Purchases | 22,000,000 | 48,000,000 | ||
Operating expenses and selling, general and administrative expenses | 18,000,000 | 18,000,000 | [1] | |
Net interest (income) expense | ($2,000,000) | [2] | ($12,000,000) | [2] |
[1] | *2014 has been restated to eliminate certain non-related party transactions. | |||
[2] | **We paid interest to, or received interest from various affiliates. See Note 4bInvestments, 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, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | $7,716 | $15,415 |
Alaska [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 1,050 | 2,186 |
Lower 48 Before Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 3,139 | 6,584 |
Intersegment Eliminations before Lower 48 and Latin America [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | -22 | -38 |
Lower 48 [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 3,117 | 6,546 |
Canada before Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 703 | 1,859 |
Intersegment Eliminations before Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | -110 | -345 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 593 | 1,514 |
Europe before Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 1,554 | 3,209 |
Asia Pacific Before Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 1,388 | 1,949 |
Other International [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | -5 | 2 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | $19 | $9 |
Segment_Disclosures_and_Relate3
Segment Disclosures and Related Information - Net Income (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | $272 | $2,123 |
Alaska [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | 145 | 598 |
Lower 48 [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | -405 | 324 |
Canada [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | -158 | 356 |
Europe [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | 637 | 347 |
Asia Pacific and Middle East [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | 395 | 742 |
Other International [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | -93 | -29 |
Corporate and Other [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | -249 | -235 |
Discontinued operations [Member] | ||
Net Income Attributable to ConocoPhillips | ||
Consolidated net income attributable to ConocoPhillips | $0 | $20 |
Segment_Disclosures_and_Relate4
Segment Disclosures and Related Information - Assets (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets [Abstract] | ||
Consolidated total assets | $110,042 | $116,539 |
Alaska [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 12,913 | 12,655 |
Lower 48 [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 29,905 | 30,185 |
Canada [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 20,035 | 21,764 |
Europe [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 15,020 | 16,125 |
Asia Pacific and Middle East [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 25,015 | 25,976 |
Other International [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 2,025 | 1,961 |
Corporate and Other [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 5,129 | 7,815 |
Discontinued operations [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | $0 | $58 |
Segment_Disclosures_and_Relate5
Segment Disclosures and Related Information (Details Textual) | 3 Months Ended |
Mar. 31, 2015 | |
Segment Disclosures and Related Information (Textual) [Abstract] | |
Number of operating segments | 6 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes (Textual) [Abstract] | ||
Effective tax rate | 180.00% | 43.00% |
Domestic federal statutory rate | 35.00% | |
Tax Benefit | $555 | |
UK Upstream Corporation Tax Rate pre legislation | 62.00% | |
UK Upstream Corporation Tax Rate post legislation | 50.00% |
Supplementary_Information_Cond2
Supplementary Information - Condensed Consolidating Financial Information - Inc Stmt (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues and Other Income | |||
Sales and other operating revenues | $7,716 | $15,415 | |
Equity in earnings of affiliates | 205 | 572 | |
Gain (loss) on dispositions | 52 | 9 | |
Other income | 29 | 52 | |
Total Revenues and Other Income | 8,002 | 16,048 | |
Costs and Expenses | |||
Purchased commodities | 3,237 | 7,127 | |
Production and operating expenses | 1,802 | 1,895 | |
Selling, general and administrative expenses | 159 | 182 | |
Exploration expenses | 482 | 296 | |
Depreciation, depletion and amortization | 2,131 | 1,892 | |
Impairments | 16 | 1 | |
Taxes other than income taxes | 224 | 651 | |
Accretion on discounted liabilities | 121 | 117 | |
Interest and debt expense | 202 | 171 | |
Foreign currency transaction (gains) losses | -16 | 18 | |
Total Costs and Expenses | 8,358 | 12,350 | |
Income from continuing operations before income taxes | -356 | 3,698 | |
Provision for income taxes | -642 | 1,581 | |
Income (Loss) From Continuing Operations | 286 | 2,117 | |
Income (loss) from discontinued operations | 20 | [1] | |
Net income (loss) | 286 | 2,137 | |
Less: net income attributable to noncontrolling interests | -14 | -14 | |
Net Income | 272 | 2,123 | |
Comprehensive Income Attributable to ConocoPhillips | -2,415 | 1,923 | |
ConocoPhillips [Member] | |||
Revenues and Other Income | |||
Equity in earnings of affiliates | 381 | 2,212 | |
Other income | 0 | ||
Intercompany revenues | 19 | 20 | |
Total Revenues and Other Income | 400 | 2,232 | |
Costs and Expenses | |||
Selling, general and administrative expenses | 3 | 3 | |
Interest and debt expense | 121 | 159 | |
Foreign currency transaction (gains) losses | 63 | 25 | |
Total Costs and Expenses | 187 | 187 | |
Income from continuing operations before income taxes | 213 | 2,045 | |
Provision for income taxes | -59 | -58 | |
Income (Loss) From Continuing Operations | 272 | 2,103 | |
Income (loss) from discontinued operations | 0 | 20 | |
Net income (loss) | 272 | 2,123 | |
Net Income | 272 | 2,123 | |
Comprehensive Income Attributable to ConocoPhillips | -2,415 | 1,923 | |
ConocoPhillips Company [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 2,933 | 6,143 | |
Equity in earnings of affiliates | 813 | 2,451 | |
Gain (loss) on dispositions | 31 | -1 | |
Other income | 7 | 18 | |
Intercompany revenues | 98 | 154 | |
Total Revenues and Other Income | 3,882 | 8,765 | |
Costs and Expenses | |||
Purchased commodities | 2,560 | 5,517 | |
Production and operating expenses | 400 | 360 | |
Selling, general and administrative expenses | 120 | 124 | |
Exploration expenses | 200 | 144 | |
Depreciation, depletion and amortization | 259 | 242 | |
Impairments | 0 | 1 | |
Taxes other than income taxes | 69 | 93 | |
Accretion on discounted liabilities | 14 | 14 | |
Interest and debt expense | 101 | 70 | |
Foreign currency transaction (gains) losses | -1 | 0 | |
Total Costs and Expenses | 3,722 | 6,565 | |
Income from continuing operations before income taxes | 160 | 2,200 | |
Provision for income taxes | -221 | -12 | |
Income (Loss) From Continuing Operations | 381 | 2,212 | |
Income (loss) from discontinued operations | 0 | 20 | |
Net income (loss) | 381 | 2,232 | |
Net Income | 381 | 2,232 | |
Comprehensive Income Attributable to ConocoPhillips | -2,306 | 2,032 | |
ConocoPhillips Canada Funding Company I [Member] | |||
Revenues and Other Income | |||
Intercompany revenues | 64 | 71 | |
Total Revenues and Other Income | 64 | 71 | |
Costs and Expenses | |||
Selling, general and administrative expenses | 0 | ||
Interest and debt expense | 57 | 58 | |
Foreign currency transaction (gains) losses | -378 | -139 | |
Total Costs and Expenses | -321 | -81 | |
Income from continuing operations before income taxes | 385 | 152 | |
Provision for income taxes | 11 | 2 | |
Income (Loss) From Continuing Operations | 374 | 150 | |
Net income (loss) | 374 | 150 | |
Net Income | 374 | 150 | |
Comprehensive Income Attributable to ConocoPhillips | 30 | 9 | |
All Other Subsidiaries [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 4,783 | 9,272 | |
Equity in earnings of affiliates | 578 | 721 | |
Gain (loss) on dispositions | 21 | 10 | |
Other income | 22 | 34 | |
Intercompany revenues | 843 | 1,643 | |
Total Revenues and Other Income | 6,247 | 11,680 | |
Costs and Expenses | |||
Purchased commodities | 1,494 | 3,290 | |
Production and operating expenses | 1,434 | 1,538 | |
Selling, general and administrative expenses | 45 | 69 | |
Exploration expenses | 282 | 152 | |
Depreciation, depletion and amortization | 1,872 | 1,650 | |
Impairments | 16 | 0 | |
Taxes other than income taxes | 155 | 558 | |
Accretion on discounted liabilities | 107 | 103 | |
Interest and debt expense | 89 | 75 | |
Foreign currency transaction (gains) losses | 300 | 132 | |
Total Costs and Expenses | 5,794 | 7,567 | |
Income from continuing operations before income taxes | 453 | 4,113 | |
Provision for income taxes | -373 | 1,649 | |
Income (Loss) From Continuing Operations | 826 | 2,464 | |
Income (loss) from discontinued operations | 0 | 20 | |
Net income (loss) | 826 | 2,484 | |
Less: net income attributable to noncontrolling interests | -14 | -14 | |
Net Income | 812 | 2,470 | |
Comprehensive Income Attributable to ConocoPhillips | -1,874 | 2,255 | |
Consolidating Adjustments [Member] | |||
Revenues and Other Income | |||
Equity in earnings of affiliates | -1,567 | -4,812 | |
Intercompany revenues | -1,024 | -1,888 | |
Total Revenues and Other Income | -2,591 | -6,700 | |
Costs and Expenses | |||
Purchased commodities | -817 | -1,680 | |
Production and operating expenses | -32 | -3 | |
Selling, general and administrative expenses | -9 | -14 | |
Interest and debt expense | -166 | -191 | |
Total Costs and Expenses | -1,024 | -1,888 | |
Income from continuing operations before income taxes | -1,567 | -4,812 | |
Income (Loss) From Continuing Operations | -1,567 | -4,812 | |
Income (loss) from discontinued operations | 0 | -40 | |
Net income (loss) | -1,567 | -4,852 | |
Net Income | -1,567 | -4,852 | |
Comprehensive Income Attributable to ConocoPhillips | $4,150 | ($4,296) | |
[1] | *Net of provision for income taxes on discontinued operations of: $0, $32 |
Supplementary_Information_Cond3
Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||||
Assets | ||||||
Cash and cash equivalents | $2,664 | $5,062 | $7,520 | $6,246 | ||
Accounts and notes receivable | 5,379 | 6,807 | ||||
Inventories | 1,233 | 1,331 | ||||
Prepaid expenses and other current assets | 1,564 | 1,868 | ||||
Total Current Assets | 10,840 | 15,068 | ||||
Investments, loans and long-term receivables | 23,974 | [1] | 25,139 | [1] | ||
Net properties, plants and equipment | 74,220 | 75,444 | ||||
Other assets | 1,008 | 888 | ||||
Total Assets | 110,042 | 116,539 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable and related party accounts payable | 6,750 | 8,026 | ||||
Short-term debt | 193 | 182 | ||||
Accrued income and other taxes | 864 | 1,051 | ||||
Employee benefit obligations | 552 | 878 | ||||
Other accruals | 1,204 | 1,400 | ||||
Total Current Liabilities | 9,563 | 11,537 | ||||
Long-term debt | 22,318 | 22,383 | ||||
Asset retirement obligations and accrued environmental costs | 10,304 | 10,647 | ||||
Deferred income taxes | 14,042 | 15,070 | ||||
Employee benefit obligations | 2,979 | 2,964 | ||||
Other liabilities and deferred credits | 1,828 | 1,665 | ||||
Total Liabilities | 61,034 | 64,266 | ||||
Retained earnings | 43,867 | 44,504 | ||||
Other common stockholders' equity | 4,785 | 7,407 | ||||
Noncontrolling interests | 356 | 362 | ||||
Total Liabilities and Stockholders' Equity | 110,042 | 116,539 | ||||
ConocoPhillips [Member] | ||||||
Assets | ||||||
Accounts and notes receivable | 18 | 20 | ||||
Prepaid expenses and other current assets | 6 | 6 | ||||
Total Current Assets | 24 | 26 | ||||
Investments, loans and long-term receivables | 53,220 | [1] | 55,568 | [1] | ||
Net properties, plants and equipment | 0 | |||||
Other assets | 39 | 40 | ||||
Total Assets | 53,283 | 55,634 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable and related party accounts payable | 1 | |||||
Short-term debt | -5 | -5 | ||||
Accrued income and other taxes | 0 | |||||
Employee benefit obligations | 0 | |||||
Other accruals | 101 | 170 | ||||
Total Current Liabilities | 96 | 166 | ||||
Long-term debt | 7,542 | |||||
Asset retirement obligations and accrued environmental costs | 7,541 | |||||
Other liabilities and deferred credits | 3,552 | [1] | 2,577 | [1] | ||
Total Liabilities | 11,190 | 10,284 | ||||
Retained earnings | 37,345 | 37,983 | ||||
Other common stockholders' equity | 4,748 | 7,367 | ||||
Total Liabilities and Stockholders' Equity | 53,283 | 55,634 | ||||
ConocoPhillips Company [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 64 | 770 | 3,718 | 2,434 | ||
Accounts and notes receivable | 1,936 | 2,813 | ||||
Inventories | 170 | 281 | ||||
Prepaid expenses and other current assets | 668 | 754 | ||||
Total Current Assets | 2,838 | 4,618 | ||||
Investments, loans and long-term receivables | 70,182 | [1] | 70,732 | [1] | ||
Net properties, plants and equipment | 9,910 | 9,730 | ||||
Other assets | 171 | 67 | ||||
Total Assets | 83,101 | 85,147 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable and related party accounts payable | 4,477 | 4,149 | ||||
Short-term debt | 6 | 6 | ||||
Accrued income and other taxes | 67 | 117 | ||||
Employee benefit obligations | 401 | 595 | ||||
Other accruals | 332 | 337 | ||||
Total Current Liabilities | 5,283 | 5,204 | ||||
Long-term debt | 8,195 | 8,197 | ||||
Asset retirement obligations and accrued environmental costs | 1,335 | 1,328 | ||||
Deferred income taxes | 244 | 265 | ||||
Employee benefit obligations | 2,169 | 2,162 | ||||
Other liabilities and deferred credits | 7,583 | [1] | 7,391 | [1] | ||
Total Liabilities | 24,809 | 24,547 | ||||
Retained earnings | 21,828 | 21,448 | ||||
Other common stockholders' equity | 36,464 | 39,152 | ||||
Noncontrolling interests | 0 | |||||
Total Liabilities and Stockholders' Equity | 83,101 | 85,147 | ||||
ConocoPhillips Canada Funding Company I [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 8 | 7 | 230 | 229 | ||
Accounts and notes receivable | 20 | 22 | ||||
Prepaid expenses and other current assets | 23 | 15 | ||||
Total Current Assets | 51 | 44 | ||||
Investments, loans and long-term receivables | 3,760 | [1] | 3,965 | [1] | ||
Other assets | 357 | 208 | ||||
Total Assets | 4,168 | 4,217 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable and related party accounts payable | 15 | 14 | ||||
Short-term debt | 6 | 5 | ||||
Other accruals | 85 | 71 | ||||
Total Current Liabilities | 106 | 90 | ||||
Long-term debt | 2,973 | 2,974 | ||||
Other liabilities and deferred credits | 1,048 | [1] | 1,142 | [1] | ||
Total Liabilities | 4,127 | 4,206 | ||||
Retained earnings | -722 | -1,096 | ||||
Other common stockholders' equity | 763 | 1,107 | ||||
Total Liabilities and Stockholders' Equity | 4,168 | 4,217 | ||||
All Other Subsidiaries [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 2,592 | 4,285 | 3,572 | 3,583 | ||
Short-term investments | 0 | 0 | ||||
Accounts and notes receivable | 6,989 | 6,671 | ||||
Inventories | 1,063 | 1,050 | ||||
Prepaid expenses and other current assets | 912 | 1,138 | ||||
Total Current Assets | 11,556 | 13,144 | ||||
Investments, loans and long-term receivables | 30,685 | [1] | 32,467 | [1] | ||
Net properties, plants and equipment | 64,310 | 65,714 | ||||
Other assets | 1,198 | 1,338 | ||||
Total Assets | 107,749 | 112,663 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable and related party accounts payable | 5,842 | 6,581 | ||||
Short-term debt | 186 | 176 | ||||
Accrued income and other taxes | 797 | 934 | ||||
Employee benefit obligations | 151 | 283 | ||||
Other accruals | 731 | 868 | ||||
Total Current Liabilities | 7,707 | 8,842 | ||||
Long-term debt | 3,608 | 3,671 | ||||
Asset retirement obligations and accrued environmental costs | 8,969 | 9,319 | ||||
Deferred income taxes | 13,804 | 14,811 | ||||
Employee benefit obligations | 810 | 802 | ||||
Other liabilities and deferred credits | 16,370 | [1] | 17,218 | [1] | ||
Total Liabilities | 51,268 | 54,663 | ||||
Retained earnings | 18,163 | 17,355 | ||||
Other common stockholders' equity | 37,962 | 40,283 | ||||
Noncontrolling interests | 356 | 362 | ||||
Total Liabilities and Stockholders' Equity | 107,749 | 112,663 | ||||
Consolidating Adjustments [Member] | ||||||
Assets | ||||||
Accounts and notes receivable | -3,584 | -2,719 | ||||
Prepaid expenses and other current assets | -45 | -45 | ||||
Total Current Assets | -3,629 | -2,764 | ||||
Investments, loans and long-term receivables | -133,873 | [1] | -137,593 | [1] | ||
Other assets | -757 | -765 | ||||
Total Assets | -138,259 | -141,122 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable and related party accounts payable | -3,584 | -2,719 | ||||
Accrued income and other taxes | 0 | |||||
Other accruals | -45 | -46 | ||||
Total Current Liabilities | -3,629 | -2,765 | ||||
Deferred income taxes | -6 | -6 | ||||
Other liabilities and deferred credits | -26,725 | [1] | -26,663 | [1] | ||
Total Liabilities | -30,360 | -29,434 | ||||
Retained earnings | -32,747 | -31,186 | ||||
Other common stockholders' equity | -75,152 | -80,502 | ||||
Total Liabilities and Stockholders' Equity | ($138,259) | ($141,122) | ||||
[1] | *Includes intercompany loans. |
Supplementary_Information_Cond4
Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details Textual) (USD $) | Mar. 31, 2015 |
In Billions, unless otherwise specified | |
ConocoPhillips [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Intercompany other liabilities | $2 |
Intercompany Investment | -2 |
ConocoPhillips Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Intercompany other liabilities | -2 |
Intercompany return of capital | $2 |
Supplementary_Information_Cond5
Supplementary Information - Condensed Consolidating Financial Information - Cash Flow (Details 2) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows From Operating Activities | |||
Net cash provided by (used in) continuing operating activities | $1,870 | $6,278 | |
Net cash provided by (used in) discontinued operations | 0 | 58 | |
Net Cash Provided by (Used in) Operating Activities | 1,870 | 6,336 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | -3,332 | -3,895 | |
Proceeds from asset dispositions | 173 | 48 | |
Net sales (purchases) of short-term investments | 63 | ||
Collection of advances/loans-related parties | 52 | 62 | |
Other | -9 | 46 | |
Net cash provided by (used in) continuing investing activities | -3,116 | -3,676 | |
Net cash used in discontinued operations | 0 | -22 | |
Net Cash Provided by (Used in) Investing Activities | -3,116 | -3,698 | |
Cash Flows From Financing Activities | |||
Repayment of debt | -57 | -450 | |
Issuance of company common stock | -34 | -32 | |
Dividends paid | -910 | -855 | |
Other | -18 | -17 | |
Net cash provided by (used in) continuing financing activities | -1,019 | -1,354 | |
Net Cash Provided by (Used in) Financing Activities | -1,019 | -1,354 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -133 | -10 | |
Net Change in Cash and Cash Equivalents | -2,398 | 1,274 | |
Cash and cash equivalents at beginning of period | 5,062 | 6,246 | |
Cash and Cash Equivalents at End of Period | 2,664 | 7,520 | |
ConocoPhillips [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) continuing operating activities | -131 | -134 | |
Net cash provided by (used in) discontinued operations | 0 | ||
Net Cash Provided by (Used in) Operating Activities | -131 | -134 | |
Cash Flows From Investing Activities | |||
Intercompany cash management | 974 | 1,325 | |
Net cash provided by (used in) continuing investing activities | 974 | 1,325 | |
Net Cash Provided by (Used in) Investing Activities | 974 | 1,325 | |
Cash Flows From Financing Activities | |||
Repayment of debt | 0 | -400 | |
Issuance of company common stock | 66 | 63 | |
Dividends paid | -910 | -855 | |
Other | 1 | 1 | |
Net cash provided by (used in) continuing financing activities | -843 | -1,191 | |
Net Cash Provided by (Used in) Financing Activities | -843 | -1,191 | |
Net Change in Cash and Cash Equivalents | 0 | ||
ConocoPhillips Company [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) continuing operating activities | -171 | 373 | |
Net cash provided by (used in) discontinued operations | 0 | 100 | |
Net Cash Provided by (Used in) Operating Activities | -171 | 473 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | -941 | -662 | |
Proceeds from asset dispositions | 88 | -1 | |
Long-term advances/loans-related parties | -72 | -44 | |
Collection of advances/loans-related parties | 0 | 15 | |
Intercompany cash management | -1,085 | 1,486 | |
Other | -7 | 18 | |
Net cash provided by (used in) continuing investing activities | -2,017 | 812 | |
Net cash used in discontinued operations | 0 | -1 | |
Net Cash Provided by (Used in) Investing Activities | -2,017 | 811 | |
Cash Flows From Financing Activities | |||
Issuance of debt | 1,482 | ||
Repayment of debt | 0 | ||
Dividends paid | 0 | ||
Other | 0 | ||
Net cash provided by (used in) continuing financing activities | 1,482 | ||
Net Cash Provided by (Used in) Financing Activities | 1,482 | ||
Net Change in Cash and Cash Equivalents | -706 | 1,284 | |
Cash and cash equivalents at beginning of period | 770 | 2,434 | |
Cash and Cash Equivalents at End of Period | 64 | 3,718 | |
ConocoPhillips Canada Funding Company I [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) continuing operating activities | 1 | 1 | [1] |
Net Cash Provided by (Used in) Operating Activities | 1 | 1 | [1] |
Cash Flows From Investing Activities | |||
Collection of advances/loans-related parties | 0 | [1] | |
Net cash provided by (used in) continuing investing activities | 0 | [1] | |
Net Cash Provided by (Used in) Investing Activities | 0 | [1] | |
Cash Flows From Financing Activities | |||
Net Change in Cash and Cash Equivalents | 1 | 1 | [1] |
Cash and cash equivalents at beginning of period | 7 | 229 | |
Cash and Cash Equivalents at End of Period | 8 | 230 | |
All Other Subsidiaries [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) continuing operating activities | 2,082 | 5,976 | [1] |
Net cash provided by (used in) discontinued operations | 0 | 121 | [1] |
Net Cash Provided by (Used in) Operating Activities | 2,082 | 6,097 | [1] |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | -2,759 | -3,378 | |
Proceeds from asset dispositions | 88 | 49 | |
Net sales (purchases) of short-term investments | 63 | [1] | |
Long-term advances/loans-related parties | -1,482 | -2 | [1] |
Collection of advances/loans-related parties | 52 | 47 | [1] |
Intercompany cash management | 111 | -2,811 | [1] |
Other | -2 | -6 | [1] |
Net cash provided by (used in) continuing investing activities | -3,992 | -6,038 | [1] |
Net cash used in discontinued operations | 0 | -22 | [1] |
Net Cash Provided by (Used in) Investing Activities | -3,992 | -6,060 | [1] |
Cash Flows From Financing Activities | |||
Issuance of debt | 72 | 46 | [1] |
Repayment of debt | -57 | -50 | [1] |
Dividends paid | -11 | -96 | [1] |
Other | 346 | 161 | [1] |
Net cash provided by (used in) continuing financing activities | 350 | 61 | [1] |
Net cash provided by (used in) discontinued operations | 0 | -99 | [1] |
Net Cash Provided by (Used in) Financing Activities | 350 | -38 | [1] |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -133 | -10 | [1] |
Net Change in Cash and Cash Equivalents | -1,693 | -11 | [1] |
Cash and cash equivalents at beginning of period | 4,285 | 3,583 | |
Cash and Cash Equivalents at End of Period | 2,592 | 3,572 | |
Consolidating Adjustments [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) continuing operating activities | 89 | 62 | [1] |
Net cash provided by (used in) discontinued operations | 0 | -163 | [1] |
Net Cash Provided by (Used in) Operating Activities | 89 | -101 | [1] |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | 368 | 145 | |
Proceeds from asset dispositions | -3 | ||
Long-term advances/loans-related parties | 1,554 | 46 | [1] |
Collection of advances/loans-related parties | 0 | 0 | [1] |
Other | 34 | ||
Net cash provided by (used in) continuing investing activities | 1,919 | 225 | [1] |
Net cash used in discontinued operations | 0 | 1 | [1] |
Net Cash Provided by (Used in) Investing Activities | 1,919 | 226 | [1] |
Cash Flows From Financing Activities | |||
Issuance of debt | -1,554 | -46 | [1] |
Repayment of debt | 0 | 0 | [1] |
Issuance of company common stock | -100 | -95 | [1] |
Dividends paid | 11 | 96 | [1] |
Other | -365 | -179 | [1] |
Net cash provided by (used in) continuing financing activities | -2,008 | -224 | [1] |
Net cash provided by (used in) discontinued operations | 0 | 99 | [1] |
Net Cash Provided by (Used in) Financing Activities | ($2,008) | ($125) | [1] |
[1] |