Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document and Entity Information [Abstract] | |
Entity Registrant Name | CONOCOPHILLIPS |
Entity Central Index Key | 1,163,165 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2015 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,233,458,569 |
Trading Symbol | COP |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Revenues and Other Income | |||||
Sales and other operating revenues | $ 8,293 | $ 13,821 | $ 16,009 | $ 29,236 | |
Equity in earnings of affiliates | 258 | 672 | 463 | 1,244 | |
Gain on Dispositions | 52 | 7 | 104 | 16 | |
Other income | 57 | 201 | 86 | 253 | |
Total Revenues and Other Income | 8,660 | 14,701 | 16,662 | 30,749 | |
Costs and Expenses | |||||
Purchased commodities | 3,230 | 5,495 | 6,467 | 12,622 | |
Production and operating expenses | 1,798 | 2,030 | 3,600 | 3,925 | |
Selling, general and administrative expenses | 218 | 218 | 377 | 400 | |
Exploration expenses | 549 | 517 | 1,031 | 813 | |
Depreciation, depletion and amortization | 2,329 | 2,070 | 4,460 | 3,962 | |
Impairments | 78 | 17 | 94 | 18 | |
Taxes other than Income Taxes | 225 | 612 | 449 | 1,263 | |
Accretion on discounted liabilities | 122 | 120 | 243 | 237 | |
Interest and debt expense | 210 | 155 | 412 | 326 | |
Foreign currency transaction (gains) losses | (8) | 7 | (24) | 25 | |
Total Costs and Expenses | 8,751 | 11,241 | 17,109 | 23,591 | |
Income (loss) from continuing operations before income taxes | (91) | 3,460 | (447) | 7,158 | |
Provision (benefit) for income taxes | 73 | 1,395 | (569) | 2,976 | |
Income (Loss) From Continuing Operations | (164) | 2,065 | 122 | 4,182 | |
Income from discontinued operations | [1] | 33 | 53 | ||
Net income (loss) | (164) | 2,098 | 122 | 4,235 | |
Less: net income attributable to noncontrolling interests | (15) | (17) | (29) | (31) | |
Net Income (Loss) Attributable to ConocoPhillips | (179) | 2,081 | 93 | 4,204 | |
Amounts Attributable to ConocoPhillips Common Shareholders: | |||||
Income (loss) from continuing operations | (179) | 2,048 | 93 | 4,151 | |
Income from discontinued operations | 0 | 33 | 0 | 53 | |
Net Income (Loss) | $ (179) | $ 2,081 | $ 93 | $ 4,204 | |
Earnings Per Share, Basic [Abstract] | |||||
Continuing operations | $ (0.15) | $ 1.65 | $ 0.07 | $ 3.36 | |
Discontinued operations | 0 | 0.03 | 0 | 0.04 | |
Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock | (0.15) | 1.68 | 0.07 | 3.4 | |
Earnings Per Share, Diluted [Abstract] | |||||
Continuing operations | (0.15) | 1.64 | 0.07 | 3.34 | |
Discontinued operations | 0 | 0.03 | 0 | 0.04 | |
Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock | (0.15) | 1.67 | 0.07 | 3.38 | |
Dividends Paid Per Share of Common Stock (dollars) | $ 0.73 | $ 0.69 | $ 1.46 | $ 1.38 | |
Average Common Shares Outstanding (in thousands) | |||||
Basic | 1,241,026 | 1,236,057 | 1,240,909 | 1,235,515 | |
Diluted | 1,241,026 | 1,245,155 | 1,246,130 | 1,245,211 | |
[1] | *Net of provision (benefit) for income taxes on discontinued operations of: $0,$-10,$0,$22See Notes to Consolidated Financial Statements. |
Consolidated Income Statement (
Consolidated Income Statement (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Income Statement [Abstract] | ||||
Net of provision for income taxes on discontinued operations | $ 0 | $ (10) | $ 0 | $ 22 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Consolidated Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ (164) | $ 2,098 | $ 122 | $ 4,235 | |
Defined benefit plans | |||||
Prior service cost arising during the period | 140 | 140 | |||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | (3) | (1) | (4) | (3) | |
Net actuarial gain (loss) arising during the period | 15 | 0 | 15 | 0 | |
Reclassification adjustment for amortization of net actuarial losses included in net income | 102 | 33 | 152 | 66 | |
Nonsponsored plans | [1] | 0 | (1) | 0 | 5 |
Income taxes on defined benefit plans | (93) | (12) | (110) | (23) | |
Defined benefit plans, net of tax | 161 | 19 | 193 | 45 | |
Foreign currency translation adjustments | 796 | 668 | (1,949) | 446 | |
Reclassification adjustment for loss included in net income | 0 | 0 | 0 | ||
Income taxes on foreign currency translation adjustments | (9) | 9 | 17 | 5 | |
Foreign currency translation adjustments, net of tax | 787 | 677 | (1,932) | 451 | |
Other Comprehensive Income (Loss), Net of Tax | 948 | 696 | (1,739) | 496 | |
Comprehensive Income (Loss) | 784 | 2,794 | (1,617) | 4,731 | |
Less: comprehensive income attributable to noncontrolling interests | (15) | (17) | (29) | (31) | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ 769 | $ 2,777 | $ (1,646) | $ 4,700 | |
[1] | *Plans for which ConocoPhillips is not the primary obligor—primarily those administered by equity affiliates.See Notes to Consolidated Financial Statements. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 3,813 | $ 5,062 |
Accounts and notes receivable (net of allowance of $7 million in 2015 and $5 million in 2014) | 5,044 | 6,675 |
Accounts and notes receivable-related parties | 135 | 132 |
Inventories | 1,277 | 1,331 |
Prepaid expenses and other current assets | 1,675 | 1,868 |
Total Current Assets | 11,944 | 15,068 |
Investments and long-term receiavables | 23,902 | 24,335 |
Loans and advances-related parties | 750 | 804 |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $73,854 million in 2015 and $70,786 million in 2014) | 74,387 | 75,444 |
Other assets | 1,020 | 888 |
Total Assets | 112,003 | 116,539 |
Liabilities | ||
Accounts payable | 5,833 | 7,982 |
Accounts payable-related parties | 36 | 44 |
Short-term debt | 138 | 182 |
Accrued income and other taxes | 880 | 1,051 |
Employee benefit obligations | 620 | 878 |
Other accruals | 1,227 | 1,400 |
Total Current Liabilities | 8,734 | 11,537 |
Long-term debt | 24,787 | 22,383 |
Asset retirement obligations and accrued environmental costs | 10,567 | 10,647 |
Deferred income taxes | 14,373 | 15,070 |
Employee benefit obligations | 2,849 | 2,964 |
Other liabilities and deferred credits | 1,724 | 1,665 |
Total Liabilities | 63,034 | 64,266 |
Equity | ||
Common stock (2,500,000,000 shares authorized at $.01 par value) | 18 | 18 |
Capital in excess of par | 46,244 | 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) | (3,641) | (1,902) |
Retained earnings | 42,779 | 44,504 |
Total Common Stockholders' Equity | 48,620 | 51,911 |
Noncontrolling interests | 349 | 362 |
Total Equity | 48,969 | 52,273 |
Total Liabilities and Equity | $ 112,003 | $ 116,539 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $ 7 | $ 5 |
Accumulated depreciation, depletion and amortization | $ 73,854 | $ 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 | 1,775,689,242 | 1,773,583,368 |
Treasury stock, shares | 542,230,673 | 542,230,673 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | |||
Cash Flows From Operating Activities | ||||
Net income (loss) | $ 122 | $ 4,235 | ||
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation, depletion and amortization | 4,460 | 3,962 | ||
Impairments | 94 | 18 | ||
Dry hole costs and leasehold impairments | 713 | 403 | [1] | |
Accretion on discounted liabilities | 243 | 237 | ||
Deferred taxes | (602) | 633 | [1] | |
Undistributed equity earnings | (41) | 681 | [1] | |
Gain on dispositions | (104) | (16) | ||
Income from discontinued operations | [2] | (53) | ||
Other | (454) | (192) | [1] | |
Working capital adjustments | ||||
Decrease (increase) in accounts and notes receivable | 1,419 | 80 | [1] | |
Decrease (increase) in inventories | 42 | (103) | [1] | |
Decrease (increase) in prepaid expenses and other current assets | 153 | (238) | [1] | |
Increase (decrease) in accounts payable | (1,358) | (13) | [1] | |
Increase (decrease) in taxes and other accruals | (645) | 123 | [1] | |
Net cash provided by continuing operating activities | 4,042 | 9,757 | [1] | |
Net cash provided by discontinued operations | 0 | 130 | [1] | |
Net Cash Provided by Operating Activities | 4,042 | 9,887 | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (5,739) | (8,141) | [1] | |
Working capital changes associated with investing activities | (678) | 84 | [1] | |
Proceeds from asset dispositions | 294 | 63 | [1] | |
Net sales (purchases) of short-term investments | [1] | (8) | ||
Collection of advances/loans-related parties | 52 | 77 | [1] | |
Other | 291 | 96 | [1] | |
Net cash used in continuing investing activities | (5,780) | (7,829) | [1] | |
Net cash used in discontinued operations | 0 | (63) | [1] | |
Net Cash Used in Investing Activities | (5,780) | (7,892) | [1] | |
Cash Flows From Financing Activities | ||||
Issuance of debt | 2,498 | |||
Repayment of debt | (62) | (450) | [1] | |
Issuance of company common stock | (46) | 46 | [1] | |
Dividends paid | (1,819) | (1,711) | [1] | |
Other | (35) | (28) | [1] | |
Net cash provided by (used in) continuing financing activities | 536 | (2,143) | [1] | |
Net Cash Provided by (Used in) Financing Activities | 536 | (2,143) | [1] | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (47) | 44 | [1] | |
Net Change in Cash and Cash Equivalents | (1,249) | (104) | [1] | |
Cash and cash equivalents at beginning of period | 5,062 | 6,246 | [1] | |
Cash and Cash Equivalents at End of Period | $ 3,813 | $ 6,142 | [1] | |
[1] | *Certain amounts have been reclassified to conform to current-period presentation. See Note 14–Cash Flow Information, in the Notes to the Consolidated Financial Statements.See Notes to Consolidated Financial Statements. | |||
[2] | *Net of provision (benefit) for income taxes on discontinued operations of: $0,$-10,$0,$22See Notes to Consolidated Financial Statements. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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. 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) | 6 Months Ended |
Jun. 30, 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 Petrochem ical 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 e xport marketing. As a result, we do not cons olidate APLNG, and it is accounted for as an equity method investment. As of June 30, 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 9 —Guarantees, for additional information. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 3—Inventories Inventories consisted of the following: Millions of Dollars June 30 December 31 2015 2014 Crude oil and natural gas $ 474 538 Materials, supplies and other 803 793 $ 1,277 1,331 Inventories valued on the last-in, first-out (LIFO) basis totaled $ 351 million and $ 440 million at June 30, 2015 and December 31, 2014 , respectively . The estimated excess of current replacement cost over LIFO cost of inventories was approximately $ 44 million and $ 6 million at June 30, 2015 and December 31, 2014 , respectively . |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 6 Months Ended |
Jun. 30, 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 June 30, 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 9 — Guarantees, for addi tional 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 June 30, 2015 , the book value of our equity method investment in APLNG was $ 12,105 million, net of a $ 530 million reduction due to cumulative translation effects. The balance is included in the “Investments and long-term rec eivables” line on our consolidated balance sheet. FCCL At June 30, 2015 , the book value of our equity method investment in FCCL was $ 8,979 million, net of a $ 1,004 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 June 30, 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 Pr
Suspended Wells and Wells in Progress | 6 Months Ended |
Jun. 30, 2015 | |
Suspended Wells [Abstract] | |
Suspended Wells | Note 5 —Suspended Wells and Unproved Property Impairments The capitalized cost of suspended wells at June 30, 2015 , was $ 1,423 million, an increase of $ 124 million from $ 1,299 million at year-end 2014 . No suspended wells were charged to dry hole expense during the first six months of 2015 relating to exploratory well costs capitalized for a period greater than one year as of December 31, 2014 . In the second quarter of 2015, we decided not to pursue further evaluation of our Lebork , Damnica and Karwia concessions in Poland and Block 37 lease in Angola. Accordingly, we recorded pre-tax impairments of $ 93 million and $ 116 million, respectively, for the associat ed carrying value of capitalized undeveloped leasehold cost. The impairments are included in the “Exploration expenses” line on our consolidated income statement. |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2015 | |
Impairment Of Long Lived Assets [Abstract] | |
Impairments | Note 6—Impairments During the three- and six-month periods ended June 30, 2015 and 2014, we recognized before-tax impairment charges within the following segments: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Alaska $ 7 - 7 - Lower 48 - 17 - 17 Europe 71 - 87 - Corporate and Other - - - 1 $ 78 17 94 18 The three- and six-month periods of 2015 included impairments in our Europe segment of $71 million, primarily as a result of lower natural gas prices. In addition, during the three-month period ended June 30, 2015, we recognized $209 million of expense in our Other International segment related to impairment of individually significant unproved properties. These unproved property impairments, included in the “Exploration expenses” line on our consolidated income st atement, are further discussed in Note 5 —Suspended Wells and Unproved Property Impairments . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt [Abstract] | |
Debt | Note 7 —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 June 30, 2015 and December 31, 2014 , we had no direct outstanding borrowings under the revolving credit facility, with no letters of credit as of June 30, 2015 or December 31, 2014 . Under the ConocoPhillips Qatar Funding Ltd. commercial paper program, $ 806 million of commercial paper was outstanding at June 30, 2015 , compared with $ 860 million at December 31, 2014 . Since we had $ 806 million of commercial paper outstanding and had issued n o letters of credit, we had access to $ 6.2 billion in borrowing capacity under our revolving credit facility at June 30, 2015 . At June 30, 2015 , we classified $ 750 million of short-term debt as long-term debt, based on our ability and intent to refinance the obligation on a long-term basis under our revolving credit facility. In May 2015, we issued notes consisting of: The $ 750 million of 1.50 % Notes due 2018. The $ 250 million of Floating Rate Note s due 2018 bearing interest at three-month LIBOR, plus 0.33% . The $ 500 million of 2.20 % Notes due 2020. The $ 500 million of Floating Rate Notes due 2022 bearing interest at three-month LIBOR, plus 0.90% . The $ 500 million of 3.35 % Notes due 2025. The net proceeds were used for general corporate purposes . |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | Note 8—Noncontrolling Interests Activity attributable to common stockholders’ equity and noncontrolling interests for the first six 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 93 29 122 4,204 31 4,235 Dividends (1,819) - (1,819) (1,711) - (1,711) Distributions to noncontrolling interests - (43) (43) - (62) (62) Other changes, net* (1,565) 1 (1,564) 732 - 732 Balance at June 30 $ 48,620 349 48,969 55,315 371 55,686 *Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees [Abstract] | |
Guarantees | Note 9 —Guarantees At June 30, 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 June 30, 2015 , we had out standing 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 June 2015 exchange rates: We have guaranteed APLNG’s p erformance 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 pay ments related to this guarantee is approximately $ 100 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 issu ed 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 June 30, 2015 , is $ 3.1 billion based upon our pro-rata share of the facility used at that date. At June 30, 2015 , the carrying value of this guarantee is approximately $ 114 million. In conjunct ion 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 pr oject’s continued development. The guarantees have remaining terms of up to 30 years or the life of the venture . Our maximum potential amount of future payments related to these guarantees is approximately $ 170 million and would become payable if APLNG do es not perform. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $ 370 million, which consist primarily of guarantees of the residual value of leased corporate aircraft, a guarantee for our portion of a joint venture’s debt obligations, a guarantee to fund the short-term cash liquidity deficit of a joint venture, and a guarantee of minimum charter revenue for an LNG vessel. These guarantees have remaining terms of up to nine 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 June 30, 2015 , was approximately $ 90 million. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surround ing 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 pa yments. Included in the recorded carrying amount at June 30, 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 10 —Contingencies and Commitments. On April 30, 2012, the separation of our Downstream businesses was completed, creating two independent energy companies: ConocoPhillips and Phillips 66. In connection with the separation, we entered into an Indemnification and Release Agreement, which provides for cross-indemnities between Phillips 66 and us and established procedures for handling claims subject to indemnification and related matters. We evaluated the impact of the indemnifications given and the Phillips 66 indemnifications received as of the separation date and concluded those fair values were immaterial. 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 June 30, 2015, the car rying value of this guarantee is approximately $ 100 million and the remaining term is nine years . Because Phillips 66 has indemnified us for losses incurred under this guarantee, we have recorded an indemnification asset from Phillips 66 o f 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 amount s in excess of that value, provided Phillips 66 is a going concern. |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2015 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 10 —Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been made against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the ca se 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 rela ted 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 re spect 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. Es timated 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. Whe n 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 jo int 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 E PA 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 settle ment 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 resu lt 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 an d 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 accrua ls 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 June 30, 2015 , our balance sheet included a total environmental accrual of $ 306 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 assessmen ts, 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 conti nue 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 professi onal 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 existi ng 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 June 30, 2015 , we had performance obligations secured by letters of credit of $ 400 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 mi xta 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 D isputes (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 t he 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 a nd 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 supp lemental 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 ex propriation 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 serve d 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 June 30, 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 Law s (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 bus iness are not known at this time. |
Derivative and Financial Instru
Derivative and Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Note 11 —Derivative and Financial Instruments Derivative Instruments We use futures, forwards, swaps and options in various markets to meet our customer needs and capture market opportunities. Our commodity business primarily consists of natural gas, crude oil, bitumen, LNG and natural gas liquids. Our derivative instru ments 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 design ated 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 June 30 December 31 2015 2014 Assets Prepaid expenses and other current assets $ 2,386 4,500 Other assets 112 157 Liabilities Other accruals 2,398 4,426 Other liabilities and deferred credits 101 144 The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Sales and other operating revenues $ 44 184 28 421 Other income 2 1 1 2 Purchased commodities (47) (163) (3) (384) The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) June 30 December 31 2015 2014 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (23) (11) Basis (13) 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 exchan ge 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 June 30 December 31 2015 2014 Assets Prepaid expenses and other current assets $ 25 1 Liabilities Other accruals 2 1 The gains 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 Six Months Ended June 30 June 30 2015 2014 2015 2014 Foreign currency transaction gains $ (37) (7) (13) (7) We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency June 30 December 31 2015 2014 Sell U.S. dollar, buy other currencies* USD 55 7 Buy U.S. dollar, sell other currencies** USD 20 44 Sell British pound, buy euro GBP 6 - Buy British pound, sell other currencies*** GBP 309 20 *Primarily Canadian dollar and British pound. **Primarily Canadian dollar and Norwegian krone. ***Primarily Canadian dollar 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 June 30 December 31 2015 2014 Cash $ 677 946 Money Market Funds - 50 Time deposits Remaining maturities from 1 to 90 days 3,136 3,726 Commercial paper Remaining maturities from 1 to 90 days - 340 $ 3,813 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 c ounterparty 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 re ceivables 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 li mits 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 o r 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 ot her 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 belo w 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 . The aggrega te fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position on June 30, 2015 and December 31, 2014 , was $ 100 million and $ 150 million, respectively. For these instruments, no collateral was posted as of June 30, 2015 or December 31, 2014 . If our credit rating had been lowered one level from its “A” rating (per Standard and Poor’s) on June 30, 2015 , we would be required to post no additional collate ral to our counterparties. If we had been downgraded below investment grade, we would be required to post $ 100 million of additional collateral, either with cash or letters of credit. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 12 —Fair Value Measurement We carry a portion of our assets and liabilities at fair value that are measured at a reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the following hierarchy: Level 1: Quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: Inputs other than quoted prices that are directly or indirectly obs ervable. 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 exch ange-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 commoditie s, 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 June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Deferred compensation investments $ 27 - - 27 297 - - 297 Commodity derivatives 2,236 192 70 2,498 4,221 361 75 4,657 Total assets $ 2,263 192 70 2,525 4,518 361 75 4,954 Liabilities Commodity derivatives $ 2,263 224 12 2,499 4,200 354 16 4,570 Total liabilities $ 2,263 224 12 2,499 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 June 30, 2015 Assets $ 2,498 2,334 164 - 12 152 Liabilities 2,499 2,334 165 28 9 128 December 31, 2014 Assets $ 4,657 4,352 305 8 28 269 Liabilities 4,570 4,352 218 4 22 192 At June 30, 2015 and December 31, 2014, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. Non-Recurring Fair Value Measurement The following table summarizes the fair value hierarchy by major category for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 3 Inputs Before-Tax Loss June 30, 2015 Net PP&E (held for use) $ 42 42 70 Net properties , plants and equipment (PP&E) held for use is comprised of various producing properties impaired to their individual fair values less costs to sell. The fair values were determined by internal discounted cash flow models using estimates of future production, prices from futures excha nges and pricing service companies, costs, and a discount rate believed to be consistent with those used by principal market participants. 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 re lated 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 June 30 December 31 June 30 December 31 2015 2014 2015 2014 Financial assets Deferred compensation investments $ 27 297 27 297 Commodity derivatives 164 297 164 297 Total loans and advances—related parties 861 913 861 913 Financial liabilities Total debt, excluding capital leases 24,068 21,707 26,746 25,191 Commodity derivatives 137 214 137 214 Deferred compensation investments In May 2015, we liquidated certain deferred compensation investments for proceeds of $267 million, which is included in the “Other” line within “Cash Flows From Investing Activities” on our consolidated statement of cash flows . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 13—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) December 31, 2014 $ (1,261) (641) (1,902) Other comprehensive income (loss) 193 (1,932) (1,739) June 30, 2015 $ (1,068) (2,573) (3,641) Foreign Currency Translation decreased due to the strengthening of the U.S. dollar relative to the Canadian dollar, Australian dollar and Norwegian krone. There were no items within accumulated other comprehensive income (loss) related to noncontrolling interests. The following table summarizes reclassifications out of accumulated other comprehensive income: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Defined benefit plans $ 64 20 96 40 Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of: $ 35 12 52 23 See Note 15 — Employee Benefit Plans, for additional information. |
Cash Flow Information
Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 14—Cash Flow Information Millions of Dollars Six Months Ended June 30 2015 2014 Cash Payments Interest $ 399 311 Income taxes* 172 2,321 Net Sales (Purchases) of Short-Term Investments Short-term investments purchased $ - (492) Short-term investments sold - 484 $ - (8) *Includes $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes. In relation to certain working capital changes associated with investing activities, we reclassified $ 84 million of the “Decrease in accounts payable” line within “Cash Flows From Ope rating Activities” to the “Working capital changes associated with investing activities” line within “Cash Flows From Investing Activities” for the six months ended June 30, 2014 . There was no impact to “Cash and Cash Equivalents at End of Perio d. ” |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 15 — Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 36 31 31 28 - - Interest cost 39 34 41 42 7 7 Expected return on plan assets (53) (43) (53) (46) - - Amortization of prior service cost (credit) 1 (2) 2 (2) (2) (1) Recognized net actuarial loss 29 21 19 14 - - Settlements 52 - - - - - Net periodic benefit cost $ 104 41 40 36 5 6 Six Months Ended June 30 Service cost $ 72 63 62 56 1 1 Interest cost 79 68 82 84 14 14 Expected return on plan assets (107) (87) (106) (92) - - Amortization of prior service cost (credit) 3 (4) 3 (4) (3) (2) Recognized net actuarial loss (gain) 57 42 38 29 1 (1) Settlements 52 - - - - - Net periodic benefit cost $ 156 82 79 73 13 12 During the first six months of 2015 , we contributed $ 34 million to our domestic benefit plans and $ 71 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. During the three - month period en ded June 30, 2015 , we determined lump-sum benefit payments will exceed the sum of service and interest costs for the fiscal year for the U.S. qualified pension plan and certain U.S. non-qualified supplemental retirement plans. As a result, we recognized a proportionate share of prior actuarial losses from other comprehensive income as pension settlement expense of $ 52 million. In conjunction with the recognition of pension settlement expense, the assets and pension benefit obligation of the U.S . qualified pension plan were remeasured and the impact on the net pension liability was immaterial. Due to an ongoing restructuring program in the Europe segment, we recognized additional expense of $ 10 million associated with employee spe cial termination benefits during the three - month period ended June 30, 2015 , and $ 60 million during the six - month period ended June 30, 2015 , of which approximately 62 percent is expected to be recovered from partner s. During the three - month period ended June 30, 2015 , there was an amendment to the other post retirement benefit plan. The benefit obligation decreased by $ 140 million for changes in the substantive plan made to retiree medical benefits. The $ 140 million decrease consists of a decrease of $ 91 million related to cost sharing changes for retirees for medical benefits, and a decrease of $ 49 million associated with excluding emplo yees and retirees of Phillips 66 who were not enrolled in a ConocoPhillips retiree medical plan as of July 1, 2015 . In conjunction with the recognition of the changes in the amendment, the benefit obligation was remeasured . At the remeasurement date, the benefit obligation decreased an additional $ 14 million related to changes in the discount rate and demographics of plan participants. The other postretirement benefits obligation decrease of $ 154 million resulted in a corresponding increase to other comprehensive income. The measurement of the accumulated postretirement benefit obligation for the post-65 retiree medical plan assumes a health care cost trend rate of 2 percent in 2015 that incr eases to 5 percent in 2018. 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 occurred during 2015 . The following table summarizes our severance accrual activity for the six - month period e nded June 30, 2015 : Millions of Dollars Balance at December 31, 2014 $ 61 Accruals 88 Accrual reversals (4) Benefit payments (84) Foreign currency translation adjustments (2) Balance at June 30, 2015 $ 59 Of the remaining balance at June 30, 2015 , $ 21 million is classified as short-term. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16—Related Party Transactions We consider our equity method investments to be related parties. Significant transactions with related parties were: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Operating revenues and other income $ 27 36 52 57 Purchases 25 52 47 100 Operating expenses and selling, general and administrative expenses* 17 14 35 32 Net interest (income) expense** (2) (12) (4) (24) *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 Related
Segment Disclosures and Related Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Disclosures and Related Information [Abstract] | |
Segment Disclosures and Related Information | Note 17 —Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and natural gas liquids on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska, Lower 48, Canada, Europe, Asia Pacific and Middle East, and Other International. After agreeing to sell our Nigeria business in 2012, we completed the sale 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 overhe ad 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 pr ices that approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Sales and Other Operating Revenues Alaska $ 1,338 2,407 2,388 4,593 Lower 48 3,176 5,530 6,315 12,114 Intersegment eliminations (13) (22) (35) (60) Lower 48 3,163 5,508 6,280 12,054 Canada 653 1,168 1,356 3,027 Intersegment eliminations (79) (145) (189) (490) Canada 574 1,023 1,167 2,537 Europe 1,775 2,745 3,329 5,954 Intersegment eliminations (1) (44) (1) (44) Europe 1,774 2,701 3,328 5,910 Asia Pacific and Middle East 1,286 2,151 2,674 4,100 Other International - 3 (5) 5 Corporate and Other 158 28 177 37 Consolidated sales and other operating revenues $ 8,293 13,821 16,009 29,236 Net Income (loss) Attributable to ConocoPhillips Alaska $ 195 627 340 1,225 Lower 48 (293) 265 (698) 589 Canada (166) 182 (324) 538 Europe 37 259 674 606 Asia Pacific and Middle East 328 845 723 1,587 Other International (148) 121 (241) 92 Corporate and Other (132) (251) (381) (486) Discontinued operations - 33 - 53 Consolidated net income (loss) attributable to ConocoPhillips $ (179) 2,081 93 4,204 Millions of Dollars June 30 December 31 2015 2014 Total Assets Alaska $ 13,193 12,655 Lower 48 29,545 30,185 Canada 20,623 21,764 Europe 15,420 16,125 Asia Pacific and Middle East 25,136 25,976 Other International 1,645 1,961 Corporate and Other 6,441 7,815 Discontinued operations - 58 Consolidated total assets $ 112,003 116,539 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 18 —Income Taxes Our effective tax rates from continuing operations for the second quarter and first six months of 2015 were negative 80 percent and positive 127 percent, respectively, compared with positive 40 percent and positive 42 percent for the same periods of 2014 . The decrease in the effective tax rate for the second quarter was primarily due to our overall pre-t ax loss position, the effect of the 2015 Canadian tax law change generating a tax expense, discussed below, and pre-tax income in high tax jurisdictions, partially offset by pre-tax losses in low tax jurisdictions. The increase in the effective tax rate for the first six months of 2015 was primarily due to our overall pre-tax loss position; the effect of the first quarter 2015 U.K. tax law change generating a tax benefit, discussed below; and pre-tax losses in low tax jurisdictions, partial ly offset by the second quarter 2015 Canadian tax law change and pre-tax income in high tax jurisdictions. 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 cons olidated income statement. In Canada, legislation was enacted on June 29, 2015 , to increase the overall Canadian corporation tax rate from 25 percent to 27 percent effective July 1, 2015 . As a result, a $ 129 million net tax expense for revaluing the Canadian deferred tax liability is reflected in the “Provision (benefit) for income taxes” line on our consolidated income statement. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Standards [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 19 — 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 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 expect s 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 do not expect the adoption of this ASU to have a material impact on our consolidated financial statements and disclosures. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [TextBlock] | Note 20 —Subsequent Events In July 2015, we announced our plan to reduce future deepwater exploration spending. The decision will most significantly impact our operated Gulf of Mexico program, where we have provided a notice of termination of the contract for a Gulf of Mexico deepwater drillship. The drillship was scheduled for delivery in late 2015 to begin drilling our operated deepwater well inventory on a three-year term. Under the terms of the contract, we are subject to a termination fee th at represents up to two years of contract day rates. The termination fee is reduced for cost savings when the rig is idle and without a contract, as well as if the rig is re-contracted to another party. As a result of this cancellation, we expect to reco rd pre-tax charges in our third quarter 2015 earnings of up to $400 million for the rig termination fee and approximately $60 million for the write-off of certain capitalized rig-related costs. |
Supplementary Information - Con
Supplementary Information - Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 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 ConocoPhill ips 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 obl igations 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 Compan y 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 se ttle certain accumulated intercompany balances. The transaction, reflected in the second quarter 2015 Condensed Consolidating Financial Information for ConocoPhillips and ConocoPhillips Company, had no impact on our consolidated f inancial statements. Millions of Dollars Three Months Ended June 30, 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 $ - 3,102 - 5,191 - 8,293 Equity in earnings of affiliates (120) 215 - 138 25 258 Gain on dispositions - 2 - 50 - 52 Other income - 10 - 47 - 57 Intercompany revenues 18 82 63 952 (1,115) - Total Revenues and Other Income (102) 3,411 63 6,378 (1,090) 8,660 Costs and Expenses Purchased commodities - 2,568 - 1,610 (948) 3,230 Production and operating expenses - 395 - 1,405 (2) 1,798 Selling, general and administrative expenses 3 162 - 53 - 218 Exploration expenses - 143 - 406 - 549 Depreciation, depletion and amortization - 301 - 2,028 - 2,329 Impairments - - - 78 - 78 Taxes other than income taxes - 50 - 175 - 225 Accretion on discounted liabilities - 15 - 107 - 122 Interest and debt expense 121 111 57 86 (165) 210 Foreign currency transaction (gains) losses (16) 1 146 (139) - (8) Total Costs and Expenses 108 3,746 203 5,809 (1,115) 8,751 Income (loss) from continuing operations before income taxes (210) (335) (140) 569 25 (91) Provision (benefit) for income taxes (31) (215) (20) 339 - 73 Net income (loss) (179) (120) (120) 230 25 (164) Less: net income attributable to noncontrolling interests - - - (15) - (15) Net Income (Loss) Attributable to ConocoPhillips $ (179) (120) (120) 215 25 (179) Comprehensive Income (Loss) Attributable to ConocoPhillips $ 769 828 (33) 988 (1,783) 769 Income Statement Three Months Ended June 30, 2014 Revenues and Other Income Sales and other operating revenues $ - 5,105 - 8,716 - 13,821 Equity in earnings of affiliates 2,119 2,514 - 539 (4,500) 672 Gain on dispositions - 2 - 5 - 7 Other income - 27 - 174 - 201 Intercompany revenues 19 111 71 1,598 (1,799) - Total Revenues and Other Income 2,138 7,759 71 11,032 (6,299) 14,701 Costs and Expenses Purchased commodities - 4,431 - 2,631 (1,567) 5,495 Production and operating expenses - 481 - 1,596 (47) 2,030 Selling, general and administrative expenses 3 156 - 59 - 218 Exploration expenses - 238 - 279 - 517 Depreciation, depletion and amortization - 261 - 1,809 - 2,070 Impairments - 17 - - - 17 Taxes other than income taxes - 71 - 541 - 612 Accretion on discounted liabilities - 15 - 105 - 120 Interest and debt expense 148 62 58 72 (185) 155 Foreign currency transaction (gains) losses (22) 2 151 (124) - 7 Total Costs and Expenses 129 5,734 209 6,968 (1,799) 11,241 Income (loss) from continuing operations before income taxes 2,009 2,025 (138) 4,064 (4,500) 3,460 Provision (benefit) for income taxes (39) (94) (4) 1,532 - 1,395 Income (Loss) From Continuing Operations 2,048 2,119 (134) 2,532 (4,500) 2,065 Income from discontinued operations 33 33 - 33 (66) 33 Net income (loss) 2,081 2,152 (134) 2,565 (4,566) 2,098 Less: net income attributable to noncontrolling interests - - - (17) - (17) Net Income (Loss) Attributable to ConocoPhillips $ 2,081 2,152 (134) 2,548 (4,566) 2,081 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 2,777 2,848 (14) 3,220 (6,054) 2,777 Millions of Dollars Six Months Ended June 30, 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 $ - 6,035 - 9,974 - 16,009 Equity in earnings of affiliates 261 1,028 - 716 (1,542) 463 Gain on dispositions - 33 - 71 - 104 Other income - 17 - 69 - 86 Intercompany revenues 37 180 127 1,795 (2,139) - Total Revenues and Other Income 298 7,293 127 12,625 (3,681) 16,662 Costs and Expenses Purchased commodities - 5,128 - 3,104 (1,765) 6,467 Production and operating expenses - 795 - 2,839 (34) 3,600 Selling, general and administrative expenses 6 282 - 98 (9) 377 Exploration expenses - 343 - 688 - 1,031 Depreciation, depletion and amortization - 560 - 3,900 - 4,460 Impairments - - - 94 - 94 Taxes other than income taxes - 119 - 330 - 449 Accretion on discounted liabilities - 29 - 214 - 243 Interest and debt expense 242 212 114 175 (331) 412 Foreign currency transaction (gains) losses 47 - (232) 161 - (24) Total Costs and Expenses 295 7,468 (118) 11,603 (2,139) 17,109 Income (loss) from continuing operations before income taxes 3 (175) 245 1,022 (1,542) (447) Benefit from income taxes (90) (436) (9) (34) - (569) Income From Continuing Operations 93 261 254 1,056 (1,542) 122 Net income 93 261 254 1,056 (1,542) 122 Less: net income attributable to noncontrolling interests - - - (29) - (29) Net Income Attributable to ConocoPhillips $ 93 261 254 1,027 (1,542) 93 Comprehensive Income (Loss) Attributable to ConocoPhillips $ (1,646) (1,478) (3) (886) 2,367 (1,646) Income Statement Six Months Ended June 30, 2014 Revenues and Other Income Sales and other operating revenues $ - 11,248 - 17,988 - 29,236 Equity in earnings of affiliates* 4,331 4,965 - 1,260 (9,312) 1,244 Gain on dispositions - 1 - 15 - 16 Other income - 45 - 208 - 253 Intercompany revenues* 39 265 142 3,241 (3,687) - Total Revenues and Other Income 4,370 16,524 142 22,712 (12,999) 30,749 Costs and Expenses Purchased commodities - 9,948 - 5,921 (3,247) 12,622 Production and operating expenses - 841 - 3,134 (50) 3,925 Selling, general and administrative expenses 6 280 - 128 (14) 400 Exploration expenses - 382 - 431 - 813 Depreciation, depletion and amortization - 503 - 3,459 - 3,962 Impairments - 18 - - - 18 Taxes other than income taxes - 164 - 1,099 - 1,263 Accretion on discounted liabilities - 29 - 208 - 237 Interest and debt expense* 307 132 116 147 (376) 326 Foreign currency transaction (gains) losses 3 2 12 8 - 25 Total Costs and Expenses 316 12,299 128 14,535 (3,687) 23,591 Income from continuing operations before income taxes 4,054 4,225 14 8,177 (9,312) 7,158 Provision (benefit) for income taxes (97) (106) (2) 3,181 - 2,976 Income From Continuing Operations 4,151 4,331 16 4,996 (9,312) 4,182 Income from discontinued operations 53 53 - 53 (106) 53 Net income 4,204 4,384 16 5,049 (9,418) 4,235 Less: net income attributable to noncontrolling interests - - - (31) - (31) Net Income Attributable to ConocoPhillips $ 4,204 4,384 16 5,018 (9,418) 4,204 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 4,700 4,880 (5) 5,475 (10,350) 4,700 *"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany revenues" lines for ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. Millions of Dollars June 30, 2015 Balance Sheet ConocoPhillips ConocoPhillips Company ConocoPhillips Canada Funding Company I All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 35 8 3,770 - 3,813 Accounts and notes receivable 12 1,950 15 6,492 (3,290) 5,179 Inventories - 199 - 1,078 - 1,277 Prepaid expenses and other current assets 1 656 20 1,043 (45) 1,675 Total Current Assets 13 2,840 43 12,383 (3,335) 11,944 Investments, loans and long-term receivables* 52,063 70,361 3,777 30,775 (132,324) 24,652 Net properties, plants and equipment - 9,924 - 64,463 - 74,387 Other assets 7 143 300 1,310 (740) 1,020 Total Assets $ 52,083 83,268 4,120 108,931 (136,399) 112,003 Liabilities and Stockholders’ Equity Accounts payable $ - 4,153 4 5,002 (3,290) 5,869 Short-term debt (9) 1 5 141 - 138 Accrued income and other taxes - 128 - 752 - 880 Employee benefit obligations - 445 - 175 - 620 Other accruals 170 273 63 766 (45) 1,227 Total Current Liabilities 161 5,000 72 6,836 (3,335) 8,734 Long-term debt 7,513 10,661 2,969 3,644 - 24,787 Asset retirement obligations and accrued environmental costs - 1,320 - 9,247 - 10,567 Deferred income taxes - 331 - 14,048 (6) 14,373 Employee benefit obligations - 1,991 - 858 - 2,849 Other liabilities and deferred credits* 2,348 6,845 1,072 16,542 (25,083) 1,724 Total Liabilities 10,022 26,148 4,113 51,175 (28,424) 63,034 Retained earnings 36,258 21,707 (842) 18,366 (32,710) 42,779 Other common stockholders’ equity 5,803 35,413 849 39,041 (75,265) 5,841 Noncontrolling interests - - - 349 - 349 Total Liabilities and Stockholders’ Equity $ 52,083 83,268 4,120 108,931 (136,399) 112,003 *Includes intercompany loans. Balance Sheet December 31, 2014 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 Six Months Ended June 30, 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) Operating Activities (124) 348 1 3,623 194 4,042 Cash Flows From Investing Activities Capital expenditures and investments - (1,642) - (4,773) 676 (5,739) Working capital changes associated with investing activities - (27) - (651) - (678) Proceeds from asset dispositions 2,000 94 - 205 (2,005) 294 Long-term advances/loans—related parties - (179) - (551) 730 - Collection of advances/loans—related parties - - - 152 (100) 52 Intercompany cash management (231) (574) - 805 - - Other - 292 - (1) - 291 Net Cash Provided by (Used in) Investing Activities 1,769 (2,036) - (4,814) (699) (5,780) Cash Flows From Financing Activities Issuance of debt - 3,049 - 179 (730) 2,498 Repayment of debt - (100) - (62) 100 (62) Issuance of company common stock 172 - - - (218) (46) Dividends paid (1,819) - - (24) 24 (1,819) Other 2 (1,996) - 630 1,329 (35) Net Cash Provided by (Used in) Financing Activities (1,645) 953 - 723 505 536 Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - (47) - (47) Net Change in Cash and Cash Equivalents - (735) 1 (515) - (1,249) Cash and cash equivalents at beginning of period - 770 7 4,285 - 5,062 Cash and Cash Equivalents at End of Period $ - 35 8 3,770 - 3,813 Statement of Cash Flows Six Months Ended June 30, 2014* Cash Flows From Operating Activities Net cash provided by continuing operating activities $ 14,876 55 31 9,868 (15,073) 9,757 Net cash provided by discontinued operations - 170 - 232 (272) 130 Net Cash Provided by Operating Activities 14,876 225 31 10,100 (15,345) 9,887 Cash Flows From Investing Activities Capital expenditures and investments - (1,981) - (7,106) 946 (8,141) Working capital changes associated with investing activities - 40 - 44 - 84 Proceeds from asset dispositions 16,912 13 - 60 (16,922) 63 Net purchases of short-term investments - - - (8) - (8) Long-term advances/loans—related parties - (546) - (7) 553 - Collection of advances/loans—related parties - 30 - 47 - 77 Intercompany cash management (29,908) 33,248 - (3,340) - - Other - 103 - (7) - 96 Net cash provided by (used in) continuing investing activities (12,996) 30,907 - (10,317) (15,423) (7,829) Net cash used in discontinued operations - (1) - (63) 1 (63) Net Cash Provided by (Used in) Investing Activities (12,996) 30,906 - (10,380) (15,422) (7,892) Cash Flows From Financing Activities Issuance of debt - - - 553 (553) - Repayment of debt (400) - - (50) - (450) Issuance of company common stock 234 - - - (188) 46 Dividends paid (1,711) (15,088) - (275) 15,363 (1,711) Other (3) (16,876) - 875 15,976 (28) Net cash provided by (used in) continuing financing activities (1,880) (31,964) - 1,103 30,598 (2,143) Net cash used in discontinued operations - - - (169) 169 - Net Cash Provided by (Used in) Financing Activities (1,880) (31,964) - 934 30,767 (2,143) Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - 44 - 44 Net Change in Cash and Cash Equivalents - (833) 31 698 - (104) Cash and cash equivalents at beginning of period - 2,434 229 3,583 - 6,246 Cash and Cash Equivalents at End of Period $ - 1,601 260 4,281 - 6,142 *Certain amounts have been reclassified to conform to current-period presentation. See Note 14—Cash Flow Information, in the Notes to the Consolidated Financial Statements. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 3—Inventories Inventories consisted of the following: Millions of Dollars June 30 December 31 2015 2014 Crude oil and natural gas $ 474 538 Materials, supplies and other 803 793 $ 1,277 1,331 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Impairment Of Long Lived Assets [Abstract] | |
Impairment charges by segment before tax. | Note 6—Impairments During the three- and six-month periods ended June 30, 2015 and 2014, we recognized before-tax impairment charges within the following segments: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Alaska $ 7 - 7 - Lower 48 - 17 - 17 Europe 71 - 87 - Corporate and Other - - - 1 $ 78 17 94 18 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interests [Abstract] | |
Change in equity attributable to non-controlling interests | Note 8—Noncontrolling Interests Activity attributable to common stockholders’ equity and noncontrolling interests for the first six 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 93 29 122 4,204 31 4,235 Dividends (1,819) - (1,819) (1,711) - (1,711) Distributions to noncontrolling interests - (43) (43) - (62) (62) Other changes, net* (1,565) 1 (1,564) 732 - 732 Balance at June 30 $ 48,620 349 48,969 55,315 371 55,686 *Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Derivative and Financial Inst32
Derivative and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 December 31 2015 2014 Assets Prepaid expenses and other current assets $ 2,386 4,500 Other assets 112 157 Liabilities Other accruals 2,398 4,426 Other liabilities and deferred credits 101 144 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 June 30 December 31 2015 2014 Assets Prepaid expenses and other current assets $ 25 1 Liabilities Other accruals 2 1 |
Income statement location and gain/loss amounts of derivatives | The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Sales and other operating revenues $ 44 184 28 421 Other income 2 1 1 2 Purchased commodities (47) (163) (3) (384) The gains 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 Six Months Ended June 30 June 30 2015 2014 2015 2014 Foreign currency transaction gains $ (37) (7) (13) (7) |
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) June 30 December 31 2015 2014 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (23) (11) Basis (13) 18 We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency June 30 December 31 2015 2014 Sell U.S. dollar, buy other currencies* USD 55 7 Buy U.S. dollar, sell other currencies** USD 20 44 Sell British pound, buy euro GBP 6 - Buy British pound, sell other currencies*** GBP 309 20 *Primarily Canadian dollar and British pound. **Primarily Canadian dollar and Norwegian krone. ***Primarily Canadian dollar and euro. |
Balances of financial instruments | Millions of Dollars Carrying Amount Cash and Cash Equivalents June 30 December 31 2015 2014 Cash $ 677 946 Money Market Funds - 50 Time deposits Remaining maturities from 1 to 90 days 3,136 3,726 Commercial paper Remaining maturities from 1 to 90 days - 340 $ 3,813 5,062 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurement [Abstract] | |
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Deferred compensation investments $ 27 - - 27 297 - - 297 Commodity derivatives 2,236 192 70 2,498 4,221 361 75 4,657 Total assets $ 2,263 192 70 2,525 4,518 361 75 4,954 Liabilities Commodity derivatives $ 2,263 224 12 2,499 4,200 354 16 4,570 Total liabilities $ 2,263 224 12 2,499 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 June 30, 2015 Assets $ 2,498 2,334 164 - 12 152 Liabilities 2,499 2,334 165 28 9 128 December 31, 2014 Assets $ 4,657 4,352 305 8 28 269 Liabilities 4,570 4,352 218 4 22 192 At June 30, 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 June 30 December 31 June 30 December 31 2015 2014 2015 2014 Financial assets Deferred compensation investments $ 27 297 27 297 Commodity derivatives 164 297 164 297 Total loans and advances—related parties 861 913 861 913 Financial liabilities Total debt, excluding capital leases 24,068 21,707 26,746 25,191 Commodity derivatives 137 214 137 214 |
Values of assets, by major category, measured at fair value on a nonrecurring basis | Non-Recurring Fair Value Measurement The following table summarizes the fair value hierarchy by major category for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 3 Inputs Before-Tax Loss June 30, 2015 Net PP&E (held for use) $ 42 42 70 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Components of accumulated other comprehensive income in the equity section of the balance sheet | Note 13—Accumulated Other Comprehensive Income Accumulated other comprehensive income (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) December 31, 2014 $ (1,261) (641) (1,902) Other comprehensive income (loss) 193 (1,932) (1,739) June 30, 2015 $ (1,068) (2,573) (3,641) 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: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Defined benefit plans $ 64 20 96 40 Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of: $ 35 12 52 23 See Note 15 — Employee Benefit Plans, for additional information. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 14—Cash Flow Information Millions of Dollars Six Months Ended June 30 2015 2014 Cash Payments Interest $ 399 311 Income taxes* 172 2,321 Net Sales (Purchases) of Short-Term Investments Short-term investments purchased $ - (492) Short-term investments sold - 484 $ - (8) *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) | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Pension and Postretirement Plans | Note 15 — Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 36 31 31 28 - - Interest cost 39 34 41 42 7 7 Expected return on plan assets (53) (43) (53) (46) - - Amortization of prior service cost (credit) 1 (2) 2 (2) (2) (1) Recognized net actuarial loss 29 21 19 14 - - Settlements 52 - - - - - Net periodic benefit cost $ 104 41 40 36 5 6 Six Months Ended June 30 Service cost $ 72 63 62 56 1 1 Interest cost 79 68 82 84 14 14 Expected return on plan assets (107) (87) (106) (92) - - Amortization of prior service cost (credit) 3 (4) 3 (4) (3) (2) Recognized net actuarial loss (gain) 57 42 38 29 1 (1) Settlements 52 - - - - - Net periodic benefit cost $ 156 82 79 73 13 12 |
Severance accrual | Millions of Dollars Balance at December 31, 2014 $ 61 Accruals 88 Accrual reversals (4) Benefit payments (84) Foreign currency translation adjustments (2) Balance at June 30, 2015 $ 59 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Significant transactions with related parties | Note 16—Related Party Transactions We consider our equity method investments to be related parties. Significant transactions with related parties were: Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Operating revenues and other income $ 27 36 52 57 Purchases 25 52 47 100 Operating expenses and selling, general and administrative expenses* 17 14 35 32 Net interest (income) expense** (2) (12) (4) (24) *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 Relat38
Segment Disclosures and Related Information (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30 June 30 2015 2014 2015 2014 Sales and Other Operating Revenues Alaska $ 1,338 2,407 2,388 4,593 Lower 48 3,176 5,530 6,315 12,114 Intersegment eliminations (13) (22) (35) (60) Lower 48 3,163 5,508 6,280 12,054 Canada 653 1,168 1,356 3,027 Intersegment eliminations (79) (145) (189) (490) Canada 574 1,023 1,167 2,537 Europe 1,775 2,745 3,329 5,954 Intersegment eliminations (1) (44) (1) (44) Europe 1,774 2,701 3,328 5,910 Asia Pacific and Middle East 1,286 2,151 2,674 4,100 Other International - 3 (5) 5 Corporate and Other 158 28 177 37 Consolidated sales and other operating revenues $ 8,293 13,821 16,009 29,236 Net Income (loss) Attributable to ConocoPhillips Alaska $ 195 627 340 1,225 Lower 48 (293) 265 (698) 589 Canada (166) 182 (324) 538 Europe 37 259 674 606 Asia Pacific and Middle East 328 845 723 1,587 Other International (148) 121 (241) 92 Corporate and Other (132) (251) (381) (486) Discontinued operations - 33 - 53 Consolidated net income (loss) attributable to ConocoPhillips $ (179) 2,081 93 4,204 Millions of Dollars June 30 December 31 2015 2014 Total Assets Alaska $ 13,193 12,655 Lower 48 29,545 30,185 Canada 20,623 21,764 Europe 15,420 16,125 Asia Pacific and Middle East 25,136 25,976 Other International 1,645 1,961 Corporate and Other 6,441 7,815 Discontinued operations - 58 Consolidated total assets $ 112,003 116,539 |
Supplementary Information - C39
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidated Income Statement | Millions of Dollars Three Months Ended June 30, 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 $ - 3,102 - 5,191 - 8,293 Equity in earnings of affiliates (120) 215 - 138 25 258 Gain on dispositions - 2 - 50 - 52 Other income - 10 - 47 - 57 Intercompany revenues 18 82 63 952 (1,115) - Total Revenues and Other Income (102) 3,411 63 6,378 (1,090) 8,660 Costs and Expenses Purchased commodities - 2,568 - 1,610 (948) 3,230 Production and operating expenses - 395 - 1,405 (2) 1,798 Selling, general and administrative expenses 3 162 - 53 - 218 Exploration expenses - 143 - 406 - 549 Depreciation, depletion and amortization - 301 - 2,028 - 2,329 Impairments - - - 78 - 78 Taxes other than income taxes - 50 - 175 - 225 Accretion on discounted liabilities - 15 - 107 - 122 Interest and debt expense 121 111 57 86 (165) 210 Foreign currency transaction (gains) losses (16) 1 146 (139) - (8) Total Costs and Expenses 108 3,746 203 5,809 (1,115) 8,751 Income (loss) from continuing operations before income taxes (210) (335) (140) 569 25 (91) Provision (benefit) for income taxes (31) (215) (20) 339 - 73 Net income (loss) (179) (120) (120) 230 25 (164) Less: net income attributable to noncontrolling interests - - - (15) - (15) Net Income (Loss) Attributable to ConocoPhillips $ (179) (120) (120) 215 25 (179) Comprehensive Income (Loss) Attributable to ConocoPhillips $ 769 828 (33) 988 (1,783) 769 Income Statement Three Months Ended June 30, 2014 Revenues and Other Income Sales and other operating revenues $ - 5,105 - 8,716 - 13,821 Equity in earnings of affiliates 2,119 2,514 - 539 (4,500) 672 Gain on dispositions - 2 - 5 - 7 Other income - 27 - 174 - 201 Intercompany revenues 19 111 71 1,598 (1,799) - Total Revenues and Other Income 2,138 7,759 71 11,032 (6,299) 14,701 Costs and Expenses Purchased commodities - 4,431 - 2,631 (1,567) 5,495 Production and operating expenses - 481 - 1,596 (47) 2,030 Selling, general and administrative expenses 3 156 - 59 - 218 Exploration expenses - 238 - 279 - 517 Depreciation, depletion and amortization - 261 - 1,809 - 2,070 Impairments - 17 - - - 17 Taxes other than income taxes - 71 - 541 - 612 Accretion on discounted liabilities - 15 - 105 - 120 Interest and debt expense 148 62 58 72 (185) 155 Foreign currency transaction (gains) losses (22) 2 151 (124) - 7 Total Costs and Expenses 129 5,734 209 6,968 (1,799) 11,241 Income (loss) from continuing operations before income taxes 2,009 2,025 (138) 4,064 (4,500) 3,460 Provision (benefit) for income taxes (39) (94) (4) 1,532 - 1,395 Income (Loss) From Continuing Operations 2,048 2,119 (134) 2,532 (4,500) 2,065 Income from discontinued operations 33 33 - 33 (66) 33 Net income (loss) 2,081 2,152 (134) 2,565 (4,566) 2,098 Less: net income attributable to noncontrolling interests - - - (17) - (17) Net Income (Loss) Attributable to ConocoPhillips $ 2,081 2,152 (134) 2,548 (4,566) 2,081 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 2,777 2,848 (14) 3,220 (6,054) 2,777 Millions of Dollars Six Months Ended June 30, 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 $ - 6,035 - 9,974 - 16,009 Equity in earnings of affiliates 261 1,028 - 716 (1,542) 463 Gain on dispositions - 33 - 71 - 104 Other income - 17 - 69 - 86 Intercompany revenues 37 180 127 1,795 (2,139) - Total Revenues and Other Income 298 7,293 127 12,625 (3,681) 16,662 Costs and Expenses Purchased commodities - 5,128 - 3,104 (1,765) 6,467 Production and operating expenses - 795 - 2,839 (34) 3,600 Selling, general and administrative expenses 6 282 - 98 (9) 377 Exploration expenses - 343 - 688 - 1,031 Depreciation, depletion and amortization - 560 - 3,900 - 4,460 Impairments - - - 94 - 94 Taxes other than income taxes - 119 - 330 - 449 Accretion on discounted liabilities - 29 - 214 - 243 Interest and debt expense 242 212 114 175 (331) 412 Foreign currency transaction (gains) losses 47 - (232) 161 - (24) Total Costs and Expenses 295 7,468 (118) 11,603 (2,139) 17,109 Income (loss) from continuing operations before income taxes 3 (175) 245 1,022 (1,542) (447) Benefit from income taxes (90) (436) (9) (34) - (569) Income From Continuing Operations 93 261 254 1,056 (1,542) 122 Net income 93 261 254 1,056 (1,542) 122 Less: net income attributable to noncontrolling interests - - - (29) - (29) Net Income Attributable to ConocoPhillips $ 93 261 254 1,027 (1,542) 93 Comprehensive Income (Loss) Attributable to ConocoPhillips $ (1,646) (1,478) (3) (886) 2,367 (1,646) Income Statement Six Months Ended June 30, 2014 Revenues and Other Income Sales and other operating revenues $ - 11,248 - 17,988 - 29,236 Equity in earnings of affiliates* 4,331 4,965 - 1,260 (9,312) 1,244 Gain on dispositions - 1 - 15 - 16 Other income - 45 - 208 - 253 Intercompany revenues* 39 265 142 3,241 (3,687) - Total Revenues and Other Income 4,370 16,524 142 22,712 (12,999) 30,749 Costs and Expenses Purchased commodities - 9,948 - 5,921 (3,247) 12,622 Production and operating expenses - 841 - 3,134 (50) 3,925 Selling, general and administrative expenses 6 280 - 128 (14) 400 Exploration expenses - 382 - 431 - 813 Depreciation, depletion and amortization - 503 - 3,459 - 3,962 Impairments - 18 - - - 18 Taxes other than income taxes - 164 - 1,099 - 1,263 Accretion on discounted liabilities - 29 - 208 - 237 Interest and debt expense* 307 132 116 147 (376) 326 Foreign currency transaction (gains) losses 3 2 12 8 - 25 Total Costs and Expenses 316 12,299 128 14,535 (3,687) 23,591 Income from continuing operations before income taxes 4,054 4,225 14 8,177 (9,312) 7,158 Provision (benefit) for income taxes (97) (106) (2) 3,181 - 2,976 Income From Continuing Operations 4,151 4,331 16 4,996 (9,312) 4,182 Income from discontinued operations 53 53 - 53 (106) 53 Net income 4,204 4,384 16 5,049 (9,418) 4,235 Less: net income attributable to noncontrolling interests - - - (31) - (31) Net Income Attributable to ConocoPhillips $ 4,204 4,384 16 5,018 (9,418) 4,204 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 4,700 4,880 (5) 5,475 (10,350) 4,700 *"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany revenues" lines for ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. |
Schedule of Condensed Balance Sheet | Millions of Dollars June 30, 2015 Balance Sheet ConocoPhillips ConocoPhillips Company ConocoPhillips Canada Funding Company I All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 35 8 3,770 - 3,813 Accounts and notes receivable 12 1,950 15 6,492 (3,290) 5,179 Inventories - 199 - 1,078 - 1,277 Prepaid expenses and other current assets 1 656 20 1,043 (45) 1,675 Total Current Assets 13 2,840 43 12,383 (3,335) 11,944 Investments, loans and long-term receivables* 52,063 70,361 3,777 30,775 (132,324) 24,652 Net properties, plants and equipment - 9,924 - 64,463 - 74,387 Other assets 7 143 300 1,310 (740) 1,020 Total Assets $ 52,083 83,268 4,120 108,931 (136,399) 112,003 Liabilities and Stockholders’ Equity Accounts payable $ - 4,153 4 5,002 (3,290) 5,869 Short-term debt (9) 1 5 141 - 138 Accrued income and other taxes - 128 - 752 - 880 Employee benefit obligations - 445 - 175 - 620 Other accruals 170 273 63 766 (45) 1,227 Total Current Liabilities 161 5,000 72 6,836 (3,335) 8,734 Long-term debt 7,513 10,661 2,969 3,644 - 24,787 Asset retirement obligations and accrued environmental costs - 1,320 - 9,247 - 10,567 Deferred income taxes - 331 - 14,048 (6) 14,373 Employee benefit obligations - 1,991 - 858 - 2,849 Other liabilities and deferred credits* 2,348 6,845 1,072 16,542 (25,083) 1,724 Total Liabilities 10,022 26,148 4,113 51,175 (28,424) 63,034 Retained earnings 36,258 21,707 (842) 18,366 (32,710) 42,779 Other common stockholders’ equity 5,803 35,413 849 39,041 (75,265) 5,841 Noncontrolling interests - - - 349 - 349 Total Liabilities and Stockholders’ Equity $ 52,083 83,268 4,120 108,931 (136,399) 112,003 *Includes intercompany loans. Balance Sheet December 31, 2014 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 Six Months Ended June 30, 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) Operating Activities (124) 348 1 3,623 194 4,042 Cash Flows From Investing Activities Capital expenditures and investments - (1,642) - (4,773) 676 (5,739) Working capital changes associated with investing activities - (27) - (651) - (678) Proceeds from asset dispositions 2,000 94 - 205 (2,005) 294 Long-term advances/loans—related parties - (179) - (551) 730 - Collection of advances/loans—related parties - - - 152 (100) 52 Intercompany cash management (231) (574) - 805 - - Other - 292 - (1) - 291 Net Cash Provided by (Used in) Investing Activities 1,769 (2,036) - (4,814) (699) (5,780) Cash Flows From Financing Activities Issuance of debt - 3,049 - 179 (730) 2,498 Repayment of debt - (100) - (62) 100 (62) Issuance of company common stock 172 - - - (218) (46) Dividends paid (1,819) - - (24) 24 (1,819) Other 2 (1,996) - 630 1,329 (35) Net Cash Provided by (Used in) Financing Activities (1,645) 953 - 723 505 536 Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - (47) - (47) Net Change in Cash and Cash Equivalents - (735) 1 (515) - (1,249) Cash and cash equivalents at beginning of period - 770 7 4,285 - 5,062 Cash and Cash Equivalents at End of Period $ - 35 8 3,770 - 3,813 Statement of Cash Flows Six Months Ended June 30, 2014* Cash Flows From Operating Activities Net cash provided by continuing operating activities $ 14,876 55 31 9,868 (15,073) 9,757 Net cash provided by discontinued operations - 170 - 232 (272) 130 Net Cash Provided by Operating Activities 14,876 225 31 10,100 (15,345) 9,887 Cash Flows From Investing Activities Capital expenditures and investments - (1,981) - (7,106) 946 (8,141) Working capital changes associated with investing activities - 40 - 44 - 84 Proceeds from asset dispositions 16,912 13 - 60 (16,922) 63 Net purchases of short-term investments - - - (8) - (8) Long-term advances/loans—related parties - (546) - (7) 553 - Collection of advances/loans—related parties - 30 - 47 - 77 Intercompany cash management (29,908) 33,248 - (3,340) - - Other - 103 - (7) - 96 Net cash provided by (used in) continuing investing activities (12,996) 30,907 - (10,317) (15,423) (7,829) Net cash used in discontinued operations - (1) - (63) 1 (63) Net Cash Provided by (Used in) Investing Activities (12,996) 30,906 - (10,380) (15,422) (7,892) Cash Flows From Financing Activities Issuance of debt - - - 553 (553) - Repayment of debt (400) - - (50) - (450) Issuance of company common stock 234 - - - (188) 46 Dividends paid (1,711) (15,088) - (275) 15,363 (1,711) Other (3) (16,876) - 875 15,976 (28) Net cash provided by (used in) continuing financing activities (1,880) (31,964) - 1,103 30,598 (2,143) Net cash used in discontinued operations - - - (169) 169 - Net Cash Provided by (Used in) Financing Activities (1,880) (31,964) - 934 30,767 (2,143) Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - 44 - 44 Net Change in Cash and Cash Equivalents - (833) 31 698 - (104) Cash and cash equivalents at beginning of period - 2,434 229 3,583 - 6,246 Cash and Cash Equivalents at End of Period $ - 1,601 260 4,281 - 6,142 *Certain amounts have been reclassified to conform to current-period presentation. See Note 14—Cash Flow Information, in the Notes to the Consolidated Financial Statements. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories | ||
Crude oil and petroleum products | $ 474 | $ 538 |
Materials, supplies and other | 803 | 793 |
Total Inventories | 1,277 | 1,331 |
Inventories (Textual) [Abstract] | ||
Inventories valued on the LIFO basis | 351 | 440 |
Excess of current replacement cost over LIFO cost of inventories | $ 44 | $ 6 |
Investments, Loans and Long-T41
Investments, Loans and Long-Term Receivables (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |
Equity method investments | |||
Cumulative foreign currency translation adjustment | $ (2,573) | $ (641) | |
Australia Pacific LNG [Member] | |||
Equity method investments | |||
Book value of investment | 12,105 | ||
Project finance facility | 8,500 | ||
Cumulative foreign currency translation adjustment | 530 | ||
Amount drawn from project finance facility | 8,300 | ||
Australia Pacific LNG [Member] | Export-Import Bank of the US [Member] | |||
Equity method investments | |||
Project finance facility | 2,900 | ||
Australia Pacific LNG [Member] | Export-Import Bank of China [Member] | |||
Equity method investments | |||
Project finance facility | 2,700 | ||
Australia Pacific LNG [Member] | Australian and International Commercial Bank Syndicate [Member] | |||
Equity method investments | |||
Project finance facility | 2,900 | ||
Qatar Liquefied Gas Company Limited (3) (QG3) [Member] | |||
Equity method investments | |||
Loan balance with affiliated company | 857 | ||
FCCL [Member] | |||
Equity method investments | |||
Book value of investment | 8,979 | ||
Cumulative foreign currency translation adjustment | $ 1,004 | ||
Distribution from equity affiliate | $ 1,300 |
Suspended Wells and Wells in 42
Suspended Wells and Wells in Progress (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | $ 549 | $ 517 | $ 1,031 | $ 813 | |
Suspended Wells (Textual) [Abstract] | |||||
Capitalized cost of suspended wells | 1,423 | 1,423 | $ 1,299 | ||
Increase (decrease) in capitalized cost of suspended wells | 124 | ||||
Other International [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | $ 209 | ||||
Poland [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | 93 | ||||
Angola [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | $ 116 |
Impairments (Details Textual)
Impairments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | $ 78 | $ 17 | $ 94 | $ 18 |
Exploration Expense | 549 | 517 | 1,031 | 813 |
Alaska [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | 7 | 7 | ||
Lower 48 [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | $ 17 | 17 | ||
Europe [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | 71 | $ 87 | ||
Other International [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Exploration Expense | $ 209 | |||
Corporate [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Asset Impairment Charges | $ 1 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commercial Paper Programs (Textual) [Abstract] | ||
Maturity period of commercial paper (in days) | P90D | |
Letters of credit issued | $ 400 | |
Debt (Textual) [Abstract] | ||
Classification of short-term debt as long-term debt | 750 | |
1.5% Notes due 2018 [Member] | ||
Long-term debt | ||
Debt at face value | $ 750 | |
Stated percentage of debt | 1.50% | |
Floating Rate Notes due 2018 [Member] | ||
Long-term debt | ||
Debt at face value | $ 250 | |
Floating Rate Notes | three-month LIBOR, plus 0.33% | |
2.2% Notes due 2020 [Member] | ||
Long-term debt | ||
Debt at face value | $ 500 | |
Stated percentage of debt | 2.20% | |
Floating Rate Notes due 2022 [Member] | ||
Long-term debt | ||
Debt at face value | $ 500 | |
Floating Rate Notes | three-month LIBOR, plus 0.90% | |
3.35% Notes due 2025 [Member] | ||
Long-term debt | ||
Debt at face value | $ 500 | |
Stated percentage of debt | 3.35% | |
Revolving Credit Facilities [Member] | ||
Commercial Paper Programs (Textual) [Abstract] | ||
Total amount under revolving credit facilities | $ 7,000 | |
Letters of credit issued | 0 | |
Credit facilities remaining after commercial paper outstanding and issuance of letters of credit | 6,200 | |
ConocoPhillips [Member] | ||
Commercial Paper Programs (Textual) [Abstract] | ||
Commercial paper program. | 6,100 | |
ConocoPhillips Qatar Funding Ltd. [Member] | ||
Commercial Paper Programs (Textual) [Abstract] | ||
Commercial paper program. | 900 | |
Commercial paper outstanding | $ 806 | $ 860 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Activity for equity attributable to noncontrolling interests | ||||||
Beginning Balance | $ 52,273 | $ 52,492 | ||||
Net income (loss) | $ (164) | $ 2,098 | 122 | 4,235 | ||
Dividends paid | (1,819) | (1,711) | [1] | |||
Distributions to noncontrolling interests | (43) | (62) | ||||
Other | [2] | (1,564) | 732 | |||
Ending Balance | 48,969 | 55,686 | 48,969 | 55,686 | ||
Common Stockholders' Equity [Member] | ||||||
Activity for equity attributable to noncontrolling interests | ||||||
Beginning Balance | 51,911 | 52,090 | ||||
Net income (loss) | 93 | 4,204 | ||||
Dividends paid | (1,819) | (1,711) | ||||
Other | [2] | (1,565) | 732 | |||
Ending Balance | 48,620 | 55,315 | 48,620 | 55,315 | ||
Noncontrolling Interest [Member] | ||||||
Activity for equity attributable to noncontrolling interests | ||||||
Beginning Balance | 362 | 402 | ||||
Net income (loss) | 29 | 31 | ||||
Distributions to noncontrolling interests | (43) | (62) | ||||
Other | [2] | 1 | ||||
Ending Balance | $ 349 | $ 371 | $ 349 | $ 371 | ||
[1] | *Certain amounts have been reclassified to conform to current-period presentation. See Note 14–Cash Flow Information, in the Notes to the Consolidated Financial Statements.See Notes to Consolidated Financial Statements. | |||||
[2] | *Includes components of other comprehensive income, which are disclosed separately in the Consolidated Statement of Comprehensive Income. |
Guarantees (Details)
Guarantees (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Guarantees (Textual) [Abstract] | ||
Environmental accruals for known contamination in carrying amount recorded for indemnifications | $ 306 | $ 344 |
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 | $ 100 | |
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 | |
Maximum potential amount of future payments based on current pro-rata share | 3,100 | |
Carrying value of the guarantee to third-party lenders | 114 | |
Continued development [Member] | Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | $ 170 | |
Terms of guarantees outstanding | up to 30 years or the life of the venture | |
Other Guarantees [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | $ 370 | |
Terms of guarantees outstanding | up to nine years or the life of the venture | |
Number Of Joint Ventures Backed By Guarantee | 1 | |
Indemnifications [Member] | ||
Guarantees (Textual) [Abstract] | ||
Carrying value of the guarantee to third-party lenders | $ 90 | |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | 40 | |
Indemnifications [Member] | Refinery Supplier [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | $ 1,700 | |
Terms of guarantees outstanding | nine years | |
Carrying value of the guarantee to third-party lenders | $ 100 | |
Carrying value of indemnification asset | 100 | |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member] | ||
Guarantees (Textual) [Abstract] | ||
Maximum potential amount of future payments | 1,200 | |
Maximum potential amount of future payments under the guarantees in the event of intentional or reckless breach | $ 2,100 | |
Terms of guarantees outstanding | 1 to 27 years |
Contingencies and Commitments (
Contingencies and Commitments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Contingencies and Commitments (Textual) [Abstract] | ||
Total environmental accrual included in balance sheet | $ 306 | $ 344 |
Expected years to incur the majority of expenditures | 30 years | |
Letters of credit that secure performance obligations | $ 400 | |
Tax Assessments Paid Under Protest | $ 237 |
Derivative and Financial Inst48
Derivative and Financial Instruments - Commodity Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 2,386 | $ 4,500 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 112 | 157 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 2,398 | 4,426 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 101 | $ 144 |
Derivative and Financial Inst49
Derivative and Financial Instruments - Commodity GainLoss (Details 1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales and other operating revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ 44 | $ 184 | $ 28 | $ 421 |
Other Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | 2 | 1 | 1 | 2 |
Purchased commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ (47) | $ (163) | $ (3) | $ (384) |
Derivative and Financial Inst50
Derivative and Financial Instruments - Commodity Notional (Details 2) - ft3 / D ft3 / D in Billions | Jun. 30, 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 | (23) | (11) |
Natural gas and power, Basis [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (13) | 18 |
Derivative and Financial Inst51
Derivative and Financial Instruments - FX Balance Sheet (Details 3) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | $ 25 | $ 1 |
Other Accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | $ 2 | $ 1 |
Derivative and Financial Inst52
Derivative and Financial Instruments - FX GainLoss (Details 4) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Foreign currency transaction (gains) losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency transaction (gains) losses | $ (37) | $ (7) | $ (13) | $ (7) |
Derivative and Financial Inst53
Derivative and Financial Instruments - FX Notional (Details 5) - Foreign Currency Exchange Derivative [Member] £ in Millions, $ in Millions | Jun. 30, 2015GBP (£) | Jun. 30, 2015USD ($) | Dec. 31, 2014GBP (£) | Dec. 31, 2014USD ($) | |
Sell US Dollar Buy Other Currencies [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Net notional position of foreign currency exchange derivatives | $ | [1] | $ 55 | $ 7 | ||
Buy U.S. dollar, sell other currencies [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Net notional position of foreign currency exchange derivatives | $ | [2] | $ 20 | $ 44 | ||
Buy British pound, sell other currencies [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Net notional position of foreign currency exchange derivatives | [3] | £ 309 | £ 20 | ||
Sell British pound, buy euro [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Net notional position of foreign currency exchange derivatives | £ 6 | ||||
[1] | *Primarily Canadian dollar and British pound. | ||||
[2] | **Primarily Canadian dollar and Norwegian krone. | ||||
[3] | ***Primarily Canadian dollar and euro. |
Derivative and Financial Inst54
Derivative and Financial Instruments - Financial Instruments (Details 6) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | [1] | Dec. 31, 2013 | [1] |
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Cash and cash equivalents Total | $ 3,813 | $ 5,062 | $ 6,142 | $ 6,246 | ||
Cash and Cash Equivalents [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Cash | 677 | 946 | ||||
Time Deposits | $ 3,136 | 3,726 | ||||
Commercial Paper | 340 | |||||
Money Market Funds | $ 50 | |||||
[1] | *Certain amounts have been reclassified to conform to current-period presentation. See Note 14–Cash Flow Information, in the Notes to the Consolidated Financial Statements.See Notes to Consolidated Financial Statements. |
Derivative and Financial Inst55
Derivative and Financial Instruments (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Credit Risk [Line items] | ||
Aggregate fair value of all derivative instruments in a liability position | $ 100 | $ 150 |
Collateral was posted for derivative instruments in a liability position | 0 | $ 0 |
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 | $ 100 | |
Trade receivables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Terms of financial instruments and trade receivables | 30 days |
Fair Value Measurement - FV Hie
Fair Value Measurement - FV Hierarchy (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation investments | $ 27 | $ 297 |
Commodity derivative asset, gross | 2,498 | 4,657 |
Total assets | 2,525 | 4,954 |
Commodity derivative liability, gross | 2,499 | 4,570 |
Total liabilities | 2,499 | 4,570 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation investments | 27 | 297 |
Commodity derivative asset, gross | 2,236 | 4,221 |
Total assets | 2,263 | 4,518 |
Commodity derivative liability, gross | 2,263 | 4,200 |
Total liabilities | 2,263 | 4,200 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative asset, gross | 192 | 361 |
Total assets | 192 | 361 |
Commodity derivative liability, gross | 224 | 354 |
Total liabilities | 224 | 354 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative asset, gross | 70 | 75 |
Total assets | 70 | 75 |
Commodity derivative liability, gross | 12 | 16 |
Total liabilities | $ 12 | $ 16 |
Fair Value Measurement - FV of
Fair Value Measurement - FV of Commodity Derivatives (Details 1) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Derivative Assets[Abstract] | ||
Assets - gross amounts recognized | $ 2,498 | $ 4,657 |
Assets - gross amounts offset | 2,334 | 4,352 |
Assets - net amounts presented | 164 | 305 |
Assets - cash collateral | 0 | 8 |
Assets - amounts without right of setoff | 12 | 28 |
Assets - net amounts | 152 | 269 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 2,499 | 4,570 |
Liabilities - gross amounts offset | 2,334 | 4,352 |
Liabilities - net amounts presented | 165 | 218 |
Liabilities - cash collateral | 28 | 4 |
Liabilities - amounts without right of setoff | 9 | 22 |
Liabilities - net amounts | $ 128 | $ 192 |
Faire Value Measurement - Nonre
Faire Value Measurement - Nonrecurring (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value - Net PP&E (held for use) | $ 42 |
Before-Tax Loss - Net PP&E (held for use) | 70 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value - Net PP&E (held for use) | $ 42 |
Fair Value Measurement - FV o59
Fair Value Measurement - FV of Fin. Instruments (Details 2) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Assets [Abstract] | ||
Deferred compensation investments | $ 27 | $ 297 |
Commodity derivatives, assets | 164 | 305 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liabilities | 165 | 218 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Deferred compensation investments | 27 | 297 |
Commodity derivatives, assets | 164 | 297 |
Total loans and advances - related parties | 861 | 913 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases, carrying amount | 24,068 | 21,707 |
Commodity derivatives, liabilities | 137 | 214 |
Deferred Compensation Liquidation [Member] | ||
Financial Assets [Abstract] | ||
Deferred compensation investments | 267 | |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Deferred compensation investments | 27 | 297 |
Commodity derivatives, assets | 164 | 297 |
Total loans and advances - related parties | 861 | 913 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases, fair value | 26,746 | 25,191 |
Commodity derivatives, liabilities | $ 137 | $ 214 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | $ 161 | $ 19 | 193 | $ 45 |
Foreign Currency Translation | 787 | 677 | (1,932) | 451 |
Other Comprehensive Income, Net of Tax | 948 | $ 696 | (1,739) | $ 496 |
Defined Benefit Plans, Ending Balance | (1,068) | (1,068) | ||
Foreign Currency Translation, Ending Balance | (2,573) | (2,573) | ||
Accumulated Other Comprehensive Income, Ending Balance | $ (3,641) | $ (3,641) |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | |||||
Defined Benefit Plans | [1],[2] | $ 64,000,000 | $ 20,000,000 | $ (96,000,000) | $ (40,000,000) |
Tax expense of defined benefit plans | $ 35,000,000 | $ 12,000,000 | $ 52,000,000 | $ 23,000,000 | |
[1] | Above amounts are included in the computation of net periodic benefitcost and are presented net of tax expense of: $35,$12,$52,$23 | ||||
[2] | See Note 15—Employee Benefit Plans, for additional information. |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | ||||
Cash payments | |||||
Interest | $ 399 | $ 311 | |||
Income taxes | 172 | [1] | 2,321 | ||
Net Purchases of Short-Term Investments | |||||
Short-term investments purchased | 0 | (492) | |||
Short-term investments sold | 0 | 484 | |||
Net sale (purchases) of short-term investments | [2] | $ (8) | |||
Accounting Changes And Error Corrections [Abstract] | |||||
Immaterial Error Correction | In relation to certain working capital changes associated with investing activities, we reclassified $84 million of the “Decrease in accounts payable” line within “Cash Flows From Operating Activities” to the “Working capital changes associated with investing activities” line within “Cash Flows From Investing Activities” for the six months ended June 30, 2014. There was no impact to “Cash and Cash Equivalents at End of Period. | ||||
Working capital changes associated with investing activities | $ (678) | $ 84 | [2] | ||
[1] | *Includes $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes. | ||||
[2] | *Certain amounts have been reclassified to conform to current-period presentation. See Note 14–Cash Flow Information, in the Notes to the Consolidated Financial Statements.See Notes to Consolidated Financial Statements. |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Supplemental Unemployment Benefits [Line Items] | |||||
Foreign currency translation adjustments | $ 796,000,000 | $ 668,000,000 | $ (1,949,000,000) | $ 446,000,000 | |
Employee Severance | |||||
Supplemental Unemployment Benefits [Line Items] | |||||
Severance Accrual | 59,000,000 | 59,000,000 | $ 61,000,000 | ||
Payments For Postemployment Benefits | (84,000,000) | ||||
Severance accrual current period change | 88,000,000 | ||||
Foreign currency translation adjustments | (2,000,000) | ||||
Short term portion of severance accrual | 21,000,000 | 21,000,000 | |||
Employee Severance Accrual Reversal [Member] | |||||
Supplemental Unemployment Benefits [Line Items] | |||||
Severance accrual current period change | (4,000,000) | ||||
U.S. (Pension Benefits) [Member] | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 36,000,000 | 31,000,000 | 72,000,000 | 62,000,000 | |
Interest cost | 39,000,000 | 41,000,000 | 79,000,000 | 82,000,000 | |
Expected return on plan assets | (53,000,000) | (53,000,000) | (107,000,000) | (106,000,000) | |
Amortization of prior service cost | 1,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | |
Recognized net actuarial (gain) loss | 29,000,000 | 19,000,000 | 57,000,000 | 38,000,000 | |
Settlements | 52,000,000 | 0 | 52,000,000 | 0 | |
Net periodic benefit cost | 104,000,000 | 40,000,000 | 156,000,000 | 79,000,000 | |
Int'l (Pension Benefits) [Member] | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 31,000,000 | 28,000,000 | 63,000,000 | 56,000,000 | |
Interest cost | 34,000,000 | 42,000,000 | 68,000,000 | 84,000,000 | |
Expected return on plan assets | (43,000,000) | (46,000,000) | (87,000,000) | (92,000,000) | |
Amortization of prior service cost | (2,000,000) | (2,000,000) | (4,000,000) | (4,000,000) | |
Recognized net actuarial (gain) loss | 21,000,000 | 14,000,000 | 42,000,000 | 29,000,000 | |
Net periodic benefit cost | 41,000,000 | 36,000,000 | 82,000,000 | 73,000,000 | |
Other Benefits [Member] | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 0 | 1,000,000 | 1,000,000 | ||
Interest cost | 7,000,000 | 7,000,000 | 14,000,000 | 14,000,000 | |
Amortization of prior service cost | (2,000,000) | (1,000,000) | (3,000,000) | (2,000,000) | |
Recognized net actuarial (gain) loss | 0 | 1,000,000 | (1,000,000) | ||
Net periodic benefit cost | $ 5,000,000 | $ 6,000,000 | $ 13,000,000 | $ 12,000,000 |
Employee Benefit Plans (Detai64
Employee Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Benefit Plans (Textual) [Abstract] | ||||
Increase in pension liability | $ 15,000,000 | $ 0 | $ 15,000,000 | $ 0 |
U.S. (Pension Benefits) [Member] | ||||
Employee Benefit Plans (Textual) [Abstract] | ||||
Company contributions | 34,000,000 | |||
Expected company contributions | 110,000,000 | |||
Int'l (Pension Benefits) [Member] | ||||
Employee Benefit Plans (Textual) [Abstract] | ||||
Company contributions | 71,000,000 | |||
Expected company contributions | 120,000,000 | |||
Europe [Member] | ||||
Employee Benefit Plans (Textual) [Abstract] | ||||
Special pension termination benefits | 10,000,000 | $ 60,000,000 | ||
Special pension termination benefits recoverable from partner | 62.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Defined Benefit Plan Benefit Obligation | 154,000,000 | |||
Defined Benefit Plan Plan Amendments | 140,000,000 | |||
Defined Benefit Plan Actuarial Gain Loss | $ 14,000,000 | |||
Defined benefit plan health care cost trend rate | 2.00% | |||
Defined benefit plan ultimate health care cost | 5.00% | |||
CostSharingChangesforRetirees [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Defined Benefit Plan Plan Amendments | $ 91,000,000 | |||
Excluding Phillips Employees and Retirees [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Defined Benefit Plan Plan Amendments | $ 49,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Significant transactions with related parties | |||||
Operating revenues and other income | $ 27 | $ 36 | $ 52 | $ 57 | |
Purchases | 25 | 52 | 47 | 100 | |
Operating expenses and selling, general and administrative expenses | [1] | 17 | 14 | 35 | 32 |
Net interest (income) expense | [2] | $ (2) | $ (12) | $ (4) | $ (24) |
[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 4—Investments, Loans and Long-Term Receivables, for additionalinformation on loans to affiliated companies. |
Segment Disclosures and Relat66
Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 8,293 | $ 13,821 | $ 16,009 | $ 29,236 |
Alaska [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,338 | 2,407 | 2,388 | 4,593 |
Lower 48 Before Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 3,176 | 5,530 | 6,315 | 12,114 |
Intersegment Eliminations before Lower 48 and Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (13) | (22) | (35) | (60) |
Lower 48 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 3,163 | 5,508 | 6,280 | 12,054 |
Canada before Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 653 | 1,168 | 1,356 | 3,027 |
Intersegment Eliminations before Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (79) | (145) | (189) | (490) |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 574 | 1,023 | 1,167 | 2,537 |
Europe before Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,775 | 2,745 | 3,329 | 5,954 |
Intersegment Eliminations before Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (1) | (44) | (1) | (44) |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,774 | 2,701 | 3,328 | 5,910 |
Asia Pacific Before Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,286 | 2,151 | 2,674 | 4,100 |
Other International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 0 | 3 | (5) | 5 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 158 | $ 28 | $ 177 | $ 37 |
Segment Disclosures and Relat67
Segment Disclosures and Related Information - Net Income (Details 1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | $ (179) | $ 2,081 | $ 93 | $ 4,204 |
Alaska [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 195 | 627 | 340 | 1,225 |
Lower 48 [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (293) | 265 | (698) | 589 |
Canada [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (166) | 182 | (324) | 538 |
Europe [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 37 | 259 | 674 | 606 |
Asia Pacific and Middle East [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 328 | 845 | 723 | 1,587 |
Other International [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (148) | 121 | (241) | 92 |
Corporate and Other [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (132) | (251) | (381) | (486) |
Discontinued operations [Member] | ||||
Net Income Attributable to ConocoPhillips | ||||
Consolidated net income (loss) attributable to ConocoPhillips | $ 0 | $ 33 | $ 0 | $ 53 |
Segment Disclosures and Relat68
Segment Disclosures and Related Information (Details Textual) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Disclosures and Related Information (Textual) [Abstract] | |
Number of operating segments | 6 |
Segment Disclosures and Relat69
Segment Disclosures and Related Information - Assets (Details 2) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets [Abstract] | ||
Consolidated total assets | $ 112,003 | $ 116,539 |
Alaska [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 13,193 | 12,655 |
Lower 48 [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 29,545 | 30,185 |
Canada [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 20,623 | 21,764 |
Europe [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 15,420 | 16,125 |
Asia Pacific and Middle East [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 25,136 | 25,976 |
Other International [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 1,645 | 1,961 |
Corporate and Other [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | 6,441 | 7,815 |
Discontinued operations [Member] | ||
Assets [Abstract] | ||
Consolidated total assets | $ 0 | $ 58 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes (Textual) [Abstract] | ||||
Effective tax rate | (80.00%) | 40.00% | 127.00% | 42.00% |
Canada [Member] | ||||
Current Income Tax Expense Benefit [Line Items] | ||||
Tax Benefit/Expense | $ 129 | |||
Corporation Tax Rate pre legislation | 25.00% | |||
Corporation Tax Rate post legislation | 27.00% | |||
United Kingdom [Member] | ||||
Current Income Tax Expense Benefit [Line Items] | ||||
Tax Benefit/Expense | $ 555 | |||
Corporation Tax Rate pre legislation | 62.00% | |||
Corporation Tax Rate post legislation | 50.00% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Jul. 15, 2015 |
Gulf of Mexico | |
Subsequent Event [Line Items] | |
Subsequent Events Date | Jul. 1, 2015 |
Termination Fee [Member] | |
Subsequent Event [Line Items] | |
Exploration Expense | $ 400 |
Capitalized Rig Costs [Member] | |
Subsequent Event [Line Items] | |
Exploration Expense | $ 60 |
Supplementary Information - C72
Supplementary Information - Condensed Consolidating Financial Information - Inc Stmt (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Revenues and Other Income | ||||||
Sales and other operating revenues | $ 8,293 | $ 13,821 | $ 16,009 | $ 29,236 | ||
Equity in earnings of affiliates | 258 | 672 | 463 | 1,244 | ||
Gain (loss) on dispositions | 52 | 7 | 104 | 16 | ||
Other income | 57 | 201 | 86 | 253 | ||
Total Revenues and Other Income | 8,660 | 14,701 | 16,662 | 30,749 | ||
Costs and Expenses | ||||||
Purchased commodities | 3,230 | 5,495 | 6,467 | 12,622 | ||
Production and operating expenses | 1,798 | 2,030 | 3,600 | 3,925 | ||
Selling, general and administrative expenses | 218 | 218 | 377 | 400 | ||
Exploration expenses | 549 | 517 | 1,031 | 813 | ||
Depreciation, depletion and amortization | 2,329 | 2,070 | 4,460 | 3,962 | ||
Impairments | 78 | 17 | 94 | 18 | ||
Taxes other than income taxes | 225 | 612 | 449 | 1,263 | ||
Accretion on discounted liabilities | 122 | 120 | 243 | 237 | ||
Interest and debt expense | 210 | 155 | 412 | 326 | ||
Foreign currency transaction (gains) losses | (8) | 7 | (24) | 25 | ||
Total Costs and Expenses | 8,751 | 11,241 | 17,109 | 23,591 | ||
Income (loss) from continuing operations before income taxes | (91) | 3,460 | (447) | 7,158 | ||
Provision (benefit) for income taxes | 73 | 1,395 | (569) | 2,976 | ||
Income (Loss) From Continuing Operations | (164) | 2,065 | 122 | 4,182 | ||
Income (loss) from discontinued operations | [1] | 33 | 53 | |||
Net income (loss) | (164) | 2,098 | 122 | 4,235 | ||
Less: net income attributable to noncontrolling interests | (15) | (17) | (29) | (31) | ||
Net Income (Loss) | (179) | 2,081 | 93 | 4,204 | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 769 | 2,777 | (1,646) | 4,700 | ||
ConocoPhillips [Member] | ||||||
Revenues and Other Income | ||||||
Equity in earnings of affiliates | (120) | 2,119 | 261 | 4,331 | [2] | |
Other income | 0 | 0 | ||||
Intercompany revenues | 18 | 19 | 37 | 39 | [2] | |
Total Revenues and Other Income | (102) | 2,138 | 298 | 4,370 | ||
Costs and Expenses | ||||||
Selling, general and administrative expenses | 3 | 3 | 6 | 6 | ||
Interest and debt expense | 121 | 148 | 242 | 307 | [2] | |
Foreign currency transaction (gains) losses | (16) | (22) | 47 | 3 | ||
Total Costs and Expenses | 108 | 129 | 295 | 316 | ||
Income (loss) from continuing operations before income taxes | (210) | 2,009 | 3 | 4,054 | ||
Provision (benefit) for income taxes | (31) | (39) | (90) | (97) | ||
Income (Loss) From Continuing Operations | (179) | 2,048 | 93 | 4,151 | ||
Income (loss) from discontinued operations | 33 | 53 | ||||
Net income (loss) | (179) | 2,081 | 93 | 4,204 | ||
Net Income (Loss) | (179) | 2,081 | 93 | 4,204 | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 769 | 2,777 | (1,646) | 4,700 | ||
ConocoPhillips Company [Member] | ||||||
Revenues and Other Income | ||||||
Sales and other operating revenues | 3,102 | 5,105 | 6,035 | 11,248 | ||
Equity in earnings of affiliates | 215 | 2,514 | 1,028 | 4,965 | [2] | |
Gain (loss) on dispositions | 2 | 2 | 33 | 1 | ||
Other income | 10 | 27 | 17 | 45 | ||
Intercompany revenues | 82 | 111 | 180 | 265 | [2] | |
Total Revenues and Other Income | 3,411 | 7,759 | 7,293 | 16,524 | ||
Costs and Expenses | ||||||
Purchased commodities | 2,568 | 4,431 | 5,128 | 9,948 | ||
Production and operating expenses | 395 | 481 | 795 | 841 | ||
Selling, general and administrative expenses | 162 | 156 | 282 | 280 | ||
Exploration expenses | 143 | 238 | 343 | 382 | ||
Depreciation, depletion and amortization | 301 | 261 | 560 | 503 | ||
Impairments | 0 | 17 | 0 | 18 | ||
Taxes other than income taxes | 50 | 71 | 119 | 164 | ||
Accretion on discounted liabilities | 15 | 15 | 29 | 29 | ||
Interest and debt expense | 111 | 62 | 212 | 132 | [2] | |
Foreign currency transaction (gains) losses | 1 | 2 | 0 | 2 | ||
Total Costs and Expenses | 3,746 | 5,734 | 7,468 | 12,299 | ||
Income (loss) from continuing operations before income taxes | (335) | 2,025 | (175) | 4,225 | ||
Provision (benefit) for income taxes | (215) | (94) | (436) | (106) | ||
Income (Loss) From Continuing Operations | (120) | 2,119 | 261 | 4,331 | ||
Income (loss) from discontinued operations | 33 | 53 | ||||
Net income (loss) | (120) | 2,152 | 261 | 4,384 | ||
Net Income (Loss) | (120) | 2,152 | 261 | 4,384 | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 828 | 2,848 | (1,478) | 4,880 | ||
ConocoPhillips Canada Funding Company I [Member] | ||||||
Revenues and Other Income | ||||||
Intercompany revenues | 63 | 71 | 127 | 142 | [2] | |
Total Revenues and Other Income | 63 | 71 | 127 | 142 | ||
Costs and Expenses | ||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||
Interest and debt expense | 57 | 58 | 114 | 116 | [2] | |
Foreign currency transaction (gains) losses | 146 | 151 | (232) | 12 | ||
Total Costs and Expenses | 203 | 209 | (118) | 128 | ||
Income (loss) from continuing operations before income taxes | (140) | (138) | 245 | 14 | ||
Provision (benefit) for income taxes | (20) | (4) | (9) | (2) | ||
Income (Loss) From Continuing Operations | (120) | (134) | 254 | 16 | ||
Net income (loss) | (120) | (134) | 254 | 16 | ||
Net Income (Loss) | (120) | (134) | 254 | 16 | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | (33) | (14) | (3) | (5) | ||
All Other Subsidiaries [Member] | ||||||
Revenues and Other Income | ||||||
Sales and other operating revenues | 5,191 | 8,716 | 9,974 | 17,988 | ||
Equity in earnings of affiliates | 138 | 539 | 716 | 1,260 | [2] | |
Gain (loss) on dispositions | 50 | 5 | 71 | 15 | ||
Other income | 47 | 174 | 69 | 208 | ||
Intercompany revenues | 952 | 1,598 | 1,795 | 3,241 | [2] | |
Total Revenues and Other Income | 6,378 | 11,032 | 12,625 | 22,712 | ||
Costs and Expenses | ||||||
Purchased commodities | 1,610 | 2,631 | 3,104 | 5,921 | ||
Production and operating expenses | 1,405 | 1,596 | 2,839 | 3,134 | ||
Selling, general and administrative expenses | 53 | 59 | 98 | 128 | ||
Exploration expenses | 406 | 279 | 688 | 431 | ||
Depreciation, depletion and amortization | 2,028 | 1,809 | 3,900 | 3,459 | ||
Impairments | 78 | 0 | 94 | 0 | ||
Taxes other than income taxes | 175 | 541 | 330 | 1,099 | ||
Accretion on discounted liabilities | 107 | 105 | 214 | 208 | ||
Interest and debt expense | 86 | 72 | 175 | 147 | [2] | |
Foreign currency transaction (gains) losses | (139) | (124) | 161 | 8 | ||
Total Costs and Expenses | 5,809 | 6,968 | 11,603 | 14,535 | ||
Income (loss) from continuing operations before income taxes | 569 | 4,064 | 1,022 | 8,177 | ||
Provision (benefit) for income taxes | 339 | 1,532 | (34) | 3,181 | ||
Income (Loss) From Continuing Operations | 230 | 2,532 | 1,056 | 4,996 | ||
Income (loss) from discontinued operations | 33 | 53 | ||||
Net income (loss) | 230 | 2,565 | 1,056 | 5,049 | ||
Less: net income attributable to noncontrolling interests | (15) | (17) | (29) | (31) | ||
Net Income (Loss) | 215 | 2,548 | 1,027 | 5,018 | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 988 | 3,220 | (886) | 5,475 | ||
Consolidating Adjustments [Member] | ||||||
Revenues and Other Income | ||||||
Equity in earnings of affiliates | 25 | (4,500) | (1,542) | (9,312) | [2] | |
Intercompany revenues | (1,115) | (1,799) | (2,139) | (3,687) | [2] | |
Total Revenues and Other Income | (1,090) | (6,299) | (3,681) | (12,999) | ||
Costs and Expenses | ||||||
Purchased commodities | (948) | (1,567) | (1,765) | (3,247) | ||
Production and operating expenses | (2) | (47) | (34) | (50) | ||
Selling, general and administrative expenses | 0 | 0 | (9) | (14) | ||
Interest and debt expense | (165) | (185) | (331) | (376) | [2] | |
Total Costs and Expenses | (1,115) | (1,799) | (2,139) | (3,687) | ||
Income (loss) from continuing operations before income taxes | 25 | (4,500) | (1,542) | (9,312) | ||
Income (Loss) From Continuing Operations | 25 | (4,500) | (1,542) | (9,312) | ||
Income (loss) from discontinued operations | (66) | (106) | ||||
Net income (loss) | 25 | (4,566) | (1,542) | (9,418) | ||
Net Income (Loss) | 25 | (4,566) | (1,542) | (9,418) | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ (1,783) | $ (6,054) | $ 2,367 | $ (10,350) | ||
[1] | *Net of provision (benefit) for income taxes on discontinued operations of: $0,$-10,$0,$22See Notes to Consolidated Financial Statements. | |||||
[2] | *"Interest and debt expense" for ConocoPhillips was revised to reflect contractually agreed interest rates, with offsetting adjustments in the "Equity in earnings of affiliates" and "Intercompany revenues" lines for ConocoPhillips, ConocoPhillips Company and All Other Subsidiaries. There was no impact to Total Consolidated balances. |
Supplementary Information - C73
Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details 1) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | [1] | Dec. 31, 2013 | ||
Assets | |||||||
Cash and cash equivalents | $ 3,813 | $ 5,062 | $ 6,142 | $ 6,246 | [1] | ||
Accounts and notes receivable | 5,179 | 6,807 | |||||
Inventories | 1,277 | 1,331 | |||||
Prepaid expenses and other current assets | 1,675 | 1,868 | |||||
Total Current Assets | 11,944 | 15,068 | |||||
Investments, loans and long-term receivables | [2] | 24,652 | 25,139 | ||||
Net properties, plants and equipment | 74,387 | 75,444 | |||||
Other assets | 1,020 | 888 | |||||
Total Assets | 112,003 | 116,539 | |||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and related party accounts payable | 5,869 | 8,026 | |||||
Short-term debt | 138 | 182 | |||||
Accrued income and other taxes | 880 | 1,051 | |||||
Employee benefit obligations | 620 | 878 | |||||
Other accruals | 1,227 | 1,400 | |||||
Total Current Liabilities | 8,734 | 11,537 | |||||
Long-term debt | 24,787 | 22,383 | |||||
Asset retirement obligations and accrued environmental costs | 10,567 | 10,647 | |||||
Deferred income taxes | 14,373 | 15,070 | |||||
Employee benefit obligations | 2,849 | 2,964 | |||||
Other liabilities and deferred credits | 1,724 | 1,665 | |||||
Total Liabilities | 63,034 | 64,266 | |||||
Retained earnings | 42,779 | 44,504 | |||||
Other common stockholders' equity | 5,841 | 7,407 | |||||
Noncontrolling interests | 349 | 362 | |||||
Total Liabilities and Stockholders' Equity | 112,003 | 116,539 | |||||
ConocoPhillips [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | [1] | 0 | |||||
Accounts and notes receivable | 12 | 20 | |||||
Prepaid expenses and other current assets | 1 | 6 | |||||
Total Current Assets | 13 | 26 | |||||
Investments, loans and long-term receivables | [2] | 52,063 | 55,568 | ||||
Net properties, plants and equipment | 0 | ||||||
Other assets | 7 | 40 | |||||
Total Assets | 52,083 | 55,634 | |||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and related party accounts payable | 1 | ||||||
Short-term debt | (9) | (5) | |||||
Accrued income and other taxes | 0 | ||||||
Employee benefit obligations | 0 | ||||||
Other accruals | 170 | 170 | |||||
Total Current Liabilities | 161 | 166 | |||||
Long-term debt | 7,513 | 7,541 | |||||
Other liabilities and deferred credits | [2] | 2,348 | 2,577 | ||||
Total Liabilities | 10,022 | 10,284 | |||||
Retained earnings | 36,258 | 37,983 | |||||
Other common stockholders' equity | 5,803 | 7,367 | |||||
Total Liabilities and Stockholders' Equity | 52,083 | 55,634 | |||||
ConocoPhillips Company [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | 35 | 770 | 1,601 | 2,434 | [1] | ||
Accounts and notes receivable | 1,950 | 2,813 | |||||
Inventories | 199 | 281 | |||||
Prepaid expenses and other current assets | 656 | 754 | |||||
Total Current Assets | 2,840 | 4,618 | |||||
Investments, loans and long-term receivables | [2] | 70,361 | 70,732 | ||||
Net properties, plants and equipment | 9,924 | 9,730 | |||||
Other assets | 143 | 67 | |||||
Total Assets | 83,268 | 85,147 | |||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and related party accounts payable | 4,153 | 4,149 | |||||
Short-term debt | 1 | 6 | |||||
Accrued income and other taxes | 128 | 117 | |||||
Employee benefit obligations | 445 | 595 | |||||
Other accruals | 273 | 337 | |||||
Total Current Liabilities | 5,000 | 5,204 | |||||
Long-term debt | 10,661 | 8,197 | |||||
Asset retirement obligations and accrued environmental costs | 1,320 | 1,328 | |||||
Deferred income taxes | 331 | 265 | |||||
Employee benefit obligations | 1,991 | 2,162 | |||||
Other liabilities and deferred credits | [2] | 6,845 | 7,391 | ||||
Total Liabilities | 26,148 | 24,547 | |||||
Retained earnings | 21,707 | 21,448 | |||||
Other common stockholders' equity | 35,413 | 39,152 | |||||
Noncontrolling interests | 0 | ||||||
Total Liabilities and Stockholders' Equity | 83,268 | 85,147 | |||||
ConocoPhillips Canada Funding Company I [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | 8 | 7 | 260 | 229 | [1] | ||
Accounts and notes receivable | 15 | 22 | |||||
Prepaid expenses and other current assets | 20 | 15 | |||||
Total Current Assets | 43 | 44 | |||||
Investments, loans and long-term receivables | [2] | 3,777 | 3,965 | ||||
Other assets | 300 | 208 | |||||
Total Assets | 4,120 | 4,217 | |||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and related party accounts payable | 4 | 14 | |||||
Short-term debt | 5 | 5 | |||||
Other accruals | 63 | 71 | |||||
Total Current Liabilities | 72 | 90 | |||||
Long-term debt | 2,969 | 2,974 | |||||
Other liabilities and deferred credits | [2] | 1,072 | 1,142 | ||||
Total Liabilities | 4,113 | 4,206 | |||||
Retained earnings | (842) | (1,096) | |||||
Other common stockholders' equity | 849 | 1,107 | |||||
Total Liabilities and Stockholders' Equity | 4,120 | 4,217 | |||||
All Other Subsidiaries [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | 3,770 | 4,285 | $ 4,281 | 3,583 | [1] | ||
Short-term investments | 0 | 0 | |||||
Accounts and notes receivable | 6,492 | 6,671 | |||||
Inventories | 1,078 | 1,050 | |||||
Prepaid expenses and other current assets | 1,043 | 1,138 | |||||
Total Current Assets | 12,383 | 13,144 | |||||
Investments, loans and long-term receivables | [2] | 30,775 | 32,467 | ||||
Net properties, plants and equipment | 64,463 | 65,714 | |||||
Other assets | 1,310 | 1,338 | |||||
Total Assets | 108,931 | 112,663 | |||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and related party accounts payable | 5,002 | 6,581 | |||||
Short-term debt | 141 | 176 | |||||
Accrued income and other taxes | 752 | 934 | |||||
Employee benefit obligations | 175 | 283 | |||||
Other accruals | 766 | 868 | |||||
Total Current Liabilities | 6,836 | 8,842 | |||||
Long-term debt | 3,644 | 3,671 | |||||
Asset retirement obligations and accrued environmental costs | 9,247 | 9,319 | |||||
Deferred income taxes | 14,048 | 14,811 | |||||
Employee benefit obligations | 858 | 802 | |||||
Other liabilities and deferred credits | [2] | 16,542 | 17,218 | ||||
Total Liabilities | 51,175 | 54,663 | |||||
Retained earnings | 18,366 | 17,355 | |||||
Other common stockholders' equity | 39,041 | 40,283 | |||||
Noncontrolling interests | 349 | 362 | |||||
Total Liabilities and Stockholders' Equity | 108,931 | 112,663 | |||||
Consolidating Adjustments [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | [1] | $ 0 | |||||
Accounts and notes receivable | (3,290) | (2,719) | |||||
Prepaid expenses and other current assets | (45) | (45) | |||||
Total Current Assets | (3,335) | (2,764) | |||||
Investments, loans and long-term receivables | [2] | (132,324) | (137,593) | ||||
Other assets | (740) | (765) | |||||
Total Assets | (136,399) | (141,122) | |||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and related party accounts payable | (3,290) | (2,719) | |||||
Accrued income and other taxes | 0 | ||||||
Other accruals | (45) | (46) | |||||
Total Current Liabilities | (3,335) | (2,765) | |||||
Deferred income taxes | (6) | (6) | |||||
Other liabilities and deferred credits | [2] | (25,083) | (26,663) | ||||
Total Liabilities | (28,424) | (29,434) | |||||
Retained earnings | (32,710) | (31,186) | |||||
Other common stockholders' equity | (75,265) | (80,502) | |||||
Total Liabilities and Stockholders' Equity | $ (136,399) | $ (141,122) | |||||
[1] | *Certain amounts have been reclassified to conform to current-period presentation. See Note 14–Cash Flow Information, in the Notes to the Consolidated Financial Statements.See Notes to Consolidated Financial Statements. | ||||||
[2] | *Includes intercompany loans. |
Supplementary Information - C74
Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details Textual) $ in Billions | Jun. 30, 2015USD ($) |
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 - C75
Supplementary Information - Condensed Consolidating Financial Information - Cash Flow (Details 2) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | |||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) continuing operating activities | $ 4,042 | $ 9,757 | [1] | |
Net cash provided by (used in) discontinued operations | 0 | 130 | [1] | |
Net Cash Provided by (Used in) Operating Activities | 4,042 | 9,887 | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (5,739) | (8,141) | [1] | |
Working capital changes associated with investing activities | (678) | 84 | [1] | |
Proceeds from asset dispositions | 294 | 63 | [1] | |
Net sales (purchases) of short-term investments | [1] | (8) | ||
Collection of advances/loans-related parties | 52 | 77 | [1] | |
Other | 291 | 96 | [1] | |
Net cash provided by (used in) continuing investing activities | (5,780) | (7,829) | [1] | |
Net cash used in discontinued operations | 0 | (63) | [1] | |
Net Cash Provided by (Used in) Investing Activities | (5,780) | (7,892) | [1] | |
Cash Flows From Financing Activities | ||||
Issuance of debt | 2,498 | |||
Repayment of debt | (62) | (450) | [1] | |
Issuance of company common stock | (46) | 46 | [1] | |
Dividends paid | (1,819) | (1,711) | [1] | |
Other | (35) | (28) | [1] | |
Net cash provided by (used in) continuing financing activities | 536 | (2,143) | [1] | |
Net Cash Provided by (Used in) Financing Activities | 536 | (2,143) | [1] | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (47) | 44 | [1] | |
Net Change in Cash and Cash Equivalents | (1,249) | (104) | [1] | |
Cash and cash equivalents at beginning of period | 5,062 | 6,246 | [1] | |
Cash and Cash Equivalents at End of Period | 3,813 | 6,142 | [1] | |
ConocoPhillips [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) continuing operating activities | (124) | 14,876 | [1] | |
Net cash provided by (used in) discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Operating Activities | (124) | 14,876 | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | [1] | 0 | ||
Working capital changes associated with investing activities | [1] | 0 | ||
Proceeds from asset dispositions | 2,000 | 16,912 | [1] | |
Net sales (purchases) of short-term investments | [1] | 0 | ||
Long-term advances/loans-related parties | [1] | 0 | ||
Collection of advances/loans-related parties | [1] | 0 | ||
Intercompany cash management | (231) | (29,908) | [1] | |
Other | [1] | 0 | ||
Net cash provided by (used in) continuing investing activities | 1,769 | (12,996) | [1] | |
Net cash used in discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 1,769 | (12,996) | [1] | |
Cash Flows From Financing Activities | ||||
Repayment of debt | 0 | (400) | [1] | |
Issuance of company common stock | 172 | 234 | [1] | |
Dividends paid | (1,819) | (1,711) | [1] | |
Other | 2 | (3) | [1] | |
Net cash provided by (used in) continuing financing activities | (1,645) | (1,880) | [1] | |
Net cash provided by (used in) discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (1,645) | (1,880) | [1] | |
Net Change in Cash and Cash Equivalents | [1] | 0 | ||
Cash and cash equivalents at beginning of period | [1] | 0 | ||
ConocoPhillips Company [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) continuing operating activities | 348 | 55 | [1] | |
Net cash provided by (used in) discontinued operations | 0 | 170 | [1] | |
Net Cash Provided by (Used in) Operating Activities | 348 | 225 | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (1,642) | (1,981) | [1] | |
Working capital changes associated with investing activities | (27) | 40 | [1] | |
Proceeds from asset dispositions | 94 | 13 | [1] | |
Net sales (purchases) of short-term investments | [1] | 0 | ||
Long-term advances/loans-related parties | (179) | (546) | [1] | |
Collection of advances/loans-related parties | 0 | 30 | [1] | |
Intercompany cash management | (574) | 33,248 | [1] | |
Other | 292 | 103 | [1] | |
Net cash provided by (used in) continuing investing activities | (2,036) | 30,907 | [1] | |
Net cash used in discontinued operations | 0 | (1) | [1] | |
Net Cash Provided by (Used in) Investing Activities | (2,036) | 30,906 | [1] | |
Cash Flows From Financing Activities | ||||
Issuance of debt | 3,049 | |||
Repayment of debt | (100) | 0 | [1] | |
Issuance of company common stock | [1] | 0 | ||
Dividends paid | 0 | (15,088) | [1] | |
Other | (1,996) | (16,876) | [1] | |
Net cash provided by (used in) continuing financing activities | 953 | (31,964) | [1] | |
Net cash provided by (used in) discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 953 | (31,964) | [1] | |
Net Change in Cash and Cash Equivalents | (735) | (833) | [1] | |
Cash and cash equivalents at beginning of period | 770 | 2,434 | [1] | |
Cash and Cash Equivalents at End of Period | 35 | 1,601 | [1] | |
ConocoPhillips Canada Funding Company I [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) continuing operating activities | 1 | 31 | [1] | |
Net cash provided by (used in) discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Operating Activities | 1 | 31 | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | [1] | 0 | ||
Working capital changes associated with investing activities | [1] | 0 | ||
Proceeds from asset dispositions | [1] | 0 | ||
Net sales (purchases) of short-term investments | [1] | 0 | ||
Long-term advances/loans-related parties | [1] | 0 | ||
Collection of advances/loans-related parties | [1] | 0 | ||
Intercompany cash management | [1] | 0 | ||
Other | [1] | 0 | ||
Net cash provided by (used in) continuing investing activities | [1] | 0 | ||
Net cash used in discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Investing Activities | [1] | 0 | ||
Cash Flows From Financing Activities | ||||
Repayment of debt | [1] | 0 | ||
Issuance of company common stock | [1] | 0 | ||
Dividends paid | [1] | 0 | ||
Other | [1] | 0 | ||
Net cash provided by (used in) continuing financing activities | [1] | 0 | ||
Net cash provided by (used in) discontinued operations | [1] | 0 | ||
Net Cash Provided by (Used in) Financing Activities | [1] | 0 | ||
Net Change in Cash and Cash Equivalents | 1 | 31 | [1] | |
Cash and cash equivalents at beginning of period | 7 | 229 | [1] | |
Cash and Cash Equivalents at End of Period | 8 | 260 | [1] | |
All Other Subsidiaries [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) continuing operating activities | 3,623 | 9,868 | [1] | |
Net cash provided by (used in) discontinued operations | 0 | 232 | [1] | |
Net Cash Provided by (Used in) Operating Activities | 3,623 | 10,100 | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (4,773) | (7,106) | [1] | |
Working capital changes associated with investing activities | (651) | 44 | [1] | |
Proceeds from asset dispositions | 205 | 60 | [1] | |
Net sales (purchases) of short-term investments | [1] | (8) | ||
Long-term advances/loans-related parties | (551) | (7) | [1] | |
Collection of advances/loans-related parties | 152 | 47 | [1] | |
Intercompany cash management | 805 | (3,340) | [1] | |
Other | (1) | (7) | [1] | |
Net cash provided by (used in) continuing investing activities | (4,814) | (10,317) | [1] | |
Net cash used in discontinued operations | 0 | (63) | [1] | |
Net Cash Provided by (Used in) Investing Activities | (4,814) | (10,380) | [1] | |
Cash Flows From Financing Activities | ||||
Issuance of debt | 179 | 553 | [1] | |
Repayment of debt | (62) | (50) | [1] | |
Issuance of company common stock | [1] | 0 | ||
Dividends paid | (24) | (275) | [1] | |
Other | 630 | 875 | [1] | |
Net cash provided by (used in) continuing financing activities | 723 | 1,103 | [1] | |
Net cash provided by (used in) discontinued operations | 0 | (169) | [1] | |
Net Cash Provided by (Used in) Financing Activities | 723 | 934 | [1] | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (47) | 44 | [1] | |
Net Change in Cash and Cash Equivalents | (515) | 698 | [1] | |
Cash and cash equivalents at beginning of period | 4,285 | 3,583 | [1] | |
Cash and Cash Equivalents at End of Period | 3,770 | 4,281 | [1] | |
Consolidating Adjustments [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) continuing operating activities | 194 | (15,073) | [1] | |
Net cash provided by (used in) discontinued operations | 0 | (272) | [1] | |
Net Cash Provided by (Used in) Operating Activities | 194 | (15,345) | [1] | |
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | 676 | 946 | [1] | |
Working capital changes associated with investing activities | [1] | 0 | ||
Proceeds from asset dispositions | (2,005) | (16,922) | [1] | |
Net sales (purchases) of short-term investments | [1] | 0 | ||
Long-term advances/loans-related parties | 730 | 553 | [1] | |
Collection of advances/loans-related parties | (100) | 0 | [1] | |
Intercompany cash management | [1] | 0 | ||
Other | [1] | 0 | ||
Net cash provided by (used in) continuing investing activities | (699) | (15,423) | [1] | |
Net cash used in discontinued operations | 0 | 1 | [1] | |
Net Cash Provided by (Used in) Investing Activities | (699) | (15,422) | [1] | |
Cash Flows From Financing Activities | ||||
Issuance of debt | (730) | (553) | [1] | |
Repayment of debt | 100 | 0 | [1] | |
Issuance of company common stock | (218) | (188) | [1] | |
Dividends paid | 24 | 15,363 | [1] | |
Other | 1,329 | 15,976 | [1] | |
Net cash provided by (used in) continuing financing activities | 505 | 30,598 | [1] | |
Net cash provided by (used in) discontinued operations | 0 | 169 | [1] | |
Net Cash Provided by (Used in) Financing Activities | $ 505 | 30,767 | [1] | |
Net Change in Cash and Cash Equivalents | [1] | 0 | ||
Cash and cash equivalents at beginning of period | [1] | $ 0 | ||
[1] | *Certain amounts have been reclassified to conform to current-period presentation. See Note 14–Cash Flow Information, in the Notes to the Consolidated Financial Statements.See Notes to Consolidated Financial Statements. |