ConocoPhillips (COP) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	CONOCOPHILLIPS
Entity Central Index Key	1,163,165
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	1,238,387,216
Trading Symbol	COP

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues and Other Income
Sales and other operating revenues	$ 5,121	$ 7,716
Equity in earnings (losses) of affiliates	(149)	205
Gain on Dispositions	23	52	[1]
Other income	20	29
Total Revenues and Other Income	5,015	8,002
Costs and Expenses
Purchased commodities	2,225	3,237
Production and operating expenses	1,354	1,802
Selling, general and administrative expenses	186	159
Exploration expenses	505	482
Depreciation, depletion and amortization	2,247	2,131	[1]
Impairments	136	16	[1]
Taxes other than Income Taxes	180	224
Accretion on discounted liabilities	109	121	[1]
Interest and debt expense	281	202
Foreign currency transaction (gains) losses	16	(16)
Total Costs and Expenses	7,239	8,358
Income tax provision (benefit)	(2,224)	(356)
Income tax provision (benefit)	(768)	(642)
Net income (loss)	(1,456)	286	[1]
Less: net income attributable to noncontrolling interests	(13)	(14)
Net Income (Loss) Attributable to ConocoPhillips	$ (1,469)	$ 272
Earnings Per Share, Basic [Abstract]
Earnings Per Share, Basic	$ (1.18)	$ 0.22
Earnings Per Share, Diluted [Abstract]
Earnings Per Share, Diluted	(1.18)	0.22
Dividends Paid Per Share of Common Stock (dollars)	$ 0.25	$ 0.73
Average Common Shares Outstanding (in thousands)
Basic	1,244,557	1,240,791
Diluted	1,244,557	1,245,531
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($)		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Consolidated Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (1,456,000,000)		$ 286,000,000	[1]
Defined benefit plans
Reclassification adjustment for amortization of prior service cost (credit) included in net income		(9,000,000)		(1,000,000)
Net actuarial gain (loss) arising during the period		(231,000,000)
Reclassification adjustment for amortization of net actuarial losses included in net income		108,000,000		50,000,000
Nonsponsored plans		0		0
Income taxes on defined benefit plans		50,000,000		(17,000,000)
Defined benefit plans, net of tax		(82,000,000)		32,000,000
Foreign currency translation adjustments		1,183,000,000		(2,745,000,000)
Income taxes on foreign currency translation adjustments		0		26,000,000
Foreign currency translation adjustments, net of tax		1,183,000,000	[2]	(2,719,000,000)
Other Comprehensive Income (Loss), Net of Tax		1,101,000,000		(2,687,000,000)
Comprehensive Income (Loss)		(355,000,000)		(2,401,000,000)
Less: comprehensive income attributable to noncontrolling interests		(13,000,000)		(14,000,000)
Comprehensive Income (Loss) Attributable to ConocoPhillips	[3]	$ (368,000,000)		$ (2,415,000,000)
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.
[2]	Foreign Currency Translation increased due to the weakening of the U.S. dollar relative to the Canadian dollar and Norwegian krone.
[3]	See Notes to Consolidated Financial Statements.

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 4,866	$ 2,368
Short-term investments	307
Accounts and notes receivable (net of allowance of $6 million in 2016 and $7 million in 2015)	3,753	4,314
Accounts and notes receivable-related parties	201	200
Inventories	1,072	1,124
Prepaid expenses and other current assets	735	783
Total Current Assets	10,934	8,789
Investments and long-term receiavables	21,167	20,490
Loans and advances-related parties	639	696
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $73,521 million in 2016 and $70,413 million in 2015)	66,000	66,446
Other assets	1,094	1,063
Total Assets	99,834	97,484
Liabilities
Accounts payable	4,088	4,895
Accounts payable-related parties	77	38
Short-term debt	2,079	1,427
Accrued income and other taxes	701	499
Employee benefit obligations	501	887
Other accruals	1,379	1,510
Total Current Liabilities	8,825	9,256
Long-term debt	27,376	23,453
Asset retirement obligations and accrued environmental costs	9,877	9,580
Deferred income taxes	10,332	10,999
Employee benefit obligations	2,493	2,286
Other liabilities and deferred credits	1,524	1,828
Total Liabilities	60,427	57,402
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value)	18	18
Capital in excess of par	46,365	46,357
Treasury stock (at cost: 2016-542,230,673 shares; 2015-542,230,673 shares)	(36,780)	(36,780)
Accumulated other comprehensive income (loss)	(5,146)	(6,247)
Retained earnings	34,632	36,414
Total Common Stockholders' Equity	39,089	39,762
Noncontrolling interests	318	320
Total Equity	39,407	40,082
Total Liabilities and Equity	$ 99,834	$ 97,484

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheet [Abstract]
Allowance for accounts and notes receivable	$ 6	$ 7
Accumulated depreciation, depletion and amortization	$ 73,521	$ 70,413
Common stock, shares authorized	2,500,000,000	2,500,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	1,780,617,889	1,778,226,388
Treasury stock, shares	542,230,673	542,230,673

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	[1]
Cash Flows From Operating Activities
Net income (loss)	$ (1,456)	$ 286
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	2,247	2,131
Impairments	136	16
Dry hole costs and leasehold impairments	360	311
Accretion on discounted liabilities	109	121
Deferred taxes	(827)	(637)
Distributions received greater than equity losses	252	80
Gain on dispositions	(23)	(52)
Other	(126)	(133)
Working capital adjustments
Decrease (increase) in accounts and notes receivable	549	1,368
Decrease (increase) in inventories	61	77
Decrease (increase) in prepaid expenses and other current assets	9	234
Increase (decrease) in accounts payable	(454)	(1,104)
Increase (decrease) in taxes and other accruals	(416)	(630)
Net Cash Provided by Operating Activities	421	2,068
Cash Flows From Investing Activities
Capital expenditures and investments	(1,821)	(3,332)
Working capital changes associated with investing activities	(134)	(198)
Proceeds from asset dispositions	135	173
Net sales (purchases) of short-term investments	(302)
Collection of advances/loans-related parties	53	52
Other	4	(9)
Net Cash Used in Investing Activities	(2,065)	(3,314)
Cash Flows From Financing Activities
Issuance of debt	4,594
Repayment of debt	(64)	(57)
Issuance of company common stock	(42)	(34)
Dividends paid	(313)	(910)
Other	(38)	(18)
Net Cash Provided by (Used in) Financing Activities	4,137	(1,019)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	5	(133)
Net Change in Cash and Cash Equivalents	2,498	(2,398)
Cash and cash equivalents at beginning of period	2,368	5,062
Cash and Cash Equivalents at End of Period	$ 4,866	$ 2,664
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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 2015 Annual Report on Form 10-K. Effective November 1, 2015, the Other International and historically presented Europe segments were restructured to align with cha nges to our internal organization structure. The Libya business was moved from the Other International segment t o the historically presented Europe segment, which is now renamed Europe and North Africa. Certain financial information has been revised for all prior periods presented to reflect the change in the composition of our operating segments. For additional i nformation, see Note 19— Segment Disclosures and Related Information.

Change in Accounting Principles

Change in Accounting Principles	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Changes in Accounting Principles [Text Block]	Note 2 — Change in Accounting Principles We adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2015-02, “Amendments to the Consolidation Analysis,” beginning January 1, 2016. The ASU amends existing requirements applicable to reporting entities that are required to evaluate whether certain legal entities, including variable interest entities (VIEs), should be consolidated. The adoption of this ASU did not have a material impact on our consol idated financial statements and disclosures. See Note 3 —Variable Interest Entities, for additional information on our significant VIE.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities VIEs [Abstract]
Variable Interest Entities (VIEs)	Note 3 —Variable Interest Entities 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 ga s (LNG) processing and export marketing. As a result, we do not consolidate APLNG, and it is accounted for as an equity method investment. As of March 31, 2016 , we have not provided any financial support to APLNG other than amounts previously contractual ly required. Unless we elect otherwise, we have no requirement to provide liquidity or purchase the assets of APLNG. See Note 6 —Investments, Loans and Long-Term Receivables, and Note 11 —Guarantees, for additional information.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Inventories	Note 4—Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 2016 2015 Crude oil and natural gas $ 392 406 Materials and supplies 680 718 $ 1,072 1,124 Inventories valued on the last-in, first-out (LIFO) basis totaled $ 271 million and $ 317 million at March 31, 2016 and December 31, 2015 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories was approximately $ 29 million and $ 6 million at March 31, 2016 a nd December 31, 2015 , respectively.

Assets Held for Sale or Sold

Assets Held for Sale or Sold	3 Months Ended
	Mar. 31, 2016
Disposal Group Excluding Discontinued Operation Additional Disclosures [Abstract]
Disposal Groups Exluding Discontinued Operations Disclosure [TextBlock]	Note 5 —Assets Held for Sale On April 22, 2016 , we sold our interest in the Alaska Beluga River Unit natural gas field in the Cook Inlet for $ 134 million , net of settlement of gas imbalances and customary adjustments . At March 31, 2016 , the net carrying value of our Beluga River Unit interest, which is included in the Alaska segment, was $ 78 million, consisting primarily of $ 100 million of property, plant and equipment (PP&E) and $ 19 million of asset re tirement obligations (ARO). Accordingly, $ 100 million of PP&E was classified as held for sale and included in the “Prepaid expenses and other current assets” line on our consolidated balance sheet as of March 31, 2016 .

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	3 Months Ended
	Mar. 31, 2016
Investments, Loans and Long-Term Receivables [Abstract]
Investments, Loans and Long-Term Receivables	Note 6 —Investments, Loans and Long-Term Receivables APLNG APLNG’s $ 8.5 billion project finance facility consists of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $ 2.9 billion, the Export-Import Bank of China for approximately $ 2.7 billion, and a syndicate of Australian and international commercial banks for approximately $ 2.9 billion. At March 31, 2016 , $ 8.4 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 11 — 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 3 — Variable Interest Entities, for additional information. Follo wing the fourth quarter 2015 impairment of our investment in APLNG, the outlook for crude oil and natural gas prices continued to deteriorate. As a result, the estimated fair value of our investment in APLNG declined to an amount below book value during t he first quarter of 2016. Based on a review of the facts and circumstances surrounding this decline in fair value, we concluded the impairment was not other than temporary under the guidance of FASB Accounting Standards Codification (ASC) Topic 323, “Inve stments – Equity Method and Joint Ventures.” In reaching this conclusion, we primarily considered: (1) the volatility and uncertainty in commodity markets; (2) the intent and ability of ConocoPhillips to retain our investment in APLNG; and (3) the short length of time book value has been less than market value since our impairment in the fourth quarter of 2015 . Fair value has been estimated based on an internal discounted cash flow model using estimates of future production, prices from futures exchanges and prici ng service companies, costs, foreign currency rates, and a discount factor believed to be consistent with those used by principal market participants. At March 31, 2016 , the fair value of our investment in APLNG was estimated to be $ 9,878 million , resulting in an unrecognized impairment of $ 437 million. We will continue to monitor the relationship between the book value and the fair value of APLNG. Should we determine in the future there has been a loss in the book value of our inves tment that is other than temporary, we would record a noncash impairment of our equity investment, calculated as the total difference between book value and fair value as of the end of the reporting period. At March 31, 2016 , the book value of our equity me thod investment in APLNG was $ 10,315 million. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. FCCL At March 31, 2016 , the book value of our equity method investment in FCCL was $ 8,759 million, net of a $ 1,333 million reduction due to cumulative foreign currency translation effects. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. Loans and Long-Term Receiv ables 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-af filiated companies. At March 31, 2016 , significant loans to affiliated companies included $ 750 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 advance s—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	3 Months Ended
	Mar. 31, 2016
Suspended Wells [Abstract]
Suspended Wells	Note 7 —Suspended Wells The capitalized cost of suspended wells at March 31, 2016 , was $ 1,327 million, an increase of $ 67 million from $ 1,260 million at year-end 2015 . No suspended wells were charged to dry hole expense during the first three months of 2016 relating to exploratory well costs capitalized for a period greater than one ye ar as of December 31, 2015 .

Impairments

Impairments	3 Months Ended
	Mar. 31, 2016
Impairment Of Long Lived Assets [Abstract]
Impairments	Note 8—Impairments During the three-month periods of 2016 and 2015, we recognized the following before-tax impairment charges: Millions of Dollars Three Months Ended March 31 2016 2015 Lower 48 $ 9 - Europe and North Africa 127 16 $ 136 16 The first quarter of 2016 included impairments in our Europe and North Africa segment of $127 million, primarily as a result of lower natural gas prices in the United Kingdom. The charges discussed below are included in the “Exploration expenses” line on our consolidated income statement and are not reflected in the table above. In the first quarter of 2016, due to lack of commerciality of a recently drilled well , we recorded a pre-tax impairment of $95 million for the associated carryin g value of capitalized undeveloped leasehold cost s of the Melmar prospect in deepwater Gulf of Mexico . Additionally , following our decision announced in 2015 not to conduct further activity on certain Gulf of Mexico leases and the completion of an initial marketing effort, we recorded impairments of $73 million in our Lower 48 segment, primarily as a result of changes in the estimated market value.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt [Abstract]
Debt	Note 9 —Debt On March 28, 2016, we reduced our revolving credit facility, expiring in June 2019, from $ 7.0 to $ 6.75 billion. We have two commercial paper programs supported by our $ 6.75 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 fun d commitments relating to QG3. Commercial paper maturities are generally limited to 90 days. At March 31, 2016 and December 31, 2015 , we had no direct outstanding borrowings under the revolving credit facility, with no letters of credit as of March 31, 2016 or December 31, 2015 . Under the ConocoPhillips Qatar Funding Ltd. commercial paper program, $ 750 million of commercial paper was outstanding at March 31, 2016 , compared with $ 803 million at December 31, 2015 . In April 2016 , we repaid an additional $ 640 million of the outstanding commercial paper and expect the remaining commercial paper to be repaid in the second quarter of 2016. Since we had $ 750 million of commercial paper outstanding and had issued no letters of credit, we had access to $ 6.0 billion in borrowing capacity under our revolving credit facility at March 31, 2016 . On March 3, 2016, we issued notes consisting of: The $ 1,250 million of 4.20 % Notes due 2021. The $ 1,250 million of 4.95 % Notes due 2026. The $ 500 million of 5.95 % Notes due 2046. In addition, on March 18, 2016, we entered into a $ 1,600 million three-year senior unsecured term loan facility. Borrowings will accrue interest at a base rate or, for certain euro-denominated borrowings, the London Interbank Offered Rate (LIBOR), in each case plus a margin that is set based on our corporate credit ratings. The applicable margin for loans bearing i nterest based o n the base rate ranges from 0.50% to 1.00 % and the applicable margin for loans bearing interest based on LIBOR ranges from 1.50% to 2.0 0%. Based on our current corporate credit ratings, the applicable margin for loans accruing in terest at the base rate is 0.50 % and the applicable margin for loans acc ruing interest at LIBOR is 1.50 %. The term loan facility contains customary covenants regarding, among other matters, material compliance with laws and restrictions against certain consolidations, mergers and asset sales and creation of certain liens on our assets and consolidated subsidiaries. The term loan fa cility also contains financial covenants including a tota l debt to capitalization ratio, excluding the impacts of certain non-cash impairments and foreign currency translation adjustments as defined in the Term Loan Agreement , which may not exceed 65 percent . At March 31, 2016 , we were in compliance with this covenant. The term loan facility includes customary events of default (subject to specified cure periods, materiality qualifiers and exceptions), including the failure to pay any interest, principal or fees when due, the failure to perform or the violation of any covenant contained in the term loa n facility , the making of materially inaccurate or false representations or warranties, a default on certain material indebtedness, insolvency or bankruptcy, a change of control and the occurrence of material Employee Retirement Income Security Act of 1974 ( ERISA ) events and certain judgments against us or our material subsidiaries. We have the right at any time and from time to time to prepay the term loan , in whole or in part, without premium or penalty upon notice to the Administrative Agent . The ne t proceeds of the notes and term loan will be used for general corporate purposes. At March 31, 2016 , we held $ 283 million of certain variable rate demand bonds (VRDBs) with maturities ranging through 2035. The VRDBs are redeemable at the option of t he bondholders on any business day. The VRDBs are included in the “Long-term debt” line on our consolidated balance sheet .

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interests [Abstract]
Noncontrolling Interests	Note 10—Noncontrolling Interests Activity attributable to common stockholders’ equity and noncontrolling interests for the first three months of 2016 and 2015 was as follows: Millions of Dollars 2016 2015 Common Stockholders’ Equity Non-Controlling Interest Total Equity Common Stockholders’ Equity Non-Controlling Interest Total Equity Balance at January 1 $ 39,762 320 40,082 51,911 362 52,273 Net income (loss) (1,469) 13 (1,456) 272 14 286 Dividends (313) - (313) (910) - (910) Distributions to noncontrolling interests - (16) (16) - (21) (21) Other changes, net* 1,109 1 1,110 (2,621) 1 (2,620) Balance at March 31 $ 39,089 318 39,407 48,652 356 49,008 *Includes components of other comprehensive income (loss), which are disclosed separately in the Consolidated Statement of Comprehensive Income.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2016
Guarantees [Abstract]
Guarantees	Note 11 —Guarantees At March 31, 2016 , 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 because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing wi th any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At March 31, 2016 , we had outstanding multiple guarantees in connection with our 37.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing March 2016 exchange rates: We have guaranteed APLNG’s performance with regard to a construction contract executed in connection with APLNG’s issuance of the Train 1 and Train 2 Notices to Proceed. We estimate the remaining term of this guarantee is two years . Our maximum potential amount of future payments related to this guarantee is approximately $ 90 million and would become payable if APLNG cancels the applicable construction contract and does not perform with respect to the amounts owed to the contractor. We have issued a construction completion guarantee related to the third-party project financing secured by APLNG. Our maximum potential amount of future payments under the guarantee is estimated to be $ 3.2 billion, which could be payable if the full debt financing capacity is utilized and completion of the project i s not achieved. Our guarantee of the project financing will be released upon meeting certain completion tests with milestones, which we estimate should occur beginning later in 2016. Our maximum exposure at March 31, 2016 , is $ 3.2 billion based upon our pro-rata share of the facility used at that date. At March 31, 2016 , the carrying value of this guarantee is approximately $ 114 million. In conjunction with our original purchase of an ownership interest in APLNG fr om Origin Energy in October 2008, we agreed to reimburse Origin Energy for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements with remaining terms of 1 to 26 years . Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $ 1.1 billion ($ 1.9 billion in the event of intentional or rec kless 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 tr iggered if APLNG does not have enough natural gas to meet these sales commitments and if the co- venturers do not make necessary equity contributions into APLNG. We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of up to 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 b ecome payable if APLNG does not perform. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $ 530 million, which consist primarily of a guarantee of the residual value of a leased office building, guarantees of the residual value of leased corporate aircraft, a guarantee for our portion of a joint venture’s project finance reserve accounts, and a guarantee of minimum charter revenue for an LNG vessel. These guarantees have remaining terms of up to eight years 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 nonperformance o f 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 in clude 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 an d the maximum amount of future payments is generally unlimited. The carrying amount recorded for these indemnifications at March 31, 2016 , was approximately $ 90 million. We amortize the indemnification liability over the relevant time per iod, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essentially relieved or amortize th e liability over an appropriate time period as the fair value of our indemnification exposure declines. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. Included in the recorded carrying amount at March 31, 2016 , were approximately $ 40 million of environmental accruals for known contamination that are included in the “As set retirement obligations and accrued environmental costs” line on our consolidated balance sheet. For additional information about environmental liabilities, see Note 12 —Contingencies and Commitments. On March 1, 2015, a supplier to one of the r efineries 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 liabil ity 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 $ 1.6 billion. At March 31, 2016 , the carrying value of thi s guarantee is approximately $ 98 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 of approximately $ 98 million. The recorded indemnification asset amount represents the estimated fair value of the guarantee; however, if we are required to perform under the guarantee, we would expect to recover from Phillips 66 any amounts in excess of that value, provided Phillips 66 is a going concern.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2016
Contingencies and Commitments [Abstract]
Contingencies and Commitments	Note 12 —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 but 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 factors such 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 l iability of those potentially responsible for environmental remediation costs is generally joint and s everal for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of l iability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of var ious acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit and some of the indemnifications are subject to dollar limits and time li mits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be re asonably estimated. At March 31, 2016 , our balance sheet included a total environmental accrual of $ 263 million, compared with $ 258 million at December 31, 2015 , for remediation activities in the United States and Canada. We expect to incur a substantial amount of these expenditures within the next 30 years . In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings We are subject to various lawsuits and claims including but not limited to matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty underpayments on certain federal, state and privately owned properties and claims of alleged environmental contamination from historic operations. We will 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 March 31, 2016 , we had performance obligations secured by letters of credit of $ 339 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 to determine the damages owed to ConocoPhillips for Ecuador’s actions and to address Ecuador’s counterclaims is complete. We are awaiting the tribuna l’s award. ConocoPhillips served a Notice of Arbitration on the Timor-Leste Minister of Finance in October 2012 for outstanding disputes related to a series of tax assessments. The arbitration hearing was conducted in Singapore in June 2014 under the Unit ed Nations Commission on International Trade Laws (UNCITRAL) arbitration rules, pursuant to the terms of the Tax Stability Agreement with the Timor-Leste government. In January 2016 , we settled three of the four Timor-Leste tax disputes. In March 2016 , w e received a decision from the arbitration tribunal on the fourth Timor-Leste tax dispute item.

Derivative and Financial Instru

Derivative and Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative and Financial Instruments [Abstract]
Derivative and Financial Instruments	Note 13 —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 our 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 r elated 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 March 31 December 31 2016 2015 Assets Prepaid expenses and other current assets $ 479 768 Other assets 48 60 Liabilities Other accruals 480 754 Other liabilities and deferred credits 37 46 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 March 31 2016 2015 Sales and other operating revenues $ (3) (16) Other income 1 (1) Purchased commodities (1) 44 The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) March 31 December 31 2016 2015 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (14) (14) Basis (1) (17) Foreign Currency Exchange Derivatives We have foreign currency exchange rate risk resulting from international operations. Our foreign currency exchange derivative activity primarily relates to managing 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 March 31 December 31 2016 2015 Assets Prepaid expenses and other current assets $ 1 47 Liabilities Other accruals 16 8 The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended March 31 2016 2015 Foreign currency transaction (gains) losses $ 97 24 We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency March 31 December 31 2016 2015 Sell U.S. dollar, buy other currencies* USD 3 347 Buy U.S. dollar, sell other currencies** USD 10 20 Buy British pound, sell other currencies*** GBP 904 567 *Primarily Canadian dollar, Norwegian krone 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 ; otherwise, these in vestments are included in “Short-term investments” on our consolidated balance sheet . Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments March 31 December 31 March 31 December 31 2016 2015 2016 2015 Cash $ 1,016 528 - - Time deposits Remaining maturities from 1 to 90 days 3,405 1,840 307 - Commercial paper Remaining maturities from 1 to 90 days 445 - - - $ 4,866 2,368 307 - Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, over-the-counter (OTC) derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, money market funds, government debt securities and time deposits with major international banks and financial institutions. The credit risk from our OTC derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes th e 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 su bject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less , and we continually monitor this exposure and the creditworthiness of the counterparties. We do not generally require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments and master netting arrangements t o mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typical ly decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position on March 31, 2016 and Decembe r 31, 2015 , was $ 136 million and $ 158 million, respectively. For these instruments, $ 1 million of collateral was posted as of March 31, 2016 , and $ 2 million of collateral was poste d as of D ecember 31, 2015 . If our credit rating had been downgraded below inve stment grade on March 31, 2016 , we would be required to post $ 130 million of additional collateral, either with cash or letters of credit.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2016
Fair Value Measurement [Abstract]
Fair Value Measurement	Note 14 —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 2016 or 2015 . Recurring Fair Value Measurement Financial assets and liabilities reported at fair value on a recurring basis primarily include commodity derivatives. 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 where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time va lue, 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 hierarc hy 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 March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Commodity derivatives $ 293 186 48 527 516 242 70 828 Total assets $ 293 186 48 527 516 242 70 828 Liabilities Commodity derivatives $ 307 202 8 517 515 273 12 800 Total liabilities $ 307 202 8 517 515 273 12 800 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 setoff exists. Millions of Dollars Gross Gross Net Gross Amounts Amounts Amounts Amounts Cash without Net Recognized Offset Presented Collateral Right of Setoff Amounts March 31, 2016 Assets $ 527 349 178 - 5 173 Liabilities 517 349 168 7 9 152 December 31, 2015 Assets $ 828 600 228 - 8 220 Liabilities 800 600 200 1 11 188 At March 31, 2016 and December 31, 2015, 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 March 31, 2016 Net PP&E (held for use) $ 217 217 129 Net 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 exchanges 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 and short-term investments : The carrying amount reported on the balance sheet approximates fair value. Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value. The valuation technique and methods used to estimate the fair value of the current portion of fixed-rate 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 6 —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 March 31 December 31 March 31 December 31 2016 2015 2016 2015 Financial assets Commodity derivatives $ 178 228 178 228 Total loans and advances—related parties 753 808 753 808 Financial liabilities Total debt, excluding capital leases 28,576 24,062 29,505 24,785 Commodity derivatives 161 199 161 199

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Note 15—Accumulated Other Comprehensive Income (Loss) 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, 2015 $ (443) (5,804) (6,247) Other comprehensive income (loss) (82) 1,183 1,101 March 31, 2016 $ (525) (4,621) (5,146) Foreign Currency Translation increased due to the weakening of the U.S. dollar relative to the Canadian dollar and Norwegian krone. The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Three Months Ended March 31 2016 2015 Defined benefit plans $ 63 32 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $36 million and $17 million for the three-month periods ended March 31, 2016 and 2015, respectively. See Note 17—Employee Benefit Plans, for additional information. There were no items within accumulated other comprehensive income (loss) related to noncontrolling interests.

Cash Flow Information

Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Cash Flow Information [Abstract]
Cash Flow Information	Note 16—Cash Flow Information Millions of Dollars Three Months Ended March 31 2016 2015 Cash Payments (Receipts) Interest $ 244 197 Income taxes* 133 (253) *Net of $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits Three Months Ended March 31 March 31 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 27 20 36 32 1 1 Interest cost 40 31 40 34 3 7 Expected return on plan assets (43) (41) (54) (44) - - Amortization of prior service cost (credit) 1 (1) 2 (2) (9) (1) Recognized net actuarial loss 19 7 28 21 - 1 Settlements 82 - - - - - Net periodic benefit cost $ 126 16 52 41 (5) 8 During the first three months of 2016 , we contributed $ 38 million to our domestic benefit plans and $ 34 million to our international benefit plans. In 2016 , we expect to contribute approximately $ 250 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $ 130 million to our international qualified and nonqualified pension and postretirement benefit plans. During the three - month period en ded March 31, 2016 , 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. nonqualified supplemental retirement plans. As a result, we recognized a p roportionate share of prior actuarial losses from other comprehensive income (loss) as pension settlement expense of $ 82 million . In conjunction with the recognition of pension settlement expense, the fair market values of pension plan assets were up dated, and the pension benefit obligations of the U.S. qualified pension plan and a U.S. nonqualified supplemental retirement plan were remeasured. At the measurement date, the net pension liability increased by $ 231 million primarily as a re sult of a decrease in the discount rate from 4.5 percent to 3.8 percent , resulting in a corresponding decrease to other comprehensive income (loss) . Severance Accrual The following table summarizes our severance accrual activity for the three - month period ended March 31, 2016 Millions of Dollars Balance at December 31, 2015 $ 156 Accruals 5 Accrual reversals (2) Benefit payments (106) Foreign currency translation adjustments 3 Balance at March 31, 2016 $ 56 Of the remaining balance at March 31, 2016 , $ 20 million is classified as short-term.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 18—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. Significant transactions with our equity affiliates were: Millions of Dollars Three Months Ended March 31 2016 2015 Operating revenues and other income $ 27 25 Purchases 24 22 Operating expenses and selling, general and administrative expenses 16 18 Net interest income* (3) (2) *We paid interest to, or received interest from various affiliates. See Note 6—Investments, Loans and Long-Term Receivables, for additional information on loans to affiliated companies.

Segment Disclosures and Related

Segment Disclosures and Related Information	3 Months Ended
	Mar. 31, 2016
Segment Disclosures and Related Information [Abstract]
Segment Disclosures and Related Information	Note 19 —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 and North Africa, Asia Pacific and Middle East, and Other International. Effective November 1, 2015, the Other International and historically present ed Europe segments were restructured to align with changes to our internal organization structure. The Libya business was moved from the Other International segment to the historically presented Europe segment, which is now renamed Europe and North Africa . Accordingly, results of operations for the Other International and Europe and North Africa segments have been revised for all prior periods presented. There was no impact on our consolidated financial statements, and the impact on our segment presentation is immaterial. Corporate and Other represents costs not directly associated with an operating segment, such as most interest expense, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and c ash equivalents and short-term investments. We evaluate performance and allocate resources based on net income (loss) attributable to ConocoPhillips. Intersegment sales are at prices that approximate market. Effective November 1, 2015, the Other International and historically present ed Europe segments were restructured to align with changes to our internal organization structure. The Libya business was moved from the Other International segment to the historically presented Europe segment, which is now renamed Europe and North Africa . Accordingly, results of operations for the Other International and Europe and North Africa segments have been revised for all prior periods presented. There was no impact on our consolidated financial statements, and the impact on our segment presentation is immaterial. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2016 2015 Sales and Other Operating Revenues Alaska $ 778 1,050 Lower 48 2,145 3,139 Intersegment eliminations (7) (22) Lower 48 2,138 3,117 Canada 425 703 Intersegment eliminations (35) (110) Canada 390 593 Europe and North Africa 923 1,549 Asia Pacific and Middle East 837 1,388 Corporate and Other 55 19 Consolidated sales and other operating revenues $ 5,121 7,716 Net Income (Loss) Attributable to ConocoPhillips Alaska $ (2) 145 Lower 48 (820) (405) Canada (294) (158) Europe and North Africa (51) 636 Asia Pacific and Middle East (5) 395 Other International (24) (92) Corporate and Other (273) (249) Consolidated net income (loss) attributable to ConocoPhillips $ (1,469) 272 Millions of Dollars March 31 December 31 2016 2015 Total Assets Alaska $ 12,682 12,555 Lower 48 25,615 26,932 Canada 18,414 17,221 Europe and North Africa 13,620 13,703 Asia Pacific and Middle East 22,007 22,318 Other International 326 282 Corporate and Other 7,170 4,473 Consolidated total assets $ 99,834 97,484

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Income Taxes	Note 20 —Income Taxes Our effective tax rate for the first quarter of 2016 was 35 percent compared with 180 percent for the first quarter of 2015 . The decrease in the effective tax rate was primarily due to the effect of the 2015 U.K. tax law change discussed below, partially offset by losses in higher tax rate jurisdictions in the first quarter of 2016 . In the United Kingdom, legislation was enacted on Mar ch 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 “Income tax benefit ” line on our consolidated income statement .

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2016
New Accounting Standards [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 21 — New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (ASU No. 2014-09), 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 ASC Topic 605, “Revenue Recognition,” and most industry-spec ific 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 th e consideration it expects to receive in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date,” which defers the effective date of ASU No. 2014-09. The ASU is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and ann ual periods beginning after December 15, 2016. Entities may choose to adopt the standard using either a full retrospective approach or a modified retrospective approach. ASU No. 2014-09 was amended in March 2016 by the provisions of ASU No. 2016-08, “P rincipal versus Agent Considerations (Reporting Revenue Gross versus Net),” and in April 2016 by the provisions of ASU No. 2016-10, “Identifying Performance Obligations and Licensing.” We are currently evaluating the impact of the adoption of ASU No. 2014 -09, as amended, and continue to monitor proposals issued by the FASB to clarify the ASU. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasin g arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases,” and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet. The provisions of ASU No. 2016-02 also modify the defi nition of a lease and outline requirements for recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. The ASU is effective for interim and annual periods beginning after December 15, 2018, and early ado ption of the standard is permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of ASU No. 2016-02 to leasing arrangements existing at or entered i nto after the earliest comparative period presented in the financial statements. We are currently evaluating the impact of the adoption of this ASU.

Supplementary Information - Con

Supplementary Information - Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2016
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. In February 2016 , ConocoPhillips received a $2 .3 billion return of capital from ConocoPhillips Company to settle certain accumulated intercompany balances. The transaction had no impact on our consolidated financial statements. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Three Months Ended March 31, 2016 Income Statement ConocoPhillips ConocoPhillips Company ConocoPhillips Canada Funding Company I All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 2,072 - 3,049 - 5,121 Equity in losses of affiliates (1,427) (750) - (444) 2,472 (149) Gain on dispositions - 22 - 1 - 23 Other income (loss) - (6) - 26 - 20 Intercompany revenues 18 81 56 525 (680) - Total Revenues and Other Income (1,409) 1,419 56 3,157 1,792 5,015 Costs and Expenses Purchased commodities - 1,848 - 879 (502) 2,225 Production and operating expenses - 253 - 1,104 (3) 1,354 Selling, general and administrative expenses 3 154 - 35 (6) 186 Exploration expenses - 431 - 74 - 505 Depreciation, depletion and amortization - 257 - 1,990 - 2,247 Impairments - 4 - 132 - 136 Taxes other than income taxes - 57 - 123 - 180 Accretion on discounted liabilities - 12 - 97 - 109 Interest and debt expense 124 134 55 137 (169) 281 Foreign currency transaction (gains) losses (44) 2 312 (254) - 16 Total Costs and Expenses 83 3,152 367 4,317 (680) 7,239 Loss before income taxes (1,492) (1,733) (311) (1,160) 2,472 (2,224) Income tax benefit (23) (306) (18) (421) - (768) Net loss (1,469) (1,427) (293) (739) 2,472 (1,456) Less: net income attributable to noncontrolling interests - - - (13) - (13) Net Loss Attributable to ConocoPhillips $ (1,469) (1,427) (293) (752) 2,472 (1,469) Comprehensive Income (Loss) Attributable to ConocoPhillips $ (368) (326) (47) 445 (72) (368) Income Statement Three Months Ended March 31, 2015 Revenues and Other Income Sales and other operating revenues $ - 2,933 - 4,783 - 7,716 Equity in earnings of affiliates 381 813 - 578 (1,567) 205 Gain on dispositions - 31 - 21 - 52 Other income - 7 - 22 - 29 Intercompany revenues 19 98 64 843 (1,024) - Total Revenues and Other Income 400 3,882 64 6,247 (2,591) 8,002 Costs and Expenses Purchased commodities - 2,560 - 1,494 (817) 3,237 Production and operating expenses - 400 - 1,434 (32) 1,802 Selling, general and administrative expenses 3 120 - 45 (9) 159 Exploration expenses - 200 - 282 - 482 Depreciation, depletion and amortization - 259 - 1,872 - 2,131 Impairments - - - 16 - 16 Taxes other than income taxes - 69 - 155 - 224 Accretion on discounted liabilities - 14 - 107 - 121 Interest and debt expense 121 101 57 89 (166) 202 Foreign currency transaction (gains) losses 63 (1) (378) 300 - (16) Total Costs and Expenses 187 3,722 (321) 5,794 (1,024) 8,358 Income (loss) before income taxes 213 160 385 453 (1,567) (356) Income tax provision (benefit) (59) (221) 11 (373) - (642) Net income 272 381 374 826 (1,567) 286 Less: net income attributable to noncontrolling interests - - - (14) - (14) Net Income Attributable to ConocoPhillips $ 272 381 374 812 (1,567) 272 Comprehensive Income (Loss) Attributable to ConocoPhillips $ (2,415) (2,306) 30 (1,874) 4,150 (2,415) Millions of Dollars March 31, 2016 Balance Sheet ConocoPhillips ConocoPhillips Company ConocoPhillips Canada Funding Company I All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 947 16 3,903 - 4,866 Short-term investments - - - 307 - 307 Accounts and notes receivable 4 1,920 21 4,164 (2,155) 3,954 Inventories - 93 - 979 - 1,072 Prepaid expenses and other current assets 2 208 171 545 (191) 735 Total Current Assets 6 3,168 208 9,898 (2,346) 10,934 Investments, loans and long-term receivables* 41,836 61,967 3,546 28,317 (113,860) 21,806 Net properties, plants and equipment - 7,701 - 58,299 - 66,000 Other assets 8 1,469 221 1,324 (1,928) 1,094 Total Assets $ 41,850 74,305 3,975 97,838 (118,134) 99,834 Liabilities and Stockholders’ Equity Accounts payable $ - 2,756 16 3,548 (2,155) 4,165 Short-term debt (10) (2) 1,256 835 - 2,079 Accrued income and other taxes - 32 - 669 - 701 Employee benefit obligations - 357 - 144 - 501 Other accruals 102 481 83 903 (190) 1,379 Total Current Liabilities 92 3,624 1,355 6,099 (2,345) 8,825 Long-term debt 9,118 13,636 1,714 2,908 - 27,376 Asset retirement obligations and accrued environmental costs - 1,114 - 8,763 - 9,877 Deferred income taxes - - - 11,661 (1,329) 10,332 Employee benefit obligations - 1,964 - 529 - 2,493 Other liabilities and deferred credits* 113 7,919 871 15,424 (22,803) 1,524 Total Liabilities 9,323 28,257 3,940 45,384 (26,477) 60,427 Retained earnings (losses) 28,109 15,940 (683) 14,167 (22,901) 34,632 Other common stockholders’ equity 4,418 30,108 718 37,969 (68,756) 4,457 Noncontrolling interests - - - 318 - 318 Total Liabilities and Stockholders’ Equity $ 41,850 74,305 3,975 97,838 (118,134) 99,834 *Includes intercompany loans. Balance Sheet December 31, 2015 Assets Cash and cash equivalents $ - 4 15 2,349 - 2,368 Accounts and notes receivable 21 2,905 21 7,228 (5,661) 4,514 Inventories - 142 - 982 - 1,124 Prepaid expenses and other current assets 2 206 252 589 (266) 783 Total Current Assets 23 3,257 288 11,148 (5,927) 8,789 Investments, loans and long-term receivables* 43,532 64,015 3,264 27,839 (117,464) 21,186 Net properties, plants and equipment - 8,110 - 58,336 - 66,446 Other assets 7 950 233 1,158 (1,285) 1,063 Total Assets $ 43,562 76,332 3,785 98,481 (124,676) 97,484 Liabilities and Stockholders’ Equity Accounts payable $ - 5,684 13 4,897 (5,661) 4,933 Short-term debt (9) 1 1,255 180 - 1,427 Accrued income and other taxes - 62 - 437 - 499 Employee benefit obligations - 629 - 258 - 887 Other accruals 170 465 52 1,087 (264) 1,510 Total Current Liabilities 161 6,841 1,320 6,859 (5,925) 9,256 Long-term debt 7,518 10,660 1,716 3,559 - 23,453 Asset retirement obligations and accrued environmental costs - 1,107 - 8,473 - 9,580 Deferred income taxes - - - 11,814 (815) 10,999 Employee benefit obligations - 1,760 - 526 - 2,286 Other liabilities and deferred credits* 2,681 7,291 667 15,181 (23,992) 1,828 Total Liabilities 10,360 27,659 3,703 46,412 (30,732) 57,402 Retained earnings (losses) 29,892 17,366 (389) 15,177 (25,632) 36,414 Other common stockholders’ equity 3,310 31,307 471 36,572 (68,312) 3,348 Noncontrolling interests - - - 320 - 320 Total Liabilities and Stockholders’ Equity $ 43,562 76,332 3,785 98,481 (124,676) 97,484 *Includes intercompany loans. Millions of Dollars Three Months Ended March 31, 2016 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 $ (153) (284) 1 1,011 (154) 421 Cash Flows From Investing Activities Capital expenditures and investments - (504) - (1,516) 199 (1,821) Working capital changes associated with investing activities - (21) - (113) - (134) Proceeds from asset dispositions 2,300 60 - 75 (2,300) 135 Purchases of short-term investments - - - (302) - (302) Long-term advances/loans—related parties - (51) - - 51 - Collection of advances/loans—related parties - - - 2,198 (2,145) 53 Intercompany cash management (3,438) 3,206 - 232 - - Other - 8 - (4) - 4 Net Cash Provided by (Used in) Investing Activities (1,138) 2,698 - 570 (4,195) (2,065) Cash Flows From Financing Activities Issuance of debt 1,600 2,994 - 51 (51) 4,594 Repayment of debt - (2,145) - (64) 2,145 (64) Issuance of company common stock 7 - - - (49) (42) Dividends paid (313) - - (203) 203 (313) Other (3) (2,320) - 184 2,101 (38) Net Cash Provided by (Used in) Financing Activities 1,291 (1,471) - (32) 4,349 4,137 Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - 5 - 5 Net Change in Cash and Cash Equivalents - 943 1 1,554 - 2,498 Cash and cash equivalents at beginning of period - 4 15 2,349 - 2,368 Cash and Cash Equivalents at End of Period $ - 947 16 3,903 - 4,866 Statement of Cash Flows Three Months Ended March 31, 2015* Cash Flows From Operating Activities Net Cash Provided by Operating Activities (131) (231) 1 2,340 89 2,068 Cash Flows From Investing Activities Capital expenditures and investments - (941) - (2,759) 368 (3,332) Working capital changes associated with investing activities - 60 - (258) - (198) Proceeds from asset dispositions - 88 - 88 (3) 173 Net sales (purchases) of short-term investments - - - - - - Long-term advances/loans—related parties - (72) - (1,482) 1,554 - Collection of advances/loans—related parties - - - 52 - 52 Intercompany cash management 974 (1,085) - 111 - - Other - (7) - (2) - (9) Net Cash Provided by (Used in) Investing Activities 974 (1,957) - (4,250) 1,919 (3,314) Cash Flows From Financing Activities Issuance of debt - 1,482 - 72 (1,554) - Repayment of debt - - - (57) - (57) Issuance of company common stock 66 - - - (100) (34) Dividends paid (910) - - (11) 11 (910) Other 1 - - 346 (365) (18) Net Cash Provided by (Used in) Financing Activities (843) 1,482 - 350 (2,008) (1,019) Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - (133) - (133) Net Change in Cash and Cash Equivalents - (706) 1 (1,693) - (2,398) Cash and cash equivalents at beginning of period - 770 7 4,285 - 5,062 Cash and Cash Equivalents at End of Period $ - 64 8 2,592 - 2,664 *Certain amounts have been reclassified to conform to current-period presentation. See Note 16—Cash Flow Information, in the Notes to Consolidated Financial Statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Inventories	Note 4—Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 2016 2015 Crude oil and natural gas $ 392 406 Materials and supplies 680 718 $ 1,072 1,124

Impairments (Tables)

Impairments (Tables)	3 Months Ended
	Mar. 31, 2016
Impairment Of Long Lived Assets [Abstract]
Impairment charges by segment before tax.	Note 8—Impairments During the three-month periods of 2016 and 2015, we recognized the following before-tax impairment charges: Millions of Dollars Three Months Ended March 31 2016 2015 Lower 48 $ 9 - Europe and North Africa 127 16 $ 136 16

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interests [Abstract]
Change in equity attributable to non-controlling interests	Note 10—Noncontrolling Interests Activity attributable to common stockholders’ equity and noncontrolling interests for the first three months of 2016 and 2015 was as follows: Millions of Dollars 2016 2015 Common Stockholders’ Equity Non-Controlling Interest Total Equity Common Stockholders’ Equity Non-Controlling Interest Total Equity Balance at January 1 $ 39,762 320 40,082 51,911 362 52,273 Net income (loss) (1,469) 13 (1,456) 272 14 286 Dividends (313) - (313) (910) - (910) Distributions to noncontrolling interests - (16) (16) - (21) (21) Other changes, net* 1,109 1 1,110 (2,621) 1 (2,620) Balance at March 31 $ 39,089 318 39,407 48,652 356 49,008 *Includes components of other comprehensive income (loss), which are disclosed separately in the Consolidated Statement of Comprehensive Income.

Derivative and Financial Inst32

Derivative and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31 December 31 2016 2015 Assets Prepaid expenses and other current assets $ 479 768 Other assets 48 60 Liabilities Other accruals 480 754 Other liabilities and deferred credits 37 46 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 March 31 December 31 2016 2015 Assets Prepaid expenses and other current assets $ 1 47 Liabilities Other accruals 16 8
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 March 31 2016 2015 Sales and other operating revenues $ (3) (16) Other income 1 (1) Purchased commodities (1) 44 The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended March 31 2016 2015 Foreign currency transaction (gains) losses $ 97 24
Net exposures from outstanding commodity derivative contracts	The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) March 31 December 31 2016 2015 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (14) (14) Basis (1) (17) We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency March 31 December 31 2016 2015 Sell U.S. dollar, buy other currencies* USD 3 347 Buy U.S. dollar, sell other currencies** USD 10 20 Buy British pound, sell other currencies*** GBP 904 567 *Primarily Canadian dollar, Norwegian krone 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 Short-Term Investments March 31 December 31 March 31 December 31 2016 2015 2016 2015 Cash $ 1,016 528 - - Time deposits Remaining maturities from 1 to 90 days 3,405 1,840 307 - Commercial paper Remaining maturities from 1 to 90 days 445 - - - $ 4,866 2,368 307 -

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurement [Abstract]
Fair value hierarchy for gross financial assets and liabilities	Millions of Dollars March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Commodity derivatives $ 293 186 48 527 516 242 70 828 Total assets $ 293 186 48 527 516 242 70 828 Liabilities Commodity derivatives $ 307 202 8 517 515 273 12 800 Total liabilities $ 307 202 8 517 515 273 12 800
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 setoff exists. Millions of Dollars Gross Gross Net Gross Amounts Amounts Amounts Amounts Cash without Net Recognized Offset Presented Collateral Right of Setoff Amounts March 31, 2016 Assets $ 527 349 178 - 5 173 Liabilities 517 349 168 7 9 152 December 31, 2015 Assets $ 828 600 228 - 8 220 Liabilities 800 600 200 1 11 188 At March 31, 2016 and December 31, 2015, 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 March 31 December 31 March 31 December 31 2016 2015 2016 2015 Financial assets Commodity derivatives $ 178 228 178 228 Total loans and advances—related parties 753 808 753 808 Financial liabilities Total debt, excluding capital leases 28,576 24,062 29,505 24,785 Commodity derivatives 161 199 161 199
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 March 31, 2016 Net PP&E (held for use) $ 217 217 129

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Components of accumulated other comprehensive income in the equity section of the balance sheet	Note 15—Accumulated Other Comprehensive Income (Loss) 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, 2015 $ (443) (5,804) (6,247) Other comprehensive income (loss) (82) 1,183 1,101 March 31, 2016 $ (525) (4,621) (5,146) Foreign Currency Translation increased due to the weakening of the U.S. dollar relative to the Canadian dollar and Norwegian krone.
Items reclassified out of accumulated other comprehensive income (loss)	The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Three Months Ended March 31 2016 2015 Defined benefit plans $ 63 32 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $36 million and $17 million for the three-month periods ended March 31, 2016 and 2015, respectively. See Note 17—Employee Benefit Plans, for additional information.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Cash Flow Information [Abstract]
Cash Flow Information	Note 16—Cash Flow Information Millions of Dollars Three Months Ended March 31 2016 2015 Cash Payments (Receipts) Interest $ 244 197 Income taxes* 133 (253) *Net of $556 million in 2015 related to a refund received from the Internal Revenue Service for 2014 overpaid taxes.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Employee Benefit Plans [Abstract]
Pension and Postretirement Plans	Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits Three Months Ended March 31 March 31 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 27 20 36 32 1 1 Interest cost 40 31 40 34 3 7 Expected return on plan assets (43) (41) (54) (44) - - Amortization of prior service cost (credit) 1 (1) 2 (2) (9) (1) Recognized net actuarial loss 19 7 28 21 - 1 Settlements 82 - - - - - Net periodic benefit cost $ 126 16 52 41 (5) 8
Severance accrual	Millions of Dollars Balance at December 31, 2015 $ 156 Accruals 5 Accrual reversals (2) Benefit payments (106) Foreign currency translation adjustments 3 Balance at March 31, 2016 $ 56

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Significant transactions with related parties	Note 18—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. Significant transactions with our equity affiliates were: Millions of Dollars Three Months Ended March 31 2016 2015 Operating revenues and other income $ 27 25 Purchases 24 22 Operating expenses and selling, general and administrative expenses 16 18 Net interest income* (3) (2) *We paid interest to, or received interest from various affiliates. See Note 6—Investments, Loans and Long-Term Receivables, for additional information on loans to affiliated companies.

Segment Disclosures and Relat38

Segment Disclosures and Related Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Disclosures and Related Information [Abstract]
Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2016 2015 Sales and Other Operating Revenues Alaska $ 778 1,050 Lower 48 2,145 3,139 Intersegment eliminations (7) (22) Lower 48 2,138 3,117 Canada 425 703 Intersegment eliminations (35) (110) Canada 390 593 Europe and North Africa 923 1,549 Asia Pacific and Middle East 837 1,388 Corporate and Other 55 19 Consolidated sales and other operating revenues $ 5,121 7,716 Net Income (Loss) Attributable to ConocoPhillips Alaska $ (2) 145 Lower 48 (820) (405) Canada (294) (158) Europe and North Africa (51) 636 Asia Pacific and Middle East (5) 395 Other International (24) (92) Corporate and Other (273) (249) Consolidated net income (loss) attributable to ConocoPhillips $ (1,469) 272 Millions of Dollars March 31 December 31 2016 2015 Total Assets Alaska $ 12,682 12,555 Lower 48 25,615 26,932 Canada 18,414 17,221 Europe and North Africa 13,620 13,703 Asia Pacific and Middle East 22,007 22,318 Other International 326 282 Corporate and Other 7,170 4,473 Consolidated total assets $ 99,834 97,484

Supplementary Information - C39

Supplementary Information - Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplementary Information - Condensed Consolidating Financial Information [Abstract]
Condensed Consolidated Income Statement	Millions of Dollars Three Months Ended March 31, 2016 Income Statement ConocoPhillips ConocoPhillips Company ConocoPhillips Canada Funding Company I All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 2,072 - 3,049 - 5,121 Equity in losses of affiliates (1,427) (750) - (444) 2,472 (149) Gain on dispositions - 22 - 1 - 23 Other income (loss) - (6) - 26 - 20 Intercompany revenues 18 81 56 525 (680) - Total Revenues and Other Income (1,409) 1,419 56 3,157 1,792 5,015 Costs and Expenses Purchased commodities - 1,848 - 879 (502) 2,225 Production and operating expenses - 253 - 1,104 (3) 1,354 Selling, general and administrative expenses 3 154 - 35 (6) 186 Exploration expenses - 431 - 74 - 505 Depreciation, depletion and amortization - 257 - 1,990 - 2,247 Impairments - 4 - 132 - 136 Taxes other than income taxes - 57 - 123 - 180 Accretion on discounted liabilities - 12 - 97 - 109 Interest and debt expense 124 134 55 137 (169) 281 Foreign currency transaction (gains) losses (44) 2 312 (254) - 16 Total Costs and Expenses 83 3,152 367 4,317 (680) 7,239 Loss before income taxes (1,492) (1,733) (311) (1,160) 2,472 (2,224) Income tax benefit (23) (306) (18) (421) - (768) Net loss (1,469) (1,427) (293) (739) 2,472 (1,456) Less: net income attributable to noncontrolling interests - - - (13) - (13) Net Loss Attributable to ConocoPhillips $ (1,469) (1,427) (293) (752) 2,472 (1,469) Comprehensive Income (Loss) Attributable to ConocoPhillips $ (368) (326) (47) 445 (72) (368) Income Statement Three Months Ended March 31, 2015 Revenues and Other Income Sales and other operating revenues $ - 2,933 - 4,783 - 7,716 Equity in earnings of affiliates 381 813 - 578 (1,567) 205 Gain on dispositions - 31 - 21 - 52 Other income - 7 - 22 - 29 Intercompany revenues 19 98 64 843 (1,024) - Total Revenues and Other Income 400 3,882 64 6,247 (2,591) 8,002 Costs and Expenses Purchased commodities - 2,560 - 1,494 (817) 3,237 Production and operating expenses - 400 - 1,434 (32) 1,802 Selling, general and administrative expenses 3 120 - 45 (9) 159 Exploration expenses - 200 - 282 - 482 Depreciation, depletion and amortization - 259 - 1,872 - 2,131 Impairments - - - 16 - 16 Taxes other than income taxes - 69 - 155 - 224 Accretion on discounted liabilities - 14 - 107 - 121 Interest and debt expense 121 101 57 89 (166) 202 Foreign currency transaction (gains) losses 63 (1) (378) 300 - (16) Total Costs and Expenses 187 3,722 (321) 5,794 (1,024) 8,358 Income (loss) before income taxes 213 160 385 453 (1,567) (356) Income tax provision (benefit) (59) (221) 11 (373) - (642) Net income 272 381 374 826 (1,567) 286 Less: net income attributable to noncontrolling interests - - - (14) - (14) Net Income Attributable to ConocoPhillips $ 272 381 374 812 (1,567) 272 Comprehensive Income (Loss) Attributable to ConocoPhillips $ (2,415) (2,306) 30 (1,874) 4,150 (2,415)
Schedule of Condensed Balance Sheet	Millions of Dollars March 31, 2016 Balance Sheet ConocoPhillips ConocoPhillips Company ConocoPhillips Canada Funding Company I All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 947 16 3,903 - 4,866 Short-term investments - - - 307 - 307 Accounts and notes receivable 4 1,920 21 4,164 (2,155) 3,954 Inventories - 93 - 979 - 1,072 Prepaid expenses and other current assets 2 208 171 545 (191) 735 Total Current Assets 6 3,168 208 9,898 (2,346) 10,934 Investments, loans and long-term receivables* 41,836 61,967 3,546 28,317 (113,860) 21,806 Net properties, plants and equipment - 7,701 - 58,299 - 66,000 Other assets 8 1,469 221 1,324 (1,928) 1,094 Total Assets $ 41,850 74,305 3,975 97,838 (118,134) 99,834 Liabilities and Stockholders’ Equity Accounts payable $ - 2,756 16 3,548 (2,155) 4,165 Short-term debt (10) (2) 1,256 835 - 2,079 Accrued income and other taxes - 32 - 669 - 701 Employee benefit obligations - 357 - 144 - 501 Other accruals 102 481 83 903 (190) 1,379 Total Current Liabilities 92 3,624 1,355 6,099 (2,345) 8,825 Long-term debt 9,118 13,636 1,714 2,908 - 27,376 Asset retirement obligations and accrued environmental costs - 1,114 - 8,763 - 9,877 Deferred income taxes - - - 11,661 (1,329) 10,332 Employee benefit obligations - 1,964 - 529 - 2,493 Other liabilities and deferred credits* 113 7,919 871 15,424 (22,803) 1,524 Total Liabilities 9,323 28,257 3,940 45,384 (26,477) 60,427 Retained earnings (losses) 28,109 15,940 (683) 14,167 (22,901) 34,632 Other common stockholders’ equity 4,418 30,108 718 37,969 (68,756) 4,457 Noncontrolling interests - - - 318 - 318 Total Liabilities and Stockholders’ Equity $ 41,850 74,305 3,975 97,838 (118,134) 99,834 *Includes intercompany loans. Balance Sheet December 31, 2015 Assets Cash and cash equivalents $ - 4 15 2,349 - 2,368 Accounts and notes receivable 21 2,905 21 7,228 (5,661) 4,514 Inventories - 142 - 982 - 1,124 Prepaid expenses and other current assets 2 206 252 589 (266) 783 Total Current Assets 23 3,257 288 11,148 (5,927) 8,789 Investments, loans and long-term receivables* 43,532 64,015 3,264 27,839 (117,464) 21,186 Net properties, plants and equipment - 8,110 - 58,336 - 66,446 Other assets 7 950 233 1,158 (1,285) 1,063 Total Assets $ 43,562 76,332 3,785 98,481 (124,676) 97,484 Liabilities and Stockholders’ Equity Accounts payable $ - 5,684 13 4,897 (5,661) 4,933 Short-term debt (9) 1 1,255 180 - 1,427 Accrued income and other taxes - 62 - 437 - 499 Employee benefit obligations - 629 - 258 - 887 Other accruals 170 465 52 1,087 (264) 1,510 Total Current Liabilities 161 6,841 1,320 6,859 (5,925) 9,256 Long-term debt 7,518 10,660 1,716 3,559 - 23,453 Asset retirement obligations and accrued environmental costs - 1,107 - 8,473 - 9,580 Deferred income taxes - - - 11,814 (815) 10,999 Employee benefit obligations - 1,760 - 526 - 2,286 Other liabilities and deferred credits* 2,681 7,291 667 15,181 (23,992) 1,828 Total Liabilities 10,360 27,659 3,703 46,412 (30,732) 57,402 Retained earnings (losses) 29,892 17,366 (389) 15,177 (25,632) 36,414 Other common stockholders’ equity 3,310 31,307 471 36,572 (68,312) 3,348 Noncontrolling interests - - - 320 - 320 Total Liabilities and Stockholders’ Equity $ 43,562 76,332 3,785 98,481 (124,676) 97,484 *Includes intercompany loans.
Condensed Consolidated Statement of Cash Flows	Millions of Dollars Three Months Ended March 31, 2016 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 $ (153) (284) 1 1,011 (154) 421 Cash Flows From Investing Activities Capital expenditures and investments - (504) - (1,516) 199 (1,821) Working capital changes associated with investing activities - (21) - (113) - (134) Proceeds from asset dispositions 2,300 60 - 75 (2,300) 135 Purchases of short-term investments - - - (302) - (302) Long-term advances/loans—related parties - (51) - - 51 - Collection of advances/loans—related parties - - - 2,198 (2,145) 53 Intercompany cash management (3,438) 3,206 - 232 - - Other - 8 - (4) - 4 Net Cash Provided by (Used in) Investing Activities (1,138) 2,698 - 570 (4,195) (2,065) Cash Flows From Financing Activities Issuance of debt 1,600 2,994 - 51 (51) 4,594 Repayment of debt - (2,145) - (64) 2,145 (64) Issuance of company common stock 7 - - - (49) (42) Dividends paid (313) - - (203) 203 (313) Other (3) (2,320) - 184 2,101 (38) Net Cash Provided by (Used in) Financing Activities 1,291 (1,471) - (32) 4,349 4,137 Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - 5 - 5 Net Change in Cash and Cash Equivalents - 943 1 1,554 - 2,498 Cash and cash equivalents at beginning of period - 4 15 2,349 - 2,368 Cash and Cash Equivalents at End of Period $ - 947 16 3,903 - 4,866 Statement of Cash Flows Three Months Ended March 31, 2015* Cash Flows From Operating Activities Net Cash Provided by Operating Activities (131) (231) 1 2,340 89 2,068 Cash Flows From Investing Activities Capital expenditures and investments - (941) - (2,759) 368 (3,332) Working capital changes associated with investing activities - 60 - (258) - (198) Proceeds from asset dispositions - 88 - 88 (3) 173 Net sales (purchases) of short-term investments - - - - - - Long-term advances/loans—related parties - (72) - (1,482) 1,554 - Collection of advances/loans—related parties - - - 52 - 52 Intercompany cash management 974 (1,085) - 111 - - Other - (7) - (2) - (9) Net Cash Provided by (Used in) Investing Activities 974 (1,957) - (4,250) 1,919 (3,314) Cash Flows From Financing Activities Issuance of debt - 1,482 - 72 (1,554) - Repayment of debt - - - (57) - (57) Issuance of company common stock 66 - - - (100) (34) Dividends paid (910) - - (11) 11 (910) Other 1 - - 346 (365) (18) Net Cash Provided by (Used in) Financing Activities (843) 1,482 - 350 (2,008) (1,019) Effect of Exchange Rate Changes on Cash and Cash Equivalents - - - (133) - (133) Net Change in Cash and Cash Equivalents - (706) 1 (1,693) - (2,398) Cash and cash equivalents at beginning of period - 770 7 4,285 - 5,062 Cash and Cash Equivalents at End of Period $ - 64 8 2,592 - 2,664 *Certain amounts have been reclassified to conform to current-period presentation. See Note 16—Cash Flow Information, in the Notes to Consolidated Financial Statements.

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventories
Crude oil and petroleum products	$ 392	$ 406
Materials and supplies	680	718
Total Inventories	1,072	1,124
Inventories (Textual) [Abstract]
Inventories valued on the LIFO basis	271	317
Excess of current replacement cost over LIFO cost of inventories	$ 29	$ 6

Assets Held for Sale or Sold (D

Assets Held for Sale or Sold (Details) - Beluga River Unit - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Long Lived Assets Held For Sale [LineItems]
Net carrying value		$ 78
Amount of PP&E in carrying value of assets		100
Asset retirement obligation of held for sale asset		$ 19
Proceeds from asset dispositions	$ 134

Investments, Loans and Long-T42

Investments, Loans and Long-Term Receivables (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Equity method investments
Cumulative foreign currency translation adjustment	[1]		$ (4,621)	$ (5,804)
Australia Pacific LNG [Member]
Equity method investments
Book value of investment			10,315
Project finance facility			8,500
Amount drawn from project finance facility			8,400
Fair value of investment			9,878
Unrecognized impairment			437
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			750
FCCL [Member]
Equity method investments
Book value of investment			8,759
Cumulative foreign currency translation adjustment			$ 1,333
Distribution from equity affiliate		$ 0
[1]	Foreign Currency Translation increased due to the weakening of the U.S. dollar relative to the Canadian dollar and Norwegian krone.

Suspended Wells and Wells in 43

Suspended Wells and Wells in Progress (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Suspended Wells (Textual) [Abstract]
Capitalized cost of suspended wells	$ 1,327	$ 1,260
Increase (decrease) in capitalized cost of suspended wells	$ 67
Number of wells charged to dry hole expense	No

Impairments (Details)

Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges	$ 136	$ 16	[1]
Exploration Expense	505	482
Lower 48 [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges	9
Gulf of Mexico [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Exploration Expense	73
Melmar [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Exploration Expense	95
Europe and North Africa [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges	$ 127	$ 16
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.

Debt (Details Textual)

Debt (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
ShortTermBorrowings [Abstract]
Maturity period of commercial paper (in days)	P90D
Letters of credit issued	$ 339
Debt (Textual) [Abstract]
Classification of short-term debt as long-term debt	$ 0
Debt to capital ratio	0.65
4.2% Notes due 2021 [Member]
Long-term debt
Debt at face value	$ 1,250
Stated percentage of debt	4.20%
Floating Rate Notes due 2019 [Member]
Long-term debt
Debt at face value	$ 1,600
Stated percentage of debt minimum	0.50%
Stated percentage of debt maximum	1.50%
Debt Instrument Term	3 years
LIBOR [Member]
Long-term debt
Stated percentage of debt minimum	1.50%
Stated percentage of debt maximum	2.00%
Base Rate [Member]
Long-term debt
Stated percentage of debt minimum	0.50%
Stated percentage of debt maximum	1.00%
4.95% Notes due 2026 [Member]
Long-term debt
Debt at face value	$ 1,250
Stated percentage of debt	4.95%
5.95% Notes due 2046 [Member]
Long-term debt
Debt at face value	$ 500
Stated percentage of debt	5.95%
Marine Terminal Revenue Refunding Bonds due through 2035
Long-term debt
Debt at face value	$ 283
Revolving Credit Facilities [Member]
ShortTermBorrowings [Abstract]
Total amount under revolving credit facilities	6,750	$ 7,000
Letters of credit issued	0
Credit facilities remaining after commercial paper outstanding and issuance of letters of credit	6,000
ConocoPhillips [Member]
ShortTermBorrowings [Abstract]
Commercial paper program	6,100
ConocoPhillips Qatar Funding Ltd. [Member]
ShortTermBorrowings [Abstract]
Commercial paper program	900
Repayments Of Commercial Paper	640
Commercial paper outstanding	$ 750	$ 803

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Activity for equity attributable to noncontrolling interests
Beginning Balance		$ 40,082	$ 52,273
Net income (loss)		(1,456)	286	[1]
Dividends paid		(313)	(910)	[1]
Distributions to noncontrolling interests		(16)	(21)
Other	[2]	1,110	(2,620)
Ending Balance		39,407	49,008
Common Stockholders' Equity [Member]
Activity for equity attributable to noncontrolling interests
Beginning Balance		39,762	51,911
Net income (loss)		(1,469)	272
Dividends paid		(313)	(910)
Other		1,109	(2,621)
Ending Balance		39,089	48,652
Noncontrolling Interest [Member]
Activity for equity attributable to noncontrolling interests
Beginning Balance		320	362
Net income (loss)		13	14
Distributions to noncontrolling interests		(16)	(21)
Other			1
Ending Balance		$ 318	$ 356
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.
[2]	*Includes components of other comprehensive income (loss), which are disclosed separately in the Consolidated Statement of Comprehensive Income.

Guarantees (Details)

Guarantees (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Guarantees (Textual) [Abstract]
Environmental accruals for known contamination in carrying amount recorded for indemnifications	$ 263	$ 258
Australia Pacific APLNG [Member]
Guarantees (Textual) [Abstract]
Ownership percentage in equity investment	37.50%
Train 1 and Train 2 [Member] | Australia Pacific APLNG [Member]
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments	$ 90
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	3,200
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	$ 530
Terms of guarantees outstanding	up to eight years
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	$ 1,600
Terms of guarantees outstanding	nine years
Carrying value of the guarantee to third-party lenders	$ 98
Carrying value of indemnification asset	98
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member]
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments	1,100
Maximum potential amount of future payments under the guarantees in the event of intentional or reckless breach	$ 1,900
Terms of guarantees outstanding	1 to 26 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Contingencies and Commitments (Textual) [Abstract]
Total environmental accrual included in balance sheet	$ 263	$ 258
Expected years to incur the majority of expenditures	30 years
Letters of credit that secure performance obligations	$ 339

Derivative and Financial Inst49

Derivative and Financial Instruments - Commodity Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Prepaid expenses and other current assets [Member]
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 479	$ 768
Other assets [Member]
Derivatives, Fair Value [Line Items]
Commodity derivative assets	48	60
Other accruals [Member]
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	480	754
Other liabilities and deferred credits [Member]
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 37	$ 46

Derivative and Financial Inst50

Derivative and Financial Instruments - Commodity GainLoss (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Sales and other operating revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ (3)	$ (16)
Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	1	(1)
Purchased commodities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ (1)	$ 44

Derivative and Financial Inst51

Derivative and Financial Instruments - Commodity Notional (Details 2) - ft3 / D ft3 / D in Billions	Mar. 31, 2016	Dec. 31, 2015
Natural gas and power, Fixed price [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(14)	(14)
Natural gas and power, Basis [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(1)	(17)

Derivative and Financial Inst52

Derivative and Financial Instruments - FX Balance Sheet (Details 3) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange derivative assets	$ 1	$ 47
Other Accruals [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange derivative liabilities	$ 16	$ 8

Derivative and Financial Inst53

Derivative and Financial Instruments - FX GainLoss (Details 4) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign currency transaction (gains) losses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency transaction (gains) losses	$ 97	$ 24

Derivative and Financial Inst54

Derivative and Financial Instruments - FX Notional (Details 5) - Foreign Currency Exchange Derivative [Member] £ in Millions, $ in Millions		Mar. 31, 2016GBP (£)	Mar. 31, 2016USD ($)	Dec. 31, 2015GBP (£)	Dec. 31, 2015USD ($)
Sell US Dollar Buy Other Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Net notional position of foreign currency exchange derivatives	[1]		$ 3		$ 347
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]		$ 10		$ 20
Buy British pound, sell other currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Net notional position of foreign currency exchange derivatives | £	[3]	£ 904		£ 567
[1]	*Primarily Canadian dollar, Norwegian krone and British pound.
[2]	**Primarily Canadian dollar and Norwegian krone.
[3]	***Primarily Canadian dollar and euro.

Derivative and Financial Inst55

Derivative and Financial Instruments - Financial Instruments (Details 6) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	[1]	Dec. 31, 2013	[1]
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents Total	$ 4,866	$ 2,368	$ 2,664		$ 5,062		$ 5,062
Cash and Cash Equivalents [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cash	1,016	528
Time Deposits	3,405	$ 1,840
Commercial Paper	445
Cash and Cash Equivalents [Member] | Short-term Investment [Member]
Schedule of Held-to-maturity Securities [Line Items]
Time Deposits	307
Cash and Cash Equivalents [Member] | Remaining maturities from 1 to 90 days [Member]
Schedule of Held-to-maturity Securities [Line Items]
Time Deposits	$ 307
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.

Derivative and Financial Inst56

Derivative and Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Credit Risk [Line items]
Aggregate fair value of all derivative instruments in a liability position	$ 136	$ 158
Collateral was posted for derivative instruments in a liability position	1	$ 2
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	$ 130
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	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation investments	$ 0
Commodity derivative asset, gross	527	$ 828
Total assets	527	828
Commodity derivative liability, gross	517	800
Total liabilities	517	800
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation investments	0
Commodity derivative asset, gross	293	516
Total assets	293	516
Commodity derivative liability, gross	307	515
Total liabilities	307	515
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative asset, gross	186	242
Total assets	186	242
Commodity derivative liability, gross	202	273
Total liabilities	202	273
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative asset, gross	48	70
Total assets	48	70
Commodity derivative liability, gross	8	12
Total liabilities	$ 8	$ 12

Fair Value Measurement - FV of

Fair Value Measurement - FV of Commodity Derivatives (Details 1) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Offsetting Derivative Assets[Abstract]
Assets - gross amounts recognized	$ 527	$ 828
Assets - gross amounts offset	349	600
Assets - net amounts presented	178	228
Assets - cash collateral	0	0
Assets - amounts without right of setoff	5	8
Assets - net amounts	173	220
Offsetting Derivative Liabilities [Abstract]
Liabilities - gross amounts recognized	517	800
Liabilities - gross amounts offset	349	600
Liabilities - net amounts presented	168	200
Liabilities - cash collateral	7	1
Liabilities - amounts without right of setoff	9	11
Liabilities - net amounts	$ 152	$ 188

Faire Value Measurement - Nonre

Faire Value Measurement - Nonrecurring (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value - Net PP&E (held for use)	$ 217
Before-Tax Loss - Net PP&E (held for use)	129
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)	$ 217

Fair Value Measurement - FV o60

Fair Value Measurement - FV of Fin. Instruments (Details 2) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Financial Assets [Abstract]
Deferred compensation investments	$ 0
Commodity derivatives, assets	178	$ 228
Financial Liabilities [Abstract]
Commodity derivatives, liabilities	168	200
Carrying Amount [Member]
Financial Assets [Abstract]
Deferred compensation investments	0	0
Commodity derivatives, assets	178	228
Total loans and advances - related parties	753	808
Financial Liabilities [Abstract]
Total debt, excluding capital leases, carrying amount	28,576	24,062
Commodity derivatives, liabilities	161	199
Deferred Compensation Liquidation [Member]
Financial Assets [Abstract]
Deferred compensation investments	0
Fair Value [Member]
Financial Assets [Abstract]
Deferred compensation investments	0	0
Commodity derivatives, assets	178	228
Total loans and advances - related parties	753	808
Financial Liabilities [Abstract]
Total debt, excluding capital leases, fair value	29,505	24,785
Commodity derivatives, liabilities	$ 161	$ 199

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Accumulated other comprehensive income in the equity section of the balance sheet included
Defined Benefit Plans, Beginning Balance		$ (443)
Foreign Currency Translation, Beginning Balance	[1]	(5,804)
Accumulated Other Comprehensive Income, Beginning Balance		(6,247)
Defined Benefit Plans		(82)		$ 32
Foreign Currency Translation		1,183	[1]	(2,719)
Other Comprehensive Income, Net of Tax		1,101		$ (2,687)
Defined Benefit Plans, Ending Balance		(525)
Foreign Currency Translation, Ending Balance	[1]	(4,621)
Accumulated Other Comprehensive Income, Ending Balance		$ (5,146)
[1]	Foreign Currency Translation increased due to the weakening of the U.S. dollar relative to the Canadian dollar and Norwegian krone.

Accumulated Other Comprehensi62

Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reclassification out of Accumulated Other Comprehensive Income [Abstract]
Defined Benefit Plans	[1]	$ 63	$ 32
Tax expense of defined benefit plans		$ 36	$ 17
[1]	The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $36 million and$17 million for the three-month periods ended March 31, 2016 and 2015, respectively. See Note 17—Employee Benefit Plans, for additional

Cash Flow Information (Details)

Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash payments (receipts)
Interest	$ 244	$ 197
Income taxes	133	$ (253)	[1]
Net Purchases of Short-Term Investments
Net sale (purchases) of short-term investments	(302)
Accounting Changes And Error Corrections [Abstract]
Immaterial Error Correction		In relation to certain working capital changes associated with investing activities, we reclassified $198 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 three months ended March 31, 2015. There was no impact to “Cash and Cash Equivalents at End of Period.”
Working capital changes associated with investing activities	$ (134)	$ (198)	[2]
[1]	*Net of $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 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
U.S. (Pension Benefits) [Member]
Components of Net Periodic Benefit Cost
Service cost	$ 27	$ 36
Interest cost	40	40
Expected return on plan assets	(43)	(54)
Amortization of prior service cost	1	2
Recognized net actuarial (gain) loss	19	28
Settlements	82
Net periodic benefit cost	126	52
Int'l (Pension Benefits) [Member]
Components of Net Periodic Benefit Cost
Service cost	20	32
Interest cost	31	34
Expected return on plan assets	(41)	(44)
Amortization of prior service cost	(1)	(2)
Recognized net actuarial (gain) loss	7	21
Net periodic benefit cost	16	41
Other Benefits [Member]
Components of Net Periodic Benefit Cost
Service cost	1	1
Interest cost	3	7
Expected return on plan assets	0	0
Amortization of prior service cost	(9)	(1)
Recognized net actuarial (gain) loss	0	1
Net periodic benefit cost	$ (5)	$ 8

Employee Benefit Plans (Detai65

Employee Benefit Plans (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Employee Benefit Plans (Textual) [Abstract]
Increase in pension liability	$ 231,000,000
Discount rate for net pension liability	3.80%	4.50%
U.S. (Pension Benefits) [Member]
Employee Benefit Plans (Textual) [Abstract]
Company contributions	$ 38,000,000
Expected company contributions	250,000,000
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	(82,000,000)
Increase in pension liability	231,000,000
Net Pension Liability	0
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan Benefit Obligation	0
Defined Benefit Plan Actuarial Gain Loss	0
Int'l (Pension Benefits) [Member]
Employee Benefit Plans (Textual) [Abstract]
Company contributions	34,000,000
Expected company contributions	130,000,000
Europe [Member]
Employee Benefit Plans (Textual) [Abstract]
Special pension termination benefits	$ 0
Special pension termination benefits recoverable from partner	0.00%
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan Plan Amendments	$ 0
CostSharingChangesforRetirees [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan Plan Amendments	0
Excluding Phillips Employees and Retirees [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan Plan Amendments	0
Discontinuation of company premium cost sharing contributions [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan Plan Amendments	0
Discontinuation of company premium cost sharing contributions new members [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Defined Benefit Plan Plan Amendments	$ 0

Employee Benefit Plans (Severan

Employee Benefit Plans (Severances) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Supplemental Unemployment Benefits [Line Items]
Foreign currency translation adjustments	$ 1,183	$ (2,745)
Employee Severance
Supplemental Unemployment Benefits [Line Items]
Severance Accrual	56		$ 156
Payments For Postemployment Benefits	(106)
Severance accrual current period change	5
Foreign currency translation adjustments	3
Short term portion of severance accrual	20
Employee severance accrual reversal [Member]
Supplemental Unemployment Benefits [Line Items]
Severance accrual current period change	$ (2)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Significant transactions with related parties
Operating revenues and other income		$ 27,000,000	$ 25,000,000
Purchases		24,000,000	22,000,000
Operating expenses and selling, general and administrative expenses		16,000,000	18,000,000
Net interest (income) expense	[1]	$ (3,000,000)	$ (2,000,000)
[1]	*We paid interest to, or received interest from various affiliates. See Note 6—Investments, Loans and Long-Term Receivables, for additionalinformation on loans to affiliated companies.

Segment Disclosures and Relat68

Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 5,121	$ 7,716
Alaska [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	778	1,050
Lower 48 Before Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,145	3,139
Intersegment Eliminations before Lower 48 and Latin America [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	(7)	(22)
Lower 48 [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,138	3,117
Canada before Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	425	703
Intersegment Eliminations before Canada [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	(35)	(110)
Canada [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	390	593
Europe before Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	923	1,549
Asia Pacific Before Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	837	1,388
Other International [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 55	$ 19

Segment Disclosures and Relat69

Segment Disclosures and Related Information - Net Income (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	$ (1,469)	$ 272
Alaska [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	(2)	145
Lower 48 [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	(820)	(405)
Canada [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	(294)	(158)
Europe and North Africa [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	(51)	636
Asia Pacific and Middle East [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	(5)	395
Other International [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	(24)	(92)
Corporate and Other [Member]
Net Income Attributable to ConocoPhillips
Consolidated net income (loss) attributable to ConocoPhillips	$ (273)	$ (249)

Segment Disclosures and Relat70

Segment Disclosures and Related Information (Details Textual)	3 Months Ended
	Mar. 31, 2016
Segment Disclosures and Related Information (Textual) [Abstract]
Number of operating segments	6

Segment Disclosures and Relat71

Segment Disclosures and Related Information - Assets (Details 2) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets [Abstract]
Consolidated total assets	$ 99,834	$ 97,484
Alaska [Member]
Assets [Abstract]
Consolidated total assets	12,682	12,555
Lower 48 [Member]
Assets [Abstract]
Consolidated total assets	25,615	26,932
Canada [Member]
Assets [Abstract]
Consolidated total assets	18,414	17,221
Europe [Member]
Assets [Abstract]
Consolidated total assets	13,620	13,703
Asia Pacific and Middle East [Member]
Assets [Abstract]
Consolidated total assets	22,007	22,318
Other International [Member]
Assets [Abstract]
Consolidated total assets	326	282
Corporate and Other [Member]
Assets [Abstract]
Consolidated total assets	$ 7,170	$ 4,473

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes (Textual) [Abstract]
Effective tax rate	35.00%	180.00%
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%

Supplementary Information - C73

Supplementary Information - Condensed Consolidating Financial Information - Inc Stmt (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues and Other Income
Sales and other operating revenues		$ 5,121	$ 7,716
Equity in earnings (losses) of affiliates		(149)	205
Gain (loss) on dispositions		23	52	[1]
Other income		20	29
Intercompany revenues		0	0
Total Revenues and Other Income		5,015	8,002
Costs and Expenses
Purchased commodities		2,225	3,237
Production and operating expenses		1,354	1,802
Selling, general and administrative expenses		186	159
Exploration expenses		505	482
Depreciation, depletion and amortization		2,247	2,131	[1]
Impairments		136	16	[1]
Taxes other than income taxes		180	224
Accretion on discounted liabilities		109	121	[1]
Interest and debt expense		281	202
Foreign currency transaction (gains) losses		16	(16)
Total Costs and Expenses		7,239	8,358
Income tax provision (benefit)		(2,224)	(356)
Income tax provision (benefit)		(768)	(642)
Net income (loss)		(1,456)	286	[1]
Less: net income attributable to noncontrolling interests		(13)	(14)
Net Income (Loss)		(1,469)	272
Comprehensive Income (Loss) Attributable to ConocoPhillips	[2]	(368)	(2,415)
ConocoPhillips [Member]
Revenues and Other Income
Sales and other operating revenues		0	0
Equity in earnings (losses) of affiliates		(1,427)	381
Gain (loss) on dispositions		0	0
Other income		0	0
Intercompany revenues		18	19
Total Revenues and Other Income		(1,409)	400
Costs and Expenses
Purchased commodities		0	0
Production and operating expenses		0	0
Selling, general and administrative expenses		3	3
Exploration expenses		0	0
Depreciation, depletion and amortization		0	0
Impairments		0	0
Taxes other than income taxes		0	0
Accretion on discounted liabilities		0	0
Interest and debt expense		124	121
Foreign currency transaction (gains) losses		(44)	63
Total Costs and Expenses		83	187
Income tax provision (benefit)		(1,492)	213
Income tax provision (benefit)		(23)	(59)
Net income (loss)		(1,469)	272
Less: net income attributable to noncontrolling interests		0	0
Net Income (Loss)		(1,469)	272
Comprehensive Income (Loss) Attributable to ConocoPhillips		(368)	(2,415)
ConocoPhillips Company [Member]
Revenues and Other Income
Sales and other operating revenues		2,072	2,933
Equity in earnings (losses) of affiliates		(750)	813
Gain (loss) on dispositions		22	31
Other income		(6)	7
Intercompany revenues		81	98
Total Revenues and Other Income		1,419	3,882
Costs and Expenses
Purchased commodities		1,848	2,560
Production and operating expenses		253	400
Selling, general and administrative expenses		154	120
Exploration expenses		431	200
Depreciation, depletion and amortization		257	259
Impairments		4	0
Taxes other than income taxes		57	69
Accretion on discounted liabilities		12	14
Interest and debt expense		134	101
Foreign currency transaction (gains) losses		2	(1)
Total Costs and Expenses		3,152	3,722
Income tax provision (benefit)		(1,733)	160
Income tax provision (benefit)		(306)	(221)
Net income (loss)		(1,427)	381
Less: net income attributable to noncontrolling interests		0	0
Net Income (Loss)		(1,427)	381
Comprehensive Income (Loss) Attributable to ConocoPhillips		(326)	(2,306)
ConocoPhillips Canada Funding Company I [Member]
Revenues and Other Income
Sales and other operating revenues		0	0
Equity in earnings (losses) of affiliates		0	0
Gain (loss) on dispositions		0	0
Other income		0	0
Intercompany revenues		56	64
Total Revenues and Other Income		56	64
Costs and Expenses
Purchased commodities		0	0
Production and operating expenses		0	0
Selling, general and administrative expenses		0	0
Exploration expenses		0	0
Depreciation, depletion and amortization		0	0
Impairments		0	0
Taxes other than income taxes		0	0
Accretion on discounted liabilities		0	0
Interest and debt expense		55	57
Foreign currency transaction (gains) losses		312	(378)
Total Costs and Expenses		367	(321)
Income tax provision (benefit)		(311)	385
Income tax provision (benefit)		(18)	11
Net income (loss)		(293)	374
Less: net income attributable to noncontrolling interests		0	0
Net Income (Loss)		(293)	374
Comprehensive Income (Loss) Attributable to ConocoPhillips		(47)	30
All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		3,049	4,783
Equity in earnings (losses) of affiliates		(444)	578
Gain (loss) on dispositions		1	21
Other income		26	22
Intercompany revenues		525	843
Total Revenues and Other Income		3,157	6,247
Costs and Expenses
Purchased commodities		879	1,494
Production and operating expenses		1,104	1,434
Selling, general and administrative expenses		35	45
Exploration expenses		74	282
Depreciation, depletion and amortization		1,990	1,872
Impairments		132	16
Taxes other than income taxes		123	155
Accretion on discounted liabilities		97	107
Interest and debt expense		137	89
Foreign currency transaction (gains) losses		(254)	300
Total Costs and Expenses		4,317	5,794
Income tax provision (benefit)		(1,160)	453
Income tax provision (benefit)		(421)	(373)
Net income (loss)		(739)	826
Less: net income attributable to noncontrolling interests		(13)	(14)
Net Income (Loss)		(752)	812
Comprehensive Income (Loss) Attributable to ConocoPhillips		445	(1,874)
Consolidating Adjustments [Member]
Revenues and Other Income
Sales and other operating revenues		0	0
Equity in earnings (losses) of affiliates		2,472	(1,567)
Gain (loss) on dispositions		0	0
Other income		0	0
Intercompany revenues		(680)	(1,024)
Total Revenues and Other Income		1,792	(2,591)
Costs and Expenses
Purchased commodities		(502)	(817)
Production and operating expenses		(3)	(32)
Selling, general and administrative expenses		(6)	(9)
Exploration expenses		0	0
Depreciation, depletion and amortization		0	0
Impairments		0	0
Taxes other than income taxes		0	0
Accretion on discounted liabilities		0	0
Interest and debt expense		(169)	(166)
Foreign currency transaction (gains) losses		0	0
Total Costs and Expenses		(680)	(1,024)
Income tax provision (benefit)		2,472	(1,567)
Income tax provision (benefit)		0	0
Net income (loss)		2,472	(1,567)
Less: net income attributable to noncontrolling interests		0	0
Net Income (Loss)		2,472	(1,567)
Comprehensive Income (Loss) Attributable to ConocoPhillips		$ (72)	$ 4,150
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.
[2]	See Notes to Consolidated Financial Statements.

Supplementary Information - C74

Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details 1) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014		Dec. 31, 2013
Assets
Cash and cash equivalents		$ 4,866	$ 2,368	$ 2,664		$ 5,062	[1]	$ 5,062	[1]
Short-term investments		307
Accounts and notes receivable		3,954	4,514
Inventories		1,072	1,124
Prepaid expenses and other current assets		735	783
Total Current Assets		10,934	8,789
Investments, loans and long-term receivables	[2]	21,806	21,186
Net properties, plants and equipment		66,000	66,446
Other assets		1,094	1,063
Total Assets		99,834	97,484
Liabilities and Stockholders' Equity
Accounts payable and related party accounts payable		4,165	4,933
Short-term debt		2,079	1,427
Accrued income and other taxes		701	499
Employee benefit obligations		501	887
Other accruals		1,379	1,510
Total Current Liabilities		8,825	9,256
Long-term debt		27,376	23,453
Asset retirement obligations and accrued environmental costs		9,877	9,580
Deferred income taxes		10,332	10,999
Employee benefit obligations		2,493	2,286
Other liabilities and deferred credits		1,524	1,828
Total Liabilities		60,427	57,402
Retained earnings		34,632	36,414
Other common stockholders' equity		4,457	3,348
Noncontrolling interests		318	320
Total Liabilities and Stockholders' Equity		99,834	97,484
ConocoPhillips [Member]
Assets
Cash and cash equivalents	[1]							0
Accounts and notes receivable		4	21
Prepaid expenses and other current assets		2	2
Total Current Assets		6	23
Investments, loans and long-term receivables	[2]	41,836	43,532
Net properties, plants and equipment			0
Other assets		8	7
Total Assets		41,850	43,562
Liabilities and Stockholders' Equity
Accounts payable and related party accounts payable			0
Short-term debt		(10)	(9)
Accrued income and other taxes			0
Employee benefit obligations			0
Other accruals		102	170
Total Current Liabilities		92	161
Long-term debt		9,118	7,518
Other liabilities and deferred credits	[2]	113	2,681
Total Liabilities		9,323	10,360
Retained earnings		28,109	29,892
Other common stockholders' equity		4,418	3,310
Total Liabilities and Stockholders' Equity		41,850	43,562
ConocoPhillips Company [Member]
Assets
Cash and cash equivalents		947	4	64		770		770	[1]
Accounts and notes receivable		1,920	2,905
Inventories		93	142
Prepaid expenses and other current assets		208	206
Total Current Assets		3,168	3,257
Investments, loans and long-term receivables	[2]	61,967	64,015
Net properties, plants and equipment		7,701	8,110
Other assets		1,469	950
Total Assets		74,305	76,332
Liabilities and Stockholders' Equity
Accounts payable and related party accounts payable		2,756	5,684
Short-term debt		(2)	1
Accrued income and other taxes		32	62
Employee benefit obligations		357	629
Other accruals		481	465
Total Current Liabilities		3,624	6,841
Long-term debt		13,636	10,660
Asset retirement obligations and accrued environmental costs		1,114	1,107
Deferred income taxes		0	0
Employee benefit obligations		1,964	1,760
Other liabilities and deferred credits	[2]	7,919	7,291
Total Liabilities		28,257	27,659
Retained earnings		15,940	17,366
Other common stockholders' equity		30,108	31,307
Noncontrolling interests			0
Total Liabilities and Stockholders' Equity		74,305	76,332
ConocoPhillips Canada Funding Company I [Member]
Assets
Cash and cash equivalents		16	15	8		7		7	[1]
Accounts and notes receivable		21	21
Prepaid expenses and other current assets		171	252
Total Current Assets		208	288
Investments, loans and long-term receivables	[2]	3,546	3,264
Other assets		221	233
Total Assets		3,975	3,785
Liabilities and Stockholders' Equity
Accounts payable and related party accounts payable		16	13
Short-term debt		1,256	1,255
Other accruals		83	52
Total Current Liabilities		1,355	1,320
Long-term debt		1,714	1,716
Other liabilities and deferred credits	[2]	871	667
Total Liabilities		3,940	3,703
Retained earnings		(683)	(389)
Other common stockholders' equity		718	471
Total Liabilities and Stockholders' Equity		3,975	3,785
All Other Subsidiaries [Member]
Assets
Cash and cash equivalents		3,903	2,349	$ 2,592		$ 4,285		4,285	[1]
Short-term investments		307	0
Accounts and notes receivable		4,164	7,228
Inventories		979	982
Prepaid expenses and other current assets		545	589
Total Current Assets		9,898	11,148
Investments, loans and long-term receivables	[2]	28,317	27,839
Net properties, plants and equipment		58,299	58,336
Other assets		1,324	1,158
Total Assets		97,838	98,481
Liabilities and Stockholders' Equity
Accounts payable and related party accounts payable		3,548	4,897
Short-term debt		835	180
Accrued income and other taxes		669	437
Employee benefit obligations		144	258
Other accruals		903	1,087
Total Current Liabilities		6,099	6,859
Long-term debt		2,908	3,559
Asset retirement obligations and accrued environmental costs		8,763	8,473
Deferred income taxes		11,661	11,814
Employee benefit obligations		529	526
Other liabilities and deferred credits	[2]	15,424	15,181
Total Liabilities		45,384	46,412
Retained earnings		14,167	15,177
Other common stockholders' equity		37,969	36,572
Noncontrolling interests		318	320
Total Liabilities and Stockholders' Equity		97,838	98,481
Consolidating Adjustments [Member]
Assets
Cash and cash equivalents	[1]							$ 0
Accounts and notes receivable		(2,155)	(5,661)
Prepaid expenses and other current assets		(191)	(266)
Total Current Assets		(2,346)	(5,927)
Investments, loans and long-term receivables	[2]	(113,860)	(117,464)
Other assets		(1,928)	(1,285)
Total Assets		(118,134)	(124,676)
Liabilities and Stockholders' Equity
Accounts payable and related party accounts payable		(2,155)	(5,661)
Accrued income and other taxes			0
Other accruals		(190)	(264)
Total Current Liabilities		(2,345)	(5,925)
Deferred income taxes		(1,329)	(815)
Other liabilities and deferred credits	[2]	(22,803)	(23,992)
Total Liabilities		(26,477)	(30,732)
Retained earnings		(22,901)	(25,632)
Other common stockholders' equity		(68,756)	(68,312)
Total Liabilities and Stockholders' Equity		$ (118,134)	$ (124,676)
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.
[2]	*Includes intercompany loans.

Supplementary Information - C75

Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details Textual) $ in Billions	Mar. 31, 2016USD ($)
ConocoPhillips [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany other liabilities	$ 2.3
Intercompany Investment	(2.3)
ConocoPhillips Company [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany other liabilities	(2.3)
Intercompany return of capital	$ 2.3

Supplementary Information - C76

Supplementary Information - Condensed Consolidating Financial Information - Cash Flow (Details 2) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		$ 421	$ 2,068	[1]
Cash Flows From Investing Activities
Capital expenditures and investments		(1,821)	(3,332)	[1]
Working capital changes associated with investing activities		(134)	(198)	[1]
Proceeds from asset dispositions		135	173	[1]
Net sales (purchases) of short-term investments		(302)
Collection of advances/loans-related parties		53	52	[1]
Other		4	(9)	[1]
Net Cash Provided by (Used in) Investing Activities		(2,065)	(3,314)	[1]
Cash Flows From Financing Activities
Issuance of debt		4,594
Repayment of debt		(64)	(57)	[1]
Issuance of company common stock		(42)	(34)	[1]
Dividends paid		(313)	(910)	[1]
Other		(38)	(18)	[1]
Net Cash Provided by (Used in) Financing Activities		4,137	(1,019)	[1]
Effect of Exchange Rate Changes on Cash and Cash Equivalents		5	(133)	[1]
Net Change in Cash and Cash Equivalents		2,498	(2,398)	[1]
Cash and cash equivalents at beginning of period		2,368	5,062	[1]
Cash and Cash Equivalents at End of Period		4,866	2,664	[1]
ConocoPhillips [Member]
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		(153)	(131)	[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		2,300	0	[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		(3,438)	974	[1]
Other	[1]		0
Net Cash Provided by (Used in) Investing Activities		(1,138)	974	[1]
Cash Flows From Financing Activities
Issuance of debt		1,600
Repayment of debt		0	0	[1]
Issuance of company common stock		7	66	[1]
Dividends paid		(313)	(910)	[1]
Other		(3)	1	[1]
Net Cash Provided by (Used in) Financing Activities		1,291	(843)	[1]
Net Change in Cash and Cash Equivalents	[1]		0
ConocoPhillips Company [Member]
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		(284)	(231)	[1]
Cash Flows From Investing Activities
Capital expenditures and investments		(504)	(941)	[1]
Working capital changes associated with investing activities		(21)	60	[1]
Proceeds from asset dispositions		60	88	[1]
Net sales (purchases) of short-term investments	[1]		0
Long-term advances/loans-related parties		(51)	(72)	[1]
Collection of advances/loans-related parties		0	0	[1]
Intercompany cash management		3,206	(1,085)	[1]
Other		8	(7)	[1]
Net Cash Provided by (Used in) Investing Activities		2,698	(1,957)	[1]
Cash Flows From Financing Activities
Issuance of debt		2,994	1,482	[1]
Repayment of debt		(2,145)	0	[1]
Issuance of company common stock	[1]		0
Dividends paid		0	0	[1]
Other		(2,320)	0	[1]
Net Cash Provided by (Used in) Financing Activities		(1,471)	1,482	[1]
Net Change in Cash and Cash Equivalents		943	(706)	[1]
Cash and cash equivalents at beginning of period		4	770
Cash and Cash Equivalents at End of Period		947	64	[1]
ConocoPhillips Canada Funding Company I [Member]
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		1	1	[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) 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) Financing Activities	[1]		0
Net Change in Cash and Cash Equivalents		1	1	[1]
Cash and cash equivalents at beginning of period		15	7
Cash and Cash Equivalents at End of Period		16	8	[1]
All Other Subsidiaries [Member]
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		1,011	2,340	[1]
Cash Flows From Investing Activities
Capital expenditures and investments		(1,516)	(2,759)	[1]
Working capital changes associated with investing activities		(113)	(258)	[1]
Proceeds from asset dispositions		75	88	[1]
Net sales (purchases) of short-term investments		(302)	0	[1]
Long-term advances/loans-related parties		0	(1,482)	[1]
Collection of advances/loans-related parties		2,198	52	[1]
Intercompany cash management		232	111	[1]
Other		(4)	(2)	[1]
Net Cash Provided by (Used in) Investing Activities		570	(4,250)	[1]
Cash Flows From Financing Activities
Issuance of debt		51	72	[1]
Repayment of debt		(64)	(57)	[1]
Issuance of company common stock	[1]		0
Dividends paid		(203)	(11)	[1]
Other		184	346	[1]
Net Cash Provided by (Used in) Financing Activities		(32)	350	[1]
Effect of Exchange Rate Changes on Cash and Cash Equivalents		5	(133)	[1]
Net Change in Cash and Cash Equivalents		1,554	(1,693)	[1]
Cash and cash equivalents at beginning of period		2,349	4,285
Cash and Cash Equivalents at End of Period		3,903	2,592	[1]
Consolidating Adjustments [Member]
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		(154)	89
Cash Flows From Investing Activities
Capital expenditures and investments		199	368	[1]
Working capital changes associated with investing activities	[1]		0
Proceeds from asset dispositions		(2,300)	(3)	[1]
Net sales (purchases) of short-term investments	[1]		0
Long-term advances/loans-related parties		51	1,554	[1]
Collection of advances/loans-related parties		(2,145)	0	[1]
Intercompany cash management	[1]		0
Other	[1]		0
Net Cash Provided by (Used in) Investing Activities		(4,195)	1,919	[1]
Cash Flows From Financing Activities
Issuance of debt		(51)	(1,554)	[1]
Repayment of debt		2,145	0	[1]
Issuance of company common stock		(49)	(100)	[1]
Dividends paid		203	11	[1]
Other		2,101	(365)	[1]
Net Cash Provided by (Used in) Financing Activities		$ 4,349	(2,008)	[1]
Net Change in Cash and Cash Equivalents	[1]		$ 0
[1]	*Certain amounts have been reclassified to conform to current-period presentation. See Note 16–Cash Flow Information, in the Notes to Consolidated Financial Statements.See Notes to Consolidated Financial Statements.