Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2018 | Jan. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CONOCOPHILLIPS | |
Entity Central Index Key | 1,163,165 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $ 80.9 | |
Entity Common Stock, Shares Outstanding | 1,134,404,094 | |
Trading Symbol | COP | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues and Other Income | |||||
Revenue from contracts with customers | $ 36,417 | $ 29,106 | $ 23,693 | ||
Equity in earnings of affiliates | 1,074 | 772 | 52 | ||
Gain on dispositions | 1,063 | 2,177 | 360 | ||
Other Income | 173 | 529 | 255 | ||
Total Revenues and Other Income | 38,727 | 32,584 | 24,360 | ||
Cost and expenses [Abstract] | |||||
Purchased commodities | 14,294 | 12,475 | 9,994 | ||
Production and operating expenses | 5,213 | 5,162 | [1] | 5,643 | [1] |
Selling, general and administrative expenses | 401 | 427 | [1] | 473 | [1] |
Exploration expenses | 369 | 934 | [1] | 1,912 | [1] |
Depreciation, depletion and amortization | 5,956 | 6,845 | 9,062 | ||
Impairments | 27 | 6,601 | 139 | ||
Taxes other than income taxes | 1,048 | 809 | 739 | ||
Accretion on discounted liabilities | 353 | 362 | 425 | ||
Interest and debt expense | 735 | 1,098 | 1,245 | ||
Foreign currency transaction (gains) losses | (17) | 35 | (19) | ||
Other Expense | 375 | 451 | [1] | 277 | [1] |
Total Costs and Expenses | 28,754 | 35,199 | 29,890 | ||
Income (loss) before income taxes | 9,973 | (2,615) | (5,530) | ||
Income Tax Expense (Benefit) | 3,668 | (1,822) | (1,971) | ||
Net income (loss) | 6,305 | (793) | (3,559) | ||
Less: net income attributable to noncontrolling interests | (48) | (62) | (56) | ||
Net income (loss) attributable to ConocoPhillips | $ 6,257 | $ (855) | $ (3,615) | ||
Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock (dollars) | |||||
Earnings Per Share, Basic | $ 5.36 | $ (0.7) | $ (2.91) | ||
Earnings per Share, Diluted | $ 5.32 | $ (0.7) | $ (2.91) | ||
Average Common Shares Outstanding (in thousands) | |||||
Basic | 1,166,499 | 1,221,038 | 1,245,440 | ||
Diluted | 1,175,538 | 1,221,038 | 1,245,440 | ||
[1] | *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Consolidated Statement of Comprehensive Income | |||||
Net income (loss) | $ 6,305 | $ (793) | $ (3,559) | ||
Defined benefit plans | |||||
Prior service (cost) credit arising during the period | (7) | 2 | 23 | ||
Amortization of prior service cost (credit) included in income | (40) | (38) | (35) | ||
Net change during the period | (47) | (36) | (12) | ||
Net actuarial gain (loss) arising during the period | (150) | 19 | (481) | ||
Reclassification adjustment for amortization of prior service credit included in net income (loss) | 279 | 247 | 309 | ||
Net change during the period | 129 | 266 | (172) | ||
Nonsponsored plans | [1] | (1) | (2) | 2 | |
Income taxes on defined benefit plans | (42) | (81) | 78 | ||
Defined benefit plans, net of tax | 39 | 147 | (104) | ||
Unrealized holding gain on securities, before and after tax | (58) | ||||
OCI Unrealized loss on securities, net of tax | 0 | (58) | [2] | 0 | |
Foreign currency translation adjustments | (645) | 586 | 153 | ||
Reclassification adjustment for gain included in net income (loss) | 0 | 0 | 5 | ||
Income taxes on foreign currency translation adjustments | 3 | 0 | 0 | ||
Foreign currency translation adjustments, net of tax | (642) | 586 | 158 | ||
Other comprehensive income (loss), net of tax | (603) | 675 | 54 | ||
Comprehensive income (loss) | 5,702 | (118) | (3,505) | ||
Less: comprehensive income attributable to noncontrolling interests | (48) | (62) | (56) | ||
Comprehensive Income (Loss) Attributable to ConocoPhillips | [3] | $ 5,654 | $ (180) | $ (3,561) | |
[1] | Plans for which ConocoPhillips is not the primary obligor—primarily those administered by equity affiliates. | ||||
[2] | **See Note 2—Changes in Accounting Principles and Note 20—Accumulated Other Comprehensive Loss, for additional information relating to the adoption of ASU No. 2016-01. | ||||
[3] | See Notes to Consolidated Financial Statements. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | $ 5,915 | $ 6,325 | |
Short-term Investments | 248 | 1,873 | |
Accounts and notes receivable (net of allowance of $25 million in 2018 and $4 million in 2017) | 3,920 | 4,179 | |
Accounts and notes receivable-related parties | 147 | 141 | |
Investment in Cenovus Energy | 1,462 | 1,899 | |
Inventories | 1,007 | 1,060 | |
Prepaid expenses and other current assets | 575 | 1,035 | |
Total Current Assets | 13,274 | 16,512 | |
Investments and long-term receivables | 9,329 | 9,599 | |
Loans and advances-related parties | 335 | 461 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | 45,698 | 45,683 | |
Other assets | 1,344 | 1,107 | |
Total Assets | 69,980 | 73,362 | |
Liabilities | |||
Accounts payable | 3,863 | 4,009 | |
Accounts payable-related parties | 32 | 21 | |
Short-term debt | 112 | 2,575 | |
Accrued income and other taxes | 1,320 | 1,038 | |
Employee benefit obligations | 809 | 725 | |
Other accruals | 1,259 | 1,029 | |
Total Current Liabilities | 7,395 | 9,397 | |
Long-term debt | 14,856 | 17,128 | |
Long-term asset retirement obligations and accrued environmental costs | 7,688 | 7,631 | |
Deferred taxes Included in long-term liabilities | 5,021 | 5,282 | |
Employee benefit obligations | 1,764 | 1,854 | |
Other liabilities and deferred credits | 1,192 | 1,269 | |
Total Liabilities | 37,916 | 42,561 | |
Equity | |||
Common stock (2,500,000,000 shares authorized at $.01 par value) | 18 | 18 | |
Capital in excess of par | 46,879 | 46,622 | |
Treasury stock (at cost: shares; 2018-653,288,213 shares; 2017-608,312,034 shares) | (42,905) | (39,906) | |
Accumulated other comprehensive income (loss) | (6,063) | (5,518) | |
Retained earnings | 34,010 | 29,391 | |
Total Common Stockholders' Equity | 31,939 | 30,607 | |
Noncontrolling interests | 125 | 194 | |
Total Equity | 32,064 | [1] | 30,801 |
Total Liabilities and Equity | $ 69,980 | $ 73,362 | |
[1] | *See Note 2—Changes in Accounting Principles for additional information. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $ 25 | $ 4 |
Accumulated depreciation, depletion and amortization | $ 64,899 | $ 64,748 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 1,791,637,434 | 1,785,419,175 |
Treasury stock, shares | 653,288,213 | 608,312,034 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Cash Flows From Operating Activities | ||||||
Net income (loss) | $ 6,305 | $ (793) | $ (3,559) | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation, depletion and amortization | 5,956 | 6,845 | 9,062 | |||
Impairments | 27 | 6,601 | 139 | |||
Dry hole costs and leasehold impairments | 95 | 566 | 1,184 | |||
Accretion on discounted liabilities | 353 | 362 | 425 | |||
Deferred taxes | 283 | (3,681) | (2,221) | |||
Undistributed equity earnings | 152 | (232) | 299 | |||
Gain on dispositions | (1,063) | (2,177) | (360) | |||
Other | 191 | (429) | (85) | |||
Working capital adjustments | ||||||
Decrease (increase) in accounts and notes receivable | 235 | (886) | 820 | |||
Decrease (increase) in inventories | 86 | (55) | 44 | |||
Decrease (increase) in prepaid expenses and other current assets | (55) | 69 | 105 | |||
Increase (decrease) in accounts payable | (52) | 265 | (524) | |||
Increase (decrease) in taxes and other accruals | 421 | 622 | (926) | |||
Net Cash Provided by Operating Activities | 12,934 | 7,077 | 4,403 | |||
Cash Flows From Investing Activities | ||||||
Capital expenditures and investments | (6,750) | (4,591) | (4,869) | |||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | (68) | 132 | (331) | |||
Proceeds from asset dispositions | 1,082 | 13,860 | 1,286 | |||
Net Sales (Purchases) of Short-Term Investments | 1,620 | (1,790) | (51) | |||
Long-term advances/loans-related parties | 0 | 0 | ||||
Proceeds from Collection of Long-term Loans to Related Parties | 119 | 115 | 108 | |||
Other | 154 | 36 | (2) | |||
Net Cash Provided by (Used in) Investing Activities | (3,843) | 7,762 | (3,859) | |||
Cash Flows From Financing Activities | ||||||
Issuance of debt | 0 | 0 | 4,594 | |||
Repayment of debt | (4,995) | (7,876) | (2,251) | |||
Change in restricted cash | 0 | 0 | 0 | |||
Issuance of company common stock | 121 | (63) | (63) | |||
Repurchase of company common stock | (2,999) | (3,000) | (126) | |||
Dividends paid | (1,363) | (1,305) | (1,253) | |||
Other | (123) | (112) | (137) | |||
Net Cash Provided by (Used in) Financing Activities | (9,359) | (12,356) | 764 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (117) | 232 | (66) | |||
Net Change in Cash and Cash Equivalents and Restricted Cash Increase (Decrease) | (385) | 2,715 | 1,242 | |||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 6,325 | [1] | 3,610 | [1] | 2,368 | |
Cash and Cash Equivalents and Restricted Cash at end of period | [1] | 6,151 | 6,325 | $ 3,610 | ||
Restricted Cash | 236 | |||||
Restatement Adjustment [Member] | ||||||
Cash Flows From Financing Activities | ||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | [2] | $ 6,536 | ||||
Cash and Cash Equivalents and Restricted Cash at end of period | [2] | $ 6,536 | ||||
[1] | See Notes to Consolidated Financial Statements. | |||||
[2] | *Restated to include $211 million of restricted cash at January 1, 2018. See Note 2—Changes in Accounting Principles for additional information relating to the adoption of ASU No. 2016-18. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Capital in excess of par | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | |
Beginning Balance at Dec. 31, 2015 | $ 40,082 | $ 18 | $ 46,357 | $ (36,780) | $ (6,247) | $ 36,414 | $ 320 | |
Net income (loss) | (3,559) | (3,615) | 56 | |||||
Other comprehensive income (loss) | 54 | 54 | ||||||
Dividends paid | (1,253) | (1,253) | ||||||
Repurchase of company common stock | (126) | (126) | ||||||
Distributions to noncontrolling interests and other | (124) | (124) | ||||||
Distributed under benefit plans | 150 | 150 | ||||||
Other | 2 | 2 | ||||||
Ending Balance at Dec. 31, 2016 | 35,226 | 18 | 46,507 | (36,906) | (6,193) | 31,548 | 252 | |
Net income (loss) | (793) | (855) | 62 | |||||
Other comprehensive income (loss) | 675 | 675 | ||||||
Dividends paid | (1,305) | (1,305) | ||||||
Repurchase of company common stock | (3,000) | (3,000) | ||||||
Distributions to noncontrolling interests and other | (120) | (120) | ||||||
Distributed under benefit plans | 115 | 115 | ||||||
Other | 3 | 3 | ||||||
Ending Balance at Dec. 31, 2017 | 30,801 | 18 | 46,622 | (39,906) | (5,518) | 29,391 | 194 | |
Net income (loss) | 6,305 | 6,257 | 48 | |||||
Other comprehensive income (loss) | (603) | (603) | ||||||
Dividends paid | (1,363) | (1,363) | ||||||
Repurchase of company common stock | (2,999) | (2,999) | ||||||
Distributions to noncontrolling interests and other | (121) | (121) | ||||||
Distributed under benefit plans | 257 | 257 | ||||||
Changes in Accounting Principles | (220) | 58 | (278) | |||||
Other | 7 | 3 | 4 | |||||
Ending Balance at Dec. 31, 2018 | $ 32,064 | [1] | $ 18 | $ 46,879 | $ (42,905) | $ (6,063) | $ 34,010 | $ 125 |
[1] | *See Note 2—Changes in Accounting Principles for additional information. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1 —Accounting Policies Consolidation Principles and Investments — Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to ex ert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer . Undivided interests in oil and gas joint ventures, pipeli nes, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. We manage our operations through six operating segments, defined by geographic region: Alaska, Lower 48 , Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International. For additional information, see Note 25 —Segment Disclosures and Related Information. Foreign Currency Translation — Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in common stockholders’ equity. Foreign currency transaction gains and losses a re included in current earnings. Some of our foreign operations use their local currency as the f unctional currency. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. Revenue Recog nition — Re venues associated with the sales of crude oil, bitumen, natural gas, liquified natural gas ( LNG ) , natural gas liquids and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a custome r has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer has accepted delivery and a right to pay ment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfe r control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income sta tement line). Shipping and Handling Costs — We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a compone nt of revenue when the customer obtains control . Cash Equivalents — Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. Short-Term Investments —Investments in bank time deposits and marketable securities (commercial paper and government obligations) with original maturities of greater t han 90 days but less than one year are classified as short-term investments. Inventories — We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Our c ommodity-related i nventories are recorded at cost primarily using the last-in, first-out (LIFO) basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adj ustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusu al/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method, and the first-in, fir st-out (FIFO) method, consistent with industry practice. Fair Value Measurements — A ssets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on th e observability of the inputs employed in the measurement . Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liab ility, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market pa rticipants. Derivative Instruments — Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the bal ance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. Oil and Gas Exploration and Development — Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs — Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption properties, plants and equipment (PP&E). Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are re classified to proved properties. Exploratory Costs — Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If explor atory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For c omplex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek governme nt or co-venturer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserve s. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 8 —Suspended Wells and Other Exploration Expenses , for additional information on suspended wells. Development Costs — Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization — Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of intangible development costs is based o n the unit-of-production method using estimated proved developed oil and gas reserves. Capitalized Interest — Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. Depreciation and Amortization — Depreciation and amortization of PP&E on producing hydrocarbon properties and cert ain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line met hod or the group-straight-line method (for those individual units that are highly integrated with other units). Impairment of Properties, Plants and Equipment — P P&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group and annually in the fourth quarter following updates to corporate planning assumptions. If there is an indication the carrying amount of an asset may not be recovered, the asset is monitored by management through an established process where changes to significant assumptions such as prices, volumes and futur e development plans are reviewed. If, upon review, the sum of the undiscounted before -tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value through additional amortization or deprecia tion provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely indepen dent of the cash flows of other groups of assets—generally on a field-by-field basis for exploration and production assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically deter mined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of s imilar assets where possible. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if availab le, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, prices and costs, considering all a vailable evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reser ves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Impairment of Investments in Nonconsolidated Entities — Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred and annually following updates to corporate planning assumptions. When such a condition is judgmental ly determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. Maintenance and Repairs — C osts of ma intenance and repairs, which are not signi ficant improvements, are expensed when incurred. Property Dispositions — When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain on dispositions” line of our consolidated income statement. When less than complete units of deprecia ble property are disposed of or retired which do not significantly alter the depreciation, depletion and amortization (DD&A) rate, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. Asset Retirement Obli gations and Environmental Costs — The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liabilit y is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. If, in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Over time the liabilit y is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. Reductions to estimated liabilities for assets that are no longer producing are recorded as a credit to impairme nt, if the asset had been previously impaired, or as a credit to DD&A, if the asset had not been previously impaired. For additional information, see Note 10 —Asset Retirement Obligations and Accrued Environmental C osts . Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental exp enditures are recorded on an undiscounted basis (unless acquired in a purchase business combination , which we record on a discounted basis ) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of en vironmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. Guarantees — The f air value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liabil ity is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where th e guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize t he guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts a nd circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. Share -Based Compensation — We recognize share -based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. Income Taxes — Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax ba sis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in prod uction and operating expenses. Taxes Collected from Customers and Remitted to Governmental Authorities — S ales and value-added taxes are recorded net. Net Income (Loss) Per Share of Common Stock — Basic net income (loss) per share of common stock is calculated based upon the daily weighted-average number of common shares outstanding during the year. Also, this calculation includes fully vested stock and unit awards that have not yet been issued as common stock, along wit h an adjustment to net income (loss) for dividend equivalents paid on unvested unit awards that are considered participating securities. Diluted net income per share of common stock includes unvested stock, unit or option awards granted under our compensa tion plans and vested but unexercised stock options, but only to the extent these instruments dilute net income per share, primarily under the treasury-stock method. Diluted net loss per share, which is calculated the same as basic net loss per share, doe s not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations. The earnings per share impact of the participat ing securities is immaterial. |
Change in Accounting Priniciple
Change in Accounting Priniciples | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards [Text Block] | Note 26 —New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases” (FASB ASC Topic 840), 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 definition of a leas e 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 adoption of the stan dard 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 into after the earliest comparative period presented in the financial statements. ASU No. 2016-02 was amended in January 2018 by the provisions of ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842” (ASU No. 2018-01), and in July 2018 by th e provisions of ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (ASU No. 2018-10). In addition, ASU No. 2016-02 was further amended in July 2018 by the provisions of ASU No. 2018-11, “Targeted Improvements” (ASU No. 2018-11), and in Dece mber 2018 by the provisions of ASU No. 2018-20, “Narrow-Scope Improvements for Lessors” (ASU No. 2018-20). ASU No. 2018-11 sets forth certain additional practical expedients for lessors and provide s entities with an option to apply the provisions of ASU No. 2016-02, as amended, to leasing arrangements existing at or entered into after the ASU’s effective date of adoption (the “Optional Transition Method”). Entities that elect to utilize the Optional Transition Method would not apply the provisions of ASU No. 2016-02, as amended, to comparative periods presented in the financial statements. We plan to adopt ASU No. 2016-02, as amended, effective January 1, 2019, utilizing the Optional Transition Method. Accordingly, the comparative periods presented in the financial statements prior to January 1, 2019, will be presented pursuant to the existing requirements of FASB ASC Topic 840 and not be adjusted upon the adoption of the ASU. We also expect to utilize the package of optional transition-related practic al expedients set forth by ASU No. 2016-02, as amended, which permit entities to not reassess upon the adoption of the ASU certain historical conclusions regarding lease contract identification and classification, as well as the historical accounting treat ment of initial direct costs (the “Package of Optional Practical Expedients”). For lease arrangements containing both lease and non-lease components, we will adopt the optional practical expedient to not separate lease components from non-lease components for all new or modified leases executed on or after the effective date of the ASU, subject to making any elections for leases after the effective date in new asset classes. Furthermore, we do not expect to record assets and liabilities on our consolidate d balance sheet for new or existing lease arrangements with terms of 12 months or less. The expected impact of the adoption of ASU No. 2016-02, as amended, relates primarily to our balance sheet, resulting from the initial recognition of lease liabilit ies and corresponding right-of-use assets for our existing population of operating leases, as well as enhanced disclosure of our leasing arrangements. We expect to recognize on our consolidated balance sheet approximately $ 1 billion of operating lease lia bilities and corresponding right-of-use assets upon the adoption of ASU No. 2016-02, as amended. We have implemented a third-party lease accounting software solution to facilitate the ongoing accounting and financial reporting requirements of the ASU and also expect the adoption of the ASU to result in certain changes being made to our existing accounting policies and systems, business processes, and internal controls. While our evaluation of ASU No. 2016-02, as amended, and related implementation activ ities approach completion, we continue to monitor proposals issued by the FASB to clarify the ASU. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019, and e arly adoption of the standard is permitted. Entities are required to adopt ASU No. 2016-13 using a modified retrospective approach, subject to certain limited exceptions. We are currently evaluating the impact of the adoption of this ASU. The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2018, for the adoption of ASC Topic 606 and ASU No. 2016-01 were as follows: Millions of Dollars December 31 ASC Topic 606 ASU No. 2016-01 January 1 2017 Adjustments Adjustments 2018 Liabilities Other accruals $ 1,029 104 - 1,133 Total current liabilities 9,397 104 - 9,501 Deferred income taxes 5,282 (31) - 5,251 Other liabilities and deferred credits 1,269 147 - 1,416 Total liabilities 42,561 220 - 42,781 Equity Accumulated other comprehensive loss $ (5,518) - 58 (5,460) Retained earnings 29,391 (220) (58) 29,113 Total common stockholders' equity 30,607 (220) - 30,387 Total equity 30,801 (220) - 30,581 For discussion of adjustments for ASU No. 2016-01 and ASC Topic 606, see Note 7 — Investment in Cenovus Energy and Note 24—Sales and Other Operating Revenues, respectively. We adopted the provisions of FASB ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” beginning January 1, 2018. We retrospectively applied the presentation of service cost separate from the other components of net periodic costs. The interest cost, expected return on plan assets, amortization of prior service cost/credit, recognized net actuarial loss/gain, settlement expense, curtailment loss/gain, and special termination benefits have been reclassified from the “ Production and operating expenses,” “Selling, general and administrative expenses,” and “Exploration expenses” lines to the “ Other expenses” line on our consolidated income statement. We elected to apply the prac tical expedient which allows us to reclassify amounts disclosed previously in the employee benefit plans footnote as the basis for applying retrospective presentation for prior comparative periods as it is impracticable to determine the disaggregation of t he cost components for amounts capitalized and amortized in those periods. On a prospective basis, the other components of net periodic benefit costs will not be included in amounts capitalized in inventory or PP&E . The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit pension and other postretirement employee benefits plans on our consolidated income statement was as follows: Millions of Dollars Previously Effect of Change As Reported Higher/(Lower) Revised Year Ended December 31, 2017 Production and operating expenses $ 5,173 (11) 5,162 Selling, general and administrative expenses 561 (134) 427 Exploration expenses 938 (4) 934 Other expenses 302 149 451 Year Ended December 31, 2016 Production and operating expenses $ 5,667 (24) 5,643 Selling, general and administrative expenses 723 (250) 473 Exploration expenses 1,915 (3) 1,912 Other expenses - 277 277 We adopted the provisions of FASB ASU No. 2016-15 , “Classification of Certain Cash Receipts and Cash Payments , ” beginning January 1, 2018. This ASU clarifies how certain cash receipts and cash payments should be classified and presented in the statement of cash flows. We have made an accounting policy election to classify distributions received from equity method investees using the nature of the distribution approach which classifies distributions received from investees as either cash inflows from operating activities or cash inflows from investing activities in the statement of cash flows based on the nature of the activ ities of the investee that generated the distribution. The impact of adopting this ASU was not material to prior presented periods. We adopted the provisions of FASB ASU No. 2016-18 , “Restricted Cash , ” beginning January 1, 2018. This ASU requires amount s deemed restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and presentation should permit a reconciliation when cash, cash equivalent s and restricted cash are presented in more than one line item on the balance sheet. We have amounts deposited in statutory bank accounts in certain countries to satisfy asset retirement obligations (ARO) . These amounts are deemed restricted cash and are included in the “ Other assets ” line of our consolidated balance sheet. This standard is required to be applied retrospectively to all periods presented, but the impact in those periods was not material . |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | Note 3 —Variable Interest Entities (VIEs) We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on our significant VIEs follows: 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 P etrochemical Corporation (Sinopec) the power to direct the key activities of APLNG that most significantly impact its economic performance, which involve activities related to the production and commercialization of coalbed methane, as well as LNG processi ng and export marketing. As a result, we do not consolidate APLNG, and it is accounted for as an equity method investment. As of December 31, 2018 , we have not provided any financial support to APLNG other than amounts previously contractually requi red. 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 12 —Guarantees, for additional information. Marine Well Containme nt Company, LLC (MWCC) MWCC provides well containment equipment and technology and related services in the deepwater U.S. Gulf of Mexico. Its principal activities involve the development and maintenance of rapid-response hydrocarbon well containment syste ms that are deployable in the Gulf of Mexico on a call-out basis. We have a 10 percent ownership interest in MWCC, and it is accounted for as an equity method investment because MWCC is a limited liability company in which we are a Founding Member and exe rcise significant influence through our permanent seat on the ten - member Executive Committee responsible for overseeing the affairs of MWCC. In 2016, MWCC executed a $ 154 million term loan financing arrangement with an external financial institution whose terms required the financing be secured by letters of credit provided by certain owners of MWCC, including ConocoPhillips. In connection with the financing transaction, we issued a letter of credit of $ 22 million which can be drawn upon in the event of a default by MWCC on its obligation to repay the proceeds of the term loan. The fair value of this letter of credit is immaterial and not recognized on our consolidated ba lance sheet. MWCC is considered a VIE, as it has entered into arrangements that provide it with additional forms of subordinated financial support. We are not the primary beneficiary and do not consolidate MWCC because we share the power to govern the bu siness and operation of the company and to undertake certain obligations that most significantly impact its economic performance with nine other unaffiliated owners of MWCC. At December 31, 2018 , the book value of our equity method investment in MWCC was $ 130 million. We have not provided any financial support to MWCC other than amounts previously contractually required. Unless we elect otherwise, we have no requirement to provide liquidity or purchase the assets of MWCC. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | Note 4 —Inventories Inventories at December 31 were: Millions of Dollars 2018 2017 Crude oil and natural gas $ 432 512 Materials and supplies 575 548 $ 1,007 1,060 Inventories valued on the LIFO basis totaled $ 292 million and $ 341 million at December 31, 2018 and 2017 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories was approximately $ 75 million and $ 124 million at December 31, 2018 and December 31, 2017 , respectively . In 2018 , liquid ation of LIFO inventory values decreased the net income attributable to ConocoPhillips by $ 6 million . |
Assets Held for Sale, Sold or A
Assets Held for Sale, Sold or Acquired | 12 Months Ended |
Dec. 31, 2018 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Long Lived Assets Held For Sale [Text Block] | Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions Assets Held for Sale In 2018, we signed a definitive agreement to sell an office building for $ 90 million, and the held for sale criteria were met in the fourth quarter of 2018. As of December 31, 2018, the building had a carrying value of $ 90 million which we reclassified to “Prepaid expenses and other current assets” on our consolidated balance sheet. The transaction closed in January 2019 . The building is included in our Corporate and Other segment. 201 8 Asset s Sold All gains or losses on asset dispositions are reported before-tax and are included net in the “Gain on dispositions” line on our consolidated income statement. All cash proceeds are included in the “Cash Flows From Investing Activities” section of our consolidated statement of cash flows . In t he first quarter of 2018 , we completed the sale of certain properties in the Lower 48 segment for net proceeds of $ 112 million. No gain or loss was recognized on the sale. In the second quarter of 2018, we completed the sale of a package of largely undev eloped acreage in the Lower 48 segment for net proceeds of $ 105 million and no gain or loss was recognized on the sale. In the third quarter of 2018, we completed a noncash exchange of undeveloped acreage in the Lower 48 segment. The transaction was recorded at fair value resulting in the recognition of a $ 56 million gain . In the fourth quarter of 2018, we sold several pa ckages of undeveloped acreage in the Lower 48 segment for total net proceeds of $ 162 million and recognized gains of approximately $ 140 million. On October 31, 2018 , we completed the sale of our interests in the Barnett to Lime Rock Resources for $ 19 6 million after customary adjustments and recognized a loss of $ 5 million . W e recorded impairment s of $ 87 million in 2018 and $ 572 million in 2017 to reduce the net carrying value of the Barnett to fair value . At the time of the disposition, our interest i n Barnett had a net carrying value of $ 201 million , consisting of $ 25 0 million of PP&E and $ 49 million of A RO s . The before-tax loss es associated with our interests in the Barnett, including both the impairment s and loss on disposition noted above, w ere $ 59 m illion , $ 566 million and $ 66 million for the years ended December 31 , 201 8, 2 01 7 and 2016, respectively. The Barnett results of operations are included in our Lower 48 segment. On December 18, 2018, we completed the sale of a ConocoPhillips subsidiary to BP. The subsidiary held a 16.5 percent interest in the BP-operated Clair Field in the United Kingdom. We retained a 7.5 percent interest in the field. At the same time, we acq uired BP’s 39.2 percent nonoperated interest in the Greater Kuparuk Area in Alaska, including their 38 percent interest in the Kuparuk Transportation Company (Kuparuk Assets). The transaction was recorded at a fair value of $ 1,743 million and was cash neu tral except for customary adjustments which resulted in net proceeds of $ 253 million. At closing, our 16.5 percent interest in the Clair Field had a net carrying value of approximately $ 1,028 million consisting primarily of $ 1,553 million of PP&E, $ 485 million of deferred tax liabilities, and $ 59 million of AROs. We recognized a before-tax gain of $ 715 million on the transaction. The 2018 before-tax earnings associated with our 16.5 percent interest in the Clair Field, including the recognized gain, were $ 748 million. The before-tax losses associated with our 16.5 percent interest in the Clair Field were $ 0.4 million and $ 8 million for the years ended December 31, 2017 and 2016, respectively. Results of operations for our intere st in the Clair Field are reported within our Europe and North Africa segment and the Kuparuk Assets are included in our Alaska segment. Other Planned Disposition s In the fourth quarter of 2018, we entered into an agreement to sell our 30 percent interest in Greater Sunrise Fields to the government of Timor-Leste for $ 350 million, subject to customary adjustments. The transaction is conditional on the funding approval from the Timor-Leste government as well as regulatory approvals. The Greater Sunrise Field s are included in our Asia Pacific and Middle East segment. In January 2019, we entered into agreements to sell our 12.4 percent ownership interests in the Golden Pass LNG Terminal and G olden Pass Pipeline located adjacent to the Sabine-Neches Industrial Ship channel northwest of Sabine Pass, Texas. The terminal and pipeline capacity are used for receipt, storage and regasification of LNG purchased from Qatar Liquefied Gas Company Limite d (QG3) and transportation of the regasified natural gas. As a result of entering into these agreements, we expect to recognize a loss of approximately $ 60 million in the first quarter of 2019. We have also entered into agreements to amend o ur contractual obligations for re t aining use of the facilities. Completion of the sale is subject to regulatory approval. Acquisition s In May 2018, we completed the acquisition of Anadarko’s 22 percent nonoperated interest in the Western North Slope of Alaska, as well as its interest in the Alpine Transportation Pipeline for $ 386 million, after customary adjustments. This transaction was accounted for as a business combination resulting in the recognition of approximately $ 297 million of proved property and $ 114 million of unproved property within PP&E, $ 20 million of inventory, $ 14 million of investments, and $ 59 million of AROs. These a ssets are included in our Alaska segment. As discussed in the Clair Field transaction with BP above, we acquired BP’s Kuparuk Assets on December 18, 2018. The transaction was accounted for as an asset acquisition with a net acquisition cost of $ 1,490 mil lion, comprised of the fair value of $ 1,743 million associated with the disposed 16.5 percent interest in the Clair Field, reduced by the net proceeds of $ 253 million. Accordingly, we recorded approximately $ 1.9 billion to proved property within PP&E, $ 42 million to inventory, $ 15 million to investments, $ 374 million of asset retirement obligations, and a $ 100 million decrease to net working capital. The Kuparuk Assets are included in our Alaska segment. 2017 On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the Foster Creek Christina Lake (FCCL) Partnership, as well as the majority of our western Canada gas assets to Cenovus Energy. C onsideration for the transaction was $ 11.0 bi llion in cash after customary adjustments, 208 million Cenovus Energy common shares and a five-year uncapped contingent payment. The value of the shares at closing was $ 1.96 billion based on a price of $ 9.41 per share on the New York Stock Exchange. The contingent payment, calculated and paid on a quarterly basis, is $ 6 million Canadian dollars (CAD) for every $ 1 CAD by which the Western Canada Select (WCS) quarterly aver age crude price exceeds $ 52 CAD per barrel. Contingent payments received during the five-year period are reflected as “Gain on dispositions” o n our consolidated income statement. We reported bef ore-tax equity earnings associated with FCCL of $ 197 million and $ 89 million for the years ended December 31, 2017 and 2016, respectively. We reported before-tax losses of $ 26 million and $ 572 million for the western Canada gas producing properties for th e same periods, respectively. In 2018, we recorded a gain on dispositions for these contingent payments of $ 95 million. At closing, the carrying value of our equity investment in FCCL was $ 8.9 billion. The carrying value of our interest in the western Canada gas assets was $ 1 .9 billion consisting primarily of $ 2.6 billion of PP&E, partly offset by AROs of $ 585 million and approximately $ 100 million of environmental and other accruals . A gain of $ 2.1 billion was included in the “Gain on disposition s ” line on our consolidated income statement in 2017. Both FCCL and the western Canada gas assets were reported in our Canada segment. For more information on the Canada disposition and our investme nt in Cenovus Energy see Note 7 —Investment in Cenovus Energy, Note 15 — Fair Value Measurement, and Note 20 — Accumulated Other Comprehensive Loss. In July 2017, we completed the sale of our interests in the San Juan Basin to an affiliate of Hilcorp Energy Company for $ 2.5 billion in cash after customary adjustments and recognized a loss on disposition of $ 22 million. The transaction includes a contingent payment of up to $ 300 million. The six-year contingent payment, effective beginning January 1, 2018, is due annually for the periods in which the monthly U.S. Henry Hub price is at or above $3.20 per million British thermal units. In 2018, we recorded a gain on dispositions for these contingent payments of $ 28 million. In the second quarter of 2017, we recorded a n impairment of $ 3.3 billion to reduce the carrying value of our interests in the San Juan Basin to fair value. At the time of disposition, the San Juan Basin interests had a net carrying value of approximately $ 2. 5 billion, consisting of $ 2.9 billion of PP&E and $ 406 million of liabilities, primarily AROs. The before-tax loss es associated with our interests in the San Juan Basin, including both the $3.3 billion impairment and $22 million loss on disposition noted above, w ere $ 3.2 billion and $ 239 million for the years ended December 31, 2017 and 2016, respectively. The San Juan Basin results were reported in our Lower 48 segment. In September 2017, we completed the sale of our interest in the Panhandle assets for $ 178 million in cash after customary adjustments, and recognized a loss on disposition of $ 28 million. At the time of the disposition, the carrying value of our interest was $ 206 million, consisting primarily of $ 279 million of PP&E and $ 72 million of AROs. Including the $28 million loss on disposition noted above, we reported before-tax losses for the Panhandle properties of $ 14 million and $ 21 million for the years ended December 31, 2017 and 2016, respectively. The Panhandle results wer e reported in our Lower 48 segment. 2016 In April 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, and recognized a gain on disposition of $ 56 million. At the time of disposition, the net carrying value of our Beluga River Unit interest, which was included in the Alaska segment, w as $ 78 million, consisting primarily of $ 100 million of PP&E and $ 19 million of AROs. In October 2016, we completed an asset exchange with Bonavista Energy in which we gave up approximately 141,000 net acres of noncore developed properties in central Albe rta in exchange for approximately 40,000 net acres of primarily undeveloped properties in northeast British Columbia. The fair value of the transaction was determined to be approximately $ 69 million and a n impairment of $ 57 million was recognized in the t hird quarter of 2016 when the assets were considered held for sale, to reduce the carrying value to fair value. A loss on disposition of approximately $ 1 million was recognized upon completion of the transaction. The divested properties were included in the Canada segment. Also in October 2016, we sold ConocoPhillips Senegal B.V., the entity that held our 35 percent interest in three exploration blocks offshore Senegal for $ 442 million and recognized a gain on disposition of $ 146 million. At the time of disposition, the carrying value of our interest was $ 286 million, which was primarily PP&E. Senegal results of operations were reported within our Other International segment. In November 2016, we completed the sale of our 40 percent interest in South Natuna Sea Block B for $ 225 million and recognized a loss on disposition of $ 26 million. Our interest in Block B was included in the Asia Pacific and Middle East segment. In 2016, we recognized a n impairment of $ 42 million at the time it was considered held for sale to reduce the carrying value to fair value. At the time of the di sposition, t he carrying value of our interest was approximately $ 251 million, which included primarily $ 154 million of PP&E, $ 178 million of accounts receivable, $ 25 million of inventory, $ 54 million of deferred tax assets, $ 130 million of accounts payable and other accruals, and $ 38 million of employee benefit obligations. In December 2016, we completed the sale of certain mineral and non-mineral fee lands in northeastern Minnesota, which were included in the Lower 48 segment, for $ 148 million and recorded a gain on disposition of $ 4 million. The majority of the assets sold were acquired during the fourth quarter of 2016 as a result of ConocoPhillips holding a reversionary interest in the Greater Northern Iron Ore Properties Trust (the Trust), a grantor trust that owned mineral and surface interests in the Mesabi Iron Range in northeastern Minnesota and certain other personal property. Pursuant to the terms of the Trust Agreement, the Trust terminated on April 6, 2015. In November 201 6, upon completion of the wind-down period, documents memorializing ConocoPhillips’ ownership of certain Trust property, including all of the Trust’s mineral properties and active leases, were delivered to us and we recognized the fair value of the net ass ets resulting in a gain of $ 88 million recorded in the “Other income” line on our consolidated income statement. At the time of the disposition, the carrying value of our interests, which included the assets obtained from the Trust, consisted of $ 144 mill ion of PP&E. |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Loans and Long-Term Receivables and Joint Venture Acquisition Obligation [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 6 —Investments, Loans and Long-Term Receivables Components of investments, loans and long-term receivables at December 31 were: Millions of Dollars 2018 2017 Equity investments $ 9,005 9,129 Loans and advances—related parties 335 461 Long-term receivables 238 375 Other investments 86 95 $ 9,664 10,060 Equity Investments Affiliated companies in which we had a significant equity investment at December 31, 2018 , included: APLNG— 37.5 percent owned joint venture with Origin Energy ( 37.5 percent) and Sinopec ( 25 percent)—to develop coalbed methane production from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG. Qatar Liquefied Gas Company Limited (3) (QG3)— 30 percent owned joint venture with affil iates of Qatar Petroleum ( 68.5 percent) and Mitsui & Co., Ltd. ( 1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG. Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2018 2017 2016 Revenues $ 11,654 11,554 10,149 Income (loss) before income taxes 3,660 (2,875) 660 Net income (loss) 3,244 (1,431) 799 Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2018 2017 Current assets $ 3,285 2,920 Noncurrent assets 41,563 42,693 Current liabilities 2,625 2,453 Noncurrent liabilities 23,874 25,522 Our share of income taxes incurred directly by an equity company is reported in equity in earnings of affiliates, and as such is not included in income taxes o n our consolidated financial statements. At December 31, 2018 , retained earnings included $ 27 million related to the undistributed earnings of a ffiliated companies. Dividends received from affiliates were $ 1,226 million , $ 605 million and $ 398 million in 2018 , 2017 and 2016 , respectively. APLNG APLNG is focused on coalbed methane production from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and on LNG processing and export sales. Our investment in APLNG gives us access to coalbed methane resources in Australia and enhances our LNG position. The majority of APLNG LNG is sold under two long - term sales and purchase agreements, supplemented with sale s of additional LNG spot cargoes targeting the Asia Pacific markets. Origin Energy, an integrated Australian energy company, is the operator of APLNG’s production and pipeline system, while we operate the LNG facility. APLNG executed project financing ag reements for an $ 8.5 billion project finance facility in 2012. The $ 8.5 billion project finance facility was initially composed of financing agreements executed by APLNG with the Export-Import Bank of the United States for approxim ately $ 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 December 31, 2018 , all amounts have been drawn from the facility. APLNG made its first principal and interest repayment in March 2017 and is scheduled to make bi-annual payments until March 2029. APLNG made a voluntary repayment of $ 1.4 billion to the Export-Import Bank of China in September 2018. At the same time, APLNG obtained a United States Private Placement (USPP) bond facility of $ 1.4 billion. Interest payments are scheduled to commence in March 2019 and principal payments in September 2023, with bi-annual payments due on the facility until September 2030. At December 31, 2018 , a balance of $ 7.2 billion was outstanding on the facilit ies . 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. In October 2016, we reached financial completion for Trai n 1, which reduced our associated guarantee by 60 percent. In August 2017, we reached financial completion for both trains, which removed the remaining guarantee. APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support . See Note 3 — Variable Interest Entities (VIEs) for additional information. On July 1, 2016, APLNG changed its tax functional currency from Australian dollar to U.S. dollar and translated all APLNG assets and liabilities into U.S. dollar, utilizing the exchange rate as of that date. As a result of this change, we recorded a reduction to our investment in APLNG for the deferred tax effect of $ 174 mill ion in the “Equity in earnings of affiliates” line of our consolidated income statement. During the first half of 2017, the outlook for crude oil prices deteriorated, and as a result of significantly reduced price outlooks, the estimated fair value of o ur investment in APLNG declined to an amount below carrying value. Based on a review of the facts and circumstances surrounding this decline in fair value, we concluded in the second quarter of 2017 the impairment was other than temporary under the guidan ce of FASB ASC Topic 323, “Investments— Equity Method and Joint Ventures,” and the recognition of an impairment of our investment to fair value was necessary. Accordingly, we recorded a noncash $ 2,384 million, before- and after- tax impairment in our second-quarter 2017 results. Fair value was estimated based on an internal discounted cash flow model using estimated future production, an outlook of future prices from a combination of exchanges (short-t erm) and pricing service companies (long-term), costs, a market outlook of foreign exchange rates provided by a third party, and a discount rate believed to be consistent with those used by principal market participants. The impairment was included in the “Impairments” line on our consolidated income statement. At December 31, 2018 , the carrying value of our equity method investment in APLNG was $ 7,522 million . The historical cost basis of our 37.5 percent share of net asset s on the books of APLNG was $ 7,231 million, resulting in a basis difference of $ 291 million on our books. The basis difference , which is substantially all associated with PP&E and subject to amortization , has been allocated o n a relative fair value basis to individual exploration and production license areas owned by APLNG, some of which are not currently in production. Any future additional payments are expected to be allocated in a similar manner. Each exploration license area will periodically be reviewed for any indicators of potential impairment, which, if required, would result in acceleration of basis difference amortization. As the joint venture produces natural gas from each license, we amortize the basis difference allocated to that license using the unit-of-production method. Included in net income (loss) attributable to ConocoPhillips for 2018 , 2017 and 2016 was after-tax expense of $ 44 million, $ 100 million and $ 92 million, respectively, representing the amortization of this basis difference on currently producing licenses. Distributions from APLNG commenced in April 2018. FCCL FCCL Partnership, a Canadian upstream 50 / 50 general partnership with Cenovus Energy Inc. , produces bitumen in the Athabasca oil sands in northeastern Alberta and sells the bitumen blend . Cenovus is the operator and managing partner of FCCL. On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets to Cenovus Energy. Financial information presented within thi s footnote includes our historical interest up to the date of sale. For additional information on the Canada disposition and our investment in Cenovus Energy, see Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions and Note 7 — Investment in Cenovus Energy. QG3 QG3 is a joint venture that owns an integrated large-scale LNG project located in Qatar . We provided project financing, with a current outstanding balance of $ 461 million as describ ed below under “Loans and Long-T erm Receivables.” At December 31, 2018 , the book value of our equity method investment in QG3 , excluding the project financing , was $ 921 million. We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, in which we have a 12.4 percent interest, intended to provide us with terminal and pipeline capacity for the rece ipt, storage and regasification of LNG purchased from QG3. However, currently the LNG from QG3 is being sold to markets outside of the United States . In January 2019, we entered into agreements to sell our ownership interests in Golden Pass LNG Terminal and Golden Pass Pipeline. For additional information, see Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions . Loans and Long- T erm Receivables As part of our normal ongoing business operations and consistent with industry practice, we enter into numerous agreements with other p arties to pursue business opportunities. Included in such activity are loans and long-term receivables to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered. At December 31 , 2018 , significant loans to affiliated companies include $ 461 million in project financing to QG3. We own a 30 percent interest in QG3, for which we use the equity method of accounting. The other participants in the project are affiliates of Qatar Petroleum and Mitsui. QG3 secured project financing of $ 4.0 billion in December 2005, consisting of $ 1.3 billion of loans from export credit agencies (ECA), $ 1.5 billion from commercial banks, and $ 1.2 billion from ConocoPhillips. The ConocoPhillips loan faci lities have substantially the same terms as the ECA and commercial bank facilities. On December 15, 2011, QG3 achieved financial completion and all project loan facilities became nonrecourse to the project participants. Semi-annual repayments began in Ja nuary 2011 and will extend through July 2022. The long-term portion of these loans is included in the “Loans and advances—related parties” line on our consolidated balance sheet, while the short-term portion is in “Accounts and notes receivable—related pa rties.” |
Investment in Cenovus Energy
Investment in Cenovus Energy | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Cenovus Energy [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 7 — Investment in Cenovus Energy On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets, to Cenovus Energy. Consideration for the transaction included 208 million Cenovus Energy common shares, which approximated 16.9 percent of issued and outstanding Cenovus Energy common stock at closing. See Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions for additional information on the Canada disposition. At closing of the sale, the fair value and cost basis of our investment in 208 million Cenovus Energy common shares was $ 1.96 billion based on a price of $ 9.41 per share on the New York Stock Exchange. We adopted the provisions of ASU No. 2016-01, beginning January 1, 2018, using the cumulative-effect approach. Results for reporting periods beginning January 1, 2018, are pres ented under ASU No. 2016-01 with all changes in the fair value of our equity securities reflected within the “Other income” line of our consolidated income statement and within the “Other” line in the “Cash Flows From Operating Activities” section of our c onsolidated statement of cash flows. Prior period amounts are not adjusted under the cumulative-effect method of adopting ASU No. 2016-01. See Note 2 —Changes in Accounting Principles and Note 20 —Accumulated Other Comprehensive Loss for the effe ct on our consolidated balance sheet and the line items that have been impacted by the adoption of this standard. The cumulative effect of applying the standard was the reclassification of accumulated unrealized holding losses of $ 58 million, recognized in 2017, related to our investment in Cenovus Energy from accumulated other comprehensive loss to retained earnings. Our investment is carried at fair value of $ 1.46 billion as of December 31, 2018 , reflecting the closing price of Cenovus Energy shares on the New York Stock Exchange of $ 7.03 per share, a decrease from its fair value of $ 1.90 billion at year-end 2017 . For the year ended December 31, 2018 , we recorded a before-tax unrealized loss of $ 437 million, related to the shares held at the r eporting date. See Note 15 —Fair Value Measurement, for additional information. Subject to market conditions, we intend to decrease our investment over time through market transactions, private agreements or otherwise . |
Suspended Wells
Suspended Wells | 12 Months Ended |
Dec. 31, 2018 | |
Suspended Wells [Abstract] | |
Suspended Wells | Note 8 —Suspended Wells and Other Exploration Expenses The following table reflects the net changes in suspended exploratory well costs during 2018, 2017 and 2016: Millions of Dollars 2018 2017 2016 Beginning balance at January 1 $ 853 1,063 1,260 Additions pending the determination of proved reserves 140 118 225 Reclassifications to proved properties (37) (66) (27) Sales of suspended wells (93) - (247) Charged to dry hole expense (7) (262) (148) Ending balance at December 31 $ 856 853 1,063 The following table provides an aging of suspended well balances at December 31: Millions of Dollars 2018 2017 2016 Exploratory well costs capitalized for a period of one year or less $ 145 67 132 Exploratory well costs capitalized for a period greater than one year 711 786 931 Ending balance $ 856 853 1,063 Number of projects with exploratory well costs capitalized for a period greater than one year 24 23 26 The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2018: Millions of Dollars Suspended Since Total 2015–2017 2012–2014 2004–2011 Greater Poseidon—Australia (2) 177 - 165 12 Barossa/Caldita—Australia (2) 136 59 - 77 Surmont—Canada (1) 108 18 56 34 NPRA—Alaska (1) 77 39 38 - Middle Magdalena Basin—Colombia (1) 65 65 - - Greater Clair—UK (2) 42 8 30 4 Bohai—China (2) 19 19 - - Kamunsu East—Malaysia (2) 19 - 19 - NC 98—Libya (2) 15 - 11 4 Sunrise—Australia (2) 13 - - 13 Other of $10 million or less each (1)(2) 40 5 18 17 Total $ 711 213 337 161 (1)Additional appraisal wells planned. (2)Appraisal drilling complete; costs being incurred to assess development. In July 2016, we entered into an agreement to terminate our final Gulf of Mexico deepwater drillship contract. The drillship, used to drill our operated deepwater well inventory in the Gulf of Mexico through April 2016 , was contracted on a shared, three-year term. Accordingly, we recorded before-tax rig cancellation charges and third - party costs of $ 146 million in our Lower 48 segment in 2016. In February 2017, we reached a settlement agreement on our contract for the Athena drilling rig, initially secured for our four-well commitment program in Angola. As a result of the cancellation, we recognize d a before-tax charge of $ 43 million net in the first quarter of 2017 . These charges are included in the “Exploration expenses” line on our consolidated income statement and in our Other International segment in 2017 . |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2018 | |
Impairment Of Long Lived Assets [Abstract] | |
Impairments | Note 9 —Impairments During 2018, 2017 and 2016, we recognized the following before-tax impairment charges: Millions of Dollars 2018 2017 2016 Alaska $ 20 180 1 Lower 48 63 3,969 149 Canada 9 22 88 Europe and North Africa (79) 46 (160) Asia Pacific and Middle East 14 2,384 44 Corporate - - 17 $ 27 6,601 139 2018 In Alaska, we recorded impairments of $ 20 million primarily due to cancelled projects. In the Lower 48, we recorded impair ments of $ 63 million, primarily related to developed properties in our Barnett asset which were written down to fair value less costs to sell, partly offset by a revision to reflect finalized proceeds on a separate transaction. In our Europe and North Africa segmen t, we recorded a credit to impairment of $ 79 million, primarily due to decreased ARO estimates on fields in the United Kingdom which have ceased production and were impaired in prior years, partly offset by an increased ARO estimate on a field in Norway wh ich has ceased production. 2017 In Alaska, we recorded impairments of $180 million primarily for the associated PP&E carrying value of our small interest in the Point Thomson unit. In the Lower 48, we recorded impairments of $3,969 million primari ly due to certain developed properties which were written down to fair value less costs to sell. See Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions , for additional information on our dispositions. In Canada, we recorded impairments of $22 million primarily due to cancelle d projects. In Europe and North Africa, we recorded impairments of $46 million primarily due to reduced volume forecasts for a field in the United Kingdom and restructured ownership and a change in commercial premises for a gas processing plant in Norway, partly offset by decreased ARO estimates on fields at or nearing the end of life which were impaired in prior years. In Asia Pacific and Middle East, we recorded impairments of $2,384 million, including the imp airment of our APLNG investment. For more information, see the “APLNG” section of Note 6 — Investments, Loans and Long-Term Receivables. The charges discussed below, within this section, are included in the “Exploration expenses” line on our consolidated income statement and are not reflected in the table above. In our Lower 48 segment, we recorded a before-tax impairment of $51 million for the associated carrying value of capitalized undeveloped leasehold costs of Shenandoah in deepwater Gulf of Mexico following the suspension of ap praisal activity by the operator. Additionally, we recorded a $38 million before-tax impairment for mineral assets primarily due to plan of development changes. 2016 In the Lower 48, we recorded impairments of $149 million primarily due to cancelled projects associated with plan of development changes for Eagle Ford infrastructure, as well as lower natural gas prices and increased ARO estimates. In Canada, we recorded impairments of $88 million mainly due to plan of development changes, as well as c ertain developed properties being written down to fair value less costs to sell. In Europe and North Africa, we recorded a credit to impairment of $160 million, primarily in the United Kingdom, due to decreased ARO estimates on fields at or nearing the end of life which were impaired in prior years, partly offset by asset impairments due to lower natural gas prices in the United Kingdom. In Asia Pacific and Middle East, we recorded impairments of $44 million, mainly due to a write-down to fair value less costs to sell of our developed properties in Block B, offshore Indonesia, in the third quarter of 2016. In Corporate and Other, we recorded impairments of $17 million due to cancelled projects in our Houston and Bartlesville offices. The charg es discussed below, within this section, are included in the “Exploration expenses” line on our consolidated income statement and are not reflected in the table above. Charges recorded in e xploration expenses in 2016 were related to our decision announced in 2015 to reduce d eepwater exploration spending. In our Lower 48 segment, w e recorded a $203 million before-tax impairment for the associated carrying value of our Gibson and Tiber undeveloped leaseholds in deepwater Gulf of Mexico. Additionally, we re corded a $95 million before-tax impairment for the associated carrying value of capitalized undeveloped leasehold costs of the Melmar prospect and a $79 million before-tax impairment, primarily as a result of changes in the estimated market value following the completion of marketing effort s . In our Canada segment, we recorded before-tax unproved property impairments of $31 million, primarily due to decisions to discontinue additional testing of undeveloped leaseholds. |
Asset Retirement Obligations an
Asset Retirement Obligations and Accrued Environmental Costs | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations and Accrued Environmental Costs | Note 10 —Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2018 2017 Asset retirement obligations $ 7,908 7,798 Accrued environmental costs 178 180 Total asset retirement obligations and accrued environmental costs 8,086 7,978 Asset retirement obligations and accrued environmental costs due within one year* (398) (347) Long-term asset retirement obligations and accrued environmental costs $ 7,688 7,631 *Classified as a current liability on the balance sheet under "Other accruals." Asset Retirement Obligations We record the fair value of a liability for an ARO when it is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related PP&E. If, in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. We have numerous AROs we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years, or decades, in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve plugging and abandonment of wells and removal and disposal of offshore oil and gas platforms around the world, as well as oil and gas production facilities and pipelines in Alaska. During 2018 and 2017, our overall ARO changed as follows: Millions of Dollars 2018 2017 Balance at January 1 $ 7,798 8,405 Accretion of discount 348 358 New obligations 657 113 Changes in estimates of existing obligations (266) (150) Spending on existing obligations (228) (152) Property dispositions (161) (1,065) Foreign currency translation (240) 289 Balance at December 31 $ 7,908 7,798 Accrued Environmental Costs Total accrued environmental costs at December 31, 2018 and 2017 , were $ 178 million and $ 180 million, respectively. We had accrued environmental costs of $ 100 million and $ 105 million at December 31, 2018 and 2017 , respectively, related to remediation activities in the United States and Canada. We had also accrued in Corporate and Other $ 67 million and $ 60 million o f environmental c osts associated with sites no longer in operation at December 31, 2018 and 2017 , respectively. In addition, $ 11 million and $ 15 million were included at both December 31, 2018 and 2017 , respective ly, where the c ompany has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities are expected to be paid over periods exte nding up to 30 years. Expected expenditures for environmental obligations acquired in various business combinations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $ 88 million at December 31, 2018 . The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $ 6 million in 2019 , $ 6 million in 2020 , $ 10 million in 2021 , $ 6 million in 2022 , $ 2 million in 2023 , and $ 109 million for all future years after 2023 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | Note 11 —Debt Long-term debt at December 31 was: Millions of Dollars 2018 2017 9.125% Debentures due 2021 $ 123 150 8.20% Debentures due 2025 134 150 8.125% Notes due 2030 390 600 7.9% Debentures due 2047 60 100 7.8% Debentures due 2027 203 300 7.65% Debentures due 2023 78 88 7.40% Notes due 2031 500 500 7.375% Debentures due 2029 92 92 7.25% Notes due 2031 500 500 7.20% Notes due 2031 575 575 7% Debentures due 2029 200 200 6.95% Notes due 2029 1,549 1,549 6.875% Debentures due 2026 67 67 6.50% Notes due 2039 2,750 2,750 5.951% Notes due 2037 645 645 5.95% Notes due 2036 500 500 5.95% Notes due 2046 500 500 5.90% Notes due 2032 505 505 5.90% Notes due 2038 600 600 4.95% Notes due 2026 1,250 1,250 4.30% Notes due 2044 750 750 4.20% Notes due 2021 - 1,000 4.15% Notes due 2034 246 500 3.35% Notes due 2024 426 1,000 3.35% Notes due 2025 199 500 2.875% Notes due 2021 - 750 2.4% Notes due 2022 329 1,000 2.2% Notes due 2020 - 500 Floating rate notes due 2018 at 1.24% – 1.75% during 2017 - 250 Floating rate notes due 2022 at 2.32% – 3.52% during 2018 and 1.81% – 2.32% during 2017 500 500 Industrial Development Bonds due 2018 through 2038 at 0.95% – 1.86% during 2018 and 0.64% – 1.74% during 2017 18 18 Marine Terminal Revenue Refunding Bonds due 2031 at 0.88% – 1.95% during 2018 and 0.64% – 1.74% during 2017 265 265 Other 17 23 Debt at face value 13,971 18,677 Capitalized leases 777 774 Net unamortized premiums, discounts and debt issuance costs 220 252 Total debt 14,968 19,703 Short-term debt (112) (2,575) Long-term debt $ 14,856 17,128 Maturities of long-term borrowings, inclusive of net unamortized premiums and discounts, in 2019 through 2023 are: $ 112 million, $ 101 million, $ 213 million, $ 935 million and $ 195 million, respectively. In May 2018, we refinanced our revolving credit facility from a total aggregate principal amount of $ 6.75 billion to $ 6.0 billion with a new expiration date of May 2023 . Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $ 500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions a nd does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or intere st on other debt obligations of $ 200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. Credit facility borrowings may bear interest at a margin above rates offered by certain designated banks in the London interbank mar ket or at a margin above the overnight federal funds rate or prime rates offered by certain designated banks in the United States. The agreement calls for commitment fees on available, but unused, amounts. The agreement also contains early termination ri ghts if our current directors or their approved successors cease to be a majority of the Board of Directors. The revolving credit facility supports the ConocoPhillips Company $ 6.0 billion commercial paper program , which is primarily a fundin g source for short-term working capital needs. Commercial paper maturities are generally limited to 90 days. We had no commercial paper outstanding in programs in place at December 31 , 2018 or December 31, 2017. W e had no direct outstanding borrowings or letters of credit under the revolving credit facility a t December 3 1 , 2018 or December 31, 2017 . Since we had no 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 December 31 , 2018 . In 201 8 , we repaid the $ 25 0 million floating rate note due in 2018 at its natural maturity. We also redeemed or repurchased a total $ 4,450 m illion of debt in 2018 , described below, incurring $ 208 million in net premiums above book value, which are reported in the “Other expense s ” line on our consolidated income statement. 4.20% Notes due 2021 with remaining principal of $ 1.0 billion. 2.875% Notes due 2021 with principal of $ 750 million. 2.4% Not es due 2022 with principal of $1.0 billion (partial repurchase of $ 671 million). 3.35% Notes due 2024 with principal of $1.0 billion (partial repurchase of $ 574 million). 2.2% Notes due 2020 with principal of $ 500 million. 3.35% Notes due 2025 with principal of $500 million (partial repurchase of $ 301 million). 4.15% Notes due 2034 with principal of $500 million (partial repurchase of $ 254 million). 8.125% Notes due 2030 with principal of $600 million (partial repurchase of $ 210 million). 7.8% Notes due 2027 with principal of $300 million (partial repurchase of $ 97 million). 7.9% Notes due 2047 with principal of $100 million (partial repurchase of $ 40 million). 9.125% Notes due 2021 with principal of $150 million (partial repurchase of $ 27 million). 8.20% Notes due 2025 with principal of $150 million (partial repurchase of $ 16 million). 7.65% Notes due 2023 with principal of $88 million (partial repu rchase of $ 10 million). At both December 31, 2018 and 2017 , we had $ 283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any busine ss day. The VRDBs are included in the “Long-term debt” line on our consolidated balance sheet. During 2013 , a lease of a semi-submersible floating production system (FPS) commenced for the Gumusut development, located in Malaysia, in which we are a co-venturer. The FPS lease provides for an initial noncancelable term of 15 years, a subsequent 5 -year cancelable term with no required lease payments, and an additional 5 -year term with terms and conditions to be agreed at a later date. The lease has no ongoing purchase options or escalation clauses. Adjustments to provisional contingent rental payments may occur due to the finalization of actual commissioning costs. The lease does not impose any significant restrictions concerning dividends, debt or further leasing activities. A capital lease asset and capital lease obligation were recognized for our proportion ate interest in the FPS of $ 906 million, based on the present value of the future minimum lease payments using our before-tax incremental borrowing rate of 3.58 percent for debt with similar terms. Our proportionate interest in the FPS is 29 percent as of December 31, 2018 . The net carrying value of the capital lease asset was approximately $ 353 million and $ 434 million a s of December 31, 2018 and 2017 , respectively. T he capital lease asset is being depreciated over a period consistent with the estimated proved reserves of Gumusut using the unit-of-production method with the associated depreciation included in the “Depreciation, depletion and amortization” line on our consolidated income statement. As of December 31, 2018 and 2017 , accumul ated depreciation of the capital lease asset amounted to approximately $ 462 million and $ 381 million, respectively. At December 31, 2018, future minimum payments due under capital leases were: Millions of Dollars 2019 $ 118 2020 116 2021 100 2022 98 2023 87 Remaining years 453 Total 972 Less: portion representing imputed interest (195) Capital lease obligations $ 777 |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Guarantees | Note 12 —Guarantees At December 31, 2018 , 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 with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At December 31, 2018 , 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 December 2018 exchange rates: During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve a ccount. We estimate the remaining term of this guarantee is 12 years . Our maximum exposure under this guarantee is approximately $ 170 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At D ecember 3 1 , 2018 , the carrying value of this guarantee is approximately $ 14 million. In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy in October 2008, we agreed to reimburse Origin Energy for our share of t he existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements with remaining terms of up to 23 years . Our maximum potential liability for future payments, or cost of volu me delivery, under these guarantees is estimated to be $ 800 million ($ 1.4 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. We have guaranteed the performance of APLNG with reg ard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of up to 27 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $ 140 million and would become payable if APLNG does not perform. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $ 780 million, which consist primarily of guarantees of the res idual value of leased office buildings, guarantees of the residual value of leased corporate aircraft, and a guarantee for our portion of a joint venture’s project finance reserve accounts . These guarantees have remaining terms of up to four years and wou ld 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 of contractual terms by guaranteed parties. Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes, environmental liabilities, employee claims and litigation. The terms of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, the term is generally indefinite and the maximum amount of future payments is generally unlimited. The carrying am ount recorded for these indemnifications at December 31, 2018 , was approximately $ 90 million. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnit y. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essentially relieved or amortize the liability over an appropriate time period as the fair value of our indemnification expos ure 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 December 31, 2018 , were approximately $ 30 million of environmental accruals for known contamination that are included in the “Asset retirement obligations and accrued environmental costs” line on our consolidated balance shee t. For additional information about environmental liabilities, see Note 13 —Contingencies and Commitments. In 2012, we completed the separation of our downstream business, creating two independent energy companies: ConocoPhillips and Phillips 66. On March 1, 2015, a supplier to one of the refineries 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. As of December 31, 2017, the carrying value of this guarantee was $ 98 million. Because Phillips 66 has indemnified us for losses incurred under this guarantee, we also recorded an indemnification asset from Phillips 66 of $ 98 million. Dur ing the third quarter of 2018, a termination agreement between the supplier and Phillips 66 was executed, releasing all parties from their respective obligations under the supply agreement. Since all obligations under the supply agreement were satisfied a nd discharged, the guarantee was terminated. As of December 31, 2018, the carrying value of this guarantee and the associated indemnification asset have been removed. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 13 —Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed 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 acc ounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue r eceivables 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. See Note 19 —I ncome Taxes, for additional information about income tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount t hat would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sen sitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events e volve 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 financi al 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 pre sently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, an d 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. A lthough liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joi nt 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 compan ies. 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 dete rmine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider th is inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnific ations made by others for our benefit , and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undisco unted 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 reasonabl y estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 10 —Asset Retirement Obligations and Accrued Environmen tal Costs, for a summary of our accrued environmental liabilities. 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 and tax underpayments on certain federal, state and privately owned properties and claims of alleged environmental contamination from historic operations. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, empl oying 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 th at have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses th e adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at December 31, 2018 , we had performance obligations secured by letters of credit of $ 323 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordina ry conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata an d Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the World Bank’s International Centre for Settlement of Investment D isputes (ICSID). On September 3, 2013, an ICSID arbitration tribunal held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation w as unlawful. A separate arbitration phase is currently proceeding to determine the damages owed to ConocoPhillips for Venezuela’s actions. In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the International Chamber of Commerce (ICC) against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $ 2 billion under their ag reements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $ 500 million within a period of 90 days from the time of signing of the settlement agreement. The balance of the settlement is to be paid quarterly over a period of four and a half years. By year - end 2018, we collected from PDVSA under the settlement and recognized in other income $ 430 million before-tax consisting of $ 230 million from the sale of commodity inventory and $ 200 million in cash. The remainder of the initial payments will become an adjustment to a future quarterly installment . Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions, including in the Dutch Caribbean. ConocoPhillips has ensured that the settlement meets all appropriate U.S. regulatory requirements, including any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips f iled a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro project. This ICC arbitration is currently in progress. In February 2017, the ICSID tribunal unanimously awarded Bu rlington Resources, Inc., a wholly owned subsidiary of ConocoPhillips, $ 380 million for Ecuador’s unlawful expropriation of Burlington’s investment in Blocks 7 and 21, in breach of the U.S.-Ecuador Bilateral Investment Treaty. The tribunal a lso issued a separate decision finding Ecuador to be entitled to $ 42 million for environmental and infrastructure counterclaims. In December 2017, Burlington and Ecuador entered into a settlement agreement by which Ecuador paid Burlin gton $ 337 million in two installments. The first installment of $ 75 million was paid in December 2017, and the second installment of $ 262 million was paid in April 2018. The settlement included an offse t for the counterclaims decision, of which Burlington is entitled to a $ 24 million contribution from Perenco Ecuador Limited, its co-venturer and consortium operator, pursuant to a joint and several liability provision in the joint ope rating agreement (JOA). Ecuador’s environmental and infrastructure counterclaims against Perenco remain pending in a separate ICSID arbitration between Perenco and Ecuador, and Burlington may owe Perenco contribution under the JOA for damages found by thi s tribunal. In December 2016, ConocoPhillips Angola filed a notice of arbitration against Sonangol E.P. under the Block 36 Production Sharing Contract relating to disputes arising thereunder. In 2018, the parties reached a confidential settlement. In June 2017, FAR Ltd. initiated arbitration before the ICC against ConocoPhillips Senegal B.V. in connection with the sale of ConocoPhillips Senegal B.V. to Woodside Energy Holdings (Senegal) Limited in 2016. This arbitration is ongoing. In late 2017, ConocoPhillips (U.K.) Limited (CPUKL) initiated United Nations Commission on International Trade and Law (UNCITRAL) arbitration against Vietnam in accordance with the U . K . -Vietnam Bilateral Investment Treaty relating to a tax dispute arising fr om the 2012 sale of ConocoPhillips (U.K.) Cuu Long Limited and ConocoPhillips (U.K.) Gama Limited. The tribunal was constituted in February 2018. The arbitrat ion is ongoing. In 2017 and 2018, cities, counties, a state government, and a trade association in California, New York, Washington, Rhode Island and Maryland , as well as the Pacific Coast Federation of Fishermen’s Association, Inc., have filed lawsuits a gainst oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. ConocoPhillips is vigorously defending against these lawsuits. The lawsuits brought by the Cities of San Fr ancisco, Oakland and New York have been dismissed by the district courts and appeals are pending. Several Louisiana parishes and individual landowners have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damage s in connection with historical oil and gas operations in Louisiana. ConocoPhillips will vigorously defend against these lawsuits. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements typically provide for natural gas or crude oil transportation to be used in the ordinary course of the company’s business. The aggregate amounts of estimated payments under these various agreements ar e: 2019 —$ 7 million; 2020 —$ 7 million; 2021 —$ 7 million; 2022 —$ 7 million; 2023 —$ 7 million; and 2024 and after—$ 61 million. Total payments under the agreements were $ 39 million in 2018 , $ 43 million in 2017 and $ 42 million in 2016 . |
Derivative and Financial Instru
Derivative and Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Note 14 —Derivative and Financial 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 related to contracts that meet and are design ated with the normal purchase normal sale exception are recognized upon settlement. We generally apply this exception to eligible crude contracts. We do not use hedge accounting for our commodity derivatives. The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: Millions of Dollars 2018 2017 Assets Prepaid expenses and other current assets $ 410 275 Other assets 40 36 Liabilities Other accruals 370 282 Other liabilities and deferred credits 30 28 The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: Millions of Dollars 2018 2017 2016 Sales and other operating revenues $ 45 77 (198) Other income 7 - (1) Purchased commodities (41) (61) 161 The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) 2018 2017 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (17) (29) Basis (1) 12 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 foreign currency exchange rate exposures, such as firm commitments for ca pital pro gram s or local c urrency tax payments, dividends and cash returns from net investments in foreign affiliates , and investments in equity securities . We do not elect hedge accounting on our foreign cur rency exchange derivatives. The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: Millions of Dollars 2018 2017 Assets Prepaid expenses and other current assets $ 7 1 Other assets - 6 Liabilities Other accruals 6 - Other liabilities and deferred credits - 15 In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar. The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were: Millions of Dollars 2018 2017 2016 Foreign currency transaction losses $ 1 13 247 We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency 2018 2017 Foreign Currency Exchange Derivatives Sell U.S. dollar, buy British pound USD 805 - Sell British pound, buy other currencies* GBP 21 1 Sell Canadian dollar, buy U.S. dollar CAD 1,242 1,225 *Primarily euro and Norwegian krone. Financial Instruments We invest excess cash in financial instruments with maturities based on our cash forecasts for the various currency pools we manage. The maturities of these investments may from time to time extend beyond 90 days. The types of financial instruments that we currently invest include: Time deposits: Interest bearing deposits placed with approved financial institutions. Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount to mature at par. Government or government agency obligations: Short-term securities issued by the U.S. government or U.S. government agencies. These financial instruments appear in the “Cash and cash equivalents” line of our consolidated balance sheet if the maturities at the time we made the investments were 90 days or less; otherwise, these financial instruments are includ ed in the “Short - term investments” line on our consolidated balance sheet . Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments 2018 2017 2018 2017 Cash $ 876 948 Time Deposits Remaining maturities from 1 to 90 days 3,509 5,004 - 821 Commercial Paper Remaining maturities from 1 to 90 days 229 373 248 978 Remaining maturities from 91 to 180 days - - - 74 Government Obligations Remaining maturities from 1 to 90 days 1,301 - - - $ 5,915 6,325 248 1,873 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, government 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 , swaps and options , derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exp osed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less , and we continually monitor this exposure and the creditworthiness of the counterparties. We do not generally require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amo unt. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Me rcantile Exchange. The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position on December 31, 2018 and December 31, 2017 , was $ 62 million and $ 55 million, respectively. For these instruments , no collateral was posted as of December 31, 2018 or December 31, 2017 . If our credit rating had been downgraded below investment grade on December 31, 2018 , we would be required to post $ 62 million of additional collateral, either with cash or letters of credit. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 15 —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 val uation inputs under the following hierarchy: Level 1: Quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: Inputs other than quoted prices that are directly or indirectly observable. Level 3: Unobservable inputs tha t 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 Lev el 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 initially reported as Level 2 are subsequently reported as Level 3 if corrobor ated market data is no longer available. Transfers occur at the end of the reporting period. At the end of the fourth quarter of 2017, our $ 1,899 million investment in Cenovus Energy was transferred from Level 2 to Level 1 due to the lapsing of trading r estrictions. There were no other material transfers in or out of Level 1 during 2018 or 2017 . Recurring Fair Value Measurement Financial assets and liabilities reported at fair value on a recurring basis primarily include our investment in Cenovus Energy shares and commodity derivatives. Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 also includes our investment in common shares of Cenovus Energy, which is valued using quotes for shares on the New York Stock 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 un derlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 activity was not material for all periods presented. The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis): Millions of Dollars December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,462 - - 1,462 1,899 - - 1,899 Commodity derivatives 236 181 33 450 175 106 30 311 Total assets $ 1,698 181 33 1,912 2,074 106 30 2,210 Liabilities Commodity derivatives $ 225 145 30 400 158 111 41 310 Total liabilities $ 225 145 30 400 158 111 41 310 The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. Millions of Dollars Gross Gross Net Gross Amounts Amounts Amounts Amounts Cash without Net Recognized Offset Presented Collateral Right of Setoff Amounts December 31, 2018 Assets $ 450 280 170 - 9 161 Liabilities 400 280 120 10 4 106 December 31, 2017 Assets $ 311 186 125 - 4 121 Liabilities 310 186 124 7 5 112 At December 31, 2018 and December 31, 2017 , 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 and date of remeasurement for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Inputs Level 3 Inputs Before-Tax Loss Year ended December 31, 2018 Net PP&E (held for sale) March 31, 2018 $ 250 - 250 44 September 30, 2018 201 201 - 43 Year ended December 31, 2017 Net PP&E (held for use) December 31, 2017 $ 75 - 75 154 Net PP&E (held for sale) June 30, 2017 2,830 2,830 - 3,882 December 31, 2017 113 113 - 78 Equity method investments June 30, 2017 7,656 - 7,656 2,384 Net PP&E (held for sale) Net PP&E held for sale was written down to fair value, less costs to sell. The fair value of each asset was determined by its negotiated selling price (Level 1) or information gathered during marketing efforts (Level 3). For additional information see Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions . Net PP&E (held for use ) Net PP&E held for use is comprised of various producing properties impaired to their individual fair values . 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 m arket participants. Equity Method Investments During 2017, our investment in APLNG was written down to its fair value of $ 7,656 million, resulting in a before-tax-charge of $ 2,384 million. For additional information on APLNG, see Note 6 —Investments, Loans and Long-Term Receivables. Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial instruments: Cash and c ash equivalents and short-term investments : The carrying amount reported on the balance sheet approximates fair value. Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value. The valuation technique and methods used to estimate the fair value of the current portion of fixed-rate related party loans is consistent with Loans and advances—related parties. Investment in Cenovus Energy shares: See Note 7 — Investment in Cenovus Energy for a discussion of the carrying value and fair value of our investment in Cenovus Energy shares. 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 v alue 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 mea sured 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 2018 2017 2018 2017 Financial assets Investment in Cenovus Energy $ 1,462 1,899 1,462 1,899 Commodity derivatives 170 125 170 125 Total loans and advances—related parties 468 586 468 586 Financial liabilities Total debt, excluding capital leases 14,191 18,929 16,147 22,435 Commodity derivatives 110 117 110 117 Commodity Derivatives At December 31, 201 8 , commodity derivative assets and liabilities appear net with no obligations to return cash collateral and $ 10 million of rights to reclaim cash collateral, respectively. At December 31, 201 7 , commodity derivative assets and liabilities appear net with no obligations to re turn cash collateral and $ 7 million of rights to reclaim cash collatera l , respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | Note 16 —Equity Common Stock The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: Shares 2018 2017 2016 Issued Beginning of year 1,785,419,175 1,782,079,107 1,778,226,388 Distributed under benefit plans 6,218,259 3,340,068 3,852,719 End of year 1,791,637,434 1,785,419,175 1,782,079,107 Held in Treasury Beginning of year 608,312,034 544,809,771 542,230,673 Repurchase of common stock 44,976,179 63,502,263 2,579,098 End of year 653,288,213 608,312,034 544,809,771 Preferred Stock We have authorized 500 million shares of preferred stock, par value $ .01 per share, none of which was issued or outstanding at December 31, 201 8 or 201 7 . Noncontrolling Interests At December 31, 2018 and 2017 , we had $ 125 million and $ 194 million outstanding , respectively, of equity in less-than-wholly owned consolidated subsidiaries held by noncontrolling interest owners . For both periods, the amount s were related to the Darwin LNG and Bayu-Darwin Pipeline operating joint venture s we control. Repurchase of Common Stock On November 10, 2016, we announced plans to purchase up to $ 3 billion of our common stock through 2019. On March 29, 2017, we announced plans to repurchase an additional $ 3 billion of common stock through 2019. On July 1 2, 2018, we announced an authorization of an additional $ 9 billion for share repurchases bringing the total program authorization to $ 15 billion. Repurchase of shares began in November 2016, and totaled 111,057,540 shares at a cost of $ 6.1 b illion, through December 31, 201 8 . |
Non Mineral Leases
Non Mineral Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Non-Mineral Leases | Note 17 —Non-Mineral Leases The company primarily leases drilling equipment and office buildings, as well as ocean transport vessels, tugboats, barges, corporate aircraft a nd other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property for the fair market value at the end of the lease term. There are no significant restrictions i mposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. For additional information on leased assets under capital leases , see Note 11 —Debt. At December 31, 2018, future minimum rental payments due under noncancelable leases were: Millions of Dollars 2019 $ 248 2020 425 2021 136 2022 319 2023 54 Remaining years 212 Total 1,394 Less: income from subleases (7) Net minimum operating lease payments $ 1,387 Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2018 2017 2016 Total rentals $ 253 264 537 Less: sublease rentals (16) (20) (10) $ 237 244 527 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 18 —Employee Benefit Plans Pension and Postretirement Plans An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 3,236 3,845 3,416 3,445 265 286 Service cost 83 81 89 77 1 2 Interest cost 99 107 118 103 8 9 Plan participant contributions - 2 - 2 22 23 Plan amendments - 7 - - - - Actuarial (gain) loss (44) (259) 244 52 (10) 12 Benefits paid (507) (143) (631) (117) (67) (68) Curtailment (4) (3) - - - - Settlement (730) - - - - - Recognition of termination benefits 3 - - - - - Foreign currency exchange rate change - (199) - 283 (1) 1 Benefit obligation at December 31* $ 2,136 3,438 3,236 3,845 218 265 *Accumulated benefit obligation portion of above at 1,969 3,066 3,076 3,404 December 31: $ Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,541 3,647 2,081 3,068 - - Actual return on plan assets (112) (106) 336 313 - - Company contributions 144 156 755 114 45 45 Plan participant contributions - 2 - 2 22 23 Benefits paid (507) (143) (631) (117) (67) (68) Settlement (730) - - - - - Foreign currency exchange rate change - (198) - 267 - - Fair value of plan assets at December 31 $ 1,336 3,358 2,541 3,647 - - Funded Status $ (800) (80) (695) (198) (218) (265) Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ - 232 - 205 - - Current liabilities (59) (4) (38) (4) (44) (45) Noncurrent liabilities (741) (308) (657) (399) (174) (220) Total recognized $ (800) (80) (695) (198) (218) (265) Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 Discount rate 4.25 % 3.05 3.55 2.80 4.05 3.30 Rate of compensation increase 4.00 3.65 4.00 3.75 - - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 Discount rate 3.80 % 2.90 3.80 3.00 3.30 3.60 Expected return on plan assets 5.80 4.30 6.55 5.05 - - Rate of compensation increase 4.00 3.75 4.00 3.85 - - For both U.S. and international pensions, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial (gain) loss $ 516 310 588 358 (21) (12) Unrecognized prior service cost (credit) - (4) - (16) (216) (249) Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net gain (loss) arising during the period $ (177) 17 (40) 71 10 (12) Amortization of (gain) loss included in income (loss)* 249 31 200 50 (1) (3) Net change during the period $ 72 48 160 121 9 (15) Prior service credit (cost) arising during the period $ - (7) - 2 - - Amortization of prior service cost (credit) included in income (loss) - (5) 4 (6) (35) (36) Net change during the period $ - (12) 4 (4) (35) (36) *Includes settlement losses recognized in 2018 and 2017. Included in accumulated other comprehensive loss at December 31, 2018, were the following before-tax amounts that are expected to be amortized into net periodic benefit cost during 2019: Millions of Dollars Pension Other Benefits Benefits U.S. Int’l. Unrecognized net actuarial (gain) loss $ 52 31 (2) Unrecognized prior service credit - (2) (33) For our tax-qualified pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets were $ 4,110 million, $ 3,768 million, and $ 3,702 million, respectively, at December 31, 2018 , and $ 5,634 million, $ 5,226 million, and $ 5,113 million, respectively, at December 31, 2017 . For our unfunded nonqualified key employee supplemental pension plans, the projected benefit obligation and the accumulated benefit obligation were $ 586 million and $ 504 million, respectively, at December 31, 2018 , and were $ 578 million and $ 503 million, respectively, at December 31, 2017 . The components of net periodic benefit cost of all defined benefit plans are presented in the following table: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 83 81 89 77 108 76 1 2 2 Interest cost 99 107 118 103 133 120 8 9 13 Expected return on plan assets (114) (155) (132) (158) (149) (147) - - - Amortization of prior service cost (credit) - (5) 4 (6) 5 (6) (35) (36) (34) Recognized net actuarial loss (gain) 53 31 69 50 86 26 (1) (3) (2) Settlements 196 - 131 - 202 - - - - Curtailment loss - - - - 14 - - - 1 Net periodic benefit cost $ 317 59 279 66 399 69 (27) (28) (20) The components of net periodic benefit cost, other than the service cost component, are included in the “Other expenses” line item on our consolidated income statement. In 2018, we purchased a group annuity contract from Prudential and transferred $ 730 million of future benefit obligations from the U.S. qualified pension plan to Prudential. The purchase of the group annuity contract was funded directly by plan assets of the U.S. qualified pension plan. Effective Jan uary 1, 2019, the Cash Balance Account (Title II) of the ConocoPhillips Retirement Plan, a U.S. qualified pension plan, was closed to new entrants. New employees and rehires on or after January 1, 2019, and employees that elected to opt out of Title II wi ll no longer receive pay credits to their Cash Balance Account and instead will be eligible for a Company Retirement Contribution (CRC) as described in the Defined Contribution Plans section . We recognized pension settlement losses of $ 196 m illion in 2018 , $ 131 million in 2017 , a nd $ 202 million in 2016 a s lump-sum benefit payments from certain U.S. pension plans exceeded the sum of service and interest costs for those plans and led to recognition of settlement losses. As part of the 2016 restructuring program, we concluded that actions taken during the year resulted in a significant reduction of future services of active employees primarily in the U.S. qualified pension plan and a U.S. nonqualified supplemental retirement plan. As a resu lt, we recognized an increase in the benefit obligation and a proportionate share of prior service cost from other comprehensive income (loss) as a curtailment loss of $ 15 million during the year ended December 31, 2016 . Also, as part of the 2016 restructuring program in the United States and Europe, we recognized expense for special termination benefits of $ 15 million during the year ended December 31, 2016 , consisting of $ 14 million in the United States and $ 1 million in Europe. In determining net pension and other postretirement benefit costs, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. We have multiple nonpension postretirement benefit plans for healt h and life insurance. The health care plans are contributory and subject to various cost sharing features, with participant and company contributions adjusted annually; the life insurance plans are noncontributory. The measurement of the U.S. pre-65 reti ree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 7 percent in 2019 that declines to 5 percent by 2024 . The measurement of the U.S. post-65 retiree medical accumulated postretirement benefit obligation assumes an ultimate health care cost trend rate of 5 percent achieved in 2019 . A one-percentage-point change in the assumed health car e cost trend rate would be immaterial to ConocoPhillips. Plan Assets — We follow a policy of broadly diversifying pension plan assets across ass et classes and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include U.S. equities, non-U.S. equities, U.S. fixed income, non-U.S. fixed income, real estate and pri vate equity investments. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are 39 percent equity securities, 54 percent debt securitie s , 6 percent real estate and 1 percent other . Generally, the plan investments are publicly traded, therefore minimizing liquidity risk in the portfolio. The following is a description of the valuation methodologies use d for the pension plan assets. There have been no changes in the methodologies used at December 31, 2018 and 2017 . Fair values of equity securities and government debt securities categorized in Level 1 are primarily based on quoted market prices in active markets for identical assets and liabilities. Fair values of corporate debt securities, agency and mortgage-backed securities and government debt securities categorized in Level 2 are estimated using recently executed transactions and quoted market prices for similar assets and liabilities in active markets and for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pr icing models that benchmark the security against other securities with actual market prices. When observable quoted market prices are not available, fair value is based on pricing models that use something other than actual market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy. Fair values of investments in common/collective trusts are determined by the issuer of each fund based on the fair value of the underlying assets. Fair values of mutual funds are based on quoted market prices, which represent the net asset value of shares held. Time deposits are valued at cost, which approximates fair value. Cash is value d at cost, which approximates fair value. Fair values of international cash equivalents categorized in Level 2 are valued using observable yield curves, discounting and interest rates. U.S. cash balances held in the form of short-term fund units that are redeemable at the measurement date are categorized as Level 2. Fair values of exchange-traded derivatives classified in Level 1 are based on quoted market prices. For other derivatives classified in Level 2, the values are generally calculated from prici ng models with market input parameters from third-party sources. Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. Fair values of real estate investme nts are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available. A portion of U.S. pension plan assets is held as a participating interest in an insurance annuity c ontract, which is calculated as the market value of investments held under this contract, less the accumulated benefit obligation covered by the contract. The participating interest is classified as Level 3 in the fair value hierarchy as the fair value is determined via a combination of quoted market prices, recently executed transactions, and an actuarial present value computation for contract obligations. At December 31, 2018 , the participating interest in the annuity contract was valued at $ 84 million and consisted of $ 228 million in debt securities, less $ 144 million for the accumulated benefit obligation covered by the contract. At December 31, 2017 , the participating interest in the annuity contract was value d at $ 99 million and consisted of $ 265 million in debt securities, less $ 166 million for the accumulated benefit obligation covered by the contract. The net change from 2017 to 2018 is due to a decrease in the fair value of the underlying investments of $ 37 million offset by a decrease in the present value of the contract obligation of $ 22 million. The participating interest is not available for meeting general pension benefit obligations in the near term. No future company contributions are required and no new benefits are being accrued under this insu rance annuity contract. The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2018 Equity securities U.S. $ 74 - 20 94 371 - - 371 International 80 - - 80 241 - - 241 Mutual funds 76 - - 76 213 181 - 394 Debt securities Government - - - - 889 - - 889 Corporate - 2 - 2 - - - - Mutual funds - - - - 363 - - 363 Cash and cash equivalents - - - - 71 - - 71 Time deposits - - - - 6 - - 6 Derivatives - - - - (17) - - (17) Real estate - - - - - - 124 124 Total in fair value hierarchy $ 230 2 20 252 2,137 181 124 2,442 Investments measured at net asset value* Equity securities Common/collective trusts $ - - - 364 - - - 153 Debt securities Corporate - - - - - - - - Agency and mortgage-backed securities - - - - - - - - Common/collective trusts - - - 548 - - - 641 Cash and cash equivalents - - - 5 - - - - Real estate - - - 80 - - - 109 Total** $ 230 2 20 1,249 2,137 181 124 3,345 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset value of $84 million and net receivables related to security transactions of $16 million. The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2017 Equity securities U.S. $ 161 - 14 175 440 - - 440 International 178 - - 178 315 - - 315 Mutual funds 146 - - 146 292 165 - 457 Debt securities Government - - - - 902 - - 902 Corporate - 2 - 2 - - - - Mutual funds - - - - 144 - - 144 Cash and cash equivalents - - - - 111 - - 111 Time deposits - - - - 3 - - 3 Derivatives - - - - 5 - - 5 Real estate - - - - - - 123 123 Total in fair value hierarchy $ 485 2 14 501 2,212 165 123 2,500 Investments measured at net asset value* Equity securities Common/collective trusts $ - - - 805 - - - 183 Debt securities Corporate - - - - - - - 172 Agency and mortgage-backed securities - - - - - - - 15 Common/collective trusts - - - 1,042 - - - 648 Cash and cash equivalents - - - 17 - - - 24 Real estate - - - 74 - - - 94 Total** $ 485 2 14 2,439 2,212 165 123 3,636 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset value of $ million and net payables related to security transactions of $ million. Level 3 activity was not material for all periods . Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to foreign plans are dependent upon local laws and tax regulations. In 2019 , we expect to contribute approximately $ 195 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $ 185 million to our international qualified and nonqualified pension and postretirement benefit plans. The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid: Millions of Dollars Pension Other Benefits Benefits U.S. Int’l. 2019 $ 400 123 36 2020 251 129 34 2021 232 137 30 2022 222 138 27 2023 216 143 24 2024–2027 880 788 69 Severance Accrual As a result of staff reductions occurring throughout the year, s everance accruals of $ 70 million were recorded in 2018 . The following table summarizes our severance accrual activity for the year ended December 31, 2018 : Millions of Dollars Balance at December 31, 2017 $ 53 Accruals 70 Benefit payments (73) Foreign currency translation adjustments (2) Balance at December 31, 2018 $ 48 Of the remaining balance at December 31, 2018 , $ 23 million is classified as short-term. Defined Contribution Plans Most U.S. employees are eligible to participate in the ConocoPhillips Savings Plan (CPSP). Employees can deposit up to 75 percent of their eligible pay , subject to statutory limits, in the CPSP to a choice of approximately 34 investment options . E mployees who participate in the CPSP and contribute 1 percent of their eligible pay receive a 6 percent company cash match with a potential company discretionary cash contribution of up to 6 percent . Effective January 1, 2019, new employees, rehires, and employees that elected to opt out of Title II will be eligible to receive a CRC of 6 percent of eligible pay into their CPSP. After three years of service with the c ompany, the employee is 100 percent vested in any CRC . Company contributions charged to expense for the CPSP and predecessor plans were $ 82 million in 2018 , $ 77 million in 2017 , and $ 58 million in 2016 . We have several defined contribution plans for our international employees, each with its own terms and eligibility depending on location. Total compensation expense recognized for these international plans was approximately $ 31 million in 2018 , $ 35 million in 2017 , and $ 44 million in 2016 . Share-Based Compensation Plans The 2014 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (the Plan) was appr oved by shareholders in May 2014 . Over its 10 -year life, the Plan allows the issuance of up to 79 million shares of our common stock for compensation to our employ ees and directors; however, as of the effective date of the Plan, (i) any shares of common stock available for future awards under the prior plans and (ii) any shares of common stock represe nted by awards granted under the prior plans that are forfeited, expire or are cancel l ed without delivery of shares of common stock or which result in the forfeiture of shar es of common stock back to the c ompany shall be available for awards under the Plan , and no new awards shall be granted under the prior plans. Of the 79 million shares available for issuance under the Plan, no more than 40 million shares of common stock are available for incentive stock options. The Human Resources and Compensation Committee of our Board of Directors is authorized to determi ne the types, terms, conditions and limitations of awards granted. Awards may be granted in the form of, but not limited to, stock options, restricted stock unit s and performance share units to employees and non - employee d irectors who contribute to the c ompany’s continued success and profitability. Total share-based compensation expense is measured using the grant date fair value for our equity-classified awards an d the settlement date fair value for our liability-classified awards. We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award); or the period beginning at the start o f the service period and ending when an employee first becomes eligible for retirement, but not less than six months, as this is the minimum period of time required for an award to not be subject to forfeiture. Our share-based compensation programs genera lly provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Some of our share-based awards vest ratably (i.e., portions of the award vest at di fferent times) while some of our awards cliff vest (i.e., all of the award vests at the same time). We recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. Compensation Expense — Total share-based compensation expense recognized in income (loss) and the associated tax benefit for the years ended December 31 were as follows: Millions of Dollars 2018 2017 2016 Compensation cost $ 265 227 272 Tax benefit 64 76 92 Stock Options — Stock options granted under the provisions of the Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average fair market value of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of gran t. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period . Beginning in 2018, stock option g rants were discontinued and replaced with three -year, time-vested restricted stock units which generally will be cash-settled . The fair market values of the options granted in 2017 and 2016 were measured on the date of grant using the Black-Scholes-Merton option-pricing model. The weighted-average assumptions used were as follows: 2017 2016 Assumptions used Risk-free interest rate 2.24 % 1.55 Dividend yield 4.00 % 4.00 Volatility factor 28.12 % 26.80 Expected life (years) 6.39 6.37 There were no ranges in the assumptions used to determine the fair market values of our options granted in 2017 and 2016 . We believe our historical volatility for periods prior to the 2012 separation of our Downstream businesses is no longer relevant in estimating expected volatility. For 2017 and 2016 , expected volatility was based on the weighted-average blend of the company’s historical stock price volatility from May 1, 2012 (the date of separation of our Downstream businesses) through the stock option grant date and the average historical stock price volatility of a group of peer companies for the expected term of the options. The following summarizes our stock option activity for the year ended December 31, 2018: Millions of Dollars Weighted-Average Aggregate Options Exercise Price Intrinsic Value Outstanding at December 31, 2017 24,722,803 $ 52.18 $ 177 Exercised (3,903,130) 45.71 94 Forfeited (84,694) 58.23 Expired or cancelled (1,355,302) 60.53 Outstanding at December 31, 2018 19,379,677 $ 52.88 $ 214 Vested at December 31, 2018 18,820,388 $ 53.16 $ 204 Exercisable at December 31, 2018 16,213,002 $ 54.89 $ 152 The weighted-average remaining contractual term of outstanding options, vested options and exercisable options at December 31, 2018 , was 5.16 years , 5.09 years and 4.69 years, respectively . The weighted-average grant date fair value of stock option awards granted during 2017 and 2016 was $ 9.18 and $ 5.39 , respectively. The aggregate intrinsic value of options exercised was $ 4 million in 2017 and zero in 2016 . During 2018 , we received $ 178 million in cash and realized a tax benefit of $ 18 million from the exercise of options. At December 31, 2018 , the remaining unrecognized compensation expense from unvested options was $ 2 million, which will be recognized over a weighted-average period of 0.87 years , the longest period being 1.12 years . Stock Unit Program— Generally, restricted stock units are granted annually under the provisions of the Plan and vest in an aggregate installment on the third anniversary of the grant date. In addition , restricted stock units granted under the Plan for a variable long-term incentive program vest ratably in three equal annual installments beginning on the first anniv ersary of the grant date. R estricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award . Stock-Settled Upon vesting, these restricted stock unit s are settled by issuing one share of ConocoPhillips common stock per unit. Units awarded to retirement eligible employees vest six months from the grant date; however, those units are not issued as common stock until the earlier of s eparation from the company or the end of the regularly scheduled vesting period. Until issued as stock, most recipients of the restricted stock units receive a quarterly cash payment of a dividend equivalent that is charged to retained earnings. The gran t date fair market value of these restricted stock units is deemed equal to the average ConocoPhillips stock price on the grant date. The grant date fair market value of units that do not receive a dividend equivalent while unvested is deemed equal to the average ConocoPhillips stock price on the grant date, less the net present value of the dividends that will not be received . The following summarizes our stock-settled stock unit activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 7,826,852 $ 45.75 Granted 2,465,100 52.45 Forfeited (173,265) 45.72 Issued (2,571,714) $ 154 Outstanding at December 31, 2018 7,546,973 $ 43.41 Not Vested at December 31, 2018 5,090,209 43.69 At December 31, 2018 , the remaining unrecognized compensation cost from the unvested stock-settled units was $ 88 million, which will be recognized over a weighted-average period of 1.68 years , the longest period being 2.76 years . The weighted-average grant date fair value of stock unit awards granted during 2017 and 2016 was $ 48.77 and $ 32.15 , respectively. The total fair value of stock units issued during 2017 and 2016 was $ 159 million and $ 191 million, respectively. Cash-Settled Beginning in 2018, ca sh-settled executive restricted stock units replaced the stock option program. These restricted stock units, subject to elections to defer, will be settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the se ttlement date and are classified as liabilities on the balance sheet. Units awarded to retirement eligible employees vest six months from the grant date; however, those units are not settled until the earlier of separation from the co mpany or the end of the regularly scheduled vesting period. Compensation expense is initially measured using the average fair market value of ConocoPh illips common stock and is subsequently adjusted, based on changes in the ConocoPhillips stock price throu gh the end of each subsequent reporting period, through the settlement date. Recipients receive an accrued reinvested dividend equivalent that is charged to compensation expense. The accrued reinvested dividend is paid at the time of settlement, subject to the terms and conditions of the award. The following summarizes our cash-settled stock unit activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 - $ - Granted 393,571 53.68 Forfeited (3,849) 59.17 Issued (13,114) $ 1 Outstanding at December 31, 2018 376,608 $ 62.21 Not Vested at December 31, 2018 90,254 62.21 At December 31, 2018 , the remaining unrecognized compensation cost from the unvested cash-settled units was $ 3 million, which will be recognized over a weighted-average period of 1.79 years, the longest period being 2.12 years. P erformance Share Program — Under the Plan, we also annually grant restricted performance share units (PSUs) to senior management. These PSUs are authorized three years prior to their effective grant date (the performance period). Compensation expense is initially measured using the average fair market value of ConocoPhillips common stock and is su bsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the grant date for stock-settled awards and the settlement date for cash-settled awards. Stock-Settled For performance pe riods beginning before 2009, PSUs do not vest until the employee becomes eligible for retirement by reaching age 55 with five years of service, and restrictions do not lapse until the employee separates from the company. With respect to awards for perform ance periods beginning in 2009 through 2012, PSUs do not vest until the earlier of the date the employee becomes eligible for retirement by reaching age 55 with five years of service or five years after the grant date of the award, and restrictions do not lapse until the earlier of the employee’s separation from the company or five years after the grant date (although recipients can elect to defer the lapsing of restrictions until separation). We recognize compensation expense for these awards beginning on the grant date and ending on the date the PSUs are scheduled to vest. Since these awards are authorized three years prior to the grant date, for employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Until issued as stock, recipients of the PSUs receive a quarterly cash payment of a dividend equivalent that is charged to retained earnings. Beginning in 2013, PSUs autho rized for future grants will vest, absent employee election to defer, upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. PSUs are settled by issuing one share of ConocoPhillips common stock per unit. The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 2,753,465 $ 50.79 Granted 19,708 53.28 Forfeited (2,859) 48.89 Issued (434,772) $ 29 Outstanding at December 31, 2018 2,335,542 $ 50.45 Not Vested at December 31, 2018 58,914 $ 48.41 At December 31, 2018 , the remaining unrecognized compensation cost from unvested stock-settled performance share awards was zero . The weighted-average grant date fair value of stock-settled PSUs granted during 2017 and 2016 was $ 49.76 and $ 33.13 , respectively. The total fair value of stock-settled PSUs issued during 2017 and 2016 was $ 57 million and $ 17 million, respectively . Cash-Settled In connection with and immediately following the separation of our Downstream businesses in 2012, grants of new PSUs, subject to a shortened performance period, wer e authorized. Once granted, these PSUs vest, absent employee election to defer, on the earlier of five years after the grant date of the award or the date the employee becomes eligible for retirement. For employees eligible for retirement by or shortly a fter the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Otherwise, we recognize compensation expense beginning on the grant date and ending on the date the PSUs are sch eduled to vest. These PSUs are settled in cash equal to the fair market value of a share of Conoco |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 19 —Income Taxes Income taxes charged to net income (loss) were: Millions of Dollars 2018 2017 2016 Income Taxes Federal Current $ 4 79 (9) Deferred 545 (3,046) (1,634) Foreign Current 3,273 1,729 393 Deferred (166) (510) (519) State and local Current 108 51 (135) Deferred (96) (125) (67) $ 3,668 (1,822) (1,971) Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2018 2017 Deferred Tax Liabilities PP&E and intangibles $ 8,004 9,692 Inventory 60 61 Deferred state income tax 61 178 Other 156 464 Total deferred tax liabilities 8,281 10,395 Deferred Tax Assets Benefit plan accruals 641 786 Asset retirement obligations and accrued environmental costs 2,891 3,060 Investments in joint ventures 104 57 Other financial accruals and deferrals 330 166 Loss and credit carryforwards 2,378 2,310 Other 398 152 Total deferred tax assets 6,742 6,531 Less: valuation allowance (3,040) (1,254) Net deferred tax assets 3,702 5,277 Net deferred tax liabilities $ 4,579 5,118 A t December 31, 2018 , noncurrent assets and liabilit ies included deferred taxes of $ 442 million and $ 5,021 million , respectively . At December 31, 2017 , noncurrent assets and liabilities included deferred taxes of $ 164 million and $ 5,282 million , respectively . At December 31, 2018, the components of our loss and credit carryforwards before and after consideration of the applicable valuation allowances were: Millions of Dollars Net Deferred Expiration of Gross Deferred Tax Asset After Net Deferred Tax Asset Valuation Allowance Tax Asset U.S. foreign tax credits $ 1,016 17 2027 U.S. general business credits 364 364 2036-2038 State net operating losses and tax credits 312 32 Various Foreign net operating losses and tax credits 686 647 Post 2025 $ 2,378 1,060 Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During 2018 , valuation allowances increased a total of $ 1,786 million. The increase primarily relates to defe rred tax assets recognized during 2018 as a result of the U . S . Tax Cuts and Jobs Act (Tax Legislation) , as further discussed below, and are related to U.S. tax basis and foreign tax credits associated with our foreign branch assets that we do not expect to realize. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects deferred tax assets, net of valuation allowance, will primarily be realized as offsets to reversing deferred tax liabi lities. At December 31, 2018 , unremitted income considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures totaled approximately $ 3,808 million. Deferred income taxes have not been provided on this a mount, as we do not plan to initiate any action that would require the payment of income taxes. The estimated amount of additional tax, primarily local withholding tax, that would be payable on this income if distributed is approximately $ 190 million . The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2018, 2017 and 2016: Millions of Dollars 2018 2017 2016 Balance at January 1 $ 882 381 459 Additions based on tax positions related to the current year 268 612 32 Additions for tax positions of prior years 43 109 19 Reductions for tax positions of prior years (73) (129) (118) Settlements (35) (5) (9) Lapse of statute (4) (86) (2) Balance at December 31 $ 1,081 882 381 Included in the balance of unrecognized tax benefits for 2018 , 2017 and 2016 were $ 1,081 million, $ 882 million and $ 359 million, respectively, which, if recognized, would impact our effective tax rate. T he balance of the unrecogniz ed tax benefits increased in 2018 mainly due to the treatment of distributions from certain of foreign subsidiaries. The balance of unrecognized tax benefits increased in 2017 mainly due to the recognition of a U.S. worthless securities deduction that we do not believe will generate a cash tax benefit. At December 31, 2018 , 2017 and 2016 , accrued liabilities for interest and penalties totaled $ 45 million, $ 54 million and $ 54 million, respectively, net of accrued income taxes. Interest and penalties result ed in a benefit to earnings of $ 4 million in 2018 , no impact to earnings in 2017 , and a benefit to earnings of $ 18 million in 2016 . We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in major jurisdictions are generally complete as follows: United Kingdom (2015), Canada (2010), United States (2014) and Norway (2017). Issues in dispute for audited ye ars and audits for subsequent years are ongoing and in various stages of completion in the many jurisdictions in which we operate around the world. Consequently, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. It is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, but the amount of change is not estimable. The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-Tax Income (Loss) 2018 2017 2016 2018 2017 2016 Income (loss) before income taxes United States $ 2,867 (5,250) (4,410) 28.7 % 200.8 79.7 Foreign 7,106 2,635 (1,120) 71.3 (100.8) 20.3 $ 9,973 (2,615) (5,530) 100.0 % 100.0 100.0 Federal statutory income tax $ 2,095 (915) (1,936) 21.0 % 35.0 35.0 Non-U.S. effective tax rates 1,766 625 361 17.7 (23.9) (6.5) Tax Legislation (10) (852) - (0.1) 32.6 - Canada disposition - (1,277) - - 48.8 - U.K. disposition (150) - - (1.5) - - Recovery of outside basis (21) (962) (60) (0.2) 36.8 1.1 Adjustment to tax reserves (4) 881 55 - (33.7) (1.0) Adjustment to valuation allowance (26) - - (0.3) - - APLNG impairment - 834 - - (31.9) - State income tax 135 (84) (122) 1.4 3.2 2.2 Enhanced oil recovery credit (99) (68) (62) (1.0) 2.6 1.1 U.K. rate change - - (161) - - 2.9 Other (18) (4) (46) (0.2) 0.2 0.8 $ 3,668 (1,822) (1,971) 36.8 % 69.7 35.6 The decrease in the effective tax rate for 2018 was primarily due to the impact of the Clair Field disposition in the U . K . and our overall income position , partially offset by our mix of income among taxing jurisdictions. Our effective tax rate for 2018 was favorabl y impacted by the sale of a ConocoPhillips subsidiary to BP. The subsidiary held a 16.5 percent interest in the BP-operated Clair Field in the United Kingdom . Th e disposition generated a before -tax gain of $ 715 million with no associated tax cost. See Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions for additional information on the U.K. disposition. Tax Legislation was enacted in the United States on December 22, 2017 , r educ ing the U . S . federal corporate income tax rate to 21 percent from 35 percent , requir ing companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creat ing new taxes on certai n foreign-sourced earnings. SAB 118 measurement period We applied the guidance in S taff Accounting Bulletin No. 1 18 when accounting for the enactment-date effects of Tax Legislation in 2017 and throughout 2018. At December 31, 2017, we had not complete d our accounting for all the enactment-date income tax effects of Tax Legislation under ASC 740, Income Taxes, for the remeasurement of deferred tax assets and liabilities and the one-time transition tax. As of December 31, 2018, we have now completed our accounting for all the enactment-date income tax effects of Tax Legislation . As further discussed below, during 2018, we recognized adjustments of $ 10 million to the provisional amounts recorded at December 31, 2017 , and included these adjustments as a c omponent of income tax provision . Provisional Amounts — Foreign t ax e ffects The one-time transition tax is based on our total post-1986 earnings, the tax on which we previously deferred from U.S. income taxes under U.S. law. We estimated at December 31, 2017, that we would not incur a one-time transition tax. Upon further analyses of Tax Legislation and Notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, we finalized our calcul ations of the transition tax liability during 2018. Based upon this analysis, we did not incur a one-time transition tax. As a result of the Tax Legislation, we removed the indefinite reinvestment assertion on one of our foreign subsidiaries and recorde d a tax expense of $ 56 million in the fourth quarter of 2017 . Deferred tax assets and liabilities As of December 31, 2017, we remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (w hich was generally 21 percent), by recording a provisional amount of $ 908 million. Upon further analysis of certain aspects of Tax Legislation and refinement of our calculations during the 12 months ended December 31, 2018, we adjusted our provisional amo unt by $ 10 million, which is included as a component of income tax expense. Global intangible low-taxed income (GILTI) We have elected to account for GILTI in the year the tax is incurred. At December 31, 2018, the current-year U.S. income tax impact related to GILTI activities is immaterial. Our effective tax rate in 2017 was favorably impacted by a tax benefit of $ 1,277 million related to the Canada disposition. This tax benefit was primarily associated with a deferred tax recovery related to the Canadian capital gains exclusion component of the 2017 Canada disposition and the recognition of previously unrealizable Canadian capital asset tax basis. The Canada disposition , along with the associated restructuring of our Canadian operations, may generate an additional tax benefit of $ 822 million . However, since we believe it is not likely we will receive a corresponding cash tax savings, th is $ 822 million benefit has been o ffset by a full tax reserve . See Note 5 — Assets Held for Sale, Sold or Acquired and Other Planned Dispositions for additional information on our Canada disposition. The impairment of our APLNG investment in the second quarter of 2017 did not generate a tax benefit. See the “APLNG” section of Note 6 —Investments, Loans and Long-Term Receivables, for information on the impairment of our APLNG investment. The decrease in the effective tax rate for 2016 was primarily due to our mix of income among taxing jurisdictions, reduced net tax benefit from the tax law changes discussed below, and the absence of a tax benefit associated with electing the fair market value method of apportioning interest expense for prior years. In the United Kingdom, legislation was enacted on September 15, 2016, to decrease the overall U.K. upstream corporatio n tax rate from 50 percent to 40 percent effective Janu ary 1, 2016. As a result, we recorded a $ 161 million net tax benefit related to the remeasurement of our U.K. deferre d tax balance in 2016 . Certain operating losses in jurisdictions outside of the United States only yield a tax benefit in the United States as a worthless security deduction. For 2018 , 2017 and 2016 , before consideration of unrecorded tax benef its discussed above, the amount of the tax benefit was $ 36 million, $ 962 million and $ 60 million, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Note 20 —Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the equity section of the balance sheet included: Millions of Dollars Defined Benefit Plans Net Unrealized Loss on Securities Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2015 $ (443) - (5,804) (6,247) Other comprehensive income (loss) (104) - 158 54 December 31, 2016 (547) - (5,646) (6,193) Other comprehensive income (loss) 147 (58) 586 675 December 31, 2017 (400) (58) (5,060) (5,518) Other comprehensive income (loss) 39 - (642) (603) Cumulative effect of adopting ASU No. 2016-01* - 58 - 58 December 31, 2018 $ (361) - (5,702) (6,063) *See Note 2—Changes in Accounting Principles for additional information. There were no items within accumulated other comprehensive loss related to noncontrolling interests. The following table summarizes reclassifications out of accumulated other comprehensive loss during the years ended December 31: Millions of Dollars 2018 2017 Defined Benefit Plans $ 189 135 Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of: $ 50 74 See Note 18—Employee Benefit Plans, for additional information. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 21 —Cash Flow Information Millions of Dollars 2018 2017 2016 Noncash Investing Activities Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations $ 395 (37) (1,017) Increase (decrease) in assets and liabilities acquired in a nonmonetary exchange* Accounts receivable (44) - - Inventories 42 - - Investments and long-term receivables 15 - - PP&E 1,907 - - Other long-term assets (9) - - Accounts payable 7 - - Accrued income and other taxes 40 - - Cash Payments (Receipts) Interest $ 772 1,163 1,151 Income taxes 2,976 1,168 (318) ** Net Sales (Purchases) of Short-Term Investments Short-term investments purchased $ (1,953) (6,617) (1,753) Short-term investments sold 3,573 4,827 1,702 $ 1,620 (1,790) (51) *See Note 5 — Assets Held for Sale, Sold, or Acquired and Other Planned Dispositions. **2016 is net of $585 million related to refunds received from the Internal Revenue Service. The following items ar e included in in the “Cash Flows from Operating Activities” section of our consolidated cash flows. In 2018 , we collected $ 430 million from PDVSA consisting of $ 230 million from the sale of commodity inventory and $ 200 million in cash, as partial payments related to an award issued by the ICC Tribunal in 2018. We collected $ 262 million and $ 75 million from Ecuador in 2018 and 2017 , respectively , as installment payments related to an agreement reached with Ecuador in 2017. For more information on these settlements, see Note 13 —Contingencies and Commitments. We made discretionary payments t o our domestic qualified pension plan of $ 120 million and $ 600 million in 2018 and 2017 , respectively. In 2017, we recognized a $ 180 million adverse cash impact from the settlement of cross-currency swap transactions. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Other Financial Information [Abstract] | |
Other Financial Information | Note 22 —Other Financial Information Millions of Dollars 2018 2017 2016 Interest and Debt Expense Incurred Debt $ 838 1,114 1,279 Other 67 103 123 905 1,217 1,402 Capitalized (170) (119) (157) Expensed $ 735 1,098 1,245 Other Income Interest income $ 97 112 57 Other, net 76 417 198 $ 173 529 255 Research and Development Expenditures —expensed $ 78 100 116 Shipping and Handling Costs* $ 1,075 1,050 1,140 *Amounts included in production and operating expenses. 2017 and 2016 have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. Foreign Currency Transaction (Gains) Losses —after-tax Alaska $ - - - Lower 48 - - - Canada (11) 3 1 Europe and North Africa (26) 7 (7) Asia Pacific and Middle East 3 23 (9) Other International - 1 7 Corporate and Other 21 (3) (18) $ (13) 31 (26) Millions of Dollars 2018 2017 Properties, Plants and Equipment Proved properties $ 100,657 102,044 Unproved properties 4,662 4,491 Other 5,278 3,896 Gross properties, plants and equipment 110,597 110,431 Less: Accumulated depreciation, depletion and amortization (64,899) (64,748) Net properties, plants and equipment $ 45,698 45,683 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 23 —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 2018 2017 2016 Operating revenues and other income $ 98 107 133 Purchases 98 99 101 Operating expenses and selling, general and administrative expenses 60 59 63 Net interest (income) expense* (14) (13) (12) *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. The table above includes transactions with the FCCL Partnership through the date of the sale. See Note 6 —Investments, Loans and Long-Term Receivables, for additional information. |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Note 24 —Sales and Other Operating Revenues Transitional Arrangements We adopted the provisions of ASC Topic 606 beginning January 1, 2018, using the modified retrospective approach, which we have applied to contracts within the scope of the standard that had not been completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presente d under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605. See N ote 2 —Change s in Accounting Principles for the effect on our consolidated balance sheet and the line items which hav e been impacted by the adoption of this standard. The cumulative effect of applying the standard relates solely to certain licensing arrangements where revenue was previously recognized ($ 61 million in 2011, $ 146 million in 2015 , and $ 44 million in 2017) based on contractual milestones. Under ASC Topic 606, such revenues are recognized when the customer has the ability to utilize and benefit from its right to use the license. As a result, such historically recognized revenues must be reversed through a c umulative effect adjustment and deferred until such time when the customer has the ability to utilize and benefit from the license. The cumulative effect adjustment relates to contracts that were not substantially completed at the date of implementation. Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, certain commodity sales contracts may carry a longer duration, which may extend to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery , and u nder these contrac ts, the market-based variable consideration for each performance obligation (i.e. , delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in A SC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Revenue fr om Contracts with Customers The following table provides further disaggregation of our consolidated sales and other operating revenues : Millions of Dollars 2018 2017 * 2016 * Revenue from contracts with customers $ 28,098 20,525 16,527 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 8,218 8,669 7,278 Financial derivative contracts 101 (88) (112) Consolidated sales and other operating revenues $ 36,417 29,106 23,693 *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected normal purchases and normal sales ( NPNS ) . There is no significant difference in contractu al terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 25 —Segment Disclosures and Related Information : Millions of Dollars 2018 2017 * 2016 * Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 6,358 6,302 5,391 Canada 629 864 813 Europe and North Africa 1,231 1,503 1,074 Physical contracts meeting the definition of a derivative $ 8,218 8,669 7,278 *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. Millions of Dollars 2018 2017 * 2016 * Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 1,112 588 436 Natural gas 6,734 7,811 6,502 Other 372 270 340 Physical contracts meeting the definition of a derivative $ 8,218 8,669 7,278 *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. Receivables and Contract Liabilities Receivables from Contracts with Customers At December 3 1 , 2018, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $ 2 , 889 million compared with $ 2,675 million at December 31, 2017, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made . Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared with trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negoti ated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use t he license. Payments are received in installments over the construction period. Millions of Dollars Contract Liabilities At January 1, 2018 $ 251 Contractual payments received 103 Revenue recognized (148) At December 31, 2018 $ 206 Amounts Recognized in the Consolidated Balance Sheet at December 31, 2018 Current liabilities $ 169 Noncurrent liabilities 37 $ 206 During 2018, we recognized revenue of $ 148 million in the “Sales and other operating revenues” line on our consolidated income statement. We expect to recognize the contract liabilities as of December 3 1 , 2018, as revenue between the remainder of 201 9 and 2022 as construction is completed . Prior to the adoption of ASC Topic 606, contractual cash payments received w ere recognized as “Sales and other operating revenues” when received. |
Segment Disclosures and Related
Segment Disclosures and Related Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Disclosures and Related Information [Abstract] | |
Segment Disclosures and Related Information | Note 25 —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. Corporate and Other represents costs not directly associated with an operating segment, suc h as most intere st expense, premiums on early retirement of debt, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments . We evaluate performance and allocate resources based on net income (loss) attributab le to ConocoPhillips. Segment accounting policies are the same as those in Note 1 —Accounting Policies. Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars 2018 2017 2016 Sales and Other Operating Revenues Alaska $ 5,740 4,224 3,681 Lower 48 17,029 12,968 10,719 Intersegment eliminations (40) (4) (17) Lower 48 16,989 12,964 10,702 Canada 3,184 3,178 2,192 Intersegment eliminations (1,160) (559) (218) Canada 2,024 2,619 1,974 Europe and North Africa 6,635 5,181 3,462 Asia Pacific and Middle East 4,861 4,014 3,705 Corporate and Other 168 104 169 Consolidated sales and other operating revenues $ 36,417 29,106 23,693 Depreciation, Depletion, Amortization and Impairments Alaska $ 760 1,026 868 Lower 48 2,370 6,693 4,358 Canada 324 461 975 Europe and North Africa 1,041 1,313 1,253 Asia Pacific and Middle East 1,382 3,819 1,606 Other International - - 1 Corporate and Other 106 134 140 Consolidated depreciation, depletion, amortization and impairments $ 5,983 13,446 9,201 In 2018, sales by our Lower 48, Alaska and Canada segments to a certain refining company accounted for approximately $4 billion or 11 percent of our total consolidated sales and other operating revenues. Millions of Dollars 2018 2017 2016 Equity in Earnings of Affiliates Alaska $ 6 7 9 Lower 48 1 5 (6) Canada - 197 89 Europe and North Africa 16 10 22 Asia Pacific and Middle East 1,051 553 (51) Other International - - - Corporate and Other - - (11) Consolidated equity in earnings of affiliates $ 1,074 772 52 Income Taxes Alaska $ 376 (689) (59) Lower 48 474 (2,453) (1,328) Canada (96) (616) (383) Europe and North Africa 2,265 1,165 (46) Asia Pacific and Middle East 722 351 306 Other International 30 21 (40) Corporate and Other (103) 399 (421) Consolidated income taxes $ 3,668 (1,822) (1,971) Net Income (Loss) Attributable to ConocoPhillips Alaska $ 1,814 1,466 319 Lower 48 1,747 (2,371) (2,257) Canada 63 2,564 (935) Europe and North Africa 1,866 553 394 Asia Pacific and Middle East 2,070 (1,098) 209 Other International 364 167 (16) Corporate and Other (1,667) (2,136) (1,329) Consolidated net income (loss) attributable to ConocoPhillips $ 6,257 (855) (3,615) Investments in and Advances to Affiliates Alaska $ 86 56 58 Lower 48 378 402 426 Canada - - 8,784 Europe and North Africa 55 55 62 Asia Pacific and Middle East 8,821 9,077 11,611 Other International - - - Corporate and Other - - 4 Consolidated investments in and advances to affiliates $ 9,340 9,590 20,945 Millions of Dollars 2018 2017 2016 Total Assets Alaska $ 14,648 12,108 12,314 Lower 48 14,888 14,632 22,673 Canada 5,748 6,214 17,548 Europe and North Africa 9,883 11,870 11,727 Asia Pacific and Middle East 16,151 16,985 20,451 Other International 89 97 97 Corporate and Other 8,573 11,456 4,962 Consolidated total assets $ 69,980 73,362 89,772 Capital Expenditures and Investments Alaska $ 1,298 815 883 Lower 48 3,184 2,136 1,262 Canada 477 202 698 Europe and North Africa 877 872 1,020 Asia Pacific and Middle East 718 482 838 Other International 6 21 104 Corporate and Other 190 63 64 Consolidated capital expenditures and investments $ 6,750 4,591 4,869 Interest Income and Expense Interest income Corporate $ 80 101 47 Lower 48 - - - Europe and North Africa 2 2 2 Asia Pacific and Middle East 15 9 8 Other International - - - Interest and debt expense Corporate $ 735 1,098 1,245 Sales and Other Operating Revenues by Product Crude oil $ 19,571 13,260 10,801 Natural gas 10,720 10,773 9,401 Natural gas liquids 1,114 1,102 837 Other* 5,012 3,971 2,654 Consolidated sales and other operating revenues by product $ 36,417 29,106 23,693 *Includes LNG and bitumen. Geographic Information Millions of Dollars Sales and Other Operating Revenues (1) Long-Lived Assets (2) 2018 2017 2016 2018 2017 2016 United States $ 22,740 17,204 14,400 26,838 23,623 32,949 Australia (3) 1,798 1,448 1,353 9,301 9,657 12,259 Canada 2,024 2,619 1,974 5,333 5,613 16,846 China 836 712 551 1,380 1,275 1,372 Indonesia 886 757 938 669 758 856 Libya 1,142 586 - 679 699 704 Malaysia 1,346 1,103 735 2,327 2,736 3,323 Norway 2,886 2,348 1,645 5,582 6,154 6,228 United Kingdom 2,606 2,248 1,816 1,583 3,335 3,209 Other foreign countries 153 81 281 1,346 1,423 1,530 Worldwide consolidated $ 36,417 29,106 23,693 55,038 55,273 79,276 (1)Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2)Defined as net PP&E plus investments in and advances to affiliated companies. (3)Includes amounts related to the joint petroleum development area with shared ownership held by Australia and Timor-Leste. (3)Included in "Other foreign countries" in prior periods. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards [Text Block] | Note 26 —New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases” (FASB ASC Topic 840), 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 definition of a leas e 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 adoption of the stan dard 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 into after the earliest comparative period presented in the financial statements. ASU No. 2016-02 was amended in January 2018 by the provisions of ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842” (ASU No. 2018-01), and in July 2018 by th e provisions of ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (ASU No. 2018-10). In addition, ASU No. 2016-02 was further amended in July 2018 by the provisions of ASU No. 2018-11, “Targeted Improvements” (ASU No. 2018-11), and in Dece mber 2018 by the provisions of ASU No. 2018-20, “Narrow-Scope Improvements for Lessors” (ASU No. 2018-20). ASU No. 2018-11 sets forth certain additional practical expedients for lessors and provide s entities with an option to apply the provisions of ASU No. 2016-02, as amended, to leasing arrangements existing at or entered into after the ASU’s effective date of adoption (the “Optional Transition Method”). Entities that elect to utilize the Optional Transition Method would not apply the provisions of ASU No. 2016-02, as amended, to comparative periods presented in the financial statements. We plan to adopt ASU No. 2016-02, as amended, effective January 1, 2019, utilizing the Optional Transition Method. Accordingly, the comparative periods presented in the financial statements prior to January 1, 2019, will be presented pursuant to the existing requirements of FASB ASC Topic 840 and not be adjusted upon the adoption of the ASU. We also expect to utilize the package of optional transition-related practic al expedients set forth by ASU No. 2016-02, as amended, which permit entities to not reassess upon the adoption of the ASU certain historical conclusions regarding lease contract identification and classification, as well as the historical accounting treat ment of initial direct costs (the “Package of Optional Practical Expedients”). For lease arrangements containing both lease and non-lease components, we will adopt the optional practical expedient to not separate lease components from non-lease components for all new or modified leases executed on or after the effective date of the ASU, subject to making any elections for leases after the effective date in new asset classes. Furthermore, we do not expect to record assets and liabilities on our consolidate d balance sheet for new or existing lease arrangements with terms of 12 months or less. The expected impact of the adoption of ASU No. 2016-02, as amended, relates primarily to our balance sheet, resulting from the initial recognition of lease liabilit ies and corresponding right-of-use assets for our existing population of operating leases, as well as enhanced disclosure of our leasing arrangements. We expect to recognize on our consolidated balance sheet approximately $ 1 billion of operating lease lia bilities and corresponding right-of-use assets upon the adoption of ASU No. 2016-02, as amended. We have implemented a third-party lease accounting software solution to facilitate the ongoing accounting and financial reporting requirements of the ASU and also expect the adoption of the ASU to result in certain changes being made to our existing accounting policies and systems, business processes, and internal controls. While our evaluation of ASU No. 2016-02, as amended, and related implementation activ ities approach completion, we continue to monitor proposals issued by the FASB to clarify the ASU. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019, and e arly adoption of the standard is permitted. Entities are required to adopt ASU No. 2016-13 using a modified retrospective approach, subject to certain limited exceptions. We are currently evaluating the impact of the adoption of this ASU. The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2018, for the adoption of ASC Topic 606 and ASU No. 2016-01 were as follows: Millions of Dollars December 31 ASC Topic 606 ASU No. 2016-01 January 1 2017 Adjustments Adjustments 2018 Liabilities Other accruals $ 1,029 104 - 1,133 Total current liabilities 9,397 104 - 9,501 Deferred income taxes 5,282 (31) - 5,251 Other liabilities and deferred credits 1,269 147 - 1,416 Total liabilities 42,561 220 - 42,781 Equity Accumulated other comprehensive loss $ (5,518) - 58 (5,460) Retained earnings 29,391 (220) (58) 29,113 Total common stockholders' equity 30,607 (220) - 30,387 Total equity 30,801 (220) - 30,581 For discussion of adjustments for ASU No. 2016-01 and ASC Topic 606, see Note 7 — Investment in Cenovus Energy and Note 24—Sales and Other Operating Revenues, respectively. We adopted the provisions of FASB ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” beginning January 1, 2018. We retrospectively applied the presentation of service cost separate from the other components of net periodic costs. The interest cost, expected return on plan assets, amortization of prior service cost/credit, recognized net actuarial loss/gain, settlement expense, curtailment loss/gain, and special termination benefits have been reclassified from the “ Production and operating expenses,” “Selling, general and administrative expenses,” and “Exploration expenses” lines to the “ Other expenses” line on our consolidated income statement. We elected to apply the prac tical expedient which allows us to reclassify amounts disclosed previously in the employee benefit plans footnote as the basis for applying retrospective presentation for prior comparative periods as it is impracticable to determine the disaggregation of t he cost components for amounts capitalized and amortized in those periods. On a prospective basis, the other components of net periodic benefit costs will not be included in amounts capitalized in inventory or PP&E . The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit pension and other postretirement employee benefits plans on our consolidated income statement was as follows: Millions of Dollars Previously Effect of Change As Reported Higher/(Lower) Revised Year Ended December 31, 2017 Production and operating expenses $ 5,173 (11) 5,162 Selling, general and administrative expenses 561 (134) 427 Exploration expenses 938 (4) 934 Other expenses 302 149 451 Year Ended December 31, 2016 Production and operating expenses $ 5,667 (24) 5,643 Selling, general and administrative expenses 723 (250) 473 Exploration expenses 1,915 (3) 1,912 Other expenses - 277 277 We adopted the provisions of FASB ASU No. 2016-15 , “Classification of Certain Cash Receipts and Cash Payments , ” beginning January 1, 2018. This ASU clarifies how certain cash receipts and cash payments should be classified and presented in the statement of cash flows. We have made an accounting policy election to classify distributions received from equity method investees using the nature of the distribution approach which classifies distributions received from investees as either cash inflows from operating activities or cash inflows from investing activities in the statement of cash flows based on the nature of the activ ities of the investee that generated the distribution. The impact of adopting this ASU was not material to prior presented periods. We adopted the provisions of FASB ASU No. 2016-18 , “Restricted Cash , ” beginning January 1, 2018. This ASU requires amount s deemed restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and presentation should permit a reconciliation when cash, cash equivalent s and restricted cash are presented in more than one line item on the balance sheet. We have amounts deposited in statutory bank accounts in certain countries to satisfy asset retirement obligations (ARO) . These amounts are deemed restricted cash and are included in the “ Other assets ” line of our consolidated balance sheet. This standard is required to be applied retrospectively to all periods presented, but the impact in those periods was not material . |
Supplementary Information - Con
Supplementary Information - Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
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 Burlington Resources LLC, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. Burlington Resources LLC is 100 perc ent owned by ConocoPhillips Company. ConocoPhillips and/or ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of Burlington Resources LLC, with respect to its publicly held debt securities. Similarly, ConocoPhillips has fully and unconditionally guaranteed the payment obligations of ConocoPhillips Company with respect to its publicly held debt securities. In addition, ConocoPhillips Company has fully and unconditionally guaranteed the payment obligations of ConocoPhi llips 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, ConocoP hillips Company and Burlington Resources LLC (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 ConocoP hillips’ results on a consolidated basis. In December 2018, ConocoPhillips Canada Funding Company I’s guaranteed, publicly held debt securities were assumed by Burlington Resources LLC. The ass umption did not significantly change the nature of the outsta nding debt or the terms of the parental guarantees, which remain full and unconditional, as well as joint and several. The ass umption did not impact our consolidated financial position, results of operations or cash flows. Financial information for Conoc oPhillips Canada Funding Company I is presented in the “All Other Subsidiaries” column of our condensed consolidating financial information. The prior year comparative periods have been restated to reflect the current period condensed consolidating financ ial information presentation. In 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. In 2016, ConocoPhillips Canada Funding Company I repaid $ 1.25 billion of external debt. This transaction was reflected in the full-year 2016 condensed consolidating financial statements. In 2017, ConocoPhillips Company received a $ 9.8 billion return of c apital and a $ 1.4 billion loan repayment from nonguarantor subsidiaries to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2017, ConocoPhillips received a $ 7.8 billion return of capital and a $ 0.2 billion return of earnings from ConocoPhillips Company to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2018, ConocoPhillips Company received a $ 4.8 billion return of earnings and a $ 2.4 billion loan repayment from nonguarantor subsidiaries to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2018, ConocoPhillips received a $ 3.5 billion return of capital and a $ 1.0 billion return of earnings from ConocoPhillips Company to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. Thi s condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Year Ended December 31, 2018 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 16,113 - 20,304 - 36,417 Equity in earnings of affiliates 6,503 8,142 1,953 1,072 (16,596) 1,074 Gain on dispositions - 239 - 824 - 1,063 Other income (loss) - (384) - 557 - 173 Intercompany revenues 35 162 43 5,627 (5,867) - Total Revenues and Other Income 6,538 24,272 1,996 28,384 (22,463) 38,727 Costs and Expenses Purchased commodities - 14,591 - 5,131 (5,428) 14,294 Production and operating expenses - 1,023 4 4,245 (59) 5,213 Selling, general and administrative expenses 8 289 - 109 (5) 401 Exploration expenses - 170 - 199 - 369 Depreciation, depletion and amortization - 584 - 5,372 - 5,956 Impairments - (10) - 37 - 27 Taxes other than income taxes - 143 - 905 - 1,048 Accretion on discounted liabilities - 17 - 336 - 353 Interest and debt expense 295 613 46 156 (375) 735 Foreign currency transaction (gains) losses 46 (12) 116 (167) - (17) Other expenses - 349 6 20 - 375 Total Costs and Expenses 349 17,757 172 16,343 (5,867) 28,754 Income before income taxes 6,189 6,515 1,824 12,041 (16,596) 9,973 Income tax provision (benefit) (68) 12 (41) 3,765 - 3,668 Net income 6,257 6,503 1,865 8,276 (16,596) 6,305 Less: net income attributable to noncontrolling interests - - - (48) - (48) Net Income Attributable to ConocoPhillips $ 6,257 6,503 1,865 8,228 (16,596) 6,257 Comprehensive Income Attributable to ConocoPhillips $ 5,654 5,900 1,364 7,961 (15,225) 5,654 Income Statement Year Ended December 31, 2017* Revenues and Other Income Sales and other operating revenues $ - 12,433 - 16,673 - 29,106 Equity in earnings (losses) of affiliates (454) 2,047 886 770 (2,477) 772 Gain on dispositions - 916 - 1,261 - 2,177 Other income 2 35 - 492 - 529 Intercompany revenues 48 291 13 3,369 (3,721) - Total Revenues and Other Income (404) 15,722 899 22,565 (6,198) 32,584 Costs and Expenses Purchased commodities - 11,145 - 4,580 (3,250) 12,475 Production and operating expenses - 813 - 4,366 (17) 5,162 Selling, general and administrative expenses 9 342 - 82 (6) 427 Exploration expenses - 542 - 392 - 934 Depreciation, depletion and amortization - 855 - 5,990 - 6,845 Impairments - 1,159 - 5,442 - 6,601 Taxes other than income taxes - 140 1 668 - 809 Accretion on discounted liabilities - 32 - 330 - 362 Interest and debt expense 420 664 52 410 (448) 1,098 Foreign currency transaction (gains) losses (43) 11 (137) 204 - 35 Other expenses 267 190 - (6) - 451 Total Costs and Expenses 653 15,893 (84) 22,458 (3,721) 35,199 Income (Loss) before income taxes (1,057) (171) 983 107 (2,477) (2,615) Income tax provision (benefit) (202) 283 (337) (1,566) - (1,822) Net income (loss) (855) (454) 1,320 1,673 (2,477) (793) Less: net income attributable to noncontrolling interests - - - (62) - (62) Net Income (Loss) Attributable to ConocoPhillips $ (855) (454) 1,320 1,611 (2,477) (855) Comprehensive Income (Loss) Attributable to ConocoPhillips $ (180) 221 1,672 2,275 (4,168) (180) *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. Millions of Dollars Year Ended December 31, 2016* Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 10,352 - 13,341 - 23,693 Equity in earnings (losses) of affiliates (3,351) (1,051) (2,270) 61 6,663 52 Gain on dispositions - 120 - 240 - 360 Other income (loss) 1 (11) - 265 - 255 Intercompany revenues 88 277 21 2,995 (3,381) - Total Revenues and Other Income (3,262) 9,687 (2,249) 16,902 3,282 24,360 Costs and Expenses Purchased commodities - 9,144 - 3,562 (2,712) 9,994 Production and operating expenses - 754 1 5,130 (242) 5,643 Selling, general and administrative expenses 8 331 - 140 (6) 473 Exploration expenses - 1,229 - 683 - 1,912 Depreciation, depletion and amortization - 1,178 - 7,884 - 9,062 Impairments - 67 - 72 - 139 Taxes other than income taxes - 162 - 577 - 739 Accretion on discounted liabilities - 46 - 379 - 425 Interest and debt expense 506 622 37 501 (421) 1,245 Foreign currency transaction (gains) losses (19) 2 (110) 108 - (19) Other expenses - 277 - - - 277 Total Costs and Expenses 495 13,812 (72) 19,036 (3,381) 29,890 Loss before income taxes (3,757) (4,125) (2,177) (2,134) 6,663 (5,530) Income tax benefit (142) (774) (92) (963) - (1,971) Net loss (3,615) (3,351) (2,085) (1,171) 6,663 (3,559) Less: net income attributable to noncontrolling interests - - - (56) - (56) Net Loss Attributable to ConocoPhillips $ (3,615) (3,351) (2,085) (1,227) 6,663 (3,615) Comprehensive Loss Attributable to ConocoPhillips $ (3,561) (3,297) (1,641) (1,149) 6,087 (3,561) *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. Millions of Dollars At December 31, 2018 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,428 - 4,487 - 5,915 Short-term investments - - - 248 - 248 Accounts and notes receivable 28 5,646 78 6,707 (8,392) 4,067 Investment in Cenovus Energy - 1,462 - - - 1,462 Inventories - 184 - 823 - 1,007 Prepaid expenses and other current assets 1 267 - 307 - 575 Total Current Assets 29 8,987 78 12,572 (8,392) 13,274 Investments, loans and long-term receivables* 29,942 47,062 15,199 16,926 (99,465) 9,664 Net properties, plants and equipment - 4,367 - 41,796 (465) 45,698 Other assets 4 642 227 1,269 (798) 1,344 Total Assets $ 29,975 61,058 15,504 72,563 (109,120) 69,980 Liabilities and Stockholders’ Equity Accounts payable $ - 5,098 76 7,113 (8,392) 3,895 Short-term debt (3) 12 13 99 (9) 112 Accrued income and other taxes - 85 - 1,235 - 1,320 Employee benefit obligations - 638 - 171 - 809 Other accruals 85 587 35 552 - 1,259 Total Current Liabilities 82 6,420 124 9,170 (8,401) 7,395 Long-term debt 3,791 7,151 2,143 2,249 (478) 14,856 Asset retirement obligations and accrued environmental costs - 415 - 7,273 - 7,688 Deferred income taxes - - - 5,819 (798) 5,021 Employee benefit obligations - 1,340 - 424 - 1,764 Other liabilities and deferred credits* 725 9,277 839 8,126 (17,775) 1,192 Total Liabilities 4,598 24,603 3,106 33,061 (27,452) 37,916 Retained earnings 27,512 18,511 1,113 9,764 (22,890) 34,010 Other common stockholders’ equity (2,135) 17,944 11,285 29,613 (58,778) (2,071) Noncontrolling interests - - - 125 - 125 Total Liabilities and Stockholders’ Equity $ 29,975 61,058 15,504 72,563 (109,120) 69,980 Balance Sheet At December 31, 2017 Assets Cash and cash equivalents $ - 234 3 6,088 - 6,325 Short-term investments - - - 1,873 - 1,873 Accounts and notes receivable 24 2,214 294 4,910 (3,122) 4,320 Investment in Cenovus Energy - 1,899 - - - 1,899 Inventories - 163 - 897 - 1,060 Prepaid expenses and other current assets 1 277 24 763 (30) 1,035 Total Current Assets 25 4,787 321 14,531 (3,152) 16,512 Investments, loans and long-term receivables* 29,400 47,974 12,273 14,547 (94,134) 10,060 Net properties, plants and equipment - 4,230 - 41,930 (477) 45,683 Other assets 15 1,146 672 1,043 (1,769) 1,107 Total Assets $ 29,440 58,137 13,266 72,051 (99,532) 73,362 Liabilities and Stockholders’ Equity Accounts payable $ - 3,094 264 3,794 (3,122) 4,030 Short-term debt (5) 2,505 7 77 (9) 2,575 Accrued income and other taxes - 65 - 973 - 1,038 Employee benefit obligations - 554 - 171 - 725 Other accruals 85 314 17 642 (29) 1,029 Total Current Liabilities 80 6,532 288 5,657 (3,160) 9,397 Long-term debt 3,787 9,321 500 3,998 (478) 17,128 Asset retirement obligations and accrued environmental costs - 432 - 7,199 - 7,631 Deferred income taxes - - - 6,490 (1,208) 5,282 Employee benefit obligations - 1,335 - 519 - 1,854 Other liabilities and deferred credits* 1,528 5,229 1,446 10,135 (17,069) 1,269 Total Liabilities 5,395 22,849 2,234 33,998 (21,915) 42,561 Retained earnings 22,892 13,342 (753) 7,669 (13,759) 29,391 Other common stockholders’ equity 1,153 21,946 11,785 30,190 (63,858) 1,216 Noncontrolling interests - - - 194 - 194 Total Liabilities and Stockholders’ Equity $ 29,440 58,137 13,266 72,051 (99,532) 73,362 *Includes intercompany loans. Millions of Dollars Year Ended December 31, 2018 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 4,317 4,183 2,764 14,132 (12,462) 12,934 Cash Flows From Investing Activities Capital expenditures and investments - (980) (603) (5,777) 610 (6,750) Working capital changes associated with investing activities - (110) - 42 - (68) Proceeds from asset dispositions - 502 - 705 (125) 1,082 Net sales of short-term investments - - - 1,620 - 1,620 Long-term advances/loans—related parties - (126) (173) (10) 309 - Collection of advances/loans—related parties 589 3,432 212 129 (4,243) 119 Intercompany cash management (803) 3,504 (2,150) (551) - - Other - 151 - 3 - 154 Net Cash Provided by (Used in) Investing Activities (214) 6,373 (2,714) (3,839) (3,449) (3,843) Cash Flows From Financing Activities Issuance of debt - 10 - 299 (309) - Repayment of debt - (4,865) (53) (4,320) 4,243 (4,995) Issuance of company common stock 254 - - - (133) 121 Repurchase of company common stock (2,999) - - - - (2,999) Dividends paid (1,363) (1,043) - (6,057) 7,100 (1,363) Other 5 (3,468) - (1,670) 5,010 (123) Net Cash Used in Financing Activities (4,103) (9,366) (53) (11,748) 15,911 (9,359) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - 4 - (121) - (117) Net Change in Cash, Cash Equivalents and Restricted Cash - 1,194 (3) (1,576) - (385) Cash, cash equivalents and restricted cash at beginning of period* - 234 3 6,299 - 6,536 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,428 - 4,723 - 6,151 Statement of Cash Flows Year Ended December 31, 2017 Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 71 1,183 2,971 5,904 (3,052) 7,077 Cash Flows From Investing Activities Capital expenditures and investments - (1,663) (4,351) (3,795) 5,218 (4,591) Working capital changes associated with investing activities - 194 - (62) - 132 Proceeds from asset dispositions 7,765 11,146 12,178 12,796 (30,025) 13,860 Net purchases of short-term investments - - - (1,790) - (1,790) Long-term advances/loans—related parties - (214) (65) (20) 299 - Collection of advances/loans—related parties 658 1,527 389 2,196 (4,655) 115 Intercompany cash management 1,151 101 (1,341) 89 - - Other - (8) - 44 - 36 Net Cash Provided by Investing Activities 9,574 11,083 6,810 9,458 (29,163) 7,762 Cash Flows From Financing Activities Issuance of debt - 20 - 279 (299) - Repayment of debt (5,459) (4,411) - (2,661) 4,655 (7,876) Issuance of company common stock 115 - - - (178) (63) Repurchase of company common stock (3,000) - - - - (3,000) Dividends paid (1,305) (235) - (2,995) 3,230 (1,305) Other 4 (7,765) (9,781) (7,377) 24,807 (112) Net Cash Used in Financing Activities (9,645) (12,391) (9,781) (12,754) 32,215 (12,356) Effect of Exchange Rate Changes on Cash and Cash Equivalents - 1 (2) 233 - 232 Net Change in Cash and Cash Equivalents - (124) (2) 2,841 - 2,715 Cash and cash equivalents at beginning of period - 358 5 3,247 - 3,610 Cash and Cash Equivalents at End of Period $ - 234 3 6,088 - 6,325 *Restated to include $211 million of restricted cash at January 1, 2018. See Note 2 — Changes in Accounting Principles for additional information relating to the adoption of ASU No. 2016-18. Restricted cash totaling $236 million is included in the "Other assets" line of our Consolidated Balance Sheet as of December 31, 2018. Millions of Dollars Year Ended December 31, 2016 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ (306) (322) 799 5,902 (1,670) 4,403 Cash Flows From Investing Activities Capital expenditures and investments - (989) (1,714) (4,281) 2,115 (4,869) Working capital changes associated with investing activities - (126) - (205) - (331) Proceeds from asset dispositions 2,300 266 - 1,114 (2,394) 1,286 Net purchases of short-term investments - - - (51) - (51) Long-term advances/loans—related parties - (812) - - 812 - Collection of advances/loans—related parties - 391 - 272 (555) 108 Intercompany cash management (2,214) 1,433 912 (131) - - Other - 1 - (3) - (2) Net Cash Provided by (Used in) Investing Activities 86 164 (802) (3,285) (22) (3,859) Cash Flows From Financing Activities Issuance of debt 1,600 2,994 - 812 (812) 4,594 Repayment of debt (150) (164) - (2,492) 555 (2,251) Issuance of company common stock 148 - - - (211) (63) Repurchase of company common stock (126) - - - - (126) Dividends paid (1,253) - - (1,881) 1,881 (1,253) Other 1 (2,315) - 1,898 279 (137) Net Cash Provided by (Used in) Financing Activities 220 515 - (1,663) 1,692 764 Effect of Exchange Rate Changes on Cash and Cash Equivalents - (3) 2 (65) - (66) Net Change in Cash and Cash Equivalents - 354 (1) 889 - 1,242 Cash and cash equivalents at beginning of period - 4 6 2,358 - 2,368 Cash and Cash Equivalents at End of Period $ - 358 5 3,247 - 3,610 |
Schedule ll
Schedule ll | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Consolidated) ConocoPhillips Millions of Dollars Balance at Charged to Balance at Description January 1 Expense Other (a) Deductions December 31 2018 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 4 23 - (2) (b) 25 Deferred tax asset valuation allowance 1,254 2,067 (8) (273) 3,040 Included in other liabilities: Restructuring accruals 53 70 (2) (73) (c) 48 2017 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 5 2 - (3) (b) 4 Deferred tax asset valuation allowance 675 560 19 - 1,254 Included in other liabilities: Restructuring accruals 80 65 1 (93) (c) 53 2016 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 7 3 (1) (4) (b) 5 Deferred tax asset valuation allowance 734 (31) (12) (16) 675 Included in other liabilities: Restructuring accruals 156 129 1 (206) (c) 80 (a)Represents acquisitions/dispositions/revisions and the effect of translating foreign financial statements. (b)Amounts charged off less recoveries of amounts previously charged off. (c)Benefit payments. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation Principles and Investments | Consolidation Principles and Investments — Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to ex ert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer . Undivided interests in oil and gas joint ventures, pipeli nes, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. We manage our operations through six operating segments, defined by geographic region: Alaska, Lower 48 , Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International. For additional information, see Note 25 —Segment Disclosures and Related Information. |
Foreign Currency Translation | Foreign Currency Translation — Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in common stockholders’ equity. Foreign currency transaction gains and losses a re included in current earnings. Some of our foreign operations use their local currency as the f unctional currency. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recog nition — Re venues associated with the sales of crude oil, bitumen, natural gas, liquified natural gas ( LNG ) , natural gas liquids and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a custome r has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer has accepted delivery and a right to pay ment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfe r control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income sta tement line). Shipping and Handling Costs — We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a compone nt of revenue when the customer obtains control |
Cash Equivalents | Cash Equivalents — Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. |
Short-Term Investments | Short-Term Investments —Investments in bank time deposits and marketable securities (commercial paper and government obligations) with original maturities of greater t han 90 days but less than one year are classified as short-term investments. |
Inventories | Inventories — We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Our c ommodity-related i nventories are recorded at cost primarily using the last-in, first-out (LIFO) basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adj ustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusu al/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method, and the first-in, fir st-out (FIFO) method, consistent with industry practice. |
Fair Value Measurements | Fair Value Measurements — A ssets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on th e observability of the inputs employed in the measurement . Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liab ility, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market pa rticipants. |
Derivative Instruments | Derivative Instruments — Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the bal ance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. |
Oil and Gas Exploration and Development | Oil and Gas Exploration and Development — Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs — Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption properties, plants and equipment (PP&E). Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are re classified to proved properties. Exploratory Costs — Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If explor atory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For c omplex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek governme nt or co-venturer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserve s. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 8 —Suspended Wells and Other Exploration Expenses , for additional information on suspended wells. Development Costs — Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization — Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of intangible development costs is based o n the unit-of-production method using estimated proved developed oil and gas reserves. |
Capitalized Interest | Capitalized Interest — Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. |
Depreciation and Amortization | Depreciation and Amortization — Depreciation and amortization of PP&E on producing hydrocarbon properties and cert ain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line met hod or the group-straight-line method (for those individual units that are highly integrated with other units). |
Impairment of Properties, Plants and Equipment | Impairment of Properties, Plants and Equipment — P P&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group and annually in the fourth quarter following updates to corporate planning assumptions. If there is an indication the carrying amount of an asset may not be recovered, the asset is monitored by management through an established process where changes to significant assumptions such as prices, volumes and futur e development plans are reviewed. If, upon review, the sum of the undiscounted before -tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value through additional amortization or deprecia tion provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely indepen dent of the cash flows of other groups of assets—generally on a field-by-field basis for exploration and production assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically deter mined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of s imilar assets where possible. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if availab le, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, prices and costs, considering all a vailable evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reser ves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. |
Impairment of Investments in Nonconsolidated Entities | Impairment of Investments in Nonconsolidated Entities — Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred and annually following updates to corporate planning assumptions. When such a condition is judgmental ly determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. |
Maintenance and Repairs | Maintenance and Repairs — C osts of ma intenance and repairs, which are not signi ficant improvements, are expensed when incurred. |
Property Dispositions | Property Dispositions — When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain on dispositions” line of our consolidated income statement. When less than complete units of deprecia ble property are disposed of or retired which do not significantly alter the depreciation, depletion and amortization (DD&A) rate, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. |
Asset Retirement Obligations and Environmental Costs | Asset Retirement Obli gations and Environmental Costs — The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liabilit y is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. If, in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Over time the liabilit y is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. Reductions to estimated liabilities for assets that are no longer producing are recorded as a credit to impairme nt, if the asset had been previously impaired, or as a credit to DD&A, if the asset had not been previously impaired. For additional information, see Note 10 —Asset Retirement Obligations and Accrued Environmental C osts . Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental exp enditures are recorded on an undiscounted basis (unless acquired in a purchase business combination , which we record on a discounted basis ) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of en vironmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. |
Guarantees | Guarantees — The f air value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liabil ity is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where th e guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize t he guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts a nd circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. |
Stock-Based Compensation | Share -Based Compensation — We recognize share -based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. |
Income Taxes | Income Taxes — Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax ba sis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in prod uction and operating expenses. |
Taxes Collected from Customers and Remitted to Governmental Authorities | Taxes Collected from Customers and Remitted to Governmental Authorities — S ales and value-added taxes are recorded net. |
Net Income (Loss) Per Share of Common Stock | Net Income (Loss) Per Share of Common Stock — Basic net income (loss) per share of common stock is calculated based upon the daily weighted-average number of common shares outstanding during the year. Also, this calculation includes fully vested stock and unit awards that have not yet been issued as common stock, along wit h an adjustment to net income (loss) for dividend equivalents paid on unvested unit awards that are considered participating securities. Diluted net income per share of common stock includes unvested stock, unit or option awards granted under our compensa tion plans and vested but unexercised stock options, but only to the extent these instruments dilute net income per share, primarily under the treasury-stock method. Diluted net loss per share, which is calculated the same as basic net loss per share, doe s not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations. The earnings per share impact of the participat ing securities is immaterial. |
Change in Accounting Principles
Change in Accounting Principles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2018, for the adoption of ASC Topic 606 and ASU No. 2016-01 were as follows: Millions of Dollars December 31 ASC Topic 606 ASU No. 2016-01 January 1 2017 Adjustments Adjustments 2018 Liabilities Other accruals $ 1,029 104 - 1,133 Total current liabilities 9,397 104 - 9,501 Deferred income taxes 5,282 (31) - 5,251 Other liabilities and deferred credits 1,269 147 - 1,416 Total liabilities 42,561 220 - 42,781 Equity Accumulated other comprehensive loss $ (5,518) - 58 (5,460) Retained earnings 29,391 (220) (58) 29,113 Total common stockholders' equity 30,607 (220) - 30,387 Total equity 30,801 (220) - 30,581 For discussion of adjustments for ASU No. 2016-01 and ASC Topic 606, see Note 7 — Investment in Cenovus Energy and Note 24—Sales and Other Operating Revenues, respectively. The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit pension and other postretirement employee benefits plans on our consolidated income statement was as follows: Millions of Dollars Previously Effect of Change As Reported Higher/(Lower) Revised Year Ended December 31, 2017 Production and operating expenses $ 5,173 (11) 5,162 Selling, general and administrative expenses 561 (134) 427 Exploration expenses 938 (4) 934 Other expenses 302 149 451 Year Ended December 31, 2016 Production and operating expenses $ 5,667 (24) 5,643 Selling, general and administrative expenses 723 (250) 473 Exploration expenses 1,915 (3) 1,912 Other expenses - 277 277 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | Note 4 —Inventories Inventories at December 31 were: Millions of Dollars 2018 2017 Crude oil and natural gas $ 432 512 Materials and supplies 575 548 $ 1,007 1,060 |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Loans and Long-Term Receivables and Joint Venture Acquisition Obligation [Abstract] | |
Components of investments, loans and long-term receivables | Note 6 —Investments, Loans and Long-Term Receivables Components of investments, loans and long-term receivables at December 31 were: Millions of Dollars 2018 2017 Equity investments $ 9,005 9,129 Loans and advances—related parties 335 461 Long-term receivables 238 375 Other investments 86 95 $ 9,664 10,060 |
Summarized financial information for equity method investments in affiliated companies | Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2018 2017 2016 Revenues $ 11,654 11,554 10,149 Income (loss) before income taxes 3,660 (2,875) 660 Net income (loss) 3,244 (1,431) 799 Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2018 2017 Current assets $ 3,285 2,920 Noncurrent assets 41,563 42,693 Current liabilities 2,625 2,453 Noncurrent liabilities 23,874 25,522 |
Suspended Wells (Tables)
Suspended Wells (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Suspended Wells [Abstract] | |
Net changes in suspended exploratory well costs | Note 8 —Suspended Wells and Other Exploration Expenses The following table reflects the net changes in suspended exploratory well costs during 2018, 2017 and 2016: Millions of Dollars 2018 2017 2016 Beginning balance at January 1 $ 853 1,063 1,260 Additions pending the determination of proved reserves 140 118 225 Reclassifications to proved properties (37) (66) (27) Sales of suspended wells (93) - (247) Charged to dry hole expense (7) (262) (148) Ending balance at December 31 $ 856 853 1,063 |
Aging of suspended well cost | The following table provides an aging of suspended well balances at December 31: Millions of Dollars 2018 2017 2016 Exploratory well costs capitalized for a period of one year or less $ 145 67 132 Exploratory well costs capitalized for a period greater than one year 711 786 931 Ending balance $ 856 853 1,063 Number of projects with exploratory well costs capitalized for a period greater than one year 24 23 26 |
Aging of Exploratory Well Cost that have been capitalized for more than one year | The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2018: Millions of Dollars Suspended Since Total 2015–2017 2012–2014 2004–2011 Greater Poseidon—Australia (2) 177 - 165 12 Barossa/Caldita—Australia (2) 136 59 - 77 Surmont—Canada (1) 108 18 56 34 NPRA—Alaska (1) 77 39 38 - Middle Magdalena Basin—Colombia (1) 65 65 - - Greater Clair—UK (2) 42 8 30 4 Bohai—China (2) 19 19 - - Kamunsu East—Malaysia (2) 19 - 19 - NC 98—Libya (2) 15 - 11 4 Sunrise—Australia (2) 13 - - 13 Other of $10 million or less each (1)(2) 40 5 18 17 Total $ 711 213 337 161 (1)Additional appraisal wells planned. (2)Appraisal drilling complete; costs being incurred to assess development. |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Impairment Of Long Lived Assets [Abstract] | |
Impairment Charges By Segment Before Tax | Note 9 —Impairments During 2018, 2017 and 2016, we recognized the following before-tax impairment charges: Millions of Dollars 2018 2017 2016 Alaska $ 20 180 1 Lower 48 63 3,969 149 Canada 9 22 88 Europe and North Africa (79) 46 (160) Asia Pacific and Middle East 14 2,384 44 Corporate - - 17 $ 27 6,601 139 |
Asset Retirement Obligations _2
Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligations and accrued environmental costs | Note 10 —Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2018 2017 Asset retirement obligations $ 7,908 7,798 Accrued environmental costs 178 180 Total asset retirement obligations and accrued environmental costs 8,086 7,978 Asset retirement obligations and accrued environmental costs due within one year* (398) (347) Long-term asset retirement obligations and accrued environmental costs $ 7,688 7,631 *Classified as a current liability on the balance sheet under "Other accruals." |
Changes in overall asset retirement obligation changed | During 2018 and 2017, our overall ARO changed as follows: Millions of Dollars 2018 2017 Balance at January 1 $ 7,798 8,405 Accretion of discount 348 358 New obligations 657 113 Changes in estimates of existing obligations (266) (150) Spending on existing obligations (228) (152) Property dispositions (161) (1,065) Foreign currency translation (240) 289 Balance at December 31 $ 7,908 7,798 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Long-term debt | Note 11 —Debt Long-term debt at December 31 was: Millions of Dollars 2018 2017 9.125% Debentures due 2021 $ 123 150 8.20% Debentures due 2025 134 150 8.125% Notes due 2030 390 600 7.9% Debentures due 2047 60 100 7.8% Debentures due 2027 203 300 7.65% Debentures due 2023 78 88 7.40% Notes due 2031 500 500 7.375% Debentures due 2029 92 92 7.25% Notes due 2031 500 500 7.20% Notes due 2031 575 575 7% Debentures due 2029 200 200 6.95% Notes due 2029 1,549 1,549 6.875% Debentures due 2026 67 67 6.50% Notes due 2039 2,750 2,750 5.951% Notes due 2037 645 645 5.95% Notes due 2036 500 500 5.95% Notes due 2046 500 500 5.90% Notes due 2032 505 505 5.90% Notes due 2038 600 600 4.95% Notes due 2026 1,250 1,250 4.30% Notes due 2044 750 750 4.20% Notes due 2021 - 1,000 4.15% Notes due 2034 246 500 3.35% Notes due 2024 426 1,000 3.35% Notes due 2025 199 500 2.875% Notes due 2021 - 750 2.4% Notes due 2022 329 1,000 2.2% Notes due 2020 - 500 Floating rate notes due 2018 at 1.24% – 1.75% during 2017 - 250 Floating rate notes due 2022 at 2.32% – 3.52% during 2018 and 1.81% – 2.32% during 2017 500 500 Industrial Development Bonds due 2018 through 2038 at 0.95% – 1.86% during 2018 and 0.64% – 1.74% during 2017 18 18 Marine Terminal Revenue Refunding Bonds due 2031 at 0.88% – 1.95% during 2018 and 0.64% – 1.74% during 2017 265 265 Other 17 23 Debt at face value 13,971 18,677 Capitalized leases 777 774 Net unamortized premiums, discounts and debt issuance costs 220 252 Total debt 14,968 19,703 Short-term debt (112) (2,575) Long-term debt $ 14,856 17,128 |
Capital lease payment table | At December 31, 2018, future minimum payments due under capital leases were: Millions of Dollars 2019 $ 118 2020 116 2021 100 2022 98 2023 87 Remaining years 453 Total 972 Less: portion representing imputed interest (195) Capital lease obligations $ 777 |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 Assets Prepaid expenses and other current assets $ 410 275 Other assets 40 36 Liabilities Other accruals 370 282 Other liabilities and deferred credits 30 28 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 2018 2017 Assets Prepaid expenses and other current assets $ 7 1 Other assets - 6 Liabilities Other accruals 6 - Other liabilities and deferred credits - 15 In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar. |
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 2018 2017 2016 Sales and other operating revenues $ 45 77 (198) Other income 7 - (1) Purchased commodities (41) (61) 161 The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were: Millions of Dollars 2018 2017 2016 Foreign currency transaction losses $ 1 13 247 |
Net exposures/net notional positions of derivative contracts | The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) 2018 2017 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (17) (29) Basis (1) 12 We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency 2018 2017 Foreign Currency Exchange Derivatives Sell U.S. dollar, buy British pound USD 805 - Sell British pound, buy other currencies* GBP 21 1 Sell Canadian dollar, buy U.S. dollar CAD 1,242 1,225 *Primarily euro and Norwegian krone. |
Net carrying amount of held to maturity investments | Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments 2018 2017 2018 2017 Cash $ 876 948 Time Deposits Remaining maturities from 1 to 90 days 3,509 5,004 - 821 Commercial Paper Remaining maturities from 1 to 90 days 229 373 248 978 Remaining maturities from 91 to 180 days - - - 74 Government Obligations Remaining maturities from 1 to 90 days 1,301 - - - $ 5,915 6,325 248 1,873 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,462 - - 1,462 1,899 - - 1,899 Commodity derivatives 236 181 33 450 175 106 30 311 Total assets $ 1,698 181 33 1,912 2,074 106 30 2,210 Liabilities Commodity derivatives $ 225 145 30 400 158 111 41 310 Total liabilities $ 225 145 30 400 158 111 41 310 |
Commodity derivative balances subject to right of setoff | The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. Millions of Dollars Gross Gross Net Gross Amounts Amounts Amounts Amounts Cash without Net Recognized Offset Presented Collateral Right of Setoff Amounts December 31, 2018 Assets $ 450 280 170 - 9 161 Liabilities 400 280 120 10 4 106 December 31, 2017 Assets $ 311 186 125 - 4 121 Liabilities 310 186 124 7 5 112 At December 31, 2018 and December 31, 2017 , we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. |
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 and date of remeasurement for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Inputs Level 3 Inputs Before-Tax Loss Year ended December 31, 2018 Net PP&E (held for sale) March 31, 2018 $ 250 - 250 44 September 30, 2018 201 201 - 43 Year ended December 31, 2017 Net PP&E (held for use) December 31, 2017 $ 75 - 75 154 Net PP&E (held for sale) June 30, 2017 2,830 2,830 - 3,882 December 31, 2017 113 113 - 78 Equity method investments June 30, 2017 7,656 - 7,656 2,384 |
Commodity derivative and 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 2018 2017 2018 2017 Financial assets Investment in Cenovus Energy $ 1,462 1,899 1,462 1,899 Commodity derivatives 170 125 170 125 Total loans and advances—related parties 468 586 468 586 Financial liabilities Total debt, excluding capital leases 14,191 18,929 16,147 22,435 Commodity derivatives 110 117 110 117 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes in shares of common stock | Note 16 —Equity Common Stock The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: Shares 2018 2017 2016 Issued Beginning of year 1,785,419,175 1,782,079,107 1,778,226,388 Distributed under benefit plans 6,218,259 3,340,068 3,852,719 End of year 1,791,637,434 1,785,419,175 1,782,079,107 Held in Treasury Beginning of year 608,312,034 544,809,771 542,230,673 Repurchase of common stock 44,976,179 63,502,263 2,579,098 End of year 653,288,213 608,312,034 544,809,771 |
Non Mineral Leases (Tables)
Non Mineral Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future minimum rental payments due under noncancelable leases | At December 31, 2018, future minimum rental payments due under noncancelable leases were: Millions of Dollars 2019 $ 248 2020 425 2021 136 2022 319 2023 54 Remaining years 212 Total 1,394 Less: income from subleases (7) Net minimum operating lease payments $ 1,387 |
Operating leases rental expense | Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2018 2017 2016 Total rentals $ 253 264 537 Less: sublease rentals (16) (20) (10) $ 237 244 527 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Plans | An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 3,236 3,845 3,416 3,445 265 286 Service cost 83 81 89 77 1 2 Interest cost 99 107 118 103 8 9 Plan participant contributions - 2 - 2 22 23 Plan amendments - 7 - - - - Actuarial (gain) loss (44) (259) 244 52 (10) 12 Benefits paid (507) (143) (631) (117) (67) (68) Curtailment (4) (3) - - - - Settlement (730) - - - - - Recognition of termination benefits 3 - - - - - Foreign currency exchange rate change - (199) - 283 (1) 1 Benefit obligation at December 31* $ 2,136 3,438 3,236 3,845 218 265 *Accumulated benefit obligation portion of above at 1,969 3,066 3,076 3,404 December 31: $ Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,541 3,647 2,081 3,068 - - Actual return on plan assets (112) (106) 336 313 - - Company contributions 144 156 755 114 45 45 Plan participant contributions - 2 - 2 22 23 Benefits paid (507) (143) (631) (117) (67) (68) Settlement (730) - - - - - Foreign currency exchange rate change - (198) - 267 - - Fair value of plan assets at December 31 $ 1,336 3,358 2,541 3,647 - - Funded Status $ (800) (80) (695) (198) (218) (265) |
Amounts Recognized in the Consolidated Balance Sheet | Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ - 232 - 205 - - Current liabilities (59) (4) (38) (4) (44) (45) Noncurrent liabilities (741) (308) (657) (399) (174) (220) Total recognized $ (800) (80) (695) (198) (218) (265) Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 Discount rate 4.25 % 3.05 3.55 2.80 4.05 3.30 Rate of compensation increase 4.00 3.65 4.00 3.75 - - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 Discount rate 3.80 % 2.90 3.80 3.00 3.30 3.60 Expected return on plan assets 5.80 4.30 6.55 5.05 - - Rate of compensation increase 4.00 3.75 4.00 3.85 - - |
Before tax amounts unrecognized in net periodic postretirement benefit cost | Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial (gain) loss $ 516 310 588 358 (21) (12) Unrecognized prior service cost (credit) - (4) - (16) (216) (249) |
Sources of change in other comprehensive income | Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net gain (loss) arising during the period $ (177) 17 (40) 71 10 (12) Amortization of (gain) loss included in income (loss)* 249 31 200 50 (1) (3) Net change during the period $ 72 48 160 121 9 (15) Prior service credit (cost) arising during the period $ - (7) - 2 - - Amortization of prior service cost (credit) included in income (loss) - (5) 4 (6) (35) (36) Net change during the period $ - (12) 4 (4) (35) (36) *Includes settlement losses recognized in 2018 and 2017. |
Amounts included in accumulated other comprehensive income that are expected to be amortized into net periodic postretirement cost | Included in accumulated other comprehensive loss at December 31, 2018, were the following before-tax amounts that are expected to be amortized into net periodic benefit cost during 2019: Millions of Dollars Pension Other Benefits Benefits U.S. Int’l. Unrecognized net actuarial (gain) loss $ 52 31 (2) Unrecognized prior service credit - (2) (33) |
Net periodic benefit cost of all defined benefit plans | The components of net periodic benefit cost of all defined benefit plans are presented in the following table: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 83 81 89 77 108 76 1 2 2 Interest cost 99 107 118 103 133 120 8 9 13 Expected return on plan assets (114) (155) (132) (158) (149) (147) - - - Amortization of prior service cost (credit) - (5) 4 (6) 5 (6) (35) (36) (34) Recognized net actuarial loss (gain) 53 31 69 50 86 26 (1) (3) (2) Settlements 196 - 131 - 202 - - - - Curtailment loss - - - - 14 - - - 1 Net periodic benefit cost $ 317 59 279 66 399 69 (27) (28) (20) |
Fair values of our pension plan assets | The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2018 Equity securities U.S. $ 74 - 20 94 371 - - 371 International 80 - - 80 241 - - 241 Mutual funds 76 - - 76 213 181 - 394 Debt securities Government - - - - 889 - - 889 Corporate - 2 - 2 - - - - Mutual funds - - - - 363 - - 363 Cash and cash equivalents - - - - 71 - - 71 Time deposits - - - - 6 - - 6 Derivatives - - - - (17) - - (17) Real estate - - - - - - 124 124 Total in fair value hierarchy $ 230 2 20 252 2,137 181 124 2,442 Investments measured at net asset value* Equity securities Common/collective trusts $ - - - 364 - - - 153 Debt securities Corporate - - - - - - - - Agency and mortgage-backed securities - - - - - - - - Common/collective trusts - - - 548 - - - 641 Cash and cash equivalents - - - 5 - - - - Real estate - - - 80 - - - 109 Total** $ 230 2 20 1,249 2,137 181 124 3,345 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset value of $84 million and net receivables related to security transactions of $16 million. The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2017 Equity securities U.S. $ 161 - 14 175 440 - - 440 International 178 - - 178 315 - - 315 Mutual funds 146 - - 146 292 165 - 457 Debt securities Government - - - - 902 - - 902 Corporate - 2 - 2 - - - - Mutual funds - - - - 144 - - 144 Cash and cash equivalents - - - - 111 - - 111 Time deposits - - - - 3 - - 3 Derivatives - - - - 5 - - 5 Real estate - - - - - - 123 123 Total in fair value hierarchy $ 485 2 14 501 2,212 165 123 2,500 Investments measured at net asset value* Equity securities Common/collective trusts $ - - - 805 - - - 183 Debt securities Corporate - - - - - - - 172 Agency and mortgage-backed securities - - - - - - - 15 Common/collective trusts - - - 1,042 - - - 648 Cash and cash equivalents - - - 17 - - - 24 Real estate - - - 74 - - - 94 Total** $ 485 2 14 2,439 2,212 165 123 3,636 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset value of $ million and net payables related to security transactions of $ million. |
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid: Millions of Dollars Pension Other Benefits Benefits U.S. Int’l. 2019 $ 400 123 36 2020 251 129 34 2021 232 137 30 2022 222 138 27 2023 216 143 24 2024–2027 880 788 69 |
Share-based compensation expense recognized in income and the associated tax benefit | Compensation Expense — Total share-based compensation expense recognized in income (loss) and the associated tax benefit for the years ended December 31 were as follows: Millions of Dollars 2018 2017 2016 Compensation cost $ 265 227 272 Tax benefit 64 76 92 |
Significant assumptions used to calculate the fair market values | The fair market values of the options granted in 2017 and 2016 were measured on the date of grant using the Black-Scholes-Merton option-pricing model. The weighted-average assumptions used were as follows: 2017 2016 Assumptions used Risk-free interest rate 2.24 % 1.55 Dividend yield 4.00 % 4.00 Volatility factor 28.12 % 26.80 Expected life (years) 6.39 6.37 |
Summary of stock option activity | The following summarizes our stock option activity for the year ended December 31, 2018: Millions of Dollars Weighted-Average Aggregate Options Exercise Price Intrinsic Value Outstanding at December 31, 2017 24,722,803 $ 52.18 $ 177 Exercised (3,903,130) 45.71 94 Forfeited (84,694) 58.23 Expired or cancelled (1,355,302) 60.53 Outstanding at December 31, 2018 19,379,677 $ 52.88 $ 214 Vested at December 31, 2018 18,820,388 $ 53.16 $ 204 Exercisable at December 31, 2018 16,213,002 $ 54.89 $ 152 |
Summary of restricted stock unit activity | The following summarizes our stock-settled stock unit activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 7,826,852 $ 45.75 Granted 2,465,100 52.45 Forfeited (173,265) 45.72 Issued (2,571,714) $ 154 Outstanding at December 31, 2018 7,546,973 $ 43.41 Not Vested at December 31, 2018 5,090,209 43.69 The following summarizes our cash-settled stock unit activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 - $ - Granted 393,571 53.68 Forfeited (3,849) 59.17 Issued (13,114) $ 1 Outstanding at December 31, 2018 376,608 $ 62.21 Not Vested at December 31, 2018 90,254 62.21 |
Summary of Performance Share Program activity | The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 2,753,465 $ 50.79 Granted 19,708 53.28 Forfeited (2,859) 48.89 Issued (434,772) $ 29 Outstanding at December 31, 2018 2,335,542 $ 50.45 Not Vested at December 31, 2018 58,914 $ 48.41 The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 1,214,533 $ 55.19 Granted 321,965 53.28 Forfeited (9,282) 59.17 Settled (396,209) $ 22 Outstanding at December 31, 2018 1,131,007 $ 62.21 Not Vested at December 31, 2018 87,900 $ 62.21 |
Summary of aggregate activity of restricted shares and units | The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2018: Weighted-Average Millions of Dollars Stock Units Grant Date Fair Value Total Fair Value Outstanding at December 31, 2017 1,301,040 $ 45.77 Granted 70,922 62.01 Cancelled (1,334) 23.09 Issued (263,313) $ 17 Outstanding at December 31, 2018 1,107,315 $ 46.57 Not Vested at December 31, 2018 - |
Severance accrual | Millions of Dollars Balance at December 31, 2017 $ 53 Accruals 70 Benefit payments (73) Foreign currency translation adjustments (2) Balance at December 31, 2018 $ 48 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income taxes charged to income (loss) | Note 19 —Income Taxes Income taxes charged to net income (loss) were: Millions of Dollars 2018 2017 2016 Income Taxes Federal Current $ 4 79 (9) Deferred 545 (3,046) (1,634) Foreign Current 3,273 1,729 393 Deferred (166) (510) (519) State and local Current 108 51 (135) Deferred (96) (125) (67) $ 3,668 (1,822) (1,971) |
Components of deferred tax liabilities and assets | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2018 2017 Deferred Tax Liabilities PP&E and intangibles $ 8,004 9,692 Inventory 60 61 Deferred state income tax 61 178 Other 156 464 Total deferred tax liabilities 8,281 10,395 Deferred Tax Assets Benefit plan accruals 641 786 Asset retirement obligations and accrued environmental costs 2,891 3,060 Investments in joint ventures 104 57 Other financial accruals and deferrals 330 166 Loss and credit carryforwards 2,378 2,310 Other 398 152 Total deferred tax assets 6,742 6,531 Less: valuation allowance (3,040) (1,254) Net deferred tax assets 3,702 5,277 Net deferred tax liabilities $ 4,579 5,118 |
Components of loss and credit carryforwards and applicable valulation allowances | At December 31, 2018, the components of our loss and credit carryforwards before and after consideration of the applicable valuation allowances were: Millions of Dollars Net Deferred Expiration of Gross Deferred Tax Asset After Net Deferred Tax Asset Valuation Allowance Tax Asset U.S. foreign tax credits $ 1,016 17 2027 U.S. general business credits 364 364 2036-2038 State net operating losses and tax credits 312 32 Various Foreign net operating losses and tax credits 686 647 Post 2025 $ 2,378 1,060 |
Reconciliation of the beginning and ending unrecognized tax benefits | The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2018, 2017 and 2016: Millions of Dollars 2018 2017 2016 Balance at January 1 $ 882 381 459 Additions based on tax positions related to the current year 268 612 32 Additions for tax positions of prior years 43 109 19 Reductions for tax positions of prior years (73) (129) (118) Settlements (35) (5) (9) Lapse of statute (4) (86) (2) Balance at December 31 $ 1,081 882 381 |
Amounts of U.S. and foreign income (loss) before income taxes | The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-Tax Income (Loss) 2018 2017 2016 2018 2017 2016 Income (loss) before income taxes United States $ 2,867 (5,250) (4,410) 28.7 % 200.8 79.7 Foreign 7,106 2,635 (1,120) 71.3 (100.8) 20.3 $ 9,973 (2,615) (5,530) 100.0 % 100.0 100.0 Federal statutory income tax $ 2,095 (915) (1,936) 21.0 % 35.0 35.0 Non-U.S. effective tax rates 1,766 625 361 17.7 (23.9) (6.5) Tax Legislation (10) (852) - (0.1) 32.6 - Canada disposition - (1,277) - - 48.8 - U.K. disposition (150) - - (1.5) - - Recovery of outside basis (21) (962) (60) (0.2) 36.8 1.1 Adjustment to tax reserves (4) 881 55 - (33.7) (1.0) Adjustment to valuation allowance (26) - - (0.3) - - APLNG impairment - 834 - - (31.9) - State income tax 135 (84) (122) 1.4 3.2 2.2 Enhanced oil recovery credit (99) (68) (62) (1.0) 2.6 1.1 U.K. rate change - - (161) - - 2.9 Other (18) (4) (46) (0.2) 0.2 0.8 $ 3,668 (1,822) (1,971) 36.8 % 69.7 35.6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income in the equity section of the balance sheet included | Note 20 —Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the equity section of the balance sheet included: Millions of Dollars Defined Benefit Plans Net Unrealized Loss on Securities Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2015 $ (443) - (5,804) (6,247) Other comprehensive income (loss) (104) - 158 54 December 31, 2016 (547) - (5,646) (6,193) Other comprehensive income (loss) 147 (58) 586 675 December 31, 2017 (400) (58) (5,060) (5,518) Other comprehensive income (loss) 39 - (642) (603) Cumulative effect of adopting ASU No. 2016-01* - 58 - 58 December 31, 2018 $ (361) - (5,702) (6,063) *See Note 2—Changes in Accounting Principles for additional information. There were no items within accumulated other comprehensive loss related to noncontrolling interests. |
Items reclassified out of accumulated other comprehensive income (loss) | The following table summarizes reclassifications out of accumulated other comprehensive loss during the years ended December 31: Millions of Dollars 2018 2017 Defined Benefit Plans $ 189 135 Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of: $ 50 74 See Note 18—Employee Benefit Plans, for additional information. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 21 —Cash Flow Information Millions of Dollars 2018 2017 2016 Noncash Investing Activities Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations $ 395 (37) (1,017) Increase (decrease) in assets and liabilities acquired in a nonmonetary exchange* Accounts receivable (44) - - Inventories 42 - - Investments and long-term receivables 15 - - PP&E 1,907 - - Other long-term assets (9) - - Accounts payable 7 - - Accrued income and other taxes 40 - - Cash Payments (Receipts) Interest $ 772 1,163 1,151 Income taxes 2,976 1,168 (318) ** Net Sales (Purchases) of Short-Term Investments Short-term investments purchased $ (1,953) (6,617) (1,753) Short-term investments sold 3,573 4,827 1,702 $ 1,620 (1,790) (51) *See Note 5 — Assets Held for Sale, Sold, or Acquired and Other Planned Dispositions. **2016 is net of $585 million related to refunds received from the Internal Revenue Service. |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Financial Information [Abstract] | |
Other Financial Information | Note 22 —Other Financial Information Millions of Dollars 2018 2017 2016 Interest and Debt Expense Incurred Debt $ 838 1,114 1,279 Other 67 103 123 905 1,217 1,402 Capitalized (170) (119) (157) Expensed $ 735 1,098 1,245 Other Income Interest income $ 97 112 57 Other, net 76 417 198 $ 173 529 255 Research and Development Expenditures —expensed $ 78 100 116 Shipping and Handling Costs* $ 1,075 1,050 1,140 *Amounts included in production and operating expenses. 2017 and 2016 have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. Foreign Currency Transaction (Gains) Losses —after-tax Alaska $ - - - Lower 48 - - - Canada (11) 3 1 Europe and North Africa (26) 7 (7) Asia Pacific and Middle East 3 23 (9) Other International - 1 7 Corporate and Other 21 (3) (18) $ (13) 31 (26) |
Property, Plant And Equipment [Table Text Block] | Millions of Dollars 2018 2017 Properties, Plants and Equipment Proved properties $ 100,657 102,044 Unproved properties 4,662 4,491 Other 5,278 3,896 Gross properties, plants and equipment 110,597 110,431 Less: Accumulated depreciation, depletion and amortization (64,899) (64,748) Net properties, plants and equipment $ 45,698 45,683 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Significant transactions with related parties | Note 23 —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 2018 2017 2016 Operating revenues and other income $ 98 107 133 Purchases 98 99 101 Operating expenses and selling, general and administrative expenses 60 59 63 Net interest (income) expense* (14) (13) (12) *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. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Millions of Dollars 2018 2017 * 2016 * Revenue from contracts with customers $ 28,098 20,525 16,527 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 8,218 8,669 7,278 Financial derivative contracts 101 (88) (112) Consolidated sales and other operating revenues $ 36,417 29,106 23,693 *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. Millions of Dollars 2018 2017 * 2016 * Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 6,358 6,302 5,391 Canada 629 864 813 Europe and North Africa 1,231 1,503 1,074 Physical contracts meeting the definition of a derivative $ 8,218 8,669 7,278 *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. Millions of Dollars 2018 2017 * 2016 * Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 1,112 588 436 Natural gas 6,734 7,811 6,502 Other 372 270 340 Physical contracts meeting the definition of a derivative $ 8,218 8,669 7,278 *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. |
Contract with Customer, Asset and Liability [Table Text Block] | Millions of Dollars Contract Liabilities At January 1, 2018 $ 251 Contractual payments received 103 Revenue recognized (148) At December 31, 2018 $ 206 Amounts Recognized in the Consolidated Balance Sheet at December 31, 2018 Current liabilities $ 169 Noncurrent liabilities 37 $ 206 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Disclosures and Related Information [Abstract] | |
Sales and Other Operating Revenues | Analysis of Results by Operating Segment Millions of Dollars 2018 2017 2016 Sales and Other Operating Revenues Alaska $ 5,740 4,224 3,681 Lower 48 17,029 12,968 10,719 Intersegment eliminations (40) (4) (17) Lower 48 16,989 12,964 10,702 Canada 3,184 3,178 2,192 Intersegment eliminations (1,160) (559) (218) Canada 2,024 2,619 1,974 Europe and North Africa 6,635 5,181 3,462 Asia Pacific and Middle East 4,861 4,014 3,705 Corporate and Other 168 104 169 Consolidated sales and other operating revenues $ 36,417 29,106 23,693 |
Depreciation, Depletion, Amortization and Impairments | Depreciation, Depletion, Amortization and Impairments Alaska $ 760 1,026 868 Lower 48 2,370 6,693 4,358 Canada 324 461 975 Europe and North Africa 1,041 1,313 1,253 Asia Pacific and Middle East 1,382 3,819 1,606 Other International - - 1 Corporate and Other 106 134 140 Consolidated depreciation, depletion, amortization and impairments $ 5,983 13,446 9,201 In 2018, sales by our Lower 48, Alaska and Canada segments to a certain refining company accounted for approximately $4 billion or 11 percent of our total consolidated sales and other operating revenues. |
Equity in Earnings of Affiliates | Millions of Dollars 2018 2017 2016 Equity in Earnings of Affiliates Alaska $ 6 7 9 Lower 48 1 5 (6) Canada - 197 89 Europe and North Africa 16 10 22 Asia Pacific and Middle East 1,051 553 (51) Other International - - - Corporate and Other - - (11) Consolidated equity in earnings of affiliates $ 1,074 772 52 |
Income Taxes | Income Taxes Alaska $ 376 (689) (59) Lower 48 474 (2,453) (1,328) Canada (96) (616) (383) Europe and North Africa 2,265 1,165 (46) Asia Pacific and Middle East 722 351 306 Other International 30 21 (40) Corporate and Other (103) 399 (421) Consolidated income taxes $ 3,668 (1,822) (1,971) |
Net Income Attributable to ConocoPhillips | Net Income (Loss) Attributable to ConocoPhillips Alaska $ 1,814 1,466 319 Lower 48 1,747 (2,371) (2,257) Canada 63 2,564 (935) Europe and North Africa 1,866 553 394 Asia Pacific and Middle East 2,070 (1,098) 209 Other International 364 167 (16) Corporate and Other (1,667) (2,136) (1,329) Consolidated net income (loss) attributable to ConocoPhillips $ 6,257 (855) (3,615) |
Investments In and Advances To Affiliates | Investments in and Advances to Affiliates Alaska $ 86 56 58 Lower 48 378 402 426 Canada - - 8,784 Europe and North Africa 55 55 62 Asia Pacific and Middle East 8,821 9,077 11,611 Other International - - - Corporate and Other - - 4 Consolidated investments in and advances to affiliates $ 9,340 9,590 20,945 |
Total Assets | Millions of Dollars 2018 2017 2016 Total Assets Alaska $ 14,648 12,108 12,314 Lower 48 14,888 14,632 22,673 Canada 5,748 6,214 17,548 Europe and North Africa 9,883 11,870 11,727 Asia Pacific and Middle East 16,151 16,985 20,451 Other International 89 97 97 Corporate and Other 8,573 11,456 4,962 Consolidated total assets $ 69,980 73,362 89,772 |
Capital Expenditures and Investments | Capital Expenditures and Investments Alaska $ 1,298 815 883 Lower 48 3,184 2,136 1,262 Canada 477 202 698 Europe and North Africa 877 872 1,020 Asia Pacific and Middle East 718 482 838 Other International 6 21 104 Corporate and Other 190 63 64 Consolidated capital expenditures and investments $ 6,750 4,591 4,869 |
Interest Income and Expense | Interest Income and Expense Interest income Corporate $ 80 101 47 Lower 48 - - - Europe and North Africa 2 2 2 Asia Pacific and Middle East 15 9 8 Other International - - - Interest and debt expense Corporate $ 735 1,098 1,245 |
Geographic Information | Geographic Information Millions of Dollars Sales and Other Operating Revenues (1) Long-Lived Assets (2) 2018 2017 2016 2018 2017 2016 United States $ 22,740 17,204 14,400 26,838 23,623 32,949 Australia (3) 1,798 1,448 1,353 9,301 9,657 12,259 Canada 2,024 2,619 1,974 5,333 5,613 16,846 China 836 712 551 1,380 1,275 1,372 Indonesia 886 757 938 669 758 856 Libya 1,142 586 - 679 699 704 Malaysia 1,346 1,103 735 2,327 2,736 3,323 Norway 2,886 2,348 1,645 5,582 6,154 6,228 United Kingdom 2,606 2,248 1,816 1,583 3,335 3,209 Other foreign countries 153 81 281 1,346 1,423 1,530 Worldwide consolidated $ 36,417 29,106 23,693 55,038 55,273 79,276 (1)Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2)Defined as net PP&E plus investments in and advances to affiliated companies. (3)Includes amounts related to the joint petroleum development area with shared ownership held by Australia and Timor-Leste. (3)Included in "Other foreign countries" in prior periods. |
Sales and Other Operating Revenues by Product | Sales and Other Operating Revenues by Product Crude oil $ 19,571 13,260 10,801 Natural gas 10,720 10,773 9,401 Natural gas liquids 1,114 1,102 837 Other* 5,012 3,971 2,654 Consolidated sales and other operating revenues by product $ 36,417 29,106 23,693 *Includes LNG and bitumen. |
Supplementary Information - C_2
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidated Income Statement | Millions of Dollars Year Ended December 31, 2018 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 16,113 - 20,304 - 36,417 Equity in earnings of affiliates 6,503 8,142 1,953 1,072 (16,596) 1,074 Gain on dispositions - 239 - 824 - 1,063 Other income (loss) - (384) - 557 - 173 Intercompany revenues 35 162 43 5,627 (5,867) - Total Revenues and Other Income 6,538 24,272 1,996 28,384 (22,463) 38,727 Costs and Expenses Purchased commodities - 14,591 - 5,131 (5,428) 14,294 Production and operating expenses - 1,023 4 4,245 (59) 5,213 Selling, general and administrative expenses 8 289 - 109 (5) 401 Exploration expenses - 170 - 199 - 369 Depreciation, depletion and amortization - 584 - 5,372 - 5,956 Impairments - (10) - 37 - 27 Taxes other than income taxes - 143 - 905 - 1,048 Accretion on discounted liabilities - 17 - 336 - 353 Interest and debt expense 295 613 46 156 (375) 735 Foreign currency transaction (gains) losses 46 (12) 116 (167) - (17) Other expenses - 349 6 20 - 375 Total Costs and Expenses 349 17,757 172 16,343 (5,867) 28,754 Income before income taxes 6,189 6,515 1,824 12,041 (16,596) 9,973 Income tax provision (benefit) (68) 12 (41) 3,765 - 3,668 Net income 6,257 6,503 1,865 8,276 (16,596) 6,305 Less: net income attributable to noncontrolling interests - - - (48) - (48) Net Income Attributable to ConocoPhillips $ 6,257 6,503 1,865 8,228 (16,596) 6,257 Comprehensive Income Attributable to ConocoPhillips $ 5,654 5,900 1,364 7,961 (15,225) 5,654 Income Statement Year Ended December 31, 2017* Revenues and Other Income Sales and other operating revenues $ - 12,433 - 16,673 - 29,106 Equity in earnings (losses) of affiliates (454) 2,047 886 770 (2,477) 772 Gain on dispositions - 916 - 1,261 - 2,177 Other income 2 35 - 492 - 529 Intercompany revenues 48 291 13 3,369 (3,721) - Total Revenues and Other Income (404) 15,722 899 22,565 (6,198) 32,584 Costs and Expenses Purchased commodities - 11,145 - 4,580 (3,250) 12,475 Production and operating expenses - 813 - 4,366 (17) 5,162 Selling, general and administrative expenses 9 342 - 82 (6) 427 Exploration expenses - 542 - 392 - 934 Depreciation, depletion and amortization - 855 - 5,990 - 6,845 Impairments - 1,159 - 5,442 - 6,601 Taxes other than income taxes - 140 1 668 - 809 Accretion on discounted liabilities - 32 - 330 - 362 Interest and debt expense 420 664 52 410 (448) 1,098 Foreign currency transaction (gains) losses (43) 11 (137) 204 - 35 Other expenses 267 190 - (6) - 451 Total Costs and Expenses 653 15,893 (84) 22,458 (3,721) 35,199 Income (Loss) before income taxes (1,057) (171) 983 107 (2,477) (2,615) Income tax provision (benefit) (202) 283 (337) (1,566) - (1,822) Net income (loss) (855) (454) 1,320 1,673 (2,477) (793) Less: net income attributable to noncontrolling interests - - - (62) - (62) Net Income (Loss) Attributable to ConocoPhillips $ (855) (454) 1,320 1,611 (2,477) (855) Comprehensive Income (Loss) Attributable to ConocoPhillips $ (180) 221 1,672 2,275 (4,168) (180) *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. Millions of Dollars Year Ended December 31, 2016* Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 10,352 - 13,341 - 23,693 Equity in earnings (losses) of affiliates (3,351) (1,051) (2,270) 61 6,663 52 Gain on dispositions - 120 - 240 - 360 Other income (loss) 1 (11) - 265 - 255 Intercompany revenues 88 277 21 2,995 (3,381) - Total Revenues and Other Income (3,262) 9,687 (2,249) 16,902 3,282 24,360 Costs and Expenses Purchased commodities - 9,144 - 3,562 (2,712) 9,994 Production and operating expenses - 754 1 5,130 (242) 5,643 Selling, general and administrative expenses 8 331 - 140 (6) 473 Exploration expenses - 1,229 - 683 - 1,912 Depreciation, depletion and amortization - 1,178 - 7,884 - 9,062 Impairments - 67 - 72 - 139 Taxes other than income taxes - 162 - 577 - 739 Accretion on discounted liabilities - 46 - 379 - 425 Interest and debt expense 506 622 37 501 (421) 1,245 Foreign currency transaction (gains) losses (19) 2 (110) 108 - (19) Other expenses - 277 - - - 277 Total Costs and Expenses 495 13,812 (72) 19,036 (3,381) 29,890 Loss before income taxes (3,757) (4,125) (2,177) (2,134) 6,663 (5,530) Income tax benefit (142) (774) (92) (963) - (1,971) Net loss (3,615) (3,351) (2,085) (1,171) 6,663 (3,559) Less: net income attributable to noncontrolling interests - - - (56) - (56) Net Loss Attributable to ConocoPhillips $ (3,615) (3,351) (2,085) (1,227) 6,663 (3,615) Comprehensive Loss Attributable to ConocoPhillips $ (3,561) (3,297) (1,641) (1,149) 6,087 (3,561) *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. |
Schedule of Condensed Balance Sheet | Millions of Dollars At December 31, 2018 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,428 - 4,487 - 5,915 Short-term investments - - - 248 - 248 Accounts and notes receivable 28 5,646 78 6,707 (8,392) 4,067 Investment in Cenovus Energy - 1,462 - - - 1,462 Inventories - 184 - 823 - 1,007 Prepaid expenses and other current assets 1 267 - 307 - 575 Total Current Assets 29 8,987 78 12,572 (8,392) 13,274 Investments, loans and long-term receivables* 29,942 47,062 15,199 16,926 (99,465) 9,664 Net properties, plants and equipment - 4,367 - 41,796 (465) 45,698 Other assets 4 642 227 1,269 (798) 1,344 Total Assets $ 29,975 61,058 15,504 72,563 (109,120) 69,980 Liabilities and Stockholders’ Equity Accounts payable $ - 5,098 76 7,113 (8,392) 3,895 Short-term debt (3) 12 13 99 (9) 112 Accrued income and other taxes - 85 - 1,235 - 1,320 Employee benefit obligations - 638 - 171 - 809 Other accruals 85 587 35 552 - 1,259 Total Current Liabilities 82 6,420 124 9,170 (8,401) 7,395 Long-term debt 3,791 7,151 2,143 2,249 (478) 14,856 Asset retirement obligations and accrued environmental costs - 415 - 7,273 - 7,688 Deferred income taxes - - - 5,819 (798) 5,021 Employee benefit obligations - 1,340 - 424 - 1,764 Other liabilities and deferred credits* 725 9,277 839 8,126 (17,775) 1,192 Total Liabilities 4,598 24,603 3,106 33,061 (27,452) 37,916 Retained earnings 27,512 18,511 1,113 9,764 (22,890) 34,010 Other common stockholders’ equity (2,135) 17,944 11,285 29,613 (58,778) (2,071) Noncontrolling interests - - - 125 - 125 Total Liabilities and Stockholders’ Equity $ 29,975 61,058 15,504 72,563 (109,120) 69,980 Balance Sheet At December 31, 2017 Assets Cash and cash equivalents $ - 234 3 6,088 - 6,325 Short-term investments - - - 1,873 - 1,873 Accounts and notes receivable 24 2,214 294 4,910 (3,122) 4,320 Investment in Cenovus Energy - 1,899 - - - 1,899 Inventories - 163 - 897 - 1,060 Prepaid expenses and other current assets 1 277 24 763 (30) 1,035 Total Current Assets 25 4,787 321 14,531 (3,152) 16,512 Investments, loans and long-term receivables* 29,400 47,974 12,273 14,547 (94,134) 10,060 Net properties, plants and equipment - 4,230 - 41,930 (477) 45,683 Other assets 15 1,146 672 1,043 (1,769) 1,107 Total Assets $ 29,440 58,137 13,266 72,051 (99,532) 73,362 Liabilities and Stockholders’ Equity Accounts payable $ - 3,094 264 3,794 (3,122) 4,030 Short-term debt (5) 2,505 7 77 (9) 2,575 Accrued income and other taxes - 65 - 973 - 1,038 Employee benefit obligations - 554 - 171 - 725 Other accruals 85 314 17 642 (29) 1,029 Total Current Liabilities 80 6,532 288 5,657 (3,160) 9,397 Long-term debt 3,787 9,321 500 3,998 (478) 17,128 Asset retirement obligations and accrued environmental costs - 432 - 7,199 - 7,631 Deferred income taxes - - - 6,490 (1,208) 5,282 Employee benefit obligations - 1,335 - 519 - 1,854 Other liabilities and deferred credits* 1,528 5,229 1,446 10,135 (17,069) 1,269 Total Liabilities 5,395 22,849 2,234 33,998 (21,915) 42,561 Retained earnings 22,892 13,342 (753) 7,669 (13,759) 29,391 Other common stockholders’ equity 1,153 21,946 11,785 30,190 (63,858) 1,216 Noncontrolling interests - - - 194 - 194 Total Liabilities and Stockholders’ Equity $ 29,440 58,137 13,266 72,051 (99,532) 73,362 *Includes intercompany loans. |
Condensed Consolidated Statement of Cash Flows | Millions of Dollars Year Ended December 31, 2018 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 4,317 4,183 2,764 14,132 (12,462) 12,934 Cash Flows From Investing Activities Capital expenditures and investments - (980) (603) (5,777) 610 (6,750) Working capital changes associated with investing activities - (110) - 42 - (68) Proceeds from asset dispositions - 502 - 705 (125) 1,082 Net sales of short-term investments - - - 1,620 - 1,620 Long-term advances/loans—related parties - (126) (173) (10) 309 - Collection of advances/loans—related parties 589 3,432 212 129 (4,243) 119 Intercompany cash management (803) 3,504 (2,150) (551) - - Other - 151 - 3 - 154 Net Cash Provided by (Used in) Investing Activities (214) 6,373 (2,714) (3,839) (3,449) (3,843) Cash Flows From Financing Activities Issuance of debt - 10 - 299 (309) - Repayment of debt - (4,865) (53) (4,320) 4,243 (4,995) Issuance of company common stock 254 - - - (133) 121 Repurchase of company common stock (2,999) - - - - (2,999) Dividends paid (1,363) (1,043) - (6,057) 7,100 (1,363) Other 5 (3,468) - (1,670) 5,010 (123) Net Cash Used in Financing Activities (4,103) (9,366) (53) (11,748) 15,911 (9,359) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - 4 - (121) - (117) Net Change in Cash, Cash Equivalents and Restricted Cash - 1,194 (3) (1,576) - (385) Cash, cash equivalents and restricted cash at beginning of period* - 234 3 6,299 - 6,536 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,428 - 4,723 - 6,151 Statement of Cash Flows Year Ended December 31, 2017 Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 71 1,183 2,971 5,904 (3,052) 7,077 Cash Flows From Investing Activities Capital expenditures and investments - (1,663) (4,351) (3,795) 5,218 (4,591) Working capital changes associated with investing activities - 194 - (62) - 132 Proceeds from asset dispositions 7,765 11,146 12,178 12,796 (30,025) 13,860 Net purchases of short-term investments - - - (1,790) - (1,790) Long-term advances/loans—related parties - (214) (65) (20) 299 - Collection of advances/loans—related parties 658 1,527 389 2,196 (4,655) 115 Intercompany cash management 1,151 101 (1,341) 89 - - Other - (8) - 44 - 36 Net Cash Provided by Investing Activities 9,574 11,083 6,810 9,458 (29,163) 7,762 Cash Flows From Financing Activities Issuance of debt - 20 - 279 (299) - Repayment of debt (5,459) (4,411) - (2,661) 4,655 (7,876) Issuance of company common stock 115 - - - (178) (63) Repurchase of company common stock (3,000) - - - - (3,000) Dividends paid (1,305) (235) - (2,995) 3,230 (1,305) Other 4 (7,765) (9,781) (7,377) 24,807 (112) Net Cash Used in Financing Activities (9,645) (12,391) (9,781) (12,754) 32,215 (12,356) Effect of Exchange Rate Changes on Cash and Cash Equivalents - 1 (2) 233 - 232 Net Change in Cash and Cash Equivalents - (124) (2) 2,841 - 2,715 Cash and cash equivalents at beginning of period - 358 5 3,247 - 3,610 Cash and Cash Equivalents at End of Period $ - 234 3 6,088 - 6,325 *Restated to include $211 million of restricted cash at January 1, 2018. See Note 2 — Changes in Accounting Principles for additional information relating to the adoption of ASU No. 2016-18. Restricted cash totaling $236 million is included in the "Other assets" line of our Consolidated Balance Sheet as of December 31, 2018. Millions of Dollars Year Ended December 31, 2016 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ (306) (322) 799 5,902 (1,670) 4,403 Cash Flows From Investing Activities Capital expenditures and investments - (989) (1,714) (4,281) 2,115 (4,869) Working capital changes associated with investing activities - (126) - (205) - (331) Proceeds from asset dispositions 2,300 266 - 1,114 (2,394) 1,286 Net purchases of short-term investments - - - (51) - (51) Long-term advances/loans—related parties - (812) - - 812 - Collection of advances/loans—related parties - 391 - 272 (555) 108 Intercompany cash management (2,214) 1,433 912 (131) - - Other - 1 - (3) - (2) Net Cash Provided by (Used in) Investing Activities 86 164 (802) (3,285) (22) (3,859) Cash Flows From Financing Activities Issuance of debt 1,600 2,994 - 812 (812) 4,594 Repayment of debt (150) (164) - (2,492) 555 (2,251) Issuance of company common stock 148 - - - (211) (63) Repurchase of company common stock (126) - - - - (126) Dividends paid (1,253) - - (1,881) 1,881 (1,253) Other 1 (2,315) - 1,898 279 (137) Net Cash Provided by (Used in) Financing Activities 220 515 - (1,663) 1,692 764 Effect of Exchange Rate Changes on Cash and Cash Equivalents - (3) 2 (65) - (66) Net Change in Cash and Cash Equivalents - 354 (1) 889 - 1,242 Cash and cash equivalents at beginning of period - 4 6 2,358 - 2,368 Cash and Cash Equivalents at End of Period $ - 358 5 3,247 - 3,610 |
Schedule II (Tables)
Schedule II (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule Of Valuation And Qualifying Accounts Disclosure Table TextBlock | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Consolidated) ConocoPhillips Millions of Dollars Balance at Charged to Balance at Description January 1 Expense Other (a) Deductions December 31 2018 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 4 23 - (2) (b) 25 Deferred tax asset valuation allowance 1,254 2,067 (8) (273) 3,040 Included in other liabilities: Restructuring accruals 53 70 (2) (73) (c) 48 2017 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 5 2 - (3) (b) 4 Deferred tax asset valuation allowance 675 560 19 - 1,254 Included in other liabilities: Restructuring accruals 80 65 1 (93) (c) 53 2016 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 7 3 (1) (4) (b) 5 Deferred tax asset valuation allowance 734 (31) (12) (16) 675 Included in other liabilities: Restructuring accruals 156 129 1 (206) (c) 80 (a)Represents acquisitions/dispositions/revisions and the effect of translating foreign financial statements. (b)Amounts charged off less recoveries of amounts previously charged off. (c)Benefit payments. |
Accounting Policies - Textuals
Accounting Policies - Textuals (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Number of operating segments | 6 |
Revenue, Performance Obligation, Description of Payment Terms | Payment is typically due within 30 days or less. |
Change in Accounting Principl_2
Change in Accounting Principles (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Production and Operating Expenses | $ 5,213 | $ 5,162 | [1] | $ 5,643 | [1] | ||||
Selling, General and Administrative Expense | 401 | 427 | [1] | 473 | [1] | ||||
Exploration Expense | 369 | 934 | [1] | 1,912 | [1] | ||||
Other Non Operating Expense | 375 | 451 | [1] | 277 | [1] | ||||
Liabilities [Abstract] | |||||||||
Other accruals | 1,259 | 1,029 | |||||||
Total Current Liabilities | 7,395 | 9,397 | |||||||
Deferred Tax Liabilities, Noncurrent | 5,021 | 5,282 | |||||||
Deferred Credits and Other Liabilities | 1,192 | 1,269 | |||||||
Total Liabilities | 37,916 | 42,561 | |||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,063) | (5,518) | (6,193) | $ (6,247) | |||||
Retained Earnings (Accumulated Deficit) | 34,010 | 29,391 | |||||||
Stockholders' Equity Attributable to Parent | 31,939 | 30,607 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 32,064 | [2] | 30,801 | 35,226 | $ 40,082 | ||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||
Liabilities [Abstract] | |||||||||
Other accruals | 1,029 | $ 1,133 | |||||||
Total Current Liabilities | 9,397 | 9,501 | |||||||
Deferred Tax Liabilities, Noncurrent | 5,282 | 5,251 | |||||||
Deferred Credits and Other Liabilities | 1,269 | 1,416 | |||||||
Total Liabilities | 42,561 | 42,781 | |||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5,518) | (5,460) | |||||||
Retained Earnings (Accumulated Deficit) | 29,391 | 29,113 | |||||||
Stockholders' Equity Attributable to Parent | 30,607 | 30,387 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 30,801 | 30,581 | |||||||
ASU 2014-09 Revenue Recognition [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Restatement Adjustment [Member] | |||||||||
Liabilities [Abstract] | |||||||||
Other accruals | 104 | ||||||||
Total Current Liabilities | 104 | ||||||||
Deferred Tax Liabilities, Noncurrent | (31) | ||||||||
Deferred Credits and Other Liabilities | 147 | ||||||||
Total Liabilities | 220 | ||||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||
Retained Earnings (Accumulated Deficit) | (220) | ||||||||
Stockholders' Equity Attributable to Parent | (220) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (220) | ||||||||
ASU 2016-01 Accounting for Cenovus Shares [Member] | |||||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 58 | ||||||||
ASU 2016-01 Accounting for Cenovus Shares [Member] | Restatement Adjustment [Member] | |||||||||
Liabilities [Abstract] | |||||||||
Other accruals | 0 | ||||||||
Total Current Liabilities | 0 | ||||||||
Deferred Tax Liabilities, Noncurrent | 0 | ||||||||
Deferred Credits and Other Liabilities | 0 | ||||||||
Total Liabilities | [3] | 0 | |||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 58 | ||||||||
Retained Earnings (Accumulated Deficit) | (58) | ||||||||
Stockholders' Equity Attributable to Parent | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [4] | $ 0 | |||||||
ASU 2017-07 Pension Costs [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Production and Operating Expenses | 5,162 | 5,643 | |||||||
Selling, General and Administrative Expense | 427 | 473 | |||||||
Exploration Expense | 934 | 1,912 | |||||||
Other Non Operating Expense | 451 | 277 | |||||||
ASU 2017-07 Pension Costs [Member] | Previously Reported [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Production and Operating Expenses | 5,173 | 5,667 | |||||||
Selling, General and Administrative Expense | 561 | 723 | |||||||
Exploration Expense | 938 | 1,915 | |||||||
Other Non Operating Expense | 302 | 0 | |||||||
ASU 2017-07 Pension Costs [Member] | Restatement Adjustment [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Production and Operating Expenses | (11) | (24) | |||||||
Selling, General and Administrative Expense | (134) | (250) | |||||||
Exploration Expense | (4) | (3) | |||||||
Other Non Operating Expense | $ 149 | $ 277 | |||||||
[1] | *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. | ||||||||
[2] | *See Note 2—Changes in Accounting Principles for additional information. | ||||||||
[3] | For discussion of adjustments for ASU No. 2016-01 and ASC Topic 606, see Note 7—Investment in Cenovus Energy and Note 24—Sales and Other Operating Revenues, respectively. | ||||||||
[4] | For discussion of adjustments for ASU No. 2016-01 and ASC Topic 606, see Note 7—Investment in Cenovus Energy and Note 24—Sales and Other Operating Revenues, respectively. |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |||
Debt at face value - letter of credit | $ 13,971 | $ 18,677 | |
Book value of equity method investment | $ 9,005 | $ 9,129 | |
Line Of Credit [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Debt at face value - letter of credit | $ 22 | ||
MWCC LLC [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Term loan backed by a letter of credit | $ 154 | ||
MWCC LLC [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Ownership percentage in equity investment | 10.00% | ||
Book value of equity method investment | $ 130 | ||
MWCC LLC [Member] | MWCC LLC [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Number of MWCC Board Members | ten |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | ||
Crude oil and natural gas | $ 432 | $ 512 |
Materials and supplies | 575 | 548 |
Inventory Net | $ 1,007 | $ 1,060 |
Inventory Disclosure - Narrativ
Inventory Disclosure - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory, Net [Abstract] | ||
Inventories valued on the LIFO basis | $ 292 | $ 341 |
Excess of current replacement cost over LIFO cost of inventories | 75 | $ 124 |
Effect of LIFO Inventory Liquidation on Income | $ 6 |
Assets Held for Sale, Sold or_2
Assets Held for Sale, Sold or Acquired Textuals (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | May 17, 2017 | Jul. 31, 2017 | Sep. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 18, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | $ 1,074 | $ 772 | $ 52 | ||||||||||||||||
Other income | 173 | 529 | 255 | ||||||||||||||||
Equity Method Investments | $ 9,005 | 9,005 | 9,129 | ||||||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 0 | 0 | (11) | ||||||||||||||||
Alaska Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 6 | 7 | 9 | ||||||||||||||||
Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 1 | 5 | (6) | ||||||||||||||||
Canada Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 0 | 197 | 89 | ||||||||||||||||
Other International Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 0 | 0 | 0 | ||||||||||||||||
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 1,051 | 553 | (51) | ||||||||||||||||
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income (Loss) From Equity Method Investments | 16 | 10 | 22 | ||||||||||||||||
Office buidling [Member] | Corporate, Non-Segment [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | 90 | ||||||||||||||||||
Net carrying value | 90 | 90 | |||||||||||||||||
Clair Field [Member] | Europe and North Africa Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | 253 | ||||||||||||||||||
Net carrying value | $ 1,028 | ||||||||||||||||||
Percent Sold | 16.50% | ||||||||||||||||||
Ownership percentage retained | 7.50% | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | 715 | ||||||||||||||||||
Amount of PP&E in carrying value of asset | $ 1,553 | ||||||||||||||||||
Amount of deferred taxes in carrying value of asset | 485 | ||||||||||||||||||
Results Of Operations Income Before Income Taxes | 748 | (0.4) | (8) | ||||||||||||||||
Fair Value Assets Disposed Of | 1,743 | ||||||||||||||||||
Clair Field [Member] | Europe and North Africa Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Asset Retirement Obligation of held for sale or sold | $ 59 | ||||||||||||||||||
Barnett [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 196 | ||||||||||||||||||
Net carrying value | 201 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | (5) | ||||||||||||||||||
Amount of PP&E in carrying value of asset | 250 | ||||||||||||||||||
Results Of Operations Income Before Income Taxes | (59) | (566) | (66) | ||||||||||||||||
Impairment of asset held for sale | 87 | 572 | |||||||||||||||||
Barnett [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Asset Retirement Obligation of held for sale or sold | $ 49 | ||||||||||||||||||
Undeveloped Leasehold Assets [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | 162 | $ 105 | |||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | 140 | $ 56 | $ 0 | ||||||||||||||||
Other properties [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 112 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | $ 0 | ||||||||||||||||||
Foster Creek Christina Lake (FCCL) and western Canada gas properties [Member] | Canada Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 11,000 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | 95 | ||||||||||||||||||
Shares Exchanged for Assets Held for Sale | 208 | ||||||||||||||||||
Assets Held for Sale, Contingent Consideration Term | The contingent payment, calculated and paid on a quarterly basis, is $6 million Canadian dollars (CAD) for every $1 CAD by which the Western Canada Select (WCS) quarterly average crude price exceeds $52 CAD per barrel. | ||||||||||||||||||
Cenovus Energy common share price | $ 9.41 | ||||||||||||||||||
Cenovus Energy Investment at Cost | $ 1,960 | ||||||||||||||||||
Foster Creek Christina Lake (FCCL) [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Ownership percentage in equity investment | 50.00% | ||||||||||||||||||
Foster Creek Christina Lake (FCCL) [Member] | Canada Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | 2,100 | ||||||||||||||||||
Income (Loss) From Equity Method Investments | 197 | 89 | |||||||||||||||||
Carrying Value of Equity Investment Sold | $ 8,900 | ||||||||||||||||||
Western Canada Gas Properties [Member] | Canada Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Net carrying value | 1,900 | ||||||||||||||||||
Amount of PP&E in carrying value of asset | 2,600 | ||||||||||||||||||
Results Of Operations Income Before Income Taxes | (26) | (572) | |||||||||||||||||
Accrual for Environmental Loss Contingencies | 100 | ||||||||||||||||||
Western Canada Gas Properties [Member] | Canada Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Asset Retirement Obligation of held for sale or sold | $ 585 | ||||||||||||||||||
San Juan Basin [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 2,500 | ||||||||||||||||||
Net carrying value | 2,500 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | (22) | $ 28 | |||||||||||||||||
Amount of PP&E in carrying value of asset | $ 2,900 | ||||||||||||||||||
Results Of Operations Income Before Income Taxes | (3,200) | (239) | |||||||||||||||||
Impairment of asset held for sale | $ 3,300 | ||||||||||||||||||
Assets Held for Sale, Contingent Consideration Term | The transaction includes a contingent payment of up to $300 million. The six-year contingent payment, effective beginning January 1, 2018, is due annually for the periods in which the monthly U.S. Henry Hub price is at or above $3.20 per million British thermal units. | ||||||||||||||||||
Assets Held for Sale, Contingent Consideration, Henry Hub Price per Unit | $ 300 | ||||||||||||||||||
San Juan Basin [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Asset Retirement Obligation of held for sale or sold | $ 406 | ||||||||||||||||||
Golden Pass [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | Scenario Plan [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Percent Sold | 12.40% | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | $ 60 | ||||||||||||||||||
Greater Sunrise Fields [Member] | Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | Scenario Plan [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 350 | ||||||||||||||||||
Percent Sold | 30.00% | 30.00% | |||||||||||||||||
Panhandle [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 178 | ||||||||||||||||||
Net carrying value | 206 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | (28) | ||||||||||||||||||
Amount of PP&E in carrying value of asset | 279 | ||||||||||||||||||
Results Of Operations Income Before Income Taxes | $ (14) | (21) | |||||||||||||||||
Panhandle [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Asset Retirement Obligation of held for sale or sold | $ 72 | ||||||||||||||||||
Beluga River Unit [Member] | Alaska Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 134 | ||||||||||||||||||
Net carrying value | 78 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | 56 | ||||||||||||||||||
Amount of PP&E in carrying value of asset | 100 | ||||||||||||||||||
Beluga River Unit [Member] | Alaska Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Asset Retirement Obligation of held for sale or sold | $ 19 | ||||||||||||||||||
Central Alberta properties [Member] | Canada Segment [Member] | Operating Segments [Member] | Canada Asset Exchange [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | $ (1) | ||||||||||||||||||
Impairment of assets in exchange | $ 57 | ||||||||||||||||||
Fair Value Assets Disposed Of | 69 | ||||||||||||||||||
Senegal [Member] | Other International Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | 442 | ||||||||||||||||||
Net carrying value | $ 286 | ||||||||||||||||||
Percent Sold | 35.00% | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | $ 146 | ||||||||||||||||||
Block B [Member] | Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 225 | ||||||||||||||||||
Net carrying value | $ 251 | ||||||||||||||||||
Percent Sold | 40.00% | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | $ (26) | ||||||||||||||||||
Amount of PP&E in carrying value of asset | 154 | ||||||||||||||||||
Amount of deferred taxes in carrying value of asset | 54 | ||||||||||||||||||
Amount of Inventory in carrying value of asset | 25 | ||||||||||||||||||
Amount of Accounts Receivable in carrying value | 178 | ||||||||||||||||||
Total current liabilities of discontinued operations | 130 | ||||||||||||||||||
Impairment of asset held for sale | 42 | ||||||||||||||||||
Amount of Employee Benefit Obligations in carrying value | $ 38 | ||||||||||||||||||
Greater Northern Iron Ore Properties Trust [Member] | Lower 48 Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Proceeds from asset dispositions | $ 148 | ||||||||||||||||||
Gain (Loss) on Sale of Oil and Gas Property | 4 | ||||||||||||||||||
Amount of PP&E in carrying value of asset | 144 | $ 144 | |||||||||||||||||
Other income | $ 88 |
Aquisitons (Details)
Aquisitons (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 18, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||||||
Property, Plant and Equipment, Net | $ 45,698 | $ 45,698 | $ 45,683 | |||
Capitalized Costs, Unproved Properties | 4,662 | 4,662 | 4,491 | |||
Capitalized Costs Proved Properties | 100,657 | 100,657 | 102,044 | |||
Inventories Acquired | 42 | |||||
Investments and long-term receivables | 9,329 | 9,329 | 9,599 | |||
Asset Retirement Obligation | 7,908 | $ 7,908 | $ 7,798 | $ 8,405 | ||
Interest In WNS Assets and Alpine Pipeline [Member] | Alaska Segment [Member] | Operating Segments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Costs Incurred, Acquisition of Oil and Gas Properties, Total | $ 386 | |||||
Percent Acquired | 22.00% | |||||
Business Combinations [Abstract] | ||||||
Capitalized Costs, Unproved Properties | $ 114 | |||||
Capitalized Costs Proved Properties | 297 | |||||
Interest In WNS Assets and Alpine Pipeline [Member] | Alaska Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | ||||||
Business Combinations [Abstract] | ||||||
Asset Retirement Obligation | $ 59 | |||||
Kuparuk Assets [Member] | Alaska Segment [Member] | Operating Segments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Costs Incurred, Acquisition of Oil and Gas Properties, Total | $ 1,490 | |||||
Business Combinations [Abstract] | ||||||
Capitalized Costs Proved Properties | $ 1,900 | |||||
Net Working Capital | (100) | |||||
Kuparuk Assets [Member] | Alaska Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | ||||||
Business Combinations [Abstract] | ||||||
Asset Retirement Obligation | $ 374 |
Investments, Loans and LT Recei
Investments, Loans and LT Receivables Components (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Components of investments, loans and long-term receivables | ||
Equity investments | $ 9,005 | $ 9,129 |
Loans and advances-related parties | 335 | 461 |
Long-term receivables | 238 | 375 |
Other investments | 86 | 95 |
Total | $ 9,664 | $ 10,060 |
Investments, Loans and LT Rec_2
Investments, Loans and LT Receivables - Financial Info (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Revenues | $ 11,654 | $ 11,554 | $ 10,149 |
Income before income taxes | 3,660 | (2,875) | 660 |
Net income (loss) | 3,244 | (1,431) | $ 799 |
Current assets | 3,285 | 2,920 | |
Noncurrent assets | 41,563 | 42,693 | |
Current liabilities | 2,625 | 2,453 | |
Noncurrent liabilities | $ 23,874 | $ 25,522 |
Investments, Loans and LT Rec_3
Investments, Loans and LT Receivables Textuals (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 17, 2017 | Oct. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Retained Earning Equity Method | $ 27 | |||||||||
Equity Method Investment Dividends | 1,226 | $ 605 | $ 398 | |||||||
Equity investments | 9,005 | 9,129 | ||||||||
Foreign currency translation adjustments | (5,702) | (5,060) | (5,646) | $ (5,804) | ||||||
Loans to related parties | 468 | 586 | ||||||||
Income (Loss) From Equity Method Investments | $ 1,074 | 772 | 52 | |||||||
Australia Pacific LNG [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 37.50% | |||||||||
Total amount under revolving credit facilities | $ 8,500 | |||||||||
Equity investments | $ 7,522 | |||||||||
Historical cost basis | 7,231 | |||||||||
Difference between estimated value and book value of equity method investment | 291 | |||||||||
Amortizable portion of the basis difference in PPE | 44 | 100 | $ 92 | |||||||
Percent Decrease In Guarantee | 60.00% | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |||||||||
Before-Tax Loss - Equity method investments | $ 2,384 | |||||||||
Income (Loss) From Equity Method Investments | $ (2,384) | |||||||||
Balance Outstanding On Credit Facility | 7,200 | |||||||||
Australia Pacific LNG [Member] | Export-Import Bank of US [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | 2,900 | |||||||||
Australia Pacific LNG [Member] | Export-Import Bank of China [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | 2,700 | |||||||||
Early Repayment of Senior Debt | $ 1,400 | |||||||||
Australia Pacific LNG [Member] | U S Private Placement Bond [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | $ 1,400 | |||||||||
Australia Pacific LNG [Member] | Australian and International Commercial Bank Syndicate [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | $ 2,900 | |||||||||
Australia Pacific LNG [Member] | Origin Energy [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 37.50% | |||||||||
Australia Pacific LNG [Member] | Sinopec [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 25.00% | |||||||||
Deferred Tax Effect [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Income (Loss) From Equity Method Investments | $ (174) | |||||||||
Foster Creek Christina Lake (FCCL) [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 50.00% | 0.00% | ||||||||
Foster Creek Christina Lake (FCCL) [Member] | Cenovus Energy Inc. [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 50.00% | |||||||||
QG3 | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 30.00% | |||||||||
Total amount under revolving credit facilities | $ 4,000 | |||||||||
Equity investments | 921 | |||||||||
Loans to related parties | $ 461 | |||||||||
Percentage Of Interest In Terminal And Pipeline Use Agreements | 12.40% | |||||||||
QG3 | Credit Agencies [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | $ 1,300 | |||||||||
QG3 | Commerical Banks [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | 1,500 | |||||||||
QG3 | ConocoPhillips [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Total amount under revolving credit facilities | $ 1,200 | |||||||||
QG3 | Mitsui & Co, Ltd. [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 1.50% | |||||||||
QG3 | Qatar Petroleum [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in equity investment | 68.50% |
Investment in Cenovus Energy (D
Investment in Cenovus Energy (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 5 Months Ended | 12 Months Ended | |||||
May 17, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Investment in Cenovus Energy | $ 1,462 | $ 1,899 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,063) | (5,518) | $ (6,193) | $ (6,247) | |||
Unrealized Gain (Loss) on Securities, before tax | $ 0 | (58) | [1] | $ 0 | |||
Foster Creek Christina Lake (FCCL) and western Canada gas properties [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Description and Timing of Disposal | On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets, to Cenovus Energy. | ||||||
Foster Creek Christina Lake (FCCL) [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Ownership percentage in equity investment | 50.00% | ||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5,518) | $ (5,460) | |||||
Accounting Standards Update 2016-01 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 58 | ||||||
Common Stock [Member] | Cenovus Energy [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Shares Exchanged for Assets Held for Sale | 208 | ||||||
Percent of issued and outstanding common shares of Cenovus | 16.90% | ||||||
Investment In Equity Security Fair Value | $ 1,960 | $ 1,460 | $ 1,900 | ||||
Cenovus Energy Investment at Cost | $ 1,960 | ||||||
Cenovus Energy common share price | $ 9.41 | $ 7.03 | |||||
Unrealized Gain (Loss) on Securities, before tax | $ (437) | ||||||
[1] | **See Note 2—Changes in Accounting Principles and Note 20—Accumulated Other Comprehensive Loss, for additional information relating to the adoption of ASU No. 2016-01. |
Suspended Wells Net Changes in
Suspended Wells Net Changes in Well Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net changes in suspended Exploratory well costs | |||
Beginning balance | $ 853,000,000 | $ 1,063,000,000 | $ 1,260,000,000 |
Additions pending the determination of proved reserves | 140,000,000 | 118,000,000 | 225,000,000 |
Reclassifications to proved properties | (37,000,000) | (66,000,000) | (27,000,000) |
Sales of suspended wells | (93,000,000) | 0 | (247,000,000) |
Charged to dry hole expense | (7,000,000) | (262,000,000) | (148,000,000) |
Ending balance | $ 856,000,000 | $ 853,000,000 | $ 1,063,000,000 |
Suspended Wells - Aging of susp
Suspended Wells - Aging of suspended well balances (Details) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Aging of suspended well cost | ||||
Exploratory well costs capitalized for a period of one year or less | $ 145,000,000 | $ 67,000,000 | $ 132,000,000 | |
Exploratory well costs capitalized for a period greater than one year | 711,000,000 | 786,000,000 | 931,000,000 | |
Ending balance | $ 856,000,000 | $ 853,000,000 | $ 1,063,000,000 | $ 1,260,000,000 |
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year | 24 | 23 | 26 |
Suspended Wells-Exploratory Cap
Suspended Wells-Exploratory Capitalized Well Costs (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | $ 711 | $ 786 | $ 931 | |
2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 213 | |||
2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 337 | |||
2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 161 | |||
Greater Poseidon-Australia [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 177 | ||
Greater Poseidon-Australia [Member] | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Greater Poseidon-Australia [Member] | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 165 | |||
Greater Poseidon-Australia [Member] | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 12 | |||
Barossa/Caldita-Australia [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 136 | ||
Barossa/Caldita-Australia [Member] | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 59 | |||
Barossa/Caldita-Australia [Member] | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Barossa/Caldita-Australia [Member] | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 77 | |||
Surmont - Canada | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [2] | 108 | ||
Surmont - Canada | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 18 | |||
Surmont - Canada | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 56 | |||
Surmont - Canada | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 34 | |||
NPR-A-Alaska [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [2] | 77 | ||
NPR-A-Alaska [Member] | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 39 | |||
NPR-A-Alaska [Member] | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 38 | |||
NPR-A-Alaska [Member] | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Middle Magdalena Basin-Columbia | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [2] | 65 | ||
Middle Magdalena Basin-Columbia | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 65 | |||
Middle Magdalena Basin-Columbia | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Middle Magdalena Basin-Columbia | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Greater Clair-UK [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 42 | ||
Greater Clair-UK [Member] | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 8 | |||
Greater Clair-UK [Member] | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 30 | |||
Greater Clair-UK [Member] | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 4 | |||
Bohai-China | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 19 | ||
Bohai-China | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 19 | |||
Bohai-China | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Bohai-China | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Kamunsu East-Malaysia | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 19 | ||
Kamunsu East-Malaysia | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Kamunsu East-Malaysia | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 19 | |||
Kamunsu East-Malaysia | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
NC 98-Libya | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 15 | ||
NC 98-Libya | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
NC 98-Libya | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 11 | |||
NC 98-Libya | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 4 | |||
Sunrise-Australia[Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1] | 13 | ||
Sunrise-Australia[Member] | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Sunrise-Australia[Member] | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 0 | |||
Sunrise-Australia[Member] | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 13 | |||
Other of $10 million or less each [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | [1],[2] | 40 | ||
Other of $10 million or less each [Member] | 2015 -2017 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 5 | |||
Other of $10 million or less each [Member] | 2012-2014 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | 18 | |||
Other of $10 million or less each [Member] | 2004-2011 [Member] | ||||
Aging of exploratory well costs that have been capitalized for more than one year | ||||
Aging of Exploratory Well Cost that have been capitalized for more than one year | $ 17 | |||
[1] | Appraisal drilling complete; costs being incurred to assess development. | |||
[2] | Additional appraisal wells planned. |
Suspended Wells-Exploration Exp
Suspended Wells-Exploration Expense (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | ||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Exploration Expense | $ 369,000,000 | $ 934,000,000 | $ 1,912,000,000 | [1] | ||
Lower 48 Segment [Member] | Operating Segments [Member] | Gulf of Mexico Shared Drillship [Member] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Exploration Expense | $ 146,000,000 | |||||
Angola | Other International Segment [Member] | Operating Segments [Member] | Athena Drilling Rig [Member] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Exploration Expense | $ 43,000,000 | |||||
[1] | *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. |
Impairments (Details)
Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | $ 27 | $ 6,601 | $ 139 |
Alaska Segment [Member] | Operating Segments [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | 20 | 180 | 1 |
Lower 48 Segment [Member] | Operating Segments [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | 63 | 3,969 | 149 |
Canada Segment [Member] | Operating Segments [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | 9 | 22 | 88 |
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | (79) | 46 | (160) |
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | 14 | 2,384 | 44 |
Corporate Segment [Member] | Operating Segments [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 17 |
Impairments Narratives (Details
Impairments Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | $ 27 | $ 6,601 | $ 139 | ||
Exploration Expense | 369 | 934 | [1] | 1,912 | [1] |
Alaska Segment [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 20 | 180 | 1 | ||
Alaska Segment [Member] | Small interest Point Thomson Unit | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 180 | ||||
Alaska Segment [Member] | Cancelled Project [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 20 | ||||
Lower 48 Segment [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 63 | 3,969 | 149 | ||
Lower 48 Segment [Member] | Certain Developed Properties [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 3,969 | ||||
Lower 48 Segment [Member] | Shenandoah Leasehold [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | 51 | ||||
Lower 48 Segment [Member] | Mineral Assets [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | 38 | ||||
Lower 48 Segment [Member] | Eagleford And Other Changes [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 149 | ||||
Lower 48 Segment [Member] | Gibson Tiber [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | 203 | ||||
Lower 48 Segment [Member] | Melmar [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | 95 | ||||
Lower 48 Segment [Member] | Gulf of Mexico [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Exploration Expense | 79 | ||||
Lower 48 Segment [Member] | Barnett [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 63 | ||||
Canada Segment [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 9 | 22 | 88 | ||
Canada Segment [Member] | Certain Developed Properties [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 88 | ||||
Canada Segment [Member] | Cancelled Project [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 22 | ||||
Exploration Expense | 31 | ||||
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | (79) | 46 | (160) | ||
Europe and North Africa Segment [Member] | Certain Projects In Europe And NorthAfrica [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | (79) | 46 | |||
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 14 | 2,384 | 44 | ||
Asia Pacific and Middle East Segment [Member] | Australia Pacific LNG [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 2,384 | ||||
Asia Pacific and Middle East Segment [Member] | Block B [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | 44 | ||||
CorporateMember | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | $ 0 | $ 0 | 17 | ||
CorporateMember | Office Buildings [Member] | Operating Segments [Member] | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Asset Impairment Charges | $ 17 | ||||
[1] | *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. |
Asset Retirement Obligations _3
Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset retirement obligations and accrued environmental costs | ||||
Asset retirement obligations | $ 7,908 | $ 7,798 | $ 8,405 | |
Accrued environmental costs | 178 | 180 | ||
Total asset retirement obligations and accrued environmental costs | 8,086 | 7,978 | ||
Asset retirement obligations and accrued environmental costs due within one year | [1] | 398 | 347 | |
Long-term asset retirement obligations and accrued environmental costs | $ 7,688 | $ 7,631 | ||
[1] | *Classified as a current liability on the balance sheet under "Other accruals." |
Asset Retirement Obligations _4
Asset Retirement Obligations and Accrued Environmental Costs - Change in Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in overall asset retirement obligation changed | ||
Balance at January 1 | $ 7,798 | $ 8,405 |
Accretion of discount | 348 | 358 |
New obligations | 657 | 113 |
Changes in estimates of existing obligations | (266) | (150) |
Spending on existing obligations | (228) | (152) |
Property dispositions | (161) | (1,065) |
Foreign currency translation | (240) | 289 |
Balance at December 31 | $ 7,908 | $ 7,798 |
Asset Retirement Obligations _5
Asset Retirement Obligations and Accrued Environmental Costs - Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Environmental Liabilities [Line Items] | ||
Accrued environmental costs | $ 178 | $ 180 |
Maximum number of years accrued environmental liabilities will be paid over | 30 years | |
Expected expenditures for acquired environmental obligations, weighted-average discount factor rate | 5.00% | |
Accrued environmental costs, undiscounted due 2019 | $ 6 | |
Accrued environmental costs, undiscounted due 2020 | 6 | |
Accrued environmental costs, undiscounted due 2021 | 10 | |
Accrued environmental costs, undiscounted due 2022 | 6 | |
Accrued environmental costs, undiscounted due 2023 | 2 | |
Accrued environmental costs, undiscounted due after 2023 | 109 | |
Cleanup Remediation Activities [Member] | ||
Environmental Liabilities [Line Items] | ||
Accrued environmental costs | 100 | 105 |
Corporate and Other Environmental Liabilities [Member] | ||
Environmental Liabilities [Line Items] | ||
Accrued environmental costs | 67 | 60 |
Federal Comprehensive Environmental Response Compensation and Liability Act or Similar State Laws [Member] | ||
Environmental Liabilities [Line Items] | ||
Accrued environmental costs | 11 | $ 15 |
Acquired Environmental Obligations [Member] | ||
Environmental Liabilities [Line Items] | ||
Accrued Enviornmental Costs Discounted | $ 88 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt | ||
Debt Instrument, Face Amount | $ 13,971 | $ 18,677 |
Capitalized leases | 777 | 774 |
Net unamortized premiums and discounts | 220 | 252 |
Total debt | 14,968 | 19,703 |
Short-term debt | (112) | (2,575) |
Long-term debt | 14,856 | 17,128 |
Variable rate debt bonds [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 283 | 283 |
9.125% Debentures [Member] | Due 2021 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 123 | 150 |
8.20% Debentures [Member] | Due 2025 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 134 | 150 |
8.125% Notes [Member] | Due 2030 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 390 | 600 |
7.9% Debentures [Member] | Due 2047 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 60 | 100 |
7.8% Debentures [Member] | Due 2027 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 203 | 300 |
7.65% Debentures [Member] | Due 2023 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 78 | 88 |
7.40% Notes [Member] | Due 2031 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 500 | 500 |
7.375% Debentures [Member] | Due 2029 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 92 | 92 |
7.25% Notes [Member] | Due 2031 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 500 | 500 |
7.20% Notes [Member] | Due 2031 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 575 | 575 |
7% Debentures [Member] | Due 2029 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 200 | 200 |
6.95% Notes [Member] | Due 2029 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 1,549 | 1,549 |
6.875% Debentures [Member] | Due 2026 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 67 | 67 |
6.50% Notes [Member] | Due 2039 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 2,750 | 2,750 |
5.951% Notes [Member] | Due 2037 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 645 | 645 |
5.95% Notes [Member] | Due 2036 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 500 | 500 |
5.95% Notes [Member] | Due 2046 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 500 | 500 |
5.90% Notes [Member] | Due 2032 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 505 | 505 |
5.90% Notes [Member] | Due 2038 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 600 | 600 |
4.95% Notes [Member] | Due 2026 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 1,250 | 1,250 |
4.3% Notes [Member] | Due 2044 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 750 | 750 |
4.2% Notes [Member] | Due 2021 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 0 | 1,000 |
4.15% Notes [Member] | Due 2034 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 246 | 500 |
3.35% Notes [Member] | Due 2024 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 426 | 1,000 |
3.35% Notes [Member] | Due 2025 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 199 | 500 |
2.875% Notes [Member] | Due 2021 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 0 | 750 |
2.4% Notes [Member] | Due 2022 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 329 | 1,000 |
2.2% Notes [Member] | Due 2020 [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 0 | 500 |
Floating rate note due 2018 [Member] | Due 2018 [Member] | Floating Rate Notes [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | 0 | $ 250 |
Floating rate note due 2018 [Member] | Due 2018 [Member] | Floating Rate Notes [Member] | Minimum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.24% | |
Floating rate note due 2018 [Member] | Due 2018 [Member] | Floating Rate Notes [Member] | Maximum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |
Floating Rate Notes Due 2022 [Member] | Due 2022 [Member] | Floating Rate Notes [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | $ 500 | $ 500 |
Floating Rate Notes Due 2022 [Member] | Due 2022 [Member] | Floating Rate Notes [Member] | Minimum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.32% | 1.81% |
Floating Rate Notes Due 2022 [Member] | Due 2022 [Member] | Floating Rate Notes [Member] | Maximum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.52% | 2.32% |
Industrial Development Bonds Due One [Member] | Variable rate debt bonds [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | $ 18 | $ 18 |
Industrial Development Bonds Due One [Member] | Variable rate debt bonds [Member] | Minimum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.95% | 0.64% |
Industrial Development Bonds Due One [Member] | Variable rate debt bonds [Member] | Maximum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | 1.74% |
Marine Terminal Revenue Refunding Bonds [Member] | Variable rate debt bonds [Member] | Minimum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.88% | 0.64% |
Marine Terminal Revenue Refunding Bonds [Member] | Variable rate debt bonds [Member] | Maximum [Member] | ||
Long-term debt | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | 1.74% |
Marine Terminal Revenue Refunding Bonds [Member] | Due 2031 [Member] | Variable rate debt bonds [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | $ 265 | $ 265 |
Other Debt [Member] | Unsecured Debt (Debentures) [Member] | ||
Long-term debt | ||
Debt Instrument, Face Amount | $ 17 | $ 23 |
Debt Capital Lease (Details)
Debt Capital Lease (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Capital lease obligations | ||
2,019 | $ 118 | |
2,020 | 116 | |
2,021 | 100 | |
2,022 | 98 | |
2,023 | 87 | |
Remaining years | 453 | |
Capital lease payments | 972 | |
Less portion representing imputed interest | (195) | |
Capital Lease Obligations, Total | $ 777 | $ 774 |
Debt Narratives (Details)
Debt Narratives (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | |
Debt (Textual) [Abstract] | ||||
Maturities of long-term borrowings in 2019 | $ 112,000,000 | |||
Maturities of long-term borrowings in 2020 | 101,000,000 | |||
Maturities of long-term borrowings in 2021 | 213,000,000 | |||
Maturities of long-term borrowings in 2022 | 935,000,000 | |||
Maturities of long-term borrowings in 2023 | 195,000,000 | |||
Capital Leased Assets [Line Items] | ||||
Capital lease obligations | $ 777,000,000 | $ 774,000,000 | ||
Short-term Debt [Line Items] | ||||
Maturity period of commercial paper (in days) | P90D | |||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 13,971,000,000 | 18,677,000,000 | ||
Repayment of Debt | 4,995,000,000 | 7,876,000,000 | $ 2,251,000,000 | |
Premiums above book value | 208,000,000 | |||
Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Total amount under revolving credit facilities | 6,000,000,000 | 6,750,000,000 | ||
Letters of Credit Outstanding, Amount | 0 | 0 | ||
Letter Of Credit [Member] | ||||
Short-term Debt [Line Items] | ||||
Letters of credit capacity | 500,000,000 | |||
Minimum limit of debt for cross default provision | 200,000,000 | |||
Letters of Credit Outstanding, Amount | $ 0 | 0 | ||
Gumusut Lease [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Capital lease, initial non-cancelable term | 15 years | |||
Capital lease, cancelable term | 5 years | |||
Capital lease, additional term | 5 years | |||
Capital lease obligations | $ 906,000,000 | |||
Incremental Borrowing Rate | 3.58% | |||
Capital Leased Assets Net | $ 353,000,000 | 434,000,000 | ||
Capital Leases Other Accumulated Depreciation | $ 462,000,000 | 381,000,000 | ||
Ownership percentage in equity investment | 29.00% | |||
Unsecured Debt (Debentures) [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Prepayments Of Debt | $ 4,450,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2020 [Member] | 2.2% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 0 | 500,000,000 | ||
Repayment of Debt | 500,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2021 [Member] | 4.2% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 0 | 1,000,000,000 | ||
Repayment of Debt | 1,000,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2021 [Member] | 2.875% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 0 | 750,000,000 | ||
Repayment of Debt | 750,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2021 [Member] | 9.125% Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 123,000,000 | 150,000,000 | ||
Repayment of Debt | 27,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2022 [Member] | 2.4% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 329,000,000 | 1,000,000,000 | ||
Repayment of Debt | 671,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2023 [Member] | 7.65% Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 78,000,000 | 88,000,000 | ||
Repayment of Debt | 10,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2024 [Member] | 3.35% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 426,000,000 | 1,000,000,000 | ||
Repayment of Debt | 574,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2025 [Member] | 3.35% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 199,000,000 | 500,000,000 | ||
Repayment of Debt | 301,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2025 [Member] | 8.20% Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 134,000,000 | 150,000,000 | ||
Repayment of Debt | 16,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2027 [Member] | 7.8% Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 203,000,000 | 300,000,000 | ||
Repayment of Debt | 97,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2030 [Member] | 8.125% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 390,000,000 | 600,000,000 | ||
Repayment of Debt | 210,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2034 [Member] | 4.15% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 246,000,000 | 500,000,000 | ||
Repayment of Debt | 254,000,000 | |||
Unsecured Debt (Debentures) [Member] | Due 2047 [Member] | 7.9% Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 60,000,000 | 100,000,000 | ||
Repayment of Debt | 40,000,000 | |||
Floating Rate Notes [Member] | Due 2018 [Member] | Floating rate note due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 0 | 250,000,000 | ||
Repayments Of Debt At Maturity | 250,000,000 | |||
Variable rate debt bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 283,000,000 | 283,000,000 | ||
ConocoPhilips Commerical Paper Program [Member] | ||||
Short-term Debt [Line Items] | ||||
Commercial paper outstanding | 0 | $ 0 | ||
ConocoPhilips Commerical Paper Program [Member] | Letter Of Credit [Member] | ||||
Short-term Debt [Line Items] | ||||
Commercial paper program | $ 6,000,000,000 |
Guarantees Textual (Details)
Guarantees Textual (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Australia Pacific LNG [Member] | ||
Guarantor Obligations [Line Items] | ||
Equity Interest Of Others | 37.50% | |
Australia Pacific LNG [Member] | Construction Contracts [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | |
Continued development [Member] | Australia Pacific LNG [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 140 | |
Terms of Guarantees Outstanding | up to 27 years | |
Other Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 780 | |
Terms of Guarantees Outstanding | up to four years | |
Indemnification [Member] | ||
Guarantor Obligations [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 30 | |
Carrying value of indemnification asset | $ 90 | |
Indemnification [Member] | Refinery Supplier [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 98 | |
Carrying value of indemnification asset | $ 98 | |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific LNG [Member] | ||
Guarantor Obligations [Line Items] | ||
Terms of Guarantees Outstanding | up to 23 years | |
Max potential future payments-reckless breach [Member] | Australia Pacific LNG [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,400 | |
Max potential future payments-prorata share [Member] | Australia Pacific LNG [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 800 | |
Finance Reserve Guarantee [Member] | Australia Pacific LNG [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 170 | |
Terms of Guarantees Outstanding | 12 years | |
Carrying value of indemnification asset | $ 14 |
Contingencies and Commitments (
Contingencies and Commitments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Long-Term Throughput Agreements and Take-or-Pay Agreements [Abstract] | ||||||
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due Within One Year | $ 7,000,000 | |||||
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Second Year | 7,000,000 | |||||
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Third Year | 7,000,000 | |||||
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Fourth Year | 7,000,000 | |||||
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due in Fifth Year | 7,000,000 | |||||
Payments under Long-Term Throughput Agreements And Take-or-Pay Agreements, Due after Fifth Year | 61,000,000 | |||||
Total payments under Long-Term Throughput Agreements and Take-or-Pay Agreements | $ 43,000,000 | 39,000,000 | $ 43,000,000 | $ 42,000,000 | ||
Burlington Resources Inc Vs The Republic Of Ecuador [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Cash Proceeds from Legal Settlements | $ 262,000,000 | 75,000,000 | ||||
Burlington Resources Inc Vs The Republic Of Ecuador [Member] | Burlington Resources Inc [Member] | Ecuador | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 380,000,000 | $ 337,000,000 | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 42,000,000 | |||||
Offset For Counter Claim | $ 24,000,000 | |||||
Loss Contingency Settlement Agreement Terms | two installments | |||||
Cash Proceeds from Legal Settlements | $ 75,000,000 | |||||
Conoco Phillips Vs Petroleos de Venezuela SA [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Cash Proceeds from Legal Settlements | $ 200,000,000 | |||||
Conoco Phillips Vs Petroleos de Venezuela SA [Member] | Venezuela | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 2,000,000,000 | |||||
Loss Contingency Settlement Agreement Terms | initial payments totaling approximately $500 million within a period of 90 days from the time of signing of the settlement agreement. The balance of the settlement is to be paid quarterly over a period of four and a half years. | |||||
Cash Proceeds from Legal Settlements | $ 200,000,000 | |||||
Inventory Received For Settlement | 230,000,000 | |||||
Total cash and noncash proceeds From Legal Settlement | 430,000,000 | |||||
Performance Guarantee [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Letters of Credit Outstanding, Amount | $ 323,000,000 |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Commodity Balance Sheet (Details) - Commodity Contract [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 410 | $ 275 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 40 | 36 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 370 | 282 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 30 | $ 28 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Commodity GainLoss (Details) - Commodity Contract [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales and other operating revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from commodity derivatives | $ 45,000,000 | $ 77,000,000 | $ (198,000,000) |
Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from commodity derivatives | 7,000,000 | 0 | (1,000,000) |
Purchased commodities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from commodity derivatives | $ (41,000,000) | $ (61,000,000) | $ 161,000,000 |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Commodity Notional (Details) - Commodity Contract [Member] - Bcfe Bcfe in Billions | Dec. 31, 2018 | Dec. 31, 2017 |
Natural gas and power, Fixed price [Member] | Short [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (17) | (29) |
Natural gas and power, Basis [Member] | Long [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (12) | |
Natural gas and power, Basis [Member] | Short [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (1) |
Derivative and Financial Inst_6
Derivative and Financial Instruments - FX Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | $ 7 | $ 1 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | 0 | 6 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | 6 | 0 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | $ 0 | $ 15 |
Derivative and Financial Inst_7
Derivative and Financial Instruments - FX Derivative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative and Financial Instruments [Abstract] | |
Description of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments Activities | In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar. |
Derivative and Financial Inst_8
Derivative and Financial Instruments - FX GainLoss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign currency transaction (gains) losses [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency transaction (gains) losses | $ 1 | $ 13 | $ 247 |
Derivative and Financial Inst_9
Derivative and Financial Instruments - FX Notional (Details) - Not Designated as Hedging Instrument [Member] | Dec. 31, 2018CAD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2017USD ($) | |
Sell U.S. dollar, buy British pound. | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | $ 805,000,000 | $ 0 | |||||
Sell British pound, buy other currencies [Member] | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | £ | [1] | £ 21,000,000 | £ 1,000,000 | ||||
Sell Canadian dollar, buy U.S. dollar [Member] | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | $ 1,242,000,000 | $ 1,225,000,000 | |||||
[1] | *Primarily euro and Norwegian krone. |
Derivative and Financial Ins_10
Derivative and Financial Instruments - Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | $ 5,915 | $ 6,325 |
Short-term Investments | 248 | 1,873 |
Cash [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 876 | 948 |
Short-term Investments | 0 | 0 |
Bank Time Deposits [Member] | Remaining Maturities 1 To 90 Days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 3,509 | 5,004 |
Short-term Investments | 0 | 821 |
Commercial Paper [Member] | Remaining Maturities 1 To 90 Days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 229 | 373 |
Short-term Investments | 248 | 978 |
Commercial Paper [Member] | Remaining maturities from 91 to 180 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 74 |
US Government Debt Securities [Member] | Remaining Maturities 1 To 90 Days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 1,301 | 0 |
Short-term Investments | $ 0 | $ 0 |
Derivative and Financial Ins_11
Derivative and Financial Instruments - Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Credit Risk [Line Items] | ||
Collateral was posted for derivative instruments in a liability position | $ 0 | $ 0 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Derivative, Recourse Provisions | Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange. | |
In event of lowered credit rating [Member] | ||
Schedule of Credit Risk [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 62 | $ 55 |
In event of downgrade below investment grade [Member] | ||
Schedule of Credit Risk [Line Items] | ||
Additional Collateral, Aggregate Fair Value | $ 62 | |
Financial instruments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Derivative, Recourse Provisions | Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange. | |
Trade receivables [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Derivative, Term | 30 days |
Fair Value Measurement - FV Hie
Fair Value Measurement - FV Hierarchy (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative asset, gross | $ 450,000,000 | $ 311,000,000 |
Commodity derivative liability, gross | 400,000,000 | 310,000,000 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 1,899,000,000 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 1,462,000,000 | 1,899,000,000 |
Commodity derivative asset, gross | 450,000,000 | 311,000,000 |
Total assets | 1,912,000,000 | 2,210,000,000 |
Commodity derivative liability, gross | 400,000,000 | 310,000,000 |
Total liabilities | $ 400,000,000 | 310,000,000 |
Level 2 To Level 1 Transfers Description | investment in Cenovus Energy | |
Level 2 To Level 1 Transfers Amount | $ 1,899,000,000 | 1,899,000,000 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 1,462,000,000 | 1,899,000,000 |
Commodity derivative asset, gross | 236,000,000 | 175,000,000 |
Total assets | 1,698,000,000 | 2,074,000,000 |
Commodity derivative liability, gross | 225,000,000 | 158,000,000 |
Total liabilities | 225,000,000 | 158,000,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 0 | 0 |
Commodity derivative asset, gross | 181,000,000 | 106,000,000 |
Total assets | 181,000,000 | 106,000,000 |
Commodity derivative liability, gross | 145,000,000 | 111,000,000 |
Total liabilities | 145,000,000 | 111,000,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 0 | 0 |
Commodity derivative asset, gross | 33,000,000 | 30,000,000 |
Total assets | 33,000,000 | 30,000,000 |
Commodity derivative liability, gross | 30,000,000 | 41,000,000 |
Total liabilities | $ 30,000,000 | $ 41,000,000 |
Fair Value Measurement - FV of
Fair Value Measurement - FV of Commodity Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting Derivative Assets [Abstract] | ||
Assets - gross amounts recognized | $ 450 | $ 311 |
Assets - gross amounts offset | 280 | 186 |
Assets - net amounts presented | 170 | 125 |
Assets - cash collateral | 0 | 0 |
Assets - amounts without right of setoff | 9 | 4 |
Commodity derivatives, assets | 161 | 121 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 400 | 310 |
Liabilities - gross amounts offset | 280 | 186 |
Liabilities - net amounts presented | 120 | 124 |
Liabilities - cash collateral | 10 | 7 |
Liabilities - amounts without right of setoff | 4 | 5 |
Commodity derivatives | $ 106 | $ 112 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Fair Value, Disclosure Item Amounts [Domain] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Before-Tax Loss - Net PP&E (held for use) | $ 154 | |||
Before-Tax Loss - Net PP&E (held for sale) | $ 43 | $ 44 | 78 | $ 3,882 |
Before-Tax Loss - Cost and Equity method investments | 2,384 | |||
Fair Value - Net PP&E (held for use) | 75 | |||
Fair Value- Net PP&E (held for sale) | 201 | 250 | 113 | 2,830 |
Fair Value - Cost and Equity Method Investments | 7,656 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Disclosure Item Amounts [Domain] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value - Net PP&E (held for use) | 0 | |||
Fair Value- Net PP&E (held for sale) | 201 | 0 | 113 | 2,830 |
Fair Value - Cost and Equity Method Investments | 0 | |||
Before-Tax Loss - Net PP&E (held for sale) | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Disclosure Item Amounts [Domain] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value - Net PP&E (held for use) | 75 | |||
Fair Value- Net PP&E (held for sale) | $ 0 | 250 | $ 0 | 0 |
Fair Value - Cost and Equity Method Investments | $ 7,656 | |||
Before-Tax Loss - Net PP&E (held for sale) | $ 250 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Assets | ||
Investment in Cenovus Energy | $ 1,462 | $ 1,899 |
Commodity derivatives, assets | 161 | 121 |
Total loans and advances - related parties | 468 | 586 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Total debt, excluding capital leases | 16,147 | 22,435 |
Commodity derivatives | 106 | 112 |
Commodity Contract [Member] | ||
Financial Assets | ||
Commodity derivatives, assets | 170 | 125 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Commodity derivatives | 110 | 117 |
Carrying Amount [Member] | ||
Financial Assets | ||
Investment in Cenovus Energy | 1,462 | 1,899 |
Total loans and advances - related parties | 468 | 586 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Total debt, excluding capital leases | 14,191 | 18,929 |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Financial Assets | ||
Commodity derivatives, assets | 170 | 125 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Commodity derivatives | $ 110 | $ 117 |
Fair Value Measurement - Textua
Fair Value Measurement - Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |||
Obligations to return cash collateral | $ 0 | $ 0 | |
Rights to reclaim cash collateral | 10 | 7 | |
Income (Loss) From Equity Method Investments | $ 1,074 | 772 | $ 52 |
Australia Pacific LNG [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investments, fair value | 7,656 | ||
Income (Loss) From Equity Method Investments | $ (2,384) |
Equity - changes in shares of c
Equity - changes in shares of common stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in shares of common stock | |||
Beginning Balance, Common Stock | 1,785,419,175 | 1,782,079,107 | 1,778,226,388 |
Treasury Stock, Shares, Beginning Balance | 608,312,034 | 544,809,771 | 542,230,673 |
Repurchase of common stock | 44,976,179 | 63,502,263 | 2,579,098 |
Distributed under benefit plans | 6,218,259 | 3,340,068 | 3,852,719 |
Ending Balance, Common Stock | 1,791,637,434 | 1,785,419,175 | 1,782,079,107 |
Treasury Stock, Shares, Ending Balance | 653,288,213 | 608,312,034 | 544,809,771 |
Equity - Textuals (Details)
Equity - Textuals (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 26 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Jul. 12, 2018 | Mar. 29, 2017 | Nov. 10, 2016 | |
Equity [Abstract] | |||||||
Preferred Stock, Authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | ||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 125 | $ 194 | $ 125 | ||||
Payments for Repurchase of Common Stock | $ 2,999 | $ 3,000 | $ 126 | $ 6,100 | |||
Stock Repurchase Program Authorized | $ 9,000 | $ 3,000 | $ 3,000 | ||||
Cumulative amount of stock repurchase plan authorized | $ 15,000 |
Non Mineral Leases (Details)
Non Mineral Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Future minimum rental payments due under noncancelable leases | |
2,019 | $ 248 |
2,020 | 425 |
2,021 | 136 |
2,022 | 319 |
2,023 | 54 |
Remaining Years | 212 |
Total | 1,394 |
Less income from subleases | (7) |
Net Minimum Operating Lease Payments | $ 1,387 |
Non-Mineral Leases - Operating
Non-Mineral Leases - Operating lease rental (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating lease rental expense | |||
Total rentals | $ 253 | $ 264 | $ 537 |
Less sublease rentals | (16) | (20) | (10) |
Operating Leases, Rent Expense, Total | $ 237 | $ 244 | $ 527 |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
U.S. | ||||
Change in Benefit Obligation | ||||
Recognition of termination benefits | $ 14 | |||
Pension Plans Defined Benefit [Member] | U.S. | ||||
Change in Benefit Obligation | ||||
Benefit obligation at January 1 | $ 3,236 | $ 3,416 | ||
Service cost | 83 | 89 | 108 | |
Interest cost | 99 | 118 | 133 | |
Plan participant contributions | 0 | 0 | ||
Plan amendments | 0 | 0 | ||
Actuarial (gain) loss | (44) | 244 | ||
Benefits paid | (507) | (631) | ||
Curtailment | (4) | 0 | ||
Settlement | (730) | 0 | ||
Recognition of termination benefits | 3 | 0 | ||
Foreign currency exchange rate change | 0 | 0 | ||
Benefit obligation at December 31 | 2,136 | [1] | 3,236 | 3,416 |
Change in Fair Value of Plan Assets | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 2,541 | |||
Actual return on plan assets | (112) | 336 | ||
Company contributions | 144 | 755 | ||
Plan participant contributions | 0 | 0 | ||
Defined Benefit Plan Plan Assets Benefits Paid | (507) | (631) | ||
Settlement | (730) | 0 | ||
Foreign currency exchange rate change | 0 | 0 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,336 | 2,541 | ||
Funded Status | (800) | (695) | ||
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation at January 1 | 3,845 | 3,445 | ||
Service cost | 81 | 77 | 76 | |
Interest cost | 107 | 103 | 120 | |
Plan participant contributions | 2 | 2 | ||
Plan amendments | 7 | 0 | ||
Actuarial (gain) loss | (259) | 52 | ||
Benefits paid | (143) | (117) | ||
Curtailment | (3) | 0 | ||
Settlement | 0 | 0 | ||
Recognition of termination benefits | 0 | 0 | ||
Foreign currency exchange rate change | (199) | 283 | ||
Benefit obligation at December 31 | 3,438 | [1] | 3,845 | 3,445 |
Change in Fair Value of Plan Assets | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 3,647 | |||
Actual return on plan assets | (106) | 313 | ||
Company contributions | 156 | 114 | ||
Plan participant contributions | 2 | 2 | ||
Defined Benefit Plan Plan Assets Benefits Paid | (143) | (117) | ||
Settlement | 0 | |||
Foreign currency exchange rate change | (198) | 267 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 3,358 | 3,647 | ||
Funded Status | (80) | (198) | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation at January 1 | 265 | 286 | ||
Service cost | 1 | 2 | 2 | |
Interest cost | 8 | 9 | 13 | |
Plan participant contributions | 22 | 23 | ||
Plan amendments | 0 | 0 | ||
Actuarial (gain) loss | (10) | 12 | ||
Benefits paid | (67) | (68) | ||
Curtailment | 0 | 0 | ||
Settlement | 0 | 0 | ||
Recognition of termination benefits | 0 | 0 | ||
Foreign currency exchange rate change | (1) | 1 | ||
Benefit obligation at December 31 | 218 | 265 | $ 286 | |
Change in Fair Value of Plan Assets | ||||
Actual return on plan assets | 0 | 0 | ||
Company contributions | 45 | 45 | ||
Plan participant contributions | 22 | 23 | ||
Defined Benefit Plan Plan Assets Benefits Paid | (67) | (68) | ||
Foreign currency exchange rate change | 0 | 0 | ||
Funded Status | $ (218) | $ (265) | ||
[1] | *Accumulated benefit obligation portion of above at December 31: $1,969; $3,066; $3,076; $3,404 |
Employee Benefit Plans - Chan_2
Employee Benefit Plans - Change in Benefit Obligations (Details) (Parenthetical) - Pension Plans Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 1,969 | $ 3,076 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 3,066 | $ 3,404 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts recognized in Balance Sheet And Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts Recognized in the Consolidated Balance Sheet | ||
Noncurrent liabilities | $ (1,764) | $ (1,854) |
Pension Plans Defined Benefit [Member] | U.S. | ||
Amounts Recognized in the Consolidated Balance Sheet | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (59) | (38) |
Noncurrent liabilities | (741) | (657) |
Total recognized | $ (800) | $ (695) |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 | ||
Discount rate | 4.25% | 3.55% |
Rate of compensation increase | 4.00% | 4.00% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | ||
Discount rate | 3.80% | 3.80% |
Expected return on plan assets | 5.80% | 6.55% |
Rate of compensation increase | 4.00% | 4.00% |
Before-tax amounts unrecognized in net periodic postretirement benefit cost | ||
Unrecognized net actuarial loss (gain) | $ 516 | $ 588 |
Unrecognized prior service cost (credit) | 0 | 0 |
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Amounts Recognized in the Consolidated Balance Sheet | ||
Noncurrent assets | 232 | 205 |
Current liabilities | (4) | (4) |
Noncurrent liabilities | (308) | (399) |
Total recognized | $ (80) | $ (198) |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 | ||
Discount rate | 3.05% | 2.80% |
Rate of compensation increase | 3.65% | 3.75% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | ||
Discount rate | 2.90% | 3.00% |
Expected return on plan assets | 4.30% | 5.05% |
Rate of compensation increase | 3.75% | 3.85% |
Before-tax amounts unrecognized in net periodic postretirement benefit cost | ||
Unrecognized net actuarial loss (gain) | $ 310 | $ 358 |
Unrecognized prior service cost (credit) | (4) | (16) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Amounts Recognized in the Consolidated Balance Sheet | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (44) | (45) |
Noncurrent liabilities | (174) | (220) |
Total recognized | $ (218) | $ (265) |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 | ||
Discount rate | 4.05% | 3.30% |
Rate of compensation increase | 0.00% | 0.00% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | ||
Discount rate | 3.30% | 3.60% |
Expected return on plan assets | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% |
Before-tax amounts unrecognized in net periodic postretirement benefit cost | ||
Unrecognized net actuarial loss (gain) | $ (21) | $ (12) |
Unrecognized prior service cost (credit) | $ (216) | $ (249) |
Employee Benefit Plans - Source
Employee Benefit Plans - Sources of Change in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sources of change in other comprehensive income (loss) | |||
Net actuarial gain (loss) arising during the period | $ (150) | $ 19 | $ (481) |
Amortization of (gain) loss included in income | 279 | 247 | 309 |
Net actuarial gain, Before-tax | 129 | 266 | (172) |
Prior service (cost) credit arising during the period | (7) | 2 | 23 |
Amortization of prior service cost (credit) included in net loss | (40) | (38) | (35) |
Net change during the period | (47) | (36) | $ (12) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Sources of change in other comprehensive income (loss) | |||
Net actuarial gain (loss) arising during the period | 10 | (12) | |
Amortization of (gain) loss included in income | (1) | (3) | |
Net actuarial gain, Before-tax | 9 | (15) | |
Prior service (cost) credit arising during the period | 0 | 0 | |
Amortization of prior service cost (credit) included in net loss | (35) | (36) | |
Net change during the period | (35) | (36) | |
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |||
Unrecognized net actuarial loss (gain) | (2) | ||
Unrecognized prior service cost (credit) | (33) | ||
Pension Plans Defined Benefit [Member] | U.S. | |||
Sources of change in other comprehensive income (loss) | |||
Net actuarial gain (loss) arising during the period | (177) | (40) | |
Amortization of (gain) loss included in income | 249 | 200 | |
Net actuarial gain, Before-tax | 72 | 160 | |
Prior service (cost) credit arising during the period | 0 | 0 | |
Amortization of prior service cost (credit) included in net loss | 0 | 4 | |
Net change during the period | 0 | 4 | |
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |||
Unrecognized net actuarial loss (gain) | 52 | ||
Unrecognized prior service cost (credit) | 0 | ||
Pension Plans Defined Benefit [Member] | Foreign Plan [Member] | |||
Sources of change in other comprehensive income (loss) | |||
Net actuarial gain (loss) arising during the period | 17 | 71 | |
Amortization of (gain) loss included in income | 31 | 50 | |
Net actuarial gain, Before-tax | 48 | 121 | |
Prior service (cost) credit arising during the period | (7) | 2 | |
Amortization of prior service cost (credit) included in net loss | (5) | (6) | |
Net change during the period | (12) | $ (4) | |
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |||
Unrecognized net actuarial loss (gain) | 31 | ||
Unrecognized prior service cost (credit) | $ (2) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net periodic benefit cost of all defined benefit plans | |||
Curtailments (gain) loss | $ 0 | ||
U.S. | |||
Net periodic benefit cost of all defined benefit plans | |||
Curtailments (gain) loss | $ 15 | ||
Pension Plans Defined Benefit [Member] | U.S. | |||
Net periodic benefit cost of all defined benefit plans | |||
Service cost | 83 | $ 89 | 108 |
Interest cost | 99 | 118 | 133 |
Expected return on plan assets | (114) | (132) | (149) |
Amortization of prior service cost (credit) | 0 | 4 | 5 |
Recognized net actuarial loss (gain) | 53 | 69 | 86 |
Pension settlement losses | 196 | 131 | 202 |
Curtailments (gain) loss | 0 | 0 | 14 |
Net periodic benefit cost | 317 | 279 | 399 |
Pension Plans Defined Benefit [Member] | Foreign Plan [Member] | |||
Net periodic benefit cost of all defined benefit plans | |||
Service cost | 81 | 77 | 76 |
Interest cost | 107 | 103 | 120 |
Expected return on plan assets | (155) | (158) | (147) |
Amortization of prior service cost (credit) | (5) | (6) | (6) |
Recognized net actuarial loss (gain) | 31 | 50 | 26 |
Pension settlement losses | 0 | 0 | 0 |
Curtailments (gain) loss | 0 | 0 | 0 |
Net periodic benefit cost | 59 | 66 | 69 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Net periodic benefit cost of all defined benefit plans | |||
Service cost | 1 | 2 | 2 |
Interest cost | 8 | 9 | 13 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (35) | (36) | (34) |
Recognized net actuarial loss (gain) | (1) | (3) | (2) |
Pension settlement losses | 0 | 0 | 0 |
Curtailments (gain) loss | 0 | 0 | 1 |
Net periodic benefit cost | $ (27) | $ (28) | $ (20) |
Employee Benefit Plans - Fair v
Employee Benefit Plans - Fair values of pension plan assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Disclosure Item Amounts [Domain] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | $ 1,249 | $ 2,439 |
Fair Value, Disclosure Item Amounts [Domain] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 3,345 | 3,636 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 252 | 501 |
Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2,442 | 2,500 |
US Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 94 | 175 |
US Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 371 | 440 |
International Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 80 | 178 |
International Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 241 | 315 |
Mutual Funds -Equity [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 76 | 146 |
Mutual Funds -Equity [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 394 | 457 |
Common Collective Trust Equity Securities [Member] | Portion at Net Asset Value [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 364 | 805 |
Common Collective Trust Equity Securities [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 153 | 183 |
Debt Security, Government, Non-US [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 889 | 902 |
Debt Security, Corporate, US [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2 | 2 |
Debt Security, Corporate, Non-US [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 172 | |
Debt Security Mutual Fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 363 | 144 |
Agency and Mortgage Backed Securities(Debt Securities) [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 15 | |
Defined Benefit Plan, Common Collective Trust [Member] | Portion at Net Asset Value [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 548 | 1,042 |
Defined Benefit Plan, Common Collective Trust [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 641 | 648 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 71 | 111 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Portion at Net Asset Value [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 5 | 17 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 24 |
Bank Time Deposits [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 6 | 3 |
Defined Benefit Plan, Derivative [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | (17) | 5 |
Defined Benefit Plan, Derivative [Member] | Portion at Net Asset Value [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 80 | |
Defined Benefit Plan, Derivative [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 109 | |
Defined Benefit Plan, Real Estate [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 124 | 123 |
Defined Benefit Plan, Real Estate [Member] | Portion at Net Asset Value [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 74 | |
Defined Benefit Plan, Real Estate [Member] | Portion at Net Asset Value [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 94 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Disclosure Item Amounts [Domain] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 230 | 485 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Disclosure Item Amounts [Domain] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2,137 | 2,212 |
Fair Value, Inputs, Level 1 [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 230 | 485 |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2,137 | 2,212 |
Fair Value, Inputs, Level 1 [Member] | US Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 74 | 161 |
Fair Value, Inputs, Level 1 [Member] | US Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 371 | 440 |
Fair Value, Inputs, Level 1 [Member] | International Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 80 | 178 |
Fair Value, Inputs, Level 1 [Member] | International Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 241 | 315 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds -Equity [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 76 | 146 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds -Equity [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 213 | 292 |
Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 889 | 902 |
Fair Value, Inputs, Level 1 [Member] | Debt Security, Corporate, US [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Debt Security Mutual Fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 363 | 144 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 71 | 111 |
Fair Value, Inputs, Level 1 [Member] | Bank Time Deposits [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 6 | 3 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Derivative [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | (17) | 5 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Real Estate [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Disclosure Item Amounts [Domain] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2 | 2 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Disclosure Item Amounts [Domain] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 181 | 165 |
Fair Value, Inputs, Level 2 [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2 | 2 |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 181 | 165 |
Fair Value, Inputs, Level 2 [Member] | US Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | US Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | International Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | International Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds -Equity [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds -Equity [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 181 | 165 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Corporate, US [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 2 | 2 |
Fair Value, Inputs, Level 2 [Member] | Debt Security Mutual Fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Bank Time Deposits [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Derivative [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Real Estate [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Disclosure Item Amounts [Domain] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 20 | 14 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Disclosure Item Amounts [Domain] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 124 | 123 |
Fair Value, Inputs, Level 3 [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 20 | 14 |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 124 | 123 |
Fair Value, Inputs, Level 3 [Member] | US Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 20 | 14 |
Fair Value, Inputs, Level 3 [Member] | US Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | International Equity Securities [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | International Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds -Equity [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds -Equity [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Debt Security, Corporate, US [Member] | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Debt Security Mutual Fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Bank Time Deposits [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Derivative [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Real Estate [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Selected Plan Assets | $ 124 | $ 123 |
Employee Benefit Plans - Fair_2
Employee Benefit Plans - Fair values of pension plan assets (Details) (Parenthetical) - Fair Value, Inputs, Level 3 [Member] - Insurance Contract Rights And Obligations Fair Value Option [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value Of Participating Interest In Annuity Contract | $ 84 | $ 99 |
Net payables related to security transactions | $ 16 | $ 14 |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | |||
Compensation cost | $ 265 | $ 227 | $ 272 |
Tax benefit | 64 | $ 76 | $ 92 |
Pension Plans Defined Benefit [Member] | U.S. | |||
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | |||
2,019 | 400 | ||
2,020 | 251 | ||
2,021 | 232 | ||
2,022 | 222 | ||
2,023 | 216 | ||
2024-2027 | 880 | ||
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | |||
2,019 | 123 | ||
2,020 | 129 | ||
2,021 | 137 | ||
2,022 | 138 | ||
2,023 | 143 | ||
2024-2027 | 788 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Benefit payments excluding the participating annuity contract and which reflect expected future service, as appropriate, are expected to be paid: | |||
2,019 | 36 | ||
2,020 | 34 | ||
2,021 | 30 | ||
2,022 | 27 | ||
2,023 | 24 | ||
2024-2027 | $ 69 |
Employee Benefit Plans - Severa
Employee Benefit Plans - Severances (Details) - Short term supplemental unemployment benefits [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Supplemental Unemployment Benefits [Line Items] | |
Balance at December 31, 2018 | $ 23 |
Employee Severance [Member] | |
Supplemental Unemployment Benefits [Line Items] | |
Balance at December 31, 2017 | 53 |
Accruals | 70 |
Benefit payments | (73) |
Foreign currency translation adjustments | (2) |
Balance at December 31, 2018 | $ 48 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assumptions used | |||
Risk-free interest rate | 0.00% | 2.24% | 1.55% |
Dividend yield | 0.00% | 4.00% | 4.00% |
Volatility factor | 0.00% | 28.12% | 26.80% |
Expected life (years) | 6 years 4 months 21 days | 6 years 4 months 13 days |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock option activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Summary of Stock Options Activity | |
Weighted-Average Exercise Price at the beginning of year | $ / shares | $ 52.18 |
Weighted-Average Exercise Price, exercised | $ / shares | 45.71 |
Weighted-Average Exercise Price, forfeited | $ / shares | 58.23 |
Weighted-Average Exercise Price, expired or canceled | $ / shares | 60.53 |
Weighted-Average Exercise Price at the end of year | $ / shares | 52.88 |
Weighted-Average Exercise Price, Vested | $ / shares | 53.16 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 54.89 |
Aggregate Intrinsic Value, outstanding at the beginning of the year | $ | $ 177 |
Aggregate Intrinsic Value, exercised | $ | 94 |
Aggregate Intrinsic Value, outstanding at the end of the year | $ | 214 |
Aggregate Intrinsic Value, vested | $ | 204 |
Aggregate Intrinsic Value, exercisable | $ | $ 152 |
Stock option, Outstanding at the beginning of year | shares | 24,722,803 |
Stock option, exercised | shares | (3,903,130) |
Stock option, forfeited | shares | (84,694) |
Stock option, expired or cancelled | shares | (1,355,302) |
Stock options, Outstanding at the end of year | shares | 19,379,677 |
Stock option, Vested | shares | 18,820,388 |
Stock option, Exercisable at End of Year | shares | 16,213,002 |
Employee Benefit Plans - Stoc_2
Employee Benefit Plans - Stock unit activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Summary of stock unit activity | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 16,213,002 |
RSU Stock Settled [Member] | |
Summary of stock unit activity | |
Stock Units, Outstanding Beginning of year | 7,826,852 |
Stock Units, Granted | 2,465,100 |
Stock Units, Forfeited / Cancelled | (173,265) |
Stock Units, Issued/Settled | (2,571,714) |
Stock Units, Outstanding End of year | 7,546,973 |
Not Vested at End of Year | 5,090,209 |
Weighted-Average Grant-Date Fair Value, beginning of year | $ / shares | $ 45.75 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 52.45 |
Weighted-Average Grant-Date Fair Value, Forfeited / Cancelled | $ / shares | 45.72 |
Weighted-Average Grant-Date Fair Value, ending of year | $ / shares | 43.41 |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $ / shares | $ 43.69 |
Total Fair Value, Issued | $ | $ 154 |
RSU Cash Settled [Member] | |
Summary of stock unit activity | |
Stock Units, Outstanding Beginning of year | 0 |
Stock Units, Granted | 393,571 |
Stock Units, Forfeited / Cancelled | (3,849) |
Stock Units, Issued/Settled | (13,114) |
Stock Units, Outstanding End of year | 376,608 |
Not Vested at End of Year | 90,254 |
Weighted-Average Grant-Date Fair Value, beginning of year | $ / shares | $ 0 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 53.68 |
Weighted-Average Grant-Date Fair Value, Forfeited / Cancelled | $ / shares | 59.17 |
Weighted-Average Grant-Date Fair Value, ending of year | $ / shares | 62.21 |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $ / shares | $ 62.21 |
Total Fair Value, Issued | $ | $ 1 |
Employee Benefit Plans - Perfor
Employee Benefit Plans - Performance share activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
PSU Stock Settled [Member] | |
Summary of Performance Share Program activity | |
Stock Units, Outstanding Beginning of year | 2,753,465 |
Stock Units, Granted | 19,708 |
Stock Units, Forfeited / Cancelled | (2,859) |
Stock Units, Issued/Settled | (434,772) |
Stock Units, Outstanding End of year | 2,335,542 |
Not Vested at End of Year | 58,914 |
Weighted-Average Grant-Date Fair Value, beginning of year | $ / shares | $ 50.79 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 53.28 |
Weighted-Average Grant-Date Fair Value, Forfeited / Cancelled | $ / shares | 48.89 |
Weighted-Average Grant-Date Fair Value, ending of year | $ / shares | 50.45 |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $ / shares | $ 48.41 |
Total Fair Value, Issued | $ | $ 29 |
PSU Cash Settled [Member] | |
Summary of Performance Share Program activity | |
Stock Units, Outstanding Beginning of year | 1,214,533 |
Stock Units, Granted | 321,965 |
Stock Units, Forfeited / Cancelled | (9,282) |
Stock Units, Issued/Settled | (396,209) |
Stock Units, Outstanding End of year | 1,131,007 |
Not Vested at End of Year | 87,900 |
Weighted-Average Grant-Date Fair Value, beginning of year | $ / shares | $ 55.19 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 53.28 |
Weighted-Average Grant-Date Fair Value, Forfeited / Cancelled | $ / shares | 59.17 |
Weighted-Average Grant-Date Fair Value, ending of year | $ / shares | 62.21 |
Weighted-Average Grant-Date Fair Value Not Vested, ending of year | $ / shares | $ 62.21 |
Total Fair Value, Issued | $ | $ 22 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted shares and units (Details) - Restricted Stock Units (RSUs) [Member] - Discontinued Operations [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Summary of aggregate activity of restricted shares and units | |
Stock Units, Outstanding Beginning of year | 1,301,040 |
Stock Units, Granted | 70,922 |
Stock Units, Forfeited / Cancelled | (1,334) |
Stock Units, Issued/Settled | (263,313) |
Stock Units, Outstanding End of year | 1,107,315 |
Not Vested at End of Year | 0 |
Weighted-Average Grant-Date Fair Value, beginning of year | $ / shares | $ 45.77 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 62.01 |
Weighted-Average Grant-Date Fair Value, Forfeited / Cancelled | $ / shares | 23.09 |
Weighted-Average Grant-Date Fair Value, ending of year | $ / shares | $ 46.57 |
Total Fair Value, Issued | $ | $ 17 |
Employee Benefits Plans (Detail
Employee Benefits Plans (Details Textual) - USD ($) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 01, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments | $ 0 | ||||
Percent Amortized Of Unamortized Balance For Net Actuarial Gain And Losses | 10.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 0.00% | ||||
Company contributions charged to expense for defined contribution plan | $ 82,000,000 | $ 77,000,000 | $ 58,000,000 | ||
Other Comprehensive Income, Defined Benefit Plan, Net Prior Service Cost (Credit) Arising During Period, before Tax | 7,000,000 | (2,000,000) | (23,000,000) | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 | ||
Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments | 0 | 0 | (1,000,000) | ||
Defined Benefit Plan Special Termination Benefits | 0 | 0 | |||
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | |||
Defined Benefit Plan, Plan Amendments | 0 | 0 | |||
Other Comprehensive Income, Defined Benefit Plan, Net Prior Service Cost (Credit) Arising During Period, before Tax | $ 0 | 0 | |||
Share-based Compensation Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share Based Compensation Plan, number of shares authorized | 79 | ||||
Share-based Compensation Plan | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | ||||
Share-based Compensation Plan | Incentive Stock Options [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share Based Compensation Plan, number of shares authorized | 40 | ||||
Company Retirement Contribution (CRC) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ||||
Defined Contribution Plan Employers Vesting Period | 3 years | ||||
Defined contribution plan employers vesting percent | 100.00% | ||||
Unfunded Plan [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Tax-qualified pension plans with projected benefit obligations in excess of plan assets | $ 586,000,000 | 578,000,000 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 504,000,000 | 503,000,000 | |||
Qualified Plan [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Tax-qualified pension plans with projected benefit obligations in excess of plan assets | 4,110,000,000 | 5,634,000,000 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 3,768,000,000 | 5,226,000,000 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 3,702,000,000 | 5,113,000,000 | |||
U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments | (15,000,000) | ||||
Defined Benefit Plan Special Termination Benefits | 14,000,000 | ||||
Defined Contribution Plan Maximum Annual Contributions Per Employee Percent | 75.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 1.00% | ||||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 6.00% | ||||
Employer Matching Discretionary Contribution Percent | 6.00% | ||||
Company contributions charged to expense for defined contribution plan | $ 82,000,000 | 77,000,000 | 58,000,000 | ||
U.S. | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Accumulated Benefit Obligation | 1,969,000,000 | 3,076,000,000 | |||
Fair values of our pension plan assets | 1,336,000,000 | 2,541,000,000 | $ 2,541,000,000 | $ 2,081,000,000 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (196,000,000) | (131,000,000) | (202,000,000) | ||
Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments | 0 | 0 | (14,000,000) | ||
Defined Benefit Plan Special Termination Benefits | 3,000,000 | 0 | |||
Defined Benefit Plan, Actual Return on Plan Assets | (112,000,000) | 336,000,000 | |||
Defined Benefit Plan, Plan Amendments | 0 | 0 | |||
Other Comprehensive Income, Defined Benefit Plan, Net Prior Service Cost (Credit) Arising During Period, before Tax | 0 | 0 | |||
U.S. | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 195,000,000 | ||||
Number Of Investment Funds In Which Employee Can Contribute [Member] | 34 | ||||
U.S. | Pre 65 Retiree [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.00% | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,024 | ||||
U.S. | Post Sixty Five Retiree [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||||
U.S. | Qualified Plan [Member] | Pension Plans Defined Benefit [Member] | Prudential Benefit Obligation [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change In Defined Benefit Obligation | $ 730,000,000 | ||||
Change In Defined Benefit Assets | (730,000,000) | ||||
Foreign Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Company contributions charged to expense for defined contribution plan | 31,000,000 | 35,000,000 | 44,000,000 | ||
Foreign Plan [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Accumulated Benefit Obligation | 3,066,000,000 | 3,404,000,000 | |||
Fair values of our pension plan assets | 3,358,000,000 | 3,647,000,000 | $ 3,647,000,000 | $ 3,068,000,000 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 | ||
Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments | 0 | 0 | 0 | ||
Defined Benefit Plan Special Termination Benefits | 0 | 0 | |||
Defined Benefit Plan, Actual Return on Plan Assets | (106,000,000) | 313,000,000 | |||
Defined Benefit Plan, Plan Amendments | 7,000,000 | 0 | |||
Other Comprehensive Income, Defined Benefit Plan, Net Prior Service Cost (Credit) Arising During Period, before Tax | 7,000,000 | $ (2,000,000) | |||
Foreign Plan [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 185,000,000 | ||||
Europe [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Special Termination Benefits | $ 1,000,000 | ||||
Special pension termination benefits recoverable from partner | 0.00% | ||||
Equity Securities [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets | 39.00% | ||||
Debt Securities [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets | 54.00% | ||||
Real Estate [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets | 6.00% | ||||
Other Investments [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets | 1.00% | ||||
Fair Value, Inputs, Level 3 [Member] | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Accumulated Benefit Obligation | $ 144,000,000 | $ 166,000,000 | |||
Fair Value, Inputs, Level 3 [Member] | U.S. | Pension Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | (22,000,000) | ||||
Defined Benefit Plan, Actual Return on Plan Assets | $ (37,000,000) |
Employee Benefits Plans (Deta_2
Employee Benefits Plans (Details Textual 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Aggregate Intrinsic Value, exercised | $ 94,000 | ||
Employee Stock Option [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Aggregate Intrinsic Value, exercised | $ 4,000 | $ 0 | |
Stock Options Terms of Award | Stock options granted under the provisions of the Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average fair market value of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of grant. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. Beginning in 2018, stock option grants were discontinued and replaced with three-year, time-vested restricted stock units which generally will be cash-settled. | ||
Stock Options Vested [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Weighted-average remaining contractual term of outstanding options | 5 years 1 month 28 days | ||
Weighted-average remaining contractual term of vested options | 5 years 1 month 2 days | ||
Weighted-average remaining contractual term exercisable | 4 years 8 months 9 days | ||
Weighted-Average Grant-Date Fair Value, granted | $ 9.18 | $ 5.39 | |
Cash received from exercise of stock options | $ 178,000 | ||
Tax benefit from exercise of options | 18,000 | ||
Unrecognized compensation cost from stock options | $ 2,000 | ||
Weighted average period of recognition of unvested options, in months | 10 months 13 days | ||
Stock Options Vested [Member] | Share-based Compensation Plan | Maximum [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Longest weighted-average period of recognition of unvested options, in months | 1 year 1 month 13 days | ||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Stock Options Terms of Award | Generally, restricted stock units are granted annually under the provisions of the Plan and vest in an aggregate installment on the third anniversary of the grant date. In addition, restricted stock units granted under the Plan for a variable long-term incentive program vest ratably in three equal annual installments beginning on the first anniversary of the grant date. Restricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award | ||
RSU Stock Settled [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Total Fair Value, Issued | $ 154,000 | ||
RSU Stock Settled [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Weighted-Average Grant-Date Fair Value, granted | $ 48.77 | $ 32.15 | |
Unrecognized compensation cost from stock options | $ 88,000 | ||
Weighted average period of recognition of unvested options, in months | 1 year 8 months 5 days | ||
Total Fair Value, Issued | $ 159,000 | $ 191,000 | |
Stock Options Terms of Award | Upon vesting, these restricted stock units are settled by issuing one share of ConocoPhillips common stock per unit. Units awarded to retirement eligible employees vest six months from the grant date; however, those units are not issued as common stock until the earlier of separation from the company or the end of the regularly scheduled vesting period. Until issued as stock, most recipients of the restricted stock units receive a quarterly cash payment of a dividend equivalent that is charged to retained earnings. The grant date fair market value of these restricted stock units is deemed equal to the average ConocoPhillips stock price on the grant date. The grant date fair market value of units that do not receive a dividend equivalent while unvested is deemed equal to the average ConocoPhillips stock price on the grant date, less the net present value of the dividends that will not be received | ||
RSU Stock Settled [Member] | Share-based Compensation Plan | Maximum [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Longest weighted-average period of recognition of unvested options, in months | 2 years 9 months 4 days | ||
RSU Cash Settled [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Total Fair Value, Issued | $ 1,000 | ||
RSU Cash Settled [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Unrecognized compensation cost from stock options | $ 3,000 | ||
Weighted average period of recognition of unvested options, in months | 1 year 9 months 15 days | ||
Stock Options Terms of Award | Beginning in 2018, cash-settled executive restricted stock units replaced the stock option program. These restricted stock units, subject to elections to defer, will be settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. Units awarded to retirement eligible employees vest six months from the grant date; however, those units are not settled until the earlier of separation from the company or the end of the regularly scheduled vesting period. Compensation expense is initially measured using the average fair market value of ConocoPhillips common stock and is subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the settlement date. Recipients receive an accrued reinvested dividend equivalent that is charged to compensation expense. The accrued reinvested dividend is paid at the time of settlement, subject to the terms and conditions of the award. | ||
RSU Cash Settled [Member] | Share-based Compensation Plan | Maximum [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Longest weighted-average period of recognition of unvested options, in months | 2 years 1 month 13 days | ||
PSU Stock Settled [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Total Fair Value, Issued | $ 29,000 | ||
PSU Stock Settled [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Weighted-Average Grant-Date Fair Value, granted | $ 49.76 | $ 33.13 | |
Unrecognized compensation cost from stock options | $ 0 | ||
Total Fair Value, Issued | $ 57,000 | $ 17,000 | |
Stock Options Terms of Award | For performance periods beginning before 2009, PSUs do not vest until the employee becomes eligible for retirement by reaching age 55 with five years of service, and restrictions do not lapse until the employee separates from the company. With respect to awards for performance periods beginning in 2009 through 2012, PSUs do not vest until the earlier of the date the employee becomes eligible for retirement by reaching age 55 with five years of service or five years after the grant date of the award, and restrictions do not lapse until the earlier of the employee’s separation from the company or five years after the grant date (although recipients can elect to defer the lapsing of restrictions until separation). We recognize compensation expense for these awards beginning on the grant date and ending on the date the PSUs are scheduled to vest. Since these awards are authorized three years prior to the grant date, for employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Until issued as stock, recipients of the PSUs receive a quarterly cash payment of a dividend equivalent that is charged to retained earnings. Beginning in 2013, PSUs authorized for future grants will vest, absent employee election to defer, upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. PSUs are settled by issuing one share of ConocoPhillips common stock per unit. | ||
PSU Cash Settled [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Total Fair Value, Issued | $ 22,000 | ||
PSU Cash Settled [Member] | Share-based Compensation Plan | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Weighted-Average Grant-Date Fair Value, granted | $ 49.76 | $ 33.13 | |
Unrecognized compensation cost from stock options | $ 1,000 | ||
Weighted average period of recognition of unvested options, in months | 10 months 21 days | ||
Total Fair Value, Issued | $ 24,000 | $ 31,000 | |
Stock Options Terms of Award | Beginning in February 2014, initial target PSU awards are issued near the beginning of new performance periods. These initial target PSU awards will terminate at the end of the performance periods and will be settled after the performance periods have ended. Also in 2014, initial target PSU awards were issued for open performance periods that began in prior years. For the open performance period beginning in 2012, the initial target PSU awards terminated at the end of the three-year performance period and were replaced with approved PSU awards. For the open performance period beginning in 2013, the initial target PSU awards terminated at the end of the three-year performance period and were settled after the performance period ended. | ||
PSU Cash Settled [Member] | Share-based Compensation Plan | Maximum [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Longest weighted-average period of recognition of unvested options, in months | 1 year 1 month 17 days | ||
Other [Member] | |||
Employee Benefit Plans Additional (Textual) [Abstract] | |||
Weighted-Average Grant-Date Fair Value, granted | $ 48.87 | $ 40.36 | |
Total Fair Value, Issued | $ 4,000 | $ 2,000 |
Income Taxes - Components of pr
Income Taxes - Components of provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal | |||
Current | $ 4 | $ 79 | $ (9) |
Deferred | 545 | (3,046) | (1,634) |
Foreign | |||
Current | 3,273 | 1,729 | 393 |
Deferred | (166) | (510) | (519) |
State and local | |||
Current | 108 | 51 | (135) |
Deferred | (96) | (125) | (67) |
Total provision (benefit) for income taxes | $ 3,668 | $ (1,822) | $ (1,971) |
Income Taxes - Components of de
Income Taxes - Components of deferred tax liabilties and assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Liabilities | ||
Properties, plants and equipment, and intangibles | $ 8,004 | $ 9,692 |
Inventory | 60 | 61 |
Deferred state income tax | 61 | 178 |
Other | 156 | 464 |
Total deferred tax liabilities | 8,281 | 10,395 |
Deferred Tax Assets | ||
Benefit plan accruals | 641 | 786 |
Asset retirement obligations and accrued environmental costs | 2,891 | 3,060 |
Investments in joint ventures (Asset) | 104 | 57 |
Other financial accruals and deferrals | 330 | 166 |
Loss and credit carryforwards | 2,378 | 2,310 |
Other | 398 | 152 |
Total deferred tax assets | 6,742 | 6,531 |
Less valuation allowance | (3,040) | (1,254) |
Net deferred tax assets | 3,702 | 5,277 |
Total deferred tax liabilities | $ 4,579 | $ 5,118 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of the beginning and ending unrecognized tax benefits | |||
Unrecognized Tax Benefits, Balance at January 1 | $ 882 | $ 381 | $ 459 |
Additions based on tax positions related to the current year | 268 | 612 | 32 |
Additions for tax positions of prior years | 43 | 109 | 19 |
Reductions for tax positions of prior years | (73) | (129) | (118) |
Settlements | (35) | (5) | (9) |
Lapse of statute | (4) | (86) | (2) |
Unrecognized Tax Benefits, Balance at December 31 | $ 1,081 | $ 882 | $ 381 |
Income Taxes - Carryforwards (D
Income Taxes - Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
U.S. foreign tax credits | $ 1,016 | |
U.S. general business credits | 364 | |
State net operating losses and tax credits | 312 | |
Foreign net operating losses and tax credits | 686 | |
Total loss and credit carryforwards | 2,378 | $ 2,310 |
DTA Net of Valuation Allowance, U.S. foreign tax credits | 17 | |
DTA Net of Valuation Allowance, U.S. general business tax credits | 364 | |
DTA Net of Valuation Allowance, State net operating losses and tax credits | 32 | |
DTA Net of Valuation Allowance, Foreign net operating losses and tax credits | 647 | |
Total DTA, Net of Valuation Allowance, Tax Credits And Operating Loss Carryforwards | $ 1,060 | |
Epiration date of U.S. foreign tax credits | 2,027 | |
Expiration date of U.S. general business credits | 2036-2038 | |
Expiration date of Foreign net operating losses and tax credits | Post 2,025 |
Income Taxes - U.S. and foreign
Income Taxes - U.S. and foreign income (loss) from continuing operations before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Income (loss) before taxes - United States | $ 2,867 | $ (5,250) | $ (4,410) |
Income Loss Before Income Taxes Foreign | 7,106 | 2,635 | (1,120) |
Income (loss) before income taxes | 9,973 | (2,615) | (5,530) |
Federal statutory income tax | 2,095 | (915) | (1,936) |
Non-U.S. effective tax rates | 1,766 | 625 | 361 |
Tax Legislation | (10) | (852) | 0 |
Canada disposition | 0 | (1,277) | 0 |
U.K. disposition | (150) | 0 | 0 |
Recovery of outside basis | (21) | (962) | (60) |
Adjustment to tax reserves, amount | (4) | 881 | 55 |
Adjustment to valuation allowances | (26) | 0 | 0 |
APLNG impairment | 0 | 834 | 0 |
State income tax | 135 | (84) | (122) |
Enhanded oil recovery credit | (99) | (68) | (62) |
U.K. Rate Change | 0 | 0 | (161) |
Other | (18) | (4) | (46) |
Total provision (benefit) for income taxes | $ 3,668 | $ (1,822) | $ (1,971) |
Income (loss) before income taxes, United States, Percentage | 28.70% | 200.80% | 79.70% |
Income (loss) before income taxes, foreign, percentage | 71.30% | (100.80%) | 20.30% |
Income (Loss) Before Income Taxes In Percent | 100.00% | 100.00% | 100.00% |
Federal statutory rate percentage | 21.00% | 35.00% | 35.00% |
Non US effective tax rates percentage | 17.70% | (23.90%) | (6.50%) |
Tax legislation, percentage | (0.10%) | 32.60% | 0.00% |
Canada disposition, percentage | 0.00% | 48.80% | 0.00% |
U.K. disposition, percentage | (1.50%) | 0.00% | 0.00% |
Recovery of outside basis, percentage | (0.20%) | 36.80% | 1.10% |
Adjustment to valuation allowances | (0.30%) | 0.00% | 0.00% |
APLNG Impairment, percentage | 0.00% | (31.90%) | 0.00% |
State income tax, percentage | 1.40% | 3.20% | 2.20% |
Enhanced oil recovery, percentage | (1.00%) | 2.60% | 1.10% |
U.K. rate change, percentage | 0.00% | 0.00% | 2.90% |
Other, percentage | (0.20%) | 0.20% | 0.80% |
Adjustment to tax reserves, percentage | 0.00% | (33.70%) | (1.00%) |
Effective Income Tax Rate, Continuing Operations, percetage | 36.80% | 69.70% | 35.60% |
Income Taxes - Textuals (Detail
Income Taxes - Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | |||
Deferred taxes Included in long-term assets | $ 442 | $ 164 | |
Deferred taxes Included in long-term liabilities | 5,021 | 5,282 | |
Increase (decrease) in valuation allowance | 1,786 | ||
Undistributed Earnings of Foreign Subsidiaries | 3,808 | ||
Estimated Tax Payable On Undistributed Unremitted Foreign Income | 190 | ||
Unrecognized tax benefits that if recognized, would affect effective tax rate | 1,081 | 882 | $ 359 |
Accrued liabilities for interest and penalties | 45 | 54 | 54 |
Interest and penalties (benefiting) charging earnings | (4) | (18) | |
Tax Legislation | (10) | (852) | 0 |
Tax Cuts and Jobs Act, Decrease in Deferred Tax Liability due to Transition Tax | 10 | 908 | |
One time tranisition tax | 56 | ||
Adjustment to valuation allowances | (26) | 0 | 0 |
U.K. Rate Change | 0 | 0 | (161) |
Income Tax Expense (Benefit) | 3,668 | (1,822) | (1,971) |
Clair Field [Member] | |||
Income Tax Examination [Line Items] | |||
Gain (Loss) on Sale of Oil and Gas Property | 715 | ||
Income Tax Expense (Benefit) | 0 | ||
Foster Creek Christina Lake (FCCL) and western Canada gas properties [Member] | |||
Income Tax Examination [Line Items] | |||
Increase (decrease) in valuation allowance | 822 | ||
Tax impact of Canada disposition | (1,277) | ||
Income Tax Expense (Benefit) | (822) | ||
Certain Jurisdictions Outside Of Domestic [Member] | |||
Income Tax Examination [Line Items] | |||
Worthless Security Deduction | $ 36 | $ 962 | $ 60 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Defined Benefit Plans, Beginning Balance | $ (400) | $ (547) | $ (443) | |
Other Comprehensive Income (Loss), Defined Benefit Plans | (39) | (147) | 104 | |
Defined Benefit Plans, Ending Balance | (361) | (400) | (547) | |
Net Unrealized Gain on Securities, Beginning Balance | (58) | 0 | ||
Unrealized loss on securities, net of tax | (58) | |||
Net Unrealized Gain on Securities, Ending Balance | 0 | (58) | 0 | |
Foreign Currency Translation, Beginning Balance | (5,060) | (5,646) | (5,804) | |
Other comprehensive income (loss), Foreign Currency Translation | (642) | 586 | 158 | |
Foreign Currency Translation, Ending Balance | (5,702) | (5,060) | (5,646) | |
Accumulated Other Comprehensive Income (loss), Beginning Balance | (5,518) | (6,193) | (6,247) | |
Other comprehensive income (loss), net of tax | (603) | 675 | 54 | |
Accumulated Other Comprehensive Income (loss), Ending Balance | (6,063) | (5,518) | $ (6,193) | |
Adjustments for New Accounting Pronouncement [Member] | ||||
Accumulated Other Comprehensive Income (loss), Beginning Balance | (5,518) | |||
Accumulated Other Comprehensive Income (loss), Ending Balance | $ (5,518) | |||
ASU 2016-01 Accounting for Cenovus Shares [Member] | Restatement Adjustment [Member] | ||||
Other comprehensive income (loss), Foreign Currency Translation | [1] | $ 58 | ||
[1] | *See Note 2—Changes in Accounting Principles for additional information. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Reclassifications out of other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive (Income) Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans, Net Of Tax | [1],[2] | $ 189 | $ 135 |
Other Comprehensive (Income) Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans, Tax | $ 50 | $ 74 | |
[1] | Above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of: $50 $74 | ||
[2] | See Note 17—Employee Benefit Plans, for additional information. |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||
Increase in PP&E related to increase in asset retirement obligations | $ 395 | $ (37) | $ (1,017) | |
Interest Paid, Net | 772 | 1,163 | 1,151 | |
Income Taxes Paid, Net | [1] | 2,976 | 1,168 | (318) |
Payments for (Proceeds from) Short-term Investments [Abstract] | ||||
Short-term investments purchased | (1,953) | (6,617) | (1,753) | |
Short-term investments sold | 3,573 | 4,827 | 1,702 | |
Net Sales (Purchases) of Short-Term Investments | (1,620) | $ 1,790 | $ 51 | |
Nonmonetary Transactions [Abstract] | ||||
Accounts receivable Acquired | (44) | |||
Inventories Acquired | 42 | |||
Investments Acquired | 15 | |||
PPE Acquired | 1,907 | |||
Other Long Term Assets Acquired | (9) | |||
Accounts Payable | 7 | |||
Accrued income and other taxes | $ 40 | |||
[1] | 2016 is net of $585 million related to refunds received from the Internal Revenue Service. |
Cash Flow Information - Parenth
Cash Flow Information - Parenthetical (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow Information [Abstract] | |||
Proceeds From Income Tax Refunds | $ 585 | ||
Discretionary payment to domestic qualified pension plan. | $ 120 | $ 600 | |
Burlington Resources Inc Vs The Republic Of Ecuador [Member] | |||
Loss Contingencies [Line Items] | |||
Cash Proceeds from Legal Settlements | 262 | 75 | |
Conoco Phillips Vs Petroleos de Venezuela SA [Member] | |||
Loss Contingencies [Line Items] | |||
Cash Proceeds from Legal Settlements | 200 | ||
Proceeds from Sale of Inventory | $ 230 | ||
Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Payments for Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 180 |
Other Financial Information (De
Other Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Segment Reporting Information [Line Items] | |||||
Production and operating expenses | $ 5,213 | $ 5,162 | [1] | $ 5,643 | [1] |
Foreign Currency Transaction [Abstract] | |||||
Foreign currency transaction gain loss after tax | (13) | 31 | (26) | ||
Incurred | |||||
Debt | 838 | 1,114 | 1,279 | ||
Other | 67 | 103 | 123 | ||
Interest Costs Incurred, Total | 905 | 1,217 | 1,402 | ||
Capitalized | (170) | (119) | (157) | ||
Expensed | 735 | 1,098 | 1,245 | ||
Other Income | |||||
Interest income | 97 | 112 | 57 | ||
Other, net | 76 | 417 | 198 | ||
Other Nonoperating Income | 173 | 529 | 255 | ||
Research and Development Expenditures - expensed | 78 | 100 | 116 | ||
Shipping and Handling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Production and operating expenses | 1,075 | 1,050 | [2] | 1,140 | [2] |
Corporate, Non-Segment [Member] | |||||
Foreign Currency Transaction [Abstract] | |||||
Foreign currency transaction gain loss after tax | 21 | (3) | (18) | ||
Incurred | |||||
Expensed | 735 | 1,098 | 1,245 | ||
Other Income | |||||
Interest income | 80 | 101 | 47 | ||
Lower 48 Segment [Member] | Operating Segments [Member] | |||||
Other Income | |||||
Interest income | 0 | 0 | 0 | ||
Canada Segment [Member] | Operating Segments [Member] | |||||
Foreign Currency Transaction [Abstract] | |||||
Foreign currency transaction gain loss after tax | (11) | 3 | 1 | ||
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||||
Foreign Currency Transaction [Abstract] | |||||
Foreign currency transaction gain loss after tax | (26) | 7 | (7) | ||
Other Income | |||||
Interest income | 2 | 2 | 2 | ||
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||||
Foreign Currency Transaction [Abstract] | |||||
Foreign currency transaction gain loss after tax | 3 | 23 | (9) | ||
Other Income | |||||
Interest income | 15 | 9 | 8 | ||
Other International Segment [Member] | Operating Segments [Member] | |||||
Foreign Currency Transaction [Abstract] | |||||
Foreign currency transaction gain loss after tax | 0 | 1 | 7 | ||
Other Income | |||||
Interest income | $ 0 | $ 0 | $ 0 | ||
[1] | *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. | ||||
[2] | *Amounts included in production and operating expenses. 2017 and 2016 have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. |
Other Financial Information - P
Other Financial Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Properties, Plants And Equipment | ||
Proved properties | $ 100,657 | $ 102,044 |
Unproved properties | 4,662 | 4,491 |
Other | 5,278 | 3,896 |
Gross properties, plants and equipment | 110,597 | 110,431 |
Accumulated depreciation | (64,899) | (64,748) |
Properties, plants and equipment, net | $ 45,698 | $ 45,683 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Operating revenues and other income | $ 0 | $ 0 | $ 0 | |
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating revenues and other income | 98 | 107 | 133 | |
Purchases | 98 | 99 | 101 | |
Operating expenses and selling, general and administrative expenses | 60 | 59 | 63 | |
Net interest (income) expense * | [1] | $ (14) | $ (13) | $ (12) |
[1] | *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. |
Sales and Other Operating Rev_3
Sales and Other Operating Revenue - Transitional Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2011 | |||
Sales and Other Operating Revenue | $ 36,417 | $ 29,106 | $ 23,693 | ||||
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. | ||||||
Accounting Standards Update 2014-09 [Member] | |||||||
Sales and Other Operating Revenue | $ 28,098 | 20,525 | [1] | $ 16,527 | [1] | ||
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. | ||||||
Revenue, Initial Application Period Cumulative Effect Transition, Description | The cumulative effect of applying the standard relates solely to certain licensing arrangements where revenue was previously recognized ($61 million in 2011, $146 million in 2015, and $44 million in 2017) based on contractual milestones. Under ASC Topic 606, such revenues are recognized when the customer has the ability to utilize and benefit from its right to use the license. As a result, such historically recognized revenues must be reversed through a cumulative effect adjustment and deferred until such time when the customer has the ability to utilize and benefit from the license. The cumulative effect adjustment relates to contracts that were not substantially completed at the date of implementation. | ||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||
Sales and Other Operating Revenue | $ 44 | $ 146 | $ 61 | ||||
[1] | *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. |
Sales and Other Operating Rev_4
Sales and Other Operating Revenue - Practical Expedients (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue, Practical Expedient [Abstract] | |
Revenue, Practical Expedient, Remaining Performance Obligation, Description | Typically, our commodity sales contracts are less than 12 months in duration; however, certain commodity sales contracts may carry a longer duration, which may extend to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. |
Sales and Other Operating Rev_5
Sales and Other Operating Revenue - Revenue from Contracts With Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue from contracts with customers | $ 36,417 | $ 29,106 | $ 23,693 | ||
Revenue, Performance Obligation, Description of Payment Terms | Payment is typically due within 30 days or less. | ||||
Physical gas contracts [Member] | |||||
Revenue from contracts with customers | $ 8,218 | 8,669 | [1] | 7,278 | [1] |
Crude oil product line [Member] | |||||
Revenue from contracts with customers | 1,112 | 588 | [1] | 436 | [1] |
Natural Gas Product Line [Member] | |||||
Revenue from contracts with customers | 6,734 | 7,811 | [1] | 6,502 | [1] |
Other Products [Member] | |||||
Revenue from contracts with customers | 372 | 270 | [1] | 340 | [1] |
Financial Derivative Contracts [Member] | |||||
Revenue from contracts with customers | 101 | (88) | [1] | (112) | [1] |
Lower 48 Segment [Member] | |||||
Revenue from contracts with customers | 17,029 | 12,968 | [1] | 10,719 | [1] |
Lower 48 Segment [Member] | Physical gas contracts [Member] | |||||
Revenue from contracts with customers | 6,358 | 6,302 | [1] | 5,391 | [1] |
Canada Segment [Member] | |||||
Revenue from contracts with customers | 3,184 | 3,178 | [1] | 2,192 | [1] |
Canada Segment [Member] | Physical gas contracts [Member] | |||||
Revenue from contracts with customers | 629 | 864 | [1] | 813 | [1] |
Europe and North Africa Segment [Member] | Physical gas contracts [Member] | |||||
Revenue from contracts with customers | 1,231 | 1,503 | [1] | 1,074 | [1] |
Accounting Standards Update 2014-09 [Member] | |||||
Revenue from contracts with customers | $ 28,098 | $ 20,525 | [1] | $ 16,527 | [1] |
[1] | *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. |
Sales and Other Operating Rev_6
Sales and Other Operating Revenue - Receivables and Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Net | $ 2,889 | $ 2,675 |
Revenue, Performance Obligation, Description of Payment Terms | Payment is typically due within 30 days or less. | |
Revenue, Performance Obligation, Description of Timing | During 2018, we recognized revenue of $148 million in the “Sales and other operating revenues” line on our consolidated income statement. We expect to recognize the contract liabilities as of December 31, 2018, as revenue between the remainder of 2019 and 2022 as construction is completed | |
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. | |
Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability Beginning Balance | $ 251 | |
Contract with Customer, Liability, Cash Received | 103 | |
Contract with Customer, Liability, Revenue Recognized | 148 | |
Contract with Customer, Liability Ending Balance | 206 | |
Change in Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | 148 | |
Short-term Contract with Customer [Member] | ||
Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability Ending Balance | 169 | |
Long-term Contract with Customer [Member] | ||
Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability Ending Balance | $ 37 | |
Accounting Standards Update 2014-09 [Member] | ||
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. |
Segment Disclosures - Analysis
Segment Disclosures - Analysis of Results by Operating Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | $ 36,417 | $ 29,106 | $ 23,693 | ||
Certain refining company | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 4,000 | ||||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 168 | 104 | 169 | ||
Alaska Segment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 5,740 | 4,224 | 3,681 | ||
Lower 48 Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 17,029 | 12,968 | [1] | 10,719 | [1] |
Lower 48 Segment [Member] | Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | (40) | (4) | (17) | ||
Canada Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 3,184 | 3,178 | [1] | 2,192 | [1] |
Canada Segment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 2,024 | 2,619 | 1,974 | ||
Canada Segment [Member] | Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | (1,160) | (559) | (218) | ||
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | 6,635 | 5,181 | 3,462 | ||
Asia Pacific and Middle East [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and Other Operating Revenue | $ 4,861 | $ 4,014 | $ 3,705 | ||
[1] | *Under the modified retrospective approach, prior period amounts have not been adjusted upon adoption of ASC Topic 606. |
Segment Disclosures - Depreciat
Segment Disclosures - Depreciation, Equity Earnings, Income Tax (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | $ 5,983,000,000 | $ 13,446,000,000 | $ 9,201,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 1,074,000,000 | 772,000,000 | 52,000,000 |
Income Taxes | |||
Total provision (benefit) for income taxes | 3,668,000,000 | (1,822,000,000) | (1,971,000,000) |
Corporate, Non-Segment [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 106,000,000 | 134,000,000 | 140,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 0 | 0 | (11,000,000) |
Income Taxes | |||
Total provision (benefit) for income taxes | (103,000,000) | 399,000,000 | (421,000,000) |
Alaska Segment [Member] | Operating Segments [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 760,000,000 | 1,026,000,000 | 868,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 6,000,000 | 7,000,000 | 9,000,000 |
Income Taxes | |||
Total provision (benefit) for income taxes | 376,000,000 | (689,000,000) | (59,000,000) |
Lower 48 Segment [Member] | Operating Segments [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 2,370,000,000 | 6,693,000,000 | 4,358,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 1,000,000 | 5,000,000 | (6,000,000) |
Income Taxes | |||
Total provision (benefit) for income taxes | 474,000,000 | (2,453,000,000) | (1,328,000,000) |
Canada Segment [Member] | Operating Segments [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 324,000,000 | 461,000,000 | 975,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 0 | 197,000,000 | 89,000,000 |
Income Taxes | |||
Total provision (benefit) for income taxes | (96,000,000) | (616,000,000) | (383,000,000) |
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 1,041,000,000 | 1,313,000,000 | 1,253,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 16,000,000 | 10,000,000 | 22,000,000 |
Income Taxes | |||
Total provision (benefit) for income taxes | 2,265,000,000 | 1,165,000,000 | (46,000,000) |
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 1,382,000,000 | 3,819,000,000 | 1,606,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 1,051,000,000 | 553,000,000 | (51,000,000) |
Income Taxes | |||
Total provision (benefit) for income taxes | 722,000,000 | 351,000,000 | 306,000,000 |
Other International Segment [Member] | Operating Segments [Member] | |||
Depreciation, Depletion, Amortization, and Impairments | |||
DD&A and Impairments | 0 | 0 | 1,000,000 |
Equity in Earnings of Affiliates | |||
Equity in earnings of affiliates | 0 | 0 | 0 |
Income Taxes | |||
Total provision (benefit) for income taxes | $ 30,000,000 | $ 21,000,000 | $ (40,000,000) |
Segment Disclosures - Net Incom
Segment Disclosures - Net Income (Loss), Investments, Total Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | $ 6,257 | $ (855) | $ (3,615) |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 9,340 | 9,590 | 20,945 |
Total Assets | |||
Total assets | 69,980 | 73,362 | 89,772 |
Corporate, Non-Segment [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | (1,667) | (2,136) | (1,329) |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 0 | 0 | 4 |
Total Assets | |||
Total assets | 8,573 | 11,456 | 4,962 |
Alaska Segment [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | 1,814 | 1,466 | 319 |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 86 | 56 | 58 |
Total Assets | |||
Total assets | 14,648 | 12,108 | 12,314 |
Lower 48 Segment [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | 1,747 | (2,371) | (2,257) |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 378 | 402 | 426 |
Total Assets | |||
Total assets | 14,888 | 14,632 | 22,673 |
Canada Segment [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | 63 | 2,564 | (935) |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 0 | 0 | 8,784 |
Total Assets | |||
Total assets | 5,748 | 6,214 | 17,548 |
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | 1,866 | 553 | 394 |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 55 | 55 | 62 |
Total Assets | |||
Total assets | 9,883 | 11,870 | 11,727 |
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | 2,070 | (1,098) | 209 |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 8,821 | 9,077 | 11,611 |
Total Assets | |||
Total assets | 16,151 | 16,985 | 20,451 |
Other International Segment [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips | |||
Net income (loss) attributable to ConocoPhillips | 364 | 167 | (16) |
Investments In and Advances To Affiliates | |||
Investments in and advances to affiliates | 0 | 0 | 0 |
Total Assets | |||
Total assets | $ 89 | $ 97 | $ 97 |
Segment Disclosures - Capital E
Segment Disclosures - Capital Expenditures and Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | $ 6,750 | $ 4,591 | $ 4,869 |
Interest Income and Expense | |||
Interest income | 97 | 112 | 57 |
Interest and debt expense | 735 | 1,098 | 1,245 |
Corporate, Non-Segment [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 190 | 63 | 64 |
Interest Income and Expense | |||
Interest income | 80 | 101 | 47 |
Interest and debt expense | 735 | 1,098 | 1,245 |
Alaska Segment [Member] | Operating Segments [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 1,298 | 815 | 883 |
Lower 48 Segment [Member] | Operating Segments [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 3,184 | 2,136 | 1,262 |
Interest Income and Expense | |||
Interest income | 0 | 0 | 0 |
Canada Segment [Member] | Operating Segments [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 477 | 202 | 698 |
Europe and North Africa Segment [Member] | Operating Segments [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 877 | 872 | 1,020 |
Interest Income and Expense | |||
Interest income | 2 | 2 | 2 |
Asia Pacific and Middle East Segment [Member] | Operating Segments [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 718 | 482 | 838 |
Interest Income and Expense | |||
Interest income | 15 | 9 | 8 |
Other International Segment [Member] | Operating Segments [Member] | |||
Capital Expenditures and Investments | |||
Consolidated capital expenditures and investments | 6 | 21 | 104 |
Interest Income and Expense | |||
Interest income | $ 0 | $ 0 | $ 0 |
Segment Disclosures - Sales by
Segment Disclosures - Sales by Product (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Sales and Other Operating Revenue | $ 36,417 | $ 29,106 | $ 23,693 | |
Natural Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and Other Operating Revenue | 10,720 | 10,773 | 9,401 | |
Natural Gas Liquids [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and Other Operating Revenue | 1,114 | 1,102 | 837 | |
Crude Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and Other Operating Revenue | 19,571 | 13,260 | 10,801 | |
Other Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and Other Operating Revenue | [1] | $ 5,012 | $ 3,971 | $ 2,654 |
[1] | *Includes LNG and bitumen. |
Segment Disclosures - Geographi
Segment Disclosures - Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Geographic Information | ||||
Revenue from contracts with customers | $ 36,417 | $ 29,106 | $ 23,693 | |
Long-Lived Assets | [1] | 55,038 | 55,273 | 79,276 |
U.S. | ||||
Geographic Information | ||||
Revenue from contracts with customers | 22,740 | 17,204 | 14,400 | |
Long-Lived Assets | 26,838 | 23,623 | 32,949 | |
AUSTRALIA | ||||
Geographic Information | ||||
Revenue from contracts with customers | [2] | 1,798 | 1,448 | 1,353 |
Long-Lived Assets | 9,301 | 9,657 | 12,259 | |
Canada [Member] | ||||
Geographic Information | ||||
Revenue from contracts with customers | 2,024 | 2,619 | 1,974 | |
Long-Lived Assets | 5,333 | 5,613 | 16,846 | |
CHINA | ||||
Geographic Information | ||||
Revenue from contracts with customers | 836 | 712 | 551 | |
Long-Lived Assets | 1,380 | 1,275 | 1,372 | |
INDONESIA | ||||
Geographic Information | ||||
Revenue from contracts with customers | 886 | 757 | 938 | |
Long-Lived Assets | 669 | 758 | 856 | |
Libya | ||||
Geographic Information | ||||
Revenue from contracts with customers | 1,142 | 586 | 0 | |
Long-Lived Assets | 679 | 699 | 704 | |
MALAYSIA | ||||
Geographic Information | ||||
Revenue from contracts with customers | 1,346 | 1,103 | 735 | |
Long-Lived Assets | 2,327 | 2,736 | 3,323 | |
NORWAY | ||||
Geographic Information | ||||
Revenue from contracts with customers | 2,886 | 2,348 | 1,645 | |
Long-Lived Assets | 5,582 | 6,154 | 6,228 | |
UNITED KINGDOM | ||||
Geographic Information | ||||
Revenue from contracts with customers | 2,606 | 2,248 | 1,816 | |
Long-Lived Assets | 1,583 | 3,335 | 3,209 | |
Segment Geographical Groups of Countries Other [Member] | ||||
Geographic Information | ||||
Revenue from contracts with customers | 153 | 81 | 281 | |
Long-Lived Assets | $ 1,346 | $ 1,423 | $ 1,530 | |
[1] | Defined as net PP&E plus investments in and advances to affiliated companies. | |||
[2] | Includes amounts related to the joint petroleum development area with shared ownership held by Australia and Timor-Leste. |
Segment Disclosures - Textuals
Segment Disclosures - Textuals (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Disclosures and Related Information (Textual) [Abstract] | |
Number of operating segments | 6 |
New Accounting Standards (Detai
New Accounting Standards (Details) - Accounting Standards Update 2016-02 [Member] - Scenario, Forecast [Member] $ in Billions | Jan. 31, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Lease, Liability | $ 1 |
Operating Lease, Right-of-Use Asset | $ 1 |
Supplementary Information - C_3
Supplementary Information - Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Repayment of Debt | $ 4,995 | $ 7,876 | $ 2,251 |
Proceeds from Collection of Long-term Loans to Related Parties | 119 | 115 | 108 |
ConocoPhillips Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Proceeds from Collection of Long-term Loans to Related Parties | 1,000 | 200 | |
Proceeds from Contributions from Affiliates | 3,500 | 7,800 | 2,300 |
ConocoPhillips Canada Funding Company I [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Repayment of Debt | 1,250 | ||
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Repayment of Debt | 4,865 | 4,411 | 164 |
Proceeds from Collection of Long-term Loans to Related Parties | 3,432 | 1,527 | 391 |
Reportable Legal Entities [Member] | All other nonguarantor subsidiaries of ConocoPhillips. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Repayment of Debt | 4,320 | 2,661 | 2,492 |
Proceeds from Collection of Long-term Loans to Related Parties | $ 129 | $ 2,196 | $ 272 |
ConocoPhillips Company [Member] | ConocoPhillips [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% |
Supplementary Information - C_4
Supplementary Information - Condensed Consolidating Financial Information Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Revenues and Other Income | ||||||
Revenue from contracts with customers | $ 36,417 | $ 29,106 | $ 23,693 | |||
Equity in earnings of affiliates | 1,074 | 772 | 52 | |||
Gain on dispositions | 1,063 | 2,177 | 360 | |||
Other income (loss) | 173 | 529 | 255 | |||
Intercompany revenues | 0 | 0 | 0 | |||
Total Revenues and Other Income | 38,727 | 32,584 | 24,360 | |||
Cost and expenses [Abstract] | ||||||
Purchased commodities | 14,294 | 12,475 | 9,994 | |||
Production and operating expenses | 5,213 | 5,162 | [1] | 5,643 | [1] | |
Selling, general and administrative expenses | 401 | 427 | [1] | 473 | [1] | |
Exploration expenses | 369 | 934 | [1] | 1,912 | [1] | |
Depreciation, depletion and amortization | 5,956 | 6,845 | 9,062 | |||
Impairments | 27 | 6,601 | 139 | |||
Taxes other than income taxes | 1,048 | 809 | 739 | |||
Accretion on discounted liabilities | 353 | 362 | 425 | |||
Interest and debt expense | 735 | 1,098 | 1,245 | |||
Foreign currency transaction (gains) losses | (17) | 35 | (19) | |||
Other Non Operating Expense | 375 | 451 | [1] | 277 | [1] | |
Total Costs and Expenses | 28,754 | 35,199 | 29,890 | |||
Income (loss) before income taxes | 9,973 | (2,615) | (5,530) | |||
Income Tax Expense (Benefit) | 3,668 | (1,822) | (1,971) | |||
Net income (loss) | 6,305 | (793) | (3,559) | |||
Less: net income attributable to noncontrolling interests | (48) | (62) | (56) | |||
Net income (loss) attributable to ConocoPhillips | 6,257 | (855) | (3,615) | |||
Comprehensive Income (Loss) Attributable to ConocoPhillips | [2] | 5,654 | (180) | (3,561) | ||
ConocoPhillips [Member] | ||||||
Revenues and Other Income | ||||||
Revenue from contracts with customers | 0 | 0 | 0 | |||
Equity in earnings of affiliates | 6,503 | (454) | (3,351) | |||
Gain on dispositions | 0 | 0 | 0 | |||
Other income (loss) | 0 | 2 | 1 | |||
Intercompany revenues | 35 | 48 | 88 | |||
Total Revenues and Other Income | 6,538 | (404) | (3,262) | |||
Cost and expenses [Abstract] | ||||||
Purchased commodities | 0 | 0 | 0 | |||
Production and operating expenses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 8 | 9 | 8 | |||
Exploration expenses | 0 | 0 | 0 | |||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||
Impairments | 0 | 0 | 0 | |||
Taxes other than income taxes | 0 | 0 | 0 | |||
Accretion on discounted liabilities | 0 | 0 | 0 | |||
Interest and debt expense | 295 | 420 | 506 | |||
Foreign currency transaction (gains) losses | 46 | (43) | (19) | |||
Other Non Operating Expense | 0 | 267 | 0 | |||
Total Costs and Expenses | 349 | 653 | 495 | |||
Income (loss) before income taxes | 6,189 | (1,057) | (3,757) | |||
Income Tax Expense (Benefit) | (68) | (202) | (142) | |||
Net income (loss) | 6,257 | (855) | (3,615) | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income (loss) attributable to ConocoPhillips | 6,257 | (855) | (3,615) | |||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 5,654 | (180) | (3,561) | |||
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | ||||||
Revenues and Other Income | ||||||
Revenue from contracts with customers | 16,113 | 12,433 | 10,352 | |||
Equity in earnings of affiliates | 8,142 | 2,047 | (1,051) | |||
Gain on dispositions | 239 | 916 | 120 | |||
Other income (loss) | (384) | 35 | (11) | |||
Intercompany revenues | 162 | 291 | 277 | |||
Total Revenues and Other Income | 24,272 | 15,722 | 9,687 | |||
Cost and expenses [Abstract] | ||||||
Purchased commodities | 14,591 | 11,145 | 9,144 | |||
Production and operating expenses | 1,023 | 813 | 754 | |||
Selling, general and administrative expenses | 289 | 342 | 331 | |||
Exploration expenses | 170 | 542 | 1,229 | |||
Depreciation, depletion and amortization | 584 | 855 | 1,178 | |||
Impairments | (10) | 1,159 | 67 | |||
Taxes other than income taxes | 143 | 140 | 162 | |||
Accretion on discounted liabilities | 17 | 32 | 46 | |||
Interest and debt expense | 613 | 664 | 622 | |||
Foreign currency transaction (gains) losses | (12) | 11 | 2 | |||
Other Non Operating Expense | 349 | 190 | 277 | |||
Total Costs and Expenses | 17,757 | 15,893 | 13,812 | |||
Income (loss) before income taxes | 6,515 | (171) | (4,125) | |||
Income Tax Expense (Benefit) | 12 | 283 | (774) | |||
Net income (loss) | 6,503 | (454) | (3,351) | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income (loss) attributable to ConocoPhillips | 6,503 | (454) | (3,351) | |||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 5,900 | 221 | (3,297) | |||
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | ||||||
Revenues and Other Income | ||||||
Revenue from contracts with customers | 0 | 0 | 0 | |||
Equity in earnings of affiliates | 1,953 | 886 | (2,270) | |||
Gain on dispositions | 0 | 0 | 0 | |||
Other income (loss) | 0 | 0 | 0 | |||
Intercompany revenues | 43 | 13 | 21 | |||
Total Revenues and Other Income | 1,996 | 899 | (2,249) | |||
Cost and expenses [Abstract] | ||||||
Purchased commodities | 0 | 0 | 0 | |||
Production and operating expenses | 4 | 0 | 1 | |||
Selling, general and administrative expenses | 0 | 0 | 0 | |||
Exploration expenses | 0 | 0 | 0 | |||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||
Impairments | 0 | 0 | 0 | |||
Taxes other than income taxes | 0 | 1 | 0 | |||
Accretion on discounted liabilities | 0 | 0 | 0 | |||
Interest and debt expense | 46 | 52 | 37 | |||
Foreign currency transaction (gains) losses | 116 | (137) | (110) | |||
Other Non Operating Expense | 6 | 0 | 0 | |||
Total Costs and Expenses | 172 | (84) | (72) | |||
Income (loss) before income taxes | 1,824 | 983 | (2,177) | |||
Income Tax Expense (Benefit) | (41) | (337) | (92) | |||
Net income (loss) | 1,865 | 1,320 | (2,085) | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income (loss) attributable to ConocoPhillips | 1,865 | 1,320 | (2,085) | |||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 1,364 | 1,672 | (1,641) | |||
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||||||
Revenues and Other Income | ||||||
Revenue from contracts with customers | 20,304 | 16,673 | 13,341 | |||
Equity in earnings of affiliates | 1,072 | 770 | 61 | |||
Gain on dispositions | 824 | 1,261 | 240 | |||
Other income (loss) | 557 | 492 | 265 | |||
Intercompany revenues | 5,627 | 3,369 | 2,995 | |||
Total Revenues and Other Income | 28,384 | 22,565 | 16,902 | |||
Cost and expenses [Abstract] | ||||||
Purchased commodities | 5,131 | 4,580 | 3,562 | |||
Production and operating expenses | 4,245 | 4,366 | 5,130 | |||
Selling, general and administrative expenses | 109 | 82 | 140 | |||
Exploration expenses | 199 | 392 | 683 | |||
Depreciation, depletion and amortization | 5,372 | 5,990 | 7,884 | |||
Impairments | 37 | 5,442 | 72 | |||
Taxes other than income taxes | 905 | 668 | 577 | |||
Accretion on discounted liabilities | 336 | 330 | 379 | |||
Interest and debt expense | 156 | 410 | 501 | |||
Foreign currency transaction (gains) losses | (167) | 204 | 108 | |||
Other Non Operating Expense | 20 | (6) | 0 | |||
Total Costs and Expenses | 16,343 | 22,458 | 19,036 | |||
Income (loss) before income taxes | 12,041 | 107 | (2,134) | |||
Income Tax Expense (Benefit) | 3,765 | (1,566) | (963) | |||
Net income (loss) | 8,276 | 1,673 | (1,171) | |||
Less: net income attributable to noncontrolling interests | (48) | (62) | (56) | |||
Net income (loss) attributable to ConocoPhillips | 8,228 | 1,611 | (1,227) | |||
Comprehensive Income (Loss) Attributable to ConocoPhillips | 7,961 | 2,275 | (1,149) | |||
Consolidating Adjustments [Member] | ||||||
Revenues and Other Income | ||||||
Revenue from contracts with customers | 0 | 0 | 0 | |||
Equity in earnings of affiliates | (16,596) | (2,477) | 6,663 | |||
Gain on dispositions | 0 | 0 | 0 | |||
Other income (loss) | 0 | 0 | 0 | |||
Intercompany revenues | (5,867) | (3,721) | (3,381) | |||
Total Revenues and Other Income | (22,463) | (6,198) | 3,282 | |||
Cost and expenses [Abstract] | ||||||
Purchased commodities | (5,428) | (3,250) | (2,712) | |||
Production and operating expenses | (59) | (17) | (242) | |||
Selling, general and administrative expenses | (5) | (6) | (6) | |||
Exploration expenses | 0 | 0 | 0 | |||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||
Impairments | 0 | 0 | 0 | |||
Taxes other than income taxes | 0 | 0 | 0 | |||
Accretion on discounted liabilities | 0 | 0 | 0 | |||
Interest and debt expense | (375) | (448) | (421) | |||
Foreign currency transaction (gains) losses | 0 | 0 | 0 | |||
Other Non Operating Expense | 0 | 0 | 0 | |||
Total Costs and Expenses | (5,867) | (3,721) | (3,381) | |||
Income (loss) before income taxes | (16,596) | (2,477) | 6,663 | |||
Income Tax Expense (Benefit) | 0 | 0 | 0 | |||
Net income (loss) | (16,596) | (2,477) | 6,663 | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income (loss) attributable to ConocoPhillips | (16,596) | (2,477) | 6,663 | |||
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ (15,225) | $ (4,168) | $ 6,087 | |||
[1] | *Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07. See Note 2—Changes in Accounting Principles, for additional information. See Notes to Consolidated Financial Statements. | |||||
[2] | See Notes to Consolidated Financial Statements. |
Supplementary Information - C_5
Supplementary Information - Condensed Consolidating Financial Information Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Cash and cash equivalents | $ 5,915 | $ 6,325 | |
Short-term investments | 248 | 1,873 | |
Accounts and notes receivable | 4,067 | 4,320 | |
Investment in Cenovus Energy | 1,462 | 1,899 | |
Inventories | 1,007 | 1,060 | |
Prepaid expenses and other current assets | 575 | 1,035 | |
Total Current Assets | 13,274 | 16,512 | |
Investments and long-term receivables | 9,664 | 10,060 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | 45,698 | 45,683 | |
Other assets | 1,344 | 1,107 | |
Total Assets | 69,980 | 73,362 | $ 89,772 |
Liabilities and Stockholders Equity | |||
Accounts payable and related party accounts payable | 3,895 | 4,030 | |
Short-term debt | 112 | 2,575 | |
Accrued income and other taxes | 1,320 | 1,038 | |
Employee benefit obligations | 809 | 725 | |
Other accruals | 1,259 | 1,029 | |
Total Current Liabilities | 7,395 | 9,397 | |
Long-term debt | 14,856 | 17,128 | |
Long-term asset retirement obligations and accrued environmental costs | 7,688 | 7,631 | |
Deferred income taxes | 5,021 | 5,282 | |
Employee benefit obligations | 1,764 | 1,854 | |
Other liabilities and deferred credits | 1,192 | 1,269 | |
Total Liabilities | 37,916 | 42,561 | |
Retained earnings | 34,010 | 29,391 | |
Other common stockholders' equity | (2,071) | 1,216 | |
Noncontrolling interests | 125 | 194 | |
Total Liabilities and Equity | 69,980 | 73,362 | |
ConocoPhillips [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | 28 | 24 | |
Investment in Cenovus Energy | 0 | ||
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 1 | 1 | |
Total Current Assets | 29 | 25 | |
Investments and long-term receivables | 29,942 | 29,400 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | 0 | 0 | |
Other assets | 4 | 15 | |
Total Assets | 29,975 | 29,440 | |
Liabilities and Stockholders Equity | |||
Accounts payable and related party accounts payable | 0 | 0 | |
Short-term debt | (3) | (5) | |
Accrued income and other taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other accruals | 85 | 85 | |
Total Current Liabilities | 82 | 80 | |
Long-term debt | 3,791 | 3,787 | |
Long-term asset retirement obligations and accrued environmental costs | 0 | ||
Deferred income taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other liabilities and deferred credits | 725 | 1,528 | |
Total Liabilities | 4,598 | 5,395 | |
Retained earnings | 27,512 | 22,892 | |
Other common stockholders' equity | (2,135) | 1,153 | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Equity | 29,975 | 29,440 | |
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | |||
Assets | |||
Cash and cash equivalents | 1,428 | 234 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | 5,646 | 2,214 | |
Investment in Cenovus Energy | 1,462 | 1,899 | |
Inventories | 184 | 163 | |
Prepaid expenses and other current assets | 267 | 277 | |
Total Current Assets | 8,987 | 4,787 | |
Investments and long-term receivables | 47,062 | 47,974 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | 4,367 | 4,230 | |
Other assets | 642 | 1,146 | |
Total Assets | 61,058 | 58,137 | |
Liabilities and Stockholders Equity | |||
Accounts payable and related party accounts payable | 5,098 | 3,094 | |
Short-term debt | 12 | 2,505 | |
Accrued income and other taxes | 85 | 65 | |
Employee benefit obligations | 638 | 554 | |
Other accruals | 587 | 314 | |
Total Current Liabilities | 6,420 | 6,532 | |
Long-term debt | 7,151 | 9,321 | |
Long-term asset retirement obligations and accrued environmental costs | 415 | 432 | |
Deferred income taxes | 0 | 0 | |
Employee benefit obligations | 1,340 | 1,335 | |
Other liabilities and deferred credits | 9,277 | 5,229 | |
Total Liabilities | 24,603 | 22,849 | |
Retained earnings | 18,511 | 13,342 | |
Other common stockholders' equity | 17,944 | 21,946 | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Equity | 61,058 | 58,137 | |
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | 3 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | 78 | 294 | |
Investment in Cenovus Energy | 0 | ||
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 24 | |
Total Current Assets | 78 | 321 | |
Investments and long-term receivables | 15,199 | 12,273 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | 0 | 0 | |
Other assets | 227 | 672 | |
Total Assets | 15,504 | 13,266 | |
Liabilities and Stockholders Equity | |||
Accounts payable and related party accounts payable | 76 | 264 | |
Short-term debt | 13 | 7 | |
Accrued income and other taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other accruals | 35 | 17 | |
Total Current Liabilities | 124 | 288 | |
Long-term debt | 2,143 | 500 | |
Deferred income taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other liabilities and deferred credits | 839 | 1,446 | |
Total Liabilities | 3,106 | 2,234 | |
Retained earnings | 1,113 | (753) | |
Other common stockholders' equity | 11,285 | 11,785 | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Equity | 15,504 | 13,266 | |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | |||
Assets | |||
Cash and cash equivalents | 4,487 | 6,088 | |
Short-term investments | 248 | 1,873 | |
Accounts and notes receivable | 6,707 | 4,910 | |
Investment in Cenovus Energy | 0 | ||
Inventories | 823 | 897 | |
Prepaid expenses and other current assets | 307 | 763 | |
Total Current Assets | 12,572 | 14,531 | |
Investments and long-term receivables | 16,926 | 14,547 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | 41,796 | 41,930 | |
Other assets | 1,269 | 1,043 | |
Total Assets | 72,563 | 72,051 | |
Liabilities and Stockholders Equity | |||
Accounts payable and related party accounts payable | 7,113 | 3,794 | |
Short-term debt | 99 | 77 | |
Accrued income and other taxes | 1,235 | 973 | |
Employee benefit obligations | 171 | 171 | |
Other accruals | 552 | 642 | |
Total Current Liabilities | 9,170 | 5,657 | |
Long-term debt | 2,249 | 3,998 | |
Long-term asset retirement obligations and accrued environmental costs | 7,273 | 7,199 | |
Deferred income taxes | 5,819 | 6,490 | |
Employee benefit obligations | 424 | 519 | |
Other liabilities and deferred credits | 8,126 | 10,135 | |
Total Liabilities | 33,061 | 33,998 | |
Retained earnings | 9,764 | 7,669 | |
Other common stockholders' equity | 29,613 | 30,190 | |
Noncontrolling interests | 125 | 194 | |
Total Liabilities and Equity | 72,563 | 72,051 | |
Consolidating Adjustments [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | (8,392) | (3,122) | |
Investment in Cenovus Energy | 0 | ||
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 0 | (30) | |
Total Current Assets | (8,392) | (3,152) | |
Investments and long-term receivables | (99,465) | (94,134) | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,899 million in 2018 and $64,748 million in 2017) | (465) | (477) | |
Other assets | (798) | (1,769) | |
Total Assets | (109,120) | (99,532) | |
Liabilities and Stockholders Equity | |||
Accounts payable and related party accounts payable | (8,392) | (3,122) | |
Short-term debt | (9) | (9) | |
Employee benefit obligations | 0 | 0 | |
Other accruals | 0 | (29) | |
Total Current Liabilities | (8,401) | (3,160) | |
Long-term debt | (478) | (478) | |
Long-term asset retirement obligations and accrued environmental costs | 0 | ||
Deferred income taxes | (798) | (1,208) | |
Employee benefit obligations | 0 | 0 | |
Other liabilities and deferred credits | (17,775) | (17,069) | |
Total Liabilities | (27,452) | (21,915) | |
Retained earnings | (22,890) | (13,759) | |
Other common stockholders' equity | (58,778) | (63,858) | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Equity | $ (109,120) | $ (99,532) |
Supplementary Information - C_6
Supplementary Information - Condensed Consolidating Financial Information Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | 26 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Jan. 01, 2018 | ||||
Cash Flows From Operating Activities | ||||||||
Net Cash Provided by (Used in) Operating Activities | $ 12,934 | $ 7,077 | $ 4,403 | |||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | (6,750) | (4,591) | (4,869) | |||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | (68) | 132 | (331) | |||||
Proceeds from asset dispositions | 1,082 | 13,860 | 1,286 | |||||
Net Sales (Purchases) of Short-Term Investments | 1,620 | (1,790) | (51) | |||||
Long-term advances/loans-related parties | 0 | 0 | ||||||
Collection of advances/loans-related parties | 119 | 115 | 108 | |||||
Intercompany Cash Management | 0 | 0 | ||||||
Other | 154 | 36 | (2) | |||||
Net Cash Provided by (Used in) Investing Activities | (3,843) | 7,762 | (3,859) | |||||
Cash Flows From Financing Activities | ||||||||
Issuance of debt | 0 | 0 | 4,594 | |||||
Repayment of debt | (4,995) | (7,876) | (2,251) | |||||
Issuance of company common stock | 121 | (63) | (63) | |||||
Repurchase of company common stock | (2,999) | (3,000) | (126) | $ (6,100) | ||||
Dividends paid | (1,363) | (1,305) | (1,253) | |||||
Other | (123) | (112) | (137) | |||||
Net Cash Provided by (Used in) Financing Activities | (9,359) | (12,356) | 764 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (117) | 232 | (66) | |||||
Net Change in Cash and Cash Equivalents and Restricted Cash | (385) | 2,715 | 1,242 | |||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 6,325 | [1] | 3,610 | [1] | 2,368 | |||
Cash and Cash Equivalents and Restricted Cash at end of period | [1] | 6,151 | 6,325 | 3,610 | 6,151 | |||
Restricted Cash | 236 | 236 | ||||||
Restatement Adjustment [Member] | ||||||||
Cash Flows From Financing Activities | ||||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | [2] | 6,536 | ||||||
Cash and Cash Equivalents and Restricted Cash at end of period | [2] | 6,536 | ||||||
Restricted Cash | $ 211 | |||||||
ConocoPhillips [Member] | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Cash Provided by (Used in) Operating Activities | 4,317 | 71 | (306) | |||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | 0 | 0 | ||||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | 0 | 0 | ||||||
Proceeds from asset dispositions | 0 | 7,765 | 2,300 | |||||
Net Sales (Purchases) of Short-Term Investments | 0 | 0 | 0 | |||||
Long-term advances/loans-related parties | 0 | 0 | 0 | |||||
Collection of advances/loans-related parties | 589 | 658 | 0 | |||||
Intercompany Cash Management | (803) | 1,151 | (2,214) | |||||
Other | 0 | 0 | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (214) | 9,574 | 86 | |||||
Cash Flows From Financing Activities | ||||||||
Issuance of debt | 0 | 0 | 1,600 | |||||
Repayment of debt | 0 | (5,459) | (150) | |||||
Issuance of company common stock | 254 | 115 | 148 | |||||
Repurchase of company common stock | (2,999) | (3,000) | (126) | |||||
Dividends paid | (1,363) | (1,305) | (1,253) | |||||
Other | 5 | 4 | 1 | |||||
Net Cash Provided by (Used in) Financing Activities | (4,103) | (9,645) | 220 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | 0 | 0 | |||||
Net Change in Cash and Cash Equivalents and Restricted Cash | 0 | 0 | 0 | |||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 0 | 0 | 0 | |||||
Cash and Cash Equivalents and Restricted Cash at end of period | 0 | 0 | 0 | 0 | ||||
ConocoPhillips [Member] | Restatement Adjustment [Member] | ||||||||
Cash Flows From Financing Activities | ||||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 0 | |||||||
Cash and Cash Equivalents and Restricted Cash at end of period | 0 | |||||||
ConocoPhillips Company [Member] | ||||||||
Cash Flows From Investing Activities | ||||||||
Collection of advances/loans-related parties | 1,000 | 200 | ||||||
Reportable Legal Entities [Member] | ConocoPhillips [Member] | ||||||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | 0 | |||||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | 0 | |||||||
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Cash Provided by (Used in) Operating Activities | 4,183 | 1,183 | (322) | |||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | (980) | (1,663) | (989) | |||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | (110) | 194 | (126) | |||||
Proceeds from asset dispositions | 502 | 11,146 | 266 | |||||
Net Sales (Purchases) of Short-Term Investments | 0 | 0 | 0 | |||||
Long-term advances/loans-related parties | (126) | (214) | (812) | |||||
Collection of advances/loans-related parties | 3,432 | 1,527 | 391 | |||||
Intercompany Cash Management | 3,504 | 101 | 1,433 | |||||
Other | 151 | (8) | 1 | |||||
Net Cash Provided by (Used in) Investing Activities | 6,373 | 11,083 | 164 | |||||
Cash Flows From Financing Activities | ||||||||
Issuance of debt | 10 | 20 | 2,994 | |||||
Repayment of debt | (4,865) | (4,411) | (164) | |||||
Issuance of company common stock | 0 | 0 | 0 | |||||
Repurchase of company common stock | 0 | 0 | 0 | |||||
Dividends paid | (1,043) | (235) | 0 | |||||
Other | (3,468) | (7,765) | (2,315) | |||||
Net Cash Provided by (Used in) Financing Activities | (9,366) | (12,391) | 515 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 4 | 1 | (3) | |||||
Net Change in Cash and Cash Equivalents and Restricted Cash | 1,194 | (124) | 354 | |||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 234 | 358 | 4 | |||||
Cash and Cash Equivalents and Restricted Cash at end of period | 1,428 | 234 | 358 | 1,428 | ||||
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | Restatement Adjustment [Member] | ||||||||
Cash Flows From Financing Activities | ||||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 234 | |||||||
Cash and Cash Equivalents and Restricted Cash at end of period | 234 | |||||||
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Cash Provided by (Used in) Operating Activities | 2,764 | 2,971 | 799 | |||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | (603) | (4,351) | (1,714) | |||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | 0 | 0 | 0 | |||||
Proceeds from asset dispositions | 0 | 12,178 | 0 | |||||
Net Sales (Purchases) of Short-Term Investments | 0 | 0 | 0 | |||||
Long-term advances/loans-related parties | (173) | (65) | 0 | |||||
Collection of advances/loans-related parties | 212 | 389 | 0 | |||||
Intercompany Cash Management | (2,150) | (1,341) | 912 | |||||
Other | 0 | 0 | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (2,714) | 6,810 | (802) | |||||
Cash Flows From Financing Activities | ||||||||
Issuance of debt | 0 | 0 | 0 | |||||
Repayment of debt | (53) | 0 | 0 | |||||
Issuance of company common stock | 0 | 0 | 0 | |||||
Repurchase of company common stock | 0 | 0 | 0 | |||||
Dividends paid | 0 | 0 | 0 | |||||
Other | 0 | (9,781) | 0 | |||||
Net Cash Provided by (Used in) Financing Activities | (53) | (9,781) | 0 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | (2) | 2 | |||||
Net Change in Cash and Cash Equivalents and Restricted Cash | (3) | (2) | (1) | |||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 3 | 5 | 6 | |||||
Cash and Cash Equivalents and Restricted Cash at end of period | 0 | 3 | 5 | 0 | ||||
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | Restatement Adjustment [Member] | ||||||||
Cash Flows From Financing Activities | ||||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 3 | |||||||
Cash and Cash Equivalents and Restricted Cash at end of period | 3 | |||||||
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Cash Provided by (Used in) Operating Activities | 14,132 | 5,904 | 5,902 | |||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | (5,777) | (3,795) | (4,281) | |||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | 42 | (62) | (205) | |||||
Proceeds from asset dispositions | 705 | 12,796 | 1,114 | |||||
Net Sales (Purchases) of Short-Term Investments | 1,620 | (1,790) | (51) | |||||
Long-term advances/loans-related parties | (10) | (20) | 0 | |||||
Collection of advances/loans-related parties | 129 | 2,196 | 272 | |||||
Intercompany Cash Management | (551) | 89 | (131) | |||||
Other | 3 | 44 | (3) | |||||
Net Cash Provided by (Used in) Investing Activities | (3,839) | 9,458 | (3,285) | |||||
Cash Flows From Financing Activities | ||||||||
Issuance of debt | 299 | 279 | 812 | |||||
Repayment of debt | (4,320) | (2,661) | (2,492) | |||||
Issuance of company common stock | 0 | 0 | 0 | |||||
Repurchase of company common stock | 0 | 0 | 0 | |||||
Dividends paid | (6,057) | (2,995) | (1,881) | |||||
Other | (1,670) | (7,377) | 1,898 | |||||
Net Cash Provided by (Used in) Financing Activities | (11,748) | (12,754) | (1,663) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (121) | 233 | (65) | |||||
Net Change in Cash and Cash Equivalents and Restricted Cash | (1,576) | 2,841 | 889 | |||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 6,088 | 3,247 | 2,358 | |||||
Cash and Cash Equivalents and Restricted Cash at end of period | 4,723 | 6,088 | 3,247 | 4,723 | ||||
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | Restatement Adjustment [Member] | ||||||||
Cash Flows From Financing Activities | ||||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 6,299 | |||||||
Cash and Cash Equivalents and Restricted Cash at end of period | 6,299 | |||||||
Consolidation, Eliminations [Member] | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Cash Provided by (Used in) Operating Activities | (12,462) | (3,052) | (1,670) | |||||
Cash Flows From Investing Activities | ||||||||
Capital expenditures and investments | 610 | 5,218 | 2,115 | |||||
Increase (Decrease) In Capital Accrual Associated With Investing Activities | 0 | 0 | 0 | |||||
Proceeds from asset dispositions | (125) | (30,025) | (2,394) | |||||
Net Sales (Purchases) of Short-Term Investments | 0 | 0 | 0 | |||||
Long-term advances/loans-related parties | 309 | 299 | 812 | |||||
Collection of advances/loans-related parties | (4,243) | (4,655) | (555) | |||||
Intercompany Cash Management | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (3,449) | (29,163) | (22) | |||||
Cash Flows From Financing Activities | ||||||||
Issuance of debt | (309) | (299) | (812) | |||||
Repayment of debt | 4,243 | 4,655 | 555 | |||||
Issuance of company common stock | (133) | (178) | (211) | |||||
Repurchase of company common stock | 0 | 0 | 0 | |||||
Dividends paid | 7,100 | 3,230 | 1,881 | |||||
Other | 5,010 | 24,807 | 279 | |||||
Net Cash Provided by (Used in) Financing Activities | 15,911 | 32,215 | 1,692 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | 0 | 0 | |||||
Net Change in Cash and Cash Equivalents and Restricted Cash | 0 | 0 | 0 | |||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 0 | 0 | 0 | |||||
Cash and Cash Equivalents and Restricted Cash at end of period | 0 | 0 | $ 0 | $ 0 | ||||
Consolidation, Eliminations [Member] | Restatement Adjustment [Member] | ||||||||
Cash Flows From Financing Activities | ||||||||
Cash and Cash Equivalents and Restricted Cash at beginning of period | $ 0 | |||||||
Cash and Cash Equivalents and Restricted Cash at end of period | $ 0 | |||||||
[1] | See Notes to Consolidated Financial Statements. | |||||||
[2] | *Restated to include $211 million of restricted cash at January 1, 2018. See Note 2—Changes in Accounting Principles for additional information relating to the adoption of ASU No. 2016-18. |
Uncategorized Items - cop-20181
Label | Element | Value |
Burlington Resources LLC [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | us-gaap_MinorityInterestOwnershipPercentageByParent | 100.00% |