Cover
Cover | 9 Months Ended |
Sep. 30, 2020shares | |
Cover [Abstract] | |
Entity Central Index Key | 0001163165 |
Amendment Flag | false |
Entity File Number | 001-32395 |
Entity Registrant Name | ConocoPhillips |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Entity Incorporation State or Country Code | DE |
Entity Tax Identification Number | 01-0562944 |
Entity Address, Address Line One | 925 N. Eldridge Parkway |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77079 |
City Area Code | 281 |
Local Phone Number | 293-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,072,741,643 |
Common Stock, $.01 Par Value [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $.01 Par Value |
Trading Symbol | COP |
Security Exchange Name | NYSE |
7% Debentures due 2029 [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 7% Debentures due 2029 |
Trading Symbol | CUSIP—718507BK1 |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues and Other Income | ||||
Sales and other operating revenues | $ 4,386 | $ 7,756 | $ 13,293 | $ 24,859 |
Equity in earnings (losses) of affiliates | 35 | 290 | 346 | 651 |
Gain (loss) on dispositions | (3) | 1,785 | 551 | 1,884 |
Other income (loss) | (38) | 262 | (983) | 1,136 |
Total Revenues and Other Income | 4,380 | 10,093 | 13,207 | 28,530 |
Costs and Expenses | ||||
Purchased commodities | 1,839 | 2,710 | 5,630 | 9,059 |
Production and operating expenses | 963 | 1,331 | 3,183 | 4,020 |
Selling, general and administrative expenses | 96 | 87 | 249 | 369 |
Exploration expenses | 125 | 360 | 410 | 592 |
Depreciation, depletion and amortization | 1,411 | 1,566 | 3,980 | 4,602 |
Impairments | 2 | 24 | 521 | 26 |
Taxes other than Income Taxes | 179 | 237 | 570 | 706 |
Accretion on discounted liabilities | 62 | 86 | 195 | 259 |
Interest and debt expense | 200 | 184 | 604 | 582 |
Foreign currency transaction (gain) loss | (5) | (21) | (88) | 19 |
Other Expense | 20 | 36 | 7 | 58 |
Total Costs and Expenses | 4,892 | 6,600 | 15,261 | 20,292 |
Income (loss) before income taxes | (512) | 3,493 | (2,054) | 8,238 |
Income tax provision (benefit) | (62) | 422 | (171) | 1,724 |
Net income (loss) | (450) | 3,071 | (1,883) | 6,514 |
Less: net income attributable to noncontrolling interests | 0 | (15) | (46) | (45) |
Net Income (Loss) Attributable to ConocoPhillips | $ (450) | $ 3,056 | $ (1,929) | $ 6,469 |
Earnings Per Share, Basic [Abstract] | ||||
Earnings Per Share, Basic | $ (0.42) | $ 2.76 | $ (1.79) | $ 5.75 |
Earnings Per Share, Diluted [Abstract] | ||||
Earnings Per Share, Diluted | $ (0.42) | $ 2.74 | $ (1.79) | $ 5.72 |
Average Common Shares Outstanding (in thousands) | ||||
Basic | 1,077,377 | 1,108,555 | 1,079,525 | 1,124,558 |
Diluted | 1,077,377 | 1,113,250 | 1,079,525 | 1,131,034 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (450) | $ 3,071 | $ (1,883) | $ 6,514 |
Defined benefit plans | ||||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | (8) | (8) | (24) | (26) |
Net actuarial loss arising during the period | (78) | (149) | (73) | (149) |
Reclassification adjustment for amortization of net actuarial losses included in net income (loss) | 45 | 56 | 81 | 114 |
Nonsponsored plans | 0 | (1) | 0 | (1) |
Income taxes on defined benefit plans | 10 | 30 | 3 | 20 |
Defined benefit plans, net of tax | (31) | (72) | (13) | (42) |
Unrealized holding gain on securities | 0 | 0 | 3 | 0 |
Income taxes on unrealized holding gain on securities | 0 | 0 | (1) | 0 |
Unrealized holding loss on securities, net of tax | 0 | 0 | 2 | 0 |
Foreign currency translation adjustments | 188 | 247 | (302) | 493 |
Income taxes on foreign currency translation | 2 | (2) | 4 | (2) |
Foreign currency translation adjustments, net of tax | 190 | 245 | (298) | 491 |
Other Comprehensive Income (Loss), Net of Tax | 159 | 173 | (309) | 449 |
Comprehensive Income (Loss) | (291) | 3,244 | (2,192) | 6,963 |
Less: comprehensive income attributable to noncontrolling interests | 0 | (15) | (46) | (45) |
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ (291) | $ 3,229 | $ (2,238) | $ 6,918 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 2,490 | $ 5,088 |
Short-term investments | 4,032 | 3,028 |
Accounts and notes receivable (net of allowance of $4 and $13, respectively) | 1,984 | 3,267 |
Accounts and notes receivable-related parties | 135 | 134 |
Investment in Cenovus Energy | 809 | 2,111 |
Inventories | 1,034 | 1,026 |
Prepaid expenses and other current assets | 575 | 2,259 |
Total Current Assets | 11,059 | 16,913 |
Investments and long-term receiavables | 8,295 | 8,687 |
Loans and advances-related parties | 114 | 219 |
Net properties, plants and equipment (net of accumulated DD&A of $58,726 and $55,477, respectively) | 41,269 | 42,269 |
Other assets | 2,420 | 2,426 |
Total Assets | 63,157 | 70,514 |
Liabilities | ||
Accounts payable | 2,217 | 3,176 |
Accounts payable-related parties | 22 | 24 |
Short-term debt | 482 | 105 |
Accrued income and other taxes | 339 | 1,030 |
Employee benefit obligations | 469 | 663 |
Other accruals | 1,111 | 2,045 |
Total Current Liabilities | 4,640 | 7,043 |
Long-term debt | 14,905 | 14,790 |
Asset retirement obligations and accrued environmental costs | 5,651 | 5,352 |
Deferred income taxes | 3,854 | 4,634 |
Employee benefit obligations | 1,661 | 1,781 |
Other liabilities and deferred credits | 1,663 | 1,864 |
Total Liabilities | 32,374 | 35,464 |
Equity | ||
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2020-1,798,738,512 shares; 2019-1,795,652,203 shares) Par value | 18 | 18 |
Capital in excess of par | 47,113 | 46,983 |
Treasury stock (at cost: 2020-725,996,869 shares; 2019-710,783,814 shares) | (47,130) | (46,405) |
Accumulated other comprehensive loss | (5,666) | (5,357) |
Retained earnings | 36,448 | 39,742 |
Total Common Stockholders' Equity | 30,783 | 34,981 |
Noncontrolling interests | 0 | 69 |
Total Equity | 30,783 | 35,050 |
Total Liabilities and Equity | $ 63,157 | $ 70,514 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $ 4 | $ 13 |
Accumulated depreciation, depletion and amortization | $ 58,726 | $ 55,477 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 1,798,738,512 | 1,795,652,203 |
Treasury stock, shares | 725,996,869 | 710,783,814 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ (1,883) | $ 6,514 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation, depletion and amortization | 3,980 | 4,602 |
Impairments | 521 | 26 |
Dry hole costs and leasehold impairments | 114 | 361 |
Accretion on discounted liabilities | 195 | 259 |
Deferred taxes | (428) | (304) |
Distributions received greater than equity losses (undistributed equity earnings) | 450 | 260 |
Gain on dispositions | (551) | (1,884) |
Unrealized (gain) loss on investment in Cenovus Energy | 1,302 | (489) |
Other | (188) | (331) |
Working capital adjustments | ||
Decrease in accounts and notes receivable | 1,132 | 333 |
Increase in inventories | (74) | (2) |
Increase in prepaid expenses and other current assets | (49) | (29) |
Decrease in accounts payable | (583) | (476) |
Decrease in taxes and other accruals | (808) | (718) |
Net cash provided by operating activities | 3,130 | 8,122 |
Cash Flows From Investing Activities | ||
Capital expenditures and investments | (3,657) | (5,041) |
Working capital changes associated with investing activities | (229) | 17 |
Proceeds from asset dispositions | 1,312 | 2,920 |
Net purchases of investments | (1,089) | (665) |
Collection of advances/loans-related parties | 116 | 127 |
Other | (31) | (146) |
Net Cash Used in Investing Activities | (3,578) | (2,788) |
Cash Flows From Financing Activities | ||
Issuance of debt | 300 | 0 |
Repayment of debt | (234) | (59) |
Issuance of company common stock | (2) | (39) |
Repurchase of company common stock | (726) | (2,751) |
Dividends paid | (1,367) | (1,037) |
Other | (27) | (73) |
Net Cash Used in Financing Activities | (2,056) | (3,959) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (62) | (68) |
Net Change in Cash and Cash Equivalents and Restricted Cash Increase (Decrease) | (2,566) | 1,307 |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 5,362 | 6,151 |
Cash and Cash Equivalents and Restricted Cash at end of period | $ 2,796 | $ 7,458 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows - Restricted Cash | 9 Months Ended |
Sep. 30, 2020 | |
Consolidated Statement of Cash Flows [Abstract] | |
Consolidated Statement of Cash Flows - Restricted Cash | Restricted cash of $ 91 215 respectively, of our Consolidated Balance Sheet as of September 30, 2020. Restricted cash of $ 90 184 respectively, of our Consolidated Balance Sheet as of December 31, 2019. See Notes to Consolidated Financial Statements. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Basis of Presentation [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Note 1—Basis of Presentation The interim-period financial information unaudited and, in the opinion of management, presentation of the consolidated financial flows for such periods. Certain notes and other information have been included in this report. consolidated financial statements and notes included The unrealized (gain) loss on investment in Cenovus flows, previously reflected on the line item reclassified in the comparative period to conform |
Change in Accounting Principles
Change in Accounting Principles | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2—Changes in Accounting Principles We adopted FASB ASU No. 2016-13 , “Measurement of Credit Losses on Financial Instruments,” (ASC Topic 326) and its amendments, beginning January 1, 2020 . forth the current expected credit loss model, instruments measured at amortized cost basis as amended, which primarily applies to our accounts for-sale debt securities to be recorded through an allowance The adoption of this ASU did not have a material impact to our financial statements. or less. other analyses. analyses of historical loss rates as well as consideration counterparties’ credit quality and liquidity. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 3—Inventories Inventories consisted of the following: Millions of Dollars September 30 2020 2019 Crude oil and natural gas $ 503 472 Materials and supplies 531 554 $ 1,034 1,026 Inventories valued on the LIFO basis totaled 373 286 December 31, 2019, respectively. year, we recorded a lower of cost or market adjustment in the first 228 oil and natural gas inventories. The adjustment consolidated income statement. |
Asset Acquisitions and Disposit
Asset Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2020 | |
Asset Acquisitions and Dispositions [Abstract] | |
Asset Acquisitions and Dispositions [Text Block] | Note 4—Asset Acquisitions and Dispositions Asset Acquisition In August 2020, we completed the acquisition Ltd. for $ 382 31 associated with partially owned infrastructure. and included 140,000 adjacent to our existing Montney position. 295,000 net acres with a 100 resulting in the recognition of $ 490 77 and $ 31 Montney are reported in our Canada segment. Assets Sold In May 2020, we completed the divestiture operations, and based on an effective date of January 765 additional $ 200 the nine-month period of 2020, we recognized a before-tax 587 the time of disposition, the net carrying value of 0.2 excluding $ 0.5 1.3 0.1 billion of other current assets offset by $ 0.7 0.3 0.2 billion of other liabilities. disposition noted above, were $ 851 222 2020 and 2019, respectively. 2020 averaged 43 Asia Pacific segment. In March 2020, we completed the sale of our Niobrara 359 customary adjustments and recognized a before-tax 38 disposition, our interest in Niobrara had a net carrying 397 433 million of PP&E and $ 34 including the loss on disposition, were a loss of $ 22 7 September 30, 2020 and 2019, respectively. In February 2020, we sold our Waddell Ranch interests in the Permian Basin for $ 184 adjustments. No Production from the disposed Niobrara and Waddell Ranch interests in our Lower 48 15 MBOED in 2019. |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Loans and Long-Term Receivables [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 5—Investments, Loans and Long-Term Receivables Australia Pacific LNG Pty Ltd (APLNG) APLNG executed project financing agreements 8.5 8.5 billion project finance facility was initially composed Export-Import Bank of the United States for approximately 2.9 approximately $ 2.7 approximately $ 2.9 interest repayment in March 2017 and is scheduled bi-annual March 2029 . APLNG made a voluntary repayment of $ 1.4 At the same time, APLNG obtained a United 1.4 APLNG made its first interest payment related to scheduled to commence in September 2023, with bi-annual September 2030 . During the first quarter of 2019, APLNG refinanced 3.2 transactions. 2.6 APLNG made its first principal and interest bi-annual facility until March 2028 . 0.6 billion. commence in September 2023, with bi-annual In conjunction with the $ 3.2 finance debt, APLNG made voluntary repayments 2.2 1.0 and international commercial banks and the Export-Import At September 30, 2020, a balance of $ 6.2 for additional information. At September 30, 2020, the carrying value of our 6,877 The balance is included in the “Investments Loans and Long-Term Receivables As part of our normal ongoing business operations, numerous agreements with other parties to pursue made to certain affiliated and non-affiliated companies. companies included $ 219 On our consolidated balance sheet, the long-term advances—related parties” line, while the short-term parties” line. |
Investment in Cenovus Energy
Investment in Cenovus Energy | 9 Months Ended |
Sep. 30, 2020 | |
Investment In Cenovus Energy [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6—Investment in Cenovus Energy On May 17, 2017, we completed the sale of our 50 well as the majority of our western Canada gas assets, included 208 16.9 and outstanding Cenovus Energy common stock. 208 million Cenovus Energy common shares was $ 1.96 9.41 the closing date. At September 30, 2020, the investment included on 809 carried at fair value. 208 price of $ 3.89 1.30 fair value of $ 2.11 we recorded an unrealized loss of $ 162 1.30 periods ended September 30, 2019, we recorded 116 489 respectively. consolidated income statement and are related to the Value investment over time through market transactions, |
Suspended Wells
Suspended Wells | 9 Months Ended |
Sep. 30, 2020 | |
Suspended Wells [Abstract] | |
Suspended Wells | Note 7—Suspended Wells The capitalized cost of suspended wells at September 711 309 from year-end 2019 primarily related to our Australia-West divestiture. Dispositions, 31, 2019, $ 20 one suspended well in the Kamunsu East Field offshore Malaysia. |
Impairments
Impairments | 9 Months Ended |
Sep. 30, 2020 | |
Impairments [Abstract] | |
Impairments | Note 8—Impairments During the three- impairment charges within the following segments: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Lower 48 $ 1 22 514 22 Europe, Middle East and North Africa 1 2 7 4 $ 2 24 521 26 We perform impairment reviews when triggering events arise that may impact the investments. We observed volatility in commodity prices during the first nine-months of 2020. prices beginning in March prompted us to evaluate whether an other than temporary impairment natural gas assets in the Lower 48, a significant decrease prices resulted in a decline in the estimated fair first quarter of 2020, we recorded impairments of 511 primarily for the Wind River Basin operations area consisting of the Lost Cabin Gas Plant, which were written down additional information. A sustained decline in the current and long-term impairment reviews and possibly result in The charges discussed below are included in the “Exploration statement and are not reflected in the table above. We recorded a before-tax impairment in the first quarter of 2020 of $ 31 related to the associated carrying value of capitalized in Malaysia that is no longer in our development In the third quarter of 2019, we recorded a before-tax 141 the associated carrying value of capitalized undeveloped exploration activities in the Central Louisiana Austin |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt [Abstract] | |
Debt | Note 9—Debt Our debt balance as of September 30, 2020 was $ 15,387 14,895 31, 2019. Our revolving credit facility provides a total commitment 6.0 May 2023 . revolving credit facility may be used for direct $ 500 ConocoPhillips Company $ 6.0 needs. 90 days . We issued $ 300 on our consolidated balance sheet. 300 no borrowings or letters of credit, we had $ 5.7 September 30, 2020. no paper as of December 31, 2019. In October 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “stable” from “negative,” Fitch affirmed its rating of “A” with a “stable” outlook and Moody’s affirmed its rating of “A3” with a “stable” outlook. At September 30, 2020, we had $ 283 maturities ranging through 2035. day. VRDBs are included in the “Long-term debt” line |
Changes in Equity
Changes in Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10—Changes in Equity Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Non- Controlling Interests Total For the three months ended September 30, 2020 Balances at June 30, 2020 $ 18 47,079 (47,130) (5,825) 37,351 31,493 Net loss (450) (450) Other comprehensive income 159 159 Dividends paid ($ 0.42 (454) (454) Distributed under benefit plans 34 34 Other 1 1 Balances at September 30, 2020 $ 18 47,113 (47,130) (5,666) 36,448 30,783 For the nine months ended September 30, Balances at December 31, 2019 $ 18 46,983 (46,405) (5,357) 39,742 69 35,050 Net income (loss) (1,929) 46 (1,883) Other comprehensive loss (309) (309) Dividends paid ($ 1.26 (1,367) (1,367) Repurchase of company common stock (726) (726) Distributions to noncontrolling interests and other (32) (32) Disposition (84) (84) Distributed under benefit plans 130 130 Other 1 2 1 4 Balances at September 30, 2020 $ 18 47,113 (47,130) (5,666) 36,448 - 30,783 Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Non- Controlling Interests Total For the three months ended September 30, 2019 Balances at June 30, 2019 $ 18 46,922 (44,906) (5,827) 36,769 98 33,074 Net income 3,056 15 3,071 Other comprehensive income 173 173 Dividends paid ($ 0.31 (341) (341) Repurchase of company common stock (749) (749) Distributions to noncontrolling interests and other (20) (20) Distributed under benefit plans 32 32 Other (1) (1) Balances at September 30, 2019 $ 18 46,954 (45,656) (5,654) 39,484 93 35,239 For the nine months ended September 30, Balances at December 31, 2018 $ 18 46,879 (42,905) (6,063) 34,010 125 32,064 Net income 6,469 45 6,514 Other comprehensive income 449 449 Dividends paid ($ 0.92 (1,037) (1,037) Repurchase of company common stock (2,751) (2,751) Distributions to noncontrolling interests and other (80) (80) Distributed under benefit plans 75 75 Changes in Accounting Principles* (40) 40 - Other 2 3 5 Balances at September 30, 2019 $ 18 46,954 (45,656) (5,654) 39,484 93 35,239 *Cumulative effect of the adoption of ASU No. 2018-02, |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees | Note 11—Guarantees At September 30, 2020, we were liable for certain arrangements as described below. a guarantor for newly issued or modified guarantees. below, we have not recognized a liability because the fair value of the obligation unless otherwise stated, we are not currently future performance to be either immaterial APLNG Guarantees At September 30, 2020, we had outstanding multiple 37.5 interest in APLNG. September 2020 exchange rates: ● During the third quarter of 2016, we issued a guarantee portion of the funds in a project finance reserve guarantee is 10 years . 170 and may become payable if an enforcement action against APLNG. 14 million. ● In conjunction with our original purchase of an ownership October 2008, we agreed to reimburse Origin Energy for arising under guarantees of an existing obligation agreements with remaining terms of 1 to 22 years . payments, or cost of volume delivery, under these guarantees is estimated 720 ($ 1.3 to meet its obligations under these agreements and Future payments are considered unlikely, as the payments, or cost of volume triggered if APLNG does not have enough natural co-venturers do not make necessary equity contributions ● We have guaranteed the performance of APLNG with regard to certain other contracts connection with the project’s continued development. 16 to 25 years or the life of the venture . guarantees is approximately $ 120 September 30, 2020, the carrying value of these 7 Other Guarantees We have other guarantees with maximum future potential payment amounts totaling $ 750 of the residual value of corporate aircrafts, reserve accounts. 1 to 5 years asset values are lower than guaranteed amounts at decline at guaranteed entities, or as a result of nonperformance At September 30, 2020, the carrying value of these 11 Indemnifications Over the years, we have entered into agreements to ventures and assets that gave rise to qualifying for taxes and environmental liabilities. majority of these expire in 2021. and the maximum amounts of future payments are these indemnification obligations at September 30, 50 indemnification liability over the relevant time facts and circumstances surrounding each type indefinite, we will reverse the liability when we have amortize the liability over an appropriate time declines. of the indemnifications, it is not possible to make future payments. Commitments. |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 12—Contingencies and Commitments A number of lawsuits involving a variety of claims against ConocoPhillips. placement, storage, disposal or release of certain and inactive sites. contingencies. liability when the loss is probable and the amount reasonably estimated and no amount within the range end of the range is accrued. We accrue receivables for insurance or other third-party recoveries when applicable. tax-related contingencies, we use a cumulative probability-weighted tax position is less than certain. Based on currently available information, we believe liability exposures will exceed current accruals by consolidated financial statements. both with respect to accrued liabilities changes include contingent liabilities Estimated future environmental remediation magnitude of cleanup costs, the unknown time the determination of our liability in proportion related to tax and legal matters are subject to available during the administrative and litigation Environmental We are subject to international, federal, state and local environmental laws and regulations. our consolidated financial statements, we record best estimates, using all information that is currently available facts, existing technology, and presently enacted laws and stakeholder and business considerations. experience in remediation of contaminated sites, the U.S. EPA or other organizations. liabilities, and we accrue them in the period they are Although liability of those potentially responsible several for federal sites and frequently so for other particular site. any site at which we have been designated as a in sharing cleanup costs with other financially responsible are still under investigation by the EPA or the agency concerned. potentially responsible normally assess the appropriate remediation. Where it appears that other potentially responsible share, we consider this inability in estimating As a result of various acquisitions in the past, environmental obligations are mitigated by indemnifications indemnifications are subject to dollar limits We are currently participating in environmental assessments and cleanups at numerous comparable state and international sites. other costs, we make accruals on an undiscounted combination, which we record on a discounted basis) sites where it is probable future costs will be incurred not reduced these accruals for possible insurance recoveries. At September 30, 2020, our balance sheet included 177 with $ 171 incur a substantial amount of these expenditures 30 years . additional environmental assessments, cleanups Legal Proceedings We are subject to various lawsuits and claims including but not limited to matters and severance tax payments, gas measurement and damages, climate change, personal injury, and property damage. relate to alleged royalty and tax underpayments claims of alleged environmental contamination vigorously in these matters. Our legal organization applies its knowledge, experience characteristics of our cases, employing a litigation proceedings against us. individual cases. mediation. available information about current developments adequacy of current accruals and determines if accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and not associated with financing arrangements. company with additional funds through advances utilized. $ 240 supplies, commercial activities and services incident In 2007, ConocoPhillips was unable to reach agreement by the Venezuelan government’s Nationalization Decree. Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil response to this expropriation, ConocoPhillips ICSID. ConocoPhillips’ significant oil investments decision that the expropriation was unlawful. government of Venezuela to pay ConocoPhillips approximately $ 8.7 government’s unlawful expropriation of the company’s investments in Venezuela in 2007. filed a request for recognition of the award in several issued a decision rectifying the award and reducing 227 at $ 8.5 automatically stayed enforcement of the award. In 2014, ConocoPhillips filed a separate and independent PDVSA under the contracts that had established the an award in April 2018, finding that PDVSA owed ConocoPhillips 2 agreements in connection with the expropriation of the 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. received approximately $ 754 various jurisdictions, and ConocoPhillips agreed notices of default to PDVSA on October 14 and November breach. the settlement and any actions taken in enforcement including those related to any applicable sanctions In 2016, ConocoPhillips filed a separate and independent PDVSA under the contracts that had established the awarded ConocoPhillips approximately $ 33 ConocoPhillips is seeking recognition and enforcement has ensured that all the actions related to the award including those related to any applicable sanctions The Office of Natural Resources Revenue (ONRR) has conducted royalties on federal lands and has issued multiple ConocoPhillips has appealed these orders and strongly with the Interior Board of Land Appeals (IBLA), ConocoPhillips filed in 2016 in New Mexico federal Beginning in 2017, cities, counties, governments lawsuits against oil and gas companies, including equitable relief to abate alleged climate change impacts. expected to be filed. involved in these cases are unprecedented. meritless and are an inappropriate vehicle to address vigorously defend against such lawsuits. Several Louisiana parishes and the State of Louisiana 43 Coastal Resources Management Act (SLCRMA) seeking compensatory damages for contamination historical oil and gas operations. 22 vigorously defend against them. about these claims (both as to scope and damages) In 2016, ConocoPhillips, through its subsidiary, The Louisiana Land and Exploration submitted claims as the largest private wetlands owner in Louisiana administration process related to the oil spill administrator issued an award to the company which, 90 million, In October 2020, the Bureau of Safety and Environmental Outer Continental Shelf (OCS) Lease P-0166, including including two offshore platforms located near Carpinteria, owner of OCS Lease P-0166 relinquished the lease Petroleum Company, a legacy company of ConocoPhillips, held a 25 these facilities, but sold its interest approximately 30 years the operation or production on this lease since that |
Derivative and Financial Instru
Derivative and Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Note 13—Derivative and Financial Instruments We use futures, forwards, swaps and options in various markets to meet our customer needs, opportunities and manage foreign exchange currency Commodity Derivative Instruments Our commodity business primarily consists Commodity derivative instruments are held at fair balances have the right of setoff, they are presented on a operating activities on our consolidated statement realized and unrealized gains and losses are recognized business or a net basis if held for trading. with the NPNS exception are recognized upon settlement. contracts. The following table presents the gross fair values line items where they appear on our consolidated Millions of Dollars September 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 273 288 Other assets 28 34 Liabilities Other accruals 258 283 Other liabilities and deferred credits 19 28 The gains (losses) from commodity derivatives consolidated income statement were: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Sales and other operating revenues $ 33 4 30 68 Other income (loss) (2) 3 3 4 Purchased commodities (27) (9) (29) (60) The table below summarizes our material net exposures contracts: Open Position Long/(Short) September 30 December 31 2020 2019 Commodity Natural gas and power (billions of cubic feet equivalent) (9) (5) (50) (23) Foreign Currency Exchange Derivatives We have foreign currency exchange rate risk resulting from international operations. exchange derivative activity primarily exposures, such as firm commitments for returns from net investments in foreign affiliates, and investments Our foreign currency exchange derivative instruments Related cash flows are recorded as operating activities elect hedge accounting on our foreign currency exchange The following table presents the gross fair values collateral, and the line items where they appear Millions of Dollars September 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 16 1 Liabilities Other accruals - 20 Other liabilities and deferred credits - 8 The (gains) losses from foreign currency exchange on our consolidated income statement were: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Foreign currency transaction (gain) loss $ 7 (24) (55) (3) We had the following net notional position of outstanding foreign currency exchange In Millions Notional Currency September 30 December 31 2020 2019 Foreign Currency Exchange Derivatives Buy GBP, GBP 3 4 Sell CAD, buy USD CAD 416 1,337 In the second quarter of 2019, we entered into foreign currency exchange contracts to sell CAD 1.35 billion at CAD 0.748 against the USD. In the first quarter of 2020, we entered into forward currency exchange contracts to buy CAD 0.9 billion at CAD 0.718 against the USD Financial Instruments We invest in financial instruments with maturities based on our cash forecasts for currency pools we manage. ● Time deposits: Interest bearing deposits placed with financial of time. ● Demand deposits: Interest bearing deposits placed withdrawn without notice. ● Commercial paper: Unsecured promissory notes issued government agency purchased at a discount to ● U.S. government or government agency obligations: government agencies. ● Foreign government obligations: Securities ● Corporate bonds: Unsecured debt securities ● Asset-backed securities: Collateralized debt securities. The following investments are carried on our Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments September 30 December 31 September 30 December 31 2020 2019 2020 2019 Cash $ 545 759 Demand Deposits 1,182 1,483 Time Deposits Remaining maturities from 1 to 90 days 755 2,030 2,961 1,395 Remaining maturities from 91 to 180 days - - 741 465 Remaining maturities within one year - - 7 - Commercial Paper Remaining maturities from 1 to 90 days - 413 50 1,069 U.S. Government Obligations Remaining maturities from 1 to 90 days 5 394 - - $ 2,487 5,079 3,759 2,929 The following investments in debt securities balance sheet at fair value: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term Receivables September 30 2020 December 31 2019 September 30 2020 December 31 2019 September 30 2020 December 31 2019 Corporate Bonds Maturities within one year $ - 1 157 59 - - Maturities greater than one year - - - - 128 99 Commercial Paper Maturities within one year 3 8 108 30 - - U.S. Government Obligations Maturities within one year - - 8 10 - - Maturities greater than one year - - - - 13 15 U.S. Government Agency Obligations Maturities greater than one year - - - - 17 - Foreign Government Obligations Maturities greater than one year - - - - 2 - Asset-backed Securities Maturities greater than one year - - - - 46 19 $ 3 9 273 99 206 133 The following table summarizes the amortized classified as available for sale: Millions of Dollars September 30, 2020 December 31, 2019 Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Major Security Type Corporate bonds $ 283 285 159 159 Commercial paper 111 111 38 38 U.S. government obligations 21 21 25 25 U.S. government agency obligations 17 17 - - Foreign government obligations 2 2 - - Asset-backed securities 46 46 19 19 $ 480 482 241 241 As of September 30, 2020 and December 31, 2019, available for sale with net losses were negligible. 2019, investments losses has not been recorded were negligible. For the three- investments in debt securities classified as available 109 298 Gross realized gains and losses included in earnings cost of securities sold and redeemed is determined Credit Risk Financial instruments potentially exposed to concentrations short-term investments, long-term investments receivables. government money market funds, government debt financial institutions, and high-quality corporate bonds. placed in high-quality corporate bonds, U.S. government government obligations, and asset-backed securities. The credit risk from our OTC derivative contracts, counterparty to the transaction. limits and includes the use of cash-call margins when appropriate, nonperformance. these trades are cleared with an exchange clearinghouse settled; however, we are exposed to the credit risk of those exchange margin cash calls, as well as for cash deposited to meet Our trade receivables result primarily international customer base, which limits our receivables have payment terms of 30 days creditworthiness of the counterparties. counterparties. credit, prepayments and surety bonds, as well as counterparties that both buy from and sell to 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 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. The aggregate fair value of all derivative in a liability position on September 30, 2020 and December 20 79 respectively. no If our credit rating had been downgraded below required to post $ 16 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 14—Fair Value Measurement We carry a portion of our assets and liabilities at fair value measured at the reporting (i.e., the price that would be received to sell an asset the quality of valuation inputs under the following ● Level 1: Quoted prices (unadjusted) in an active ● Level 2: Inputs other than quoted prices that ● Level 3: Unobservable inputs that are significant The classification hierarchy of an asset or liability value. derived from unobservable inputs is inconsequential becomes available. corroborated market data is no longer available. 2020 or 2019. Recurring Fair Value Measurement Financial assets and liabilities reported at fair Cenovus Energy common shares, our investments in debt commodity derivatives. ● Level 1 derivative assets and liabilities primarily valued using unadjusted prices available from the investment in common shares of Cenovus Energy, which is valued using quotes for shares and our investments in U.S. government obligations are valued using exchange prices. ● Level 2 derivative assets and liabilities primarily sale contracts that are valued using adjusted exchange companies that are all corroborated by market data. securities classified as available for sale including asset-backed securities, U.S. government agency valued using pricing provided by brokers or pricing data. ● Level 3 derivative assets and liabilities consist contracts where a significant portion of fair readily available. relationships among various commodities, modeled relevant economic measures. Level 3 activity was not material for all periods The following table summarizes the fair value unadjusted where the right of setoff exists for commodity basis): Millions of Dollars September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 809 - - 809 2,111 - - 2,111 Investments in debt securities 21 461 - 482 25 216 - 241 Commodity derivatives 173 117 11 301 172 114 36 322 Total assets $ 1,003 578 11 1,592 2,308 330 36 2,674 Liabilities Commodity derivatives $ 173 89 15 277 174 115 22 311 Total liabilities $ 173 89 15 277 174 115 22 311 The following table summarizes those commodity presented on our consolidated balance sheet. multiple derivative instruments executed with the right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Net Amounts Subject to Gross Amounts Amounts Cash Net Recognized Right of Setoff Amounts Offset Presented Collateral Amounts September 30, 2020 Assets $ 301 1 300 204 96 5 91 Liabilities 277 - 277 204 73 7 66 December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 At September 30, 2020 and December 31, 2019, balance sheet where we had the right of setoff. Non-Recurring Fair Value Measurement The following table summarizes the fair value assets accounted for at fair value on a non-recurring Millions of Dollars Fair Value Measurement Using Fair Value Level 3 Inputs Before-Tax Loss Net PP&E (held for use) March 31, 2020 $ 77 77 510 During the first quarter of 2020 , the estimated fair value of our assets in the Wind River Basin operations declined to an amount below the carrying value. developed natural gas properties in the Madden Lower 48 segment. The carrying value was written down to fair value. The fair value was estimated based on an internal discounted cash flow model using estimates of future production, an outlook of future prices using a combination of exchanges (short-term) and external pricing services companies (long-term), future operating costs and capital expenditures, and a discount rate believed to be consistent with those used by principal market participants. fair value measurement were as follows: Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 77 Discounted cash flow Natural gas production (MMCFD) 8.4 55.2 22.9 ) Natural gas price outlook* ($/MMBTU) $ 2.67 9.17 5.68 ) Discount rate** 7.9 % 9.1 % ( 8.3 %) 2.2 % annually after year 2034. **Determined as the weighted average cost of capital of a group Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial ● Cash and cash equivalents and short-term investments: sheet approximates fair value. the carrying amount reported on the balance sheet ● Accounts and notes receivable (including long-term reported on the balance sheet approximates fair estimate the fair value of the current portion and advances—related parties. ● Investment in Cenovus Energy: See Note 6—Investment in carrying value and fair value of our investment in ● Investments in debt securities classified as available securities categorized as Level 1 in the fair fair value of investments in debt securities measured using pricing provided by brokers or pricing market data. ● Loans and advances—related parties: The carrying value. categorized as Level 2 in the fair value hierarchy. Receivables, for additional information. ● Accounts payable (including related parties) payable and floating-rate debt reported on the balance ● Fixed-rate debt: The estimated fair value of fixed-rate pricing service that is corroborated by market data; 2 in the fair value hierarchy. ● Commercial paper: The carrying amount of our and is reported on the balance sheet as short-term The following table summarizes the net fair setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value September 30 December 31 September 30 December 31 2020 2019 2020 2019 Financial assets Investment in Cenovus Energy $ 809 2,111 809 2,111 Commodity derivatives 92 125 92 125 Investments in debt securities 482 241 482 241 Total loans and advances—related parties 219 339 219 339 Financial liabilities Total debt, excluding finance leases 14,482 14,175 18,827 18,108 Commodity derivatives 66 106 66 106 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 15—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the Millions of Dollars Defined Benefit Plans Net Unrealized Gain on Securities Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2019 $ (350) - (5,007) (5,357) Other comprehensive income (loss) (13) 2 (298) (309) September 30, 2020 $ (363) 2 (5,305) (5,666) The following table summarizes reclassifications income (loss): Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Defined benefit plans $ 30 36 46 66 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $ 7 12 million for the three-month periods ended September 30, 2020 and September 30, 2019, respectively, and $ 11 22 nine-month periods ended September 30, 2020 and September 30, 2019, information. |
Cash Flow Information
Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 16—Cash Flow Information Millions of Dollars Nine Months Ended September 30 2020 2019 Cash Payments Interest $ 591 614 Income taxes 803 2,210 Net Sales (Purchases) of Investments Short-term investments purchased $ (9,662) (1,894) Short-term investments sold 8,776 1,229 Long-term investments purchased (271) - Long-term investments sold 68 - $ (1,089) (665) |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 21 14 20 19 1 1 Interest cost 17 21 21 25 2 1 Expected return on plan assets (21) (37) (18) (34) - - Amortization of prior service credit - (1) - - (7) (7) Recognized net actuarial loss (gain) 12 5 13 7 1 (1) Settlements 27 - 37 - - - Curtailments - - - (1) - - Net periodic benefit cost $ 56 2 73 16 (3) (6) Nine Months Ended September 30 Service cost $ 63 41 59 56 2 1 Interest cost 51 63 63 77 5 6 Expected return on plan assets (63) (108) (54) (104) - - Amortization of prior service credit - (1) - (1) (23) (24) Recognized net actuarial loss (gain) 37 16 39 23 1 (2) Settlements 28 (1) 54 - - - Curtailments - - - (1) - - Net periodic benefit cost $ 116 10 161 50 (15) (19) The components of net periodic benefit cost, other expenses” line item on our consolidated income statement. During the first nine months of 2020, we contributed 87 57 to our international benefit plans. 135 our domestic qualified and nonqualified pension 65 international qualified and nonqualified pension During the three-month period ended September service and interest costs for the year for the U.S. proportionate share of prior actuarial losses from of $ 27 the pension plan assets were updated and the pension September 30, 2020. 78 corresponding decrease to other comprehensive loss. rate and reduced long-term lump sum rate assumptions the expected return. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18—Related Party Transactions Our related parties primarily include equity method employees. Significant transactions with our equity affiliates were: Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Operating revenues and other income $ 21 23 59 70 Purchases - - - 38 Operating expenses and selling, general and administrative expenses 16 19 43 47 Net interest income* (1) (3) (5) (10) *We paid interest to, or received interest information on loans to affiliated companies. |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 19—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from contracts with customers $ 3,078 6,240 9,908 19,932 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,280 1,529 3,432 4,981 Financial derivative contracts 28 (13) (47) (54) Consolidated sales and other operating revenues $ 4,386 7,756 13,293 24,859 Revenues from contracts outside the scope of ASC market prices which qualify as derivatives accounted and for which we have not elected NPNS. for recognition of revenue from these contracts disaggregation of revenues is provided in conjunction Information: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,018 1,099 2,692 3,823 Canada 152 86 452 427 Europe, Middle East and North Africa 110 344 288 731 Physical contracts meeting the definition of a derivative $ 1,280 1,529 3,432 4,981 Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 100 266 218 619 Natural gas 1,042 1,159 2,895 4,022 Other 138 104 319 340 Physical contracts meeting the definition of a derivative $ 1,280 1,529 3,432 4,981 Practical Expedients Typically, cases may extend longer, which may be out to the end of field 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. 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. Receivables and Contract Liabilities Receivables from Contracts with Customers At September 30, 2020, the “Accounts and notes trade receivables of $ 1,338 2,372 contracts with customers within 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. contracts at market prices for which we do not under ASC Topic 815. receivables associated with gas sold under contracts receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into contractual arrangements where we license proprietary technology to the optimization process for operating LNG 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. Millions of Dollars Contract Liabilities At December 31, 2019 $ 80 Contractual payments received 8 At September 30, 2020 $ 88 Amounts Recognized in the Consolidated Balance Current liabilities $ 47 Noncurrent liabilities 41 $ 88 We expect to recognize the contract liabilities as of September 30, 2020, as revenue during 2021 and 2022. There were no |
Segment Disclosures and Related
Segment Disclosures and Related Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Disclosures and Related Information [Abstract] | |
Segment Disclosures and Related Information | Note 20—Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a basis. six region: Alaska; Lower 48; Canada; Europe, International. Corporate and Other represents income and costs most interest expense, corporate overhead and Corporate assets include all cash and cash equivalents We evaluate performance and allocate resources based on net income (loss) attributable Intersegment sales are at prices that approximate Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Sales and Other Operating Revenues Alaska $ 864 1,296 2,396 4,129 Intersegment eliminations (30) - (11) - Alaska 834 1,296 2,385 4,129 Lower 48 2,323 3,728 6,859 11,690 Intersegment eliminations (9) (10) (47) (33) Lower 48 2,314 3,718 6,812 11,657 Canada 348 633 1,026 2,173 Intersegment eliminations (20) (273) (200) (858) Canada 328 360 826 1,315 Europe, Middle East and North Africa 432 1,225 1,320 4,084 Asia Pacific 477 1,085 1,930 3,458 Other International 1 - 5 - Corporate and Other - 72 15 216 Consolidated sales and other operating revenues $ 4,386 7,756 13,293 24,859 Sales and Other Operating Revenues by Geographic (1) United States $ 3,148 5,085 9,209 15,996 Australia - 412 605 1,282 Canada 328 360 826 1,315 China 161 191 374 593 Indonesia 167 223 503 654 Libya 6 288 50 809 Malaysia 148 258 447 928 Norway 358 632 1,046 1,781 United Kingdom 68 305 224 1,494 Other foreign countries 2 2 9 7 Worldwide consolidated $ 4,386 7,756 13,293 24,859 Sales and Other Operating Revenues by Product Crude oil $ 2,321 4,612 6,981 14,006 Natural gas 1,509 1,799 4,354 6,717 Natural gas liquids 129 156 364 607 Other (2) 427 1,189 1,594 3,529 Consolidated sales and other operating revenues by $ 4,386 7,756 13,293 24,859 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Includes LNG and bitumen. Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Net Income (Loss) Attributable to ConocoPhillips Alaska $ (16) 306 (76) 1,152 Lower 48 (78) 26 (880) 425 Canada (75) 51 (270) 273 Europe, Middle East and North Africa 92 2,171 318 3,050 Asia Pacific 25 443 945 1,220 Other International (8) 73 14 285 Corporate and Other (390) (14) (1,980) 64 Consolidated net income (loss) attributable $ (450) 3,056 (1,929) 6,469 Millions of Dollars September 30 December 31 2020 2019 Total Assets Alaska $ 15,910 15,453 Lower 48 12,196 14,425 Canada 6,581 6,350 Europe, Middle East and North Africa 8,420 9,269 Asia Pacific 11,359 13,568 Other International 300 285 Corporate and Other 8,391 11,164 Consolidated total assets $ 63,157 70,514 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 21—Income Taxes Our effective tax rate was 12 periods were primarily impacted by shifts as well as the change in our U.S. valuation allowance Energy common shares. recognition of certain tax incentives in Malaysia. Our effective tax rates for the nine-month periods ended 8 21 percent, noted above. disposition recognized for our Australia-West assets of $ 587 10 million, the de-recognition of $ 92 this divestiture, and a $ 48 period ended September 30, 2019 was impacted 262 million related to the recognition of a U.S. capital As a result of the COVID-19 pandemic and the operate, including Australia, Canada, Norway and the second quarter, Norway enacted legislation to accelerate immediate monetization of tax losses. our net deferred tax liability of $ 120 $ 124 During the three- $ 33 264 relates primarily to the fair value measurement of our the tax impact related to incremental capital |
Announced Acquisition of Concho
Announced Acquisition of Concho Resources Inc | 9 Months Ended |
Sep. 30, 2020 | |
Announced Acquisition of Concho Resources Inc. [Abstract] | |
Announced Acquisition of Concho Resources Inc. | Note 22—Announced Acquisition of Concho On October 19, 2020 , we announced a definitive agreement (the Concho Resources Inc. 9.7 October 16, 2020. directors of each company, each share of Concho common stock will 1.46 shares of ConocoPhillips common stock. approximately $ 3.9 The transaction is anticipated to close in the first ConocoPhillips and Concho shareholders, Merger Agreement is terminated under certain circumstances, $ 450 recommendation in respect of the stockholder to reimburse Concho for its expenses in an amount 142.5 terminated because of a failure of our stockholders Factors” for further discussion of risks related |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Policy Text Block [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The interim-period financial information unaudited and, in the opinion of management, presentation of the consolidated financial flows for such periods. Certain notes and other information have been included in this report. consolidated financial statements and notes included The unrealized (gain) loss on investment in Cenovus flows, previously reflected on the line item reclassified in the comparative period to conform |
Revenue Recognition, Policy [Policy Text Block] | Typically, cases may extend longer, which may be out to the end of field 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. 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. |
Long-Duration Contracts Revenue Recognition, Policy [Policy Text Block] | We have entered into contractual arrangements where we license proprietary technology to the optimization process for operating LNG 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. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 3—Inventories Inventories consisted of the following: Millions of Dollars September 30 2020 2019 Crude oil and natural gas $ 503 472 Materials and supplies 531 554 $ 1,034 1,026 |
Impairments (Tables)
Impairments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Impairments [Abstract] | |
Before-tax impairment charges [Table Text Block] | Note 8—Impairments During the three- impairment charges within the following segments: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Lower 48 $ 1 22 514 22 Europe, Middle East and North Africa 1 2 7 4 $ 2 24 521 26 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Note 10—Changes in Equity Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Non- Controlling Interests Total For the three months ended September 30, 2020 Balances at June 30, 2020 $ 18 47,079 (47,130) (5,825) 37,351 31,493 Net loss (450) (450) Other comprehensive income 159 159 Dividends paid ($ 0.42 (454) (454) Distributed under benefit plans 34 34 Other 1 1 Balances at September 30, 2020 $ 18 47,113 (47,130) (5,666) 36,448 30,783 For the nine months ended September 30, Balances at December 31, 2019 $ 18 46,983 (46,405) (5,357) 39,742 69 35,050 Net income (loss) (1,929) 46 (1,883) Other comprehensive loss (309) (309) Dividends paid ($ 1.26 (1,367) (1,367) Repurchase of company common stock (726) (726) Distributions to noncontrolling interests and other (32) (32) Disposition (84) (84) Distributed under benefit plans 130 130 Other 1 2 1 4 Balances at September 30, 2020 $ 18 47,113 (47,130) (5,666) 36,448 - 30,783 Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Non- Controlling Interests Total For the three months ended September 30, 2019 Balances at June 30, 2019 $ 18 46,922 (44,906) (5,827) 36,769 98 33,074 Net income 3,056 15 3,071 Other comprehensive income 173 173 Dividends paid ($ 0.31 (341) (341) Repurchase of company common stock (749) (749) Distributions to noncontrolling interests and other (20) (20) Distributed under benefit plans 32 32 Other (1) (1) Balances at September 30, 2019 $ 18 46,954 (45,656) (5,654) 39,484 93 35,239 For the nine months ended September 30, Balances at December 31, 2018 $ 18 46,879 (42,905) (6,063) 34,010 125 32,064 Net income 6,469 45 6,514 Other comprehensive income 449 449 Dividends paid ($ 0.92 (1,037) (1,037) Repurchase of company common stock (2,751) (2,751) Distributions to noncontrolling interests and other (80) (80) Distributed under benefit plans 75 75 Changes in Accounting Principles* (40) 40 - Other 2 3 5 Balances at September 30, 2019 $ 18 46,954 (45,656) (5,654) 39,484 93 35,239 *Cumulative effect of the adoption of ASU No. 2018-02, |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative and Financial Instruments [Abstract] | |
Balance sheet location and fair value amounts of derivatives | The following table presents the gross fair values line items where they appear on our consolidated Millions of Dollars September 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 273 288 Other assets 28 34 Liabilities Other accruals 258 283 Other liabilities and deferred credits 19 28 The following table presents the gross fair values collateral, and the line items where they appear Millions of Dollars September 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 16 1 Liabilities Other accruals - 20 Other liabilities and deferred credits - 8 |
Income statement location and gain/loss amounts of derivatives | The gains (losses) from commodity derivatives consolidated income statement were: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Sales and other operating revenues $ 33 4 30 68 Other income (loss) (2) 3 3 4 Purchased commodities (27) (9) (29) (60) The (gains) losses from foreign currency exchange on our consolidated income statement were: Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Foreign currency transaction (gain) loss $ 7 (24) (55) (3) |
Net exposures from outstanding commodity derivative contracts | The table below summarizes our material net exposures contracts: Open Position Long/(Short) September 30 December 31 2020 2019 Commodity Natural gas and power (billions of cubic feet equivalent) (9) (5) (50) (23) We had the following net notional position of outstanding foreign currency exchange In Millions Notional Currency September 30 December 31 2020 2019 Foreign Currency Exchange Derivatives Buy GBP, GBP 3 4 Sell CAD, buy USD CAD 416 1,337 |
Net carrying amount of held to maturity investments | The following investments are carried on our Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments September 30 December 31 September 30 December 31 2020 2019 2020 2019 Cash $ 545 759 Demand Deposits 1,182 1,483 Time Deposits Remaining maturities from 1 to 90 days 755 2,030 2,961 1,395 Remaining maturities from 91 to 180 days - - 741 465 Remaining maturities within one year - - 7 - Commercial Paper Remaining maturities from 1 to 90 days - 413 50 1,069 U.S. Government Obligations Remaining maturities from 1 to 90 days 5 394 - - $ 2,487 5,079 3,759 2,929 |
Debt Securities Carried at Fair Value | The following investments in debt securities balance sheet at fair value: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term Receivables September 30 2020 December 31 2019 September 30 2020 December 31 2019 September 30 2020 December 31 2019 Corporate Bonds Maturities within one year $ - 1 157 59 - - Maturities greater than one year - - - - 128 99 Commercial Paper Maturities within one year 3 8 108 30 - - U.S. Government Obligations Maturities within one year - - 8 10 - - Maturities greater than one year - - - - 13 15 U.S. Government Agency Obligations Maturities greater than one year - - - - 17 - Foreign Government Obligations Maturities greater than one year - - - - 2 - Asset-backed Securities Maturities greater than one year - - - - 46 19 $ 3 9 273 99 206 133 |
Amortized cost basis and fair value of investments in debt securities classified as available for sale | The following table summarizes the amortized classified as available for sale: Millions of Dollars September 30, 2020 December 31, 2019 Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Major Security Type Corporate bonds $ 283 285 159 159 Commercial paper 111 111 38 38 U.S. government obligations 21 21 25 25 U.S. government agency obligations 17 17 - - Foreign government obligations 2 2 - - Asset-backed securities 46 46 19 19 $ 480 482 241 241 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurement [Abstract] | |
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 809 - - 809 2,111 - - 2,111 Investments in debt securities 21 461 - 482 25 216 - 241 Commodity derivatives 173 117 11 301 172 114 36 322 Total assets $ 1,003 578 11 1,592 2,308 330 36 2,674 Liabilities Commodity derivatives $ 173 89 15 277 174 115 22 311 Total liabilities $ 173 89 15 277 174 115 22 311 |
Commodity derivative balances subject to right of setoff | The following table summarizes those commodity presented on our consolidated balance sheet. multiple derivative instruments executed with the right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Net Amounts Subject to Gross Amounts Amounts Cash Net Recognized Right of Setoff Amounts Offset Presented Collateral Amounts September 30, 2020 Assets $ 301 1 300 204 96 5 91 Liabilities 277 - 277 204 73 7 66 December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 At September 30, 2020 and December 31, 2019, 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 assets accounted for at fair value on a non-recurring Millions of Dollars Fair Value Measurement Using Fair Value Level 3 Inputs Before-Tax Loss Net PP&E (held for use) March 31, 2020 $ 77 77 510 |
Range and arithmetic average of significant unobservable inputs - Wind River Basin | Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 77 Discounted cash flow Natural gas production (MMCFD) 8.4 55.2 22.9 ) Natural gas price outlook* ($/MMBTU) $ 2.67 9.17 5.68 ) Discount rate** 7.9 % 9.1 % ( 8.3 %) 2.2 % annually after year 2034. **Determined as the weighted average cost of capital of a group |
Net fair value of financial instruments | The following table summarizes the net fair setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value September 30 December 31 September 30 December 31 2020 2019 2020 2019 Financial assets Investment in Cenovus Energy $ 809 2,111 809 2,111 Commodity derivatives 92 125 92 125 Investments in debt securities 482 241 482 241 Total loans and advances—related parties 219 339 219 339 Financial liabilities Total debt, excluding finance leases 14,482 14,175 18,827 18,108 Commodity derivatives 66 106 66 106 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of accumulated other comprehensive loss in the equity section of the balance sheet | Note 15—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the Millions of Dollars Defined Benefit Plans Net Unrealized Gain on Securities Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2019 $ (350) - (5,007) (5,357) Other comprehensive income (loss) (13) 2 (298) (309) September 30, 2020 $ (363) 2 (5,305) (5,666) |
Items reclassified out of accumulated other comprehensive income (loss) | The following table summarizes reclassifications income (loss): Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Defined benefit plans $ 30 36 46 66 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $ 7 12 million for the three-month periods ended September 30, 2020 and September 30, 2019, respectively, and $ 11 22 nine-month periods ended September 30, 2020 and September 30, 2019, information. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 16—Cash Flow Information Millions of Dollars Nine Months Ended September 30 2020 2019 Cash Payments Interest $ 591 614 Income taxes 803 2,210 Net Sales (Purchases) of Investments Short-term investments purchased $ (9,662) (1,894) Short-term investments sold 8,776 1,229 Long-term investments purchased (271) - Long-term investments sold 68 - $ (1,089) (665) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Employee Benefit Plans [Abstract] | |
Pension and Postretirement Plans | Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 21 14 20 19 1 1 Interest cost 17 21 21 25 2 1 Expected return on plan assets (21) (37) (18) (34) - - Amortization of prior service credit - (1) - - (7) (7) Recognized net actuarial loss (gain) 12 5 13 7 1 (1) Settlements 27 - 37 - - - Curtailments - - - (1) - - Net periodic benefit cost $ 56 2 73 16 (3) (6) Nine Months Ended September 30 Service cost $ 63 41 59 56 2 1 Interest cost 51 63 63 77 5 6 Expected return on plan assets (63) (108) (54) (104) - - Amortization of prior service credit - (1) - (1) (23) (24) Recognized net actuarial loss (gain) 37 16 39 23 1 (2) Settlements 28 (1) 54 - - - Curtailments - - - (1) - - Net periodic benefit cost $ 116 10 161 50 (15) (19) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Significant transactions with related parties | Note 18—Related Party Transactions Our related parties primarily include equity method employees. Significant transactions with our equity affiliates were: Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Operating revenues and other income $ 21 23 59 70 Purchases - - - 38 Operating expenses and selling, general and administrative expenses 16 19 43 47 Net interest income* (1) (3) (5) (10) *We paid interest to, or received interest information on loans to affiliated companies. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from contracts with customers $ 3,078 6,240 9,908 19,932 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,280 1,529 3,432 4,981 Financial derivative contracts 28 (13) (47) (54) Consolidated sales and other operating revenues $ 4,386 7,756 13,293 24,859 Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,018 1,099 2,692 3,823 Canada 152 86 452 427 Europe, Middle East and North Africa 110 344 288 731 Physical contracts meeting the definition of a derivative $ 1,280 1,529 3,432 4,981 Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 100 266 218 619 Natural gas 1,042 1,159 2,895 4,022 Other 138 104 319 340 Physical contracts meeting the definition of a derivative $ 1,280 1,529 3,432 4,981 |
Contract with Customer, Asset and Liability [Table Text Block] | Millions of Dollars Contract Liabilities At December 31, 2019 $ 80 Contractual payments received 8 At September 30, 2020 $ 88 Amounts Recognized in the Consolidated Balance Current liabilities $ 47 Noncurrent liabilities 41 $ 88 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Disclosures and Related Information [Abstract] | |
Analysis of Results by Operating Segment | Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Sales and Other Operating Revenues Alaska $ 864 1,296 2,396 4,129 Intersegment eliminations (30) - (11) - Alaska 834 1,296 2,385 4,129 Lower 48 2,323 3,728 6,859 11,690 Intersegment eliminations (9) (10) (47) (33) Lower 48 2,314 3,718 6,812 11,657 Canada 348 633 1,026 2,173 Intersegment eliminations (20) (273) (200) (858) Canada 328 360 826 1,315 Europe, Middle East and North Africa 432 1,225 1,320 4,084 Asia Pacific 477 1,085 1,930 3,458 Other International 1 - 5 - Corporate and Other - 72 15 216 Consolidated sales and other operating revenues $ 4,386 7,756 13,293 24,859 Sales and Other Operating Revenues by Geographic (1) United States $ 3,148 5,085 9,209 15,996 Australia - 412 605 1,282 Canada 328 360 826 1,315 China 161 191 374 593 Indonesia 167 223 503 654 Libya 6 288 50 809 Malaysia 148 258 447 928 Norway 358 632 1,046 1,781 United Kingdom 68 305 224 1,494 Other foreign countries 2 2 9 7 Worldwide consolidated $ 4,386 7,756 13,293 24,859 Sales and Other Operating Revenues by Product Crude oil $ 2,321 4,612 6,981 14,006 Natural gas 1,509 1,799 4,354 6,717 Natural gas liquids 129 156 364 607 Other (2) 427 1,189 1,594 3,529 Consolidated sales and other operating revenues by $ 4,386 7,756 13,293 24,859 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Includes LNG and bitumen. Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Net Income (Loss) Attributable to ConocoPhillips Alaska $ (16) 306 (76) 1,152 Lower 48 (78) 26 (880) 425 Canada (75) 51 (270) 273 Europe, Middle East and North Africa 92 2,171 318 3,050 Asia Pacific 25 443 945 1,220 Other International (8) 73 14 285 Corporate and Other (390) (14) (1,980) 64 Consolidated net income (loss) attributable $ (450) 3,056 (1,929) 6,469 Millions of Dollars September 30 December 31 2020 2019 Total Assets Alaska $ 15,910 15,453 Lower 48 12,196 14,425 Canada 6,581 6,350 Europe, Middle East and North Africa 8,420 9,269 Asia Pacific 11,359 13,568 Other International 300 285 Corporate and Other 8,391 11,164 Consolidated total assets $ 63,157 70,514 |
Consolidated Statement of Cas_3
Consolidated Statement of Cash Flows - Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid Expenses and Other Current Assets [Member] | ||
Restricted Cash | $ 91 | $ 90 |
Other Assets [Member] | ||
Restricted Cash | $ 215 | $ 184 |
Change in Accounting Principl_2
Change in Accounting Principles (Details) - Accounting Standards Update 2016-13 [Member] | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | false |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Crude oil and natural gas | $ 503 | $ 472 |
Materials and supplies | 531 | 554 |
Total Inventories | $ 1,034 | $ 1,026 |
Inventories Textual (Details)
Inventories Textual (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Inventories [Abstract] | |||
Lower of cost or market adjustment for crude oil and natural gas inventories | $ 228 | ||
LIFO Inventory Amount | $ 373 | $ 286 |
Asset Acquisitions and Dispos_2
Asset Acquisitions and Dispositions - Asset Acquisition - Textual (Details) $ in Millions | 1 Months Ended | ||
Aug. 31, 2020USD ($)a | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Asset Acquisition | |||
Asset retirement obligations and accrued environmental costs | $ 5,651 | $ 5,352 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 3,900 | ||
Canada Segment [Member] | Operating Segments [Member] | Montney [Member] | |||
Asset Acquisition | |||
Oil and Gas, Undeveloped Acreage, Net | a | 295,000 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Additional Montney acreage [Member] | Canada Segment [Member] | Operating Segments [Member] | |||
Asset Acquisition | |||
Payments to Acquire Businesses, Gross | $ 382 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 31 | ||
Oil and Gas, Undeveloped Acreage, Net | a | 140,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 490 | ||
Asset retirement obligations and accrued environmental costs | 77 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 31 |
Asset Acquisitions and Dispos_3
Asset Acquisitions and Dispositions - Assets Sold - Textual (Details) - Operating Segments [Member] | 1 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2020USD ($) | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | May 27, 2020USD ($)MBoe | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019MBoe | |
Australia West Assets [Member] | Asia Pacific [Member] | |||||||
Assets Sold | |||||||
Proceeds from asset dispositions | $ 765,000,000 | ||||||
Before-tax gain (loss) on disposition | $ (587,000,000) | ||||||
Disposition, Net carrying value | $ 200,000,000 | ||||||
Disposition, Cash | 500,000,000 | ||||||
Disposition, PP&E | 1,300,000,000 | ||||||
Disposition, Other current assets | 100,000,000 | ||||||
Asset Retirement Obligation of held for sale or sold | 700,000,000 | ||||||
Disposition, deferred tax liabilities | 300,000,000 | ||||||
Disposition, other liabilities | $ 200,000,000 | ||||||
Disposition, Before-tax earnings | $ (851,000,000) | $ (222,000,000) | |||||
Segment which includes disposition | Asia Pacific | ||||||
Barossa project [Member] | Asia Pacific [Member] | |||||||
Assets Sold | |||||||
Production | MBoe | 43 | ||||||
Barossa project [Member] | Asia Pacific [Member] | Scenario Plan [Member] | |||||||
Assets Sold | |||||||
Proceeds from asset dispositions | $ 200,000,000 | ||||||
Waddell Ranch [Member] | Lower 48 Segment | |||||||
Assets Sold | |||||||
Proceeds from asset dispositions | $ 184,000,000 | ||||||
Before-tax gain (loss) on disposition | $ 0 | ||||||
Production | MBoe | 15 | ||||||
Segment which includes disposition | Lower 48 | ||||||
Niobrara [Member] | Lower 48 Segment | |||||||
Assets Sold | |||||||
Proceeds from asset dispositions | $ 359,000,000 | ||||||
Before-tax gain (loss) on disposition | 38,000,000 | ||||||
Disposition, Net carrying value | 397,000,000 | ||||||
Disposition, PP&E | 433,000,000 | ||||||
Asset Retirement Obligation of held for sale or sold | $ 34,000,000 | ||||||
Disposition, Before-tax earnings | $ 22,000,000 | $ 7,000,000 | |||||
Production | MBoe | 15 | ||||||
Segment which includes disposition | Lower 48 |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables - Textual (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Mar. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | |
Equity method investments | |||||
Loan balance with affiliated company | $ 219 | $ 339 | |||
APLNG [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 8,500 | ||||
Line Of Credit Facility Value Outstanding | 6,200 | ||||
Book value of equity method investment | $ 6,877 | ||||
Long Term Debt Refinanced Amount | $ 3,200 | ||||
Line of Credit Facility, Expiration Date | Mar. 31, 2029 | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
APLNG [Member] | Export-Import Bank of the US [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | 2,900 | ||||
APLNG [Member] | Export-Import Bank of China [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | 2,700 | ||||
Early Repayment of Senior Debt | $ 1,400 | 1,000 | |||
Line of Credit Facility, Expiration Date | Sep. 30, 2030 | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
APLNG [Member] | Australian and International Commercial Bank Syndicate [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 2,900 | ||||
Early Repayment of Senior Debt | 2,200 | ||||
APLNG [Member] | U S Private Placement Bond [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 1,400 | 600 | |||
Line of Credit Facility, Expiration Date | Sep. 30, 2030 | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
APLNG [Member] | Commerical Banks [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 2,600 | ||||
Line of Credit Facility, Expiration Date | Mar. 31, 2028 | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
QG3 [Member] | |||||
Equity method investments | |||||
Loan balance with affiliated company | $ 219 |
Investment in Cenovus Energy -
Investment in Cenovus Energy - Textual (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | May 17, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | ||||||
Investment in Cenovus Energy | $ 809 | $ 809 | $ 2,111 | |||
Unrealized (gain) loss on investment in Cenovus Energy | $ 1,302 | $ (489) | ||||
Foster Creek Christina Lake (FCCL) [Member] | ||||||
Schedule Of Available For Sale Securities [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Cenovus Energy Common Stock [Member] | ||||||
Schedule Of Available For Sale Securities [Line Items] | ||||||
Shares Exchange for Assets Held for Sale | 208 | 208 | 208 | |||
Investment Owned, Common Stock, percent of Issued and Outstanding | 16.90% | |||||
Investment in Cenovus Energy | $ 809 | $ 809 | $ 2,110 | $ 1,960 | ||
Unrealized (gain) loss on investment in Cenovus Energy | $ 162 | $ (116) | $ 1,300 | $ (489) | ||
Cenovus Energy Common Stock [Member] | Cenovus Energy Inc [Member] | ||||||
Schedule Of Available For Sale Securities [Line Items] | ||||||
Cenovus Energy common share price | $ 3.89 | $ 3.89 | $ 9.41 |
Suspended Wells - Textual (Deta
Suspended Wells - Textual (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Suspended Wells [Abstract] | |
Capitalized cost of suspended wells | $ 711 |
Increase (decrease) in capitalized cost of suspended wells | 309 |
Capitalized Exploratory Well Cost, Charged to Dry Hole Expense | $ 20 |
Number of wells charged to dry hole expense | one |
Impairments (Details)
Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Impairments | $ 2 | $ 24 | $ 521 | $ 26 | |
Lower 48 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | 1 | $ 511 | 22 | 514 | 22 |
Europe, Middle East and North Africa [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | $ 1 | $ 2 | $ 7 | $ 4 |
Impairments - Textual (Details)
Impairments - Textual (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Impairments | $ 2 | $ 24 | $ 521 | $ 26 | |
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | 125 | 360 | 410 | 592 | |
Lower 48 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | $ 1 | $ 511 | 22 | $ 514 | $ 22 |
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 141 | ||||
Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 31 |
Debt - Textual (Details)
Debt - Textual (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Debt [Abstract] | |||||
Debt balance | $ 15,387,000,000 | $ 15,387,000,000 | $ 14,895,000,000 | ||
Short Term Debt [Line Items] | |||||
Proceeds from Issuance of Commercial Paper | 300,000,000 | 300,000,000 | $ 0 | ||
Commercial Paper Program, Amount Outstanding | 240,000,000 | $ 240,000,000 | |||
Moody's, A3 Rating [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Credit Rating | and Moody’s affirmed its rating of “A3” with a “stable” outlook. | ||||
Fitch, A Rating [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Credit Rating | Fitch affirmed its rating of “A” with a “stable” outlook | ||||
Standard & Poor's, A Rating [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Credit Rating | In October 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “stable” from “negative,” | ||||
Revolving Credit Facility [Member] | |||||
Short Term Debt [Line Items] | |||||
Maximum borrowing capactiy under revolving credit facility | 6,000,000,000 | $ 6,000,000,000 | |||
Line of Credit Facility, Expiration Date | May 31, 2023 | ||||
Remaining borrowing capacity under revolving credit facility | 5,700,000,000 | $ 5,700,000,000 | |||
Commercial Paper Program, Amount Outstanding | 0 | 0 | 0 | ||
Letter of Credit [Member] | |||||
Short Term Debt [Line Items] | |||||
Commercial Paper Program, Amount Outstanding | 0 | 0 | 0 | ||
Letter of Credit [Member] | Maximum [Member] | |||||
Short Term Debt [Line Items] | |||||
Commercial Paper Program, Capacity | 500,000,000 | 500,000,000 | |||
VRDB [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Face Amount | 283,000,000 | 283,000,000 | |||
Conoco Phillips Commercial Paper Program [Member] | Commercial Paper [Member] | |||||
Short Term Debt [Line Items] | |||||
Maximum borrowing capactiy under revolving credit facility | 6,000,000,000 | 6,000,000,000 | |||
Commercial Paper Program, Amount Outstanding | $ 300,000,000 | $ 300,000,000 | $ 0 | ||
Conoco Phillips Commercial Paper Program [Member] | Commercial Paper [Member] | Maximum [Member] | |||||
Short Term Debt [Line Items] | |||||
Maturity period of commercial paper (in days) | P90D |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | $ 31,493 | $ 33,074 | $ 35,050 | $ 32,064 | |
Net income (loss) | (450) | 3,071 | (1,883) | 6,514 | |
Other Comprehensive Income (Loss) | 159 | 173 | (309) | 449 | |
Dividends paid | (454) | (341) | (1,367) | (1,037) | |
Repurchase of company common stock | (749) | (726) | (2,751) | ||
Distributions to noncontrolling interests and other | (20) | (32) | (80) | ||
Disposition | (84) | ||||
Distributed under benefit plans | 34 | 32 | 130 | 75 | |
Other | 1 | (1) | 4 | 5 | |
Ending Balance | 30,783 | 35,239 | 30,783 | 35,239 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Ending Balance | [1] | 0 | 0 | ||
Par Value - Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 18 | 18 | 18 | 18 | |
Ending Balance | 18 | 18 | 18 | 18 | |
Capital in excess of par [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 47,079 | 46,922 | 46,983 | 46,879 | |
Distributed under benefit plans | 34 | 32 | 130 | 75 | |
Ending Balance | 47,113 | 46,954 | 47,113 | 46,954 | |
Treasury Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | (47,130) | (44,906) | (46,405) | (42,905) | |
Repurchase of company common stock | (749) | (726) | (2,751) | ||
Other | (1) | 1 | |||
Ending Balance | (47,130) | (45,656) | (47,130) | (45,656) | |
Accum Other Comprehensive Income (Loss) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | (5,825) | (5,827) | (5,357) | (6,063) | |
Other Comprehensive Income (Loss) | 159 | 173 | (309) | 449 | |
Ending Balance | (5,666) | (5,654) | (5,666) | (5,654) | |
Accum Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Ending Balance | [1] | (40) | (40) | ||
Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 37,351 | 36,769 | 39,742 | 34,010 | |
Net income (loss) | (450) | 3,056 | (1,929) | 6,469 | |
Dividends paid | (454) | (341) | (1,367) | (1,037) | |
Other | 1 | 2 | 2 | ||
Ending Balance | 36,448 | 39,484 | 36,448 | 39,484 | |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Ending Balance | [1] | 40 | 40 | ||
Noncontrolling Interests [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 98 | 69 | 125 | ||
Net income (loss) | 15 | 46 | 45 | ||
Distributions to noncontrolling interests and other | (20) | (32) | (80) | ||
Disposition | (84) | ||||
Other | 1 | 3 | |||
Ending Balance | $ 0 | $ 93 | $ 0 | $ 93 | |
[1] | *Cumulative effect of the adoption of ASU No. 2018-02, |
Changes in Equity - Parenthetic
Changes in Equity - Parenthetical (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.42 | $ 0.31 | $ 1.26 | $ 0.92 |
Guarantees - Textual (Details)
Guarantees - Textual (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Ownership percentage in equity investment | 37.50% |
Finance Reserve Guarantee [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 10 years |
Maximum potential amount of future payments | $ 170 |
Guarantor Obligations, Current Carrying Value | $ 14 |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 1 to 22 years |
Max potential future payments-reckless breach [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 1,300 |
Max potential future payments-prorata share [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 720 |
Continued development [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 120 |
Guarantor Obligations, Current Carrying Value | $ 7 |
Continued development [Member] | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 16 to 25 years or the life of the venture |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 750 |
Guarantor Obligations, Current Carrying Value | $ 11 |
Other Guarantees [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 1 to 5 years |
Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 50 |
Contingencies and Commitments -
Contingencies and Commitments - Textual (Details) $ in Millions | Aug. 02, 2019USD ($) | Jul. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2017Lawsuits | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 29, 2019USD ($) |
Loss Contingencies [Line Items] | ||||||||||
Total environmental accrual included in balance sheet | $ 177 | $ 171 | ||||||||
Letters of Credit Outstanding, Amount | $ 240 | |||||||||
Phillips Petroleum Company [Member] | Outer Continental Shelf Lease [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Ownership percentage in equity investment | 25.00% | |||||||||
Sale of interest, duration | 30 years | |||||||||
The Louisiana Land and Exploration Company LLC [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 90 | |||||||||
Several Louisiana parishes and the State of Louisiana against oil and gas companies [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency, New Claims Filed, Number | Lawsuits | 43 | |||||||||
Several Louisiana parishes and the State of Louisiana against oil and gas companies [Member] | ConocoPhillips Entities [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency, New Claims Filed, Number | Lawsuits | 22 | |||||||||
US and Canada [Member] | Cleanup Remediation Activities [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency, Settlement Agreement, Terms | P30Y | |||||||||
Venezuela | ConocoPhillips Versus Petroleos de Venezuela ICISD [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 8,700 | |||||||||
Litigation Award Reduction | $ 227 | |||||||||
Litigation Settlement Amount Awarded From Other Party Revised | $ 8,500 | |||||||||
Venezuela | ConocoPhillips vs Petroleos De Venezuela ICC [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 33 | $ 500 | $ 2,000 | |||||||
Loss Contingency, Settlement Agreement, Terms | 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. | |||||||||
Cash Proceeds from Legal Settlements | $ 754 |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Commodity Balance Sheet (Details) - Commodity Contract [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 273 | $ 288 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 28 | 34 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 258 | 283 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 19 | $ 28 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Commodity Gain (Loss) (Details) - Commodity Contract [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Sales and other operating revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ 33 | $ 4 | $ 30 | $ 68 |
Other Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | (2) | 3 | 3 | 4 |
Purchased commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ (27) | $ (9) | $ (29) | $ (60) |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Commodity Notional (Details) - Short [Member] - Commodity Contract [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Natural gas and power, Fixed price [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (9) | (5) |
Natural gas and power, Basis [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (50) | (23) |
Derivative and Financial Inst_6
Derivative and Financial Instruments - FX Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | $ 16 | $ 1 |
Other Accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | 0 | 20 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | $ 0 | $ 8 |
Derivative and Financial Inst_7
Derivative and Financial Instruments - FX Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Foreign currency transaction gains (losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency transaction (gains) losses | $ 7 | $ (24) | $ (55) | $ (3) |
Derivative and Financial Inst_8
Derivative and Financial Instruments - FX Notional (Details) ÂŁ in Millions, $ in Millions | 9 Months Ended | |||||
Sep. 30, 2020CAD ($) | Sep. 30, 2020GBP (ÂŁ) | Mar. 31, 2020CAD ($)$ / $ | Dec. 31, 2019CAD ($) | Dec. 31, 2019GBP (ÂŁ) | Jun. 30, 2019CAD ($)$ / $ | |
Notional Disclosures [Abstract] | ||||||
Description of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments Activities | In the second quarter of 2019, we entered into foreign currency exchange contracts to sell CAD 1.35 billion at CAD 0.748 against the USD. In the first quarter of 2020, we entered into forward currency exchange contracts to buy CAD 0.9 billion at CAD 0.718 against the USD | |||||
Buy British Pound Sell Euro [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | ÂŁ | ÂŁ 3 | ÂŁ 4 | ||||
Sell Canadian dollar, buy U.S. dollar [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | $ 416 | $ 1,337 | ||||
Sell Canadian dollar, buy U.S. dollar [Member] | Nondesignated [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | $ 1,350 | |||||
Derivative, Currency Bought | USD | |||||
Derivative, Currency Sold | CAD | |||||
Derivative, Forward Exchange Rate | $ / $ | 0.748 | |||||
Buy CAD, Sell USD [Member] | Nondesignated [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | $ 900 | |||||
Derivative, Currency Bought | CAD | |||||
Derivative, Currency Sold | USD | |||||
Derivative, Forward Exchange Rate | $ / $ | 0.718 |
Derivative and Financial Inst_9
Derivative and Financial Instruments - Financial Instruments at cost, plus accrued interest (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | $ 2,487 | $ 5,079 |
Short-term investments, carried at cost plust accrued interest | 3,759 | 2,929 |
Cash [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 545 | 759 |
Demand Deposits [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 1,182 | 1,483 |
Time Deposits [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 755 | 2,030 |
Short-term investments, carried at cost plust accrued interest | 2,961 | 1,395 |
Time Deposits [Member] | Remaining maturities from 91 to 180 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 0 |
Short-term investments, carried at cost plust accrued interest | 741 | 465 |
Time Deposits [Member] | Remaining maturities within one year [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 0 |
Short-term investments, carried at cost plust accrued interest | 7 | 0 |
Commercial Paper [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 413 |
Short-term investments, carried at cost plust accrued interest | 50 | 1,069 |
Government obligations [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 5 | 394 |
Short-term investments, carried at cost plust accrued interest | $ 0 | $ 0 |
Derivative and Financial Ins_10
Derivative and Financial Instruments - Financial Instruments at fair value (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | $ 2,490 | $ 5,088 |
Short-term Investments | 4,032 | 3,028 |
Investments and long-term receiavables | 8,295 | 8,687 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 3 | 9 |
Short-term Investments | 273 | 99 |
Investments and long-term receiavables | 206 | 133 |
Corporate Bonds [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 1 |
Short-term Investments | 157 | 59 |
Investments and long-term receiavables | 0 | 0 |
Corporate Bonds [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 128 | 99 |
Commercial Paper [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 3 | 8 |
Short-term Investments | 108 | 30 |
Investments and long-term receiavables | 0 | 0 |
Government obligations [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 8 | 10 |
Investments and long-term receiavables | 0 | 0 |
Government obligations [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 13 | 15 |
U.S. Government Agency Obligations [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 17 | 0 |
Foreign government obligations [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 2 | 0 |
Asset-backed Securities [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | $ 46 | $ 19 |
Derivative and Financial Ins_11
Derivative and Financial Instruments - Cost Basis to Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | $ 480 | $ 480 | $ 241 |
Fair Value | 482 | 482 | 241 |
Proceeds from sales and redemptions of investments in debt securities classified as available for sale | 109 | 298 | |
Corporate Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 283 | 283 | 159 |
Fair Value | 285 | 285 | 159 |
Commercial Paper [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 111 | 111 | 38 |
Fair Value | 111 | 111 | 38 |
Government obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 21 | 21 | 25 |
Fair Value | 21 | 21 | 25 |
U.S. Government Agency Obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 17 | 17 | 0 |
Fair Value | 17 | 17 | 0 |
Foreign government obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 2 | 2 | 0 |
Fair Value | 2 | 2 | 0 |
Asset-backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 46 | 46 | 19 |
Fair Value | $ 46 | $ 46 | $ 19 |
Derivative and Financial Ins_12
Derivative and Financial Instruments - Credit Risk (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of all derivative instruments in a liability position | $ 20,000,000 | $ 79,000,000 |
Collateral was posted for derivative instruments in a liability position | 0 | |
In event of downgrade below investment grade [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Additional collateral, either in the form of cash or letters of credit | $ 16,000,000 | |
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] | ||
Terms of financial instruments and trade receivables | 30 days |
Fair Value Measurement - FV Hie
Fair Value Measurement - FV Hierarchy (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | $ 809 | $ 2,111 |
Investments in debt securities | 482 | 241 |
Commodity derivative asset, gross | 301 | 322 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 809 | 2,111 |
Investments in debt securities | 482 | 241 |
Commodity derivative asset, gross | 301 | 322 |
Total assets | 1,592 | 2,674 |
Commodity derivative liability, gross | 277 | 311 |
Total liabilities | 277 | 311 |
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 | 809 | 2,111 |
Investments in debt securities | 21 | 25 |
Commodity derivative asset, gross | 173 | 172 |
Total assets | 1,003 | 2,308 |
Commodity derivative liability, gross | 173 | 174 |
Total liabilities | 173 | 174 |
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 |
Investments in debt securities | 461 | 216 |
Commodity derivative asset, gross | 117 | 114 |
Total assets | 578 | 330 |
Commodity derivative liability, gross | 89 | 115 |
Total liabilities | 89 | 115 |
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 |
Investments in debt securities | 0 | 0 |
Commodity derivative asset, gross | 11 | 36 |
Total assets | 11 | 36 |
Commodity derivative liability, gross | 15 | 22 |
Total liabilities | $ 15 | $ 22 |
Fair Value Measurement - FV of
Fair Value Measurement - FV of Commodity Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Derivative Assets [Abstract] | ||
Assets - gross amounts recognized | $ 301 | $ 322 |
Assets - amounts without right of setoff | 1 | 3 |
Assets - gross amounts | 300 | 319 |
Assets - gross amounts offset | 204 | 193 |
Assets - net amounts presented | 96 | 126 |
Assets - cash collateral | 5 | 4 |
Assets - net amounts | 91 | 122 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 277 | 311 |
Liabilities - amounts without right of setoff | 0 | 4 |
Liabilities - gross amounts recognized | 277 | 307 |
Liabilities - gross amounts offset | 204 | 193 |
Liabilities - net amounts presented | 73 | 114 |
Liabilities - cash collateral | 7 | 12 |
Liabilities - net amounts | $ 66 | $ 102 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring (Details) - Fair Value Measurements Nonrecurring [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Disclosure Item Amounts [Domain] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 77 |
Before-Tax Loss - Cost and Equity method investments | 510 |
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] | |
Assets, Fair Value Disclosure | $ 77 |
Fair Value Measurement - Range
Fair Value Measurement - Range and arithmetic average of significant unobservable inputs (Details) - Wind River Basin [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value Measurements Nonrecurring [Member] - Lower 48 [Member] $ in Millions | Jan. 01, 2035 | Mar. 31, 2020USD ($)$ / MMBTUMMcf | Sep. 30, 2020 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Measurements, Nonrecurring, Measurement Period | During the first quarter of 2020 | ||
Fair Value Measurements, Valuation Processes, Description | The carrying value was written down to fair value. The fair value was estimated based on an internal discounted cash flow model using estimates of future production, an outlook of future prices using a combination of exchanges (short-term) and external pricing services companies (long-term), future operating costs and capital expenditures, and a discount rate believed to be consistent with those used by principal market participants. | ||
Assets, Fair Value Disclosure | $ | $ 77 | ||
Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas production | MMcf | 8.4 | ||
Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas production | MMcf | 55.2 | ||
Valuation Technique, Discounted Cash Flow [Member] | Arithmetic Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas production | MMcf | 22.9 | ||
Measurement Input, Commodity Future Price [Member] | Forecast [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Future prices annual increase (decrease), percentage | 220.00% | ||
Measurement Input, Commodity Future Price [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas price outlook | $ / MMBTU | 2.67 | ||
Measurement Input, Commodity Future Price [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas price outlook | $ / MMBTU | 9.17 | ||
Measurement Input, Commodity Future Price [Member] | Arithmetic Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas price outlook | $ / MMBTU | 5.68 | ||
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Discount Rate | 7.90% | ||
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Discount Rate | 9.10% | ||
Measurement Input, Discount Rate [Member] | Arithmetic Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Discount Rate | 8.30% |
Fair Value Measurement - FV o_2
Fair Value Measurement - FV of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Investment in Cenovus Energy | $ 809 | $ 2,111 |
Investments in debt securities | 482 | 241 |
Total loans and advances - related parties | 219 | 339 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases | 14,482 | 14,175 |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 92 | 125 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | 66 | 106 |
Investment in Cenovus Energy | 809 | 2,111 |
Investments in debt securities | 482 | 241 |
Total loans and advances - related parties | 219 | 339 |
Total debt, excluding capital leases | 18,827 | 18,108 |
Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 92 | 125 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | $ 66 | $ 106 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Defined Benefit Plans, Beginning Balance | $ (350) | |||
Defined Benefit Plans | $ 31 | $ 72 | 13 | $ 42 |
Defined Benefit Plans, Ending Balance | (363) | (363) | ||
Net Unrealized Gain on Securities, Beginning Balance | 0 | |||
Net Unrealized Loss on Securities | 2 | |||
Net Unrealized Gain on Securities, Ending Balance | 2 | 2 | ||
Foreign Currency Translation, Beginning Balance | (5,007) | |||
Foreign Currency Translation | 190 | 245 | (298) | 491 |
Foreign Currency Translation, Ending Balance | (5,305) | (5,305) | ||
Accumulated Other Comprehensive Income, Beginning Balance | (5,357) | |||
Other Comprehensive Income (Loss), Net of Tax | 159 | $ 173 | (309) | $ 449 |
Accumulated Other Comprehensive Income, Ending Balance | $ (5,666) | $ (5,666) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Defined Benefit Plans | $ 30 | $ 36 | $ 46 | $ 66 |
Tax expense of defined benefit plans | $ 7 | $ 12 | $ 11 | $ 22 |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Payments | ||
Interest | $ 591 | $ 614 |
Income taxes | 803 | 2,210 |
Net Sales (Purchases) of Investments | ||
Short-term investments purchased | (9,662) | (1,894) |
Short-term investments sold | 8,776 | 1,229 |
Investments and Long-term receivables purchased | (271) | 0 |
Investments and Long-term receivables sold | 68 | 0 |
Net Sales (Purchases) of Investments | $ (1,089) | $ (665) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plans Defined Benefit [Member] | U.S. | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 21 | $ 20 | $ 63 | $ 59 |
Interest cost | 17 | 21 | 51 | 63 |
Expected return on plan assets | (21) | (18) | (63) | (54) |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | 12 | 13 | 37 | 39 |
Settlements | 27 | 37 | 28 | 54 |
Curtailments | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 56 | 73 | 116 | 161 |
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 14 | 19 | 41 | 56 |
Interest cost | 21 | 25 | 63 | 77 |
Expected return on plan assets | (37) | (34) | (108) | (104) |
Amortization of prior service cost (credit) | (1) | 0 | (1) | (1) |
Recognized net actuarial (gain) loss | 5 | 7 | 16 | 23 |
Settlements | 0 | 0 | (1) | 0 |
Curtailments | 0 | (1) | 0 | (1) |
Net periodic benefit cost | 2 | 16 | 10 | 50 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 1 | 1 | 2 | 1 |
Interest cost | 2 | 1 | 5 | 6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (7) | (7) | (23) | (24) |
Recognized net actuarial (gain) loss | 1 | (1) | 1 | (2) |
Settlements | 0 | 0 | 0 | 0 |
Curtailments | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ (3) | $ (6) | $ (15) | $ (19) |
Employee Benefit Plans - Textua
Employee Benefit Plans - Textual (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company contributions | $ 87 | |
Expected company contributions | $ 135 | 135 |
U.S. | Qualified Plan [Member] | Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Expense (Reversal of Expense), Noncash | 27 | |
Increase (Decrease) in Obligation, Pension Benefits | 78 | |
Int'l (Pension Benefits) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company contributions | 57 | |
Expected company contributions | $ 65 | $ 65 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Significant transactions with related parties | ||||
Related Party Revenue | $ 21 | $ 23 | $ 59 | $ 70 |
Related Party Purchases | 0 | 0 | 0 | 38 |
Operating expenses and selling, general and administrative expenses | 16 | 19 | 43 | 47 |
Net interest income | $ (1) | $ (3) | $ (5) | $ (10) |
Sales and Other Operating Rev_3
Sales and Other Operating Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from contracts with customers | $ 4,386 | $ 7,756 | $ 13,293 | $ 24,859 |
Revenue, Performance Obligation, Description of Payment Terms | 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. | |||
Customers within the scope of ASC Topic 606 [Member] | ||||
Revenue from contracts with customers | 3,078 | 6,240 | $ 9,908 | 19,932 |
Physical gas contracts [Member] | ||||
Revenue from contracts with customers | 1,280 | 1,529 | 3,432 | 4,981 |
Crude oil product line [Member] | ||||
Revenue from contracts with customers | 100 | 266 | 218 | 619 |
Natural Gas Product Line [Member] | ||||
Revenue from contracts with customers | 1,042 | 1,159 | 2,895 | 4,022 |
Other Products [Member] | ||||
Revenue from contracts with customers | 138 | 104 | 319 | 340 |
Financial Derivative Contracts [Member] | ||||
Revenue from contracts with customers | 28 | (13) | (47) | (54) |
Lower 48 Segment | Physical gas contracts [Member] | ||||
Revenue from contracts with customers | 1,018 | 1,099 | 2,692 | 3,823 |
Canada Segment [Member] | Physical gas contracts [Member] | ||||
Revenue from contracts with customers | 152 | 86 | 452 | 427 |
Europe, Middle East and North Africa [Member] | Physical gas contracts [Member] | ||||
Revenue from contracts with customers | $ 110 | $ 344 | $ 288 | $ 731 |
Sales and Other Operating Rev_4
Sales and Other Operating Revenue - Practical Expedients (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue, Practical Expedient [Abstract] | |
Revenue, Practical Expedient, Remaining Performance Obligation, Description | 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. |
Practical Expedient | true |
Revenue, Performance Obligation, Description of Timing | We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. |
Sales and Other Operating Rev_5
Sales and Other Operating Revenue - Receivables and Contract Liabilities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Net | $ 1,338,000,000 | $ 2,372,000,000 | ||
Revenue, Performance Obligation, Description of Timing | We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. | |||
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | Payments are received in installments over the construction period. | |||
Revenue, Performance Obligation, Description of Payment Terms | 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. | |||
Contract Liabilities from Contracts with Customers | $ 88,000,000 | $ 88,000,000 | 88,000,000 | $ 80,000,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | We expect to recognize the contract liabilities as of September 30, 2020, as revenue during 2021 and 2022. | |||
Contract with Customer, Liability, Revenue Recognized | 0 | $ 0 | ||
Contract with Customer, Liability [Abstract] | ||||
Contract with Customer, Liability Beginning Balance | 80,000,000 | |||
Contractual payments received | 8,000,000 | |||
Contract with Customer, Liability Ending Balance | 88,000,000 | 88,000,000 | ||
Short-term Contract with Customer [Member] | ||||
Contract Liabilities from Contracts with Customers | 47,000,000 | 47,000,000 | 47,000,000 | |
Contract with Customer, Liability [Abstract] | ||||
Contract with Customer, Liability Ending Balance | 47,000,000 | 47,000,000 | ||
Long-term Contract with Customer [Member] | ||||
Contract Liabilities from Contracts with Customers | 41,000,000 | 41,000,000 | $ 41,000,000 | |
Contract with Customer, Liability [Abstract] | ||||
Contract with Customer, Liability Ending Balance | $ 41,000,000 | $ 41,000,000 |
Segment Disclosures - Textual (
Segment Disclosures - Textual (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Disclosures and Related Information [Abstract] | |
Number of Operating Segments | 6 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 4,386 | $ 7,756 | $ 13,293 | $ 24,859 |
Natural Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,509 | 1,799 | 4,354 | 6,717 |
Natural Gas Liquids Reserves [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 129 | 156 | 364 | 607 |
Crude Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 2,321 | 4,612 | 6,981 | 14,006 |
Other Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 427 | 1,189 | 1,594 | 3,529 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 3,148 | 5,085 | 9,209 | 15,996 |
Australia | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 0 | 412 | 605 | 1,282 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 328 | 360 | 826 | 1,315 |
China | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 161 | 191 | 374 | 593 |
Indonesia | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 167 | 223 | 503 | 654 |
Libya | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 6 | 288 | 50 | 809 |
Malaysia | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 148 | 258 | 447 | 928 |
Norway | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 358 | 632 | 1,046 | 1,781 |
United Kingdom | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 68 | 305 | 224 | 1,494 |
Other foreign Countries | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 2 | 2 | 9 | 7 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 4,386 | 7,756 | 13,293 | 24,859 |
Alaska [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 864 | 1,296 | 2,396 | 4,129 |
Alaska [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 834 | 1,296 | 2,385 | 4,129 |
Alaska [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (30) | 0 | (11) | 0 |
Lower 48 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 2,323 | 3,728 | 6,859 | 11,690 |
Lower 48 [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 2,314 | 3,718 | 6,812 | 11,657 |
Lower 48 [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (9) | (10) | (47) | (33) |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 348 | 633 | 1,026 | 2,173 |
Canada | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 328 | 360 | 826 | 1,315 |
Canada | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (20) | (273) | (200) | (858) |
Europe, Middle East and North Africa [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 432 | 1,225 | 1,320 | 4,084 |
Asia Pacific [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 477 | 1,085 | 1,930 | 3,458 |
Other International [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1 | 0 | 5 | 0 |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 0 | $ 72 | $ 15 | $ 216 |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | $ (450) | $ 3,056 | $ (1,929) | $ 6,469 |
Alaska [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (16) | 306 | (76) | 1,152 |
Lower 48 [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (78) | 26 | (880) | 425 |
Canada [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (75) | 51 | (270) | 273 |
Europe, Middle East and North Africa [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 92 | 2,171 | 318 | 3,050 |
Asia Pacific [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 25 | 443 | 945 | 1,220 |
Other International [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | (8) | 73 | 14 | 285 |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | $ (390) | $ (14) | $ (1,980) | $ 64 |
Segment Disclosures and Relat_5
Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Total Assets | $ 63,157 | $ 70,514 |
Alaska [Member] | Operating Segments [Member] | ||
Assets [Abstract] | ||
Total Assets | 15,910 | 15,453 |
Lower 48 [Member] | Operating Segments [Member] | ||
Assets [Abstract] | ||
Total Assets | 12,196 | 14,425 |
Canada [Member] | Operating Segments [Member] | ||
Assets [Abstract] | ||
Total Assets | 6,581 | 6,350 |
Europe, Middle East and North Africa [Member] | Operating Segments [Member] | ||
Assets [Abstract] | ||
Total Assets | 8,420 | 9,269 |
Asia Pacific [Member] | Operating Segments [Member] | ||
Assets [Abstract] | ||
Total Assets | 11,359 | 13,568 |
Other International [Member] | Operating Segments [Member] | ||
Assets [Abstract] | ||
Total Assets | 300 | 285 |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | ||
Assets [Abstract] | ||
Total Assets | $ 8,391 | $ 11,164 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Examination [Line Items] | |||||
Effective tax rate | 12.00% | 12.00% | 8.00% | 21.00% | |
Income (Loss) before income taxes | $ (512) | $ 3,493 | $ (2,054) | $ 8,238 | |
Income Tax Expense (Benefit) | 62 | $ (422) | 171 | (1,724) | |
Reversal of deferred tax assets | $ (120) | ||||
Refund from the Alberta Tax & Revenue Administration | 48 | 48 | |||
Decrease to our accrued income and other taxes liability | $ 124 | ||||
Adjustment to valuation allowances | $ (33) | (264) | |||
Australia West Assets [Member] | Operating Segments [Member] | Asia Pacific [Member] | |||||
Income Tax Examination [Line Items] | |||||
Before-tax gain (loss) on disposition | 587 | ||||
Income Tax Expense (Benefit) | 10 | ||||
Reversal of deferred tax assets | $ 92 | ||||
U.K. Subsidiaries [Member] | |||||
Income Tax Examination [Line Items] | |||||
Income Tax Expense (Benefit) | $ 262 |
Announced Acquisition of Conc_2
Announced Acquisition of Concho Resources Inc. (Details) $ in Millions | Oct. 19, 2020USD ($) | Sep. 30, 2020USD ($) |
Subsequent Event [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 3,900 | |
Subsequent Event [Member] | Concho Resources Inc. [Member] | Scenario Plan [Member] | ||
Subsequent Event [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | Oct. 19, 2020 | |
Business Acquisition, Name of Acquired Entity | Concho Resources Inc. | |
Payments to Acquire Businesses, Gross | $ 9,700 | |
Subsequent Event [Member] | Concho Resources Inc. [Member] | Scenario Plan [Member] | Merger Agreement Termination [Member] | ||
Subsequent Event [Line Items] | ||
Business Exit Costs | 450 | |
Subsequent Event [Member] | Concho Resources Inc. [Member] | Scenario Plan [Member] | Reimbursement Of Acquiree Merger Related Costs [Member] | ||
Subsequent Event [Line Items] | ||
Business Exit Costs | $ 142.5 | |
Subsequent Event [Member] | Concho Resources Inc. [Member] | Scenario Plan [Member] | Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Stock For Stock Exchange Fixed Ratio | 1.46 |