Cover
Cover | 3 Months Ended |
Mar. 31, 2021shares | |
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 | Mar. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
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 | 1,349,418,454 |
Common Stock, $.01 Par Value [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $.01 Par Value |
Trading Symbol | COP |
Security Exchange Name | NYSE |
7% Debentures due 2029 [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 7% Debentures due 2029 |
Trading Symbol | CUSIP—718507BK1 |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues and Other Income | ||
Sales and other operating revenues | $ 9,826 | $ 6,158 |
Equity in earnings (losses) of affiliates | 122 | 234 |
Gain (loss) on dispositions | 233 | (42) |
Other income (loss) | 378 | (1,539) |
Total Revenues and Other Income | 10,559 | 4,811 |
Costs and Expenses | ||
Purchased commodities | 4,483 | 2,661 |
Production and operating expenses | 1,383 | 1,173 |
Selling, General and Administrative Expense | 311 | (3) |
Exploration expenses | 84 | 188 |
Depreciation, depletion and amortization | 1,886 | 1,411 |
Impairments | (3) | 521 |
Taxes other than income taxes | 370 | 250 |
Accretion on discounted liabilities | 62 | 67 |
Interest and debt expense | 226 | 202 |
Foreign currency transaction (gain) loss | 19 | (90) |
Other expenses | 24 | (6) |
Total Costs and Expenses | 8,845 | 6,374 |
Income (Loss) before income taxes | 1,714 | (1,563) |
Income tax provision | 732 | 148 |
Net income (loss) | 982 | (1,711) |
Less: net income attributable to noncontrolling interests | 0 | (28) |
Net Income (Loss) Attributable to ConocoPhillips | $ 982 | $ (1,739) |
Earnings Per Share, Basic [Abstract] | ||
Earnings Per Share, Basic | $ 0.75 | $ (1.60) |
Earnings Per Share, Diluted [Abstract] | ||
Earnings Per Share, Diluted | $ 0.75 | $ (1.60) |
Average Common Shares Outstanding (in thousands) | ||
Basic | 1,300,375 | 1,084,561 |
Diluted | 1,302,691 | 1,084,561 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Consolidated Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 982 | $ (1,711) |
Defined benefit plans | ||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | (9) | (8) |
Net actuarial gain arising during the period | 75 | 5 |
Reclassification adjustment for amortization of net actuarial losses included in net income (loss) | 25 | 18 |
Income taxes on defined benefit plans | (21) | (4) |
Defined benefit plans, net of tax | 70 | 11 |
Net unrealized holding loss on securities | (1) | (3) |
Income taxes on net unrealized holding loss on securities | 0 | 1 |
Net unrealized holding loss on securities, net of tax | (1) | (2) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||
Foreign currency translation adjustments | 69 | (799) |
Income Taxes on foreign currency translation adjustments | 0 | 2 |
Foreign currency translation adjustments, net of tax | 69 | (797) |
Other Comprehensive Income (Loss), Net of Tax | 138 | (788) |
Comprehensive Income (Loss) | 1,120 | (2,499) |
Less: comprehensive income attributable to noncontrolling interests | 0 | (28) |
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ 1,120 | $ (2,527) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 2,831,000,000 | $ 2,991,000,000 |
Short-term investments | 4,104,000,000 | 3,609,000,000 |
Accounts and notes receivable (net of allowance of $3 and $4, respectively) | 4,339,000,000 | 2,634,000,000 |
Accounts and notes receivable-related parties | 142,000,000 | 120,000,000 |
Investment in Cenovus Energy | 1,564,000,000 | 1,256,000,000 |
Inventories | 1,098,000,000 | 1,002,000,000 |
Prepaid expenses and other current assets | 536,000,000 | 454,000,000 |
Total Current Assets | 14,614,000,000 | 12,066,000,000 |
Investments and long-term receivables | 8,286,000,000 | 8,017,000,000 |
Loans and advances-related parties | 59,000,000 | 114,000,000 |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $64,082 and $62,213, respectively) | 58,270,000,000 | 39,893,000,000 |
Other assets | 2,464,000,000 | 2,528,000,000 |
Total Assets | 83,693,000,000 | 62,618,000,000 |
Liabilities | ||
Accounts payable | 3,779,000,000 | 2,669,000,000 |
Accounts payable-related parties | 22,000,000 | 29,000,000 |
Short-term debt | 689,000,000 | 619,000,000 |
Accrued income and other taxes | 959,000,000 | 320,000,000 |
Employee benefit obligations | 567,000,000 | 608,000,000 |
Other accruals | 1,168,000,000 | 1,121,000,000 |
Total Current Liabilities | 7,184,000,000 | 5,366,000,000 |
Long-term debt | 19,338,000,000 | 14,750,000,000 |
Asset retirement obligations and accrued environmental costs | 5,782,000,000 | 5,430,000,000 |
Deferred income taxes | 4,982,000,000 | 3,747,000,000 |
Employee benefit obligations | 1,530,000,000 | 1,697,000,000 |
Other liabilities and deferred credits | 1,722,000,000 | 1,779,000,000 |
Total Liabilities | 40,538,000,000 | 32,769,000,000 |
Equity | ||
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2021-2,087,207,067 shares; 2020-1,798,844,267 shares) | 21,000,000 | 18,000,000 |
Capital in excess of par | 60,278,000,000 | 47,133,000,000 |
Treasury stock (at cost: 2021-737,788,613 shares; 2020-730,802,089 shares) | (47,672,000,000) | (47,297,000,000) |
Accumulated other comprehensive loss | (5,080,000,000) | (5,218,000,000) |
Retained earnings | 35,608,000,000 | 35,213,000,000 |
Total Common Stockholders' Equity | 43,155,000,000 | 29,849,000,000 |
Noncontrolling interests | 0 | 0 |
Total Equity | 43,155,000,000 | 29,849,000,000 |
Total Liabilities and Equity | $ 83,693,000,000 | $ 62,618,000,000 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $ 3 | $ 4 |
Accumulated depreciation, depletion and amortization | $ 64,082 | $ 62,213 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 2,087,207,067 | 1,798,844,267 |
Treasury stock, shares | 737,788,613 | 730,802,089 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ 982 | $ (1,711) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation, depletion and amortization | 1,886 | 1,411 |
Impairments | (3) | 521 |
Dry hole costs and leasehold impairments | 6 | 67 |
Accretion on discounted liabilities | 62 | 67 |
Deferred taxes | 203 | (227) |
Undistributed equity earnings | 81 | 31 |
(Gain) loss on dispositions | (233) | 42 |
Unrealized (gain) loss on investment in Cenovus Energy | (308) | 1,691 |
Other | (581) | (284) |
Working capital adjustments | ||
Decrease (increase) in accounts and notes receivable | (785) | 1,041 |
Decrease (increase) in inventories | (51) | 277 |
Increase in prepaid expenses and other current assets | (43) | (79) |
Increase (decrease) in accounts payable | 424 | (297) |
Increase (decrease) in taxes and other accruals | 440 | (445) |
Net cash provided by operating activities | 2,080 | 2,105 |
Cash Flows From Investing Activities | ||
Cash acquired from Concho | 382 | 0 |
Capital expenditures and investments | (1,200) | (1,649) |
Working capital changes associated with investing activities | 61 | 81 |
Proceeds from asset dispositions | (17) | 549 |
Net purchases of investments | (499) | (935) |
Collection of advances/loans-related parties | 52 | 66 |
Other | 6 | (44) |
Net Cash Used in Investing Activities | (1,215) | (1,932) |
Cash Flows From Financing Activities | ||
Repayment of debt | (26) | (24) |
Issuance of company common stock | (28) | 2 |
Repurchase of company common stock | (375) | (726) |
Dividends paid | (588) | (458) |
Other | 2 | (24) |
Net Cash Used in Financing Activities | (1,015) | (1,230) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (2) | (122) |
Net Change in Cash and Cash Equivalents and Restricted Cash Increase (Decrease) | (152) | (1,179) |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 3,315 | 5,362 |
Cash and Cash Equivalents and Restricted Cash at end of period | $ 3,163 | $ 4,183 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows - Restricted Cash | 3 Months Ended |
Mar. 31, 2021 | |
Consolidated Statement of Cash Flows [Abstract] | |
Restricted cash | Restricted cash of $ 94 238 respectively, of our Consolidated Balance Sheet as of March 31, 2021. Restricted cash of $ 94 230 respectively, of our Consolidated Balance Sheet as of December 31, 2020. See Notes to Consolidated Financial Statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 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 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Note 2—Inventories Inventories consisted of the following: Millions of Dollars March 31 2021 2020 Crude oil and natural gas $ 541 461 Materials and supplies 557 541 $ 1,098 1,002 Inventories valued on the LIFO basis totaled 352 282 31, 2020, respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Acquisitions and Dispositions [Abstract] | |
Acquisitions and Dispositions | Note 3—Acquisitions and Dispositions Acquisition of Concho Resources Inc. We completed our acquisition of Concho on January 15, 2021 agreement, each share of Concho common stock 1.46 ConocoPhillips common stock, for total consideration 13.1 Total Consideration 194,243 1,599 Number of shares exchanged 195,842 1.46 285,929 $ 45.9025 $ 13,125 **Based on the ConocoPhillips average stock price on January The transaction was accounted for as a business method, which requires assets acquired and liabilities values. measurements may be made in subsequent periods, information about facts and circumstances that existed properties were valued using a discounted cash generated price assumptions; assumed in the acquisition was valued based on accounts receivables, accounts payable, and most the carrying value due to their short-term 13.1 identifiable assets and liabilities based on their Assets Acquired Millions of Dollars Cash and cash equivalents $ 382 Accounts receivable, net 742 Inventories 45 Prepaid expenses and other current assets 37 Investments and long-term receivables 333 Net properties, plants and equipment 18,998 Other assets 62 Total assets acquired $ 20,599 Liabilities Assumed Accounts payable $ 638 Accrued income and other taxes 76 Employee benefit obligations 4 Other accruals 510 Long-term debt 4,696 Asset retirement obligations and accrued environmental 310 Deferred income taxes 1,123 Other liabilities and deferred credits 117 Total liabilities assumed $ 7,474 Net assets acquired $ 13,125 With the completion of the Concho transaction, we acquired proved $ 11.9 6.9 We recognized approximately $ 157 period. awards for certain Concho employees based In the first quarter of 2021, we commenced a restructuring program, the scope of which included combining the operations of the two companies. For the three-month period ending March 31, 2021, we recognized non- recurring restructuring costs mainly for employee severance and related incremental pension benefit costs of approximately $134 million. Millions of Dollars Transaction Cost Restructuring Cost Total Cost Production and operating expenses $ 56 56 Selling, general and administration expenses 135 45 180 Exploration expenses 18 4 22 Taxes other than income taxes 4 4 Other expenses 29 29 $ 157 134 291 On February 8, 2021, we completed a debt exchange result of the debt exchange, we recognized an additional 75 million. “Total Revenues and Other Income” and “Net Income (Loss) Attributable to the acquired Concho business were approximately 1,040 190 month period ending March 31, 2021. after-tax loss of $ 173 132 settlement dates on or before March 31, 2021, and 132 $ 101 loss is recorded within “Total Revenues and Other Income” on our consolidated income additional information about the financial derivative Financial Instruments. The following summarizes the unaudited supplemental period ending March 31, 2020, as if we had completed Millions of Dollars Supplemental Pro Forma (unaudited) Three Months Ended March 31, 2020 Total revenues and other income $ 7,300 Net loss (390) Net loss attributable to ConocoPhillips (418) $ per share Earnings per share: Three Months Ended March 31, 2020 Basic net loss $ (0.31) Diluted net loss (0.31) The unaudited supplemental pro forma financial not necessarily indicative of the operating results on January 1, 2020, nor is it necessarily indicative unaudited pro forma financial information combining the consolidated income statement results do not include transaction-related costs, The pro forma results include adjustments to 10.5 1.9 recorded by Concho in the three-month period ending goodwill, respectively. production method, resulting from the purchase believe the estimates and assumptions are reasonable, reflected. Assets Sold In 2020, we completed the sale of our Australian-West asset and operations. a $ 200 30, 2021, FID was announced and as such, 200 of 2021. our contractual right to the $ 200 to this transaction are reflected in our Asia Pacific In 2017, we completed the sale of our 50 (FCCL) Partnership, as well as the majority of Consideration for the transaction included a five-year, uncapped The contingent payment, calculated on a quarterly basis, is $6 million CAD for every $1 CAD by which the WCS quarterly average crude price exceeds $52 CAD per barrel. Contingent payments during the five-year period are recorded as gain on dispositions on our consolidated income statement and reflected in our Canada segment. gain on disposition for these contingent payments 26 2021. No |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Loans and Long-Term Receivables [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 4—Investments, Loans and Long-Term Receivables APLNG APLNG executed project financing agreements 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 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, bi-annual 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 billion debt obtained finance debt, APLNG made voluntary repayments 2.2 1.0 and international commercial banks and the Export-Import At March 31, 2021, a balance of $ 6.0 additional information. During the fourth quarter of 2020, the estimated below carrying value, primarily due to the weakening on a review of the facts and circumstances surrounding was not other than temporary under the guidance Joint Ventures.” investment increased and is above carrying value relationship between the carrying value and fair been a loss in the value of our investment equity investment, calculated as the total difference between reporting period. At March 31, 2021, the carrying value of our 6.6 balance is included in the “Investments and long-term 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 $ 168 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 | 3 Months Ended |
Mar. 31, 2021 | |
Investment In Cenovus Energy [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5-–Investment in Cenovus Energy In 2017, we completed the sale of certain assets 208 CVE common shares as consideration. balance sheet at fair value of $ 1.56 10.3 CVE common stock. 208 7.52 per share on the NYSE on the last trading day unrealized gain of $ 308 $ 1,691 fair value are reflected within the “Other income quarter of 2021 relating to the shares held at the additional information. market transactions, private agreements or otherwise. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Debt | Note 6—Debt Our debt balance at March 31, 2021, was $ 20.0 15.4 On January 15, 2021, we completed the acquisition we assumed Concho’s publicly traded debt, with an outstanding principal 3.9 recorded at fair value of $ 4.7 ● 3.75 % Notes due 2027 1,000 ● 4.3 % Notes due 2028 1,000 ● 2.4 % Notes due 2031 500 ● 4.875 % Notes due 2047 800 ● 4.85 % Notes due 2048 600 The adjustment to fair value of the senior notes 0.8 amortized as an adjustment to interest expense over On February 8, 2021, we completed a debt exchange approximately $ 3.9 98 percent, or approximately $ 3.8 has the same interest rates and maturity dates approximately $ 67 exchange was treated as a debt modification fair value adjustment of the Concho senior notes settlement date of the exchange. by ConocoPhillips Company. acquisition. We have a revolving credit facility totaling $ 6.0 credit facility may be used for direct bank borrowings, 500 million, or as support for our commercial paper among financial institutions and does not contain requiring maintenance of specified financial default provision relating to the failure to pay principal 200 more by ConocoPhillips, or any of its consolidated redetermination prior to its expiration date. Credit facility borrowings may bear interest at London interbank market or at a margin above the overnight certain designated banks in the U.S. amounts. successors cease to be a majority of the Board The revolving credit facility supports our ability 6.0 primarily a funding source for short-term working capital limited to 90 days , and is included in the short-term debt on our consolidated 300 of commercial paper outstanding and no 5.7 available borrowing capacity under our revolving credit had $ 300 no In October 2020, Moody’s affirmed its rating of our senior long-term debt of “A3” with a “stable” outlook, and affirmed its rating of our short-term debt as “Prime-2.” In January 2021, Fitch affirmed its rating of our long- term debt as “A” with a “stable” outlook and affirmed its rating of our short-term debt as “F1+.” On January 25, 2021, S&P revised its industry risk assessment of the E&P industry to “Moderately High” from “Intermediate” based on a view of increasing risks from the energy transition, price volatility, and weaker profitability. On February 11, 2021, S&P downgraded its rating of our long-term debt from “A” to “A-” with a “stable” outlook and downgraded its rating of our short-term debt from “A-1” to “A-2.” We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity, upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit rating were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility. At March 31, 2021, we had $ 283 maturities ranging through 2035. day. VRDBs are included in the “Long-term debt” line |
Changes in Equity
Changes in Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7—Changes in Equity The following tables reflect the changes in stockholders' 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 March 31, 2021 Balances at December 31, 2020 $ 18 47,133 (47,297) (5,218) 35,213 29,849 Net income 982 982 Other comprehensive income 138 138 Dividends paid ($ 0.43 (588) (588) Acquisition of Concho 3 13,122 13,125 Repurchase of company common stock (375) (375) Distributed under benefit plans 23 23 Other 1 1 Balances at March 31, 2021 $ 21 60,278 (47,672) (5,080) 35,608 43,155 For the three months ended March 31, 2020 Balances at December 31, 2019 $ 18 46,983 (46,405) (5,357) 39,742 69 35,050 Net income (loss) (1,739) 28 (1,711) Other comprehensive loss (788) (788) Dividends paid ($ 0.42 (458) (458) Repurchase of company common stock (726) (726) Distributions to noncontrolling interests and other (26) (26) Distributed under benefit plans 44 44 Other 1 1 2 Balances at March 31, 2020 $ 18 47,027 (47,130) (6,145) 37,545 72 31,387 |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
Guarantees | Note 8—Guarantees At March 31, 2021, we were liable for certain as described below. newly issued or modified guarantees. recognized a liability because the fair value of the stated, we are not currently performing with any performance to be either immaterial or have only APLNG Guarantees At March 31, 2021, we had outstanding multiple 37.5 interest in APLNG. 2021 exchange rates: ● During the third quarter of 2016, we issued a guarantee portion of the funds in a project finance reserve guarantee to be 10 years . 170 and may become payable if an enforcement action APLNG. 14 ● In conjunction with our original purchase of an ownership October 2008, we agreed to reimburse Origin arising under guarantees of an existing obligation agreements with remaining terms of 1 to 21 years . payments, or cost of volume delivery, under these guarantees is estimated 740 1.3 billion in the event of intentional or reckless breach) meet its obligations under these agreements and payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas not make necessary equity contributions into APLNG. ● 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 $ 180 March 31, 2021, the carrying value of these guarantees 11 Other Guarantees We have other guarantees with maximum future potential payment amounts totaling $ 730 of the residual value of corporate aircrafts, reserve accounts. five years certain asset values are lower conditions decline at guaranteed entities, parties. 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 indemnifications at March 31, 2021, 50 liability over the relevant time period the indemnity circumstances surrounding each type of indemnity. will reverse the liability when we have information over an appropriate time period as the fair value reasonably possible future payments may exceed it is not possible to make a reasonable estimate additional information about environmental liabilities, |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2021 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 9—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 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 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 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 sites where it is probable future costs will be incurred not reduced these accruals for possible insurance recoveries. At March 31, 2021, our consolidated balance sheet 188 compared with $ 180 We expect to incur a substantial amount of these expenditures within the next 30 years. involved in additional environmental assessments, Litigation and Other Contingencies 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 on 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. We have contingent liabilities resulting from throughput agreements with pipeline and not associated with financing arrangements. company with additional funds through advances utilized. 309 million (issued as direct bank letters of credit) commercial activities and services incident to 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 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. To date, ConocoPhillips has received approximately $754 million. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA failed to cure its breach. a result, ConocoPhillips has resumed legal enforcement 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 royalties on federal lands and has issued multiple ConocoPhillips and the ONRR entered into All orders and associated appeals have been withdrawn Beginning in 2017, governmental and other entities and gas companies, including ConocoPhillips, alleged climate change impacts. amounts claimed by plaintiffs are unspecified and the legal unprecedented. inappropriate vehicle to address the challenges associated 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 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 order to ConocoPhillips is premised on its connection ConocoPhillips, which held a historical 25 sold its interest approximately 30 years production on this lease since that time. |
Derivative and Financial Instru
Derivative and Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Note 10—Derivative and Financial Instruments We use futures, forwards, swaps and options in various markets to meet our customer 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 operating activities on our consolidated statement and losses are recognized either on a gross basis for trading. recognized upon settlement. contracts. The following table presents the gross fair values line items where they appear on our consolidated Millions of Dollars March 31 December 31 2021 2020 Assets Prepaid expenses and other current assets $ 232 229 Other assets 46 26 Liabilities Other accruals 221 202 Other liabilities and deferred credits 33 18 The gains (losses) from commodity derivatives consolidated income statement were: Millions of Dollars March 31 2021 2020 Sales and other operating revenues $ (279) 47 Other income (loss) 17 2 Purchased commodities 13 (27) On January 15, 2021, we assumed financial derivative following the acquisition of Concho. were recognized at fair value as a net liability 456 through December 31, 2022. 173 Concho derivative contracts with settlement dates 132 loss related to acquired Concho derivative contracts total before-tax loss of $ 305 within the “Sales and other operating revenues” At March 31, 2021, all oil and natural gas derivative contractually settled. 692 will pay the remaining $ 69 derivative contracts flow statement. The table below summarizes our net exposures resulting Open Position Long/(Short) March 31 December 31 2021 2020 Commodity Natural gas and power (billion cubic feet equivalent) 17 (20) (12) (10) 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 table reflects remaining maturities at March Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long- Term Receivables March 31 December 31 March 31 December 31 March 31 December 31 2021 2020 2021 2020 2021 2020 Cash $ 636 597 Demand Deposits 1,281 1,133 Time Deposits 1 to 90 days 861 1,225 3,625 2,859 91 to 180 days 171 448 Within one year 16 13 One year through five years 2 1 U.S. Government Obligations 1 to 90 days 10 23 - - $ 2,788 2,978 3,812 3,320 2 1 The following investments in debt securities consolidated balance sheet at March 31, 2021 Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term Receivables March 31 December 31 March 31 December 31 March 31 December 31 2021 2020 2021 2020 2021 2020 Major Security Type Corporate Bonds $ - - 114 130 151 143 Commercial Paper 43 13 162 155 U.S. Government Obligations - - 3 4 7 13 U.S. Government Agency Obligations 10 17 Foreign Government Obligations 13 - - 2 Asset-backed Securities - - 49 41 $ 43 13 292 289 217 216 Cash and Cash Equivalents and Short-Term Investments have remaining maturities Investments and Long-Term Receivables have remaining maturities The following table summarizes the amortized classified as available for sale: Millions of Dollars Amortized Cost Basis Fair Value March 31 December 31 March 31 December 31 2021 2020 2021 2020 Major Security Type Corporate bonds $ 264 271 265 273 Commercial paper 205 168 205 168 U.S. government obligations 10 17 10 17 U.S. government agency obligations 10 17 10 17 Foreign government obligations 13 2 13 2 Asset-backed securities 49 41 49 41 $ 551 516 552 518 As of March 31, 2021 and December 31, 2020, for sale with net losses were negligible. in these debt securities in an unrealized loss position recorded were negligible. For the three-month periods ended March 31, of investments in debt securities classified 147 63 respectively. negligible. Credit Risk Financial instruments potentially exposed to concentrations short-term investments, long-term investments receivables. government money market funds, government debt financial institutions, high-quality corporate investments in debt securities are placed in high-quality agency obligations, asset-backed securities, institutions. 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 primarily with an exchange requirements until settled; however, we are exposed to the credit arising from daily margin cash calls, as well as for cash Our trade receivables result primarily international customer base, which limits our receivables have payment terms of 30 days or less, creditworthiness of the counterparties. including, letters of credit, prepayments and surety credit risk with counterparties that both buy from by us or owed to others to be offset against amounts 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 at March 31, 2021 and 22 25 respectively. no our credit rating had been downgraded below investment required to post $ 21 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 11—Fair Value We carry a portion of our assets and liabilities at fair value that are measured at the reporting price (i.e., the price that would be received to sell according to the quality of valuation inputs under ● 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 of an asset or liability that are initially classified as Level 3 are subsequently unobservable inputs is inconsequential to the overall available. corroborated market data is no longer available. 2021 or 2020. 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 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 The following table summarizes the fair value unadjusted where the right of setoff exists for commodity basis): Millions of Dollars March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,564 - - 1,564 1,256 - - 1,256 Investments in debt securities 10 542 - 552 17 501 - 518 Commodity derivatives 162 104 12 278 142 101 12 255 Total assets $ 1,736 646 12 2,394 1,415 602 12 2,029 Liabilities Commodity derivatives $ 155 89 10 254 120 91 9 220 Total liabilities $ 155 89 10 254 120 91 9 220 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 March 31, 2021 Assets $ 278 5 273 197 76 1 75 Liabilities 254 2 252 197 55 1 54 December 31, 2020 Assets $ 255 2 253 157 96 10 86 Liabilities 220 1 219 157 62 4 58 At March 31, 2021 and December 31, 2020, we balance sheet where we had the right of setoff. Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial ● 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 5—Investment 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 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 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 March 31 December 31 March 31 December 31 2021 2020 2021 2020 Financial assets Investment in Cenovus Energy $ 1,564 1,256 1,564 1,256 Commodity derivatives 80 88 80 88 Investments in debt securities 552 518 552 518 Loans and advances—related parties 168 220 168 220 Financial liabilities Total debt, excluding finance leases 19,154 14,478 22,578 19,106 Commodity derivatives 56 59 56 59 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the Millions of Dollars Defined Benefit Plans Net Unrealized Gain (Loss) on Securities Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2020 $ (425) 2 (4,795) (5,218) Other comprehensive income (loss) 70 (1) 69 138 March 31, 2021 $ (355) 1 (4,726) (5,080) The following table summarizes reclassifications income (loss): Millions of Dollars Three Months Ended March 31 2021 2020 Defined benefit plans $ 12 8 The above amounts are included in the computation of net periodic benefit 3 $ 2 information. |
Cash Flow Information
Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 13—Cash Flow Information Millions of Dollars Three Months Ended March 31 2021 2020 Cash Payments Interest $ 233 200 Income taxes 53 465 Net Sales (Purchases) of Investments Short-term investments purchased $ (3,432) (3,423) Short-term investments sold 2,966 2,606 Investments and Long-term receivables purchased (60) (143) Investments and Long-term receivables sold 27 25 $ (499) (935) We assumed various financial derivative instruments in the Concho acquisition. we settled all financial derivative contracts settlement of contracts with settlement derivatives of $ 692 cash flow statement. For the first quarter of 2021, included within 382 received through the addition of cash balances acquired in assets and liabilities associated with the acquisition entirely in ConocoPhillips common stock. information on the acquisition. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 14—Employee Benefit Plans Pension and Postretirement Plans The components of net periodic benefit cost of the following table: Millions of Dollars Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 21 15 21 14 - 1 Interest cost 13 20 17 22 1 2 Expected return on plan assets (24) (30) (21) (37) - - Amortization of prior service credit - - - - (9) (8) Recognized net actuarial loss 15 8 12 6 - - Settlements 2 - 1 (1) - - Curtailments 12 - - - - - Special termination benefits 9 - - - - - Net periodic benefit cost $ 48 13 30 4 (8) (5) The components of net periodic benefit cost, other expenses” line item on our consolidated income statement. As part of our restructuring program, we concluded March 31, 2021, would result in a significant qualified pension plan, a U.S. nonqualified benefit plans. $ 12 conjunction with the recognition of curtailment updated, and the pension benefit obligations retirement plan and the U.S. other postretirement pension liability decreased by $ 76 by lower than premised return on assets on the increase to other comprehensive income. The relevant discount rates are summarized in March 31 December 31 Discount rate 2021 2020 U.S. qualified pension plan % 3.00 2.40 U.S. nonqualified pension plan 2.40 1.85 U.S. postretirement benefit plans 2.80 2.20 Severance Accrual The following table summarizes our severance accrual 2021: Millions of Dollars Balance at December 31, 2020 $ 24 Accruals 101 Benefit payments (33) Balance at March 31, 2021 $ 92 Accruals in the first quarter of 2021 represent the total remaining balance at March 31, 2021, 77 Acquisitions and Dispositions, for additional |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15—Related Party Transactions Our related parties primarily include equity method employees. Significant transactions with our equity affiliates Millions of Dollars Three Months Ended March 31 2021 2020 Operating revenues and other income $ 17 17 Operating expenses and selling, general and administrative 26 15 Net interest (income) expense* (1) (2) *We paid interest to, or received interest from, information on loans to affiliated companies. |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 16—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation Millions of Dollars March 31 2021 2020 Revenue from contracts with customers $ 7,161 4,911 Revenue from contracts outside the scope of ASC Physical contracts meeting the definition of a derivative 2,974 1,296 Financial derivative contracts (309) (49) Consolidated sales and other operating revenues $ 9,826 6,158 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 March 31 2021 2020 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 2,466 976 Canada 303 179 Europe, Middle East and North Africa 205 141 Physical contracts meeting the definition of a derivative $ 2,974 1,296 Millions of Dollars March 31 2021 2020 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 124 92 Natural gas 2,727 1,090 Other 123 114 Physical contracts meeting the definition of a derivative $ 2,974 1,296 Practical Expedients Typically, cases they may extend 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 March 31, 2021, the “Accounts and notes receivables of $ 3,380 1,827 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 customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. Millions of Dollars Contract Liabilities At December 31, 2020 $ 97 Contractual payments received 7 Revenue recognized (62) At March 31, 2021 $ 42 Amounts Recognized in the Consolidated Current liabilities $ 42 We expect to recognize the contract liabilities at March 31, 2021, as revenue in the first quarter of 2022. |
Segment Disclosures and Related
Segment Disclosures and Related Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Disclosures and Related Information [Abstract] | |
Segment Disclosures and Related Information | Note 17—Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on basis. six region: Alaska; Lower 48; Canada; Europe, International. Corporate and Other represents income and costs most interest income and expense; premiums on early technology activities, including licensing revenues; 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 Effective with the third quarter of 2020, we restructured our organization. Europe and North Africa segment. Middle East and North Africa segment. performance metrics presented within our results On January 15, 2021, we completed our acquisition production company with operations across New are included in our Lower 48 segment for the current associated with the Concho acquisition are included Acquisitions and Dispositions for additional Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2021 2020 Sales and Other Operating Revenues Alaska $ 1,133 1,113 Lower 48 6,513 3,103 Intersegment eliminations (2) (10) Lower 48 6,511 3,093 Canada 867 513 Intersegment eliminations (305) (180) Canada 562 333 Europe, Middle East and North Africa 978 600 Asia Pacific 577 1,003 Other International 1 3 Corporate and Other 64 13 Consolidated sales and other operating revenues $ 9,826 6,158 Sales and Other Operating Revenues by (1) United States $ 7,707 4,217 Australia - 437 Canada 562 333 China 155 146 Indonesia 196 204 Libya 230 44 Malaysia 226 216 Norway 412 446 United Kingdom 336 110 Other foreign countries 2 5 Worldwide consolidated $ 9,826 6,158 Sales and Other Operating Revenues by Crude oil $ 4,495 3,444 Natural gas 4,511 1,655 Natural gas liquids 237 151 Other (2) 583 908 Consolidated sales and other operating revenues $ 9,826 6,158 (1) Sales and other operating revenues are attributable to countries based on the location of (2) Includes LNG and bitumen. Millions of Dollars Three Months Ended March 31 2021 2020 Net Income (Loss) Attributable to ConocoPhillips Alaska $ 159 81 Lower 48 468 (437) Canada 10 (109) Europe, Middle East and North Africa 153 201 Asia Pacific 317 272 Other International (4) 28 Corporate and Other (121) (1,775) Consolidated net income (loss) attributable $ 982 (1,739) Millions of Dollars March 31 December 31 2021 2020 Total Assets Alaska $ 14,571 14,623 Lower 48 32,474 11,932 Canada 6,925 6,863 Europe, Middle East and North Africa 8,689 8,756 Asia Pacific 11,041 11,231 Other International 229 226 Corporate and Other 9,764 8,987 Consolidated total assets $ 83,693 62,618 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 18—Income Taxes Our effective tax rate for the first quarter of 2021 42.7 9.5 first quarter of 2020. shift in the mix of our before-tax income between interest deduction related to our Concho debt decrease in our valuation allowance. Our effective tax rate for the first quarter of 2021 is 75 interest deductions from the exchange of debt that would otherwise have been offset by foreign tax credits. the debt exchange. During the first quarter of 2021, our valuation 65 $ 346 primarily to the fair value measurement of our impact related to incremental capital gains and losses. Our deferred tax liability increased by approximately 1.1 Concho acquisition. 150 to tax credit carryovers acquired from Concho that and Dispositions for more information. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [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 |
Revenue Recognition, Policy [Policy Text Block] | Practical Expedients Typically, cases they may extend 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 customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Note 2—Inventories Inventories consisted of the following: Millions of Dollars March 31 2021 2020 Crude oil and natural gas $ 541 461 Materials and supplies 557 541 $ 1,098 1,002 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) - Concho Resources Inc [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Business Acquisition [Line Items] | |
Total Consideration | Total Consideration 194,243 1,599 Number of shares exchanged 195,842 1.46 285,929 $ 45.9025 $ 13,125 **Based on the ConocoPhillips average stock price on January |
Net assets to be acquired | Assets Acquired Millions of Dollars Cash and cash equivalents $ 382 Accounts receivable, net 742 Inventories 45 Prepaid expenses and other current assets 37 Investments and long-term receivables 333 Net properties, plants and equipment 18,998 Other assets 62 Total assets acquired $ 20,599 Liabilities Assumed Accounts payable $ 638 Accrued income and other taxes 76 Employee benefit obligations 4 Other accruals 510 Long-term debt 4,696 Asset retirement obligations and accrued environmental 310 Deferred income taxes 1,123 Other liabilities and deferred credits 117 Total liabilities assumed $ 7,474 Net assets acquired $ 13,125 |
Non-recurring restructuring and transition-related costs | Millions of Dollars Transaction Cost Restructuring Cost Total Cost Production and operating expenses $ 56 56 Selling, general and administration expenses 135 45 180 Exploration expenses 18 4 22 Taxes other than income taxes 4 4 Other expenses 29 29 $ 157 134 291 |
Supplemental Pro Forma (unaudited) | Millions of Dollars Supplemental Pro Forma (unaudited) Three Months Ended March 31, 2020 Total revenues and other income $ 7,300 Net loss (390) Net loss attributable to ConocoPhillips (418) $ per share Earnings per share: Three Months Ended March 31, 2020 Basic net loss $ (0.31) Diluted net loss (0.31) |
Changes in Equity (Tables)
Changes in Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Note 7—Changes in Equity The following tables reflect the changes in stockholders' 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 March 31, 2021 Balances at December 31, 2020 $ 18 47,133 (47,297) (5,218) 35,213 29,849 Net income 982 982 Other comprehensive income 138 138 Dividends paid ($ 0.43 (588) (588) Acquisition of Concho 3 13,122 13,125 Repurchase of company common stock (375) (375) Distributed under benefit plans 23 23 Other 1 1 Balances at March 31, 2021 $ 21 60,278 (47,672) (5,080) 35,608 43,155 For the three months ended March 31, 2020 Balances at December 31, 2019 $ 18 46,983 (46,405) (5,357) 39,742 69 35,050 Net income (loss) (1,739) 28 (1,711) Other comprehensive loss (788) (788) Dividends paid ($ 0.42 (458) (458) Repurchase of company common stock (726) (726) Distributions to noncontrolling interests and other (26) (26) Distributed under benefit plans 44 44 Other 1 1 2 Balances at March 31, 2020 $ 18 47,027 (47,130) (6,145) 37,545 72 31,387 |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31 December 31 2021 2020 Assets Prepaid expenses and other current assets $ 232 229 Other assets 46 26 Liabilities Other accruals 221 202 Other liabilities and deferred credits 33 18 |
Income statement location and gain/loss amounts of derivatives | The gains (losses) from commodity derivatives consolidated income statement were: Millions of Dollars March 31 2021 2020 Sales and other operating revenues $ (279) 47 Other income (loss) 17 2 Purchased commodities 13 (27) |
Net exposures from outstanding commodity derivative contracts | The table below summarizes our net exposures resulting Open Position Long/(Short) March 31 December 31 2021 2020 Commodity Natural gas and power (billion cubic feet equivalent) 17 (20) (12) (10) |
Net carrying amount of held to maturity investments | Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long- Term Receivables March 31 December 31 March 31 December 31 March 31 December 31 2021 2020 2021 2020 2021 2020 Cash $ 636 597 Demand Deposits 1,281 1,133 Time Deposits 1 to 90 days 861 1,225 3,625 2,859 91 to 180 days 171 448 Within one year 16 13 One year through five years 2 1 U.S. Government Obligations 1 to 90 days 10 23 - - $ 2,788 2,978 3,812 3,320 2 1 |
Debt Securities Carried at Fair Value | The following investments in debt securities consolidated balance sheet at March 31, 2021 Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term Receivables March 31 December 31 March 31 December 31 March 31 December 31 2021 2020 2021 2020 2021 2020 Major Security Type Corporate Bonds $ - - 114 130 151 143 Commercial Paper 43 13 162 155 U.S. Government Obligations - - 3 4 7 13 U.S. Government Agency Obligations 10 17 Foreign Government Obligations 13 - - 2 Asset-backed Securities - - 49 41 $ 43 13 292 289 217 216 Cash and Cash Equivalents and Short-Term Investments have remaining maturities Investments and Long-Term Receivables have remaining maturities |
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 Amortized Cost Basis Fair Value March 31 December 31 March 31 December 31 2021 2020 2021 2020 Major Security Type Corporate bonds $ 264 271 265 273 Commercial paper 205 168 205 168 U.S. government obligations 10 17 10 17 U.S. government agency obligations 10 17 10 17 Foreign government obligations 13 2 13 2 Asset-backed securities 49 41 49 41 $ 551 516 552 518 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,564 - - 1,564 1,256 - - 1,256 Investments in debt securities 10 542 - 552 17 501 - 518 Commodity derivatives 162 104 12 278 142 101 12 255 Total assets $ 1,736 646 12 2,394 1,415 602 12 2,029 Liabilities Commodity derivatives $ 155 89 10 254 120 91 9 220 Total liabilities $ 155 89 10 254 120 91 9 220 |
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 March 31, 2021 Assets $ 278 5 273 197 76 1 75 Liabilities 254 2 252 197 55 1 54 December 31, 2020 Assets $ 255 2 253 157 96 10 86 Liabilities 220 1 219 157 62 4 58 At March 31, 2021 and December 31, 2020, we balance sheet where we had the right of setoff. |
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 March 31 December 31 March 31 December 31 2021 2020 2021 2020 Financial assets Investment in Cenovus Energy $ 1,564 1,256 1,564 1,256 Commodity derivatives 80 88 80 88 Investments in debt securities 552 518 552 518 Loans and advances—related parties 168 220 168 220 Financial liabilities Total debt, excluding finance leases 19,154 14,478 22,578 19,106 Commodity derivatives 56 59 56 59 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of accumulated other comprehensive loss in the equity section of the balance sheet | Note 12—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the Millions of Dollars Defined Benefit Plans Net Unrealized Gain (Loss) on Securities Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2020 $ (425) 2 (4,795) (5,218) Other comprehensive income (loss) 70 (1) 69 138 March 31, 2021 $ (355) 1 (4,726) (5,080) |
Items reclassified out of accumulated other comprehensive loss | The following table summarizes reclassifications income (loss): Millions of Dollars Three Months Ended March 31 2021 2020 Defined benefit plans $ 12 8 The above amounts are included in the computation of net periodic benefit 3 $ 2 information. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 13—Cash Flow Information Millions of Dollars Three Months Ended March 31 2021 2020 Cash Payments Interest $ 233 200 Income taxes 53 465 Net Sales (Purchases) of Investments Short-term investments purchased $ (3,432) (3,423) Short-term investments sold 2,966 2,606 Investments and Long-term receivables purchased (60) (143) Investments and Long-term receivables sold 27 25 $ (499) (935) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Employee Benefit Plans [Abstract] | |
Pension and Postretirement Plans | Note 14—Employee Benefit Plans Pension and Postretirement Plans The components of net periodic benefit cost of the following table: Millions of Dollars Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 21 15 21 14 - 1 Interest cost 13 20 17 22 1 2 Expected return on plan assets (24) (30) (21) (37) - - Amortization of prior service credit - - - - (9) (8) Recognized net actuarial loss 15 8 12 6 - - Settlements 2 - 1 (1) - - Curtailments 12 - - - - - Special termination benefits 9 - - - - - Net periodic benefit cost $ 48 13 30 4 (8) (5) |
Discount rates | The relevant discount rates are summarized in March 31 December 31 Discount rate 2021 2020 U.S. qualified pension plan % 3.00 2.40 U.S. nonqualified pension plan 2.40 1.85 U.S. postretirement benefit plans 2.80 2.20 |
Severance accrual | Millions of Dollars Balance at December 31, 2020 $ 24 Accruals 101 Benefit payments (33) Balance at March 31, 2021 $ 92 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Significant transactions with related parties | Note 15—Related Party Transactions Our related parties primarily include equity method employees. Significant transactions with our equity affiliates Millions of Dollars Three Months Ended March 31 2021 2020 Operating revenues and other income $ 17 17 Operating expenses and selling, general and administrative 26 15 Net interest (income) expense* (1) (2) *We paid interest to, or received interest from, information on loans to affiliated companies. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Millions of Dollars March 31 2021 2020 Revenue from contracts with customers $ 7,161 4,911 Revenue from contracts outside the scope of ASC Physical contracts meeting the definition of a derivative 2,974 1,296 Financial derivative contracts (309) (49) Consolidated sales and other operating revenues $ 9,826 6,158 Millions of Dollars March 31 2021 2020 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 2,466 976 Canada 303 179 Europe, Middle East and North Africa 205 141 Physical contracts meeting the definition of a derivative $ 2,974 1,296 Millions of Dollars March 31 2021 2020 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 124 92 Natural gas 2,727 1,090 Other 123 114 Physical contracts meeting the definition of a derivative $ 2,974 1,296 |
Contract with Customer, Asset and Liability [Table Text Block] | Millions of Dollars Contract Liabilities At December 31, 2020 $ 97 Contractual payments received 7 Revenue recognized (62) At March 31, 2021 $ 42 Amounts Recognized in the Consolidated Current liabilities $ 42 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Disclosures and Related Information [Abstract] | |
Analysis of Results by Operating Segment | Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2021 2020 Sales and Other Operating Revenues Alaska $ 1,133 1,113 Lower 48 6,513 3,103 Intersegment eliminations (2) (10) Lower 48 6,511 3,093 Canada 867 513 Intersegment eliminations (305) (180) Canada 562 333 Europe, Middle East and North Africa 978 600 Asia Pacific 577 1,003 Other International 1 3 Corporate and Other 64 13 Consolidated sales and other operating revenues $ 9,826 6,158 Sales and Other Operating Revenues by (1) United States $ 7,707 4,217 Australia - 437 Canada 562 333 China 155 146 Indonesia 196 204 Libya 230 44 Malaysia 226 216 Norway 412 446 United Kingdom 336 110 Other foreign countries 2 5 Worldwide consolidated $ 9,826 6,158 Sales and Other Operating Revenues by Crude oil $ 4,495 3,444 Natural gas 4,511 1,655 Natural gas liquids 237 151 Other (2) 583 908 Consolidated sales and other operating revenues $ 9,826 6,158 (1) Sales and other operating revenues are attributable to countries based on the location of (2) Includes LNG and bitumen. Millions of Dollars Three Months Ended March 31 2021 2020 Net Income (Loss) Attributable to ConocoPhillips Alaska $ 159 81 Lower 48 468 (437) Canada 10 (109) Europe, Middle East and North Africa 153 201 Asia Pacific 317 272 Other International (4) 28 Corporate and Other (121) (1,775) Consolidated net income (loss) attributable $ 982 (1,739) Millions of Dollars March 31 December 31 2021 2020 Total Assets Alaska $ 14,571 14,623 Lower 48 32,474 11,932 Canada 6,925 6,863 Europe, Middle East and North Africa 8,689 8,756 Asia Pacific 11,041 11,231 Other International 229 226 Corporate and Other 9,764 8,987 Consolidated total assets $ 83,693 62,618 |
Consolidated Statement of Cas_3
Consolidated Statement of Cash Flows - Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets [Member] | ||
Restricted Cash | $ 94 | $ 94 |
Other assets [Member] | ||
Restricted Cash | $ 238 | $ 230 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Crude oil and natural gas | $ 541 | $ 461 |
Materials and supplies | 557 | 541 |
Total Inventories | $ 1,098 | $ 1,002 |
Inventories - Textual (Details)
Inventories - Textual (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
LIFO Inventory Amount | $ 352 | $ 282 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Acquisition of Concho Resources Inc. (Concho) - Textual (Details) $ in Millions | Feb. 08, 2021USD ($) | Jan. 15, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Other expenses | $ 24 | $ (6) | ||
Income tax provision | 732 | 148 | ||
Sales and other operating revenues [Member] | Commodity Contract [Member] | ||||
Business Acquisition [Line Items] | ||||
Loss from commodity derivatives, before tax | 279 | (47) | ||
Other Income [Member] | Commodity Contract [Member] | ||||
Business Acquisition [Line Items] | ||||
Loss from commodity derivatives, before tax | (17) | (2) | ||
Purchased commodities [Member] | Commodity Contract [Member] | ||||
Business Acquisition [Line Items] | ||||
Loss from commodity derivatives, before tax | $ (13) | 27 | ||
Concho Resources Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Date of Acquisition Agreement | Jan. 15, 2021 | |||
Business Acquisition, Name of Acquired Entity | Concho Resources Inc. | |||
Business Combination, Share Exchange Ratio | 1.46 | |||
Business Combination, Consideration Transferred | $ 13,125 | |||
Capitalized Costs Proved Properties | 11,900 | |||
Capitalized Costs, Unproved Properties | $ 6,900 | |||
Business Acquisition, Planned Restructuring Activities, Description | In the first quarter of 2021, we commenced a restructuring program, the scope of which included combining the operations of the two companies. For the three-month period ending March 31, 2021, we recognized non-recurring restructuring costs mainly for employee severance and related incremental pension benefit costs of approximately $134 million. | |||
Transaction related cost expensed | $ 157 | |||
Restructuring Charges | 134 | |||
Income tax provision | $ 75 | 75 | ||
Net loss | (190) | $ 390 | ||
Impairment of Oil and Gas Properties | 10,500 | |||
Goodwill, Impairment Loss | 1,900 | |||
Concho Resources Inc [Member] | Commodity Contract [Member] | ||||
Business Acquisition [Line Items] | ||||
Loss from commodity derivatives, before tax | 305 | |||
Net loss | 132 | |||
Concho Resources Inc [Member] | Sales and other operating revenues [Member] | Commodity Contract [Member] | ||||
Business Acquisition [Line Items] | ||||
Loss from commodity derivatives, before tax | 173 | |||
Concho Resources Inc [Member] | Sales and other operating revenues [Member] | Accelerated contracts [Member] | ||||
Business Acquisition [Line Items] | ||||
Loss from commodity derivatives, before tax | 132 | |||
Net loss | $ 101 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Total Consideration (Details) $ / shares in Units, $ in Millions | Jan. 15, 2021USD ($)$ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2020shares |
Total Consideration | |||
Number of shares of Concho common stock issued | 2,087,207,067 | 1,798,844,267 | |
Concho Resources Inc [Member] | |||
Total Consideration | |||
Exchange ratio | 1.46 | ||
Total Consideration | $ | $ 13,125 | ||
Concho Resources Inc [Member] | Common Stock [Member] | |||
Total Consideration | |||
Additional shares of ConocoPhillips common stock issued as consideration | 285,929,000 | ||
Concho Resources Inc [Member] | Arithmetic Average [Member] | |||
Total Consideration | |||
Average price per share of ConocoPhillips common stock | $ / shares | $ 45.9025 | ||
Concho Resources Inc [Member] | Concho Resources Inc [Member] | |||
Total Consideration | |||
Number of shares of Concho common stock issued | 194,243,000 | ||
Number of shares of Concho common stock outstanding | 194,243,000 | ||
Number of shares of Concho stock awards outstanding | 1,599,000 | ||
Shares Outstanding | 195,842,000 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Net assets to be acquired (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Jan. 15, 2021 | Dec. 31, 2020 |
Assets Acquired | |||
Investments and long-term receivables | $ 8,286 | $ 8,017 | |
Concho Resources Inc [Member] | |||
Assets Acquired | |||
Cash and cash equivalents | $ 382 | ||
Accounts receivable, net | 742 | ||
Inventories | 45 | ||
Prepaid expenses and other current assets | 37 | ||
Investments and long-term receivables | 333 | ||
Net properties, plants and equipment | 18,998 | ||
Other assets | 62 | ||
Total assets to be acquired | 20,599 | ||
Liabilities Assumed | |||
Accounts Payable | 638 | ||
Accrued income and other taxes | 76 | ||
Employee benefit obligations | 4 | ||
Other accruals | 510 | ||
Long-term debt | 4,696 | ||
Asset retirement obligations and accrued environmental costs | 310 | ||
Deferred income taxes | 1,123 | ||
Other liabilities and deferred credits | 117 | ||
Total Liabilities to be assumed | 7,474 | ||
Net assets to be acquired | $ 13,125 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Non-recurring restructuring and transition-related costs (Details) - Concho Resources Inc [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Transaction related cost expensed | $ 157 |
Restructuring Cost | 134 |
Total Costs | 291 |
Production and operating expenses | |
Business Acquisition [Line Items] | |
Restructuring Cost | 56 |
Total Costs | 56 |
Selling, general and administrative expenses | |
Business Acquisition [Line Items] | |
Transaction related cost expensed | 135 |
Restructuring Cost | 45 |
Total Costs | 180 |
Exploration Expenses | |
Business Acquisition [Line Items] | |
Transaction related cost expensed | 18 |
Restructuring Cost | 4 |
Total Costs | 22 |
Taxes other than income taxes | |
Business Acquisition [Line Items] | |
Transaction related cost expensed | 4 |
Total Costs | 4 |
Other Expenses | |
Business Acquisition [Line Items] | |
Restructuring Cost | 29 |
Total Costs | $ 29 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - Supplemental Pro Forma (unaudited) (Details) - Concho Resources Inc [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | ||
Total revenues and other income | $ 1,040 | $ 7,300 |
Net loss | $ 190 | (390) |
Net loss attributable to ConocoPhillips | $ (418) | |
Basic net loss | $ (0.31) | |
Diluted net loss | $ (0.31) |
Acquisitions and Dispositions_6
Acquisitions and Dispositions - Assets Sold - Textual (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2017 | |
Barossa Project [Member] | Asia Pacific Operating segment [Member] | Operating Segments [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Before tax gain (loss) on disposition | $ 200,000,000 | |||
Barossa Project [Member] | Asia Pacific Operating segment [Member] | Operating Segments [Member] | Scenario, Plan [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Proceeds from asset dispositions | $ 200,000,000 | |||
Foster Creek Christina Lake (FCCL) and western Canada gas properties [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Before tax gain (loss) on disposition | $ 26,000,000 | $ 0 | ||
Business Combination, Contingent Consideration Arrangements, Basis for Amount | The contingent payment, calculated on a quarterly basis, is $6 million CAD for every $1 CAD by which the WCS quarterly average crude price exceeds $52 CAD per barrel. Contingent payments during the five-year period are recorded as gain on dispositions on our consolidated income statement and reflected in our Canada segment. | |||
Foster Creek Christina Lake (FCCL) [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Equity interest of ConocoPhillips | 50.00% |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables - Textual (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2021 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2012 | |
Equity method investments | |||||
Loan balance with affiliated company | $ 168 | $ 220 | |||
APLNG [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 8,500 | ||||
Line Of Credit Facility Value Outstanding | 6,000 | ||||
Book value of equity method investment | $ 6,600 | ||||
Long Term Debt Refinanced Amount | $ 3,200 | ||||
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, 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, 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, Frequency of Payments | bi-annual | ||||
QG3 [Member] | |||||
Equity method investments | |||||
Loan balance with affiliated company | $ 168 |
Investment in Cenovus Energy -
Investment in Cenovus Energy - Textual (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Unrealized (gain) loss on investment in Cenovus Energy | $ (308) | $ 1,691 | |
Foster Creek Christina Lake (FCCL) [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Common Stock [Member] | Cenovus Energy Common Stock [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Shares Exchange for Assets Held for Sale | 208 | ||
Investment Owned, Common Stock, percent of Issued and Outstanding | 10.30% | ||
Investment In Equity Security Fair Value | $ 1,560 | ||
Cenovus Energy common share price | $ 7.52 | ||
Unrealized (gain) loss on investment in Cenovus Energy | $ (308) | $ 1,691 |
Debt - Textual (Details)
Debt - Textual (Details) - USD ($) | Jan. 15, 2021 | Mar. 31, 2021 | Feb. 08, 2021 | Dec. 31, 2020 |
Debt [Abstract] | ||||
Debt balance | $ 20,000,000,000 | $ 15,400,000,000 | ||
Short Term Debt [Line Items] | ||||
Commercial Paper Program, Amount Outstanding | $ 309,000,000 | |||
Debt Instrument [Line Items] | ||||
Financing Receivable, Credit Quality, Additional Information | In October 2020, Moody’s affirmed its rating of our senior long-term debt of “A3” with a “stable” outlook, and affirmed its rating of our short-term debt as “Prime-2.” In January 2021, Fitch affirmed its rating of our long-term debt as “A” with a “stable” outlook and affirmed its rating of our short-term debt as “F1+.” On January 25, 2021, S&P revised its industry risk assessment of the E&P industry to “Moderately High” from “Intermediate” based on a view of increasing risks from the energy transition, price volatility, and weaker profitability. On February 11, 2021, S&P downgraded its rating of our long-term debt from “A” to “A-” with a “stable” outlook and downgraded its rating of our short-term debt from “A-1” to “A-2.” We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity, upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit rating were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility. | |||
Concho Resources Inc [Member] | ||||
Debt Instrument [Line Items] | ||||
Adjustment to fair value of the senior notes | $ 800,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 4,696,000,000 | |||
Business Combination, Notes Offered In Exchange | $ 3,900,000,000 | $ 3,900,000,000 | ||
Business Combination, Percent Of Notes Offered Tendered And Exchanged For New Debt | 98.00% | |||
Business Combination, Tendered And Exchanged Notes For New Debt | $ 3,800,000,000 | |||
Debt Instrument Face Amount | $ 67,000,000 | |||
Moody's, A3 Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Credit Rating | In October 2020, Moody’s affirmed its rating of our senior long-term debt of “A3” with a “stable” outlook | |||
Fitch, A Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Credit Rating | In January 2021, Fitch affirmed its rating of our long-term debt as “A” with a “stable” outlook | |||
Standard & Poor's, A- Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Credit Rating | On February 11, 2021, S&P downgraded its rating of our long-term debt from “A” to “A-” with a “stable” outlook | |||
Revolving Credit Facility [Member] | ||||
Short Term Debt [Line Items] | ||||
Maximum borrowing capactiy under revolving credit facility | $ 6,000,000,000 | |||
Remaining borrowing capacity under revolving credit facility | $ 5,700,000,000 | |||
Maturity period of commercial paper (in days) | P90D | |||
Commercial Paper Program, Amount Outstanding | $ 0 | 300,000,000 | ||
Commercial Paper Program | 6,000,000,000 | |||
Minimum Limit of Debt for Cross Default Provision | 200,000,000 | |||
Letter of Credit [Member] | ||||
Short Term Debt [Line Items] | ||||
Commercial Paper Program, Amount Outstanding | $ 0 | |||
Letter of Credit [Member] | Maximum [Member] | ||||
Short Term Debt [Line Items] | ||||
Commercial Paper Program, Capacity | 500,000,000 | |||
VRDB [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Face Amount | 283,000,000 | |||
ConocoPhillips Commercial Paper Program [Member] | Commercial Paper [Member] | ||||
Short Term Debt [Line Items] | ||||
Commercial Paper Program, Amount Outstanding | $ 300,000,000 |
Debt - Debt assumed (Details)
Debt - Debt assumed (Details) - Concho Resources Inc [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Jan. 15, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,696 | |
3.75% Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Debt Instrument, Maturity Date, Description | 2027 | |
Long-term debt | $ 1,000 | |
4.3% Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |
Debt Instrument, Maturity Date, Description | 2028 | |
Long-term debt | $ 1,000 | |
2.4% Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | |
Debt Instrument, Maturity Date, Description | 2031 | |
Long-term debt | $ 500 | |
4.875% Notes due 2047 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
Debt Instrument, Maturity Date, Description | 2047 | |
Long-term debt | $ 800 | |
4.85% Notes due 2048 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |
Debt Instrument, Maturity Date, Description | 2048 | |
Long-term debt | $ 600 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning Balance | $ 29,849,000,000 | $ 35,050,000,000 |
Net income (loss) | 982,000,000 | (1,711,000,000) |
Other Comprehensive Income (Loss), Net of Tax | 138,000,000 | (788,000,000) |
Dividends paid | (588,000,000) | (458,000,000) |
Acquisition of Concho | 13,125,000,000 | |
Repurchase of company common stock | (375,000,000) | (726,000,000) |
Distributions to noncontrolling interests | (26,000,000) | |
Distributed under benefit plans | 23,000,000 | 44,000,000 |
Other | 1,000,000 | 2,000,000 |
Ending Balance | 43,155,000,000 | 31,387,000,000 |
Par Value - Common Stock [Member] | ||
Beginning Balance | 18,000,000 | 18,000,000 |
Acquisition of Concho | 3,000,000 | |
Ending Balance | 21,000,000 | 18,000,000 |
Capital in excess of par [Member] | ||
Beginning Balance | 47,133,000,000 | 46,983,000,000 |
Acquisition of Concho | 13,122,000,000 | |
Distributed under benefit plans | 23,000,000 | 44,000,000 |
Ending Balance | 60,278,000,000 | 47,027,000,000 |
Treasury Stock [Member] | ||
Beginning Balance | (47,297,000,000) | (46,405,000,000) |
Repurchase of company common stock | (375,000,000) | (726,000,000) |
Other | 1,000,000 | |
Ending Balance | (47,672,000,000) | (47,130,000,000) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Beginning Balance | (5,218,000,000) | (5,357,000,000) |
Other Comprehensive Income (Loss), Net of Tax | 138,000,000 | (788,000,000) |
Ending Balance | (5,080,000,000) | (6,145,000,000) |
Retained Earnings [Member] | ||
Beginning Balance | 35,213,000,000 | 39,742,000,000 |
Net income (loss) | 982,000,000 | (1,739,000,000) |
Dividends paid | (588,000,000) | (458,000,000) |
Other | 1,000,000 | |
Ending Balance | $ 35,608,000,000 | 37,545,000,000 |
Noncontrolling Interest [Member] | ||
Beginning Balance | 69,000,000 | |
Net income (loss) | 28,000,000 | |
Distributions to noncontrolling interests | (26,000,000) | |
Other | 1,000,000 | |
Ending Balance | $ 72,000,000 |
Changes in Equity - Parenthetic
Changes in Equity - Parenthetical (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.43 | $ 0.42 |
Guarantees - Textual (Details)
Guarantees - Textual (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 730 |
Guarantor Obligations, Current Carrying Value | $ 11 |
Other Guarantees [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | five years |
Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 50 |
Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Ownership percentage in equity investment | 37.50% |
Australia Pacific APLNG [Member] | Finance Reserve Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | 10 years |
Maximum potential amount of future payments | $ 170 |
Guarantor Obligations, Current Carrying Value | 14 |
Australia Pacific APLNG [Member] | Guarantee existing sales agreement of natural gas delivery | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 740 |
Australia Pacific APLNG [Member] | Guarantee existing sales agreement of natural gas delivery | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | 1 to 21 years |
Australia Pacific APLNG [Member] | Max potential future payments-reckless breach [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 1,300 |
Australia Pacific APLNG [Member] | Continued development [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 180 |
Guarantor Obligations, Current Carrying Value | $ 11 |
Australia Pacific APLNG [Member] | Continued development [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | 16 to 25 years or the life of the venture |
Contingencies and Commitments -
Contingencies and Commitments - Textual (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 32 Months Ended | |||||
Mar. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2017Lawsuits | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 29, 2019USD ($) | Aug. 02, 2019USD ($) | |
Loss Contingencies [Line Items] | |||||||||
Letters of Credit Outstanding, Amount | $ 309 | $ 309 | |||||||
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 | ||||||||
Outer Continental Shelf Lease [Member] | Phillips Petroleum Company [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Ownership percentage in equity investment | 25.00% | 25.00% | |||||||
Sale Of Interest, Duration | 30 years | ||||||||
Venezuela | Conoco Phillips Vs Petroleos de Venezuela SA (ICSID) [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 | $ 8,500 | |||||||
Venezuela | ConocoPhillips Versus Petroleos De Venezuela 2 [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 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. To date, ConocoPhillips has received approximately $754 million. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA failed to cure its breach. | ||||||||
Litigation Settlement Amount Awarded From Other Party Revised | $ 33 | ||||||||
Cash Proceeds from Legal Settlements | 754 | ||||||||
United States And Canada [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total environmental accrual included in balance sheet | $ 188 | $ 188 | $ 180 | ||||||
Cleanup Remediation Activities [Member] | United States And Canada [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Settlement Agreement, Terms | We expect to incur a substantial amount of these expenditures within the next 30 years. |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Commodity Balance Sheet (Details) - Commodity Contract [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 232 | $ 229 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 46 | 26 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 221 | 202 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 33 | $ 18 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Commodity Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 15, 2021 | |
Concho Resources Inc [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) in Commodity Contract Assets and Liabilities | $ 692 | |||
Commodity Contract [Member] | Concho Resources Inc [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | (305) | |||
Derivative, Fair Value, Net | $ 456 | |||
Increase (Decrease) in Commodity Contract Assets and Liabilities | 692 | |||
Accelerated contracts [Member] | Concho Resources Inc [Member] | Subsequent Event [Member] | Scenario, Plan [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) in Commodity Contract Assets and Liabilities | $ 69 | |||
Sales and other operating revenues [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | (279) | $ 47 | ||
Sales and other operating revenues [Member] | Commodity Contract [Member] | Concho Resources Inc [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | (173) | |||
Sales and other operating revenues [Member] | Accelerated contracts [Member] | Concho Resources Inc [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | (132) | |||
Other Income [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | 17 | 2 | ||
Purchased commodities [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ 13 | $ (27) |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Commodity Notional (Details) - Commodity Contract [Member] - Bcfe Bcfe in Billions | Mar. 31, 2021 | Dec. 31, 2020 |
Natural gas and power, Fixed price [Member] | Long [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (17) | |
Natural gas and power, Fixed price [Member] | Short [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (20) | |
Natural gas and power, Basis [Member] | Short [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (12) | (10) |
Derivative and Financial Inst_6
Derivative and Financial Instruments - Financial Instruments at cost plus accrued interest (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | $ 2,788 | $ 2,978 |
Short-term investments carried at cost plust accrued interest | 3,812 | 3,320 |
Investments and long-term receivables carried at cost plus accrued interest | 2 | 1 |
Cash [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 636 | 597 |
Demand Deposits [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 1,281 | 1,133 |
Time Deposits [Member] | 1 to 90 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 861 | 1,225 |
Short-term investments carried at cost plust accrued interest | 3,625 | 2,859 |
Time Deposits [Member] | 91 to 180 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments carried at cost plust accrued interest | 171 | 448 |
Time Deposits [Member] | Within one year | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments carried at cost plust accrued interest | 16 | 13 |
Time Deposits [Member] | One year through five years | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investments and long-term receivables carried at cost plus accrued interest | 2 | 1 |
Government obligations [Member] | 1 to 90 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 10 | 23 |
Short-term investments carried at cost plust accrued interest | $ 0 | $ 0 |
Derivative and Financial Inst_7
Derivative and Financial Instruments - Financial Instruments at fair value (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | $ 2,831 | $ 2,991 |
Short-term Investments | 4,104 | 3,609 |
Investments and long-term receivables | 8,286 | 8,017 |
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 | 43 | 13 |
Short-term Investments | 292 | 289 |
Remaining Maturities Greater Than One Year Through Eight Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments and long-term receivables | 217 | 216 |
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 | 0 |
Short-term Investments | 114 | 130 |
Corporate Bonds [Member] | Remaining Maturities Greater Than One Year Through Eight Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments and long-term receivables | 151 | 143 |
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 | 43 | 13 |
Short-term Investments | 162 | 155 |
U.S. 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 | 3 | 4 |
U.S. Government Obligations [Member] | Remaining Maturities Greater Than One Year Through Eight Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments and long-term receivables | 7 | 13 |
U.S. Government Agency Obligations [Member] | Remaining Maturities Greater Than One Year Through Eight Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments and long-term receivables | 10 | 17 |
Foreign 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 | 43 | 13 |
Short-term Investments | 13 | 0 |
Foreign government obligations [Member] | Remaining Maturities Greater Than One Year Through Eight Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments and long-term receivables | 0 | 2 |
Asset-backed Securities [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term Investments | 0 | 0 |
Asset-backed Securities [Member] | Remaining Maturities Greater Than One Year Through Eight Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments and long-term receivables | $ 49 | $ 41 |
Derivative and Financial Inst_8
Derivative and Financial Instruments - Cost Basis to Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | $ 551 | $ 516 | |
Fair Value | 552 | 518 | |
Proceeds from sales and redemptions of investments in debt securities classified as available for sale | 147 | $ 63 | |
Corporate Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 264 | 271 | |
Fair Value | 265 | 273 | |
Commercial Paper [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 205 | 168 | |
Fair Value | 205 | 168 | |
U.S. Government Obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 10 | 17 | |
Fair Value | 10 | 17 | |
U.S. Government Agency Obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 10 | 17 | |
Fair Value | 10 | 17 | |
Foreign government obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 13 | 2 | |
Fair Value | 13 | 2 | |
Asset-backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 49 | 41 | |
Fair Value | $ 49 | $ 41 |
Derivative and Financial Inst_9
Derivative and Financial Instruments - Credit Risk (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
In event of lowered credit rating [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of all derivative instruments in a liability position | $ 22,000,000 | $ 25,000,000 |
Collateral was posted for derivative instruments in a liability position | 0 | $ 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 | $ 21,000,000 | |
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. |
Fair Value Measurement - FV Hie
Fair Value Measurement - FV Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | $ 552 | $ 518 |
Commodity derivative asset, gross | 278 | 255 |
Commodity derivative liability, gross | 254 | 220 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 1,564 | 1,256 |
Investments in debt securities | 552 | 518 |
Commodity derivative asset, gross | 278 | 255 |
Total assets | 2,394 | 2,029 |
Commodity derivative liability, gross | 254 | 220 |
Total liabilities | 254 | 220 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 1,564 | 1,256 |
Investments in debt securities | 10 | 17 |
Commodity derivative asset, gross | 162 | 142 |
Total assets | 1,736 | 1,415 |
Commodity derivative liability, gross | 155 | 120 |
Total liabilities | 155 | 120 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 0 | 0 |
Investments in debt securities | 542 | 501 |
Commodity derivative asset, gross | 104 | 101 |
Total assets | 646 | 602 |
Commodity derivative liability, gross | 89 | 91 |
Total liabilities | 89 | 91 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 0 | 0 |
Investments in debt securities | 0 | |
Commodity derivative asset, gross | 12 | 12 |
Total assets | 12 | 12 |
Commodity derivative liability, gross | 10 | 9 |
Total liabilities | $ 10 | $ 9 |
Fair Value Measurement - FV of
Fair Value Measurement - FV of Commodity Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Derivative Assets [Abstract] | ||
Assets - gross amounts recognized | $ 278 | $ 255 |
Assets - amounts without right of setoff | 5 | 2 |
Assets - gross amounts | 273 | 253 |
Assets - gross amounts offset | 197 | 157 |
Assets - net amounts presented | 76 | 96 |
Assets - cash collateral | 1 | 10 |
Assets - net amounts | 75 | 86 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 254 | 220 |
Liabilities - amounts without right of setoff | 2 | 1 |
Liabilities - gross amounts recognized | 252 | 219 |
Liabilities - gross amounts offset | 197 | 157 |
Liabilities - net amounts presented | 55 | 62 |
Liabilities - cash collateral | 1 | 4 |
Liabilities - net amounts | $ 54 | $ 58 |
Fair Value Measurement - FV o_2
Fair Value Measurement - FV of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Investment in Cenovus Energy | $ 1,564 | $ 1,256 |
Investments in debt securities | 552 | 518 |
Loans and advances - related parties | 168 | 220 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases | 19,154 | 14,478 |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 80 | 88 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | 56 | 59 |
Investment in Cenovus Energy | 1,564 | 1,256 |
Investments in debt securities | 552 | 518 |
Loans and advances - related parties | 168 | 220 |
Total debt, excluding capital leases | 22,578 | 19,106 |
Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 80 | 88 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | $ 56 | $ 59 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Defined Benefit Plans, Beginning Balance | $ (425) | |
Defined Benefit Plans | (70) | $ (11) |
Defined Benefit Plans, Ending Balance | (355) | |
Net Unrealized Gain on Securities, Beginning Balance | 2 | |
Net Unrealized Loss on Securities | (1) | |
Net Unrealized Gain on Securities, Ending Balance | 1 | |
Foreign Currency Translation, Beginning Balance | (4,795) | |
Foreign Currency Translation | 69 | (797) |
Foreign Currency Translation, Ending Balance | (4,726) | |
Accumulated Other Comprehensive Ioss, Beginning Balance | (5,218) | |
Other Comprehensive Income (Loss), Net of Tax | 138 | $ (788) |
Accumulated Other Comprehensive loss, Ending Balance | $ (5,080) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Defined Benefit Plans | $ 12 | $ 8 |
Tax expense of defined benefit plans | $ 3 | $ 2 |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Payments | ||
Interest | $ 233 | $ 200 |
Income taxes | 53 | 465 |
Net Sales (Purchases) of Investments | ||
Short-term investments purchased | (3,432) | (3,423) |
Short-term investments sold | 2,966 | 2,606 |
Investments and Long-term receivables purchased | (60) | (143) |
Investments and Long-term receivables sold | 27 | 25 |
Net Sales (Purchases) of Investments | (499) | (935) |
Cash acquired from Concho | 382 | $ 0 |
Concho Resources Inc [Member] | ||
Business Acquisition [Line Items] | ||
Increase (Decrease) in Commodity Contract Assets and Liabilities | $ 692 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plans Defined Benefit [Member] | U.S. | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 21 | $ 21 |
Interest cost | 13 | 17 |
Expected return on plan assets | (24) | (21) |
Amortization of prior service cost (credit) | 0 | 0 |
Recognized net actuarial loss | 15 | 12 |
Settlements | 2 | 1 |
Curtailments (gain) loss | 12 | 0 |
Special Termination Benefits | 9 | 0 |
Net periodic benefit cost | 48 | 30 |
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 15 | 14 |
Interest cost | 20 | 22 |
Expected return on plan assets | (30) | (37) |
Amortization of prior service cost (credit) | 0 | 0 |
Recognized net actuarial loss | 8 | 6 |
Settlements | 0 | (1) |
Curtailments (gain) loss | 0 | 0 |
Special Termination Benefits | 0 | 0 |
Net periodic benefit cost | 13 | 4 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 0 | 1 |
Interest cost | 1 | 2 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | (9) | (8) |
Recognized net actuarial loss | 0 | 0 |
Settlements | 0 | 0 |
Curtailments (gain) loss | 0 | 0 |
Special Termination Benefits | 0 | 0 |
Net periodic benefit cost | $ (8) | $ (5) |
Employee Benefit Plans - Textua
Employee Benefit Plans - Textual (Detailsl) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plans Defined Benefit [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Decrease in net pension liability | $ (76) | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | $ 0 |
U.S. | Pension Plans Defined Benefit [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (12) | 0 |
Int'l (Pension Benefits) [Member] | Pension Plans Defined Benefit [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ 0 | $ 0 |
Employee Benefit Plans - Discou
Employee Benefit Plans - Discount Rate (Details) - U.S. | Mar. 31, 2021 | Dec. 31, 2020 |
Pension Plans Defined Benefit [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.00% | 2.40% |
Pension Plans Defined Benefit [Member] | Nonqualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.40% | 1.85% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.80% | 2.20% |
Employee Benefit Plans - Severa
Employee Benefit Plans - Severance Accrual (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 24 |
Accruals | 101 |
Benefit payments | (33) |
Ending Balance | 92 |
Employee Severance [Member] | Short term supplemental unemployment benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Ending Balance | $ 77 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Significant transactions with related parties | ||
Related Party Revenue | $ 17 | $ 17 |
Operating expenses and selling, general and administrative expenses | 26 | 15 |
Net interest (income) expense | $ (1) | $ (2) |
Sales and Other Operating Rev_3
Sales and Other Operating Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from contracts with customers | $ 9,826 | $ 6,158 |
Customers within the scope of ASC Topic 606 [Member] | ||
Revenue from contracts with customers | 7,161 | 4,911 |
Physical gas contracts [Member] | ||
Revenue from contracts with customers | 2,974 | 1,296 |
Crude oil product line [Member] | ||
Revenue from contracts with customers | 124 | 92 |
Natural Gas Product Line [Member] | ||
Revenue from contracts with customers | 2,727 | 1,090 |
Other Products [Member] | ||
Revenue from contracts with customers | 123 | 114 |
Financial Derivative Contracts [Member] | ||
Revenue from contracts with customers | (309) | (49) |
Lower 48 Segment | Physical gas contracts [Member] | ||
Revenue from contracts with customers | 2,466 | 976 |
Canada Segment [Member] | Physical gas contracts [Member] | ||
Revenue from contracts with customers | 303 | 179 |
Europe, Middle East And North Africa [Member] | Physical gas contracts [Member] | ||
Revenue from contracts with customers | $ 205 | $ 141 |
Sales and Other Operating Rev_4
Sales and Other Operating Revenue - Practical Expedients (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue, Practical Expedient [Abstract] | |
Practical Expedient | true |
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. |
Sales and Other Operating Rev_5
Sales and Other Operating Revenue - Receivables and Contract LIabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 | We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | We expect to recognize the contract liabilities at March 31, 2021, as revenue in the first quarter of 2022. | |
Contract with Customer, Liability Beginning Balance | $ 97 | |
Contractual payments received | 7 | |
Contract with Customer, Liability, Revenue Recognized | (62) | |
Contract with Customer, Liability Ending Balance | 42 | |
Contract with Customer, Liability, Current | 42 | |
Trade Accounts Receivable [Member] | ||
Accounts Receivable, Net | $ 3,380 | $ 1,827 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | $ 9,826 | $ 6,158 |
Natural Gas [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 4,511 | 1,655 |
Natural Gas Liquids Reserves [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 237 | 151 |
Crude Oil [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 4,495 | 3,444 |
Other Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 583 | 908 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 7,707 | 4,217 |
Australia | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 0 | 437 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 562 | 333 |
China | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 155 | 146 |
Indonesia | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 196 | 204 |
Libya | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 230 | 44 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 226 | 216 |
Norway | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 412 | 446 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 336 | 110 |
Other Non US Countries | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 2 | 5 |
Alaska [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 1,133 | 1,113 |
Lower 48 [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 6,513 | 3,103 |
Lower 48 [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 6,511 | 3,093 |
Lower 48 [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (2) | (10) |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 867 | 513 |
Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 562 | 333 |
Canada [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | (305) | (180) |
Europe, Middle East And North Africa [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 978 | 600 |
Asia Pacific [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 577 | 1,003 |
Other International [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | 1 | 3 |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales and other operating revenues | $ 64 | $ 13 |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | $ 982 | $ (1,739) | |
Assets [Abstract] | |||
Assets | 83,693 | $ 62,618 | |
Alaska [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | 159 | 81 | |
Assets [Abstract] | |||
Assets | 14,571 | 14,623 | |
Lower 48 [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | 468 | (437) | |
Assets [Abstract] | |||
Assets | 32,474 | 11,932 | |
Canada [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | 10 | (109) | |
Assets [Abstract] | |||
Assets | 6,925 | 6,863 | |
Europe, Middle East And North Africa [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | 153 | 201 | |
Assets [Abstract] | |||
Assets | 8,689 | 8,756 | |
Asia Pacific [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | 317 | 272 | |
Assets [Abstract] | |||
Assets | 11,041 | 11,231 | |
Other International [Member] | Operating Segments [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | (4) | 28 | |
Assets [Abstract] | |||
Assets | 229 | 226 | |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | |||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||
Consolidated net income (loss) attributable to ConocoPhillips | (121) | $ (1,775) | |
Assets [Abstract] | |||
Assets | $ 9,764 | $ 8,987 |
Segment Disclosures - Textual (
Segment Disclosures - Textual (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Disclosures and Related Information [Abstract] | |
Number of Operating Segments | 6 |
Segment Disclosures and Relat_5
Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Consolidated total assets | $ 83,693 | $ 62,618 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Feb. 08, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||
Effective tax rate | 42.70% | (9.50%) | |
Adjustment to valuation allowances | $ 65 | $ (346) | |
Income tax provision | 732 | $ 148 | |
Concho Resources Inc [Member] | |||
Business Acquisition [Line Items] | |||
Income tax provision | $ 75 | 75 | |
Increase (Decrease) in Deferred Income Taxes | 1,100 | ||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $ 150 |