Equibles

8-K

CONOCOPHILLIPS (COP)

8-K 2020-02-04 For: 2020-02-04
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Added on April 09, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):   February 4, 2020

ConocoPhillips

    \(Exact name of registrant as specified in its charter\)
Delaware 001-32395 01-0562944
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)

925 N. Eldridge Parkway

    Houston, Texas 77079
    \(Address of principal executive offices and zip code\)

Registrant’s telephone number, including area code:  (281) 293-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 Par Value Per Share COP New York Stock Exchange
7% Debentures due 2029 CUSIP-718507BK1 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition.

On February 4, 2020 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2019 and its estimate of preliminary net reserves as of December 31, 2019.  A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.  Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.      Description

99.1 — Press release issued by ConocoPhillips on February 4, 2020.
99.2 — Supplemental financial information.
104 — Cover Page Interactive Data File (formatted as Inline XBRL and filed herewith).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CONOCOPHILLIPS
/s/ Catherine A. Brooks
Catherine A. Brooks
Vice President and Controller
February 4, 2020

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Exhibit 99.1

ConocoPhillips Reports Fourth-Quarter and Full-Year 2019 Results; Announces Preliminary 2019

        Year-End Reserves, Quarterly Dividend and Increase in Existing Share Repurchase Authorization to $25 Billion

HOUSTON--(BUSINESS WIRE)--February 4, 2020--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share. Excluding special items, fourth-quarter 2019 adjusted earnings were $0.8 billion, or $0.76 per share, compared with fourth-quarter 2018 adjusted earnings of $1.3 billion, or $1.13 per share. Special items for the current quarter included primarily a non-cash impairment related to a planned Lower 48 disposition, partially offset by an unrealized gain on Cenovus Energy equity.

Full-year 2019 earnings were $7.2 billion, or $6.40 per share, compared with full-year 2018 earnings of $6.3 billion, or $5.32 per share. Excluding special items, full-year 2019 adjusted earnings were $4.0 billion, or $3.59 per share, compared with full-year 2018 adjusted earnings of $5.3 billion, or $4.54 per share.

Full-Year 2019 Summary

  • Cash provided by operating activities was $11.1 billion. Excluding working capital, cash from operations (CFO) of $11.7 billion exceeded capital expenditures and investments, generating free cash flow of more than $5 billion.
  • Repurchased $3.5 billion of shares and paid $1.5 billion in dividends fully funded from free cash flow, representing a return of 43 percent of CFO to shareholders.
  • Increased the quarterly dividend by 38 percent to 42 cents per share.
  • Achieved 100 percent total reserve replacement and 117 percent organic reserve replacement.
  • Full-year production, excluding Libya, of 1,305 MBOED; underlying production grew 5 percent.
  • Increased full-year Lower 48 Big 3 production by 22 percent.
  • Executed successful Alaska appraisal program; conducted appraisal drilling and commissioned infrastructure at Montney in Canada.
  • Completed Lower 48, Alaska and Argentina acquisitions; awarded a new 20-year Indonesia Corridor Block production sharing contract (PSC).
  • Generated $3 billion in disposition proceeds; entered into agreements to sell Australia-West assets for $1.4 billion and Niobrara for $0.4 billion, both subject to customary closing adjustments, as well as regulatory and other approvals.
  • Reduced asset retirement obligations by $2.3 billion primarily from closed and pending dispositions.
  • Ended the year with cash, cash equivalents and restricted cash totaling $5.4 billion and short-term investments of $3 billion, equaling $8.4 billion of ending cash and short-term investments.
  • Achieved 11 percent return on capital employed.

“Strong 2019 performance capped off a highly successful three-year period in which we transformed our business model and significantly improved our underlying performance drivers across the company,” said Ryan Lance, chairman and chief executive officer. “We’ve positioned ConocoPhillips to deliver sustained value through price cycles due to our strong balance sheet, focus on free cash flow generation, compelling returns of and returns on capital and our commitment to environmental, social and governance leadership. We have laid out a powerful 10-year plan based on our formula for value creation and we look forward to successfully delivering that plan in the quarters and years ahead.”

Quarterly Dividend and Share Repurchase Authorization Increase

ConocoPhillips announced a quarterly dividend of 42 cents per share, payable March 2, 2020, to stockholders of record at the close of business on Feb. 14, 2020.

The company also announced that the Board of Directors approved a $10 billion increase in the existing share repurchase program to $25 billion, consistent with the company’s plan for future share repurchases. Since program inception in late 2016 the company has repurchased $9.6 billion in shares through 2019, and plans $3 billion in share repurchases during 2020.

Reserves Update

Preliminary 2019 year-end proved reserves are approximately 5.3 billion barrels of oil equivalent (BOE), with total reserve replacement of 100 percent, including a net decrease of approximately 0.1 billion BOE from closed dispositions related largely to the United Kingdom divestiture.

Excluding disposition impacts, organic reserve replacement is 117 percent. Approximately 50 percent of organic reserve additions are from Lower 48 unconventional assets. The remaining additions were evenly spread across the other operating segments.

Final information related to the company’s 2019 oil and gas reserves, as well as costs incurred, will be provided in ConocoPhillips’ Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission in February.

Fourth-Quarter Review

Production excluding Libya for the fourth quarter of 2019 was 1,289 thousand barrels of oil equivalent per day (MBOED), a decrease of 24 MBOED from the same period a year ago. Adjusting for closed dispositions and acquisitions, underlying production increased 24 MBOED primarily due to production growth from the Big 3, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 45 MBOED.

In the Lower 48, production from the Big 3 averaged 387 MBOED, including Eagle Ford of 221 MBOED, Bakken of 96 MBOED and Permian Unconventional of 70 MBOED. In Alaska, the company completed drilling a horizontal appraisal well into the recently discovered Narwhal trend. In Canada, the Surmont alternative diluent project started up, providing the flexibility to use both condensate and synthetic crude for bitumen blending. Additionally, in Indonesia a new 20-year Corridor Block PSC was awarded, extending the term to 2043.

Earnings decreased from fourth-quarter 2018 due to the absence of a gain on sale of partial interest in the United Kingdom Clair Field in 2018, as well as a non-cash impairment related to the pending sale of Niobrara, lower realized prices and reduced volumes as a result of dispositions. These decreases were partially offset by the change in Cenovus Energy equity market value. Excluding special items, adjusted earnings were lower compared with fourth-quarter 2018 due to lower realized prices and volumes. The company’s total realized price was $47.01 per BOE, 11 percent lower than the $53.00 per BOE realized in the fourth quarter of 2018, reflecting lower marker prices.

For the quarter, cash provided by operating activities was $3 billion. Excluding a $0.3 billion change in operating working capital, ConocoPhillips generated CFO of $2.7 billion. CFO did not include a quarterly payment required by the PDVSA International Chamber of Commerce (ICC) settlement. Capital expenditures and investments totaled $1.6 billion, share repurchases were $0.7 billion, and dividends were $0.5 billion.

Full-Year Review

Production excluding Libya for 2019 was 1,305 MBOED, a 63 MBOED increase from 1,242 MBOED in 2018. Adjusting for closed dispositions and acquisitions, underlying production increased 59 MBOED primarily due to growth from the Big 3, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 43 MBOED in 2019.

The company’s total realized price for 2019 was $48.78 per BOE, 9 percent lower than the $53.88 per BOE realized in 2018. This reduction reflected lower price realizations for crude, natural gas liquids and natural gas, partially offset by higher price realizations for bitumen and liquefied natural gas.

In 2019, cash provided by operating activities was $11.1 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated $11.7 billion in CFO, exceeding the total of $6.6 billion in capital expenditures and investments, $3.5 billion in share repurchases and $1.5 billion in dividends. CFO included $325 million collected through September from the PDVSA ICC settlement. Capital expenditures and investments included approximately $0.3 billion primarily for acquisitions in Lower 48 and Alaska, as well as for the Indonesia PSC award. The company also generated $3 billion in disposition proceeds and purchased $2.9 billion of short-term and long-term financial instruments. This resulted in a year-end balance of $5.4 billion in cash, cash equivalents and restricted cash, as well as $3 billion in short-term investments.

Outlook

The company’s 2020 operating plan capital guidance is $6.5 billion to $6.7 billion. The plan includes funding for ongoing development drilling programs, major projects, exploration and appraisal activities, as well as base maintenance. Capital spend is expected to be higher in the first quarter largely from winter construction and exploration and appraisal drilling in Alaska. Guidance does not include capital for acquisitions.

The company’s 2020 production guidance is 1,230 MBOED to 1,270 MBOED, including the impact of a recent third-party pipeline outage on the Kebabangan Field in Malaysia. First-quarter 2020 production is expected to be 1,240 MBOED to 1,280 MBOED. Production guidance excludes Libya.

Guidance for 2020 operating cost is $5.9 billion; adjusted corporate segment net expense is $1 billion; depreciation, depletion and amortization is $6 billion; and exploration dry hole and leasehold impairment expense is $0.1 billion. Guidance excludes potential special items.

ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor.

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About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 10,400 employees as of Dec. 31, 2019. Production excluding Libya averaged 1,305 MBOED for 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," “budget,” "continue," "could," "intend," "may," "plan," "potential," "predict," “seek,” "should," "will," “would,” "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

Use of Non-GAAP Financial Information – To supplement the presentation of the company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share, cash from operations (CFO), free cash flow, return on capital employed (ROCE), adjusted operating costs, adjusted corporate segment net expense and adjusted dry hole and leasehold impairment expense. Operating costs is defined by the Company as the sum of production and operating expenses, selling, general and administrative expenses, exploration general and administrative expenses, geological and geophysical, lease rentals and other exploration expenses. Adjusted operating costs is defined as the Company’s operating costs further adjusted to exclude expenses that do not directly relate to the Company’s core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. Adjusted corporate segment net expense is defined as corporate and other segment earnings adjusted for special items. Dry hole and leasehold impairment expense are components of and reported within exploration expenses.

The company believes that the non-GAAP measures adjusted earnings (both on an aggregate and a per-share basis), adjusted operating costs and adjusted corporate segment net expense, are useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies. The company also believes that free cash flow is useful to investors as it provides a measure to compare CFO after deduction of capital expenditures and investments across periods on a consistent basis. Free cash flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The company believes that ROCE is a good indicator of long-term company and management performance. ROCE is a measure of the profitability of ConocoPhillips' capital employed in its business. ConocoPhillips calculates ROCE as a ratio, the numerator of which is net income plus after-tax interest expense and excluding after-tax interest income, and the denominator of which is average total equity plus total debt adjusted for average cash, cash equivalents, restricted cash and short-term investments. The net income is adjusted for non-operational or special items impacts. The Company believes that the above-mentioned non-GAAP measures, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.

Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.

Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.

Other Terms – This news release also contains the terms underlying production, reserve replacement and organic reserve replacement. Underlying production excludes Libya and reflects the impact of closed acquisitions and dispositions (A&D) with an assumed close date of January 1, 2018. The company believes that underlying production is useful to investors to compare production excluding Libya and reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Reserve replacement is defined by the Company as a ratio representing the change in proved reserves, net of production, divided by current year production. Organic reserve replacement is defined by the Company as a ratio representing the change in proved reserves, net of production and excluding acquisitions and dispositions, divided by current year production. The Company believes that reserve replacement and organic reserve replacement are useful to investors to help understand how changes in proved reserves, net of production, compare with the Company’s current year production, inclusive and exclusive of acquisitions and dispositions, respectively.

References in the release to earnings refer to net income/(loss) attributable to ConocoPhillips.

ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
Millions, Except as Indicated
4Q18 2019 FY 2018 FY
Income tax After-tax Per share of common stock (dollars) Pre-tax Income tax After-tax Per share of common stock (dollars) Pre-tax Income tax After-tax Per share of common stock (dollars) Pre-tax Income tax After-tax Per share of common stock (dollars)
Earnings 720 0.65 1,868 1.61 7,189 6.40 6,257 5.32
Adjustments:
Impairments (90 ) 296 0.27 (52 ) 21 (31 ) (0.03 ) 682 (156 ) 526 0.47 (52 ) 30 (22 ) (0.02 )
Qatar deferred tax adjustment - 118 0.11 - - - - 118 - 118 0.11 - - - -
Pending claims and settlements 33 43 0.04 (85 ) (8 ) (93 ) (0.08 ) (378 ) (4 ) (382 ) (0.34 ) (506 ) 64 (442 ) (0.38 )
Unrealized (gain) loss on FX derivative (3 ) 15 0.01 (6 ) 1 (5 ) - 33 (5 ) 28 0.02 (14 ) 3 (11 ) (0.01 )
Pension settlement expense (2 ) 6 0.01 35 (7 ) 28 0.02 45 (9 ) 36 0.03 196 (36 ) 160 0.14
Net gain on asset sales ) 11 (56 (0.05 ) (851 ) (29 ) (880 ) (0.75 ) (1,880 ) (348 ) (2,228 ) (1.98 ) (1,002 ) 10 (992 ) (0.84 )
Deferred tax adjustments (151 ) (151 (0.14 ) - (177 ) (177 ) (0.15 ) - (178 ) (178 ) (0.16 ) - (177 ) (177 ) (0.15 )
Unrealized (gain) loss on CVE shares ) - (160 (0.14 ) 624 (27 ) 597 0.51 (649 ) - (649 ) (0.58 ) 437 (1 ) 436 0.37
Malaysia Deepwater tax incentive - - - - - - - - (164 ) (164 ) (0.15 ) - - - -
Recognition of deferred income - - - - - - - (297 ) 62 (235 ) (0.21 ) (104 ) - (104 ) (0.09 )
Alberta tax rate change - - - - - - - - (25 ) (25 ) (0.02 ) - - - -
Restructuring - - - 3 (1 ) 2 - - - - - 40 (9 ) 31 0.03
Premiums on early debt retirement - - - - - - - - - - - 208 (13 ) 195 0.17
Adjusted earnings / (loss) 831 0.76 1,309 1.13 4,036 3.59 5,331 4.54
The income tax effects of the special items are primarily calculated based on the<br> statutory rate of the jurisdiction in which the discrete item resides.

All values are in US Dollars.

ConocoPhillips
Table 2: Reconciliation of net cash provided by operating activities to free cash flow
Millions, Except as Indicated
2019 FY
Net Cash Provided by Operating Activities 11,104
Adjustments:
Net operating working capital changes (579 )
Cash from operations 11,683
Capital expenditures and investments 6,636
Free Cash Flow 5,047

All values are in US Dollars.

ConocoPhillips
Table 3: Reconciliation of reported production to underlying production
In MBOED, Except as Indicated
4Q19 4Q18 2019 FY 2018 FY
Total Reported Production 1,334 1,357 1,348 1,283
Adjustments:
Libya (45 ) (44 ) (43 ) (41 )
Total Production excluding Libya 1,289 1,313 1,305 1,242
Dispositions^1^ (2 ) (82 ) (51 ) (87 )
Acquisitions^2^ - 32 - 40
Total Underlying Production 1,287 1,263 1,254 1,195
^1^Includes production from the completed U.K. and various Lower 48 dispositions.
^2^Includes production from the additional interests acquired in Alaska.
ConocoPhillips
Table 4: Reconciliation of preliminary year-end reserves to replacement from additions
MMBOE, Except as Indicated
End of 2018 5,263
End of 2019 5,262
Change in reserves (1 )
Production^1^ 512
Change in reserves excluding production^1^ 511
Total reserve replacement ratio 100 %
Production^1^ 512
Purchases^2^ (2 )
Sales^2^ 88
Changes in reserves excluding production^1^, purchases^2^and sales^2^ 597
Organic reserve replacement ratio 117 %
^1^Production includes fuel gas and Libya
^2^Purchases refers to acquisitions and sales refers to dispositions
ConocoPhillips
--- --- --- ---
Table 5: Return on capital employed (ROCE)
Millions, Except as Indicated
Numerator 2018 FY
Net Income Attributable to ConocoPhillips 6,257
Adjustment to exclude special items ) (926 )
Net income attributable to noncontrolling interests 48
After-tax interest expense 594
After-tax interest income ) (77 )
ROCE Earnings 5,896
Denominator
Average total equity1 31,363
Average total debt2 16,088
Average total cash3 ) (5,446 )
Average capital employed 42,005
ROCE (percent) % 14.0 %
1Average total equity is the average of beginning total equity and ending total equity<br> by quarter.
2Average total debt is the average of beginning long-term debt and short-term debt and<br> ending long-term debt and short-term debt by quarter.
3 Average total cash is the average of beginning<br> cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.

All values are in US Dollars.

ConocoPhillips
Table 6: Reconciliation of production and operating expenses to adjusted operating costs
Millions, Except as Indicated
2020 FY Guidance
Production and operating expenses ~5,100
Adjustments:
Selling, general and administrative (G&A) expenses ~350
Exploration G&A, G&G and lease rentals ~450
Operating costs ~5,900
Adjustments to exclude special items
Less pending claims and settlements ) -
Adjusted operating costs ~5,900

All values are in US Dollars.

ConocoPhillips
Table 7: Reconciliation of adjusted corporate segment net expense
Millions, Except as Indicated
2020 FY Guidance
Corporate and Other earnings ~(1,000)
Adjustments to exclude special items:
Less unrealized loss (gain) on CVE share ) -
Less pension settlement expense -
Less unrealized loss (gain) on FX derivative -
Less pending claims and settlements ) -
Less recognition of deferred revenue ) -
Less tax on special items ) -
Adjusted corporate segment net expense ) ~(1,000)

All values are in US Dollars.

ConocoPhillips
Table 8: Reconciliation of dry hole and leasehold impairment
Millions, Except as Indicated
2020 FY Guidance
Dry holes ~90
Leasehold impairment ~10
Dry hole and leasehold impairment ~100
Adjustment to exclude special items:
Less impairments ) -
Adjusted dry hole and leasehold impairment ~100

All values are in US Dollars.

Contacts

John C. Roper (media)

          281-293-1451 

          *john.c.roper@conocophillips.com*

Investor Relations

          281-293-5000 

          *investor.relations@conocophillips.com*

Exhibit 99.2

Fourth-Quarter 2019 Detailed Supplemental Information
2019
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2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
Sales and other operating revenues 8,798 8,504 9,449 9,666 36,417 9,150 7,953 7,756 7,708 32,567
Equity in earnings of affiliates 208 265 294 307 1,074 188 173 290 128 779
Gain on dispositions 7 55 113 888 1,063 17 82 1,785 82 1,966
Other income (loss) (52 ) 416 309 (500 ) 173 702 172 262 222 1,358
Total Revenues and Other Income 8,961 9,240 10,165 10,361 38,727 10,057 8,380 10,093 8,140 36,670
Costs and Expenses
Purchased commodities 3,714 3,064 3,530 3,986 14,294 3,675 2,674 2,710 2,783 11,842
Production and operating expenses 1,171 1,313 1,367 1,362 5,213 1,271 1,418 1,331 1,302 5,322
Selling, general and administrative expenses 99 118 119 65 401 153 129 87 187 556
Exploration expenses 95 69 103 102 369 110 122 360 151 743
Depreciation, depletion and amortization 1,412 1,438 1,494 1,612 5,956 1,546 1,490 1,566 1,488 6,090
Impairments 12 (35 ) 44 6 27 1 1 24 379 405
Taxes other than income taxes 183 273 312 280 1,048 275 194 237 247 953
Accretion on discounted liabilities 88 89 89 87 353 86 87 86 67 326
Interest and debt expense 184 177 186 188 735 233 165 184 196 778
Foreign currency transaction (gains) losses 30 (28 ) 5 (24 ) (17 ) 12 28 (21 ) 47 66
Other expenses 197 143 10 25 375 8 14 36 7 65
Total Costs and Expenses 7,185 6,621 7,259 7,689 28,754 7,370 6,322 6,600 6,854 27,146
Income before income taxes 1,776 2,619 2,906 2,672 9,973 2,687 2,058 3,493 1,286 9,524
Income tax provision 876 965 1,033 794 3,668 841 461 422 543 2,267
Net Income 900 1,654 1,873 1,878 6,305 1,846 1,597 3,071 743 7,257
Less: net income attributable to noncontrolling interests (12 ) (14 ) (12 ) (10 ) (48 ) (13 ) (17 ) (15 ) (23 ) (68 )
Net Income Attributable to ConocoPhillips 888 1,640 1,861 1,868 6,257 1,833 1,580 3,056 720 7,189
Net Income Attributable to ConocoPhillips <br> Per Share of Common Stock (dollars)
Basic 0.75 1.40 1.60 1.62 5.36 1.61 1.40 2.76 0.66 6.43
Diluted 0.75 1.39 1.59 1.61 5.32 1.60 1.40 2.74 0.65 6.40
Average Common Shares Outstanding (in thousands)*
Basic 1,179,792 1,172,378 1,163,033 1,151,148 1,166,499 1,139,463 1,125,995 1,108,555 1,095,606 1,117,260
Diluted 1,186,454 1,181,167 1,172,694 1,159,305 1,175,538 1,146,515 1,131,242 1,113,250 1,099,786 1,123,536
*Ending Common Shares Outstanding is 1,084,868 as of Dec. 31, 2019, compared with 1,097,269 as of Sep. 30, 2019.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska 654 531 535 470 2,190 505 580 417 491 1,993
Lower 48 398 523 660 640 2,221 261 269 35 9 574
Canada (105 ) 47 49 (24 ) (33 ) 73 100 69 (6 ) 236
Europe and North Africa 771 862 811 1,687 4,131 709 602 2,345 502 4,158
Asia Pacific and Middle East 653 629 815 743 2,840 730 642 606 509 2,487
Other International (10 ) (2 ) 334 72 394 130 87 75 (21 ) 271
Corporate and Other (585 ) 29 (298 ) (916 ) (1,770 ) 279 (222 ) (54 ) (198 ) (195 )
Consolidated 1,776 2,619 2,906 2,672 9,973 2,687 2,058 3,493 1,286 9,524
EFFECTIVE INCOME TAX RATES
Alaska* 19.9 % 21.4 % 20.1 % 5.4 % 17.2 % 23.9 % 20.5 % 26.6 % 24.7 % 23.7 %
Lower 48 22.6 % 21.7 % 22.2 % 19.3 % 21.3 % 26.2 % 23.1 % 27.7 % -32.5 % 24.0 %
Canada 38.4 % 29.7 % 31.2 % 361.3 % 291.3 % -66.4 % -1.0 % 26.1 % 196.6 % -18.3 %
Europe and North Africa 68.3 % 66.3 % 70.3 % 35.4 % 54.8 % 70.8 % 32.4 % 14.6 % 78.4 % 34.5 %
Asia Pacific and Middle East 27.6 % 23.5 % 27.8 % 22.4 % 25.4 % 26.2 % 17.1 % -3.8 % 41.8 % 19.7 %
Other International -336.7 % -102.3 % 5.4 % -33.5 % 7.6 % -1.3 % 6.6 % 4.4 % -0.8 % 2.8 %
Corporate and Other 7.5 % 5.3 % 17.3 % 0.9 % 5.8 % 3.0 % 13.3 % 74.3 % 86.6 % 119.4 %
Consolidated 49.3 % 36.8 % 35.5 % 29.7 % 36.8 % 31.3 % 22.4 % 12.1 % 42.2 % 23.8 %
*Alaska including taxes other than income taxes. 22.4 % 36.1 % 37.1 % 24.9 % 30.3 % 38.1 % 25.8 % 40.6 % 38.2 % 35.4 %

All values are in US Dollars.

2019
2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Millions
EARNINGS BY SEGMENT
Alaska 524 418 427 445 1,814 384 462 306 368 1,520
Lower 48 308 410 513 516 1,747 193 206 26 11 436
Canada (65 ) 33 34 61 63 122 100 51 6 279
Europe and North Africa 245 290 241 1,090 1,866 207 407 2,001 109 2,724
Asia Pacific and Middle East 461 466 577 566 2,070 525 517 613 274 1,929
Other International (44 ) (5 ) 316 97 364 131 81 73 (22 ) 263
Corporate and Other (541 ) 28 (247 ) (907 ) (1,667 ) 271 (193 ) (14 ) (26 ) 38
Consolidated 888 1,640 1,861 1,868 6,257 1,833 1,580 3,056 720 7,189
SPECIAL ITEMS
Alaska 79 - - 98 177 - 81 (6 ) 4 79
Lower 48 (8 ) - (37 ) 106 61 (47 ) (125 ) (110 ) (230 ) (512 )
Canada - 36 32 80 148 68 66 - - 134
Europe and North Africa - 32 - 805 837 - 234 1,845 (7 ) 2,072
Asia Pacific and Middle East - - - - - - 52 164 (151 ) 65
Other International (34 ) - 325 93 384 147 84 86 - 317
Corporate and Other (285 ) 281 (54 ) (623 ) (681 ) 517 45 163 273 998
Consolidated (248 ) 349 266 559 926 685 437 2,142 (111 ) 3,153
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska 445 418 427 347 1,637 384 381 312 364 1,441
Lower 48 316 410 550 410 1,686 240 331 136 241 948
Canada (65 ) (3 ) 2 (19 ) (85 ) 54 34 51 6 145
Europe and North Africa 245 258 241 285 1,029 207 173 156 116 652
Asia Pacific and Middle East 461 466 577 566 2,070 525 465 449 425 1,864
Other International (10 ) (5 ) (9 ) 4 (20 ) (16 ) (3 ) (13 ) (22 ) (54 )
Corporate and Other (256 ) (253 ) (193 ) (284 ) (986 ) (246 ) (238 ) (177 ) (299 ) (960 )
Consolidated 1,136 1,291 1,595 1,309 5,331 1,148 1,143 914 831 4,036
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska 19.5 % 21.4 % 20.1 % 26.2 % 21.7 % 23.9 % 25.6 % 25.2 % 25.4 % 25.0 %
Lower 48 22.5 % 21.7 % 22.3 % 19.1 % 21.4 % 25.3 % 23.0 % 23.1 % 20.5 % 23.0 %
Canada 38.4 % -1.5 % 61.1 % 20.3 % 33.6 % 26.7 % 20.8 % 26.1 % 196.6 % 19.5 %
Europe and North Africa 68.3 % 68.1 % 70.3 % 69.0 % 68.9 % 70.8 % 71.3 % 73.4 % 77.7 % 73.0 %
Asia Pacific and Middle East 27.6 % 23.5 % 27.8 % 22.4 % 25.4 % 26.2 % 24.6 % 23.3 % 28.9 % 25.8 %
Other International 0.7 % -102.3 % 17.2 % 130.6 % 44.9 % 9.6 % -32.9 % -2.7 % -0.8 % 0.7 %
Corporate and Other 13.8 % 5.8 % 11.3 % -8.2 % 5.7 % 14.8 % 12.7 % 23.3 % 4.8 % 13.2 %
Consolidated 41.8 % 41.2 % 39.2 % 43.6 % 41.4 % 42.9 % 40.5 % 42.5 % 46.6 % 43.0 %

All values are in US Dollars.

2018 2019
$ Millions 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
DETAILED SPECIAL ITEMS
Alaska
Pending claims and settlements 101 - - - 101 - 69 - - 69
Subtotal before income taxes 101 - - - 101 - 69 - - 69
Income tax provision (benefit)^1^ 22 - - (98 ) (76 ) - (12 ) 6 (4 ) (10 )
Total 79 - - 98 177 - 81 (6 ) 4 79
Lower 48
Restructuring - - (20 ) (3 ) (23 ) - - - - -
Impairments (10 ) - (43 ) - (53 ) (60 ) (95 ) (141 ) (386 ) (682 )
Gain (loss) on asset sales - - 56 136 192 - - - 82 82
Pending claims and settlements - - (41 ) - (41 ) - (67 ) - 9 (58 )
Subtotal before income taxes (10 ) - (48 ) 133 75 (60 ) (162 ) (141 ) (295 ) (658 )
Income tax provision (benefit)^1^ (2 ) - (11 ) 27 14 (13 ) (37 ) (31 ) (65 ) (146 )
Total (8 ) - (37 ) 106 61 (47 ) (125 ) (110 ) (230 ) (512 )
Canada
Gain (loss) on asset sales - 50 45 - 95 - 56 - - 56
Subtotal before income taxes - 50 45 - 95 - 56 - - 56
Income tax provision (benefit)^2^ - 14 13 (80 ) (53 ) (68 ) (10 ) - - (78 )
Total - 36 32 80 148 68 66 - - 134
Europe and North Africa
Impairments - 53 - 52 105 - - - - -
Gain (loss) on asset sales - - - 715 715 - - 1,752 (15 ) 1,737
Subtotal before income taxes - 53 - 767 820 - - 1,752 (15 ) 1,737
Income tax provision (benefit)^3^ - 21 - (38 ) (17 ) - (234 ) (93 ) (8 ) (335 )
Total - 32 - 805 837 - 234 1,845 (7 ) 2,072
Asia Pacific and Middle East
Gain (loss) on asset sales - - - - - - 5 - - 5
Qatar deferred tax adjustment - - - - - - - - (118 ) (118 )
Pending claims and settlements - - - - - - - - (2 ) (2 )
Subtotal before income taxes - - - - - - 5 - (120 ) (115 )
Income tax provision (benefit)^4^ - - - - - - (47 ) (164 ) 31 (180 )
Total - - - - - - 52 164 (151 ) 65
Other International
Pending claims and settlements - - 345 85 430 147 89 89 - 325
Subtotal before income taxes - - 345 85 430 147 89 89 - 325
Income tax provision (benefit)^5^ 34 - 20 (8 ) 46 - 5 3 - 8
Total (34 ) - 325 93 384 147 84 86 - 317
Corporate and Other
Pension settlement expense - (147 ) (14 ) (35 ) (196 ) - - (37 ) (8 ) (45 )
Pending claims and settlements 34 - (18 ) - 16 (17 ) 44 34 (17 ) 44
Premiums on early debt retirement (206 ) (2 ) - - (208 ) - - - - -
Unrealized gain (loss) on CVE common shares (123 ) 383 (73 ) (624 ) (437 ) 343 30 116 160 649
Unrealized gain (loss) on CAD FX derivative 7 4 (3 ) 6 14 (6 ) (24 ) 15 (18 ) (33 )
Recognition of deferred revenue - 60 44 - 104 248 - 49 - 297
Restructuring - - (17 ) - (17 ) - - - - -
Subtotal before income taxes (288 ) 298 (81 ) (653 ) (724 ) 568 50 177 117 912
Income tax provision (benefit)^6^ (3 ) 17 (27 ) (30 ) (43 ) 51 5 14 (156 ) (86 )
Total (285 ) 281 (54 ) (623 ) (681 ) 517 45 163 273 998
Total Company (248 ) 349 266 559 926 685 437 2,142 (111 ) 3,153
^1^Includes deferred tax adjustment in 4Q 2018 and 2Q 2019 in Alaska and in 4Q 2018 in Lower 48.
^2^Includes deferred tax adjustment in 4Q 2018 and 1Q 2019, and a tax rate change in 2Q 2019 in Canada.
^3^Includes tax adjustment in 2Q 2019 and 3Q 2019 related to the U.K. disposition.
^4^Includes tax adjustment in 2Q 2019 related to the Greater Sunrise Fields disposition and in 3Q 2019<br> for Malaysia Deepwater tax incentives.
^5^Includes 1Q 2018 Nigeria tax settlement.
^6^Includes deferred tax adjustment related to foreign tax credits in 4Q 2019.
2019
2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents 4,984 3,234 3,716 5,915 5,915 6,218 5,941 7,193 5,088 5,088
Short-term investments 288 612 875 248 248 249 732 908 3,028 3,028
Accounts and notes receivable 4,032 3,750 4,319 3,920 3,920 3,701 3,490 3,478 3,267 3,267
Accounts and notes receivable—related parties 160 180 180 147 147 168 161 138 134 134
Investment in Cenovus Energy 1,776 2,159 2,086 1,462 1,462 1,805 1,835 1,951 2,111 2,111
Inventories 1,053 1,093 1,239 1,007 1,007 1,014 1,089 955 1,026 1,026
Prepaid expenses and other current assets 894 580 2,308 575 575 528 2,552 594 2,259 2,259
Total Current Assets 13,187 11,608 14,723 13,274 13,274 13,683 15,800 15,217 16,913 16,913
Investments and long-term receivables 9,572 9,435 9,553 9,329 9,329 9,302 8,748 8,916 8,687 8,687
Loans and advances—related parties 399 399 335 335 335 268 268 219 219 219
Net properties, plants and equipment 45,997 46,306 44,736 45,698 45,698 45,942 44,334 43,814 42,269 42,269
Other assets 1,572 1,188 1,209 1,344 1,344 2,303 2,111 2,174 2,426 2,426
Total Assets 70,727 68,936 70,556 69,980 69,980 71,498 71,261 70,340 70,514 70,514
Liabilities
Accounts payable 3,824 3,642 3,887 3,863 3,863 3,815 3,618 3,148 3,176 3,176
Accounts payable—related parties 62 24 31 32 32 31 17 23 24 24
Short-term debt 337 89 95 112 112 113 114 121 105 105
Accrued income and other taxes 1,341 1,301 1,582 1,320 1,320 1,539 1,213 1,077 1,030 1,030
Employee benefit obligations 408 511 626 809 809 470 529 543 663 663
Other accruals 1,137 1,071 1,180 1,259 1,259 1,402 3,505 1,030 2,045 2,045
Total Current Liabilities 7,109 6,638 7,401 7,395 7,395 7,370 8,996 5,942 7,043 7,043
Long-term debt 16,709 14,885 14,902 14,856 14,856 14,832 14,809 14,799 14,790 14,790
Asset retirement obligations and accrued environmental costs 7,789 7,665 7,554 7,688 7,688 7,730 5,996 6,087 5,352 5,352
Deferred income taxes 5,409 5,534 5,535 5,021 5,021 5,043 4,825 4,693 4,634 4,634
Employee benefit obligations 1,832 1,774 1,755 1,764 1,764 1,704 1,689 1,786 1,781 1,781
Other liabilities and deferred credits 1,161 1,218 1,330 1,192 1,192 1,838 1,872 1,794 1,864 1,864
Total Liabilities 40,009 37,714 38,477 37,916 37,916 38,517 38,187 35,101 35,464 35,464
Equity
Common stock issued
Par value 18 18 18 18 18 18 18 18 18 18
Capital in excess of par 46,642 46,746 46,858 46,879 46,879 46,877 46,922 46,954 46,983 46,983
Treasury stock (40,406 ) (41,052 ) (41,979 ) (42,905 ) (42,905 ) (43,656 ) (44,906 ) (45,656 ) (46,405 ) (46,405 )
Accumulated other comprehensive income (loss) (5,371 ) (5,637 ) (5,442 ) (6,063 ) (6,063 ) (5,914 ) (5,827 ) (5,654 ) (5,357 ) (5,357 )
Retained earnings 29,663 30,967 32,495 34,010 34,010 35,534 36,769 39,484 39,742 39,742
Total Common Stockholders' Equity 30,546 31,042 31,950 31,939 31,939 32,859 32,976 35,146 34,981 34,981
Noncontrolling Interests 172 180 129 125 125 122 98 93 69 69
Total Equity 30,718 31,222 32,079 32,064 32,064 32,981 33,074 35,239 35,050 35,050
Total Liabilities and Equity 70,727 68,936 70,556 69,980 69,980 71,498 71,261 70,340 70,514 70,514

All values are in US Dollars.

2019
2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Millions
CASH FLOW INFORMATION
Cash Flows from Operating Activities
Net income (loss) 900 1,654 1,873 1,878 6,305 1,846 1,597 3,071 743 7,257
Depreciation, depletion and amortization 1,412 1,438 1,494 1,612 5,956 1,546 1,490 1,566 1,488 6,090
Impairments 12 (35 ) 44 6 27 1 1 24 379 405
Dry hole costs and leasehold impairments 20 16 28 31 95 27 41 293 60 421
Accretion on discounted liabilities 88 89 89 87 353 86 87 86 67 326
Deferred taxes 65 197 136 (115 ) 283 (1 ) (220 ) (83 ) (140 ) (444 )
Undistributed equity earnings (34 ) 128 (105 ) 163 152 24 338 (102 ) 334 594
Gain on dispositions (7 ) (55 ) (113 ) (888 ) (1,063 ) (17 ) (82 ) (1,785 ) (82 ) (1,966 )
Other 29 (267 ) 15 414 191 (564 ) 170 (426 ) (180 ) (1,000 )
Net working capital changes (86 ) 177 (51 ) 595 635 (54 ) (531 ) (307 ) 313 (579 )
Net Cash Provided by Operating Activities 2,399 3,342 3,410 3,783 12,934 2,894 2,891 2,337 2,982 11,104
Cash Flows from Investing Activities
Capital expenditures and investments (1,535 ) (1,999 ) (1,599 ) (1,617 ) (6,750 ) (1,637 ) (1,729 ) (1,675 ) (1,595 ) (6,636 )
Working capital changes associated with investing activities 28 (120 ) 35 (11 ) (68 ) 107 (83 ) (7 ) (120 ) (103 )
Proceeds from asset dispositions 169 139 86 688 1,082 142 559 2,219 92 3,012
Net sales (purchases) of investments 1,593 (336 ) (261 ) 624 1,620 (1 ) (484 ) (180 ) (2,245 ) (2,910 )
Long-term collections from (advances to)
related parties and other investments (333 ) 367 101 138 273 (88 ) 276 (207 ) 38 19
Net Cash Provided by (Used in) Investing Activities (78 ) (1,949 ) (1,638 ) (178 ) (3,843 ) (1,477 ) (1,461 ) 150 (3,830 ) (6,618 )
Cash Flows from Financing Activities
Repayment of debt (2,888 ) (2,064 ) (18 ) (25 ) (4,995 ) (19 ) (19 ) (21 ) (21 ) (80 )
Issuance of company common stock (18 ) 60 79 - 121 (38 ) 2 (3 ) 9 (30 )
Repurchase of company common stock (500 ) (646 ) (927 ) (926 ) (2,999 ) (752 ) (1,250 ) (749 ) (749 ) (3,500 )
Dividends paid (338 ) (337 ) (334 ) (354 ) (1,363 ) (350 ) (346 ) (341 ) (463 ) (1,500 )
Other (32 ) (16 ) (63 ) (12 ) (123 ) (14 ) (41 ) (18 ) (46 ) (119 )
Net Cash Provided by (Used in) Financing Activities (3,776 ) (3,003 ) (1,263 ) (1,317 ) (9,359 ) (1,173 ) (1,654 ) (1,132 ) (1,270 ) (5,229 )
Effect of Exchange Rate Changes 125 (139 ) (26 ) (77 ) (117 ) 75 (49 ) (94 ) 22 (46 )
Net Change in Cash, Cash Equivalents and Restricted Cash (1,330 ) (1,749 ) 483 2,211 (385 ) 319 (273 ) 1,261 (2,096 ) (789 )
Cash, cash equivalents and restricted cash at beginning of period 6,536 5,206 3,457 3,940 6,536 6,151 6,470 6,197 7,458 6,151
Cash, Cash Equivalents and Restricted Cash at End of Period 5,206 3,457 3,940 6,151 6,151 6,470 6,197 7,458 5,362 5,362
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska 263 581 190 264 1,298 410 370 427 306 1,513
Lower 48 751 889 835 709 3,184 834 936 843 781 3,394
Canada 173 45 100 159 477 123 109 83 53 368
Europe and North Africa 216 246 216 199 877 157 182 198 171 708
Asia Pacific and Middle East 99 194 200 225 718 96 123 103 262 584
Other International 1 2 3 - 6 1 - - 7 8
Corporate and Other 32 42 55 61 190 16 9 21 15 61
Total Capital Expenditures and Investments 1,535 1,999 1,599 1,617 6,750 1,637 1,729 1,675 1,595 6,636

All values are in US Dollars.

2019
2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
TOTAL SEGMENTS
Production
Total (MBOED) 1,269 1,249 1,261 1,357 1,283 1,361 1,332 1,366 1,334 1,348
Crude Oil (MBD)
Consolidated operations 621 610 622 705 639 703 688 696 681 692
Equity affiliates 15 14 13 12 14 12 14 14 14 13
Total 636 624 635 717 653 715 702 710 695 705
Over (under) lifting of crude oil (MBD) 15 9 28 11 16 8 (3 ) 19 (2 ) 6
NGL (MBD)
Consolidated operations 88 95 98 98 95 103 110 106 110 107
Equity affiliates 8 8 8 7 7 7 8 8 8 8
Total 96 103 106 105 102 110 118 114 118 115
Bitumen (MBD)
Consolidated operations 66 63 65 71 66 63 51 63 64 60
Equity affiliates - - - - - - - - - -
Total 66 63 65 71 66 63 51 63 64 60
Natural Gas (MMCFD)
Consolidated operations 1,775 1,700 1,707 1,793 1,743 1,852 1,704 1,795 1,661 1,753
Equity affiliates 1,053 1,054 1,025 992 1,031 988 1,064 1,076 1,080 1,052
Total 2,828 2,754 2,732 2,785 2,774 2,840 2,768 2,871 2,741 2,805
Industry Prices
Crude Oil (/BBL)
WTI 62.88 67.99 69.71 59.09 64.92 54.87 59.80 56.44 56.98 57.02
WCS 38.60 48.72 47.47 19.64 38.61 42.58 49.13 44.18 41.15 44.26
Brent dated 66.76 74.35 75.27 67.76 71.04 63.20 68.82 61.94 63.22 64.30
JCC (/BBL) 58.62 66.66 71.51 76.66 68.36 76.98 63.72 71.59 66.34 69.66
Natural Gas (/MMBTU)
Henry Hub first of month 3.01 2.80 2.91 3.65 3.09 3.15 2.64 2.23 2.50 2.63
Average Realized Prices
Total (/BBL) 50.49 54.32 57.71 53.00 53.88 50.59 50.50 47.07 47.01 48.78
Crude Oil (/BBL)
Consolidated operations 65.47 70.42 72.97 63.74 68.03 59.45 64.90 59.56 60.14 60.98
Equity affiliates 66.50 76.11 76.62 70.73 72.49 59.53 63.98 59.91 61.58 61.32
Total 65.49 70.55 73.05 63.86 68.13 59.45 64.88 59.57 60.17 60.99
NGL (/BBL)
Consolidated operations 26.68 28.57 33.80 26.61 29.03 22.74 19.97 14.33 18.26 18.73
Equity affiliates 43.99 43.60 49.71 45.48 45.69 38.19 41.72 30.18 37.28 36.70
Total 28.37 29.94 35.14 28.04 30.48 23.85 21.65 15.59 19.67 20.09
Bitumen (/BBL)
Consolidated operations 14.06 32.38 34.15 11.65 22.29 33.15 37.20 32.54 24.58 31.72
Equity affiliates - - - - - - - - - -
Total 14.06 32.38 34.15 11.65 22.29 33.15 37.20 32.54 24.58 31.72
Natural Gas (/MCF)
Consolidated operations 5.18 4.85 5.48 6.05 5.40 5.27 4.08 3.73 3.88 4.25
Equity affiliates 5.04 5.72 6.35 7.15 6.06 7.31 5.81 6.40 5.75 6.29
Total 5.13 5.18 5.81 6.46 5.65 6.00 4.76 4.74 4.62 5.03
Exploration Expenses ( Millions)
Dry holes 15 1 12 11 39 10 16 139 35 200
Leasehold impairment 5 15 16 20 56 17 25 154 25 221
Total noncash expenses 20 16 28 31 95 27 41 293 60 421
Other (G&A, G&G and lease rentals) 75 53 75 71 274 83 81 67 91 322
Total exploration expenses 95 69 103 102 369 110 122 360 151 743
U.S. exploration expenses 66 49 59 58 232 75 70 319 60 524
International exploration expenses 29 20 44 44 137 35 52 41 91 219
DD&A ( Millions)
Alaska 185 182 161 213 741 205 208 200 192 805
Lower 48 498 553 603 653 2,307 621 709 731 761 2,822
Canada 91 85 89 50 315 56 48 63 63 230
Europe and North Africa 285 275 281 278 1,119 273 173 222 218 886
Asia Pacific and Middle East 327 317 334 390 1,368 375 338 332 240 1,285
Other International - - - - - - - - - -
Corporate and Other 26 26 26 28 106 16 14 18 14 62
Total DD&A 1,412 1,438 1,494 1,612 5,956 1,546 1,490 1,566 1,488 6,090

All values are in US Dollars.

2018 2019
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
PRODUCTION
Crude Oil (MBD)
Alaska 174 170 152 187 171 210 199 190 205 202
Lower 48 197 218 240 262 229 245 269 277 274 266
Canada 2 1 1 1 1 1 1 1 1 1
Norway 89 82 89 89 87 89 73 91 85 84
United Kingdom 29 23 23 29 26 25 20 19 - 16
Libya 40 34 33 39 36 38 37 39 39 38
Europe and North Africa 158 139 145 157 149 152 130 149 124 138
Australia/Timor-Leste 4 3 3 5 4 6 7 6 5 6
China 37 29 34 42 36 41 37 35 29 35
Indonesia 2 2 2 2 2 2 2 2 2 2
Malaysia 47 48 45 49 47 46 43 36 41 42
Equity affiliates 15 14 13 12 14 12 14 14 14 13
AP/ME 105 96 97 110 103 107 103 93 91 98
Total 636 624 635 717 653 715 702 710 695 705
NGL (MBD)
Alaska 16 14 12 16 14 17 17 11 16 15
Lower 48 60 70 73 71 69 74 82 84 85 81
Canada - - 2 - 1 - 1 - - -
Norway 4 4 4 3 4 4 3 4 5 4
United Kingdom 4 4 4 4 4 4 3 3 - 3
Europe and North Africa 8 8 8 7 8 8 6 7 5 7
Australia/Timor-Leste 4 3 3 4 3 4 4 4 4 4
Equity affiliates 8 8 8 7 7 7 8 8 8 8
AP/ME 12 11 11 11 10 11 12 12 12 12
Total 96 103 106 105 102 110 118 114 118 115
Bitumen (MBD)
Canada 66 63 65 71 66 63 51 63 64 60
Total 66 63 65 71 66 63 51 63 64 60
Natural Gas (MMCFD)
Alaska 7 6 5 7 6 8 7 6 8 7
Lower 48 568 593 608 616 596 568 593 649 677 622
Canada 13 14 12 9 12 7 8 9 11 9
Norway 208 172 189 206 194 263 244 226 284 254
United Kingdom 309 309 238 270 281 310 247 218 - 193
Libya 31 26 25 31 28 31 27 29 36 31
Europe and North Africa 548 507 452 507 503 604 518 473 320 478
Australia/Timor-Leste 295 241 289 276 275 273 202 222 203 225
Indonesia 307 305 316 307 309 311 314 324 333 321
Malaysia 37 34 25 71 42 81 62 112 109 91
Equity affiliates 1,053 1,054 1,025 992 1,031 988 1,064 1,076 1,080 1,052
AP/ME 1,692 1,634 1,655 1,646 1,657 1,653 1,642 1,734 1,725 1,689
Total 2,828 2,754 2,732 2,785 2,774 2,840 2,768 2,871 2,741 2,805
Total (MBOED)
Alaska 191 185 165 204 186 228 217 202 222 218
Lower 48 352 387 414 436 397 414 450 469 472 451
Canada 70 67 70 74 70 65 54 66 67 63
Norway 128 114 125 126 123 137 117 133 137 131
United Kingdom 85 78 67 78 77 80 64 58 - 50
Libya 45 38 37 44 41 43 42 44 45 43
Europe and North Africa 258 230 229 248 241 260 223 235 182 224
Australia/Timor-Leste 57 46 54 55 53 56 45 47 43 48
China 37 29 34 42 36 41 37 35 29 35
Indonesia 53 53 54 53 53 54 54 56 58 56
Malaysia 53 54 49 61 54 60 53 55 59 57
Equity affiliates 198 198 192 184 193 183 199 201 202 196
AP/ME 398 380 383 395 389 394 388 394 391 392
Total 1,269 1,249 1,261 1,357 1,283 1,361 1,332 1,366 1,334 1,348
2019
2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
AVERAGE REALIZED PRICES
Crude Oil (/BBL)
Consolidated operations
Alaska 68.31 72.49 76.47 66.58 70.86 62.81 67.57 62.78 63.43 64.12
Lower 48 61.99 65.79 67.73 57.08 62.99 53.15 59.17 54.38 54.34 55.30
Canada - - - - 48.73 - - - - 40.87
Norway 65.84 73.13 77.74 70.19 71.61 63.16 70.09 64.00 64.25 65.19
United Kingdom 64.27 70.97 76.51 66.56 69.00 59.74 69.22 63.32 - 64.68
Libya 65.90 72.86 73.42 68.30 69.83 63.22 68.95 62.30 63.95 64.47
Europe and North Africa 65.57 72.65 76.54 68.97 70.71 62.83 69.65 63.47 64.15 64.94
Australia/Timor-Leste 70.71 72.25 71.12 68.88 70.70 59.39 62.22 57.02 58.32 59.29
China 62.49 69.51 70.71 62.37 65.94 59.23 65.40 59.07 63.17 61.26
Indonesia 58.60 49.93 55.16 50.54 53.34 47.07 51.62 48.79 50.35 49.55
Malaysia 70.42 78.42 79.32 73.50 75.33 67.33 73.99 66.26 69.74 69.45
AP/ME 67.07 74.88 74.78 67.76 70.93 62.94 69.78 62.01 65.90 65.02
Total consolidated operations 65.47 70.42 72.97 63.74 68.03 59.45 64.90 59.56 60.14 60.98
Equity affiliates 66.50 76.11 76.62 70.73 72.49 59.53 63.98 59.91 61.58 61.32
Total 65.49 70.55 73.05 63.86 68.13 59.45 64.88 59.57 60.17 60.99
NGL (/BBL)
Consolidated operations
Lower 48 24.57 26.71 32.17 25.13 27.30 20.66 17.91 13.04 16.27 16.83
Canada - - - - 43.70 - - - - 19.87
Norway 32.58 41.12 35.57 33.23 35.56 33.37 29.42 24.38 32.42 30.67
United Kingdom 33.43 39.77 40.43 37.14 38.13 27.65 32.75 22.20 - 27.71
Europe and North Africa 32.98 40.35 38.80 34.75 36.87 31.15 32.00 23.20 32.42 29.37
Australia/Timor-Leste 44.36 44.23 52.30 42.66 47.20 40.13 39.97 30.13 37.20 37.85
AP/ME 44.36 44.23 52.30 42.66 47.20 40.13 39.97 30.13 37.20 37.85
Total consolidated operations 26.68 28.57 33.80 26.61 29.03 22.74 19.97 14.33 18.26 18.73
Equity affiliates 43.99 43.60 49.71 45.48 45.69 38.19 41.72 30.18 37.28 36.70
Total 28.37 29.94 35.14 28.04 30.48 23.85 21.65 15.59 19.67 20.09
Bitumen (/BBL)
Canada* 14.06 32.38 34.15 11.65 22.29 33.15 37.20 32.54 24.58 31.72
Total 14.06 32.38 34.15 11.65 22.29 33.15 37.20 32.54 24.58 31.72
Natural Gas (/MCF)
Consolidated operations
Alaska 2.51 2.51 2.52 2.41 2.48 3.42 3.19 3.01 3.09 3.19
Lower 48 2.76 2.34 2.80 3.35 2.82 2.74 2.10 1.80 1.92 2.12
Canada - - - - 1.00 - - - - 0.49
Norway 7.32 7.19 8.23 8.57 7.87 6.39 4.31 3.37 4.61 4.72
United Kingdom 7.58 7.31 7.37 8.73 7.74 6.83 4.49 3.69 - 5.19
Libya 5.62 5.52 4.11 4.10 4.84 4.92 4.79 4.83 4.91 4.87
Europe and North Africa 7.38 7.19 7.62 8.42 7.65 6.55 4.42 3.60 4.63 4.92
Australia/Timor-Leste** 0.62 0.69 1.14 0.79 0.82 0.83 0.78 0.76 0.77 0.79
Indonesia 6.61 6.96 7.09 7.71 7.10 6.69 7.19 6.69 6.66 6.81
Malaysia 2.78 3.06 3.11 3.64 3.25 3.84 3.57 3.44 3.47 3.56
AP/ME 5.57 5.50 6.53 6.90 6.15 6.36 5.89 5.78 5.60 5.91
Total consolidated operations 5.18 4.85 5.48 6.05 5.40 5.27 4.08 3.73 3.88 4.25
Equity affiliates 5.04 5.72 6.35 7.15 6.06 7.31 5.81 6.40 5.75 6.29
Total 5.13 5.18 5.81 6.46 5.65 6.00 4.76 4.74 4.62 5.03
*Average realized prices exclude additional value realized from third-party purchases and sales for<br> optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
**Excludes transfers to Darwin LNG plant.

All values are in US Dollars.

2019
2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ( Millions) (541 ) 28 (247 ) (907 ) (1,667 ) 271 (193 ) (14 ) (26 ) 38
Detail of Earnings (Loss) ( Millions)
Net interest expense (160 ) (174 ) (174 ) (172 ) (680 ) (196 ) (131 ) (123 ) (154 ) (604 )
Corporate G&A expenses (50 ) (53 ) (36 ) 48 (91 ) (65 ) (49 ) (34 ) (104 ) (252 )
Technology* (10 ) 63 64 (8 ) 109 96 (10 ) 43 (6 ) 123
Other (321 ) 192 (101 ) (775 ) (1,005 ) 436 (3 ) 100 238 771
Total (541 ) 28 (247 ) (907 ) (1,667 ) 271 (193 ) (14 ) (26 ) 38
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing<br> revenues.
Before-Tax Net Interest Expense ( Millions)
Interest expense (221 ) (222 ) (236 ) (226 ) (905 ) (243 ) (178 ) (200 ) (214 ) (835 )
Capitalized interest 37 45 50 38 170 10 13 16 18 57
Interest revenue 22 15 18 24 79 32 33 45 39 149
Total (162 ) (162 ) (168 ) (164 ) (656 ) (201 ) (132 ) (139 ) (157 ) (629 )
Debt
Total debt ( Millions) 17,046 14,974 14,997 14,968 14,968 14,945 14,923 14,920 14,895 14,895
Debt-to-capital ratio (%) 36% 32% 32% 32% 32% 31% 31% 30% 30% 30%
Equity ( Millions) 30,718 31,222 32,079 32,064 32,064 32,981 33,074 35,239 35,050 35,050

All values are in US Dollars.

REFERENCE
Commonly Used Abbreviations
Earnings Net Income (Loss) Attributable to ConocoPhillips
DD&A Depreciation, Depletion and Amortization
G&G Geological and Geophysical
G&A General and Administrative
JCC Japan Crude Cocktail
LNG Liquefied Natural Gas
NGL Natural Gas Liquids
WCS Western Canada Select
WTI West Texas Intermediate
Units of Measure
BBL Barrels
MMBBL Millions of Barrels
MBD Thousands of Barrels per Day
MBOED Thousands of Barrels of Oil Equivalent per Day
MCF Thousands of Cubic Feet
MMBTU Millions of British Thermal Units
MMCFD Millions of Cubic Feet per Day

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