EX-99 4 a4444577ex992.txt EXHIBIT 99.2 FINANCIAL AND OPERATIONAL TABLES Exhibit 99.2 ConocoPhillips Houston, Texas 77079
FINANCIAL HIGHLIGHTS Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2003 2002** 2003 2002** Revenues Sales and other operating revenues* $25,347 10,414 52,289 18,845 Equity in earnings of affiliates 156 29 205 49 Other income 92 22 178 51 ---------- --------- --------- ----------- 25,595 10,465 52,672 18,945 ---------- --------- --------- ----------- Costs and expenses Purchased crude oil and products 16,377 7,154 34,063 12,793 Production and operating expenses 1,847 882 3,496 1,799 Selling, general and administrative expenses 675 207 1,184 471 Exploration expenses 142 67 258 230 Depreciation, depletion and amortization 847 395 1,696 791 Property impairments 146 8 174 18 Taxes other than income taxes* 3,624 977 7,046 1,891 Accretion on discounted contingent liabilities 35 6 68 11 Interest and debt expense 184 106 393 213 Foreign currency transaction gains (20) (6) (23) (5) Preferred dividend requirements of capital trusts and minority interests 13 12 27 25 ---------- --------- --------- ----------- 23,870 9,808 48,382 18,237 ---------- --------- --------- ----------- Income from continuing operations before income taxes and subsidiary equity transactions 1,725 657 4,290 708 Gain on subsidiary equity transactions 28 - 28 - ---------- --------- --------- ----------- Income from continuing operations before income 1,753 657 4,318 708 taxes Provision for income taxes 674 345 1,969 494 ---------- --------- --------- ----------- Income from continuing operations 1,079 312 2,349 214 Income from discontinued operations, net of income taxes 59 39 81 35 ---------- --------- --------- ----------- Income before cumulative effect of change in accounting principle 1,138 351 2,430 249 Cumulative effect of change in accounting principle - - 145 - ---------- --------- --------- ----------- Net income $1,138 351 2,575 249 ========== ========= ========= =========== Income per share of common stock Basic Continuing operations $1.59 0.81 3.46 0.56 Discontinued operations 0.08 0.10 0.12 0.09 Before cumulative effect of change in accounting principle 1.67 0.91 3.58 0.65 Cumulative effect of change in accounting principle - - 0.21 - Net income $1.67 0.91 3.79 0.65 Diluted Continuing operations $1.58 0.81 3.44 0.55 Discontinued operations 0.08 0.10 0.12 0.10 Before cumulative effect of change in accounting principle 1.66 0.91 3.56 0.65 Cumulative effect of change in accounting principle - - 0.21 - Net income $1.66 0.91 3.77 0.65 Average common shares outstanding (in thousands) Basic 680,028 383,913 679,784 383,130 Diluted 684,188 386,711 683,867 385,927 *Includes excise taxes on petroleum products sales: $3,387 819 6,535 1,583 **Restated for discontinued operations.
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SELECTED FINANCIAL DATA Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2003 2002 2003 2002 INCOME/(LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE E&P United States $516 280 1,192 435 International 554 59 1,015 46 ---------- ----------- ---------- ----------- Total E&P 1,070 339 2,207 481 ---------- ----------- ---------- ----------- Midstream 25 12 56 24 ---------- ----------- ---------- ----------- R&M United States 227 73 484 (19) International 74 (5) 188 - ---------- ----------- ---------- ----------- Total R&M 301 68 672 (19) ---------- ----------- ---------- ----------- Chemicals 12 7 (11) (4) Emerging Businesses (23) (3) (57) (8) Corporate and other (306) (111) (518) (260) ---------- ----------- ---------- ----------- Consolidated $1,079 312 2,349 214 ========== =========== ========== =========== CUMULATIVE EFFECT OF ACCOUNTING CHANGE E&P United States $- - 161 - International - - (15) - ---------- ----------- ---------- ----------- Total E&P - - 146 - ---------- ----------- ---------- ----------- Midstream - - - - ---------- ----------- ---------- ----------- R&M United States - - (1) - International - - - - ---------- ----------- ---------- ----------- Total R&M - - (1) - ---------- ----------- ---------- ----------- Chemicals - - - - Emerging Businesses - - - Corporate and other - - - - ---------- ----------- ---------- ----------- Consolidated $- - 145 - ========== =========== ========== =========== INCOME FROM DISCONTINUED OPERATIONS Corporate and other 59 39 81 35 SUMMARY OF NET INCOME/(LOSS) E&P United States $516 280 1,353 435 International 554 59 1,000 46 ---------- ----------- ---------- ----------- Total E&P 1,070 339 2,353 481 ---------- ----------- ---------- ----------- Midstream 25 12 56 24 ---------- ----------- ---------- ----------- R&M United States 227 73 483 (19) International 74 (5) 188 - ---------- ----------- ---------- ----------- Total R&M 301 68 671 (19) ---------- ----------- ---------- ----------- Chemicals 12 7 (11) (4) Emerging Businesses (23) (3) (57) (8) Corporate and other (247) (72) (437) (225) ---------- ----------- ---------- ----------- Net income/(loss) $1,138 351 2,575 249 ========== =========== ========== =========== 1-2
ConocoPhillips Houston, Texas 77079
SELECTED FINANCIAL DATA Three Months Ended Six Months Ended June 30 June 30 2003 2002 2003 2002 INCOME/(LOSS) FROM CONTINUING OPERATIONS Effective tax rate % 38.4 % 52.5 45.6 69.8 Millions of Dollars FOREIGN CURRENCY GAINS/(LOSSES) AFTER-TAX E&P $(24) (7) (14) (5) Midstream - - - - R&M 10 2 11 5 Chemicals - - - - Emerging Businesses 1 - - - Corporate and other 18 12 19 8 ---------- ----------- ---------- ----------- $5 7 16 8 ========== =========== ========== =========== CASH FLOWS FROM OPERATING ACTIVITIES Income from continuing operations $1,079 312 2,349 214 Depreciation, depletion and amortization 847 395 1,696 791 Property impairments 146 8 174 18 Dry hole costs and leasehold impairment 54 32 94 141 Accretion on discounted liabilities 35 6 68 11 Deferred taxes (1) 146 235 65 Other (149) (27) (82) 120 Working capital changes 91 (385) 803 (301) ---------- ----------- ---------- ----------- Net cash provided by continuing operations 2,102 487 5,337 1,059 Net cash provided by discontinued operations 158 43 102 50 ---------- ----------- ---------- ----------- Net cash provided by operating activities $2,260 530 5,439 1,109 ========== =========== ========== =========== CAPITAL EXPENDITURES AND INVESTMENTS E&P United States $381 257 707 526 Foreign 786 444 1,472 692 ---------- ----------- ---------- ----------- 1,167 701 2,179 1,218 Midstream 2 - 4 - R&M 257 130 460 234 Chemicals - 9 - 19 Emerging Businesses 98 - 164 - Corporate and other 50 34 76 48 ---------- ----------- ---------- ----------- $1,574 874 2,883 1,519 ========== =========== ========== =========== OTHER At June 30, 2003 At December 31, 2002 Total debt $17,569 19,766 Common stockholders' equity $32,032 29,517 1-3
ConocoPhillips Houston, Texas 77079
OPERATING HIGHLIGHTS BY SEGMENT Three Months Ended Six Months Ended June 30 June 30 2003 2002 2003 2002 Thousands of Barrels Daily E&P Crude oil produced United States Alaska 331 339 334 346 Lower 48 57 31 58 32 ---------- ----------- ----------- ---------- 388 370 392 378 Norway 214 119 220 118 United Kingdom 82 18 85 18 Canada 31 1 32 1 Nigeria 39 23 38 25 China 27 11 25 12 Indonesia 17 - 19 - Other 52 4 54 4 ---------- ----------- ----------- ---------- Total consolidated 850 546 865 556 Equity affiliates 117 4 86 5 ---------- ----------- ----------- ---------- Total Worldwide 967 550 951 561 ========== =========== =========== ========== Syncrude 19 - 18 - ========== =========== =========== ========== Natural gas liquids produced United States Alaska* 23 25 24 26 Lower 48 21 1 20 1 ---------- ----------- ----------- ---------- 44 26 44 27 Norway 7 4 8 5 Canada 11 - 11 - Other 5 4 4 3 ---------- ----------- ----------- ---------- Total Worldwide 67 34 67 35 ========== =========== =========== ========== *Includes reinjected volumes sold lease-to- lease. 14 14 14 15 Millions of Cubic Feet Daily Natural gas produced* United States Alaska 162 160 175 164 Lower 48 1,311 689 1,324 711 ---------- ----------- ----------- ---------- 1,473 849 1,499 875 Norway 273 131 289 133 United Kingdom 952 189 977 181 Canada 424 22 430 21 Indonesia 246 - 235 - Other 117 95 115 107 ---------- ----------- ----------- ---------- Total consolidated 3,485 1,286 3,545 1,317 Equity affiliates 11 - 11 - ---------- ----------- ----------- ---------- Total Worldwide 3,496 1,286 3,556 1,317 ========== =========== =========== ========== *Represents quantities available for sale. Excludes gas equivalent of NGL shown above. Liquefied natural gas sales 91 114 111 116 1-4
ConocoPhillips Houston, Texas 77079
OPERATING HIGHLIGHTS Three Months Ended Six Months Ended June 30 June 30 2003 2002 2003 2002 E&P (continued) Per Unit Average sales prices Crude oil (per barrel) United States Alaska $27.19 24.40 29.32 21.55 Lower 48 27.34 24.53 29.44 21.64 Total U.S. 27.21 24.41 29.34 21.55 International 25.62 24.58 28.30 22.74 Total consolidated 26.33 24.46 28.76 21.93 Equity affiliates 16.85 21.06 18.02 17.91 Total Worldwide 25.19 24.44 27.82 21.90 Natural gas-lease (per MCF) United States Alaska 1.88 1.80 1.92 1.94 Lower 48 4.72 2.56 5.10 2.26 Total U.S. 4.58 2.51 4.96 2.25 International 3.47 2.20 3.70 2.31 Total consolidated 3.92 2.40 4.21 2.27 Equity affiliates 4.89 - 4.85 - Total Worldwide 3.93 2.40 4.21 2.27 Midstream* Thousands of Barrels Daily Natural gas liquids extracted Consolidated United States 53 - 52 - International 35 - 41 - Equity affiliates United States* 110 119 112 118 International 11 - 11 - ---------- ----------- ---------- ----------- 209 119 216 118 ========== =========== ========== =========== *Represents 30.3 percent interest in Duke Energy Field Services LLC (DEFS) Per Barrel U.S. product prices Weighted average NGL** Consolidated $20.99 - 23.29 - DEFS 20.53 15.59 22.53 14.21 * Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural-gas-liquids component and location mix.
1-5 ConocoPhillips Houston, Texas 77079
Three Months Ended Six Months Ended June 30 June 30 2003 2002 2003 2002 Thousands of Barrels Daily R&M United States Crude oil capacity 2,168 1,660 2,168 1,651 Crude oil runs 2,128 1,576 2,068 1,496 Refinery production 2,357 1,732 2,305 1,654 International* Crude oil capacity 442 72 442 72 Crude oil runs 376 67 386 66 Refinery production 407 63 421 63 U.S. Petroleum products outside sales Gasoline 1,381 1,159 1,356 1,122 Distillates 590 424 595 432 Aviation fuels 164 185 164 174 Other products 493 341 501 368 ---------- ----------- ---------- -------------------- 2,628 2,109 2,616 2,096 International 448 50 438 52 ---------- ----------- ---------- -------------------- 3,076 2,159 3,054 2,148 ========== =========== ========== ==================== Per Gallon U.S. Average sales prices** Automotive gasoline-wholesale $1.02 0.87 1.06 0.77 Automotive gasoline-retail 1.34 1.00 1.35 0.91 Distillates-wholesale 0.85 0.69 0.95 0.64 * Includes ConocoPhillips' share of equity affiliates. ** Excludes excise taxes.
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