EX-99 4 a4504391ex992.txt EXHIBIT 99.2 FINANCIAL AND OPERATIONAL TABLES Exhibit 99.2
ConocoPhillips Houston, Texas 77079 Preliminary FINANCIAL HIGHLIGHTS Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2003 2002** 2003 2002** Revenues Sales and other operating revenues* $26,105 14,557 78,366 33,402 Equity in earnings of affiliates 186 89 391 138 Other income 202 85 378 136 -------- -------- -------- -------- 26,493 14,731 79,135 33,676 -------- -------- -------- -------- Costs and expenses Purchased crude oil and products 16,815 9,904 50,848 22,697 Production and operating expenses 1,736 1,203 5,262 3,002 Selling, general and administrative expenses 551 795 1,601 1,266 Exploration expenses 132 85 390 315 Depreciation, depletion and amortization 858 548 2,574 1,339 Property impairments 18 8 192 26 Taxes other than income taxes* 3,807 1,733 10,853 3,624 Accretion on discounted liabilities 39 6 107 17 Interest and debt expense 190 134 647 347 Foreign currency transaction (gains)/losses 34 (6) 14 (11) Minority interests and preferred dividend requirements of capital trusts 3 9 16 34 -------- -------- -------- -------- 24,183 14,419 72,504 32,656 -------- -------- -------- -------- Income from continuing operations before income taxes and subsidiary equity transactions 2,310 312 6,631 1,020 Gain on subsidiary equity transactions - - 28 - -------- -------- -------- -------- Income from continuing operations before income 2,310 312 6,659 1,020 taxes Provision for income taxes 1,061 386 3,052 880 -------- -------- -------- -------- Income (loss) from continuing operations 1,249 (74) 3,607 140 Income (loss) from discontinued operations, net of income taxes 57 (42) 201 (7) -------- -------- -------- -------- Income (loss) before cumulative effect of changes in accounting principles 1,306 (116) 3,808 133 Cumulative effect of changes in accounting principles - - (113) - -------- -------- -------- -------- Net income (Loss) $1,306 (116) 3,695 133 ======== ======== ======== ======== Income (loss) per share of common stock Basic Continuing operations $1.84 (0.15) 5.30 0.34 Discontinued operations 0.08 (0.09) 0.30 (0.02) Before cumulative effect of changes in accounting principles 1.92 (0.24) 5.60 0.32 Cumulative effect of changes in accounting principles - - (0.17) - Net income (loss) $1.92 (0.24) 5.43 0.32 Diluted Continuing operations $1.82 (0.15) 5.28 0.34 Discontinued operations 0.08 (0.09) 0.29 (0.02) Before cumulative effect of changes in accounting principles 1.90 (0.24) 5.57 0.32 Cumulative effect of changes in accounting principles - - (0.17) - Net income (loss) $1.90 (0.24) 5.40 0.32 Average common shares outstanding (in thousands) Basic 680,689 480,701 680,089 416,293 Diluted 686,263 484,777 684,248 422,212 *Includes excise taxes on petroleum products sales: $3,580 1,560 10,115 3,143 **Restated for certain discontinued operations.
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ConocoPhillips Houston, Texas 77079 Preliminary SELECTED FINANCIAL DATA Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2003 2002 2003 2002 INCOME/(LOSS) FROM CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE E&P United States $546 306 1,741 741 International 421 154 1,428 200 -------- ----- -------- ----- Total E&P 967 460 3,169 941 -------- ----- -------- ----- Midstream 31 11 87 35 -------- ----- -------- ----- R&M United States 416 44 939 25 International 69 13 256 13 -------- ----- -------- ----- Total R&M 485 57 1,195 38 -------- ----- -------- ----- Chemicals 7 3 (4) (1) Emerging Businesses (18) (262) (75) (270) Corporate and other (223) (343) (765) (603) -------- ----- -------- ----- Consolidated $1,249 (74) 3,607 140 ======== ===== ======== ===== CUMULATIVE EFFECT OF ACCOUNTING CHANGES E&P United States $- - 142 - International - - (13) - -------- ----- -------- ----- Total E&P - - 129 - -------- ----- -------- ----- Midstream - - - - -------- ----- -------- ----- R&M United States - - (125) - International - - - - -------- ----- -------- ----- Total R&M - - (125) - -------- ----- -------- ----- Chemicals - - - - Emerging Businesses - - - Corporate and other - - (117) - -------- ----- -------- ----- Consolidated $- - (113) - ======== ===== ======== ===== INCOME (LOSS) FROM DISCONTINUED OPERATIONS Corporate and other 57 (42) 201 (7) SUMMARY OF NET INCOME/(LOSS) E&P United States $546 306 1,883 741 International 421 154 1,415 200 -------- ----- -------- ----- Total E&P 967 460 3,298 941 -------- ----- -------- ----- Midstream 31 11 87 35 -------- ----- -------- ----- R&M United States 416 44 814 25 International 69 13 256 13 -------- ----- -------- ----- Total R&M 485 57 1,070 38 -------- ----- -------- ----- Chemicals 7 3 (4) (1) Emerging Businesses (18) (262) (75) (270) Corporate and other (166) (385) (681) (610) -------- ----- -------- ----- Net income/(loss) $1,306 (116) 3,695 133 ======== ===== ======== =====
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ConocoPhillips Houston, Texas 77079 Preliminary SELECTED FINANCIAL DATA Three Months Ended Nine Months Ended September 30 September 30 2003 2002 2003 2002 INCOME/(LOSS) FROM CONTINUING OPERATIONS Effective tax rate % 45.9 %123.7 45.8 86.3 Millions of Dollars FOREIGN CURRENCY GAINS/(LOSSES) AFTER-TAX E&P $(12) (6) (28) (11) Midstream - - - - R&M (7) 3 4 8 Chemicals - - - - Emerging Businesses (1) - (1) - Corporate and other 2 5 21 13 -------- ------ -------- ------ $(18) 2 (4) 10 ======== ====== ======== ====== CASH FLOWS FROM OPERATING ACTIVITIES Income (loss) from continuing operations $1,249 (74) 3,607 140 Depreciation, depletion and amortization 858 548 2,574 1,339 Property impairments 18 8 192 26 Dry hole costs and leasehold impairment 75 20 169 161 Accretion on discounted liabilities 39 6 107 17 In-process research and development - 246 - 246 Deferred taxes 36 (20) 289 45 Other (631) (62) (729) 58 Working capital changes 323 1,137 975 836 -------- ------ -------- ------ Net cash provided by continuing operations 1,967 1,809 7,184 2,868 Net cash provided by discontinued operations 74 68 174 118 -------- ------ -------- ------ Net cash provided by operating activities $2,041 1,877 7,358 2,986 ======== ====== ======== ====== CAPITAL EXPENDITURES AND INVESTMENTS E&P United States $353 233 1,060 756 Foreign 756 482 2,228 1,177 -------- ------ -------- ------ 1,109 715 3,288 1,933 Midstream 2 1 6 2 R&M 298 192 740 425 Chemicals - 10 - 29 Emerging Businesses 60 35 224 35 Corporate and other* 51 7 127 55 -------- ------ -------- ------ $1,520 960 4,385 2,479 ======== ====== ======== ====== *Excludes discontinued operations OTHER At September At December 31, 30, 2003 2002 Total debt $18,887 19,766 Common stockholders' equity $32,965 29,517
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ConocoPhillips Houston, Texas 77079 Preliminary OPERATING HIGHLIGHTS BY SEGMENT Three Months Ended Nine Months Ended September 30 September 30 2003 2002 2003 2002 Thousands of Barrels Daily E&P Crude oil produced United States Alaska 314 310 327 334 Lower 48 51 38 56 34 ---------- ----------- ----------- ---------- 365 348 383 368 Norway 207 156 215 131 United Kingdom 67 35 79 24 Canada 29 14 31 5 Nigeria 36 29 38 26 China 25 12 25 12 Indonesia 16 6 18 2 Other 48 20 52 9 ---------- ----------- ----------- ---------- Total consolidated 793 620 841 577 Equity affiliates 120 44 97 18 ---------- ----------- ----------- ---------- Total Worldwide 913 664 938 595 ========== =========== =========== ========== Syncrude 22 8 19 3 ========== =========== =========== ========== Natural gas liquids produced United States Alaska* 19 21 22 24 Lower 48 20 9 20 4 ---------- ----------- ----------- ---------- 39 30 42 28 Norway 7 6 8 5 Canada 9 3 10 1 Other 2 4 4 4 ---------- ----------- ----------- ---------- Total Worldwide 57 43 64 38 ========== =========== =========== ========== *Includes reinjected volumes sold lease-to- lease. 13 13 14 14 Millions of Cubic Feet Daily Natural gas produced* United States Alaska 180 183 177 171 Lower 48 1,271 922 1,306 782 ---------- ----------- ----------- ---------- 1,451 1,105 1,483 953 Norway 216 183 265 150 United Kingdom 853 349 935 238 Canada 448 172 436 72 Indonesia 275 68 248 23 Other 130 105 120 106 ---------- ----------- ----------- ---------- Total consolidated 3,373 1,982 3,487 1,542 Equity affiliates 11 4 11 1 ---------- ----------- ----------- ---------- Total Worldwide 3,384 1,986 3,498 1,543 ========== =========== =========== ========== *Represents quantities available for sale. Excludes gas equivalent of NGL shown above. Liquefied natural gas sales 121 128 114 120
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ConocoPhillips Houston, Texas 77079 Preliminary OPERATING HIGHLIGHTS Three Months Ended Nine Months Ended September 30 September 30 2003 2002 2003 2002 E&P (continued) Per Unit Average sales prices Crude oil (per barrel) United States Alaska $28.31 25.83 28.99 22.92 Lower 48 27.94 26.87 28.98 23.61 Total U.S. 28.26 25.94 28.99 22.98 International 28.05 27.00 28.22 24.55 Total consolidated 28.15 26.38 28.57 23.54 Equity affiliates 19.90 20.29 18.84 19.88 Total Worldwide 27.00 25.97 27.55 23.43 Natural gas-lease (per MCF) United States Alaska 1.33 1.58 1.71 1.81 Lower 48 4.56 2.65 4.92 2.42 Total U.S. 4.41 2.60 4.78 2.39 International 3.38 2.37 3.59 2.34 Total consolidated 3.80 2.49 4.07 2.37 Equity affiliates 4.12 1.78 4.61 1.78 Total Worldwide 3.80 2.49 4.08 2.37 Midstream Thousands of Barrels Daily Natural gas liquids extracted Consolidated United States 50 19 51 7 International 47 15 44 5 Equity affiliates United States* 111 119 111 118 International 12 3 11 1 ---------- ----------- ---------- ----------- 220 156 217 131 ========== =========== ========== =========== *Represents 30.3 percent interest in Duke Energy Field Services, LLC (DEFS) Per Barrel U.S. product prices Weighted average NGL** Consolidated $20.94 18.57 22.51 18.57 DEFS 20.67 16.32 21.91 14.91 **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.
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Three Months Ended Nine Months Ended September 30 September 30 2003 2002 2003 2002 Thousands of Barrels Daily R&M United States Crude oil capacity 2,168 1,825 2,168 1,710 Crude oil runs 2,083 1,643 2,073 1,546 Refinery production 2,322 1,795 2,311 1,702 International* Crude oil capacity 442 192 442 112 Crude oil runs 387 168 387 100 Refinery production 413 178 419 101 U.S. Petroleum products outside sales Automotive gasoline 1,398 1,195 1,370 1,146 Distillates 580 449 590 437 Aviation fuels 197 219 176 189 Other products 497 350 499 363 ---------- ----------- ---------- -------------------- 2,672 2,213 2,635 2,135 International 441 201 439 102 ---------- ----------- ---------- -------------------- 3,113 2,414 3,074 2,237 ========== =========== ========== ==================== Per Gallon U.S. Average sales prices** Automotive gasoline-wholesale $1.09 0.93 1.07 0.86 Automotive gasoline-retail 1.42 1.02 1.38 0.95 Distillates-wholesale 0.88 0.81 0.93 0.73 *Includes ConocoPhillips' share of equity affiliates. **Excludes excise taxes.
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