EX-99.2 3 a4751624ex992.txt 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 ------------------------- --------------------- 2004 2003** 2004 2003** ------------ ---------- -------- --------- REVENUES Sales and other operating revenues* $ 34,337 26,105 95,652 78,366 Equity in earnings of affiliates 389 186 980 391 Other income 15 202 212 378 --------- -------- -------- -------- 34,741 26,493 96,844 79,135 --------- -------- -------- ------- COSTS AND EXPENSES Purchased crude oil and products 23,100 16,826 63,198 50,884 Production and operating expenses 1,811 1,725 5,323 5,225 Selling, general and administrative expenses 525 551 1,502 1,601 Exploration expenses 205 132 511 390 Depreciation, depletion and amortization 938 858 2,768 2,574 Property impairments 12 18 63 192 Taxes other than income taxes* 4,336 3,807 12,878 10,853 Accretion on discounted liabilities 49 39 126 107 Interest and debt expense 101 190 405 647 Foreign currency transaction (gains) losses (4) 34 (53) 14 Minority interests 8 3 29 16 --------- -------- -------- ------- 31,081 24,183 86,750 72,503 --------- -------- -------- ------- Income from continuing operations before income taxes and subsidiary equity transactions 3,660 2,310 10,094 6,632 Gain on subsidiary equity transactions -- -- -- 28 --------- -------- -------- ------- Income from continuing operations before income taxes 3,660 2,310 10,094 6,660 Provision for income taxes 1,649 1,061 4,467 3,052 --------- -------- -------- ------- INCOME FROM CONTINUING OPERATIONS 2,011 1,249 5,627 3,608 Income (loss) from discontinued operations (5) 57 70 201 --------- -------- -------- ------- INCOME BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES 2,006 1,306 5,697 3,809 Cumulative effect of changes in accounting principles -- -- -- (95) --------- -------- -------- ------- NET INCOME $ 2,006 1,306 5,697 3,714 ========= ======== ======== ======= INCOME (LOSS) PER SHARE OF COMMON STOCK Basic Continuing operations $ 2.91 1.84 8.16 5.30 Discontinued operations (0.01) 0.08 0.11 0.30 Before cumulative effect of changes in accounting principles 2.90 1.92 8.27 5.60 Cumulative effect of changes in accounting principles -- -- -- (0.14) Net income $ 2.90 1.92 8.27 5.46 Diluted Continuing operations $ 2.87 1.82 8.06 5.28 Discontinued operations (0.01) 0.08 0.10 0.29 Before cumulative effect of changes in accounting principles 2.86 1.90 8.16 5.57 Cumulative effect of changes in accounting principles -- -- -- (0.14) Net income $ 2.86 1.90 8.16 5.43 AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS) Basic 691,826 680,689 689,214 680,089 Diluted 701,716 686,263 698,519 684,248 *Includes excise taxes on petroleum products sales: $ 4,079 3,580 12,073 10,115 **Restated for adoption of FIN 46 and reclassified to conform to current year presentation.
1-1 ConocoPhillips Houston, Texas 77079 Preliminary SELECTED FINANCIAL DATA
Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 ------------------- ------------------- 2004 2003 2004 2003 -------- -------- ------ -------- INCOME/(LOSS) FROM CONTINUING OPERATIONS E&P United States $ 701 546 2,007 1,741 International 719 421 2,024 1,428 ------- ----- ------ ------ Total E&P 1,420 967 4,031 3,169 ------- ----- ------ ------ Midstream 38 31 135 87 ------- ----- ------ ------ R&M United States 505 416 1,642 939 International 203 69 348 256 ------- ----- ------ ------ Total R&M 708 485 1,990 1,195 ------- ----- ------ ------ Chemicals 81 7 166 (4) Emerging Businesses (27) (18) (78) (75) Corporate and other (209) (223) (617) (764) ------- ----- ------ ------ Consolidated $ 2,011 1,249 5,627 3,608 ======= ===== ====== ======= CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES E&P United States $ -- -- -- 142 International -- -- -- -- ------- ----- ------ ------ Total E&P -- -- -- 142 ------- ----- ------ ------ Midstream -- -- -- -- ------- ----- ------ ------ R&M United States -- -- -- (125) International -- -- -- -- ------- ----- ------ ------ Total R&M -- -- -- (125) ------- ----- ------ ------ Chemicals -- -- -- -- Emerging Businesses -- -- -- -- Corporate and other -- -- -- (112) ------- ----- ------ ------ Consolidated $ -- -- -- (95) ======= ===== ====== ====== INCOME/(LOSS) FROM DISCONTINUED OPERATIONS Corporate and other (5) 57 70 201 SUMMARY OF NET INCOME/(LOSS) E&P United States $ 701 546 2,007 1,883 International 719 421 2,024 1,428 ------- ----- ------ ------ Total E&P 1,420 967 4,031 3,311 ------- ----- ------ ------ Midstream 38 31 135 87 ------- ----- ------ ------ R&M United States 505 416 1,642 814 International 203 69 348 256 ------- ----- ------ ------ Total R&M 708 485 1,990 1,070 ------- ----- ------ ------ Chemicals 81 7 166 (4) Emerging Businesses (27) (18) (78) (75) Corporate and other (214) (166) (547) (675) ------- ----- ------ ------ Net income $ 2,006 1,306 5,697 3,714 ======= ===== ====== ======
1-2 ConocoPhillips Houston, Texas 77079 Preliminary SELECTED FINANCIAL DATA
Three Months Ended Nine Months Ended September 30 September 30 ------------------ ------------------ 2004 2003 2004 2003 INCOME FROM CONTINUING OPERATIONS Effective tax rate % 45.1% 45.9 44.3 45.8 Millions of Dollars FOREIGN CURRENCY GAINS/(LOSSES) AFTER-TAX E&P $ (4) (12) 15 (28) Midstream -- -- -- -- R&M (5) (7) 1 4 Chemicals -- -- -- -- Emerging Businesses (1) (1) -- (1) Corporate and other 15 2 21 21 ------- ------- ------ ------ $ 5 (18) 37 (4) ======= ======= ====== ====== CASH FLOWS FROM OPERATING ACTIVITIES Income from continuing operations $ 2,011 1,249 5,627 3,608 Depreciation, depletion and amortization 938 858 2,768 2,574 Property impairments 12 18 63 192 Dry hole costs and leasehold impairment 150 75 342 169 Accretion on discounted liabilities 49 39 126 107 Deferred income taxes 328 80 998 333 Undistributed equity earnings (263) (143) (541) (191) Net (gain) loss on asset dispositions 6 (142) (82) (226) Other (30) (88) 105 (126) Working capital changes 1,267 51 (611) 703 ------- ------- ------ ------ Net cash provided by continuing operations 4,468 1,997 8,795 7,143 Net cash provided by (used in) discontinued operations (55) 61 (33) 181 ------- ------- ------ ------ Net cash provided by operating activities $ 4,413 2,058 8,762 7,324 ======= ======= ====== ====== CAPITAL EXPENDITURES AND INVESTMENTS E&P United States $ 332 353 946 1,060 International 916 756 2,751 2,228 ------- ------- ------ ------ 1,248 1,109 3,697 3,288 Midstream 1 2 6 6 R&M 277 302 770 750 Chemicals -- -- -- -- Emerging Businesses 19 60 74 224 Corporate and other* 49 47 112 117 ------- ------- ------ ------ $ 1,594 1,520 4,659 4,385 ======= ======= ====== ====== *Excludes discontinued operations OTHER At September 30, 2004 At December 31, 2003 Total debt $15,486 17,780 Common stockholders' equity $39,767 34,366
1-3 ConocoPhillips Houston, Texas 77079 Preliminary OPERATING HIGHLIGHTS BY SEGMENT
Three Months Ended Nine Months Ended September 30 September 30 ------------------- ----------------- 2004 2003 2004 2003 Thousands of Barrels Daily E&P Crude oil produced United States Alaska 253 314 293 327 Lower 48 50 51 51 56 -------- ----- --- ----- 303 365 344 383 Norway 189 207 205 215 United Kingdom 59 67 64 79 Canada 24 29 25 31 China 25 25 28 25 Indonesia 14 16 15 18 Vietnam 35 11 32 14 Timor Sea 29 3 17 3 Other 55 70 60 73 -------- ----- --- ----- Total consolidated 733 793 790 841 Equity affiliates 111 120 109 97 -------- ----- --- ----- Total Worldwide 844 913 899 938 ======== ====== === ===== Syncrude 22 22 22 19 ======= ====== === ===== Natural gas liquids produced United States Alaska* 19 19 23 22 Lower 48 26 25 25 24 -------- ----- --- ----- 45 44 48 46 Norway 8 7 8 8 Canada 10 9 11 10 Other 24 2 14 4 -------- ----- --- ----- Total Worldwide 87 62 81 68 ======== ===== === ===== *Includes reinjected volumes sold lease-to-lease. 10 13 14 14 Millions of Cubic Feet Daily Natural gas produced* United States Alaska 164 180 166 177 Lower 48 1,220 1,271 1,226 1,306 -------- ----- ----- ----- 1,384 1,451 1,392 1,483 Norway 274 216 299 265 United Kingdom 720 853 807 935 Canada 425 448 430 436 Timor Sea 35 61 35 61 Indonesia 248 275 244 248 Vietnam 15 -- 16 -- Other 78 69 75 59 -------- ----- ----- ----- Total consolidated 3,179 3,373 3,298 3,487 Equity affiliates 4 11 5 11 -------- ----- ----- ----- Total Worldwide 3,183 3,384 3,303 3,498 ======== ===== ===== ====== *Represents quantities available for sale. Excludes gas equivalent of NGL shown above. Liquefied natural gas sales 115 121 105 114
1-4 ConocoPhillips Houston, Texas 77079 Preliminary OPERATING HIGHLIGHTS
Three Months Ended Nine Months Ended September 30 September 30 ------------------------ --------------------- 2004 2003 2004 2003 ------- ------ ---- ---- E&P (continued) Per Unit Average sales prices Crude oil (per barrel) United States Alaska $ 40.48 28.31 36.41 28.99 Lower 48 39.56 27.94 35.21 28.98 Total U.S. 40.33 28.26 36.23 28.99 International 40.47 28.05 35.64 28.22 Total consolidated 40.41 28.15 35.90 28.57 Equity affiliates 25.86 19.90 22.93 18.84 Total Worldwide 38.77 27.00 34.34 27.55 Natural gas-lease (per MCF) United States Alaska 2.22 1.33 2.38 1.71 Lower 48 5.29 4.61 5.26 4.98 Total U.S. 5.19 4.45 5.14 4.83 International 3.98 3.42 3.97 3.63 Total consolidated 4.48 3.84 4.44 4.11 Equity affiliates 0.31 4.12 2.59 4.61 Total Worldwide 4.48 3.84 4.44 4.12 Midstream Thousands of Barrels Daily Natural gas liquids extracted Consolidated United States 28 50 35 51 International 49 47 43 44 Equity affiliates United States* 111 111 111 111 International 6 7 6 7 ------- ------ ---- ---- 194 215 195 213 ======= ====== ==== ==== *Represents 30.3 percent interest in Duke Energy Field Services LLC (DEFS). Per Barrel U.S. product prices Weighted average NGL** Consolidated $ 31.03 20.94 27.71 22.51 DEFS 30.27 20.67 26.90 21.91 **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.
1-5 ConocoPhillips Houston, Texas 77079
Three Months Ended Nine Months Ended September 30 September 30 --------------------- --------------------- 2004 2003 2004 2003 ---- ---- ---- ---- Thousands of Barrels Daily R&M United States Crude oil capacity 2,160 2,168 2,165 2,168 Crude oil runs 2,011 2,083 2,078 2,073 Refinery production 2,198 2,322 2,248 2,311 International* Crude oil capacity 428 442 441 442 Crude oil runs 425 417 381 430 Refinery production 439 413 389 419 U.S. Petroleum products outside sales Gasoline 1,366 1,398 1,337 1,370 Distillates 544 580 551 590 Aviation fuels 200 197 190 176 Other products 553 497 548 499 ------- ------ ------ ------ 2,663 2,672 2,626 2,635 International 472 441 470 439 ------- ------ ------ ------ 3,135 3,113 3,096 3,074 ======= ====== ====== ====== Per Gallon U.S. Average sales prices** Automotive gasoline-wholesale $ 1.37 1.09 1.31 1.07 Automotive gasoline-retail 1.51 1.42 1.48 1.38 Distillates-wholesale 1.30 0.88 1.18 0.93 *Includes ConocoPhillips' share of equity affiliates. **Excludes excise taxes.
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