EX-99.2 3 a5385814ex992.txt EXHIBIT 99.2 Exhibit 99.2 Conoco Phillips Houston, Texas 77079
Preliminary FINANCIAL HIGHLIGHTS Millions of Dollars Three Months Ended March 31 2007 2006 ------------------ ----------------- Revenues and other income Sales and other operating revenues* $ 41,320 46,906 Equity in earnings of affiliates 929 960 Other income 618 61 ------------------ ----------------- 42,867 47,927 ------------------ ----------------- Costs and expenses Purchased crude oil, natural gas and products 26,715 33,455 Production and operating expenses 2,492 2,215 Selling, general and administrative expenses 527 566 Exploration expenses 262 112 Depreciation, depletion and amortization 2,024 1,180 Impairments (1) - Taxes other than income taxes* 4,374 4,387 Accretion on discounted liabilities 79 60 Interest and debt expense 307 115 Foreign currency transaction losses 1 22 Minority interests 21 18 ------------------ ----------------- 36,801 42,130 ------------------ ----------------- Income before income taxes 6,066 5,797 Provision for income taxes 2,520 2,506 ------------------ ----------------- Net income 3,546 3,291 ================== ================= Net income per share of common stock (dollars) Basic $ 2.15 2.38 ================== ================= Diluted $ 2.12 2.34 ================== ================= Average common shares outstanding (in thousands) Basic 1,647,352 1,382,925 Diluted 1,668,847 1,404,704 *Includes excise taxes on petroleum products sales: $ 3,717 3,990
1 Conoco Phillips Houston, Texas 77079
Preliminary SELECTED FINANCIAL DATA Millions of Dollars Three Months Ended March 31 2007 2006 ------------------ ----------------- SUMMARY OF NET INCOME (LOSS) E&P United States $ 916 1,181 International 1,413 1,372 ------------------ ----------------- Total E&P 2,329 2,553 ------------------ ----------------- Midstream 85 110 ------------------ ----------------- R&M United States 896 297 International 240 93 ------------------ ----------------- Total R&M 1,136 390 ------------------ ----------------- LUKOIL Investment 256 249 Chemicals 82 149 Emerging Businesses (1) 8 Corporate and other (341) (168) ------------------ ----------------- Consolidated $ 3,546 3,291 ================== =================
2 Conoco Phillips Houston, Texas 77079
Preliminary SELECTED FINANCIAL DATA Three Months Ended March 31 2007 2006 ------------------ ----------------- Effective tax rate % 41.5 % 43.2 Millions of Dollars FOREIGN CURRENCY GAINS (LOSSES) AFTER-TAX E&P $ 17 7 Midstream - - R&M - 6 LUKOIL Investment - - Chemicals - - Emerging Businesses - - Corporate and other (14) (8) ------------------ ----------------- $ 3 5 ================== ================= CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 3,546 3,291 Depreciation, depletion and amortization 2,024 1,180 Impairments (1) - Dry hole costs and leasehold impairments 148 38 Accretion on discounted liabilities 79 60 Deferred taxes 77 168 Undistributed equity earnings (557) (67) Net gain on asset dispositions (499) (3) Other (94) (203) Working capital adjustments 2,150 336 ------------------ ----------------- Net cash provided by operating activities $ 6,873 4,800 ================== ================= CAPITAL EXPENDITURES AND INVESTMENTS E&P United States $ 843 419 International 1,727 1,787 ------------------ ----------------- 2,570 2,206 Midstream - 1 R&M 205 1,635 LUKOIL Investment - 612 Chemicals - - Emerging Businesses 31 12 Corporate and other 41 48 ------------------ ----------------- $ 2,847 4,514 ================== ================= OTHER March 31, 2007 December 31, 2006 ------------------ ----------------- Total debt $ 23,668 27,134 Common stockholders' equity $ 84,782 82,646
3 Conoco Phillips Houston, Texas 77079
Preliminary OPERATING HIGHLIGHTS BY SEGMENT Three Months Ended March 31 2007 2006 ------------------ ----------------- Thousands of Barrels Daily E&P Crude oil produced United States Alaska 276 283 Lower 48 104 64 ------------------ ----------------- 380 347 Norway 179 188 United Kingdom 55 62 Canada 21 22 China 38 25 Indonesia 13 14 Vietnam 23 31 Timor Sea 24 39 Libya 45 - Other 62 49 ------------------ ----------------- Total consolidated 840 777 Equity affiliates Canada 23 - Russia 15 16 Venezuela 82 110 ------------------ ----------------- Total Worldwide 960 903 ================== ================= Syncrude 23 16 ================== ================= Natural gas liquids produced United States Alaska* 22 22 Lower 48 68 29 ------------------ ----------------- 90 51 Norway 8 11 Canada 31 9 Timor Sea 12 20 Other 9 6 ------------------ ----------------- Total Worldwide 150 97 ================== ================= *Includes reinjected volumes sold lease-to-lease. 16 14 Millions of Cubic Feet Daily Natural gas produced* United States Alaska 122 163 Lower 48 2,190 1,264 ------------------ ----------------- 2,312 1,427 Norway 247 269 United Kingdom 785 851 Canada 1,152 424 China 11 - Timor Sea 243 144 Indonesia 331 294 Vietnam 15 24 Libya 5 - Other 212 121 ------------------ ----------------- Total consolidated 5,313 3,554 Equity affiliates Venezuela 9 11 ------------------ ----------------- Total Worldwide 5,322 3,565 ================== ================= *Represents quantities available for sale. Excludes gas equivalent of NGL shown above. Liquefied natural gas sales 492 264 LUKOIL Investment Production (MBOE/D)* 445 322 Refinery crude oil throughput (MB/D)* 219 163 *Represents our estimated net share of LUKOIL.
4 Conoco Phillips Houston, Texas 77079
Preliminary OPERATING HIGHLIGHTS Three Months Ended March 31 2007 2006 ------------------ ----------------- E&P Per Unit Average sales prices Crude oil (per barrel) United States Alaska $ 55.50 58.87 Lower 48 49.32 52.21 Total U.S. 53.78 57.70 International 56.29 60.08 Total consolidated 55.17 58.97 Equity affiliates* 40.02 43.38 Total Worldwide 53.38 56.63 Natural gas (per MCF) United States Alaska 4.19 3.58 Lower 48 6.21 7.50 Total U.S. 6.19 7.42 International 6.49 7.16 Total consolidated 6.36 7.26 Equity affiliates* 0.48 0.23 Total Worldwide 6.35 7.24 *Excludes our equity share of LUKOIL reported in the LUKOIL Investment segment. Midstream Thousands of Barrels Daily Natural gas liquids extracted Consolidated United States 15 23 International - - Equity affiliates United States 174 178 International 8 6 ------------------ ----------------- 197 207 ================== ================= Per Barrel U.S. product prices Weighted average NGL** Consolidated $ 37.73 37.64 DCP 36.55 37.29 **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.
5 Conoco Phillips Houston, Texas 77079
Three Months Ended March 31 2007 2006 ------------------ ----------------- Thousands of Barrels Daily R&M United States Crude oil capacity 2,033 2,208 Crude oil runs 1,938 1,840 Refinery production 2,152 1,988 International* Crude oil capacity 696 523 Crude oil runs 623 490 Refinery production 644 500 U.S. petroleum products outside sales Gasoline 1,258 1,258 Distillates 862 813 Other products 480 517 ------------------ ----------------- 2,600 2,588 International 713 695 ------------------ ----------------- 3,313 3,283 ================== ================= Per Gallon U.S. average sales prices** Gasoline-wholesale $ 1.86 1.79 Gasoline-retail 2.03 1.90 Distillates-wholesale 1.94 1.89 *Includes ConocoPhillips' share of equity affiliates, except for our share of LUKOIL, which is reported in the LUKOIL Investment segment. **Excludes excise taxes.
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