EX-99.2 3 a5454713ex992.txt EXHIBIT 99.2 Exhibit 99.2 ConocoPhillips Houston, Texas 77079 Preliminary FINANCIAL HIGHLIGHTS
Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2007 2006 2007 2006 ----------- ----------- ----------- ----------- Revenues and Other Income Sales and other operating revenues* $47,370 47,149 $88,690 94,055 Equity in earnings of affiliates 1,506 1,164 2,435 2,124 Other income 521 163 1,139 224 ----------- ----------- ----------- ----------- 49,397 48,476 92,264 96,403 ----------- ----------- ----------- ----------- Costs and Expenses Purchased crude oil, natural gas and products 30,820 29,448 57,535 62,903 Production and operating expenses 2,557 2,694 5,049 4,909 Selling, general and administrative expenses 604 610 1,131 1,176 Exploration expenses 259 134 521 246 Depreciation, depletion and amortization 2,016 1,965 4,040 3,145 Impairment - expropriated assets 4,588 - 4,588 - Impairments 98 50 97 50 Taxes other than income taxes* 4,697 4,421 9,071 8,808 Accretion on discounted liabilities 81 73 160 133 Interest and debt expense 319 360 626 475 Foreign currency transaction (gains) losses (179) 18 (178) 40 Minority interests 19 21 40 39 ----------- ----------- ----------- ----------- 45,879 39,794 82,680 81,924 ----------- ----------- ----------- ----------- Income before income taxes 3,518 8,682 9,584 14,479 Provision for income taxes 3,217 3,496 5,737 6,002 ----------- ----------- ----------- ----------- Net Income 301 5,186 3,847 8,477 =========== =========== =========== =========== Net Income per share of common stock (dollars) Basic $0.18 3.13 $2.34 5.58 =========== =========== =========== =========== Diluted $0.18 3.09 $2.31 5.49 =========== =========== =========== =========== Average common shares outstanding (in thousands) Basic 1,635,848 1,654,758 1,641,569 1,519,593 Diluted 1,657,999 1,678,445 1,663,618 1,542,752 *Includes excise taxes on petroleum products sales: $4,069 3,922 $7,910 7,912
1 ConocoPhillips Houston, Texas 77079 Preliminary SELECTED FINANCIAL DATA Millions of Dollars Three Months Six Months Ended Ended June 30 June 30 2007 2006 2007 2006 -------- ------- -------- ------- SUMMARY OF NET INCOME (LOSS) E&P United States $ 1,055 1,300 $ 1,971 2,481 International (3,459) 2,004 (2,046) 3,376 -------- ------- -------- ------- Total E&P (2,404) 3,304 (75) 5,857 -------- ------- -------- ------- Midstream 102 108 187 218 -------- ------- -------- ------- R&M United States 1,879 1,433 2,775 1,730 International 479 275 719 368 -------- ------- -------- ------- Total R&M 2,358 1,708 3,494 2,098 -------- ------- -------- ------- LUKOIL Investment 526 387 782 636 Chemicals 68 103 150 252 Emerging Businesses (12) (12) (13) (4) Corporate and other (337) (412) (678) (580) -------- ------- -------- ------- Consolidated $ 301 5,186 $ 3,847 8,477 ======== ======= ======== ======= 2 ConocoPhillips Houston, Texas 77079 Preliminary SELECTED FINANCIAL DATA Three Months Six Months Ended Ended June 30 June 30 2007 2006 2007 2006 -------- -------- -------- ------- Effective tax rate % 91.4 % 40.3 59.9 % 41.5 Millions of Dollars FOREIGN CURRENCY GAINS (LOSSES) AFTER-TAX E&P $ 152 (34) $ 169 (27) Midstream (1) - (1) - R&M (2) 25 (2) 31 LUKOIL Investment - 1 - 1 Chemicals - - - - Emerging Businesses - - - - Corporate and other (16) (36) (30) (44) -------- -------- -------- ------- $ 133 (44) $ 136 (39) ======== ======== ======== ======= CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 301 5,186 $ 3,847 8,477 Depreciation, depletion and amortization 2,016 1,965 4,040 3,145 Impairment - expropriated assets 4,588 4,588 Impairments 98 50 97 50 Dry hole costs and leasehold impairments 133 47 281 85 Accretion on discounted liabilities 81 73 160 133 Deferred taxes 103 (390) 180 (222) Undistributed equity earnings (678) (687) (1,235) (754) Gain on asset dispositions (428) (53) (927) (56) Other 182 189 88 (14) Working capital adjustments (1,630) (1,536) 520 (1,200) -------- -------- -------- ------- Net cash provided by operating activities $ 4,766 4,844 $11,639 9,644 ======== ======== ======== ======= CAPITAL EXPENDITURES AND INVESTMENTS E&P United States $ 873 756 $ 1,716 1,175 International 1,275 1,416 3,002 3,203 -------- -------- -------- ------- 2,148 2,172 4,718 4,378 Midstream 2 1 2 2 R&M 271 475 476 2,110 LUKOIL Investment - 648 - 1,260 Chemicals - - - - Emerging Businesses 34 28 65 40 Corporate and other 45 78 86 126 -------- -------- -------- ------- $ 2,500 3,402 $ 5,347 7,916 ======== ======== ======== ======= OTHER At June 30, At December 31, 2007 2006 ----------------- ---------------- Total debt $22,812 27,134 Common stockholders' equity $84,928 82,646 3 ConocoPhillips Houston, Texas 77079 Preliminary OPERATING HIGHLIGHTS BY SEGMENT
Three Months Ended Six Months Ended June 30 June 30 2007 2006 2007 2006 ------- ------- ------- ------- Thousands of Barrels Daily E&P Crude oil produced United States Alaska 267 279 272 281 Lower 48 105 120 104 92 ------- ------- ------- ------- 372 399 376 373 Norway 145 192 162 190 United Kingdom 48 57 52 59 Canada 19 27 20 25 China 32 34 35 30 Indonesia 13 14 13 14 Vietnam 22 22 22 26 Timor Sea 26 39 25 39 Libya 47 74 46 37 Other 36 66 48 58 ------- ------- ------- ------- Total consolidated 760 924 799 851 Equity affiliates Canada 28 - 26 - Russia 15 15 15 15 Venezuela 85 106 83 108 ------- ------- ------- ------- Total Worldwide 888 1,045 923 974 ======= ======= ======= ======= Syncrude 21 19 22 18 ======= ======= ======= ======= Natural gas liquids produced United States Alaska* 18 20 20 21 Lower 48 71 70 70 50 ------- ------- ------- ------- 89 90 90 71 Norway 5 8 7 9 United Kingdom 6 4 5 4 Canada 28 30 30 20 Timor Sea 14 20 13 20 Other 3 - 2 1 ------- ------- ------- ------- Total Worldwide 145 152 147 125 ======= ======= ======= ======= *Includes reinjected volumes sold lease-to-lease. 15 14 16 14 Millions of Cubic Feet Daily Natural gas produced* United States Alaska 100 163 111 163 Lower 48 2,219 2,265 2,205 1,767 ------- ------- ------- ------- 2,319 2,428 2,316 1,930 Norway 202 260 225 265 United Kingdom 668 796 726 823 Canada 1,133 1,204 1,142 816 China 12 10 11 5 Timor Sea 250 251 247 198 Indonesia 329 323 330 309 Vietnam 12 19 13 22 Libya 9 - 7 - Other 190 207 201 164 ------- ------- ------- ------- Total consolidated 5,124 5,498 5,218 4,532 Equity affiliates Venezuela 9 10 9 10 ------- ------- ------- ------- Total Worldwide 5,133 5,508 5,227 4,542 ======= ======= ======= ======= *Represents quantities available for sale. Excludes gas equivalent of NGL shown above. Liquefied natural gas sales 521 432 506 349 LUKOIL Investment Production (MBOE/D)* 473 403 460 363 Refinery crude oil throughput (MB/D)* 184 168 202 165 *Represents our estimated net share of LUKOIL.
4 ConocoPhillips Houston, Texas 77079 Preliminary OPERATING HIGHLIGHTS
Three Months Ended Six Months Ended June 30 June 30 2007 2006 2007 2006 ------ ------- ------- ------- E&P Per Unit Average sales prices Crude oil (per barrel) United States Alaska $ 63.26 66.02 $ 59.38 62.33 Lower 48 58.50 59.63 53.95 57.08 Total U.S. 61.91 64.09 57.86 61.06 International 67.16 67.27 61.16 64.12 Total consolidated 64.55 65.89 59.61 62.75 Equity affiliates* 47.74 52.28 44.24 47.53 Total Worldwide 61.97 64.34 57.53 60.76 Natural gas (per MCF) United States Alaska 4.04 3.42 4.12 3.50 Lower 48 6.51 5.81 6.36 6.41 Total U.S. 6.49 5.78 6.34 6.37 International 6.42 5.92 6.46 6.43 Total consolidated 6.45 5.86 6.41 6.40 Equity affiliates* 0.37 0.36 0.42 0.29 Total Worldwide 6.44 5.85 6.40 6.39 *Excludes our equity share of LUKOIL reported in the LUKOIL Investment segment. Midstream Thousands of Barrels Daily Natural gas liquids extracted Consolidated United States 23 22 19 22 International - - - - Equity affiliates United States 181 183 177 181 International 7 6 8 6 ------ ------- ------- ------- 211 211 204 209 ====== ======= ======= ======= Per Barrel U.S. product prices Weighted average NGL** Consolidated $ 45.19 41.73 $ 41.46 39.69 DCP 44.30 41.18 40.43 39.24 **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 ConocoPhillips Houston, Texas 77079
Three Months Six Months Ended Ended June 30 June 30 2007 2006 2007 2006 ------ ------ ------ ------ Thousands of Thousands of Barrels Daily Barrels Daily R&M United States Crude oil capacity 2,033 2,208 2,033 2,208 Crude oil runs 1,896 2,000 1,917 1,921 Refinery production 2,087 2,198 2,119 2,093 International* Crude oil capacity 696 693 696 608 Crude oil runs 650 649 637 570 Refinery production 664 695 654 599 U.S. petroleum products sales volumes Gasoline 1,300 1,300 1,279 1,279 Distillates 827 820 845 817 Other products 503 555 491 536 ------ ------ ------ ------ 2,630 2,675 2,615 2,632 International 739 871 726 784 ------ ------ ------ ------ 3,369 3,546 3,341 3,416 ====== ====== ====== ====== Per Gallon Per Gallon U.S. average sales prices** Gasoline-wholesale $ 2.50 2.32 $ 2.19 2.06 Gasoline-retail 2.68 2.47 2.36 2.19 Distillates-wholesale 2.24 2.24 2.09 2.08 *Includes ConocoPhillips' share of equity affiliates, except for our share of LUKOIL, which is reported in the LUKOIL Investment segment. **Excludes excise taxes.
6