UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): April
23, 2012
ConocoPhillips
(Exact
name of registrant as specified in its charter)
Delaware |
001-32395 |
01-0562944 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
600
North Dairy Ashford |
(Address of principal executive offices and zip code) |
Registrant’s
telephone number, including area code: (281)
293-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On April 23, 2012, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2012. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 |
— Press release issued by ConocoPhillips on April 23, 2012. |
|
|
||
99.2 |
— Supplemental financial information. |
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONOCOPHILLIPS |
|
|
|
/s/ Glenda M. Schwarz |
|
Glenda M. Schwarz |
|
Vice President and Controller |
|
April 23, 2012 |
EXHIBIT INDEX
Exhibit No. |
Description |
99.1 |
Press release issued by ConocoPhillips on April 23, 2012. |
99.2 |
Supplemental financial information. |
4
Exhibit 99.1
ConocoPhillips Reports First-Quarter Earnings of $2.9 Billion or $2.27 Per Share
Adjusted earnings of $2.6 billion or $2.02 per share
First-Quarter Highlights
HOUSTON--(BUSINESS WIRE)--April 23, 2012--ConocoPhillips (NYSE:COP) today reported first-quarter earnings of $2.9 billion, compared with first-quarter 2011 earnings of $3.0 billion. Excluding $330 million of special items, first-quarter 2012 adjusted earnings were $2.6 billion. Special items were primarily related to gains on asset dispositions, partially offset by impairments and repositioning costs.
“We operated according to plan during the first quarter of 2012, achieving production and refinery utilization targets,” said Jim Mulva, chairman and chief executive officer. “We continued to progress our asset divestment program and execution of our major projects and growth plans. We also accomplished several repositioning milestones, including obtaining a favorable IRS ruling and final board of directors' approval. Beginning May 1, 2012, our company will become two leading, independent energy companies, ConocoPhillips and Phillips 66.”
Exploration & Production (E&P)
E&P’s first-quarter 2012 earnings were $2,548 million, compared with $2,352 million a year ago. Excluding special items, first-quarter 2012 adjusted earnings were $2,131 million, compared with $2,197 million for the first quarter of 2011. The slight decrease of $66 million was primarily due to reduced volumes, higher taxes and lower natural gas prices, partially offset by higher crude oil and liquefied natural gas (LNG) prices.
In the first quarter, E&P results benefited from strong crude oil prices. However, this strength in crude oil prices was offset by weakness in North American natural gas markets and natural gas liquids (NGL) prices, as well as a widening spread between crude oil and bitumen prices. First-quarter results were also adversely impacted by approximately $85 million after-tax from differences between production and sales volumes and other timing impacts.
Production for the quarter was 1.64 million barrels of oil equivalent (BOE) per day, 65,000 BOE per day lower compared with a year ago. Excluding the decrease in production from dispositions and the suspension of operations at the Peng Lai Field in Bohai Bay, production was 9,000 BOE per day higher than a year ago. The company’s continuing development of U.S. shale plays and Canadian oil sands, combined with lower downtime and improved well performance, more than offset normal field decline.
Libyan operations resumed, with average production of 36,000 BOE per day for the quarter. By quarter-end, gross production from Peng Lai was 40,000 barrels per day under an approved interim reservoir management plan. This plan is designed to prepare Peng Lai for a safe return to normal operations. The company continues its administrative discussions with the State Oceanic Administration to resolve outstanding claims.
Second- and third-quarter production is expected to be impacted by major turnarounds, scheduled maintenance, seasonality and dispositions. Consistent with previous guidance, full-year production for 2012 is expected to be 1.55-1.60 million BOE per day, dependent on the timing of dispositions.
ConocoPhillips continues to execute compelling near-term growth opportunities on high-margin projects. In the United States, Eagle Ford, Bakken and Permian are currently contributing about 135,000 BOE per day. In the company's Canadian oil sands operations, first-quarter production increased by approximately 5,000 BOE per day from year-end 2011. Production in all these areas is expected to grow throughout the year.
In the North Sea, development continues across a number of high-margin growth projects. At the Jasmine Field, subsurface results are exceeding expectations as the development progresses toward first production in 2013. Development continues at the Ekofisk South and Eldfisk II expansion projects toward startup in 2013 and 2014, respectively. In Malaysia, platforms were lifted into place at the Gumusut Project during the quarter, with first production expected in late 2012. At the Australia Pacific LNG Project, final investment decision on the second LNG train is expected during the second quarter of 2012.
During the quarter, the company completed the acquisition of two deepwater blocks in Angola’s emerging subsalt play trend; and in the deepwater Gulf of Mexico, the company was awarded 74 blocks from lease sale 218 held in the fourth quarter of 2011. In the Browse Basin, offshore northwest Australia, the appraisal program has resumed with the drilling of the Boreas well. The well should reach its targeted depth in the third quarter. Later in 2012, the company expects to drill additional opportunities in the Gulf of Mexico, including the Tiber and Shenandoah appraisals.
For the quarter, E&P invested in a $4.2 billion capital program, which included approximately $500 million for the leasehold acquisitions described above. For the full year of 2012, E&P expects its capital program to be approximately $15 billion.
ConocoPhillips remains committed to delivering leading shareholder distributions and maintaining financial discipline. The company is on pace to complete approximately $5 billion of share repurchases by the end of the second quarter of 2012. Further share repurchases will be tied to ongoing asset dispositions as the company completes its portfolio optimization.
“As an exclusive E&P company, with a strong and substantial asset base, ConocoPhillips will have the size and scale, financial strength, capabilities and competencies to pursue opportunities around the world,” said Ryan Lance, designated chairman and CEO of ConocoPhillips. “We will offer a secure, sector-leading dividend, 3 to 5 percent annual production growth, 3 to 5 percent annual margin improvement and a continued focus on returns. We have the portfolio and the plans to deliver these results through our pipeline of captured opportunities.”
Refining & Marketing (R&M), Chemicals and Midstream
R&M’s worldwide crude oil capacity utilization rate was 91 percent, reflecting minimal unplanned downtime. The U.S. refining capacity utilization rate was 89 percent and the international rate was 97 percent. In addition, the worldwide clean product yield remained at 84 percent.
R&M earnings were $452 million, compared with $482 million a year ago. The slight decrease was primarily due to lower refining margins, partially offset by higher marketing margins. Refining margins decreased as the impact of less favorable crude differentials more than offset improved market crack spreads. Pre-tax turnaround expenses for the quarter were $176 million, in line with expectations.
The Chemicals segment posted record earnings of $218 million for the first quarter. Earnings were higher than the prior year, primarily due to higher margins. Industry margins for ethylene during the quarter were among the highest recorded in 20 years. With domestic ethylene utilization rates for the quarter averaging more than 100 percent, the business was able to capture these strong margins. The Saudi Polymers Company integrated petrochemicals complex at Jubail Industrial City, Saudi Arabia, where construction was completed in 2011, is expected to begin commercial production in the second quarter of 2012.
Midstream earnings of $93 million increased over a year ago due to higher volumes from less downtime and improved operational performance. Growth in extracted NGL volumes from Permian, Eagle Ford and the Denver-Jules Basin also contributed to the volume increase year over year. Development continues on DCP Midstream’s Sand Hills Pipeline Project, which will provide critical new capacity for NGL transportation from the Permian and Eagle Ford producing basins to market centers along the Gulf Coast. Sand Hills will be phased into service, with completion of the first phase planned by the third quarter of 2012 to accommodate DCP Midstream’s growing Eagle Ford liquids volumes. Service to the Permian Basin is anticipated as soon as the third quarter of 2013.
With ongoing increases projected in NGL and shale oil and gas production, significant opportunities are expected to expand the midstream business and grow chemicals capacity.
Phillips 66 will be an advantaged downstream company, with R&M, Midstream and Chemicals businesses. Each of these businesses is already a leader in its respective industry. R&M has one of the broadest geographic bases of its peers. The Midstream business, primarily conducted through DCP Midstream, LLC, is one of the largest gatherers and processors of natural gas and NGL. The Chemicals business, conducted through Chevron Phillips Chemical Company LLC (CPChem), is one of the largest producers of olefins and polyolefins and has spent the last decade building a strong position in the Middle East. CPChem also has significant assets in the United States which are advantaged given NGL sourced from North American shale plays. This strong portfolio will give Phillips 66 a unique competitive advantage.
“Phillips 66’s strategic priorities are enhancing returns on capital, delivering profitable growth and growing shareholder distributions,” said Greg Garland, designated chairman and CEO of Phillips 66. “We are focused on operational excellence and building a great organization to execute our strategic plans. We will improve returns by capturing margin improvement opportunities, improving clean product yields and shifting capital to our higher-return Chemicals and Midstream businesses where there are growth opportunities. Our financial strength and flexibility will be a key part of our success. We will pay a competitive dividend, plan to grow that dividend over time, and will direct free cash to paying down debt, strategic investments and share repurchases.”
Corporate and Other
Corporate expenses for the quarter were $360 million after-tax, compared with $304 million for the first quarter of 2011. Excluding special items of $95 million related to repositioning costs, adjusted corporate expenses were $265 million for the first quarter of 2012, $39 million improved compared with a year ago, primarily due to lower net interest expense and benefit-related expenses. Repositioning costs consisted of legal, information technology and other consulting services; benefit-related expenses; and interest expense associated with Phillips 66 senior notes. This brings total repositioning costs incurred through the first quarter of 2012 to $120 million after-tax.
During the first quarter of 2012, ConocoPhillips repurchased approximately 25 million of its shares, or 2 percent of shares outstanding, for $1.9 billion. This brings the company’s total shares repurchased to approximately 16 percent of the shares outstanding at the inception of the repurchase program in 2010.
First-Quarter Financial Highlights
ConocoPhillips’ first-quarter 2012 earnings were $2.9 billion, or $2.27 per share, compared with earnings of $3.0 billion, or $2.09 per share, for the same period in 2011. First-quarter 2012 earnings included gains from asset sales of $987 million, largely from the Vietnam business unit sale, as well as noncash impairments of $562 million, primarily related to the Mackenzie Gas Project and associated leaseholds.
First-quarter adjusted earnings were $2.6 billion, or $2.02 per share, compared with adjusted earnings of $2.6 billion, or $1.82 per share, for the same period in 2011. Adjusted earnings for the quarter were flat compared with the prior year, as impacts from lower production volumes and refining margins were offset by improvements from higher commodity prices and marketing margins. Adjusted earnings per share increased 11 percent due to the company’s ongoing share repurchase program.
During the first quarter of 2012, ConocoPhillips generated $4.2 billion in cash from operations and received $1.1 billion in proceeds from asset dispositions. The company funded a $4.4 billion capital program, repurchased $1.9 billion of ConocoPhillips common stock, and paid $0.8 billion in dividends.
At quarter end, the company had $3.7 billion in cash and $0.5 billion in short-term investments. As of March 31, 2012, debt was $28.4 billion, reflecting the placement of $5.8 billion of senior notes for Phillips 66. A corresponding balance was held in restricted cash at March 31, 2012.
Earnings |
|||||||
Millions of Dollars | |||||||
First Quarter | |||||||
2012 | 2011 | ||||||
Exploration and Production (E&P) | $ | 2,548 | 2,352 | ||||
Midstream | 93 | 73 | |||||
Refining and Marketing (R&M) | 452 | 482 | |||||
LUKOIL Investment | - | 239 | |||||
Chemicals | 218 | 193 | |||||
Emerging Businesses | (14 | ) | (7 | ) | |||
Corporate and Other | (360 | ) | (304 | ) | |||
ConocoPhillips | $ | 2,937 | 3,028 | ||||
Adjusted Earnings |
|||||||
|
Millions of Dollars | ||||||
First Quarter | |||||||
2012 | 2011 | ||||||
Exploration and Production (E&P) | $ | 2,131 | 2,197 | ||||
Midstream | 93 | 73 | |||||
Refining and Marketing (R&M) | 444 | 480 | |||||
LUKOIL Investment | - | 2 | |||||
Chemicals | 218 | 193 | |||||
Emerging Businesses | (14 | ) | (7 | ) | |||
Corporate and Other | (265 | ) | (304 | ) | |||
ConocoPhillips | $ | 2,607 | 2,634 | ||||
Repositioning
Completion of the repositioning into two independent, leading energy companies is set for May 1, 2012. ConocoPhillips shareholders as of the record date of April 16, 2012, will receive the distribution of Phillips 66 common stock after market close on April 30, 2012. When-issued trading for Phillips 66 commenced on April 12, and will continue through the distribution date. Phillips 66 will trade on the New York Stock Exchange under the ticker symbol PSX. Replays and transcripts of the April investor updates given by both companies are available on the “Investor Information” link at www.conocophillips.com.
ConocoPhillips will host a conference call at 11 a.m. Eastern time today
to discuss its quarterly results and provide a status update on
operational and strategic plans. To listen to the conference call and
view related presentation materials, go to www.conocophillips.com
and click on the “Investor Information” link. For detailed supplemental
information, go to
www.conocophillips.com/EN/investor/financial_reports/earnings_reports/Pages/index.aspx.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, Texas, the company had approximately 29,700 employees, $163 billion of assets, and $225 billion of annualized revenues as of March 31, 2012. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS
OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices and refining and marketing margins; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases or difficulties maintaining or improving company manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining crude oil; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information -- This press release includes the terms adjusted earnings and adjusted earnings per share. These are non-GAAP financial measures. Adjusted earnings and adjusted earnings per share are included to help facilitate comparisons of company operating performance across periods.
References in the release to earnings refer to net income attributable to ConocoPhillips.
Reconciliation of Earnings to Adjusted Earnings | ||||||||
Millions of Dollars | ||||||||
Except as Indicated | ||||||||
1st Quarter | ||||||||
2012 | 2011 | |||||||
Consolidated | ||||||||
Earnings | $ | 2,937 | 3,028 | |||||
Adjustments: | ||||||||
Net gain on asset sales | (987 | ) | (394 | ) | ||||
Impairments | 562 | - | ||||||
Repositioning costs | 95 | - | ||||||
Adjusted earnings | $ | 2,607 | 2,634 | |||||
Earnings per share of common stock (dollars) | $ | 2.27 | 2.09 | |||||
Adjusted earnings per share of common stock (dollars) | $ | 2.02 | 1.82 | |||||
E&P | ||||||||
Earnings | $ | 2,548 | $ | 2,352 | ||||
Adjustments: | ||||||||
Net gain on asset sales | (937 | ) | (155 | ) | ||||
Impairments | 520 | - | ||||||
Adjusted earnings | $ | 2,131 | $ | 2,197 | ||||
R&M | ||||||||
Earnings (loss) | $ | 452 | 482 | |||||
Adjustments: | ||||||||
Net gain on asset sales | (50 | ) | (2 | ) | ||||
Impairments | 42 | - | ||||||
Adjusted earnings | $ | 444 | 480 | |||||
LUKOIL Investment | ||||||||
Earnings | $ | - | 239 | |||||
Adjustment: Net gain on asset sales | - | (237 | ) | |||||
Adjusted earnings | $ | - | 2 | |||||
Corporate | ||||||||
Earnings (loss) | $ | (360 | ) | (304 | ) | |||
Adjustment: Repositioning costs | 95 | - | ||||||
Adjusted earnings (loss) | $ | (265 | ) | (304 | ) |
CONTACT:
ConocoPhillips
Aftab Ahmed, 281-293-4138 (media)
aftab.ahmed@conocophillips.com
Clayton
Reasor, 212-207-1996 (investors)
c.c.reasor@conocophillips.com
Exhibit 99.2
CONSOLIDATED INCOME STATEMENT
Millions of Dollars | ||||||||||||||||||
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Revenues and Other Income | ||||||||||||||||||
Sales and other operating revenues* | 56,530 | 65,627 | 62,784 | 59,872 | 244,813 | 56,132 | 56,132 | |||||||||||
Equity in earnings of affiliates | 1,017 | 1,160 | 1,298 | 602 | 4,077 | 1,220 | 1,220 | |||||||||||
Gain on dispositions | 616 | 78 | (480 | ) | 1,793 | 2,007 | 942 | 942 | ||||||||||
Other income | 84 | 96 | 27 | 122 | 329 | 60 | 60 | |||||||||||
Total Revenues and Other Income | 58,247 | 66,961 | 63,629 | 62,389 | 251,226 | 58,354 | 58,354 | |||||||||||
Costs and Expenses | ||||||||||||||||||
Purchased crude oil, natural gas and products | 42,376 | 50,133 | 47,597 | 45,761 | 185,867 | 41,889 | 41,889 | |||||||||||
Production and operating expenses | 2,628 | 2,606 | 2,768 | 2,768 | 10,770 | 2,696 | 2,696 | |||||||||||
Selling, general and administrative expenses | 499 | 514 | 466 | 599 | 2,078 | 685 | 685 | |||||||||||
Exploration expenses | 176 | 264 | 266 | 360 | 1,066 | 679 | 679 | |||||||||||
Depreciation, depletion and amortization | 2,070 | 2,075 | 1,870 | 1,919 | 7,934 | 1,838 | 1,838 | |||||||||||
Impairments | - | 2 | 486 | 304 | 792 | 259 | 259 | |||||||||||
Taxes other than income taxes* | 4,364 | 4,830 | 4,579 | 4,534 | 18,307 | 4,521 | 4,521 | |||||||||||
Accretion on discounted liabilities | 112 | 115 | 114 | 114 | 455 | 114 | 114 | |||||||||||
Interest and debt expense | 262 | 247 | 235 | 228 | 972 | 209 | 209 | |||||||||||
Foreign currency transaction (gains) losses | (36 | ) | (17 | ) | 68 | (31 | ) | (16 | ) | (11 | ) | (11 | ) | |||||
Total Costs and Expenses | 52,451 | 60,769 | 58,449 | 56,556 | 228,225 | 52,879 | 52,879 | |||||||||||
Income before income taxes | 5,796 | 6,192 | 5,180 | 5,833 | 23,001 | 5,475 | 5,475 | |||||||||||
Provision for income taxes | 2,754 | 2,773 | 2,549 | 2,423 | 10,499 | 2,520 | 2,520 | |||||||||||
Net Income | 3,042 | 3,419 | 2,631 | 3,410 | 12,502 | 2,955 | 2,955 | |||||||||||
Less: net income attributable to | ||||||||||||||||||
noncontrolling interests | (14 | ) | (17 | ) | (15 | ) | (20 | ) | (66 | ) | (18 | ) | (18 | ) | ||||
Net Income Attributable to ConocoPhillips | 3,028 | 3,402 | 2,616 | 3,390 | 12,436 | 2,937 | 2,937 | |||||||||||
*Includes excise taxes on petroleum products sales: | 3,382 | 3,554 | 3,596 | 3,422 | 13,954 | 3,321 | 3,321 | |||||||||||
Net Income Attributable to ConocoPhillips | ||||||||||||||||||
Per Share of Common Stock (dollars) | ||||||||||||||||||
Basic | 2.11 | 2.43 | 1.93 | 2.58 | 9.04 | 2.29 | 2.29 | |||||||||||
Diluted | 2.09 | 2.41 | 1.91 | 2.56 | 8.97 | 2.27 | 2.27 | |||||||||||
Average Common Shares Outstanding (in thousands) | ||||||||||||||||||
Basic | 1,432,285 | 1,399,473 | 1,357,710 | 1,312,184 | 1,375,035 | 1,283,493 | 1,283,493 | |||||||||||
Diluted | 1,445,477 | 1,412,147 | 1,369,562 | 1,322,773 | 1,387,100 | 1,293,104 | 1,293,104 |
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
U.S. E&P | 863 | 817 | 816 | 758 | 3,254 | 870 | 870 | |||||||||||
International E&P | 1,489 | 1,707 | 946 | 846 | 4,988 | 1,678 | 1,678 | |||||||||||
Total E&P | 2,352 | 2,524 | 1,762 | 1,604 | 8,242 | 2,548 | 2,548 | |||||||||||
Midstream | 73 | 130 | 137 | 118 | 458 | 93 | 93 | |||||||||||
U.S. R&M | 402 | 692 | 789 | 1,712 | 3,595 | 415 | 415 | |||||||||||
International R&M | 80 | 74 | - | 2 | 156 | 37 | 37 | |||||||||||
Total R&M | 482 | 766 | 789 | 1,714 | 3,751 | 452 | 452 | |||||||||||
LUKOIL Investment | 239 | - | - | - | 239 | - | - | |||||||||||
Chemicals | 193 | 199 | 197 | 156 | 745 | 218 | 218 | |||||||||||
Emerging Businesses | (7 | ) | (14 | ) | (2 | ) | (3 | ) | (26 | ) | (14 | ) | (14 | ) | ||||
Corporate and Other | (304 | ) | (203 | ) | (267 | ) | (199 | ) | (973 | ) | (360 | ) | (360 | ) | ||||
Consolidated | 3,028 | 3,402 | 2,616 | 3,390 | 12,436 | 2,937 | 2,937 |
SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT
Millions of Dollars | ||||||||||||||||||
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
U.S. E&P | 1,362 | 1,291 | 1,276 | 1,226 | 5,155 | 1,394 | 1,394 | |||||||||||
International E&P | 3,248 | 3,535 | 2,644 | 2,551 | 11,978 | 3,425 | 3,425 | |||||||||||
Total E&P | 4,610 | 4,826 | 3,920 | 3,777 | 17,133 | 4,819 | 4,819 | |||||||||||
Midstream | 111 | 192 | 208 | 183 | 694 | 140 | 140 | |||||||||||
U.S. R&M | 685 | 1,129 | 1,218 | 2,046 | 5,078 | 596 | 596 | |||||||||||
International R&M | 114 | 93 | (94 | ) | 1 | 114 | 80 | 80 | ||||||||||
Total R&M | 799 | 1,222 | 1,124 | 2,047 | 5,192 | 676 | 676 | |||||||||||
LUKOIL Investment | 362 | - | - | - | 362 | - | - | |||||||||||
Chemicals | 260 | 265 | 263 | 182 | 970 | 300 | 300 | |||||||||||
Emerging Businesses | (15 | ) | (25 | ) | (27 | ) | (9 | ) | (76 | ) | (24 | ) | (24 | ) | ||||
Corporate and Other | (331 | ) | (288 | ) | (308 | ) | (347 | ) | (1,274 | ) | (436 | ) | (436 | ) | ||||
Consolidated | 5,796 | 6,192 | 5,180 | 5,833 | 23,001 | 5,475 | 5,475 |
EFFECTIVE TAX RATES | ||||||||||||||||||
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
U.S. E&P | 36.6 | % | 36.7 | % | 36.0 | % | 38.3 | % | 36.9 | % | 37.6 | % | 37.6 | % | ||||
International E&P | 53.8 | % | 51.3 | % | 63.7 | % | 66.1 | % | 57.8 | % | 50.6 | % | 50.6 | % | ||||
Total E&P | 48.7 | % | 47.4 | % | 54.7 | % | 57.1 | % | 51.5 | % | 46.8 | % | 46.8 | % | ||||
Midstream | 34.2 | % | 32.3 | % | 33.7 | % | 36.1 | % | 34.0 | % | 33.6 | % | 33.6 | % | ||||
U.S. R&M | 41.0 | % | 38.6 | % | 35.1 | % | 16.2 | % | 29.1 | % | 30.1 | % | 30.1 | % | ||||
International R&M | 30.7 | % | 19.4 | % | 100.0 | % | -100.0 | % | -36.8 | % | 53.8 | % | 53.8 | % | ||||
Total R&M | 39.5 | % | 37.2 | % | 29.7 | % | 16.2 | % | 27.6 | % | 32.8 | % | 32.8 | % | ||||
LUKOIL Investment | 34.0 | % | - | - | - | 34.0 | % | - | - | |||||||||
Chemicals | 25.8 | % | 24.9 | % | 25.1 | % | 14.3 | % | 23.2 | % | 27.3 | % | 27.3 | % | ||||
Emerging Businesses | 53.3 | % | 44.0 | % | 88.9 | % | 66.7 | % | 64.5 | % | 41.7 | % | 41.7 | % | ||||
Corporate and Other | 8.2 | % | 29.5 | % | 13.3 | % | 42.7 | % | 23.6 | % | 17.4 | % | 17.4 | % | ||||
Consolidated | 47.5 | % | 44.8 | % | 49.2 | % | 41.6 | % | 45.6 | % | 46.0 | % | 46.0 | % |
ESTIMATED TAXES PAID | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Cash income taxes paid | 2,722 | 2,730 | 2,251 | 2,858 | 10,561 | 1,462 | 1,462 | |||||||||||
Taxes other than income taxes | 4,364 | 4,830 | 4,579 | 4,534 | 18,307 | 4,521 | 4,521 | |||||||||||
Less: Excise taxes* | (3,382 | ) | (3,554 | ) | (3,596 | ) | (3,422 | ) | (13,954 | ) | (3,321 | ) | (3,321 | ) | ||||
Estimated Taxes Paid | 3,704 | 4,006 | 3,234 | 3,970 | 14,914 | 2,662 | 2,662 | |||||||||||
*Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities. |
SPECIAL ITEMS INCLUDED IN NET IMOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX)
Millions of Dollars | |||||||||||||||||
2011 | 2012 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||
U.S. E&P | |||||||||||||||||
Gain (loss) on asset sales | 151 | (1 | ) | (1 | ) | (3 | ) | 146 | - | - | |||||||
Impairments | - | - | - | (44 | ) | (44 | ) | - | - | ||||||||
Cancelled projects | - | (54 | ) | - | - | (54 | ) | - | - | ||||||||
Total | 151 | (55 | ) | (1 | ) | (47 | ) | 48 | - | - | |||||||
International E&P | |||||||||||||||||
Gain (loss) on asset sales | 4 | 28 | (279 | ) | (12 | ) | (259 | ) | 937 | 937 | |||||||
Impairments | - | - | - | (585 | ) | (585 | ) | (520 | ) | (520 | ) | ||||||
Bohai Bay incident | - | - | (41 | ) | (101 | ) | (142 | ) | - | - | |||||||
International tax law changes | - | - | (109 | ) | - | (109 | ) | - | - | ||||||||
Total | 4 | 28 | (429 | ) | (698 | ) | (1,095 | ) | 417 | 417 | |||||||
Total E&P | 155 | (27 | ) | (430 | ) | (745 | ) | (1,047 | ) | 417 | 417 | ||||||
Midstream | |||||||||||||||||
Total | - | - | - | - | - | - | - | ||||||||||
U.S. R&M | |||||||||||||||||
Gain (loss) on asset sales | 2 | 26 | 6 | 1,545 | 1,579 | 50 | 50 | ||||||||||
Impairments | - | - | (314 | ) | - | (314 | ) | - | - | ||||||||
Cancelled projects | - | - | - | (28 | ) | (28 | ) | - | - | ||||||||
Severance accrual | - | - | (15 | ) | - | (15 | ) | - | - | ||||||||
Total | 2 | 26 | (323 | ) | 1,517 | 1,222 | 50 | 50 | |||||||||
International R&M | |||||||||||||||||
Gain (loss) on asset sales | - | - | (80 | ) | (4 | ) | (84 | ) | - | - | |||||||
Impairments | - | - | (4 | ) | - | (4 | ) | (42 | ) | (42 | ) | ||||||
Total | - | - | (84 | ) | (4 | ) | (88 | ) | (42 | ) | (42 | ) | |||||
Total R&M | 2 | 26 | (407 | ) | 1,513 | 1,134 | 8 | 8 | |||||||||
LUKOIL Investment | |||||||||||||||||
Gain (loss) on asset sales | 237 | - | - | - | 237 | - | - | ||||||||||
Total | 237 | - | - | - | 237 | - | - | ||||||||||
Chemicals | |||||||||||||||||
Total | - | - | - | - | - | - | - | ||||||||||
Emerging Businesses | |||||||||||||||||
Total | - | - | - | - | - | - | - | ||||||||||
Corporate and Other | |||||||||||||||||
Impairments | - | - | - | (20 | ) | (20 | ) | - | - | ||||||||
Repositioning costs | - | - | - | (25 | ) | (25 | ) | (95 | ) | (95 | ) | ||||||
Total | - | - | - | (45 | ) | (45 | ) | (95 | ) | (95 | ) | ||||||
Total Company | 394 | (1 | ) | (837 | ) | 723 | 279 | 330 | 330 |
CASH FLOW INFORMATION
Millions of Dollars | ||||||||||||||||||
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Cash Flows from Operating Activities | ||||||||||||||||||
Net income | 3,042 | 3,419 | 2,631 | 3,410 | 12,502 | 2,955 | 2,955 | |||||||||||
Depreciation, depletion and amortization | 2,070 | 2,075 | 1,870 | 1,919 | 7,934 | 1,838 | 1,838 | |||||||||||
Impairments | - | 2 | 486 | 304 | 792 | 259 | 259 | |||||||||||
Dry hole costs and leasehold impairments | 50 | 89 | 151 | 180 | 470 | 518 | 518 | |||||||||||
Accretion on discounted liabilities | 112 | 115 | 114 | 114 | 455 | 114 | 114 | |||||||||||
Deferred taxes | 87 | 429 | 293 | 478 | 1,287 |
258 |
258 |
|||||||||||
Undistributed equity earnings | (523 | ) | (570 | ) | (299 | ) | 315 | (1,077 | ) | (423 | ) | (423 | ) | |||||
Loss (gain) on dispositions | (616 | ) | (78 | ) | 480 | (1,793 | ) | (2,007 | ) | (942 | ) | (942 | ) | |||||
Other | (185 | ) | (67 | ) | 36 | (143 | ) | (359 | ) | (404 | ) | (404 | ) | |||||
Net working capital changes | (2,090 | ) | 860 | (149 | ) | 1,028 | (351 | ) |
9 |
|
9 |
|
||||||
Net Cash Provided by | ||||||||||||||||||
Operating Activities |
1,947 | 6,274 | 5,613 | 5,812 | 19,646 | 4,182 | 4,182 | |||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||
Capital expenditures and investments | (2,884 | ) | (2,893 | ) | (3,617 | ) | (3,872 | ) | (13,266 | ) | (4,260 | ) | (4,260 | ) | ||||
Proceeds from asset dispositions | 1,787 | 162 | 209 | 2,662 | 4,820 | 1,109 | 1,109 | |||||||||||
Net sales (purchases) of short-term investments | (1,170 | ) | (424 | ) | (29 | ) | 2,023 | 400 | 92 | 92 | ||||||||
Long-term advances to/collections from | ||||||||||||||||||
related parties and other investments | 56 | 472 | 192 | 311 | 1,031 | 49 | 49 | |||||||||||
Net Cash Provided by (Used in) |
||||||||||||||||||
Investing Activities |
(2,211 |
) | (2,683 | ) | (3,245 | ) | 1,124 | (7,015 | ) | (3,010 | ) | (3,010 | ) | |||||
Cash Flows from Financing Activities | ||||||||||||||||||
Net issuance (repayment) of debt | (373 | ) | (19 | ) | (48 | ) | (521 | ) | (961 | ) | 5,740 | 5,740 | ||||||
Change in restricted cash | - | - | - | - | - | (6,050 | ) | (6,050 | ) | |||||||||
Issuance of company common stock | 75 | 24 | 10 | (13 | ) | 96 | 36 | 36 | ||||||||||
Repurchase of company common stock | (1,636 | ) | (3,149 | ) | (3,199 | ) | (3,139 | ) | (11,123 | ) | (1,899 | ) | (1,899 | ) | ||||
Dividends paid on company common stock | (944 | ) | (917 | ) | (900 | ) | (871 | ) | (3,632 | ) | (843 | ) | (843 | ) | ||||
Other | (183 | ) | (174 | ) | (185 | ) | (143 | ) | (685 | ) | (254 | ) | (254 | ) | ||||
Net Cash Used in | ||||||||||||||||||
Financing Activities | (3,061 | ) | (4,235 | ) | (4,322 | ) | (4,687 | ) | (16,305 | ) | (3,270 | ) | (3,270 | ) | ||||
Effect of Exchange Rate Changes | 43 | (23 | ) | (114 | ) | 94 | - | 25 | 25 | |||||||||
Net Change in Cash | ||||||||||||||||||
and Cash Equivalents | (3,282 | ) | (667 | ) | (2,068 | ) | 2,343 | (3,674 | ) | (2,073 | ) | (2,073 | ) | |||||
Cash and cash equivalents | ||||||||||||||||||
at beginning of period | 9,454 | 6,172 | 5,505 | 3,437 | 9,454 | 5,780 | 5,780 | |||||||||||
Cash and Cash Equivalents | ||||||||||||||||||
at End of Period | 6,172 | 5,505 | 3,437 | 5,780 | 5,780 | 3,707 | 3,707 |
CAPITAL PROGRAM | |||||||||||||||
Millions of Dollars | |||||||||||||||
2011 | 2012 | ||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||
E&P | |||||||||||||||
Capital expenditures and investments | 2,692 | 2,627 | 3,313 | 3,373 | 12,005 | 3,981 | 3,981 | ||||||||
Loans and advances | (4 | ) | 7 | 11 | (5 | ) | 9 | (4 | ) | (4 | ) | ||||
Joint venture acquisition obligation--principal | 170 | 173 | 175 | 177 | 695 | 180 | 180 | ||||||||
E&P total | 2,858 | 2,807 | 3,499 | 3,545 | 12,709 | 4,157 | 4,157 | ||||||||
Midstream* | 3 | 1 | 5 | 8 | 17 | 4 | 4 | ||||||||
R&M | |||||||||||||||
Capital expenditures and investments | 156 | 222 | 250 | 366 | 994 | 214 | 214 | ||||||||
Loans and advances | - | - | - | - | - | - | - | ||||||||
R&M total | 156 | 222 | 250 | 366 | 994 | 214 | 214 | ||||||||
LUKOIL Investment* | - | - | - | - | - | - | - | ||||||||
Chemicals* | - | - | - | - | - | - | - | ||||||||
Emerging Businesses* | 6 | 8 | 7 | 9 | 30 | 15 | 15 | ||||||||
Corporate and Other* | 27 | 35 | 42 | 116 | 220 | 46 | 46 | ||||||||
Total Capital Program | 3,050 | 3,073 | 3,803 | 4,044 | 13,970 | 4,436 | 4,436 | ||||||||
*Capital expenditures and investments only. |
E&P
2011 | 2012 | |||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||
E&P Net Income Attributable | ||||||||||||||||
to ConocoPhillips ($ Millions) | 2,352 | 2,524 | 1,762 | 1,604 | 8,242 | 2,548 | 2,548 | |||||||||
Production | ||||||||||||||||
Total, Including Equity Affiliates (MBOE/D) | 1,702 | 1,640 | 1,538 | 1,597 | 1,619 | 1,637 | 1,637 | |||||||||
Crude Oil and Natural Gas Liquids (NGL) (MB/D) | ||||||||||||||||
Consolidated operations | 800 | 758 | 693 | 739 | 747 | 774 | 774 | |||||||||
Equity affiliates | 60 | 56 | 48 | 44 | 52 | 42 | 42 | |||||||||
Total | 860 | 814 | 741 | 783 | 799 | 816 | 816 | |||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | 12 | 9 | 8 | 4 | 7 | (11 | ) | (11 | ) | |||||||
Bitumen (MB/D) | ||||||||||||||||
Consolidated operations | 11 | 8 | 11 | 11 | 10 | 11 | 11 | |||||||||
Equity affiliates | 53 | 59 | 53 | 62 | 57 | 73 | 73 | |||||||||
Total | 64 | 67 | 64 | 73 | 67 | 84 | 84 | |||||||||
Natural Gas (MMCF/D) | ||||||||||||||||
Consolidated operations | 4,162 | 4,031 | 3,918 | 3,985 | 4,024 | 3,917 | 3,917 | |||||||||
Equity affiliates | 507 | 521 | 479 | 462 | 492 | 505 | 505 | |||||||||
Total | 4,669 | 4,552 | 4,397 | 4,447 | 4,516 | 4,422 | 4,422 | |||||||||
Industry Prices (Platt's) | ||||||||||||||||
Crude Oil ($/BBL) | ||||||||||||||||
WTI spot | 93.98 | 102.44 | 89.70 | 94.07 | 95.05 | 102.99 | 102.99 | |||||||||
Brent dated | 104.97 | 117.36 | 113.46 | 109.31 | 111.27 | 118.49 | 118.49 | |||||||||
Natural Gas ($/MMBTU) | ||||||||||||||||
Henry Hub -- First of Month | 4.11 | 4.32 | 4.20 | 3.54 | 4.04 | 2.72 | 2.72 | |||||||||
Average Realized Prices | ||||||||||||||||
Crude Oil and NGL ($/BBL) | ||||||||||||||||
Consolidated operations | 91.30 | 103.91 | 97.10 | 96.44 | 97.12 | 101.23 | 101.23 | |||||||||
Equity affiliates | 94.95 | 103.82 | 99.24 | 96.11 | 98.60 | 107.41 | 107.41 | |||||||||
Total | 91.55 | 103.90 | 97.24 | 96.42 | 97.22 | 101.56 | 101.56 | |||||||||
Bitumen ($/BBL) | ||||||||||||||||
Consolidated operations | 47.94 | 56.91 | 45.79 | 69.04 | 55.16 | 64.95 | 64.95 | |||||||||
Equity affiliates | 56.15 | 67.05 | 60.65 | 70.42 | 63.93 | 60.04 | 60.04 | |||||||||
Total | 54.77 | 65.74 | 58.14 | 70.20 | 62.56 | 60.66 | 60.66 | |||||||||
Natural Gas ($/MCF) | ||||||||||||||||
Consolidated operations | 5.54 | 5.79 | 5.77 | 5.47 | 5.64 | 5.09 | 5.09 | |||||||||
Equity affiliates | 2.59 | 3.28 | 2.85 | 2.83 | 2.89 | 2.58 | 2.58 | |||||||||
Total | 5.22 | 5.50 | 5.45 | 5.19 | 5.34 | 4.80 | 4.80 | |||||||||
Exploration Charges ($ Millions) | ||||||||||||||||
Dry holes | 9 | 48 | 111 | 141 | 309 | 6 | 6 | |||||||||
Leasehold impairment | 41 | 41 | 40 | 39 | 161 | 512 | 512 | |||||||||
Total Noncash Charges | 50 | 89 | 151 | 180 | 470 | 518 | 518 | |||||||||
Other (G&A, G&G and Lease rentals) | 126 | 175 | 115 | 180 | 596 | 161 | 161 | |||||||||
Total Exploration Charges | 176 | 264 | 266 | 360 | 1,066 | 679 | 679 | |||||||||
Depreciation, Depletion and | ||||||||||||||||
Amortization (DD&A) ($ Millions) | 1,830 | 1,829 | 1,625 | 1,657 | 6,941 | 1,599 | 1,599 | |||||||||
Foreign Currency Gains | ||||||||||||||||
(Losses) After-Tax ($ Millions) | (4 | ) | (5 | ) | (24 | ) | 50 | 17 | 2 | 2 |
U.S. E&P
2011 | 2012 | |||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||
U.S. E&P Net Income Attributable | ||||||||||||
to ConocoPhillips ($ Millions) | 863 | 817 | 816 | 758 | 3,254 | 870 | 870 | |||||
Alaska ($ Millions) | 549 | 490 | 501 | 443 | 1,983 | 616 | 616 | |||||
Lower 48 ($ Millions) | 314 | 327 | 315 | 315 | 1,271 | 254 | 254 | |||||
Production | ||||||||||||
Total U.S. (MBOE/D) | 629 | 658 | 643 | 681 | 653 | 687 | 687 | |||||
Crude Oil and NGL (MB/D) | ||||||||||||
Alaska | 214 | 223 | 199 | 227 | 215 | 226 | 226 | |||||
Lower 48 | 150 | 160 | 174 | 186 | 168 | 201 | 201 | |||||
Total | 364 | 383 | 373 | 413 | 383 | 427 | 427 | |||||
Over/(Under) Lifting of Crude Oil (MB/D) | 38 | 6 | 11 | (20 | ) | 8 | 27 | 27 | ||||
Natural Gas (MMCF/D) | ||||||||||||
Alaska | 67 | 62 | 56 | 59 | 61 | 59 | 59 | |||||
Lower 48 | 1,522 | 1,589 | 1,561 | 1,547 | 1,556 | 1,502 | 1,502 | |||||
Total | 1,589 | 1,651 | 1,617 | 1,606 | 1,617 | 1,561 | 1,561 | |||||
Average Realized Prices | ||||||||||||
Crude Oil and NGL ($/BBL) | ||||||||||||
Alaska | 95.56 | 113.75 | 107.26 | 108.51 | 105.95 | 112.20 | 112.20 | |||||
Lower 48 | 69.34 | 77.99 | 72.39 | 76.08 | 74.09 | 76.40 | 76.40 | |||||
Total U.S. | 85.36 | 98.43 | 90.95 | 92.47 | 91.77 | 95.71 | 95.71 | |||||
Natural Gas ($/MCF) | ||||||||||||
Alaska | 3.93 | 4.66 | 5.04 | 4.69 | 4.56 | 4.68 | 4.68 | |||||
Lower 48 | 4.11 | 4.22 | 4.15 | 3.48 | 3.99 | 2.65 | 2.65 | |||||
Total U.S. | 4.10 | 4.23 | 4.17 | 3.52 | 4.01 | 2.72 | 2.72 | |||||
Kenai, Alaska LNG Sales | ||||||||||||
Volume (MMCF/D) | 20 | 18 | 45 | 20 | 26 | - | - | |||||
Sales price per MCF | 12.94 | 9.95 | 13.14 | 17.41 | 13.38 | - | - | |||||
U.S. Exploration Charges ($ Millions) | ||||||||||||
Dry holes | 6 | 10 | 36 | 38 | 90 | 6 | 6 | |||||
Leasehold impairment | 22 | 22 | 20 | 22 | 86 | 14 | 14 | |||||
Total Noncash Charges | 28 | 32 | 56 | 60 | 176 | 20 | 20 | |||||
Other (G&A, G&G and Lease rentals) | 41 | 76 | 49 | 54 | 220 | 67 | 67 | |||||
Total U.S. Exploration Charges | 69 | 108 | 105 | 114 | 396 | 87 | 87 | |||||
Alaska Only | 8 | 6 | 5 | 7 | 26 | 9 | 9 | |||||
DD&A ($ Millions) | ||||||||||||
Alaska | 136 | 151 | 134 | 155 | 576 | 135 | 135 | |||||
Lower 48 | 513 | 530 | 551 | 558 | 2,152 | 601 | 601 | |||||
Total U.S. | 649 | 681 | 685 | 713 | 2,728 | 736 | 736 |
INTERNATIONAL E&P
2011 | 2012 | |||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||
International E&P Net Income | ||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | 1,489 | 1,707 | 946 | 846 | 4,988 | 1,678 | 1,678 | |||||||||
Production | ||||||||||||||||
Total, Including Equity Affiliates (MBOE/D) | 1,073 | 982 | 895 | 917 | 966 | 950 | 950 | |||||||||
Crude Oil and NGL (MB/D) | ||||||||||||||||
Consolidated operations | ||||||||||||||||
Canada | 37 | 36 | 37 | 43 | 38 | 38 | 38 | |||||||||
Norway | 131 | 117 | 113 | 119 | 120 | 117 | 117 | |||||||||
United Kingdom | 65 | 63 | 46 | 48 | 55 | 49 | 49 | |||||||||
Australia/Timor-Leste | 32 | 28 | 30 | 28 | 30 | 29 | 29 | |||||||||
China | 77 | 70 | 35 | 26 | 52 | 23 | 23 | |||||||||
Indonesia | 11 | 11 | 12 | 11 | 11 | 16 | 16 | |||||||||
Vietnam | 22 | 19 | 17 | 15 | 18 | 11 | 11 | |||||||||
Algeria | 13 | 13 | 13 | 13 | 13 | 12 | 12 | |||||||||
Libya | 28 | - | - | 4 | 8 | 35 | 35 | |||||||||
Nigeria | 20 | 18 | 17 | 19 | 19 | 17 | 17 | |||||||||
Total consolidated operations | 436 | 375 | 320 | 326 | 364 | 347 | 347 | |||||||||
Equity affiliates | 60 | 56 | 48 | 44 | 52 | 42 | 42 | |||||||||
Total | 496 | 431 | 368 | 370 | 416 | 389 | 389 | |||||||||
Over/(Under) Lifting of Crude Oil (MB/D) | (26 | ) | 3 | (3 | ) | 24 | (1 | ) | (38 | ) | (38 | ) | ||||
Bitumen (MB/D) | ||||||||||||||||
Consolidated operations--Canada | 11 | 8 | 11 | 11 | 10 | 11 | 11 | |||||||||
Equity affiliates | 53 | 59 | 53 | 62 | 57 | 73 | 73 | |||||||||
Total | 64 | 67 | 64 | 73 | 67 | 84 | 84 | |||||||||
Natural Gas (MMCF/D) | ||||||||||||||||
Consolidated operations | ||||||||||||||||
Canada | 944 | 947 | 929 | 891 | 928 | 863 | 863 | |||||||||
Norway | 208 | 130 | 130 | 185 | 163 | 195 | 195 | |||||||||
United Kingdom | 543 | 457 | 381 | 472 | 463 | 437 | 437 | |||||||||
Australia/Timor-Leste | 237 | 236 | 253 | 209 | 234 | 249 | 249 | |||||||||
Indonesia | 467 | 445 | 437 | 451 | 450 | 441 | 441 | |||||||||
Vietnam | 16 | 13 | 10 | 7 | 11 | 7 | 7 | |||||||||
Libya | 5 | - | - | 1 | 1 | 3 | 3 | |||||||||
Nigeria | 153 | 152 | 161 | 163 | 157 | 161 | 161 | |||||||||
Total consolidated operations | 2,573 | 2,380 | 2,301 | 2,379 | 2,407 | 2,356 | 2,356 | |||||||||
Equity affiliates | 507 | 521 | 479 | 462 | 492 | 505 | 505 | |||||||||
Total | 3,080 | 2,901 | 2,780 | 2,841 | 2,899 | 2,861 | 2,861 | |||||||||
Darwin, Australia LNG Sales (MMCF/D) | 420 | 410 | 424 | 424 | 420 | 427 | 427 |
INTERNATIONAL E&P (continued)
2011 | 2012 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||
Average Realized Prices | |||||||||||
Crude Oil and NGL ($/BBL) | |||||||||||
Consolidated operations | |||||||||||
Canada | 62.27 | 71.06 | 67.51 | 63.86 | 66.07 | 63.98 | 63.98 | ||||
Norway | 104.90 | 116.79 | 112.73 | 108.65 | 110.45 | 120.13 | 120.13 | ||||
United Kingdom | 93.94 | 107.82 | 108.31 | 104.86 | 104.34 | 109.87 | 109.87 | ||||
Australia/Timor-Leste | 91.02 | 100.09 | 94.72 | 90.41 | 94.07 | 103.28 | 103.28 | ||||
China | 100.54 | 116.85 | 114.31 | 114.74 | 109.98 | 122.02 | 122.02 | ||||
Indonesia | 94.31 | 108.04 | 104.13 | 101.25 | 101.96 | 102.72 | 102.72 | ||||
Vietnam | 107.37 | 121.92 | 118.29 | 116.23 | 115.50 | 126.02 | 126.02 | ||||
Algeria | 105.21 | 120.09 | 112.63 | 109.77 | 112.69 | 123.50 | 123.50 | ||||
Libya | 98.30 | - | - | - | 98.30 | 121.68 | 121.68 | ||||
Nigeria | 91.53 | 107.50 | 100.29 | 90.34 | 97.35 | 103.81 | 103.81 | ||||
Total consolidated operations | 96.86 | 109.35 | 104.40 | 100.72 | 102.68 | 109.10 | 109.10 | ||||
Equity affiliates | 94.95 | 103.82 | 99.24 | 96.11 | 98.60 | 107.41 | 107.41 | ||||
Total | 96.62 | 108.62 | 103.70 | 100.17 | 102.16 | 108.90 | 108.90 | ||||
Bitumen ($/BBL) | |||||||||||
Consolidated operations--Canada | 47.94 | 56.91 | 45.79 | 69.04 | 55.16 | 64.95 | 64.95 | ||||
Equity affiliates | 56.15 | 67.05 | 60.65 | 70.42 | 63.93 | 60.04 | 60.04 | ||||
Total | 54.77 | 65.74 | 58.14 | 70.20 | 62.56 | 60.66 | 60.66 | ||||
Natural Gas ($/MCF) | |||||||||||
Consolidated operations | |||||||||||
Canada | 3.59 | 3.74 | 3.56 | 2.93 | 3.46 | 1.98 | 1.98 | ||||
Norway | 9.61 | 10.57 | 9.89 | 10.09 | 10.00 | 10.40 | 10.40 | ||||
United Kingdom | 8.18 | 9.25 | 8.78 | 9.80 | 8.99 | 9.80 | 9.80 | ||||
Australia/Timor-Leste* | 0.81 | 0.90 | 1.16 | 1.12 | 1.00 | 1.10 | 1.10 | ||||
Indonesia | 9.43 | 10.98 | 10.18 | 10.01 | 10.14 | 10.37 | 10.37 | ||||
Vietnam | 1.16 | 1.11 | 1.07 | 1.19 | 1.13 | 1.15 | 1.15 | ||||
Libya | 0.09 | - | - | - | 0.09 | 0.09 | 0.09 | ||||
Nigeria | 2.15 | 2.10 | 2.36 | 2.36 | 2.25 | 2.53 | 2.53 | ||||
Total consolidated operations | 6.43 | 6.86 | 6.88 | 6.78 | 6.73 | 6.65 | 6.65 | ||||
Equity affiliates | 2.59 | 3.28 | 2.85 | 2.83 | 2.89 | 2.58 | 2.58 | ||||
Total | 5.80 | 6.22 | 6.19 | 6.14 | 6.08 | 5.93 | 5.93 | ||||
International Exploration Charges ($ Millions) | |||||||||||
Dry holes | 3 | 38 | 75 | 103 | 219 | - | - | ||||
Leasehold impairment | 19 | 19 | 20 | 17 | 75 | 498 | 498 | ||||
Total Noncash Charges | 22 | 57 | 95 | 120 | 294 | 498 | 498 | ||||
Other (G&A, G&G and Lease rentals) | 85 | 99 | 66 | 126 | 376 | 94 | 94 | ||||
Total International Exploration Charges | 107 | 156 | 161 | 246 | 670 | 592 | 592 | ||||
DD&A ($ Millions) | 1,181 | 1,148 | 940 | 944 | 4,213 | 863 | 863 | ||||
*Excludes transfers to Darwin LNG plant. |
R&M
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
R&M Net Income (Loss) Attributable | ||||||||||||||||||
to ConocoPhillips ($ Millions) | 482 | 766 | 789 | 1,714 | 3,751 | 452 | 452 | |||||||||||
United States ($ Millions) | 402 | 692 | 789 | 1,712 | 3,595 | 415 | 415 | |||||||||||
International ($ Millions) | 80 | 74 | - | 2 | 156 | 37 | 37 | |||||||||||
Worldwide - Including Net Share of Equity Affiliates | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 2,145 | 2,196 | 2,223 | 2,101 | 2,166 | 2,027 | 2,027 | |||||||||||
Total Charge Input (MB/D) | 2,315 | 2,398 | 2,393 | 2,250 | 2,338 | 2,188 | 2,188 | |||||||||||
Crude Oil Capacity Utilization (%) | 89 | % | 91 | % | 92 | % | 94 | % | 92 | % | 91 | % | 91 | % | ||||
Clean Product Yield (%) | 83 | % | 83 | % | 84 | % | 84 | % | 84 | % | 84 | % | 84 | % | ||||
Refined Products Production (MB/D) | ||||||||||||||||||
Gasoline | 986 | 1,013 | 1,003 | 924 | 982 | 897 | 897 | |||||||||||
Distillates | 903 | 932 | 950 | 928 | 928 | 895 | 895 | |||||||||||
Other | 442 | 463 | 445 | 416 | 441 | 416 |
416 |
|||||||||||
Total | 2,331 | 2,408 | 2,398 | 2,268 | 2,351 | 2,208 |
2,208 |
|||||||||||
Petroleum Products Sales (MB/D) | ||||||||||||||||||
Gasoline | 1,270 | 1,409 | 1,300 | 1,256 | 1,309 | 1,131 | 1,131 | |||||||||||
Distillates | 1,203 | 1,177 | 1,250 | 1,245 | 1,219 | 1,135 | 1,135 | |||||||||||
Other | 587 | 568 | 639 | 607 | 600 | 452 | 452 | |||||||||||
Total | 3,060 | 3,154 | 3,189 | 3,108 | 3,128 | 2,718 | 2,718 | |||||||||||
Market Indicators | ||||||||||||||||||
U.S. East Coast Crack Spread ($/BBL) | 19.09 | 25.30 | 33.70 | 22.94 | 25.26 | 25.79 | 25.79 | |||||||||||
U.S. Gulf Coast Crack Spread ($/BBL) | 17.25 | 25.25 | 31.76 | 19.37 | 23.41 | 24.22 | 24.22 | |||||||||||
U.S. Group Central Crack Spread ($/BBL) | 18.95 | 27.26 | 34.12 | 20.75 | 25.27 | 21.33 | 21.33 | |||||||||||
U.S. West Coast Crack Spread ($/BBL) | 16.14 | 15.86 | 11.78 | 10.74 | 13.63 | 16.63 | 16.63 | |||||||||||
U.S. Weighted 3:2:1 Crack Spread ($/BBL) | 17.76 | 23.70 | 28.47 | 18.16 | 22.02 | 22.01 | 22.01 | |||||||||||
NW Europe Crack Spread ($/BBL) | 12.31 | 11.88 | 13.09 | 13.97 | 12.81 | 12.73 | 12.73 | |||||||||||
Singapore 3:1:2 Crack Spread ($/BBL) | 16.33 | 17.75 | 17.53 | 15.12 | 16.68 | 15.67 | 15.67 | |||||||||||
Realized Margins | ||||||||||||||||||
Refining Margin ($/BBL) | ||||||||||||||||||
U.S. | 10.05 | 10.55 | 13.70 | 7.21 | 10.45 | 10.65 | 10.65 | |||||||||||
International | 8.28 | 4.21 | 6.50 | 4.91 | 5.95 | 7.29 | 7.29 | |||||||||||
Integrated Margin ($/BBL) | ||||||||||||||||||
U.S. | 10.16 | 11.70 | 14.79 | 7.86 | 11.21 | 10.87 | 10.87 | |||||||||||
International | 9.34 | 7.75 | 10.78 | 7.91 | 8.92 | 8.82 | 8.82 | |||||||||||
DD&A ($ Millions) | 207 | 213 | 209 | 228 | 857 | 204 | 204 | |||||||||||
Foreign Currency Gains | ||||||||||||||||||
(Losses) After-Tax ($ Millions) | 31 | 22 | (16 | ) | (14 | ) | 23 | 16 | 16 | |||||||||
Turnaround Expense ($ Millions) | 81 | 82 | 44 | 90 | 297 | 176 | 176 |
R&M (continued)
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
U.S. R&M | ||||||||||||||||||
Eastern U.S. | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 392 | 376 | 382 | 236 | 346 | 236 | 236 | |||||||||||
Total Charge Input (MB/D) | 443 | 432 | 419 | 263 | 389 | 267 | 267 | |||||||||||
Crude Oil Capacity Utilization (%) | 93 | % | 89 | % | 90 | % | 99 | % | 92 | % | 99 | % | 99 | % | ||||
Clean Product Yield (%) | 91 | % | 90 | % | 90 | % | 92 | % | 91 | % | 92 | % | 92 | % | ||||
U.S. Gulf Coast | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 614 | 664 | 668 | 684 | 658 | 600 | 600 | |||||||||||
Total Charge Input (MB/D) | 685 | 758 | 754 | 759 | 739 | 672 | 672 | |||||||||||
Crude Oil Capacity Utilization (%) | 84 | % | 91 | % | 91 | % | 93 | % | 90 | % | 82 | % | 82 | % | ||||
Clean Product Yield (%) | 80 | % | 82 | % | 82 | % | 82 | % | 82 | % | 80 | % | 80 | % | ||||
Western U.S. | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 371 | 353 | 396 | 394 | 378 | 353 | 353 | |||||||||||
Total Charge Input (MB/D) | 397 | 381 | 420 | 419 | 404 | 381 | 381 | |||||||||||
Crude Oil Capacity Utilization (%) | 89 | % | 85 | % | 95 | % | 94 | % | 91 | % | 85 | % | 85 | % | ||||
Clean Product Yield (%) | 83 | % | 81 | % | 84 | % | 85 | % | 84 | % | 87 | % | 87 | % | ||||
Central U.S. - Consolidated | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 177 | 189 | 175 | 157 | 174 | 199 | 199 | |||||||||||
Total Charge Input (MB/D) | 179 | 191 | 177 | 159 | 176 | 202 | 202 | |||||||||||
Crude Oil Capacity Utilization (%) | 94 | % | 101 | % | 94 | % | 84 | % | 93 | % | 106 | % | 106 | % | ||||
Clean Product Yield (%) | 91 | % | 93 | % | 91 | % | 92 | % | 92 | % | 93 | % | 93 | % | ||||
Central U.S. - Equity Affiliates - Net Share* | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 181 | 203 | 206 | 212 | 201 | 222 | 222 | |||||||||||
Total Charge Input (MB/D) | 194 | 213 | 216 | 222 | 211 | 232 | 232 | |||||||||||
Crude Oil Capacity Utilization (%) | 80 | % | 90 | % | 91 | % | 94 | % | 89 | % | 98 | % | 98 | % | ||||
Clean Product Yield (%) | 80 | % | 80 | % | 81 | % | 84 | % | 82 | % | 84 | % | 84 | % | ||||
Total U.S. | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 1,735 | 1,785 | 1,827 | 1,683 | 1,757 | 1,610 | 1,610 | |||||||||||
Total Charge Input (MB/D) | 1,898 | 1,975 | 1,986 | 1,822 | 1,919 | 1,754 | 1,754 | |||||||||||
Crude Oil Capacity Utilization (%) | 87 | % | 90 | % | 92 | % | 93 | % | 91 | % | 89 | % | 89 | % | ||||
Clean Product Yield (%) | 85 | % | 84 | % | 85 | % | 85 | % | 85 | % | 85 | % | 85 | % | ||||
Refined Products Production (MB/D) | ||||||||||||||||||
Gasoline | 853 | 886 | 878 | 786 | 851 | 754 | 754 | |||||||||||
Distillates | 717 | 738 | 765 | 728 | 737 | 696 | 696 | |||||||||||
Other | 344 | 362 | 348 | 325 | 344 | 325 |
325 |
|||||||||||
Total | 1,914 | 1,986 | 1,991 | 1,839 | 1,932 | 1,775 |
1,775 |
|||||||||||
Petroleum Products Sales (MB/D) | ||||||||||||||||||
Gasoline | 1,099 | 1,218 | 1,134 | 1,066 | 1,129 | 958 | 958 | |||||||||||
Distillates | 852 | 861 | 907 | 914 | 884 | 837 | 837 | |||||||||||
Other | 437 | 385 | 402 | 381 | 401 | 298 | 298 | |||||||||||
Total | 2,388 | 2,464 | 2,443 | 2,361 | 2,414 | 2,093 | 2,093 | |||||||||||
*Represents 50 percent share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||
International R&M | ||||||||||||||||||
International - Consolidated* | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 272 | 281 | 283 | 278 | 279 | 288 | 288 | |||||||||||
Total Charge Input (MB/D) | 279 | 293 | 293 | 288 | 288 | 302 | 302 | |||||||||||
Crude Oil Capacity Utilization (%) | 93 | % | 96 | % | 97 | % | 95 | % | 95 | % | 99 | % | 99 | % | ||||
Clean Product Yield (%) | 75 | % | 76 | % | 77 | % | 80 | % | 77 | % | 78 | % | 78 | % | ||||
International - Equity Affiliates - Net Share** | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 138 | 130 | 113 | 140 | 130 | 129 | 129 | |||||||||||
Total Charge Input (MB/D) | 138 | 130 | 114 | 140 | 131 | 132 | 132 | |||||||||||
Crude Oil Capacity Utilization (%) | 103 | % | 97 | % | 84 | % | 104 | % | 97 | % | 93 | % | 93 | % | ||||
Clean Product Yield (%) | 84 | % | 79 | % | 78 | % | 82 | % | 81 | % | 84 | % | 84 | % | ||||
Total International | ||||||||||||||||||
Crude Oil Charge Input (MB/D) | 410 | 411 | 396 | 418 | 409 | 417 | 417 | |||||||||||
Total Charge Input (MB/D) | 417 | 423 | 407 | 428 | 419 | 434 | 434 | |||||||||||
Crude Oil Capacity Utilization (%) | 96 | % | 96 | % | 93 | % | 98 | % | 96 | % | 97 | % | 97 | % | ||||
Clean Product Yield (%) | 78 | % | 77 | % | 77 | % | 80 | % | 78 | % | 80 | % | 80 | % | ||||
Refined Products Production (MB/D) | ||||||||||||||||||
Gasoline | 133 | 127 | 125 | 138 | 131 | 143 | 143 | |||||||||||
Distillates | 186 | 194 | 185 | 200 | 191 | 199 | 199 | |||||||||||
Other | 98 | 101 | 97 | 91 | 97 | 91 | 91 | |||||||||||
Total | 417 | 422 | 407 | 429 | 419 | 433 | 433 | |||||||||||
Petroleum Products Sales (MB/D) | ||||||||||||||||||
Gasoline | 171 | 191 | 166 | 190 | 180 | 173 | 173 | |||||||||||
Distillates | 351 | 316 | 343 | 331 | 335 | 298 | 298 | |||||||||||
Other | 150 | 183 | 237 | 226 | 199 | 154 | 154 | |||||||||||
Total | 672 | 690 | 746 | 747 | 714 | 625 | 625 | |||||||||||
*Represents our Humber Refinery in the United Kingdom and Whitegate Refinery in Ireland. | ||||||||||||||||||
**Represents 18.75 percent interest in a refinery complex in Karlsruhe, Germany, and 47 percent interest in a refinery in Melaka, Malaysia. |
LUKOIL INVESTMENT
2011 | 2012 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||
LUKOIL Investment Net Income | |||||||||||
Attributable to ConocoPhillips ($ Millions) | 239 | - | - | - | 239 | - | - | ||||
Upstream | |||||||||||
Production | |||||||||||
Net crude oil production (MB/D) | - | - | - | - | - | - | - | ||||
Net natural gas production (MMCF/D) | - | - | - | - | - | - | - | ||||
Total (MBOE/D) | - | - | - | - | - | - | - | ||||
Industry Prices | |||||||||||
Crude Oil ($/BBL) | |||||||||||
Urals crude (CIF Mediterranean) (one-quarter lag) | - | - | - | - | - | - | - | ||||
Downstream | |||||||||||
Refinery Throughput | |||||||||||
Crude Processed (MB/D) | - | - | - | - | - | - | - | ||||
Foreign Currency Gains | |||||||||||
(Losses) After-Tax ($ Millions) | 2 | - | - | - | 2 | - | - |
MIDSTREAM
2011 | 2012 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||
Midstream Net Income Attributable | |||||||||||
to ConocoPhillips ($ Millions) | 73 | 130 | 137 | 118 | 458 | 93 | 93 | ||||
U.S. Equity Affiliate ($ Millions)* | 48 | 86 | 83 | 57 | 274 | 56 | 56 | ||||
NGL Extracted (MB/D) | |||||||||||
Equity Affiliates | |||||||||||
United States* | 179 | 189 | 196 | 203 | 192 | 206 | 206 | ||||
International | 9 | 9 | 8 | 8 | 8 | 7 | 7 | ||||
Total | 188 | 198 | 204 | 211 | 200 | 213 | 213 | ||||
*Represents 50 percent interest in DCP Midstream. | |||||||||||
NGL Fractionated (MB/D) | |||||||||||
United States* | 121 | 127 | 132 | 129 | 127 | 121 | 121 | ||||
International | 18 | 17 | 16 | 14 | 17 | 15 | 15 | ||||
Total | 139 | 144 | 148 | 143 | 144 | 136 | 136 | ||||
*Excludes DCP Midstream. | |||||||||||
Product Prices | |||||||||||
Weighted Average NGL ($/BBL)* | |||||||||||
Consolidated | 53.55 | 59.14 | 59.26 | 59.19 | 57.79 | 52.44 | 52.44 | ||||
DCP Midstream | 47.64 | 52.24 | 52.09 | 50.61 | 50.64 | 42.10 | 42.10 | ||||
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix. | |||||||||||
DD&A ($ Millions) | 2 | 1 | 2 | 1 | 6 | 1 | 1 |
CHEMICALS
2011 | 2012 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||
Chemicals Net Income Attributable to ConocoPhillips ($ Millions) |
193 | 199 | 197 | 156 | 745 | 218 | 218 | ||||
Industry Margins (Cents/Lb)* | |||||||||||
Ethylene industry cash margin | 16.7 | 26.9 | 23.3 | 11.3 | 19.6 | 31.1 | 31.1 | ||||
HDPE industry contract sales margin | 25.1 | 21.1 | 17.9 | 19.7 | 20.9 | 19.3 | 19.3 | ||||
Benzene domestic contract margin | 7.3 | 2.3 | 1.7 | 1.0 | 3.1 | 4.1 | 4.1 | ||||
*Prices, economics and views expressed by CMAI are strictly the opinion of CMAI and Purvin & Gertz and are based on information collected within the public sector and on assessments by CMAI and Purvin & Gertz staff utilizing reasonable care consistent with normal industry practice. CMAI and Purvin & Gertz make no guarantee or warranty and assume no liability as to their use. |
EMERGING BUSINESSES
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Emerging Businesses Net Income (Loss) | ||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | (7 | ) | (14 | ) | (2 | ) | (3 | ) | (26 | ) | (14 | ) | (14 | ) | ||||
Detail of Net Income (Loss) | ||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | ||||||||||||||||||
Power | 22 | 17 | 32 | 44 | 115 | 23 | 23 | |||||||||||
Other | (29 | ) | (31 | ) | (34 | ) | (47 | ) | (141 | ) | (37 | ) | (37 | ) | ||||
Total | (7 | ) | (14 | ) | (2 | ) | (3 | ) | (26 | ) | (14 | ) | (14 | ) | ||||
Foreign Currency Gains | ||||||||||||||||||
(Losses) After-Tax ($ Millions) | - | - | - | - | - | - | - |
CORPORATE AND OTHER
2011 | 2012 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Corporate and Other Net Income (Loss) | ||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | (304 | ) | (203 | ) | (267 | ) | (199 | ) | (973 | ) | (360 | ) | (360 | ) | ||||
Detail of Net Income (Loss) | ||||||||||||||||||
Attributable to ConocoPhillips ($ Millions) | ||||||||||||||||||
Net interest expense | (181 | ) | (165 | ) | (166 | ) | (155 | ) | (667 | ) | (156 | ) | (156 | ) | ||||
Corporate overhead | (63 | ) | (46 | ) | (34 | ) | (56 | ) | (199 | ) | (78 | ) | (78 | ) | ||||
Repositioning costs* | - | - | - | (25 | ) | (25 | ) | (95 | ) | (95 | ) | |||||||
Other | (60 | ) | 8 | (67 | ) | 37 | (82 | ) | (31 | ) | (31 | ) | ||||||
Total | (304 | ) | (203 | ) | (267 | ) | (199 | ) | (973 | ) | (360 | ) | (360 | ) | ||||
Before-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||
Interest expense | (342 | ) | (330 | ) | (331 | ) | (336 | ) | (1,339 | ) | (327 | ) | (327 | ) | ||||
Capitalized interest | 112 | 115 | 125 | 136 | 488 | 146 | 146 | |||||||||||
Interest revenue | 39 | 27 | 19 | 23 | 108 | 13 | 13 | |||||||||||
Premium on early debt retirement | - | - | - | - | - | - | - | |||||||||||
Total | (191 | ) | (188 | ) | (187 | ) | (177 | ) | (743 | ) | (168 | ) | (168 | ) | ||||
Foreign Currency Gains | ||||||||||||||||||
(Losses) After-Tax ($ Millions) | (12 | ) | 19 | (32 | ) | 45 | 20 | (10 | ) | (10 | ) | |||||||
Debt | ||||||||||||||||||
Total Debt ($ Millions) | 23,209 | 23,196 | 23,150 | 22,623 | 22,623 | 28,360 | 28,360 | |||||||||||
Debt-to-Capital Ratio (%) | 25 | % | 25 | % | 26 | % | 26 | % | 26 | % | 30 | % | 30 | % | ||||
Equity ($ Millions) | 70,521 | 70,578 | 66,326 | 65,734 | 65,734 | 67,042 | 67,042 | |||||||||||
*First quarter of 2012 includes $10 million of interest expense. |