EX-99.2 3 a51447277-ex992.htm EXHIBIT 99.2

Exhibit 99.2

  Third-Quarter 2016 Detailed Supplemental Information
 
2015 2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
 
Revenues and Other Income
Sales and other operating revenues 7,716 8,293 7,262 6,293 29,564 5,121 5,348 6,415 16,884
Equity in earnings (losses) of affiliates 205 258 223 (31 ) 655 (149 ) 80 (60 ) (129 )
Gain on dispositions 52 52 18 469 591 23 128 51 202
Other income   29   57   4   35   125   20   19   110     149  
Total Revenues and Other Income   8,002   8,660   7,507   6,766   30,935   5,015   5,575   6,516     17,106  
 
Costs and Expenses
Purchased commodities 3,237 3,230 3,269 2,690 12,426 2,225 2,002 2,819 7,046
Production and operating expenses 1,802 1,798 1,834 1,582 7,016 1,354 1,445 1,526 4,325
Selling, general and administrative expenses 159 218 293 283 953 186 167 203 556
Exploration expenses 482 549 1,061 2,100 4,192 505 610 457 1,572
Depreciation, depletion and amortization 2,131 2,329 2,271 2,382 9,113 2,247 2,329 2,425 7,001
Impairments 16 78 24 2,127 2,245 136 62 123 321
Taxes other than income taxes 224 225 206 246 901 180 197 161 538
Accretion on discounted liabilities 121 122 122 118 483 109 112 108 329
Interest and debt expense 202 210 240 268 920 281 312 335 928
Foreign currency transaction (gains) losses   (16 ) (8 ) (72 ) 21   (75 ) 16   (17 ) 13     12  
Total Costs and Expenses   8,358   8,751   9,248   11,817   38,174   7,239   7,219   8,170     22,628  
Loss before income taxes (356 ) (91 ) (1,741 ) (5,051 ) (7,239 ) (2,224 ) (1,644 ) (1,654 ) (5,522 )
Income tax provision (benefit)   (642 ) 73   (685 ) (1,614 ) (2,868 ) (768 ) (586 ) (628 )   (1,982 )
Net Income (Loss) 286 (164 ) (1,056 ) (3,437 ) (4,371 ) (1,456 ) (1,058 ) (1,026 ) (3,540 )
Less: net income attributable to noncontrolling interests   (14 ) (15 ) (15 ) (13 ) (57 ) (13 ) (13 ) (14 )   (40 )
Net Income (Loss) Attributable to ConocoPhillips   272   (179 ) (1,071 ) (3,450 ) (4,428 ) (1,469 ) (1,071 ) (1,040 )   (3,580 )
 
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic 0.22 (0.15 ) (0.87 ) (2.78 ) (3.58 ) (1.18 ) (0.86 ) (0.84 ) (2.88 )
Diluted   0.22   (0.15 ) (0.87 ) (2.78 ) (3.58 ) (1.18 ) (0.86 ) (0.84 )   (2.88 )
 
Average Common Shares Outstanding (in thousands)
Basic 1,240,791 1,241,026 1,242,125 1,243,699 1,241,919 1,244,557 1,244,892 1,245,961 1,245,139
Diluted   1,245,531   1,241,026   1,242,125   1,243,699   1,241,919   1,244,557   1,244,892   1,245,961     1,245,139  
 
 
INCOME (LOSS) BEFORE INCOME TAXES
 
Alaska 225 305 53 (650 ) (67 ) (52 ) 98 36 82
 
Lower 48 (637 ) (460 ) (1,320 ) (634 ) (3,051 ) (1,279 ) (1,213 ) (767 ) (3,259 )
 
Canada (218 ) (38 ) (211 ) (799 ) (1,266 ) (418 ) (238 ) (442 ) (1,098 )
 
Europe and North Africa 172 102 (30 ) (689 ) (445 ) (146 ) 14 (9 ) (141 )
 
Asia Pacific and Middle East 572 521 310 (1,342 ) 61 89 157 19 265
 
Other International (145 ) (315 ) (67 ) (522 ) (1,049 ) (32 ) (38 ) (62 ) (132 )
 
Corporate and Other (325 ) (206 ) (476 ) (415 ) (1,422 ) (386 ) (424 ) (429 ) (1,239 )
                       
Consolidated   (356 ) (91 ) (1,741 ) (5,051 ) (7,239 ) (2,224 ) (1,644 ) (1,654 )   (5,522 )
 
 
EFFECTIVE INCOME TAX RATES
 
Alaska* 35.2 % 36.3 % 1.3 % 40.3 % 105.9 % 96.4 % -50.1 % -64.0 % -149.3 %
 
Lower 48 36.5 % 36.3 % 35.4 % 39.7 % 36.7 % 35.8 % 36.5 % 36.0 % 36.1 %
 
Canada 27.6 % -343.5 % 31.4 % 28.0 % 17.6 % 29.8 % 26.3 % 28.9 % 28.7 %
 
Europe and North Africa -269.7 % 64.4 % 83.7 % 62.6 % 192.1 % 65.3 % -41.6 % 1930.7 % 193.7 %
 
Asia Pacific and Middle East 28.6 % 34.0 % 11.8 % -6.7 % 758.7 % 90.8 % 46.1 % 478.6 % 92.2 %
 
Other International 36.5 % 53.2 % 37.9 % 40.3 % 43.5 % 24.3 % 24.3 % 23.2 % 23.8 %
 
Corporate and Other 23.3 % 36.1 % 28.9 % 78.2 % 43.1 % 29.1 % 21.2 % 24.7 % 24.9 %
                       
Consolidated   179.8 % -81.7 % 39.3 % 32.0 % 39.6 % 34.5 % 35.6 % 38.0 %   35.9 %
*Alaska including taxes other than income taxes. 47.0 % 49.9 % 56.4 % 23.1 % 98.6 % 61.2 % 15.5 % 36.4 % 22.2 %
1 of 8

  2015   2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
EARNINGS BY SEGMENT
 
Alaska 145 195 53 (389 ) 4 (2 ) 147 59 204
 
Lower 48 (405 ) (293 ) (852 ) (382 ) (1,932 ) (820 ) (771 ) (491 ) (2,082 )
 
Canada (158 ) (166 ) (145 ) (575 ) (1,044 ) (294 ) (175 ) (314 ) (783 )
 
Europe and North Africa 636 36 (5 ) (258 ) 409 (51 ) 20 163 132
 
Asia Pacific and Middle East 395 328 258 (1,444 ) (463 ) (5 ) 72 (87 ) (20 )
 
Other International (92 ) (147 ) (42 ) (312 ) (593 ) (24 ) (29 ) (47 ) (100 )
 
Corporate and Other (249 ) (132 ) (338 ) (90 ) (809 ) (273 ) (335 ) (323 ) (931 )
                       
Consolidated   272   (179 ) (1,071 ) (3,450 ) (4,428 ) (1,469 ) (1,071 ) (1,040 )   (3,580 )
 
 
SPECIAL ITEMS
 
Alaska (1 ) - (10 ) (467 ) (478 ) - 93 (6 ) 87
 
Lower 48 (16 ) - (389 ) 236 (169 ) (172 ) (148 ) (88 ) (408 )
 
Canada (18 ) (106 ) (27 ) (197 ) (348 ) - - (30 ) (30 )
 
Europe and North Africa 551 (34 ) (7 ) (275 ) 235 (60 ) - 160 100
 
Asia Pacific and Middle East (1 ) - (44 ) (1,503 ) (1,548 ) - - (174 ) (174 )
 
Other International - (79 ) (1 ) (239 ) (319 ) - - - -
 
Corporate and Other (21 ) (41 ) (127 ) 112 (77 ) (58 ) (31 ) (76 ) (165 )
                       
Consolidated   494   (260 ) (605 ) (2,333 ) (2,704 ) (290 ) (86 ) (214 )   (590 )
Detailed reconciliation of these items is provided on page 3.
 
 
ADJUSTED EARNINGS
 
Alaska 146 195 63 78 482 (2 ) 54 65 117
 
Lower 48 (389 ) (293 ) (463 ) (618 ) (1,763 ) (648 ) (623 ) (403 ) (1,674 )
 
Canada (140 ) (60 ) (118 ) (378 ) (696 ) (294 ) (175 ) (284 ) (753 )
 
Europe and North Africa 85 70 2 17 174 9 20 3 32
 
Asia Pacific and Middle East 396 328 302 59 1,085 (5 ) 72 87 154
 
Other International (92 ) (68 ) (41 ) (73 ) (274 ) (24 ) (29 ) (47 ) (100 )
 
Corporate and Other (228 ) (91 ) (211 ) (202 ) (732 ) (215 ) (304 ) (247 ) (766 )
                       
Consolidated   (222 ) 81   (466 ) (1,117 ) (1,724 ) (1,179 ) (985 ) (826 )   (2,990 )
 
 
ADJUSTED EFFECTIVE INCOME TAX RATES
 
Alaska 35.2 % 36.3 % 8.4 % -2.8 % 28.7 % 96.4 % -28.5 % -41.6 % -226.1 %
 
Lower 48 36.5 % 36.4 % 35.2 % 38.8 % 37.0 % 36.0 % 35.6 % 36.1 % 35.9 %
 
Canada 28.0 % 22.9 % 32.3 % 27.7 % 28.2 % 29.8 % 26.3 % 27.9 % 28.3 %
 
Europe and North Africa 55.6 % 59.1 % 124.4 % 655.3 % 50.4 % 135.4 % -41.6 % 136.9 % 262.0 %
 
Asia Pacific and Middle East 28.6 % 34.0 % 24.3 % 55.6 % 31.8 % 90.8 % 46.1 % 47.2 % 55.7 %
 
Other International 36.5 % 35.3 % 37.5 % 37.4 % 36.6 % 24.3 % 24.3 % 23.2 % 23.8 %
 
Corporate and Other 21.9 % 34.9 % 27.9 % 34.9 % 29.3 % 28.8 % 20.0 % 21.8 % 23.2 %
                       
Consolidated   17.8 % 54.9 % 41.3 % 36.0 % 34.2 % 33.6 % 31.0 % 30.7 %   32.0 %
2 of 8

  2015   2016
$ Millions 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
DETAILED SPECIAL ITEMS
 
Alaska
Restructuring (2 ) - (15 ) (2 ) (19 ) - - (10 ) (10 )
Impairments - - - (643 ) (643 ) - - - -
Pending claims and settlements - - - (82 ) (82 ) - - - -
Gain (loss) on asset sales   -   -   -   -   -   -   56   -     56  
Subtotal before income taxes (2 ) - (15 ) (727 ) (744 ) - 56 (10 ) 46
Income tax provision (benefit)*   (1 ) -   (5 ) (260 ) (266 ) -   (37 ) (4 )   (41 )
Total   (1 ) -   (10 ) (467 ) (478 ) -   93   (6 )   87  
 
Lower 48
Restructuring (25 ) 1 (57 ) (13 ) (94 ) - - (35 ) (35 )
Impairments - - (240 ) (194 ) (434 ) (266 ) (246 ) - (512 )
Rig termination - - (383 ) - (383 ) - - (134 ) (134 )
Depreciation volume adjustment - - 75 - 75 - - - -
Pending claims and settlements - - - - - - - 33 33
Gain (loss) on asset sales   -   -   -   584   584   -   -   -     -  
Subtotal before income taxes (25 ) 1 (605 ) 377 (252 ) (266 ) (246 ) (136 ) (648 )
Income tax provision (benefit)*   (9 ) 1   (216 ) 141   (83 ) (94 ) (98 ) (48 )   (240 )
Total   (16 ) -   (389 ) 236   (169 ) (172 ) (148 ) (88 )   (408 )
 
Canada
Gain (loss) on asset sales - 39 - (149 ) (110 ) - - 37 37
Impairments - - - (125 ) (125 ) - - (57 ) (57 )
Restructuring   (24 ) 1   (37 ) (2 ) (62 ) -   -   (28 )   (28 )
Subtotal before income taxes (24 ) 40 (37 ) (276 ) (297 ) - - (48 ) (48 )
Income tax provision (benefit)**   (6 ) 146   (10 ) (79 ) 51   -   -   (18 )   (18 )
Total   (18 ) (106 ) (27 ) (197 ) (348 ) -   -   (30 )   (30 )
 
Europe and North Africa
Restructuring (19 ) (4 ) (21 ) (3 ) (47 ) - - (2 ) (2 )
Impairments - (66 ) - (645 ) (711 ) (119 ) - - (119 )
Gain (loss) on asset sales   -   -   -   (38 ) (38 ) -   -   -     -  
Subtotal before income taxes (19 ) (70 ) (21 ) (686 ) (796 ) (119 ) - (2 ) (121 )
Income tax provision (benefit)**   (570 ) (36 ) (14 ) (411 ) (1,031 ) (59 ) -   (162 )   (221 )
Total   551   (34 ) (7 ) (275 ) 235   (60 ) -   160     100  
 
Asia Pacific and Middle East
Restructuring (1 ) - (4 ) - (5 ) - - - -
APLNG tax functional currency change - - - - - - - (174 ) (174 )
Impairments   -   -   (105 ) (1,504 ) (1,609 ) -   -   -     -  
Subtotal before income taxes (1 ) - (109 ) (1,504 ) (1,614 ) - - (174 ) (174 )
Income tax provision (benefit)   -   -   (65 ) (1 ) (66 ) -   -   -     -  
Total   (1 ) -   (44 ) (1,503 ) (1,548 ) -   -   (174 )   (174 )
 
Other International
Impairments - (209 ) - (463 ) (672 ) - - - -
Restructuring - - (2 ) (1 ) (3 ) - - - -
Gain (loss) on asset sales   -   -   -   58   58   -   -   -     -  
Subtotal before income taxes - (209 ) (2 ) (406 ) (617 ) - - - -
Income tax provision (benefit)***   -   (130 ) (1 ) (167 ) (298 ) -   -   -     -  
Total   -   (79 ) (1 ) (239 ) (319 ) -   -   -     -  
 
Corporate and Other
Restructuring (33 ) (15 ) (105 ) (56 ) (209 ) - - (70 ) (70 )
Pension settlement expense - (52 ) (78 ) (66 ) (196 ) (83 ) (45 ) (23 ) (151 )
Tax benefit on interest expense - - - 30 30 - - - -
Pending claims and settlements   -   -   -   (12 ) (12 ) -   -   (20 )   (20 )
Subtotal before income taxes (33 ) (67 ) (183 ) (104 ) (387 ) (83 ) (45 ) (113 ) (241 )
Income tax provision (benefit)**   (12 ) (26 ) (56 ) (216 ) (310 ) (25 ) (14 ) (37 )   (76 )
Total   (21 ) (41 ) (127 ) 112   (77 ) (58 ) (31 ) (76 )   (165 )
 
Total Company   494   (260 ) (605 ) (2,333 ) (2,704 ) (290 ) (86 ) (214 )   (590 )
*Includes deferred tax adjustment in 2Q 2016.
**Includes international tax law change for 1Q 2015 and 3Q 2016 in Europe and North Africa and 2Q 2015 in Canada and Corporate.
***Includes tax impact from country exit in 2Q 2015.
3 of 8

  2015   2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
CASH FLOW INFORMATION
 
Cash Flows from Operating Activities
Net income (loss) 286 (164 ) (1,056 ) (3,437 ) (4,371 ) (1,456 ) (1,058 ) (1,026 ) (3,540 )
Depreciation, depletion and amortization 2,131 2,329 2,271 2,382 9,113 2,247 2,329 2,425 7,001
Impairments 16 78 24 2,127 2,245 136 62 123 321
Dry hole costs and leasehold impairments 311 402 525 1,827 3,065 360 463 187 1,010
Accretion on discounted liabilities 121 122 122 118 483 109 112 108 329
Deferred taxes (637 ) 35 (682 ) (1,488 ) (2,772 ) (827 ) (630 ) (695 ) (2,152 )
Distributions received greater than equity losses
(undistributed equity earnings) 80 (121 ) (38 ) 180 101 252 (30 ) 192 414
Gain on dispositions (52 ) (52 ) (18 ) (469 ) (591 ) (23 ) (128 ) (51 ) (202 )
Other (133 ) (321 ) 195 580 321 (126 ) 109 (33 ) (50 )
Net working capital changes   (55 ) (334 ) 591   (224 ) (22 ) (251 ) 30   50     (171 )
Net Cash Provided by Operating Activities   2,068   1,974   1,934   1,596   7,572   421   1,259   1,280     2,960  
 
Cash Flows from Investing Activities
Capital expenditures and investments (3,332 ) (2,407 ) (2,174 ) (2,137 ) (10,050 ) (1,821 ) (1,133 ) (916 ) (3,870 )
Working capital changes associated with investing activities (198 ) (480 ) (164 ) (126 ) (968 ) (134 ) (229 ) (38 ) (401 )
Proceeds from asset dispositions 173 121 29 1,629 1,952 135 228 56 419
Net sales (purchases) of short-term investments - - - - - (302 ) (990 ) 1,063 (229 )
Long-term collections from related parties
and other investments   43   300   60   8   411   57   2   110     169  
Net Cash Provided by (Used in) Investing Activities   (3,314 ) (2,466 ) (2,249 ) (626 ) (8,655 ) (2,065 ) (2,122 ) 275     (3,912 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (57 ) 2,493 (30 ) (11 ) 2,395 4,530 (763 ) (12 ) 3,755
Issuance of company common stock (34 ) (12 ) (23 ) (13 ) (82 ) (42 ) (3 ) (7 ) (52 )
Dividends paid (910 ) (909 ) (922 ) (923 ) (3,664 ) (313 ) (313 ) (314 ) (940 )
Other   (18 ) (17 ) (15 ) (28 ) (78 ) (38 ) (41 ) (14 )   (93 )
Net Cash Provided by (Used in) Financing Activities   (1,019 ) 1,555   (990 ) (975 ) (1,429 ) 4,137   (1,120 ) (347 )   2,670  
 
Effect of Exchange Rate Changes   (133 ) 86   (95 ) (40 ) (182 ) 5   (20 ) 19     4  
 
Net Change in Cash and Cash Equivalents (2,398 ) 1,149 (1,400 ) (45 ) (2,694 ) 2,498 (2,003 ) 1,227 1,722
Cash and cash equivalents at beginning of period   5,062   2,664   3,813   2,413   5,062   2,368   4,866   2,863     2,368  
Cash and Cash Equivalents at End of Period   2,664   3,813   2,413   2,368   2,368   4,866   2,863   4,090     4,090  
 
 
CAPITAL EXPENDITURES AND INVESTMENTS
 
Alaska 402 379 304 267 1,352 320 183 199 702
 
Lower 48 1,372 882 756 755 3,765 580 237 175 992
 
Canada 455 272 160 368 1,255 254 214 85 553
 
Europe and North Africa 500 367 364 342 1,573 303 271 227 801
 
Asia Pacific and Middle East 488 432 551 341 1,812 306 179 215 700
 
Other International 83 43 12 35 173 41 37 3 81
 
Corporate and Other   32   32   27   29   120   17   12   12     41  
Total capital expenditures and investments   3,332   2,407   2,174   2,137   10,050   1,821   1,133   916     3,870  
4 of 8

  2015   2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
TOTAL SEGMENTS
 
 
Production
Total (MBOED) 1,610 1,595 1,554 1,599 1,589 1,578 1,546 1,557 1,560
 
Crude Oil (MBD)
Consolidated operations 603 589 558 598 587 605 577 571 584
Equity affiliates   19 19 19 16   18 12 15   15   14
Total   622 608 577 614   605 617 592   586   598
Over (under) lifting of crude oil (MBD)   17 17 32 (13 ) 13 37 (8 ) 45   25
 
NGL (MBD)
Consolidated operations 148 152 148 146 149 139 137 140 138
Equity affiliates   7 8 8 7   7 7 8   8   8
Total   155 160 156 153   156 146 145   148   146
 
Bitumen (MBD)
Consolidated operations 12 12 12 18 13 27 19 41 29
Equity affiliates   144 126 145 137   138 139 141   152   144
Total   156 138 157 155   151 166 160   193   173
 
Natural Gas (MMCFD)
Consolidated operations 3,498 3,514 3,316 3,362 3,422 3,096 2,991 2,829 2,972
Equity affiliates   561 622 668 700   638 799 902   948   883
Total   4,059 4,136 3,984 4,062   4,060 3,895 3,893   3,777   3,855
 
Industry Prices
Crude Oil ($/BBL)
WTI 48.56 57.84 46.37 42.10 48.72 33.27 45.48 44.88 41.21
WCS 33.86 46.25 33.10 27.61 35.21 19.03 32.18 31.38 27.53
Brent dated 53.97 61.92 50.26 43.67 52.46 33.89 45.57 45.85 41.77
JCC ($/BBL) 89.63 55.45 59.63 57.50 65.55 45.97 33.09 41.30 40.12
Natural Gas ($/MMBTU)
Henry Hub first of month   2.99 2.65 2.77 2.27   2.67 2.09 1.95   2.81   2.29
 
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 48.02 57.94 46.37 40.29 48.21 31.43 42.63 43.18 38.90
Equity affiliates   49.14 59.93 47.55 42.23   49.92 33.50 46.35   44.78   41.94
Total   48.05 58.00 46.41 40.35   48.26 31.47 42.72   43.21   38.97
 
NGL ($/BBL)
Consolidated operations 18.54 18.63 14.67 15.50 16.83 11.47 15.76 15.63 14.31
Equity affiliates   38.80 38.24 31.26 34.92   35.79 27.45 29.18   25.12   27.25
Total   19.60 19.62 15.54 16.42   17.79 12.30 16.55   16.18   15.04
 
Bitumen ($/BBL)
Consolidated operations 19.33 34.60 16.54 12.91 20.13 2.54 13.76 15.73 11.36
Equity affiliates   16.60 32.66 17.16 9.71   18.58 1.59 18.74   18.39   12.91
Total   16.82 32.84 17.12 10.07   18.72 1.74 18.11   17.82   12.65
 
Natural Gas ($/MCF)
Consolidated operations 4.28 3.80 3.78 3.32 3.80 2.85 2.54 3.11 2.83
Equity affiliates   7.48 4.42 4.37 3.57   4.83 3.56 2.32   2.90   2.90
Total   4.72 3.90 3.87 3.36   3.96 2.99 2.49   3.05   2.85
 
 
Exploration Expenses ($ Millions)
Dry holes 271 157 148 565 1,141 180 249 163 592
Leasehold impairment   40 245 377 1,262   1,924 180 214   24   418
Total noncash expenses 311 402 525 1,827 3,065 360 463 187 1,010
Other (G&A, G&G and lease rentals)*   171 147 536 273   1,127 145 147   270   562
Total exploration expenses   482 549 1,061 2,100   4,192 505 610   457   1,572
*3Q 2015 includes Gulf of Mexico deepwater drillship termination expense.
 
U.S. exploration expenses   220 153 772 1,119   2,264 443 559   199   1,201
International exploration expenses   262 396 289 981   1,928 62 51   258   371
 
DD&A ($ Millions)
Alaska 140 158 183 199 680 207 235 214 656
Lower 48 952 1,073 1,062 1,142 4,229 1,048 1,148 1,152 3,348
Canada 199 217 200 168 784 191 203 275 669
Europe and North Africa 417 481 485 458 1,841 378 320 373 1,071
Asia Pacific and Middle East 399 374 313 387 1,473 399 399 386 1,184
Corporate and Other   24 26 28 28   106 24 24   25   73
Total DD&A   2,131 2,329 2,271 2,382   9,113 2,247 2,329   2,425   7,001
5 of 8

  2015   2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
PRODUCTION
 
 
Crude Oil (MBD)
Alaska 163 154 144 169 158 170 163 148 160
Lower 48 198 209 213 203 206 202 206 195 201
Canada 14 13 12 9 12 8 8 7 8
Norway 88 91 90 93 90 95 78 98 90
United Kingdom 32 29 26 33 30 30 27 23 27
Libya   - - - - - - - -   -
Europe and North Africa   120 120 116 126 120 125 105 121   117
Australia/Timor-Leste 9 10 9 8 9 7 8 10 8
China 53 46 41 40 45 45 42 40 42
Indonesia 9 8 5 10 8 10 8 9 9
Malaysia 37 29 18 33 29 38 37 41 39
Equity affiliates   15 15 15 13 14 12 15 15   14
AP/ME   123 108 88 104 105 112 110 115   112
Equity affiliates   4 4 4 3 4 - - -   -
Other International   4 4 4 3 4 - - -   -
Total   622 608 577 614 605 617 592 586   598
 
NGL (MBD)
Alaska 14 13 10 14 13 14 11 11 12
Lower 48 93 97 95 93 94 86 90 92 89
Canada 25 26 27 25 26 25 22 23 23
Norway 3 2 3 3 3 3 2 3 3
United Kingdom   4 4 4 4 4 4 4 3   3
Europe and North Africa   7 6 7 7 7 7 6 6   6
Australia/Timor-Leste 6 7 6 5 6 4 5 7 6
Indonesia 3 3 3 2 3 3 3 1 2
Equity affiliates   7 8 8 7 7 7 8 8   8
AP/ME   16 18 17 14 16 14 16 16   16
Total   155 160 156 153 156 146 145 148   146
 
Bitumen (MBD)
Consolidated operations 12 12 12 18 13 27 19 41 29
Equity affiliates   144 126 145 137 138 139 141 152   144
Total   156 138 157 155 151 166 160 193   173
 
Natural Gas (MMCFD)
Alaska 52 41 34 41 42 38 27 18 28
Lower 48 1,505 1,501 1,457 1,426 1,472 1,216 1,244 1,224 1,228
Canada 736 768 712 643 715 566 532 517 538
Norway 163 143 142 165 153 174 133 127 145
United Kingdom 331 339 273 348 322 332 324 230 295
Libya   - 1 - 1 1 1 1 1   1
Europe and North Africa   494 483 415 514 476 507 458 358   441
Australia/Timor-Leste 276 294 282 297 288 309 312 260 294
China 3 3 1 1 2 1 1 1 1
Indonesia 430 417 408 431 421 445 382 399 409
Malaysia 2 7 7 9 6 14 35 52 33
Equity affiliates   561 622 668 700 638 799 902 948   883
AP/ME   1,272 1,343 1,366 1,438 1,355 1,568 1,632 1,660   1,620
Total   4,059 4,136 3,984 4,062 4,060 3,895 3,893 3,777   3,855
 
Total (MBOED)
Alaska 186 174 160 190 178 191 179 162 177
Lower 48 542 556 551 534 545 491 503 491 495
Consolidated operations 174 180 170 159 170 154 138 157 150
Equity affiliates   144 126 145 137 138 139 141 152   144
Canada   318 306 315 296 308 293 279 309   294
Norway 118 117 117 123 119 127 102 122 117
United Kingdom 91 89 75 95 88 89 85 65 79
Libya   - - - - - - - -   -
Europe and North Africa   209 206 192 218 207 216 187 187   196
Australia/Timor-Leste 61 66 62 63 63 63 65 60 63
China 54 46 41 40 45 45 42 40 42
Indonesia 84 80 76 84 81 87 75 77 79
Malaysia 37 30 19 35 30 40 43 50 45
Equity affiliates   115 127 134 136 128 152 173 181   169
AP/ME   351 349 332 358 347 387 398 408   398
Equity affiliates   4 4 4 3 4 - - -   -
Other International   4 4 4 3 4 - - -   -
Total   1,610 1,595 1,554 1,599 1,589 1,578 1,546 1,557   1,560
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  2015   2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
AVERAGE REALIZED PRICES
 
 
Crude Oil ($/BBL)
Consolidated operations
Alaska 50.74 61.51 50.48 43.73 51.61 32.54 44.39 43.43 39.69
Lower 48 40.77 52.01 41.56 35.89 42.62 27.04 39.50 40.09 35.54
Canada 37.12 46.58 38.44 34.58 39.52 26.11 37.70 37.50 33.47
Norway 55.72 62.39 50.56 43.28 53.29 35.15 45.90 47.00 42.89
United Kingdom 52.24 62.15 46.85 45.86 51.19 36.19 45.06 44.91 40.67
Libya   - - - 60.79 60.79 - - -   -
Europe and North Africa   54.30 62.35 49.86 44.01 52.75 35.47 45.77 46.59   42.39
Australia/Timor-Leste 50.58 60.38 50.45 42.11 51.41 36.86 47.21 46.19 43.21
China 48.99 57.26 43.31 36.27 46.54 27.29 38.26 39.83 35.33
Indonesia 43.64 61.28 36.15 38.77 45.40 32.70 44.82 41.98 39.44
Malaysia   56.33 65.51 52.84 44.95 55.23 37.87 49.15 48.46   45.07
AP/ME   51.20 60.55 46.81 39.57 49.70 33.11 43.55 44.27   40.33
Total consolidated operations   48.02 57.94 46.37 40.29 48.21 31.43 42.63 43.18   38.90
Equity affiliates   49.14 59.93 47.55 42.23 49.92 33.50 46.35 44.78   41.94
Total   48.05 58.00 46.41 40.35 48.26 31.47 42.72 43.21   38.97
 
NGL ($/BBL)
Consolidated operations
Lower 48 15.55 15.29 12.55 12.67 14.01 9.45 14.59 14.57 12.93
Canada 18.28 19.23 14.50 16.14 17.02 11.69 13.70 14.99 13.41
Norway 30.43 28.66 21.25 25.05 26.56 17.32 19.20 19.08 18.43
United Kingdom   29.69 30.90 26.72 26.75 28.29 19.65 22.96 22.77   21.95
Europe and North Africa   29.90 29.54 24.74 26.08 27.56 18.78 22.16 21.38   20.86
Australia/Timor-Leste 41.63 40.95 32.53 36.19 38.38 28.94 29.81 26.16 28.05
Indonesia   39.31 38.95 31.89 37.09 36.62 25.46 29.43 24.36   26.76
AP/ME   40.90 40.35 32.26 36.50 37.78 27.62 29.67 25.84   27.66
Total consolidated operations   18.54 18.63 14.67 15.50 16.83 11.47 15.76 15.63   14.31
Equity affiliates   38.80 38.24 31.26 34.92 35.79 27.45 29.18 25.12   27.25
Total   19.60 19.62 15.54 16.42 17.79 12.30 16.55 16.18   15.04
 
Bitumen ($/BBL)
Consolidated operations 19.33 34.60 16.54 12.91 20.13 2.54 13.76 15.73 11.36
Equity affiliates   16.60 32.66 17.16 9.71 18.58 1.59 18.74 18.39   12.91
Total   16.82 32.84 17.12 10.07 18.72 1.74 18.11 17.82   12.65
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 4.29 4.50 4.26 4.25 4.33 4.84 4.82 6.95 5.20
Lower 48 2.60 2.38 2.65 2.09 2.43 1.80 1.70 2.59 2.03
Canada 2.21 1.88 1.94 1.58 1.91 1.20 0.95 1.71 1.28
Norway 7.67 6.84 6.79 5.18 6.59 4.03 3.22 3.54 3.63
United Kingdom 8.65 7.40 7.28 6.37 7.41 5.55 4.74 4.50 4.98
Libya   - - - - - - - -   -
Europe and North Africa   8.33 7.23 7.11 5.99 7.14 5.03 4.30 4.13   4.53
Australia/Timor-Leste* 1.05 0.85 0.63 0.70 0.81 0.59 0.56 0.47 0.54
China 2.49 2.51 2.50 2.45 2.50 2.38 2.38 2.34 2.37
Indonesia 6.50 7.55 6.26 5.40 6.42 4.47 5.18 5.61 5.07
Malaysia   1.21 1.49 1.71 1.11 1.39 1.54 2.38 2.33   2.24
AP/ME   7.23 6.48 5.97 5.30 6.23 4.24 3.96 4.42   4.20
Total consolidated operations   4.28 3.80 3.78 3.32 3.80 2.85 2.54 3.11   2.83
Equity affiliates   7.48 4.42 4.37 3.57 4.83 3.56 2.32 2.90   2.90
Total   4.72 3.90 3.87 3.36 3.96 2.99 2.49 3.05   2.85
*Excludes transfers to Darwin LNG plant.
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  2015   2016
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
CORPORATE AND OTHER
 
 
Corporate and Other Earnings (Loss) ($ Millions)   (249 ) (132 ) (338 ) (90 ) (809 ) (273 ) (335 ) (323 )   (931 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense* (155 ) (161 ) (176 ) (26 ) (518 ) (222 ) (234 ) (258 ) (714 )
Corporate G&A expenses (21 ) (71 ) (71 ) (83 ) (246 ) (85 ) (72 ) (54 ) (211 )
Technology** (16 ) 88 3 47 122 21 1 44 66
Other   (57 ) 12   (94 ) (28 ) (167 ) 13   (30 ) (55 )   (72 )
Total   (249 ) (132 ) (338 ) (90 ) (809 ) (273 ) (335 ) (323 )   (931 )
*4Q 2015 includes a $209 million tax benefit on interest expense, from prior years, as shown on page 3.
**Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.
 
Before-Tax Net Interest Expense ($ Millions)
Interest expense (296 ) (307 ) (305 ) (306 ) (1,214 ) (321 ) (355 ) (377 ) (1,053 )
Capitalized interest 94 97 65 38 294 40 43 42 125
Interest revenue   12   13   6   5   36   8   14   21     43  
Total   (190 ) (197 ) (234 ) (263 ) (884 ) (273 ) (298 ) (314 )   (885 )
 
Debt
Total debt ($ Millions) 22,511 24,925 24,891 24,880 24,880 29,455 28,677 28,689 28,689
Debt-to-capital ratio (%)   31 % 34 % 36 % 38 % 38 % 43 % 43 % 44 %   44 %
 
Equity ($ Millions)   49,008   48,969   44,555   40,082   40,082   39,407   37,831   36,456     36,456  
 
 
REFERENCE
 
Commonly Used Abbreviations
Earnings Net Income (Loss) Attributable to ConocoPhillips
DD&A Depreciation, Depletion and Amortization
G&G Geological and Geophysical
G&A General and Administrative
JCC Japan Crude Cocktail
LNG Liquefied Natural Gas
NGL Natural Gas Liquids
WCS Western Canada Select
WTI West Texas Intermediate
 
Units of Measure
BBL Barrels
MMBBL Millions of Barrels
MBD Thousands of Barrels per Day
MBOED Thousands of Barrels of Oil Equivalent per Day
MCF Thousands of Cubic Feet
MMBTU Millions of British Thermal Units
MMCFD Millions of Cubic Feet per Day

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