8-K

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):   October 29, 2019

ConocoPhillips
(Exact name of registrant as specified in its charter)

Delaware	001-32395	01-0562944
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation)	File Number)	Identification No.)

925 N. Eldridge Parkway
Houston, Texas 77079
(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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value Per Share	COP	New York Stock Exchange
7% Debentures due 2029	CUSIP-718507BK1	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2019 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2019.  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

Exhibit No.
Description

99.1             —     Press release issued by ConocoPhillips on October 29, 2019.

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/ Catherine A. Brooks
	Catherine A. Brooks Vice President and Controller
October 29, 2019

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Third-Quarter 2019 Results; Returns-Focused Value Proposition Continues to Deliver

HOUSTON--(BUSINESS WIRE)--October 29, 2019--ConocoPhillips (NYSE: COP) today reported third-quarter 2019 earnings of $3.1 billion, or $2.74 per share, compared with third-quarter 2018 earnings of $1.9 billion, or $1.59 per share. Excluding special items, third-quarter 2019 adjusted earnings were $0.9 billion, or $0.82 per share, compared with third-quarter 2018 adjusted earnings of $1.6 billion, or $1.36 per share. Special items for the current quarter were primarily due to a gain realized on the completed United Kingdom (U.K.) divestiture.

Third-Quarter Highlights and Recent Announcements

• Cash provided by operating activities was $2.3 billion. Excluding working capital, cash from operations (CFO) of $2.6 billion exceeded capital expenditures and investments, generating free cash flow of $1.0 billion.
• Repurchased $0.75 billion of shares and paid $0.34 billion in dividends in the third quarter, representing a return of 41 percent of CFO to shareholders.
• Third-quarter production excluding Libya of 1,322 MBOED; year-over-year underlying production grew 7 percent overall and 6 percent on a debt-adjusted share basis.
• Increased production from the Lower 48 Big 3 unconventionals by 21 percent year-over-year.
• Executed turnarounds in Alaska, Malaysia and Norway.
• Ended the quarter with cash, cash equivalents and restricted cash totaling $7.5 billion and short-term investments of $0.9 billion, equaling $8.4 billion of ending cash and short-term investments.
• Completed the U.K. divestiture, generating $2.2 billion in proceeds.
• Completed the previously announced Alaska Nuna discovered resource acquisition for approximately $0.1 billion.
• Announced the Australia-West divestiture agreement for $1.4 billion, plus customary closing adjustments, subject to regulatory and other approvals.
• Announced a 38 percent increase in the quarterly dividend to 42 cents per share, and $3.0 billion in planned 2020 share repurchases.

“This business is all about having a sustainable strategy with consistent execution,” said Ryan Lance, chairman and chief executive officer. “We believe ConocoPhillips offers both – a shareholder-friendly, returns-oriented value proposition and strong delivery on our commitments. This quarter extends our successful track record of performance since we reset our value proposition in 2016. In November, we’ll present a 10-year capital and financial plan at our Analyst & Investor Meeting that emphasizes free cash flow generation with competitive returns on capital and returns of capital. We look forward to sharing a long-term outlook that fulfills our purpose of creating value for all stakeholders.”

Third-Quarter Review

Production excluding Libya for the third quarter of 2019 was 1,322 thousand barrels of oil equivalent per day (MBOED), a 98 MBOED increase over the same period a year ago. Adjusting for closed dispositions and acquisitions, underlying production increased 83 MBOED primarily due to production growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 44 MBOED.

In the Lower 48, production from the Big 3 unconventionals averaged 379 MBOED. The company also completed construction and commissioning of the Montney Phase 1 gas plant in Canada, with startup awaiting completion of a third-party pipeline. In Malaysia, production from the Kebabangan Field continued ramping up and first oil was achieved from Gumusut Phase 2. Turnarounds were completed during the quarter in Alaska, Malaysia and Norway.

Earnings increased compared with third-quarter 2018 primarily due to the gain from the U.K. divestiture, partially offset by lower realized prices. Excluding special items, adjusted earnings were lower compared with third-quarter 2018 due to lower realized prices and higher exploration expenses from increased dry hole costs, partially offset by higher volumes. The company’s total realized price was $47.07 per barrel of oil equivalent (BOE), 18 percent lower than the $57.71 per BOE realized in the third quarter of 2018, reflecting lower marker prices.

For the quarter, cash provided by operating activities was $2.3 billion. Excluding a $0.3 billion change in operating working capital, ConocoPhillips generated $2.6 billion in CFO. CFO included approximately $0.1 billion from the PDVSA ICC settlement and was reduced by a $0.3 billion U.K. pension fund contribution. In addition, the company generated $2.2 billion in disposition proceeds. The company incurred $1.7 billion in capital expenditures and investments that included approximately $0.1 billion for the Alaska acreage acquisition. In addition, the company repurchased $0.75 billion in shares and paid $0.34 billion in dividends.

Nine-Month Review

ConocoPhillips’ nine-month 2019 earnings were $6.5 billion, or $5.72 per share, compared with nine-month 2018 earnings of $4.4 billion, or $3.72 per share. Nine-month 2019 adjusted earnings were $3.2 billion, or $2.83 per share, compared with nine-month 2018 adjusted earnings of $4.0 billion, or $3.41 per share.

Production excluding Libya for the first nine months of 2019 was 1,310 MBOED, an 89 MBOED increase from 1,221 MBOED for the 2018 period. Adjusting for closed dispositions and acquisitions, underlying production increased 69 MBOED primarily due to growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 43 MBOED for the first nine months of 2019.

The company’s total realized price during the first nine months of 2019 was $49.35 per BOE, 9 percent lower compared with $54.20 per BOE in 2018. This reduction reflected lower crude, natural gas liquids and natural gas prices, partially offset by higher liquefied natural gas and bitumen prices.

For the nine months ended Sept. 30, 2019, cash provided by operating activities was $8.1 billion. Excluding a $0.9 billion change in operating working capital, ConocoPhillips generated $9.0 billion in CFO, exceeding the total of $5.0 billion in capital expenditures and investments, $2.8 billion in share repurchases and $1.0 billion in dividends. In addition, the company generated $2.9 billion in disposition proceeds. Capital expenditures and investments included approximately $0.2 billion primarily for Lower 48 bolt-on acquisitions and the Alaska acreage acquisition.

Outlook

Fourth-quarter 2019 production is expected to be 1,265 to 1,305 MBOED. The guidance excludes Libya and reflects the impacts from the completed U.K. divestiture. All other guidance items are unchanged.

ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor.

ConocoPhillips will also conduct an Analyst & Investor Meeting in Houston on Tuesday, Nov. 19 to outline the company’s 10-year operating plan and strategy for long-term value creation. A live webcast of the meeting will be available on the ConocoPhillips Investor Relations site, www.conocophillips.com/investor, with a recording and transcript available afterward.

--- # # # ---

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $70 billion of total assets, and approximately 10,400 employees as of Sept. 30, 2019. Production excluding Libya averaged 1,310 MBOED for the nine months ended Sept. 30, 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2018. 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 news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," “budget,” "continue," "could," "intend," "may," "plan," "potential," "predict," “seek,” "should," "will," “would,” "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. 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 be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include changes in commodity prices; 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 technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and 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 expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

Use of Non-GAAP Financial Information – To supplement the presentation of the company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share, cash from operations (CFO) and free cash flow.

The company believes that the non-GAAP measures adjusted earnings (both on an aggregate and a per-share basis) is useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies. The company also believes that free cash flow is useful to investors as it provides a measure to compare CFO after deduction of capital expenditures and investments across periods on a consistent basis. Free cash flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.

Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.

Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.

Other Terms – The release also contains the terms underlying production and production per debt-adjusted share. Underlying production excludes Libya and reflects the impact of closed acquisitions and dispositions (A&D) with an assumed close date of January 1, 2018. Production per debt-adjusted share is calculated on an underlying production basis using ending period debt divided by ending share price plus ending shares outstanding. The company believes that underlying production is useful to investors to compare production excluding Libya and reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. The company believes that production per debt-adjusted share is useful to investors as it provides a consistent view of production on a total equity basis by converting debt to equity and allows for comparisons across peer companies.

References in the release to earnings refer to net income/(loss) attributable to ConocoPhillips.

ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
$ Millions, Except as Indicated
	3Q19									3Q18								2019 YTD								2018 YTD
	Pre-tax		Income tax		After-tax			Per share of common stock (dollars)		Pre-tax		Income tax		After-tax		Per share of common stock (dollars)		Pre-tax		Income tax		After-tax		Per share of common stock (dollars)		Pre-tax		Income tax		After-tax		Per share of common stock (dollars)
Earnings					$	3,056		2.74						1,861		1.59						6,469		5.72						4,389		3.72
Adjustments:
Net gain on asset sales	(1,752	)	(93	)		(1,845	)	(1.66	)	(101	)	25		(76	)	(0.06	)	(1,813	)	(359	)	(2,172	)	(1.92	)	(151	)	39		(112	)	(0.09	)
Malaysia Deepwater tax incentive	-		(164	)		(164	)	(0.15	)	-		-		-		-		-		(164	)	(164	)	(0.15	)	-		-		-		-
Pending claims and settlements	(123	)	16			(107	)	(0.10	)	(286	)	7		(279	)	(0.24	)	(388	)	(37	)	(425	)	(0.38	)	(421	)	72		(349	)	(0.30	)
Unrealized gain (loss) on CVE shares	(116	)	-			(116	)	(0.10	)	73		(16	)	57		0.05		(489	)	-		(489	)	(0.43	)	(187	)	25		(162	)	(0.14	)
Unrealized gain (loss) on FX derivative	(15	)	4			(11	)	(0.01	)	3		-		3		-		15		(2	)	13		0.01		(8	)	3		(5	)	-
Impairments	141		(31	)		110		0.10		43		(10	)	33		0.03		296		(66	)	230		0.20		-		9		9		0.01
Recognition of deferred income	(49	)	10			(39	)	(0.03	)	(44	)	-		(44	)	(0.04	)	(297	)	62		(235	)	(0.21	)	(104	)	-		(104	)	(0.09	)
Pension settlement expense	37		(7	)		30		0.03		14		(3	)	11		0.01		37		(7	)	30		0.03		161		(29	)	132		0.11
Alberta tax rate change	-		-			-		-		-		-		-		-		-		(25	)	(25	)	(0.02	)	-		-		-		-
Restructuring	-		-			-		-		37		(8	)	29		0.02		-		-		-		-		37		(8	)	29		0.02
Deferred tax adjustments	-		-			-		-		-		-		-		-		-		(27	)	(27	)	(0.02	)	-		-		-		-
Premiums on early debt retirement	-		-			-		-		-		-		-		-		-		-		-		-		208		(13	)	195		0.17
Adjusted earnings / (loss)					$	914		0.82						1,595		1.36						3,205		2.83						4,022		3.41
The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

ConocoPhillips
Table 2: Reconciliation of net cash provided by operating activities to free cash flow
$ Millions, Except as Indicated
	3Q19		2019 YTD
Net Cash Provided by Operating Activities	2,337		8,122
Adjustments:
Net operating working capital changes	(307	)	(892	)
Cash from operations	2,644		9,014
Capital expenditures and investments	1,675		5,041
Free Cash Flow	969		3,973

ConocoPhillips
Table 3: Reconciliation of reported production to underlying production
In MBOED, Except as Indicated
	3Q19		3Q18		2019 YTD		2018 YTD
Total Reported Production	1,366		1,261		1,353		1,261
Adjustments:
Libya	(44	)	(37	)	(43	)	(40	)
Total Production excluding Libya	1,322		1,224		1,310		1,221
Dispositions1	(58	)	(78	)	(67	)	(89	)
Acquisitions2	-		35		-		42
Total Underlying Production	1,264		1,181		1,243		1,174
1Includes production from the completed U.K. and various Lower 48 dispositions.
2Includes production from the additional interests acquired in Alaska.

Contacts

Daren Beaudo (media)
281-293-2073
daren.beaudo@conocophillips.com

Investor Relations
281-293-5000
investor.relations@conocophillips.com

EX-99.2

Exhibit 99.2

	Third-Quarter 2019 Detailed Supplemental Information
	2018										2019
	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	8,798		8,504		9,449		9,666		36,417		9,150		7,953		7,756			24,859
Equity in earnings of affiliates	208		265		294		307		1,074		188		173		290			651
Gain on dispositions	7		55		113		888		1,063		17		82		1,785			1,884
Other income (loss)	(52	)	416		309		(500	)	173		702		172		262			1,136
Total Revenues and Other Income	8,961		9,240		10,165		10,361		38,727		10,057		8,380		10,093			28,530
Costs and Expenses
Purchased commodities	3,714		3,064		3,530		3,986		14,294		3,675		2,674		2,710			9,059
Production and operating expenses	1,171		1,313		1,367		1,362		5,213		1,271		1,418		1,331			4,020
Selling, general and administrative expenses	99		118		119		65		401		153		129		87			369
Exploration expenses	95		69		103		102		369		110		122		360			592
Depreciation, depletion and amortization	1,412		1,438		1,494		1,612		5,956		1,546		1,490		1,566			4,602
Impairments	12		(35	)	44		6		27		1		1		24			26
Taxes other than income taxes	183		273		312		280		1,048		275		194		237			706
Accretion on discounted liabilities	88		89		89		87		353		86		87		86			259
Interest and debt expense	184		177		186		188		735		233		165		184			582
Foreign currency transaction (gains) losses	30		(28	)	5		(24	)	(17	)	12		28		(21	)		19
Other expenses	197		143		10		25		375		8		14		36			58
Total Costs and Expenses	7,185		6,621		7,259		7,689		28,754		7,370		6,322		6,600			20,292
Income before income taxes	1,776		2,619		2,906		2,672		9,973		2,687		2,058		3,493			8,238
Income tax provision	876		965		1,033		794		3,668		841		461		422			1,724
Net Income	900		1,654		1,873		1,878		6,305		1,846		1,597		3,071			6,514
Less: net income attributable to noncontrolling interests	(12	)	(14	)	(12	)	(10	)	(48	)	(13	)	(17	)	(15	)		(45	)
Net Income Attributable to ConocoPhillips	888		1,640		1,861		1,868		6,257		1,833		1,580		3,056			6,469
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic	0.75		1.40		1.60		1.62		5.36		1.61		1.40		2.76			5.75
Diluted	0.75		1.39		1.59		1.61		5.32		1.60		1.40		2.74			5.72
Average Common Shares Outstanding (in thousands)*
Basic	1,179,792		1,172,378		1,163,033		1,151,148		1,166,499		1,139,463		1,125,995		1,108,555			1,124,558
Diluted	1,186,454		1,181,167		1,172,694		1,159,305		1,175,538		1,146,515		1,131,242		1,113,250			1,131,034
*Ending Common Shares Outstanding is 1,097,269 as of Sept. 30, 2019, compared with 1,110,142 as of Jun. 30, 2019.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska	654		531		535		470		2,190		505		580		417			1,502
Lower 48	398		523		660		640		2,221		261		269		35			565
Canada	(105	)	47		49		(24	)	(33	)	73		100		69			242
Europe and North Africa	771		862		811		1,687		4,131		709		602		2,345			3,656
Asia Pacific and Middle East	653		629		815		743		2,840		730		642		606			1,978
Other International	(10	)	(2	)	334		72		394		130		87		75			292
Corporate and Other	(585	)	29		(298	)	(916	)	(1,770	)	279		(222	)	(54	)		3
Consolidated	1,776		2,619		2,906		2,672		9,973		2,687		2,058		3,493			8,238
EFFECTIVE INCOME TAX RATES
Alaska*	19.9	%	21.4	%	20.1	%	5.4	%	17.2	%	23.9	%	20.5	%	26.6	%		23.3	%
Lower 48	22.6	%	21.7	%	22.2	%	19.3	%	21.3	%	26.2	%	23.1	%	27.7	%		24.8	%
Canada	38.4	%	29.7	%	31.2	%	361.3	%	291.3	%	-66.4	%	-1.0	%	26.1	%		-13.1	%
Europe and North Africa	68.3	%	66.3	%	70.3	%	35.4	%	54.8	%	70.8	%	32.4	%	14.6	%		28.5	%
Asia Pacific and Middle East	27.6	%	23.5	%	27.8	%	22.4	%	25.4	%	26.2	%	17.1	%	-3.8	%		14.0	%
Other International	-336.7	%	-102.3	%	5.4	%	-33.5	%	7.6	%	-1.3	%	6.6	%	4.4	%		2.6	%
Corporate and Other	7.5	%	5.3	%	17.3	%	0.9	%	5.8	%	3.0	%	13.3	%	74.3	%		-2081.3	%
Consolidated	49.3	%	36.8	%	35.5	%	29.7	%	36.8	%	31.3	%	22.4	%	12.1	%		20.9	%
*Alaska including taxes other than income taxes.	22.4	%	36.1	%	37.1	%	24.9	%	30.3	%	38.1	%	25.8	%	40.6	%		34.5	%

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
$ Millions
EARNINGS BY SEGMENT
Alaska	524		418		427		445		1,814		384		462		306			1,152
Lower 48	308		410		513		516		1,747		193		206		26			425
Canada	(65	)	33		34		61		63		122		100		51			273
Europe and North Africa	245		290		241		1,090		1,866		207		407		2,001			2,615
Asia Pacific and Middle East	461		466		577		566		2,070		525		517		613			1,655
Other International	(44	)	(5	)	316		97		364		131		81		73			285
Corporate and Other	(541	)	28		(247	)	(907	)	(1,667	)	271		(193	)	(14	)		64
Consolidated	888		1,640		1,861		1,868		6,257		1,833		1,580		3,056			6,469
SPECIAL ITEMS
Alaska	79		-		-		98		177		-		81		(6	)		75
Lower 48	(8	)	-		(37	)	106		61		(47	)	(125	)	(110	)		(282	)
Canada	-		36		32		80		148		68		66		-			134
Europe and North Africa	-		32		-		805		837		-		234		1,845			2,079
Asia Pacific and Middle East	-		-		-		-		-		-		52		164			216
Other International	(34	)	-		325		93		384		147		84		86			317
Corporate and Other	(285	)	281		(54	)	(623	)	(681	)	517		45		163			725
Consolidated	(248	)	349		266		559		926		685		437		2,142			3,264
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska	445		418		427		347		1,637		384		381		312			1,077
Lower 48	316		410		550		410		1,686		240		331		136			707
Canada	(65	)	(3	)	2		(19	)	(85	)	54		34		51			139
Europe and North Africa	245		258		241		285		1,029		207		173		156			536
Asia Pacific and Middle East	461		466		577		566		2,070		525		465		449			1,439
Other International	(10	)	(5	)	(9	)	4		(20	)	(16	)	(3	)	(13	)		(32	)
Corporate and Other	(256	)	(253	)	(193	)	(284	)	(986	)	(246	)	(238	)	(177	)		(661	)
Consolidated	1,136		1,291		1,595		1,309		5,331		1,148		1,143		914			3,205
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska	19.5	%	21.4	%	20.1	%	26.2	%	21.7	%	23.9	%	25.6	%	25.2	%		24.9	%
Lower 48	22.5	%	21.7	%	22.3	%	19.1	%	21.4	%	25.3	%	23.0	%	23.1	%		23.8	%
Canada	38.4	%	-1.5	%	61.1	%	20.3	%	33.6	%	26.7	%	20.8	%	26.1	%		25.1	%
Europe and North Africa	68.3	%	68.1	%	70.3	%	69.0	%	68.9	%	70.8	%	71.3	%	73.4	%		71.8	%
Asia Pacific and Middle East	27.6	%	23.5	%	27.8	%	22.4	%	25.4	%	26.2	%	24.6	%	23.3	%		24.8	%
Other International	0.7	%	-102.3	%	17.2	%	130.6	%	44.9	%	9.6	%	-32.9	%	-2.7	%		1.6	%
Corporate and Other	13.8	%	5.8	%	11.3	%	-8.2	%	5.7	%	14.8	%	12.7	%	23.3	%		16.6	%
Consolidated	41.8	%	41.2	%	39.2	%	43.6	%	41.4	%	42.9	%	40.5	%	42.5	%		41.9	%

	2018										2019
$ Millions	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
DETAILED SPECIAL ITEMS
Alaska
Pending claims and settlements	101		-		-		-		101		-		69		-			69
Subtotal before income taxes	101		-		-		-		101		-		69		-			69
Income tax provision (benefit)1	22		-		-		(98	)	(76	)	-		(12	)	6			(6	)
Total	79		-		-		98		177		-		81		(6	)		75
Lower 48
Restructuring	-		-		(20	)	(3	)	(23	)	-		-		-			-
Impairments	(10	)	-		(43	)	-		(53	)	(60	)	(95	)	(141	)		(296	)
Gain (loss) on asset sales	-		-		56		136		192		-		-		-			-
Pending claims and settlements	-		-		(41	)	-		(41	)	-		(67	)	-			(67	)
Subtotal before income taxes	(10	)	-		(48	)	133		75		(60	)	(162	)	(141	)		(363	)
Income tax provision (benefit)1	(2	)	-		(11	)	27		14		(13	)	(37	)	(31	)		(81	)
Total	(8	)	-		(37	)	106		61		(47	)	(125	)	(110	)		(282	)
Canada
Gain (loss) on asset sales	-		50		45		-		95		-		56		-			56
Subtotal before income taxes	-		50		45		-		95		-		56		-			56
Income tax provision (benefit)2	-		14		13		(80	)	(53	)	(68	)	(10	)	-			(78	)
Total	-		36		32		80		148		68		66		-			134
Europe and North Africa
Impairments	-		53		-		52		105		-		-		-			-
Gain (loss) on asset sales	-		-		-		715		715		-		-		1,752			1,752
Subtotal before income taxes	-		53		-		767		820		-		-		1,752			1,752
Income tax provision (benefit)3	-		21		-		(38	)	(17	)	-		(234	)	(93	)		(327	)
Total	-		32		-		805		837		-		234		1,845			2,079
Asia Pacific and Middle East
Gain (loss) on asset sales	-		-		-		-		-		-		5		-			5
Subtotal before income taxes	-		-		-		-		-		-		5		-			5
Income tax provision (benefit)4	-		-		-		-		-		-		(47	)	(164	)		(211	)
Total	-		-		-		-		-		-		52		164			216
Other International
Pending claims and settlements	-		-		345		85		430		147		89		89			325
Subtotal before income taxes	-		-		345		85		430		147		89		89			325
Income tax provision (benefit)5	34		-		20		(8	)	46		-		5		3			8
Total	(34	)	-		325		93		384		147		84		86			317
Corporate and Other
Pension settlement expense	-		(147	)	(14	)	(35	)	(196	)	-		-		(37	)		(37	)
Pending claims and settlements	34		-		(18	)	-		16		(17	)	44		34			61
Premiums on early debt retirement	(206	)	(2	)	-		-		(208	)	-		-		-			-
Unrealized gain (loss) on CVE common shares	(123	)	383		(73	)	(624	)	(437	)	343		30		116			489
Unrealized gain (loss) on CAD FX derivative	7		4		(3	)	6		14		(6	)	(24	)	15			(15	)
Recognition of deferred revenue	-		60		44		-		104		248		-		49			297
Restructuring	-		-		(17	)	-		(17	)	-		-		-			-
Subtotal before income taxes	(288	)	298		(81	)	(653	)	(724	)	568		50		177			795
Income tax provision (benefit)	(3	)	17		(27	)	(30	)	(43	)	51		5		14			70
Total	(285	)	281		(54	)	(623	)	(681	)	517		45		163			725
Total Company	(248	)	349		266		559		926		685		437		2,142			3,264
1Includes deferred tax adjustment in 4Q 2018 and 2Q 2019 in Alaska and in 4Q 2018 in Lower 48.
2Includes deferred tax adjustment in 4Q 2018 and 1Q 2019, and a tax rate change in 2Q 2019 in Canada.
3Includes tax adjustment in 2Q 2019 and 3Q 2019 related to the U.K. disposition.
4Includes tax adjustment in 2Q 2019 related to the Greater Sunrise Fields disposition and in 3Q 2019 for Malaysia Deepwater tax incentives.
5Includes 1Q 2018 Nigeria tax settlement.

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents	4,984		3,234		3,716		5,915		5,915		6,218		5,941		7,193			7,193
Short-term investments	288		612		875		248		248		249		732		908			908
Accounts and notes receivable	4,032		3,750		4,319		3,920		3,920		3,701		3,490		3,478			3,478
Accounts and notes receivable—related parties	160		180		180		147		147		168		161		138			138
Investment in Cenovus Energy	1,776		2,159		2,086		1,462		1,462		1,805		1,835		1,951			1,951
Inventories	1,053		1,093		1,239		1,007		1,007		1,014		1,089		955			955
Prepaid expenses and other current assets	894		580		2,308		575		575		528		2,552		594			594
Total Current Assets	13,187		11,608		14,723		13,274		13,274		13,683		15,800		15,217			15,217
Investments and long-term receivables	9,572		9,435		9,553		9,329		9,329		9,302		8,748		8,916			8,916
Loans and advances—related parties	399		399		335		335		335		268		268		219			219
Net properties, plants and equipment	45,997		46,306		44,736		45,698		45,698		45,942		44,334		43,814			43,814
Other assets	1,572		1,188		1,209		1,344		1,344		2,303		2,111		2,174			2,174
Total Assets	70,727		68,936		70,556		69,980		69,980		71,498		71,261		70,340			70,340
Liabilities
Accounts payable	3,824		3,642		3,887		3,863		3,863		3,815		3,618		3,148			3,148
Accounts payable—related parties	62		24		31		32		32		31		17		23			23
Short-term debt	337		89		95		112		112		113		114		121			121
Accrued income and other taxes	1,341		1,301		1,582		1,320		1,320		1,539		1,213		1,077			1,077
Employee benefit obligations	408		511		626		809		809		470		529		543			543
Other accruals	1,137		1,071		1,180		1,259		1,259		1,402		3,505		1,030			1,030
Total Current Liabilities	7,109		6,638		7,401		7,395		7,395		7,370		8,996		5,942			5,942
Long-term debt	16,709		14,885		14,902		14,856		14,856		14,832		14,809		14,799			14,799
Asset retirement obligations and accrued environmental costs	7,789		7,665		7,554		7,688		7,688		7,730		5,996		6,087			6,087
Deferred income taxes	5,409		5,534		5,535		5,021		5,021		5,043		4,825		4,693			4,693
Employee benefit obligations	1,832		1,774		1,755		1,764		1,764		1,704		1,689		1,786			1,786
Other liabilities and deferred credits	1,161		1,218		1,330		1,192		1,192		1,838		1,872		1,794			1,794
Total Liabilities	40,009		37,714		38,477		37,916		37,916		38,517		38,187		35,101			35,101
Equity
Common stock issued
Par value	18		18		18		18		18		18		18		18			18
Capital in excess of par	46,642		46,746		46,858		46,879		46,879		46,877		46,922		46,954			46,954
Treasury stock	(40,406	)	(41,052	)	(41,979	)	(42,905	)	(42,905	)	(43,656	)	(44,906	)	(45,656	)		(45,656	)
Accumulated other comprehensive income (loss)	(5,371	)	(5,637	)	(5,442	)	(6,063	)	(6,063	)	(5,914	)	(5,827	)	(5,654	)		(5,654	)
Retained earnings	29,663		30,967		32,495		34,010		34,010		35,534		36,769		39,484			39,484
Total Common Stockholders' Equity	30,546		31,042		31,950		31,939		31,939		32,859		32,976		35,146			35,146
Noncontrolling Interests	172		180		129		125		125		122		98		93			93
Total Equity	30,718		31,222		32,079		32,064		32,064		32,981		33,074		35,239			35,239
Total Liabilities and Equity	70,727		68,936		70,556		69,980		69,980		71,498		71,261		70,340			70,340

	2018										2019
	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)	900		1,654		1,873		1,878		6,305		1,846		1,597		3,071			6,514
Depreciation, depletion and amortization	1,412		1,438		1,494		1,612		5,956		1,546		1,490		1,566			4,602
Impairments	12		(35	)	44		6		27		1		1		24			26
Dry hole costs and leasehold impairments	20		16		28		31		95		27		41		293			361
Accretion on discounted liabilities	88		89		89		87		353		86		87		86			259
Deferred taxes	65		197		136		(115	)	283		(1	)	(220	)	(83	)		(304	)
Undistributed equity earnings	(34	)	128		(105	)	163		152		24		338		(102	)		260
Gain on dispositions	(7	)	(55	)	(113	)	(888	)	(1,063	)	(17	)	(82	)	(1,785	)		(1,884	)
Other	29		(267	)	15		414		191		(564	)	170		(426	)		(820	)
Net working capital changes	(86	)	177		(51	)	595		635		(54	)	(531	)	(307	)		(892	)
Net Cash Provided by Operating Activities	2,399		3,342		3,410		3,783		12,934		2,894		2,891		2,337			8,122
Cash Flows from Investing Activities
Capital expenditures and investments	(1,535	)	(1,999	)	(1,599	)	(1,617	)	(6,750	)	(1,637	)	(1,729	)	(1,675	)		(5,041	)
Working capital changes associated with investing activities	28		(120	)	35		(11	)	(68	)	107		(83	)	(7	)		17
Proceeds from asset dispositions	169		139		86		688		1,082		142		559		2,219			2,920
Net sales (purchases) of short-term investments	1,593		(336	)	(261	)	624		1,620		(1	)	(484	)	(180	)		(665	)
Long-term collections from (advances to)
related parties and other investments	(333	)	367		101		138		273		(88	)	276		(207	)		(19	)
Net Cash Provided by (Used in) Investing Activities	(78	)	(1,949	)	(1,638	)	(178	)	(3,843	)	(1,477	)	(1,461	)	150			(2,788	)
Cash Flows from Financing Activities
Repayment of debt	(2,888	)	(2,064	)	(18	)	(25	)	(4,995	)	(19	)	(19	)	(21	)		(59	)
Issuance of company common stock	(18	)	60		79		-		121		(38	)	2		(3	)		(39	)
Repurchase of company common stock	(500	)	(646	)	(927	)	(926	)	(2,999	)	(752	)	(1,250	)	(749	)		(2,751	)
Dividends paid	(338	)	(337	)	(334	)	(354	)	(1,363	)	(350	)	(346	)	(341	)		(1,037	)
Other	(32	)	(16	)	(63	)	(12	)	(123	)	(14	)	(41	)	(18	)		(73	)
Net Cash Provided by (Used in) Financing Activities	(3,776	)	(3,003	)	(1,263	)	(1,317	)	(9,359	)	(1,173	)	(1,654	)	(1,132	)		(3,959	)
Effect of Exchange Rate Changes	125		(139	)	(26	)	(77	)	(117	)	75		(49	)	(94	)		(68	)
Net Change in Cash, Cash Equivalents and Restricted Cash	(1,330	)	(1,749	)	483		2,211		(385	)	319		(273	)	1,261			1,307
Cash, cash equivalents and restricted cash at beginning of period	6,536		5,206		3,457		3,940		6,536		6,151		6,470		6,197			6,151
Cash, Cash Equivalents and Restricted Cash at End of Period	5,206		3,457		3,940		6,151		6,151		6,470		6,197		7,458			7,458
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska	263		581		190		264		1,298		410		370		427			1,207
Lower 48	751		889		835		709		3,184		834		936		843			2,613
Canada	173		45		100		159		477		123		109		83			315
Europe and North Africa	216		246		216		199		877		157		182		198			537
Asia Pacific and Middle East	99		194		200		225		718		96		123		103			322
Other International	1		2		3		-		6		1		-		-			1
Corporate and Other	32		42		55		61		190		16		9		21			46
Total Capital Expenditures and Investments	1,535		1,999		1,599		1,617		6,750		1,637		1,729		1,675			5,041

	2018					2019
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
TOTAL SEGMENTS
Production
Total (MBOED)	1,269	1,249	1,261	1,357	1,283	1,361	1,332	1,366		1,353
Crude Oil (MBD)
Consolidated operations	621	610	622	705	639	703	688	696		696
Equity affiliates	15	14	13	12	14	12	14	14		13
Total	636	624	635	717	653	715	702	710		709
Over (under) lifting of crude oil (MBD)	15	9	28	11	16	8	(3)	19		8
NGL (MBD)
Consolidated operations	88	95	98	98	95	103	110	106		106
Equity affiliates	8	8	8	7	7	7	8	8		8
Total	96	103	106	105	102	110	118	114		114
Bitumen (MBD)
Consolidated operations	66	63	65	71	66	63	51	63		59
Equity affiliates	-	-	-	-	-	-	-	-		-
Total	66	63	65	71	66	63	51	63		59
Natural Gas (MMCFD)
Consolidated operations	1,775	1,700	1,707	1,793	1,743	1,852	1,704	1,795		1,783
Equity affiliates	1,053	1,054	1,025	992	1,031	988	1,064	1,076		1,043
Total	2,828	2,754	2,732	2,785	2,774	2,840	2,768	2,871		2,826
Industry Prices
Crude Oil ($/BBL)
WTI	62.88	67.99	69.71	59.09	64.92	54.87	59.80	56.44		57.04
WCS	38.60	48.72	47.47	19.64	38.61	42.58	49.13	44.18		45.30
Brent dated	66.76	74.35	75.27	67.76	71.04	63.20	68.82	61.94		64.65
JCC ($/BBL)	58.62	66.66	71.51	76.66	68.36	76.98	63.72	71.59		70.77
Natural Gas ($/MMBTU)
Henry Hub first of month	3.01	2.80	2.91	3.65	3.09	3.15	2.64	2.23		2.67
Average Realized Prices
Total ($/BBL)	50.49	54.32	57.71	53.00	53.88	50.59	50.50	47.07		49.35
Crude Oil ($/BBL)
Consolidated operations	65.47	70.42	72.97	63.74	68.03	59.45	64.90	59.56		61.26
Equity affiliates	66.50	76.11	76.62	70.73	72.49	59.53	63.98	59.91		61.23
Total	65.49	70.55	73.05	63.86	68.13	59.45	64.88	59.57		61.26
NGL ($/BBL)
Consolidated operations	26.68	28.57	33.80	26.61	29.03	22.74	19.97	14.33		18.90
Equity affiliates	43.99	43.60	49.71	45.48	45.69	38.19	41.72	30.18		36.49
Total	28.37	29.94	35.14	28.04	30.48	23.85	21.65	15.59		20.24
Bitumen ($/BBL)
Consolidated operations	14.06	32.38	34.15	11.65	22.29	33.15	37.20	32.54		34.11
Equity affiliates	-	-	-	-	-	-	-	-		-
Total	14.06	32.38	34.15	11.65	22.29	33.15	37.20	32.54		34.11
Natural Gas ($/MCF)
Consolidated operations	5.18	4.85	5.48	6.05	5.40	5.27	4.08	3.73		4.37
Equity affiliates	5.04	5.72	6.35	7.15	6.06	7.31	5.81	6.40		6.48
Total	5.13	5.18	5.81	6.46	5.65	6.00	4.76	4.74		5.17
Exploration Expenses ($ Millions)
Dry holes	15	1	12	11	39	10	16	139		165
Leasehold impairment	5	15	16	20	56	17	25	154		196
Total noncash expenses	20	16	28	31	95	27	41	293		361
Other (G&A, G&G and lease rentals)	75	53	75	71	274	83	81	67		231
Total exploration expenses	95	69	103	102	369	110	122	360		592
U.S. exploration expenses	66	49	59	58	232	75	70	319		464
International exploration expenses	29	20	44	44	137	35	52	41		128
DD&A ($ Millions)
Alaska	185	182	161	213	741	205	208	200		613
Lower 48	498	553	603	653	2,307	621	709	731		2,061
Canada	91	85	89	50	315	56	48	63		167
Europe and North Africa	285	275	281	278	1,119	273	173	222		668
Asia Pacific and Middle East	327	317	334	390	1,368	375	338	332		1,045
Other International	-	-	-	-	-	-	-	-		-
Corporate and Other	26	26	26	28	106	16	14	18		48
Total DD&A	1,412	1,438	1,494	1,612	5,956	1,546	1,490	1,566		4,602

	2018					2019
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Alaska	174	170	152	187	171	210	199	190		200
Lower 48	197	218	240	262	229	245	269	277		264
Canada	2	1	1	1	1	1	1	1		1
Norway	89	82	89	89	87	89	73	91		84
United Kingdom	29	23	23	29	26	25	20	19		21
Libya	40	34	33	39	36	38	37	39		38
Europe and North Africa	158	139	145	157	149	152	130	149		143
Australia/Timor-Leste	4	3	3	5	4	6	7	6		6
China	37	29	34	42	36	41	37	35		38
Indonesia	2	2	2	2	2	2	2	2		2
Malaysia	47	48	45	49	47	46	43	36		42
Equity affiliates	15	14	13	12	14	12	14	14		13
AP/ME	105	96	97	110	103	107	103	93		101
Total	636	624	635	717	653	715	702	710		709
NGL (MBD)
Alaska	16	14	12	16	14	17	17	11		15
Lower 48	60	70	73	71	69	74	82	84		80
Canada	-	-	2	-	1	-	1	-		-
Norway	4	4	4	3	4	4	3	4		4
United Kingdom	4	4	4	4	4	4	3	3		3
Europe and North Africa	8	8	8	7	8	8	6	7		7
Australia/Timor-Leste	4	3	3	4	3	4	4	4		4
Equity affiliates	8	8	8	7	7	7	8	8		8
AP/ME	12	11	11	11	10	11	12	12		12
Total	96	103	106	105	102	110	118	114		114
Bitumen (MBD)
Canada	66	63	65	71	66	63	51	63		59
Total	66	63	65	71	66	63	51	63		59
Natural Gas (MMCFD)
Alaska	7	6	5	7	6	8	7	6		7
Lower 48	568	593	608	616	596	568	593	649		604
Canada	13	14	12	9	12	7	8	9		8
Norway	208	172	189	206	194	263	244	226		244
United Kingdom	309	309	238	270	281	310	247	218		258
Libya	31	26	25	31	28	31	27	29		29
Europe and North Africa	548	507	452	507	503	604	518	473		531
Australia/Timor-Leste	295	241	289	276	275	273	202	222		232
Indonesia	307	305	316	307	309	311	314	324		316
Malaysia	37	34	25	71	42	81	62	112		85
Equity affiliates	1,053	1,054	1,025	992	1,031	988	1,064	1,076		1,043
AP/ME	1,692	1,634	1,655	1,646	1,657	1,653	1,642	1,734		1,676
Total	2,828	2,754	2,732	2,785	2,774	2,840	2,768	2,871		2,826
Total (MBOED)
Alaska	191	185	165	204	186	228	217	202		216
Lower 48	352	387	414	436	397	414	450	469		444
Canada	70	67	70	74	70	65	54	66		62
Norway	128	114	125	126	123	137	117	133		128
United Kingdom	85	78	67	78	77	80	64	58		67
Libya	45	38	37	44	41	43	42	44		43
Europe and North Africa	258	230	229	248	241	260	223	235		238
Australia/Timor-Leste	57	46	54	55	53	56	45	47		49
China	37	29	34	42	36	41	37	35		38
Indonesia	53	53	54	53	53	54	54	56		55
Malaysia	53	54	49	61	54	60	53	55		56
Equity affiliates	198	198	192	184	193	183	199	201		195
AP/ME	398	380	383	395	389	394	388	394		393
Total	1,269	1,249	1,261	1,357	1,283	1,361	1,332	1,366		1,353

	2018					2019
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska	68.31	72.49	76.47	66.58	70.86	62.81	67.57	62.78		64.34
Lower 48	61.99	65.79	67.73	57.08	62.99	53.15	59.17	54.38		55.63
Canada	-	-	-	-	48.73	-	-	-		-
Norway	65.84	73.13	77.74	70.19	71.61	63.16	70.09	64.00		65.49
United Kingdom	64.27	70.97	76.51	66.56	69.00	59.74	69.22	63.32		64.68
Libya	65.90	72.86	73.42	68.30	69.83	63.22	68.95	62.30		64.66
Europe and North Africa	65.57	72.65	76.54	68.97	70.71	62.83	69.65	63.47		65.17
Australia/Timor-Leste	70.71	72.25	71.12	68.88	70.70	59.39	62.22	57.02		59.60
China	62.49	69.51	70.71	62.37	65.94	59.23	65.40	59.07		60.71
Indonesia	58.60	49.93	55.16	50.54	53.34	47.07	51.62	48.79		49.26
Malaysia	70.42	78.42	79.32	73.50	75.33	67.33	73.99	66.26		69.36
AP/ME	67.07	74.88	74.78	67.76	70.93	62.94	69.78	62.01		64.75
Total consolidated operations	65.47	70.42	72.97	63.74	68.03	59.45	64.90	59.56		61.26
Equity affiliates	66.50	76.11	76.62	70.73	72.49	59.53	63.98	59.91		61.23
Total	65.49	70.55	73.05	63.86	68.13	59.45	64.88	59.57		61.26
NGL ($/BBL)
Consolidated operations
Lower 48	24.57	26.71	32.17	25.13	27.30	20.66	17.91	13.04		17.03
Canada	-	-	-	-	43.70	-	-	-		-
Norway	32.58	41.12	35.57	33.23	35.56	33.37	29.42	24.38		29.76
United Kingdom	33.43	39.77	40.43	37.14	38.13	27.65	32.75	22.20		27.71
Europe and North Africa	32.98	40.35	38.80	34.75	36.87	31.15	32.00	23.20		28.65
Australia/Timor-Leste	44.36	44.23	52.30	42.66	47.20	40.13	39.97	30.13		38.13
AP/ME	44.36	44.23	52.30	42.66	47.20	40.13	39.97	30.13		38.13
Total consolidated operations	26.68	28.57	33.80	26.61	29.03	22.74	19.97	14.33		18.90
Equity affiliates	43.99	43.60	49.71	45.48	45.69	38.19	41.72	30.18		36.49
Total	28.37	29.94	35.14	28.04	30.48	23.85	21.65	15.59		20.24
Bitumen ($/BBL)
Canada*	14.06	32.38	34.15	11.65	22.29	33.15	37.20	32.54		34.11
Total	14.06	32.38	34.15	11.65	22.29	33.15	37.20	32.54		34.11
Natural Gas ($/MCF)
Consolidated operations
Alaska	2.51	2.51	2.52	2.41	2.48	3.42	3.19	3.01		3.23
Lower 48	2.76	2.34	2.80	3.35	2.82	2.74	2.10	1.80		2.19
Canada	-	-	-	-	1.00	-	-	-		-
Norway	7.32	7.19	8.23	8.57	7.87	6.39	4.31	3.37		4.76
United Kingdom	7.58	7.31	7.37	8.73	7.74	6.83	4.49	3.69		5.19
Libya	5.62	5.52	4.11	4.10	4.84	4.92	4.79	4.83		4.85
Europe and North Africa	7.38	7.19	7.62	8.42	7.65	6.55	4.42	3.60		4.98
Australia/Timor-Leste**	0.62	0.69	1.14	0.79	0.82	0.83	0.78	0.76		0.79
Indonesia	6.61	6.96	7.09	7.71	7.10	6.69	7.19	6.69		6.86
Malaysia	2.78	3.06	3.11	3.64	3.25	3.84	3.57	3.44		3.60
AP/ME	5.57	5.50	6.53	6.90	6.15	6.36	5.89	5.78		6.01
Total consolidated operations	5.18	4.85	5.48	6.05	5.40	5.27	4.08	3.73		4.37
Equity affiliates	5.04	5.72	6.35	7.15	6.06	7.31	5.81	6.40		6.48
Total	5.13	5.18	5.81	6.46	5.65	6.00	4.76	4.74		5.17
*Average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
**Excludes transfers to Darwin LNG plant.

	2018									2019
	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)	(541	)	28		(247	)	(907)	(1,667	)	271		(193	)	(14	)		64
Detail of Earnings (Loss) ($ Millions)
Net interest expense	(160	)	(174	)	(174	)	(172)	(680	)	(196	)	(131	)	(123	)		(450	)
Corporate G&A expenses	(50	)	(53	)	(36	)	48	(91	)	(65	)	(49	)	(34	)		(148	)
Technology*	(10	)	63		64		(8)	109		96		(10	)	43			129
Other	(321	)	192		(101	)	(775)	(1,005	)	436		(3	)	100			533
Total	(541	)	28		(247	)	(907)	(1,667	)	271		(193	)	(14	)		64
*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	(221	)	(222	)	(236	)	(226)	(905	)	(243	)	(178	)	(200	)		(621	)
Capitalized interest	37		45		50		38	170		10		13		16			39
Interest revenue	22		15		18		24	79		32		33		45			110
Total	(162	)	(162	)	(168	)	(164)	(656	)	(201	)	(132	)	(139	)		(472	)
Debt
Total debt ($ Millions)	17,046		14,974		14,997		14,968	14,968		14,945		14,923		14,920			14,920
Debt-to-capital ratio (%)	36	%	32	%	32	%	32%	32	%	31	%	31	%	30%			30	%
Equity ($ Millions)	30,718		31,222		32,079		32,064	32,064		32,981		33,074		35,239			35,239

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

XML

Document and Entity Information	Oct. 29, 2019
Entity Listings [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 29, 2019
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32395
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001163165
Common Stock, $.01 Par Value Per Share [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value Per Share
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029 [Member]
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP-718507BK1
Security Exchange Name	NYSE