Fourth-Quarter 2016 Detailed Supplemental ... - ConocoPhillips
Fourth-Quarter 2016 Detailed Supplemental Information 2015 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
Revenues and Other Income Sales and other operating revenues Equity in earnings (losses) of affiliates Gain on dispositions Other income Total Revenues and Other Income
7,716 205 52 29 8,002
8,293 258 52 57 8,660
7,262 223 18 4 7,507
6,293 (31) 469 35 6,766
Costs and Expenses Purchased commodities Production and operating expenses Selling, general and administrative expenses Exploration expenses Depreciation, depletion and amortization Impairments Taxes other than income taxes Accretion on discounted liabilities Interest and debt expense Foreign currency transaction (gains) losses Total Costs and Expenses Loss before income taxes Income tax provision (benefit) Net Income (Loss) Less: net income attributable to noncontrolling interests Net Income (Loss) Attributable to ConocoPhillips
3,237 1,802 159 482 2,131 16 224 121 202 (16) 8,358 (356) (642) 286 (14) 272
3,230 1,798 218 549 2,329 78 225 122 210 (8) 8,751 (91) 73 (164) (15) (179)
3,269 1,834 293 1,061 2,271 24 206 122 240 (72) 9,248 (1,741) (685) (1,056) (15) (1,071)
0.22 0.22
(0.15) (0.15)
(0.87) (0.87)
YTD
2016 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
YTD
29,564 655 591 125 30,935
5,121 (149) 23 20 5,015
5,348 80 128 19 5,575
6,415 (60) 51 110 6,516
6,809 181 158 106 7,254
23,693 52 360 255 24,360
2,690 1,582 283 2,100 2,382 2,127 246 118 268 21 11,817 (5,051) (1,614) (3,437) (13) (3,450)
12,426 7,016 953 4,192 9,113 2,245 901 483 920 (75) 38,174 (7,239) (2,868) (4,371) (57) (4,428)
2,225 1,354 186 505 2,247 136 180 109 281 16 7,239 (2,224) (768) (1,456) (13) (1,469)
2,002 1,445 167 610 2,329 62 197 112 312 (17) 7,219 (1,644) (586) (1,058) (13) (1,071)
2,819 1,526 203 457 2,425 123 161 108 335 13 8,170 (1,654) (628) (1,026) (14) (1,040)
2,948 1,342 167 343 2,061 (182) 201 96 317 (31) 7,262 (8) 11 (19) (16) (35)
9,994 5,667 723 1,915 9,062 139 739 425 1,245 (19) 29,890 (5,530) (1,971) (3,559) (56) (3,615)
(2.78) (2.78)
(3.58) (3.58)
(1.18) (1.18)
(0.86) (0.86)
(0.84) (0.84)
(0.03) (0.03)
(2.91) (2.91)
$ Millions, Except as Indicated CONSOLIDATED INCOME STATEMENT
Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock (dollars) Basic Diluted
Average Common Shares Outstanding (in thousands)* 1,240,791 1,241,026 1,242,125 1,243,699 Basic Diluted 1,245,531 1,241,026 1,242,125 1,243,699 *Ending Common Shares Outstanding is 1,237,269 as of Dec. 31, 2016, compared with 1,239,027 as of Sep. 30, 2016.
1,241,919 1,241,919
1,244,557 1,244,557
1,244,892 1,244,892
1,245,961 1,245,961
1,246,337 1,246,337
1,245,440 1,245,440
INCOME (LOSS) BEFORE INCOME TAXES Alaska
225
305
(650)
(67)
(52)
36
179
Lower 48
(637)
(460)
(1,320)
53
(634)
(3,051)
(1,279)
(1,213)
98
(767)
(327)
(3,586)
261
Canada
(442)
(220)
(1,318)
(218)
(38)
(211)
(799)
(1,266)
(418)
(238)
Europe and North Africa
172
102
(30)
(689)
(445)
(146)
14
(9)
488
347
Asia Pacific and Middle East
572
521
310
61
89
157
19
305
570
Other International
(145)
(315)
(67)
(522)
(1,049)
(32)
(38)
(62)
77
Corporate and Other
(325)
(206)
(476)
(415)
(1,422)
(386)
(424)
(429)
(510)
(1,749)
Consolidated
(356)
(91)
(1,741)
(5,051)
(7,239)
(2,224)
(1,644)
(1,654)
(8)
(5,530)
Alaska*
35.2%
36.3%
1.3%
40.3%
105.9%
96.4%
-50.1%
-64.0%
35.7%
-22.5%
Lower 48
36.5%
36.3%
35.4%
39.7%
36.7%
35.8%
36.5%
36.0%
46.4%
37.0%
Canada
27.6%
-343.5%
31.4%
28.0%
17.6%
29.8%
26.3%
28.9%
30.9%
29.1%
-269.7%
64.4%
83.7%
62.6%
192.1%
65.3%
-41.6%
1930.7%
46.4%
-13.3%
Asia Pacific and Middle East
28.6%
34.0%
11.8%
-6.7%
758.7%
90.8%
46.1%
478.6%
20.0%
53.6%
Other International
36.5%
53.2%
37.9%
40.3%
43.5%
24.3%
24.3%
23.2%
-10.8%
71.3%
Corporate and Other
23.3%
36.1%
28.9%
78.2%
43.1%
29.1%
21.2%
24.7%
22.1%
24.1%
179.8% 47.0%
-81.7% 49.9%
39.3% 56.4%
32.0% 23.1%
39.6% 98.6%
34.5% 61.2%
35.6% 15.5%
38.0% 36.4%
-113.2% 55.2%
35.6% 38.5%
(1,342)
(55)
EFFECTIVE INCOME TAX RATES
Europe and North Africa
Consolidated *Alaska including taxes other than income taxes.
1 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
$ Millions EARNINGS BY SEGMENT Alaska
145
195
53
(389)
147
59
115
Lower 48
(405)
(293)
(852)
(382)
(1,932)
4
(820)
(2)
(771)
(491)
(175)
(2,257)
319
Canada
(145)
(575)
(1,044)
(294)
(175)
(314)
(152)
(935)
(5)
(258)
(51)
20
163
262
394 209
(158)
(166)
Europe and North Africa
636
36
Asia Pacific and Middle East
395
328
258
(1,444)
(463)
(5)
72
(87)
229
Other International
(92)
(147)
(42)
(312)
(593)
(24)
(29)
(47)
84
(249)
(132)
(338)
(90)
(809)
(273)
(335)
(323)
(398)
(1,329)
272
(179)
(1,071)
(3,450)
(4,428)
(1,469)
(1,071)
(1,040)
(35)
(3,615)
-
(10)
(467)
(478)
(6)
(1)
86
-
(364)
Corporate and Other Consolidated
409
(16)
SPECIAL ITEMS Alaska
(1)
Lower 48
(16)
(389)
236
(169)
Canada
(18)
(106)
(27)
(197)
(348)
Europe and North Africa
551
(34)
(7)
(275)
235
Asia Pacific and Middle East Other International
(1) -
-
(172) (60)
93 (148)
(88)
44
-
(30)
(51)
(81)
-
160
180
280
(174)
47
(127)
(44)
(1,503)
(1,548)
-
-
(79)
(1)
(239)
(319)
-
-
112
(77)
(58)
(31)
(2,704)
(290)
(86)
Corporate and Other
(21)
(41)
(127)
Consolidated Detailed reconciliation of these items is provided on page 3.
494
(260)
(605)
(2,333)
-
138
138
(76)
(74)
(239)
(214)
283
(307)
ADJUSTED EARNINGS Alaska
146
195
63
78
54
65
116
Lower 48
(389)
(293)
(463)
(618)
(1,763)
(648)
(623)
(403)
(219)
(1,893)
Canada
(140)
(60)
(118)
(378)
(696)
(294)
(175)
(284)
(101)
(854)
Europe and North Africa
482
85
70
2
17
174
Asia Pacific and Middle East
396
328
302
59
1,085
Other International
(92)
(68)
(41)
(73)
Corporate and Other
(228)
(91)
(211)
(202)
Consolidated
(222)
81
(466)
(1,117)
(2)
233
9
20
3
82
114
(5)
72
87
182
336
(24)
(29)
(47)
(54)
(154)
(732)
(215)
(304)
(247)
(324)
(1,090)
(1,724)
(1,179)
(985)
(826)
(318)
(3,308)
(274)
ADJUSTED EFFECTIVE INCOME TAX RATES Alaska
35.2%
36.3%
8.4%
-2.8%
28.7%
96.4%
-28.5%
-41.6%
35.9%
-7.7%
Lower 48
36.5%
36.4%
35.2%
38.8%
37.0%
36.0%
35.6%
36.1%
36.6%
36.0%
Canada
28.0%
22.9%
32.3%
27.7%
28.2%
29.8%
26.3%
27.9%
32.7%
28.8%
Europe and North Africa
55.6%
59.1%
124.4%
655.3%
50.4%
135.4%
-41.6%
136.9%
54.1%
28.3%
Asia Pacific and Middle East
28.6%
34.0%
24.3%
55.6%
31.8%
90.8%
46.1%
47.2%
35.5%
47.4%
Other International
36.5%
35.3%
37.5%
37.4%
36.6%
24.3%
24.3%
23.2%
23.3%
23.6%
Corporate and Other
21.9%
34.9%
27.9%
34.9%
29.3%
28.8%
20.0%
21.8%
19.6%
22.2%
Consolidated
17.8%
54.9%
41.3%
36.0%
34.2%
33.6%
31.0%
30.7%
0.4%
29.9%
2 of 8
$ Millions DETAILED SPECIAL ITEMS Alaska Restructuring Impairments Pending claims and settlements Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit)* Total
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2016 3rd Qtr
4th Qtr
YTD
56 56 (37) 93
(10) (10) (4) (6)
(2) (2) (1) (1)
(12) 56 44 (42) 86
(246) (246) (98) (148)
(35) (134) 33 (136) (48) (88)
(4) (69) 92 19 (25) 44
(39) (581) (134) 33 92 (629) (265) (364)
-
37 (57) (28) (48) (18) (30)
(70) (70) (19) (51)
37 (127) (28) (118) (37) (81)
-
(2) (2) (162) 160
(1) 311 310 130 180
(3) 192 189 (91) 280
(174) (174) (174)
(47) 47
(174) (174) (47) (127)
146 146 8 138
146 146 8 138
(2) (2) (1) (1)
-
(15) (15) (5) (10)
(2) (643) (82) (727) (260) (467)
(19) (643) (82) (744) (266) (478)
Lower 48 Restructuring Impairments Rig termination Depreciation volume adjustment Pending claims and settlements Gain (loss) on asset sales Minnesota iron ore reversionary interest Subtotal before income taxes Income tax provision (benefit)* Total
(25) (25) (9) (16)
1 1 1 -
(57) (240) (383) 75 (605) (216) (389)
(13) (194) 584 377 141 236
(94) (434) (383) 75 584 (252) (83) (169)
Canada Gain (loss) on asset sales Impairments Restructuring Subtotal before income taxes Income tax provision (benefit)** Total
(24) (24) (6) (18)
39 1 40 146 (106)
(37) (37) (10) (27)
(149) (125) (2) (276) (79) (197)
(110) (125) (62) (297) 51 (348)
Europe and North Africa Restructuring Impairments Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit)** Total
(19) (19) (570) 551
(4) (66) (70) (36) (34)
(21) (21) (14) (7)
(3) (645) (38) (686) (411) (275)
(47) (711) (38) (796) (1,031) 235
(4) (105) (109) (65) (44)
(1,504) (1,504) (1) (1,503)
(5) (1,609) (1,614) (66) (1,548)
-
-
(209) (209) (130) (79)
(2) (2) (1) (1)
(463) (1) 58 (406) (167) (239)
(672) (3) 58 (617) (298) (319)
-
-
(15) (52) (67) (26) (41)
(105) (78) (183) (56) (127)
(56) (66) 30 (12) (104) (216) 112
(209) (196) 30 (12) (387) (310) (77)
(83) (83) (25) (58)
(45) (45) (14) (31)
(70) (23) (20) (113) (37) (76)
(6) (52) (50) (108) (34) (74)
(76) (203) (50) (20) (349) (110) (239)
(2,704)
(290)
(86)
(214)
283
(307)
Asia Pacific and Middle East Restructuring APLNG tax functional currency change Impairments Subtotal before income taxes Income tax provision (benefit)**** Total Other International Impairments Restructuring Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit)*** Total Corporate and Other Restructuring Pension settlement expense Tax benefit on interest expense Impairments Pending claims and settlements Subtotal before income taxes Income tax provision (benefit)** Total
(1) (1) (1)
-
(33) (33) (12) (21)
-
Total Company 494 (260) (605) (2,333) *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. ****Includes Malaysia deferred tax recognition in 4Q 2016.
-
2nd Qtr
(266) (266) (94) (172)
-
(119) (119) (59) (60)
-
3 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
286 2,131 16 311 121 (637)
(164) 2,329 78 402 122 35
(1,056) 2,271 24 525 122 (682)
(3,437) 2,382 2,127 1,827 118 (1,488)
(4,371) 9,113 2,245 3,065 483 (2,772)
(1,456) 2,247 136 360 109 (827)
(1,058) 2,329 62 463 112 (630)
(1,026) 2,425 123 187 108 (695)
(19) 2,061 (182) 174 96 (69)
(3,559) 9,062 139 1,184 425 (2,221)
80 (52) (133) (55) 2,068
(121) (52) (321) (334) 1,974
(38) (18) 195 591 1,934
180 (469) 580 (224) 1,596
101 (591) 321 (22) 7,572
252 (23) (126) (251) 421
(30) (128) 109 30 1,259
192 (51) (33) 50 1,280
(115) (158) (35) (310) 1,443
299 (360) (85) (481) 4,403
(3,332) (198) 173 -
(2,407) (480) 121 -
(2,174) (164) 29 -
(2,137) (126) 1,629 -
(10,050) (968) 1,952 -
(1,821) (134) 135 (302)
(1,133) (229) 228 (990)
(916) (38) 56 1,063
(999) 70 867 178
(4,869) (331) 1,286 (51)
43 (3,314)
300 (2,466)
60 (2,249)
8 (626)
411 (8,655)
57 (2,065)
2 (2,122)
110 275
(63) 53
106 (3,859)
(57) (34) (910) (18) (1,019)
2,493 (12) (909) (17) 1,555
(30) (23) (922) (15) (990)
(11) (13) (923) (28) (975)
2,395 (82) (3,664) (78) (1,429)
4,530 (42) (313) (38) 4,137
(763) (3) (313) (41) (1,120)
(12) (7) (314) (14) (347)
(1,412) (11) (126) (313) (44) (1,906)
2,343 (63) (126) (1,253) (137) 764
$ Millions CASH FLOW INFORMATION Cash Flows from Operating Activities Net income (loss) Depreciation, depletion and amortization Impairments Dry hole costs and leasehold impairments Accretion on discounted liabilities Deferred taxes Distributions received greater than equity losses (undistributed equity earnings) Gain on dispositions Other Net working capital changes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Capital expenditures and investments Working capital changes associated with investing activities Proceeds from asset dispositions Net sales (purchases) of short-term investments Long-term collections from (advances to) related parties and other investments Net Cash Provided by (Used in) Investing Activities Cash Flows from Financing Activities Net issuance (repayment) of debt Issuance of company common stock Repurchase of company common stock Dividends paid Other Net Cash Provided by (Used in) Financing Activities Effect of Exchange Rate Changes Net Change in Cash and Cash Equivalents Cash and cash equivalents at beginning of period Cash and Cash Equivalents at End of Period
(133)
86
(95)
(40)
(182)
5
(20)
19
(70)
(2,398) 5,062 2,664
1,149 2,664 3,813
(1,400) 3,813 2,413
(45) 2,413 2,368
(2,694) 5,062 2,368
2,498 2,368 4,866
(2,003) 4,866 2,863
1,227 2,863 4,090
(480) 4,090 3,610
(66) 1,242 2,368 3,610
CAPITAL EXPENDITURES AND INVESTMENTS Alaska Lower 48
402
379
304
267
1,352
320
183
199
181
883 1,262
1,372
882
756
755
3,765
580
237
175
270
Canada
455
272
160
368
1,255
254
214
85
145
698
Europe and North Africa
500
367
364
342
1,573
303
271
227
219
1,020
Asia Pacific and Middle East
488
432
551
341
1,812
306
179
215
138
838
83
43
12
35
173
41
37
3
23
104
32 3,332
32 2,407
27 2,174
29 2,137
120 10,050
17 1,821
12 1,133
12 916
23 999
64 4,869
Other International Corporate and Other Total capital expenditures and investments
4 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
1,589
1,578
1,546
2016 3rd Qtr
4th Qtr
YTD
TOTAL SEGMENTS
Production Total (MBOED)
1,610
1,595
1,554
Crude Oil (MBD) Consolidated operations Equity affiliates Total Over (under) lifting of crude oil (MBD)
603 19 622 17
589 19 608 17
558 19 577 32
598 16 614 (13)
587 18 605 13
605 12 617 37
577 15 592 (8)
571 15 586 45
582 14 596 (30)
584 14 598 11
NGL (MBD) Consolidated operations Equity affiliates Total
148 7 155
152 8 160
148 8 156
146 7 153
149 7 156
139 7 146
137 8 145
140 8 148
133 10 143
137 8 145
Bitumen (MBD) Consolidated operations Equity affiliates Total
12 144 156
12 126 138
12 145 157
18 137 155
13 138 151
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
Natural Gas (MMCFD) Consolidated operations Equity affiliates Total
3,498 561 4,059
3,514 622 4,136
3,316 668 3,984
3,362 700 4,062
3,422 638 4,060
3,096 799 3,895
2,991 902 3,893
2,829 948 3,777
2,916 947 3,863
2,958 899 3,857
48.56 33.86 53.97 89.63
57.84 46.25 61.92 55.45
46.37 33.10 50.26 59.63
42.10 27.61 43.67 57.50
48.72 35.21 52.46 65.55
33.27 19.03 33.89 45.97
45.48 32.18 45.57 33.09
44.88 31.38 45.85 41.30
49.18 34.85 49.46 46.14
43.20 29.36 43.69 41.63
2.99
2.65
2.77
2.27
2.67
2.09
1.95
2.81
2.98
2.46
Average Realized Prices Crude Oil ($/BBL) Consolidated operations Equity affiliates Total
48.02 49.14 48.05
57.94 59.93 58.00
46.37 47.55 46.41
40.29 42.23 40.35
48.21 49.92 48.26
31.43 33.50 31.47
42.63 46.35 42.72
43.18 44.78 43.21
46.96 50.82 47.05
40.78 44.11 40.86
NGL ($/BBL) Consolidated operations Equity affiliates Total
18.54 38.80 19.60
18.63 38.24 19.62
14.67 31.26 15.54
15.50 34.92 16.42
16.83 35.79 17.79
11.47 27.45 12.30
15.76 29.18 16.55
15.63 25.12 16.18
20.23 39.27 21.82
15.72 31.13 16.68
Bitumen ($/BBL) Consolidated operations Equity affiliates Total
19.33 16.60 16.82
34.60 32.66 32.84
16.54 17.16 17.12
12.91 9.71 10.07
20.13 18.58 18.72
2.54 1.59 1.74
13.76 18.74 18.11
15.73 18.39 17.82
15.72 23.36 21.64
12.91 15.80 15.27
Natural Gas ($/MCF) Consolidated operations Equity affiliates Total
4.28 7.48 4.72
3.80 4.42 3.90
3.78 4.37 3.87
3.32 3.57 3.36
3.80 4.83 3.96
2.85 3.56 2.99
2.54 2.32 2.49
3.11 2.90 3.05
3.53 3.17 3.44
3.00 2.97 3.00
Exploration Expenses ($ Millions) Dry holes Leasehold impairment Total noncash expenses Other (G&A, G&G and lease rentals)* Total exploration expenses *3Q 2015 includes Gulf of Mexico deepwater drillship termination expense.
271 40 311 171 482
157 245 402 147 549
148 377 525 536 1,061
565 1,262 1,827 273 2,100
1,141 1,924 3,065 1,127 4,192
180 180 360 145 505
249 214 463 147 610
163 24 187 270 457
126 48 174 169 343
718 466 1,184 731 1,915
U.S. exploration expenses International exploration expenses
220 262
153 396
772 289
1,119 981
2,264 1,928
443 62
559 51
199 258
76 267
1,277 638
140 952 199 417 399 24 2,131
158 1,073 217 481 374 26 2,329
183 1,062 200 485 313 28 2,271
199 1,142 168 458 387 28 2,382
680 4,229 784 1,841 1,473 106 9,113
207 1,048 191 378 399 24 2,247
235 1,148 203 320 399 24 2,329
214 1,152 275 373 386 25 2,425
211 861 218 342 378 1 50 2,061
867 4,209 887 1,413 1,562 1 123 9,062
Industry Prices Crude Oil ($/BBL) WTI WCS Brent dated JCC ($/BBL) Natural Gas ($/MMBTU) Henry Hub first of month
DD&A ($ Millions) Alaska Lower 48 Canada Europe and North Africa Asia Pacific and Middle East Other International Corporate and Other Total DD&A
1,599
1,557
1,596
1,569
5 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
PRODUCTION
Crude Oil (MBD) Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia Equity affiliates AP/ME Equity affiliates Other International Total
163 198 14 88 32 120 9 53 9 37 15 123 4 4 622
154 209 13 91 29 120 10 46 8 29 15 108 4 4 608
144 213 12 90 26 116 9 41 5 18 15 88 4 4 577
169 203 9 93 33 126 8 40 10 33 13 104 3 3 614
158 206 12 90 30 120 9 45 8 29 14 105 4 4 605
170 202 8 95 30 125 7 45 10 38 12 112 617
163 206 8 78 27 105 8 42 8 37 15 110 592
148 195 7 98 23 121 10 40 9 41 15 115 586
170 176 6 99 29 9 137 7 37 5 44 14 107 596
163 195 7 93 27 2 122 8 41 8 40 14 111 598
NGL (MBD) Alaska Lower 48 Canada Norway United Kingdom Europe and North Africa Australia/Timor-Leste Indonesia Equity affiliates AP/ME Total
14 93 25 3 4 7 6 3 7 16 155
13 97 26 2 4 6 7 3 8 18 160
10 95 27 3 4 7 6 3 8 17 156
14 93 25 3 4 7 5 2 7 14 153
13 94 26 3 4 7 6 3 7 16 156
14 86 25 3 4 7 4 3 7 14 146
11 90 22 2 4 6 5 3 8 16 145
11 92 23 3 3 6 7 1 8 16 148
15 83 21 3 4 7 5 2 10 17 143
12 88 23 3 4 7 5 2 8 15 145
Bitumen (MBD) Consolidated operations Equity affiliates Total
12 144 156
12 126 138
12 145 157
18 137 155
13 138 151
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
Natural Gas (MMCFD) Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia Equity affiliates AP/ME Total
52 1,505 736 163 331 494 276 3 430 2 561 1,272 4,059
41 1,501 768 143 339 1 483 294 3 417 7 622 1,343 4,136
34 1,457 712 142 273 415 282 1 408 7 668 1,366 3,984
41 1,426 643 165 348 1 514 297 1 431 9 700 1,438 4,062
42 1,472 715 153 322 1 476 288 2 421 6 638 1,355 4,060
38 1,216 566 174 332 1 507 309 1 445 14 799 1,568 3,895
27 1,244 532 133 324 1 458 312 1 382 35 902 1,632 3,893
18 1,224 517 127 230 1 358 260 1 399 52 948 1,660 3,777
16 1,192 483 183 333 2 518 274 344 89 947 1,654 3,863
25 1,219 524 154 305 1 460 289 1 393 47 899 1,629 3,857
Total (MBOED) Alaska Lower 48 Consolidated operations Equity affiliates Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia Equity affiliates AP/ME Equity affiliates Other International Total
186 542 174 144 318 118 91 209 61 54 84 37 115 351 4 4 1,610
174 556 180 126 306 117 89 206 66 46 80 30 127 349 4 4 1,595
160 551 170 145 315 117 75 192 62 41 76 19 134 332 4 4 1,554
190 534 159 137 296 123 95 218 63 40 84 35 136 358 3 3 1,599
178 545 170 138 308 119 88 207 63 45 81 30 128 347 4 4 1,589
191 491 154 139 293 127 89 216 63 45 87 40 152 387 1,578
179 503 138 141 279 102 85 187 65 42 75 43 173 398 1,546
162 491 157 152 309 122 65 187 60 40 77 50 181 408 1,557
187 458 158 163 321 133 88 9 230 58 37 64 59 182 400 1,596
179 486 152 148 300 121 82 2 205 61 41 76 48 173 399 1,569
6 of 8
2015 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
Crude Oil ($/BBL) Consolidated operations Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia AP/ME Total consolidated operations Equity affiliates Total
50.74 40.77 37.12 55.72 52.24 54.30 50.58 48.99 43.64 56.33 51.20 48.02 49.14 48.05
61.51 52.01 46.58 62.39 62.15 62.35 60.38 57.26 61.28 65.51 60.55 57.94 59.93 58.00
50.48 41.56 38.44 50.56 46.85 49.86 50.45 43.31 36.15 52.84 46.81 46.37 47.55 46.41
43.73 35.89 34.58 43.28 45.86 60.79 44.01 42.11 36.27 38.77 44.95 39.57 40.29 42.23 40.35
NGL ($/BBL) Consolidated operations Lower 48 Canada Norway United Kingdom Europe and North Africa Australia/Timor-Leste Indonesia AP/ME Total consolidated operations Equity affiliates Total
15.55 18.28 30.43 29.69 29.90 41.63 39.31 40.90 18.54 38.80 19.60
15.29 19.23 28.66 30.90 29.54 40.95 38.95 40.35 18.63 38.24 19.62
12.55 14.50 21.25 26.72 24.74 32.53 31.89 32.26 14.67 31.26 15.54
Bitumen ($/BBL) Consolidated operations Equity affiliates Total
19.33 16.60 16.82
34.60 32.66 32.84
4.29 2.60 2.21 7.67 8.65 8.33 1.05 2.49 6.50 1.21 7.23 4.28 7.48 4.72
4.50 2.38 1.88 6.84 7.40 7.23 0.85 2.51 7.55 1.49 6.48 3.80 4.42 3.90
YTD
2016 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
YTD
51.61 42.62 39.52 53.29 51.19 60.79 52.75 51.41 46.54 45.40 55.23 49.70 48.21 49.92 48.26
32.54 27.04 26.11 35.15 36.19 35.47 36.86 27.29 32.70 37.87 33.11 31.43 33.50 31.47
44.39 39.50 37.70 45.90 45.06 45.77 47.21 38.26 44.82 49.15 43.55 42.63 46.35 42.72
43.43 40.09 37.50 47.00 44.91 46.59 46.19 39.83 41.98 48.46 44.27 43.18 44.78 43.21
48.15 44.15 41.50 49.15 48.17 48.93 48.54 45.19 37.18 52.52 48.40 46.96 50.82 47.05
41.93 37.49 35.25 44.09 42.14 43.66 44.06 37.64 39.08 47.06 42.23 40.78 44.11 40.86
12.67 16.14 25.05 26.75 26.08 36.19 37.09 36.50 15.50 34.92 16.42
14.01 17.02 26.56 28.29 27.56 38.38 36.62 37.78 16.83 35.79 17.79
9.45 11.69 17.32 19.65 18.78 28.94 25.46 27.62 11.47 27.45 12.30
14.59 13.70 19.20 22.96 22.16 29.81 29.43 29.67 15.76 29.18 16.55
14.57 14.99 19.08 22.77 21.38 26.16 24.36 25.84 15.63 25.12 16.18
18.83 19.52 22.52 28.79 26.95 35.85 30.04 34.30 20.23 39.27 21.82
14.34 14.82 19.57 23.96 22.62 29.69 27.36 29.00 15.72 31.13 16.68
16.54 17.16 17.12
12.91 9.71 10.07
20.13 18.58 18.72
2.54 1.59 1.74
13.76 18.74 18.11
15.73 18.39 17.82
15.72 23.36 21.64
12.91 15.80 15.27
4.26 2.65 1.94 6.79 7.28 7.11 0.63 2.50 6.26 1.71 5.97 3.78 4.37 3.87
4.25 2.09 1.58 5.18 6.37 5.99 0.70 2.45 5.40 1.11 5.30 3.32 3.57 3.36
4.33 2.43 1.91 6.59 7.41 7.14 0.81 2.50 6.42 1.39 6.23 3.80 4.83 3.96
4.84 1.80 1.20 4.03 5.55 5.03 0.59 2.38 4.47 1.54 4.24 2.85 3.56 2.99
4.82 1.70 0.95 3.22 4.74 4.30 0.56 2.38 5.18 2.38 3.96 2.54 2.32 2.49
6.95 2.59 1.71 3.54 4.50 4.13 0.47 2.34 5.61 2.33 4.42 3.11 2.90 3.05
5.38 2.72 2.18 4.59 5.50 5.17 0.56 2.30 5.77 2.74 4.62 3.53 3.17 3.44
5.22 2.20 1.49 3.92 5.12 4.71 0.54 2.36 5.22 2.48 4.31 3.00 2.97 3.00
AVERAGE REALIZED PRICES
Natural Gas ($/MCF) Consolidated operations Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste* China Indonesia Malaysia AP/ME Total consolidated operations Equity affiliates Total *Excludes transfers to Darwin LNG plant.
7 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
(249)
(132)
(338)
(90)
(809)
(273)
(335)
(323)
(398)
(1,329)
(26) (83) 47 (28) (90)
(518) (246) 122 (167) (809)
(222) (85) 21 13 (273)
(234) (72) 1 (30) (335)
(258) (54) 44 (55) (323)
(266) (78) (16) (38) (398)
(980) (289) 50 (110) (1,329)
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)
Detail of Earnings (Loss) ($ Millions) Net interest expense* (155) (161) (176) Corporate G&A expenses (21) (71) (71) Technology** (16) 88 3 Other (57) 12 (94) Total (249) (132) (338) *4Q 2015 includes a $209 million tax benefit on interest expense, from prior year, as shown on page 3. **Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues. Before-Tax Net Interest Expense ($ Millions) Interest expense Capitalized interest Interest revenue Total
(296) 94 12 (190)
(307) 97 13 (197)
(305) 65 6 (234)
(306) 38 5 (263)
(1,214) 294 36 (884)
(321) 40 8 (273)
(355) 43 14 (298)
(377) 42 21 (314)
(349) 32 3 (314)
(1,402) 157 46 (1,199)
Debt Total debt ($ Millions) Debt-to-capital ratio (%)
22,511 31%
24,925 34%
24,891 36%
24,880 38%
24,880 38%
29,455 43%
28,677 43%
28,689 44%
27,275 44%
27,275 44%
Equity ($ Millions)
49,008
48,969
44,555
40,082
40,082
39,407
37,831
36,456
35,226
35,226
REFERENCE Commonly Used Abbreviations Net Income (Loss) Attributable to ConocoPhillips Earnings Depreciation, Depletion and Amortization DD&A G&G Geological and Geophysical G&A General and Administrative IFRS International Financial Reporting Standards JCC Japan Crude Cocktail LNG Liquefied Natural Gas NGL Natural Gas Liquids WCS Western Canada Select WTI West Texas Intermediate
Units of Measure BBL MMBBL MBD MBOED MCF MMBTU MMCFD
Barrels Millions of Barrels Thousands of Barrels per Day Thousands of Barrels of Oil Equivalent per Day Thousands of Cubic Feet Millions of British Thermal Units Millions of Cubic Feet per Day
8 of 8
1st Qtr
2nd Qtr
4th Qtr
Revenues and Other Income Sales and other operating revenues Equity in earnings (losses) of affiliates Gain on dispositions Other income Total Revenues and Other Income
7,716 205 52 29 8,002
8,293 258 52 57 8,660
7,262 223 18 4 7,507
6,293 (31) 469 35 6,766
Costs and Expenses Purchased commodities Production and operating expenses Selling, general and administrative expenses Exploration expenses Depreciation, depletion and amortization Impairments Taxes other than income taxes Accretion on discounted liabilities Interest and debt expense Foreign currency transaction (gains) losses Total Costs and Expenses Loss before income taxes Income tax provision (benefit) Net Income (Loss) Less: net income attributable to noncontrolling interests Net Income (Loss) Attributable to ConocoPhillips
3,237 1,802 159 482 2,131 16 224 121 202 (16) 8,358 (356) (642) 286 (14) 272
3,230 1,798 218 549 2,329 78 225 122 210 (8) 8,751 (91) 73 (164) (15) (179)
3,269 1,834 293 1,061 2,271 24 206 122 240 (72) 9,248 (1,741) (685) (1,056) (15) (1,071)
0.22 0.22
(0.15) (0.15)
(0.87) (0.87)
YTD
2016 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
YTD
29,564 655 591 125 30,935
5,121 (149) 23 20 5,015
5,348 80 128 19 5,575
6,415 (60) 51 110 6,516
6,809 181 158 106 7,254
23,693 52 360 255 24,360
2,690 1,582 283 2,100 2,382 2,127 246 118 268 21 11,817 (5,051) (1,614) (3,437) (13) (3,450)
12,426 7,016 953 4,192 9,113 2,245 901 483 920 (75) 38,174 (7,239) (2,868) (4,371) (57) (4,428)
2,225 1,354 186 505 2,247 136 180 109 281 16 7,239 (2,224) (768) (1,456) (13) (1,469)
2,002 1,445 167 610 2,329 62 197 112 312 (17) 7,219 (1,644) (586) (1,058) (13) (1,071)
2,819 1,526 203 457 2,425 123 161 108 335 13 8,170 (1,654) (628) (1,026) (14) (1,040)
2,948 1,342 167 343 2,061 (182) 201 96 317 (31) 7,262 (8) 11 (19) (16) (35)
9,994 5,667 723 1,915 9,062 139 739 425 1,245 (19) 29,890 (5,530) (1,971) (3,559) (56) (3,615)
(2.78) (2.78)
(3.58) (3.58)
(1.18) (1.18)
(0.86) (0.86)
(0.84) (0.84)
(0.03) (0.03)
(2.91) (2.91)
$ Millions, Except as Indicated CONSOLIDATED INCOME STATEMENT
Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock (dollars) Basic Diluted
Average Common Shares Outstanding (in thousands)* 1,240,791 1,241,026 1,242,125 1,243,699 Basic Diluted 1,245,531 1,241,026 1,242,125 1,243,699 *Ending Common Shares Outstanding is 1,237,269 as of Dec. 31, 2016, compared with 1,239,027 as of Sep. 30, 2016.
1,241,919 1,241,919
1,244,557 1,244,557
1,244,892 1,244,892
1,245,961 1,245,961
1,246,337 1,246,337
1,245,440 1,245,440
INCOME (LOSS) BEFORE INCOME TAXES Alaska
225
305
(650)
(67)
(52)
36
179
Lower 48
(637)
(460)
(1,320)
53
(634)
(3,051)
(1,279)
(1,213)
98
(767)
(327)
(3,586)
261
Canada
(442)
(220)
(1,318)
(218)
(38)
(211)
(799)
(1,266)
(418)
(238)
Europe and North Africa
172
102
(30)
(689)
(445)
(146)
14
(9)
488
347
Asia Pacific and Middle East
572
521
310
61
89
157
19
305
570
Other International
(145)
(315)
(67)
(522)
(1,049)
(32)
(38)
(62)
77
Corporate and Other
(325)
(206)
(476)
(415)
(1,422)
(386)
(424)
(429)
(510)
(1,749)
Consolidated
(356)
(91)
(1,741)
(5,051)
(7,239)
(2,224)
(1,644)
(1,654)
(8)
(5,530)
Alaska*
35.2%
36.3%
1.3%
40.3%
105.9%
96.4%
-50.1%
-64.0%
35.7%
-22.5%
Lower 48
36.5%
36.3%
35.4%
39.7%
36.7%
35.8%
36.5%
36.0%
46.4%
37.0%
Canada
27.6%
-343.5%
31.4%
28.0%
17.6%
29.8%
26.3%
28.9%
30.9%
29.1%
-269.7%
64.4%
83.7%
62.6%
192.1%
65.3%
-41.6%
1930.7%
46.4%
-13.3%
Asia Pacific and Middle East
28.6%
34.0%
11.8%
-6.7%
758.7%
90.8%
46.1%
478.6%
20.0%
53.6%
Other International
36.5%
53.2%
37.9%
40.3%
43.5%
24.3%
24.3%
23.2%
-10.8%
71.3%
Corporate and Other
23.3%
36.1%
28.9%
78.2%
43.1%
29.1%
21.2%
24.7%
22.1%
24.1%
179.8% 47.0%
-81.7% 49.9%
39.3% 56.4%
32.0% 23.1%
39.6% 98.6%
34.5% 61.2%
35.6% 15.5%
38.0% 36.4%
-113.2% 55.2%
35.6% 38.5%
(1,342)
(55)
EFFECTIVE INCOME TAX RATES
Europe and North Africa
Consolidated *Alaska including taxes other than income taxes.
1 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
$ Millions EARNINGS BY SEGMENT Alaska
145
195
53
(389)
147
59
115
Lower 48
(405)
(293)
(852)
(382)
(1,932)
4
(820)
(2)
(771)
(491)
(175)
(2,257)
319
Canada
(145)
(575)
(1,044)
(294)
(175)
(314)
(152)
(935)
(5)
(258)
(51)
20
163
262
394 209
(158)
(166)
Europe and North Africa
636
36
Asia Pacific and Middle East
395
328
258
(1,444)
(463)
(5)
72
(87)
229
Other International
(92)
(147)
(42)
(312)
(593)
(24)
(29)
(47)
84
(249)
(132)
(338)
(90)
(809)
(273)
(335)
(323)
(398)
(1,329)
272
(179)
(1,071)
(3,450)
(4,428)
(1,469)
(1,071)
(1,040)
(35)
(3,615)
-
(10)
(467)
(478)
(6)
(1)
86
-
(364)
Corporate and Other Consolidated
409
(16)
SPECIAL ITEMS Alaska
(1)
Lower 48
(16)
(389)
236
(169)
Canada
(18)
(106)
(27)
(197)
(348)
Europe and North Africa
551
(34)
(7)
(275)
235
Asia Pacific and Middle East Other International
(1) -
-
(172) (60)
93 (148)
(88)
44
-
(30)
(51)
(81)
-
160
180
280
(174)
47
(127)
(44)
(1,503)
(1,548)
-
-
(79)
(1)
(239)
(319)
-
-
112
(77)
(58)
(31)
(2,704)
(290)
(86)
Corporate and Other
(21)
(41)
(127)
Consolidated Detailed reconciliation of these items is provided on page 3.
494
(260)
(605)
(2,333)
-
138
138
(76)
(74)
(239)
(214)
283
(307)
ADJUSTED EARNINGS Alaska
146
195
63
78
54
65
116
Lower 48
(389)
(293)
(463)
(618)
(1,763)
(648)
(623)
(403)
(219)
(1,893)
Canada
(140)
(60)
(118)
(378)
(696)
(294)
(175)
(284)
(101)
(854)
Europe and North Africa
482
85
70
2
17
174
Asia Pacific and Middle East
396
328
302
59
1,085
Other International
(92)
(68)
(41)
(73)
Corporate and Other
(228)
(91)
(211)
(202)
Consolidated
(222)
81
(466)
(1,117)
(2)
233
9
20
3
82
114
(5)
72
87
182
336
(24)
(29)
(47)
(54)
(154)
(732)
(215)
(304)
(247)
(324)
(1,090)
(1,724)
(1,179)
(985)
(826)
(318)
(3,308)
(274)
ADJUSTED EFFECTIVE INCOME TAX RATES Alaska
35.2%
36.3%
8.4%
-2.8%
28.7%
96.4%
-28.5%
-41.6%
35.9%
-7.7%
Lower 48
36.5%
36.4%
35.2%
38.8%
37.0%
36.0%
35.6%
36.1%
36.6%
36.0%
Canada
28.0%
22.9%
32.3%
27.7%
28.2%
29.8%
26.3%
27.9%
32.7%
28.8%
Europe and North Africa
55.6%
59.1%
124.4%
655.3%
50.4%
135.4%
-41.6%
136.9%
54.1%
28.3%
Asia Pacific and Middle East
28.6%
34.0%
24.3%
55.6%
31.8%
90.8%
46.1%
47.2%
35.5%
47.4%
Other International
36.5%
35.3%
37.5%
37.4%
36.6%
24.3%
24.3%
23.2%
23.3%
23.6%
Corporate and Other
21.9%
34.9%
27.9%
34.9%
29.3%
28.8%
20.0%
21.8%
19.6%
22.2%
Consolidated
17.8%
54.9%
41.3%
36.0%
34.2%
33.6%
31.0%
30.7%
0.4%
29.9%
2 of 8
$ Millions DETAILED SPECIAL ITEMS Alaska Restructuring Impairments Pending claims and settlements Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit)* Total
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2016 3rd Qtr
4th Qtr
YTD
56 56 (37) 93
(10) (10) (4) (6)
(2) (2) (1) (1)
(12) 56 44 (42) 86
(246) (246) (98) (148)
(35) (134) 33 (136) (48) (88)
(4) (69) 92 19 (25) 44
(39) (581) (134) 33 92 (629) (265) (364)
-
37 (57) (28) (48) (18) (30)
(70) (70) (19) (51)
37 (127) (28) (118) (37) (81)
-
(2) (2) (162) 160
(1) 311 310 130 180
(3) 192 189 (91) 280
(174) (174) (174)
(47) 47
(174) (174) (47) (127)
146 146 8 138
146 146 8 138
(2) (2) (1) (1)
-
(15) (15) (5) (10)
(2) (643) (82) (727) (260) (467)
(19) (643) (82) (744) (266) (478)
Lower 48 Restructuring Impairments Rig termination Depreciation volume adjustment Pending claims and settlements Gain (loss) on asset sales Minnesota iron ore reversionary interest Subtotal before income taxes Income tax provision (benefit)* Total
(25) (25) (9) (16)
1 1 1 -
(57) (240) (383) 75 (605) (216) (389)
(13) (194) 584 377 141 236
(94) (434) (383) 75 584 (252) (83) (169)
Canada Gain (loss) on asset sales Impairments Restructuring Subtotal before income taxes Income tax provision (benefit)** Total
(24) (24) (6) (18)
39 1 40 146 (106)
(37) (37) (10) (27)
(149) (125) (2) (276) (79) (197)
(110) (125) (62) (297) 51 (348)
Europe and North Africa Restructuring Impairments Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit)** Total
(19) (19) (570) 551
(4) (66) (70) (36) (34)
(21) (21) (14) (7)
(3) (645) (38) (686) (411) (275)
(47) (711) (38) (796) (1,031) 235
(4) (105) (109) (65) (44)
(1,504) (1,504) (1) (1,503)
(5) (1,609) (1,614) (66) (1,548)
-
-
(209) (209) (130) (79)
(2) (2) (1) (1)
(463) (1) 58 (406) (167) (239)
(672) (3) 58 (617) (298) (319)
-
-
(15) (52) (67) (26) (41)
(105) (78) (183) (56) (127)
(56) (66) 30 (12) (104) (216) 112
(209) (196) 30 (12) (387) (310) (77)
(83) (83) (25) (58)
(45) (45) (14) (31)
(70) (23) (20) (113) (37) (76)
(6) (52) (50) (108) (34) (74)
(76) (203) (50) (20) (349) (110) (239)
(2,704)
(290)
(86)
(214)
283
(307)
Asia Pacific and Middle East Restructuring APLNG tax functional currency change Impairments Subtotal before income taxes Income tax provision (benefit)**** Total Other International Impairments Restructuring Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit)*** Total Corporate and Other Restructuring Pension settlement expense Tax benefit on interest expense Impairments Pending claims and settlements Subtotal before income taxes Income tax provision (benefit)** Total
(1) (1) (1)
-
(33) (33) (12) (21)
-
Total Company 494 (260) (605) (2,333) *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. ****Includes Malaysia deferred tax recognition in 4Q 2016.
-
2nd Qtr
(266) (266) (94) (172)
-
(119) (119) (59) (60)
-
3 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
286 2,131 16 311 121 (637)
(164) 2,329 78 402 122 35
(1,056) 2,271 24 525 122 (682)
(3,437) 2,382 2,127 1,827 118 (1,488)
(4,371) 9,113 2,245 3,065 483 (2,772)
(1,456) 2,247 136 360 109 (827)
(1,058) 2,329 62 463 112 (630)
(1,026) 2,425 123 187 108 (695)
(19) 2,061 (182) 174 96 (69)
(3,559) 9,062 139 1,184 425 (2,221)
80 (52) (133) (55) 2,068
(121) (52) (321) (334) 1,974
(38) (18) 195 591 1,934
180 (469) 580 (224) 1,596
101 (591) 321 (22) 7,572
252 (23) (126) (251) 421
(30) (128) 109 30 1,259
192 (51) (33) 50 1,280
(115) (158) (35) (310) 1,443
299 (360) (85) (481) 4,403
(3,332) (198) 173 -
(2,407) (480) 121 -
(2,174) (164) 29 -
(2,137) (126) 1,629 -
(10,050) (968) 1,952 -
(1,821) (134) 135 (302)
(1,133) (229) 228 (990)
(916) (38) 56 1,063
(999) 70 867 178
(4,869) (331) 1,286 (51)
43 (3,314)
300 (2,466)
60 (2,249)
8 (626)
411 (8,655)
57 (2,065)
2 (2,122)
110 275
(63) 53
106 (3,859)
(57) (34) (910) (18) (1,019)
2,493 (12) (909) (17) 1,555
(30) (23) (922) (15) (990)
(11) (13) (923) (28) (975)
2,395 (82) (3,664) (78) (1,429)
4,530 (42) (313) (38) 4,137
(763) (3) (313) (41) (1,120)
(12) (7) (314) (14) (347)
(1,412) (11) (126) (313) (44) (1,906)
2,343 (63) (126) (1,253) (137) 764
$ Millions CASH FLOW INFORMATION Cash Flows from Operating Activities Net income (loss) Depreciation, depletion and amortization Impairments Dry hole costs and leasehold impairments Accretion on discounted liabilities Deferred taxes Distributions received greater than equity losses (undistributed equity earnings) Gain on dispositions Other Net working capital changes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Capital expenditures and investments Working capital changes associated with investing activities Proceeds from asset dispositions Net sales (purchases) of short-term investments Long-term collections from (advances to) related parties and other investments Net Cash Provided by (Used in) Investing Activities Cash Flows from Financing Activities Net issuance (repayment) of debt Issuance of company common stock Repurchase of company common stock Dividends paid Other Net Cash Provided by (Used in) Financing Activities Effect of Exchange Rate Changes Net Change in Cash and Cash Equivalents Cash and cash equivalents at beginning of period Cash and Cash Equivalents at End of Period
(133)
86
(95)
(40)
(182)
5
(20)
19
(70)
(2,398) 5,062 2,664
1,149 2,664 3,813
(1,400) 3,813 2,413
(45) 2,413 2,368
(2,694) 5,062 2,368
2,498 2,368 4,866
(2,003) 4,866 2,863
1,227 2,863 4,090
(480) 4,090 3,610
(66) 1,242 2,368 3,610
CAPITAL EXPENDITURES AND INVESTMENTS Alaska Lower 48
402
379
304
267
1,352
320
183
199
181
883 1,262
1,372
882
756
755
3,765
580
237
175
270
Canada
455
272
160
368
1,255
254
214
85
145
698
Europe and North Africa
500
367
364
342
1,573
303
271
227
219
1,020
Asia Pacific and Middle East
488
432
551
341
1,812
306
179
215
138
838
83
43
12
35
173
41
37
3
23
104
32 3,332
32 2,407
27 2,174
29 2,137
120 10,050
17 1,821
12 1,133
12 916
23 999
64 4,869
Other International Corporate and Other Total capital expenditures and investments
4 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
1,589
1,578
1,546
2016 3rd Qtr
4th Qtr
YTD
TOTAL SEGMENTS
Production Total (MBOED)
1,610
1,595
1,554
Crude Oil (MBD) Consolidated operations Equity affiliates Total Over (under) lifting of crude oil (MBD)
603 19 622 17
589 19 608 17
558 19 577 32
598 16 614 (13)
587 18 605 13
605 12 617 37
577 15 592 (8)
571 15 586 45
582 14 596 (30)
584 14 598 11
NGL (MBD) Consolidated operations Equity affiliates Total
148 7 155
152 8 160
148 8 156
146 7 153
149 7 156
139 7 146
137 8 145
140 8 148
133 10 143
137 8 145
Bitumen (MBD) Consolidated operations Equity affiliates Total
12 144 156
12 126 138
12 145 157
18 137 155
13 138 151
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
Natural Gas (MMCFD) Consolidated operations Equity affiliates Total
3,498 561 4,059
3,514 622 4,136
3,316 668 3,984
3,362 700 4,062
3,422 638 4,060
3,096 799 3,895
2,991 902 3,893
2,829 948 3,777
2,916 947 3,863
2,958 899 3,857
48.56 33.86 53.97 89.63
57.84 46.25 61.92 55.45
46.37 33.10 50.26 59.63
42.10 27.61 43.67 57.50
48.72 35.21 52.46 65.55
33.27 19.03 33.89 45.97
45.48 32.18 45.57 33.09
44.88 31.38 45.85 41.30
49.18 34.85 49.46 46.14
43.20 29.36 43.69 41.63
2.99
2.65
2.77
2.27
2.67
2.09
1.95
2.81
2.98
2.46
Average Realized Prices Crude Oil ($/BBL) Consolidated operations Equity affiliates Total
48.02 49.14 48.05
57.94 59.93 58.00
46.37 47.55 46.41
40.29 42.23 40.35
48.21 49.92 48.26
31.43 33.50 31.47
42.63 46.35 42.72
43.18 44.78 43.21
46.96 50.82 47.05
40.78 44.11 40.86
NGL ($/BBL) Consolidated operations Equity affiliates Total
18.54 38.80 19.60
18.63 38.24 19.62
14.67 31.26 15.54
15.50 34.92 16.42
16.83 35.79 17.79
11.47 27.45 12.30
15.76 29.18 16.55
15.63 25.12 16.18
20.23 39.27 21.82
15.72 31.13 16.68
Bitumen ($/BBL) Consolidated operations Equity affiliates Total
19.33 16.60 16.82
34.60 32.66 32.84
16.54 17.16 17.12
12.91 9.71 10.07
20.13 18.58 18.72
2.54 1.59 1.74
13.76 18.74 18.11
15.73 18.39 17.82
15.72 23.36 21.64
12.91 15.80 15.27
Natural Gas ($/MCF) Consolidated operations Equity affiliates Total
4.28 7.48 4.72
3.80 4.42 3.90
3.78 4.37 3.87
3.32 3.57 3.36
3.80 4.83 3.96
2.85 3.56 2.99
2.54 2.32 2.49
3.11 2.90 3.05
3.53 3.17 3.44
3.00 2.97 3.00
Exploration Expenses ($ Millions) Dry holes Leasehold impairment Total noncash expenses Other (G&A, G&G and lease rentals)* Total exploration expenses *3Q 2015 includes Gulf of Mexico deepwater drillship termination expense.
271 40 311 171 482
157 245 402 147 549
148 377 525 536 1,061
565 1,262 1,827 273 2,100
1,141 1,924 3,065 1,127 4,192
180 180 360 145 505
249 214 463 147 610
163 24 187 270 457
126 48 174 169 343
718 466 1,184 731 1,915
U.S. exploration expenses International exploration expenses
220 262
153 396
772 289
1,119 981
2,264 1,928
443 62
559 51
199 258
76 267
1,277 638
140 952 199 417 399 24 2,131
158 1,073 217 481 374 26 2,329
183 1,062 200 485 313 28 2,271
199 1,142 168 458 387 28 2,382
680 4,229 784 1,841 1,473 106 9,113
207 1,048 191 378 399 24 2,247
235 1,148 203 320 399 24 2,329
214 1,152 275 373 386 25 2,425
211 861 218 342 378 1 50 2,061
867 4,209 887 1,413 1,562 1 123 9,062
Industry Prices Crude Oil ($/BBL) WTI WCS Brent dated JCC ($/BBL) Natural Gas ($/MMBTU) Henry Hub first of month
DD&A ($ Millions) Alaska Lower 48 Canada Europe and North Africa Asia Pacific and Middle East Other International Corporate and Other Total DD&A
1,599
1,557
1,596
1,569
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YTD
PRODUCTION
Crude Oil (MBD) Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia Equity affiliates AP/ME Equity affiliates Other International Total
163 198 14 88 32 120 9 53 9 37 15 123 4 4 622
154 209 13 91 29 120 10 46 8 29 15 108 4 4 608
144 213 12 90 26 116 9 41 5 18 15 88 4 4 577
169 203 9 93 33 126 8 40 10 33 13 104 3 3 614
158 206 12 90 30 120 9 45 8 29 14 105 4 4 605
170 202 8 95 30 125 7 45 10 38 12 112 617
163 206 8 78 27 105 8 42 8 37 15 110 592
148 195 7 98 23 121 10 40 9 41 15 115 586
170 176 6 99 29 9 137 7 37 5 44 14 107 596
163 195 7 93 27 2 122 8 41 8 40 14 111 598
NGL (MBD) Alaska Lower 48 Canada Norway United Kingdom Europe and North Africa Australia/Timor-Leste Indonesia Equity affiliates AP/ME Total
14 93 25 3 4 7 6 3 7 16 155
13 97 26 2 4 6 7 3 8 18 160
10 95 27 3 4 7 6 3 8 17 156
14 93 25 3 4 7 5 2 7 14 153
13 94 26 3 4 7 6 3 7 16 156
14 86 25 3 4 7 4 3 7 14 146
11 90 22 2 4 6 5 3 8 16 145
11 92 23 3 3 6 7 1 8 16 148
15 83 21 3 4 7 5 2 10 17 143
12 88 23 3 4 7 5 2 8 15 145
Bitumen (MBD) Consolidated operations Equity affiliates Total
12 144 156
12 126 138
12 145 157
18 137 155
13 138 151
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
Natural Gas (MMCFD) Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia Equity affiliates AP/ME Total
52 1,505 736 163 331 494 276 3 430 2 561 1,272 4,059
41 1,501 768 143 339 1 483 294 3 417 7 622 1,343 4,136
34 1,457 712 142 273 415 282 1 408 7 668 1,366 3,984
41 1,426 643 165 348 1 514 297 1 431 9 700 1,438 4,062
42 1,472 715 153 322 1 476 288 2 421 6 638 1,355 4,060
38 1,216 566 174 332 1 507 309 1 445 14 799 1,568 3,895
27 1,244 532 133 324 1 458 312 1 382 35 902 1,632 3,893
18 1,224 517 127 230 1 358 260 1 399 52 948 1,660 3,777
16 1,192 483 183 333 2 518 274 344 89 947 1,654 3,863
25 1,219 524 154 305 1 460 289 1 393 47 899 1,629 3,857
Total (MBOED) Alaska Lower 48 Consolidated operations Equity affiliates Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia Equity affiliates AP/ME Equity affiliates Other International Total
186 542 174 144 318 118 91 209 61 54 84 37 115 351 4 4 1,610
174 556 180 126 306 117 89 206 66 46 80 30 127 349 4 4 1,595
160 551 170 145 315 117 75 192 62 41 76 19 134 332 4 4 1,554
190 534 159 137 296 123 95 218 63 40 84 35 136 358 3 3 1,599
178 545 170 138 308 119 88 207 63 45 81 30 128 347 4 4 1,589
191 491 154 139 293 127 89 216 63 45 87 40 152 387 1,578
179 503 138 141 279 102 85 187 65 42 75 43 173 398 1,546
162 491 157 152 309 122 65 187 60 40 77 50 181 408 1,557
187 458 158 163 321 133 88 9 230 58 37 64 59 182 400 1,596
179 486 152 148 300 121 82 2 205 61 41 76 48 173 399 1,569
6 of 8
2015 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
Crude Oil ($/BBL) Consolidated operations Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia AP/ME Total consolidated operations Equity affiliates Total
50.74 40.77 37.12 55.72 52.24 54.30 50.58 48.99 43.64 56.33 51.20 48.02 49.14 48.05
61.51 52.01 46.58 62.39 62.15 62.35 60.38 57.26 61.28 65.51 60.55 57.94 59.93 58.00
50.48 41.56 38.44 50.56 46.85 49.86 50.45 43.31 36.15 52.84 46.81 46.37 47.55 46.41
43.73 35.89 34.58 43.28 45.86 60.79 44.01 42.11 36.27 38.77 44.95 39.57 40.29 42.23 40.35
NGL ($/BBL) Consolidated operations Lower 48 Canada Norway United Kingdom Europe and North Africa Australia/Timor-Leste Indonesia AP/ME Total consolidated operations Equity affiliates Total
15.55 18.28 30.43 29.69 29.90 41.63 39.31 40.90 18.54 38.80 19.60
15.29 19.23 28.66 30.90 29.54 40.95 38.95 40.35 18.63 38.24 19.62
12.55 14.50 21.25 26.72 24.74 32.53 31.89 32.26 14.67 31.26 15.54
Bitumen ($/BBL) Consolidated operations Equity affiliates Total
19.33 16.60 16.82
34.60 32.66 32.84
4.29 2.60 2.21 7.67 8.65 8.33 1.05 2.49 6.50 1.21 7.23 4.28 7.48 4.72
4.50 2.38 1.88 6.84 7.40 7.23 0.85 2.51 7.55 1.49 6.48 3.80 4.42 3.90
YTD
2016 3rd Qtr
1st Qtr
2nd Qtr
4th Qtr
YTD
51.61 42.62 39.52 53.29 51.19 60.79 52.75 51.41 46.54 45.40 55.23 49.70 48.21 49.92 48.26
32.54 27.04 26.11 35.15 36.19 35.47 36.86 27.29 32.70 37.87 33.11 31.43 33.50 31.47
44.39 39.50 37.70 45.90 45.06 45.77 47.21 38.26 44.82 49.15 43.55 42.63 46.35 42.72
43.43 40.09 37.50 47.00 44.91 46.59 46.19 39.83 41.98 48.46 44.27 43.18 44.78 43.21
48.15 44.15 41.50 49.15 48.17 48.93 48.54 45.19 37.18 52.52 48.40 46.96 50.82 47.05
41.93 37.49 35.25 44.09 42.14 43.66 44.06 37.64 39.08 47.06 42.23 40.78 44.11 40.86
12.67 16.14 25.05 26.75 26.08 36.19 37.09 36.50 15.50 34.92 16.42
14.01 17.02 26.56 28.29 27.56 38.38 36.62 37.78 16.83 35.79 17.79
9.45 11.69 17.32 19.65 18.78 28.94 25.46 27.62 11.47 27.45 12.30
14.59 13.70 19.20 22.96 22.16 29.81 29.43 29.67 15.76 29.18 16.55
14.57 14.99 19.08 22.77 21.38 26.16 24.36 25.84 15.63 25.12 16.18
18.83 19.52 22.52 28.79 26.95 35.85 30.04 34.30 20.23 39.27 21.82
14.34 14.82 19.57 23.96 22.62 29.69 27.36 29.00 15.72 31.13 16.68
16.54 17.16 17.12
12.91 9.71 10.07
20.13 18.58 18.72
2.54 1.59 1.74
13.76 18.74 18.11
15.73 18.39 17.82
15.72 23.36 21.64
12.91 15.80 15.27
4.26 2.65 1.94 6.79 7.28 7.11 0.63 2.50 6.26 1.71 5.97 3.78 4.37 3.87
4.25 2.09 1.58 5.18 6.37 5.99 0.70 2.45 5.40 1.11 5.30 3.32 3.57 3.36
4.33 2.43 1.91 6.59 7.41 7.14 0.81 2.50 6.42 1.39 6.23 3.80 4.83 3.96
4.84 1.80 1.20 4.03 5.55 5.03 0.59 2.38 4.47 1.54 4.24 2.85 3.56 2.99
4.82 1.70 0.95 3.22 4.74 4.30 0.56 2.38 5.18 2.38 3.96 2.54 2.32 2.49
6.95 2.59 1.71 3.54 4.50 4.13 0.47 2.34 5.61 2.33 4.42 3.11 2.90 3.05
5.38 2.72 2.18 4.59 5.50 5.17 0.56 2.30 5.77 2.74 4.62 3.53 3.17 3.44
5.22 2.20 1.49 3.92 5.12 4.71 0.54 2.36 5.22 2.48 4.31 3.00 2.97 3.00
AVERAGE REALIZED PRICES
Natural Gas ($/MCF) Consolidated operations Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste* China Indonesia Malaysia AP/ME Total consolidated operations Equity affiliates Total *Excludes transfers to Darwin LNG plant.
7 of 8
1st Qtr
2nd Qtr
2015 3rd Qtr
4th Qtr
YTD
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
YTD
(249)
(132)
(338)
(90)
(809)
(273)
(335)
(323)
(398)
(1,329)
(26) (83) 47 (28) (90)
(518) (246) 122 (167) (809)
(222) (85) 21 13 (273)
(234) (72) 1 (30) (335)
(258) (54) 44 (55) (323)
(266) (78) (16) (38) (398)
(980) (289) 50 (110) (1,329)
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)
Detail of Earnings (Loss) ($ Millions) Net interest expense* (155) (161) (176) Corporate G&A expenses (21) (71) (71) Technology** (16) 88 3 Other (57) 12 (94) Total (249) (132) (338) *4Q 2015 includes a $209 million tax benefit on interest expense, from prior year, as shown on page 3. **Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues. Before-Tax Net Interest Expense ($ Millions) Interest expense Capitalized interest Interest revenue Total
(296) 94 12 (190)
(307) 97 13 (197)
(305) 65 6 (234)
(306) 38 5 (263)
(1,214) 294 36 (884)
(321) 40 8 (273)
(355) 43 14 (298)
(377) 42 21 (314)
(349) 32 3 (314)
(1,402) 157 46 (1,199)
Debt Total debt ($ Millions) Debt-to-capital ratio (%)
22,511 31%
24,925 34%
24,891 36%
24,880 38%
24,880 38%
29,455 43%
28,677 43%
28,689 44%
27,275 44%
27,275 44%
Equity ($ Millions)
49,008
48,969
44,555
40,082
40,082
39,407
37,831
36,456
35,226
35,226
REFERENCE Commonly Used Abbreviations Net Income (Loss) Attributable to ConocoPhillips Earnings Depreciation, Depletion and Amortization DD&A G&G Geological and Geophysical G&A General and Administrative IFRS International Financial Reporting Standards JCC Japan Crude Cocktail LNG Liquefied Natural Gas NGL Natural Gas Liquids WCS Western Canada Select WTI West Texas Intermediate
Units of Measure BBL MMBBL MBD MBOED MCF MMBTU MMCFD
Barrels Millions of Barrels Thousands of Barrels per Day Thousands of Barrels of Oil Equivalent per Day Thousands of Cubic Feet Millions of British Thermal Units Millions of Cubic Feet per Day
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