Third-Quarter 2017 Detailed Supplemental Information - ConocoPhillips
0
Third-Quarter 2017 Detailed Supplemental Information 4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
6,415 (60) 51 110 6,516
6,809 181 158 106 7,254
23,693 52 360 255 24,360
7,518 200 22 31 7,771
6,781 178 1,876 47 8,882
6,688 196 246 65 7,195
20,987 574 2,144 143 23,848
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)
3,192 1,298 157 551 1,979 175 231 95 315 10 8,003 (232) (831) 599 (13) 586
2,922 1,327 134 98 1,625 6,294 198 92 306 13 234 13,243 (4,361) (935) (3,426) (14) (3,440)
2,926 1,224 132 75 1,608 6 175 89 251 5 51 6,542 653 217 436 (16) 420
9,040 3,849 423 724 5,212 6,475 604 276 872 28 285 27,788 (3,940) (1,549) (2,391) (43) (2,434)
(0.86) (0.86)
(0.84) (0.84)
(0.03) (0.03)
(2.91) (2.91)
1st Qtr
2nd Qtr
5,121 (149) 23 20 5,015
5,348 80 128 19 5,575
2,225 1,354 186 505 2,247 136 180 109 281 16 7,239 (2,224) (768) (1,456) (13) (1,469)
(1.18) (1.18)
2016 3rd Qtr
4th Qtr
YTD
$ Millions, Except as Indicated CONSOLIDATED INCOME STATEMENT 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 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 Other expense Total Costs and Expenses Income (loss) before income taxes Income tax provision (benefit) Net Income (Loss) Less: net income attributable to noncontrolling interests Net Income (Loss) Attributable to ConocoPhillips Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock (dollars) Basic Diluted
Average Common Shares Outstanding (in thousands) Basic 1,244,557 1,244,892 1,245,961 1,246,337 Diluted 1,244,557 1,244,892 1,245,961 1,246,337 *Ending Common Shares Outstanding is 1,195,516 as of Sep. 30, 2017, compared with 1,216,949 as of Jun. 30, 2017.
1,245,440 1,245,440
0.47 0.47
1,243,280 1,248,722
(2.78) (2.78)
1,236,831 1,236,831
0.35 0.34
1,212,454 1,215,341
(1.98) (1.98)
1,230,742 1,230,742
INCOME (LOSS) BEFORE INCOME TAXES Alaska
36
179
(1,279)
(1,213)
(767)
(327)
(3,586)
Canada
(418)
(238)
(442)
(220)
(1,318)
Europe and North Africa
(146)
14
89 (32)
Lower 48
Asia Pacific and Middle East Other International Corporate and Other
(52)
98
261
6
215
159
380
(562)
(4,013)
(148)
(4,723)
(87)
1,846
243
2,002
276
303
1,112
452
(1,208)
(9)
488
347
533
157
19
305
570
392
(38)
(62)
77
(55)
(68)
(2,052) (11)
(15)
(94)
(341)
(1,409)
653
(3,940)
(386)
(424)
(429)
(510)
(1,749)
(446)
(622)
(2,224)
(1,644)
(1,654)
(8)
(5,530)
(232)
(4,361)
Alaska*
96.4%
-50.1%
-64.0%
35.7%
-22.5%
295.2%
7.4%
35.3%
23.4%
Lower 48
35.8%
36.5%
36.0%
46.4%
37.0%
35.5%
36.8%
34.8%
36.6%
Canada
29.8%
26.3%
28.9%
30.9%
29.1%
1193.9%
25.2%
-14.8%
-30.2%
Europe and North Africa
65.3%
-41.6%
1930.7%
46.4%
-13.3%
67.8%
55.5%
72.0%
65.9%
Asia Pacific and Middle East
90.8%
46.1%
478.6%
20.0%
53.6%
36.6%
-5.2%
8.9%
-24.0%
Other International
24.3%
24.3%
23.2%
-10.8%
71.3%
29.6%
14.2%
-27.3%
18.5%
Corporate and Other
29.1%
21.2%
24.7%
22.1%
24.1%
22.0%
31.8%
4.2%
22.0%
Consolidated *Alaska including taxes other than income taxes.
34.5% 61.2%
35.6% 15.5%
38.0% 36.4%
-113.2% 55.2%
35.6% 38.5%
359.0% 111.9%
21.4% 32.2%
33.2% 56.6%
39.3% 53.3%
Consolidated
EFFECTIVE INCOME TAX RATES
1 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
4th Qtr
YTD
$ Millions EARNINGS BY SEGMENT Alaska
(2)
147
59
115
319
(11)
199
103
291
Lower 48
(820)
(771)
(491)
(175)
(2,257)
(362)
(2,536)
(97)
(2,995)
Canada
(294)
(175)
(314)
(152)
(935)
948
1,379
280
2,607
(51)
20
163
262
394
171
(5)
72
(87)
229
209
236
(24)
(29)
(47)
84
(16)
(48)
Europe and North Africa Asia Pacific and Middle East Other International Corporate and Other Consolidated
123 (2,172)
85 396
379 (1,540)
(9)
(20)
(77)
(424)
(327)
(1,099)
420
(2,434)
-
(78)
(273)
(335)
(323)
(398)
(1,329)
(348)
(1,469)
(1,071)
(1,040)
(35)
(3,615)
586
93
(6)
(1)
86
(148)
(88)
44
(364)
(33)
(2,464)
(40)
(2,537)
(30)
(51)
(81)
977
1,366
304
2,647
(3,440)
SPECIAL ITEMS Alaska Lower 48 Canada Europe and North Africa
(172) -
-
160
180
280
-
Asia Pacific and Middle East
-
-
(174)
47
(127)
-
Other International
-
-
138
138
Corporate and Other Consolidated Detailed reconciliation of these items is provided on page 3.
(60)
-
(110)
-
(28)
32
41 (2,384) (209)
-
41
83
(2,301)
-
(28)
(58)
(31)
(76)
(74)
(239)
(43)
(290)
(86)
(214)
283
(307)
763
54
65
116
233
99
167
103
369 (458)
(3,618)
(125) 222
(377) (2,633)
ADJUSTED EARNINGS Alaska
(2)
Lower 48
(648)
(623)
(403)
(219)
(1,893)
(329)
(72)
(57)
Canada
(294)
(175)
(284)
(101)
(854)
(29)
13
(24)
(40)
3
82
114
171
82
85
338
212
Europe and North Africa Asia Pacific and Middle East Other International Corporate and Other
9
20
(5)
72
87
182
336
236
313
761
(24)
(29)
(47)
(54)
(154)
(20)
(9)
(20)
(49)
(215)
(304)
(247)
(324)
(1,090)
(305)
(215)
(202)
(722)
(1,179)
(985)
(826)
(318)
(3,308)
(177)
178
198
199
Alaska
96.4%
-28.5%
-41.6%
35.9%
-7.7%
44.9%
22.3%
35.3%
33.4%
Lower 48
36.0%
35.6%
36.1%
36.6%
36.0%
35.5%
37.9%
39.2%
36.4%
Consolidated
ADJUSTED EFFECTIVE INCOME TAX RATES
Canada
29.8%
26.3%
27.9%
32.7%
28.8%
50.9%
-83.2%
34.7%
55.2%
135.4%
-41.6%
136.9%
54.1%
28.3%
67.8%
70.4%
72.0%
69.6%
Asia Pacific and Middle East
90.8%
46.1%
47.2%
35.5%
47.4%
36.6%
31.9%
27.2%
31.6%
Other International
24.3%
24.3%
23.2%
23.3%
23.6%
20.4%
14.2%
-27.3%
4.8%
Corporate and Other
28.8%
20.0%
21.8%
19.6%
22.2%
21.1%
39.2%
22.7%
27.9%
Consolidated
33.6%
31.0%
30.7%
0.4%
29.9%
232.5%
45.2%
57.7%
75.3%
Europe and North Africa
2 of 8
$ Millions DETAILED SPECIAL ITEMS
1st Qtr
Alaska Restructuring Gain (loss) on asset sales Impairments Subtotal before income taxes Income tax provision (benefit) Total
1
Lower 48 Restructuring Impairments Rig termination Pending claims and settlements Minnesota iron ore reversionary interest Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit) Total
1
Canada Gain (loss) on asset sales Impairments Restructuring Subtotal before income taxes Income tax provision (benefit) Total
2
Europe and North Africa Restructuring Impairments Subtotal before income taxes Income tax provision (benefit) Total
3
Asia Pacific and Middle East APLNG tax functional currency change Impairments Subtotal before income taxes Income tax provision (benefit) Total
4
Other International Gain (loss) on asset sales Rig termination Subtotal before income taxes Income tax provision (benefit) Total Corporate and Other Restructuring Pension settlement expense Impairments Pending claims and settlements Premiums on early debt retirement Subtotal before income taxes Income tax provision (benefit) Total
5
Total Company
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
-
2017 3rd Qtr
4th Qtr
YTD
-
56 56
(10) (10)
(2) (2)
(12) 56 44
(174) (174)
-
(174) (174)
-
(37) 93
(4) (6)
(1) (1)
(42) 86
(64) (110)
(32) 32
-
(96) (78)
(266) (266)
(246) (246)
(35) (134) 33 (136)
(4) (69) 92 19
(39) (581) (134) 33 92 (629)
(51) (51)
(15) (3,882) (3,897)
(3) (2) (50) (55)
(18) (3,935) (50) (4,003)
(94) (172)
(98) (148)
(48) (88)
(25) 44
(265) (364)
(18) (33)
(1,433) (2,464)
(15) (40)
(1,466) (2,537)
1,855 (18) 1 1,838
281 281
2,136 (18) (26) 2,092
472 1,366
(23) 304
(555) 2,647
-
-
37 (57) (28) (48)
(70) (70)
37 (127) (28) (118)
(27) (27)
-
-
(18) (30)
(19) (51)
(37) (81)
(1,004) 977
(119) (119)
-
(2) (2)
(1) 311 310
(3) 192 189
-
(59) (60)
-
(162) 160
130 180
(91) 280
-
(41) 41
-
(41) 41
-
-
(174) (174)
-
(174) (174)
-
(2,384) (2,384)
-
(2,384) (2,384)
-
-
(174)
(47) 47
(47) (127)
-
(2,384)
-
-
146 146 8 138
146 146 8 138
(43) (43) (15) (28)
-
-
-
-
(83) 83
-
-
(83) (2,301)
(43) (43) (15) (28)
(83) (83)
(45) (45)
(70) (23) (20) (113)
(6) (52) (50) (108)
(76) (203) (50) (20) (349)
(60) (60)
(36) 2 (234) (268)
(20) (9) (51) (80)
(116) (7) (285) (408)
(25) (58)
(14) (31)
(37) (76)
(34) (74)
(110) (239)
(17) (43)
(59) (209)
45 (125)
(31) (377)
(290)
(86)
(214)
283
(307)
763
1
Includes deferred tax adjustment in 2Q 2016 and 2Q 2017 in Lower 48 and Alaska and pending claims and settlements in 2Q 2017 in Alaska.
2
Includes tax adjustment related to Canadian disposition in 1Q 2017 and 3Q 2017 tax benefit related to our prior decision to exit Nova Scotia deepwater exploration.
3
Includes international tax law change for 3Q 2016 and pending claims and settlements in 2Q 2017.
4
Includes Malaysia deferred tax recognition in 4Q 2016 and pending claims and settlements in 3Q 2017.
5
Includes pending claims and settlements in 3Q 2017.
(3,618)
222
(2,633)
3 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
(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)
599 1,979 175 406 95 (1,314)
(3,426) 1,625 6,294 22 92 (1,234)
436 1,608 6 7 89 (222)
(2,391) 5,212 6,475 435 276 (2,770)
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
(43) (22) (47) (38) 1,790
(78) (1,876) 222 110 1,751
(72) (246) (542) (9) 1,055
(193) (2,144) (367) 63 4,596
(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)
(966) (26) 35 (203)
(1,020) (87) 10,707 (2,450)
(1,088) 95 2,998 70
(3,074) (18) 13,740 (2,583)
57 (2,065)
2 (2,122)
110 275
(63) 53
106 (3,859)
186 (974)
47 7,197
(67) 2,008
166 8,231
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
(839) (46) (112) (331) (16) (1,344)
(3,240) (17) (963) (331) (48) (4,599)
(2,515) (2) (970) (324) (16) (3,827)
(6,594) (65) (2,045) (986) (80) (9,770)
4th Qtr
YTD
$ 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
5
(20)
19
(70)
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
27 (501) 3,610 3,109
76 4,425 3,109 7,534
141 (623) 7,534 6,911
244 3,301 3,610 6,911
CAPITAL EXPENDITURES AND INVESTMENTS Alaska
320
183
199
181
883
228
229
179
636
Lower 48
580
237
175
270
1,262
343
383
508
1,234
Canada
254
214
85
145
698
62
85
33
180
Europe and North Africa
303
271
227
219
1,020
200
212
245
657
Asia Pacific and Middle East
306
179
215
138
838
109
93
114
316
41
37
3
23
104
5
5
7
17
17 1,821
12 1,133
12 916
23 999
64 4,869
19 966
13 1,020
2 1,088
34 3,074
Other International Corporate and Other Total Capital Expenditures and Investments
4 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
1,578
1,546
1,557
1,596
1st Qtr
2nd Qtr
2017 3rd Qtr
1,569
1,593
1,437
1,226
1,418
Full Year
4th Qtr
YTD
TOTAL SEGMENTS
Production Total (MBOED) Crude Oil (MBD) Consolidated operations Equity affiliates Total Over (under) lifting of crude oil (MBD)
605 12 617 37
577 15 592 (8)
571 15 586 45
582 14 596 (30)
584 14 598 11
588 13 601 36
576 14 590 28
568 14 582 11
577 14 591 25
NGL (MBD) Consolidated operations Equity affiliates Total
139 7 146
137 8 145
140 8 148
133 10 143
137 8 145
127 7 134
119 8 127
87 8 95
112 7 119
Bitumen (MBD) Consolidated operations Equity affiliates Total
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
52 171 223
52 85 137
63 63
56 84 140
Natural Gas (MMCFD) Consolidated operations Equity affiliates Total
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
2,874 935 3,809
2,484 1,015 3,499
1,878 1,040 2,918
2,408 997 3,405
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
51.83 37.25 53.78 47.21
48.24 37.12 49.83 54.95
48.16 38.22 52.09 53.16
49.41 37.53 51.90 51.77
2.09
1.95
2.81
2.98
2.46
3.32
3.19
2.99
3.17
Average Realized Prices Crude Oil ($/BBL) Consolidated operations Equity affiliates Total
31.43 33.50 31.47
42.63 46.35 42.72
43.18 44.78 43.21
46.96 50.82 47.05
40.78 44.11 40.86
50.86 55.58 50.97
48.11 50.55 48.16
49.31 52.29 49.39
49.43 52.87 49.51
NGL ($/BBL) Consolidated operations Equity affiliates Total
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
23.81 43.20 24.87
19.97 34.49 20.99
22.50 35.94 23.82
22.14 37.59 23.25
Bitumen ($/BBL) Consolidated operations Equity affiliates Total
2.54 1.59 1.74
13.76 18.74 18.11
15.73 18.39 17.82
15.72 23.36 21.64
12.91 15.80 15.27
15.63 23.63 21.56
19.28 24.19 22.42
24.19 24.19
19.93 23.83 22.25
Natural Gas ($/MCF) Consolidated operations Equity affiliates Total
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
3.78 4.00 3.84
3.64 4.29 3.83
3.88 4.51 4.11
3.76 4.28 3.91
Exploration Expenses ($ Millions) Dry holes Leasehold impairment Total noncash expenses Other (G&A, G&G and lease rentals) Total exploration expenses
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
343 63 406 145 551
14 8 22 76 98
(3) 10 7 68 75
354 81 435 289 724
U.S. exploration expenses International exploration expenses
443 62
559 51
199 258
76 267
1,277 638
427 124
44 54
40 35
511 213
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
234 819 196 346 350 34 1,979
216 666 70 318 321 34 1,625
188 612 84 317 374 33 1,608
638 2,097 350 981 1,045 101 5,212
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
5 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 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 Total
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
175 176 6 103 28 9 140 7 41 2 41 13 104 601
169 179 3 99 26 11 136 6 38 2 43 14 103 590
154 175 1 95 23 23 141 6 37 2 52 14 111 582
166 176 3 99 26 14 139 6 39 2 46 14 107 591
NGL (MBD) Alaska Lower 48 Canada Norway United Kingdom Europe and North Africa Australia/Timor-Leste Indonesia Equity affiliates AP/ME Total
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
15 75 23 4 5 9 5 7 12 134
14 79 13 4 5 9 4 8 12 127
11 64 1 4 3 7 4 8 12 95
14 73 12 4 4 8 5 7 12 119
Bitumen (MBD) Consolidated operations Equity affiliates Total
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
52 171 223
52 85 137
63 63
56 84 140
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
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
7 1,116 488 213 328 3 544 284 327 108 935 1,654 3,809
7 1,142 247 188 284 4 476 260 276 76 1,015 1,627 3,499
5 765 10 193 209 6 408 241 323 126 1,040 1,730 2,918
7 1,007 246 198 273 4 475 261 309 103 997 1,670 3,405
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 Total
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
191 437 162 171 333 143 88 9 240 59 41 57 59 176 392 1,593
184 448 109 85 194 134 78 12 224 53 38 48 56 192 387 1,437
166 366 67 67 131 61 24 216 50 37 56 73 195 411 1,226
181 417 112 84 196 136 76 15 227 55 39 53 63 187 397 1,418
6 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
2017 3rd Qtr
Crude Oil ($/BBL) Consolidated operations Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia AP/ME Total consolidated operations Equity affiliates Total
32.54 27.04 26.11 35.15 36.19 35.47 36.86 27.29 32.70 37.87 33.11 31.43 33.50 31.47
44.39 39.50 37.70 45.90 45.06 45.77 47.21 38.26 44.82 49.15 43.55 42.63 46.35 42.72
43.43 40.09 37.50 47.00 44.91 46.59 46.19 39.83 41.98 48.46 44.27 43.18 44.78 43.21
48.15 44.15 41.50 49.15 48.17 48.93 48.54 45.19 37.18 52.52 48.40 46.96 50.82 47.05
41.93 37.49 35.25 44.09 42.14 43.66 44.06 37.64 39.08 47.06 42.23 40.78 44.11 40.86
52.09 45.89 43.82 54.14 50.09 52.98 53.34 53.85 50.31 42.45 58.13 53.74 50.86 55.58 50.97
49.95 43.38 43.35 51.19 51.72 48.77 50.98 49.43 46.00 37.44 52.64 49.28 48.11 50.55 48.16
50.53 45.29 51.94 46.88 51.00 51.05 50.35 49.09 38.89 54.66 52.06 49.31 52.29 49.39
50.81 44.84 43.46 52.57 49.74 51.11 51.90 51.54 48.56 39.45 55.01 51.73 49.43 52.87 49.51
NGL ($/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
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
22.07 21.32 31.77 30.32 31.21 42.96 42.96 23.81 43.20 24.87
18.99 20.96 24.24 25.32 24.88 34.54 34.54 19.97 34.49 20.99
20.72 28.86 33.07 31.16 35.74 35.74 22.50 35.94 23.82
20.55 21.44 29.90 29.44 29.69 38.28 38.28 22.14 37.59 23.25
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
15.63 23.63 21.56
19.28 24.19 22.42
24.19 24.19
19.93 23.83 22.25
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
3.53 2.83 1.95 5.52 6.07 5.86 0.57 6.52 2.82 4.96 3.78 4.00 3.84
1.43 2.72 2.00 4.87 4.99 4.95 0.77 6.34 3.07 5.05 3.64 4.29 3.83
4.55 2.63 5.00 5.20 0.09 5.09 0.64 5.81 3.30 4.63 3.88 4.51 4.11
2.77 2.74 1.95 5.16 5.47 0.09 5.34 0.66 6.22 3.08 4.87 3.76 4.28 3.91
Full Year
4th Qtr
YTD
AVERAGE REALIZED PRICES
Bitumen ($/BBL) Consolidated operations Equity affiliates Total Natural Gas ($/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
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
(273)
(335)
(323)
(398)
(1,329)
(348)
(424)
(327)
(1,099)
(266) (78) (16) (38) (398)
(980) (289) 50 (110) (1,329)
(253) (93) 9 (11) (348)
(174) (64) (186) (424)
(176) (56) 20 (115) (327)
(603) (213) 29 (312) (1,099)
4th Qtr
YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)
Detail of Earnings (Loss) ($ Millions) Net interest expense (222) (234) (258) Corporate G&A expenses (85) (72) (54) Technology* 21 1 44 Other 13 (30) (55) Total (273) (335) (323) *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
(321) 40 8 (273)
(355) 43 14 (298)
(377) 42 21 (314)
(349) 32 3 (314)
(1,402) 157 46 (1,199)
(340) 25 11 (304)
(336) 30 17 (289)
(282) 31 29 (222)
(958) 86 57 (815)
Debt Total debt ($ Millions) Debt-to-capital ratio (%)
29,455 43%
28,677 43%
28,689 44%
27,275 44%
27,275 44%
26,435 43%
23,468 43%
21,004 41%
21,004 41%
Equity ($ Millions)
39,407
37,831
36,456
35,226
35,226
35,601
30,499
30,712
30,712
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 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
Third-Quarter 2017 Detailed Supplemental Information 4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
6,415 (60) 51 110 6,516
6,809 181 158 106 7,254
23,693 52 360 255 24,360
7,518 200 22 31 7,771
6,781 178 1,876 47 8,882
6,688 196 246 65 7,195
20,987 574 2,144 143 23,848
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)
3,192 1,298 157 551 1,979 175 231 95 315 10 8,003 (232) (831) 599 (13) 586
2,922 1,327 134 98 1,625 6,294 198 92 306 13 234 13,243 (4,361) (935) (3,426) (14) (3,440)
2,926 1,224 132 75 1,608 6 175 89 251 5 51 6,542 653 217 436 (16) 420
9,040 3,849 423 724 5,212 6,475 604 276 872 28 285 27,788 (3,940) (1,549) (2,391) (43) (2,434)
(0.86) (0.86)
(0.84) (0.84)
(0.03) (0.03)
(2.91) (2.91)
1st Qtr
2nd Qtr
5,121 (149) 23 20 5,015
5,348 80 128 19 5,575
2,225 1,354 186 505 2,247 136 180 109 281 16 7,239 (2,224) (768) (1,456) (13) (1,469)
(1.18) (1.18)
2016 3rd Qtr
4th Qtr
YTD
$ Millions, Except as Indicated CONSOLIDATED INCOME STATEMENT 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 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 Other expense Total Costs and Expenses Income (loss) before income taxes Income tax provision (benefit) Net Income (Loss) Less: net income attributable to noncontrolling interests Net Income (Loss) Attributable to ConocoPhillips Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock (dollars) Basic Diluted
Average Common Shares Outstanding (in thousands) Basic 1,244,557 1,244,892 1,245,961 1,246,337 Diluted 1,244,557 1,244,892 1,245,961 1,246,337 *Ending Common Shares Outstanding is 1,195,516 as of Sep. 30, 2017, compared with 1,216,949 as of Jun. 30, 2017.
1,245,440 1,245,440
0.47 0.47
1,243,280 1,248,722
(2.78) (2.78)
1,236,831 1,236,831
0.35 0.34
1,212,454 1,215,341
(1.98) (1.98)
1,230,742 1,230,742
INCOME (LOSS) BEFORE INCOME TAXES Alaska
36
179
(1,279)
(1,213)
(767)
(327)
(3,586)
Canada
(418)
(238)
(442)
(220)
(1,318)
Europe and North Africa
(146)
14
89 (32)
Lower 48
Asia Pacific and Middle East Other International Corporate and Other
(52)
98
261
6
215
159
380
(562)
(4,013)
(148)
(4,723)
(87)
1,846
243
2,002
276
303
1,112
452
(1,208)
(9)
488
347
533
157
19
305
570
392
(38)
(62)
77
(55)
(68)
(2,052) (11)
(15)
(94)
(341)
(1,409)
653
(3,940)
(386)
(424)
(429)
(510)
(1,749)
(446)
(622)
(2,224)
(1,644)
(1,654)
(8)
(5,530)
(232)
(4,361)
Alaska*
96.4%
-50.1%
-64.0%
35.7%
-22.5%
295.2%
7.4%
35.3%
23.4%
Lower 48
35.8%
36.5%
36.0%
46.4%
37.0%
35.5%
36.8%
34.8%
36.6%
Canada
29.8%
26.3%
28.9%
30.9%
29.1%
1193.9%
25.2%
-14.8%
-30.2%
Europe and North Africa
65.3%
-41.6%
1930.7%
46.4%
-13.3%
67.8%
55.5%
72.0%
65.9%
Asia Pacific and Middle East
90.8%
46.1%
478.6%
20.0%
53.6%
36.6%
-5.2%
8.9%
-24.0%
Other International
24.3%
24.3%
23.2%
-10.8%
71.3%
29.6%
14.2%
-27.3%
18.5%
Corporate and Other
29.1%
21.2%
24.7%
22.1%
24.1%
22.0%
31.8%
4.2%
22.0%
Consolidated *Alaska including taxes other than income taxes.
34.5% 61.2%
35.6% 15.5%
38.0% 36.4%
-113.2% 55.2%
35.6% 38.5%
359.0% 111.9%
21.4% 32.2%
33.2% 56.6%
39.3% 53.3%
Consolidated
EFFECTIVE INCOME TAX RATES
1 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
4th Qtr
YTD
$ Millions EARNINGS BY SEGMENT Alaska
(2)
147
59
115
319
(11)
199
103
291
Lower 48
(820)
(771)
(491)
(175)
(2,257)
(362)
(2,536)
(97)
(2,995)
Canada
(294)
(175)
(314)
(152)
(935)
948
1,379
280
2,607
(51)
20
163
262
394
171
(5)
72
(87)
229
209
236
(24)
(29)
(47)
84
(16)
(48)
Europe and North Africa Asia Pacific and Middle East Other International Corporate and Other Consolidated
123 (2,172)
85 396
379 (1,540)
(9)
(20)
(77)
(424)
(327)
(1,099)
420
(2,434)
-
(78)
(273)
(335)
(323)
(398)
(1,329)
(348)
(1,469)
(1,071)
(1,040)
(35)
(3,615)
586
93
(6)
(1)
86
(148)
(88)
44
(364)
(33)
(2,464)
(40)
(2,537)
(30)
(51)
(81)
977
1,366
304
2,647
(3,440)
SPECIAL ITEMS Alaska Lower 48 Canada Europe and North Africa
(172) -
-
160
180
280
-
Asia Pacific and Middle East
-
-
(174)
47
(127)
-
Other International
-
-
138
138
Corporate and Other Consolidated Detailed reconciliation of these items is provided on page 3.
(60)
-
(110)
-
(28)
32
41 (2,384) (209)
-
41
83
(2,301)
-
(28)
(58)
(31)
(76)
(74)
(239)
(43)
(290)
(86)
(214)
283
(307)
763
54
65
116
233
99
167
103
369 (458)
(3,618)
(125) 222
(377) (2,633)
ADJUSTED EARNINGS Alaska
(2)
Lower 48
(648)
(623)
(403)
(219)
(1,893)
(329)
(72)
(57)
Canada
(294)
(175)
(284)
(101)
(854)
(29)
13
(24)
(40)
3
82
114
171
82
85
338
212
Europe and North Africa Asia Pacific and Middle East Other International Corporate and Other
9
20
(5)
72
87
182
336
236
313
761
(24)
(29)
(47)
(54)
(154)
(20)
(9)
(20)
(49)
(215)
(304)
(247)
(324)
(1,090)
(305)
(215)
(202)
(722)
(1,179)
(985)
(826)
(318)
(3,308)
(177)
178
198
199
Alaska
96.4%
-28.5%
-41.6%
35.9%
-7.7%
44.9%
22.3%
35.3%
33.4%
Lower 48
36.0%
35.6%
36.1%
36.6%
36.0%
35.5%
37.9%
39.2%
36.4%
Consolidated
ADJUSTED EFFECTIVE INCOME TAX RATES
Canada
29.8%
26.3%
27.9%
32.7%
28.8%
50.9%
-83.2%
34.7%
55.2%
135.4%
-41.6%
136.9%
54.1%
28.3%
67.8%
70.4%
72.0%
69.6%
Asia Pacific and Middle East
90.8%
46.1%
47.2%
35.5%
47.4%
36.6%
31.9%
27.2%
31.6%
Other International
24.3%
24.3%
23.2%
23.3%
23.6%
20.4%
14.2%
-27.3%
4.8%
Corporate and Other
28.8%
20.0%
21.8%
19.6%
22.2%
21.1%
39.2%
22.7%
27.9%
Consolidated
33.6%
31.0%
30.7%
0.4%
29.9%
232.5%
45.2%
57.7%
75.3%
Europe and North Africa
2 of 8
$ Millions DETAILED SPECIAL ITEMS
1st Qtr
Alaska Restructuring Gain (loss) on asset sales Impairments Subtotal before income taxes Income tax provision (benefit) Total
1
Lower 48 Restructuring Impairments Rig termination Pending claims and settlements Minnesota iron ore reversionary interest Gain (loss) on asset sales Subtotal before income taxes Income tax provision (benefit) Total
1
Canada Gain (loss) on asset sales Impairments Restructuring Subtotal before income taxes Income tax provision (benefit) Total
2
Europe and North Africa Restructuring Impairments Subtotal before income taxes Income tax provision (benefit) Total
3
Asia Pacific and Middle East APLNG tax functional currency change Impairments Subtotal before income taxes Income tax provision (benefit) Total
4
Other International Gain (loss) on asset sales Rig termination Subtotal before income taxes Income tax provision (benefit) Total Corporate and Other Restructuring Pension settlement expense Impairments Pending claims and settlements Premiums on early debt retirement Subtotal before income taxes Income tax provision (benefit) Total
5
Total Company
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
-
2017 3rd Qtr
4th Qtr
YTD
-
56 56
(10) (10)
(2) (2)
(12) 56 44
(174) (174)
-
(174) (174)
-
(37) 93
(4) (6)
(1) (1)
(42) 86
(64) (110)
(32) 32
-
(96) (78)
(266) (266)
(246) (246)
(35) (134) 33 (136)
(4) (69) 92 19
(39) (581) (134) 33 92 (629)
(51) (51)
(15) (3,882) (3,897)
(3) (2) (50) (55)
(18) (3,935) (50) (4,003)
(94) (172)
(98) (148)
(48) (88)
(25) 44
(265) (364)
(18) (33)
(1,433) (2,464)
(15) (40)
(1,466) (2,537)
1,855 (18) 1 1,838
281 281
2,136 (18) (26) 2,092
472 1,366
(23) 304
(555) 2,647
-
-
37 (57) (28) (48)
(70) (70)
37 (127) (28) (118)
(27) (27)
-
-
(18) (30)
(19) (51)
(37) (81)
(1,004) 977
(119) (119)
-
(2) (2)
(1) 311 310
(3) 192 189
-
(59) (60)
-
(162) 160
130 180
(91) 280
-
(41) 41
-
(41) 41
-
-
(174) (174)
-
(174) (174)
-
(2,384) (2,384)
-
(2,384) (2,384)
-
-
(174)
(47) 47
(47) (127)
-
(2,384)
-
-
146 146 8 138
146 146 8 138
(43) (43) (15) (28)
-
-
-
-
(83) 83
-
-
(83) (2,301)
(43) (43) (15) (28)
(83) (83)
(45) (45)
(70) (23) (20) (113)
(6) (52) (50) (108)
(76) (203) (50) (20) (349)
(60) (60)
(36) 2 (234) (268)
(20) (9) (51) (80)
(116) (7) (285) (408)
(25) (58)
(14) (31)
(37) (76)
(34) (74)
(110) (239)
(17) (43)
(59) (209)
45 (125)
(31) (377)
(290)
(86)
(214)
283
(307)
763
1
Includes deferred tax adjustment in 2Q 2016 and 2Q 2017 in Lower 48 and Alaska and pending claims and settlements in 2Q 2017 in Alaska.
2
Includes tax adjustment related to Canadian disposition in 1Q 2017 and 3Q 2017 tax benefit related to our prior decision to exit Nova Scotia deepwater exploration.
3
Includes international tax law change for 3Q 2016 and pending claims and settlements in 2Q 2017.
4
Includes Malaysia deferred tax recognition in 4Q 2016 and pending claims and settlements in 3Q 2017.
5
Includes pending claims and settlements in 3Q 2017.
(3,618)
222
(2,633)
3 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
(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)
599 1,979 175 406 95 (1,314)
(3,426) 1,625 6,294 22 92 (1,234)
436 1,608 6 7 89 (222)
(2,391) 5,212 6,475 435 276 (2,770)
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
(43) (22) (47) (38) 1,790
(78) (1,876) 222 110 1,751
(72) (246) (542) (9) 1,055
(193) (2,144) (367) 63 4,596
(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)
(966) (26) 35 (203)
(1,020) (87) 10,707 (2,450)
(1,088) 95 2,998 70
(3,074) (18) 13,740 (2,583)
57 (2,065)
2 (2,122)
110 275
(63) 53
106 (3,859)
186 (974)
47 7,197
(67) 2,008
166 8,231
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
(839) (46) (112) (331) (16) (1,344)
(3,240) (17) (963) (331) (48) (4,599)
(2,515) (2) (970) (324) (16) (3,827)
(6,594) (65) (2,045) (986) (80) (9,770)
4th Qtr
YTD
$ 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
5
(20)
19
(70)
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
27 (501) 3,610 3,109
76 4,425 3,109 7,534
141 (623) 7,534 6,911
244 3,301 3,610 6,911
CAPITAL EXPENDITURES AND INVESTMENTS Alaska
320
183
199
181
883
228
229
179
636
Lower 48
580
237
175
270
1,262
343
383
508
1,234
Canada
254
214
85
145
698
62
85
33
180
Europe and North Africa
303
271
227
219
1,020
200
212
245
657
Asia Pacific and Middle East
306
179
215
138
838
109
93
114
316
41
37
3
23
104
5
5
7
17
17 1,821
12 1,133
12 916
23 999
64 4,869
19 966
13 1,020
2 1,088
34 3,074
Other International Corporate and Other Total Capital Expenditures and Investments
4 of 8
1st Qtr
2nd Qtr
2016 3rd Qtr
4th Qtr
1,578
1,546
1,557
1,596
1st Qtr
2nd Qtr
2017 3rd Qtr
1,569
1,593
1,437
1,226
1,418
Full Year
4th Qtr
YTD
TOTAL SEGMENTS
Production Total (MBOED) Crude Oil (MBD) Consolidated operations Equity affiliates Total Over (under) lifting of crude oil (MBD)
605 12 617 37
577 15 592 (8)
571 15 586 45
582 14 596 (30)
584 14 598 11
588 13 601 36
576 14 590 28
568 14 582 11
577 14 591 25
NGL (MBD) Consolidated operations Equity affiliates Total
139 7 146
137 8 145
140 8 148
133 10 143
137 8 145
127 7 134
119 8 127
87 8 95
112 7 119
Bitumen (MBD) Consolidated operations Equity affiliates Total
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
52 171 223
52 85 137
63 63
56 84 140
Natural Gas (MMCFD) Consolidated operations Equity affiliates Total
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
2,874 935 3,809
2,484 1,015 3,499
1,878 1,040 2,918
2,408 997 3,405
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
51.83 37.25 53.78 47.21
48.24 37.12 49.83 54.95
48.16 38.22 52.09 53.16
49.41 37.53 51.90 51.77
2.09
1.95
2.81
2.98
2.46
3.32
3.19
2.99
3.17
Average Realized Prices Crude Oil ($/BBL) Consolidated operations Equity affiliates Total
31.43 33.50 31.47
42.63 46.35 42.72
43.18 44.78 43.21
46.96 50.82 47.05
40.78 44.11 40.86
50.86 55.58 50.97
48.11 50.55 48.16
49.31 52.29 49.39
49.43 52.87 49.51
NGL ($/BBL) Consolidated operations Equity affiliates Total
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
23.81 43.20 24.87
19.97 34.49 20.99
22.50 35.94 23.82
22.14 37.59 23.25
Bitumen ($/BBL) Consolidated operations Equity affiliates Total
2.54 1.59 1.74
13.76 18.74 18.11
15.73 18.39 17.82
15.72 23.36 21.64
12.91 15.80 15.27
15.63 23.63 21.56
19.28 24.19 22.42
24.19 24.19
19.93 23.83 22.25
Natural Gas ($/MCF) Consolidated operations Equity affiliates Total
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
3.78 4.00 3.84
3.64 4.29 3.83
3.88 4.51 4.11
3.76 4.28 3.91
Exploration Expenses ($ Millions) Dry holes Leasehold impairment Total noncash expenses Other (G&A, G&G and lease rentals) Total exploration expenses
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
343 63 406 145 551
14 8 22 76 98
(3) 10 7 68 75
354 81 435 289 724
U.S. exploration expenses International exploration expenses
443 62
559 51
199 258
76 267
1,277 638
427 124
44 54
40 35
511 213
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
234 819 196 346 350 34 1,979
216 666 70 318 321 34 1,625
188 612 84 317 374 33 1,608
638 2,097 350 981 1,045 101 5,212
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
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2017 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 Total
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
175 176 6 103 28 9 140 7 41 2 41 13 104 601
169 179 3 99 26 11 136 6 38 2 43 14 103 590
154 175 1 95 23 23 141 6 37 2 52 14 111 582
166 176 3 99 26 14 139 6 39 2 46 14 107 591
NGL (MBD) Alaska Lower 48 Canada Norway United Kingdom Europe and North Africa Australia/Timor-Leste Indonesia Equity affiliates AP/ME Total
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
15 75 23 4 5 9 5 7 12 134
14 79 13 4 5 9 4 8 12 127
11 64 1 4 3 7 4 8 12 95
14 73 12 4 4 8 5 7 12 119
Bitumen (MBD) Consolidated operations Equity affiliates Total
27 139 166
19 141 160
41 152 193
50 163 213
35 148 183
52 171 223
52 85 137
63 63
56 84 140
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
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
7 1,116 488 213 328 3 544 284 327 108 935 1,654 3,809
7 1,142 247 188 284 4 476 260 276 76 1,015 1,627 3,499
5 765 10 193 209 6 408 241 323 126 1,040 1,730 2,918
7 1,007 246 198 273 4 475 261 309 103 997 1,670 3,405
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 Total
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
191 437 162 171 333 143 88 9 240 59 41 57 59 176 392 1,593
184 448 109 85 194 134 78 12 224 53 38 48 56 192 387 1,437
166 366 67 67 131 61 24 216 50 37 56 73 195 411 1,226
181 417 112 84 196 136 76 15 227 55 39 53 63 187 397 1,418
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2017 3rd Qtr
Crude Oil ($/BBL) Consolidated operations Alaska Lower 48 Canada Norway United Kingdom Libya Europe and North Africa Australia/Timor-Leste China Indonesia Malaysia AP/ME Total consolidated operations Equity affiliates Total
32.54 27.04 26.11 35.15 36.19 35.47 36.86 27.29 32.70 37.87 33.11 31.43 33.50 31.47
44.39 39.50 37.70 45.90 45.06 45.77 47.21 38.26 44.82 49.15 43.55 42.63 46.35 42.72
43.43 40.09 37.50 47.00 44.91 46.59 46.19 39.83 41.98 48.46 44.27 43.18 44.78 43.21
48.15 44.15 41.50 49.15 48.17 48.93 48.54 45.19 37.18 52.52 48.40 46.96 50.82 47.05
41.93 37.49 35.25 44.09 42.14 43.66 44.06 37.64 39.08 47.06 42.23 40.78 44.11 40.86
52.09 45.89 43.82 54.14 50.09 52.98 53.34 53.85 50.31 42.45 58.13 53.74 50.86 55.58 50.97
49.95 43.38 43.35 51.19 51.72 48.77 50.98 49.43 46.00 37.44 52.64 49.28 48.11 50.55 48.16
50.53 45.29 51.94 46.88 51.00 51.05 50.35 49.09 38.89 54.66 52.06 49.31 52.29 49.39
50.81 44.84 43.46 52.57 49.74 51.11 51.90 51.54 48.56 39.45 55.01 51.73 49.43 52.87 49.51
NGL ($/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
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
22.07 21.32 31.77 30.32 31.21 42.96 42.96 23.81 43.20 24.87
18.99 20.96 24.24 25.32 24.88 34.54 34.54 19.97 34.49 20.99
20.72 28.86 33.07 31.16 35.74 35.74 22.50 35.94 23.82
20.55 21.44 29.90 29.44 29.69 38.28 38.28 22.14 37.59 23.25
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
15.63 23.63 21.56
19.28 24.19 22.42
24.19 24.19
19.93 23.83 22.25
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
3.53 2.83 1.95 5.52 6.07 5.86 0.57 6.52 2.82 4.96 3.78 4.00 3.84
1.43 2.72 2.00 4.87 4.99 4.95 0.77 6.34 3.07 5.05 3.64 4.29 3.83
4.55 2.63 5.00 5.20 0.09 5.09 0.64 5.81 3.30 4.63 3.88 4.51 4.11
2.77 2.74 1.95 5.16 5.47 0.09 5.34 0.66 6.22 3.08 4.87 3.76 4.28 3.91
Full Year
4th Qtr
YTD
AVERAGE REALIZED PRICES
Bitumen ($/BBL) Consolidated operations Equity affiliates Total Natural Gas ($/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
2016 3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
2017 3rd Qtr
(273)
(335)
(323)
(398)
(1,329)
(348)
(424)
(327)
(1,099)
(266) (78) (16) (38) (398)
(980) (289) 50 (110) (1,329)
(253) (93) 9 (11) (348)
(174) (64) (186) (424)
(176) (56) 20 (115) (327)
(603) (213) 29 (312) (1,099)
4th Qtr
YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)
Detail of Earnings (Loss) ($ Millions) Net interest expense (222) (234) (258) Corporate G&A expenses (85) (72) (54) Technology* 21 1 44 Other 13 (30) (55) Total (273) (335) (323) *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
(321) 40 8 (273)
(355) 43 14 (298)
(377) 42 21 (314)
(349) 32 3 (314)
(1,402) 157 46 (1,199)
(340) 25 11 (304)
(336) 30 17 (289)
(282) 31 29 (222)
(958) 86 57 (815)
Debt Total debt ($ Millions) Debt-to-capital ratio (%)
29,455 43%
28,677 43%
28,689 44%
27,275 44%
27,275 44%
26,435 43%
23,468 43%
21,004 41%
21,004 41%
Equity ($ Millions)
39,407
37,831
36,456
35,226
35,226
35,601
30,499
30,712
30,712
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 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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