株探米国株
日本語 英語
エドガーで原本を確認する

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):   May 4, 2023
ConocoPhillips
(Exact name of registrant as specified in its charter)
Delaware
001-32395
01-0562944
(State or other jurisdiction of
(Commission
(I.R.S. Employer
incorporation)
File Number)
Identification No.)
925 N. Eldridge Parkway
Houston, Texas 77079
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:  (281) 293-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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

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

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

Emerging growth company ☐

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

1

Item 2.02 Results of Operations and Financial Condition.
 
On May 4, 2023 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.  Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.
 


Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits
 
      Exhibit No.      Description
 

99.1
—     Press release issued by ConocoPhillips on May 4, 2023.
 

99.2
—     Supplemental financial information.
 

104
—     Cover Page Interactive Data File (formatted as Inline XBRL and filed herewith).
 
2

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
CONOCOPHILLIPS
   
   
   
 
/s/ Christopher P. Delk
 
Christopher P. Delk
  Vice President, Controller and General Tax Counsel

May 4, 2023

3
EX-99.1 2 a53392156ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

ConocoPhillips Reports First-Quarter 2023 Results; Raises Full-Year Production Guidance Midpoint and Declares Quarterly Dividend and Variable Return of Cash Distribution

HOUSTON--(BUSINESS WIRE)--May 4, 2023--ConocoPhillips (NYSE: COP) today reported first-quarter 2023 earnings and adjusted earnings of $2.9 billion, or $2.38 per share, compared with first-quarter 2022 earnings of $5.8 billion, or $4.39 per share, and first-quarter 2022 adjusted earnings of $4.3 billion, or $3.27 per share.

"Our first quarter results are a clear demonstration of the durable, returns-focused value proposition that we laid out at our recent analyst and investor meeting," said Ryan Lance, chairman and chief executive officer. "We achieved record production, advanced our joint venture at Port Arthur LNG, received a favorable record of decision for the Willow project in Alaska and announced plans to assume upstream operatorship of and further expand our ownership position at APLNG. We also accelerated our 2030 GHG emissions-intensity reduction target, progressing our net-zero operational emissions ambition.”

First-Quarter Highlights and Recent Announcements

  • Delivered record company and Lower 48 production of 1,792 thousand barrels of oil equivalent per day (MBOED) and 1,036 MBOED, respectively.
  • Distributed $3.2 billion to shareholders through a three-tier return of capital framework, including $1.7 billion through share repurchases and $1.5 billion through the ordinary dividend and VROC.
  • Generated cash provided by operating activities of $5.4 billion and cash from operations (CFO) of $5.7 billion.
  • Ended the quarter with cash and short-term investments of $8.9 billion.
  • Acquired 30% equity interest in Port Arthur LNG joint venture upon final investment decision for Phase 1.
  • Commenced construction on the Willow project after receiving a positive record of decision from the U.S. Department of the Interior approving a development plan with three core pads.
  • Announced plans to assume upstream operatorship of APLNG following the closing of EIG’s transaction with Origin Energy and to acquire up to an additional 2.49% shareholding interest, subject to regulatory approvals and customary closing conditions.
  • Accelerated the company’s GHG emissions-intensity reduction target through 2030 from 40-50% to 50-60%, using a 2016 baseline.

Quarterly Dividend and Variable Return of Cash

ConocoPhillips announced a quarterly ordinary dividend of $0.51 per share, payable June 1, 2023, to stockholders of record at the close of business on May 16, 2023. In addition, the company announced a VROC of $0.60 per share, payable July 14, 2023, to stockholders of record at the close of business on June 27, 2023.


First-Quarter Review

Production for the first quarter of 2023 was 1,792 MBOED, an increase of 45 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, first-quarter 2023 production increased by 65 MBOED or 4% from the same period a year ago. This was primarily driven by new wells online in the Lower 48 and improved well performance across the portfolio, partially offset by normal field decline and downtime.

In the Lower 48, first-quarter production averaged 1,036 MBOED, including 694 MBOED from the Permian, 227 MBOED from the Eagle Ford and 98 MBOED from the Bakken. Operationally, a stabilizer expansion in the Eagle Ford and a planned turnaround at QatarGas 3 were successfully completed.

Earnings decreased from the first quarter of 2022 primarily due to lower realized prices partially offset by commercial performance and timing, as well as the absence of special items referenced in Table 1 of this release. Excluding special items, adjusted earnings decreased compared with the first quarter of 2022 due to lower realized prices partially offset by a benefit from commercial performance and timing. The company’s total average realized price was $60.86 per barrel of oil equivalent (BOE), 21% lower than the $76.99 per BOE realized in the first quarter of 2022.

For the quarter, cash provided by operating activities was $5.4 billion. Excluding a $0.3 billion change in operating working capital, the company generated CFO of $5.7 billion and received disposition proceeds of $0.2 billion. The company funded $2.9 billion of capital expenditures and investments, including $0.4 billion for its investment in the joint venture responsible for development of Port Arthur LNG and $0.1 billion in Lower 48 acquisitions. In addition, the company repurchased $1.7 billion of shares and paid $1.5 billion in ordinary dividends and VROC.

Outlook

Second-quarter 2023 production is expected to be 1.77 to 1.81 million barrels of oil equivalent per day (MMBOED). The company raised full-year production guidance midpoint by 10 MBOED. Full-year production is now expected to be 1.78 to 1.80 MMBOED, as compared to prior guidance of 1.76 to 1.80 MMBOED.

Full-year guidance for other items is unchanged.

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

--- # # # ---

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $91 billion of total assets and approximately 9,600 employees at March 31, 2023. Production averaged 1,792 MBOED for the three months ended March 31, 2023, and proved reserves were 6.6 BBOE as of Dec. 31, 2022. For more information, go to www.conocophillips.com.


CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from any ongoing military conflict, including the conflict between Russia and Ukraine, and the global response to such conflict, security threats on facilities and infrastructure, or from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases, inflationary pressures or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; public health crises, including pandemics (such as COVID-19) and epidemics and any impacts or related company or government policies or actions; investment in and development of competing or alternative energy sources; potential failures or delays in delivering on our current or future low-carbon strategy, including our inability to develop new technologies; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships or governmental policies, including the imposition of price caps, or the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business, including any sanctions imposed as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; our ability to collect payments when due, including our ability to collect payments from the government of Venezuela or PDVSA; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following any announced or future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or insurance or significantly higher cost of capital or insurance related to illiquidity or uncertainty in the domestic or international financial markets or investor sentiment; general domestic and international economic and political conditions or developments, including as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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


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

The company believes that the non-GAAP measure adjusted earnings (both on an aggregate and a per-share basis) is useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.

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

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

Other Terms – This news release also contains the term pro forma underlying production. Pro forma underlying production reflects the impact of closed acquisitions and closed dispositions as of March 31, 2023. The impact of closed acquisitions and dispositions assumes a closing date of January 1, 2022. The company believes that underlying production is useful to investors to compare production reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Return of capital is defined as the total of the ordinary dividend, share repurchases and variable return of cash (VROC).

References in the release to earnings refer to net income.














 

ConocoPhillips









 

Table 1: Reconciliation of earnings to adjusted earnings




 

$ Millions, Except as Indicated









 



1Q23


1Q22





Pre-tax Income tax After-tax Per share of common stock (dollars)
Pre-tax Income tax After-tax Per share of common stock (dollars)

Earnings


$

2,920

2.38




$

5,759

 

4.39

 



Adjustments:











Net gain on asset sales

-

-

 

-

-


(763

)

154

 

 

(609

)

(0.47

)



Tax adjustments

-

-

 

-

-


-

 

(566

)

 

(566

)

(0.43

)



Gain on CVE shares

-

-

 

-

-


(251

)

-

 

 

(251

)

(0.19

)



Gain on debt extinguishment and exchange fees

-

-

 

-

-


(127

)

65

 

 

(62

)

(0.05

)



Transaction and restructuring expenses

-

-

 

-

-


14

 

(4

)

 

10

 

0.01

 



Loss on FX derivative

-

-

 

-

-


10

 

(2

)

 

8

 

0.01

 



Adjusted earnings / (loss)


$

2,920

2.38




$

4,289

 

3.27

 














 

The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides.  


ConocoPhillips




Table 2: Reconciliation of reported production to pro forma underlying production



In MBOED, Except as Indicated








 



1Q23

1Q22



Total Reported ConocoPhillips Production

1,792

 

1,747

 







 

Closed Dispositions1

(2

)

(55

)



Closed Acquisitions 2

-

 

23

 



Total Pro Forma Underlying Production

1,790

 

1,715

 







 

Estimated Uplift from 2 to 3 stream conversion3

-

 

10

 







 

1Includes production related to the completed Indonesia disposition and various Lower 48 dispositions.

2Includes production related to the acquisitions related to additional 10% shareholding interest in APLNG, additional 4% shareholding interest in Libya and a Lower 48 bolt-on acquisition.

3Estimated production impacts from the conversion of Concho two-stream contracted volumes to a three-stream (crude oil, natural gas and natural gas liquids) reporting basis, which are not included in Total Production and Total Underlying Production.





 

ConocoPhillips




Table 3: Reconciliation of net cash provided by operating activities to cash from operations


$ Millions, Except as Indicated








 




1Q23



Net Cash Provided by Operating Activities

5,403

 







 

Adjustments:




Net operating working capital changes

(283

)



Cash from operations

5,686

 







 

 

Contacts

Dennis Nuss (media)
281-293-1149
dennis.nuss@conocophillips.com

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

EX-99.2 3 a53392156ex99_2.htm EXHIBIT 99.2
Exhibit 99.2

 
First-Quarter 2023 Detailed Supplemental Information
 
                                                 
                                                 
   
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
$ Millions, Except as Indicated
                                               
CONSOLIDATED INCOME STATEMENT
                                               
                                                 
Revenues and Other Income
                                               
  Sales and other operating revenues
   
17,762
     
21,161
     
21,013
     
18,558
     
78,494
     
14,811
           
14,811
 
  Equity in earnings of affiliates
   
426
     
524
     
561
     
570
     
2,081
     
499
           
499
 
  Gain (loss) on dispositions
   
817
     
262
     
(40
)
   
38
     
1,077
     
93
           
93
 
  Other income
   
286
     
42
     
80
     
96
     
504
     
114
           
114
 
    Total Revenues and Other Income
   
19,291
     
21,989
     
21,614
     
19,262
     
82,156
     
15,517
           
15,517
 
                                                               
Costs and Expenses
                                                             
  Purchased commodities
   
6,751
     
9,234
     
9,251
     
8,735
     
33,971
     
6,138
           
6,138
 
  Production and operating expenses
   
1,581
     
1,741
     
1,799
     
1,885
     
7,006
     
1,779
           
1,779
 
  Selling, general and administrative expenses
   
187
     
96
     
148
     
192
     
623
     
159
           
159
 
  Exploration expenses
   
69
     
143
     
89
     
263
     
564
     
138
           
138
 
  Depreciation, depletion and amortization
   
1,823
     
1,810
     
1,872
     
1,999
     
7,504
     
1,942
           
1,942
 
  Impairments
   
2
     
2
     
2
     
(18
)
   
(12
)
   
1
           
1
 
  Taxes other than income taxes
   
814
     
1,020
     
843
     
687
     
3,364
     
576
           
576
 
  Accretion on discounted liabilities
   
61
     
61
     
60
     
68
     
250
     
68
           
68
 
  Interest and debt expense
   
217
     
211
     
199
     
178
     
805
     
188
           
188
 
  Foreign currency transactions (gain) loss
   
24
     
(70
)
   
(93
)
   
39
     
(100
)
   
(44
)
         
(44
)
  Other expenses
   
(136
)
   
86
     
4
     
(1
)
   
(47
)
   
10
           
10
 
    Total Costs and Expenses
   
11,393
     
14,334
     
14,174
     
14,027
     
53,928
     
10,955
           
10,955
 
Income before income taxes
   
7,898
     
7,655
     
7,440
     
5,235
     
28,228
     
4,562
           
4,562
 
  Income tax provision
   
2,139
     
2,510
     
2,913
     
1,986
     
9,548
     
1,642
           
1,642
 
Net Income
   
5,759
     
5,145
     
4,527
     
3,249
     
18,680
     
2,920
           
2,920
 
                                                               
Net Income Per Share of Common Stock (dollars)
                                                             
  Basic
   
4.41
     
3.98
     
3.56
     
2.61
     
14.62
     
2.38
           
2.38
 
  Diluted
   
4.39
     
3.96
     
3.55
     
2.61
     
14.57
     
2.38
           
2.38
 
                                                               
Average Common Shares Outstanding (in thousands)*
                                                             
  Basic
   
1,301,930
     
1,289,791
     
1,256,893
     
1,239,277
     
1,274,028
     
1,220,228
           
1,220,228
 
  Diluted
   
1,307,404
     
1,295,844
     
1,269,321
     
1,243,037
     
1,278,163
     
1,223,355
           
1,223,355
 
*Ending Common Shares Outstanding is 1,210,059 as of March 31, 2023, compared with 1,223,856 as of December 31, 2022.
           
                                                               
                                                               
INCOME (LOSS) BEFORE INCOME TAXES
                                                             
                                                               
Alaska
   
802
     
983
     
800
     
652
     
3,237
     
567
           
567
 
                                                               
Lower 48
   
3,547
     
4,456
     
3,542
     
2,557
     
14,102
     
2,378
           
2,378
 
                                                               
Canada
   
381
     
418
     
158
     
(37
)
   
920
     
8
           
8
 
                                                               
Europe, Middle East and North Africa
   
1,774
     
1,533
     
2,615
     
1,767
     
7,689
     
1,244
           
1,244
 
                                                               
Asia Pacific
   
1,310
     
637
     
627
     
643
     
3,217
     
582
           
582
 
                                                               
Other International
   
-
     
-
     
2
     
-
     
2
     
1
           
1
 
                                                               
Corporate and Other
   
84
     
(372
)
   
(304
)
   
(347
)
   
(939
)
   
(218
)
         
(218
)
                                                               
Consolidated
   
7,898
     
7,655
     
7,440
     
5,235
     
28,228
     
4,562
           
4,562
 
                                                               
                                                               
                                                               
                                                               
EFFECTIVE INCOME TAX RATES
                                                             
                                                               
Alaska*
   
27.1
%
   
30.1
%
   
27.6
%
   
23.1
%
   
27.4
%
   
26.7
%
         
26.7
%
                                                               
Lower 48
   
21.4
%
   
19.6
%
   
25.1
%
   
22.1
%
   
21.9
%
   
22.1
%
         
22.1
%
                                                               
Canada
   
23.7
%
   
24.3
%
   
24.9
%
   
67.4
%
   
22.4
%
   
21.9
%
         
21.9
%
                                                               
Europe, Middle East and North Africa
   
76.8
%
   
74.9
%
   
64.7
%
   
70.3
%
   
70.8
%
   
70.6
%
         
70.6
%
                                                               
Asia Pacific
   
13.3
%
   
17.7
%
   
16.9
%
   
13.6
%
   
14.9
%
   
10.3
%
         
10.3
%
                                                               
Other International
   
-137.8
%
   
43.0
%
   
2484.7
%
   
3159.7
%
   
2211.2
%
   
-
           
-
 
                                                               
Corporate and Other
   
-546.2
%
   
6.2
%
   
21.4
%
   
17.1
%
   
64.9
%
   
-11.3
%
         
-11.3
%
                                                               
Consolidated
   
27.1
%
   
32.8
%
   
39.1
%
   
37.9
%
   
33.8
%
   
36.0
%
         
36.0
%
*Alaska including taxes other than income taxes.
   
47.8
%
   
52.1
%
   
48.6
%
   
43.0
%
   
48.4
%
   
42.3
%
         
42.3
%



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
$ Millions
                                               
EARNINGS BY SEGMENT
                                               
                                                 
Alaska
   
584
     
687
     
580
     
501
     
2,352
     
416
           
416
 
                                                               
Lower 48
   
2,790
     
3,581
     
2,653
     
1,991
     
11,015
     
1,852
           
1,852
 
                                                               
Canada
   
291
     
316
     
119
     
(12
)
   
714
     
6
           
6
 
                                                               
Europe, Middle East and North Africa
   
412
     
385
     
922
     
525
     
2,244
     
365
           
365
 
                                                               
Asia Pacific
   
1,136
     
525
     
520
     
555
     
2,736
     
522
           
522
 
                                                               
Other International
   
-
     
-
     
(28
)
   
(23
)
   
(51
)
   
1
           
1
 
                                                               
Corporate and Other
   
546
     
(349
)
   
(239
)
   
(288
)
   
(330
)
   
(242
)
         
(242
)
                                                               
Consolidated
   
5,759
     
5,145
     
4,527
     
3,249
     
18,680
     
2,920
           
2,920
 
                                                               
                                                               
                                                               
                                                               
                                                               
SPECIAL ITEMS
                                                             
                                                               
Alaska
   
23
     
-
     
-
     
26
     
49
     
-
           
-
 
                                                               
Lower 48
   
16
     
69
     
(42
)
   
16
     
59
     
-
           
-
 
                                                               
Canada
   
176
     
118
     
(12
)
   
(82
)
   
200
     
-
           
-
 
                                                               
Europe, Middle East and North Africa
   
-
     
(58
)
   
-
     
-
     
(58
)
   
-
           
-
 
                                                               
Asia Pacific
   
534
     
-
     
27
     
-
     
561
     
-
           
-
 
                                                               
Other International
   
-
     
-
     
(29
)
   
(20
)
   
(49
)
   
-
           
-
 
                                                               
Corporate and Other
   
721
     
(70
)
   
(7
)
   
(66
)
   
578
     
-
           
-
 
                                                               
Consolidated
   
1,470
     
59
     
(63
)
   
(126
)
   
1,340
     
-
           
-
 
Detailed reconciliation of these items is provided on page 3.
                                                       
                                                               
                                                               
                                                               
                                                               
ADJUSTED EARNINGS
                                                             
                                                               
Alaska
   
561
     
687
     
580
     
475
     
2,303
     
416
           
416
 
                                                               
Lower 48
   
2,774
     
3,512
     
2,695
     
1,975
     
10,956
     
1,852
           
1,852
 
                                                               
Canada
   
115
     
198
     
131
     
70
     
514
     
6
           
6
 
                                                               
Europe, Middle East and North Africa
   
412
     
443
     
922
     
525
     
2,302
     
365
           
365
 
                                                               
Asia Pacific
   
602
     
525
     
493
     
555
     
2,175
     
522
           
522
 
                                                               
Other International
   
-
     
-
     
1
     
(3
)
   
(2
)
   
1
           
1
 
                                                               
Corporate and Other
   
(175
)
   
(279
)
   
(232
)
   
(222
)
   
(908
)
   
(242
)
         
(242
)
                                                               
Consolidated
   
4,289
     
5,086
     
4,590
     
3,375
     
17,340
     
2,920
           
2,920
 
                                                               
                                                               
                                                               
                                                               
                                                               
ADJUSTED EFFECTIVE INCOME TAX RATES
                                                             
                                                               
Alaska
   
30.0
%
   
30.1
%
   
27.6
%
   
27.1
%
   
28.9
%
   
26.7
%
         
26.7
%
                                                               
Lower 48
   
22.1
%
   
19.6
%
   
25.1
%
   
22.1
%
   
22.1
%
   
22.1
%
         
22.1
%
                                                               
Canada
   
24.4
%
   
25.1
%
   
24.5
%
   
24.0
%
   
24.6
%
   
21.9
%
         
21.9
%
                                                               
Europe, Middle East and North Africa
   
76.8
%
   
71.1
%
   
64.7
%
   
70.3
%
   
70.1
%
   
70.6
%
         
70.6
%
                                                               
Asia Pacific
   
22.4
%
   
17.7
%
   
17.7
%
   
13.6
%
   
18.1
%
   
10.3
%
         
10.3
%
                                                               
Other International
   
-137.8
%
   
43.0
%
   
16.8
%
   
500.9
%
   
168.2
%
   
-
           
-
 
                                                               
Corporate and Other
   
38.1
%
   
3.4
%
   
21.9
%
   
14.8
%
   
19.6
%
   
-11.3
%
         
-11.3
%
                                                               
Consolidated
   
36.8
%
   
32.2
%
   
38.7
%
   
37.8
%
   
36.2
%
   
36.0
%
         
36.0
%



 
2022
   
2023
 
$ Millions
 
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
DETAILED SPECIAL ITEMS
                                               
                                                 
Alaska
                                               
Income tax provision (benefit)1
   
(23
)
   
-
     
-
     
(26
)
   
(49
)
   
-
           
-
 
  Total
   
23
     
-
     
-
     
26
     
49
     
-
           
-
 
                                                               
Lower 48
                                                             
Transaction and restructuring expenses
   
(14
)
   
(14
)
   
-
     
-
     
(28
)
   
-
           
-
 
Gain (loss) on asset sales
   
-
     
101
     
(55
)
   
21
     
67
     
-
           
-
 
   Subtotal before income taxes
   
(14
)
   
87
     
(55
)
   
21
     
39
     
-
           
-
 
Income tax provision (benefit)2
   
(30
)
   
18
     
(13
)
   
5
     
(20
)
   
-
           
-
 
  Total
   
16
     
69
     
(42
)
   
16
     
59
     
-
           
-
 
                                                               
Canada
                                                             
Exploration Expense
   
-
     
-
     
-
     
(129
)
   
(129
)
   
-
           
-
 
Gain (loss) on asset sales
   
229
     
153
     
(15
)
   
-
     
367
     
-
           
-
 
   Subtotal before income taxes
   
229
     
153
     
(15
)
   
(129
)
   
238
     
-
           
-
 
Income tax provision (benefit)3
   
53
     
35
     
(3
)
   
(47
)
   
38
     
-
           
-
 
  Total
   
176
     
118
     
(12
)
   
(82
)
   
200
     
-
           
-
 
                                                               
Europe, Middle East and North Africa
                                                             
Income tax provision (benefit)4
   
-
     
58
     
-
     
-
     
58
     
-
           
-
 
  Total
   
-
     
(58
)
   
-
     
-
     
(58
)
   
-
           
-
 
                                                               
Asia Pacific
                                                             
Gain (loss) on asset sales
   
534
     
-
     
-
     
-
     
534
     
-
           
-
 
Pending claims and settlements
   
-
     
-
     
27
     
-
     
27
     
-
           
-
 
   Subtotal before income taxes
   
534
     
-
     
27
     
-
     
561
     
-
           
-
 
Income tax provision (benefit)
   
-
     
-
     
-
     
-
     
-
     
-
           
-
 
  Total
   
534
     
-
     
27
     
-
     
561
     
-
           
-
 
                                                               
Other International
                                                             
Income tax provision (benefit)5
   
-
     
-
     
29
     
20
     
49
     
-
           
-
 
  Total
   
-
     
-
     
(29
)
   
(20
)
   
(49
)
   
-
           
-
 
                                                               
Corporate and Other
                                                             
Pending claims and settlements
   
-
     
-
     
(7
)
   
(87
)
   
(94
)
   
-
           
-
 
Gain (loss) on investment in Cenovus Energy
   
251
     
-
     
-
     
-
     
251
     
-
           
-
 
Gain (loss) on AUD FX derivative
   
(10
)
   
-
     
-
     
-
     
(10
)
   
-
           
-
 
Gain (loss) on debt extinguishment and exchange fees
   
127
     
(83
)
   
-
     
-
     
44
     
-
           
-
 
   Subtotal before income taxes
   
368
     
(83
)
   
(7
)
   
(87
)
   
191
     
-
           
-
 
Income tax provision (benefit)6
   
(353
)
   
(13
)
   
-
     
(21
)
   
(387
)
   
-
           
-
 
  Total
   
721
     
(70
)
   
(7
)
   
(66
)
   
578
     
-
           
-
 
                                                               
Total Company
   
1,470
     
59
     
(63
)
   
(126
)
   
1,340
     
-
           
-
 
1Includes a tax adjustment in Q1 2022 related to the closure of an audit; Q4 2022 tax adjustment in Alaska.
                       
2Includes a tax adjustment in Q1 2022 related to the closure of an audit.
                                               
3Includes a tax adjustment in Q4 2022 related to pending claims and settlements.
                                       
4Includes a tax adjustment in Q2 2022 related to Norway tax reform.
                                               
5Includes a tax adjustment in Q3 2022 and Q4 2022 related to pending claims and settlements.
                       
6Includes tax adjustment related to Q1 2022 Indonesia disposition; Q1 2022 tax adjustments including the closure of an audit; Q4 2022 tax adjustment related to pending claims and settlements.
 



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
$ Millions
                                               
CONSOLIDATED BALANCE SHEET
                                               
                                                 
Assets
                                               
  Cash and cash equivalents
   
6,414
     
6,909
     
8,010
     
6,458
     
6,458
     
6,974
           
6,974
 
  Short-term investments
   
730
     
1,272
     
2,412
     
2,785
     
2,785
     
1,635
           
1,635
 
  Accounts and notes receivable
   
7,807
     
8,081
     
7,338
     
7,075
     
7,075
     
5,280
           
5,280
 
  Accounts and notes receivable—related parties
   
72
     
72
     
16
     
13
     
13
     
16
           
16
 
  Inventories
   
1,174
     
1,234
     
1,226
     
1,219
     
1,219
     
1,258
           
1,258
 
  Prepaid expenses and other current assets
   
1,389
     
1,292
     
1,451
     
1,199
     
1,199
     
953
           
953
 
       Total Current Assets
   
17,586
     
18,860
     
20,453
     
18,749
     
18,749
     
16,116
           
16,116
 
  Investments and long-term receivables
   
8,309
     
8,203
     
8,204
     
8,225
     
8,225
     
8,197
           
8,197
 
  Net properties, plants and equipment
   
64,642
     
64,008
     
63,673
     
64,866
     
64,866
     
65,090
           
65,090
 
  Other assets
   
2,771
     
2,622
     
2,507
     
1,989
     
1,989
     
2,038
           
2,038
 
Total Assets
   
93,308
     
93,693
     
94,837
     
93,829
     
93,829
     
91,441
           
91,441
 
                                                               
Liabilities
                                                             
  Accounts payable
   
4,875
     
5,845
     
6,242
     
6,113
     
6,113
     
5,078
           
5,078
 
  Accounts payable—related parties
   
22
     
28
     
26
     
50
     
50
     
22
           
22
 
  Short-term debt
   
1,160
     
676
     
664
     
417
     
417
     
1,317
           
1,317
 
  Accrued income and other taxes
   
3,162
     
2,759
     
3,187
     
3,193
     
3,193
     
2,847
           
2,847
 
  Employee benefit obligations
   
446
     
529
     
628
     
728
     
728
     
420
           
420
 
  Other accruals
   
1,959
     
2,379
     
3,250
     
2,346
     
2,346
     
1,869
           
1,869
 
       Total Current Liabilities
   
11,624
     
12,216
     
13,997
     
12,847
     
12,847
     
11,553
           
11,553
 
  Long-term debt
   
17,586
     
16,295
     
16,297
     
16,226
     
16,226
     
15,266
           
15,266
 
  Asset retirement obligations and accrued environmental costs
5,815
     
5,737
     
5,729
     
6,401
     
6,401
     
6,324
           
6,324
 
  Deferred income taxes
   
6,556
     
6,694
     
7,218
     
7,726
     
7,726
     
7,927
           
7,927
 
  Employee benefit obligations
   
1,085
     
1,080
     
1,087
     
1,074
     
1,074
     
1,007
           
1,007
 
  Other liabilities and deferred credits
   
1,424
     
1,469
     
1,430
     
1,552
     
1,552
     
1,581
           
1,581
 
Total Liabilities
   
44,090
     
43,491
     
45,758
     
45,826
     
45,826
     
43,658
           
43,658
 
                                                               
Equity
                                                             
  Common stock issued
                                                             
    Par value
   
21
     
21
     
21
     
21
     
21
     
21
           
21
 
    Capital in excess of par
   
60,907
     
61,045
     
61,089
     
61,142
     
61,142
     
61,100
           
61,100
 
  Treasury stock
   
(52,344
)
   
(54,644
)
   
(57,444
)
   
(60,189
)
   
(60,189
)
   
(61,904
)
         
(61,904
)
  Accumulated other comprehensive loss
   
(4,808
)
   
(5,313
)
   
(5,865
)
   
(6,000
)
   
(6,000
)
   
(6,027
)
         
(6,027
)
  Retained earnings
   
45,442
     
49,093
     
51,278
     
53,029
     
53,029
     
54,593
           
54,593
 
Total Equity
   
49,218
     
50,202
     
49,079
     
48,003
     
48,003
     
47,783
           
47,783
 
Total Liabilities and Equity
   
93,308
     
93,693
     
94,837
     
93,829
     
93,829
     
91,441
           
91,441
 



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
$ Millions
                                               
CASH FLOW INFORMATION
                                               
                                                 
Cash Flows from Operating Activities
                                               
  Net income
   
5,759
     
5,145
     
4,527
     
3,249
     
18,680
     
2,920
           
2,920
 
  Depreciation, depletion and amortization
   
1,823
     
1,810
     
1,872
     
1,999
     
7,504
     
1,942
           
1,942
 
  Impairments
   
2
     
2
     
2
     
(18
)
   
(12
)
   
1
           
1
 
  Dry hole costs and leasehold impairments
   
7
     
97
     
32
     
204
     
340
     
68
           
68
 
  Accretion on discounted liabilities
   
61
     
61
     
60
     
68
     
250
     
68
           
68
 
  Deferred taxes
   
373
     
495
     
726
     
492
     
2,086
     
324
           
324
 
  Undistributed equity earnings
   
220
     
371
     
(22
)
   
373
     
942
     
491
           
491
 
  Gain (loss) on dispositions
   
(817
)
   
(262
)
   
40
     
(38
)
   
(1,077
)
   
(93
)
         
(93
)
  Gain on investment in Cenovus Energy
   
(251
)
   
-
     
-
     
-
     
(251
)
   
-
           
-
 
  Other
   
(152
)
   
115
     
(1
)
   
124
     
86
     
(35
)
         
(35
)
  Net working capital changes
   
(1,957
)
   
80
     
1,504
     
139
     
(234
)
   
(283
)
         
(283
)
Net Cash Provided by Operating Activities
   
5,068
     
7,914
     
8,740
     
6,592
     
28,314
     
5,403
           
5,403
 
                                                               
Cash Flows from Investing Activities
                                                             
  Capital expenditures and investments
   
(3,161
)
   
(1,968
)
   
(2,497
)
   
(2,533
)
   
(10,159
)
   
(2,897
)
         
(2,897
)
  Working capital changes associated with investing activities
   
363
     
133
     
46
     
(22
)
   
520
     
208
           
208
 
  Acquisition of businesses, net of cash acquired
   
37
     
-
     
-
     
(97
)
   
(60
)
   
-
           
-
 
  Proceeds from asset dispositions
   
2,332
     
619
     
403
     
117
     
3,471
     
188
           
188
 
  Net (purchases) sales of investments
   
(263
)
   
(841
)
   
(1,131
)
   
(394
)
   
(2,629
)
   
1,065
           
1,065
 
  Collection of advances/loans—related parties
   
55
     
-
     
59
     
-
     
114
     
-
           
-
 
  Other
   
26
     
(34
)
   
15
     
(5
)
   
2
     
(12
)
         
(12
)
Net Cash Used in Investing Activities
   
(611
)
   
(2,091
)
   
(3,105
)
   
(2,934
)
   
(8,741
)
   
(1,448
)
         
(1,448
)
                                                               
Cash Flows from Financing Activities
                                                             
  Net repayment of debt
   
(1,067
)
   
(1,865
)
   
(45
)
   
(393
)
   
(3,370
)
   
(43
)
         
(43
)
  Issuance of company common stock
   
271
     
79
     
(5
)
   
17
     
362
     
(97
)
         
(97
)
  Repurchase of company common stock
   
(1,425
)
   
(2,300
)
   
(2,799
)
   
(2,746
)
   
(9,270
)
   
(1,700
)
         
(1,700
)
  Dividends paid
   
(864
)
   
(988
)
   
(1,484
)
   
(2,390
)
   
(5,726
)
   
(1,488
)
         
(1,488
)
  Other
   
(52
)
   
(4
)
   
3
     
4
     
(49
)
   
2
           
2
 
Net Cash Used in Financing Activities
   
(3,137
)
   
(5,078
)
   
(4,330
)
   
(5,508
)
   
(18,053
)
   
(3,326
)
         
(3,326
)
                                                               
Effect of Exchange Rate Changes
   
21
     
(258
)
   
(215
)
   
228
     
(224
)
   
(104
)
         
(104
)
                                                               
Net Change in Cash, Cash Equivalents and Restricted Cash
1,341
     
487
     
1,090
     
(1,622
)
   
1,296
     
525
           
525
 
Cash, cash equivalents and restricted cash at beginning of period
5,398
     
6,739
     
7,226
     
8,316
     
5,398
     
6,694
           
6,694
 
Cash, Cash Equivalents and Restricted Cash at End of Period
6,739
     
7,226
     
8,316
     
6,694
     
6,694
     
7,219
           
7,219
 
                                                               
                                                               
                                                               
CAPITAL EXPENDITURES AND INVESTMENTS
                                                             
                                                               
 Alaska
   
253
     
218
     
269
     
351
     
1,091
     
406
           
406
 
                                                               
 Lower 48
   
1,062
     
1,285
     
1,773
     
1,510
     
5,630
     
1,704
           
1,704
 
                                                               
 Canada
   
122
     
125
     
135
     
148
     
530
     
136
           
136
 
                                                               
 Europe, Middle East and North Africa
   
172
     
192
     
167
     
467
     
998
     
209
           
209
 
                                                               
 Asia Pacific
   
1,538
     
126
     
127
     
89
     
1,880
     
63
           
63
 
                                                               
 Other International
   
-
     
-
     
-
     
-
     
-
     
-
           
-
 
                                                               
 Corporate and Other
   
14
     
22
     
26
     
(32
)
   
30
     
379
           
379
 
Total Capital Expenditures and Investments
   
3,161
     
1,968
     
2,497
     
2,533
     
10,159
     
2,897
           
2,897
 



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
TOTAL SEGMENTS
                                               
                                                 
                                                 
Production
                                               
Total (MBOED)
   
1,747
     
1,692
     
1,754
     
1,758
     
1,738
     
1,792
           
1,792
 
                                                               
Crude Oil (MBD)
                                                             
  Consolidated operations
   
903
     
857
     
882
     
899
     
885
     
926
           
926
 
  Equity affiliates
   
12
     
14
     
13
     
13
     
13
     
11
           
11
 
  Total
   
915
     
871
     
895
     
912
     
898
     
937
           
937
 
Over (under) lifting of crude oil (MBD)
   
28
     
27
     
4
     
9
     
17
     
(4
)
         
(4
)
                                                               
NGL (MBD)
                                                             
  Consolidated operations
   
216
     
236
     
263
     
261
     
244
     
264
           
264
 
  Equity affiliates
   
7
     
8
     
8
     
8
     
8
     
7
           
7
 
  Total
   
223
     
244
     
271
     
269
     
252
     
271
           
271
 
                                                               
Bitumen (MBD)
                                                             
  Consolidated operations
   
67
     
59
     
69
     
69
     
66
     
69
           
69
 
  Total
   
67
     
59
     
69
     
69
     
66
     
69
           
69
 
                                                               
Natural Gas (MMCFD)
                                                             
  Consolidated operations
   
2,126
     
1,872
     
1,899
     
1,862
     
1,939
     
1,922
           
1,922
 
  Equity affiliates
   
1,127
     
1,235
     
1,214
     
1,184
     
1,191
     
1,166
           
1,166
 
  Total
   
3,253
     
3,107
     
3,113
     
3,046
     
3,130
     
3,088
           
3,088
 
                                                               
Industry Prices
                                                             
Crude Oil ($/BBL)
                                                             
  WTI
   
94.29
     
108.41
     
91.56
     
82.64
     
94.23
     
76.13
           
76.13
 
  WCS
   
79.76
     
95.71
     
71.88
     
56.72
     
76.02
     
51.31
           
51.31
 
  Brent dated
   
101.40
     
113.78
     
100.85
     
88.71
     
101.19
     
81.27
           
81.27
 
  JCC ($/BBL)
   
80.43
     
86.09
     
110.97
     
113.23
     
97.68
     
100.49
           
100.49
 
Natural Gas ($/MMBTU)
                                                             
  Henry Hub first of month
   
4.96
     
7.17
     
8.20
     
6.26
     
6.65
     
3.44
           
3.44
 
                                                               
                                                               
Average Realized Prices
                                                             
Total ($/BBL)
   
76.99
     
88.57
     
83.07
     
71.05
     
79.82
     
60.86
           
60.86
 
                                                               
Crude Oil ($/BBL)
                                                             
  Consolidated operations
   
94.79
     
111.49
     
97.60
     
85.61
     
97.23
     
77.60
           
77.60
 
  Equity affiliates
   
97.20
     
111.97
     
94.58
     
83.64
     
97.31
     
80.97
           
80.97
 
  Total
   
94.82
     
111.50
     
97.56
     
85.58
     
97.23
     
77.65
           
77.65
 
                                                               
NGL ($/BBL)
                                                             
  Consolidated operations
   
40.95
     
42.20
     
34.83
     
26.46
     
35.67
     
24.97
           
24.97
 
  Equity affiliates
   
67.04
     
72.44
     
55.51
     
50.61
     
61.22
     
57.71
           
57.71
 
  Total
   
41.80
     
43.26
     
35.47
     
27.21
     
36.50
     
25.84
           
25.84
 
                                                               
Bitumen ($/BBL)
                                                             
  Consolidated operations
   
65.86
     
75.42
     
49.77
     
34.47
     
55.56
     
29.49
           
29.49
 
  Total
   
65.86
     
75.42
     
49.77
     
34.47
     
55.56
     
29.49
           
29.49
 
                                                               
Natural Gas ($/MCF)
                                                             
  Consolidated operations
   
8.81
     
10.19
     
14.14
     
9.26
     
10.56
     
5.65
           
5.65
 
  Equity affiliates
   
8.86
     
10.08
     
11.37
     
12.19
     
10.67
     
9.95
           
9.95
 
  Total
   
8.83
     
10.15
     
13.04
     
10.44
     
10.60
     
7.30
           
7.30
 
                                                               
                                                               
Exploration Expenses ($ Millions)
                                                             
Dry holes
   
1
     
87
     
25
     
138
     
251
     
49
           
49
 
Leasehold impairment
   
6
     
10
     
7
     
66
     
89
     
19
           
19
 
Total noncash expenses
   
7
     
97
     
32
     
204
     
340
     
68
           
68
 
Other (G&A, G&G and lease rentals)
   
62
     
46
     
57
     
59
     
224
     
70
           
70
 
Total exploration expenses
   
69
     
143
     
89
     
263
     
564
     
138
           
138
 
                                                               
U.S. exploration expenses
   
54
     
40
     
42
     
86
     
222
     
108
           
108
 
International exploration expenses
   
15
     
103
     
47
     
177
     
342
     
30
           
30
 
                                                               
                                                               
DD&A ($ Millions)
                                                             
 Alaska
   
226
     
234
     
232
     
247
     
939
     
260
           
260
 
 Lower 48
   
1,168
     
1,192
     
1,198
     
1,307
     
4,865
     
1,319
           
1,319
 
 Canada
   
102
     
98
     
96
     
106
     
402
     
91
           
91
 
 Europe, Middle East and North Africa
   
192
     
157
     
196
     
191
     
736
     
153
           
153
 
 Asia Pacific
   
124
     
118
     
140
     
136
     
518
     
113
           
113
 
 Other International
   
-
     
-
     
-
     
-
     
-
     
-
           
-
 
 Corporate and Other
   
11
     
11
     
10
     
12
     
44
     
6
           
6
 
Total DD&A
   
1,823
     
1,810
     
1,872
     
1,999
     
7,504
     
1,942
           
1,942
 



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
PRODUCTION
                                               
                                                 
                                                 
Crude Oil (MBD)
                                               
  Consolidated operations
                                               
   Alaska
   
182
     
177
     
171
     
179
     
177
     
179
           
179
 
   Lower 48
   
538
     
528
     
537
     
534
     
534
     
561
           
561
 
   Canada
   
6
     
5
     
4
     
8
     
6
     
6
           
6
 
     Norway
   
76
     
56
     
77
     
74
     
71
     
70
           
70
 
     Libya
   
37
     
34
     
30
     
44
     
36
     
47
           
47
 
   Europe, Middle East and North Africa
   
113
     
90
     
107
     
118
     
107
     
117
           
117
 
     China
   
30
     
29
     
31
     
31
     
30
     
34
           
34
 
     Indonesia
   
1
                             
-
                       
     Malaysia
   
33
     
28
     
32
     
29
     
31
     
29
           
29
 
   Asia Pacific
   
64
     
57
     
63
     
60
     
61
     
63
           
63
 
  Total consolidated operations
   
903
     
857
     
882
     
899
     
885
     
926
           
926
 
  Equity affiliates
   
12
     
14
     
13
     
13
     
13
     
11
           
11
 
  Total
   
915
     
871
     
895
     
912
     
898
     
937
           
937
 
                                                               
NGL (MBD)
                                                             
  Consolidated operations
                                                             
   Alaska
   
18
     
16
     
15
     
17
     
17
     
18
           
18
 
   Lower 48
   
191
     
214
     
241
     
236
     
221
     
239
           
239
 
   Canada
   
3
     
3
     
3
     
4
     
3
     
3
           
3
 
     Norway
   
4
     
3
     
4
     
4
     
3
     
4
           
4
 
   Europe, Middle East and North Africa
   
4
     
3
     
4
     
4
     
3
     
4
           
4
 
  Total consolidated operations
   
216
     
236
     
263
     
261
     
244
     
264
           
264
 
  Equity affiliates
   
7
     
8
     
8
     
8
     
8
     
7
           
7
 
  Total
   
223
     
244
     
271
     
269
     
252
     
271
           
271
 
                                                               
Bitumen (MBD)
                                                             
  Canada
   
67
     
59
     
69
     
69
     
66
     
69
           
69
 
  Total
   
67
     
59
     
69
     
69
     
66
     
69
           
69
 
                                                               
Natural Gas (MMCFD)
                                                             
  Consolidated operations
                                                             
   Alaska
   
35
     
34
     
29
     
39
     
34
     
42
           
42
 
   Lower 48
   
1,426
     
1,411
     
1,410
     
1,362
     
1,402
     
1,418
           
1,418
 
   Canada
   
63
     
66
     
49
     
64
     
61
     
64
           
64
 
     Norway
   
308
     
284
     
312
     
317
     
306
     
313
           
313
 
     Libya
   
23
     
22
     
19
     
26
     
22
     
29
           
29
 
   Europe, Middle East and North Africa
   
331
     
306
     
331
     
343
     
328
     
342
           
342
 
     Indonesia
   
194
                             
48
                       
     Malaysia
   
77
     
55
     
80
     
54
     
66
     
56
           
56
 
   Asia Pacific
   
271
     
55
     
80
     
54
     
114
     
56
           
56
 
  Total consolidated operations
   
2,126
     
1,872
     
1,899
     
1,862
     
1,939
     
1,922
           
1,922
 
  Equity affiliates
   
1,127
     
1,235
     
1,214
     
1,184
     
1,191
     
1,166
           
1,166
 
  Total
   
3,253
     
3,107
     
3,113
     
3,046
     
3,130
     
3,088
           
3,088
 
                                                               
Total (MBOED)
                                                             
  Consolidated operations
                                                             
   Alaska
   
206
     
199
     
191
     
203
     
200
     
204
           
204
 
   Lower 48
   
967
     
977
     
1,013
     
997
     
989
     
1,036
           
1,036
 
   Canada
   
86
     
78
     
84
     
92
     
85
     
89
           
89
 
     Norway
   
131
     
106
     
133
     
131
     
125
     
126
           
126
 
     Libya
   
41
     
38
     
33
     
48
     
40
     
52
           
52
 
   Europe, Middle East and North Africa
   
172
     
144
     
166
     
179
     
165
     
178
           
178
 
     China
   
30
     
29
     
31
     
31
     
30
     
34
           
34
 
     Indonesia
   
33
                             
8
                       
     Malaysia
   
46
     
37
     
45
     
38
     
42
     
38
           
38
 
   Asia Pacific
   
109
     
66
     
76
     
69
     
80
     
72
           
72
 
  Total consolidated operations
   
1,540
     
1,464
     
1,530
     
1,540
     
1,519
     
1,579
           
1,579
 
  Equity affiliates
   
207
     
228
     
224
     
218
     
219
     
213
           
213
 
  Total
   
1,747
     
1,692
     
1,754
     
1,758
     
1,738
     
1,792
           
1,792
 



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
AVERAGE REALIZED PRICES
                                               
                                                 
                                                 
Crude Oil ($/BBL)
                                               
  Consolidated operations
                                               
   Alaska
   
95.54
     
114.77
     
103.90
     
91.34
     
101.72
     
82.22
           
82.22
 
   Lower 48
   
93.55
     
109.14
     
93.19
     
82.28
     
94.46
     
74.36
           
74.36
 
   Canada
   
82.13
     
94.79
     
71.11
     
73.62
     
79.94
     
65.07
           
65.07
 
     Norway
   
92.18
     
116.93
     
104.10
     
89.96
     
99.88
     
85.34
           
85.34
 
     Libya
   
99.92
     
113.03
     
98.55
     
87.39
     
97.85
     
80.41
           
80.41
 
   Europe, Middle East and North Africa
   
94.68
     
115.61
     
102.70
     
88.86
     
99.20
     
83.52
           
83.52
 
     China
   
105.75
     
115.00
     
101.95
     
88.21
     
101.87
     
76.93
           
76.93
 
     Indonesia
   
77.09
                             
77.09
                       
     Malaysia
   
104.88
     
119.26
     
115.94
     
98.90
     
109.42
     
89.99
           
89.99
 
   Asia Pacific
   
104.84
     
117.14
     
108.99
     
93.29
     
105.52
     
83.50
           
83.50
 
  Total consolidated operations
   
94.79
     
111.49
     
97.60
     
85.61
     
97.23
     
77.60
           
77.60
 
  Equity affiliates
   
97.20
     
111.97
     
94.58
     
83.64
     
97.31
     
80.97
           
80.97
 
  Total
   
94.82
     
111.50
     
97.56
     
85.58
     
97.23
     
77.65
           
77.65
 
                                                               
NGL ($/BBL)
                                                             
  Consolidated operations
                                                             
   Lower 48
   
40.42
     
42.00
     
34.59
     
26.21
     
35.36
     
24.58
           
24.58
 
   Canada
   
41.83
     
44.93
     
29.62
     
34.08
     
37.70
     
29.02
           
29.02
 
     Norway
   
58.67
     
68.00
     
51.67
     
40.72
     
54.52
     
47.91
           
47.91
 
   Europe, Middle East and North Africa
   
58.67
     
68.00
     
51.67
     
40.72
     
54.52
     
47.91
           
47.91
 
  Total consolidated operations
   
40.95
     
42.20
     
34.83
     
26.46
     
35.67
     
24.97
           
24.97
 
  Equity affiliates
   
67.04
     
72.44
     
55.51
     
50.61
     
61.22
     
57.71
           
57.71
 
  Total
   
41.80
     
43.26
     
35.47
     
27.21
     
36.50
     
25.84
           
25.84
 
                                                               
Bitumen ($/BBL)
                                                             
  Canada*
   
65.86
     
75.42
     
49.77
     
34.47
     
55.56
     
29.49
           
29.49
 
  Total
   
65.86
     
75.42
     
49.77
     
34.47
     
55.56
     
29.49
           
29.49
 
                                                               
Natural Gas ($/MCF)
                                                             
  Consolidated operations
                                                             
   Alaska
   
3.92
     
3.34
     
4.38
     
3.24
     
3.64
     
4.58
           
4.58
 
   Lower 48
   
4.63
     
6.85
     
7.36
     
4.82
     
5.92
     
2.92
           
2.92
 
   Canada
   
3.25
     
4.47
     
2.40
     
4.04
     
3.62
     
4.64
           
4.64
 
     Norway
   
30.93
     
30.06
     
50.57
     
29.74
     
35.33
     
18.04
           
18.04
 
     Libya
   
5.13
     
5.61
     
7.46
     
8.00
     
6.59
     
7.67
           
7.67
 
   Europe, Middle East and North Africa
   
29.18
     
28.32
     
48.10
     
28.13
     
33.39
     
17.18
           
17.18
 
     Indonesia
   
8.26
                             
8.26
                       
     Malaysia
   
3.85
     
4.17
     
4.18
     
4.24
     
4.09
     
4.30
           
4.30
 
   Asia Pacific
   
7.01
     
4.17
     
4.18
     
4.24
     
5.84
     
4.30
           
4.30
 
  Total consolidated operations
   
8.81
     
10.19
     
14.14
     
9.26
     
10.56
     
5.65
           
5.65
 
  Equity affiliates
   
8.86
     
10.08
     
11.37
     
12.19
     
10.67
     
9.95
           
9.95
 
  Total
   
8.83
     
10.15
     
13.04
     
10.44
     
10.60
     
7.30
           
7.30
 
*Average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
 



 
2022
   
2023
 
   
1st Qtr
   
2nd Qtr
   
3rd Qtr
   
4th Qtr
   
YTD
   
1st Qtr
 
2nd Qtr
3rd Qtr
4th Qtr
 
YTD
 
CORPORATE AND OTHER
                                               
                                                 
                                                 
Corporate and Other Earnings (Loss) ($ Millions)
   
546
     
(349
)
   
(239
)
   
(288
)
   
(330
)
   
(242
)
         
(242
)
                                                               
                                                               
Detail of Earnings (Loss) ($ Millions)
                                                             
Net interest expense
   
(218
)
   
(164
)
   
(125
)
   
(93
)
   
(600
)
   
(90
)
         
(90
)
Corporate G&A expenses
   
(79
)
   
(16
)
   
(62
)
   
(87
)
   
(244
)
   
(90
)
         
(90
)
Technology*
   
58
     
(9
)
   
(8
)
   
(9
)
   
32
     
6
           
6
 
Other
   
785
     
(160
)
   
(44
)
   
(99
)
   
482
     
(68
)
         
(68
)
Total
   
546
     
(349
)
   
(239
)
   
(288
)
   
(330
)
   
(242
)
         
(242
)
*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
   
(227
)
   
(224
)
   
(215
)
   
(197
)
   
(863
)
   
(214
)
         
(214
)
Capitalized interest
   
10
     
13
     
16
     
19
     
58
     
26
           
26
 
Interest revenue
   
6
     
29
     
60
     
90
     
185
     
95
           
95
 
Total
   
(211
)
   
(182
)
   
(139
)
   
(88
)
   
(620
)
   
(93
)
         
(93
)
                                                               
Debt
                                                             
Total debt ($ Millions)
   
18,746
     
16,971
     
16,961
     
16,643
     
16,643
     
16,583
           
16,583
 
Debt-to-capital ratio (%)
   
28
%
   
25
%
   
26
%
   
26
%
   
26
%
   
26
%
         
26
%
                                                               
Equity ($ Millions)
   
49,218
     
50,202
     
49,079
     
48,003
     
48,003
     
47,783
           
47,783
 


REFERENCE
   
Commonly Used Abbreviations
Earnings
Net Income (Loss) Attributable to ConocoPhillips
DD&A
Depreciation, Depletion and Amortization
G&G
Geological and Geophysical
G&A
General and Administrative
JCC
Japan Crude Cocktail
LNG
Liquefied Natural Gas
NGL
Natural Gas Liquids
WCS
Western Canada Select
WTI
West Texas Intermediate
   
   
Units of Measure
BBL
Barrels
MMBBL
Millions of Barrels
MBD
Thousands of Barrels per Day
MBOED
Thousands of Barrels of Oil Equivalent per Day
MCF
Thousands of Cubic Feet
MMBTU
Millions of British Thermal Units
MMCFD
Millions of Cubic Feet per Day