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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):   October 31, 2024
ConocoPhillips
(Exact name of registrant as specified in its charter)
Delaware 001-32395 01-0562944
(State or other jurisdiction of
incorporation)
(Commission
File Number)
(I.R.S. Employer
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. ☐



Item 2.02 Results of Operations and Financial Condition.
On October 31, 2024, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2024. 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
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
October 31, 2024
3
EX-99.1 2 cop-20241031x8kexx991.htm EX-99.1 Document

Exhibit 99.1
ConocoPhillips announces third-quarter 2024 results, increases quarterly ordinary dividend and existing share repurchase authorization
•Reported third-quarter 2024 earnings per share of $1.76 and adjusted earnings per share of $1.78.
•Generated cash provided by operating activities of $5.8 billion and cash from operations (CFO) of $4.7 billion.
•Raised ordinary dividend by 34% to $0.78 per share and increased existing share repurchase authorization by up to $20 billion.
HOUSTON—Oct. 31, 2024—ConocoPhillips (NYSE: COP) today reported third-quarter 2024 earnings of $2.1 billion, or $1.76 per share, compared with third-quarter 2023 earnings of $2.8 billion, or $2.32 per share. Excluding special items, third-quarter 2024 adjusted earnings were $2.1 billion, or $1.78 per share, compared with third-quarter 2023 adjusted earnings of $2.6 billion, or $2.16 per share.
“ConocoPhillips continues to demonstrate strong operational performance, surpassing the high end of our production guidance during the quarter, while executing on our returns-focused value proposition. We are also raising our ordinary dividend, increasing our share repurchase authorization and are on track to distribute at least $9 billion to shareholders for 2024,” said Ryan Lance, chairman and chief executive officer. “We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance.”
Third-quarter highlights and recent announcements
•Delivered total company production of 1,917 thousand barrels of oil equivalent per day (MBOED).
•Achieved record Lower 48 production of 1,147 MBOED, including 781 MBOED from the Permian, 246 MBOED from the Eagle Ford and 107 MBOED from the Bakken.
•Successfully completed planned turnarounds, primarily in Canada and the Lower 48.
•Exercised preferential rights and signed an agreement to acquire additional working interests in the Kuparuk River and Prudhoe Bay units in Alaska for approximately $300 million, with expected close by year-end, subject to customary closing conditions.
•Distributed $2.1 billion to shareholders, including $1.2 billion through share repurchases and $0.9 billion through the ordinary dividend and variable return of cash (VROC).
•Ended the quarter with cash and short-term investments of $7.1 billion and long-term investments of $1.0 billion.
Quarterly dividend and share repurchase authorization increase
ConocoPhillips declared a fourth-quarter ordinary dividend of $0.78 per share payable Dec. 2, 2024, to stockholders of record at the close of business on Nov. 11, 2024.

The Board of Directors approved an increase to the company’s existing share repurchase authorization by up to $20 billion.
Third-quarter review


ConocoPhillips announces third-quarter 2024 results, increases quarterly ordinary dividend and existing share repurchase authorization
Production for the third quarter of 2024 was 1,917 MBOED, an increase of 111 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, third-quarter 2024 production increased 47 MBOED or 3% from the same period a year ago.
Earnings and adjusted earnings decreased from the third quarter of 2023 primarily due to the impact from lower prices. The company’s total average realized price was $54.18 per BOE, 10% lower than the $60.05 per BOE realized in the third quarter of 2023.

For the quarter, cash provided by operating activities was $5.8 billion. Excluding a $1.0 billion change in working capital, ConocoPhillips generated CFO of over $4.7 billion. The company funded $2.9 billion of capital expenditures and investments, repurchased $1.2 billion of shares and paid $0.9 billion in ordinary dividends and VROC.
Nine-month review
ConocoPhillips’ nine-month 2024 earnings were $6.9 billion, or $5.91 per share, compared with nine-month 2023 earnings of $8.0 billion, or $6.54 per share. Nine-month 2024 adjusted earnings were $6.8 billion, or $5.80 per share, compared with nine-month 2023 adjusted earnings of $7.8 billion, or $6.38 per share.
Production for the first nine months of 2024 was 1,921 MBOED, an increase of 120 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, production increased 55 MBOED or 3% from the same period a year ago.
The company’s total realized price during this period was $55.77 per BOE, 5% lower than the $58.45 per BOE realized in the first nine months of 2023.
In the first nine months of 2024, cash provided by operating activities was $15.7 billion. Excluding a $0.8 billion change in working capital, ConocoPhillips generated CFO of $14.9 billion and received disposition proceeds of $0.2 billion. The company funded $8.8 billion of capital expenditures and investments, repurchased $3.5 billion of shares, paid $2.7 billion in ordinary dividends and VROC and retired debt of $0.5 billion at maturity.
Outlook
Fourth-quarter 2024 production is expected to be 1.99 to 2.03 million barrels of oil equivalent per day (MMBOED). Full-year production is expected to be approximately 1.94 to 1.95 MMBOED, as compared to prior guidance of 1.93 to 1.94 MMBOED.
All other guidance remains unchanged. Guidance excludes any impact from previously announced transactions.
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. A recording and transcript of the call will be posted afterward.
--- # # # ---
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, $97 billion of total assets, and approximately 10,300 employees at Sept. 30, 2024. Production averaged 1,921 MBOED for the nine months ended Sept. 30, 2024, and proved reserves were 6.8 BBOE as of Dec. 31, 2023.


ConocoPhillips announces third-quarter 2024 results, increases quarterly ordinary dividend and existing share repurchase authorization
For more information, go to www.conocophillips.com.
Contacts
Dennis Nuss (media)
281-293-1149
dennis.nuss@conocophillips.com
Investor Relations
281-293-5000
investor.relations@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 “ambition,” “anticipate,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would,” 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 conflicts in Ukraine and the Middle East, 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 conflicts in Ukraine and the Middle East; our ability to collect payments when due, including our ability to collect payments from the government of Venezuela or PDVSA; our ability to complete the proposed acquisition of Marathon Oil Corporation (Marathon Oil) or any other announced or any other future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals, consents or authorizations for the Marathon Oil acquisition or any other announced or any other future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may be subject to conditions neither we nor Marathon Oil anticipated or may require modification to the terms of the transactions or our remaining business; business disruptions relating to the Marathon Oil acquisition or following any other announced or other 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; the receipt of other requisite approvals for the Marathon Oil acquisition, the satisfaction of other closing conditions on a timely basis or at all or the failure of the Marathon Oil acquisition to close for any other reason or to close on anticipated terms; our ability to successfully integrate Marathon Oil’s business and technologies, which may result in the combined company not operating as effectively and efficiently as expected; our ability to achieve the expected benefits and synergies from the Marathon Oil acquisition in a timely manner, or 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 conflicts in Ukraine and the Middle East; 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


ConocoPhillips announces third-quarter 2024 results, increases quarterly ordinary dividend and existing share repurchase authorization
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 (EPS), 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. Adjusted earnings is defined as earnings removing the impact of special items. Adjusted EPS is a measure of the company’s diluted net earnings per share excluding special items. 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 Sept. 30, 2024. The impact of closed acquisitions and dispositions assumes a closing date of January 1, 2023. 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 announces third-quarter 2024 results, increases quarterly ordinary dividend and existing share repurchase authorization

ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
$ millions, except as indicated
3Q24 3Q23 2024 YTD 2023 YTD
Pre-tax Income
tax
After-tax Per share of common stock (dollars) Pre-tax Income
tax
After-tax Per share of common stock (dollars) Pre-tax Income
tax
After-tax Per share of common stock (dollars) Pre-tax Income
tax
After-tax Per share of common stock (dollars)
Earnings $ 2,059  1.76  2,798  2.32  6,939  5.91  7,950  6.54 
Adjustments:
(Gain) loss on asset sales¹ —  —  —  —  (94) (6) (100) (0.08) (86) 20  (66) (0.06) (94) (6) (100) (0.08)
Tax adjustments —  —  —  —  —  (144) (144) (0.12) —  (76) (76) (0.07) —  (144) (144) (0.12)
Transaction and integration expenses 28  (6) 22  0.02  —  —  —  —  28  (6) 22  0.02  —  —  —  — 
(Gain) loss on FX derivative —  —  —  —  59  (12) 47  0.04  —  —  —  —  59  (12) 47  0.04 
Adjusted earnings / (loss) $ 2,081  1.78  2,601  2.16  6,819  5.80  7,753  6.38 
¹Includes 3Q23 divestiture of Lower 48 equity method investment.
The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

ConocoPhillips
Table 2: Reconciliation of net cash provided by operating activities to cash from operations
$ millions, except as indicated
3Q24 2024 YTD
Net Cash Provided by Operating Activities $ 5,763  15,667 
Adjustments:
Net operating working capital changes 1,041  781 
Cash from operations $ 4,722  14,886 

ConocoPhillips
Table 3: Reconciliation of reported production to pro forma underlying production
In MBOED, except as indicated
3Q24
3Q23
2024 YTD
2023 YTD
Total reported ConocoPhillips production 1,917  1,806  1,921  1,801 
Closed Dispositions1
—  —  —  (1)
Closed Acquisitions2
—  64  —  66 
Total pro forma underlying production 1,917  1,870  1,921  1,866 
1Includes production related to various Lower 48 dispositions.
2Includes production related to the acquisition of remaining 50% working interest in Surmont.

EX-99.2 3 cop-20241031x8kexx992.htm EX-99.2 Document
Exhibit 99.2
conocophillipslogo23a.jpg        
Third-Quarter 2024 Detailed Supplemental Information

2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
  Sales and other operating revenues 14,811  12,351  14,250  14,729  56,141  13,848  13,620  13,041  40,509 
  Equity in earnings of affiliates 499  412  388  421  1,720  421  403  441  1,265 
  Gain (loss) on dispositions 93  (1) 108  28  228  93  (5) (2) 86 
  Other income (loss) 114  122  120  129  485  114  118  124  356 
    Total Revenues and Other Income 15,517  12,884  14,866  15,307  58,574  14,476  14,136  13,604  42,216 
Costs and Expenses
  Purchased commodities 6,138  4,616  5,543  5,678  21,975  5,334  4,858  4,747  14,939 
  Production and operating expenses 1,779  1,886  1,995  2,033  7,693  2,015  2,164  2,261  6,440 
  Selling, general and administrative expenses 159  205  169  172  705  178  164  186  528 
  Exploration expenses 138  83  92  85  398  112  102  70  284 
  Depreciation, depletion and amortization 1,942  2,010  2,095  2,223  8,270  2,211  2,334  2,390  6,935 
  Impairments —  11  14  —  34  —  34 
  Taxes other than income taxes 576  512  536  450  2,074  555  536  476  1,567 
  Accretion on discounted liabilities 68  68  68  79  283  80  80  80  240 
  Interest and debt expense 188  179  194  219  780  205  198  189  592 
  Foreign currency transactions (gain) loss (44) (14) 55  95  92  (18) (28) (37)
  Other expenses 10  (23) (4) (2) (2) (8)
    Total Costs and Expenses 10,955  9,522  10,766  11,043  42,286  10,668  10,477  10,369  31,514 
Income (loss) before income taxes 4,562  3,362  4,100  4,264  16,288  3,808  3,659  3,235  10,702 
  Income tax provision (benefit) 1,642  1,130  1,302  1,257  5,331  1,257  1,330  1,176  3,763 
Net Income (loss) 2,920  2,232  2,798  3,007  10,957  2,551  2,329  2,059  6,939 
Net Income Per Share of Common Stock (dollars)
  Basic 2.38  1.84  2.33  2.53  9.08  2.16  1.99  1.77  5.92 
  Diluted 2.38  1.84  2.32  2.52  9.06  2.15  1.98  1.76  5.91 
Weighted-Average Common Shares Outstanding (in thousands)*
  Basic 1,220,228  1,207,443  1,196,641  1,187,144  1,202,757  1,177,921  1,168,198  1,161,318  1,169,350 
  Diluted 1,223,355  1,210,342  1,199,746  1,189,903  1,205,675  1,180,320  1,170,299  1,163,227  1,171,424 
*Ending Common Shares Outstanding is 1,150,912 as of September 30, 2024, compared with 1,161,250 as of June 30, 2024.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska 567  510  606  737  2,420  468  495  370  1,333 
Lower 48 2,378  1,581  2,257  2,008  8,224  1,766  1,626  1,588  4,980 
Canada 43  125  252  428  236  347  35  618 
Europe, Middle East and North Africa 1,244  982  893  1,135  4,254  1,081  917  976  2,974 
Asia Pacific 582  451  509  462  2,004  517  539  528  1,584 
Other International (5) (10) (13) (1)
Corporate and Other (218) (200) (291) (320) (1,029) (259) (268) (263) (790)
Consolidated 4,562  3,362  4,100  4,264  16,288  3,808  3,659  3,235  10,702 



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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
EFFECTIVE INCOME TAX RATES
Alaska* 26.7  % 27.0  % 26.1  % 26.4  % 26.5  % 26.1  % 27.4  % 27.6  % 27.0  %
Lower 48 22.1  % 22.2  % 21.1  % 20.4  % 21.4  % 21.8  % 22.6  % 21.9  % 22.1  %
Canada 21.9  % 26.6  % (48.6) % 29.5  % 6.1  % 23.6  % 24.6  % 30.9  % 24.6  %
Europe, Middle East and North Africa 70.6  % 73.1  % 71.7  % 73.0  % 72.1  % 71.9  % 72.5  % 69.5  % 71.3  %
Asia Pacific 10.3  % 14.1  % 8.9  % (27.3) % 2.1  % 0.9  % 17.8  % 13.7  % 10.9  %
Other International —  —  756.2  % 18.8  % (0.2) % 7.7  % —  3.4  % (2.7) %
Corporate and Other (11.3) % 75.9  % (14.3) % 38.3  % 20.2  % 33.8  % 7.2  % 13.4  % 18.0  %
Consolidated 36.0  % 33.6  % 31.8  % 29.5  % 32.7  % 33.0  % 36.3  % 36.4  % 35.2  %
*Alaska including taxes other than income taxes. 42.3  % 41.1  % 40.8  % 32.9  % 39.0  % 42.5  % 42.5  % 42.8  % 42.6  %


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
EARNINGS BY SEGMENT
Alaska 416  372  448  542  1,778  346  360  267  973 
Lower 48 1,852  1,230  1,781  1,598  6,461  1,381  1,259  1,241  3,881 
Canada 32  186  178  402  180  261  25  466 
Europe, Middle East and North Africa 365  264  253  307  1,189  304  251  298  853 
Asia Pacific 522  387  465  587  1,961  512  444  455  1,411 
Other International (4) (2) (8) (13) (1)
Corporate and Other (242) (49) (333) (197) (821) (171) (249) (228) (648)
Consolidated 2,920  2,232  2,798  3,007  10,957  2,551  2,329  2,059  6,939 
SPECIAL ITEMS
Alaska —  —  —  —  —  —  —  —  — 
Lower 48 —  —  100  —  100  66  —  —  66 
Canada —  —  92  —  92  —  —  —  — 
Europe, Middle East and North Africa —  —  —  —  —  —  —  —  — 
Asia Pacific —  —  52  203  255  76  —  —  76 
Other International —  —  —  —  —  —  —  —  — 
Corporate and Other —  —  (47) (58) (105) —  —  (22) (22)
Consolidated —  —  197  145  342  142  —  (22) 120 
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska 416  372  448  542  1,778  346  360  267  973 
Lower 48 1,852  1,230  1,681  1,598  6,361  1,315  1,259  1,241  3,815 
Canada 32  94  178  310  180  261  25  466 
Europe, Middle East and North Africa 365  264  253  307  1,189  304  251  298  853 
Asia Pacific 522  387  413  384  1,706  436  444  455  1,335 
Other International (4) (2) (8) (13) (1)
Corporate and Other (242) (49) (286) (139) (716) (171) (249) (206) (626)
Consolidated 2,920  2,232  2,601  2,862  10,615  2,409  2,329  2,081  6,819 


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska 26.7  % 27.0  % 26.1  % 26.4  % 26.5  % 26.1  % 27.4  % 27.6  % 27.0  %
Lower 48 22.1  % 22.2  % 22.3  % 20.4  % 21.8  % 21.7  % 22.6  % 21.9  % 22.1  %
Canada 21.9  % 26.6  % 24.5  % 29.5  % 27.6  % 23.6  % 24.6  % 30.9  % 24.6  %
Europe, Middle East and North Africa 70.6  % 73.1  % 71.7  % 73.0  % 72.1  % 71.9  % 72.5  % 69.5  % 71.3  %
Asia Pacific 10.3  % 14.1  % 19.1  % 16.7  % 14.8  % 15.6  % 17.8  % 13.7  % 15.7  %
Other International —  —  756.2  % 18.8  % (0.2) % 7.7  % —  3.4  % (2.7) %
Corporate and Other (11.3) % 75.9  % (23.1) % 43.5  % 20.2  % 33.8  % 7.2  % 12.3  % 17.8  %
Consolidated 36.0  % 33.6  % 36.0  % 34.0  % 35.0  % 35.3  % 36.3  % 36.2  % 35.9  %


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
DETAILED SPECIAL ITEMS
Alaska
  Total —  —  —  —  —  —  —  —    — 
Lower 48
Gain (loss) on asset sales —  —  94  —  94  86  —  —  86 
Income tax provision (benefit) —  —  (6) —  (6) 20  —  —  20 
  Total —  —  100  —  100  66  —  —  66 
Canada
Income tax provision (benefit)¹ —  —  (92) —  (92) —  —  —    — 
  Total —  —  92  —  92  —  —  —    — 
Europe, Middle East and North Africa
  Total —  —  —  —  —  —  —  —    — 
Asia Pacific
Income tax provision (benefit)² —  —  (52) (203) (255) (76) —  —  (76)
  Total —  —  52  203  255  76  —  —  76 
Other International
  Total —  —  —  —  —  —  —  —    — 
Corporate and Other
Transaction and integration expenses —  —  —  —  —  —  —  (28)   (28)
Gain (loss) on CAD FX derivative —  —  (59) (73) (132) —  —  —    — 
Income tax provision (benefit) —  —  (12) (15) (27) —  —  (6)   (6)
  Total —  —  (47) (58) (105) —  —  (22)   (22)
Total Company —  —  197  145  342  142  —  (22)   120 
¹Includes a tax adjustment in 3Q23 related to closure of an audit.
²Includes a tax adjustment in 3Q23 and 1Q24 related to Malaysia deepwater investment tax incentive and 4Q23 adjustment related to reversal of a tax reserve.


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
  Cash and cash equivalents 6,974  5,735  8,830  5,635  5,635  5,574  4,294  5,221  5,221 
  Short-term investments 1,635  1,080  616  971  971  487  1,723  1,571  1,571 
  Accounts and notes receivable 5,280  4,517  5,658  5,461  5,461  5,444  5,285  4,791  4,791 
  Accounts and notes receivable—related parties 16  14  13  13  13  14  22  24  24 
  Inventories 1,258  1,236  1,326  1,398  1,398  1,443  1,447  1,496  1,496 
  Prepaid expenses and other current assets 953  919  738  852  852  759  963  881  881 
       Total Current Assets 16,116  13,501  17,181  14,330  14,330  13,721  13,734  13,984  13,984 
  Investments and long-term receivables 8,197  8,618  8,731  9,130  9,130  9,132  9,304  9,192  9,192 
  Net properties, plants and equipment 65,090  65,452  65,561  70,044  70,044  69,907  70,226  70,725  70,725 
  Other assets 2,038  2,034  2,178  2,420  2,420  2,588  2,730  2,798  2,798 
Total Assets 91,441  89,605  93,651  95,924  95,924  95,348  95,994  96,699  96,699 
Liabilities
  Accounts payable 5,078  4,597  5,119  5,083  5,083  5,101  5,065  5,161  5,161 
  Accounts payable—related parties 22  29  24  34  34  37  91  29  29 
  Short-term debt 1,317  879  881  1,074  1,074  1,113  1,312  1,314  1,314 
  Accrued income and other taxes 2,847  1,692  1,919  1,811  1,811  2,116  2,016  2,473  2,473 
  Employee benefit obligations 420  552  691  774  774  405  516  627  627 
  Other accruals 1,869  1,799  1,704  1,229  1,229  1,391  1,324  1,161  1,161 
       Total Current Liabilities 11,553  9,548  10,338  10,005  10,005  10,163  10,324  10,765  10,765 
  Long-term debt 15,266  15,565  18,182  17,863  17,863  17,304  17,040  16,990  16,990 
  Asset retirement obligations and accrued
  environmental costs
6,324  6,357  6,425  7,220  7,220  7,141  7,238  7,337  7,337 
  Deferred income taxes 7,927  8,038  8,325  8,813  8,813  8,776  8,927  8,986  8,986 
  Employee benefit obligations 1,007  981  956  1,009  1,009  967  990  945  945 
  Other liabilities and deferred credits 1,581  1,585  1,680  1,735  1,735  1,672  1,730  1,795  1,795 
Total Liabilities 43,658  42,074  45,906  46,645  46,645  46,023  46,249  46,818  46,818 
Equity
  Common stock issued
    Par value 21  21  21  21  21  21  21  21  21 
    Capital in excess of par 61,100  61,169  61,262  61,303  61,303  61,300  61,381  61,430  61,430 
  Treasury stock (61,904) (63,217) (64,529) (65,640) (65,640) (66,974) (68,005) (69,184) (69,184)
  Accumulated other comprehensive income (loss) (6,027) (5,925) (5,961) (5,673) (5,673) (5,917) (5,961) (5,845) (5,845)
  Retained earnings 54,593  55,483  56,952  59,268  59,268  60,895  62,309  63,459  63,459 
Total Equity 47,783  47,531  47,745  49,279  49,279  49,325  49,745  49,881  49,881 
Total Liabilities and Equity 91,441  89,605  93,651  95,924  95,924  95,348  95,994  96,699  96,699 


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2023 2024
$ Millions 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
CASH FLOW INFORMATION
Cash Flows from Operating Activities
  Net income (loss) 2,920  2,232  2,798  3,007  10,957  2,551  2,329  2,059  6,939 
  Depreciation, depletion and amortization 1,942  2,010  2,095  2,223  8,270  2,211  2,334  2,390  6,935 
  Impairments —  11  14  —  34  —  34 
  Dry hole costs and leasehold impairments 68  34  49  11  162  19  29  —  48 
  Accretion on discounted liabilities 68  68  68  79  283  80  80  80  240 
  Deferred taxes 324  165  264  392  1,145  87  124  38  249 
  Distributions more (less) than income from equity
  affiliates
491  161  268  44  964  308  56  181  545 
  (Gain) loss on dispositions (93) (108) (28) (228) (93) (86)
  Other (35) 28  23  (236) (220) (66) 76  (28) (18)
  Net working capital changes (283) (845) (23) (231) (1,382) (112) (148) 1,041  781 
Net Cash Provided by Operating Activities 5,403  3,854  5,445  5,263  19,965  4,985  4,919  5,763  15,667 
Cash Flows from Investing Activities
  Capital expenditures and investments (2,897) (2,923) (2,545) (2,883) (11,248) (2,916) (2,969) (2,916) (8,801)
  Working capital changes associated with investing
  activities
208  (122) (261) 205  30  169  22  195 
  Acquisition of businesses, net of cash acquired —  —  —  (2,724) (2,724) 49  —  —  49 
  Proceeds from asset dispositions 188  238  187  19  632  173  39  217 
  Net sales (purchases) of investments 1,065  484  311  (487) 1,373  405  (1,199) 195  (599)
  Other (12) (76) 18  (63) (21) (11)
Net Cash Used in Investing Activities (1,448) (2,316) (2,384) (5,852) (12,000) (2,141) (4,151) (2,658) (8,950)
Cash Flows from Financing Activities
  Net issuance (repayment) of debt (43) (64) 2,651  (136) 2,408  (505) (58) (44) (607)
  Issuance of company common stock (97) 38  (52) (61) (9) (66)
  Repurchase of company common stock (1,700) (1,300) (1,300) (1,100) (5,400) (1,325) (1,021) (1,167) (3,513)
  Dividends paid (1,488) (1,350) (1,337) (1,408) (5,583) (924) (915) (910) (2,749)
  Other (13) (23) —  (34) (10) (53) (68) (131)
Net Cash Used in Financing Activities (3,326) (2,725) 29  (2,639) (8,661) (2,825) (2,043) (2,198) (7,066)
Effect of Exchange Rate Changes (104) (58) 12  51  (99) (73) 41  (28)
Net Change in Cash, Cash Equivalents and Restricted Cash 525  (1,245) 3,102  (3,177) (795) (54) (1,271) 948  (377)
Cash, cash equivalents and restricted cash at beginning of period 6,694  7,219  5,974  9,076  6,694  5,899  5,845  4,574  5,899 
Cash, Cash Equivalents and Restricted Cash at End of Period 7,219  5,974  9,076  5,899  5,899  5,845  4,574  5,522  5,522 
Restricted cash is included in the "Other assets" line of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
 Alaska 406  363  371  565  1,705  720  691  691  2,102 
 Lower 48 1,704  1,653  1,521  1,609  6,487  1,616  1,649  1,653  4,918 
 Canada 136  92  117  111  456  152  131  136  419 
 Europe, Middle East and North Africa 209  358  267  277  1,111  219  227  248  694 
 Asia Pacific 63  79  103  109  354  45  90  100  235 
 Other International —  —  —  —  —  —  —  —  — 
 Corporate and Other 379  378  166  212  1,135  164  181  88  433 
Total Capital Expenditures and Investments 2,897  2,923  2,545  2,883  11,248  2,916  2,969  2,916  8,801 
Capitalized interest included in total capital expenditures and investments 26  39  45  43  153  50  58  66  174 


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
TOTAL SEGMENTS
Production
Total (MBOED) 1,792  1,805  1,806  1,902  1,826  1,902  1,945  1,917  1,921 
Crude Oil (MBD)
  Consolidated operations 926  918  914  936  923  928  942  945  938 
  Equity affiliates 11  13  13  13  13  16  13  12  14 
  Total 937  931  927  949  936  944  955  957  952 
NGL (MBD)
  Consolidated operations 264  275  283  293  279  271  287  302  287 
  Equity affiliates
  Total 271  283  291  301  287  279  295  310  295 
Bitumen (MBD)
  Consolidated operations 69  66  64  125  81  129  133  87  116 
  Total 69  66  64  125  81  129  133  87  116 
Natural Gas (MMCFD)
  Consolidated operations 1,922  1,896  1,889  1,954  1,916  2,035  2,123  2,149  2,102 
  Equity affiliates 1,166  1,251  1,252  1,207  1,219  1,267  1,247  1,232  1,249 
  Total 3,088  3,147  3,141  3,161  3,135  3,302  3,370  3,381  3,351 
Industry Prices
Crude Oil ($/BBL)
  WTI 76.13  73.78  82.26  78.32  77.62  76.96  80.57  75.10  77.54 
  WCS 51.31  58.62  69.36  56.43  58.93  57.57  66.96  61.56  62.03 
  Brent dated 81.27  78.39  86.76  84.05  82.62  83.24  84.94  80.18  82.79 
  JCC ($/BBL) 100.49  87.19  84.04  83.08  88.70  92.29  84.19  87.58  88.02 
Natural Gas ($/MMBTU)
  Henry Hub first of month 3.44  2.09  2.54  2.88  2.74  2.25  1.89  2.15  2.10 
Average Realized Prices
Total ($/BOE) 60.86  54.50  60.05  58.21  58.39  56.60  56.56  54.18  55.77 
Crude Oil ($/BBL)
  Consolidated operations 77.60  74.18  83.22  80.83  78.97  78.67  81.31  76.78  78.90 
  Equity affiliates 80.97  75.10  78.73  79.23  78.45  76.94  80.34  76.11  77.72 
  Total 77.65  74.19  83.15  80.80  78.96  78.64  81.30  76.77  78.88 
NGL ($/BBL)
  Consolidated operations 24.97  20.05  22.52  21.22  22.12  23.35  21.84  21.16  22.07 
  Equity affiliates 57.71  43.62  39.53  49.59  47.09  52.09  49.83  49.91  50.64 
  Total 25.84  20.72  23.01  21.97  22.82  24.25  22.60  21.93  22.88 
Bitumen ($/BBL)
  Consolidated operations 29.49  41.01  57.85  42.34  42.15  44.30  54.59  47.32  48.89 
  Total 29.49  41.01  57.85  42.34  42.15  44.30  54.59  47.32  48.89 
Natural Gas ($/MCF)
  Consolidated operations 5.65  2.89  3.29  3.75  3.89  2.91  1.88  1.99  2.25 
  Equity affiliates 9.95  8.23  7.73  8.03  8.46  8.26  7.98  8.41  8.19 
  Total 7.30  5.04  5.06  5.41  5.69  5.02  4.22  4.42  4.53 


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Exploration Expenses ($ Millions)
Dry holes 49  23  37  —  109  19  25  —  44 
Leasehold impairment 19  11  12  11  53  —  — 
Total noncash expenses 68  34  49  11  162  19  29  —  48 
Other (G&A, G&G and lease rentals) 70  49  43  74  236  93  73  70  236 
Total exploration expenses 138  83  92  85  398  112  102  70  284 
U.S. exploration expenses 108  51  29  37  225  66  42  22  130 
International exploration expenses 30  32  63  48  173  46  60  48  154 
DD&A ($ Millions)
 Alaska 260  267  259  275  1,061  324  321  309    954 
 Lower 48 1,319  1,407  1,489  1,507  5,722  1,432  1,557  1,640    4,629 
 Canada 91  84  89  156  420  158  166  147    471 
 Europe, Middle East and North Africa 153  139  134  161  587  180  175  189    544 
 Asia Pacific 113  108  117  117  455  110  107  97    314 
 Other International —  —  —  —  —  —  —  —    — 
 Corporate and Other 25    23 
Total DD&A 1,942  2,010  2,095  2,223  8,270  2,211  2,334  2,390    6,935 


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
PRODUCTION
Crude Oil (MBD)
  Consolidated operations
   Alaska 179  176  165  174  173  180  170  162  171 
   Lower 48 561  565  572  576  569  553  575  603  577 
   Canada 15  18  17  15  17 
     Norway 70  65  60  63  64  68  68  70  68 
     Libya 47  48  48  48  48  50  51  40  47 
   Europe, Middle East and North Africa 117  113  108  111  112  118  119  110  115 
     China 34  32  31  31  32  32  34  34  33 
     Malaysia 29  26  30  29  28  27  27  21  25 
   Asia Pacific 63  58  61  60  60  59  61  55  58 
  Total consolidated operations 926  918  914  936  923  928  942  945  938 
  Equity affiliates 11  13  13  13  13  16  13  12  14 
  Total 937  931  927  949  936  944  955  957  952 
NGL (MBD)
  Consolidated operations
   Alaska 18  16  14  15  16  14  14  14  14 
   Lower 48 239  252  263  269  256  247  264  278  263 
   Canada
     Norway
   Europe, Middle East and North Africa
  Total consolidated operations 264  275  283  293  279  271  287  302  287 
  Equity affiliates
  Total 271  283  291  301  287  279  295  310  295 
Bitumen (MBD)
  Canada 69  66  64  125  81  129  133  87  116 
  Total 69  66  64  125  81  129  133  87  116 
Natural Gas (MMCFD)
  Consolidated operations
   Alaska 42  34  36  39  38  42  36  37  38 
   Lower 48 1,418  1,478  1,490  1,440  1,457  1,479  1,597  1,596  1,557 
   Canada 64  58  57  82  65  100  121  121  114 
     Norway 313  256  235  313  279  329  301  323  318 
     Libya 29  30  29  29  29  29  27  28  28 
   Europe, Middle East and North Africa 342  286  264  342  308  358  328  351  346 
     Malaysia 56  40  42  51  48  56  41  44  47 
   Asia Pacific 56  40  42  51  48  56  41  44  47 
  Total consolidated operations 1,922  1,896  1,889  1,954  1,916  2,035  2,123  2,149  2,102 
  Equity affiliates 1,166  1,251  1,252  1,207  1,219  1,267  1,247  1,232  1,249 
  Total 3,088  3,147  3,141  3,161  3,135  3,302  3,370  3,381  3,351 
Total (MBOED)
  Consolidated operations
   Alaska 204  198  185  195  195  201  190  182  191 
   Lower 48 1,036  1,063  1,083  1,086  1,067  1,046  1,105  1,147  1,099 
   Canada 89  85  85  158  104  170  176  129  158 
     Norway 126  112  102  119  115  127  121  127  125 
     Libya 52  53  53  53  53  55  56  44  52 
   Europe, Middle East and North Africa 178  165  155  172  168  182  177  171  177 
     China 34  32  31  31  32  32  34  34  33 
     Malaysia 38  33  37  38  36  36  34  28  33 
   Asia Pacific 72  65  68  69  68  68  68  62  66 
  Total consolidated operations 1,579  1,576  1,576  1,680  1,602  1,667  1,716  1,691  1,691 
  Equity affiliates 213  229  230  222  224  235  229  226  230 
  Total 1,792  1,805  1,806  1,902  1,826  1,902  1,945  1,917  1,921 


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
  Consolidated operations
   Alaska 82.22  76.09  86.98  87.25  83.05  83.59  86.44  81.32  83.89 
   Lower 48 74.36  72.06  80.75  77.43  76.19  75.51  78.72  74.73  76.29 
   Canada 65.07  59.40  70.83  66.32  66.19  64.40  68.90  61.99  65.09 
     Norway 85.34  80.39  87.27  85.35  84.56  85.36  83.96  79.75  82.83 
     Libya 80.41  78.65  87.74  85.92  83.07  84.11  85.44  83.48  84.41 
   Europe, Middle East and North Africa 83.52  79.64  87.45  85.60  83.96  84.83  84.62  80.88  83.45 
     China 76.93  75.27  84.71  84.53  80.35  80.59  82.16  77.78  80.14 
     Malaysia 89.99  83.92  92.63  92.64  90.11  89.40  91.70  85.13  88.91 
   Asia Pacific 83.50  78.64  89.10  87.47  84.79  85.05  86.47  80.84  84.15 
  Total consolidated operations 77.60  74.18  83.22  80.83  78.97  78.67  81.31  76.78  78.90 
  Equity affiliates 80.97  75.10  78.73  79.23  78.45  76.94  80.34  76.11  77.72 
  Total 77.65  74.19  83.15  80.80  78.96  78.64  81.30  76.77  78.88 
NGL ($/BBL)
  Consolidated operations
   Lower 48 24.58  19.61  22.03  20.93  21.73  22.67  21.57  20.64  21.58 
   Canada 29.02  17.11  26.26  30.28  26.13  35.47  27.01  28.11  30.13 
     Norway 47.91  37.06  43.08  38.48  41.13  46.32  39.60  46.08  44.81 
   Europe, Middle East and North Africa 47.91  37.06  43.08  38.48  41.13  46.32  39.60  46.08  44.81 
  Total consolidated operations 24.97  20.05  22.52  21.22  22.12  23.35  21.84  21.16  22.07 
  Equity affiliates 57.71  43.62  39.53  49.59  47.09  52.09  49.83  49.91  50.64 
  Total 25.84  20.72  23.01  21.97  22.82  24.25  22.60  21.93  22.88 
Bitumen ($/BBL)
  Canada 29.49  41.01  57.85  42.34  42.15  44.30  54.59  47.32  48.89 
  Total 29.49  41.01  57.85  42.34  42.15  44.30  54.59  47.32  48.89 
Natural Gas ($/MCF)
  Consolidated operations
   Alaska 4.58  4.38  4.40  4.48  4.47  3.91  4.03  3.98  3.97 
   Lower 48 2.92  1.43  2.24  1.93  2.12  1.57  0.32  0.18  0.67 
   Canada 4.64  0.56  0.67  1.27  1.80  1.01  0.36  0.10  0.46 
     Norway 18.04  11.32  10.07  12.70  13.33  9.02  9.89  11.19  10.02 
     Libya 7.67  6.67  5.86  5.78  6.49  6.39  6.23  6.05  6.22 
   Europe, Middle East and North Africa 17.18  10.83  9.61  12.12  12.68  8.81  9.59  10.76  9.71 
     Malaysia 4.30  4.10  3.77  3.60  3.95  3.68  3.98  3.62  3.75 
   Asia Pacific 4.30  4.10  3.77  3.60  3.95  3.68  3.98  3.62  3.75 
  Total consolidated operations 5.65  2.89  3.29  3.75  3.89  2.91  1.88  1.99  2.25 
  Equity affiliates 9.95  8.23  7.73  8.03  8.46  8.26  7.98  8.41  8.19 
  Total 7.30  5.04  5.06  5.41  5.69  5.02  4.22  4.42  4.53 


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2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions) (242) (49) (333) (197) (821) (171) (249) (228) (648)
Detail of Earnings (Loss) ($ Millions)
Net interest expense (90) (86) (91) (93) (360) (93) (89) (79) (261)
Corporate G&A expenses (90) (96) (87) (84) (357) (105) (78) (99) (282)
Technology* (11) (14) (15) (34) (24) (44) (32) (100)
Other (68) 144  (141) (5) (70) 51  (38) (18) (5)
Total (242) (49) (333) (197) (821) (171) (249) (228) (648)
*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 (214) (218) (239) (262) (933) (255) (256) (255) (766)
Capitalized interest* 26  39  45  43  153  50  58  66  174 
Interest revenue 95  97  110  101  403  101  95  105  301 
Total (93) (82) (84) (118) (377) (104) (103) (84) (291)
*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.
Debt
Total debt ($ Millions) 16,583  16,444  19,063  18,937  18,937  18,417  18,352  18,304  18,304 
Debt-to-capital ratio (%) 26  % 26  % 29  % 28  % 28  % 27  % 27  % 27  % 27  %
Equity ($ Millions) 47,783  47,531  47,745  49,279  49,279  49,325  49,745  49,881  49,881 
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
NGLs Natural Gas Liquids
WCS Western Canadian Select
WTI West Texas Intermediate
Units of Measurement
BBL Barrel
BOE Barrel of Oil Equivalent
MMBBL Million of Barrels
MBD Thousand of Barrels per Day
MBOED Thousand of Barrels of Oil Equivalent per Day
MCF Thousand Cubic Feet
MMBTU Million British Thermal Units
MMCFD Million Cubic Feet per Day