Supplementary Information - Condensed Consolidating Financial Information (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
| Condensed Consolidated Income Statement | Millions of Dollars Three Months Ended June 30, 2020 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 1,329 - 1,420 - 2,749 Equity in earnings (losses) of affiliates 315 231 (304) 76 (241) 77 Gain on dispositions - 7 - 589 - 596 Other income 1 563 - 30 - 594 Intercompany revenues - 39 1 231 (271) - Total Revenues and Other Income 316 2,169 (303) 2,346 (512) 4,016 Costs and Expenses Purchased commodities - 1,188 - 194 (252) 1,130 Production and operating expenses 1 218 - 829 (1) 1,047 Selling, general and administrative expenses 3 138 - 15 - 156 Exploration expenses - 19 - 78 - 97 Depreciation, depletion and amortization - 160 - 998 - 1,158 Impairments - 1 - (3) - (2) Taxes other than income taxes - 23 - 118 - 141 Accretion on discounted liabilities - 3 - 63 - 66 Interest and debt expense 67 98 33 22 (18) 202 Foreign currency transaction (gains) losses - (18) - 25 - 7 Other expenses - (1) - (6) - (7) Total Costs and Expenses 71 1,829 33 2,333 (271) 3,995 Income (loss) before income taxes 245 340 (336) 13 (241) 21 Income tax provision (benefit) (15) 25 (7) (260) - (257) Net income (loss) 260 315 (329) 273 (241) 278 Less: net income attributable to noncontrolling interests - - - (18) - (18) Net Income (Loss) Attributable to ConocoPhillips $ 260 315 (329) 255 (241) 260 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 580 635 (83) 566 (1,118) 580 Income Statement Three Months Ended June 30, 2019 Revenues and Other Income Sales and other operating revenues $ - 3,487 - 4,466 - 7,953 Equity in earnings of affiliates 1,637 2,088 533 173 (4,258) 173 Gain on dispositions - 10 - 72 - 82 Other income - 44 1 127 - 172 Intercompany revenues - 23 10 1,782 (1,815) - Total Revenues and Other Income 1,637 5,652 544 6,620 (6,073) 8,380 Costs and Expenses Purchased commodities - 3,124 - 946 (1,396) 2,674 Production and operating expenses 1 657 - 1,113 (353) 1,418 Selling, general and administrative expenses 2 83 - 44 - 129 Exploration expenses - 47 - 75 - 122 Depreciation, depletion and amortization - 148 - 1,342 - 1,490 Impairments - - - 1 - 1 Taxes other than income taxes - 33 - 161 - 194 Accretion on discounted liabilities - 4 - 83 - 87 Interest and debt expense 70 143 33 (15) (66) 165 Foreign currency transaction losses - 23 - 5 - 28 Other expenses - 13 - 1 - 14 Total Costs and Expenses 73 4,275 33 3,756 (1,815) 6,322 Income before income taxes 1,564 1,377 511 2,864 (4,258) 2,058 Income tax provision (benefit) (16) (260) (4) 741 - 461 Net income 1,580 1,637 515 2,123 (4,258) 1,597 Less: net income attributable to noncontrolling interests - - - (17) - (17) Net Income Attributable to ConocoPhillips $ 1,580 1,637 515 2,106 (4,258) 1,580 Comprehensive Income Attributable to ConocoPhillips $ 1,667 1,724 623 2,182 (4,529) 1,667 See Notes to Consolidated Financial Statements. Millions of Dollars Six Months Ended June 30, 2020 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 4,232 - 4,675 - 8,907 Equity in earnings (losses) of affiliates (1,366) 351 (730) 309 1,747 311 Gain on dispositions - 16 - 538 - 554 Other income (loss) - (1,083) 1 137 - (945) Intercompany revenues - 69 4 1,138 (1,211) - Total Revenues and Other Income (1,366) 3,585 (725) 6,797 536 8,827 Costs and Expenses Purchased commodities - 3,800 - 1,140 (1,149) 3,791 Production and operating expenses 1 378 1 1,842 (2) 2,220 Selling, general and administrative expenses 5 115 - 38 (5) 153 Exploration expenses - 44 - 241 - 285 Depreciation, depletion and amortization - 307 - 2,262 - 2,569 Impairments - 3 - 516 - 519 Taxes other than income taxes - 71 - 320 - 391 Accretion on discounted liabilities - 7 - 126 - 133 Interest and debt expense 137 205 66 51 (55) 404 Foreign currency transaction gains - (19) - (64) - (83) Other expenses - (7) - (6) - (13) Total Costs and Expenses 143 4,904 67 6,466 (1,211) 10,369 Income (loss) before income taxes (1,509) (1,319) (792) 331 1,747 (1,542) Income tax provision (benefit) (30) 47 (13) (113) - (109) Net income (loss) (1,479) (1,366) (779) 444 1,747 (1,433) Less: net income attributable to noncontrolling interests - - - (46) - (46) Net Income (Loss) Attributable to ConocoPhillips $ (1,479) (1,366) (779) 398 1,747 (1,479) Comprehensive Loss Attributable to ConocoPhillips $ (1,947) (1,834) (1,130) (83) 3,047 (1,947) Income Statement Six Months Ended June 30, 2019 Revenues and Other Income Sales and other operating revenues $ - 7,468 - 9,635 - 17,103 Equity in earnings of affiliates 3,527 3,710 1,006 359 (8,241) 361 Gain on dispositions - 5 - 94 - 99 Other income 1 552 1 320 - 874 Intercompany revenues - 49 23 2,943 (3,015) - Total Revenues and Other Income 3,528 11,784 1,030 13,351 (11,256) 18,437 Costs and Expenses Purchased commodities - 6,621 - 2,250 (2,522) 6,349 Production and operating expenses 1 837 1 2,204 (354) 2,689 Selling, general and administrative expenses 6 212 - 69 (5) 282 Exploration expenses - 94 - 138 - 232 Depreciation, depletion and amortization - 284 - 2,752 - 3,036 Impairments - - - 2 - 2 Taxes other than income taxes - 79 - 390 - 469 Accretion on discounted liabilities - 8 - 165 - 173 Interest and debt expense 139 292 66 35 (134) 398 Foreign currency transaction losses - 29 - 11 - 40 Other expenses - 25 - (3) - 22 Total Costs and Expenses 146 8,481 67 8,013 (3,015) 13,692 Income before income taxes 3,382 3,303 963 5,338 (8,241) 4,745 Income tax provision (benefit) (31) (224) (9) 1,566 - 1,302 Net income 3,413 3,527 972 3,772 (8,241) 3,443 Less: net income attributable to noncontrolling interests - - - (30) - (30) Net Income Attributable to ConocoPhillips $ 3,413 3,527 972 3,742 (8,241) 3,413 Comprehensive Income Attributable to ConocoPhillips $ 3,689 3,803 1,204 3,998 (9,005) 3,689 See Notes to Consolidated Financial Statements. |
| Schedule of Condensed Balance Sheet | Millions of Dollars June 30, 2020 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,801 - 1,106 - 2,907 Short-term investments - 3,934 - 51 - 3,985 Accounts and notes receivable 5 850 2 1,944 (1,269) 1,532 Investment in Cenovus Energy - 971 - - - 971 Inventories - 125 - 857 - 982 Prepaid expenses and other current assets 1 209 - 466 - 676 Total Current Assets 6 7,890 2 4,424 (1,269) 11,053 Investments, loans and long-term receivables* 29,249 39,784 10,711 13,457 (84,700) 8,501 Net properties, plants and equipment - 3,561 - 37,559 - 41,120 Other assets 4 730 248 2,087 (697) 2,372 Total Assets $ 29,259 51,965 10,961 57,527 (86,666) 63,046 Liabilities and Stockholders’ Equity Accounts payable $ - 1,394 109 1,846 (1,269) 2,080 Short-term debt (3) 4 14 131 - 146 Accrued income and other taxes - 91 - 221 - 312 Employee benefit obligations - 327 - 95 - 422 Other accruals 85 356 35 669 - 1,145 Total Current Liabilities 82 2,172 158 2,962 (1,269) 4,105 Long-term debt 3,795 6,667 2,123 2,267 - 14,852 Asset retirement obligations and accrued environmental costs - 339 - 5,126 - 5,465 Deferred income taxes - - - 4,598 (697) 3,901 Employee benefit obligations - 1,186 - 400 - 1,586 Other liabilities and deferred credits* 447 5,814 919 8,925 (14,461) 1,644 Total Liabilities 4,324 16,178 3,200 24,278 (16,427) 31,553 Retained earnings 30,793 17,543 1,384 7,680 (20,049) 37,351 Other common stockholders’ equity (5,858) 18,244 6,377 25,569 (50,190) (5,858) Total Liabilities and Stockholders’ Equity $ 29,259 51,965 10,961 57,527 (86,666) 63,046 *Includes intercompany loans. Balance Sheet December 31, 2019 Assets Cash and cash equivalents $ - 3,439 - 1,649 - 5,088 Short-term investments - 2,670 - 358 - 3,028 Accounts and notes receivable 5 2,088 2 3,881 (2,575) 3,401 Investment in Cenovus Energy - 2,111 - - - 2,111 Inventories - 168 - 858 - 1,026 Prepaid expenses and other current assets 1 352 - 1,906 - 2,259 Total Current Assets 6 10,828 2 8,652 (2,575) 16,913 Investments, loans and long-term receivables* 34,076 44,969 11,662 15,612 (97,413) 8,906 Net properties, plants and equipment - 3,552 - 38,717 - 42,269 Other assets 3 765 253 2,210 (805) 2,426 Total Assets $ 34,085 60,114 11,917 65,191 (100,793) 70,514 Liabilities and Stockholders’ Equity Accounts payable $ - 2,670 21 3,084 (2,575) 3,200 Short-term debt (3) 4 13 91 - 105 Accrued income and other taxes - 79 - 951 - 1,030 Employee benefit obligations - 508 - 155 - 663 Other accruals 84 408 35 1,518 - 2,045 Total Current Liabilities 81 3,669 69 5,799 (2,575) 7,043 Long-term debt 3,794 6,670 2,129 2,197 - 14,790 Asset retirement obligations and accrued environmental costs - 322 - 5,030 - 5,352 Deferred income taxes - - - 5,438 (804) 4,634 Employee benefit obligations - 1,329 - 452 - 1,781 Other liabilities and deferred credits* 1,787 7,514 826 9,271 (17,534) 1,864 Total Liabilities 5,662 19,504 3,024 28,187 (20,913) 35,464 Retained earnings 33,184 21,898 2,164 10,481 (27,985) 39,742 Other common stockholders’ equity (4,761) 18,712 6,729 26,454 (51,895) (4,761) Noncontrolling interests - - - 69 - 69 Total Liabilities and Stockholders’ Equity $ 34,085 60,114 11,917 65,191 (100,793) 70,514 *Includes intercompany loans. See Notes to Consolidated Financial Statements. |
| Condensed Consolidated Statement of Cash Flows | Millions of Dollars Six Months Ended June 30, 2020 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Net Cash Provided by Operating Activities $ 2,115 1,926 36 2,751 (4,566) 2,262 Cash Flows From Investing Activities Capital expenditures and investments - (322) (14) (2,203) 14 (2,525) Working capital changes associated - (49) - (202) - (251) Proceeds from asset dispositions 765 1,327 - 1,174 (1,953) 1,313 Sales (purchases) of short-term investments - (1,324) - 294 - (1,030) Long-term advances/loans—related parties - (10) - - 10 - Collection of advances/loans—related parties - 71 - 66 (71) 66 Intercompany cash management (1,339) (269) (22) 1,630 - - Other - - - (35) - (35) Net Cash Provided by (Used in) Investing Activities (574) (576) (36) 724 (2,000) (2,462) Cash Flows From Financing Activities Issuance of debt - - - 10 (10) - Repayment of debt - - - (285) 71 (214) Issuance of company common stock 95 - - - (93) 2 Repurchase of company common stock (726) - - - - (726) Dividends paid (913) (2,990) - (3,200) 6,190 (913) Other 3 - - (439) 408 (28) Net Cash Used in Financing Activities (1,541) (2,990) - (3,914) 6,566 (1,879) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted - - - (93) - (93) Net Change in Cash, Cash Equivalents and Restricted Cash - (1,640) - (532) - (2,172) Cash, cash equivalents and restricted cash at beginning of period - 3,443 - 1,919 - 5,362 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,803 - 1,387 - 3,190 Statement of Cash Flows Six Months Ended June 30, 2019* Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 1,571 5,050 (40) 4,768 (5,564) 5,785 Cash Flows From Investing Activities Capital expenditures and investments - (653) - (2,882) 169 (3,366) Working capital changes associated - 41 - (17) - 24 Proceeds from asset dispositions - 217 - 559 (75) 701 Purchases of short-term investments - (50) - (435) - (485) Long-term advances/loans—related parties - (19) - - 19 - Collection of advances/loans—related parties - 69 - 82 (89) 62 Intercompany cash management 1,082 (3,256) 40 2,134 - - Other - 118 - 8 - 126 Net Cash Provided by (Used in) Investing Activities 1,082 (3,533) 40 (551) 24 (2,938) Cash Flows From Financing Activities Issuance of debt - - - 19 (19) - Repayment of debt - (21) - (106) 89 (38) Issuance of company common stock 43 - - - (79) (36) Repurchase of company common stock (2,002) - - - - (2,002) Dividends paid (696) (1,660) - (3,983) 5,643 (696) Other 2 - - 37 (94) (55) Net Cash Used in Financing Activities (2,653) (1,681) - (4,033) 5,540 (2,827) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted - (1) - 27 - 26 Net Change in Cash, Cash Equivalents and Restricted Cash - (165) - 211 - 46 Cash, cash equivalents and restricted cash at beginning of period - 1,428 - 4,723 - 6,151 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,263 - 4,934 - 6,197 |