Acquisitions and Dispositions |
3 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Acquisitions and Dispositions [Abstract] | |
| Acquisitions and Dispositions | Note 3—Acquisitions and Dispositions Acquisition of Concho Resources Inc. We completed our acquisition of Concho on January 15, 2021 agreement, each share of Concho common stock 1.46 ConocoPhillips common stock, for total consideration 13.1 Total Consideration 194,243 1,599 Number of shares exchanged 195,842 1.46 285,929 $ 45.9025 $ 13,125 **Based on the ConocoPhillips average stock price on January The transaction was accounted for as a business method, which requires assets acquired and liabilities values. measurements may be made in subsequent periods, information about facts and circumstances that existed properties were valued using a discounted cash generated price assumptions; assumed in the acquisition was valued based on accounts receivables, accounts payable, and most the carrying value due to their short-term 13.1 identifiable assets and liabilities based on their Assets Acquired Millions of Dollars Cash and cash equivalents $ 382 Accounts receivable, net 742 Inventories 45 Prepaid expenses and other current assets 37 Investments and long-term receivables 333 Net properties, plants and equipment 18,998 Other assets 62 Total assets acquired $ 20,599 Liabilities Assumed Accounts payable $ 638 Accrued income and other taxes 76 Employee benefit obligations 4 Other accruals 510 Long-term debt 4,696 Asset retirement obligations and accrued environmental 310 Deferred income taxes 1,123 Other liabilities and deferred credits 117 Total liabilities assumed $ 7,474 Net assets acquired $ 13,125 With the completion of the Concho transaction, we acquired proved $ 11.9 6.9 We recognized approximately $ 157 period. awards for certain Concho employees based In the first quarter of 2021, we commenced a restructuring program, the scope of which included combining the operations of the two companies. For the three-month period ending March 31, 2021, we recognized non- recurring restructuring costs mainly for employee severance and related incremental pension benefit costs of approximately $134 million. Millions of Dollars Transaction Cost Restructuring Cost Total Cost Production and operating expenses $ 56 56 Selling, general and administration expenses 135 45 180 Exploration expenses 18 4 22 Taxes other than income taxes 4 4 Other expenses 29 29 $ 157 134 291 On February 8, 2021, we completed a debt exchange result of the debt exchange, we recognized an additional 75 million. “Total Revenues and Other Income” and “Net Income (Loss) Attributable to the acquired Concho business were approximately 1,040 190 month period ending March 31, 2021. after-tax loss of $ 173 132 settlement dates on or before March 31, 2021, and 132 $ 101 loss is recorded within “Total Revenues and Other Income” on our consolidated income additional information about the financial derivative Financial Instruments. The following summarizes the unaudited supplemental period ending March 31, 2020, as if we had completed Millions of Dollars Supplemental Pro Forma (unaudited) Three Months Ended March 31, 2020 Total revenues and other income $ 7,300 Net loss (390) Net loss attributable to ConocoPhillips (418) $ per share Earnings per share: Three Months Ended March 31, 2020 Basic net loss $ (0.31) Diluted net loss (0.31) The unaudited supplemental pro forma financial not necessarily indicative of the operating results on January 1, 2020, nor is it necessarily indicative unaudited pro forma financial information combining the consolidated income statement results do not include transaction-related costs, The pro forma results include adjustments to 10.5 1.9 recorded by Concho in the three-month period ending goodwill, respectively. production method, resulting from the purchase believe the estimates and assumptions are reasonable, reflected. Assets Sold In 2020, we completed the sale of our Australian-West asset and operations. a $ 200 30, 2021, FID was announced and as such, 200 of 2021. our contractual right to the $ 200 to this transaction are reflected in our Asia Pacific In 2017, we completed the sale of our 50 (FCCL) Partnership, as well as the majority of Consideration for the transaction included a five-year, uncapped The contingent payment, calculated on a quarterly basis, is $6 million CAD for every $1 CAD by which the WCS quarterly average crude price exceeds $52 CAD per barrel. Contingent payments during the five-year period are recorded as gain on dispositions on our consolidated income statement and reflected in our Canada segment. gain on disposition for these contingent payments 26 2021. No |