v3.21.1
Segment Disclosures and Related Information
 3 Months Ended
Mar. 31, 2021
Segment Disclosures and Related Information [Abstract]  
Segment Disclosures and Related Information
Note 17—Segment Disclosures and Related Information
 
 
We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on
 
a worldwide
basis.
 
We manage our operations through
six
 
operating segments, which are primarily defined
 
by geographic
region: Alaska; Lower 48; Canada; Europe,
 
Middle East and North Africa; Asia Pacific;
 
and Other
International.
 
 
Corporate and Other represents income and costs
 
not directly associated with an operating
 
segment, such as
most interest income and expense; premiums on early
 
retirement of debt; corporate overhead and certain
technology activities, including licensing revenues;
 
and unrealized holding gains or losses
 
on equity securities.
 
Corporate assets include all cash and cash equivalents
 
and short-term investments.
 
 
We evaluate performance and allocate resources based on net income (loss) attributable
 
to ConocoPhillips.
 
Intersegment sales are at prices that approximate
 
market.
 
Effective with the third quarter of 2020, we restructured our
 
segments to align with changes to our internal
organization.
 
The Middle East business was realigned from
 
the Asia Pacific and Middle East segment to the
Europe and North Africa segment.
 
The segments have been renamed the Asia Pacific
 
segment and the Europe,
Middle East and North Africa segment.
 
We have revised segment information disclosures and segment
performance metrics presented within our results
 
of operations for the prior comparative periods.
 
On January 15, 2021, we completed our acquisition
 
of Concho, an independent oil and gas exploration
 
and
production company with operations across New
 
Mexico and West Texas.
 
Results of operations for Concho
are included in our Lower 48 segment for the current
 
period.
 
Certain transaction and restructuring costs
associated with the Concho acquisition are included
 
in our Corporate and Other segment.
 
See Note 3—
Acquisitions and Dispositions for additional
 
information related to our Concho acquisition.
Analysis of Results by Operating Segment
Millions of Dollars
Three Months Ended
March 31
2021
2020
Sales and Other Operating Revenues
Alaska
$
1,133
1,113
Lower 48
6,513
3,103
Intersegment eliminations
(2)
(10)
Lower 48
6,511
3,093
Canada
867
513
Intersegment eliminations
(305)
(180)
Canada
562
333
Europe, Middle East and North Africa
978
600
Asia Pacific
577
1,003
Other International
1
3
Corporate and Other
64
13
Consolidated sales and other operating revenues
$
9,826
6,158
Sales and Other Operating Revenues by
 
Geographic Location
(1)
United States
$
7,707
4,217
Australia
-
437
Canada
562
333
China
155
146
Indonesia
196
204
Libya
230
44
Malaysia
226
216
Norway
412
446
United Kingdom
336
110
Other foreign countries
2
5
Worldwide consolidated
$
9,826
6,158
Sales and Other Operating Revenues by
 
Product
Crude oil
$
4,495
3,444
Natural gas
4,511
1,655
Natural gas liquids
237
151
Other
(2)
583
908
Consolidated sales and other operating revenues
 
by product
$
9,826
6,158
(1) Sales and other operating revenues are attributable to countries based on the location of
 
the selling operation.
(2) Includes LNG and bitumen.
Millions of Dollars
Three Months Ended
March 31
2021
2020
Net Income (Loss) Attributable to ConocoPhillips
Alaska
$
159
81
Lower 48
468
(437)
Canada
10
(109)
Europe, Middle East and North Africa
153
201
Asia Pacific
317
272
Other International
(4)
28
Corporate and Other
(121)
(1,775)
Consolidated net income (loss) attributable
 
to ConocoPhillips
$
982
(1,739)
Millions of Dollars
March 31
December 31
2021
2020
Total Assets
Alaska
$
14,571
14,623
Lower 48
32,474
11,932
Canada
6,925
6,863
Europe, Middle East and North Africa
8,689
8,756
Asia Pacific
11,041
11,231
Other International
229
226
Corporate and Other
9,764
8,987
Consolidated total assets
$
83,693
62,618