v3.21.2
Segment Disclosures and Related Information
 6 Months Ended
Jun. 30, 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 in 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.
Analysis of Results by Operating Segment
Millions of Dollars
Three Months Ended
Six Months Ended
June 30
June 30
2021
2020
2021
2020
Sales and Other Operating Revenues
Alaska
$
1,418
419
2,551
1,532
Intersegment eliminations
-
19
-
19
Alaska
1,418
438
2,551
1,551
Lower 48
5,889
1,433
12,402
4,536
Intersegment eliminations
(2)
(28)
(4)
(38)
Lower 48
5,887
1,405
12,398
4,498
Canada
802
165
1,669
678
Intersegment eliminations
(352)
-
(657)
(180)
Canada
450
165
1,012
498
Europe, Middle East and North Africa
1,165
288
2,143
888
Asia Pacific
630
450
1,207
1,453
Other International
2
1
3
4
Corporate and Other
4
2
68
15
Consolidated sales and other operating revenues
$
9,556
2,749
19,382
8,907
Sales and Other Operating Revenues by Geographic Location
(1)
United States
$
7,308
1,844
15,015
6,061
Australia
-
168
-
605
Canada
450
165
1,012
498
China
171
67
326
213
Indonesia
207
132
403
336
Libya
290
-
520
44
Malaysia
252
83
478
299
Norway
618
242
1,030
688
United Kingdom
257
46
593
156
Other foreign countries
3
2
5
7
Worldwide consolidated
$
9,556
2,749
19,382
8,907
Sales and Other Operating Revenues by Product
Crude oil
$
5,797
1,216
10,292
4,660
Natural gas
2,812
1,190
7,323
2,845
Natural gas liquids
325
84
562
235
Other
(2)
622
259
1,205
1,167
Consolidated sales and other operating revenues by product
$
9,556
2,749
19,382
8,907
(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
Six Months Ended
June 30
June 30
2021
2020
2021
2020
Net Income (Loss) Attributable to ConocoPhillips
Alaska
$
371
(141)
530
(60)
Lower 48
1,175
(365)
1,643
(802)
Canada
102
(86)
112
(195)
Europe, Middle East and North Africa
207
25
360
226
Asia Pacific
175
648
492
920
Other International
(5)
(6)
(9)
22
Corporate and Other
66
185
(55)
(1,590)
Consolidated net income (loss) attributable to ConocoPhillips
$
2,091
260
3,073
(1,479)
Millions of Dollars
June 30
December 31
2021
2020
Total Assets
Alaska
$
14,636
14,623
Lower 48
32,309
11,932
Canada
6,991
6,863
Europe, Middle East and North Africa
8,616
8,756
Asia Pacific
10,721
11,231
Other International
239
226
Corporate and Other
11,891
8,987
Consolidated total assets
$
85,403
62,618