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): July
30, 2015
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.)
|
600
North Dairy Ashford 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))
Item 2.02 Results of Operations and Financial Condition.
On July 30, 2015, ConocoPhillips issued a press release announcing the
company's financial and operating results for the quarter ended June 30,
2015. 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
99.1 — Press release issued by ConocoPhillips on
July 30, 2015.
99.2 — Supplemental financial information.
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/ Glenda M. Schwarz
|
|
Glenda M. Schwarz
|
|
Vice
President and Controller
|
|
|
July
30, 2015
|
|
EXHIBIT INDEX
Exhibit
No.
|
Description
|
|
|
99.1
|
Press release issued by ConocoPhillips on July 30, 2015.
|
|
|
99.2
|
Supplemental financial information.
|
4
Exhibit 99.1
ConocoPhillips
Reports Second-Quarter 2015 Results; Announces Improved Guidance for
2015 Capital Expenditures and Operating Costs; On Track to Meet
Production Targets
HOUSTON--(BUSINESS WIRE)--July 30, 2015--ConocoPhillips (NYSE:COP) today
reported a second-quarter 2015 net loss of $179 million, or ($0.15) per
share, compared with second-quarter 2014 earnings of $2.1 billion, or
$1.67 per share. Excluding special items, second-quarter 2015 adjusted
earnings were $81 million, or $0.07 per share, compared with
second-quarter 2014 adjusted earnings of $2.0 billion, or $1.61 per
share. Special items for the current quarter primarily related to a
deferred tax charge from a change in Canada’s tax law and non-cash
impairments.
Highlights
-
Increased quarterly dividend to $0.74 per share in July.
-
Achieved second-quarter production of 1,595 MBOED; on track to achieve
higher end of 2015 growth target.
-
Four percent year-over-year production growth from continuing
operations, adjusted for Libya, downtime and dispositions.
-
Eleven percent year-over-year reduction in operating costs; 14 percent
reduction when adjusted for pension settlement and restructuring
charges of $69 million pre-tax.
-
Achieved major project startup at Enochdhu in Europe and first steam
at Surmont 2 in Canada; on track for first production at Surmont 2,
APLNG, CD5 and Drill Site 2S by year end.
-
Announced reductions in future deepwater exploration spending.
-
Lowering 2015 capital expenditures guidance from $11.5 billion to
$11.0 billion and operating cost guidance from $9.2 billion to $8.9
billion.
“We continue to deliver on our operational milestones while positioning
the company for a period of lower, more volatile prices,” said Ryan
Lance, chairman and chief executive officer. “We exceeded our production
target, made progress on our major project startups and safely executed
our planned turnarounds in the quarter. We are lowering our operating
cost and capital expenditures guidance, while maintaining our
operational targets. To further increase our capital flexibility, we are
continuing to shift the portfolio to investments with shorter cycle
times, including reductions to deepwater spending. In July, we announced
an increase to our quarterly dividend as part of our ongoing commitment
to return value to shareholders. This increase was more modest than in
prior years, but we believe that is prudent given the current
environment.”
Operations Update
Lower 48 – Quarterly production increased by 16 thousand barrels
of oil equivalent per day (MBOED) over the same period in 2014, to 556
MBOED. The increase was primarily from growth in liquids-rich
unconventional plays, partially offset by normal field decline. The
Eagle Ford and Bakken collectively delivered 242 MBOED for the quarter,
a 16 percent increase compared with the second quarter of 2014. Lower 48
crude production grew 9 percent year over year. In the Gulf of Mexico,
appraisal activity is ongoing at Gila, Shenandoah and Tiber.
Canada – Second-quarter production was 306 MBOED, an increase of
22 MBOED compared with the second quarter of 2014. The increase was
primarily driven by strong well performance in western Canada and the
oil sands, as well as ramp up at Foster Creek Phase F, partially offset
by impacts from forest fires near Foster Creek. Bitumen production
increased 8 percent compared with the second quarter of 2014. Surmont 2
achieved first steam and is on track for first production in the third
quarter.
Alaska – Production for the quarter was 174 MBOED, a decrease of
19 MBOED compared with the same period in 2014. This decrease was due to
normal field decline and downtime, partially offset by improved well
performance. The first wells were spud at CD5 and Drill Site 2S, with
startup expected at both projects in the fourth quarter. The Kenai
liquefied natural gas (LNG) facility resumed exports and delivered two
cargos. Turnaround activities commenced at Kuparuk and Prudhoe and will
continue into the third quarter.
Europe – Quarterly production was 206 MBOED, a decrease of 7
MBOED compared with the same period in 2014. The decrease was primarily
the result of normal field decline, partially offset by new production
from major projects and lower downtime. First production was achieved at
Enochdhu and the Alder topsides module was installed. Turnaround
activities at J-Area and Greater Ekofisk Area were completed ahead of
schedule, with ongoing turnaround activity in the U.K. during the third
quarter.
Asia Pacific and Middle East – Second-quarter production was 349
MBOED, an increase of 27 MBOED compared with the second quarter of 2014.
The increase was primarily the result of growth from major projects,
partially offset by normal field decline. In Malaysia, Gumusut began its
planned turnaround, which will continue into the third quarter. In July,
APLNG achieved a key milestone as it commenced loading refrigerants to
the Curtis Island LNG facility. The project’s first cargo is expected in
the fourth quarter.
Other International – Production was 4 MBOED in the second
quarter, flat compared with the same period in 2014 when excluding
Libya. The Es Sider Terminal in Libya remains shut-in as a result of
ongoing unrest. In Angola, the Vali-1 exploration well was plugged and
abandoned as a dry hole. During the quarter, the company announced its
exit from Poland.
Second-Quarter Review
Production from continuing operations, excluding Libya, for the second
quarter of 2015 was 1,595 MBOED, an increase of 39 MBOED compared with
the same period a year ago. The net increase reflects 69 MBOED, or 4
percent growth, after adjusting for 30 MBOED from dispositions and
downtime. Growth was primarily due to new production from major projects
and development programs, partially offset by normal field decline and
downtime.
Adjusted earnings were lower compared with second-quarter 2014 primarily
due to lower realized prices, partially offset by higher licensing
revenues. The company’s total realized price was $39.09 per barrel of
oil equivalent (BOE), compared with $70.17 per BOE in the second quarter
of 2014, reflecting lower average realized prices across all commodities.
Operating costs for the quarter were $2.16 billion compared with $2.43
billion in the second quarter of 2014. Adjusted for pension settlement
and restructuring costs of $69 million pre-tax, operating costs were
improved 14 percent year over year.
For the quarter, cash provided by continuing operating activities was
$2.0 billion. Excluding a $0.3 billion change in operating working
capital, ConocoPhillips generated $2.3 billion in cash from operations.
In addition, the company funded $2.4 billion in capital expenditures and
investments, paid dividends of $0.9 billion, and increased debt by $2.5
billion.
Six-Month Review
ConocoPhillips’ six-month 2015 earnings were $93 million, or $0.07 per
share, compared with six-month 2014 earnings of $4.2 billion, or $3.38
per share. Six-month 2015 adjusted earnings were a net loss of $141
million, or ($0.11) per share, compared with six-month 2014 adjusted
earnings of $4.3 billion, or $3.42 per share.
Production from continuing operations, excluding Libya, for the first
six months of 2015 was 1,603 MBOED, compared with 1,543 MBOED for the
same period in 2014. Production increased due to new production from
development programs and major projects, partially offset by normal
field decline.
The company’s total realized price during this period was $38.03 per
BOE, compared with $70.68 per BOE in the first six months of 2014. This
reflected lower average realized prices across all commodities.
Operating costs for the first half of 2015 were $4.30 billion compared
with $4.74 billion in 2014. Adjusted for restructuring and pension
settlement costs of $173 million pre-tax, operating costs were improved
13 percent year over year.
In the first half of 2015, cash provided by continuing operating
activities was $4.0 billion. Excluding a $0.4 billion change in
operating working capital, ConocoPhillips generated $4.4 billion in cash
from operations. Additionally, the company funded $5.7 billion in
capital expenditures and investments, paid dividends of $1.8 billion,
and increased debt by $2.4 billion.
As of June 30, 2015, ConocoPhillips had $3.8 billion of cash and cash
equivalents. The company ended the second quarter with debt of $24.9
billion and a debt-to-capital ratio of 34 percent.
Outlook
The company is on track to achieve the higher end of its 2015 production
target of 2 to 3 percent growth compared with 2014 production from
continuing operations, excluding Libya. Third-quarter 2015 production,
excluding Libya, is expected to be 1,510 to 1,550 MBOED, which reflects
planned turnaround activity during the quarter.
The company has reduced its 2015 capital expenditures guidance from
$11.5 billion to $11.0 billion. Guidance for operating costs has been
reduced from $9.2 billion to $8.9 billion and the corporate segment net
expense has been reduced from $1.0 billion to $0.9 billion. The
aggregate impact of these reductions is approximately a $0.9 billion
benefit to net cash flow.
Guidance for depreciation, depletion and amortization of $9.0 billion,
and exploration dry hole and leasehold impairment expense of $0.8
billion are unchanged. Guidance excludes any special items.
ConocoPhillips will host a conference call today at 12:00 p.m. EDT to
discuss its second-quarter results and provide an operational update. To
listen to the call, and view related presentation materials and
supplemental information, go to www.conocophillips.com/investor.
--- # # # ---
About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 25 countries, $32
billion in annualized revenue, $112 billion of total assets, and
approximately 18,100 employees as of June 30, 2015. Production,
excluding Libya, averaged 1,603 MBOED for the six months ended June 30,
2015, and proved reserves were 8.9 billion BOE as of Dec. 31, 2014. For
more information, go to www.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.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate,"
"estimate," "believe," "continue," "could," "intend," "may," "plan,"
"potential," "predict," "should," "will," "expect," "objective,"
"projection," "forecast," "goal," "guidance," "outlook," "effort,"
"target" and other similar words. 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 have a reasonable basis. However, there can
be no assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected by a
variety of risks and other matters including, but not limited to,
changes in commodity prices; changes in expected levels of oil and gas
reserves or production; operating hazards, drilling risks, unsuccessful
exploratory activities; difficulties in developing new products and
manufacturing processes; unexpected cost increases; international
monetary conditions; potential liability for remedial actions under
existing or future environmental regulations; potential liability
resulting from pending or future litigation; limited access to capital
or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and
general domestic and international economic and political conditions; as
well as changes in tax, environmental and other laws applicable to our
business. Other factors that could cause actual results to differ
materially from those described in the forward-looking statements
include 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 required,
ConocoPhillips undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Use of Non-GAAP Financial Information – This news release
includes the terms adjusted earnings, adjusted earnings per share and
operating costs. These are non-GAAP financial measures. These terms are
included to help facilitate comparisons of company operating performance
across periods and with peer companies.
References in the release to earnings refer to net income/(loss)
attributable to ConocoPhillips.
|
|
|
|
|
|
|
|
|
|
ConocoPhillips
|
Reconciliation of Earnings to Adjusted Earnings
|
$ Millions, Except as Indicated
|
|
|
|
2Q
|
|
YTD
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Earnings
|
|
$
|
(179
|
)
|
|
2,081
|
|
|
93
|
|
|
4,204
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Net gain on asset sales
|
|
|
(29
|
)
|
|
-
|
|
|
(29
|
)
|
|
-
|
|
Impairments
|
|
|
140
|
|
|
109
|
|
|
140
|
|
|
109
|
|
Loss on capacity agreements
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
83
|
|
Qatar depreciation adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
28
|
|
International tax law changes
|
|
|
129
|
|
|
-
|
|
|
(426
|
)
|
|
-
|
|
Restructuring
|
|
|
10
|
|
|
-
|
|
|
71
|
|
|
-
|
|
Pending claims and settlements
|
|
|
-
|
|
|
(154
|
)
|
|
-
|
|
|
(115
|
)
|
Tax impact from country exit
|
|
|
(28
|
)
|
|
-
|
|
|
(28
|
)
|
|
-
|
|
Pension settlement expense
|
|
|
38
|
|
|
-
|
|
|
38
|
|
|
-
|
|
Discontinued operations - other ¹
|
|
|
-
|
|
|
(33
|
)
|
|
-
|
|
|
(53
|
)
|
Adjusted earnings
|
|
$
|
81
|
|
|
2,003
|
|
|
(141
|
)
|
|
4,256
|
|
1 Includes Kashagan, Algeria and
Nigeria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share of common stock (dollars)
|
|
$
|
(0.15
|
)
|
|
1.67
|
|
|
0.07
|
|
|
3.38
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share of common stock (dollars)
|
|
$
|
0.07
|
|
|
1.61
|
|
|
(0.11
|
)
|
|
3.42
|
|
CONTACT:
ConocoPhillips
Daren Beaudo (media), 281-293-2073
daren.beaudo@conocophillips.com
Sidney
J. Bassett (investors), 281-293-5000
sid.bassett@conocophillips.com
Vladimir
R. dela Cruz (investors), 281-293-5000
v.r.delacruz@conocophillips.com
Exhibit 99.2
|
|
|
Second-Quarter 2015 Detailed Supplemental Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
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
|
|
15,415
|
|
|
13,821
|
|
|
12,080
|
|
|
11,208
|
|
|
52,524
|
|
|
7,716
|
|
|
8,293
|
|
|
|
|
|
|
16,009
|
|
Equity in earnings of affiliates
|
|
572
|
|
|
672
|
|
|
764
|
|
|
521
|
|
|
2,529
|
|
|
205
|
|
|
258
|
|
|
|
|
|
|
463
|
|
Gain on dispositions
|
|
9
|
|
|
7
|
|
|
4
|
|
|
78
|
|
|
98
|
|
|
52
|
|
|
52
|
|
|
|
|
|
|
104
|
|
Other income
|
|
52
|
|
|
201
|
|
|
69
|
|
|
44
|
|
|
366
|
|
|
29
|
|
|
57
|
|
|
|
|
|
|
86
|
|
Total Revenues and Other Income
|
|
16,048
|
|
|
14,701
|
|
|
12,917
|
|
|
11,851
|
|
|
55,517
|
|
|
8,002
|
|
|
8,660
|
|
|
|
|
|
|
16,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased commodities
|
|
7,127
|
|
|
5,495
|
|
|
4,703
|
|
|
4,774
|
|
|
22,099
|
|
|
3,237
|
|
|
3,230
|
|
|
|
|
|
|
6,467
|
|
Production and operating expenses
|
|
1,895
|
|
|
2,030
|
|
|
2,041
|
|
|
2,943
|
|
|
8,909
|
|
|
1,802
|
|
|
1,798
|
|
|
|
|
|
|
3,600
|
|
Selling, general and administrative expenses
|
|
182
|
|
|
218
|
|
|
203
|
|
|
132
|
|
|
735
|
|
|
159
|
|
|
218
|
|
|
|
|
|
|
377
|
|
Exploration expenses
|
|
296
|
|
|
517
|
|
|
459
|
|
|
773
|
|
|
2,045
|
|
|
482
|
|
|
549
|
|
|
|
|
|
|
1,031
|
|
Depreciation, depletion and amortization
|
|
1,892
|
|
|
2,070
|
|
|
2,096
|
|
|
2,271
|
|
|
8,329
|
|
|
2,131
|
|
|
2,329
|
|
|
|
|
|
|
4,460
|
|
Impairments
|
|
1
|
|
|
17
|
|
|
108
|
|
|
730
|
|
|
856
|
|
|
16
|
|
|
78
|
|
|
|
|
|
|
94
|
|
Taxes other than income taxes
|
|
651
|
|
|
612
|
|
|
493
|
|
|
332
|
|
|
2,088
|
|
|
224
|
|
|
225
|
|
|
|
|
|
|
449
|
|
Accretion on discounted liabilities
|
|
117
|
|
|
120
|
|
|
120
|
|
|
127
|
|
|
484
|
|
|
121
|
|
|
122
|
|
|
|
|
|
|
243
|
|
Interest and debt expense
|
|
171
|
|
|
155
|
|
|
149
|
|
|
173
|
|
|
648
|
|
|
202
|
|
|
210
|
|
|
|
|
|
|
412
|
|
Foreign currency transaction (gains) losses
|
|
18
|
|
|
7
|
|
|
(8
|
)
|
|
(83
|
)
|
|
(66
|
)
|
|
(16
|
)
|
|
(8
|
)
|
|
|
|
|
|
(24
|
)
|
Total Costs and Expenses
|
|
12,350
|
|
|
11,241
|
|
|
10,364
|
|
|
12,172
|
|
|
46,127
|
|
|
8,358
|
|
|
8,751
|
|
|
|
|
|
|
17,109
|
|
Income (loss) from continuing operations before income taxes
|
|
3,698
|
|
|
3,460
|
|
|
2,553
|
|
|
(321
|
)
|
|
9,390
|
|
|
(356
|
)
|
|
(91
|
)
|
|
|
|
|
|
(447
|
)
|
Provision (benefit) for income taxes
|
|
1,581
|
|
|
1,395
|
|
|
904
|
|
|
(297
|
)
|
|
3,583
|
|
|
(642
|
)
|
|
73
|
|
|
|
|
|
|
(569
|
)
|
Income (loss) from continuing operations
|
|
2,117
|
|
|
2,065
|
|
|
1,649
|
|
|
(24
|
)
|
|
5,807
|
|
|
286
|
|
|
(164
|
)
|
|
|
|
|
|
122
|
|
Income from discontinued operations
|
|
20
|
|
|
33
|
|
|
1,078
|
|
|
-
|
|
|
1,131
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Net Income (Loss)
|
|
2,137
|
|
|
2,098
|
|
|
2,727
|
|
|
(24
|
)
|
|
6,938
|
|
|
286
|
|
|
(164
|
)
|
|
|
|
|
|
122
|
|
Less: net income attributable to noncontrolling interests
|
|
(14
|
)
|
|
(17
|
)
|
|
(23
|
)
|
|
(15
|
)
|
|
(69
|
)
|
|
(14
|
)
|
|
(15
|
)
|
|
|
|
|
|
(29
|
)
|
Net Income (Loss) Attributable to ConocoPhillips
|
|
2,123
|
|
|
2,081
|
|
|
2,704
|
|
|
(39
|
)
|
|
6,869
|
|
|
272
|
|
|
(179
|
)
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to ConocoPhillips
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share of Common Stock (dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
1.70
|
|
|
1.65
|
|
|
1.31
|
|
|
(0.03
|
)
|
|
4.63
|
|
|
0.22
|
|
|
(0.15
|
)
|
|
|
|
|
|
0.07
|
|
Discontinued operations
|
|
0.02
|
|
|
0.03
|
|
|
0.87
|
|
|
-
|
|
|
0.91
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Net Income (Loss) Attributable to ConocoPhillips
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share of Common Stock
|
|
1.72
|
|
|
1.68
|
|
|
2.18
|
|
|
(0.03
|
)
|
|
5.54
|
|
|
0.22
|
|
|
(0.15
|
)
|
|
|
|
|
|
0.07
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
1.69
|
|
|
1.64
|
|
|
1.31
|
|
|
(0.03
|
)
|
|
4.60
|
|
|
0.22
|
|
|
(0.15
|
)
|
|
|
|
|
|
0.07
|
|
Discontinued operations
|
|
0.02
|
|
|
0.03
|
|
|
0.86
|
|
|
-
|
|
|
0.91
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Net Income (Loss) Attributable to ConocoPhillips
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share of Common Stock
|
|
1.71
|
|
|
1.67
|
|
|
2.17
|
|
|
(0.03
|
)
|
|
5.51
|
|
|
0.22
|
|
|
(0.15
|
)
|
|
|
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic*
|
|
|
1,234,968
|
|
|
1,236,057
|
|
|
1,238,234
|
|
|
1,239,975
|
|
|
1,237,325
|
|
|
1,240,791
|
|
|
1,241,026
|
|
|
|
|
|
|
1,240,909
|
|
Diluted*
|
|
|
1,242,667
|
|
|
1,245,155
|
|
|
1,247,436
|
|
|
1,239,975
|
|
|
1,245,863
|
|
|
1,245,531
|
|
|
1,241,026
|
|
|
|
|
|
|
1,246,130
|
|
*3Q 2014 has been restated to align with current period financial
statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS BEFORE INCOME TAXES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
930
|
|
|
973
|
|
|
722
|
|
|
497
|
|
|
3,122
|
|
|
225
|
|
|
305
|
|
|
|
|
|
|
530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
516
|
|
|
434
|
|
|
78
|
|
|
(1,142
|
)
|
|
(114
|
)
|
|
(637
|
)
|
|
(460
|
)
|
|
|
|
|
|
(1,097
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
466
|
|
|
241
|
|
|
340
|
|
|
129
|
|
|
1,176
|
|
|
(218
|
)
|
|
(38
|
)
|
|
|
|
|
|
(256
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
1,041
|
|
|
781
|
|
|
633
|
|
|
(163
|
)
|
|
2,292
|
|
|
187
|
|
|
116
|
|
|
|
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
1,093
|
|
|
1,233
|
|
|
1,058
|
|
|
818
|
|
|
4,202
|
|
|
572
|
|
|
521
|
|
|
|
|
|
|
1,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
(67
|
)
|
|
99
|
|
|
10
|
|
|
(131
|
)
|
|
(89
|
)
|
|
(160
|
)
|
|
(329
|
)
|
|
|
|
|
|
(489
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
(281
|
)
|
|
(301
|
)
|
|
(288
|
)
|
|
(329
|
)
|
|
(1,199
|
)
|
|
(325
|
)
|
|
(206
|
)
|
|
|
|
|
|
(531
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
3,698
|
|
|
3,460
|
|
|
2,553
|
|
|
(321
|
)
|
|
9,390
|
|
|
(356
|
)
|
|
(91
|
)
|
|
|
|
|
|
(447
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECTIVE INCOME TAX RATES FOR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska*
|
|
|
35.6
|
%
|
|
35.6
|
%
|
|
34.4
|
%
|
|
31.1
|
%
|
|
34.6
|
%
|
|
35.2
|
%
|
|
36.3
|
%
|
|
|
|
|
|
35.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
37.3
|
%
|
|
38.7
|
%
|
|
60.0
|
%
|
|
43.8
|
%
|
|
80.9
|
%
|
|
36.5
|
%
|
|
36.3
|
%
|
|
|
|
|
|
36.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
23.7
|
%
|
|
24.0
|
%
|
|
9.7
|
%
|
|
27.0
|
%
|
|
20.1
|
%
|
|
27.6
|
%
|
|
-343.5
|
%
|
|
|
|
|
|
-26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
66.7
|
%
|
|
66.8
|
%
|
|
66.4
|
%
|
|
90.8
|
%
|
|
64.9
|
%
|
|
-240.1
|
%
|
|
67.9
|
%
|
|
|
|
|
|
-122.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
30.9
|
%
|
|
30.1
|
%
|
|
27.0
|
%
|
|
24.4
|
%
|
|
28.4
|
%
|
|
28.6
|
%
|
|
34.0
|
%
|
|
|
|
|
|
31.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
57.2
|
%
|
|
-21.7
|
%
|
|
296.5
|
%
|
|
-24.6
|
%
|
|
-0.2
|
%
|
|
41.9
|
%
|
|
54.8
|
%
|
|
|
|
|
|
50.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
16.4
|
%
|
|
16.3
|
%
|
|
55.0
|
%
|
|
21.5
|
%
|
|
27.1
|
%
|
|
23.3
|
%
|
|
36.1
|
%
|
|
|
|
|
|
28.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
42.8
|
%
|
|
40.3
|
%
|
|
35.4
|
%
|
|
92.7
|
%
|
|
38.2
|
%
|
|
179.8
|
%
|
|
-81.7
|
%
|
|
|
|
|
|
127.3
|
%
|
*Alaska including taxes other than income taxes.
|
|
51.6
|
%
|
|
50.3
|
%
|
|
48.6
|
%
|
|
44.2
|
%
|
|
49.4
|
%
|
|
47.0
|
%
|
|
49.9
|
%
|
|
|
|
|
|
48.7
|
%
|
|
|
|
2014
|
|
2015
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
$ Millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
598
|
|
|
627
|
|
|
473
|
|
|
343
|
|
|
2,041
|
|
|
145
|
|
|
195
|
|
|
|
|
|
|
340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
324
|
|
|
265
|
|
|
32
|
|
|
(643
|
)
|
|
(22
|
)
|
|
(405
|
)
|
|
(293
|
)
|
|
|
|
|
|
(698
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
356
|
|
|
182
|
|
|
307
|
|
|
95
|
|
|
940
|
|
|
(158
|
)
|
|
(166
|
)
|
|
|
|
|
|
(324
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
347
|
|
|
259
|
|
|
213
|
|
|
(15
|
)
|
|
804
|
|
|
637
|
|
|
37
|
|
|
|
|
|
|
674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
742
|
|
|
845
|
|
|
749
|
|
|
603
|
|
|
2,939
|
|
|
395
|
|
|
328
|
|
|
|
|
|
|
723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
(29
|
)
|
|
121
|
|
|
(18
|
)
|
|
(164
|
)
|
|
(90
|
)
|
|
(93
|
)
|
|
(148
|
)
|
|
|
|
|
|
(241
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
(235
|
)
|
|
(251
|
)
|
|
(130
|
)
|
|
(258
|
)
|
|
(874
|
)
|
|
(249
|
)
|
|
(132
|
)
|
|
|
|
|
|
(381
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
20
|
|
|
33
|
|
|
1,078
|
|
|
-
|
|
|
1,131
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
2,123
|
|
|
2,081
|
|
|
2,704
|
|
|
(39
|
)
|
|
6,869
|
|
|
272
|
|
|
(179
|
)
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIAL ITEMS (AFTER-TAX)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(36
|
)
|
|
(36
|
)
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
(122
|
)
|
|
-
|
|
|
(151
|
)
|
|
(610
|
)
|
|
(883
|
)
|
|
(16
|
)
|
|
-
|
|
|
|
|
|
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
-
|
|
|
(109
|
)
|
|
47
|
|
|
9
|
|
|
(53
|
)
|
|
(18
|
)
|
|
(106
|
)
|
|
|
|
|
|
(124
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(144
|
)
|
|
(144
|
)
|
|
551
|
|
|
(34
|
)
|
|
|
|
|
|
517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
(28
|
)
|
|
-
|
|
|
30
|
|
|
-
|
|
|
2
|
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
-
|
|
|
154
|
|
|
-
|
|
|
-
|
|
|
154
|
|
|
-
|
|
|
(79
|
)
|
|
|
|
|
|
(79
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
-
|
|
|
-
|
|
|
89
|
|
|
-
|
|
|
89
|
|
|
(21
|
)
|
|
(41
|
)
|
|
|
|
|
|
(62
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
20
|
|
|
33
|
|
|
1,078
|
|
|
-
|
|
|
1,131
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
(130
|
)
|
|
78
|
|
|
1,093
|
|
|
(781
|
)
|
|
260
|
|
|
494
|
|
|
(260
|
)
|
|
|
|
|
|
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
598
|
|
|
627
|
|
|
473
|
|
|
379
|
|
|
2,077
|
|
|
146
|
|
|
195
|
|
|
|
|
|
|
341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
446
|
|
|
265
|
|
|
183
|
|
|
(33
|
)
|
|
861
|
|
|
(389
|
)
|
|
(293
|
)
|
|
|
|
|
|
(682
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
356
|
|
|
291
|
|
|
260
|
|
|
86
|
|
|
993
|
|
|
(140
|
)
|
|
(60
|
)
|
|
|
|
|
|
(200
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
347
|
|
|
259
|
|
|
213
|
|
|
129
|
|
|
948
|
|
|
86
|
|
|
71
|
|
|
|
|
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
770
|
|
|
845
|
|
|
719
|
|
|
603
|
|
|
2,937
|
|
|
396
|
|
|
328
|
|
|
|
|
|
|
724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
(29
|
)
|
|
(33
|
)
|
|
(18
|
)
|
|
(164
|
)
|
|
(244
|
)
|
|
(93
|
)
|
|
(69
|
)
|
|
|
|
|
|
(162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
(235
|
)
|
|
(251
|
)
|
|
(219
|
)
|
|
(258
|
)
|
|
(963
|
)
|
|
(228
|
)
|
|
(91
|
)
|
|
|
|
|
|
(319
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
2,253
|
|
|
2,003
|
|
|
1,611
|
|
|
742
|
|
|
6,609
|
|
|
(222
|
)
|
|
81
|
|
|
|
|
|
|
(141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EFFECTIVE INCOME TAX RATES
FOR CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
35.6
|
%
|
|
35.6
|
%
|
|
34.4
|
%
|
|
31.5
|
%
|
|
34.6
|
%
|
|
35.2
|
%
|
|
36.3
|
%
|
|
|
|
|
|
35.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
37.0
|
%
|
|
38.7
|
%
|
|
42.7
|
%
|
|
68.1
|
%
|
|
36.5
|
%
|
|
36.5
|
%
|
|
36.4
|
%
|
|
|
|
|
|
36.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
23.7
|
%
|
|
24.3
|
%
|
|
23.5
|
%
|
|
26.5
|
%
|
|
24.1
|
%
|
|
28.0
|
%
|
|
22.9
|
%
|
|
|
|
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
66.7
|
%
|
|
66.8
|
%
|
|
66.4
|
%
|
|
61.1
|
%
|
|
66.0
|
%
|
|
58.3
|
%
|
|
61.7
|
%
|
|
|
|
|
|
59.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
30.1
|
%
|
|
30.1
|
%
|
|
27.1
|
%
|
|
24.4
|
%
|
|
28.3
|
%
|
|
28.6
|
%
|
|
34.0
|
%
|
|
|
|
|
|
31.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
57.2
|
%
|
|
39.3
|
%
|
|
296.5
|
%
|
|
-24.6
|
%
|
|
-0.1
|
%
|
|
41.8
|
%
|
|
42.0
|
%
|
|
|
|
|
|
41.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
16.4
|
%
|
|
16.3
|
%
|
|
30.8
|
%
|
|
21.5
|
%
|
|
21.5
|
%
|
|
21.9
|
%
|
|
34.9
|
%
|
|
|
|
|
|
26.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
42.1
|
%
|
|
41.5
|
%
|
|
40.0
|
%
|
|
39.7
|
%
|
|
41.2
|
%
|
|
17.8
|
%
|
|
54.9
|
%
|
|
|
|
|
|
-189.8
|
%
|
The income tax effects of the special items are calculated based
on the statutory rate of the jurisdiction in which the discrete item
resides.
|
|
|
|
2014
|
|
2015
|
$ Millions
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
DETAILED SPECIAL ITEMS (AFTER-TAX)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(36
|
)
|
|
(36
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Restructuring
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
(1
|
)
|
Total
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(36
|
)
|
|
(36
|
)
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(16
|
)
|
|
-
|
|
|
|
|
|
|
(16
|
)
|
Loss on capacity agreements
|
|
(83
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(83
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Impairments
|
|
|
-
|
|
|
-
|
|
|
(151
|
)
|
|
(124
|
)
|
|
(275
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Pending claims and settlements
|
|
(39
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(39
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Freeport LNG termination agreement
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(545
|
)
|
|
(545
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Deferred tax adjustment
|
|
-
|
|
|
-
|
|
|
-
|
|
|
59
|
|
|
59
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Total
|
|
|
(122
|
)
|
|
-
|
|
|
(151
|
)
|
|
(610
|
)
|
|
(883
|
)
|
|
(16
|
)
|
|
-
|
|
|
|
|
|
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on asset sales
|
|
-
|
|
|
-
|
|
|
-
|
|
|
38
|
|
|
38
|
|
|
-
|
|
|
29
|
|
|
|
|
|
|
29
|
|
Pending claims and settlements
|
|
-
|
|
|
-
|
|
|
47
|
|
|
-
|
|
|
47
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Impairments
|
|
|
-
|
|
|
(109
|
)
|
|
-
|
|
|
(29
|
)
|
|
(138
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
International tax law changes
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(136
|
)
|
|
|
|
|
|
(136
|
)
|
Restructuring
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(18
|
)
|
|
1
|
|
|
|
|
|
|
(17
|
)
|
Total
|
|
|
-
|
|
|
(109
|
)
|
|
47
|
|
|
9
|
|
|
(53
|
)
|
|
(18
|
)
|
|
(106
|
)
|
|
|
|
|
|
(124
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4
|
)
|
|
(1
|
)
|
|
|
|
|
|
(5
|
)
|
International tax law changes
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
555
|
|
|
-
|
|
|
|
|
|
|
555
|
|
Impairments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(192
|
)
|
|
(192
|
)
|
|
-
|
|
|
(33
|
)
|
|
|
|
|
|
(33
|
)
|
Pending claims and settlements
|
|
-
|
|
|
-
|
|
|
-
|
|
|
48
|
|
|
48
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Total
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(144
|
)
|
|
(144
|
)
|
|
551
|
|
|
(34
|
)
|
|
|
|
|
|
517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qatar depreciation adjustment
|
|
(28
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(28
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Pending claims and settlements
|
|
-
|
|
|
-
|
|
|
30
|
|
|
-
|
|
|
30
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Restructuring
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
(1
|
)
|
Total
|
|
|
(28
|
)
|
|
-
|
|
|
30
|
|
|
-
|
|
|
2
|
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(107
|
)
|
|
|
|
|
|
(107
|
)
|
Pending claims and settlements
|
|
-
|
|
|
154
|
|
|
-
|
|
|
-
|
|
|
154
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Tax impact from country exit
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
28
|
|
|
|
|
|
|
28
|
|
Total
|
|
|
-
|
|
|
154
|
|
|
-
|
|
|
-
|
|
|
154
|
|
|
-
|
|
|
(79
|
)
|
|
|
|
|
|
(79
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(21
|
)
|
|
(10
|
)
|
|
|
|
|
|
(31
|
)
|
Pension settlement expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(38
|
)
|
|
|
|
|
|
(38
|
)
|
International tax law changes
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7
|
|
|
|
|
|
|
7
|
|
Tax benefit on interest expense
|
|
-
|
|
|
-
|
|
|
61
|
|
|
-
|
|
|
61
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Pending claims and settlements
|
|
-
|
|
|
-
|
|
|
28
|
|
|
-
|
|
|
28
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Total
|
|
|
-
|
|
|
-
|
|
|
89
|
|
|
-
|
|
|
89
|
|
|
(21
|
)
|
|
(41
|
)
|
|
|
|
|
|
(62
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
20
|
|
|
33
|
|
|
1,078
|
|
|
-
|
|
|
1,131
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
(130
|
)
|
|
78
|
|
|
1,093
|
|
|
(781
|
)
|
|
260
|
|
|
494
|
|
|
(260
|
)
|
|
|
|
|
|
234
|
|
|
|
|
2014
|
|
2015
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
$ Millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
2,137
|
|
|
2,098
|
|
|
2,727
|
|
|
(24
|
)
|
|
6,938
|
|
|
286
|
|
|
(164
|
)
|
|
|
|
|
|
122
|
|
Depreciation, depletion and amortization
|
|
1,892
|
|
|
2,070
|
|
|
2,096
|
|
|
2,271
|
|
|
8,329
|
|
|
2,131
|
|
|
2,329
|
|
|
|
|
|
|
4,460
|
|
Impairments
|
|
1
|
|
|
17
|
|
|
108
|
|
|
730
|
|
|
856
|
|
|
16
|
|
|
78
|
|
|
|
|
|
|
94
|
|
Dry hole costs and leasehold impairments
|
|
69
|
|
|
334
|
|
|
265
|
|
|
498
|
|
|
1,166
|
|
|
311
|
|
|
402
|
|
|
|
|
|
|
713
|
|
Accretion on discounted liabilities
|
|
117
|
|
|
120
|
|
|
120
|
|
|
127
|
|
|
484
|
|
|
121
|
|
|
122
|
|
|
|
|
|
|
243
|
|
Deferred taxes
|
|
230
|
|
|
403
|
|
|
391
|
|
|
(315
|
)
|
|
709
|
|
|
(637
|
)
|
|
35
|
|
|
|
|
|
|
(602
|
)
|
Undistributed equity earnings
|
|
1,131
|
|
|
(450
|
)
|
|
(347
|
)
|
|
(257
|
)
|
|
77
|
|
|
80
|
|
|
(121
|
)
|
|
|
|
|
|
(41
|
)
|
Gain on dispositions
|
|
(9
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(78
|
)
|
|
(98
|
)
|
|
(52
|
)
|
|
(52
|
)
|
|
|
|
|
|
(104
|
)
|
Income from discontinued operations
|
|
(20
|
)
|
|
(33
|
)
|
|
(1,078
|
)
|
|
-
|
|
|
(1,131
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Other
|
|
|
116
|
|
|
(308
|
)
|
|
(344
|
)
|
|
303
|
|
|
(233
|
)
|
|
(133
|
)
|
|
(321
|
)
|
|
|
|
|
|
(454
|
)
|
Net working capital changes*
|
|
587
|
|
|
(738
|
)
|
|
(90
|
)
|
|
(444
|
)
|
|
(685
|
)
|
|
(55
|
)
|
|
(334
|
)
|
|
|
|
|
|
(389
|
)
|
Net cash provided by continuing operations*
|
|
6,251
|
|
|
3,506
|
|
|
3,844
|
|
|
2,811
|
|
|
16,412
|
|
|
2,068
|
|
|
1,974
|
|
|
|
|
|
|
4,042
|
|
Net cash provided by discontinued operations*
|
|
74
|
|
|
56
|
|
|
27
|
|
|
-
|
|
|
157
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Net Cash Provided by Operating Activities*
|
|
6,325
|
|
|
3,562
|
|
|
3,871
|
|
|
2,811
|
|
|
16,569
|
|
|
2,068
|
|
|
1,974
|
|
|
|
|
|
|
4,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures and investments
|
|
(3,895
|
)
|
|
(4,246
|
)
|
|
(4,588
|
)
|
|
(4,356
|
)
|
|
(17,085
|
)
|
|
(3,332
|
)
|
|
(2,407
|
)
|
|
|
|
|
|
(5,739
|
)
|
Working capital changes associated with investing activities*
|
|
27
|
|
|
57
|
|
|
310
|
|
|
(214
|
)
|
|
180
|
|
|
(198
|
)
|
|
(480
|
)
|
|
|
|
|
|
(678
|
)
|
Proceeds from asset dispositions
|
|
48
|
|
|
15
|
|
|
1,371
|
|
|
169
|
|
|
1,603
|
|
|
173
|
|
|
121
|
|
|
|
|
|
|
294
|
|
Net sales (purchases) of short-term investments
|
|
63
|
|
|
(71
|
)
|
|
(101
|
)
|
|
362
|
|
|
253
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Long-term collections from related parties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and other investments
|
|
108
|
|
|
65
|
|
|
(484
|
)
|
|
468
|
|
|
157
|
|
|
43
|
|
|
300
|
|
|
|
|
|
|
343
|
|
Net cash used in continuing operations*
|
|
(3,649
|
)
|
|
(4,180
|
)
|
|
(3,492
|
)
|
|
(3,571
|
)
|
|
(14,892
|
)
|
|
(3,314
|
)
|
|
(2,466
|
)
|
|
|
|
|
|
(5,780
|
)
|
Net cash used in discontinued operations*
|
|
(38
|
)
|
|
(25
|
)
|
|
(10
|
)
|
|
-
|
|
|
(73
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Net Cash Used in Investing Activities*
|
|
(3,687
|
)
|
|
(4,205
|
)
|
|
(3,502
|
)
|
|
(3,571
|
)
|
|
(14,965
|
)
|
|
(3,314
|
)
|
|
(2,466
|
)
|
|
|
|
|
|
(5,780
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net issuance (repayment) of debt
|
|
(450
|
)
|
|
-
|
|
|
(55
|
)
|
|
1,485
|
|
|
980
|
|
|
(57
|
)
|
|
2,493
|
|
|
|
|
|
|
2,436
|
|
Issuance of company common stock
|
|
(32
|
)
|
|
78
|
|
|
(19
|
)
|
|
8
|
|
|
35
|
|
|
(34
|
)
|
|
(12
|
)
|
|
|
|
|
|
(46
|
)
|
Dividends paid
|
|
(855
|
)
|
|
(856
|
)
|
|
(907
|
)
|
|
(907
|
)
|
|
(3,525
|
)
|
|
(910
|
)
|
|
(909
|
)
|
|
|
|
|
|
(1,819
|
)
|
Other
|
|
|
(17
|
)
|
|
(11
|
)
|
|
8
|
|
|
(44
|
)
|
|
(64
|
)
|
|
(18
|
)
|
|
(17
|
)
|
|
|
|
|
|
(35
|
)
|
Net cash provided by (used in) continuing operations
|
|
(1,354
|
)
|
|
(789
|
)
|
|
(973
|
)
|
|
542
|
|
|
(2,574
|
)
|
|
(1,019
|
)
|
|
1,555
|
|
|
|
|
|
|
536
|
|
Net cash provided by (used in) discontinued operations
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
Net Cash Provided by (Used in) Financing Activities
|
|
(1,354
|
)
|
|
(789
|
)
|
|
(973
|
)
|
|
542
|
|
|
(2,574
|
)
|
|
(1,019
|
)
|
|
1,555
|
|
|
|
|
|
|
536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes
|
|
(10
|
)
|
|
54
|
|
|
(130
|
)
|
|
(128
|
)
|
|
(214
|
)
|
|
(133
|
)
|
|
86
|
|
|
|
|
|
|
(47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash Equivalents
|
|
1,274
|
|
|
(1,378
|
)
|
|
(734
|
)
|
|
(346
|
)
|
|
(1,184
|
)
|
|
(2,398
|
)
|
|
1,149
|
|
|
|
|
|
|
(1,249
|
)
|
Cash and cash equivalents at beginning of period
|
|
6,246
|
|
|
7,520
|
|
|
6,142
|
|
|
5,408
|
|
|
6,246
|
|
|
5,062
|
|
|
2,664
|
|
|
|
|
|
|
5,062
|
|
Cash and Cash Equivalents at End of Period
|
|
7,520
|
|
|
6,142
|
|
|
5,408
|
|
|
5,062
|
|
|
5,062
|
|
|
2,664
|
|
|
3,813
|
|
|
|
|
|
|
3,813
|
|
*Working capital changes associated with investing activities
have been reclassified from operating activities to investing
activities for 2014 through 1Q 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL EXPENDITURES AND INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
415
|
|
|
390
|
|
|
369
|
|
|
390
|
|
|
1,564
|
|
|
402
|
|
|
379
|
|
|
|
|
|
|
781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
1,312
|
|
|
1,385
|
|
|
1,656
|
|
|
1,701
|
|
|
6,054
|
|
|
1,372
|
|
|
882
|
|
|
|
|
|
|
2,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
|
|
622
|
|
|
515
|
|
|
613
|
|
|
590
|
|
|
2,340
|
|
|
455
|
|
|
272
|
|
|
|
|
|
|
727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
596
|
|
|
656
|
|
|
660
|
|
|
609
|
|
|
2,521
|
|
|
500
|
|
|
367
|
|
|
|
|
|
|
867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific and Middle East
|
|
848
|
|
|
1,094
|
|
|
1,077
|
|
|
858
|
|
|
3,877
|
|
|
488
|
|
|
432
|
|
|
|
|
|
|
920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International
|
|
67
|
|
|
172
|
|
|
164
|
|
|
136
|
|
|
539
|
|
|
83
|
|
|
43
|
|
|
|
|
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
35
|
|
|
34
|
|
|
49
|
|
|
72
|
|
|
190
|
|
|
32
|
|
|
32
|
|
|
|
|
|
|
64
|
|
Total capital expenditures and investments
|
|
3,895
|
|
|
4,246
|
|
|
4,588
|
|
|
4,356
|
|
|
17,085
|
|
|
3,332
|
|
|
2,407
|
|
|
|
|
|
|
5,739
|
|
Capital expenditures and investments for Nigeria:
|
|
22
|
|
|
28
|
|
|
9
|
|
|
-
|
|
|
59
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
2014
|
|
2015
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
TOTAL SEGMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (MBOED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations, including equity affiliates
|
|
1,532
|
|
|
1,557
|
|
1,481
|
|
1,589
|
|
1,540
|
|
1,610
|
|
1,595
|
|
|
|
|
|
1,603
|
Discontinued operations (Nigeria)
|
|
36
|
|
|
37
|
|
14
|
|
-
|
|
21
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total, including equity affiliates
|
|
1,568
|
|
|
1,594
|
|
1,495
|
|
1,589
|
|
1,561
|
|
1,610
|
|
1,595
|
|
|
|
|
|
1,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
581
|
|
|
576
|
|
542
|
|
605
|
|
576
|
|
603
|
|
589
|
|
|
|
|
|
596
|
Equity affiliates
|
|
18
|
|
|
20
|
|
19
|
|
18
|
|
19
|
|
19
|
|
19
|
|
|
|
|
|
19
|
Total continuing operations
|
|
599
|
|
|
596
|
|
561
|
|
623
|
|
595
|
|
622
|
|
608
|
|
|
|
|
|
615
|
Discontinued operations (Nigeria)
|
|
8
|
|
|
9
|
|
4
|
|
-
|
|
5
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
607
|
|
|
605
|
|
565
|
|
623
|
|
600
|
|
622
|
|
608
|
|
|
|
|
|
615
|
Over (under) lifting of crude oil (MBD)*
|
|
(16
|
)
|
|
4
|
|
15
|
|
6
|
|
2
|
|
17
|
|
17
|
|
|
|
|
|
17
|
*Includes continuing and discontinued operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL (MBD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
152
|
|
|
159
|
|
149
|
|
145
|
|
151
|
|
148
|
|
152
|
|
|
|
|
|
150
|
Equity affiliates
|
|
7
|
|
|
8
|
|
8
|
|
7
|
|
8
|
|
7
|
|
8
|
|
|
|
|
|
8
|
Total continuing operations
|
|
159
|
|
|
167
|
|
157
|
|
152
|
|
159
|
|
155
|
|
160
|
|
|
|
|
|
158
|
Discontinued operations (Nigeria)
|
|
3
|
|
|
3
|
|
1
|
|
-
|
|
1
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
162
|
|
|
170
|
|
158
|
|
152
|
|
160
|
|
155
|
|
160
|
|
|
|
|
|
158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitumen (MBD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
13
|
|
|
14
|
|
9
|
|
13
|
|
12
|
|
12
|
|
12
|
|
|
|
|
|
12
|
Equity affiliates
|
|
111
|
|
|
114
|
|
115
|
|
128
|
|
117
|
|
144
|
|
126
|
|
|
|
|
|
135
|
Total
|
|
|
124
|
|
|
128
|
|
124
|
|
141
|
|
129
|
|
156
|
|
138
|
|
|
|
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCFD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
3,432
|
|
|
3,482
|
|
3,315
|
|
3,524
|
|
3,438
|
|
3,498
|
|
3,514
|
|
|
|
|
|
3,506
|
Equity affiliates
|
|
469
|
|
|
516
|
|
518
|
|
516
|
|
505
|
|
561
|
|
622
|
|
|
|
|
|
592
|
Total continuing operations
|
|
3,901
|
|
|
3,998
|
|
3,833
|
|
4,040
|
|
3,943
|
|
4,059
|
|
4,136
|
|
|
|
|
|
4,098
|
Discontinued operations (Nigeria)
|
|
149
|
|
|
151
|
|
54
|
|
-
|
|
88
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
4,050
|
|
|
4,149
|
|
3,887
|
|
4,040
|
|
4,031
|
|
4,059
|
|
4,136
|
|
|
|
|
|
4,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTI
|
|
|
98.75
|
|
|
103.05
|
|
97.48
|
|
73.41
|
|
93.17
|
|
48.56
|
|
57.84
|
|
|
|
|
|
53.20
|
WCS
|
|
|
75.55
|
|
|
82.94
|
|
76.99
|
|
58.90
|
|
73.60
|
|
33.86
|
|
46.25
|
|
|
|
|
|
40.05
|
Brent dated
|
|
108.22
|
|
|
109.63
|
|
101.85
|
|
76.27
|
|
98.99
|
|
53.97
|
|
61.92
|
|
|
|
|
|
57.95
|
JCC ($/BBL)
|
|
112.78
|
|
|
111.40
|
|
109.59
|
|
110.37
|
|
111.04
|
|
89.63
|
|
55.45
|
|
|
|
|
|
72.54
|
Natural Gas ($/MMBTU)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Hub first of month
|
|
4.94
|
|
|
4.68
|
|
4.07
|
|
4.04
|
|
4.43
|
|
2.99
|
|
2.65
|
|
|
|
|
|
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Realized Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
101.71
|
|
|
103.48
|
|
96.65
|
|
71.34
|
|
92.84
|
|
48.02
|
|
57.94
|
|
|
|
|
|
52.95
|
Equity affiliates
|
|
97.82
|
|
|
100.80
|
|
96.03
|
|
70.40
|
|
91.48
|
|
49.14
|
|
59.93
|
|
|
|
|
|
54.45
|
Total continuing operations
|
|
101.59
|
|
|
103.39
|
|
96.63
|
|
71.31
|
|
92.80
|
|
48.05
|
|
58.00
|
|
|
|
|
|
53.00
|
Discontinued operations (Nigeria)
|
|
108.81
|
|
|
113.07
|
|
107.74
|
|
-
|
|
110.61
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
101.69
|
|
|
103.53
|
|
96.67
|
|
71.31
|
|
92.94
|
|
48.05
|
|
58.00
|
|
|
|
|
|
53.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
44.86
|
|
|
38.71
|
|
36.26
|
|
29.75
|
|
37.45
|
|
18.54
|
|
18.63
|
|
|
|
|
|
18.59
|
Equity affiliates
|
|
79.91
|
|
|
68.84
|
|
67.13
|
|
54.09
|
|
67.20
|
|
38.80
|
|
38.24
|
|
|
|
|
|
38.51
|
Total continuing operations
|
|
46.52
|
|
|
40.36
|
|
37.83
|
|
31.07
|
|
38.99
|
|
19.60
|
|
19.62
|
|
|
|
|
|
19.61
|
Discontinued operations (Nigeria)
|
|
12.99
|
|
|
14.55
|
|
11.49
|
|
-
|
|
13.41
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
45.85
|
|
|
39.93
|
|
37.66
|
|
31.07
|
|
38.71
|
|
19.60
|
|
19.62
|
|
|
|
|
|
19.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitumen ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
61.69
|
|
|
68.00
|
|
64.95
|
|
46.57
|
|
60.03
|
|
24.31
|
|
39.74
|
|
|
|
|
|
32.03
|
Equity affiliates
|
|
55.85
|
|
|
65.55
|
|
62.30
|
|
36.85
|
|
54.62
|
|
16.60
|
|
32.66
|
|
|
|
|
|
24.11
|
Total
|
|
|
56.47
|
|
|
65.82
|
|
62.49
|
|
37.76
|
|
55.13
|
|
17.22
|
|
33.30
|
|
|
|
|
|
24.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
7.15
|
|
|
6.29
|
|
5.46
|
|
5.51
|
|
6.10
|
|
4.28
|
|
3.80
|
|
|
|
|
|
4.04
|
Equity affiliates
|
|
10.43
|
|
|
10.46
|
|
9.11
|
|
9.24
|
|
9.79
|
|
7.48
|
|
4.42
|
|
|
|
|
|
5.85
|
Total continuing operations
|
|
7.55
|
|
|
6.82
|
|
5.96
|
|
5.98
|
|
6.57
|
|
4.72
|
|
3.90
|
|
|
|
|
|
4.30
|
Discontinued operations (Nigeria)
|
|
2.69
|
|
|
2.46
|
|
2.26
|
|
-
|
|
2.53
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
7.37
|
|
|
6.66
|
|
5.91
|
|
5.98
|
|
6.48
|
|
4.72
|
|
3.90
|
|
|
|
|
|
4.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses ($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dry holes
|
|
|
23
|
|
|
145
|
|
86
|
|
350
|
|
604
|
|
271
|
|
157
|
|
|
|
|
|
428
|
Leasehold impairment
|
|
46
|
|
|
189
|
|
179
|
|
148
|
|
562
|
|
40
|
|
245
|
|
|
|
|
|
285
|
Total noncash expenses
|
|
69
|
|
|
334
|
|
265
|
|
498
|
|
1,166
|
|
311
|
|
402
|
|
|
|
|
|
713
|
Other (G&A, G&G and lease rentals)
|
|
227
|
|
|
183
|
|
194
|
|
275
|
|
879
|
|
171
|
|
147
|
|
|
|
|
|
318
|
Total exploration expenses
|
|
296
|
|
|
517
|
|
459
|
|
773
|
|
2,045
|
|
482
|
|
549
|
|
|
|
|
|
1,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. exploration expenses*
|
|
150
|
|
|
242
|
|
340
|
|
370
|
|
1,102
|
|
220
|
|
153
|
|
|
|
|
|
373
|
International exploration expenses*
|
|
146
|
|
|
275
|
|
119
|
|
403
|
|
943
|
|
262
|
|
396
|
|
|
|
|
|
658
|
*1Q 2015 has been restated to conform to current period
presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DD&A ($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
132
|
|
|
135
|
|
123
|
|
135
|
|
525
|
|
140
|
|
158
|
|
|
|
|
|
298
|
Lower 48
|
|
|
829
|
|
|
939
|
|
982
|
|
953
|
|
3,703
|
|
952
|
|
1,073
|
|
|
|
|
|
2,025
|
Canada
|
|
|
232
|
|
|
238
|
|
236
|
|
218
|
|
924
|
|
199
|
|
217
|
|
|
|
|
|
416
|
Europe
|
|
|
404
|
|
|
421
|
|
427
|
|
546
|
|
1,798
|
|
417
|
|
481
|
|
|
|
|
|
898
|
Asia Pacific and Middle East
|
|
268
|
|
|
310
|
|
300
|
|
390
|
|
1,268
|
|
399
|
|
374
|
|
|
|
|
|
773
|
Other International
|
|
1
|
|
|
-
|
|
2
|
|
4
|
|
7
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Corporate and Other
|
|
26
|
|
|
27
|
|
26
|
|
25
|
|
104
|
|
24
|
|
26
|
|
|
|
|
|
50
|
Total DD&A
|
|
|
1,892
|
|
|
2,070
|
|
2,096
|
|
2,271
|
|
8,329
|
|
2,131
|
|
2,329
|
|
|
|
|
|
4,460
|
|
|
|
2014
|
|
2015
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
PRODUCTION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
175
|
|
170
|
|
139
|
|
164
|
|
162
|
|
163
|
|
154
|
|
|
|
|
|
159
|
Lower 48
|
|
|
171
|
|
191
|
|
191
|
|
199
|
|
188
|
|
198
|
|
209
|
|
|
|
|
|
204
|
Canada
|
|
|
13
|
|
12
|
|
13
|
|
13
|
|
13
|
|
14
|
|
13
|
|
|
|
|
|
14
|
Norway
|
|
|
96
|
|
89
|
|
89
|
|
91
|
|
91
|
|
88
|
|
91
|
|
|
|
|
|
89
|
United Kingdom
|
|
39
|
|
37
|
|
30
|
|
33
|
|
35
|
|
32
|
|
29
|
|
|
|
|
|
30
|
Europe
|
|
|
135
|
|
126
|
|
119
|
|
124
|
|
126
|
|
120
|
|
120
|
|
|
|
|
|
119
|
Australia/Timor-Leste
|
|
12
|
|
9
|
|
8
|
|
10
|
|
9
|
|
9
|
|
10
|
|
|
|
|
|
10
|
China
|
|
|
58
|
|
50
|
|
46
|
|
46
|
|
50
|
|
53
|
|
46
|
|
|
|
|
|
49
|
Indonesia
|
|
|
10
|
|
7
|
|
7
|
|
5
|
|
7
|
|
9
|
|
8
|
|
|
|
|
|
8
|
Malaysia
|
|
|
6
|
|
10
|
|
11
|
|
23
|
|
13
|
|
37
|
|
29
|
|
|
|
|
|
33
|
Equity affiliates
|
|
14
|
|
16
|
|
15
|
|
14
|
|
15
|
|
15
|
|
15
|
|
|
|
|
|
15
|
AP/ME
|
|
|
100
|
|
92
|
|
87
|
|
98
|
|
94
|
|
123
|
|
108
|
|
|
|
|
|
115
|
Libya
|
|
|
1
|
|
1
|
|
8
|
|
21
|
|
8
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Equity affiliates
|
|
4
|
|
4
|
|
4
|
|
4
|
|
4
|
|
4
|
|
4
|
|
|
|
|
|
4
|
Other International
|
|
5
|
|
5
|
|
12
|
|
25
|
|
12
|
|
4
|
|
4
|
|
|
|
|
|
4
|
Total continuing operations
|
|
599
|
|
596
|
|
561
|
|
623
|
|
595
|
|
622
|
|
608
|
|
|
|
|
|
615
|
Discontinued operations (Nigeria)
|
|
8
|
|
9
|
|
4
|
|
-
|
|
5
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
607
|
|
605
|
|
565
|
|
623
|
|
600
|
|
622
|
|
608
|
|
|
|
|
|
615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL (MBD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
16
|
|
16
|
|
8
|
|
14
|
|
13
|
|
14
|
|
13
|
|
|
|
|
|
13
|
Lower 48
|
|
|
91
|
|
100
|
|
104
|
|
90
|
|
97
|
|
93
|
|
97
|
|
|
|
|
|
95
|
Canada
|
|
|
25
|
|
25
|
|
21
|
|
22
|
|
23
|
|
25
|
|
26
|
|
|
|
|
|
26
|
Norway
|
|
|
2
|
|
2
|
|
3
|
|
3
|
|
3
|
|
3
|
|
2
|
|
|
|
|
|
3
|
United Kingdom
|
|
5
|
|
5
|
|
5
|
|
6
|
|
5
|
|
4
|
|
4
|
|
|
|
|
|
4
|
Europe
|
|
|
7
|
|
7
|
|
8
|
|
9
|
|
8
|
|
7
|
|
6
|
|
|
|
|
|
7
|
Australia/Timor-Leste
|
|
8
|
|
6
|
|
5
|
|
6
|
|
6
|
|
6
|
|
7
|
|
|
|
|
|
6
|
Indonesia
|
|
|
5
|
|
5
|
|
3
|
|
4
|
|
4
|
|
3
|
|
3
|
|
|
|
|
|
3
|
Equity affiliates
|
|
7
|
|
8
|
|
8
|
|
7
|
|
8
|
|
7
|
|
8
|
|
|
|
|
|
8
|
AP/ME
|
|
|
20
|
|
19
|
|
16
|
|
17
|
|
18
|
|
16
|
|
18
|
|
|
|
|
|
17
|
Total continuing operations
|
|
159
|
|
167
|
|
157
|
|
152
|
|
159
|
|
155
|
|
160
|
|
|
|
|
|
158
|
Discontinued operations (Nigeria)
|
|
3
|
|
3
|
|
1
|
|
-
|
|
1
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
162
|
|
170
|
|
158
|
|
152
|
|
160
|
|
155
|
|
160
|
|
|
|
|
|
158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitumen (MBD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
13
|
|
14
|
|
9
|
|
13
|
|
12
|
|
12
|
|
12
|
|
|
|
|
|
12
|
Equity affiliates
|
|
|
111
|
|
114
|
|
115
|
|
128
|
|
117
|
|
144
|
|
126
|
|
|
|
|
|
135
|
Total
|
|
|
124
|
|
128
|
|
124
|
|
141
|
|
129
|
|
156
|
|
138
|
|
|
|
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMCFD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
55
|
|
45
|
|
48
|
|
49
|
|
49
|
|
52
|
|
41
|
|
|
|
|
|
46
|
Lower 48
|
|
|
1,468
|
|
1,495
|
|
1,485
|
|
1,514
|
|
1,491
|
|
1,505
|
|
1,501
|
|
|
|
|
|
1,503
|
Canada
|
|
|
707
|
|
713
|
|
707
|
|
719
|
|
711
|
|
736
|
|
768
|
|
|
|
|
|
752
|
Norway
|
|
|
157
|
|
135
|
|
106
|
|
156
|
|
138
|
|
163
|
|
143
|
|
|
|
|
|
153
|
United Kingdom
|
|
315
|
|
345
|
|
298
|
|
334
|
|
323
|
|
331
|
|
339
|
|
|
|
|
|
335
|
Europe
|
|
|
472
|
|
480
|
|
404
|
|
490
|
|
461
|
|
494
|
|
482
|
|
|
|
|
|
488
|
Australia/Timor-Leste
|
|
263
|
|
277
|
|
200
|
|
279
|
|
255
|
|
276
|
|
294
|
|
|
|
|
|
285
|
China
|
|
|
3
|
|
3
|
|
4
|
|
4
|
|
4
|
|
3
|
|
3
|
|
|
|
|
|
3
|
Indonesia
|
|
|
457
|
|
463
|
|
464
|
|
461
|
|
461
|
|
430
|
|
417
|
|
|
|
|
|
423
|
Malaysia
|
|
|
3
|
|
5
|
|
2
|
|
3
|
|
3
|
|
2
|
|
7
|
|
|
|
|
|
5
|
Equity affiliates
|
|
469
|
|
516
|
|
518
|
|
516
|
|
505
|
|
561
|
|
622
|
|
|
|
|
|
592
|
AP/ME
|
|
|
1,195
|
|
1,264
|
|
1,188
|
|
1,263
|
|
1,228
|
|
1,272
|
|
1,343
|
|
|
|
|
|
1,308
|
Libya
|
|
|
4
|
|
1
|
|
1
|
|
5
|
|
3
|
|
-
|
|
1
|
|
|
|
|
|
1
|
Other International
|
|
4
|
|
1
|
|
1
|
|
5
|
|
3
|
|
-
|
|
1
|
|
|
|
|
|
1
|
Total continuing operations
|
|
3,901
|
|
3,998
|
|
3,833
|
|
4,040
|
|
3,943
|
|
4,059
|
|
4,136
|
|
|
|
|
|
4,098
|
Discontinued operations (Nigeria)
|
|
149
|
|
151
|
|
54
|
|
-
|
|
88
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
4,050
|
|
4,149
|
|
3,887
|
|
4,040
|
|
4,031
|
|
4,059
|
|
4,136
|
|
|
|
|
|
4,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (MBOED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
200
|
|
193
|
|
155
|
|
186
|
|
183
|
|
186
|
|
174
|
|
|
|
|
|
180
|
Lower 48
|
|
|
507
|
|
540
|
|
543
|
|
541
|
|
533
|
|
542
|
|
556
|
|
|
|
|
|
549
|
Consolidated operations
|
|
169
|
|
170
|
|
161
|
|
168
|
|
167
|
|
174
|
|
180
|
|
|
|
|
|
177
|
Equity affiliates
|
|
111
|
|
114
|
|
115
|
|
128
|
|
117
|
|
144
|
|
126
|
|
|
|
|
|
135
|
Canada
|
|
|
280
|
|
284
|
|
276
|
|
296
|
|
284
|
|
318
|
|
306
|
|
|
|
|
|
312
|
Norway
|
|
|
124
|
|
114
|
|
110
|
|
120
|
|
117
|
|
118
|
|
117
|
|
|
|
|
|
118
|
United Kingdom
|
|
96
|
|
99
|
|
84
|
|
95
|
|
94
|
|
91
|
|
89
|
|
|
|
|
|
90
|
Europe
|
|
|
220
|
|
213
|
|
194
|
|
215
|
|
211
|
|
209
|
|
206
|
|
|
|
|
|
208
|
Australia/Timor-Leste
|
|
64
|
|
61
|
|
46
|
|
62
|
|
57
|
|
61
|
|
66
|
|
|
|
|
|
64
|
China
|
|
|
59
|
|
51
|
|
47
|
|
46
|
|
51
|
|
54
|
|
46
|
|
|
|
|
|
50
|
Indonesia
|
|
|
91
|
|
89
|
|
87
|
|
86
|
|
88
|
|
84
|
|
80
|
|
|
|
|
|
82
|
Malaysia
|
|
|
6
|
|
11
|
|
11
|
|
24
|
|
14
|
|
37
|
|
30
|
|
|
|
|
|
33
|
Equity affiliates
|
|
99
|
|
110
|
|
110
|
|
107
|
|
107
|
|
115
|
|
127
|
|
|
|
|
|
121
|
AP/ME
|
|
|
319
|
|
322
|
|
301
|
|
325
|
|
317
|
|
351
|
|
349
|
|
|
|
|
|
350
|
Libya
|
|
|
2
|
|
1
|
|
8
|
|
22
|
|
8
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Equity affiliates
|
|
4
|
|
4
|
|
4
|
|
4
|
|
4
|
|
4
|
|
4
|
|
|
|
|
|
4
|
Other International
|
|
6
|
|
5
|
|
12
|
|
26
|
|
12
|
|
4
|
|
4
|
|
|
|
|
|
4
|
Total continuing operations
|
|
1,532
|
|
1,557
|
|
1,481
|
|
1,589
|
|
1,540
|
|
1,610
|
|
1,595
|
|
|
|
|
|
1,603
|
Discontinued operations (Nigeria)
|
|
36
|
|
37
|
|
14
|
|
-
|
|
21
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
1,568
|
|
1,594
|
|
1,495
|
|
1,589
|
|
1,561
|
|
1,610
|
|
1,595
|
|
|
|
|
|
1,603
|
|
|
|
2014
|
|
2015
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
AVERAGE REALIZED PRICES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
106.39
|
|
108.93
|
|
102.36
|
|
74.07
|
|
97.68
|
|
50.74
|
|
61.51
|
|
|
|
|
|
55.99
|
Lower 48
|
|
|
91.52
|
|
93.73
|
|
87.91
|
|
65.34
|
|
84.18
|
|
40.77
|
|
52.01
|
|
|
|
|
|
46.58
|
Canada
|
|
|
80.32
|
|
86.33
|
|
82.48
|
|
62.89
|
|
77.87
|
|
37.12
|
|
46.58
|
|
|
|
|
|
41.72
|
Norway
|
|
|
109.69
|
|
111.97
|
|
103.53
|
|
73.91
|
|
98.37
|
|
55.72
|
|
62.39
|
|
|
|
|
|
59.72
|
United Kingdom
|
|
107.37
|
|
110.01
|
|
102.22
|
|
85.38
|
|
103.07
|
|
52.24
|
|
62.15
|
|
|
|
|
|
55.18
|
Europe
|
|
|
109.05
|
|
111.38
|
|
103.17
|
|
75.76
|
|
99.56
|
|
54.30
|
|
62.35
|
|
|
|
|
|
58.44
|
Australia/Timor-Leste
|
|
106.36
|
|
105.31
|
|
101.26
|
|
75.57
|
|
98.70
|
|
50.58
|
|
60.38
|
|
|
|
|
|
54.75
|
China
|
|
|
105.62
|
|
106.18
|
|
97.73
|
|
71.34
|
|
95.94
|
|
48.99
|
|
57.26
|
|
|
|
|
|
52.86
|
Indonesia
|
|
92.82
|
|
94.82
|
|
84.28
|
|
53.74
|
|
84.28
|
|
43.64
|
|
61.28
|
|
|
|
|
|
52.08
|
Malaysia
|
|
|
115.35
|
|
114.51
|
|
109.62
|
|
76.87
|
|
96.94
|
|
56.33
|
|
65.51
|
|
|
|
|
|
60.42
|
AP/ME
|
|
|
104.92
|
|
105.65
|
|
99.07
|
|
71.94
|
|
95.32
|
|
51.20
|
|
60.55
|
|
|
|
|
|
55.47
|
Libya
|
|
|
-
|
|
107.33
|
|
95.22
|
|
83.52
|
|
86.71
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Other International
|
|
-
|
|
107.33
|
|
95.22
|
|
83.52
|
|
86.71
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total consolidated operations
|
|
101.71
|
|
103.48
|
|
96.65
|
|
71.34
|
|
92.84
|
|
48.02
|
|
57.94
|
|
|
|
|
|
52.95
|
Equity affiliates
|
|
97.82
|
|
100.80
|
|
96.03
|
|
70.40
|
|
91.48
|
|
49.14
|
|
59.93
|
|
|
|
|
|
54.45
|
Total continuing operations
|
|
101.59
|
|
103.39
|
|
96.63
|
|
71.31
|
|
92.80
|
|
48.05
|
|
58.00
|
|
|
|
|
|
53.00
|
Discontinued operations (Nigeria)
|
|
108.81
|
|
113.07
|
|
107.74
|
|
-
|
|
110.61
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
101.69
|
|
103.53
|
|
96.67
|
|
71.31
|
|
92.94
|
|
48.05
|
|
58.00
|
|
|
|
|
|
53.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
|
36.06
|
|
31.28
|
|
30.67
|
|
24.93
|
|
30.74
|
|
15.55
|
|
15.29
|
|
|
|
|
|
15.41
|
Canada
|
|
|
56.13
|
|
46.56
|
|
45.29
|
|
35.72
|
|
46.23
|
|
18.28
|
|
19.23
|
|
|
|
|
|
18.77
|
Norway
|
|
|
52.95
|
|
52.18
|
|
45.14
|
|
37.40
|
|
47.74
|
|
30.43
|
|
28.66
|
|
|
|
|
|
29.10
|
United Kingdom
|
|
64.99
|
|
59.48
|
|
58.21
|
|
40.05
|
|
54.74
|
|
29.69
|
|
30.90
|
|
|
|
|
|
30.22
|
Europe
|
|
|
60.48
|
|
57.32
|
|
54.47
|
|
39.42
|
|
52.65
|
|
29.90
|
|
29.54
|
|
|
|
|
|
29.69
|
Australia/Timor-Leste
|
|
78.51
|
|
72.80
|
|
71.18
|
|
51.27
|
|
69.56
|
|
41.63
|
|
40.95
|
|
|
|
|
|
41.28
|
Indonesia
|
|
82.11
|
|
69.07
|
|
67.57
|
|
56.31
|
|
69.06
|
|
39.31
|
|
38.95
|
|
|
|
|
|
39.13
|
AP/ME
|
|
|
80.07
|
|
71.52
|
|
69.69
|
|
53.66
|
|
69.36
|
|
40.90
|
|
40.35
|
|
|
|
|
|
40.62
|
Total consolidated operations
|
|
44.86
|
|
38.71
|
|
36.26
|
|
29.75
|
|
37.45
|
|
18.54
|
|
18.63
|
|
|
|
|
|
18.59
|
Equity affiliates
|
|
79.91
|
|
68.84
|
|
67.13
|
|
54.09
|
|
67.20
|
|
38.80
|
|
38.24
|
|
|
|
|
|
38.51
|
Total continuing operations
|
|
46.52
|
|
40.36
|
|
37.83
|
|
31.07
|
|
38.99
|
|
19.60
|
|
19.62
|
|
|
|
|
|
19.61
|
Discontinued operations (Nigeria)
|
|
12.99
|
|
14.55
|
|
11.49
|
|
-
|
|
13.41
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
45.85
|
|
39.93
|
|
37.66
|
|
31.07
|
|
38.71
|
|
19.60
|
|
19.62
|
|
|
|
|
|
19.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitumen ($/BBL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
61.69
|
|
68.00
|
|
64.95
|
|
46.57
|
|
60.03
|
|
24.31
|
|
39.74
|
|
|
|
|
|
32.03
|
Equity affiliates
|
|
55.85
|
|
65.55
|
|
62.30
|
|
36.85
|
|
54.62
|
|
16.60
|
|
32.66
|
|
|
|
|
|
24.11
|
Total
|
|
|
56.47
|
|
65.82
|
|
62.49
|
|
37.76
|
|
55.13
|
|
17.22
|
|
33.30
|
|
|
|
|
|
24.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas ($/MCF)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska
|
|
|
5.22
|
|
6.03
|
|
5.47
|
|
5.01
|
|
5.42
|
|
4.29
|
|
4.50
|
|
|
|
|
|
4.38
|
Lower 48
|
|
|
5.08
|
|
4.43
|
|
3.96
|
|
3.73
|
|
4.29
|
|
2.60
|
|
2.38
|
|
|
|
|
|
2.49
|
Canada
|
|
|
5.81
|
|
4.13
|
|
3.50
|
|
3.12
|
|
4.13
|
|
2.21
|
|
1.88
|
|
|
|
|
|
2.04
|
Norway
|
|
|
11.16
|
|
9.19
|
|
7.81
|
|
8.66
|
|
9.35
|
|
7.67
|
|
6.84
|
|
|
|
|
|
7.27
|
United Kingdom
|
|
10.83
|
|
8.92
|
|
7.88
|
|
9.42
|
|
9.27
|
|
8.65
|
|
7.40
|
|
|
|
|
|
8.02
|
Europe
|
|
|
10.94
|
|
8.99
|
|
7.86
|
|
9.22
|
|
9.29
|
|
8.33
|
|
7.23
|
|
|
|
|
|
7.78
|
Australia/Timor-Leste*
|
|
1.09
|
|
1.11
|
|
1.08
|
|
1.09
|
|
1.09
|
|
1.05
|
|
0.85
|
|
|
|
|
|
0.95
|
China
|
|
|
1.66
|
|
2.49
|
|
2.52
|
|
2.54
|
|
2.33
|
|
2.49
|
|
2.51
|
|
|
|
|
|
2.50
|
Indonesia
|
|
10.24
|
|
10.21
|
|
10.18
|
|
8.16
|
|
9.69
|
|
6.50
|
|
7.55
|
|
|
|
|
|
7.02
|
Malaysia
|
|
|
0.26
|
|
0.26
|
|
0.26
|
|
0.26
|
|
0.26
|
|
1.21
|
|
1.49
|
|
|
|
|
|
1.42
|
AP/ME
|
|
|
10.32
|
|
10.32
|
|
9.39
|
|
9.17
|
|
9.80
|
|
7.23
|
|
6.48
|
|
|
|
|
|
6.85
|
Libya
|
|
|
6.65
|
|
-
|
|
-
|
|
0.09
|
|
3.40
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Other International
|
|
6.65
|
|
-
|
|
-
|
|
0.09
|
|
3.40
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total consolidated operations
|
|
7.15
|
|
6.29
|
|
5.46
|
|
5.51
|
|
6.10
|
|
4.28
|
|
3.80
|
|
|
|
|
|
4.04
|
Equity affiliates
|
|
10.43
|
|
10.46
|
|
9.11
|
|
9.24
|
|
9.79
|
|
7.48
|
|
4.42
|
|
|
|
|
|
5.85
|
Total continuing operations
|
|
7.55
|
|
6.82
|
|
5.96
|
|
5.98
|
|
6.57
|
|
4.72
|
|
3.90
|
|
|
|
|
|
4.30
|
Discontinued operations (Nigeria)
|
|
2.69
|
|
2.46
|
|
2.26
|
|
-
|
|
2.53
|
|
-
|
|
-
|
|
|
|
|
|
-
|
Total
|
|
|
7.37
|
|
6.66
|
|
5.91
|
|
5.98
|
|
6.48
|
|
4.72
|
|
3.90
|
|
|
|
|
|
4.30
|
*Excludes transfers to Darwin LNG plant.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
YTD
|
CORPORATE AND OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Earnings (Loss) ($ Millions)
|
|
(235
|
)
|
|
(251
|
)
|
|
(130
|
)
|
|
(258
|
)
|
|
(874
|
)
|
|
(249
|
)
|
|
(132
|
)
|
|
|
|
|
|
(381
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail of Earnings (Loss) ($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense*
|
|
(163
|
)
|
|
(158
|
)
|
|
(36
|
)
|
|
(145
|
)
|
|
(502
|
)
|
|
(155
|
)
|
|
(161
|
)
|
|
|
|
|
|
(316
|
)
|
Corporate G&A expenses
|
|
(31
|
)
|
|
(51
|
)
|
|
(51
|
)
|
|
(61
|
)
|
|
(194
|
)
|
|
(21
|
)
|
|
(71
|
)
|
|
|
|
|
|
(92
|
)
|
Technology**
|
|
(28
|
)
|
|
(20
|
)
|
|
(26
|
)
|
|
(19
|
)
|
|
(93
|
)
|
|
(16
|
)
|
|
88
|
|
|
|
|
|
|
72
|
|
Other
|
|
|
(13
|
)
|
|
(22
|
)
|
|
(17
|
)
|
|
(33
|
)
|
|
(85
|
)
|
|
(57
|
)
|
|
12
|
|
|
|
|
|
|
(45
|
)
|
Total
|
|
|
(235
|
)
|
|
(251
|
)
|
|
(130
|
)
|
|
(258
|
)
|
|
(874
|
)
|
|
(249
|
)
|
|
(132
|
)
|
|
|
|
|
|
(381
|
)
|
*Third-quarter 2014 includes a $61 million tax benefit on
interest expense from 2013, as shown on page 3, as well as a $32
million tax benefit related to 2014.
|
**Includes investment in new technologies or businesses outside
of our normal scope of operations and licensing revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before-Tax Net Interest Expense ($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(291
|
)
|
|
(276
|
)
|
|
(280
|
)
|
|
(289
|
)
|
|
(1,136
|
)
|
|
(296
|
)
|
|
(307
|
)
|
|
|
|
|
|
(603
|
)
|
Capitalized interest
|
|
120
|
|
|
121
|
|
|
131
|
|
|
116
|
|
|
488
|
|
|
94
|
|
|
97
|
|
|
|
|
|
|
191
|
|
Interest revenue
|
|
9
|
|
|
10
|
|
|
10
|
|
|
11
|
|
|
40
|
|
|
12
|
|
|
13
|
|
|
|
|
|
|
25
|
|
Total
|
|
|
(162
|
)
|
|
(145
|
)
|
|
(139
|
)
|
|
(162
|
)
|
|
(608
|
)
|
|
(190
|
)
|
|
(197
|
)
|
|
|
|
|
|
(387
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt ($ Millions)
|
|
21,206
|
|
|
21,234
|
|
|
21,187
|
|
|
22,565
|
|
|
22,565
|
|
|
22,511
|
|
|
24,925
|
|
|
|
|
|
|
24,925
|
|
Debt-to-capital ratio (%)
|
|
28
|
%
|
|
28
|
%
|
|
28
|
%
|
|
30
|
%
|
|
30
|
%
|
|
31
|
%
|
|
34
|
%
|
|
|
|
|
|
34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity ($ Millions)
|
|
53,621
|
|
|
55,686
|
|
|
55,661
|
|
|
52,273
|
|
|
52,273
|
|
|
49,008
|
|
|
48,969
|
|
|
|
|
|
|
48,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL
|
Natural Gas Liquids
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WCS
|
Western Canada Select
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTI
|
West Texas Intermediate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units of Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBL
|
Barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MMBBL
|
Millions of Barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBD
|
Thousands of Barrels per Day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBOED
|
Thousands of Barrels of Oil Equivalent per Day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MCF
|
Thousands of Cubic Feet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MMBTU
|
Millions of British Thermal Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MMCFD
|
Millions of Cubic Feet per Day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 of 8
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Feb 2024 to Mar 2024
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Mar 2023 to Mar 2024