10/31/2024 | Press release | Distributed by Public on 10/31/2024 11:39
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware | 01-0562944 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class
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Trading symbols
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Name of each exchange on which registered
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Common Stock, $.01 Par Value
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COP
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New York Stock Exchange
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7% Debentures due 2029
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CUSIP-718507BK1
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New York Stock Exchange
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Page | |
Commonly Used Abbreviations
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1
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Part I-Financial Information
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Item 1. Financial Statements
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Consolidated Income Statement
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2
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Consolidated Statement of Comprehensive Income
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3
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Consolidated Balance Sheet
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4
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Consolidated Statement of Cash Flows
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5
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Notes to Consolidated Financial Statements
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6
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Note 1-Basis of Presentation
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6
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Note 2-Inventories
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6
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Note 3-Acquisitions and Dispositions
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6
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Note 4-Investments and Long-Term Receivables
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8
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Note 5-Debt
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9
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Note 6-Changes in Equity
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10
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Note 7-Guarantees
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11
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Note 8-Contingencies, Commitments and Accrued Environmental Costs
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12
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Note 9-Suspended Wells and Exploration Expenses
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14
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Note 10-Derivative and Financial Instruments
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15
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Note 11-Fair Value Measurement
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19
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Note 12-Accumulated Other Comprehensive Income (Loss)
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22
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Note 13-Cash Flow Information
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22
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Note 14-Employee Benefit Plans
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23
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Note 15-Related Party Transactions
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23
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Note 16-Sales and Other Operating Revenues
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24
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Note 17-Earnings Per Share
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25
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Note 18-Segment Disclosures and Related Information
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26
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Note 19-Income Taxes
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27
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Note 20-Announced Acquisition of Marathon Oil Corporation
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28
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Note 21-New Accounting Standards
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28
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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29
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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52
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Item 4. Controls and Procedures
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52
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Part II-Other Information
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Item 1. Legal Proceedings
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52
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Item 1A. Risk Factors
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53
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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55
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Item 5. Other Information
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55
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Item 6. Exhibits
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56
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Signature
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57
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Commonly Used Abbreviations |
Table of Contents
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Currencies
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Accounting
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||
$ or USD
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U.S. dollar
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ARO
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asset retirement obligation
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CAD
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Canadian dollar
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ASC
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accounting standards codification
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EUR
|
Euro
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ASU
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accounting standards update
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GBP
NOK
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British pound
Norwegian kroner
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DD&A
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depreciation, depletion and amortization
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FASB
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Financial Accounting Standards
Board
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||
Units of Measurement
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BBL
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barrel
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FIFO
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first-in, first-out
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BCF
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billion cubic feet
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G&A
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general and administrative
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BOE
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barrel of oil equivalent
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GAAP
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generally accepted accounting principles
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MBD
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thousand barrels per day
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MCF
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thousand cubic feet
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LIFO
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last-in, first-out
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MM
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million
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NPNS
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normal purchase normal sale
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MMBOE
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million barrels of oil equivalent
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PP&E
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properties, plants and equipment
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MBOED
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thousand barrels of oil equivalent per day
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VIE
|
variable interest entity
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MMBOED
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million barrels of oil equivalent
per day
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MMBTU
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million British thermal units
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Miscellaneous
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|
MMCFD
MTPA
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million cubic feet per day
million tonnes per annum
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CERCLA | Federal Comprehensive Environmental Response Compensation and Liability Act |
DEI
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diversity, equity and inclusion | ||
Industry
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EPA
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Environmental Protection Agency
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BLM
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Bureau of Land Management
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ESG
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environmental, social and governance
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CBM
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coalbed methane
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EU
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European Union
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CCS
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carbon capture and storage
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FERC
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Federal Energy Regulatory Commission |
E&P
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exploration and production
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FEED
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front-end engineering and design
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GHG
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greenhouse gas
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FID | final investment decision |
HSE
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health, safety and environment
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FPS
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floating production system
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ICC
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International Chamber of Commerce
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FPSO | floating production, storage and |
ICSID
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World Bank's International
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offloading
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Centre for Settlement of
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||
G&G
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geological and geophysical
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Investment Disputes | |
JOA
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joint operating agreement
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IRS
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Internal Revenue Service
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LNG
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liquefied natural gas
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OTC
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over-the-counter
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NGLs
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natural gas liquids
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NYSE
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New York Stock Exchange
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OPEC
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Organization of Petroleum
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SEC
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U.S. Securities and Exchange
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Exporting Countries
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Commission
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PSC
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production sharing contract
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TSR
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total shareholder return
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PUDs
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proved undeveloped reserves
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U.K.
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United Kingdom
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SAGD
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steam-assisted gravity drainage
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U.S.
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United States of America
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WCS
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Western Canadian Select
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VROC | variable return of cash |
WTI
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West Texas Intermediate
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1
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ConocoPhillips 2024 Q3 10-Q
|
Financial Statements |
Table of Contents
|
Consolidated Income Statement
|
ConocoPhillips |
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Revenues and Other Income
|
|||||
Sales and other operating revenues
|
$ | 13,041 | 14,250 | 40,509 | 41,412 |
Equity in earnings of affiliates
|
441 | 388 | 1,265 | 1,299 | |
Gain (loss) on dispositions
|
(2) | 108 | 86 | 200 | |
Other income
|
124 | 120 | 356 | 356 | |
Total Revenues and Other Income
|
13,604 | 14,866 | 42,216 | 43,267 | |
Costs and Expenses
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|||||
Purchased commodities
|
4,747 | 5,543 | 14,939 | 16,297 | |
Production and operating expenses
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2,261 | 1,995 | 6,440 | 5,660 | |
Selling, general and administrative expenses
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186 | 169 | 528 | 533 | |
Exploration expenses
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70 | 92 | 284 | 313 | |
Depreciation, depletion and amortization
|
2,390 | 2,095 | 6,935 | 6,047 | |
Impairments
|
- | 11 | 34 | 12 | |
Taxes other than income taxes
|
476 | 536 | 1,567 | 1,624 | |
Accretion on discounted liabilities
|
80 | 68 | 240 | 204 | |
Interest and debt expense
|
189 | 194 | 592 | 561 | |
Foreign currency transaction (gain) loss
|
(28) | 55 | (37) | (3) | |
Other expenses
|
(2) | 8 | (8) | (5) | |
Total Costs and Expenses
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10,369 | 10,766 | 31,514 | 31,243 | |
Income (loss) before income taxes
|
3,235 | 4,100 | 10,702 | 12,024 | |
Income tax provision (benefit)
|
1,176 | 1,302 | 3,763 | 4,074 | |
Net Income (Loss)
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$ | 2,059 | 2,798 | 6,939 | 7,950 |
Net Income (Loss) Per Share of Common Stock (dollars)
|
|||||
Basic | $ | 1.77 | 2.33 | 5.92 | 6.56 |
Diluted | 1.76 | 2.32 | 5.91 | 6.54 | |
Weighted-Average Common Shares Outstanding (in thousands)
|
|||||
Basic | 1,161,318 | 1,196,641 | 1,169,350 | 1,208,018 | |
Diluted | 1,163,227 | 1,199,746 | 1,171,424 | 1,211,012 |
ConocoPhillips 2024 Q3 10-Q
|
2
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Financial Statements
|
Table of Contents
|
Consolidated Statement of Comprehensive Income
|
ConocoPhillips |
Millions of Dollars | |||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Net Income (Loss)
|
$ | 2,059 | 2,798 | 6,939 | 7,950 |
Other comprehensive income (loss)
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|||||
Defined benefit plans
|
|||||
Reclassification adjustment for amortization of prior service cost (credit) included in net income (loss)
|
(10) | (9) | (29) | (28) | |
Net change | (10) | (9) | (29) | (28) | |
Reclassification adjustment for amortization of net actuarial losses (gains) included in net income (loss)
|
16 | 20 | 48 | 62 | |
Net change | 16 | 20 | 48 | 62 | |
Income taxes on defined benefit plans
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(1) | (2) | (5) | (8) | |
Defined benefit plans, net of tax
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5 | 9 | 14 | 26 | |
Unrealized holding gain (loss) on securities
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18 | - | 13 | 3 | |
Reclassification adjustment for (gain) loss included in net income (loss) | (1) | (1) | (1) | (3) | |
Income taxes on unrealized holding gain (loss) on securities
|
(3) | - | (2) | - | |
Unrealized holding gain (loss) on securities, net of tax
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14 | (1) | 10 | - | |
Foreign currency translation adjustments, net of tax
|
147 | (80) | (156) | (23) | |
Unrealized gain (loss) on hedging activities | (63) | 46 | (50) | 46 | |
Income taxes on unrealized gain (loss) on hedging activities | 13 | (10) | 10 | (10) | |
Unrealized gain (loss) on hedging activities, net of tax | (50) | 36 | (40) | 36 | |
Other Comprehensive Income (Loss), Net of Tax
|
116 | (36) | (172) | 39 | |
Comprehensive Income (Loss)
|
$ | 2,175 | 2,762 | 6,767 | 7,989 |
3
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ConocoPhillips 2024 Q3 10-Q
|
Financial Statements |
Table of Contents
|
Consolidated Balance Sheet
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ConocoPhillips |
Millions of Dollars
|
|||
September 30 2024 |
December 31 2023 |
||
Assets
|
|||
Cash and cash equivalents
|
$ | 5,221 | 5,635 |
Short-term investments
|
1,571 | 971 | |
Accounts and notes receivable (net of allowance of $4 and $3, respectively)
|
4,791 | 5,461 | |
Accounts and notes receivable-related parties
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24 | 13 | |
Inventories
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1,496 | 1,398 | |
Prepaid expenses and other current assets
|
881 | 852 | |
Total Current Assets
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13,984 | 14,330 | |
Investments and long-term receivables
|
9,192 | 9,130 | |
Net properties, plants and equipment (net of accumulated DD&A of $79,484 and $74,361, respectively)
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70,725 | 70,044 | |
Other assets
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2,798 | 2,420 | |
Total Assets
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$ | 96,699 | 95,924 |
Liabilities
|
|||
Accounts payable
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$ | 5,161 | 5,083 |
Accounts payable-related parties
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29 | 34 | |
Short-term debt
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1,314 | 1,074 | |
Accrued income and other taxes
|
2,473 | 1,811 | |
Employee benefit obligations
|
627 | 774 | |
Other accruals
|
1,161 | 1,229 | |
Total Current Liabilities
|
10,765 | 10,005 | |
Long-term debt
|
16,990 | 17,863 | |
Asset retirement obligations and accrued environmental costs
|
7,337 | 7,220 | |
Deferred income taxes
|
8,986 | 8,813 | |
Employee benefit obligations
|
945 | 1,009 | |
Other liabilities and deferred credits
|
1,795 | 1,735 | |
Total Liabilities
|
46,818 | 46,645 | |
Equity | |||
Common stock (2,500,000,000 shares authorized at $0.01 par value)
|
|||
Issued (2024-2,107,349,949 shares; 2023-2,103,772,516 shares)
|
|||
Par value
|
21 | 21 | |
Capital in excess of par
|
61,430 | 61,303 | |
Treasury stock (at cost: 2024-956,437,471 shares; 2023-925,670,961 shares)
|
(69,184) | (65,640) | |
Accumulated other comprehensive income (loss)
|
(5,845) | (5,673) | |
Retained earnings
|
63,459 | 59,268 | |
Total Equity
|
49,881 | 49,279 | |
Total Liabilities and Equity
|
$ | 96,699 | 95,924 |
ConocoPhillips 2024 Q3 10-Q
|
4
|
Financial Statements
|
Table of Contents
|
Consolidated Statement of Cash Flows
|
ConocoPhillips |
Millions of Dollars
|
|||
Nine Months Ended
September 30
|
|||
2024 | 2023 | ||
Cash Flows From Operating Activities
|
|||
Net income (loss)
|
$ | 6,939 | 7,950 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
|||
Depreciation, depletion and amortization
|
6,935 | 6,047 | |
Impairments
|
34 | 12 | |
Dry hole costs and leasehold impairments
|
48 | 151 | |
Accretion on discounted liabilities
|
240 | 204 | |
Deferred taxes
|
249 | 753 | |
Distributions more (less) than income from equity affiliates
|
545 | 920 | |
(Gain) loss on dispositions
|
(86) | (200) | |
Other
|
(18) | 16 | |
Working capital adjustments
|
|||
Decrease (increase) in accounts and notes receivable
|
656 | 1,147 | |
Decrease (increase) in inventories
|
(100) | (114) | |
Decrease (increase) in prepaid expenses and other current assets
|
(53) | 486 | |
Increase (decrease) in accounts payable
|
(117) | (837) | |
Increase (decrease) in taxes and other accruals
|
395 | (1,833) | |
Net Cash Provided by Operating Activities
|
15,667 | 14,702 | |
Cash Flows From Investing Activities
|
|||
Capital expenditures and investments
|
(8,801) | (8,365) | |
Working capital changes associated with investing activities
|
195 | (175) | |
Acquisition of businesses, net of cash acquired
|
49 | - | |
Proceeds from asset dispositions
|
217 | 613 | |
Net sales (purchases) of investments
|
(599) | 1,860 | |
Other
|
(11) | (81) | |
Net Cash Used in Investing Activities
|
(8,950) | (6,148) | |
Cash Flows From Financing Activities
|
|||
Issuance of debt
|
- | 3,787 | |
Repayment of debt
|
(607) | (1,243) | |
Issuance of company common stock
|
(66) | (57) | |
Repurchase of company common stock
|
(3,513) | (4,300) | |
Dividends paid
|
(2,749) | (4,175) | |
Other
|
(131) | (34) | |
Net Cash Used in Financing Activities
|
(7,066) | (6,022) | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
(28) | (150) | |
Net Change in Cash, Cash Equivalents and Restricted Cash
|
(377) | 2,382 | |
Cash, cash equivalents and restricted cash at beginning of period
|
5,899 | 6,694 | |
Cash, Cash Equivalents and Restricted Cash at End of Period
|
$ | 5,522 | 9,076 |
5
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
|||
September 30 2024 |
December 31 2023 |
||
Crude oil and natural gas
|
$ | 759 | 676 |
Materials and supplies
|
737 | 722 | |
Total inventories
|
$ | 1,496 | 1,398 |
Inventories valued on the LIFO basis
|
$ | 424 | 401 |
Fair value of consideration | Millions of Dollars | |
Cash paid | $ | 2,635 |
Contingent consideration | 320 | |
Final Consideration | $ | 2,955 |
ConocoPhillips 2024 Q3 10-Q
|
6
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Recognized amounts of identifiable assets acquired and liabilities assumed | Millions of Dollars | |
Oil and gas properties | $ | 3,082 |
Asset retirement obligations | (112) | |
Other | (15) | |
Total identifiable net assets | $ | 2,955 |
Millions of Dollars | |||||||
Three Months Ended
September 30, 2023
|
Nine Months Ended
September 30, 2023
|
||||||
Supplemental Pro Forma (unaudited) | As Reported | Pro Forma Surmont | Pro Forma Combined | As Reported | Pro Forma Surmont | Pro Forma Combined | |
Total Revenues and Other Income | $ | 14,866 | 697 | 15,563 | 43,267 | 1,989 | 45,256 |
Income (loss) before income taxes | 4,100 | 269 | 4,369 | 12,024 | 498 | 12,522 | |
Net Income (Loss) | 2,798 | 204 | 3,002 | 7,950 | 378 | 8,328 | |
Earnings per share ($ per share): | |||||||
Basic net income (loss) | $ | 2.33 | 2.50 | 6.56 | 6.87 | ||
Diluted net income (loss) | 2.32 | 2.49 | 6.54 | 6.85 |
7
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ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
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ConocoPhillips 2024 Q3 10-Q
|
8
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Notes to Consolidated Financial Statements
|
Table of Contents
|
9
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ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
|||||||
Common Stock
|
|||||||
Par
Value
|
Capital in
Excess of
Par
|
Treasury
Stock
|
Accum. Other
Comprehensive
Income (Loss)
|
Retained
Earnings
|
Total
|
||
For the three months ended September 30, 2024
|
|||||||
Balances at June 30, 2024 | $ | 21 | 61,381 | (68,005) | (5,961) | 62,309 | 49,745 |
Net income (loss) | 2,059 | 2,059 | |||||
Other comprehensive income (loss) | 116 | 116 | |||||
Dividends declared | |||||||
Ordinary ($0.58 per common share)
|
(677) | (677) | |||||
Variable return of cash ($0.20 per common share)
|
(233) | (233) | |||||
Repurchase of company common stock | (1,168) | (1,168) | |||||
Excise tax on share repurchases | (11) | (11) | |||||
Distributed under benefit plans | 49 | 49 | |||||
Other | 1 | 1 | |||||
Balances at September 30, 2024 | $ | 21 | 61,430 | (69,184) | (5,845) | 63,459 | 49,881 |
For the nine months ended September 30, 2024
|
|||||||
Balances at December 31, 2023
|
$ | 21 | 61,303 | (65,640) | (5,673) | 59,268 | 49,279 |
Net income (loss)
|
6,939 | 6,939 | |||||
Other comprehensive income (loss)
|
(172) | (172) | |||||
Dividends declared | |||||||
Ordinary ($1.74 per common share)
|
(2,045) | (2,045) | |||||
Variable return of cash ($0.60 per common share)
|
(704) | (704) | |||||
Repurchase of company common stock
|
(3,513) | (3,513) | |||||
Excise tax on share repurchases | (31) | (31) | |||||
Distributed under benefit plans
|
127 | 127 | |||||
Other
|
1 | 1 | |||||
Balances at September 30, 2024
|
$ | 21 | 61,430 | (69,184) | (5,845) | 63,459 | 49,881 |
Millions of Dollars
|
|||||||
Common Stock
|
|||||||
Par
Value
|
Capital in
Excess of
Par
|
Treasury
Stock
|
Accum. Other
Comprehensive
Income (Loss)
|
Retained
Earnings
|
Total
|
||
For the three months ended September 30, 2023
|
|||||||
Balances at June 30, 2023 | $ | 21 | 61,169 | (63,217) | (5,925) | 55,483 | 47,531 |
Net income (loss) | 2,798 | 2,798 | |||||
Other comprehensive income (loss) | (36) | (36) | |||||
Dividends declared | |||||||
Ordinary ($0.51 per common share)
|
(613) | (613) | |||||
Variable return of cash ($0.60 per common share)
|
(717) | (717) | |||||
Repurchase of company common stock | (1,300) | (1,300) | |||||
Excise tax on share repurchases | (12) | (12) | |||||
Distributed under benefit plans
|
92 | 92 | |||||
Other | 1 | 1 | 2 | ||||
Balances at September 30, 2023
|
$ | 21 | 61,262 | (64,529) | (5,961) | 56,952 | 47,745 |
For the nine months ended September 30, 2023
|
|||||||
Balances at December 31, 2022
|
$ | 21 | 61,142 | (60,189) | (6,000) | 53,029 | 48,003 |
Net income (loss)
|
7,950 | 7,950 | |||||
Other comprehensive income (loss)
|
39 | 39 | |||||
Dividends declared | |||||||
Ordinary ($1.53 per common share)
|
(1,858) | (1,858) | |||||
Variable return of cash ($1.80 per common share)
|
(2,171) | (2,171) | |||||
Repurchase of company common stock
|
(4,300) | (4,300) | |||||
Excise tax on share repurchases | (40) | (40) | |||||
Distributed under benefit plans
|
119 | 119 | |||||
Other
|
1 | 2 | 3 | ||||
Balances at September 30, 2023
|
$ | 21 | 61,262 | (64,529) | (5,961) | 56,952 | 47,745 |
ConocoPhillips 2024 Q3 10-Q
|
10
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
11
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
ConocoPhillips 2024 Q3 10-Q
|
12
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
13
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ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
ConocoPhillips 2024 Q3 10-Q
|
14
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Millions of Dollars
|
|||
September 30 2024 |
December 31 2023 |
||
Assets | |||
Prepaid expenses and other current assets
|
$ | 342 | 611 |
Other assets
|
86 | 113 | |
Liabilities | |||
Other accruals
|
308 | 567 | |
Other liabilities and deferred credits
|
74 | 80 |
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Sales and other operating revenues
|
$ | 49 | (11) | 135 | 1 |
Other income
|
(2) | (5) | (2) | (6) | |
Purchased commodities
|
(46) | 7 | (125) | (49) |
Open Position Long (Short) |
||
September 30 2024 |
December 31 2023 |
|
Commodity | ||
Natural gas and power (bcf equivalent) | ||
Fixed price | (21) | (12) |
Basis | (1) | (2) |
15
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
||||
Carrying Amount
|
||||
Cash and Cash Equivalents
|
Short-Term Investments
|
|||
September 30 2024 |
December 31 2023 |
September 30 2024 |
December 31 2023 |
|
Cash | $ | 581 | 474 | |
Demand Deposits
|
1,884 | 1,424 | ||
Time Deposits
|
||||
1 to 90 days
|
2,512 | 3,713 | 1,050 | 511 |
91 to 180 days
|
1 | 22 | ||
Within one year
|
5 | 3 | ||
U.S. Government Obligations
|
||||
1 to 90 days
|
241 | 24 | - | - |
$ | 5,218 | 5,635 | 1,056 | 536 |
ConocoPhillips 2024 Q3 10-Q
|
16
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Millions of Dollars | |||||||
Carrying Amount | |||||||
Cash and Cash Equivalents | Short-Term Investments |
Investments and Long-Term Receivables |
|||||
September 30 2024 |
December 31 2023 |
September 30 2024 |
December 31 2023 |
September 30 2024 |
December 31 2023 |
||
Major Security Type | |||||||
Corporate Bonds
|
$ | - | - | 330 | 201 | 599 | 606 |
Commercial Paper
|
3 | - | 97 | 131 | |||
U.S. Government Obligations | - | - | 62 | 89 | 195 | 189 | |
U.S. Government Agency Obligations
|
- | 5 | 7 | 7 | |||
Foreign Government Obligations
|
8 | 7 | 4 | 4 | |||
Asset-Backed Securities
|
18 | 2 | 204 | 183 | |||
$ | 3 | - | 515 | 435 | 1,009 | 989 |
Millions of Dollars
|
|||||
Amortized Cost Basis
|
Fair Value
|
||||
September 30 2024 |
December 31 2023 |
September 30 2024 |
December 31 2023 |
||
Major Security Type | |||||
Corporate Bonds
|
$ | 919 | 806 | 929 | 807 |
Commercial Paper
|
100 | 131 | 100 | 131 | |
U.S. Government Obligations
|
255 | 278 | 257 | 278 | |
U.S. Government Agency Obligations
|
7 | 12 | 7 | 12 | |
Foreign Government Obligations
|
12 | 11 | 12 | 11 | |
Asset-Backed Securities
|
220 | 184 | 222 | 185 | |
$ | 1,513 | 1,422 | 1,527 | 1,424 |
17
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
ConocoPhillips 2024 Q3 10-Q
|
18
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
19
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
|||||||||
September 30, 2024 | December 31, 2023 | ||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||
Assets | |||||||||
Investments in debt securities
|
$ | 257 | 1,270 | - | 1,527 | 278 | 1,146 | - | 1,424 |
Commodity derivatives
|
198 | 195 | 35 | 428 | 308 | 301 | 115 | 724 | |
Total assets
|
$ | 455 | 1,465 | 35 | 1,955 | 586 | 1,447 | 115 | 2,148 |
Liabilities | |||||||||
Commodity derivatives | $ | 251 | 117 | 14 | 382 | 350 | 283 | 14 | 647 |
Contingent consideration | - | - | 165 | 165 | - | - | 312 | 312 | |
Total liabilities
|
$ | 251 | 117 | 179 | 547 | 350 | 283 | 326 | 959 |
Fair Value (Millions of Dollars) |
Valuation Technique |
Unobservable Input |
Range
(Arithmetic Average)
|
||
Contingent consideration - Surmont as of: | |||||
September 30, 2024
|
$ | 165 | Discounted cash flow | Commodity price outlook* ($/BOE) |
$50.05 - $61.69 ($54.88)
|
December 31, 2023
|
312 |
$45.48 - $63.04 ($57.45)
|
Millions of Dollars
|
||||||||
Amounts Subject to Right of Setoff
|
||||||||
Gross
Amounts
Recognized
|
Amounts Not
Subject to
Right of Setoff
|
Gross
Amounts
|
Gross
Amounts
Offset
|
Net
Amounts
Presented
|
Cash
Collateral
|
Net
Amounts
|
||
September 30, 2024 | ||||||||
Assets | $ | 428 | - | 428 | 245 | 183 | - | 183 |
Liabilities | 382 | 1 | 381 | 245 | 136 | 53 | 83 | |
December 31, 2023 | ||||||||
Assets | $ | 724 | 39 | 685 | 375 | 310 | 4 | 306 |
Liabilities | 647 | 34 | 613 | 375 | 238 | 47 | 191 |
ConocoPhillips 2024 Q3 10-Q
|
20
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Millions of Dollars
|
||||
Carrying Amount
|
Fair Value
|
|||
September 30 2024 |
December 31 2023 |
September 30 2024 |
December 31 2023 |
|
Financial assets | ||||
Commodity derivatives
|
183 | 345 | 183 | 345 |
Investments in debt securities
|
1,527 | 1,424 | 1,527 | 1,424 |
Financial liabilities | ||||
Total debt, excluding finance leases
|
17,311 | 17,808 | 18,085 | 18,621 |
Commodity derivatives
|
84 | 225 | 84 | 225 |
21
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
||||||
Defined Benefit
Plans
|
Unrealized Holding Gain/(Loss) on
Securities
|
Foreign
Currency
Translation
|
Unrealized Gain/(Loss) on Hedging Activities |
Accumulated
Other
Comprehensive
Income/(Loss)
|
||
December 31, 2023 | $ | (393) | 2 | (5,344) | 62 | (5,673) |
Other comprehensive income (loss)
|
14 | 10 | (156) | (40) | (172) | |
September 30, 2024 | $ | (379) | 12 | (5,500) | 22 | (5,845) |
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Defined benefit plans*
|
$ | 5 | 9 | 14 | 26 |
Millions of Dollars
|
|||
Nine Months Ended
September 30
|
|||
2024 | 2023 | ||
Cash Payments
|
|||
Interest
|
$ | 628 | 533 |
Income taxes
|
2,797 | 4,141 | |
Net Sales (Purchases) of Investments | |||
Short-term investments purchased
|
$ | (2,562) | (917) |
Short-term investments sold
|
2,357 | 3,350 | |
Long-term investments purchased
|
(503) | (676) | |
Long-term investments sold
|
109 | 103 | |
$ | (599) | 1,860 |
ConocoPhillips 2024 Q3 10-Q
|
22
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Millions of Dollars
|
|||||||
Pension Benefits
|
Other Benefits
|
||||||
2024 | 2023 | 2024 | 2023 | ||||
U.S.
|
Int'l.
|
U.S.
|
Int'l.
|
||||
Components of Net Periodic Benefit Cost
|
|||||||
Three Months Ended September 30
|
|||||||
Service cost
|
$ | 12 | 9 | 12 | 10 | - | - |
Interest cost
|
19 | 28 | 19 | 28 | 1 | 1 | |
Expected return on plan assets
|
(16) | (41) | (15) | (38) | |||
Amortization of prior service credit
|
- | - | - | - | (10) | (9) | |
Recognized net actuarial loss (gain)
|
1 | 15 | 3 | 16 | - | (1) | |
Settlements
|
- | - | 2 | - | |||
Net periodic benefit cost
|
$ | 16 | 11 | 21 | 16 | (9) | (9) |
Nine Months Ended September 30
|
|||||||
Service cost | $ | 37 | 28 | 38 | 29 | 1 | - |
Interest cost
|
57 | 85 | 58 | 85 | 4 | 4 | |
Expected return on plan assets
|
(49) | (122) | (44) | (112) | |||
Amortization of prior service credit
|
- | - | - | - | (29) | (28) | |
Recognized net actuarial loss (gain)
|
5 | 43 | 9 | 50 | - | (3) | |
Settlements
|
- | - | 6 | - | |||
Net periodic benefit cost | $ | 50 | 34 | 67 | 52 | (24) | (27) |
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Significant Transactions with Equity Affiliates
|
|||||
Operating revenues and other income
|
$ | 23 | 23 | 64 | 67 |
Operating expenses and selling, general and administrative expenses
|
51 | 73 | 163 | 224 |
23
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Revenue from contracts with customers
|
$ | 11,703 | 12,599 | 36,670 | 35,578 |
Revenue from contracts outside the scope of ASC Topic 606 | |||||
Physical contracts meeting the definition of a derivative
|
1,403 | 1,697 | 3,971 | 6,289 | |
Financial derivative contracts
|
(65) | (46) | (132) | (455) | |
Consolidated sales and other operating revenues
|
$ | 13,041 | 14,250 | 40,509 | 41,412 |
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
|
|||||
Lower 48
|
$ | 1,007 | 1,478 | 3,009 | 5,067 |
Canada | 68 | 207 | 376 | 978 | |
Europe, Middle East and North Africa
|
328 | 12 | 586 | 244 | |
Physical contracts meeting the definition of a derivative
|
$ | 1,403 | 1,697 | 3,971 | 6,289 |
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
|
|||||
Crude oil
|
$ | 220 | - | 273 | 143 |
Natural gas
|
736 | 1,274 | 2,650 | 5,122 | |
Other
|
447 | 423 | 1,048 | 1,024 | |
Physical contracts meeting the definition of a derivative
|
$ | 1,403 | 1,697 | 3,971 | 6,289 |
ConocoPhillips 2024 Q3 10-Q
|
24
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Millions of Dollars (except per share amounts) |
|||||
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Basic earnings per share | |||||
Net Income (Loss) | $ | 2,059 | 2,798 | 6,939 | 7,950 |
Less: Dividends and undistributed earnings | |||||
allocated to participating securities | 7 | 9 | 21 | 26 | |
Net Income (Loss) available to common shareholders | $ | 2,052 | 2,789 | 6,918 | 7,924 |
Weighted-average common shares outstanding (in millions) | 1,161 | 1,197 | 1,169 | 1,208 | |
Net Income (Loss) Per Share of Common Stock | $ | 1.77 | 2.33 | 5.92 | 6.56 |
Diluted earnings per share | |||||
Net Income (Loss) available to common shareholders | $ | 2,052 | 2,789 | 6,918 | 7,924 |
Weighted-average common shares outstanding (in millions) | 1,161 | 1,197 | 1,169 | 1,208 | |
Add: Dilutive impact of options and unvested | |||||
non-participating RSU/PSUs (in millions) | 2 | 3 | 2 | 3 | |
Weighted-average diluted shares outstanding (in millions) | 1,163 | 1,200 | 1,171 | 1,211 | |
Net Income (Loss) Per Share of Common Stock | $ | 1.76 | 2.32 | 5.91 | 6.54 |
25
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Sales and Other Operating Revenues
|
|||||
Alaska
|
$ | 1,481 | 1,801 | 4,934 | 5,245 |
Lower 48
|
9,080 | 9,883 | 27,442 | 28,321 | |
Intersegment eliminations
|
- | - | (1) | (5) | |
Lower 48
|
9,080 | 9,883 | 27,441 | 28,316 | |
Canada
|
1,139 | 1,320 | 4,136 | 3,353 | |
Intersegment eliminations
|
(479) | (512) | (1,599) | (1,253) | |
Canada
|
660 | 808 | 2,537 | 2,100 | |
Europe, Middle East and North Africa
|
1,337 | 1,211 | 4,090 | 4,282 | |
Asia Pacific
|
478 | 544 | 1,495 | 1,440 | |
Corporate and Other
|
5 | 3 | 12 | 29 | |
Consolidated sales and other operating revenues
|
$ | 13,041 | 14,250 | 40,509 | 41,412 |
Sales and Other Operating Revenues by Geographic Location* | |||||
U.S.
|
$ | 10,445 | 11,550 | 32,201 | 33,392 |
Canada
|
660 | 808 | 2,537 | 2,100 | |
China
|
261 | 225 | 749 | 671 | |
Libya | 307 | 392 | 1,277 | 1,209 | |
Malaysia
|
217 | 319 | 746 | 769 | |
Norway
|
640 | 589 | 1,778 | 1,817 | |
U.K.
|
510 | 366 | 1,217 | 1,451 | |
Other foreign countries
|
1 | 1 | 4 | 3 | |
Worldwide consolidated
|
$ | 13,041 | 14,250 | 40,509 | 41,412 |
Sales and Other Operating Revenues by Product
|
|||||
Crude oil
|
$ | 9,806 | 10,027 | 29,480 | 27,894 |
Natural gas
|
1,290 | 2,209 | 4,346 | 8,481 | |
Natural gas liquids
|
693 | 677 | 2,035 | 1,954 | |
Other**
|
1,252 | 1,337 | 4,648 | 3,083 | |
Consolidated sales and other operating revenues by product
|
$ | 13,041 | 14,250 | 40,509 | 41,412 |
ConocoPhillips 2024 Q3 10-Q
|
26
|
Notes to Consolidated Financial Statements
|
Table of Contents
|
Millions of Dollars
|
|||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||
2024 | 2023 | 2024 | 2023 | ||
Net Income (Loss) | |||||
Alaska
|
$ | 267 | 448 | 973 | 1,236 |
Lower 48
|
1,241 | 1,781 | 3,881 | 4,863 | |
Canada | 25 | 186 | 466 | 224 | |
Europe, Middle East and North Africa
|
298 | 253 | 853 | 882 | |
Asia Pacific
|
455 | 465 | 1,411 | 1,374 | |
Other International
|
1 | (2) | 3 | (5) | |
Corporate and Other
|
(228) | (333) | (648) | (624) | |
Consolidated net income (loss)
|
$ | 2,059 | 2,798 | 6,939 | 7,950 |
Millions of Dollars
|
|||
September 30 2024 |
December 31 2023 |
||
Total Assets | |||
Alaska
|
$ | 17,401 | 16,174 |
Lower 48
|
42,346 | 42,415 | |
Canada | 10,072 | 10,277 | |
Europe, Middle East and North Africa
|
8,161 | 8,396 | |
Asia Pacific
|
8,323 | 8,903 | |
Other International
|
6 | - | |
Corporate and Other
|
10,390 | 9,759 | |
Consolidated total assets
|
$ | 96,699 | 95,924 |
27
|
ConocoPhillips 2024 Q3 10-Q
|
Notes to Consolidated Financial Statements |
Table of Contents
|
ConocoPhillips 2024 Q3 10-Q
|
28
|
Management's Discussion and Analysis
|
Table of Contents
|
29
|
ConocoPhillips 2024 Q3 10-Q
|
Management's Discussion and Analysis |
Table of Contents
|
ConocoPhillips 2024 Q3 10-Q
|
30
|
Management's Discussion and Analysis
|
Table of Contents
|
31
|
ConocoPhillips 2024 Q3 10-Q
|
Management's Discussion and Analysis |
Table of Contents
|
ConocoPhillips 2024 Q3 10-Q
|
32
|
Results of Operations
|
Table of Contents
|
Three Months Ended September 30 |
Nine Months Ended September 30 |
|||
2024 | 2023 | 2024 | 2023 | |
Average Net Production | ||||
Crude oil (MBD) | ||||
Consolidated operations
|
945 | 914 | 938 | 919 |
Equity affiliates
|
12 | 13 | 14 | 13 |
Total crude oil
|
957 | 927 | 952 | 932 |
Natural gas liquids (MBD) | ||||
Consolidated operations
|
302 | 283 | 287 | 274 |
Equity affiliates
|
8 | 8 | 8 | 8 |
Total natural gas liquids
|
310 | 291 | 295 | 282 |
Bitumen (MBD)
|
87 | 64 | 116 | 66 |
Natural gas (MMCFD) | ||||
Consolidated operations
|
2,149 | 1,889 | 2,102 | 1,903 |
Equity affiliates
|
1,232 | 1,252 | 1,249 | 1,223 |
Total natural gas
|
3,381 | 3,141 | 3,351 | 3,126 |
Total Production(MBOED)
|
1,917 | 1,806 | 1,921 | 1,801 |
Total Production(MMBOE)
|
176 | 166 | 526 | 492 |
Dollars Per Unit
|
|||||
Average Sales Prices
|
|||||
Crude oil (per bbl)
|
|||||
Consolidated operations
|
$ | 76.78 | 83.22 | 78.90 | 78.34 |
Equity affiliates
|
76.11 | 78.73 | 77.72 | 78.19 | |
Total crude oil
|
76.77 | 83.15 | 78.88 | 78.34 | |
Natural gas liquids (per bbl)
|
|||||
Consolidated operations | 21.16 | 22.52 | 22.07 | 22.45 | |
Equity affiliates
|
49.91 | 39.53 | 50.64 | 46.25 | |
Total natural gas liquids
|
21.93 | 23.01 | 22.88 | 23.12 | |
Bitumen (per bbl)
|
47.32 | 57.85 | 48.89 | 42.03 | |
Natural gas (per MCF)
|
|||||
Consolidated operations | 1.99 | 3.29 | 2.25 | 3.94 | |
Equity affiliates
|
8.41 | 7.73 | 8.19 | 8.60 | |
Total natural gas
|
$ | 4.42 | 5.06 | 4.53 | 5.79 |
33
|
ConocoPhillips 2024 Q3 10-Q
|
Results of Operations |
Table of Contents
|
Millions of Dollars
|
|||||
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Exploration Expenses
|
|||||
General administrative, geological and geophysical,
lease rental and other
|
$ | 70 | 43 | 236 | 162 |
Leasehold impairment
|
- | 12 | 4 | 42 | |
Dry holes
|
- | 37 | 44 | 109 | |
$ | 70 | 92 | 284 | 313 |
ConocoPhillips 2024 Q3 10-Q
|
34
|
Results of Operations
|
Table of Contents
|
Millions of Dollars
|
|||||
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Sales and other operating revenues | $ | 13,041 | 14,250 | 40,509 | 41,412 |
Gain (loss) on dispositions | (2) | 108 | 86 | 200 | |
Purchased commodities | 4,747 | 5,543 | 14,939 | 16,297 | |
Production and operating expenses | 2,261 | 1,995 | 6,440 | 5,660 | |
Depreciation, depletion and amortization | 2,390 | 2,095 | 6,935 | 6,047 | |
Taxes other than income taxes | 476 | 536 | 1,567 | 1,624 |
35
|
ConocoPhillips 2024 Q3 10-Q
|
Results of Operations |
Table of Contents
|
Millions of Dollars
|
|||||
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Alaska
|
$ | 267 | 448 | 973 | 1,236 |
Lower 48
|
1,241 | 1,781 | 3,881 | 4,863 | |
Canada
|
25 | 186 | 466 | 224 | |
Europe, Middle East and North Africa
|
298 | 253 | 853 | 882 | |
Asia Pacific
|
455 | 465 | 1,411 | 1,374 | |
Other International
|
1 | (2) | 3 | (5) | |
Corporate and Other
|
(228) | (333) | (648) | (624) | |
Net income (loss)
|
$ | 2,059 | 2,798 | 6,939 | 7,950 |
ConocoPhillips 2024 Q3 10-Q
|
36
|
Results of Operations
|
Table of Contents
|
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Select financial data by segment before-tax ($MM)
|
|||||
Sales and other operating revenues | $ | 1,481 | 1,801 | 4,934 | 5,245 |
Production and operating expenses | 520 | 475 | 1,489 | 1,375 | |
Depreciation, depletion and amortization | 309 | 259 | 954 | 786 | |
Taxes other than income taxes | 98 | 151 | 362 | 426 | |
Net Income (Loss) ($MM)
|
$ | 267 | 448 | 973 | 1,236 |
Average Net Production
|
|||||
Crude oil (MBD)
|
162 | 165 | 171 | 173 | |
Natural gas liquids (MBD)
|
14 | 14 | 14 | 16 | |
Natural gas (MMCFD)
|
37 | 36 | 38 | 38 | |
Total Production (MBOED)
|
182 | 185 | 191 | 195 | |
Total Production (MMBOE)
|
17 | 17 | 52 | 53 | |
Average Sales Prices
|
|||||
Crude oil ($ per bbl)
|
$ | 81.32 | 86.98 | 83.89 | 81.66 |
Natural gas ($ per MCF)
|
3.98 | 4.40 | 3.97 | 4.47 |
37
|
ConocoPhillips 2024 Q3 10-Q
|
Results of Operations |
Table of Contents
|
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Select financial data by segment before-tax ($MM)
|
|||||
Sales and other operating revenues | $ | 9,080 | 9,883 | 27,441 | 28,316 |
Production and operating expenses | 1,180 | 1,129 | 3,420 | 3,118 | |
Depreciation, depletion and amortization | 1,640 | 1,489 | 4,629 | 4,215 | |
Taxes other than income taxes | 324 | 326 | 1,014 | 1,028 | |
Net Income (Loss)($MM)
|
$ | 1,241 | 1,781 | 3,881 | 4,863 |
Average Net Production | |||||
Crude oil (MBD)
|
603 | 572 | 577 | 566 | |
Natural gas liquids (MBD)
|
278 | 263 | 263 | 251 | |
Natural gas (MMCFD)
|
1,596 | 1,490 | 1,557 | 1,462 | |
Total Production(MBOED)
|
1,147 | 1,083 | 1,099 | 1,061 | |
Total Production (MMBOE)
|
106 | 100 | 301 | 290 | |
Average Sales Prices
|
|||||
Crude oil ($ per bbl)
|
$ | 74.73 | 80.75 | 76.29 | 75.77 |
Natural gas liquids ($ per bbl)
|
20.64 | 22.03 | 21.58 | 22.02 | |
Natural gas ($ per MCF)
|
0.18 | 2.24 | 0.67 | 2.19 |
ConocoPhillips 2024 Q3 10-Q
|
38
|
Results of Operations
|
Table of Contents
|
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Select financial data by segment before-tax ($MM)
|
|||||
Sales and other operating revenues | $ | 660 | 808 | 2,537 | 2,100 |
Production and operating expenses | 269 | 140 | 709 | 403 | |
Depreciation, depletion and amortization | 147 | 89 | 471 | 264 | |
Taxes other than income taxes | 6 | 5 | 25 | 17 | |
Net Income (Loss)($MM)
|
$ | 25 | 186 | 466 | 224 |
Average Net Production
|
|||||
Crude oil (MBD)
|
15 | 8 | 17 | 7 | |
Natural gas liquids (MBD)
|
7 | 3 | 6 | 3 | |
Bitumen (MBD)
|
87 | 64 | 116 | 66 | |
Natural gas (MMCFD)
|
121 | 57 | 114 | 60 | |
Total Production(MBOED)
|
129 | 85 | 158 | 86 | |
Total Production (MMBOE)
|
12 | 8 | 43 | 23 | |
Average Sales Prices
|
|||||
Crude oil ($ per bbl)
|
$ | 61.99 | 70.83 | 65.09 | 66.10 |
Natural gas liquids ($ per bbl)
|
28.11 | 26.26 | 30.13 | 24.09 | |
Bitumen ($ per bbl)
|
47.32 | 57.85 | 48.89 | 42.03 | |
Natural gas ($ per MCF)*
|
0.10 | 0.67 | 0.46 | 2.05 |
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Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Select financial data by segment before-tax ($MM)
|
|||||
Sales and other operating revenues | $ | 1,337 | 1,211 | 4,090 | 4,282 |
Production and operating expenses | 154 | 139 | 471 | 430 | |
Depreciation, depletion and amortization | 189 | 134 | 544 | 426 | |
Taxes other than income taxes | 10 | 10 | 31 | 29 | |
Net Income (Loss)($MM)
|
$ | 298 | 253 | 853 | 882 |
Consolidated Operations
|
|||||
Average Net Production | |||||
Crude oil (MBD)
|
110 | 108 | 115 | 113 | |
Natural gas liquids (MBD)
|
3 | 3 | 4 | 4 | |
Natural gas (MMCFD)
|
351 | 264 | 346 | 297 | |
Total Production(MBOED)
|
171 | 155 | 177 | 166 | |
Total Production (MMBOE)
|
16 | 14 | 48 | 45 | |
Average Sales Prices
|
|||||
Crude oil ($ per bbl)
|
$ | 80.88 | 87.45 | 83.45 | 83.37 |
Natural gas liquids ($ per bbl)
|
46.08 | 43.08 | 44.81 | 41.49 | |
Natural gas ($ per MCF)
|
10.76 | 9.61 | 9.71 | 12.90 |
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Results of Operations
|
Table of Contents
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Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Select financial data by segment before-tax ($MM)
|
|||||
Sales and other operating revenues | $ | 478 | 544 | 1,495 | 1,440 |
Production and operating expenses | 110 | 101 | 281 | 280 | |
Depreciation, depletion and amortization | 97 | 117 | 314 | 338 | |
Taxes other than income taxes | 25 | 37 | 90 | 88 | |
Net Income (Loss)($MM)
|
$ | 455 | 465 | 1,411 | 1,374 |
Consolidated Operations
|
|||||
Average Net Production
|
|||||
Crude oil (MBD) | 55 | 61 | 58 | 60 | |
Natural gas (MMCFD)
|
44 | 42 | 47 | 46 | |
Total Production(MBOED)
|
62 | 68 | 66 | 68 | |
Total Production (MMBOE)
|
6 | 6 | 18 | 19 | |
Average Sales Prices
|
|||||
Crude oil ($ per bbl)
|
$ | 80.84 | 89.10 | 84.15 | 83.95 |
Natural gas ($ per MCF)
|
3.62 | 3.77 | 3.75 | 4.08 |
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Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Net Income (Loss) ($MM)
|
$ | 1 | (2) | 3 | (5) |
Millions of Dollars
|
|||||
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||
2024 | 2023 | 2024 | 2023 | ||
Net Income (Loss) | |||||
Net interest expense
|
$ | (79) | (91) | (261) | (267) |
Corporate general and administrative expenses
|
(99) | (87) | (282) | (273) | |
Technology
|
(32) | (14) | (100) | (19) | |
Other income (expense)
|
(18) | (141) | (5) | (65) | |
$ | (228) | (333) | (648) | (624) |
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Capital Resources and Liquidity
|
Table of Contents
|
Millions of Dollars | |||
September 30 2024 |
December 31 2023 |
||
Cash and cash equivalents | $ | 5,221 | 5,635 |
Short-term investments | 1,571 | 971 | |
Total debt | 18,304 | 18,937 | |
Total equity | 49,881 | 49,279 | |
Percent of total debt to capital* | 27 | % | 28 |
Percent of floating-rate debt to total debt | 2 | % | 2 |
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Millions of Dollars
|
|||
Nine Months Ended September 30 |
|||
2024 | 2023 | ||
Alaska | $ | 2,102 | 1,140 |
Lower 48 | 4,918 | 4,878 | |
Canada | 419 | 345 | |
Europe, Middle East and North Africa | 694 | 834 | |
Asia Pacific | 235 | 245 | |
Corporate and Other | 433 | 923 | |
Capital expenditures and investments | $ | 8,801 | 8,365 |
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Millions of Dollars
|
||
Nine Months Ended September 30, 2024 |
||
Revenues and Other Income
|
$ | 26,849 |
Income (loss) before income taxes*
|
6,779 | |
Net Income (Loss)
|
6,939 |
Millions of Dollars
|
|||
September 30 2024 |
December 31 2023 |
||
Current Assets
|
$ | 6,442 | 8,008 |
Amounts due from Non-Obligated Subsidiaries, current
|
1,491 | 1,565 | |
Noncurrent Assets
|
102,119 | 91,155 | |
Amounts due from Non-Obligated Subsidiaries, noncurrent
|
10,956 | 8,936 | |
Current Liabilities
|
10,415 | 7,337 | |
Amounts due to Non-Obligated Subsidiaries, current
|
6,282 | 3,990 | |
Noncurrent Liabilities
|
54,731 | 49,105 | |
Amounts due to Non-Obligated Subsidiaries, noncurrent
|
37,624 | 31,241 |
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Millions of Dollars
|
||||||
Period
|
Total Number of
Shares
Purchased*
|
Average Price Paid
per Share
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
|
Approximate Dollar
Value of Shares That
May Yet Be Purchased
Under the Plans or
Programs
|
||
July 1 - 31, 2024 | 2,354,484 | $ | 113.48 | 2,354,484 | $ | 13,578 |
August 1 - 31, 2024 | - | - | - | 13,578 | ||
September 1 - 30, 2024 | 8,426,320 | 106.81 | 8,426,320 | 12,678 | ||
10,780,804 | 10,780,804 |
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31.1*
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
31.2*
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
32**
|
Certifications pursuant to 18 U.S.C. Section 1350.
|
101.INS* |
Inline XBRL Instance Document.
|
101.SCH* |
Inline XBRL Schema Document.
|
101.CAL* |
Inline XBRL Calculation Linkbase Document.
|
101.LAB* |
Inline XBRL Labels Linkbase Document.
|
101.PRE* |
Inline XBRL Presentation Linkbase Document.
|
101.DEF* |
Inline XBRL Definition Linkbase Document.
|
104* |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
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Table of Contents
|
CONOCOPHILLIPS |
/s/ Christopher P. Delk |
Christopher P. Delk
|
Vice President, Controller |
and General Tax Counsel |
October 31, 2024 |
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