8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, 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):   January 31, 2019

ConocoPhillips(Exact name of registrant as specified in its charter)

Delaware	001-32395	01-0562944
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation)	File Number)	Identification No.)

925 N. Eldridge ParkwayHouston, 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 31, 2019 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2018 and its estimate of preliminary net reserves as of December 31, 2018.  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

Exhibit No.			Description
	99.1	—	Press release issued by ConocoPhillips on January 31, 2019.

99.2 — Supplemental financial information.

2

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/ Catherine A. Brooks
	Catherine A. Brooks Vice President and Controller
January 31, 2019

3

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Fourth-Quarter and Full-Year 2018 Results; Announces Preliminary 2018 Year-End Reserves

HOUSTON--(BUSINESS WIRE)--January 31, 2019--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share, compared with fourth-quarter 2017 earnings of $1.6 billion, or $1.32 per share. Excluding special items, fourth-quarter 2018 adjusted earnings were $1.3 billion, or $1.13 per share, compared with fourth-quarter 2017 adjusted earnings of $0.5 billion, or $0.45 per share. Special items for the current quarter included a gain from the sale of a partial interest in the United Kingdom Clair Field, deferred tax adjustments and amounts recognized from the PDVSA International Chamber of Commerce (ICC) settlement, partially offset by unrealized losses on Cenovus Energy equity.

Full-year 2018 earnings were $6.3 billion, or $5.32 per share, compared with a full-year 2017 net loss of $0.9 billion, or ($0.70) per share. Excluding special items, full-year 2018 adjusted earnings were $5.3 billion, or $4.54 per share, compared with full-year 2017 adjusted earnings of $0.7 billion, or $0.60 per share.

Full-Year 2018 Summary

• Cash provided by operating activities was $12.9 billion. Excluding working capital, cash from operations (CFO) of $12.3 billion exceeded capital expenditures and investments, generating free cash flow of $5.5 billion.
• Repurchased $3 billion of shares and paid $1.4 billion in dividends funded entirely from free cash flow, representing a return of CFO to shareholders of 35 percent.
• Paid down $4.7 billion of balance sheet debt, achieving $15 billion debt target 18 months ahead of plan.
• Received credit rating upgrades to single “A” from Fitch, Moody’s and S&P.
• Full-year production excluding Libya of 1,242 MBOED; underlying production grew 18 percent on a production per debt-adjusted share basis.
• Increased full-year Lower 48 Big 3 production by 37 percent.
• Achieved first production from Bayu-Undan final development phase, GMT-1, Bohai Phase 3, Aasta Hansteen and Clair Ridge.
• Acquired additional working interest in our legacy assets in Alaska and increased our acreage in the liquids-rich Montney play in Canada and in the early-lifecycle unconventional Louisiana Austin Chalk.
• Executed successful exploration program in Alaska and started drilling in Louisiana Austin Chalk.
• Reached a settlement agreement with PDVSA to fully recover the ICC arbitration award of approximately $2 billion; recognized $430 million toward the settlement.
• Generated disposition proceeds of $1.1 billion from non-core asset sales.
• Announced preliminary year-end proved reserves of 5.3 billion BOE; 147 percent total reserve replacement and 109 percent organic replacement ratio.
• Achieved 12.6 percent return on capital employed.

“I am proud of our organization for safely delivering exceptional results in 2018,” said Ryan Lance, chairman and chief executive officer. “Our accomplishments reflect our clear commitment to a value proposition that is focused on returns and free cash flow generation, and that balances investments with returning cash flow to shareholders through price cycles. This is our formula for offering investors a compelling way to invest in our sector. We look forward to delivering another strong year of performance in 2019.”

Reserves Update

Preliminary 2018 year-end proved reserves are 5.3 billion barrels of oil equivalent (BOE). The total reserve replacement ratio, including a net increase of 0.2 billion BOE from closed acquisitions and dispositions (A&D), is expected to be 147 percent. Increased crude oil reserves accounted for over 90 percent of the total change in reserves.

Excluding A&D impacts, the organic reserve replacement ratio is expected to be 109 percent. Approximately 33 percent of organic reserve additions are from Lower 48 unconventional assets, 29 percent from Alaska and 22 percent from Asia Pacific and Middle East.

Final information related to the company’s 2018 oil and gas reserves, as well as costs incurred, will be provided in ConocoPhillips’ Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission in late February.

Fourth-Quarter Review

Production excluding Libya for the fourth quarter of 2018 was 1,313 MBOED, an increase of 94 MBOED compared with the same period a year ago. The volume impact from A&D was a net benefit of 5 MBOED. Excluding the A&D impact, underlying production grew more than 7 percent. The increase was primarily due to growth from the Big 3 unconventionals, development programs primarily in Europe and Alaska, and production from major project startups. These more than offset normal field decline. Production achieved the high end of guidance largely due to partner-operated production in Lower 48 and resumption of gas exports at the Kebabangan (KBB) Field in Malaysia. Production from Libya was 44 MBOED.

During the quarter, the company achieved first production from three major projects including GMT-1, Aasta Hansteen and Clair Ridge. Additionally, production continued to ramp-up at Bohai Phase 3 and the final development phase at Bayu-Undan was completed. In the Lower 48, production from the company’s high-margin Big 3 unconventionals grew to 335 MBOED. In Alaska, the exploration program resumed and includes testing of the Kuparuk Cairn prospect and appraisal of the Narwhal and Greater Willow areas. The Cairn and Narwhal wells utilize existing pads, minimizing the environmental footprint while testing new resources.

Earnings were higher compared with the fourth quarter of 2017 due to a gain from the sale of a partial interest in the United Kingdom Clair Field and higher realized prices and sales volumes, partially offset by the absence of U.S. tax reform adjustments in 2017 and unrealized losses on Cenovus Energy equity. Adjusted earnings improved compared with fourth-quarter 2017 primarily due to higher realized prices and higher production. The company’s total realized price was $53.00 per BOE, 15 percent higher compared with $46.10 per BOE in the fourth quarter of 2017, largely due to higher crude prices and a higher weighting of crude volumes in the portfolio.

For the quarter, cash provided by operating activities was $3.8 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated $3.2 billion in CFO. CFO included approximately $0.3 billion from APLNG distributions and $0.1 billion from the PDVSA ICC settlement. In addition, the company generated $0.7 billion in disposition proceeds largely related to customary adjustments from the United Kingdom Clair Field and Alaska Greater Kuparuk Area transactions, as well as from the sale of Barnett and other non-core assets in Lower 48. The company also incurred $1.6 billion in capital expenditures and investments, $0.9 billion for share repurchases and $0.4 billion for dividends.

Full-Year Review

Production excluding Libya for 2018 was 1,242 MBOED, 114 MBOED lower as compared with 1,356 MBOED for 2017. The volume from closed dispositions was approximately 200 MBOED in 2017 and 15 MBOED in 2018. The volume from acquisitions was less than 10 MBOED in 2018. Excluding these impacts, underlying production increased over 5 percent. The increase was primarily due to growth from the Big 3 unconventionals, development programs in Europe and Alaska, and ramp-up of major projects in Asia Pacific. These more than offset normal field decline. Production from Libya was 41 MBOED.

The company’s total realized price during 2018 was $53.88 per BOE, 37 percent higher compared with $39.19 per BOE in 2017. The improvement reflects stronger marker prices, as well as a shift in the portfolio toward a higher mix of crude oil and less of bitumen and natural gas.

In 2018, cash provided by operating activities was $12.9 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated $12.3 billion in CFO. This exceeded $6.75 billion in capital expenditures and investments, $3.0 billion of repurchased shares and $1.36 billion of dividends by $1.2 billion. Capital expenditures and investments included approximately $0.6 billion for acquisitions, most notably the Alaska Western North Slope bolt-on acquisition for $0.4 billion and acquisition of additional acreage in the Montney in Canada for $0.1 billion. In addition, the company paid $5.0 billion to reduce debt, sold $1.6 billion of short-term investments and generated $1.1 billion from asset dispositions. ConocoPhillips ended the year with cash, cash equivalents and restricted cash totaling $6.2 billion and short-term investments of $0.2 billion, equating to $6.4 billion of ending cash and short-term investments.

Outlook

The company’s 2019 guidance for capital expenditures is $6.1 billion. First-quarter 2019 production is expected to be 1,290 to 1,330 MBOED, reflecting the impacts of a planned turnaround in Qatar of approximately 15 MBOED and government-mandated production curtailment in Canada of approximately 10 MBOED. Production is expected to ramp-up in the second half of the year, with full-year 2019 production guidance unchanged from the previously communicated 1,300 to 1,350 MBOED. Production guidance for 2019 excludes Libya.

Guidance for 2019 production and operating expenses is $5.4 billion, which results in adjusted operating cost guidance of $6.1 billion; corporate segment net expense is $0.9 billion or $1.0 billion adjusted corporate segment net expense; depreciation, depletion and amortization is $6.3 billion; and exploration dry hole and leasehold impairment expense is $0.2 billion.

ConocoPhillips will host a conference call today at 12:00 p.m. EST to discuss this announcement. To listen to the call, as well as view related presentation materials and supplemental information, go to www.conocophillips.com/investor. A balance sheet schedule has been added to page 4 of the supplemental information.

--- # # # ---

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 16 countries, $70 billion of total assets, and approximately 10,800 employees as of Dec. 31, 2018. Production excluding Libya averaged 1,242 MBOED in 2018, and preliminary proved reserves were 5.3 billion BOE as of Dec. 31, 2018. 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," “on track,” "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 or technical difficulties in constructing, maintaining, or modifying company facilities; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs relating to crude oil, bitumen, natural gas, LNG, natural gas liquids and any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions, or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; 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 (SEC). 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.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

Use of Non-GAAP Financial Information – To supplement the presentation of the company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share, cash from operations (CFO), free cash flow, return on capital employed (ROCE), adjusted operating costs, adjusted corporate segment net expense and dry hole and leasehold impairment expense. Operating costs is defined by the Company as the sum of production and operating expenses, selling, general and administrative expenses, exploration general and administrative expenses, geological and geophysical, lease rentals and other exploration expenses. Adjusted operating costs is defined as the Company’s operating costs further adjusted to exclude expenses that do not directly relate to the Company’s core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. Adjusted corporate segment net expense is defined as corporate and other segment earnings adjusted for special items. Dry hole and leasehold impairment expense are components of and reported within exploration expenses.

The Company believes that the non-GAAP measures adjusted earnings (both on an aggregate and a per share basis), operating costs, adjusted operating costs and adjusted corporate segment net expense, are useful to investors to help facilitate comparisons of the Company’s operating performance and controllable costs associated with the Company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies. The Company further believes that the non-GAAP measure adjusted operating costs provides a more indicative measure of the Company’s underlying, controllable costs of operations by excluding other items that do not directly relate to the Company’s core business operations. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies. The company also believes that free cash flow is useful to investors as it provides a measure to compare CFO after deduction of capital expenditures and investments across periods on a consistent basis. The company believes that ROCE is a good indicator of long-term company and management performance. ROCE is a measure of the profitability of ConocoPhillips' capital employed in its business. ConocoPhillips calculates ROCE as a ratio, the numerator of which is net income adjusted for special non-reoccurring items, plus after-tax interest expense, and the denominator of which is average total equity plus total debt. The Company believes that the above-mentioned non-GAAP measures, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.

Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.

Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.

Other Terms – The release also contains the terms underlying production, production per debt-adjusted share, reserve replacement and organic reserve replacement. Underlying production excludes Libya and closed dispositions and acquisitions. Production per debt-adjusted share is calculated on an underlying production basis using ending period debt divided by ending share price plus ending shares outstanding. The company believes that underlying production is useful to investors to compare production excluding Libya and the full impact of closed dispositions and acquisitions on a consistent go-forward basis across periods and with peer companies. The company believes that production per debt-adjusted share is useful to investors as it provides a consistent view of production on a total equity basis by converting debt to equity and allows for comparisons across peer companies. Reserve replacement is defined by the Company as a ratio representing the change in proved reserves, net of production, divided by current year production. Organic reserve replacement is defined by the Company as a ratio representing the change in proved reserves, net of production and excluding acquisitions and dispositions, divided by current year production. The Company believes that reserve replacement and organic reserve replacement are useful to investors to help understand how changes in proved reserves, net of production, compare with the Company’s current year production, inclusive and exclusive of acquisitions and dispositions, respectively.

References in the release to earnings refer to net income/(loss) attributable to ConocoPhillips.

ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
$ Millions, Except as Indicated
	4Q18				4Q17				2018 FY				2017 FY
	Pre-tax	Income tax	After-tax	Per share of common stock (dollars)	Pre-tax	Income tax	After-tax	Per share of common stock (dollars)	Pre-tax	Income tax	After-tax	Per share of common stock (dollars)	Pre-tax	Income tax	After-tax	Per share of common stock (dollars)
Earnings			$ 1,868	1.61			1,579	1.32			6,257	5.32			(855)	(0.70)
Adjustments:
Premiums on early debt retirement	-	-	-	-	17	(4)	13	0.01	208	(13)	195	0.17	302	(64)	238	0.19
Unrealized (gain) loss on CVE equity	618	(26)	592	0.51	-	-	-	-	423	2	425	0.36	-	-	-	-
Pending claims and settlements	(85)	(8)	(93)	(0.08)	(337)	-	(337)	(0.28)	(506)	64	(442)	(0.38)	(330)	(90)	(420)	(0.34)
Impairments	(52)	21	(31)	(0.03)	89	(26)	63	0.05	(52)	30	(22)	(0.02)	6,600	(1,507)	5,093	4.17
Pension settlement expense	35	(7)	28	0.02	14	(4)	10	0.01	196	(36)	160	0.14	130	(38)	92	0.08
Restructuring	3	(1)	2	-	(1)	-	(1)	0.00	40	(9)	31	0.03	43	(15)	28	0.02
Net (gain) loss on asset sales	(851)	(29)	(880)	(0.75)	-	-	-	-	(1,002)	10	(992)	(0.84)	(2,086)	(441)	(2,527)	(2.07)
Recognition of deferred licensing revenue	-	-	-	-	-	-	-	-	(104)	-	(104)	(0.09)	-	-	-	-
Deferred tax adjustment	-	(177)	(177)	(0.15)	-	65	65	0.05	-	(177)	(177)	(0.15)	-	28	28	0.02
U.S. Tax Reform	-	-	-	-	-	(852)	(852)	(0.71)	-	-	-		-	(852)	(852)	(0.70)
Nova Scotia deepwater exploration exit	-	-	-	-	-	-	-	-	-	-	-	-	-	(114)	(114)	(0.09)
Rig termination	-	-	-	-	-	-	-	-	-	-	-	-	43	(15)	28	0.02
Adjusted earnings / (loss)			$ 1,309	1.13			540	0.45			5,331	4.54			739	0.60
The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

ConocoPhillips
Table 2: Reconciliation of net cash provided by operating activities to free cash flow
$ Millions, Except as Indicated
Net Cash Provided by Operating Activities	12,934
Adjustments:
Net operating working capital changes	635
Cash from operations	12,299
Capital expenditures and investments	(6,750)
Free Cash Flow	5,549

ConocoPhillips
Table 3: Return on capital employed (ROCE)
$ Millions, Except as Indicated
Numerator
Net Income Attributable to ConocoPhillips	6,257
Adjustment to exclude special items	(926)
Net income attributable to noncontrolling interests	48
After-tax interest expense	594
ROCE Earnings	5,973
Denominator
Average total equity ¹	31,363
Average total debt ²	16,088
Average capital employed	47,451
ROCE (percent)	12.6%
1Average total equity is the average of beginning total equity and ending total equity by quarter
2Average total debt is the average of beginning long-term debt and short-term debt and ending long-term debt and short-term debt by quarter

ConocoPhillips
Table 4: Reconciliation of preliminary year-end reserves to replacement from additions
MMBOE, Except as Indicated
End of 2017	5,038
End of 2018	5,263
Change in reserves	225
Production1	483
Change in reserves excluding production1	708
Total reserve replacement ratio	147%
Production1	483
Purchases2	290
Sales2	(108)
Changes in reserves excluding production1, purchases2 and sales2	526
Organic reserve replacement ratio	109%
12018 production includes fuel gas and Libya
22018 purchases refers to acquisitions and sales refers to dispositions

ConocoPhillips
Table 5: Reconciliation of production and operating expenses to adjusted operating costs
$ Millions, Except as Indicated
	FY 2018	FY 2019 Guidance
Production and operating expenses	5,213	5,350
Adjustments:
Selling, general and administrative (G&A) expenses	401	450
Exploration G&A, G&G and lease rentals	274	300
Operating costs	5,888	6,100
Adjustments to exclude special items
Less restructuring	(37)	-
Less pending claims and settlements	(41)	-
Adjusted operating costs	5,810	~6,100

ConocoPhillips
Table 6: Reconciliation of adjusted corporate segment net expense
$ Millions, Except as Indicated
	FY 2018	FY 2019 Guidance
Corporate and Other earnings	(1,667)	(900)
Adjustments to exclude special items:
Less unrealized loss (gain) on CVE equity	423	-
Less pension settlement expense	196	-
Less premiums on early debt retirement	208	-
Less pending claims and settlements	(16)	-
Less licensing revenue	(104)	~(100)
Less restructuring	17	-
Less tax on special items	(43)	-
Adjusted corporate segment net expense	(986)	~(1,000)

ConocoPhillips
Table 7: Reconciliation of dry hole and leasehold impairment
$ Millions, Except as Indicated
	FY 2018	FY 2019 Guidance
Dry holes	39	150
Leasehold impairment	56	50
Dry hole and leasehold impairment	95	200
Adjustment to exclude special items:
Less impairments	-	-
Adjusted dry hole and leasehold impairment	95	~200

CONTACT:
Daren Beaudo (media)
281-293-2073
daren.beaudo@conocophillips.com

Mark Keener (investors)
281-293-5000
mark.a.keener@conocophillips.com

EX-99.2

Exhibit 99.2

	Fourth-Quarter 2018 Detailed Supplemental Information
	2017															2018
	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		7,518			6,781			6,688			8,119			29,106			8,798			8,504			9,449			9,666			36,417
Equity in earnings of affiliates		200			178			196			198			772			208			265			294			307			1,074
Gain on dispositions		22			1,876			246			33			2,177			7			55			113			888			1,063
Other income (loss)		31			47			65			386			529			(52	)		416			309			(500	)		173
Total Revenues and Other Income		7,771			8,882			7,195			8,736			32,584			8,961			9,240			10,165			10,361			38,727
Costs and Expenses
Purchased commodities		3,192			2,922			2,926			3,435			12,475			3,714			3,064			3,530			3,986			14,294
Production and operating expenses*		1,291			1,325			1,222			1,324			5,162			1,171			1,313			1,367			1,362			5,213
Selling, general and administrative expenses*		97			95			110			125			427			99			118			119			65			401
Exploration expenses*		550			97			73			214			934			95			69			103			102			369
Depreciation, depletion and amortization		1,979			1,625			1,608			1,633			6,845			1,412			1,438			1,494			1,612			5,956
Impairments		175			6,294			6			126			6,601			12			(35	)		44			6			27
Taxes other than income taxes		231			198			175			205			809			183			273			312			280			1,048
Accretion on discounted liabilities		95			92			89			86			362			88			89			89			87			353
Interest and debt expense		315			306			251			226			1,098			184			177			186			188			735
Foreign currency transaction (gains) losses		10			13			5			7			35			30			(28	)		5			(24	)		(17	)
Other expenses*		68			276			77			30			451			197			143			10			25			375
Total Costs and Expenses		8,003			13,243			6,542			7,411			35,199			7,185			6,621			7,259			7,689			28,754
Income (loss) before income taxes		(232	)		(4,361	)		653			1,325			(2,615	)		1,776			2,619			2,906			2,672			9,973
Income tax provision (benefit)		(831	)		(935	)		217			(273	)		(1,822	)		876			965			1,033			794			3,668
Net Income (Loss)		599			(3,426	)		436			1,598			(793	)		900			1,654			1,873			1,878			6,305
Less: net income attributable to noncontrolling interests		(13	)		(14	)		(16	)		(19	)		(62	)		(12	)		(14	)		(12	)		(10	)		(48	)
Net Income (Loss) Attributable to ConocoPhillips		586			(3,440	)		420			1,579			(855	)		888			1,640			1,861			1,868			6,257
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic		0.47			(2.78	)		0.35			1.32			(0.70	)		0.75			1.40			1.60			1.62			5.36
Diluted		0.47			(2.78	)		0.34			1.32			(0.70	)		0.75			1.39			1.59			1.61			5.32
Average Common Shares Outstanding (in thousands)**
Basic		1,243,280			1,236,831			1,212,454			1,192,243			1,221,038			1,179,792			1,172,378			1,163,033			1,151,148			1,166,499
Diluted		1,248,722			1,236,831			1,215,341			1,198,276			1,221,038			1,186,454			1,181,167			1,172,694			1,159,305			1,175,538
*2017 has been restated to align with current period financial statements.
**Ending Common Shares Outstanding is 1,138,349 as of Dec. 31, 2018, compared with 1,151,242 as of Sep. 30, 2018.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska		6			215			159			396			776			654			531			535			470			2,190
Lower 48		(562	)		(4,013	)		(148	)		(102	)		(4,825	)		398			523			660			640			2,221
Canada		(87	)		1,846			243			(55	)		1,947			(105	)		47			49			(24	)		(33	)
Europe and North Africa		533			276			303			607			1,719			771			862			811			1,687			4,131
Asia Pacific and Middle East		392			(2,052	)		452			524			(684	)		653			629			815			743			2,840
Other International		(68	)		(11	)		(15	)		282			188			(10	)		(2	)		334			72			394
Corporate and Other		(446	)		(622	)		(341	)		(327	)		(1,736	)		(585	)		29			(298	)		(916	)		(1,770	)
Consolidated		(232	)		(4,361	)		653			1,325			(2,615	)		1,776			2,619			2,906			2,672			9,973
EFFECTIVE INCOME TAX RATES
Alaska*		295.2	%		7.4	%		35.3	%		-195.8	%		-88.7	%		19.9	%		21.4	%		20.1	%		5.4	%		17.2	%
Lower 48		35.5	%		36.8	%		34.8	%		710.1	%		50.9	%		22.6	%		21.7	%		22.2	%		19.3	%		21.3	%
Canada		1193.9	%		25.2	%		-14.8	%		21.9	%		-31.7	%		38.4	%		29.7	%		31.2	%		361.3	%		291.3	%
Europe and North Africa		67.8	%		55.5	%		72.0	%		71.2	%		67.8	%		68.3	%		66.3	%		70.3	%		35.4	%		54.8	%
Asia Pacific and Middle East		36.6	%		-5.2	%		8.9	%		11.9	%		-51.4	%		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%
Other International		29.6	%		14.2	%		-27.3	%		13.7	%		11.3	%		-336.7	%		-102.3	%		5.4	%		-33.5	%		7.6	%
Corporate and Other		22.0	%		31.8	%		4.2	%		-217.2	%		-23.0	%		7.5	%		5.3	%		17.3	%		0.9	%		5.8	%
Consolidated		359.0	%		21.4	%		33.2	%		-20.5	%		69.7	%		49.3	%		36.8	%		35.5	%		29.7	%		36.8	%
*Alaska including taxes other than income taxes.		111.9	%		32.2	%		56.6	%		-142.9	%		-32.5	%		22.4	%		36.1	%		37.1	%		24.9	%		30.3	%

	2017															2018
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
EARNINGS BY SEGMENT
Alaska		(11	)		199			103			1,175			1,466			524			418			427			445			1,814
Lower 48		(362	)		(2,536	)		(97	)		624			(2,371	)		308			410			513			516			1,747
Canada		948			1,379			280			(43	)		2,564			(65	)		33			34			61			63
Europe and North Africa		171			123			85			174			553			245			290			241			1,090			1,866
Asia Pacific and Middle East		236			(2,172	)		396			442			(1,098	)		461			466			577			566			2,070
Other International		(48	)		(9	)		(20	)		244			167			(44	)		(5	)		316			97			364
Corporate and Other		(348	)		(424	)		(327	)		(1,037	)		(2,136	)		(541	)		28			(247	)		(907	)		(1,667	)
Consolidated		586			(3,440	)		420			1,579			(855	)		888			1,640			1,861			1,868			6,257
SPECIAL ITEMS
Alaska		(110	)		32			-			892			814			79			-			-			98			177
Lower 48		(33	)		(2,464	)		(40	)		610			(1,927	)		(8	)		-			(37	)		106			61
Canada		977			1,366			304			(5	)		2,642			-			36			32			80			148
Europe and North Africa		-			41			-			12			53			-			32			-			805			837
Asia Pacific and Middle East		-			(2,384	)		83			74			(2,227	)		-			-			-			-			-
Other International		(28	)		-			-			275			247			(34	)		-			325			93			384
Corporate and Other		(43	)		(209	)		(125	)		(819	)		(1,196	)		(285	)		281			(54	)		(623	)		(681	)
Consolidated		763			(3,618	)		222			1,039			(1,594	)		(248	)		349			266			559			926
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska		99			167			103			283			652			445			418			427			347			1,637
Lower 48		(329	)		(72	)		(57	)		14			(444	)		316			410			550			410			1,686
Canada		(29	)		13			(24	)		(38	)		(78	)		(65	)		(3	)		2			(19	)		(85	)
Europe and North Africa		171			82			85			162			500			245			258			241			285			1,029
Asia Pacific and Middle East		236			212			313			368			1,129			461			466			577			566			2,070
Other International		(20	)		(9	)		(20	)		(31	)		(80	)		(10	)		(5	)		(9	)		4			(20	)
Corporate and Other		(305	)		(215	)		(202	)		(218	)		(940	)		(256	)		(253	)		(193	)		(284	)		(986	)
Consolidated		(177	)		178			198			540			739			1,136			1,291			1,595			1,309			5,331
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska		44.9	%		22.3	%		35.3	%		28.8	%		31.5	%		19.5	%		21.4	%		20.1	%		26.2	%		21.7	%
Lower 48		35.5	%		37.9	%		39.2	%		28.3	%		36.6	%		22.5	%		21.7	%		22.3	%		19.1	%		21.4	%
Canada		50.9	%		-83.2	%		34.7	%		31.0	%		46.0	%		38.4	%		-1.5	%		61.1	%		20.3	%		33.6	%
Europe and North Africa		67.8	%		70.4	%		72.0	%		71.7	%		70.3	%		68.3	%		68.1	%		70.3	%		69.0	%		68.9	%
Asia Pacific and Middle East		36.6	%		31.9	%		27.2	%		26.0	%		29.9	%		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%
Other International		20.4	%		14.2	%		-27.3	%		16.9	%		9.9	%		0.7	%		-102.3	%		17.2	%		130.6	%		44.9	%
Corporate and Other		21.1	%		39.2	%		22.7	%		30.4	%		28.5	%		13.8	%		5.8	%		11.3	%		-8.2	%		5.7	%
Consolidated		232.5	%		45.2	%		57.7	%		49.5	%		61.6	%		41.8	%		41.2	%		39.2	%		43.6	%		41.4	%

	2017															2018
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
DETAILED SPECIAL ITEMS
Alaska
Impairments		(174	)		-			-			-			(174	)		-			-			-			-			-
Pending claims and settlements		-			-			-			-			-			101			-			-			-			101
Subtotal before income taxes		(174	)		-			-			-			(174	)		101			-			-			-			101
Income tax provision (benefit)1		(64	)		(32	)		-			(892	)		(988	)		22			-			-			(98	)		(76	)
Total		(110	)		32			-			892			814			79			-			-			98			177
Lower 48
Restructuring		-			(15	)		(3	)		1			(17	)		-			-			(20	)		(3	)		(23	)
Impairments		(51	)		(3,882	)		(2	)		(122	)		(4,057	)		(10	)		-			(43	)		-			(53	)
Gain (loss) on asset sales		-			-			(50	)		-			(50	)		-			-			56			136			192
Pending claims and settlements		-			-			-			-			-			-			-			(41	)		-			(41	)
Subtotal before income taxes		(51	)		(3,897	)		(55	)		(121	)		(4,124	)		(10	)		-			(48	)		133			75
Income tax provision (benefit)1		(18	)		(1,433	)		(15	)		(731	)		(2,197	)		(2	)		-			(11	)		27			14
Total		(33	)		(2,464	)		(40	)		610			(1,927	)		(8	)		-			(37	)		106			61
Canada
Gain (loss) on asset sales		-			1,855			281			-			2,136			-			50			45			-			95
Impairments		-			(18	)		-			-			(18	)		-			-			-			-			-
Restructuring		(27	)		1			-			-			(26	)		-			-			-			-			-
Subtotal before income taxes		(27	)		1,838			281			-			2,092			-			50			45			-			95
Income tax provision (benefit)2		(1,004	)		472			(23	)		5			(550	)		-			14			13			(80	)		(53	)
Total		977			1,366			304			(5	)		2,642			-			36			32			80			148
Europe and North Africa
Impairments		-			-			-			33			33			-			53			-			52			105
Gain (loss) on asset sales		-			-			-			-			-			-			-			-			715			715
Subtotal before income taxes		-			-			-			33			33			-			53			-			767			820
Income tax provision (benefit)3		-			(41	)		-			21			(20	)		-			21			-			(38	)		(17	)
Total		-			41			-			12			53			-			32			-			805			837
Asia Pacific and Middle East
Impairments		-			(2,384	)		-			-			(2,384	)		-			-			-			-			-
Subtotal before income taxes		-			(2,384	)		-			-			(2,384	)		-			-			-			-			-
Income tax provision (benefit)4		-			-			(83	)		(74	)		(157	)		-			-			-			-			-
Total		-			(2,384	)		83			74			(2,227	)		-			-			-			-			-
Other International
Pending claims and settlements		-			-			-			320			320			-			-			345			85			430
Rig termination		(43	)		-			-			-			(43	)		-			-			-			-			-
Subtotal before income taxes		(43	)		-			-			320			277			-			-			345			85			430
Income tax provision (benefit)5		(15	)		-			-			45			30			34			-			20			(8	)		46
Total		(28	)		-			-			275			247			(34	)		-			325			93			384
Corporate and Other
Pension settlement expense		(60	)		(36	)		(20	)		(14	)		(130	)		-			(147	)		(14	)		(35	)		(196	)
Pending claims and settlements		-			2			(9	)		17			10			34			-			(18	)		-			16
Premiums on early debt retirement		-			(234	)		(51	)		(17	)		(302	)		(206	)		(2	)		-			-			(208	)
Unrealized gain (loss) on CVE equity		-			-			-			-			-			(116	)		387			(76	)		(618	)		(423	)
Recognition of deferred licensing revenue6		-			-			-			-			-			-			60			44			-			104
Restructuring		-			-			-			-			-			-			-			(17	)		-			(17	)
Subtotal before income taxes		(60	)		(268	)		(80	)		(14	)		(422	)		(288	)		298			(81	)		(653	)		(724	)
Income tax provision (benefit)4		(17	)		(59	)		45			805			774			(3	)		17			(27	)		(30	)		(43	)
Total		(43	)		(209	)		(125	)		(819	)		(1,196	)		(285	)		281			(54	)		(623	)		(681	)
Total Company		763			(3,618	)		222			1,039			(1,594	)		(248	)		349			266			559			926
1Includes deferred tax adjustment in 2Q 2017 and 4Q 2018 in Alaska and Lower 48; pending claims and settlements in 2Q 2017 in Alaska; and 4Q 2017 U.S. Tax Reform.
2Includes tax adjustment related to Canadian disposition in 1Q 2017; tax benefit related to our prior decision to exit Nova Scotia deepwater exploration in 3Q 2017; 4Q 2017 U.S. Tax Reform; and 4Q 2018 deferred tax adjustment.
3Includes pending claims and settlements in 2Q 2017; 4Q 2017 deferred tax adjustment in U.K.; and 4Q 2017 U.S. Tax Reform.
4Includes pending claims and settlements in 3Q 2017 and 4Q 2017 U.S. Tax Reform.
5Includes 4Q 2017 U.S. Tax Reform and 1Q 2018 Nigeria tax settlement.
6Pursuant to adoption of ASC Topic 606 in 2018.

	2017															2018
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents		3,109			7,534			6,911			6,325			6,325			4,984			3,234			3,716			5,915			5,915
Short-term investments		252			2,733			2,696			1,873			1,873			288			612			875			248			248
Accounts and notes receivable		3,105			3,020			3,222			4,179			4,179			4,032			3,750			4,319			3,920			3,920
Accounts and notes receivable—related parties		254			143			142			141			141			160			180			180			147			147
Investment in Cenovus Energy		-			1,533			2,084			1,899			1,899			1,776			2,159			2,086			1,462			1,462
Inventories		1,097			1,019			1,023			1,060			1,060			1,053			1,093			1,239			1,007			1,007
Prepaid expenses and other current assets		2,911			3,897			876			1,035			1,035			894			580			2,308			575			575
Total Current Assets		10,728			19,879			16,954			16,512			16,512			13,187			11,608			14,723			13,274			13,274
Investments and long-term receivables		21,153			9,681			9,696			9,599			9,599			9,572			9,435			9,553			9,329			9,329
Loans and advances—related parties		522			522			461			461			461			399			399			335			335			335
Net properties, plants and equipment		54,440			46,846			46,669			45,683			45,683			45,997			46,306			44,736			45,698			45,698
Other assets		1,130			1,076			1,081			1,107			1,107			1,572			1,188			1,209			1,344			1,344
Total Assets		87,973			78,004			74,861			73,362			73,362			70,727			68,936			70,556			69,980			69,980
Liabilities
Accounts payable		3,494			3,401			3,378			4,009			4,009			3,824			3,642			3,887			3,863			3,863
Accounts payable—related parties		37			33			38			21			21			62			24			31			32			32
Short-term debt		1,095			3,798			1,331			2,575			2,575			337			89			95			112			112
Accrued income and other taxes		756			791			1,005			1,038			1,038			1,341			1,301			1,582			1,320			1,320
Employee benefit obligations		465			509			528			725			725			408			511			626			809			809
Other accruals		1,679			1,394			851			1,029			1,029			1,137			1,071			1,180			1,259			1,259
Total Current Liabilities		7,526			9,926			7,131			9,397			9,397			7,109			6,638			7,401			7,395			7,395
Long-term debt		25,340			19,670			19,673			17,128			17,128			16,709			14,885			14,902			14,856			14,856
Asset retirement obligations and accrued environmental costs		7,884			7,631			7,763			7,631			7,631			7,789			7,665			7,554			7,688			7,688
Deferred income taxes		7,568			6,335			6,262			5,282			5,282			5,409			5,534			5,535			5,021			5,021
Employee benefit obligations		2,534			2,499			1,903			1,854			1,854			1,832			1,774			1,755			1,764			1,764
Other liabilities and deferred credits		1,520			1,444			1,417			1,269			1,269			1,161			1,218			1,330			1,192			1,192
Total Liabilities		52,372			47,505			44,149			42,561			42,561			40,009			37,714			38,477			37,916			37,916
Equity
Common stock issued
Par value		18			18			18			18			18			18			18			18			18			18
Capital in excess of par		46,510			46,558			46,595			46,622			46,622			46,642			46,746			46,858			46,879			46,879
Treasury stock		(37,018	)		(37,981	)		(38,951	)		(39,906	)		(39,906	)		(40,406	)		(41,052	)		(41,979	)		(42,905	)		(42,905	)
Accumulated other comprehensive income (loss)		(5,961	)		(6,342	)		(5,292	)		(5,518	)		(5,518	)		(5,371	)		(5,637	)		(5,442	)		(6,063	)		(6,063	)
Retained earnings		31,804			28,033			28,130			29,391			29,391			29,663			30,967			32,495			34,010			34,010
Total Common Stockholders' Equity		35,353			30,286			30,500			30,607			30,607			30,546			31,042			31,950			31,939			31,939
Noncontrolling Interests		248			213			212			194			194			172			180			129			125			125
Total Equity		35,601			30,499			30,712			30,801			30,801			30,718			31,222			32,079			32,064			32,064
Total Liabilities and Equity		87,973			78,004			74,861			73,362			73,362			70,727			68,936			70,556			69,980			69,980

	2017															2018
	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)		599			(3,426	)		436			1,598			(793	)		900			1,654			1,873			1,878			6,305
Depreciation, depletion and amortization		1,979			1,625			1,608			1,633			6,845			1,412			1,438			1,494			1,612			5,956
Impairments		175			6,294			6			126			6,601			12			(35	)		44			6			27
Dry hole costs and leasehold impairments		406			22			7			131			566			20			16			28			31			95
Accretion on discounted liabilities		95			92			89			86			362			88			89			89			87			353
Deferred taxes		(1,314	)		(1,234	)		(222	)		(911	)		(3,681	)		65			197			136			(115	)		283
Undistributed equity earnings		(43	)		(78	)		(72	)		(39	)		(232	)		(34	)		128			(105	)		163			152
Gain on dispositions		(22	)		(1,876	)		(246	)		(33	)		(2,177	)		(7	)		(55	)		(113	)		(888	)		(1,063	)
Other		(47	)		222			(542	)		(62	)		(429	)		29			(267	)		15			414			191
Net working capital changes		(38	)		110			(9	)		(48	)		15			(86	)		177			(51	)		595			635
Net Cash Provided by Operating Activities		1,790			1,751			1,055			2,481			7,077			2,399			3,342			3,410			3,783			12,934
Cash Flows from Investing Activities
Capital expenditures and investments		(966	)		(1,020	)		(1,088	)		(1,517	)		(4,591	)		(1,535	)		(1,999	)		(1,599	)		(1,617	)		(6,750	)
Working capital changes associated with investing activities		(26	)		(87	)		95			150			132			28			(120	)		35			(11	)		(68	)
Proceeds from asset dispositions		35			10,707			2,998			120			13,860			169			139			86			688			1,082
Net sales (purchases) of short-term investments		(203	)		(2,450	)		70			793			(1,790	)		1,593			(336	)		(261	)		624			1,620
Long-term collections from (advances to)
related parties and other investments		186			47			(67	)		(15	)		151			(333	)		367			101			138			273
Net Cash Provided by (Used in) Investing Activities		(974	)		7,197			2,008			(469	)		7,762			(78	)		(1,949	)		(1,638	)		(178	)		(3,843	)
Cash Flows from Financing Activities
Repayment of debt		(839	)		(3,240	)		(2,515	)		(1,282	)		(7,876	)		(2,888	)		(2,064	)		(18	)		(25	)		(4,995	)
Issuance of company common stock		(46	)		(17	)		(2	)		2			(63	)		(18	)		60			79			-			121
Repurchase of company common stock		(112	)		(963	)		(970	)		(955	)		(3,000	)		(500	)		(646	)		(927	)		(926	)		(2,999	)
Dividends paid		(331	)		(331	)		(324	)		(319	)		(1,305	)		(338	)		(337	)		(334	)		(354	)		(1,363	)
Other		(16	)		(48	)		(16	)		(32	)		(112	)		(32	)		(16	)		(63	)		(12	)		(123	)
Net Cash Provided by (Used in) Financing Activities		(1,344	)		(4,599	)		(3,827	)		(2,586	)		(12,356	)		(3,776	)		(3,003	)		(1,263	)		(1,317	)		(9,359	)
Effect of Exchange Rate Changes		27			76			141			(12	)		232			125			(139	)		(26	)		(77	)		(117	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(501	)		4,425			(623	)		(586	)		2,715			(1,330	)		(1,749	)		483			2,211			(385	)
Cash, cash equivalents and restricted cash at beginning of period*		3,610			3,109			7,534			6,911			3,610			6,536			5,206			3,457			3,940			6,536
Cash, Cash Equivalents and Restricted Cash at End of Period		3,109			7,534			6,911			6,325			6,325			5,206			3,457			3,940			6,151			6,151
*2018 Cash, cash equivalents and restricted cash at beginning of period has been restated to include $211MM of restricted cash.
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska		228			229			179			179			815			263			581			190			264			1,298
Lower 48		343			383			508			902			2,136			751			889			835			709			3,184
Canada		62			85			33			22			202			173			45			100			159			477
Europe and North Africa		200			212			245			215			872			216			246			216			199			877
Asia Pacific and Middle East		109			93			114			166			482			99			194			200			225			718
Other International		5			5			7			4			21			1			2			3			-			6
Corporate and Other		19			13			2			29			63			32			42			55			61			190
Total Capital Expenditures and Investments		966			1,020			1,088			1,517			4,591			1,535			1,999			1,599			1,617			6,750

	2017											2018
	1st Qtr		2nd Qtr		3rd Qtr			4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
TOTAL SEGMENTS
Production
Total (MBOED)		1,593		1,437		1,226			1,256		1,377		1,269		1,249		1,261		1,357		1,283
Crude Oil (MBD)
Consolidated operations		588		576		568			608		585		621		610		622		705		639
Equity affiliates		13		14		14			14		14		15		14		13		12		14
Total		601		590		582			622		599		636		624		635		717		653
Over (under) lifting of crude oil (MBD)		36		28		11			13		22		15		9		28		11		16
NGL (MBD)
Consolidated operations		127		119		87			84		104		88		95		98		98		95
Equity affiliates		7		8		8			5		7		8		8		8		7		7
Total		134		127		95			89		111		96		103		106		105		102
Bitumen (MBD)
Consolidated operations		52		52		63			67		59		66		63		65		71		66
Equity affiliates		171		85		-			-		63		-		-		-		-		-
Total		223		137		63			67		122		66		63		65		71		66
Natural Gas (MMCFD)
Consolidated operations		2,874		2,484		1,878			1,833		2,263		1,775		1,700		1,707		1,793		1,743
Equity affiliates		935		1,015		1,040			1,035		1,007		1,053		1,054		1,025		992		1,031
Total		3,809		3,499		2,918			2,868		3,270		2,828		2,754		2,732		2,785		2,774
Industry Prices
Crude Oil ($/BBL)
WTI		51.83		48.24		48.16			55.35		50.90		62.88		67.99		69.71		59.09		64.92
WCS		37.25		37.12		38.22			43.08		38.92		38.60		48.72		47.47		19.64		38.61
Brent dated		53.78		49.83		52.09			61.39		54.27		66.76		74.35		75.27		67.76		71.04
JCC ($/BBL)		47.21		54.95		53.16			49.87		51.30		58.62		66.66		71.51		76.66		68.36
Natural Gas ($/MMBTU)
Henry Hub first of month		3.32		3.19		2.99			2.93		3.11		3.01		2.80		2.91		3.65		3.09
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations		50.86		48.11		49.31			58.95		51.89		65.47		70.42		72.97		63.74		68.03
Equity affiliates		55.58		50.55		52.29			60.52		54.76		66.50		76.11		76.62		70.73		72.49
Total		50.97		48.16		49.39			58.99		51.96		65.49		70.55		73.05		63.86		68.13
NGL ($/BBL)
Consolidated operations		23.81		19.97		22.50			32.08		24.21		26.68		28.57		33.80		26.61		29.03
Equity affiliates		43.20		34.49		35.94			44.06		38.74		43.99		43.60		49.71		45.48		45.69
Total		24.87		20.99		23.82			32.79		25.22		28.37		29.94		35.14		28.04		30.48
Bitumen ($/BBL)
Consolidated operations		15.63		19.28		24.19			25.20		21.43		14.06		32.38		34.15		11.65		22.29
Equity affiliates		23.63		24.19		-			-		23.83		-		-		-		-		-
Total		21.56		22.42		24.19			25.20		22.66		14.06		32.38		34.15		11.65		22.29
Natural Gas ($/MCF)
Consolidated operations		3.78		3.64		3.88			4.80		3.97		5.18		4.85		5.48		6.05		5.40
Equity affiliates		4.00		4.29		4.51			4.25		4.27		5.04		5.72		6.35		7.15		6.06
Total		3.84		3.83		4.11			4.59		4.07		5.13		5.18		5.81		6.46		5.65
Exploration Expenses ($ Millions)
Dry holes		343		14		(3	)		76		430		15		1		12		11		39
Leasehold impairment		63		8		10			55		136		5		15		16		20		56
Total noncash expenses		406		22		7			131		566		20		16		28		31		95
Other (G&A, G&G and lease rentals)*		144		75		66			83		368		75		53		75		71		274
Total exploration expenses*		550		97		73			214		934		95		69		103		102		369
U.S. exploration expenses*		427		43		38			152		660		66		49		59		58		232
International exploration expenses*		123		54		35			62		274		29		20		44		44		137
*2017 has been restated to align with current period financial statements.
DD&A ($ Millions)
Alaska		234		216		188			208		846		185		182		161		213		741
Lower 48		819		666		612			627		2,724		498		553		603		653		2,307
Canada		196		70		84			89		439		91		85		89		50		315
Europe and North Africa		346		318		317			286		1,267		285		275		281		278		1,119
Asia Pacific and Middle East		350		321		374			390		1,435		327		317		334		390		1,368
Other International		-		-		-			-		-		-		-		-		-		-
Corporate and Other		34		34		33			33		134		26		26		26		28		106
Total DD&A		1,979		1,625		1,608			1,633		6,845		1,412		1,438		1,494		1,612		5,956

	2017										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
PRODUCTION
Crude Oil (MBD)
Alaska		175		169		154		173		167		174		170		152		187		171
Lower 48		176		179		175		191		180		197		218		240		262		229
Canada		6		3		1		2		3		2		1		1		1		1
Norway		103		99		95		90		97		89		82		89		89		87
United Kingdom		28		26		23		24		25		29		23		23		29		26
Libya		9		11		23		34		20		40		34		33		39		36
Europe and North Africa		140		136		141		148		142		158		139		145		157		149
Australia/Timor-Leste		7		6		6		6		6		4		3		3		5		4
China		41		38		37		35		38		37		29		34		42		36
Indonesia		2		2		2		2		2		2		2		2		2		2
Malaysia		41		43		52		51		47		47		48		45		49		47
Equity affiliates		13		14		14		14		14		15		14		13		12		14
AP/ME		104		103		111		108		107		105		96		97		110		103
Total		601		590		582		622		599		636		624		635		717		653
NGL (MBD)
Alaska		15		14		11		15		14		16		14		12		16		14
Lower 48		75		79		64		58		69		60		70		73		71		69
Canada		23		13		1		-		9		-		-		2		-		1
Norway		4		4		4		4		4		4		4		4		3		4
United Kingdom		5		5		3		3		4		4		4		4		4		4
Europe and North Africa		9		9		7		7		8		8		8		8		7		8
Australia/Timor-Leste		5		4		4		4		4		4		3		3		4		3
Equity affiliates		7		8		8		5		7		8		8		8		7		7
AP/ME		12		12		12		9		11		12		11		11		11		10
Total		134		127		95		89		111		96		103		106		105		102
Bitumen (MBD)
Consolidated operations		52		52		63		67		59		66		63		65		71		66
Equity affiliates		171		85		-		-		63		-		-		-		-		-
Total		223		137		63		67		122		66		63		65		71		66
Natural Gas (MMCFD)
Alaska		7		7		5		7		7		7		6		5		7		6
Lower 48		1,116		1,142		765		576		898		568		593		608		616		596
Canada		488		247		10		12		187		13		14		12		9		12
Norway		213		188		193		206		200		208		172		189		206		194
United Kingdom		328		284		209		284		276		309		309		238		270		281
Libya		3		4		6		20		8		31		26		25		31		28
Europe and North Africa		544		476		408		510		484		548		507		452		507		503
Australia/Timor-Leste		284		260		241		286		267		295		241		289		276		275
Indonesia		327		276		323		305		308		307		305		316		307		309
Malaysia		108		76		126		137		112		37		34		25		71		42
Equity affiliates		935		1,015		1,040		1,035		1,007		1,053		1,054		1,025		992		1,031
AP/ME		1,654		1,627		1,730		1,763		1,694		1,692		1,634		1,655		1,646		1,657
Total		3,809		3,499		2,918		2,868		3,270		2,828		2,754		2,732		2,785		2,774
Total (MBOED)
Alaska		191		184		166		189		182		191		185		165		204		186
Lower 48		437		448		366		345		399		352		387		414		436		397
Consolidated operations		162		109		67		71		102		70		67		70		74		70
Equity affiliates		171		85		-		-		63		-		-		-		-		-
Canada		333		194		67		71		165		70		67		70		74		70
Norway		143		134		131		128		134		128		114		125		126		123
United Kingdom		88		78		61		75		75		85		78		67		78		77
Libya		9		12		24		37		21		45		38		37		44		41
Europe and North Africa		240		224		216		240		230		258		230		229		248		241
Australia/Timor-Leste		59		53		50		58		55		57		46		54		55		53
China		41		38		37		35		38		37		29		34		42		36
Indonesia		57		48		56		52		53		53		53		54		53		53
Malaysia		59		56		73		74		66		53		54		49		61		54
Equity affiliates		176		192		195		192		189		198		198		192		184		193
AP/ME		392		387		411		411		401		398		380		383		395		389
Total		1,593		1,437		1,226		1,256		1,377		1,269		1,249		1,261		1,357		1,283

	2017										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska		52.09		49.95		50.53		60.68		53.33		68.31		72.49		76.47		66.58		70.86
Lower 48		45.89		43.38		45.29		54.27		47.36		61.99		65.79		67.73		57.08		62.99
Canada		43.82		43.35		-		-		43.69		-		-		-		-		48.73
Norway		54.14		51.19		51.94		62.28		54.61		65.84		73.13		77.74		70.19		71.61
United Kingdom		50.09		51.72		46.88		57.63		51.85		64.27		70.97		76.51		66.56		69.00
Libya		52.98		48.77		51.00		60.82		55.11		65.90		72.86		73.42		68.30		69.83
Europe and North Africa		53.34		50.98		51.05		61.04		54.21		65.57		72.65		76.54		68.97		70.71
Australia/Timor-Leste		53.85		49.43		50.35		63.35		54.10		70.71		72.25		71.12		68.88		70.70
China		50.31		46.00		49.09		58.07		50.91		62.49		69.51		70.71		62.37		65.94
Indonesia		42.45		37.44		38.89		75.00		47.09		58.60		49.93		55.16		50.54		53.34
Malaysia		58.13		52.64		54.66		64.54		57.59		70.42		78.42		79.32		73.50		75.33
AP/ME		53.74		49.28		52.06		62.09		54.38		67.07		74.88		74.78		67.76		70.93
Total consolidated operations		50.86		48.11		49.31		58.95		51.89		65.47		70.42		72.97		63.74		68.03
Equity affiliates		55.58		50.55		52.29		60.52		54.76		66.50		76.11		76.62		70.73		72.49
Total		50.97		48.16		49.39		58.99		51.96		65.49		70.55		73.05		63.86		68.13
NGL ($/BBL)
Consolidated operations
Lower 48		22.07		18.99		20.72		28.41		22.20		24.57		26.71		32.17		25.13		27.30
Canada		21.32		20.96		-		-		21.51		-		-		-		-		43.70
Norway		31.77		24.24		28.86		40.56		34.14		32.58		41.12		35.57		33.23		35.56
United Kingdom		30.32		25.32		33.07		43.60		33.98		33.43		39.77		40.43		37.14		38.13
Europe and North Africa		31.21		24.88		31.16		41.74		34.07		32.98		40.35		38.80		34.75		36.87
Australia/Timor-Leste		42.96		34.54		35.74		49.26		41.37		44.36		44.23		52.30		42.66		47.20
AP/ME		42.96		34.54		35.74		49.26		41.37		44.36		44.23		52.30		42.66		47.20
Total consolidated operations		23.81		19.97		22.50		32.08		24.21		26.68		28.57		33.80		26.61		29.03
Equity affiliates		43.20		34.49		35.94		44.06		38.74		43.99		43.60		49.71		45.48		45.69
Total		24.87		20.99		23.82		32.79		25.22		28.37		29.94		35.14		28.04		30.48
Bitumen ($/BBL)
Consolidated operations*		15.63		19.28		24.19		25.20		21.43		14.06		32.38		34.15		11.65		22.29
Equity affiliates		23.63		24.19		-		-		23.83		-		-		-		-		-
Total		21.56		22.42		24.19		25.20		22.66		14.06		32.38		34.15		11.65		22.29
Natural Gas ($/MCF)
Consolidated operations
Alaska		3.53		1.43		4.55		2.59		2.72		2.51		2.51		2.52		2.41		2.48
Lower 48		2.83		2.72		2.63		2.68		2.73		2.76		2.34		2.80		3.35		2.82
Canada		1.95		2.00		-		-		1.93		-		-		-		-		1.00
Norway		5.52		4.87		5.00		6.59		5.54		7.32		7.19		8.23		8.57		7.87
United Kingdom		6.07		4.99		5.20		6.89		5.84		7.58		7.31		7.37		8.73		7.74
Libya		-		-		0.09		3.68		3.53		5.62		5.52		4.11		4.10		4.84
Europe and North Africa		5.86		4.95		5.09		6.65		5.70		7.38		7.19		7.62		8.42		7.65
Australia/Timor-Leste**		0.57		0.77		0.64		0.61		0.65		0.62		0.69		1.14		0.79		0.82
Indonesia		6.52		6.34		5.81		6.38		6.26		6.61		6.96		7.09		7.71		7.10
Malaysia		2.82		3.07		3.30		3.16		3.10		2.78		3.06		3.11		3.64		3.25
AP/ME		4.96		5.05		4.63		5.27		4.98		5.57		5.50		6.53		6.90		6.15
Total consolidated operations		3.78		3.64		3.88		4.80		3.97		5.18		4.85		5.48		6.05		5.40
Equity affiliates		4.00		4.29		4.51		4.25		4.27		5.04		5.72		6.35		7.15		6.06
Total		3.84		3.83		4.11		4.59		4.07		5.13		5.18		5.81		6.46		5.65
*2018 average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
**Excludes transfers to Darwin LNG plant.

	2017															2018
	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)		(348	)		(424	)		(327	)		(1,037	)		(2,136	)		(541	)		28			(247	)		(907	)		(1,667	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense		(253	)		(174	)		(176	)		(136	)		(739	)		(160	)		(174	)		(174	)		(172	)		(680	)
Corporate G&A expenses*		(51	)		(39	)		(42	)		(61	)		(193	)		(50	)		(53	)		(36	)		48			(91	)
Technology**		9			-			20			(9	)		20			(10	)		63			64			(8	)		109
Other*		(53	)		(211	)		(129	)		(831	)		(1,224	)		(321	)		192			(101	)		(775	)		(1,005	)
Total		(348	)		(424	)		(327	)		(1,037	)		(2,136	)		(541	)		28			(247	)		(907	)		(1,667	)
*2017 has been restated to align with current period financial statements.
**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		(340	)		(336	)		(282	)		(259	)		(1,217	)		(221	)		(222	)		(236	)		(226	)		(905	)
Capitalized interest		25			30			31			33			119			37			45			50			38			170
Interest revenue		11			17			29			43			100			22			15			18			24			79
Total		(304	)		(289	)		(222	)		(183	)		(998	)		(162	)		(162	)		(168	)		(164	)		(656	)
Debt
Total debt ($ Millions)		26,435			23,468			21,004			19,703			19,703			17,046			14,974			14,997			14,968			14,968
Debt-to-capital ratio (%)		43	%		43	%		41	%		39	%		39	%		36	%		32	%		32	%		32	%		32	%
Equity ($ Millions)		35,601			30,499			30,712			30,801			30,801			30,718			31,222			32,079			32,064			32,064

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