8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):   February 4, 2020

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 Parkway
Houston, Texas 77079
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:  (281) 293-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value Per Share	COP	New York Stock Exchange
7% Debentures due 2029	CUSIP-718507BK1	New York Stock Exchange

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. ☐

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Item 2.02 Results of Operations and Financial Condition.

On February 4, 2020 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2019 and its estimate of preliminary net reserves as of December 31, 2019.  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 February 4, 2020.
99.2	—	Supplemental financial information.
104	—	Cover Page Interactive Data File (formatted as Inline XBRL and filed herewith).

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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
February 4, 2020

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EX-99.1

Exhibit 99.1

ConocoPhillips Reports Fourth-Quarter and Full-Year 2019 Results; Announces Preliminary 2019 Year-End Reserves, Quarterly Dividend and Increase in Existing Share Repurchase Authorization to $25 Billion

HOUSTON--(BUSINESS WIRE)--February 4, 2020--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share. Excluding special items, fourth-quarter 2019 adjusted earnings were $0.8 billion, or $0.76 per share, compared with fourth-quarter 2018 adjusted earnings of $1.3 billion, or $1.13 per share. Special items for the current quarter included primarily a non-cash impairment related to a planned Lower 48 disposition, partially offset by an unrealized gain on Cenovus Energy equity.

Full-year 2019 earnings were $7.2 billion, or $6.40 per share, compared with full-year 2018 earnings of $6.3 billion, or $5.32 per share. Excluding special items, full-year 2019 adjusted earnings were $4.0 billion, or $3.59 per share, compared with full-year 2018 adjusted earnings of $5.3 billion, or $4.54 per share.

Full-Year 2019 Summary

• Cash provided by operating activities was $11.1 billion. Excluding working capital, cash from operations (CFO) of $11.7 billion exceeded capital expenditures and investments, generating free cash flow of more than $5 billion.
• Repurchased $3.5 billion of shares and paid $1.5 billion in dividends fully funded from free cash flow, representing a return of 43 percent of CFO to shareholders.
• Increased the quarterly dividend by 38 percent to 42 cents per share.
• Achieved 100 percent total reserve replacement and 117 percent organic reserve replacement.
• Full-year production, excluding Libya, of 1,305 MBOED; underlying production grew 5 percent.
• Increased full-year Lower 48 Big 3 production by 22 percent.
• Executed successful Alaska appraisal program; conducted appraisal drilling and commissioned infrastructure at Montney in Canada.
• Completed Lower 48, Alaska and Argentina acquisitions; awarded a new 20-year Indonesia Corridor Block production sharing contract (PSC).
• Generated $3 billion in disposition proceeds; entered into agreements to sell Australia-West assets for $1.4 billion and Niobrara for $0.4 billion, both subject to customary closing adjustments, as well as regulatory and other approvals.
• Reduced asset retirement obligations by $2.3 billion primarily from closed and pending dispositions.
• Ended the year with cash, cash equivalents and restricted cash totaling $5.4 billion and short-term investments of $3 billion, equaling $8.4 billion of ending cash and short-term investments.
• Achieved 11 percent return on capital employed.

“Strong 2019 performance capped off a highly successful three-year period in which we transformed our business model and significantly improved our underlying performance drivers across the company,” said Ryan Lance, chairman and chief executive officer. “We’ve positioned ConocoPhillips to deliver sustained value through price cycles due to our strong balance sheet, focus on free cash flow generation, compelling returns of and returns on capital and our commitment to environmental, social and governance leadership. We have laid out a powerful 10-year plan based on our formula for value creation and we look forward to successfully delivering that plan in the quarters and years ahead.”

Quarterly Dividend and Share Repurchase Authorization Increase

ConocoPhillips announced a quarterly dividend of 42 cents per share, payable March 2, 2020, to stockholders of record at the close of business on Feb. 14, 2020.

The company also announced that the Board of Directors approved a $10 billion increase in the existing share repurchase program to $25 billion, consistent with the company’s plan for future share repurchases. Since program inception in late 2016 the company has repurchased $9.6 billion in shares through 2019, and plans $3 billion in share repurchases during 2020.

Reserves Update

Preliminary 2019 year-end proved reserves are approximately 5.3 billion barrels of oil equivalent (BOE), with total reserve replacement of 100 percent, including a net decrease of approximately 0.1 billion BOE from closed dispositions related largely to the United Kingdom divestiture.

Excluding disposition impacts, organic reserve replacement is 117 percent. Approximately 50 percent of organic reserve additions are from Lower 48 unconventional assets. The remaining additions were evenly spread across the other operating segments.

Final information related to the company’s 2019 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 February.

Fourth-Quarter Review

Production excluding Libya for the fourth quarter of 2019 was 1,289 thousand barrels of oil equivalent per day (MBOED), a decrease of 24 MBOED from the same period a year ago. Adjusting for closed dispositions and acquisitions, underlying production increased 24 MBOED primarily due to production growth from the Big 3, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 45 MBOED.

In the Lower 48, production from the Big 3 averaged 387 MBOED, including Eagle Ford of 221 MBOED, Bakken of 96 MBOED and Permian Unconventional of 70 MBOED. In Alaska, the company completed drilling a horizontal appraisal well into the recently discovered Narwhal trend. In Canada, the Surmont alternative diluent project started up, providing the flexibility to use both condensate and synthetic crude for bitumen blending. Additionally, in Indonesia a new 20-year Corridor Block PSC was awarded, extending the term to 2043.

Earnings decreased from fourth-quarter 2018 due to the absence of a gain on sale of partial interest in the United Kingdom Clair Field in 2018, as well as a non-cash impairment related to the pending sale of Niobrara, lower realized prices and reduced volumes as a result of dispositions. These decreases were partially offset by the change in Cenovus Energy equity market value. Excluding special items, adjusted earnings were lower compared with fourth-quarter 2018 due to lower realized prices and volumes. The company’s total realized price was $47.01 per BOE, 11 percent lower than the $53.00 per BOE realized in the fourth quarter of 2018, reflecting lower marker prices.

For the quarter, cash provided by operating activities was $3 billion. Excluding a $0.3 billion change in operating working capital, ConocoPhillips generated CFO of $2.7 billion. CFO did not include a quarterly payment required by the PDVSA International Chamber of Commerce (ICC) settlement. Capital expenditures and investments totaled $1.6 billion, share repurchases were $0.7 billion, and dividends were $0.5 billion.

Full-Year Review

Production excluding Libya for 2019 was 1,305 MBOED, a 63 MBOED increase from 1,242 MBOED in 2018. Adjusting for closed dispositions and acquisitions, underlying production increased 59 MBOED primarily due to growth from the Big 3, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 43 MBOED in 2019.

The company’s total realized price for 2019 was $48.78 per BOE, 9 percent lower than the $53.88 per BOE realized in 2018. This reduction reflected lower price realizations for crude, natural gas liquids and natural gas, partially offset by higher price realizations for bitumen and liquefied natural gas.

In 2019, cash provided by operating activities was $11.1 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated $11.7 billion in CFO, exceeding the total of $6.6 billion in capital expenditures and investments, $3.5 billion in share repurchases and $1.5 billion in dividends. CFO included $325 million collected through September from the PDVSA ICC settlement. Capital expenditures and investments included approximately $0.3 billion primarily for acquisitions in Lower 48 and Alaska, as well as for the Indonesia PSC award. The company also generated $3 billion in disposition proceeds and purchased $2.9 billion of short-term and long-term financial instruments. This resulted in a year-end balance of $5.4 billion in cash, cash equivalents and restricted cash, as well as $3 billion in short-term investments.

Outlook

The company’s 2020 operating plan capital guidance is $6.5 billion to $6.7 billion. The plan includes funding for ongoing development drilling programs, major projects, exploration and appraisal activities, as well as base maintenance. Capital spend is expected to be higher in the first quarter largely from winter construction and exploration and appraisal drilling in Alaska. Guidance does not include capital for acquisitions.

The company’s 2020 production guidance is 1,230 MBOED to 1,270 MBOED, including the impact of a recent third-party pipeline outage on the Kebabangan Field in Malaysia. First-quarter 2020 production is expected to be 1,240 MBOED to 1,280 MBOED. Production guidance excludes Libya.

Guidance for 2020 operating cost is $5.9 billion; adjusted corporate segment net expense is $1 billion; depreciation, depletion and amortization is $6 billion; and exploration dry hole and leasehold impairment expense is $0.1 billion. Guidance excludes potential special items.

ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor.

--- # # # ---

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 10,400 employees as of Dec. 31, 2019. Production excluding Libya averaged 1,305 MBOED for 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. 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 as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," “budget,” "continue," "could," "intend," "may," "plan," "potential," "predict," “seek,” "should," "will," “would,” "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. 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 be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on 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 collect payments from the government of Venezuela as ordered by the ICSID; 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; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and 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 expressly disclaims any obligation to update 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 adjusted 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), adjusted operating costs and adjusted corporate segment net expense, are useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding 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. Free cash flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations such as debt service that are not deducted from the measure. 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 plus after-tax interest expense and excluding after-tax interest income, and the denominator of which is average total equity plus total debt adjusted for average cash, cash equivalents, restricted cash and short-term investments. The net income is adjusted for non-operational or special items impacts. 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 – This news release also contains the terms underlying production, reserve replacement and organic reserve replacement. Underlying production excludes Libya and reflects the impact of closed acquisitions and dispositions (A&D) with an assumed close date of January 1, 2018. The company believes that underlying production is useful to investors to compare production excluding Libya and reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with 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
	4Q19								4Q18								2019 FY								2018 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					$ 720		0.65						1,868		1.61						7,189		6.40						6,257		5.32
Adjustments:
Impairments	386		(90	)	296		0.27		(52	)	21		(31	)	(0.03	)	682		(156	)	526		0.47		(52	)	30		(22	)	(0.02	)
Qatar deferred tax adjustment	118		-		118		0.11		-		-		-		-		118		-		118		0.11		-		-		-		-
Pending claims and settlements	10		33		43		0.04		(85	)	(8	)	(93	)	(0.08	)	(378	)	(4	)	(382	)	(0.34	)	(506	)	64		(442	)	(0.38	)
Unrealized (gain) loss on FX derivative	18		(3	)	15		0.01		(6	)	1		(5	)	-		33		(5	)	28		0.02		(14	)	3		(11	)	(0.01	)
Pension settlement expense	8		(2	)	6		0.01		35		(7	)	28		0.02		45		(9	)	36		0.03		196		(36	)	160		0.14
Net gain on asset sales	(67	)	11		(56	)	(0.05	)	(851	)	(29	)	(880	)	(0.75	)	(1,880	)	(348	)	(2,228	)	(1.98	)	(1,002	)	10		(992	)	(0.84	)
Deferred tax adjustments	-		(151	)	(151	)	(0.14	)	-		(177	)	(177	)	(0.15	)	-		(178	)	(178	)	(0.16	)	-		(177	)	(177	)	(0.15	)
Unrealized (gain) loss on CVE shares	(160	)	-		(160	)	(0.14	)	624		(27	)	597		0.51		(649	)	-		(649	)	(0.58	)	437		(1	)	436		0.37
Malaysia Deepwater tax incentive	-		-		-		-		-		-		-		-		-		(164	)	(164	)	(0.15	)	-		-		-		-
Recognition of deferred income	-		-		-		-		-		-		-		-		(297	)	62		(235	)	(0.21	)	(104	)	-		(104	)	(0.09	)
Alberta tax rate change	-		-		-		-		-		-		-		-		-		(25	)	(25	)	(0.02	)	-		-		-		-
Restructuring	-		-		-		-		3		(1	)	2		-		-		-		-		-		40		(9	)	31		0.03
Premiums on early debt retirement	-		-		-		-		-		-		-		-		-		-		-		-		208		(13	)	195		0.17
Adjusted earnings / (loss)					$ 831		0.76						1,309		1.13						4,036		3.59						5,331		4.54
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
	4Q19	2019 FY
Net Cash Provided by Operating Activities	2,982	11,104
Adjustments:
Net operating working capital changes	313	(579	)
Cash from operations	2,669	11,683
Capital expenditures and investments	1,595	6,636
Free Cash Flow	1,074	5,047

ConocoPhillips
Table 3: Reconciliation of reported production to underlying production
In MBOED, Except as Indicated
	4Q19		4Q18		2019 FY		2018 FY
Total Reported Production	1,334		1,357		1,348		1,283
Adjustments:
Libya	(45	)	(44	)	(43	)	(41	)
Total Production excluding Libya	1,289		1,313		1,305		1,242
Dispositions1	(2	)	(82	)	(51	)	(87	)
Acquisitions2	-		32		-		40
Total Underlying Production	1,287		1,263		1,254		1,195
1Includes production from the completed U.K. and various Lower 48 dispositions.
2Includes production from the additional interests acquired in Alaska.

ConocoPhillips
Table 4: Reconciliation of preliminary year-end reserves to replacement from additions
MMBOE, Except as Indicated
End of 2018	5,263
End of 2019	5,262
Change in reserves	(1	)
Production1	512
Change in reserves excluding production1	511
Total reserve replacement ratio	100	%
Production1	512
Purchases2	(2	)
Sales2	88
Changes in reserves excluding production1, purchases2 and sales2	597
Organic reserve replacement ratio	117	%
1Production includes fuel gas and Libya
2Purchases refers to acquisitions and sales refers to dispositions

ConocoPhillips
Table 5: Return on capital employed (ROCE)
$ Millions, Except as Indicated
Numerator	2019 FY		2018 FY
Net Income Attributable to ConocoPhillips	7,189		6,257
Adjustment to exclude special items	(3,153	)	(926	)
Net income attributable to noncontrolling interests	68		48
After-tax interest expense	637		594
After-tax interest income	(119	)	(77	)
ROCE Earnings	4,622		5,896
Denominator
Average total equity1	33,713		31,363
Average total debt2	14,930		16,088
Average total cash3	(7,352	)	(5,446	)
Average capital employed	41,291		42,005
ROCE (percent)	11.2	%	14.0	%
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.
3 Average total cash is the average of beginning cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.

ConocoPhillips
Table 6: Reconciliation of production and operating expenses to adjusted operating costs
$ Millions, Except as Indicated
	2019 FY		2020 FY Guidance
Production and operating expenses	5,322		~5,100
Adjustments:
Selling, general and administrative (G&A) expenses	556		~350
Exploration G&A, G&G and lease rentals	322		~450
Operating costs	6,200		~5,900
Adjustments to exclude special items
Less pending claims and settlements	(60	)	-
Adjusted operating costs	6,140		~5,900

ConocoPhillips
Table 7: Reconciliation of adjusted corporate segment net expense
$ Millions, Except as Indicated
	2019 FY		2020 FY Guidance
Corporate and Other earnings	38		~(1,000)
Adjustments to exclude special items:
Less unrealized loss (gain) on CVE share	(649	)	-
Less pension settlement expense	45		-
Less unrealized loss (gain) on FX derivative	33		-
Less pending claims and settlements	(44	)	-
Less recognition of deferred revenue	(297	)	-
Less tax on special items	(86	)	-
Adjusted corporate segment net expense	(960	)	~(1,000)

ConocoPhillips
Table 8: Reconciliation of dry hole and leasehold impairment
$ Millions, Except as Indicated
	2019 FY		2020 FY Guidance
Dry holes	200		~90
Leasehold impairment	221		~10
Dry hole and leasehold impairment	421		~100
Adjustment to exclude special items:
Less impairments	(148	)	-
Adjusted dry hole and leasehold impairment	273		~100

Contacts

John C. Roper (media)
281-293-1451
john.c.roper@conocophillips.com

Investor Relations
281-293-5000
investor.relations@conocophillips.com

EX-99.2

Exhibit 99.2

Fourth-Quarter 2019 Detailed Supplemental Information

	2018															2019
	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		8,798			8,504			9,449			9,666			36,417			9,150			7,953			7,756			7,708			32,567
Equity in earnings of affiliates		208			265			294			307			1,074			188			173			290			128			779
Gain on dispositions		7			55			113			888			1,063			17			82			1,785			82			1,966
Other income (loss)		(52	)		416			309			(500	)		173			702			172			262			222			1,358
Total Revenues and Other Income		8,961			9,240			10,165			10,361			38,727			10,057			8,380			10,093			8,140			36,670
Costs and Expenses
Purchased commodities		3,714			3,064			3,530			3,986			14,294			3,675			2,674			2,710			2,783			11,842
Production and operating expenses		1,171			1,313			1,367			1,362			5,213			1,271			1,418			1,331			1,302			5,322
Selling, general and administrative expenses		99			118			119			65			401			153			129			87			187			556
Exploration expenses		95			69			103			102			369			110			122			360			151			743
Depreciation, depletion and amortization		1,412			1,438			1,494			1,612			5,956			1,546			1,490			1,566			1,488			6,090
Impairments		12			(35	)		44			6			27			1			1			24			379			405
Taxes other than income taxes		183			273			312			280			1,048			275			194			237			247			953
Accretion on discounted liabilities		88			89			89			87			353			86			87			86			67			326
Interest and debt expense		184			177			186			188			735			233			165			184			196			778
Foreign currency transaction (gains) losses		30			(28	)		5			(24	)		(17	)		12			28			(21	)		47			66
Other expenses		197			143			10			25			375			8			14			36			7			65
Total Costs and Expenses		7,185			6,621			7,259			7,689			28,754			7,370			6,322			6,600			6,854			27,146
Income before income taxes		1,776			2,619			2,906			2,672			9,973			2,687			2,058			3,493			1,286			9,524
Income tax provision		876			965			1,033			794			3,668			841			461			422			543			2,267
Net Income		900			1,654			1,873			1,878			6,305			1,846			1,597			3,071			743			7,257
Less: net income attributable to noncontrolling interests		(12	)		(14	)		(12	)		(10	)		(48	)		(13	)		(17	)		(15	)		(23	)		(68	)
Net Income Attributable to ConocoPhillips		888			1,640			1,861			1,868			6,257			1,833			1,580			3,056			720			7,189
Net Income Attributable to ConocoPhillips Per Share of Common Stock (dollars)
Basic		0.75			1.40			1.60			1.62			5.36			1.61			1.40			2.76			0.66			6.43
Diluted		0.75			1.39			1.59			1.61			5.32			1.60			1.40			2.74			0.65			6.40
Average Common Shares Outstanding (in thousands)*
Basic		1,179,792			1,172,378			1,163,033			1,151,148			1,166,499			1,139,463			1,125,995			1,108,555			1,095,606			1,117,260
Diluted		1,186,454			1,181,167			1,172,694			1,159,305			1,175,538			1,146,515			1,131,242			1,113,250			1,099,786			1,123,536
*Ending Common Shares Outstanding is 1,084,868 as of Dec. 31, 2019, compared with 1,097,269 as of Sep. 30, 2019.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska		654			531			535			470			2,190			505			580			417			491			1,993
Lower 48		398			523			660			640			2,221			261			269			35			9			574
Canada		(105	)		47			49			(24	)		(33	)		73			100			69			(6	)		236
Europe and North Africa		771			862			811			1,687			4,131			709			602			2,345			502			4,158
Asia Pacific and Middle East		653			629			815			743			2,840			730			642			606			509			2,487
Other International		(10	)		(2	)		334			72			394			130			87			75			(21	)		271
Corporate and Other		(585	)		29			(298	)		(916	)		(1,770	)		279			(222	)		(54	)		(198	)		(195	)
Consolidated		1,776			2,619			2,906			2,672			9,973			2,687			2,058			3,493			1,286			9,524
EFFECTIVE INCOME TAX RATES
Alaska*		19.9	%		21.4	%		20.1	%		5.4	%		17.2	%		23.9	%		20.5	%		26.6	%		24.7	%		23.7	%
Lower 48		22.6	%		21.7	%		22.2	%		19.3	%		21.3	%		26.2	%		23.1	%		27.7	%		-32.5	%		24.0	%
Canada		38.4	%		29.7	%		31.2	%		361.3	%		291.3	%		-66.4	%		-1.0	%		26.1	%		196.6	%		-18.3	%
Europe and North Africa		68.3	%		66.3	%		70.3	%		35.4	%		54.8	%		70.8	%		32.4	%		14.6	%		78.4	%		34.5	%
Asia Pacific and Middle East		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%		26.2	%		17.1	%		-3.8	%		41.8	%		19.7	%
Other International		-336.7	%		-102.3	%		5.4	%		-33.5	%		7.6	%		-1.3	%		6.6	%		4.4	%		-0.8	%		2.8	%
Corporate and Other		7.5	%		5.3	%		17.3	%		0.9	%		5.8	%		3.0	%		13.3	%		74.3	%		86.6	%		119.4	%
Consolidated		49.3	%		36.8	%		35.5	%		29.7	%		36.8	%		31.3	%		22.4	%		12.1	%		42.2	%		23.8	%
*Alaska including taxes other than income taxes.		22.4	%		36.1	%		37.1	%		24.9	%		30.3	%		38.1	%		25.8	%		40.6	%		38.2	%		35.4	%

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
EARNINGS BY SEGMENT
Alaska		524			418			427			445			1,814			384			462			306			368			1,520
Lower 48		308			410			513			516			1,747			193			206			26			11			436
Canada		(65	)		33			34			61			63			122			100			51			6			279
Europe and North Africa		245			290			241			1,090			1,866			207			407			2,001			109			2,724
Asia Pacific and Middle East		461			466			577			566			2,070			525			517			613			274			1,929
Other International		(44	)		(5	)		316			97			364			131			81			73			(22	)		263
Corporate and Other		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)		(14	)		(26	)		38
Consolidated		888			1,640			1,861			1,868			6,257			1,833			1,580			3,056			720			7,189
SPECIAL ITEMS
Alaska		79			-			-			98			177			-			81			(6	)		4			79
Lower 48		(8	)		-			(37	)		106			61			(47	)		(125	)		(110	)		(230	)		(512	)
Canada		-			36			32			80			148			68			66			-			-			134
Europe and North Africa		-			32			-			805			837			-			234			1,845			(7	)		2,072
Asia Pacific and Middle East		-			-			-			-			-			-			52			164			(151	)		65
Other International		(34	)		-			325			93			384			147			84			86			-			317
Corporate and Other		(285	)		281			(54	)		(623	)		(681	)		517			45			163			273			998
Consolidated		(248	)		349			266			559			926			685			437			2,142			(111	)		3,153
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska		445			418			427			347			1,637			384			381			312			364			1,441
Lower 48		316			410			550			410			1,686			240			331			136			241			948
Canada		(65	)		(3	)		2			(19	)		(85	)		54			34			51			6			145
Europe and North Africa		245			258			241			285			1,029			207			173			156			116			652
Asia Pacific and Middle East		461			466			577			566			2,070			525			465			449			425			1,864
Other International		(10	)		(5	)		(9	)		4			(20	)		(16	)		(3	)		(13	)		(22	)		(54	)
Corporate and Other		(256	)		(253	)		(193	)		(284	)		(986	)		(246	)		(238	)		(177	)		(299	)		(960	)
Consolidated		1,136			1,291			1,595			1,309			5,331			1,148			1,143			914			831			4,036
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska		19.5	%		21.4	%		20.1	%		26.2	%		21.7	%		23.9	%		25.6	%		25.2	%		25.4	%		25.0	%
Lower 48		22.5	%		21.7	%		22.3	%		19.1	%		21.4	%		25.3	%		23.0	%		23.1	%		20.5	%		23.0	%
Canada		38.4	%		-1.5	%		61.1	%		20.3	%		33.6	%		26.7	%		20.8	%		26.1	%		196.6	%		19.5	%
Europe and North Africa		68.3	%		68.1	%		70.3	%		69.0	%		68.9	%		70.8	%		71.3	%		73.4	%		77.7	%		73.0	%
Asia Pacific and Middle East		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%		26.2	%		24.6	%		23.3	%		28.9	%		25.8	%
Other International		0.7	%		-102.3	%		17.2	%		130.6	%		44.9	%		9.6	%		-32.9	%		-2.7	%		-0.8	%		0.7	%
Corporate and Other		13.8	%		5.8	%		11.3	%		-8.2	%		5.7	%		14.8	%		12.7	%		23.3	%		4.8	%		13.2	%
Consolidated		41.8	%		41.2	%		39.2	%		43.6	%		41.4	%		42.9	%		40.5	%		42.5	%		46.6	%		43.0	%

	2018															2019
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
DETAILED SPECIAL ITEMS
Alaska
Pending claims and settlements		101			-			-			-			101			-			69			-			-			69
Subtotal before income taxes		101			-			-			-			101			-			69			-			-			69
Income tax provision (benefit)1		22			-			-			(98	)		(76	)		-			(12	)		6			(4	)		(10	)
Total		79			-			-			98			177			-			81			(6	)		4			79
Lower 48
Restructuring		-			-			(20	)		(3	)		(23	)		-			-			-			-			-
Impairments		(10	)		-			(43	)		-			(53	)		(60	)		(95	)		(141	)		(386	)		(682	)
Gain (loss) on asset sales		-			-			56			136			192			-			-			-			82			82
Pending claims and settlements		-			-			(41	)		-			(41	)		-			(67	)		-			9			(58	)
Subtotal before income taxes		(10	)		-			(48	)		133			75			(60	)		(162	)		(141	)		(295	)		(658	)
Income tax provision (benefit)1		(2	)		-			(11	)		27			14			(13	)		(37	)		(31	)		(65	)		(146	)
Total		(8	)		-			(37	)		106			61			(47	)		(125	)		(110	)		(230	)		(512	)
Canada
Gain (loss) on asset sales		-			50			45			-			95			-			56			-			-			56
Subtotal before income taxes		-			50			45			-			95			-			56			-			-			56
Income tax provision (benefit)2		-			14			13			(80	)		(53	)		(68	)		(10	)		-			-			(78	)
Total		-			36			32			80			148			68			66			-			-			134
Europe and North Africa
Impairments		-			53			-			52			105			-			-			-			-			-
Gain (loss) on asset sales		-			-			-			715			715			-			-			1,752			(15	)		1,737
Subtotal before income taxes		-			53			-			767			820			-			-			1,752			(15	)		1,737
Income tax provision (benefit)3		-			21			-			(38	)		(17	)		-			(234	)		(93	)		(8	)		(335	)
Total		-			32			-			805			837			-			234			1,845			(7	)		2,072
Asia Pacific and Middle East
Gain (loss) on asset sales		-			-			-			-			-			-			5			-			-			5
Qatar deferred tax adjustment		-			-			-			-			-			-			-			-			(118	)		(118	)
Pending claims and settlements		-			-			-			-			-			-			-			-			(2	)		(2	)
Subtotal before income taxes		-			-			-			-			-			-			5			-			(120	)		(115	)
Income tax provision (benefit)4		-			-			-			-			-			-			(47	)		(164	)		31			(180	)
Total		-			-			-			-			-			-			52			164			(151	)		65
Other International
Pending claims and settlements		-			-			345			85			430			147			89			89			-			325
Subtotal before income taxes		-			-			345			85			430			147			89			89			-			325
Income tax provision (benefit)5		34			-			20			(8	)		46			-			5			3			-			8
Total		(34	)		-			325			93			384			147			84			86			-			317
Corporate and Other
Pension settlement expense		-			(147	)		(14	)		(35	)		(196	)		-			-			(37	)		(8	)		(45	)
Pending claims and settlements		34			-			(18	)		-			16			(17	)		44			34			(17	)		44
Premiums on early debt retirement		(206	)		(2	)		-			-			(208	)		-			-			-			-			-
Unrealized gain (loss) on CVE common shares		(123	)		383			(73	)		(624	)		(437	)		343			30			116			160			649
Unrealized gain (loss) on CAD FX derivative		7			4			(3	)		6			14			(6	)		(24	)		15			(18	)		(33	)
Recognition of deferred revenue		-			60			44			-			104			248			-			49			-			297
Restructuring		-			-			(17	)		-			(17	)		-			-			-			-			-
Subtotal before income taxes		(288	)		298			(81	)		(653	)		(724	)		568			50			177			117			912
Income tax provision (benefit)6		(3	)		17			(27	)		(30	)		(43	)		51			5			14			(156	)		(86	)
Total		(285	)		281			(54	)		(623	)		(681	)		517			45			163			273			998
Total Company		(248	)		349			266			559			926			685			437			2,142			(111	)		3,153
1Includes deferred tax adjustment in 4Q 2018 and 2Q 2019 in Alaska and in 4Q 2018 in Lower 48.
2Includes deferred tax adjustment in 4Q 2018 and 1Q 2019, and a tax rate change in 2Q 2019 in Canada.
3Includes tax adjustment in 2Q 2019 and 3Q 2019 related to the U.K. disposition.
4Includes tax adjustment in 2Q 2019 related to the Greater Sunrise Fields disposition and in 3Q 2019 for Malaysia Deepwater tax incentives.
5Includes 1Q 2018 Nigeria tax settlement.
6Includes deferred tax adjustment related to foreign tax credits in 4Q 2019.

	2018															2019
	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		4,984			3,234			3,716			5,915			5,915			6,218			5,941			7,193			5,088			5,088
Short-term investments		288			612			875			248			248			249			732			908			3,028			3,028
Accounts and notes receivable		4,032			3,750			4,319			3,920			3,920			3,701			3,490			3,478			3,267			3,267
Accounts and notes receivable—related parties		160			180			180			147			147			168			161			138			134			134
Investment in Cenovus Energy		1,776			2,159			2,086			1,462			1,462			1,805			1,835			1,951			2,111			2,111
Inventories		1,053			1,093			1,239			1,007			1,007			1,014			1,089			955			1,026			1,026
Prepaid expenses and other current assets		894			580			2,308			575			575			528			2,552			594			2,259			2,259
Total Current Assets		13,187			11,608			14,723			13,274			13,274			13,683			15,800			15,217			16,913			16,913
Investments and long-term receivables		9,572			9,435			9,553			9,329			9,329			9,302			8,748			8,916			8,687			8,687
Loans and advances—related parties		399			399			335			335			335			268			268			219			219			219
Net properties, plants and equipment		45,997			46,306			44,736			45,698			45,698			45,942			44,334			43,814			42,269			42,269
Other assets		1,572			1,188			1,209			1,344			1,344			2,303			2,111			2,174			2,426			2,426
Total Assets		70,727			68,936			70,556			69,980			69,980			71,498			71,261			70,340			70,514			70,514
Liabilities
Accounts payable		3,824			3,642			3,887			3,863			3,863			3,815			3,618			3,148			3,176			3,176
Accounts payable—related parties		62			24			31			32			32			31			17			23			24			24
Short-term debt		337			89			95			112			112			113			114			121			105			105
Accrued income and other taxes		1,341			1,301			1,582			1,320			1,320			1,539			1,213			1,077			1,030			1,030
Employee benefit obligations		408			511			626			809			809			470			529			543			663			663
Other accruals		1,137			1,071			1,180			1,259			1,259			1,402			3,505			1,030			2,045			2,045
Total Current Liabilities		7,109			6,638			7,401			7,395			7,395			7,370			8,996			5,942			7,043			7,043
Long-term debt		16,709			14,885			14,902			14,856			14,856			14,832			14,809			14,799			14,790			14,790
Asset retirement obligations and accrued environmental costs		7,789			7,665			7,554			7,688			7,688			7,730			5,996			6,087			5,352			5,352
Deferred income taxes		5,409			5,534			5,535			5,021			5,021			5,043			4,825			4,693			4,634			4,634
Employee benefit obligations		1,832			1,774			1,755			1,764			1,764			1,704			1,689			1,786			1,781			1,781
Other liabilities and deferred credits		1,161			1,218			1,330			1,192			1,192			1,838			1,872			1,794			1,864			1,864
Total Liabilities		40,009			37,714			38,477			37,916			37,916			38,517			38,187			35,101			35,464			35,464
Equity
Common stock issued
Par value		18			18			18			18			18			18			18			18			18			18
Capital in excess of par		46,642			46,746			46,858			46,879			46,879			46,877			46,922			46,954			46,983			46,983
Treasury stock		(40,406	)		(41,052	)		(41,979	)		(42,905	)		(42,905	)		(43,656	)		(44,906	)		(45,656	)		(46,405	)		(46,405	)
Accumulated other comprehensive income (loss)		(5,371	)		(5,637	)		(5,442	)		(6,063	)		(6,063	)		(5,914	)		(5,827	)		(5,654	)		(5,357	)		(5,357	)
Retained earnings		29,663			30,967			32,495			34,010			34,010			35,534			36,769			39,484			39,742			39,742
Total Common Stockholders' Equity		30,546			31,042			31,950			31,939			31,939			32,859			32,976			35,146			34,981			34,981
Noncontrolling Interests		172			180			129			125			125			122			98			93			69			69
Total Equity		30,718			31,222			32,079			32,064			32,064			32,981			33,074			35,239			35,050			35,050
Total Liabilities and Equity		70,727			68,936			70,556			69,980			69,980			71,498			71,261			70,340			70,514			70,514

	2018															2019
	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)		900			1,654			1,873			1,878			6,305			1,846			1,597			3,071			743			7,257
Depreciation, depletion and amortization		1,412			1,438			1,494			1,612			5,956			1,546			1,490			1,566			1,488			6,090
Impairments		12			(35	)		44			6			27			1			1			24			379			405
Dry hole costs and leasehold impairments		20			16			28			31			95			27			41			293			60			421
Accretion on discounted liabilities		88			89			89			87			353			86			87			86			67			326
Deferred taxes		65			197			136			(115	)		283			(1	)		(220	)		(83	)		(140	)		(444	)
Undistributed equity earnings		(34	)		128			(105	)		163			152			24			338			(102	)		334			594
Gain on dispositions		(7	)		(55	)		(113	)		(888	)		(1,063	)		(17	)		(82	)		(1,785	)		(82	)		(1,966	)
Other		29			(267	)		15			414			191			(564	)		170			(426	)		(180	)		(1,000	)
Net working capital changes		(86	)		177			(51	)		595			635			(54	)		(531	)		(307	)		313			(579	)
Net Cash Provided by Operating Activities		2,399			3,342			3,410			3,783			12,934			2,894			2,891			2,337			2,982			11,104
Cash Flows from Investing Activities
Capital expenditures and investments		(1,535	)		(1,999	)		(1,599	)		(1,617	)		(6,750	)		(1,637	)		(1,729	)		(1,675	)		(1,595	)		(6,636	)
Working capital changes associated with investing activities		28			(120	)		35			(11	)		(68	)		107			(83	)		(7	)		(120	)		(103	)
Proceeds from asset dispositions		169			139			86			688			1,082			142			559			2,219			92			3,012
Net sales (purchases) of investments		1,593			(336	)		(261	)		624			1,620			(1	)		(484	)		(180	)		(2,245	)		(2,910	)
Long-term collections from (advances to)
related parties and other investments		(333	)		367			101			138			273			(88	)		276			(207	)		38			19
Net Cash Provided by (Used in) Investing Activities		(78	)		(1,949	)		(1,638	)		(178	)		(3,843	)		(1,477	)		(1,461	)		150			(3,830	)		(6,618	)
Cash Flows from Financing Activities
Repayment of debt		(2,888	)		(2,064	)		(18	)		(25	)		(4,995	)		(19	)		(19	)		(21	)		(21	)		(80	)
Issuance of company common stock		(18	)		60			79			-			121			(38	)		2			(3	)		9			(30	)
Repurchase of company common stock		(500	)		(646	)		(927	)		(926	)		(2,999	)		(752	)		(1,250	)		(749	)		(749	)		(3,500	)
Dividends paid		(338	)		(337	)		(334	)		(354	)		(1,363	)		(350	)		(346	)		(341	)		(463	)		(1,500	)
Other		(32	)		(16	)		(63	)		(12	)		(123	)		(14	)		(41	)		(18	)		(46	)		(119	)
Net Cash Provided by (Used in) Financing Activities		(3,776	)		(3,003	)		(1,263	)		(1,317	)		(9,359	)		(1,173	)		(1,654	)		(1,132	)		(1,270	)		(5,229	)
Effect of Exchange Rate Changes		125			(139	)		(26	)		(77	)		(117	)		75			(49	)		(94	)		22			(46	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(1,330	)		(1,749	)		483			2,211			(385	)		319			(273	)		1,261			(2,096	)		(789	)
Cash, cash equivalents and restricted cash at beginning of period		6,536			5,206			3,457			3,940			6,536			6,151			6,470			6,197			7,458			6,151
Cash, Cash Equivalents and Restricted Cash at End of Period		5,206			3,457			3,940			6,151			6,151			6,470			6,197			7,458			5,362			5,362
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska		263			581			190			264			1,298			410			370			427			306			1,513
Lower 48		751			889			835			709			3,184			834			936			843			781			3,394
Canada		173			45			100			159			477			123			109			83			53			368
Europe and North Africa		216			246			216			199			877			157			182			198			171			708
Asia Pacific and Middle East		99			194			200			225			718			96			123			103			262			584
Other International		1			2			3			-			6			1			-			-			7			8
Corporate and Other		32			42			55			61			190			16			9			21			15			61
Total Capital Expenditures and Investments		1,535			1,999			1,599			1,617			6,750			1,637			1,729			1,675			1,595			6,636

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr			YTD
TOTAL SEGMENTS
Production
Total (MBOED)		1,269		1,249		1,261		1,357		1,283		1,361		1,332			1,366		1,334			1,348
Crude Oil (MBD)
Consolidated operations		621		610		622		705		639		703		688			696		681			692
Equity affiliates		15		14		13		12		14		12		14			14		14			13
Total		636		624		635		717		653		715		702			710		695			705
Over (under) lifting of crude oil (MBD)		15		9		28		11		16		8		(3	)		19		(2	)		6
NGL (MBD)
Consolidated operations		88		95		98		98		95		103		110			106		110			107
Equity affiliates		8		8		8		7		7		7		8			8		8			8
Total		96		103		106		105		102		110		118			114		118			115
Bitumen (MBD)
Consolidated operations		66		63		65		71		66		63		51			63		64			60
Equity affiliates		-		-		-		-		-		-		-			-		-			-
Total		66		63		65		71		66		63		51			63		64			60
Natural Gas (MMCFD)
Consolidated operations		1,775		1,700		1,707		1,793		1,743		1,852		1,704			1,795		1,661			1,753
Equity affiliates		1,053		1,054		1,025		992		1,031		988		1,064			1,076		1,080			1,052
Total		2,828		2,754		2,732		2,785		2,774		2,840		2,768			2,871		2,741			2,805
Industry Prices
Crude Oil ($/BBL)
WTI		62.88		67.99		69.71		59.09		64.92		54.87		59.80			56.44		56.98			57.02
WCS		38.60		48.72		47.47		19.64		38.61		42.58		49.13			44.18		41.15			44.26
Brent dated		66.76		74.35		75.27		67.76		71.04		63.20		68.82			61.94		63.22			64.30
JCC ($/BBL)		58.62		66.66		71.51		76.66		68.36		76.98		63.72			71.59		66.34			69.66
Natural Gas ($/MMBTU)
Henry Hub first of month		3.01		2.80		2.91		3.65		3.09		3.15		2.64			2.23		2.50			2.63
Average Realized Prices
Total ($/BBL)		50.49		54.32		57.71		53.00		53.88		50.59		50.50			47.07		47.01			48.78
Crude Oil ($/BBL)
Consolidated operations		65.47		70.42		72.97		63.74		68.03		59.45		64.90			59.56		60.14			60.98
Equity affiliates		66.50		76.11		76.62		70.73		72.49		59.53		63.98			59.91		61.58			61.32
Total		65.49		70.55		73.05		63.86		68.13		59.45		64.88			59.57		60.17			60.99
NGL ($/BBL)
Consolidated operations		26.68		28.57		33.80		26.61		29.03		22.74		19.97			14.33		18.26			18.73
Equity affiliates		43.99		43.60		49.71		45.48		45.69		38.19		41.72			30.18		37.28			36.70
Total		28.37		29.94		35.14		28.04		30.48		23.85		21.65			15.59		19.67			20.09
Bitumen ($/BBL)
Consolidated operations		14.06		32.38		34.15		11.65		22.29		33.15		37.20			32.54		24.58			31.72
Equity affiliates		-		-		-		-		-		-		-			-		-			-
Total		14.06		32.38		34.15		11.65		22.29		33.15		37.20			32.54		24.58			31.72
Natural Gas ($/MCF)
Consolidated operations		5.18		4.85		5.48		6.05		5.40		5.27		4.08			3.73		3.88			4.25
Equity affiliates		5.04		5.72		6.35		7.15		6.06		7.31		5.81			6.40		5.75			6.29
Total		5.13		5.18		5.81		6.46		5.65		6.00		4.76			4.74		4.62			5.03
Exploration Expenses ($ Millions)
Dry holes		15		1		12		11		39		10		16			139		35			200
Leasehold impairment		5		15		16		20		56		17		25			154		25			221
Total noncash expenses		20		16		28		31		95		27		41			293		60			421
Other (G&A, G&G and lease rentals)		75		53		75		71		274		83		81			67		91			322
Total exploration expenses		95		69		103		102		369		110		122			360		151			743
U.S. exploration expenses		66		49		59		58		232		75		70			319		60			524
International exploration expenses		29		20		44		44		137		35		52			41		91			219
DD&A ($ Millions)
Alaska		185		182		161		213		741		205		208			200		192			805
Lower 48		498		553		603		653		2,307		621		709			731		761			2,822
Canada		91		85		89		50		315		56		48			63		63			230
Europe and North Africa		285		275		281		278		1,119		273		173			222		218			886
Asia Pacific and Middle East		327		317		334		390		1,368		375		338			332		240			1,285
Other International		-		-		-		-		-		-		-			-		-			-
Corporate and Other		26		26		26		28		106		16		14			18		14			62
Total DD&A		1,412		1,438		1,494		1,612		5,956		1,546		1,490			1,566		1,488			6,090

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
PRODUCTION
Crude Oil (MBD)
Alaska		174		170		152		187		171		210		199		190		205		202
Lower 48		197		218		240		262		229		245		269		277		274		266
Canada		2		1		1		1		1		1		1		1		1		1
Norway		89		82		89		89		87		89		73		91		85		84
United Kingdom		29		23		23		29		26		25		20		19		-		16
Libya		40		34		33		39		36		38		37		39		39		38
Europe and North Africa		158		139		145		157		149		152		130		149		124		138
Australia/Timor-Leste		4		3		3		5		4		6		7		6		5		6
China		37		29		34		42		36		41		37		35		29		35
Indonesia		2		2		2		2		2		2		2		2		2		2
Malaysia		47		48		45		49		47		46		43		36		41		42
Equity affiliates		15		14		13		12		14		12		14		14		14		13
AP/ME		105		96		97		110		103		107		103		93		91		98
Total		636		624		635		717		653		715		702		710		695		705
NGL (MBD)
Alaska		16		14		12		16		14		17		17		11		16		15
Lower 48		60		70		73		71		69		74		82		84		85		81
Canada		-		-		2		-		1		-		1		-		-		-
Norway		4		4		4		3		4		4		3		4		5		4
United Kingdom		4		4		4		4		4		4		3		3		-		3
Europe and North Africa		8		8		8		7		8		8		6		7		5		7
Australia/Timor-Leste		4		3		3		4		3		4		4		4		4		4
Equity affiliates		8		8		8		7		7		7		8		8		8		8
AP/ME		12		11		11		11		10		11		12		12		12		12
Total		96		103		106		105		102		110		118		114		118		115
Bitumen (MBD)
Canada		66		63		65		71		66		63		51		63		64		60
Total		66		63		65		71		66		63		51		63		64		60
Natural Gas (MMCFD)
Alaska		7		6		5		7		6		8		7		6		8		7
Lower 48		568		593		608		616		596		568		593		649		677		622
Canada		13		14		12		9		12		7		8		9		11		9
Norway		208		172		189		206		194		263		244		226		284		254
United Kingdom		309		309		238		270		281		310		247		218		-		193
Libya		31		26		25		31		28		31		27		29		36		31
Europe and North Africa		548		507		452		507		503		604		518		473		320		478
Australia/Timor-Leste		295		241		289		276		275		273		202		222		203		225
Indonesia		307		305		316		307		309		311		314		324		333		321
Malaysia		37		34		25		71		42		81		62		112		109		91
Equity affiliates		1,053		1,054		1,025		992		1,031		988		1,064		1,076		1,080		1,052
AP/ME		1,692		1,634		1,655		1,646		1,657		1,653		1,642		1,734		1,725		1,689
Total		2,828		2,754		2,732		2,785		2,774		2,840		2,768		2,871		2,741		2,805
Total (MBOED)
Alaska		191		185		165		204		186		228		217		202		222		218
Lower 48		352		387		414		436		397		414		450		469		472		451
Canada		70		67		70		74		70		65		54		66		67		63
Norway		128		114		125		126		123		137		117		133		137		131
United Kingdom		85		78		67		78		77		80		64		58		-		50
Libya		45		38		37		44		41		43		42		44		45		43
Europe and North Africa		258		230		229		248		241		260		223		235		182		224
Australia/Timor-Leste		57		46		54		55		53		56		45		47		43		48
China		37		29		34		42		36		41		37		35		29		35
Indonesia		53		53		54		53		53		54		54		56		58		56
Malaysia		53		54		49		61		54		60		53		55		59		57
Equity affiliates		198		198		192		184		193		183		199		201		202		196
AP/ME		398		380		383		395		389		394		388		394		391		392
Total		1,269		1,249		1,261		1,357		1,283		1,361		1,332		1,366		1,334		1,348

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska		68.31		72.49		76.47		66.58		70.86		62.81		67.57		62.78		63.43		64.12
Lower 48		61.99		65.79		67.73		57.08		62.99		53.15		59.17		54.38		54.34		55.30
Canada		-		-		-		-		48.73		-		-		-		-		40.87
Norway		65.84		73.13		77.74		70.19		71.61		63.16		70.09		64.00		64.25		65.19
United Kingdom		64.27		70.97		76.51		66.56		69.00		59.74		69.22		63.32		-		64.68
Libya		65.90		72.86		73.42		68.30		69.83		63.22		68.95		62.30		63.95		64.47
Europe and North Africa		65.57		72.65		76.54		68.97		70.71		62.83		69.65		63.47		64.15		64.94
Australia/Timor-Leste		70.71		72.25		71.12		68.88		70.70		59.39		62.22		57.02		58.32		59.29
China		62.49		69.51		70.71		62.37		65.94		59.23		65.40		59.07		63.17		61.26
Indonesia		58.60		49.93		55.16		50.54		53.34		47.07		51.62		48.79		50.35		49.55
Malaysia		70.42		78.42		79.32		73.50		75.33		67.33		73.99		66.26		69.74		69.45
AP/ME		67.07		74.88		74.78		67.76		70.93		62.94		69.78		62.01		65.90		65.02
Total consolidated operations		65.47		70.42		72.97		63.74		68.03		59.45		64.90		59.56		60.14		60.98
Equity affiliates		66.50		76.11		76.62		70.73		72.49		59.53		63.98		59.91		61.58		61.32
Total		65.49		70.55		73.05		63.86		68.13		59.45		64.88		59.57		60.17		60.99
NGL ($/BBL)
Consolidated operations
Lower 48		24.57		26.71		32.17		25.13		27.30		20.66		17.91		13.04		16.27		16.83
Canada		-		-		-		-		43.70		-		-		-		-		19.87
Norway		32.58		41.12		35.57		33.23		35.56		33.37		29.42		24.38		32.42		30.67
United Kingdom		33.43		39.77		40.43		37.14		38.13		27.65		32.75		22.20		-		27.71
Europe and North Africa		32.98		40.35		38.80		34.75		36.87		31.15		32.00		23.20		32.42		29.37
Australia/Timor-Leste		44.36		44.23		52.30		42.66		47.20		40.13		39.97		30.13		37.20		37.85
AP/ME		44.36		44.23		52.30		42.66		47.20		40.13		39.97		30.13		37.20		37.85
Total consolidated operations		26.68		28.57		33.80		26.61		29.03		22.74		19.97		14.33		18.26		18.73
Equity affiliates		43.99		43.60		49.71		45.48		45.69		38.19		41.72		30.18		37.28		36.70
Total		28.37		29.94		35.14		28.04		30.48		23.85		21.65		15.59		19.67		20.09
Bitumen ($/BBL)
Canada*		14.06		32.38		34.15		11.65		22.29		33.15		37.20		32.54		24.58		31.72
Total		14.06		32.38		34.15		11.65		22.29		33.15		37.20		32.54		24.58		31.72
Natural Gas ($/MCF)
Consolidated operations
Alaska		2.51		2.51		2.52		2.41		2.48		3.42		3.19		3.01		3.09		3.19
Lower 48		2.76		2.34		2.80		3.35		2.82		2.74		2.10		1.80		1.92		2.12
Canada		-		-		-		-		1.00		-		-		-		-		0.49
Norway		7.32		7.19		8.23		8.57		7.87		6.39		4.31		3.37		4.61		4.72
United Kingdom		7.58		7.31		7.37		8.73		7.74		6.83		4.49		3.69		-		5.19
Libya		5.62		5.52		4.11		4.10		4.84		4.92		4.79		4.83		4.91		4.87
Europe and North Africa		7.38		7.19		7.62		8.42		7.65		6.55		4.42		3.60		4.63		4.92
Australia/Timor-Leste**		0.62		0.69		1.14		0.79		0.82		0.83		0.78		0.76		0.77		0.79
Indonesia		6.61		6.96		7.09		7.71		7.10		6.69		7.19		6.69		6.66		6.81
Malaysia		2.78		3.06		3.11		3.64		3.25		3.84		3.57		3.44		3.47		3.56
AP/ME		5.57		5.50		6.53		6.90		6.15		6.36		5.89		5.78		5.60		5.91
Total consolidated operations		5.18		4.85		5.48		6.05		5.40		5.27		4.08		3.73		3.88		4.25
Equity affiliates		5.04		5.72		6.35		7.15		6.06		7.31		5.81		6.40		5.75		6.29
Total		5.13		5.18		5.81		6.46		5.65		6.00		4.76		4.74		4.62		5.03
*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.

	2018															2019
	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)		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)		(14	)		(26	)		38
Detail of Earnings (Loss) ($ Millions)
Net interest expense		(160	)		(174	)		(174	)		(172	)		(680	)		(196	)		(131	)		(123	)		(154	)		(604	)
Corporate G&A expenses		(50	)		(53	)		(36	)		48			(91	)		(65	)		(49	)		(34	)		(104	)		(252	)
Technology*		(10	)		63			64			(8	)		109			96			(10	)		43			(6	)		123
Other		(321	)		192			(101	)		(775	)		(1,005	)		436			(3	)		100			238			771
Total		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)		(14	)		(26	)		38
*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		(221	)		(222	)		(236	)		(226	)		(905	)		(243	)		(178	)		(200	)		(214	)		(835	)
Capitalized interest		37			45			50			38			170			10			13			16			18			57
Interest revenue		22			15			18			24			79			32			33			45			39			149
Total		(162	)		(162	)		(168	)		(164	)		(656	)		(201	)		(132	)		(139	)		(157	)		(629	)
Debt
Total debt ($ Millions)		17,046			14,974			14,997			14,968			14,968			14,945			14,923			14,920			14,895			14,895
Debt-to-capital ratio (%)		36%			32%			32%			32%			32%			31%			31%			30%			30%			30%
Equity ($ Millions)		30,718			31,222			32,079			32,064			32,064			32,981			33,074			35,239			35,050			35,050

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

XML

Document and Entity Information	Feb. 04, 2020
Entity Listings [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 04, 2020
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32395
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001163165
Common Stock, $.01 Par Value Per Share [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value Per Share
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029 [Member]
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP-718507BK1
Security Exchange Name	NYSE