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):   November 3, 2022

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	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. ☐

1

Item 2.02 Results of Operations and Financial Condition.

On November 3, 2022 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2022. 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 November 3, 2022.

99.2
—     Supplemental financial information.

104
—     Cover Page Interactive Data File (formatted as Inline XBRL and filed herewith).

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/ Kontessa S. Haynes-Welsh
	Kontessa S. Haynes-Welsh
	Chief Accounting Officer
November 3, 2022

3

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Third-Quarter 2022 Results; Announces 11% Increase to Quarterly Ordinary Dividend, Declares Variable Return of Cash Distribution and Increases Existing Share Repurchase Authorization by $20 Billion

HOUSTON--(BUSINESS WIRE)--November 3, 2022--ConocoPhillips (NYSE: COP) today reported third-quarter 2022 earnings of $4.5 billion, or $3.55 per share, compared with third-quarter 2021 earnings of $2.4 billion, or $1.78 per share. Excluding special items, third-quarter 2022 adjusted earnings were $4.6 billion, or $3.60 per share, compared with third-quarter 2021 adjusted earnings of $2.4 billion, or $1.77 per share. Special items for the current quarter were primarily driven by a loss on asset sales.

“We continue to deliver competitive returns, meet global energy needs and reduce our emissions consistent with our Triple Mandate. ConocoPhillips distributed $4.3 billion to our shareholders in the third quarter and announced an increase to our ordinary dividend effective in the fourth quarter. Our Lower 48 business unit accomplished record production of more than 1 million barrels of oil equivalent per day. We expanded our global LNG portfolio with opportunities in QatarEnergy’s North Field South LNG project and have agreed to capacity at the prospective German LNG Terminal, enhancing our focus on this valuable energy transition fuel,” said Ryan Lance, chairman and chief executive officer. “By concentrating on low cost-of-supply and low greenhouse gas production, ConocoPhillips is well positioned to compete in near-term cycles and over the long term.”

Third-Quarter Highlights and Recent Announcements

• Distributed $4.3 billion to shareholders through a three-tier framework, including $1.5 billion in cash through the ordinary dividend and variable return of cash (VROC) and $2.8 billion through share repurchases.
• Increased quarterly dividend by 11% to 51 cents per share and raised existing share repurchase authorization by $20 billion.
• Expanded global LNG portfolio through participation in QatarEnergy’s North Field South LNG project and agreed to terminal services in Germany for a 15-year period at the prospective German LNG Terminal.
• Set a new 2030 methane emissions intensity target of approximately 0.15% of gas produced, consistent with the company’s commitment to Oil and Gas Methane Partnership (OGMP) 2.0.
• Achieved Lower 48 production milestone of greater than 1,000 MBOED, contributing to record global production of 1,754 MBOED while successfully completing planned maintenance turnarounds.
• Generated cash provided by operating activities of $8.7 billion and cash from operations (CFO) of $7.2 billion.
• Ended the quarter with cash and short-term investments of $10.7 billion.

In addition, ConocoPhillips today announced that Jack Harper, executive vice president, Lower 48, has elected to leave the company due to family medical reasons. In conjunction with this announcement, Nick Olds, currently executive vice president, Global Operations, has become executive vice president, Lower 48, and Andy O’Brien, currently vice president and treasurer, has become senior vice president, Global Operations, and joined the Executive Leadership Team, effective Nov. 1, 2022.

“I want to thank Jack for his leadership, knowledge and experience that have helped drive efficiency and disciplined growth across our substantial Lower 48 organization,” said Lance. “As a highly valued member of our company’s Executive Leadership Team, Jack played an instrumental role in ensuring the integration of our Permian assets. I wish Jack the very best and look forward to Nick and Andy’s ongoing leadership as they assume their new roles.”

Quarterly Dividend, Variable Return of Cash and Share Repurchase Authorization Increase

ConocoPhillips announced a quarterly ordinary dividend of 51 cents per share, payable Dec. 1, 2022, to stockholders of record at the close of business on Nov. 15, 2022. In addition, the company announced a VROC of 70 cents per share, payable Jan. 13, 2023, to stockholders of record at the close of business on Dec. 27, 2022.

The company also announced the Board of Directors approved a $20 billion increase in the existing share repurchase program to $45 billion, consistent with the company’s plan for future share repurchases. Since program inception in late 2016, the company has repurchased $20.7 billion in shares.

Third-Quarter Review

Production for the third quarter of 2022 was 1,754 thousand barrels of oil equivalent per day (MBOED), an increase of 210 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions and the conversion of previously acquired Concho-contracted volumes from a two-stream to a three-stream basis, third-quarter 2022 production increased by 30 MBOED or 2% from the same period a year ago. Organic growth from Lower 48 and other development programs more than offset decline and downtime.

Lower 48 delivered record production of 1,013 MBOED, including 668 MBOED from the Permian, 224 MBOED from the Eagle Ford and 96 MBOED from the Bakken. In Canada, drilling and completion activities continued at Montney, while construction progressed on the second phase of the company’s processing facility. In Norway, the company completed planned subsea template installation scope on the Tommeliten A and Eldfisk North projects with drilling on track to begin in the fourth quarter. In Malaysia, first oil was achieved at Gumusut Phase 3. Turnarounds were successfully completed across the portfolio.

Earnings and adjusted earnings increased from third-quarter 2021 primarily due to higher realized prices. The company’s total average realized price was $83.07 per barrel of oil equivalent (BOE), 46% higher than the $56.92 per BOE realized in the third quarter of 2021, as production remains unhedged and thus realizes the full impact of changes in marker prices.

For the quarter, cash provided by operating activities was $8.7 billion. Excluding a $1.5 billion change in operating working capital, ConocoPhillips generated CFO of $7.2 billion. Dispositions generated $0.4 billion from the sale of Lower 48 noncore assets and contingent payments received. The company funded $2.5 billion of capital expenditures and investments including approximately $0.3 billion for Lower 48 bolt-on acquisitions. The company also distributed $1.5 billion in ordinary dividends and VROC and repurchased $2.8 billion of shares.

Nine-Month Review

ConocoPhillips’ nine-month 2022 earnings were $15.4 billion, or $11.93 per share, compared with nine-month 2021 earnings of $5.5 billion, or $4.09 per share. Nine-month 2022 adjusted earnings were $14.0 billion, or $10.79 per share, compared with nine-month 2021 adjusted earnings of $5.0 billion, or $3.75 per share.

Production for the first nine months of 2022 was 1,731 MBOED, an increase of 178 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, the conversion of previously acquired Concho-contracted volumes from a two-stream to a three-stream basis, and 2021 Winter Storm Uri impacts, production decreased 23 MBOED or 1% from the same period a year ago. Organic growth from Lower 48 and other development programs more than offset decline; however, production was lower overall primarily due to planned and unplanned downtime.

The company’s total realized price during this period was $82.82 per BOE, 63% higher than the $50.92 per BOE realized in the first nine months of 2021, reflecting higher marker prices.

In the first nine months of 2022, cash provided by operating activities was $21.7 billion. Excluding a $0.4 billion change in operating working capital, ConocoPhillips generated CFO of $22.1 billion. Dispositions generated $3.4 billion, including $1.4 billion from sale of Cenovus Energy (CVE) shares, with the proceeds from CVE sales applied to share repurchases. The company funded $7.6 billion of capital expenditures and investments, comprised of $5.9 billion in operating capital and $1.7 billion to acquire an additional 10% interest in Australia Pacific LNG and Lower 48 bolt-on acquisitions. In addition, the company paid $3.3 billion in ordinary dividends and VROC, repurchased $6.5 billion of shares and paid $3.0 billion to reduce total debt.

Outlook

Fourth-quarter 2022 production is expected to be 1.74 to 1.80 million barrels of oil equivalent per day (MMBOED). The company’s full-year expected production remains unchanged at 1.74 MMBOED.

The company updated its 2022 operating capital guidance to $8.1 billion versus the prior guidance of $7.8 billion, reflecting inflationary impacts and partner-operated well mix in the Lower 48. This guidance excludes $1.7 billion of capital associated with the closed acquisitions of an additional 10% interest in APLNG and bolt-on acquisitions in the Lower 48.

Full-year guidance for adjusted operating cost is $7.7 billion versus the prior guidance of $7.5 billion, reflecting inflationary impacts in the Lower 48. Full-year guidance for depreciation, depletion and amortization has decreased from $7.6 billion to $7.5 billion. Full-year guidance for adjusted corporate segment net loss remains at $0.9 billion.

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

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $95 billion of total assets and approximately 9,400 employees at September 30, 2022. Production averaged 1,731 MBOED for the nine months ended September 30, 2022, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. 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, plans 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 the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from any ongoing military conflict, including the conflict between Russia and Ukraine and the global response to it, or from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases, inflationary pressures 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, including any sanctions imposed as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; 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 complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future 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 the transactions or our remaining business; business disruptions following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; 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 or developments, including as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; 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. 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), adjusted operating costs and adjusted corporate segment net loss.

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 loss 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. Adjusted operating costs is defined 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 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 loss is defined as corporate and other segment earnings adjusted for special items. 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 timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. 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 term pro forma underlying production. Pro forma underlying production reflects the impact of closed acquisitions and closed dispositions as of September 30, 2022. The impact of closed dispositions assume they closed January 1, 2021, while the 2021 impact of the closed Shell Permian acquisition and the additional 10% APLNG interest acquisition assume they closed January 1, 2021 and February 1, 2021, respectively. Impacts for 2021 and 2022 also include a closed Lower 48 bolt-on acquisition assuming a close date of January 1, 2021. The company believes that underlying production is useful to investors to compare production reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Return of capital is defined as the total of the ordinary dividend, share repurchases and variable return of cash (VROC).

References in the release to earnings refer to net income.

ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
$ Millions, Except as Indicated
	3Q22							3Q21								2022 YTD								2021 YTD
	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					$	4,527	3.55					2,379		1.78						15,431		11.93						5,452		4.09
Adjustments:
(Gain) loss on asset sales	70		(16	)		54	0.04	47		(19	)	28		0.02		(947	)	94		(853	)	(0.66	)	(221	)	3		(218	)	(0.16	)
Pending claims and settlements	(20	)	29			9	0.01	-		-		-		-		(20	)	29		9		0.01		48		(10	)	38		0.03
Pension settlement expense	-		-			-	-	28		(5	)	23		0.02		-		-		-		-		70		(14	)	56		0.04
Transaction and restructuring expenses	-		-			-	-	52		(25	)	27		0.02		28		(8	)	20		0.02		366		(78	)	288		0.22
Impairments	-		-			-	-	(89	)	21		(68	)	(0.06	)	-		-		-		-		(89	)	21		(68	)	(0.05	)
(Gain) loss on CVE shares	-		-			-	-	(17	)	-		(17	)	(0.01	)	(251	)	-		(251	)	(0.20	)	(743	)	-		(743	)	(0.57	)
(Gain) loss on FX derivative	-		-			-	-	-		-		-		-		10		(2	)	8		0.01		12		(3	)	9		0.01
Net loss on accelerated settlement of Concho hedging program	-		-			-	-	-		-		-		-		-		-		-		-		132		(31	)	101		0.08
(Gain) loss on debt extinguishment and exchange fees	-		-			-	-	-		-		-		-		(44	)	52		8		0.01		-		-		-		-
Tax adjustments	-		-			-	-	-		-		-		-		-		(407	)	(407	)	(0.33	)	-		75		75		0.06
Adjusted earnings / (loss)					$	4,590	3.60					2,372		1.77						13,965		10.79						4,990		3.75
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 reported production to pro forma underlying production
In MBOED, Except as Indicated
	3Q22		3Q21		2022 YTD		2021 YTD
Total Reported ConocoPhillips Production	1,754		1,544		1,731		1,553
Closed Dispositions1	(8	)	(85	)	(22	)	(85	)
Closed Acquisitions 2	5		212		4		209
Total Pro Forma Underlying Production	1,751		1,671		1,713		1,677
Estimated Downtime from Winter Storm Uri3	-		-		-		16
Estimated Uplift from 2 to 3 stream conversion4	(50	)	-		(43	)	-
1Includes production related to the completed Indonesia disposition and various Lower 48 dispositions.
2Includes production related to the acquisition of Shell's Permian assets as well as the additional 10% shareholding interest in APLNG and a Lower 48 bolt-on acquisition. 2021 has been pro forma adjusted for these acquisitions and assumes 180 MBOED for the Shell Permian assets.
3Estimated production impacts from Winter Storm Uri, which are excluded from Total Reported Production and Total Pro Forma Underlying Production.
4Estimated production impacts from the conversion of Concho two-stream contracted volumes to a three-stream (crude oil, natural gas and natural gas liquids) reporting basis, which are included in Total Reported Production and Total Pro Forma Underlying Production.

ConocoPhillips
Table 3: Reconciliation of net cash provided by operating activities to cash from operations
$ Millions, Except as Indicated
	3Q22	2022 YTD
Net Cash Provided by Operating Activities	8,740	21,722
Adjustments:
Net operating working capital changes	1,504	(373)
Cash from operations	7,236	22,095

ConocoPhillips
Table 4: Reconciliation of production and operating expenses to adjusted operating costs
$ Millions, Except as Indicated
	2022 FY Guidance
Production and operating expenses	~6,950
Adjustments:
Selling, general and administrative (G&A) expenses	~550
Exploration G&A, G&G and lease rentals	~250
Operating Costs	~7,750
Adjustments to exclude special items:
Transaction and restructuring expenses	~(50)
Adjusted Operating Costs	~7,700
ConocoPhillips
Table 5: Reconciliation of adjusted corporate segment net loss
$ Millions, Except as Indicated
	2022 FY Guidance
Corporate and Other earnings	~(260)
Adjustments to exclude special items:
(Gain) loss on CVE shares	~(250)
(Gain) loss on FX derivative	~10
Pending claims and settlements	~10
Debt extinguishment and exchange fees	~(45)
Income tax on special items	~(365)
Adjusted corporate segment net loss	~(900)

Contacts

Dennis Nuss (media)
281-293-1149
dennis.nuss@conocophillips.com

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

EX-99.2

Exhibit 99.2

	Third-Quarter 2022 Detailed Supplemental Information
	2021															2022
	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		9,826			9,556			11,326			15,120			45,828			17,762			21,161			21,013				59,936
Equity in earnings of affiliates		122			139			239			332			832			426			524			561				1,511
Gain (loss) on dispositions		233			59			2			192			486			817			262			(40	)			1,039
Other income		378			457			49			319			1,203			286			42			80				408
Total Revenues and Other Income		10,559			10,211			11,616			15,963			48,349			19,291			21,989			21,614				62,894
Costs and Expenses
Purchased commodities		4,483			2,998			4,179			6,498			18,158			6,751			9,234			9,251				25,236
Production and operating expenses		1,383			1,379			1,389			1,543			5,694			1,581			1,741			1,799				5,121
Selling, general and administrative expenses		311			117			128			163			719			187			96			148				431
Exploration expenses		84			57			65			138			344			69			143			89				301
Depreciation, depletion and amortization		1,886			1,867			1,672			1,783			7,208			1,823			1,810			1,872				5,505
Impairments		(3	)		2			(89	)		764			674			2			2			2				6
Taxes other than income taxes		370			381			403			480			1,634			814			1,020			843				2,677
Accretion on discounted liabilities		62			63			61			56			242			61			61			60				182
Interest and debt expense		226			220			219			219			884			217			211			199				627
Foreign currency transactions (gain) loss		19			10			(10	)		(41	)		(22	)		24			(70	)		(93	)			(139	)
Other expenses		24			37			17			24			102			(136	)		86			4				(46	)
Total Costs and Expenses		8,845			7,131			8,034			11,627			35,637			11,393			14,334			14,174				39,901
Income before income taxes		1,714			3,080			3,582			4,336			12,712			7,898			7,655			7,440				22,993
Income tax provision		732			989			1,203			1,709			4,633			2,139			2,510			2,913				7,562
Net Income		982			2,091			2,379			2,627			8,079			5,759			5,145			4,527				15,431
Net Income Per Share of Common Stock (dollars)
Basic		0.75			1.55			1.78			1.99			6.09			4.41			3.98			3.56				11.96
Diluted		0.75			1.55			1.78			1.98			6.07			4.39			3.96			3.55				11.93
Average Common Shares Outstanding (in thousands)*
Basic		1,300,375			1,348,637			1,332,286			1,315,225			1,324,194			1,301,930			1,289,791			1,256,893				1,285,739
Diluted		1,302,691			1,353,201			1,336,379			1,320,829			1,328,151			1,307,404			1,295,844			1,269,321				1,289,953
*Ending Common Shares Outstanding is 1,246,071 as of September 30, 2022, compared with 1,273,033 as of June 30, 2022.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska		217			480			517			574			1,788			802			983			800				2,585
Lower 48		609			1,502			2,094			2,117			6,322			3,547			4,456			3,542				11,545
Canada		16			135			205			252			608			381			418			158				957
Europe, Middle East and North Africa		511			697			878			1,624			3,710			1,774			1,533			2,615				5,922
Asia Pacific		432			289			377			(162	)		936			1,310			637			627				2,574
Other International		(5	)		(6	)		(140	)		(9	)		(160	)		-			-			2				2
Corporate and Other		(66	)		(17	)		(349	)		(60	)		(492	)		84			(372	)		(304	)			(592	)
Consolidated		1,714			3,080			3,582			4,336			12,712			7,898			7,655			7,440				22,993
EFFECTIVE INCOME TAX RATES
Alaska*		26.8	%		22.8	%		21.6	%		21.4	%		22.5	%		27.1	%		30.1	%		27.6	%			28.4	%
Lower 48		23.2	%		21.7	%		22.1	%		21.7	%		22.0	%		21.4	%		19.6	%		25.1	%			21.8	%
Canada		33.7	%		24.9	%		24.4	%		24.2	%		24.7	%		23.7	%		24.3	%		24.9	%			24.1	%
Europe, Middle East and North Africa		70.1	%		70.3	%		72.5	%		65.2	%		68.5	%		76.8	%		74.9	%		64.7	%			71.0	%
Asia Pacific		26.6	%		39.4	%		31.9	%		-82.9	%		51.6	%		13.3	%		17.7	%		16.9	%			15.2	%
Other International		28.0	%		7.6	%		30.4	%		91.6	%		33.0	%		-137.8	%		43.0	%		2484.7	%			1777.8	%
Corporate and Other		-85.1	%		496.6	%		38.9	%		198.2	%		57.3	%		-546.2	%		6.2	%		21.4	%			92.9	%
Consolidated		42.7	%		32.1	%		33.6	%		39.4	%		36.4	%		27.1	%		32.8	%		39.1	%			32.9	%
*Alaska including taxes other than income taxes.		50.3	%		38.8	%		36.0	%		37.9	%		39.3	%		47.8	%		52.1	%		48.6	%			49.7	%

	2021															2022
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr	YTD
$ Millions
EARNINGS BY SEGMENT
Alaska		159			371			405			451			1,386			584			687			580				1,851
Lower 48		468			1,175			1,631			1,658			4,932			2,790			3,581			2,653				9,024
Canada		10			102			155			191			458			291			316			119				726
Europe, Middle East and North Africa		153			207			241			566			1,167			412			385			922				1,719
Asia Pacific		317			175			257			(296	)		453			1,136			525			520				2,181
Other International		(4	)		(5	)		(97	)		(1	)		(107	)		-			-			(28	)			(28	)
Corporate and Other		(121	)		66			(213	)		58			(210	)		546			(349	)		(239	)			(42	)
Consolidated		982			2,091			2,379			2,627			8,079			5,759			5,145			4,527				15,431
SPECIAL ITEMS
Alaska		(20	)		(2	)		(1	)		3			(20	)		23			-			-				23
Lower 48		(236	)		(10	)		56			(109	)		(299	)		16			69			(42	)			43
Canada		(3	)		52			77			97			223			176			118			(12	)			282
Europe, Middle East and North Africa		-			-			(5	)		-			(5	)		-			(58	)		-				(58	)
Asia Pacific		199			-			-			(688	)		(489	)		534			-			27				561
Other International		-			-			(105	)		(3	)		(108	)		-			-			(29	)			(29	)
Corporate and Other		140			335			(15	)		317			777			721			(70	)		(7	)			644
Consolidated		80			375			7			(383	)		79			1,470			59			(63	)			1,466
Detailed reconciliation of these items is provided on page 3.
ADJUSTED EARNINGS
Alaska		179			373			406			448			1,406			561			687			580				1,828
Lower 48		704			1,185			1,575			1,767			5,231			2,774			3,512			2,695				8,981
Canada		13			50			78			94			235			115			198			131				444
Europe, Middle East and North Africa		153			207			246			566			1,172			412			443			922				1,777
Asia Pacific		118			175			257			392			942			602			525			493				1,620
Other International		(4	)		(5	)		8			2			1			-			-			1				1
Corporate and Other		(261	)		(269	)		(198	)		(259	)		(987	)		(175	)		(279	)		(232	)			(686	)
Consolidated		902			1,716			2,372			3,010			8,000			4,289			5,086			4,590				13,965
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska		26.4	%		22.7	%		21.7	%		22.4	%		22.8	%		30.0	%		30.1	%		27.6	%			29.3	%
Lower 48		23.3	%		21.7	%		22.0	%		21.8	%		22.1	%		22.1	%		19.6	%		25.1	%			22.1	%
Canada		28.3	%		26.2	%		25.7	%		25.3	%		25.8	%		24.4	%		25.1	%		24.5	%			24.7	%
Europe, Middle East and North Africa		70.2	%		70.3	%		72.7	%		65.2	%		68.6	%		76.8	%		71.1	%		64.7	%			70.0	%
Asia Pacific		49.3	%		39.4	%		31.9	%		25.5	%		33.9	%		22.4	%		17.7	%		17.7	%			19.5	%
Other International		28.0	%		7.6	%		-7.1	%		143.6	%		107.8	%		-137.8	%		43.0	%		16.8	%			16.2	%
Corporate and Other		8.1	%		18.7	%		38.9	%		25.1	%		23.1	%		38.1	%		3.4	%		21.9	%			21.0	%
Consolidated		44.8	%		36.8	%		34.2	%		36.8	%		37.1	%		36.8	%		32.2	%		38.7	%			35.9	%

	2021															2022
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr	YTD
DETAILED SPECIAL ITEMS
Alaska
Transaction and restructuring expenses		(26	)		(2	)		(1	)		(4	)		(33	)		-			-			-				-
Subtotal before income taxes		(26	)		(2	)		(1	)		(4	)		(33	)		-			-			-				-
Income tax provision (benefit)1		(6	)		-			-			(7	)		(13	)		(23	)		-			-				(23	)
Total		(20	)		(2	)		(1	)		3			(20	)		23			-			-				23
Lower 48
Transaction and restructuring expenses		(175	)		(13	)		(15	)		(57	)		(260	)		(14	)		(14	)		-				(28	)
Gain (loss) on accelerated settlement of Concho hedging program		(132	)		-			-			-			(132	)		-			-			-				-
Impairments		-			-			89			(85	)		4			-			-			-				-
Gain (loss) on asset sales		-			-			-			-			-			-			101			(55	)			46
Subtotal before income taxes		(307	)		(13	)		74			(142	)		(388	)		(14	)		87			(55	)			18
Income tax provision (benefit)2		(71	)		(3	)		18			(33	)		(89	)		(30	)		18			(13	)			(25	)
Total		(236	)		(10	)		56			(109	)		(299	)		16			69			(42	)			43
Canada
Gain (loss) on asset sales		-			68			100			126			294			229			153			(15	)			367
Transaction and restructuring expenses		(3	)		-			-			-			(3	)		-			-			-				-
Subtotal before income taxes		(3	)		68			100			126			291			229			153			(15	)			367
Income tax provision (benefit)		-			16			23			29			68			53			35			(3	)			85
Total		(3	)		52			77			97			223			176			118			(12	)			282
Europe, Middle East and North Africa
Transaction and restructuring expenses		(1	)		-			(24	)		-			(25	)		-			-			-				-
Subtotal before income taxes		(1	)		-			(24	)		-			(25	)		-			-			-				-
Income tax provision (benefit)4		(1	)		-			(19	)		-			(20	)		-			58			-				58
Total		-			-			(5	)		-			(5	)		-			(58	)		-				(58	)
Asia Pacific
Gain (loss) on asset sales		200			-			-			-			200			534			-			-				534
Impairments		-			-			-			(688	)		(688	)		-			-			-				-
Pending claims and settlements		-			-			-			-			-			-			-			27				27
Transaction and restructuring expenses		(1	)		-			-			-			(1	)		-			-			-				-
Subtotal before income taxes		199			-			-			(688	)		(489	)		534			-			27				561
Income tax provision (benefit)		-			-			-			-			-			-			-			-				-
Total		199			-			-			(688	)		(489	)		534			-			27				561
Other International
Gain (loss) on asset sales		-			-			(147	)		-			(147	)		-			-			-				-
Transaction and restructuring expenses		-			-			-			(4	)		(4	)		-			-			-				-
Subtotal before income taxes		-			-			(147	)		(4	)		(151	)		-			-			-				-
Income tax provision (benefit)5		-			-			(42	)		(1	)		(43	)		-			-			29				29
Total		-			-			(105	)		(3	)		(108	)		-			-			(29	)			(29	)
Corporate and Other
Pension settlement expense		-			(42	)		(28	)		(29	)		(99	)		-			-			-				-
Pending claims and settlements		-			(48	)		-			-			(48	)		-			-			(7	)			(7	)
Transaction and restructuring expense		(85	)		(8	)		(12	)		(4	)		(109	)		-			-			-				-
Gain (loss) on investment in Cenovus Energy		308			418			17			297			1,040			251			-			-				251
Gain (loss) on CAD FX derivative		(4	)		(8	)		-			-			(12	)		-			-			-				-
Gain (loss) on AUD FX derivative		-			-			-			21			21			(10	)		-			-				(10	)
Gain (loss) on debt extinguishment and exchange fees		-			-			-			-			-			127			(83	)		-				44
Subtotal before income taxes		219			312			(23	)		285			793			368			(83	)		(7	)			278
Income tax provision (benefit)3		79			(23	)		(8	)		(32	)		16			(353	)		(13	)		-				(366	)
Total		140			335			(15	)		317			777			721			(70	)		(7	)			644
Total Company		80			375			7			(383	)		79			1,470			59			(63	)			1,466

¹Includes a tax adjustment in Q1 2022 related to the closure of an audit.

²Includes a tax adjustment in Q1 2022 related to the closure of an audit.

³Includes deferred tax adjustment related to foreign tax credits in Q1 2021; Q4 2021 and Q1 2022 tax adjustment related to Indonesia disposition; Q1 2022 tax adjustments including the closure of an audit.

⁴Includes Norway tax reform for Q2 2022.

⁵Includes Q3 2022 tax settlement.

	2021															2022
	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		2,831			6,608			9,833			5,028			5,028			6,414			6,909			8,010				8,010
Short-term investments		4,104			2,251			678			446			446			730			1,272			2,412				2,412
Accounts and notes receivable		4,339			4,401			5,336			6,543			6,543			7,807			8,081			7,338				7,338
Accounts and notes receivable—related parties		142			123			129			127			127			72			72			16				16
Investment in Cenovus Energy		1,564			1,802			1,416			1,117			1,117			-			-			-				-
Inventories		1,098			1,138			1,043			1,208			1,208			1,174			1,234			1,226				1,226
Prepaid expenses and other current assets		536			849			1,746			1,581			1,581			1,389			1,292			1,451				1,451
Total Current Assets		14,614			17,172			20,181			16,050			16,050			17,586			18,860			20,453				20,453
Investments and long-term receivables		8,286			8,013			8,058			7,113			7,113			8,309			8,203			8,204				8,204
Loans and advances—related parties		59			59			-			-			-			-			-			-				-
Net properties, plants and equipment		58,270			57,717			56,689			64,911			64,911			64,642			64,008			63,673				63,673
Other assets		2,464			2,442			2,376			2,587			2,587			2,771			2,622			2,507				2,507
Total Assets		83,693			85,403			87,304			90,661			90,661			93,308			93,693			94,837				94,837
Liabilities
Accounts payable		3,779			3,591			4,101			5,002			5,002			4,875			5,845			6,242				6,242
Accounts payable—related parties		22			22			30			23			23			22			28			26				26
Short-term debt		689			1,205			920			1,200			1,200			1,160			676			664				664
Accrued income and other taxes		959			1,406			2,082			2,862			2,862			3,162			2,759			3,187				3,187
Employee benefit obligations		567			571			691			755			755			446			529			628				628
Other accruals		1,168			1,355			2,625			2,179			2,179			1,959			2,379			3,250				3,250
Total Current Liabilities		7,184			8,150			10,449			12,021			12,021			11,624			12,216			13,997				13,997
Long-term debt		19,338			18,805			18,748			18,734			18,734			17,586			16,295			16,297				16,297
Asset retirement obligations and accrued   environmental costs		5,782			5,819			5,721			5,754			5,754			5,815			5,737			5,729				5,729
Deferred income taxes		4,982			5,331			5,630			6,179			6,179			6,556			6,694			7,218				7,218
Employee benefit obligations		1,530			1,297			1,162			1,153			1,153			1,085			1,080			1,087				1,087
Other liabilities and deferred credits		1,722			1,725			1,479			1,414			1,414			1,424			1,469			1,430				1,430
Total Liabilities		40,538			41,127			43,189			45,255			45,255			44,090			43,491			45,758				45,758
Equity
Common stock issued
Par value		21			21			21			21			21			21			21			21				21
Capital in excess of par		60,278			60,337			60,431			60,581			60,581			60,907			61,045			61,089				61,089
Treasury stock		(47,672	)		(48,278	)		(49,521	)		(50,920	)		(50,920	)		(52,344	)		(54,644	)		(57,444	)			(57,444	)
Accumulated other comprehensive loss		(5,080	)		(4,920	)		(5,123	)		(4,950	)		(4,950	)		(4,808	)		(5,313	)		(5,865	)			(5,865	)
Retained earnings		35,608			37,116			38,307			40,674			40,674			45,442			49,093			51,278				51,278
Total Equity		43,155			44,276			44,115			45,406			45,406			49,218			50,202			49,079				49,079
Total Liabilities and Equity		83,693			85,403			87,304			90,661			90,661			93,308			93,693			94,837				94,837

	2021															2022
	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		982			2,091			2,379			2,627			8,079			5,759			5,145			4,527				15,431
Depreciation, depletion and amortization		1,886			1,867			1,672			1,783			7,208			1,823			1,810			1,872				5,505
Impairments		(3	)		2			(89	)		764			674			2			2			2				6
Dry hole costs and leasehold impairments		6			1			-			37			44			7			97			32				136
Accretion on discounted liabilities		62			63			61			56			242			61			61			60				182
Deferred taxes		203			364			328			451			1,346			373			495			726				1,594
Undistributed equity earnings		81			236			(59	)		188			446			220			371			(22	)			569
Gain (loss) on dispositions		(233	)		(59	)		(2	)		(192	)		(486	)		(817	)		(262	)		40				(1,039	)
Gain on investment in Cenovus Energy		(308	)		(418	)		(17	)		(297	)		(1,040	)		(251	)		-			-				(251	)
Other		(581	)		(107	)		(178	)		78			(788	)		(152	)		115			(1	)			(38	)
Net working capital changes		(15	)		211			702			373			1,271			(1,957	)		80			1,504				(373	)
Net Cash Provided by Operating Activities		2,080			4,251			4,797			5,868			16,996			5,068			7,914			8,740				21,722
Cash Flows from Investing Activities
Capital expenditures and investments		(1,200	)		(1,265	)		(1,302	)		(1,557	)		(5,324	)		(3,161	)		(1,968	)		(2,497	)			(7,626	)
Working capital changes associated with    investing activities		61			(59	)		77			55			134			363			133			46				542
Acquisition of businesses, net of cash acquired		382			-			-			(8,672	)		(8,290	)		37			-			-				37
Proceeds from asset dispositions		(17	)		177			632			861			1,653			2,332			619			403				3,354
Net (purchases) sales of investments		(499	)		1,801			1,544			245			3,091			(263	)		(841	)		(1,131	)			(2,235	)
Collection of advances/loans—related parties		52			-			53			-			105			55			-			59				114
Other		6			80			(472	)		473			87			26			(34	)		15				7
Net Cash (Used in) Provided by Investing Activities		(1,215	)		734			532			(8,595	)		(8,544	)		(611	)		(2,091	)		(3,105	)			(5,807	)
Cash Flows from Financing Activities
Net repayment of debt		(26	)		(18	)		(319	)		(142	)		(505	)		(1,067	)		(1,865	)		(45	)			(2,977	)
Issuance of company common stock		(28	)		3			52			118			145			271			79			(5	)			345
Repurchase of company common stock		(375	)		(606	)		(1,243	)		(1,399	)		(3,623	)		(1,425	)		(2,300	)		(2,799	)			(6,524	)
Dividends paid		(588	)		(583	)		(579	)		(609	)		(2,359	)		(864	)		(988	)		(1,484	)			(3,336	)
Other		2			1			3			1			7			(52	)		(4	)		3				(53	)
Net Cash Used in Financing Activities		(1,015	)		(1,203	)		(2,086	)		(2,031	)		(6,335	)		(3,137	)		(5,078	)		(4,330	)			(12,545	)
Effect of Exchange Rate Changes		(2	)		11			(12	)		(31	)		(34	)		21			(258	)		(215	)			(452	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(152	)		3,793			3,231			(4,789	)		2,083			1,341			487			1,090				2,918
Cash, cash equivalents and restricted cash at beginning of period		3,315			3,163			6,956			10,187			3,315			5,398			6,739			7,226				5,398
Cash, Cash Equivalents and Restricted Cash at End of Period		3,163			6,956			10,187			5,398			5,398			6,739			7,226			8,316				8,316
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska		235			228			235			284			982			253			218			269				740
Lower 48		718			762			770			879			3,129			1,062			1,285			1,773				4,120
Canada		33			35			61			74			203			122			125			135				382
Europe, Middle East and North Africa		121			136			128			149			534			172			192			167				531
Asia Pacific		76			72			87			155			390			1,538			126			127				1,791
Other International		6			12			15			-			33			-			-			-				-
Corporate and Other		11			20			6			16			53			14			22			26				62
Total Capital Expenditures and Investments		1,200			1,265			1,302			1,557			5,324			3,161			1,968			2,497				7,626

	2021												2022
	1st Qtr			2nd Qtr		3rd Qtr		4th Qtr			YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
TOTAL SEGMENTS
Production
Total (MBOED)		1,527			1,588		1,544		1,608			1,567		1,747		1,692		1,754			1,731
Crude Oil (MBD)
Consolidated operations		804			836		802		824			816		903		857		882			881
Equity affiliates		14			13		13		12			13		12		14		13			13
Total		818			849		815		836			829		915		871		895			894
Over (under) lifting of crude oil (MBD)		(28	)		27		42		(13	)		7		28		27		4			20
NGL (MBD)
Consolidated operations		105			120		123		186			134		216		236		263			238
Equity affiliates		8			8		7		8			8		7		8		8			8
Total		113			128		130		194			142		223		244		271			246
Bitumen (MBD)
Consolidated operations		70			68		69		68			69		67		59		69			65
Equity affiliates		-			-		-		-			-		-		-		-			-
Total		70			68		69		68			69		67		59		69			65
Natural Gas (MMCFD)
Consolidated operations		2,074			2,209		2,144		2,009			2,109		2,126		1,872		1,899			1,966
Equity affiliates		1,081			1,051		1,033		1,049			1,053		1,127		1,235		1,214			1,192
Total		3,155			3,260		3,177		3,058			3,162		3,253		3,107		3,113			3,158
Industry Prices
Crude Oil ($/BBL)
WTI		57.84			66.07		70.56		77.19			67.92		94.29		108.41		91.56			98.09
WCS		45.32			54.60		56.99		62.58			54.87		79.76		95.71		71.88			82.45
Brent dated		60.90			68.83		73.47		79.73			70.73		101.40		113.78		100.85			105.35
JCC ($/BBL)		43.77			55.88		67.00		73.13			59.94		80.43		86.09		110.97			92.50
Natural Gas ($/MMBTU)
Henry Hub first of month		2.71			2.83		4.02		5.84			3.85		4.96		7.17		8.20			6.78
Average Realized Prices
Total ($/BBL)		45.36			50.03		56.92		65.56			54.63		76.99		88.57		83.07			82.82
Crude Oil ($/BBL)
Consolidated operations		57.18			65.54		70.39		76.69			67.61		94.79		111.49		97.60			101.19
Equity affiliates		59.73			64.10		73.44		81.53			69.45		97.20		111.97		94.58			101.38
Total		57.22			65.51		70.43		76.76			67.64		94.82		111.50		97.56			101.19
NGL ($/BBL)
Consolidated operations		24.36			25.62		33.28		36.41			31.04		40.95		42.20		34.83			39.06
Equity affiliates		48.89			44.12		56.70		67.77			54.16		67.04		72.44		55.51			64.91
Total		26.44			26.87		34.79		37.72			32.45		41.80		43.26		35.47			39.90
Bitumen ($/BBL)
Consolidated operations		30.78			37.60		41.19		40.74			37.52		65.86		75.42		49.77			63.14
Equity affiliates		-			-		-		-			-		-		-		-			-
Total		30.78			37.60		41.19		40.74			37.52		65.86		75.42		49.77			63.14
Natural Gas ($/MCF)
Consolidated operations		4.89			4.25		5.93		9.13			6.00		8.81		10.19		14.14			10.98
Equity affiliates		3.54			3.97		5.95		7.80			5.31		8.86		10.08		11.37			10.15
Total		4.42			4.16		5.94		8.66			5.77		8.83		10.15		13.04			10.66
Exploration Expenses ($ Millions)
Dry holes		6			-		-		28			34		1		87		25			113
Leasehold impairment		-			1		-		9			10		6		10		7			23
Total noncash expenses		6			1		-		37			44		7		97		32			136
Other (G&A, G&G and lease rentals)		78			56		65		101			300		62		46		57			165
Total exploration expenses		84			57		65		138			344		69		143		89			301
U.S. exploration expenses		50			35		32		99			216		54		40		42			136
International exploration expenses		34			22		33		39			128		15		103		47			165
DD&A ($ Millions)
Alaska		317			262		201		217			997		226		234		232			692
Lower 48		1,000			1,017		988		1,070			4,075		1,168		1,192		1,198			3,558
Canada		126			93		85		82			386		102		98		96			296
Europe, Middle East and North Africa		219			234		217		216			886		192		157		196			545
Asia Pacific		211			240		167		170			788		124		118		140			382
Other International		-			-		-		-			-		-		-		-			-
Corporate and Other		13			21		14		28			76		11		11		10			32
Total DD&A		1,886			1,867		1,672		1,783			7,208		1,823		1,810		1,872			5,505

	2021										2022
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska		190		184		163		180		178		182		177		171			177
Lower 48		416		454		457		457		447		538		528		537			534
Canada		11		9		8		7		8		6		5		4			5
Norway		80		81		82		80		81		76		56		77			70
Libya		36		39		35		38		37		37		34		30			34
Europe, Middle East and North Africa		116		120		117		118		118		113		90		107			104
China		31		27		27		28		28		30		29		31			30
Indonesia		2		2		2		2		2		1		-		-			-
Malaysia		38		40		28		32		35		33		28		32			31
Asia Pacific		71		69		57		62		65		64		57		63			61
Total consolidated operations		804		836		802		824		816		903		857		882			881
Equity affiliates		14		13		13		12		13		12		14		13			13
Total		818		849		815		836		829		915		871		895			894
NGL (MBD)
Consolidated operations
Alaska		17		15		13		17		16		18		16		15			16
Lower 48		79		97		101		162		110		191		214		241			216
Canada		4		4		4		3		4		3		3		3			3
Norway		5		4		5		4		4		4		3		4			3
Europe, Middle East and North Africa		5		4		5		4		4		4		3		4			3
Total consolidated operations		105		120		123		186		134		216		236		263			238
Equity affiliates		8		8		7		8		8		7		8		8			8
Total		113		128		130		194		142		223		244		271			246
Bitumen (MBD)
Canada		70		68		69		68		69		67		59		69			65
Total		70		68		69		68		69		67		59		69			65
Natural Gas (MMCFD)
Consolidated operations
Alaska		8		11		11		33		16		35		34		29			33
Lower 48		1,319		1,459		1,389		1,195		1,340		1,426		1,411		1,410			1,416
Canada		91		84		73		70		80		63		66		49			59
Norway		295		284		291		323		298		308		284		312			302
Libya		14		13		12		21		15		23		22		19			21
Europe, Middle East and North Africa		309		297		303		344		313		331		306		331			323
Indonesia		290		290		299		296		294		194		-		-			64
Malaysia		57		68		69		71		66		77		55		80			71
Asia Pacific		347		358		368		367		360		271		55		80			135
Total consolidated operations		2,074		2,209		2,144		2,009		2,109		2,126		1,872		1,899			1,966
Equity affiliates		1,081		1,051		1,033		1,049		1,053		1,127		1,235		1,214			1,192
Total		3,155		3,260		3,177		3,058		3,162		3,253		3,107		3,113			3,158
Total (MBOED)
Consolidated operations
Alaska		208		201		178		203		197		206		199		191			198
Lower 48		715		794		790		818		780		967		977		1,013			986
Canada		100		95		93		90		94		86		78		84			83
Norway		134		132		135		138		135		131		106		133			123
Libya		39		41		37		41		40		41		38		33			38
Europe, Middle East and North Africa		173		173		172		179		175		172		144		166			161
China		31		27		27		28		28		30		29		31			30
Indonesia		50		50		52		51		51		33		-		-			11
Malaysia		48		52		40		44		46		46		37		45			43
Asia Pacific		129		129		119		123		125		109		66		76			84
Total consolidated operations		1,325		1,392		1,352		1,413		1,371		1,540		1,464		1,530			1,512
Equity affiliates		202		196		192		195		196		207		228		224			219
Total		1,527		1,588		1,544		1,608		1,567		1,747		1,692		1,754			1,731

	2021										2022
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska		59.56		67.87		72.55		79.61		69.87		95.54		114.77		103.90			104.83
Lower 48**		55.68		64.13		68.59		74.82		66.12		93.55		109.14		93.19			98.64
Canada		47.41		56.87		58.99		66.62		56.38		82.13		94.79		71.11			83.36
Norway		56.72		66.10		72.36		78.51		68.94		92.18		116.93		104.10			102.89
Libya		59.78		66.88		72.57		77.64		69.06		99.92		113.03		98.55			103.36
Europe, Middle East and North Africa		57.75		66.34		72.43		78.27		68.97		94.68		115.61		102.70			103.03
China		58.27		65.63		74.39		79.61		69.39		105.75		115.00		101.95			107.54
Indonesia		53.79		57.16		61.35		73.35		61.92		77.09		-		-			77.09
Malaysia		62.27		69.77		75.65		80.87		71.59		104.88		119.26		115.94			113.24
Asia Pacific		60.36		67.72		74.66		80.05		70.36		104.84		117.14		108.99			110.25
Total consolidated operations		57.18		65.54		70.39		76.69		67.61		94.79		111.49		97.60			101.19
Equity affiliates		59.73		64.10		73.44		81.53		69.45		97.20		111.97		94.58			101.38
Total		57.22		65.51		70.43		76.76		67.64		94.82		111.50		97.56			101.19
NGL ($/BBL)
Consolidated operations
Lower 48		23.99		24.62		32.87		35.99		30.63		40.42		42.00		34.59			38.74
Canada		25.32		27.14		33.47		39.68		31.18		41.83		44.93		29.62			39.24
Norway		34.70		39.49		50.32		57.91		43.97		58.67		68.00		51.67			57.01
Europe, Middle East and North Africa		34.70		39.49		50.32		57.91		43.97		58.67		68.00		51.67			57.01
Total consolidated operations		24.36		25.62		33.28		36.41		31.04		40.95		42.20		34.83			39.06
Equity affiliates		48.89		44.12		56.70		67.77		54.16		67.04		72.44		55.51			64.91
Total		26.44		26.87		34.79		37.72		32.45		41.80		43.26		35.47			39.90
Bitumen ($/BBL)
Canada*		30.78		37.60		41.19		40.74		37.52		65.86		75.42		49.77			63.14
Total		30.78		37.60		41.19		40.74		37.52		65.86		75.42		49.77			63.14
Natural Gas ($/MCF)
Consolidated operations
Alaska		2.23		4.53		2.63		2.22		2.81		3.92		3.34		4.38			3.82
Lower 48**		4.56		3.27		4.63		5.25		4.38		4.63		6.85		7.36			6.28
Canada		2.37		2.26		2.45		3.16		2.54		3.25		4.47		2.40			3.47
Norway		6.15		7.36		12.28		27.06		13.75		30.93		30.06		50.57			37.41
Libya		2.71		3.02		4.17		4.58		3.73		5.13		5.61		7.46			5.99
Europe, Middle East and North Africa		5.99		7.17		11.96		25.71		13.27		29.18		28.32		48.10			35.35
Indonesia		6.57		7.19		7.49		8.23		7.38		8.26		-		-			8.26
Malaysia		2.35		2.61		3.02		3.59		2.93		3.85		4.17		4.18			4.06
Asia Pacific		5.88		6.32		6.66		7.33		6.56		7.01		4.17		4.18			6.05
Total consolidated operations		4.89		4.25		5.93		9.13		6.00		8.81		10.19		14.14			10.98
Equity affiliates		3.54		3.97		5.95		7.80		5.31		8.86		10.08		11.37			10.15
Total		4.42		4.16		5.94		8.66		5.77		8.83		10.15		13.04			10.66

 *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.

**Average sales prices, including the impact of hedges settling per initial contract terms in the first quarter of 2021 assumed in our Concho acquisition, were $65.19 per barrel for crude oil and $4.33 per mcf for natural gas for the year ended December 31, 2021. As of March 31, 2021, we had settled all oil and gas hedging positions acquired from Concho.

	2021															2022
	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)		(121	)		66			(213	)		58			(210	)		546			(349	)		(239	)			(42	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense		(270	)		(181	)		(176	)		(174	)		(801	)		(218	)		(164	)		(125	)			(507	)
Corporate G&A expenses		(129	)		(65	)		(57	)		(66	)		(317	)		(79	)		(16	)		(62	)			(157	)
Technology*		41			(4	)		(6	)		(6	)		25			58			(9	)		(8	)			41
Other		237			316			26			304			883			785			(160	)		(44	)			581
Total		(121	)		66			(213	)		58			(210	)		546			(349	)		(239	)			(42	)
*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		(241	)		(235	)		(236	)		(234	)		(946	)		(227	)		(224	)		(215	)			(666	)
Capitalized interest		15			15			17			15			62			10			13			16				39
Interest revenue		6			4			5			7			22			6			29			60				95
Total		(220	)		(216	)		(214	)		(212	)		(862	)		(211	)		(182	)		(139	)			(532	)
Debt
Total debt ($ Millions)		20,027			20,010			19,668			19,934			19,934			18,746			16,971			16,961				16,961
Debt-to-capital ratio (%)		32	%		31	%		31	%		31	%		31	%		28	%		25	%		26	%			26	%
Equity ($ Millions)		43,155			44,276			44,115			45,406			45,406			49,218			50,202			49,079				49,079

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	Nov. 03, 2022
Entity Listings [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 03, 2022
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
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