EX-99.2 3 cop-20240502x8kexx992.htm EX-99.2 Document
Exhibit 99.2
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First-Quarter 2024 Detailed Supplemental Information

20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
  Sales and other operating revenues14,811 12,351 14,250 14,729 56,141 13,848 13,848 
  Equity in earnings of affiliates499 412 388 421 1,720 421 421 
  Gain (loss) on dispositions93 (1)108 28 228 93 93 
  Other income (loss)114 122 120 129 485 114 114 
    Total Revenues and Other Income15,517 12,884 14,866 15,307 58,574 14,476 14,476 
Costs and Expenses
  Purchased commodities6,138 4,616 5,543 5,678 21,975 5,334 5,334 
  Production and operating expenses1,779 1,886 1,995 2,033 7,693 2,015 2,015 
  Selling, general and administrative expenses159 205 169 172 705 178 178 
  Exploration expenses138 83 92 85 398 112 112 
  Depreciation, depletion and amortization1,942 2,010 2,095 2,223 8,270 2,211 2,211 
  Impairments— 11 14 — — 
  Taxes other than income taxes576 512 536 450 2,074 555 555 
  Accretion on discounted liabilities68 68 68 79 283 80 80 
  Interest and debt expense188 179 194 219 780 205 205 
  Foreign currency transactions (gain) loss(44)(14)55 95 92 (18)(18)
  Other expenses10 (23)(4)(4)
    Total Costs and Expenses10,955 9,522 10,766 11,043 42,286 10,668 10,668 
Income (loss) before income taxes4,562 3,362 4,100 4,264 16,288 3,808 3,808 
  Income tax provision (benefit)1,642 1,130 1,302 1,257 5,331 1,257 1,257 
Net Income (loss)2,920 2,232 2,798 3,007 10,957 2,551 2,551 
Net Income Per Share of Common Stock (dollars)
  Basic2.38 1.84 2.33 2.53 9.08 2.16 2.16 
  Diluted2.38 1.84 2.32 2.52 9.06 2.15 2.15 
Weighted Average Common Shares Outstanding (in thousands)*
  Basic1,220,228 1,207,443 1,196,641 1,187,144 1,202,757 1,177,921 1,177,921 
  Diluted1,223,355 1,210,342 1,199,746 1,189,903 1,205,675 1,180,320 1,180,320 
*Ending Common Shares Outstanding is 1,169,534 as of March 31, 2024, compared with 1,178,102 as of December 31, 2023.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska567 510 606 737 2,420 468 468 
Lower 482,378 1,581 2,257 2,008 8,224 1,766 1,766 
Canada43 125 252 428 236 236 
Europe, Middle East and North Africa1,244 982 893 1,135 4,254 1,081 1,081 
Asia Pacific582 451 509 462 2,004 517 517 
Other International(5)(10)(13)(1)(1)
Corporate and Other(218)(200)(291)(320)(1,029)(259)(259)
Consolidated4,562 3,362 4,100 4,264 16,288 3,808 3,808 



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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE INCOME TAX RATES
Alaska*26.7 %27.0 %26.1 %26.4 %26.5 %26.1 %26.1 %
Lower 4822.1 %22.2 %21.1 %20.4 %21.4 %21.8 %21.8 %
Canada21.9 %26.6 %-48.6 %29.5 %6.1 %23.6 %23.6 %
Europe, Middle East and North Africa70.6 %73.1 %71.7 %73.0 %72.1 %71.9 %71.9 %
Asia Pacific10.3 %14.1 %8.9 %-27.3 %2.1 %0.9 %0.9 %
Other International— %— %756.2 %18.8 %-0.2 %7.7 7.7 %
Corporate and Other-11.3 %75.9 %-14.3 %38.3 %20.2 %33.8 %33.8 %
Consolidated36.0 %33.6 %31.8 %29.5 %32.7 %33.0 %33.0 %
*Alaska including taxes other than income taxes.42.3 %41.1 %40.8 %32.9 %39.0 %42.5 %42.5 %


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions
EARNINGS BY SEGMENT
Alaska416 372 448 542 1,778 346    346 
Lower 481,852 1,230 1,781 1,598 6,461 1,381    1,381 
Canada32 186 178 402 180    180 
Europe, Middle East and North Africa365 264 253 307 1,189 304    304 
Asia Pacific522 387 465 587 1,961 512    512 
Other International(4)(2)(8)(13)(1)   (1)
Corporate and Other(242)(49)(333)(197)(821)(171)   (171)
Consolidated2,920 2,232 2,798 3,007 10,957 2,551    2,551 
SPECIAL ITEMS
Alaska— — — — — — — 
Lower 48— — 100 — 100 66 66 
Canada— — 92 — 92 — — 
Europe, Middle East and North Africa— — — — — — — 
Asia Pacific— — 52 203 255 76 76 
Other International— — — — — — — 
Corporate and Other— — (47)(58)(105)— — 
Consolidated— — 197 145 342 142 142 
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska416 372 448 542 1,778 346 346 
Lower 481,852 1,230 1,681 1,598 6,361 1,315 1,315 
Canada32 94 178 310 180 180 
Europe, Middle East and North Africa365 264 253 307 1,189 304 304 
Asia Pacific522 387 413 384 1,706 436 436 
Other International(4)(2)(8)(13)(1)(1)
Corporate and Other(242)(49)(286)(139)(716)(171)(171)
Consolidated2,920 2,232 2,601 2,862 10,615 2,409 2,409 


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska26.7 %27.0 %26.1 %26.4 %26.5 %26.1 %26.1 %
Lower 4822.1 %22.2 %22.3 %20.4 %21.8 %21.7 %21.7 %
Canada21.9 %26.6 %24.5 %29.5 %27.6 %23.6 %23.6 %
Europe, Middle East and North Africa70.6 %73.1 %71.7 %73.0 %72.1 %71.9 %71.9 %
Asia Pacific10.3 %14.1 %19.1 %16.7 %14.8 %15.6 %15.6 %
Other International— %— %756.2 %18.8 %-0.2 %7.7 %7.7 %
Corporate and Other-11.3 %75.9 %-23.1 %43.5 %20.2 %33.8 %33.8 %
Consolidated36.0 %33.6 %36.0 %34.0 %35.0 %35.3 %35.3 %


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions
DETAILED SPECIAL ITEMS
Alaska
  Total— — — — — —    — 
Lower 48
Gain (loss) on asset sales— — 94 — 94 86 86 
Subtotal before income taxes— — 94 — 94 86 86 
Income tax provision (benefit)— — (6)— (6)20 20 
  Total— — 100 — 100 66 66 
Canada
Income tax provision (benefit)¹— — (92)— (92)—    — 
  Total— — 92 — 92 —    — 
Europe, Middle East and North Africa
  Total— — — — — —    — 
Asia Pacific
Income tax provision (benefit)²— — (52)(203)(255)(76)(76)
  Total— — 52 203 255 76 76 
Other International
  Total— — — — — —    — 
Corporate and Other
Gain (loss) on CAD FX derivative— — (59)(73)(132)—    — 
Subtotal before income taxes— — (59)(73)(132)—    — 
Income tax provision (benefit)— — (12)(15)(27)—    — 
  Total— — (47)(58)(105)—    — 
Total Company— — 197 145 342 142 142 
¹Includes a tax adjustment in 3Q23 related to closure of an audit.
²Includes a tax adjustment in 3Q23 and 1Q24 related to Malaysia deepwater investment tax incentive and 4Q23 adjustment related to reversal of a tax reserve.


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
  Cash and cash equivalents6,974 5,735 8,830 5,635 5,635 5,574    5,574 
  Short-term investments1,635 1,080 616 971 971 487    487 
  Accounts and notes receivable5,280 4,517 5,658 5,461 5,461 5,444    5,444 
  Accounts and notes receivable—related parties16 14 13 13 13 14    14 
  Inventories1,258 1,236 1,326 1,398 1,398 1,443    1,443 
  Prepaid expenses and other current assets953 919 738 852 852 759    759 
       Total Current Assets16,116 13,501 17,181 14,330 14,330 13,721    13,721 
  Investments and long-term receivables8,197 8,618 8,731 9,130 9,130 9,132    9,132 
  Net properties, plants and equipment65,090 65,452 65,561 70,044 70,044 69,907    69,907 
  Other assets2,038 2,034 2,178 2,420 2,420 2,588    2,588 
Total Assets91,441 89,605 93,651 95,924 95,924 95,348    95,348 
Liabilities
  Accounts payable5,078 4,597 5,119 5,083 5,083 5,101    5,101 
  Accounts payable—related parties22 29 24 34 34 37    37 
  Short-term debt1,317 879 881 1,074 1,074 1,113    1,113 
  Accrued income and other taxes2,847 1,692 1,919 1,811 1,811 2,116    2,116 
  Employee benefit obligations420 552 691 774 774 405    405 
  Other accruals1,869 1,799 1,704 1,229 1,229 1,391    1,391 
       Total Current Liabilities11,553 9,548 10,338 10,005 10,005 10,163    10,163 
  Long-term debt15,266 15,565 18,182 17,863 17,863 17,304    17,304 
  Asset retirement obligations and accrued
  environmental costs
6,324 6,357 6,425 7,220 7,220 7,141    7,141 
  Deferred income taxes7,927 8,038 8,325 8,813 8,813 8,776    8,776 
  Employee benefit obligations1,007 981 956 1,009 1,009 967    967 
  Other liabilities and deferred credits1,581 1,585 1,680 1,735 1,735 1,672    1,672 
Total Liabilities43,658 42,074 45,906 46,645 46,645 46,023    46,023 
Equity
  Common stock issued
    Par value21 21 21 21 21 21    21 
    Capital in excess of par61,100 61,169 61,262 61,303 61,303 61,300    61,300 
  Treasury stock(61,904)(63,217)(64,529)(65,640)(65,640)(66,974)   (66,974)
  Accumulated other comprehensive income (loss)(6,027)(5,925)(5,961)(5,673)(5,673)(5,917)   (5,917)
  Retained earnings54,593 55,483 56,952 59,268 59,268 60,895    60,895 
Total Equity47,783 47,531 47,745 49,279 49,279 49,325    49,325 
Total Liabilities and Equity91,441 89,605 93,651 95,924 95,924 95,348    95,348 


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20232024
$ Millions1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
CASH FLOW INFORMATION
Cash Flows from Operating Activities
  Net income (loss)2,920 2,232 2,798 3,007 10,957 2,551    2,551 
  Depreciation, depletion and amortization1,942 2,010 2,095 2,223 8,270 2,211    2,211 
  Impairments— 11 14 —    — 
  Dry hole costs and leasehold impairments68 34 49 11 162 19    19 
  Accretion on discounted liabilities68 68 68 79 283 80    80 
  Deferred taxes324 165 264 392 1,145 87    87 
  Distributions more (less) than income from equity
  affiliates
491 161 268 44 964 308    308 
  (Gain) loss on dispositions(93)(108)(28)(228)(93)   (93)
  Other(35)28 23 (236)(220)(66)   (66)
  Net working capital changes(283)(845)(23)(231)(1,382)(112)   (112)
Net Cash Provided by Operating Activities5,403 3,854 5,445 5,263 19,965 4,985    4,985 
Cash Flows from Investing Activities
  Capital expenditures and investments(2,897)(2,923)(2,545)(2,883)(11,248)(2,916)   (2,916)
  Working capital changes associated with investing
  activities
208 (122)(261)205 30 169    169 
  Acquisition of businesses, net of cash acquired— — — (2,724)(2,724)49    49 
  Proceeds from asset dispositions188 238 187 19 632 173    173 
  Net sales (purchases) of investments1,065 484 311 (487)1,373 405    405 
  Other(12)(76)18 (63)(21)   (21)
Net Cash Used in Investing Activities(1,448)(2,316)(2,384)(5,852)(12,000)(2,141)   (2,141)
Cash Flows from Financing Activities
  Net issuance (repayment) of debt(43)(64)2,651 (136)2,408 (505)   (505)
  Issuance of company common stock(97)38 (52)(61)   (61)
  Repurchase of company common stock(1,700)(1,300)(1,300)(1,100)(5,400)(1,325)   (1,325)
  Dividends paid(1,488)(1,350)(1,337)(1,408)(5,583)(924)   (924)
  Other(13)(23)— (34)(10)   (10)
Net Cash Used in Financing Activities(3,326)(2,725)29 (2,639)(8,661)(2,825)   (2,825)
Effect of Exchange Rate Changes(104)(58)12 51 (99)(73)   (73)
Net Change in Cash, Cash Equivalents and Restricted Cash525 (1,245)3,102 (3,177)(795)(54)   (54)
Cash, cash equivalents and restricted cash at beginning of period6,694 7,219 5,974 9,076 6,694 5,899    5,899 
Cash, Cash Equivalents and Restricted Cash at End of Period7,219 5,974 9,076 5,899 5,899 5,845    5,845 
Restricted cash is included in the "Other assets" line of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
 Alaska406 363 371 565 1,705 720    720 
 Lower 481,704 1,653 1,521 1,609 6,487 1,616    1,616 
 Canada136 92 117 111 456 152    152 
 Europe, Middle East and North Africa209 358 267 277 1,111 219    219 
 Asia Pacific63 79 103 109 354 45    45 
 Other International— — — — — —    — 
 Corporate and Other379 378 166 212 1,135 164    164 
Total Capital Expenditures and Investments2,897 2,923 2,545 2,883 11,248 2,916    2,916 
Capitalized interest included in Total Capital Expenditures and Investments26 39 45 43 153 50    50 


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
TOTAL SEGMENTS
Production
Total (MBOED)1,792 1,805 1,806 1,902 1,826 1,902 1,902 
Crude Oil (MBD)
  Consolidated operations926 918 914 936 923 928 928 
  Equity affiliates11 13 13 13 13 16 16 
  Total937 931 927 949 936 944 944 
NGL (MBD)
  Consolidated operations264 275 283 293 279 271 271 
  Equity affiliates
  Total271 283 291 301 287 279 279 
Bitumen (MBD)
  Consolidated operations69 66 64 125 81 129 129 
  Total69 66 64 125 81 129 129 
Natural Gas (MMCFD)
  Consolidated operations1,922 1,896 1,889 1,954 1,916 2,035 2,035 
  Equity affiliates1,166 1,251 1,252 1,207 1,219 1,267 1,267 
  Total3,088 3,147 3,141 3,161 3,135 3,302 3,302 
Industry Prices
Crude Oil ($/BBL)
  WTI76.13 73.78 82.26 78.32 77.62 76.96 76.96 
  WCS51.31 58.62 69.36 56.43 58.93 57.57 57.57 
  Brent dated81.27 78.39 86.76 84.05 82.62 83.24 83.24 
  JCC ($/BBL)100.49 87.19 84.04 83.08 88.70 92.29 92.29 
Natural Gas ($/MMBTU)
  Henry Hub first of month3.44 2.09 2.54 2.88 2.74 2.25 2.25 
Average Realized Prices
Total ($/BBL)60.86 54.50 60.05 58.21 58.39 56.60 56.60 
Crude Oil ($/BBL)
  Consolidated operations77.60 74.18 83.22 80.83 78.97 78.67 78.67 
  Equity affiliates80.97 75.10 78.73 79.23 78.45 76.94 76.94 
  Total77.65 74.19 83.15 80.80 78.96 78.64 78.64 
NGL ($/BBL)
  Consolidated operations24.97 20.05 22.52 21.22 22.12 23.35 23.35 
  Equity affiliates57.71 43.62 39.53 49.59 47.09 52.09 52.09 
  Total25.84 20.72 23.01 21.97 22.82 24.25 24.25 
Bitumen ($/BBL)
  Consolidated operations29.49 41.01 57.85 42.34 42.15 44.30 44.30 
  Total29.49 41.01 57.85 42.34 42.15 44.30 44.30 
Natural Gas ($/MCF)
  Consolidated operations5.65 2.89 3.29 3.75 3.89 2.91 2.91 
  Equity affiliates9.95 8.23 7.73 8.03 8.46 8.26 8.26 
  Total7.30 5.04 5.06 5.41 5.69 5.02 5.02 


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Exploration Expenses ($ Millions)
Dry holes49 23 37 — 109 19    19 
Leasehold impairment19 11 12 11 53 —    — 
Total noncash expenses68 34 49 11 162 19    19 
Other (G&A, G&G and lease rentals)70 49 43 74 236 93    93 
Total exploration expenses138 83 92 85 398 112    112 
U.S. exploration expenses108 51 29 37 225 66    66 
International exploration expenses30 32 63 48 173 46    46 
DD&A ($ Millions)
 Alaska260 267 259 275 1,061 324 324 
 Lower 481,319 1,407 1,489 1,507 5,722 1,432 1,432 
 Canada91 84 89 156 420 158 158 
 Europe, Middle East and North Africa153 139 134 161 587 180 180 
 Asia Pacific113 108 117 117 455 110 110 
 Other International— — — — — — — 
 Corporate and Other25 
Total DD&A1,942 2,010 2,095 2,223 8,270 2,211 2,211 


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
PRODUCTION
Crude Oil (MBD)
  Consolidated operations
   Alaska179 176 165 174 173 180 180 
   Lower 48561 565 572 576 569 553 553 
   Canada15 18 18 
     Norway70 65 60 63 64 68 68 
     Libya47 48 48 48 48 50 50 
   Europe, Middle East and North Africa117 113 108 111 112 118 118 
     China34 32 31 31 32 32 32 
     Malaysia29 26 30 29 28 27 27 
   Asia Pacific63 58 61 60 60 59 59 
  Total consolidated operations926 918 914 936 923 928 928 
  Equity affiliates11 13 13 13 13 16 16 
  Total937 931 927 949 936 944 944 
NGL (MBD)
  Consolidated operations
   Alaska18 16 14 15 16 14 14 
   Lower 48239 252 263 269 256 247 247 
   Canada
     Norway
   Europe, Middle East and North Africa
  Total consolidated operations264 275 283 293 279 271 271 
  Equity affiliates
  Total271 283 291 301 287 279 279 
Bitumen (MBD)
  Canada69 66 64 125 81 129 129 
  Total69 66 64 125 81 129 129 
Natural Gas (MMCFD)
  Consolidated operations
   Alaska42 34 36 39 38 42 42 
   Lower 481,418 1,478 1,490 1,440 1,457 1,479 1,479 
   Canada64 58 57 82 65 100 100 
     Norway313 256 235 313 279 329 329 
     Libya29 30 29 29 29 29 29 
   Europe, Middle East and North Africa342 286 264 342 308 358 358 
     Malaysia56 40 42 51 48 56 56 
   Asia Pacific56 40 42 51 48 56 56 
  Total consolidated operations1,922 1,896 1,889 1,954 1,916 2,035 2,035 
  Equity affiliates1,166 1,251 1,252 1,207 1,219 1,267 1,267 
  Total3,088 3,147 3,141 3,161 3,135 3,302 3,302 
Total (MBOED)
  Consolidated operations
   Alaska204 198 185 195 195 201 201 
   Lower 481,036 1,063 1,083 1,086 1,067 1,046 1,046 
   Canada89 85 85 158 104 170 170 
     Norway126 112 102 119 115 127 127 
     Libya52 53 53 53 53 55 55 
   Europe, Middle East and North Africa178 165 155 172 168 182 182 
     China34 32 31 31 32 32 32 
     Malaysia38 33 37 38 36 36 36 
   Asia Pacific72 65 68 69 68 68 68 
  Total consolidated operations1,579 1,576 1,576 1,680 1,602 1,667 1,667 
  Equity affiliates213 229 230 222 224 235 235 
  Total1,792 1,805 1,806 1,902 1,826 1,902 1,902 


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20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
  Consolidated operations
   Alaska82.22 76.09 86.98 87.25 83.05 83.59 83.59 
   Lower 4874.36 72.06 80.75 77.43 76.19 75.51 75.51 
   Canada65.07 59.40 70.83 66.32 66.19 64.40 64.40 
     Norway85.34 80.39 87.27 85.35 84.56 85.36 85.36 
     Libya80.41 78.65 87.74 85.92 83.07 84.11 84.11 
   Europe, Middle East and North Africa83.52 79.64 87.45 85.60 83.96 84.83 84.83 
     China76.93 75.27 84.71 84.53 80.35 80.59 80.59 
     Malaysia89.99 83.92 92.63 92.64 90.11 89.40 89.40 
   Asia Pacific83.50 78.64 89.10 87.47 84.79 85.05 85.05 
  Total consolidated operations77.60 74.18 83.22 80.83 78.97 78.67 78.67 
  Equity affiliates80.97 75.10 78.73 79.23 78.45 76.94 76.94 
  Total77.65 74.19 83.15 80.80 78.96 78.64 78.64 
NGL ($/BBL)
  Consolidated operations
   Lower 4824.58 19.61 22.03 20.93 21.73 22.67 22.67 
   Canada29.02 17.11 26.26 30.28 26.13 35.47 35.47 
     Norway47.91 37.06 43.08 38.48 41.13 46.32 46.32 
   Europe, Middle East and North Africa47.91 37.06 43.08 38.48 41.13 46.32 46.32 
  Total consolidated operations24.97 20.05 22.52 21.22 22.12 23.35 23.35 
  Equity affiliates57.71 43.62 39.53 49.59 47.09 52.09 52.09 
  Total25.84 20.72 23.01 21.97 22.82 24.25 24.25 
Bitumen ($/BBL)
  Canada29.49 41.01 57.85 42.34 42.15 44.30 44.30 
  Total29.49 41.01 57.85 42.34 42.15 44.30 44.30 
Natural Gas ($/MCF)
  Consolidated operations
   Alaska4.58 4.38 4.40 4.48 4.47 3.91 3.91 
   Lower 482.92 1.43 2.24 1.93 2.12 1.57 1.57 
   Canada4.64 0.56 0.67 1.27 1.80 1.01 1.01 
     Norway18.04 11.32 10.07 12.70 13.33 9.02 9.02 
     Libya7.67 6.67 5.86 5.78 6.49 6.39 6.39 
   Europe, Middle East and North Africa17.18 10.83 9.61 12.12 12.68 8.81 8.81 
     Malaysia4.30 4.10 3.77 3.60 3.95 3.68 3.68 
   Asia Pacific4.30 4.10 3.77 3.60 3.95 3.68 3.68 
  Total consolidated operations5.65 2.89 3.29 3.75 3.89 2.91 2.91 
  Equity affiliates9.95 8.23 7.73 8.03 8.46 8.26 8.26 
  Total7.30 5.04 5.06 5.41 5.69 5.02 5.02 


conocophillipslogo23.jpg
20232024
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)(242)(49)(333)(197)(821)(171)   (171)
Detail of Earnings (Loss) ($ Millions)
Net interest expense(90)(86)(91)(93)(360)(93)   (93)
Corporate G&A expenses(90)(96)(87)(84)(357)(105)   (105)
Technology*(11)(14)(15)(34)(24)   (24)
Other(68)144 (141)(5)(70)51    51 
Total(242)(49)(333)(197)(821)(171)   (171)
*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(214)(218)(239)(262)(933)(254)   (254)
Capitalized interest*26 39 45 43 153 50    50 
Interest revenue95 97 110 101 403 101    101 
Total(93)(82)(84)(118)(377)(103)   (103)
*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.
Debt
Total debt ($ Millions)16,583 16,444 19,063 18,937 18,937 18,417    18,417 
Debt-to-capital ratio (%)26 %26 %29 %28 %28 %27 %   27 %
Equity ($ Millions)47,783 47,531 47,745 49,279 49,279 49,325    49,325 
REFERENCE
Commonly Used Abbreviations
EarningsNet Income (Loss) Attributable to ConocoPhillips
DD&ADepreciation, Depletion and Amortization
G&GGeological and Geophysical
G&AGeneral and Administrative
JCCJapan Crude Cocktail
LNGLiquefied Natural Gas
NGLsNatural Gas Liquids
WCSWestern Canadian Select
WTIWest Texas Intermediate
Units of Measurement
BBLBarrel
MMBBLMillion of Barrels
MBDThousand of Barrels per Day
MBOEDThousand of Barrels of Oil Equivalent per Day
MCFThousand Cubic Feet
MMBTUMillion British Thermal Units
MMCFDMillion Cubic Feet per Day