ConocoPhillips : Third Quarter 2024 Earnings Supplemental PDF

Third-Quarter 2024 Detailed Supplemental Information

			2023						2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year		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	14,811	12,351	14,250	14,729	56,141	13,848	13,620	13,041		40,509
Equity in earnings of affiliates	499	412	388	421	1,720	421	403	441		1,265
Gain (loss) on dispositions	93	(1)	108	28	228	93	(5)	(2)		86
Other income (loss)	114	122	120	129	485		114	118	124		356
Total Revenues and Other Income	15,517	12,884	14,866	15,307	58,574		14,476	14,136	13,604		42,216

Costs and Expenses
Purchased commodities	6,138	4,616	5,543	5,678	21,975
Production and operating expenses	1,779	1,886	1,995	2,033	7,693
Selling, general and administrative expenses	159	205	169	172	705
Exploration expenses	138	83	92	85	398
Depreciation, depletion and amortization	1,942	2,010	2,095	2,223	8,270
Impairments	1	-	11	2	14
Taxes other than income taxes	576	512	536	450	2,074
Accretion on discounted liabilities	68	68	68	79	283
Interest and debt expense	188	179	194	219	780
Foreign currency transactions (gain) loss	(44)	(14)	55	95	92
Other expenses	10	(23)	8	7	2
Total Costs and Expenses	10,955	9,522	10,766	11,043	42,286
Income (loss) before income taxes	4,562	3,362	4,100	4,264	16,288
Income tax provision (benefit)	1,642	1,130	1,302	1,257	5,331
Net Income (loss)	2,920	2,232	2,798	3,007	10,957
Net Income Per Share of Common Stock (dollars)
Basic	2.38	1.84	2.33	2.53	9.08
Diluted	2.38	1.84	2.32	2.52	9.06

5,334	4,858	4,747	14,939
2,015	2,164	2,261	6,440
178	164	186	528
112	102	70	284
2,211	2,334	2,390	6,935
-	34	-	34
555	536	476	1,567
80	80	80	240
205	198	189	592
(18)	9	(28)	(37)
(4)	(2)	(2)	(8)
10,668	10,477	10,369	31,514
3,808	3,659	3,235	10,702
1,257	1,330	1,176	3,763
2,551	2,329	2,059	6,939
2.16	1.99	1.77	5.92
2.15	1.98	1.76	5.91

Weighted-Average Common Shares Outstanding (in thousands)*
Basic	1,220,228	1,207,443	1,196,641	1,187,144	1,202,757	1,177,921	1,168,198	1,161,318	1,169,350
Diluted	1,223,355	1,210,342	1,199,746	1,189,903	1,205,675	1,180,320	1,170,299	1,163,227	1,171,424

*Ending Common Shares Outstanding is 1,150,912 as of September 30, 2024, compared with 1,161,250 as of June 30, 2024.

INCOME (LOSS) BEFORE INCOME TAXES
Alaska	567	510	606	737	2,420
Lower 48	2,378	1,581	2,257	2,008	8,224
Canada	8	43	125	252	428
Europe, Middle East and North Africa	1,244	982	893	1,135	4,254
Asia Pacific	582	451	509	462	2,004
Other International	1	(5)	1	(10)	(13)
Corporate and Other	(218)	(200)	(291)	(320)	(1,029)
Consolidated	4,562	3,362	4,100	4,264	16,288

468	495	370	1,333
1,766	1,626	1,588	4,980
236	347	35	618
1,081	917	976	2,974
517	539	528	1,584
(1)	3	1	3
(259)	(268)	(263)	(790)
3,808	3,659	3,235	10,702

EFFECTIVE INCOME TAX RATES
Alaska*	26.7%	27.0%	26.1%	26.4%	26.5%
Lower 48	22.1%	22.2%	21.1%	20.4%	21.4%
Canada	21.9%	26.6%	(48.6%)	29.5%	6.1%
Europe, Middle East and North Africa	70.6%	73.1%	71.7%	73.0%	72.1%
Asia Pacific	10.3%	14.1%	8.9%	(27.3%)	2.1%
Other International	-	-	756.2%	18.8%	(0.2%)
Corporate and Other	(11.3%)	75.9%	(14.3%)	38.3%	20.2%
Consolidated	36.0%	33.6%	31.8%	29.5%	32.7%
*Alaska including taxes other than income taxes.	42.3%	41.1%	40.8%	32.9%	39.0%

26.1%	27.4%	27.6%	27.0%
21.8%	22.6%	21.9%	22.1%
23.6%	24.6%	30.9%	24.6%
71.9%	72.5%	69.5%	71.3%
0.9%	17.8%	13.7%	10.9%
7.7%	-	3.4%	(2.7%)
33.8%	7.2%	13.4%	18.0%
33.0%	36.3%	36.4%	35.2%
42.5%	42.5%	42.8%	42.6%

1 of 9

			2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
$ Millions
EARNINGS BY SEGMENT
Alaska	416	372	448	542	1,778
Lower 48	1,852	1,230	1,781	1,598	6,461
Canada	6	32	186	178	402
Europe, Middle East and North Africa	365	264	253	307	1,189
Asia Pacific	522	387	465	587	1,961
Other International	1	(4)	(2)	(8)	(13)
Corporate and Other	(242)	(49)	(333)	(197)	(821)
Consolidated	2,920	2,232	2,798	3,007	10,957
SPECIAL ITEMS
Alaska	-	-	-	-	-
Lower 48	-	-	100	-	100
Canada	-	-	92	-	92
Europe, Middle East and North Africa	-	-	-	-	-
Asia Pacific	-	-	52	203	255
Other International	-	-	-	-	-
Corporate and Other	-	-	(47)	(58)	(105)
Consolidated	-	-	197	145	342

Detailed reconciliation of these items is provided on page 3.

ADJUSTED EARNINGS
Alaska	416	372	448	542	1,778
Lower 48	1,852	1,230	1,681	1,598	6,361
Canada	6	32	94	178	310
Europe, Middle East and North Africa	365	264	253	307	1,189
Asia Pacific	522	387	413	384	1,706
Other International	1	(4)	(2)	(8)	(13)
Corporate and Other	(242)	(49)	(286)	(139)	(716)
Consolidated	2,920	2,232	2,601	2,862	10,615
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska	26.7%	27.0%	26.1%	26.4%	26.5%
Lower 48	22.1%	22.2%	22.3%	20.4%	21.8%
Canada	21.9%	26.6%	24.5%	29.5%	27.6%
Europe, Middle East and North Africa	70.6%	73.1%	71.7%	73.0%	72.1%
Asia Pacific	10.3%	14.1%	19.1%	16.7%	14.8%
Other International	-	-	756.2%	18.8%	(0.2%)
Corporate and Other	(11.3%)	75.9%	(23.1%)	43.5%	20.2%
Consolidated	36.0%	33.6%	36.0%	34.0%	35.0%

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
346	360	267		973
1,381	1,259	1,241		3,881
180	261	25		466
304	251	298		853
512	444	455		1,411
(1)	3	1		3
(171)	(249)	(228)		(648)
2,551	2,329	2,059		6,939

-	-	-	-
66	-	-	66
-	-	-	-
-	-	-	-
76	-	-	76
-	-	-	-
-	-	(22)	(22)
142	-	(22)	120

346	360	267	973
1,315	1,259	1,241	3,815
180	261	25	466
304	251	298	853
436	444	455	1,335
(1)	3	1	3
(171)	(249)	(206)	(626)
2,409	2,329	2,081	6,819

26.1%	27.4%	27.6%	27.0%
21.7%	22.6%	21.9%	22.1%
23.6%	24.6%	30.9%	24.6%
71.9%	72.5%	69.5%	71.3%
15.6%	17.8%	13.7%	15.7%
7.7%	-	3.4%	(2.7%)
33.8%	7.2%	12.3%	17.8%
35.3%	36.3%	36.2%	35.9%

2 of 9

			2023
$ Millions	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
DETAILED SPECIAL ITEMS
Alaska
Total	-	-	-	-	-
Lower 48
Gain (loss) on asset sales	-	-	94	-	94
Income tax provision (benefit)	-	-	(6)	-	(6)
Total	-	-	100	-	100

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
-		-	-	-
86		-	-	86
20		-	-	20
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)
Total	-	-	52	203	255
Other International
Total	-	-	-	-	-

(76)	-	-	(76)
76	-	-	76
-	-	-	-

Corporate and Other
Transaction and integration expenses	-	-	-	-	-	-	-	(28)	(28)
Gain (loss) on CAD FX derivative	-	-	(59)	(73)	(132)	-	-	-	-
Income tax provision (benefit)	-	-	(12)	(15)	(27)		-	-	(6)	(6)
Total	-	-	(47)	(58)	(105)	-	-	(22)	(22)
Total Company	-	-	197	145	342		142	-	(22)	120

1. Includes a tax adjustment in 3Q23 related to closure of an audit.
2. Includes a tax adjustment in 3Q23 and 1Q24 related to Malaysia deepwater investment tax incentive and 4Q23 adjustment related to reversal of a tax reserve.

3 of 9

			2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents	6,974	5,735	8,830	5,635	5,635
Short-term investments	1,635	1,080	616	971	971
Accounts and notes receivable	5,280	4,517	5,658	5,461	5,461
Accounts and notes receivable-related parties	16	14	13	13	13
Inventories	1,258	1,236	1,326	1,398	1,398
Prepaid expenses and other current assets	953	919	738	852	852
Total Current Assets	16,116	13,501	17,181	14,330	14,330
Investments and long-term receivables	8,197	8,618	8,731	9,130	9,130
Net properties, plants and equipment	65,090	65,452	65,561	70,044	70,044
Other assets	2,038	2,034	2,178	2,420	2,420
Total Assets	91,441	89,605	93,651	95,924	95,924
Liabilities
Accounts payable	5,078	4,597	5,119	5,083	5,083
Accounts payable-related parties	22	29	24	34	34
Short-term debt	1,317	879	881	1,074	1,074
Accrued income and other taxes	2,847	1,692	1,919	1,811	1,811
Employee benefit obligations	420	552	691	774	774
Other accruals	1,869	1,799	1,704	1,229	1,229
Total Current Liabilities	11,553	9,548	10,338	10,005	10,005
Long-term debt	15,266	15,565	18,182	17,863	17,863
Asset retirement obligations and accrued environmental costs	6,324	6,357	6,425	7,220	7,220
Deferred income taxes	7,927	8,038	8,325	8,813	8,813
Employee benefit obligations	1,007	981	956	1,009	1,009
Other liabilities and deferred credits	1,581	1,585	1,680	1,735	1,735
Total Liabilities	43,658	42,074	45,906	46,645	46,645
Equity
Common stock issued
Par value	21	21	21	21	21
Capital in excess of par	61,100	61,169	61,262	61,303	61,303
Treasury stock	(61,904)	(63,217)	(64,529)	(65,640)	(65,640)
Accumulated other comprehensive income (loss)	(6,027)	(5,925)	(5,961)	(5,673)	(5,673)
Retained earnings	54,593	55,483	56,952	59,268	59,268
Total Equity	47,783	47,531	47,745	49,279	49,279
Total Liabilities and Equity	91,441	89,605	93,651	95,924	95,924

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
5,574	4,294	5,221		5,221
487	1,723	1,571		1,571
5,444	5,285	4,791		4,791
14	22	24		24
1,443	1,447	1,496		1,496
759	963	881		881
13,721	13,734	13,984		13,984
9,132	9,304	9,192		9,192
69,907	70,226	70,725		70,725
2,588	2,730	2,798		2,798
95,348	95,994	96,699		96,699
5,101	5,065	5,161		5,161
37	91	29		29
1,113	1,312	1,314		1,314
2,116	2,016	2,473		2,473
405	516	627		627
1,391	1,324	1,161		1,161
10,163	10,324	10,765		10,765
17,304	17,040	16,990		16,990
7,141	7,238	7,337		7,337
8,776	8,927	8,986		8,986
967	990	945		945
1,672	1,730	1,795		1,795
46,023	46,249	46,818		46,818
21	21	21		21
61,300	61,381	61,430		61,430
(66,974)	(68,005)	(69,184)		(69,184)
(5,917)	(5,961)	(5,845)		(5,845)
60,895	62,309	63,459		63,459
49,325	49,745	49,881		49,881
95,348	95,994	96,699		96,699

4 of 9

			2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
$ Millions
CASH FLOW INFORMATION
Cash Flows from Operating Activities
Net income (loss)	2,920	2,232	2,798	3,007	10,957
Depreciation, depletion and amortization	1,942	2,010	2,095	2,223	8,270
Impairments	1	-	11	2	14
Dry hole costs and leasehold impairments	68	34	49	11	162
Accretion on discounted liabilities	68	68	68	79	283
Deferred taxes	324	165	264	392	1,145
Distributions more (less) than income from equity affiliates	491	161	268	44	964
(Gain) loss on dispositions	(93)	1	(108)	(28)	(228)
Other	(35)	28	23	(236)	(220)
Net working capital changes	(283)	(845)	(23)	(231)	(1,382)
Net Cash Provided by Operating Activities	5,403	3,854	5,445	5,263	19,965
Cash Flows from Investing Activities
Capital expenditures and investments	(2,897)	(2,923)	(2,545)	(2,883)	(11,248)
Working capital changes associated with investing activities	208	(122)	(261)	205	30
Acquisition of businesses, net of cash acquired	-	-	-	(2,724)	(2,724)
Proceeds from asset dispositions	188	238	187	19	632
Net sales (purchases) of investments	1,065	484	311	(487)	1,373
Other	(12)	7	(76)	18	(63)
Net Cash Used in Investing Activities	(1,448)	(2,316)	(2,384)	(5,852)	(12,000)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(43)	(64)	2,651	(136)	2,408
Issuance of company common stock	(97)	2	38	5	(52)
Repurchase of company common stock	(1,700)	(1,300)	(1,300)	(1,100)	(5,400)
Dividends paid	(1,488)	(1,350)	(1,337)	(1,408)	(5,583)
Other	2	(13)	(23)	-	(34)
Net Cash Used in Financing Activities	(3,326)	(2,725)	29	(2,639)	(8,661)
Effect of Exchange Rate Changes	(104)	(58)	12	51	(99)
Net Change in Cash, Cash Equivalents and Restricted Cash	525	(1,245)	3,102	(3,177)	(795)
Cash, cash equivalents and restricted cash at beginning of period	6,694	7,219	5,974	9,076	6,694
Cash, Cash Equivalents and Restricted Cash at End of Period	7,219	5,974	9,076	5,899	5,899
Restricted cash is included in the "Other assets" line of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska	406	363	371	565	1,705
Lower 48	1,704	1,653	1,521	1,609	6,487
Canada	136	92	117	111	456
Europe, Middle East and North Africa	209	358	267	277	1,111
Asia Pacific	63	79	103	109	354
Other International	-	-	-	-	-
Corporate and Other	379	378	166	212	1,135
Total Capital Expenditures and Investments	2,897	2,923	2,545	2,883	11,248
Capitalized interest included in total capital expenditures and investments	26	39	45	43	153

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
2,551	2,329	2,059		6,939
2,211	2,334	2,390		6,935
-	34	-		34
19	29	-		48
80	80	80		240
87	124	38		249
308	56	181		545
(93)	5	2		(86)
(66)	76	(28)		(18)
(112)	(148)	1,041		781
4,985	4,919	5,763		15,667
(2,916)	(2,969)	(2,916)		(8,801)
169	4	22		195
49	-	-		49
173	5	39		217
405	(1,199)	195		(599)
(21)	8	2		(11)
(2,141)	(4,151)	(2,658)		(8,950)
(505)	(58)	(44)		(607)
(61)	4	(9)		(66)
(1,325)	(1,021)	(1,167)		(3,513)
(924)	(915)	(910)		(2,749)
(10)	(53)	(68)		(131)
(2,825)	(2,043)	(2,198)		(7,066)
(73)	4	41		(28)
(54)	(1,271)	948		(377)
5,899	5,845	4,574		5,899
5,845	4,574	5,522		5,522
720	691	691		2,102
1,616	1,649	1,653		4,918
152	131	136		419
219	227	248		694
45	90	100		235
-	-	-		-
164	181	88		433
2,916	2,969	2,916		8,801
50	58	66		174

5 of 9

			2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
TOTAL SEGMENTS
Production
Total (MBOED)	1,792	1,805	1,806	1,902	1,826
Crude Oil (MBD)
Consolidated operations	926	918	914	936	923
Equity affiliates	11	13	13	13	13
Total	937	931	927	949	936
NGL (MBD)
Consolidated operations	264	275	283	293	279
Equity affiliates	7	8	8	8	8
Total	271	283	291	301	287
Bitumen (MBD)
Consolidated operations	69	66	64	125	81
Total	69	66	64	125	81
Natural Gas (MMCFD)
Consolidated operations	1,922	1,896	1,889	1,954	1,916
Equity affiliates	1,166	1,251	1,252	1,207	1,219
Total	3,088	3,147	3,141	3,161	3,135
Industry Prices
Crude Oil ($/BBL)
WTI	76.13	73.78	82.26	78.32	77.62
WCS	51.31	58.62	69.36	56.43	58.93
Brent dated	81.27	78.39	86.76	84.05	82.62
JCC ($/BBL)	100.49	87.19	84.04	83.08	88.70
Natural Gas ($/MMBTU)
Henry Hub first of month	3.44	2.09	2.54	2.88	2.74

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
1,902	1,945	1,917		1,921
928	942	945		938
16	13	12		14
944	955	957		952
271	287	302		287
8	8	8		8
279	295	310		295
129	133	87		116
129	133	87		116
2,035	2,123	2,149		2,102
1,267	1,247	1,232		1,249
3,302	3,370	3,381		3,351
76.96	80.57	75.10		77.54
57.57	66.96	61.56		62.03
83.24	84.94	80.18		82.79
92.29	84.19	87.58		88.02
2.25	1.89	2.15		2.10

Average Realized Prices
Total ($/BOE)	60.86	54.50	60.05	58.21	58.39
Crude Oil ($/BBL)
Consolidated operations	77.60	74.18	83.22	80.83	78.97
Equity affiliates	80.97	75.10	78.73	79.23	78.45
Total	77.65	74.19	83.15	80.80	78.96
NGL ($/BBL)
Consolidated operations	24.97	20.05	22.52	21.22	22.12
Equity affiliates	57.71	43.62	39.53	49.59	47.09
Total	25.84	20.72	23.01	21.97	22.82
Bitumen ($/BBL)
Consolidated operations	29.49	41.01	57.85	42.34	42.15
Total	29.49	41.01	57.85	42.34	42.15
Natural Gas ($/MCF)
Consolidated operations	5.65	2.89	3.29	3.75	3.89
Equity affiliates	9.95	8.23	7.73	8.03	8.46
Total	7.30	5.04	5.06	5.41	5.69

56.60	56.56	54.18	55.77
78.67	81.31	76.78	78.90
76.94	80.34	76.11	77.72
78.64	81.30	76.77	78.88
23.35	21.84	21.16	22.07
52.09	49.83	49.91	50.64
24.25	22.60	21.93	22.88
44.30	54.59	47.32	48.89
44.30	54.59	47.32	48.89
2.91	1.88	1.99	2.25
8.26	7.98	8.41	8.19
5.02	4.22	4.42	4.53

Exploration Expenses ($ Millions)
Dry holes	49	23	37	-	109
Leasehold impairment	19	11	12	11	53
Total noncash expenses	68	34	49	11	162
Other (G&A, G&G and lease rentals)	70	49	43	74	236
Total exploration expenses	138	83	92	85	398
U.S. exploration expenses	108	51	29	37	225
International exploration expenses	30	32	63	48	173

19	25	-	44
-	4	-	4
19	29	-	48
93	73	70	236
112	102	70	284
66	42	22	130
46	60	48	154

DD&A ($ Millions)
Alaska	260	267	259	275	1,061
Lower 48	1,319	1,407	1,489	1,507	5,722
Canada	91	84	89	156	420
Europe, Middle East and North Africa	153	139	134	161	587
Asia Pacific	113	108	117	117	455
Other International	-	-	-	-	-
Corporate and Other	6	5	7	7	25
Total DD&A	1,942	2,010	2,095	2,223	8,270

324	321	309	954
1,432	1,557	1,640	4,629
158	166	147	471
180	175	189	544
110	107	97	314
-	-	-	-
7	8	8	23
2,211	2,334	2,390	6,935

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			2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska	179	176	165	174	173
Lower 48	561	565	572	576	569
Canada	6	6	8	15	9
Norway	70	65	60	63	64
Libya	47	48	48	48	48
Europe, Middle East and North Africa	117	113	108	111	112
China	34	32	31	31	32
Malaysia	29	26	30	29	28
Asia Pacific	63	58	61	60	60
Total consolidated operations	926	918	914	936	923
Equity affiliates	11	13	13	13	13
Total	937	931	927	949	936
NGL (MBD)
Consolidated operations
Alaska	18	16	14	15	16
Lower 48	239	252	263	269	256
Canada	3	3	3	5	3
Norway	4	4	3	4	4
Europe, Middle East and North Africa	4	4	3	4	4
Total consolidated operations	264	275	283	293	279
Equity affiliates	7	8	8	8	8
Total	271	283	291	301	287
Bitumen (MBD)
Canada	69	66	64	125	81
Total	69	66	64	125	81
Natural Gas (MMCFD)
Consolidated operations
Alaska	42	34	36	39	38
Lower 48	1,418	1,478	1,490	1,440	1,457
Canada	64	58	57	82	65
Norway	313	256	235	313	279
Libya	29	30	29	29	29
Europe, Middle East and North Africa	342	286	264	342	308
Malaysia	56	40	42	51	48
Asia Pacific	56	40	42	51	48
Total consolidated operations	1,922	1,896	1,889	1,954	1,916
Equity affiliates	1,166	1,251	1,252	1,207	1,219
Total	3,088	3,147	3,141	3,161	3,135
Total (MBOED)
Consolidated operations
Alaska	204	198	185	195	195
Lower 48	1,036	1,063	1,083	1,086	1,067
Canada	89	85	85	158	104
Norway	126	112	102	119	115
Libya	52	53	53	53	53
Europe, Middle East and North Africa	178	165	155	172	168
China	34	32	31	31	32
Malaysia	38	33	37	38	36
Asia Pacific	72	65	68	69	68
Total consolidated operations	1,579	1,576	1,576	1,680	1,602
Equity affiliates	213	229	230	222	224
Total	1,792	1,805	1,806	1,902	1,826

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
180	170	162		171
553	575	603		577
18	17	15		17
68	68	70		68
50	51	40		47
118	119	110		115
32	34	34		33
27	27	21		25
59	61	55		58
928	942	945		938
16	13	12		14
944	955	957		952
14	14	14		14
247	264	278		263
6	6	7		6
4	3	3		4
4	3	3		4
271	287	302		287
8	8	8		8
279	295	310		295
129	133	87		116
129	133	87		116
42	36	37		38
1,479	1,597	1,596		1,557
100	121	121		114
329	301	323		318
29	27	28		28
358	328	351		346
56	41	44		47
56	41	44		47
2,035	2,123	2,149		2,102
1,267	1,247	1,232		1,249
3,302	3,370	3,381		3,351
201	190	182		191
1,046	1,105	1,147		1,099
170	176	129		158
127	121	127		125
55	56	44		52
182	177	171		177
32	34	34		33
36	34	28		33
68	68	62		66
1,667	1,716	1,691		1,691
235	229	226		230
1,902	1,945	1,917		1,921

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			2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska	82.22	76.09	86.98	87.25	83.05
Lower 48	74.36	72.06	80.75	77.43	76.19
Canada	65.07	59.40	70.83	66.32	66.19
Norway	85.34	80.39	87.27	85.35	84.56
Libya	80.41	78.65	87.74	85.92	83.07
Europe, Middle East and North Africa	83.52	79.64	87.45	85.60	83.96
China	76.93	75.27	84.71	84.53	80.35
Malaysia	89.99	83.92	92.63	92.64	90.11
Asia Pacific	83.50	78.64	89.10	87.47	84.79
Total consolidated operations	77.60	74.18	83.22	80.83	78.97
Equity affiliates	80.97	75.10	78.73	79.23	78.45
Total	77.65	74.19	83.15	80.80	78.96
NGL ($/BBL)
Consolidated operations
Lower 48	24.58	19.61	22.03	20.93	21.73
Canada	29.02	17.11	26.26	30.28	26.13
Norway	47.91	37.06	43.08	38.48	41.13
Europe, Middle East and North Africa	47.91	37.06	43.08	38.48	41.13
Total consolidated operations	24.97	20.05	22.52	21.22	22.12
Equity affiliates	57.71	43.62	39.53	49.59	47.09
Total	25.84	20.72	23.01	21.97	22.82
Bitumen ($/BBL)
Canada	29.49	41.01	57.85	42.34	42.15
Total	29.49	41.01	57.85	42.34	42.15
Natural Gas ($/MCF)
Consolidated operations
Alaska	4.58	4.38	4.40	4.48	4.47
Lower 48	2.92	1.43	2.24	1.93	2.12
Canada	4.64	0.56	0.67	1.27	1.80
Norway	18.04	11.32	10.07	12.70	13.33
Libya	7.67	6.67	5.86	5.78	6.49
Europe, Middle East and North Africa	17.18	10.83	9.61	12.12	12.68
Malaysia	4.30	4.10	3.77	3.60	3.95
Asia Pacific	4.30	4.10	3.77	3.60	3.95
Total consolidated operations	5.65	2.89	3.29	3.75	3.89
Equity affiliates	9.95	8.23	7.73	8.03	8.46
Total	7.30	5.04	5.06	5.41	5.69

2024

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
83.59	86.44	81.32		83.89
75.51	78.72	74.73		76.29
64.40	68.90	61.99		65.09
85.36	83.96	79.75		82.83
84.11	85.44	83.48		84.41
84.83	84.62	80.88		83.45
80.59	82.16	77.78		80.14
89.40	91.70	85.13		88.91
85.05	86.47	80.84		84.15
78.67	81.31	76.78		78.90
76.94	80.34	76.11		77.72
78.64	81.30	76.77		78.88
22.67	21.57	20.64		21.58
35.47	27.01	28.11		30.13
46.32	39.60	46.08		44.81
46.32	39.60	46.08		44.81
23.35	21.84	21.16		22.07
52.09	49.83	49.91		50.64
24.25	22.60	21.93		22.88
44.30	54.59	47.32		48.89
44.30	54.59	47.32		48.89
3.91	4.03	3.98		3.97
1.57	0.32	0.18		0.67
1.01	0.36	0.10		0.46
9.02	9.89	11.19		10.02
6.39	6.23	6.05		6.22
8.81	9.59	10.76		9.71
3.68	3.98	3.62		3.75
3.68	3.98	3.62		3.75
2.91	1.88	1.99		2.25
8.26	7.98	8.41		8.19
5.02	4.22	4.42		4.53

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			2023						2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)	(242)	(49)	(333)	(197)	(821)	(171)	(249)	(228)		(648)

Detail of Earnings (Loss) ($ Millions)
Net interest expense	(90)	(86)	(91)	(93)	(360)
Corporate G&A expenses	(90)	(96)	(87)	(84)	(357)
Technology*	6	(11)	(14)	(15)	(34)
Other	(68)	144	(141)	(5)	(70)
Total	(242)	(49)	(333)	(197)	(821)

(93)	(89)	(79)	(261)
(105)	(78)	(99)	(282)
(24)	(44)	(32)	(100)
51	(38)	(18)	(5)
(171)	(249)	(228)	(648)

*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)
Capitalized interest*	26	39	45	43	153
Interest revenue	95	97	110	101	403
Total	(93)	(82)	(84)	(118)	(377)

(255)	(256)	(255)	(766)
50	58	66	174
101	95	105	301
(104)	(103)	(84)	(291)

*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	18,352	18,304	18,304
Debt-to-capital ratio (%)	26%	26%	29%	28%	28%		27%	27%	27%	27%
Equity ($ Millions)		47,783	47,531	47,745	49,279	49,279	49,325	49,745	49,881	49,881
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
NGLs	Natural Gas Liquids
WCS	Western Canadian Select
WTI	West Texas Intermediate
Units of Measurement
BBL	Barrel
BOE	Barrel of Oil Equivalent
MMBBL	Million of Barrels
MBD	Thousand of Barrels per Day
MBOED	Thousand of Barrels of Oil Equivalent per Day
MCF	Thousand Cubic Feet
MMBTU	Million British Thermal Units
MMCFD	Million Cubic Feet per Day

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