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Discontinued Operations | 6 Months Ended
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Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract] |
Separation of Downstream Business | Note 3—Discontinued Operations Separation of Downstream Business On April 30, 2012, the separation of our Downstream business was completed, creating two independent energy companies: ConocoPhillips and Phillips 66. In connection with the separation, Phillips 66 distributed approximately $7.8 billion to us in a special cash distribution. T he principal funds from the special cash distribution w ere designated solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing, within twelve months following the distribution. The cash was included in the “Restricted cash” line on our consolidated balance sheet. No balance remained from the cash distribution as of June 30, 2013. We also entered into several agreements with Phillips 66 in order to effect the separation and govern our relationship with Phillips 66.
Sales and other operating revenues and income from discontinued operations related to Phillips 66 for the
three- and six-month periods ended June 30, 2012, were as follows:
|  | Millions of Dollars
|  | 2012
|  | Three Months Ended |  | Six Months Ended
|  | June 30 |  | June 30
Sales and other operating revenues from discontinued |  |  |  |  |  |
| operations | $ |  |  | 16,609 |  |  |  | 62,107
Income from discontinued operations before-tax | $ |  |  | 782 |  |  |  | 1,790
Income tax expense |  |  |  | 248 |  |  |  | 542
Income from discontinued operations | $ |  |  | 534 |  |  |  | 1,248
Income from discontinued operations after-tax includes transaction, information systems and other costs incurred to effect the separation of $26 million and $70 million for the three- and six-month periods ended June 30, 2012, respectively. No separation costs were incurred during the first six months of 2013. Prior to the separation, commodity sales to Phillips 66 were $919 million and $4,973 million for the three- and six-month periods ended June 30, 2012, respectively. C ommodity purchases from Phillips 66 prior to the separation were $7 million and $166 million for the three- and six-month periods ended June 30, 2012, respectively. Prior to May 1, 2012, commodity sales and related costs were eliminated in consolidation between ConocoPhillips and Phillips 66. Beginning May 1, 2012, these revenues and costs represent third-party transactions with Phillips 66. Other Discontinued Operations As part of our ongoing asset disposition program, we agreed to sell our interest in Kashagan and our Algerian and Nigerian businesses (collectively, the “Disposition Gr oup”). The Disposition Group was previously part of the Other International operating segment. On November 26, 2012, we notified government authorities in Kazakhstan and co-venture r s of our intent to sell the Company's 8.4 percent interest in Kashagan to ONGC Videsh Limited (O VL). On July 2, 2013, we received notification from the government of Kazakhstan indicating it is exercising its right to pre-empt the proposed sale to O VL and designating KazMunay Gas as the entity to acquire the interest. E xpected proceeds are approximately $5.4 billion, including expected working capital and customary adjustments at closing. The transaction is expected to close in 2 013. We recorded pre-tax impairment s of $606 million and $43 million in the fourth quarter of 2012 and firs t quarter of 2013, respectively. At June 30, 2013, the carrying value of the net assets related to our interest in Kashagan was $5.2 billion, net of impairments. On December 18, 2012, we entered into an agreement with Pertamina to sell our wholly owned subsidiary, ConocoPhillips Algeria Ltd., for a total of $1.75 billion plus customary adjustments. The transaction is anticipated to close in 2013. We received a deposit of $175 million in December 2012. The deposit is refundable in the event our co-venturer exercises its preemptive rights, which have been waived, or government approval is not received. At June 30, 2013, the net carrying value of our Algerian assets was $674 million. On December 20, 2012, we entered into agreements with affiliates of Oando PLC to sell our Nigerian business unit for a total of $1.79 billion plus customary adjustments. The transaction is anticipated to close in 2013. We received a deposit of $435 million in December 2012. The deposit is only refundable in the event of default by us. At June 30, 2013, the net carrying value of our Nigerian assets was $378 million. At June 30, 2013, each component of the Disposition Group met the criteria to be classified as held for sale. A ccordingly, we classified $16 million of loans and advances to related parties in the “Accounts and notes receivable—related parties” line and $7,254 million of noncurrent assets in the “Prepaid expenses and other current assets” line of our consolidated balance sheet. In addition, we classified $853 million of noncurrent liabilities in the “Accrued income and other taxes” line and $135 million of asset retirement obligations in the “Other accruals” line of our consolidated balance sheet. The carrying amounts of the major classes of assets and liabilities associated with the Disposition Group were as follows:
|  | Millions of Dollars
|  |  | June 30 |  | December 31
|  |  | 2013 |  | 2012
Assets |  |  |  |
Accounts and notes receivable | $ | 247 |  | 268
Accounts and notes receivable—related parties |  | 2 |  | 1
Inventories |  | 51 |  | 44
Prepaid expenses and other current assets |  | 127 |  | 220
| Total current assets of discontinued operations |  | 427 |  | 533
Investments and long-term receivables |  | 293 |  | 272
Loans and advances—related parties |  | 16 |  | 29
Net properties, plants and equipment |  | 6,959 |  | 6,629
Other assets |  | 2 |  | 4
Total assets of discontinued operations | $ | 7,697 |  | 7,467
Liabilities |  |  |  |
Accounts payable | $ | 417 |  | 471
Accrued income and other taxes |  | 37 |  | 125
| Total current liabilities of discontinued operations |  | 454 |  | 596
Asset retirement obligations and accrued environmental costs |  | 135 |  | 131
Deferred income taxes |  | 853 |  | 759
Total liabilities of discontinued operations | $ | 1,442 |  | 1,486
Sales and other operating revenues and income (loss) from discontinued operations related to the Disposition
Group were as follows:
|  | Millions of Dollars
|  | Three Months Ended |  | Six Months Ended
| June 30 | June 30
|  | 2013 |  | 2012 |  | 2013 |  | 2012
Sales and other operating revenues from discontinued |  |  |  |  |  |  |  |
| operations | $ | 210 |  | 324 |  | 539 |  | 715
Income from discontinued operations before-tax | $ | 85 |  | 144 |  | 205 |  | 346
Income tax expense |  | 88 |  | 109 |  | 79 |  | 249
Income (loss) from discontinued operations | $ | (3) |  | 35 |  | 126 |  | 97

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- Definition The entire disclosure for the facts and circumstances leading to the separation, manner and timing of separation, amounts of revenues and pretax profit or loss reported in discontinued operations, and carrying value of the assets and liabilities comprising the disposal group. + References No definition available. + Details
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