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Supplementary Information - Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2018

Supplementary Information - Condensed Consolidating Financial Information [Abstract]

Supplementary Information - Condensed Consolidating Financial Information

Supplementary Information—Condensed Consolidating Financial Information

We have various cross guarantees among ConocoPhillips, ConocoPhillips Company and ConocoPhillips Canada Funding Company I, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. ConocoPhillips Canada Funding Company I is an indirect, 100 percent owned subsidiary of ConocoPhillips Company. ConocoPhillips and/or ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of ConocoPhillips Canada Funding Company I, with respect to its publicly held debt securities. Similarly, ConocoPhillips has fully and unconditionally guaranteed the payment obligations of ConocoPhillips Company with respect to its publicly held debt securities. In addition, ConocoPhillips Company has fully and unconditionally guaranteed the payment obligations of ConocoPhillips with respect to its publicly held debt securities. All guarantees are joint and several. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for:

• ConocoPhillips, ConocoPhillips Company and ConocoPhillips Canada Funding Company I (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting).
• All other nonguarantor subsidiaries of ConocoPhillips.
• The consolidating adjustments necessary to present ConocoPhillips’ results on a consolidated basis.

In March 2018, ConocoPhillips Company received a $1.2 billion loan repayment from a nonguarantor subsidiary to settle certain accumulated intercompany balances. This transaction had no impact on our consolidated financial statements.

In June 2018, ConocoPhillips received a $2.5 billion return of capital from ConocoPhillips Company to settle certain accumulated intercompany balances. The transaction had no impact on our consolidated financial statements.

In the second quarter of 2018, ConocoPhillips Company received $1.2 billion of loan repayments from a nonguarantor subsidiary to settle certain accumulated intercompany balances. This transaction had no impact on our consolidated financial statements.

This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes.

			Millions of Dollars
			Three Months Ended September 30, 2018
Income Statement			ConocoPhillips		ConocoPhillips Company		ConocoPhillips Canada Funding Company I		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues		$	-		4,330		-		5,119		-		9,449
Equity in earnings of affiliates			1,903		2,166		-		256		(4,031)		294
Gain on dispositions			-		75		-		38		-		113
Other income			-		(61)		-		370		-		309
Intercompany revenues			9		34		42		1,619		(1,704)		-
Total Revenues and Other Income			1,912		6,544		42		7,402		(5,735)		10,165
Costs and Expenses
Purchased commodities			-		3,880		-		1,196		(1,546)		3,530
Production and operating expenses			-		298		-		1,085		(16)		1,367
Selling, general and administrative expenses			2		99		-		18		-		119
Exploration expenses			-		41		-		62		-		103
Depreciation, depletion and amortization			-		152		-		1,342		-		1,494
Impairments			-		1		-		43		-		44
Taxes other than income taxes			-		33		-		279		-		312
Accretion on discounted liabilities			-		4		-		85		-		89
Interest and debt expense			72		156		37		63		(142)		186
Foreign currency transaction (gains) losses			(12)		3		42		(28)		-		5
Other expenses			-		6		-		4		-		10
Total Costs and Expenses			62		4,673		79		4,149		(1,704)		7,259
Income (Loss) before income taxes			1,850		1,871		(37)		3,253		(4,031)		2,906
Income tax provision (benefit)			(11)		(32)		1		1,075		-		1,033
Net income (loss)			1,861		1,903		(38)		2,178		(4,031)		1,873
Less: net income attributable to noncontrolling interests			-		-		-		(12)		-		(12)
Net Income (Loss) Attributable to ConocoPhillips		$	1,861		1,903		(38)		2,166		(4,031)		1,861
Comprehensive Income Attributable to ConocoPhillips		$	2,056		2,098		5		2,330		(4,433)		2,056
Income Statement			Three Months Ended September 30, 2017*
Revenues and Other Income
Sales and other operating revenues		$	-		2,997		-		3,691		-		6,688
Equity in earnings of affiliates			486		348		-		119		(757)		196
Gain (Loss) on dispositions			-		879		-		(633)		-		246
Other income			-		12		-		53		-		65
Intercompany revenues			10		77		43		774		(904)		-
Total Revenues and Other Income			496		4,313		43		4,004		(1,661)		7,195
Costs and Expenses
Purchased commodities			-		2,666		-		1,001		(741)		2,926
Production and operating expenses			-		216		-		1,007		(1)		1,222
Selling, general and administrative expenses			2		97		-		11		-		110
Exploration expenses			-		29		-		44		-		73
Depreciation, depletion and amortization			-		203		-		1,405		-		1,608
Impairments			-		1		-		5		-		6
Taxes other than income taxes			-		29		-		146		-		175
Accretion on discounted liabilities			-		8		-		81		-		89
Interest and debt expense			86		169		37		121		(162)		251
Foreign currency transaction (gains) losses			(27)		1		77		(46)		-		5
Other expenses			50		29		-		(2)		-		77
Total Costs and Expenses			111		3,448		114		3,773		(904)		6,542
Income (Loss) before income taxes			385		865		(71)		231		(757)		653
Income tax provision (benefit)			(35)		379		6		(133)		-		217
Net income (loss)			420		486		(77)		364		(757)		436
Less: net income attributable to noncontrolling interests			-		-		-		(16)		-		(16)
Net Income (Loss) Attributable to ConocoPhillips		$	420		486		(77)		348		(757)		420
Comprehensive Income Attributable to ConocoPhillips		$	1,470		1,536		22		864		(2,422)		1,470
*Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07.
See Note 2—Changes in Accounting Principles, for additional information.
See Notes to Consolidated Financial Statements.

				Millions of Dollars
				Nine Months Ended September 30, 2018
Income Statement				ConocoPhillips			ConocoPhillips Company		ConocoPhillips Canada Funding Company I		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues				$	-		11,774		-		14,977		-		26,751
Equity in earnings of affiliates					4,562		5,398		-		833		(10,026)		767
Gain on dispositions					-		78		-		97		-		175
Other income					-		230		-		443		-		673
Intercompany revenues					28		124		129		4,227		(4,508)		-
Total Revenues and Other Income					4,590		17,604		129		20,577		(14,534)		28,366
Costs and Expenses
Purchased commodities					-		10,571		-		3,757		(4,020)		10,308
Production and operating expenses					-		723		-		3,181		(53)		3,851
Selling, general and administrative expenses					7		254		-		80		(5)		336
Exploration expenses					-		132		-		135		-		267
Depreciation, depletion and amortization					-		427		-		3,917		-		4,344
Impairments					-		(9)		-		30		-		21
Taxes other than income taxes					-		111		-		657		-		768
Accretion on discounted liabilities					-		13		-		253		-		266
Interest and debt expense					219		456		110		192		(430)		547
Foreign currency transaction (gains) losses					22		(6)		(43)		34		-		7
Other expenses					-		348		-		2		-		350
Total Costs and Expenses					248		13,020		67		12,238		(4,508)		21,065
Income before income taxes					4,342		4,584		62		8,339		(10,026)		7,301
Income tax provision (benefit)					(47)		22		(5)		2,904		-		2,874
Net income					4,389		4,562		67		5,435		(10,026)		4,427
Less: net income attributable to noncontrolling interests					-		-		-		(38)		-		(38)
Net Income Attributable to ConocoPhillips				$	4,389		4,562		67		5,397		(10,026)		4,389
Comprehensive Income (Loss) Attributable to ConocoPhillips				$	4,407		4,580		(13)		5,289		(9,856)		4,407
Income Statement				Nine Months Ended September 30, 2017*
Revenues and Other Income
Sales and other operating revenues				$	-		9,066		-		11,921		-		20,987
Equity in earnings (losses) of affiliates					(2,092)		(776)		-		432		3,010		574
Gain on dispositions					-		908		-		1,236		-		2,144
Other income					1		27		-		115		-		143
Intercompany revenues					39		222		126		2,360		(2,747)		-
Total Revenues and Other Income					(2,052)		9,447		126		16,064		263		23,848
Costs and Expenses
Purchased commodities					-		8,068		-		3,229		(2,257)		9,040
Production and operating expenses					-		483		-		3,358		(3)		3,838
Selling, general and administrative expenses					8		244		-		55		(5)		302
Exploration expenses					-		433		-		287		-		720
Depreciation, depletion and amortization					-		658		-		4,554		-		5,212
Impairments					-		1,075		-		5,400		-		6,475
Taxes other than income taxes					-		114		-		490		-		604
Accretion on discounted liabilities					-		28		-		248		-		276
Interest and debt expense					340		505		110		399		(482)		872
Foreign currency transaction (gains) losses					(49)		3		145		(71)		-		28
Other expenses					267		159		-		(5)		-		421
Total Costs and Expenses					566		11,770		255		17,944		(2,747)		27,788
Loss before income taxes					(2,618)		(2,323)		(129)		(1,880)		3,010		(3,940)
Income tax provision (benefit)					(184)		(231)		12		(1,146)		-		(1,549)
Net loss					(2,434)		(2,092)		(141)		(734)		3,010		(2,391)
Less: net income attributable to noncontrolling interests					-		-		-		(43)		-		(43)
Net Loss Attributable to ConocoPhillips				$	(2,434)		(2,092)		(141)		(777)		3,010		(2,434)
Comprehensive Income (Loss) Attributable to ConocoPhillips				$	(1,533)		(1,191)		39		(37)		1,189		(1,533)
*Certain amounts have been reclassified to conform to the current-period presentation resulting from the adoption of ASU No. 2017-07.
See Note 2—Changes in Accounting Principles, for additional information.
See Notes to Consolidated Financial Statements.

		Millions of Dollars
		September 30, 2018
Balance Sheet		ConocoPhillips			ConocoPhillips Company		ConocoPhillips Canada Funding Company I		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Assets
Cash and cash equivalents		$	-		16		-		3,700		-		3,716
Short-term investments			-		-		-		875		-		875
Accounts and notes receivable			6		2,614		1		5,301		(3,423)		4,499
Investment in Cenovus Energy			-		2,086		-		-		-		2,086
Inventories			-		198		-		1,041		-		1,239
Prepaid expenses and other current assets			-		159		7		2,169		(27)		2,308
Total Current Assets			6		5,073		8		13,086		(3,450)		14,723
Investments, loans and long-term receivables*			31,249		51,482		2,623		20,829		(96,295)		9,888
Net properties, plants and equipment			-		4,495		-		40,709		(468)		44,736
Other assets			19		484		178		1,458		(930)		1,209
Total Assets		$	31,274		61,534		2,809		76,082		(101,143)		70,556
Liabilities and Stockholders’ Equity
Accounts payable		$	-		3,444		7		3,890		(3,423)		3,918
Short-term debt			(3)		12		7		88		(9)		95
Accrued income and other taxes			-		104		-		1,478		-		1,582
Employee benefit obligations			-		476		-		150		-		626
Other accruals			57		404		51		695		(27)		1,180
Total Current Liabilities			54		4,440		65		6,301		(3,459)		7,401
Long-term debt			3,790		7,152		1,698		2,740		(478)		14,902
Asset retirement obligations and accrued environmental costs			-		424		-		7,130		-		7,554
Deferred income taxes			-		-		-		5,968		(433)		5,535
Employee benefit obligations			-		1,315		-		440		-		1,755
Other liabilities and deferred credits*			2,042		11,064		981		7,643		(20,400)		1,330
Total Liabilities			5,886		24,395		2,744		30,222		(24,770)		38,477
Retained earnings			25,972		17,591		(614)		16,906		(27,360)		32,495
Other common stockholders’ equity			(584)		19,548		679		28,825		(49,013)		(545)
Noncontrolling interests			-		-		-		129		-		129
Total Liabilities and Stockholders’ Equity		$	31,274		61,534		2,809		76,082		(101,143)		70,556
*Includes intercompany loans.
Balance Sheet		December 31, 2017
Assets
Cash and cash equivalents		$	-		234		4		6,087		-		6,325
Short-term investments			-		-		-		1,873		-		1,873
Accounts and notes receivable			24		2,255		35		4,870		(2,864)		4,320
Investment in Cenovus Energy			-		1,899		-		-		-		1,899
Inventories			-		163		-		897		-		1,060
Prepaid expenses and other current assets			1		278		6		779		(29)		1,035
Total Current Assets			25		4,829		45		14,506		(2,893)		16,512
Investments, loans and long-term receivables*			29,400		47,974		2,533		15,050		(84,897)		10,060
Net properties, plants and equipment			-		4,230		-		41,930		(477)		45,683
Other assets			15		1,146		186		1,302		(1,542)		1,107
Total Assets		$	29,440		58,179		2,764		72,788		(89,809)		73,362
Liabilities and Stockholders’ Equity
Accounts payable		$	-		3,094		1		3,799		(2,864)		4,030
Short-term debt			(5)		2,505		7		77		(9)		2,575
Accrued income and other taxes			-		107		-		931		-		1,038
Employee benefit obligations			-		554		-		171		-		725
Other accruals			85		314		48		612		(30)		1,029
Total Current Liabilities			80		6,574		56		5,590		(2,903)		9,397
Long-term debt			3,787		9,321		1,703		2,794		(477)		17,128
Asset retirement obligations and accrued environmental costs			-		432		-		7,199		-		7,631
Deferred income taxes			-		-		-		6,263		(981)		5,282
Employee benefit obligations			-		1,335		-		519		-		1,854
Other liabilities and deferred credits*			1,528		5,229		926		9,215		(15,629)		1,269
Total Liabilities			5,395		22,891		2,685		31,580		(19,990)		42,561
Retained earnings			22,867		13,317		(681)		11,958		(18,070)		29,391
Other common stockholders’ equity			1,178		21,971		760		29,056		(51,749)		1,216
Noncontrolling interests			-		-		-		194		-		194
Total Liabilities and Stockholders’ Equity		$	29,440		58,179		2,764		72,788		(89,809)		73,362
*Includes intercompany loans.

		Millions of Dollars
		Nine Months Ended September 30, 2018
Statement of Cash Flows			ConocoPhillips		ConocoPhillips Company		ConocoPhillips Canada Funding Company I		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		$	2,331		863		(121)		8,937		(2,859)		9,151
Cash Flows From Investing Activities
Capital expenditures and investments			-		(771)		-		(4,369)		7		(5,133)
Working capital changes associated with investing activities			-		(77)		-		20		-		(57)
Proceeds from asset dispositions			-		307		-		199		(112)		394
Sales of short-term investments			-		-		-		996		-		996
Long-term advances/loans—related parties			-		(36)		-		(127)		163		-
Collection of advances/loans—related parties			-		3,432		-		129		(3,442)		119
Intercompany cash management			514		3,426		-		(3,940)		-		-
Other			-		-		-		16		-		16
Net Cash Provided by (Used in) Investing Activities			514		6,281		-		(7,076)		(3,384)		(3,665)
Cash Flows From Financing Activities
Issuance of debt			-		10		117		36		(163)		-
Repayment of debt			-		(4,865)		-		(3,547)		3,442		(4,970)
Issuance of company common stock			234		-		-		-		(113)		121
Repurchase of company common stock			(2,073)		-		-		-		-		(2,073)
Dividends paid			(1,009)		-		-		(452)		452		(1,009)
Other			3		(2,511)		-		(228)		2,625		(111)
Net Cash Provided by (Used in) Financing Activities			(2,845)		(7,366)		117		(4,191)		6,243		(8,042)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			-		4		-		(44)		-		(40)
Net Change in Cash, Cash Equivalents and Restricted Cash			-		(218)		(4)		(2,374)		-		(2,596)
Cash, cash equivalents and restricted cash at beginning of period*			-		234		4		6,298		-		6,536
Cash, Cash Equivalents and Restricted Cash at End of Period		$	-		16		-		3,924		-		3,940
Statement of Cash Flows		Nine Months Ended September 30, 2017
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		$	(161)		634		22		6,868		(2,767)		4,596
Cash Flows From Investing Activities
Capital expenditures and investments			-		(1,230)		-		(2,711)		867		(3,074)
Working capital changes associated with investing activities			-		36		-		(54)		-		(18)
Proceeds from asset dispositions			5,000		10,974		-		12,737		(14,971)		13,740
Purchases of short-term investments			-		-		-		(2,583)		-		(2,583)
Long-term advances/loans—related parties			-		(74)		-		(20)		94		-
Collection of advances/loans—related parties			658		127		-		2,196		(2,866)		115
Intercompany cash management			2,903		(2,474)		-		(429)		-		-
Other			-		-		-		51		-		51
Net Cash Provided by Investing Activities			8,561		7,359		-		9,187		(16,876)		8,231
Cash Flows From Financing Activities
Issuance of debt			-		20		-		74		(94)		-
Repayment of debt			(5,459)		(3,146)		-		(855)		2,866		(6,594)
Issuance of company common stock			87		-		-		-		(152)		(65)
Repurchase of company common stock			(2,045)		-		-		-		-		(2,045)
Dividends paid			(986)		-		-		(2,919)		2,919		(986)
Other			3		(5,000)		-		(9,187)		14,104		(80)
Net Cash Used in Financing Activities			(8,400)		(8,126)		-		(12,887)		19,643		(9,770)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			-		1		-		243		-		244
Net Change in Cash and Cash Equivalents			-		(132)		22		3,411		-		3,301
Cash and cash equivalents at beginning of period			-		358		13		3,239		-		3,610
Cash and Cash Equivalents at End of Period		$	-		226		35		6,650		-		6,911
*Restated to include $211 million of restricted cash at January 1, 2018. See Note 2—Changes in Accounting Principles for additional information relating to the adoption of ASU
	No. 2016-18.
Restricted cash totaling $224 million is included in the "Other assets" line of our Consolidated Balance Sheet as of September 30, 2018.

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The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
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-Publisher FASB
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