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Supplementary Information - Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Supplementary Information - Condensed Consolidating Financial Information [Abstract]

Condensed Consolidated Income Statement

			Millions of Dollars
			Three Months Ended June 30, 2019
Income Statement			ConocoPhillips		ConocoPhillips Company		Burlington Resources LLC		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated

Revenues and Other Income
Sales and other operating revenues		$	-		3,487		-		4,466		-		7,953
Equity in earnings of affiliates			1,637		2,088		533		173		(4,258)		173
Gain on dispositions			-		10		-		72		-		82
Other income			-		44		1		127		-		172
Intercompany revenues			-		23		10		1,782		(1,815)		-
Total Revenues and Other Income			1,637		5,652		544		6,620		(6,073)		8,380

Costs and Expenses
Purchased commodities			-		3,124		-		946		(1,396)		2,674
Production and operating expenses			1		657		-		1,113		(353)		1,418
Selling, general and administrative expenses			2		83		-		44		-		129
Exploration expenses			-		47		-		75		-		122
Depreciation, depletion and amortization			-		148		-		1,342		-		1,490
Impairments			-		-		-		1		-		1
Taxes other than income taxes			-		33		-		161		-		194
Accretion on discounted liabilities			-		4		-		83		-		87
Interest and debt expense			70		143		33		(15)		(66)		165
Foreign currency transaction losses			-		23		-		5		-		28
Other expenses			-		13		-		1		-		14
Total Costs and Expenses			73		4,275		33		3,756		(1,815)		6,322
Income before income taxes			1,564		1,377		511		2,864		(4,258)		2,058
Income tax provision (benefit)			(16)		(260)		(4)		741		-		461
Net income			1,580		1,637		515		2,123		(4,258)		1,597
Less: net income attributable to noncontrolling interests			-		-		-		(17)		-		(17)
Net Income Attributable to ConocoPhillips		$	1,580		1,637		515		2,106		(4,258)		1,580

Comprehensive Income Attributable to ConocoPhillips		$	1,667		1,724		623		2,182		(4,529)		1,667


Income Statement			Three Months Ended June 30, 2018

Revenues and Other Income
Sales and other operating revenues		$	-		3,680		-		4,824		-		8,504
Equity in earnings of affiliates			1,705		1,733		545		264		(3,982)		265
Gain on dispositions			-		-		-		55		-		55
Other income			-		394		-		22		-		416
Intercompany revenues			10		34		11		1,392		(1,447)		-
Total Revenues and Other Income			1,715		5,841		556		6,557		(5,429)		9,240

Costs and Expenses
Purchased commodities			-		3,281		-		1,128		(1,345)		3,064
Production and operating expenses			-		253		-		1,065		(5)		1,313
Selling, general and administrative expenses			1		81		-		36		-		118
Exploration expenses			-		38		-		31		-		69
Depreciation, depletion and amortization			-		143		-		1,295		-		1,438
Impairments			-		(1)		-		(34)		-		(35)
Taxes other than income taxes			-		28		-		245		-		273
Accretion on discounted liabilities			-		5		-		84		-		89
Interest and debt expense			76		141		14		43		(97)		177
Foreign currency transaction (gains) losses			16		-		58		(102)		-		(28)
Other expenses			-		148		-		(5)		-		143
Total Costs and Expenses			93		4,117		72		3,786		(1,447)		6,621
Income before income taxes			1,622		1,724		484		2,771		(3,982)		2,619
Income tax provision (benefit)			(18)		19		(9)		973		-		965
Net income			1,640		1,705		493		1,798		(3,982)		1,654
Less: net income attributable to noncontrolling interests			-		-		-		(14)		-		(14)
Net Income Attributable to ConocoPhillips		$	1,640		1,705		493		1,784		(3,982)		1,640

Comprehensive Income Attributable to ConocoPhillips		$	1,374		1,439		302		1,429		(3,170)		1,374
See Notes to Consolidated Financial Statements.

				Millions of Dollars
				Six Months Ended June 30, 2019
Income Statement				ConocoPhillips			ConocoPhillips Company		Burlington Resources LLC		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated

Revenues and Other Income
Sales and other operating revenues				$	-		7,468		-		9,635		-		17,103
Equity in earnings of affiliates					3,527		3,710		1,006		359		(8,241)		361
Gain (loss) on dispositions					-		5		-		94		-		99
Other income					1		552		1		320		-		874
Intercompany revenues					-		49		23		2,943		(3,015)		-
Total Revenues and Other Income					3,528		11,784		1,030		13,351		(11,256)		18,437

Costs and Expenses
Purchased commodities					-		6,621		-		2,250		(2,522)		6,349
Production and operating expenses					1		837		1		2,204		(354)		2,689
Selling, general and administrative expenses					6		212		-		69		(5)		282
Exploration expenses					-		94		-		138		-		232
Depreciation, depletion and amortization					-		284		-		2,752		-		3,036
Impairments					-		-		-		2		-		2
Taxes other than income taxes					-		79		-		390		-		469
Accretion on discounted liabilities					-		8		-		165		-		173
Interest and debt expense					139		292		66		35		(134)		398
Foreign currency transaction (gains) losses					-		29		-		11		-		40
Other expenses					-		25		-		(3)		-		22
Total Costs and Expenses					146		8,481		67		8,013		(3,015)		13,692
Income (Loss) before income taxes					3,382		3,303		963		5,338		(8,241)		4,745
Income tax provision (benefit)					(31)		(224)		(9)		1,566		-		1,302
Net income (loss)					3,413		3,527		972		3,772		(8,241)		3,443
Less: net income attributable to noncontrolling interests					-		-		-		(30)		-		(30)
Net Income (Loss) Attributable to ConocoPhillips				$	3,413		3,527		972		3,742		(8,241)		3,413

Comprehensive Income (Loss) Attributable to ConocoPhillips				$	3,689		3,803		1,204		3,998		(9,005)		3,689


Income Statement				Six Months Ended June 30, 2018

Revenues and Other Income
Sales and other operating revenues				$	-		7,444		-		9,858		-		17,302
Equity in earnings of affiliates					2,659		3,232		879		472		(6,769)		473
Gain on dispositions					-		3		-		59		-		62
Other income					-		291		-		73		-		364
Intercompany revenues					19		90		13		2,591		(2,713)		-
Total Revenues and Other Income					2,678		11,060		892		13,053		(9,482)		18,201

Costs and Expenses
Purchased commodities					-		6,691		-		2,561		(2,474)		6,778
Production and operating expenses					-		425		4		2,098		(43)		2,484
Selling, general and administrative expenses					5		155		-		62		(5)		217
Exploration expenses					-		91		-		73		-		164
Depreciation, depletion and amortization					-		275		-		2,575		-		2,850
Impairments					-		(10)		-		(13)		-		(23)
Taxes other than income taxes					-		78		-		378		-		456
Accretion on discounted liabilities					-		9		-		168		-		177
Interest and debt expense					147		300		25		80		(191)		361
Foreign currency transaction (gains) losses					34		(9)		80		(103)		-		2
Other expenses					-		342		6		(8)		-		340
Total Costs and Expenses					186		8,347		115		7,871		(2,713)		13,806
Income (Loss) before income taxes					2,492		2,713		777		5,182		(6,769)		4,395
Income tax provision (benefit)					(36)		54		(19)		1,842		-		1,841
Net income (loss)					2,528		2,659		796		3,340		(6,769)		2,554
Less: net income attributable to noncontrolling interests					-		-		-		(26)		-		(26)
Net Income (Loss) Attributable to ConocoPhillips				$	2,528		2,659		796		3,314		(6,769)		2,528

Comprehensive Income (Loss) Attributable to ConocoPhillips				$	2,351		2,482		537		3,042		(6,061)		2,351
See Notes to Consolidated Financial Statements.

Schedule of Condensed Balance Sheet

		Millions of Dollars
		June 30, 2019
Balance Sheet		ConocoPhillips			ConocoPhillips Company		Burlington Resources LLC		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated

Assets
Cash and cash equivalents		$	-		1,263		-		4,678		-		5,941
Short-term investments			-		50		-		682		-		732
Accounts and notes receivable			6		1,969		2		4,489		(2,815)		3,651
Investment in Cenovus Energy			-		1,835		-		-		-		1,835
Inventories			-		152		-		937		-		1,089
Prepaid expenses and other current assets			1		173		-		2,378		-		2,552
Total Current Assets			7		5,442		2		13,164		(2,815)		15,800
Investments, loans and long-term receivables*			32,085		49,325		16,544		15,592		(104,530)		9,016
Net properties, plants and equipment			-		4,026		-		40,308		-		44,334
Other assets			4		852		228		1,936		(909)		2,111
Total Assets		$	32,096		59,645		16,774		71,000		(108,254)		71,261

Liabilities and Stockholders’ Equity
Accounts payable		$	-		2,909		-		3,541		(2,815)		3,635
Short-term debt			(3)		3		14		100		-		114
Accrued income and other taxes			-		61		-		1,152		-		1,213
Employee benefit obligations			-		405		-		124		-		529
Other accruals			85		632		35		2,753		-		3,505
Total Current Liabilities			82		4,010		49		7,670		(2,815)		8,996
Long-term debt			3,792		6,672		2,136		2,209		-		14,809
Asset retirement obligations and accrued environmental costs			-		399		-		5,597		-		5,996
Deferred income taxes			-		-		-		5,733		(908)		4,825
Employee benefit obligations			-		1,263		-		426		-		1,689
Other liabilities and deferred credits*			1,807		8,680		987		9,779		(19,381)		1,872
Total Liabilities			5,681		21,024		3,172		31,414		(23,104)		38,187
Retained earnings			30,271		20,440		2,085		9,573		(25,600)		36,769
Other common stockholders’ equity			(3,856)		18,181		11,517		29,915		(59,550)		(3,793)
Noncontrolling interests			-		-		-		98		-		98
Total Liabilities and Stockholders’ Equity		$	32,096		59,645		16,774		71,000		(108,254)		71,261
*Includes intercompany loans.


Balance Sheet		December 31, 2018

Assets
Cash and cash equivalents		$	-		1,428		-		4,487		-		5,915
Short-term investments			-		-		-		248		-		248
Accounts and notes receivable			28		5,646		78		6,707		(8,392)		4,067
Investment in Cenovus Energy			-		1,462		-		-		-		1,462
Inventories			-		184		-		823		-		1,007
Prepaid expenses and other current assets			1		267		-		307		-		575
Total Current Assets			29		8,987		78		12,572		(8,392)		13,274
Investments, loans and long-term receivables*			29,942		47,062		15,199		16,926		(99,465)		9,664
Net properties, plants and equipment			-		4,367		-		41,796		(465)		45,698
Other assets			4		642		227		1,269		(798)		1,344
Total Assets		$	29,975		61,058		15,504		72,563		(109,120)		69,980

Liabilities and Stockholders’ Equity
Accounts payable		$	-		5,098		76		7,113		(8,392)		3,895
Short-term debt			(3)		12		13		99		(9)		112
Accrued income and other taxes			-		85		-		1,235		-		1,320
Employee benefit obligations			-		638		-		171		-		809
Other accruals			85		587		35		552		-		1,259
Total Current Liabilities			82		6,420		124		9,170		(8,401)		7,395
Long-term debt			3,791		7,151		2,143		2,249		(478)		14,856
Asset retirement obligations and accrued environmental costs			-		415		-		7,273		-		7,688
Deferred income taxes			-		-		-		5,819		(798)		5,021
Employee benefit obligations			-		1,340		-		424		-		1,764
Other liabilities and deferred credits*			725		9,277		839		8,126		(17,775)		1,192
Total Liabilities			4,598		24,603		3,106		33,061		(27,452)		37,916
Retained earnings			27,512		18,511		1,113		9,764		(22,890)		34,010
Other common stockholders’ equity			(2,135)		17,944		11,285		29,613		(58,778)		(2,071)
Noncontrolling interests			-		-		-		125		-		125
Total Liabilities and Stockholders’ Equity		$	29,975		61,058		15,504		72,563		(109,120)		69,980
*Includes intercompany loans. See Notes to Consolidated Financial Statements.

Condensed Consolidated Statement of Cash Flows

		Millions of Dollars
		Six Months Ended June 30, 2019
Statement of Cash Flows			ConocoPhillips		ConocoPhillips Company		Burlington Resources LLC		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated

Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities		$	1,571		5,125		(40)		4,768		(5,639)		5,785

Cash Flows From Investing Activities
Capital expenditures and investments			-		(653)		-		(2,882)		169		(3,366)
Working capital changes associated with investing activities			-		41		-		(17)		-		24
Proceeds from asset dispositions			-		142		-		559		-		701
Sales (purchases) of short-term investments			-		(50)		-		(435)		-		(485)
Long-term advances/loans—related parties			-		(19)		-		-		19		-
Collection of advances/loans—related parties			-		69		-		82		(89)		62
Intercompany cash management			1,082		(3,256)		40		2,134		-		-
Other			-		118		-		8		-		126
Net Cash Provided by (Used in) Investing Activities			1,082		(3,608)		40		(551)		99		(2,938)

Cash Flows From Financing Activities
Issuance of debt			-		-		-		19		(19)		-
Repayment of debt			-		(21)		-		(106)		89		(38)
Issuance of company common stock			43		-		-		-		(79)		(36)
Repurchase of company common stock			(2,002)		-		-		-		-		(2,002)
Dividends paid			(696)		(1,660)		-		(3,983)		5,643		(696)
Other			2		-		-		37		(94)		(55)
Net Cash Provided by (Used in) Financing Activities			(2,653)		(1,681)		-		(4,033)		5,540		(2,827)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			-		(1)		-		27		-		26

Net Change in Cash, Cash Equivalents and Restricted Cash			-		(165)		-		211		-		46
Cash, cash equivalents and restricted cash at beginning of period*			-		1,428		-		4,723		-		6,151
Cash, Cash Equivalents and Restricted Cash at End of Period		$	-		1,263		-		4,934		-		6,197


Statement of Cash Flows		Six Months Ended June 30, 2018

Cash Flows From Operating Activities
Net Cash Provided by Operating Activities		$	2,417		519		2,467		5,682		(5,344)		5,741

Cash Flows From Investing Activities
Capital expenditures and investments			-		(507)		-		(3,034)		7		(3,534)
Working capital changes associated with investing activities			-		(116)		-		24		-		(92)
Proceeds from asset dispositions			-		274		-		146		(112)		308
Sales of short-term investments			-		-		-		1,257		-		1,257
Long-term advances/loans—related parties			-		(8)		(87)		-		95		-
Collection of advances/loans—related parties			-		2,500		-		59		(2,500)		59
Intercompany cash management			(721)		4,517		(2,328)		(1,468)		-		-
Other			-		2		-		(27)		-		(25)
Net Cash Provided by (Used in) Investing Activities			(721)		6,662		(2,415)		(3,043)		(2,510)		(2,027)

Cash Flows From Financing Activities
Issuance of debt			-		-		-		95		(95)		-
Repayment of debt			-		(4,855)		(53)		(2,544)		2,500		(4,952)
Issuance of company common stock			123		-		-		-		(81)		42
Repurchase of company common stock			(1,146)		-		-		-		-		(1,146)
Dividends paid			(675)		-		-		(1,217)		1,217		(675)
Other			2		(2,511)		-		(1,852)		4,313		(48)
Net Cash Used in Financing Activities			(1,696)		(7,366)		(53)		(5,518)		7,854		(6,779)

Effect of Exchange Rate Changes on Cash and Cash Equivalents			-		4		-		(18)		-		(14)

Net Change in Cash and Cash Equivalents			-		(181)		(1)		(2,897)		-		(3,079)
Cash and cash equivalents at beginning of period			-		234		3		6,299		-		6,536
Cash and Cash Equivalents at End of Period		$	-		53		2		3,402		-		3,457
See Notes to Consolidated Financial Statements.