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Supplementary Information - Condensed Consolidating Financial Information | 12 Months Ended
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Dec. 31, 2019
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 Burlington Resources LLC, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. Burlington Resources LLC is 100 percent owned by ConocoPhillips Company. ConocoPhillips and/or ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of Burlington Resources LLC, 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 Burlington Resources LLC (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 2017, ConocoPhillips Company received a $ 9.8 billion return of capital and a $ 1.4 billion loan repayment from nonguarantor subsidiaries to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2017, ConocoPhillips received a $ 7.8 billion return of capital and a $ 0.2 billion return of earnings from ConocoPhillips Company to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2018, ConocoPhillips Company received a $ 4.8 billion return of earnings and a $ 2.4 billion loan repayment from nonguarantor subsidiaries to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2018, ConocoPhillips received a $ 3.5 billion return of capital and a $ 1.0 billion return of earnings from ConocoPhillips Company to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2019, ConocoPhillips received a $ 2.4 billion return of capital and a $ 1.7 billion return of earnings from ConocoPhillips Company to settle certain accumulated intercompany balances. This transaction had no impact on our consolidated financial statements. In 2019, ConocoPhillips Company received a $ 4.5 billion return of earnings and a $ 4.2 billion return of capital from nonguarantor subsidiaries to settle certain accumulated intercompany balances. These transactions had no impact on our consolidated financial statements. In 2019, Burlington Resources LLC received a $ 3.2 billion return of earnings from nonguarantor subsidiaries to settle certain accumulated intercompany balances. These transactions 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 Year Ended December 31, 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 $ - 14,510 - 18,057 - 32,567 Equity in earnings of affiliates 7,419 5,281 1,610 775 (14,306) 779 Gain (loss) on dispositions - 2,786 - (820) - 1,966 Other income 1 875 5 477 - 1,358 Intercompany revenues - 113 40 5,542 (5,695) - Total Revenues and Other Income 7,420 23,565 1,655 24,031 (20,001) 36,670 Costs and Expenses Purchased commodities - 12,838 - 4,038 (5,034) 11,842 Production and operating expenses 1 1,380 1 4,345 (405) 5,322 Selling, general and administrative expenses 9 421 - 131 (5) 556 Exploration expenses - 422 - 321 - 743 Depreciation, depletion and amortization - 596 - 5,494 - 6,090 Impairments - 157 - 248 - 405 Taxes other than income taxes - 139 - 814 - 953 Accretion on discounted liabilities - 16 - 310 - 326 Interest and debt expense 283 544 133 69 (251) 778 Foreign currency transaction losses - 21 - 45 - 66 Other expenses - 60 - 5 - 65 Total Costs and Expenses 293 16,594 134 15,820 (5,695) 27,146 Income before income taxes 7,127 6,971 1,521 8,211 (14,306) 9,524 Income tax provision (benefit) (62) (448) (46) 2,823 - 2,267 Net income 7,189 7,419 1,567 5,388 (14,306) 7,257 Less: net income attributable to noncontrolling interests - - - (68) - (68) Net Income Attributable to ConocoPhillips $ 7,189 7,419 1,567 5,320 (14,306) 7,189 Comprehensive Income Attributable to ConocoPhillips $ 7,935 8,165 1,873 6,058 (16,096) 7,935 Income Statement Year Ended December 31, 2018 Revenues and Other Income Sales and other operating revenues $ - 16,113 - 20,304 - 36,417 Equity in earnings of affiliates 6,503 8,142 1,953 1,072 (16,596) 1,074 Gain on dispositions - 239 - 824 - 1,063 Other income (loss) - (384) - 557 - 173 Intercompany revenues 35 162 43 5,627 (5,867) - Total Revenues and Other Income 6,538 24,272 1,996 28,384 (22,463) 38,727 Costs and Expenses Purchased commodities - 14,591 - 5,131 (5,428) 14,294 Production and operating expenses - 1,023 4 4,245 (59) 5,213 Selling, general and administrative expenses 8 289 - 109 (5) 401 Exploration expenses - 170 - 199 - 369 Depreciation, depletion and amortization - 584 - 5,372 - 5,956 Impairments - (10) - 37 - 27 Taxes other than income taxes - 143 - 905 - 1,048 Accretion on discounted liabilities - 17 - 336 - 353 Interest and debt expense 295 613 46 156 (375) 735 Foreign currency transaction (gains) losses 46 (12) 116 (167) - (17) Other expenses - 349 6 20 - 375 Total Costs and Expenses 349 17,757 172 16,343 (5,867) 28,754 Income before income taxes 6,189 6,515 1,824 12,041 (16,596) 9,973 Income tax provision (benefit) (68) 12 (41) 3,765 - 3,668 Net income 6,257 6,503 1,865 8,276 (16,596) 6,305 Less: net income attributable to noncontrolling interests - - - (48) - (48) Net Income Attributable to ConocoPhillips $ 6,257 6,503 1,865 8,228 (16,596) 6,257 Comprehensive Income Attributable to ConocoPhillips $ 5,654 5,900 1,364 7,961 (15,225) 5,654 See Notes to Consolidated Financial Statements. Millions of Dollars Year Ended December 31, 2017 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 12,433 - 16,673 - 29,106 Equity in earnings (losses) of affiliates (454) 2,047 886 770 (2,477) 772 Gain on dispositions - 916 - 1,261 - 2,177 Other income 2 35 - 492 - 529 Intercompany revenues 48 291 13 3,369 (3,721) - Total Revenues and Other Income (404) 15,722 899 22,565 (6,198) 32,584 Costs and Expenses Purchased commodities - 11,145 - 4,580 (3,250) 12,475 Production and operating expenses - 813 - 4,366 (17) 5,162 Selling, general and administrative expenses 9 342 - 82 (6) 427 Exploration expenses - 542 - 392 - 934 Depreciation, depletion and amortization - 855 - 5,990 - 6,845 Impairments - 1,159 - 5,442 - 6,601 Taxes other than income taxes - 140 1 668 - 809 Accretion on discounted liabilities - 32 - 330 - 362 Interest and debt expense 420 664 52 410 (448) 1,098 Foreign currency transaction (gains) losses (43) 11 (137) 204 - 35 Other expenses 267 190 - (6) - 451 Total Costs and Expenses 653 15,893 (84) 22,458 (3,721) 35,199 Income (Loss) before income taxes (1,057) (171) 983 107 (2,477) (2,615) Income tax provision (benefit) (202) 283 (337) (1,566) - (1,822) Net income (loss) (855) (454) 1,320 1,673 (2,477) (793) Less: net income attributable to noncontrolling interests - - - (62) - (62) Net Income (Loss) Attributable to ConocoPhillips $ (855) (454) 1,320 1,611 (2,477) (855) Comprehensive Income (Loss) Attributable to ConocoPhillips $ (180) 221 1,672 2,275 (4,168) (180) See Notes to Consolidated Financial Statements. Millions of Dollars At December 31, 2019 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 3,439 - 1,649 - 5,088 Short-term investments - 2,670 - 358 - 3,028 Accounts and notes receivable 5 2,088 2 3,881 (2,575) 3,401 Investment in Cenovus Energy - 2,111 - - - 2,111 Inventories - 168 - 858 - 1,026 Prepaid expenses and other current assets 1 352 - 1,906 - 2,259 Total Current Assets 6 10,828 2 8,652 (2,575) 16,913 Investments, loans and long-term receivables* 34,076 44,969 11,662 15,612 (97,413) 8,906 Net properties, plants and equipment - 3,552 - 38,717 - 42,269 Other assets 3 765 253 2,210 (805) 2,426 Total Assets $ 34,085 60,114 11,917 65,191 (100,793) 70,514 Liabilities and Stockholders’ Equity Accounts payable $ - 2,670 21 3,084 (2,575) 3,200 Short-term debt (3) 4 13 91 - 105 Accrued income and other taxes - 79 - 951 - 1,030 Employee benefit obligations - 508 - 155 - 663 Other accruals 84 408 35 1,518 - 2,045 Total Current Liabilities 81 3,669 69 5,799 (2,575) 7,043 Long-term debt 3,794 6,670 2,129 2,197 - 14,790 Asset retirement obligations and accrued environmental costs - 322 - 5,030 - 5,352 Deferred income taxes - - - 5,438 (804) 4,634 Employee benefit obligations - 1,329 - 452 - 1,781 Other liabilities and deferred credits* 1,787 7,514 826 9,271 (17,534) 1,864 Total Liabilities 5,662 19,504 3,024 28,187 (20,913) 35,464 Retained earnings 33,184 21,898 2,164 10,481 (27,985) 39,742 Other common stockholders’ equity (4,761) 18,712 6,729 26,454 (51,895) (4,761) Noncontrolling interests - - - 69 - 69 Total Liabilities and Stockholders’ Equity $ 34,085 60,114 11,917 65,191 (100,793) 70,514 Balance Sheet At 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. Millions of Dollars Year Ended December 31, 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 Operating Activities $ 1,457 7,986 3,207 9,803 (11,349) 11,104 Cash Flows From Investing Activities Capital expenditures and investments - (2,517) - (5,714) 1,595 (6,636) Working capital changes associated with investing activities - 37 - (140) - (103) Proceeds from asset dispositions 2,374 7,047 769 1,055 (8,233) 3,012 Net purchases of investments - (2,803) - (107) - (2,910) Long-term advances/loans—related parties - (812) - - 812 - Collection of advances/loans—related parties - 141 - 147 (161) 127 Intercompany cash management 1,060 (2,849) 1,402 387 - - Other - (149) - 41 - (108) Net Cash Provided by (Used in) Investing Activities 3,434 (1,905) 2,171 (4,331) (5,987) (6,618) Cash Flows From Financing Activities Issuance of debt - - - 812 (812) - Repayment of debt - (21) - (220) 161 (80) Issuance of company common stock 105 - - - (135) (30) Repurchase of company common stock (3,500) - - - - (3,500) Dividends paid (1,500) (4,034) (454) (7,097) 11,585 (1,500) Other 4 - (4,924) (1,736) 6,537 (119) Net Cash Used in Financing Activities (4,891) (4,055) (5,378) (8,241) 17,336 (5,229) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - (11) - (35) - (46) Net Change in Cash, Cash Equivalents and Restricted Cash - 2,015 - (2,804) - (789) 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 $ - 3,443 - 1,919 - 5,362 Statement of Cash Flows Year Ended December 31, 2018* Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 860 4,019 838 14,132 (6,915) 12,934 Cash Flows From Investing Activities Capital expenditures and investments - (980) (603) (5,777) 610 (6,750) Working capital changes associated with investing activities - (110) - 42 - (68) Proceeds from asset dispositions 3,457 666 1,926 705 (5,672) 1,082 Net sales of short-term investments - - - 1,620 - 1,620 Long-term advances/loans—related parties - (126) (173) (10) 309 - Collection of advances/loans—related parties 589 3,432 212 129 (4,243) 119 Intercompany cash management (803) 3,504 (2,150) (551) - - Other - 151 - 3 - 154 Net Cash Provided by (Used in) Investing Activities 3,243 6,537 (788) (3,839) (8,996) (3,843) Cash Flows From Financing Activities Issuance of debt - 10 - 299 (309) - Repayment of debt - (4,865) (53) (4,320) 4,243 (4,995) Issuance of company common stock 254 - - - (133) 121 Repurchase of company common stock (2,999) - - - - (2,999) Dividends paid (1,363) (1,043) - (6,057) 7,100 (1,363) Other 5 (3,468) - (1,670) 5,010 (123) Net Cash Used in Financing Activities (4,103) (9,366) (53) (11,748) 15,911 (9,359) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - 4 - (121) - (117) Net Change in Cash, Cash Equivalents and Restricted Cash - 1,194 (3) (1,576) - (385) Cash, cash equivalents and restricted cash at beginning of period - 234 3 6,299 - 6,536 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,428 - 4,723 - 6,151 *Revised to reclassify certain intercompany distributions from Operating Activities to 'Proceeds from asset dispositions' within Investing Activities based on the nature of the distributions. There was no impact to Total Consolidated results. Millions of Dollars Year Ended December 31, 2017 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 Operating Activities $ 71 1,183 2,971 5,904 (3,052) 7,077 Cash Flows From Investing Activities Capital expenditures and investments - (1,663) (4,351) (3,795) 5,218 (4,591) Working capital changes associated with investing activities - 194 - (62) - 132 Proceeds from asset dispositions 7,765 11,146 12,178 12,796 (30,025) 13,860 Net purchases of short-term investments - - - (1,790) - (1,790) Long-term advances/loans—related parties - (214) (65) (20) 299 - Collection of advances/loans—related parties 658 1,527 389 2,196 (4,655) 115 Intercompany cash management 1,151 101 (1,341) 89 - - Other - (8) - 44 - 36 Net Cash Provided by Investing Activities 9,574 11,083 6,810 9,458 (29,163) 7,762 Cash Flows From Financing Activities Issuance of debt - 20 - 279 (299) - Repayment of debt (5,459) (4,411) - (2,661) 4,655 (7,876) Issuance of company common stock 115 - - - (178) (63) Repurchase of company common stock (3,000) - - - - (3,000) Dividends paid (1,305) (235) - (2,995) 3,230 (1,305) Other 4 (7,765) (9,781) (7,377) 24,807 (112) Net Cash Used in Financing Activities (9,645) (12,391) (9,781) (12,754) 32,215 (12,356) Effect of Exchange Rate Changes on Cash and Cash Equivalents - 1 (2) 233 - 232 Net Change in Cash and Cash Equivalents - (124) (2) 2,841 - 2,715 Cash and cash equivalents at beginning of period - 358 5 3,247 - 3,610 Cash and Cash Equivalents at End of Period $ - 234 3 6,088 - 6,325 See Notes to Consolidated Financial Statements.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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