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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination, Asset Acquisition And Dispositions [Abstract] |
Schedule of Business Combination |
Total Consideration |
Number of shares of Concho common stock issued and outstanding (in thousands)* | 194,243 |
Number of shares of Concho stock awards outstanding (in thousands)* | 1,599 |
Number of shares exchanged | 195,842 |
Exchange ratio | 1.46 |
Additional shares of ConocoPhillips common stock issued as consideration (in thousands) | 285,929 |
Average price per share of ConocoPhillips common stock** | $ | 45.9025 |
Total Consideration (Millions) | $ | 13,125 |
*Outstanding as of January 15, 2021. **Based on the ConocoPhillips average stock price on January 15, 2021.
Schedule of Assets Acquired and Liabilities Assumed |
Assets Acquired | Millions of Dollars
Cash and cash equivalents | $ | 382 |
Accounts receivable, net | 745 |
Inventories | 45 |
Prepaid expenses and other current assets | 37 |
Investments and long-term receivables | 333 |
Net properties, plants and equipment | 18,923 |
Other assets | 62 |
Total assets acquired | $ | 20,527 |
Liabilities Assumed |
Accounts payable | $ | 638 |
Accrued income and other taxes | 56 |
Employee benefit obligations | 4 |
Other accruals | 510 |
Long-term debt | 4,696 |
Asset retirement obligations and accrued environmental costs | 310 |
Deferred income taxes | 1,071 |
Other liabilities and deferred credits | 117 |
Total liabilities assumed | $ | 7,402 |
Net assets acquired | $ | 13,125 |
Assets Acquired | Millions of Dollars
Accounts receivable, net | $ | 337 |
Inventories | 20 |
Net properties, plants and equipment | 8,582 |
Other assets | 50 |
Total assets acquired | $ | 8,989 |
Liabilities Assumed |
Accounts payable | $ | 206 |
Accrued income and other taxes | 6 |
Other accruals | 20 |
Asset retirement obligations and accrued environmental costs | 86 |
Other liabilities and deferred credits | 36 |
Total liabilities assumed | $ | 354 |
Net assets acquired | $ | 8,635 |
Schedule of Non-Recurring Restructuring and Transition-Related Costs | The impact from the transaction and restructuring costs to the lines of our consolidated income statement for the year ended December 31, 2021, are below:
| Millions of Dollars
| Transaction Cost | Restructuring Cost | Total Cost
Production and operating expenses |  | 128 |  | 128 |
Selling, general and administration expenses | 135 |  | 67 |  | 202 |
Exploration expenses | 18 |  | 8 |  | 26 |
Taxes other than income taxes | 4 |  | 2 |  | 6 |
Other expenses | — |  | 29 |  | 29 |
| $ | 157 |  | 234 |  | 391 |
Schedule of Supplemental Pro Forma Financial Information | The following tables summarize the unaudited supplemental pro forma financial information for the year ended December 31, 2021, and 2020, as if we had completed the acquisitions of Concho and the Shell Permian assets on January 1, 2020.
| Millions of Dollars
| Year Ended December 31, 2021
| As reported |  |  | Pro forma Shell | Pro forma Combined
Total Revenues and Other Income | $ | 48,349 |  |  |  | 3,220 |  | 51,569 |
Income (loss) before income taxes | 12,712 |  |  |  | 1,201 |  | 13,913 |
Net Income (Loss) attributable to ConocoPhillips | 8,079 |  |  |  | 920 |  | 8,999 |
Earnings per share: |  |  |  |  |
Basic net income | $ | 6.09 |  |  |  |  | 6.78 |
Diluted net income | 6.07 |  |  |  |  | 6.76 |
| Millions of Dollars
| Year Ended December 31, 2020
| As reported | Pro forma Concho |  | Pro forma Shell | Pro forma Combined
Total Revenues and Other Income | $ | 19,256 |  | 3,762 |  |  | 1,685 |  | 24,703 |
Income (loss) before income taxes | (3,140) |  | 787 |  |  | (247) |  | (2,600) |
Net Income (Loss) attributable to ConocoPhillips | (2,701) |  | 498 |  |  | (189) |  | (2,392) |
Earnings per share: |  |  |  |  |
Basic net loss | $ | (2.51) |  |  |  |  | (1.75) |
Diluted net loss | (2.51) |  |  |  |  | (1.75) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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