Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination, Asset Acquisition And Dispositions [Abstract]


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)