XML 68 R40.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Acquisitions and Dispositions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Business Combination, Asset Acquisition And Dispositions [Abstract] |
Schedule of Business Combination | The fair value of total consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion):
Fair value of consideration | Millions of Dollars
Cash paid | $ | 2,685 |
Contingent consideration | 320 |
Total consideration | $ | 3,005 |
Schedule of Assets Acquired and Liabilities Assumed |
Recognized amounts of identifiable assets acquired and liabilities assumed | Millions of Dollars
Oil and gas properties | 3,129 |
Asset retirement obligations | (112) |
Other | (12) |
Total identifiable net assets | $ | 3,005 |
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, 2023, and 2022, as if we had completed the acquisition on January 1, 2022.
| Millions of Dollars
| Year Ended December 31, 2023
| As reported |  | Pro forma Surmont | Pro forma Combined
Total Revenues and Other Income | $ | 58,574 |  |  | 2,561 |  | 61,135 |
Income (loss) before income taxes | 16,288 |  |  | 659 |  | 16,947 |
Net Income (Loss) | 10,957 |  |  | 501 |  | 11,458 |
Earnings per share: |  |  |  |
Basic net income (loss) | $ | 9.08 |  |  |  | 9.50 |
Diluted net income (loss) | 9.06 |  |  |  | 9.47 |
| Millions of Dollars
| Year Ended December 31, 2022
| As reported |  | Pro forma Surmont | Pro forma Combined
Total Revenues and Other Income | $ | 82,156 |  |  | 3,582 |  | 85,738 |
Income (loss) before income taxes | 28,228 |  |  | 947 |  | 29,175 |
Net Income (Loss) | 18,680 |  |  | 720 |  | 19,400 |
Earnings per share: |  |  |  |
Basic net income (loss) | $ | 14.62 |  |  |  | 15.18 |
Diluted net income (loss) | 14.57 |  |  |  | 15.13 |
The following table summarizes the unaudited supplemental pro forma financial information for the year ended December 31, 2021, as if we had completed the acquisition of 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) | 8,079 |  |  |  | 920 |  | 8,999 |
Earnings per share: |  |  |  |  |
Basic net income (loss) | $ | 6.09 |  |  |  |  | 6.78 |
Diluted net income (loss) | 6.07 |  |  |  |  | 6.76 |

X
- Definition Business Combination, Asset Acquisition And Dispositions + References No definition available. + Details
Name: | cop_BusinessCombinationAssetAcquisitionAndDispositionsAbstract
Namespace Prefix: | cop_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(4) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration