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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition And Dispositions [Abstract]

Schedule of Business Combination

Total Fair Value			Millions of Dollars
Value of ConocoPhillips common stock issued*			15,972
Cash transferred at close**			451
Value attributable to Marathon Oil share-based awards			67
Other liabilities incurred***			17
Total Fair Value (Millions)			$	16,507

*Represents the fair value of approximately 143 million shares of ConocoPhillips common stock issued to Marathon Oil stockholders. The fair value is based on the number of eligible shares of Marathon Oil common stock at a 0.255 exchange ratio and ConocoPhillips' average stock price on November 22, 2024, which was $111.93.

**Cash transferred at close primarily represents funds contributed to Marathon Oil for repayment of Marathon Oil's estimated commercial paper liabilities as of the closing date.

***Liabilities incurred are related to cash settled share-based awards and payment of cash in lieu of fractional Marathon Oil shares outstanding. These liabilities were settled prior to the end of 2024.

The final consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion) after customary adjustments:

Fair value of consideration			Millions of Dollars
Cash paid			$	2,635
Contingent consideration			320
Total consideration			$	2,955

Schedule of Assets Acquired and Liabilities Assumed

Assets Acquired			Millions of Dollars
Cash and cash equivalents			$	385
Accounts receivable, net			969
Inventories			360
Investments and long-term receivables			550
Net properties, plants and equipment			24,178
Other assets			201
Total assets acquired			$	26,643
Liabilities Assumed
Accounts payable			$	1,180
Accrued income and other taxes			200
Employee benefit obligations			187
Long-term debt			4,719
Asset retirement obligations			781
Deferred income taxes			2,486
Other liabilities			583
Total liabilities assumed			$	10,136
Net assets acquired			$	16,507

Recognized amounts of identifiable assets acquired and liabilities assumed			Millions of Dollars
Oil and gas properties			3,082
Asset retirement obligations			(112)
Other			(15)
Total identifiable net assets			$	2,955

Schedule of Supplemental Pro Forma Financial Information

The following tables summarize the unaudited supplemental pro forma financial information combining the consolidated income statement of ConocoPhillips with assets acquired as shown for the year ended December 31, 2024, 2023, and 2022, as if we had completed the acquisition of Marathon Oil on January 1, 2023 and the remaining working interest in Surmont on January 1, 2022, respectively.

			Millions of Dollars
			Year Ended December 31, 2024
			As reported									Pro forma Marathon Oil			Pro forma Combined
Total Revenues and Other Income			$	56,953								6,168			63,121
Net Income (Loss)			9,245									1,312			10,557
Earnings per share:
Basic net income (loss)			$	7.82											8.06
Diluted net income (loss)			7.81												8.05
			Millions of Dollars
			Year Ended December 31, 2023
			As reported						Pro forma Surmont			Pro forma Marathon Oil			Pro forma Combined
Total Revenues and Other Income			$	58,574					2,561			6,705			67,840
Net Income (Loss)			10,957						501			1,657			13,115
Earnings per share:
Basic net income (loss)			$	9.08											9.72
Diluted net income (loss)			9.06												9.70
			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
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

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Business Combination, Asset Acquisition And Dispositions

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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.

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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.

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