Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | CONOCOPHILLIPS |
Entity Central Index Key | 0001163165 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,130,175,935 |
Trading Symbol | COP |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues and Other Income | |||
Sales and other operating revenues | $ 9,150 | $ 8,798 | |
Equity in earnings (losses) of affiliates | 188 | 208 | |
Gain on Dispositions | 17 | 7 | |
Other income | 702 | (52) | |
Total Revenues and Other Income | 10,057 | 8,961 | |
Costs and Expenses | |||
Purchased commodities | 3,675 | 3,714 | |
Production and operating expenses | 1,271 | 1,171 | |
Selling, general and administrative expenses | 153 | 99 | |
Exploration expenses | 110 | 95 | |
Depreciation, depletion and amortization | 1,546 | 1,412 | |
Impairments | 1 | 12 | |
Taxes other than Income Taxes | 275 | 183 | |
Accretion on discounted liabilities | 86 | 88 | |
Interest and debt expense | 233 | 184 | |
Foreign currency transaction (gains) losses | 12 | 30 | |
Other Expense | 8 | 197 | |
Total Costs and Expenses | 7,370 | 7,185 | |
Income (Loss) before income taxes | 2,687 | 1,776 | |
Income tax provision (benefit) | 841 | 876 | |
Net income (loss) | 1,846 | 900 | |
Less: net income attributable to noncontrolling interests | (13) | (12) | |
Net Income (Loss) Attributable to ConocoPhillips | [1] | $ 1,833 | $ 888 |
Earnings Per Share, Basic [Abstract] | |||
Earnings Per Share, Basic | $ 1.61 | $ 0.75 | |
Earnings Per Share, Diluted [Abstract] | |||
Earnings Per Share, Diluted | $ 1.6 | $ 0.75 | |
Average Common Shares Outstanding (in thousands) | |||
Basic | 1,139,463 | 1,179,792 | |
Diluted | 1,146,515 | 1,186,454 | |
[1] | See Notes to Consolidated Financial Statements. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Consolidated Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,846 | $ 900 | |
Defined benefit plans | |||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | (8) | (10) | |
Reclassification adjustment for amortization of net actuarial losses included in net income | 26 | 24 | |
Income taxes on defined benefit plans | (5) | (3) | |
Defined benefit plans, net of tax | 13 | 11 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | |||
Foreign currency translation adjustments | 175 | 78 | |
Income Taxes on foreign currency translation adjustments | 1 | 0 | |
Foreign currency translation adjustments, net of tax | 176 | 78 | |
Other Comprehensive Income (Loss), Net of Tax | 189 | 89 | |
Comprehensive Income (Loss) | 2,035 | 989 | |
Less: comprehensive income attributable to noncontrolling interests | (13) | (12) | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | [1] | $ 2,022 | $ 977 |
[1] | See Notes to Consolidated Financial Statements. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and cash equivalents | $ 6,218,000,000 | $ 5,915,000,000 | |
Short-term investments | 249,000,000 | 248,000,000 | |
Accounts and notes receivable (net of allowance of $11 million in 2019 and $25 million in 2018) | 3,701,000,000 | 3,920,000,000 | |
Accounts and notes receivable-related parties | 168,000,000 | 147,000,000 | |
Investment in Cenovus Energy | 1,805,000,000 | 1,462,000,000 | |
Inventories | 1,014,000,000 | 1,007,000,000 | |
Prepaid expenses and other current assets | 528,000,000 | 575,000,000 | |
Total Current Assets | 13,683,000,000 | 13,274,000,000 | |
Investments and long-term receiavables | 9,302,000,000 | 9,329,000,000 | |
Loans and advances-related parties | 268,000,000 | 335,000,000 | |
Net properties, plants and equipment (net of accumulated depreciation, depletion and amortization of $66,969 million in 2019 and $64,899 million in 2018) | 45,942,000,000 | 45,698,000,000 | |
Other assets | 2,303,000,000 | 1,344,000,000 | |
Total Assets | 71,498,000,000 | 69,980,000,000 | |
Liabilities | |||
Accounts payable | 3,815,000,000 | 3,863,000,000 | |
Accounts payable-related parties | 31,000,000 | 32,000,000 | |
Short-term debt | 113,000,000 | 112,000,000 | |
Accrued income and other taxes | 1,539,000,000 | 1,320,000,000 | |
Employee benefit obligations | 470,000,000 | 809,000,000 | |
Other accruals | 1,402,000,000 | 1,259,000,000 | |
Total Current Liabilities | 7,370,000,000 | 7,395,000,000 | |
Long-term debt | 14,832,000,000 | 14,856,000,000 | |
Asset retirement obligations and accrued environmental costs | 7,730,000,000 | 7,688,000,000 | |
Deferred income taxes | 5,043,000,000 | 5,021,000,000 | |
Employee benefit obligations | 1,704,000,000 | 1,764,000,000 | |
Other liabilities and deferred credits | 1,838,000,000 | 1,192,000,000 | |
Total Liabilities | 38,517,000,000 | 37,916,000,000 | |
Equity | |||
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2019 - 1,794,681,042 shares; 2018 - 1,791,637,434 shares) Par value | 18,000,000 | 18,000,000 | |
Capital in excess of par | 46,877,000,000 | 46,879,000,000 | |
Treasury stock (at cost: 2019 - 664,505,107 shares; 2018 - 653,288,213 shares) | (43,656,000,000) | (42,905,000,000) | |
Accumulated other comprehensive income (loss) | (5,914,000,000) | (6,063,000,000) | |
Retained earnings | 35,534,000,000 | 34,010,000,000 | |
Total Common Stockholders' Equity | 32,859,000,000 | 31,939,000,000 | |
Noncontrolling interests | 122,000,000 | 125,000,000 | |
Total Equity | 32,981,000,000 | 32,064,000,000 | |
Total Liabilities and Equity | [1] | $ 71,498,000,000 | $ 69,980,000,000 |
[1] | See Notes to Consolidated Financial Statements. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $ 11,000,000 | $ 25,000,000 |
Accumulated depreciation, depletion and amortization | $ 66,969,000,000 | $ 64,899,000,000 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 1,794,681,042 | 1,791,637,434 |
Treasury stock, shares | 664,505,107 | 653,288,213 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Cash Flows From Operating Activities | ||||
Net income (loss) | $ 1,846 | $ 900 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||
Depreciation, depletion and amortization | 1,546 | 1,412 | ||
Impairments | 1 | 12 | ||
Dry hole costs and leasehold impairments | 27 | 20 | ||
Accretion on discounted liabilities | 86 | 88 | ||
Deferred taxes | (1) | 65 | ||
Distributions received greater than equity losses (undistributed equity earnings) | 24 | (34) | ||
Gain on dispositions | (17) | (7) | ||
Other | (564) | 29 | ||
Working capital adjustments | ||||
Decrease (increase) in accounts and notes receivable | 179 | 139 | ||
Decrease (increase) in inventories | (4) | 12 | ||
Decrease (increase) in prepaid expenses and other current assets | 62 | (22) | ||
Increase (decrease) in accounts payable | (142) | (181) | ||
Increase (decrease) in taxes and other accruals | (149) | (34) | ||
Net cash provided by operating activities | 2,894 | 2,399 | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (1,637) | (1,535) | ||
Working capital changes associated with investing activities | 107 | 28 | ||
Proceeds from asset dispositions | 142 | 169 | ||
Net Sales (Purchases) of Short Term Investments | (1) | 1,593 | ||
Collection of advances/loans-related parties | 62 | 59 | ||
Other | (150) | (392) | ||
Net Cash Provided by (Used in) Investing Activities | (1,477) | (78) | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | 0 | 0 | ||
Repayment of debt | (19) | (2,888) | ||
Issuance of company common stock | (38) | (18) | ||
Repurchase of company common stock | (752) | (500) | ||
Dividends paid | (350) | (338) | ||
Other | (14) | (32) | ||
Net Cash Provided by (Used in) Financing Activities | (1,173) | (3,776) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 75 | 125 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash Increase (Decrease) | 319 | (1,330) | ||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 6,151 | [1] | 6,536 | |
Cash and Cash Equivalents and Restricted Cash at end of period | [3] | 6,470 | [2] | $ 5,206 |
Prepaid Expenses and Other Current Assets [Member] | ||||
Restricted Cash | 89 | |||
Other Assets [Member] | ||||
Restricted Cash | $ 163 | |||
[1] | Restricted cash totaling $236 million is included in the "Other assets" line of our Consolidated Balance Sheet as of December 31, 2018. | |||
[2] | Restricted cash of $89 million and $163 million are included in the "Prepaid expenses and other current assets" and "Other assets" lines, respectively, of our Consolidated Balance Sheet as of March 31, 2019. | |||
[3] | See Notes to Consolidated Financial Statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 —Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips and its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2018 Annual Report on Form 10-K. |
Change in Accounting Principles
Change in Accounting Principles | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Changes in Accounting Principles [Text Block] | Note 2 — Changes in Accounting Principles We adopted the provisions of FASB ASU No. 2016-02, “Leases,” and its amendments set forth by the provisions of ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Targeted Improv ements,” ASU No. 2018-20, “Narrow-Scope Improvements for Lessors,” and ASU No. 2019-01, “Codification Improvements,” collectively FASB ASC Topic 842, “Leases” (ASC Topic 842), beginning January 1, 2019 . ASC Topic 842 establishes comprehensive accounting and financial reporting requirements for leasing arrangements, supersedes the existing requirements in FASB ASC Topic 840, “Leases” (ASC Topic 840), and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet . The provisions of ASC Topic 842 also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. We adopted ASC Topic 842 using the modifie d retrospective approach and elected to utilize the Optional Transition Method, which permits us to apply the provisions of ASC Topic 842 to leasing arrangements existing at or entered into after January 1, 2019, and present in our financial statements com parative periods prior to January 1, 2019 under the historical requirements of ASC Topic 840. In addition, we elected to adopt the package of optional transition-related practical expedients , which among other things, allows us to carry forward certain hi storical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. Furthermore, we elected not to record assets and liabilities on our consolidated balance sheet for new o r existing lease arrangements with terms of 12 months or less. The primary impact of applying ASC Topic 842 is the initial recognition of $ 998 m illion of lease liabilities and corresponding right-of-use assets on our consolidated balance sh eet as of January 1, 2019, for leases classified as operating leases under ASC Topic 840, as well as enhanced disclosure of our leasing arrangements. Our accounting treatment for finance leases remains unchanged. In addition, there is no cumulative effec t to retained earnings or other components of equity recognized as of January 1, 2019, and the adoption of ASC Topic 842 did not impact the presentation of our consolidated income statement or statement of cash flows. See Note 15 —Non-Mineral Leases for additional information related to the adoption of ASC Topic 842 . We adopted the provisions of FASB ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , ” beginning January 1, 2019. The ASU allows a reclass ification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, eliminating the stranded tax effects. The cumulative effect to our consolidated balance sheet at January 1, 2019 for the adoption of ASU No. 2018-02 w as as follows Millions of Dollars December 31 ASU No. 2018-02 January 1 2018 Adjustments 2019 Equity Accumulated other comprehensive loss $ (6,063) (40) (6,103) Retained earnings 34,010 40 34,050 For additional information regarding the impact of the adoption of ASU No. 2018-02, see Note 16—Accumulated Other Comprehensive Loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | Note 2 — Changes in Accounting Principles We adopted the provisions of FASB ASU No. 2016-02, “Leases,” and its amendments set forth by the provisions of ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Targeted Improv ements,” ASU No. 2018-20, “Narrow-Scope Improvements for Lessors,” and ASU No. 2019-01, “Codification Improvements,” collectively FASB ASC Topic 842, “Leases” (ASC Topic 842), beginning January 1, 2019 . ASC Topic 842 establishes comprehensive accounting and financial reporting requirements for leasing arrangements, supersedes the existing requirements in FASB ASC Topic 840, “Leases” (ASC Topic 840), and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet . The provisions of ASC Topic 842 also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. We adopted ASC Topic 842 using the modifie d retrospective approach and elected to utilize the Optional Transition Method, which permits us to apply the provisions of ASC Topic 842 to leasing arrangements existing at or entered into after January 1, 2019, and present in our financial statements com parative periods prior to January 1, 2019 under the historical requirements of ASC Topic 840. In addition, we elected to adopt the package of optional transition-related practical expedients , which among other things, allows us to carry forward certain hi storical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. Furthermore, we elected not to record assets and liabilities on our consolidated balance sheet for new o r existing lease arrangements with terms of 12 months or less. The primary impact of applying ASC Topic 842 is the initial recognition of $ 998 m illion of lease liabilities and corresponding right-of-use assets on our consolidated balance sh eet as of January 1, 2019, for leases classified as operating leases under ASC Topic 840, as well as enhanced disclosure of our leasing arrangements. Our accounting treatment for finance leases remains unchanged. In addition, there is no cumulative effec t to retained earnings or other components of equity recognized as of January 1, 2019, and the adoption of ASC Topic 842 did not impact the presentation of our consolidated income statement or statement of cash flows. See Note 15 —Non-Mineral Leases for additional information related to the adoption of ASC Topic 842 . We adopted the provisions of FASB ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , ” beginning January 1, 2019. The ASU allows a reclass ification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, eliminating the stranded tax effects. The cumulative effect to our consolidated balance sheet at January 1, 2019 for the adoption of ASU No. 2018-02 w as as follows |
Basis of Accounting, Policy [Policy Text Block] | The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips and its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2018 Annual Report on Form 10-K. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entity[Abstract] | |
Variable Interest Entity Disclosure [Text Block] | Note 3 — Variable Interest Entities We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on our significant VIEs follows: Australia Pacific LNG Pty Ltd (APLNG) APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support. We are not the primary beneficiary of APLNG because we share with Origin Energy and China Petrochem ical Corporation (Sinopec) the power to direct the key activities of APLNG that most significantly impact its economic performance, which involve activities related to the production and commercialization of coalbed methane, as well as LNG processing and e xport marketing. As a result, we do not consolidate APLNG, and it is accounted for as an equity method investment. As of March 31, 2019 , we have not provided any financial support to APLNG other than amounts previously contractually required. Unless we elect otherwise, we have no requirement to provide liquidity or purchase the assets of APLNG. See Note 6 —Investments, Loans and Long-Term Receivables, and Note 11 —Guarantees, for additional information. Marine Well Containment Company, LLC (M WCC) MWCC provides well containment equipment and technology and related services in the deepwater U.S. Gulf of Mexico. Its principal activities involve the development and maintenance of rapid-response hydrocarbon well containment systems that are deploy able in the Gulf of Mexico on a call-out basis. We have a 10 percent ownership interest in MWCC, and it is accounted for as an equity method investment because MWCC is a limited liability company in which we are a Founding Member and exercise significant influence through our permanent seat on the ten -member Executive Committee responsible for overseeing the affairs of MWCC. In 2016, MWCC executed a $ 154 million term loan financing arrangement with an external financial institution whose terms required the financing be secured by letters of credit provided by certain owners of MWCC, including ConocoPhillips. In connection with the financing transaction, we issued a letter of credit of $ 22 million which can be drawn upon in the event of a default by MWCC on its obligation to repay the proceeds of the term loan. The fair value of this letter of credit is immaterial and not recognized on our consolidated balance sheet. MWCC is conside red a VIE, as it has entered into arrangements that provide it with additional forms of subordinated financial support. We are not the primary beneficiary and do not consolidate MWCC because we share the power to govern the business and operation of the c ompany and to undertake certain obligations that most significantly impact its economic performance with nine other unaffiliated owners of MWCC. At March 31, 2019 , the carrying value of our equity method investment in MWCC was $ 1 26 million. We have not p rovided any financial support to MWCC other than amounts previously contractually required. Unless we elect otherwise, we have no requirement to provide liquidity or purchase the assets of MWCC. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Note 4—Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 2019 2018 Crude oil and natural gas $ 419 432 Materials and supplies 595 575 $ 1,014 1,007 Inventories valued on the LIFO basis totaled $ 248 million and $ 292 million at March 31, 2019 and December 31, 2018 , respectively. Th e estimated excess of current replacement cost over LIFO cost of inventories was approximately $ 166 million and $ 75 million at March 31, 2019 and December 31, 2018 , respectively. |
Assets Held for Sale or Sold
Assets Held for Sale or Sold | 3 Months Ended |
Mar. 31, 2019 | |
Disposal Group Excluding Discontinued Operation Additional Disclosures [Abstract] | |
Disposal Groups Exluding Discontinued Operations Disclosure [TextBlock] | Note 5 — Assets Sold and Planned Dispositions Assets Sold On April 15, 2019, we completed the sale of our 30 percent interest in Greater Sunrise Fields to the government of Timor-Leste for $ 350 million before customary adjustments and will recognize an after-tax gain of approximately $ 50 million in the second quarter. The Greater Sunrise Fields are included in our Asia Pacific and Middle East segment. Planned Dispositions In January 2019, we entered into agreements to sell our 12.4 percent ownership interests in the Golden Pass LNG Terminal and Golden Pass Pipeline. We have also entered into agreements to amend our contractual obligations for retaining use of the facilities. As a result of entering into these agreements, we recorded a before-tax impairment of $ 60 million in the first quarter of 2019 which is included in the “Equity in earning s of affiliates” line on our consolidated income statement . The transaction is subject to regulatory approval. Both ownership interests are accounted for as equity affiliates in our Lower 48 segment. See Note 14 — Fair Value Measurement for additional i nformation. In April 2019, we entered into an agreement to sell two ConocoPhillips U.K. subsidiaries to Chrysaor E&P Limited for $ 2.675 billion plus interest and customary adjustments. Together the subsidiaries indirectly hold the company’s exploration and production assets in the U . K. As of March 31, 2019, the net carrying value was approximately $ 0. 8 billion, with $ 1.6 billion of PP&E , $ 0. 5 billion of working capital , $ 0. 4 billion of cumulative foreign currency translation adjustments , and deferred tax assets of $ 0.3 billion , offset by $ 2.0 billion of ARO . As part of the transaction, we expect to recognize a U.S. tax benefit of $ 0.2 billion in the second quarte r of 2019 related to a previously unrecognizable U.S. tax basis in the subsidiaries to be sold. Depending on the timing of regulatory approval and other specific conditions precedent , we anticipate recognizing a gain of approximately $ 2 billion before- and after-tax on completion of the sale in the second half of 2019 , subject to customary adjustments and foreign exchange impacts . The subsidiaries met held for sale criteria in April 2019. Results of operations for the U . K . are reported within our Europe and North Africa segment. |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Loans and Long-Term Receivables [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 6 —Investments, Loans and Long-Term Receivables APLNG APLNG executed project financing agreements for an $ 8.5 billion project finance facility in 2012. The $ 8.5 billion project finance facility was initially composed of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $ 2.9 billion, the Export-Import Bank of China for approximately $ 2.7 billi on, and a syndicate of Australian and international commercial banks for approximately $ 2.9 billion. All amounts have been drawn from the facility. APLNG made its first principal and interest repayment in March 2017 and is scheduled to make b i-annual payments until March 2029. APLNG made a voluntary repayment of $ 1.4 billion to the Export-Import Bank of China in September 2018. At the same time, APLNG obtained a United States Private Placement (USPP) bond facility of $ 1.4 billion. APLNG made its first i nterest payment in March 2019 , and principal payments are scheduled to commence in September 2023, with bi-annual payments due on the facility until September 2030. During the first quarter of 2019, APLNG ref inanced $ 3.2 billion of existing project finance debt through two transactions. As a result of the first transaction, APLNG o btained a commercial bank facility of $ 2.6 billion. Interest and principal payments are scheduled to comm ence in September 2019, with bi-annual payments due on the facility until March 2028. Through the second transaction, APLNG o btained a USPP bond facility of $ 0.6 billion. Interest payments are scheduled to commence in September 2019 , and principal payments are scheduled to commence in September 2023, with bi-annual payments due on the facility until September 2030. In conjunction with the $ 3.2 billion debt obtained during the first quarter of 2019 to refinance existing project finance debt, APLNG made voluntary repayments of $ 2.2 billion and $ 1.0 billion to a syndicate of Australian and international commercial banks and the Export-Import Bank of China, respectively. At March 31, 2019 , a balance of $ 7.0 billion was outstanding on the facilities. See Note 11 — Guarantees, for additional information. APLNG is considered a VIE, as it has entered into cer tain contractual arrangements that provide it with additional forms of subordinated financial support. See Note 3 — Variable Interest Entities, for additional information. At March 31, 2019 , the carrying value of our equity method investment in APLNG was $ 7,589 million. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. Loans and Long-Term Receivables As part of our normal ongoing business operations, and consistent with in dustry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At March 31, 2019 , significant loans to affiliated companie s included $ 399 million in project financing to Qatar Liquefied Gas Company Limited (3) (QG3). On our consolidated balance sheet, the long-term portion of these loans is included in the “Loans and advances—related parties” line, while the short-te rm portion is in the “Accounts and notes receivable—related parties” line. |
Investment in Cenovus Energy
Investment in Cenovus Energy | 3 Months Ended |
Mar. 31, 2019 | |
Investment In Cenovus Energy [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 7 -– Investment in Cenovus Energy On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the Foster Creek Christina Lake (FCCL) P artnership, as well as the majority of our western Canada gas assets to Cenovus Energy. Con sideration for the transaction included 208 million Cenovus Energy common shares , which, at closing, approximated 16.9 percent of issued and outstanding Cenovus common stock . T he fair value and cost basis of our investment in 208 million Cenovus Energy common shares at closing was $ 1.96 billion based on a price of $ 9.41 per share on the New York Stock Exchange . Our investment on our consolidated balance sheet as of March 31, 2019 , is carried at fair value of $ 1.81 billion , reflecting the closing price of Cenovus Energy shares on the New York Stock Exchange of $ 8.68 per share on the last trading day of the quarter , an increase of $ 343 million from $ 1 .46 billion at year-end 2018 . The increase in fair value represents the net unrealized gain recorded within the “Other income” line of our consolidated income statement in the first quarter of 2019 relating to the shares held at the reporting date . See Note 14 —Fair Value Measur ement , for additional information. Subject to market conditions, we intend to decrease our investment over time through market transactions, private agreements or otherwise . |
Suspended Wells and Wells in Pr
Suspended Wells and Wells in Progress | 3 Months Ended |
Mar. 31, 2019 | |
Suspended Wells [Abstract] | |
Suspended Wells | Note 8 —Suspended Wells The capitalized cost of suspended wells at March 31, 2019 , was $ 869 million, an increase of $ 13 million from $ 856 million at year-end 2018 . No suspended wells were charged to dry hole expense during the first three months of 2019 relating to exploratory well costs capitalized for a period greater than one year as of December 3 1, 2018 . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Debt | Note 9 —Debt Our revolving credit facility provides a total commitment of $ 6.0 billion and expires in May 2023. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $ 500 million, or as support for our commercial paper program. Our commercial paper program consists of the ConocoPhillips Company $ 6.0 billion program, primarily a funding source for short-term working capital needs . Commercial paper m aturities are generally limited to 90 days. We had no commercial paper outstanding at March 31, 2019 or December 31, 2018 . W e had no direct outstanding borrowings or letters of credit under the revolving credit facility a t March 31, 2019 or December 31, 2018 . Since we had no commercial paper outstanding and had issued no letters of credit, we had access to $ 6.0 billion in borrowing capacity under our revolving credit facility at March 31, 2019 . At March 31, 2019 , we had $ 28 3 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we intend to re finance on a long-term basis , therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet. |
Changes in Equity
Changes in Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10—Changes in Equity The following tables reflect the changes in stockholders' equity: Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Non-Controlling Interests Total For the three months ended March 31, 2019 Balances at December 31, 2018 $ 18 46,879 (42,905) (6,063) 34,010 125 32,064 Net income 1,833 13 1,846 Other comprehensive income 189 189 Dividends paid ($0.31 per common share) (350) (350) Repurchase of company common stock (752) (752) Distributions to noncontrolling interests and other (17) (17) Distributed under benefit plans (2) (2) Changes in Accounting Principles* (40) 40 - Other 1 1 1 3 Balances at March 31, 2019 $ 18 46,877 (43,656) (5,914) 35,534 122 32,981 *See Note 2—Changes in Accounting Principles for additional information. For the three months ended March 31, 2018 Balances at December 31, 2017 $ 18 46,622 (39,906) (5,518) 29,391 194 30,801 Net income 888 12 900 Other comprehensive income 89 89 Dividends paid ($0.29 per common share) (338) (338) Repurchase of company common stock (500) (500) Distributions to noncontrolling interests and other (34) (34) Distributed under benefit plans 20 20 Changes in Accounting Principles** 58 (278) (220) Balances at March 31, 2018 $ 18 46,642 (40,406) (5,371) 29,663 172 30,718 **Cumulative effect of the adoption of ASC Topic 606, "Revenue from Contracts with Customers," and ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Liabilities," at January 1, 2018. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2019 | |
Guarantees [Abstract] | |
Guarantees | Note 11 —Guarantees At March 31, 2019 , we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee an d expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At March 31, 2019 , we had outstanding multiple guarantees in connection with our 37.5 percent ownership interest in APLNG. The following is a d escription of the guarantees with values calculated utilizing March 2019 exchange rates: During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee is 12 years . Our maximum exposure under this guarantee is approximately $ 170 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At March 31, 2019 , the carrying value of this guarantee is approximately $ 14 million. In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy in October 2008, we agreed to reimburse Origin Energy for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements with remaining terms of up to 23 years . Our maximum pote ntial liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $ 800 million ($ 1.4 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under thes e agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining ter ms of up to 27 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $ 140 million and would become payable if APLNG does not perform. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $ 780 million, which consist primarily of guarantees of the residual value of leased office buildings, guarantees of the residual value of corporate aircraft, and a guarantee for our por tion of a joint venture’s project finance reserve accounts. These guarantees have remaining terms of up to four years and would become payable if, upon sale, certain asset values are lower than guaranteed amounts, business conditions decline at guaranteed entities, or as a result of nonperformance of contractual terms by guaranteed parties. Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qua lifying indemnifications. These agreements include indemnifications for taxes, environmental liabilities, employee claims and litigation. The terms of these indemnifications vary greatly. The majority of these indemnifications are related to environment al issues, the term is generally indefinite and the maximum amount of future payments is generally unlimited. The carrying amount recorded for these indemnifications at March 31, 2019 , was approximately $ 90 million. We amortize the indemnification liabilit y over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essenti ally relieved or amortize the liability over an appropriate time period as the fair value of our indemnification exposure declines. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. Included in the recorded carrying amount at March 31, 2019 , were approximately $ 30 million of environmental accruals for known contamination that are includ ed in the “Asset retirement obligations and accrued environmental costs” line on our consolidated balance sheet. For additional information about environmental liabilities, see Note 12 —Contingencies and Commitments. |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2019 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 12 —Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the ca se of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs rela ted to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with re spect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Es timated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using all information that is available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considera tions. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in o ur determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for fed eral sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designate d as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concer ned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Whe re it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisiti ons in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably esti mated. We have not reduced these accruals for possible insurance recoveries. At March 31, 2019 , our consolidated balance sheet included a total environmental accrual of $ 176 million, compared with $ 178 million at December 31, 2018 , for remediation activities in the United States and Canada. We expect to incur a substantial amount of these expenditures within the next 30 years . In the future, we may be involved in additional environmental assessments, cleanups and pr oceedings. Legal Proceedings We are subject to various lawsuits and claims including but not limited to matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties and claims of alleged environmental contamination from historic operations. We will conti nue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professi onal judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existi ng accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through adv ances and penalties for fees related to throughput capacity not utilized. In addition, at March 31, 2019 , we had performance obligations secured by letters of credit of $ 274 million (issued as direct bank letters of credit) related to various purchas e commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan governmen t’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Co rocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal held that Venezuela unlawfully expropriated ConocoP hillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips $ 8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007 . ConocoPhillips has filed a request for recognition of the Award in several jurisdictions. An Application for Rectification of the Award requesting correction of certain calculations was filed on behalf of the government of Venezuela, which the ICSID Tribunal is now reviewing. Once resolved, the government of Venezuela may then seek annulment of the Award . In 2014, ConocoPhi llips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $ 2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full a mount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $ 500 million within a period of 90 days from the time of signing of the settlement agreement. The balance of the settleme nt is to be paid quarterly over a period of four and a half years. To date, PDVSA has fully complied with the terms of this settlement agreement . Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips has ensured that the settlement meets all appropriate U.S. regulatory requirements, including any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro project. This ICC arbitration is currently in progress. In February 2017, the ICSID T ribunal unanim ously awarded Burlington Resources, Inc., a wholly owned subsidiary of ConocoPhillips, $ 380 million for Ecuador’s unlawful expropriation of Burlington’s investment in Blocks 7 and 21, in breach of the U.S.-Ecuador Bilateral Investment Treaty. The tribunal also issued a separate decision finding Ecuador to be entitled to $ 42 million for environmental and infrastructure counterclaims. In December 2017, Burlington and Ecuador entered into a settlement agreement by which Ecu ador paid Burlington $ 337 million in two installments. The first installment of $ 75 million was paid in December 2017, and the second installment of $ 262 million was paid in April 2018. The settlement i ncluded an offset for the counterclaims decision, of which Burlington is entitled to a $ 24 million contribution from Perenco Ecuador Limited, its co-venturer and consortium operator, pursuant to a joint and several liability provision in the JOA. Ecuador’s environmental and infrastructure counterclaims against Perenco remain pending in a separate ICSID arbitration between Perenco and Ecuador, and Burlington may owe Perenco a contribution under the JOA for damages found by this tribunal . In June 2017, FAR Ltd. initiated arbitration before the ICC against ConocoPhillips Senegal B.V. , now Woodside Senegal B.V., in connection with the sale of ConocoPhillips Senegal B.V. to Woodside Energy Holdings (Senegal) Limited in 2016. This arbitrati on is ongoing. In late 2017, ConocoPhillips (U.K.) Limited (CPUKL) initiated United Nations Commission on International Trade and Law (UNCITRAL) arbitration against Vietnam in accordance with the U.K.-Vietnam Bilateral Investment Treaty relating to a tax dispute arising from the 2012 sale of ConocoPhillips (U.K.) Cuu Long Limited and ConocoPhillips (U.K.) Gama Limited. The tribunal was constituted in February 2018. The arbitration is ongoing. In 2017 and 2018, cities, counties, and a state government in California, New York, Washington, Rhode Island and Maryland, as well as the Pacific Coast Federation of Fishermen’s Association, Inc., have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. ConocoPhillips is vigorously defending against these lawsuits. The lawsuits brought by the Cities of San Francisco, Oakland and New York have been dismissed by the district courts and appeals are pending. S everal Louisiana parishes and individual landowners have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages in connection with historical oil and gas operations in Louisiana. ConocoPhillips will vigorousl y defend against these lawsuits . |
Derivative and Financial Instru
Derivative and Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Note 13 —Derivative and Financial Instruments Derivative Instruments We use futures, forwards, swaps and options in various markets to meet our customer needs and capture market opportunities. Our commodity business primarily consists of natural gas, crude oil, bitumen, LNG and natural gas liquids. Our derivative instru ments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, realized and unrealized gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are design ated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts. We do not u se hedge accounting for our commodity derivatives . The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: Millions of Dollars March 31 December 31 2019 2018 Assets Prepaid expenses and other current assets $ 250 410 Other assets 30 40 Liabilities Other accruals 258 370 Other liabilities and deferred credits 23 30 The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended March 31 2019 2018 Sales and other operating revenues $ 19 43 Other income (loss) (1) 4 Purchased commodities (20) (27) The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) March 31 December 31 2019 2018 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (10) (17) Basis (11) (1) Foreign Currency Exchange Derivatives We have foreign currency exchange rate risk resulting from international operations. Our foreign currency exchange derivative activity primarily relates to managing our cash-related foreign currency exchange rate exposures, such as firm commitments for capital programs or local currency tax payments, dividends and cash returns from net investments in foreign affiliates, and investments in equity securities. We do not elect hedge accounting on our for eign currency exchange derivatives. The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: Millions of Dollars March 31 December 31 2019 2018 Assets Prepaid expenses and other current assets $ 6 7 Liabilities Other accruals 1 6 The gains from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended March 31 2019 2018 Foreign currency transaction losses (gains) $ (2) (5) We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency March 31 December 31 2019 2018 Foreign Currency Exchange Derivatives Sell U.S. dollar, buy other currencies* USD 199 805 Sell British pound, buy other currencies** GBP - 21 Buy British pound, sell euro GBP 19 - Sell Canadian dollar, buy U.S. dollar CAD 1,250 1,242 *Primarily British pound and Norwegian krone. **Primarily euro and Norwegian krone. In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar. Financial Instruments We invest excess cash in financial instruments with maturities based on our cash forecasts for the various currency pools we manage. The maturities of these investments may from time to time extend beyond 90 days. The types of financial instruments that we currently invest include: Time deposits: Interest bearing deposits placed with approved financial institutions. Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount to mature at par. Government or government agency obligations: Short-term securities issued by the U.S. government or U.S. government agencies. These financial instruments appear in the “Cash and cash equivalents” line of our consolidated balance sheet if the maturities at the time we made the investments were 90 days or less; otherwise, these financial instruments are included in the “S hort-term investments” line on our consolidated balance sheet . Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments March 31 December 31 March 31 December 31 2019 2018 2019 2018 Cash $ 897 876 Time deposits Remaining maturities from 1 to 90 days 4,180 3,509 200 - Commercial paper Remaining maturities from 1 to 90 days 376 229 49 248 Government obligations Remaining maturities from 1 to 90 days 765 1,301 - - $ 6,218 5,915 249 248 Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, OTC derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, government money market funds, government debt securities and time deposits with major international banks and financial institutions. The credit risk from our OTC derivative contracts, such as fo rwards, swaps and options, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significan t nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from our petroleum operations and reflect a broad natio nal and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less , and we continually monitor this exposure and the creditworthiness of the counterparti es. We do not generally require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold am ounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exch ange. The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position on March 31, 2019 and December 31, 2018 , was $ 50 million and $ 62 million, respectively. For these instr uments , no collateral was posted as of March 31, or December 31, 2018 . If our credit rating had been downgraded below investment grade on March 31, 2019 , we would be required to post $ 50 million of additional collateral, either with cash or letters of credit. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 14 —Fair Value Measurement We carry a portion of our assets and liabilities at fair value that are measured at a reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the following hierarchy: Level 1: Quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: Inputs other than quoted prices that are directly or indirectly observable. Level 3: Unobservable inputs that are significant to the fair value of assets or liabilities. The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initiall y classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. Transfers occur at the end of the reporting period. There were no material transfers between levels during 2019 or 2018 . Recur ring Fair Value Measurement Financial assets and liabilities reported at fair value on a recurring basis primarily include our investment in Cenovus Energy shares and commodity derivatives. Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 also includes our investment in common shares of Cenovus Energy, which is valued using quotes for shares on the New York Stock Exchange. Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 activity was not material for all periods presented. The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis) : Millions of Dollars March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,805 - - 1,805 1,462 - - 1,462 Commodity derivatives 166 91 23 280 236 181 33 450 Total assets $ 1,971 91 23 2,085 1,698 181 33 1,912 Liabilities Commodity derivatives $ 167 101 13 281 225 145 30 400 Total liabilities $ 167 101 13 281 225 145 30 400 The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Net Amounts Subject to Gross Amounts Amounts Cash Net Recognized Right of Setoff Amounts Offset Presented Collateral Amounts March 31, 2019 Assets $ 280 9 271 197 74 - 74 Liabilities 281 6 275 197 78 8 70 December 31, 2018 Assets $ 450 9 441 280 161 - 161 Liabilities 400 4 396 280 116 10 106 At March 31, 2019 and December 31, 2018, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. Non-Recurring Fair Value Measurement The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Inputs Before-Tax Loss Equity method investments March 31, 2019 $ 171 171 60 During the first quarter of 2019, the carrying values of our equity method investments in the Golden Pass LNG Terminal and Golden Pass Pipeline were writ ten down to fair value . The fair value s were determined by negotiated selling prices. For additional information, see Note 5 — Assets Sold and Planned Dispositions Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial instruments: Cash and cash equivalents and short-term investments: The carrying amount reported on our consolidated balance sheet approximates fair value. Accounts and notes receivable (including long-term and related parties): The carrying amount reported on our consolidated balance sheet approximates fair value. The valuation technique and methods used t o estimate the fair value of the current portion of fixed-rate related party loans is consistent with Loans and advances—related parties. Investment in Cenovus Energy shares: See Note 7 —Investment in Cenovus Energy for a discussion of the carrying val ue and fair value of our investment in Cenovus Energy shares. Loans and advances—related parties: The carrying amount of floating-rate loans approximates fair value. The fair value of fixed-rate loan activity is measured using market observable data and is categorized as Level 2 in the fair value hierarchy. See Note 6 —Investments, Loans and Long-Term Receivables for additional information. Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable an d floating-rate debt reported on our consolidated balance sheet approximates fair value. Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore , these liabilities are categorized as Level 2 in the fair value hierarchy. The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value March 31 December 31 March 31 December 31 2019 2018 2019 2018 Financial assets Investment in Cenovus Energy $ 1,805 1,462 1,805 1,462 Commodity derivatives 83 170 83 170 Total loans and advances—related parties 402 468 402 468 Financial liabilities Total debt, excluding capital leases 14,187 14,191 17,167 16,147 Commodity derivatives 76 110 76 110 |
Non-Mineral Leases
Non-Mineral Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 15 — Non-Mineral Leases The company primarily leases office buildings and drilling equipment, as well as ocean transport vessels, tugboats, corporate aircraft, and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices and other leases include payment provisions that vary based on the nature of usage of the leased asset. Additionally, the company has executed certain leases that provide it with the option to extend or renew the term of the lease , terminate the lease prior to the end of the lease term, or purchase the leased asset as of the end of the lease term. In other cases, the company has executed lease agreements that require it to guarantee the residual value of certain leased office buil dings. For additional information about guarantees, see Note 11 —Guarantees. There are no significant restrictions imposed on us by the lease agreements with regard to dividends, asset dispositions or borrowing ability. Certain arrangements may conta in both lease and non-lease components and we determine if an arrangement is or contains a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC Topic 842, and any non-lease component s are subject to other applicable accounting guidance; however, we have elected to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. This policy election has been adopted for e ach of the company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC Topic 842 and will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements exec uted in subsequent periods involving a new leased asset class, the company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. Leases are evaluated for classification as operating or finance leases at the commencement date of the lease and right-of-use assets and corresponding liabilities are recognized on our consolidated balance sheet based on the present value of future lease payments relating to the use of the underlying asset duri ng the lease term. Future lease payments include variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension, termination, and/or purchase options when the company has determined, at or subsequent to lease commencement, generally due to limited asset availability or operating commitments, it is reasonably certain of exercising such options. We use our incremental borrowing rate as the discount rate in determining the present value of future lease payments, unless the interest rate implicit in the lease arrangement is readily determinable. Le ase payments that vary subsequent to the commencement date based on future usage levels, the nature of leased asset activities, or certain other contingencies are not included in the measurement of lease right-of-use assets and corresponding liabilities. We have elected not to record assets and liabilities on our consolidated balance sheet for lease arrangements with terms of 12 months or less. We often enter into leasing arrangements acting in the capacity as operator for and/or on behalf of certain oil and gas joint ventures of undivided interests. If the lease arrangement can be legally enforced only against us as operator and there is no separate arrangement to sublease the underlying leased asset to our coventurers, we recognize at lease commenceme nt a right-of-use asset and corresponding lease liability on our consolidated balance sheet on a gross basis. While we record lease costs on a gross basis in our consolidated income statement and statement of cash flows, such costs are offset by the reimb ursement we receive from our coventurers for their share of the lease cost as the underlying leased asset is utilized in joint venture activities. As a result, lease cost is presented in our consolidated income statement and statement of cash flows on a p roportional basis. If we are a nonoperating coventurer, we recognize a right-of-use asset and corresponding lease liability only if we were a specified contractual party to the lease arrangement and the arrangement could be legally enforced against us. I n this circumstance, we would recognize both the right-of-use asset and corresponding lease liability on our consolidated balance sheet on a proportional basis consistent with our undivided interest ownership in the related joint venture. The company has h istorically reco rded certain finance leases executed by investee companies accounted for under the proportionate consolidation method of accounting on its consolidated balance sheet on a proportional basis consistent with its ownership interest in the inve stee company. In addition, the company has historically recorded finance lease assets and liabilities associated with certain oil and gas joint ventures on a proportional basis pursuant to accounting guidance applicable prior to January 1, 2019. As of De cember 31, 2018, $ 420 million of finance lease assets (net of accumulated depreciation, depletion and amortization) and $ 688 million of finance lease liabilities were recorded on our consolidated balance sheet associated with these leases. In accordance w ith the transition provisions of ASC Topic 842, and since we have elected to adopt the package of optional transition-related practical expedients, the historical accounting treatment for these leases has been carried forward and is subject to reconsiderat ion upon the modification or other required reassessment of the arrangements prior to lease term expiration. In connection with our adoption of ASC Topic 842, we have recorded on our consolidated balance sheet $ 57 million of operating leases executed by investee companies accounted for under the proportionate consolidation method of accounting on a proportional basis consistent with our ownership interest in the investee company. The following tables sum marize the finance leases amounts that were reflected on our consolidated balance sheet as of December 31, 2018, the operating leases impact of adopting ASC Topic 842, and the right-of-use asset and lease liability balances reflected for both operating and finance leases on our consolidated balance sheet as of March 31, 2019: Millions of Dollars Carrying Amount Operating Leases Finance Leases Amounts recognized in line items in our Consolidated Balance Sheet upon adoption of ASC Topic 842 Right-of-Use Assets Properties, plants and equipment Gross $ 1,044 Accumulated depreciation, depletion and amortization (550) Net properties, plants and equipment as of December 31, 2018 $ 494 Adoption of ASC Topic 842 as of January 1, 2019 $ 998 Lease Liabilities Short-term debt $ 79 Long-term debt 698 Total finance leases debt as of December 31, 2018 $ 777 Adoption of ASC Topic 842 as of January 1, 2019 $ 998 Amounts recognized in line items in our Consolidated Balance Sheet at March 31, 2019 Right-of-Use Assets Properties, plants and equipment Gross $ 1,044 Accumulated depreciation, depletion and amortization (579) Net properties, plants and equipment * $ 465 Other assets $ 981 *Includes proportionately consolidated finance lease assets (net of accumulated depreciation, depletion and amortization) of $ 398 million. Lease Liabilities Short-term debt * $ 80 Other accruals $ 282 Long-term debt * 679 Other liabilities and deferred credits 685 Total lease liabilities $ 967 759 * Short-term debt and long-term debt include proportionately consolidated finance lease liabilities of $ 54 million and $ 622 million, respectively. The following table summarizes the lease cost for the three-month period ended March 31, 2019: Millions of Dollars Lease Cost * Operating lease cost $ 75 Finance lease cost Amortization of right-of-use assets 29 Interest on lease liabilities 10 Short-term lease cost ** 14 Total lease cost *** $ 128 *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. ** Short-term leases are not recorded on our consolidated balance sheet. Our future short-term lease commitments amount to $ 71 million, of which $ 54 million is related to leases whose terms have not yet commenced as of March 31, 2019. ***Variable lease cost and sublease income are immaterial for the three-month period ended March 31, 2019, and not presented in the table above. The following table summarizes the lease term and discount rate at March 31, 2019: March 31, 2019 Lease Term and Discount Rate Weighted-average term (years) Operating leases 6.49 Finance leases 9.42 Weighted-average discount rate (percent) Operating leases 3.50 Finance leases 5.84 The following table summarizes other information for the three-month period ended March 31, 2019: Millions of Dollars Other Information * Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 80 Operating cash flows from finance leases 10 Financing cash flows from finance leases 19 Right-of-use assets obtained in exchange for operating lease liabilities $ 41 Right-of-use assets obtained in exchange for finance lease liabilities - *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows. The following table summarizes future lease payments for operating and finance leases at March 31, 2019: Millions of Dollars Operating Leases Finance Leases Maturity of Lease Liabilities 2019 $ 244 86 2020 243 115 2021 178 100 2022 115 98 2023 67 84 Remaining years 235 461 Total * 1,082 944 Less: portion representing imputed interest (115) (185) Total lease liabilities $ 967 759 *Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture. At December 31, 2018, future undiscounted minimum rental payments due under noncancelable operating leases pursuant to ASC Topic 840 were: Millions of Dollars 2019 $ 248 2020 425 2021 136 2022 319 2023 54 Remaining years 212 Total 1,394 Less: income from subleases (7) Net minimum operating lease payments $ 1,387 At December 31, 2018, future minimum payments due under finance (capital) leases pursuant to ASC Topic 840 were: Millions of Dollars 2019 $ 118 2020 116 2021 100 2022 98 2023 87 Remaining years 453 Total 972 Less: portion representing imputed interest (195) Capital lease obligations $ 777 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Note 16—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the equity section of our consolidated balance sheet included: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) December 31, 2018 $ (361) (5,702) (6,063) Cumulative effect of adopting ASU No. 2018-02* (40) - (40) Other comprehensive income 13 176 189 March 31, 2019 $ (388) (5,526) (5,914) *See Note 2—Changes in Accounting Principles for additional information. The following table summarizes reclassifications out of accumulated other comprehensive loss and into comprehensive income: Millions of Dollars Three Months Ended March 31 2019 2018 Defined benefit plans $ 13 11 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $5 million and $3 million for the three-month periods ended March 31, 2019 and 2018, respectively. See Note 18—Employee Benefit Plans, for additional information. |
Cash Flow Information
Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 17 —Cash Flow Information Millions of Dollars Three Months Ended March 31 2019 2018 Cash Payments Interest $ 199 220 Income taxes 700 521 Net Sales (Purchases) of Short-Term Investments Short-term investments purchased $ (250) (206) Short-term investments sold 249 1,799 $ (1) 1,593 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 18—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 20 19 21 21 - - Interest cost 21 26 27 27 2 2 Expected return on plan assets (18) (35) (34) (40) - - Amortization of prior service cost (credit) - - - (1) (8) (9) Recognized net actuarial loss (gain) 13 8 15 9 (1) - Settlements 6 - - - - - Net periodic benefit cost $ 42 18 29 16 (7) (7) The components of net periodic benefit cost, other than the service cost component, are included in the “Other expenses” line item on our consolidated income statement. During the first three months of 2019 , we contributed $ 45 million to our domestic benefit plans and $ 56 million to our international benefit plans. In 2019 , we expect to contribute a total of approximately $ 195 million to our domestic qualified and nonqualified pensio n and postretirement benefit plans and $ 190 million to our international qualified and nonqualified pension and postretirement benefit plans. In the event we complete our transaction to sell two ConocoPhillips subsidiaries in the U . K . , we e xpect to make an additional contribution to an international qualified pension plan of approximately $ 290 million. For additional information , see Note 5 — Assets Sold and Planned Dispositions . Severance Accrual The following table summarizes our severanc e accrual activity for the three - month period ended March 31, 2019 : Millions of Dollars Balance at December 31, 2018 $ 48 Accruals 1 Benefit payments (15) Foreign currency translation adjustments 1 Balance at March 31, 2019 $ 35 Of the remaining balance at March 31, 2019 , $ 12 million is classified as short- term. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. Significant transactions with our equity affiliates were: Millions of Dollars Three Months Ended March 31 2019 2018 Operating revenues and other income $ 21 23 Purchases 21 24 Operating expenses and selling, general and administrative expenses 14 15 Net interest (income) expense* (4) (3) *We paid interest to, or received interest from, various affiliates. See Note 6—Investments, Loans and Long-Term Receivables, for additional information on loans to affiliated companies. |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 20 —Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation of our consolidated sales and other operating revenues : Millions of Dollars Three Months Ended March 31 2019 2018 Revenue from contracts with customers $ 7,059 6,545 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 2,081 2,261 Financial derivative contracts 10 (8) Consolidated sales and other operating revenues $ 9,150 8,798 Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS . There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 21 — Segment Disclosures and Related Information : Millions of Dollars Three Months Ended March 31 2019 2018 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,613 1,713 Canada 241 191 Europe and North Africa 227 357 Physical contracts meeting the definition of a derivative $ 2,081 2,261 Millions of Dollars Three Months Ended March 31 2019 2018 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ 188 286 Natural gas 1,768 1,890 Other 125 85 Physical contracts meeting the definition of a derivative $ 2,081 2,261 Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices a t the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we ha ve applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Receivables and Contract Liabilities Receivables from Contracts with Customers At March 31, 2019 , the “ Accounts and n otes receivable ” line on our consolidated balance sheet , includes trade receivables of $ 2,638 million compared with $ 2,889 million at December 31, 201 8 , and includes both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made . Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is lit tle distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NP NS has been elected. Contract Liabilities from Contracts with Customers We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made a t stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in instal l ments over the construction period. Millions of Dollars Contract Liabilities At December 31, 2018 $ 206 Contractual payments received 14 Revenue recognized (133) At March 31, 2019 $ 87 Amounts Recognized in the Consolidated Balance Sheet at March 31, 2019 Current liabilities $ 49 Noncurrent liabilities 38 $ 87 We expect to recognize the contract liabilities as of March 31, 2019, as revenue between the remainder of 2019 and 2022. |
Segment Disclosures and Related
Segment Disclosures and Related Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Disclosures and Related Information [Abstract] | |
Segment Disclosures and Related Information | Note 21 —Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and natural gas liquids on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International. Corporate and Other represents costs not directly associated with an operati ng segment, such as most interest expense, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments. We evaluate performance and allocate resou rces based on net income attributable to ConocoPhillips. Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2019 2018 Sales and Other Operating Revenues Alaska $ 1,407 1,385 Lower 48 4,153 3,952 Intersegment eliminations (12) (3) Lower 48 4,141 3,949 Canada 823 891 Intersegment eliminations (250) (255) Canada 573 636 Europe and North Africa 1,546 1,608 Asia Pacific and Middle East 1,343 1,216 Corporate and Other 140 4 Consolidated sales and other operating revenues $ 9,150 8,798 Sales and Other Operating Revenues by Geographic Location United States $ 5,686 5,336 Australia 559 440 Canada 573 636 China 243 218 Indonesia 205 215 Libya 254 276 Malaysia 336 344 Norway 588 663 United Kingdom 704 669 Other foreign countries 2 1 Worldwide consolidated $ 9,150 8,798 Sales and Other Operating Revenues by Product Crude oil $ 4,581 4,450 Natural gas 3,003 2,796 Natural gas liquids 238 231 Other* 1,328 1,321 Consolidated sales and other operating revenues by product $ 9,150 8,798 *Includes LNG and bitumen. Millions of Dollars Three Months Ended March 31 2019 2018 Net Income Attributable to ConocoPhillips Alaska $ 384 524 Lower 48 193 308 Canada 122 (65) Europe and North Africa 207 245 Asia Pacific and Middle East 525 461 Other International 131 (44) Corporate and Other 271 (541) Consolidated net income attributable to ConocoPhillips $ 1,833 888 Millions of Dollars March 31 December 31 2019 2018 Total Assets Alaska $ 15,066 14,648 Lower 48 14,720 14,888 Canada 6,191 5,748 Europe and North Africa 10,186 9,883 Asia Pacific and Middle East 16,025 16,151 Other International 87 89 Corporate and Other 9,223 8,573 Consolidated total assets $ 71,498 69,980 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 22 —Income Taxes Our effective tax rate for the first quarter of 2019 was 31 percent compared with 49 percent for the first quarter of 2018 . The effective tax rate for first quarter 2019 is lower than the effective tax rate for 2018 primarily due to higher before-tax income in lower tax jurisdictions for 2019 as well as a reduction of our U.S. valuation allowance for the first quarter of 2019. During the first quarter of 2019, our U.S. valuation allowance decreased by $ 103 million compared to an increase of $ 57 million for the first quarter of 2018. The change to our U.S. valuation allowance for both periods relates primarily to the fair value measuremen t of our Cenovus Energy common shares. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Standards [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 24 — New Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looki ng impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019. Entities a re required to adopt ASU No. 2016-13 using a modified retrospective approach, subject to certain limited exceptions. We are currently evaluating the impact of the adoption of this ASU. |
Supplementary Information - Con
Supplementary Information - Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 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 an indirect, 100 percent owned subsidiary of 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 December 2018, ConocoPhillips Canada Funding Company I’s guaranteed, publicly held debt securities were assumed by Burlington Resources LLC. The assumption did not significantly change the nature of the outstanding debt or the terms of the parental guarantees, which remain full and unconditi onal, as well as joint and several. The assumption did not impact our consolidated financial position, results of operations or cash flows. Financial information for ConocoPhillips Canada Funding Company I is presented in the “All Other Subsidiaries” col umn of our condensed consolidating financial information. The prior year comparative periods have been restated to reflect the current period condensed consolidating financial information presentation. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Three Months Ended March 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 $ - 3,981 - 5,169 - 9,150 Equity in earnings of affiliates 1,890 1,622 473 186 (3,983) 188 Gain on dispositions - (5) - 22 - 17 Other income 1 508 - 193 - 702 Intercompany revenues - 26 13 1,161 (1,200) - Total Revenues and Other Income 1,891 6,132 486 6,731 (5,183) 10,057 Costs and Expenses Purchased commodities - 3,497 - 1,304 (1,126) 3,675 Production and operating expenses - 180 1 1,091 (1) 1,271 Selling, general and administrative expenses 4 129 - 25 (5) 153 Exploration expenses - 47 - 63 - 110 Depreciation, depletion and amortization - 136 - 1,410 - 1,546 Impairments - - - 1 - 1 Taxes other than income taxes - 46 - 229 - 275 Accretion on discounted liabilities - 4 - 82 - 86 Interest and debt expense 69 149 33 50 (68) 233 Foreign currency transaction losses - 6 - 6 - 12 Other expenses - 12 - (4) - 8 Total Costs and Expenses 73 4,206 34 4,257 (1,200) 7,370 Income before income taxes 1,818 1,926 452 2,474 (3,983) 2,687 Income tax provision (benefit) (15) 36 (5) 825 - 841 Net income 1,833 1,890 457 1,649 (3,983) 1,846 Less: net income attributable to noncontrolling interests - - - (13) - (13) Net Income Attributable to ConocoPhillips $ 1,833 1,890 457 1,636 (3,983) 1,833 Comprehensive Income Attributable to ConocoPhillips $ 2,022 2,079 581 1,816 (4,476) 2,022 Income Statement Three Months Ended March 31, 2018 Revenues and Other Income Sales and other operating revenues $ - 3,764 - 5,034 - 8,798 Equity in earnings of affiliates 954 1,499 334 208 (2,787) 208 Gain on dispositions - 3 - 4 - 7 Other income (loss) - (103) - 51 - (52) Intercompany revenues 9 56 2 1,199 (1,266) - Total Revenues and Other Income 963 5,219 336 6,496 (4,053) 8,961 Costs and Expenses Purchased commodities - 3,410 - 1,433 (1,129) 3,714 Production and operating expenses - 172 4 1,033 (38) 1,171 Selling, general and administrative expenses 4 74 - 26 (5) 99 Exploration expenses - 53 - 42 - 95 Depreciation, depletion and amortization - 132 - 1,280 - 1,412 Impairments - (9) - 21 - 12 Taxes other than income taxes - 50 - 133 - 183 Accretion on discounted liabilities - 4 - 84 - 88 Interest and debt expense 71 159 11 37 (94) 184 Foreign currency transaction (gains) losses 18 (9) 22 (1) - 30 Other expenses - 194 6 (3) - 197 Total Costs and Expenses 93 4,230 43 4,085 (1,266) 7,185 Income before income taxes 870 989 293 2,411 (2,787) 1,776 Income tax provision (benefit) (18) 35 (10) 869 - 876 Net income 888 954 303 1,542 (2,787) 900 Less: net income attributable to noncontrolling interests - - - (12) - (12) Net Income Attributable to ConocoPhillips $ 888 954 303 1,530 (2,787) 888 Comprehensive Income Attributable to ConocoPhillips $ 977 1,043 235 1,613 (2,891) 977 See Notes to Consolidated Financial Statements. Millions of Dollars March 31, 2019 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,348 - 4,870 - 6,218 Short-term investments - - - 249 - 249 Accounts and notes receivable 4 3,280 2 4,472 (3,889) 3,869 Investment in Cenovus Energy - 1,805 - - - 1,805 Inventories - 143 - 871 - 1,014 Prepaid expenses and other current assets 1 143 - 384 - 528 Total Current Assets 5 6,719 2 10,846 (3,889) 13,683 Investments, loans and long-term receivables* 32,021 49,556 15,778 18,190 (105,975) 9,570 Net properties, plants and equipment - 3,915 - 42,027 - 45,942 Other assets 6 667 227 2,128 (725) 2,303 Total Assets $ 32,032 60,857 16,007 73,191 (110,589) 71,498 Liabilities and Stockholders’ Equity Accounts payable $ - 2,506 - 5,229 (3,889) 3,846 Short-term debt (3) 3 13 100 - 113 Accrued income and other taxes - 67 - 1,472 - 1,539 Employee benefit obligations - 376 - 94 - 470 Other accruals 57 328 39 978 - 1,402 Total Current Liabilities 54 3,280 52 7,873 (3,889) 7,370 Long-term debt 3,792 6,673 2,139 2,228 - 14,832 Asset retirement obligations and accrued environmental costs - 415 - 7,315 - 7,730 Deferred income taxes - - - 5,768 (725) 5,043 Employee benefit obligations - 1,279 - 425 - 1,704 Other liabilities and deferred credits* 1,889 10,654 837 8,663 (20,205) 1,838 Total Liabilities 5,735 22,301 3,028 32,272 (24,819) 38,517 Retained earnings 29,036 20,463 1,570 11,004 (26,539) 35,534 Other common stockholders’ equity (2,739) 18,093 11,409 29,793 (59,231) (2,675) Noncontrolling interests - - - 122 - 122 Total Liabilities and Stockholders’ Equity $ 32,032 60,857 16,007 73,191 (110,589) 71,498 *Includes intercompany loans. Balance Sheet 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 Three Months Ended March 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 (Used in) Operating Activities $ (62) (117) (16) 3,448 (359) 2,894 Cash Flows From Investing Activities Capital expenditures and investments - (208) - (1,429) - (1,637) Working capital changes associated with investing activities - 18 - 89 - 107 Proceeds from asset dispositions - 142 - - - 142 Purchases of short-term investments - - - (1) - (1) Long-term advances/loans—related parties - (19) - - 19 - Collection of advances/loans—related parties - 69 - 82 (89) 62 Intercompany cash management 1,163 205 16 (1,384) - - Other - (150) - - - (150) Net Cash Provided by (Used in) Investing Activities 1,163 57 16 (2,643) (70) (1,477) Cash Flows From Financing Activities Issuance of debt - - - 19 (19) - Repayment of debt - (20) - (88) 89 (19) Issuance of company common stock (1) - - - (37) (38) Repurchase of company common stock (752) - - - - (752) Dividends paid (350) - - (396) 396 (350) Other 2 - - (16) - (14) Net Cash Used in Financing Activities (1,101) (20) - (481) 429 (1,173) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - - - 75 - 75 Net Change in Cash, Cash Equivalents and Restricted Cash - (80) - 399 - 319 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 $ - 1,348 - 5,122 - 6,470 Statement of Cash Flows Three Months Ended March 31, 2018 Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ (69) (123) 1,204 2,550 (1,163) 2,399 Cash Flows From Investing Activities Capital expenditures and investments - (233) - (1,308) 6 (1,535) Working capital changes associated with investing activities - (93) - 121 - 28 Proceeds from asset dispositions - 141 - 39 (11) 169 Purchases of short-term investments - - - 1,593 - 1,593 Long-term advances/loans—related parties - (4) (29) - 33 - Collection of advances/loans—related parties - 1,306 - 59 (1,306) 59 Intercompany cash management 887 1,638 (1,125) (1,400) - - Other - - - (392) - (392) Net Cash Provided by (Used in) Investing Activities 887 2,755 (1,154) (1,288) (1,278) (78) Cash Flows From Financing Activities Issuance of debt - - - 33 (33) - Repayment of debt - (2,807) (53) (1,334) 1,306 (2,888) Issuance of company common stock 19 - - - (37) (18) Repurchase of company common stock (500) - - - - (500) Dividends paid (338) - - - - (338) Other 1 - - (1,238) 1,205 (32) Net Cash Used in Financing Activities (818) (2,807) (53) (2,539) 2,441 (3,776) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - 9 - 116 - 125 Net Change in Cash, Cash Equivalents and Restricted Cash - (166) (3) (1,161) - (1,330) 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 $ - 68 - 5,138 - 5,206 See Notes to Consolidated Financial Statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips and its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2018 Annual Report on Form 10-K. |
New Accounting Pronouncements, Policy [Policy Text Block] | Note 2 — Changes in Accounting Principles We adopted the provisions of FASB ASU No. 2016-02, “Leases,” and its amendments set forth by the provisions of ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Targeted Improv ements,” ASU No. 2018-20, “Narrow-Scope Improvements for Lessors,” and ASU No. 2019-01, “Codification Improvements,” collectively FASB ASC Topic 842, “Leases” (ASC Topic 842), beginning January 1, 2019 . ASC Topic 842 establishes comprehensive accounting and financial reporting requirements for leasing arrangements, supersedes the existing requirements in FASB ASC Topic 840, “Leases” (ASC Topic 840), and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet . The provisions of ASC Topic 842 also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. We adopted ASC Topic 842 using the modifie d retrospective approach and elected to utilize the Optional Transition Method, which permits us to apply the provisions of ASC Topic 842 to leasing arrangements existing at or entered into after January 1, 2019, and present in our financial statements com parative periods prior to January 1, 2019 under the historical requirements of ASC Topic 840. In addition, we elected to adopt the package of optional transition-related practical expedients , which among other things, allows us to carry forward certain hi storical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. Furthermore, we elected not to record assets and liabilities on our consolidated balance sheet for new o r existing lease arrangements with terms of 12 months or less. The primary impact of applying ASC Topic 842 is the initial recognition of $ 998 m illion of lease liabilities and corresponding right-of-use assets on our consolidated balance sh eet as of January 1, 2019, for leases classified as operating leases under ASC Topic 840, as well as enhanced disclosure of our leasing arrangements. Our accounting treatment for finance leases remains unchanged. In addition, there is no cumulative effec t to retained earnings or other components of equity recognized as of January 1, 2019, and the adoption of ASC Topic 842 did not impact the presentation of our consolidated income statement or statement of cash flows. See Note 15 —Non-Mineral Leases for additional information related to the adoption of ASC Topic 842 . We adopted the provisions of FASB ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , ” beginning January 1, 2019. The ASU allows a reclass ification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, eliminating the stranded tax effects. The cumulative effect to our consolidated balance sheet at January 1, 2019 for the adoption of ASU No. 2018-02 w as as follows |
Lessee, Leases [Policy Text Block] | We adopted ASC Topic 842 using the modifie d retrospective approach and elected to utilize the Optional Transition Method, which permits us to apply the provisions of ASC Topic 842 to leasing arrangements existing at or entered into after January 1, 2019, and present in our financial statements com parative periods prior to January 1, 2019 under the historical requirements of ASC Topic 840. In addition, we elected to adopt the package of optional transition-related practical expedients , which among other things, allows us to carry forward certain hi storical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. Furthermore, we elected not to record assets and liabilities on our consolidated balance sheet for new o r existing lease arrangements with terms of 12 months or less. The primary impact of applying ASC Topic 842 is the initial recognition of $ 998 m illion of lease liabilities and corresponding right-of-use assets on our consolidated balance sh eet as of January 1, 2019, for leases classified as operating leases under ASC Topic 840, as well as enhanced disclosure of our leasing arrangements. Our accounting treatment for finance leases remains unchanged. In addition, there is no cumulative effec t to retained earnings or other components of equity recognized as of January 1, 2019, and the adoption of ASC Topic 842 did not impact the presentation of our consolidated income statement or statement of cash flows. See Note 15 —Non-Mineral Leases for additional information related to the adoption of ASC Topic 842 . |
Lease, Practical Expedients, Package [true false] | true |
Practical Expedient, Lessor Single Lease Component [true false] | true |
Revenue Recognition, Policy [Policy Text Block] | Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices a t the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we ha ve applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. |
Change in Accounting Principl_2
Change in Accounting Principles (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Millions of Dollars December 31 ASU No. 2018-02 January 1 2018 Adjustments 2019 Equity Accumulated other comprehensive loss $ (6,063) (40) (6,103) Retained earnings 34,010 40 34,050 For additional information regarding the impact of the adoption of ASU No. 2018-02, see Note 16—Accumulated Other Comprehensive Loss. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Note 4—Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 2019 2018 Crude oil and natural gas $ 419 432 Materials and supplies 595 575 $ 1,014 1,007 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Note 10—Changes in Equity The following tables reflect the changes in stockholders' equity: Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Non-Controlling Interests Total For the three months ended March 31, 2019 Balances at December 31, 2018 $ 18 46,879 (42,905) (6,063) 34,010 125 32,064 Net income 1,833 13 1,846 Other comprehensive income 189 189 Dividends paid ($0.31 per common share) (350) (350) Repurchase of company common stock (752) (752) Distributions to noncontrolling interests and other (17) (17) Distributed under benefit plans (2) (2) Changes in Accounting Principles* (40) 40 - Other 1 1 1 3 Balances at March 31, 2019 $ 18 46,877 (43,656) (5,914) 35,534 122 32,981 *See Note 2—Changes in Accounting Principles for additional information. For the three months ended March 31, 2018 Balances at December 31, 2017 $ 18 46,622 (39,906) (5,518) 29,391 194 30,801 Net income 888 12 900 Other comprehensive income 89 89 Dividends paid ($0.29 per common share) (338) (338) Repurchase of company common stock (500) (500) Distributions to noncontrolling interests and other (34) (34) Distributed under benefit plans 20 20 Changes in Accounting Principles** 58 (278) (220) Balances at March 31, 2018 $ 18 46,642 (40,406) (5,371) 29,663 172 30,718 **Cumulative effect of the adoption of ASC Topic 606, "Revenue from Contracts with Customers," and ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Liabilities," at January 1, 2018. |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative and Financial Instruments [Abstract] | |
Balance sheet location and fair value amounts of derivatives | The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: Millions of Dollars March 31 December 31 2019 2018 Assets Prepaid expenses and other current assets $ 250 410 Other assets 30 40 Liabilities Other accruals 258 370 Other liabilities and deferred credits 23 30 The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet: Millions of Dollars March 31 December 31 2019 2018 Assets Prepaid expenses and other current assets $ 6 7 Liabilities Other accruals 1 6 |
Income statement location and gain/loss amounts of derivatives | The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended March 31 2019 2018 Sales and other operating revenues $ 19 43 Other income (loss) (1) 4 Purchased commodities (20) (27) The gains from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were: Millions of Dollars Three Months Ended March 31 2019 2018 Foreign currency transaction losses (gains) $ (2) (5) |
Net exposures from outstanding commodity derivative contracts | The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts: Open Position Long/(Short) March 31 December 31 2019 2018 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (10) (17) Basis (11) (1) We had the following net notional position of outstanding foreign currency exchange derivatives: In Millions Notional Currency March 31 December 31 2019 2018 Foreign Currency Exchange Derivatives Sell U.S. dollar, buy other currencies* USD 199 805 Sell British pound, buy other currencies** GBP - 21 Buy British pound, sell euro GBP 19 - Sell Canadian dollar, buy U.S. dollar CAD 1,250 1,242 *Primarily British pound and Norwegian krone. **Primarily euro and Norwegian krone. In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar. |
Balances of financial instruments | Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments March 31 December 31 March 31 December 31 2019 2018 2019 2018 Cash $ 897 876 Time deposits Remaining maturities from 1 to 90 days 4,180 3,509 200 - Commercial paper Remaining maturities from 1 to 90 days 376 229 49 248 Government obligations Remaining maturities from 1 to 90 days 765 1,301 - - $ 6,218 5,915 249 248 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurement [Abstract] | |
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,805 - - 1,805 1,462 - - 1,462 Commodity derivatives 166 91 23 280 236 181 33 450 Total assets $ 1,971 91 23 2,085 1,698 181 33 1,912 Liabilities Commodity derivatives $ 167 101 13 281 225 145 30 400 Total liabilities $ 167 101 13 281 225 145 30 400 |
Commodity derivative balances subject to right of setoff | The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Net Amounts Subject to Gross Amounts Amounts Cash Net Recognized Right of Setoff Amounts Offset Presented Collateral Amounts March 31, 2019 Assets $ 280 9 271 197 74 - 74 Liabilities 281 6 275 197 78 8 70 December 31, 2018 Assets $ 450 9 441 280 161 - 161 Liabilities 400 4 396 280 116 10 106 At March 31, 2019 and December 31, 2018, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. |
Values of assets, by major category, measured at fair value on a nonrecurring basis | Non-Recurring Fair Value Measurement The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Inputs Before-Tax Loss Equity method investments March 31, 2019 $ 171 171 60 |
Net fair value of financial instruments | The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value March 31 December 31 March 31 December 31 2019 2018 2019 2018 Financial assets Investment in Cenovus Energy $ 1,805 1,462 1,805 1,462 Commodity derivatives 83 170 83 170 Total loans and advances—related parties 402 468 402 468 Financial liabilities Total debt, excluding capital leases 14,187 14,191 17,167 16,147 Commodity derivatives 76 110 76 110 |
Non-Mineral Leases (Tables)
Non-Mineral Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Assets And Liabilities [Table Text Block] | Millions of Dollars Carrying Amount Operating Leases Finance Leases Amounts recognized in line items in our Consolidated Balance Sheet upon adoption of ASC Topic 842 Right-of-Use Assets Properties, plants and equipment Gross $ 1,044 Accumulated depreciation, depletion and amortization (550) Net properties, plants and equipment as of December 31, 2018 $ 494 Adoption of ASC Topic 842 as of January 1, 2019 $ 998 Lease Liabilities Short-term debt $ 79 Long-term debt 698 Total finance leases debt as of December 31, 2018 $ 777 Adoption of ASC Topic 842 as of January 1, 2019 $ 998 Amounts recognized in line items in our Consolidated Balance Sheet at March 31, 2019 Right-of-Use Assets Properties, plants and equipment Gross $ 1,044 Accumulated depreciation, depletion and amortization (579) Net properties, plants and equipment * $ 465 Other assets $ 981 *Includes proportionately consolidated finance lease assets (net of accumulated depreciation, depletion and amortization) of $ 398 million. Lease Liabilities Short-term debt * $ 80 Other accruals $ 282 Long-term debt * 679 Other liabilities and deferred credits 685 Total lease liabilities $ 967 759 * Short-term debt and long-term debt include proportionately consolidated finance lease liabilities of $ 54 million and $ 622 million, respectively. |
Lease, Cost [Table Text Block] | The following table summarizes the lease cost for the three-month period ended March 31, 2019: Millions of Dollars Lease Cost * Operating lease cost $ 75 Finance lease cost Amortization of right-of-use assets 29 Interest on lease liabilities 10 Short-term lease cost ** 14 Total lease cost *** $ 128 *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. ** Short-term leases are not recorded on our consolidated balance sheet. Our future short-term lease commitments amount to $ 71 million, of which $ 54 million is related to leases whose terms have not yet commenced as of March 31, 2019. ***Variable lease cost and sublease income are immaterial for the three-month period ended March 31, 2019, and not presented in the table above. The following table summarizes the lease term and discount rate at March 31, 2019: March 31, 2019 Lease Term and Discount Rate Weighted-average term (years) Operating leases 6.49 Finance leases 9.42 Weighted-average discount rate (percent) Operating leases 3.50 Finance leases 5.84 |
Lease, Other Information [Table Text Block] | The following table summarizes other information for the three-month period ended March 31, 2019: Millions of Dollars Other Information * Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 80 Operating cash flows from finance leases 10 Financing cash flows from finance leases 19 Right-of-use assets obtained in exchange for operating lease liabilities $ 41 Right-of-use assets obtained in exchange for finance lease liabilities - *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows. |
Schedule Of Maturities Of Operating And Finance Leases Liabilities [Table Text Block] | The following table summarizes future lease payments for operating and finance leases at March 31, 2019: Millions of Dollars Operating Leases Finance Leases Maturity of Lease Liabilities 2019 $ 244 86 2020 243 115 2021 178 100 2022 115 98 2023 67 84 Remaining years 235 461 Total * 1,082 944 Less: portion representing imputed interest (115) (185) Total lease liabilities $ 967 759 *Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2018, future undiscounted minimum rental payments due under noncancelable operating leases pursuant to ASC Topic 840 were: Millions of Dollars 2019 $ 248 2020 425 2021 136 2022 319 2023 54 Remaining years 212 Total 1,394 Less: income from subleases (7) Net minimum operating lease payments $ 1,387 |
Finance (capital) lease payment table (ASU 840) [Table Text Block] | At December 31, 2018, future minimum payments due under finance (capital) leases pursuant to ASC Topic 840 were: Millions of Dollars 2019 $ 118 2020 116 2021 100 2022 98 2023 87 Remaining years 453 Total 972 Less: portion representing imputed interest (195) Capital lease obligations $ 777 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of accumulated other comprehensive income in the equity section of the balance sheet | Note 16—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the equity section of our consolidated balance sheet included: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) December 31, 2018 $ (361) (5,702) (6,063) Cumulative effect of adopting ASU No. 2018-02* (40) - (40) Other comprehensive income 13 176 189 March 31, 2019 $ (388) (5,526) (5,914) *See Note 2—Changes in Accounting Principles for additional information. |
Items reclassified out of accumulated other comprehensive income (loss) | The following table summarizes reclassifications out of accumulated other comprehensive loss and into comprehensive income: Millions of Dollars Three Months Ended March 31 2019 2018 Defined benefit plans $ 13 11 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $5 million and $3 million for the three-month periods ended March 31, 2019 and 2018, respectively. See Note 18—Employee Benefit Plans, for additional information. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 17 —Cash Flow Information Millions of Dollars Three Months Ended March 31 2019 2018 Cash Payments Interest $ 199 220 Income taxes 700 521 Net Sales (Purchases) of Short-Term Investments Short-term investments purchased $ (250) (206) Short-term investments sold 249 1,799 $ (1) 1,593 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Pension and Postretirement Plans | Note 18—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 20 19 21 21 - - Interest cost 21 26 27 27 2 2 Expected return on plan assets (18) (35) (34) (40) - - Amortization of prior service cost (credit) - - - (1) (8) (9) Recognized net actuarial loss (gain) 13 8 15 9 (1) - Settlements 6 - - - - - Net periodic benefit cost $ 42 18 29 16 (7) (7) |
Severance accrual | Millions of Dollars Balance at December 31, 2018 $ 48 Accruals 1 Benefit payments (15) Foreign currency translation adjustments 1 Balance at March 31, 2019 $ 35 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Significant transactions with related parties | Note 19—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. Significant transactions with our equity affiliates were: Millions of Dollars Three Months Ended March 31 2019 2018 Operating revenues and other income $ 21 23 Purchases 21 24 Operating expenses and selling, general and administrative expenses 14 15 Net interest (income) expense* (4) (3) *We paid interest to, or received interest from, various affiliates. See Note 6—Investments, Loans and Long-Term Receivables, for additional information on loans to affiliated companies. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Millions of Dollars Three Months Ended March 31 2019 2018 Revenue from contracts with customers $ 7,059 6,545 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 2,081 2,261 Financial derivative contracts 10 (8) Consolidated sales and other operating revenues $ 9,150 8,798 Millions of Dollars Three Months Ended March 31 2019 2018 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,613 1,713 Canada 241 191 Europe and North Africa 227 357 Physical contracts meeting the definition of a derivative $ 2,081 2,261 Millions of Dollars Three Months Ended March 31 2019 2018 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ 188 286 Natural gas 1,768 1,890 Other 125 85 Physical contracts meeting the definition of a derivative $ 2,081 2,261 |
Contract with Customer, Asset and Liability [Table Text Block] | Millions of Dollars Contract Liabilities At December 31, 2018 $ 206 Contractual payments received 14 Revenue recognized (133) At March 31, 2019 $ 87 Amounts Recognized in the Consolidated Balance Sheet at March 31, 2019 Current liabilities $ 49 Noncurrent liabilities 38 $ 87 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Disclosures and Related Information [Abstract] | |
Analysis of Results by Operating Segment | Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2019 2018 Sales and Other Operating Revenues Alaska $ 1,407 1,385 Lower 48 4,153 3,952 Intersegment eliminations (12) (3) Lower 48 4,141 3,949 Canada 823 891 Intersegment eliminations (250) (255) Canada 573 636 Europe and North Africa 1,546 1,608 Asia Pacific and Middle East 1,343 1,216 Corporate and Other 140 4 Consolidated sales and other operating revenues $ 9,150 8,798 Sales and Other Operating Revenues by Geographic Location United States $ 5,686 5,336 Australia 559 440 Canada 573 636 China 243 218 Indonesia 205 215 Libya 254 276 Malaysia 336 344 Norway 588 663 United Kingdom 704 669 Other foreign countries 2 1 Worldwide consolidated $ 9,150 8,798 Sales and Other Operating Revenues by Product Crude oil $ 4,581 4,450 Natural gas 3,003 2,796 Natural gas liquids 238 231 Other* 1,328 1,321 Consolidated sales and other operating revenues by product $ 9,150 8,798 *Includes LNG and bitumen. Millions of Dollars Three Months Ended March 31 2019 2018 Net Income Attributable to ConocoPhillips Alaska $ 384 524 Lower 48 193 308 Canada 122 (65) Europe and North Africa 207 245 Asia Pacific and Middle East 525 461 Other International 131 (44) Corporate and Other 271 (541) Consolidated net income attributable to ConocoPhillips $ 1,833 888 Millions of Dollars March 31 December 31 2019 2018 Total Assets Alaska $ 15,066 14,648 Lower 48 14,720 14,888 Canada 6,191 5,748 Europe and North Africa 10,186 9,883 Asia Pacific and Middle East 16,025 16,151 Other International 87 89 Corporate and Other 9,223 8,573 Consolidated total assets $ 71,498 69,980 |
Supplementary Information - C_2
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidated Income Statement | Millions of Dollars Three Months Ended March 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 $ - 3,981 - 5,169 - 9,150 Equity in earnings of affiliates 1,890 1,622 473 186 (3,983) 188 Gain on dispositions - (5) - 22 - 17 Other income 1 508 - 193 - 702 Intercompany revenues - 26 13 1,161 (1,200) - Total Revenues and Other Income 1,891 6,132 486 6,731 (5,183) 10,057 Costs and Expenses Purchased commodities - 3,497 - 1,304 (1,126) 3,675 Production and operating expenses - 180 1 1,091 (1) 1,271 Selling, general and administrative expenses 4 129 - 25 (5) 153 Exploration expenses - 47 - 63 - 110 Depreciation, depletion and amortization - 136 - 1,410 - 1,546 Impairments - - - 1 - 1 Taxes other than income taxes - 46 - 229 - 275 Accretion on discounted liabilities - 4 - 82 - 86 Interest and debt expense 69 149 33 50 (68) 233 Foreign currency transaction losses - 6 - 6 - 12 Other expenses - 12 - (4) - 8 Total Costs and Expenses 73 4,206 34 4,257 (1,200) 7,370 Income before income taxes 1,818 1,926 452 2,474 (3,983) 2,687 Income tax provision (benefit) (15) 36 (5) 825 - 841 Net income 1,833 1,890 457 1,649 (3,983) 1,846 Less: net income attributable to noncontrolling interests - - - (13) - (13) Net Income Attributable to ConocoPhillips $ 1,833 1,890 457 1,636 (3,983) 1,833 Comprehensive Income Attributable to ConocoPhillips $ 2,022 2,079 581 1,816 (4,476) 2,022 Income Statement Three Months Ended March 31, 2018 Revenues and Other Income Sales and other operating revenues $ - 3,764 - 5,034 - 8,798 Equity in earnings of affiliates 954 1,499 334 208 (2,787) 208 Gain on dispositions - 3 - 4 - 7 Other income (loss) - (103) - 51 - (52) Intercompany revenues 9 56 2 1,199 (1,266) - Total Revenues and Other Income 963 5,219 336 6,496 (4,053) 8,961 Costs and Expenses Purchased commodities - 3,410 - 1,433 (1,129) 3,714 Production and operating expenses - 172 4 1,033 (38) 1,171 Selling, general and administrative expenses 4 74 - 26 (5) 99 Exploration expenses - 53 - 42 - 95 Depreciation, depletion and amortization - 132 - 1,280 - 1,412 Impairments - (9) - 21 - 12 Taxes other than income taxes - 50 - 133 - 183 Accretion on discounted liabilities - 4 - 84 - 88 Interest and debt expense 71 159 11 37 (94) 184 Foreign currency transaction (gains) losses 18 (9) 22 (1) - 30 Other expenses - 194 6 (3) - 197 Total Costs and Expenses 93 4,230 43 4,085 (1,266) 7,185 Income before income taxes 870 989 293 2,411 (2,787) 1,776 Income tax provision (benefit) (18) 35 (10) 869 - 876 Net income 888 954 303 1,542 (2,787) 900 Less: net income attributable to noncontrolling interests - - - (12) - (12) Net Income Attributable to ConocoPhillips $ 888 954 303 1,530 (2,787) 888 Comprehensive Income Attributable to ConocoPhillips $ 977 1,043 235 1,613 (2,891) 977 See Notes to Consolidated Financial Statements. |
Schedule of Condensed Balance Sheet | Millions of Dollars March 31, 2019 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,348 - 4,870 - 6,218 Short-term investments - - - 249 - 249 Accounts and notes receivable 4 3,280 2 4,472 (3,889) 3,869 Investment in Cenovus Energy - 1,805 - - - 1,805 Inventories - 143 - 871 - 1,014 Prepaid expenses and other current assets 1 143 - 384 - 528 Total Current Assets 5 6,719 2 10,846 (3,889) 13,683 Investments, loans and long-term receivables* 32,021 49,556 15,778 18,190 (105,975) 9,570 Net properties, plants and equipment - 3,915 - 42,027 - 45,942 Other assets 6 667 227 2,128 (725) 2,303 Total Assets $ 32,032 60,857 16,007 73,191 (110,589) 71,498 Liabilities and Stockholders’ Equity Accounts payable $ - 2,506 - 5,229 (3,889) 3,846 Short-term debt (3) 3 13 100 - 113 Accrued income and other taxes - 67 - 1,472 - 1,539 Employee benefit obligations - 376 - 94 - 470 Other accruals 57 328 39 978 - 1,402 Total Current Liabilities 54 3,280 52 7,873 (3,889) 7,370 Long-term debt 3,792 6,673 2,139 2,228 - 14,832 Asset retirement obligations and accrued environmental costs - 415 - 7,315 - 7,730 Deferred income taxes - - - 5,768 (725) 5,043 Employee benefit obligations - 1,279 - 425 - 1,704 Other liabilities and deferred credits* 1,889 10,654 837 8,663 (20,205) 1,838 Total Liabilities 5,735 22,301 3,028 32,272 (24,819) 38,517 Retained earnings 29,036 20,463 1,570 11,004 (26,539) 35,534 Other common stockholders’ equity (2,739) 18,093 11,409 29,793 (59,231) (2,675) Noncontrolling interests - - - 122 - 122 Total Liabilities and Stockholders’ Equity $ 32,032 60,857 16,007 73,191 (110,589) 71,498 *Includes intercompany loans. Balance Sheet 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. |
Condensed Consolidated Statement of Cash Flows | Millions of Dollars Three Months Ended March 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 (Used in) Operating Activities $ (62) (117) (16) 3,448 (359) 2,894 Cash Flows From Investing Activities Capital expenditures and investments - (208) - (1,429) - (1,637) Working capital changes associated with investing activities - 18 - 89 - 107 Proceeds from asset dispositions - 142 - - - 142 Purchases of short-term investments - - - (1) - (1) Long-term advances/loans—related parties - (19) - - 19 - Collection of advances/loans—related parties - 69 - 82 (89) 62 Intercompany cash management 1,163 205 16 (1,384) - - Other - (150) - - - (150) Net Cash Provided by (Used in) Investing Activities 1,163 57 16 (2,643) (70) (1,477) Cash Flows From Financing Activities Issuance of debt - - - 19 (19) - Repayment of debt - (20) - (88) 89 (19) Issuance of company common stock (1) - - - (37) (38) Repurchase of company common stock (752) - - - - (752) Dividends paid (350) - - (396) 396 (350) Other 2 - - (16) - (14) Net Cash Used in Financing Activities (1,101) (20) - (481) 429 (1,173) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - - - 75 - 75 Net Change in Cash, Cash Equivalents and Restricted Cash - (80) - 399 - 319 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 $ - 1,348 - 5,122 - 6,470 Statement of Cash Flows Three Months Ended March 31, 2018 Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ (69) (123) 1,204 2,550 (1,163) 2,399 Cash Flows From Investing Activities Capital expenditures and investments - (233) - (1,308) 6 (1,535) Working capital changes associated with investing activities - (93) - 121 - 28 Proceeds from asset dispositions - 141 - 39 (11) 169 Purchases of short-term investments - - - 1,593 - 1,593 Long-term advances/loans—related parties - (4) (29) - 33 - Collection of advances/loans—related parties - 1,306 - 59 (1,306) 59 Intercompany cash management 887 1,638 (1,125) (1,400) - - Other - - - (392) - (392) Net Cash Provided by (Used in) Investing Activities 887 2,755 (1,154) (1,288) (1,278) (78) Cash Flows From Financing Activities Issuance of debt - - - 33 (33) - Repayment of debt - (2,807) (53) (1,334) 1,306 (2,888) Issuance of company common stock 19 - - - (37) (18) Repurchase of company common stock (500) - - - - (500) Dividends paid (338) - - - - (338) Other 1 - - (1,238) 1,205 (32) Net Cash Used in Financing Activities (818) (2,807) (53) (2,539) 2,441 (3,776) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash - 9 - 116 - 125 Net Change in Cash, Cash Equivalents and Restricted Cash - (166) (3) (1,161) - (1,330) 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 $ - 68 - 5,138 - 5,206 See Notes to Consolidated Financial Statements. |
Change in Accounting Principl_3
Change in Accounting Principles (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Liability | $ 967 | |||
Accumulated Other Comprehensive Income , Net of Tax | (5,914) | $ (6,063) | ||
Retained Earnings (Accumulated Deficit) | 35,534 | 34,010 | ||
Scenario, Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accumulated Other Comprehensive Income , Net of Tax | (6,063) | |||
Retained Earnings (Accumulated Deficit) | $ 34,010 | |||
Accounting Standards Update 2016-02 (Topic 842) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Liability | $ 967 | |||
Accounting Standards Update 2016-02 (Topic 842) [Member] | Restatement Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 998 | |||
Operating Lease, Liability | 998 | |||
Accounting Standards Update 2018-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accumulated Other Comprehensive Income , Net of Tax | (6,103) | |||
Retained Earnings (Accumulated Deficit) | 34,050 | |||
Accounting Standards Update 2018-02 [Member] | Restatement Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accumulated Other Comprehensive Income , Net of Tax | [1] | (40) | ||
Retained Earnings (Accumulated Deficit) | [1] | $ 40 | ||
[1] | For additional information regarding the impact of the adoption of ASU No. 2018-02, see Note ##NAOCI—Accumulated Other Comprehensive Loss. |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) - MWCC Llc [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||
Ownership percentage in equity investment | 10.00% | |
Book value of equity method investment | $ 126 | |
MWCC Llc [Member] | ||
Variable Interest Entity [Line Items] | ||
Term loan backed by a letter of credit | $ 154 | |
Number of MWCC Board Members | ten | |
Letter of Credit [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt at face value - letter of credit | $ 22 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Crude oil and natural gas | $ 419 | $ 432 |
Materials and supplies | 595 | 575 |
Total Inventories | $ 1,014 | $ 1,007 |
Inventories Textual (Details)
Inventories Textual (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
LIFO Inventory Amount | $ 248 | $ 292 |
Excess of Replacement or Current Costs over Stated LIFO Value | $ 166 | $ 75 |
Assets Held for Sale or Sold (D
Assets Held for Sale or Sold (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 15, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Long Lived Assets Held For Sale [Line Items] | |||||||
Income (Loss) from Equity Method Investments | $ 188 | $ 208 | |||||
Golden Pass [Member] | Lower 48 Segment | Operating Segments [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Income (Loss) from Equity Method Investments | (60) | ||||||
Equity Method Investment, Ownership Percentage | 12.40% | ||||||
Greater Sunrise Fields [Member] | Asia Pacific and Middle East [Member] | Operating Segments [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Proceeds from asset dispositions | $ 350 | ||||||
Percent of working interest sold | 30.00% | ||||||
Greater Sunrise Fields [Member] | Asia Pacific and Middle East [Member] | Operating Segments [Member] | Scenario, Plan [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Gain Loss On Sale Of Oil And Gas Property After Tax | $ 50 | ||||||
U.K. Subsidiaries [Member] | Europe and North Africa Segment [Member] | Operating Segments [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Net carrying value | 800 | ||||||
PP&E in net carrying value | 1,600 | ||||||
Deferred taxes in net carrying value | 300 | ||||||
Working Capital in net carrying value | 500 | ||||||
Foreign Currency translation adj in net carrying value | 400 | ||||||
U.K. Subsidiaries [Member] | Europe and North Africa Segment [Member] | Operating Segments [Member] | Asset Retirement Obligation Costs [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
ARO in net carrying value | $ 2,000 | ||||||
U.K. Subsidiaries [Member] | Europe and North Africa Segment [Member] | Operating Segments [Member] | Scenario, Plan [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Proceeds from asset dispositions | $ 2,675 | ||||||
Gain Loss On Sale Of Oil And Gas Property After Tax | $ 2,000 | ||||||
Before-tax gain (loss) on disposition | $ 2,000 | ||||||
Recovery of outside basis - expense (benefit) | $ (200) |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2012 | |
Equity method investments | |||||
Loan balance with affiliated company | $ 402 | $ 402 | $ 468 | ||
APLNG [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 8,500 | ||||
Project finance facility, remaining borrowing capacity | 0 | 0 | |||
Line Of Credit Facility Value Outstanding | 7,000 | 7,000 | |||
Book value of equity method investment | 7,589 | 7,589 | |||
Long Term Debt Refinanced Amount | $ 3,200 | $ 3,200 | |||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
APLNG [Member] | Export-Import Bank of the US [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | 2,900 | ||||
APLNG [Member] | Export-Import Bank of China [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | 2,700 | ||||
Early Repayment of Senior Debt | $ 1,400 | $ 1,000 | |||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
APLNG [Member] | Australian and International Commercial Bank Syndicate [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 2,900 | ||||
Early Repayment of Senior Debt | 2,200 | ||||
APLNG [Member] | U S Private Placement Bond [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 600 | $ 1,400 | 600 | ||
Line of Credit Facility, Frequency of Payment and Payment Terms | APLNG made its first interest payment in March 2019, and principal payments are scheduled to commence in September 2023, with bi-annual payments due on the facility until September 2030. | ||||
APLNG [Member] | Commerical Banks [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 2,600 | $ 2,600 | |||
Line of Credit Facility, Frequency of Payment and Payment Terms | Interest and principal payments are scheduled to commence in September 2019, with bi-annual payments due on the facility until March 2028. | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
QG3 [Member] | |||||
Equity method investments | |||||
Loan balance with affiliated company | $ 399 | $ 399 |
Investment in Cenovus Energy (D
Investment in Cenovus Energy (Details) - Common Stock [Member] - Cenovus Energy [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 5 Months Ended | |
Mar. 31, 2019 | May 17, 2017 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Shares Exchange for Assets Held for Sale | 208 | ||
Investment Owned, Common Stock, percent of Issued and Outstanding | 16.90% | ||
Investment in Equity Securities | $ 1,810 | $ 1,960 | $ 1,460 |
Investment In Equity Security Fair Value | $ 1,960 | ||
Investment Owned, Common Stock, price per share | $ 8.68 | $ 9.41 | |
Unrealized Gain (Loss) on Securities | $ 343 | ||
Foster Creek Christina Lake (FCCL) [Member] | Western Canada Gas Properties [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Suspended Wells and Wells in _2
Suspended Wells and Wells in Progress (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Suspended Wells [Abstract] | ||
Capitalized cost of suspended wells | $ 869 | $ 856 |
Increase (decrease) in capitalized cost of suspended wells | $ 13 | |
Number of wells charged to dry hole expense | No |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Short Term Debt [Line Items] | ||
Commercial Paper Program, Amount Outstanding | $ 274 | |
Revolving Credit Facility [Member] | ||
Short Term Debt [Line Items] | ||
Maximum borrowing capactiy under revolving credit facility | 6,000 | |
Remaining borrowing capacity under revolving credit facility | 6,000 | |
Letter of Credit [Member] | ||
Short Term Debt [Line Items] | ||
Commercial Paper Program, Amount Outstanding | 0 | $ 0 |
Letter of Credit [Member] | Maximum [Member] | ||
Short Term Debt [Line Items] | ||
Commercial Paper Program, Capacity | 500 | |
Commercial Paper [Member] | ||
Short Term Debt [Line Items] | ||
Commercial Paper Program, Amount Outstanding | $ 0 | $ 0 |
Commercial Paper [Member] | Maximum [Member] | ||
Short Term Debt [Line Items] | ||
Maturity period of commercial paper (in days) | P90D | |
VRDB [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Face Amount | $ 283 | |
ConocoPhillips Commercial Paper Program [Member] | Commercial Paper [Member] | ||
Short Term Debt [Line Items] | ||
Commercial Paper Program, Capacity | $ 6,000 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Beginning Balance | $ 32,064,000,000 | $ 30,801,000,000 | ||
Net income (loss) | 1,846,000,000 | 900,000,000 | ||
Other Comprehensive Income (Loss), Net of Tax | 189,000,000 | 89,000,000 | ||
Dividends paid | (350,000,000) | (338,000,000) | ||
Repurchase of company common stock | (752,000,000) | (500,000,000) | ||
Distributions to noncontrolling interests | (17,000,000) | (34,000,000) | ||
Distributed under benefit plans | (2,000,000) | 20,000,000 | ||
Change in Accounting Principle | 0 | (220,000,000) | ||
Other | 3,000,000 | |||
Ending Balance | 32,981,000,000 | 30,718,000,000 | ||
Par Value - Common Stock [Member] | ||||
Beginning Balance | 18,000,000 | 18,000,000 | ||
Ending Balance | 18,000,000 | 18,000,000 | ||
Capital in excess of par [Member] | ||||
Beginning Balance | 46,879,000,000 | 46,622,000,000 | ||
Distributed under benefit plans | (2,000,000) | 20,000,000 | ||
Ending Balance | 46,877,000,000 | 46,642,000,000 | ||
Treasury Stock [Member] | ||||
Beginning Balance | (42,905,000,000) | (39,906,000,000) | ||
Repurchase of company common stock | (752,000,000) | (500,000,000) | ||
Other | 1,000,000 | |||
Ending Balance | (43,656,000,000) | (40,406,000,000) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | (6,063,000,000) | (5,518,000,000) | ||
Other Comprehensive Income (Loss), Net of Tax | 189,000,000 | 89,000,000 | ||
Change in Accounting Principle | (40,000,000) | [1] | 58,000,000 | [2] |
Ending Balance | (5,914,000,000) | (5,371,000,000) | ||
Retained Earnings [Member] | ||||
Beginning Balance | 34,010,000,000 | 29,391,000,000 | ||
Net income (loss) | 1,833,000,000 | 888,000,000 | ||
Dividends paid | (350,000,000) | (338,000,000) | ||
Change in Accounting Principle | 40,000,000 | [1] | (278,000,000) | [2] |
Other | 1,000,000 | |||
Ending Balance | 35,534,000,000 | 29,663,000,000 | ||
Noncontrolling Interest [Member] | ||||
Beginning Balance | 125,000,000 | 194,000,000 | ||
Net income (loss) | 13,000,000 | 12,000,000 | ||
Distributions to noncontrolling interests | (17,000,000) | (34,000,000) | ||
Other | 1,000,000 | |||
Ending Balance | $ 122,000,000 | $ 172,000,000 | ||
[1] | *See Note 2—Changes in Accounting Principles for additional information. | |||
[2] | **Cumulative effect of the adoption of ASC Topic 606, "Revenue from Contracts with Customers," and ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Liabilities," at January 1, 2018. |
Changes in Equity - Parenthetic
Changes in Equity - Parentheticals (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.31 | $ 0.29 |
Guarantees (Details)
Guarantees (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Ownership percentage in equity investment | 37.50% |
Continued development [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 140 |
Continued development [Member] | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | P27Y |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 780 |
Other Guarantees [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | P4Y |
Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 90 |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | 30 |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 800 |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of guarantees outstanding | P23Y |
Max potential future payments-reckless breach [Member] | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 1,400 |
Finance Reserve Guarantee [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 170 |
Terms of guarantees outstanding | P12Y |
Guarantor Obligations, Current Carrying Value | $ 14 |
Contingencies and Commitments (
Contingencies and Commitments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Mar. 31, 2019 | Aug. 31, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||||||
Letters of Credit Outstanding, Amount | $ 274 | $ 274 | |||||
ECUADOR | Burlington Resources Inc Vs The Republic Of Ecuador [Member] | Burlington Resources, Inc [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation Settlement, Amount Awarded from Other Party | $ 380 | ||||||
Offset For Counter Claim | $ 24 | ||||||
Cash Proceeds from Legal Settlements | $ 262 | 75 | |||||
Settlement Agreement Payment Installment Total | $ 337 | ||||||
ECUADOR | Burlington Resources Inc Vs The Republic Of Ecuador [Member] | Cleanup Remediation Activities [Member] | Burlington Resources, Inc [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation Settlement Amount Awarded To Other Party | $ 42 | ||||||
United States and Canada | Cleanup Remediation Activities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Total environmental accrual included in balance sheet | 176 | $ 176 | $ 178 | ||||
Loss Contingency, Settlement Agreement, Terms | P30Y | ||||||
Venezuela | Conoco Phillips Vs Petroleos de Venezuela SA (ICSID) [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation Settlement, Amount Awarded from Other Party | $ 8,700 | ||||||
Venezuela | Conoco Phillips Vs Petroleos de Venezuela (ICC) [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Settlement Agreement, Terms | In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing of the settlement agreement. The balance of the settlement is to be paid quarterly over a period of four and a half years. | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 2,000 | ||||||
Venezuela | Conoco Phillips Vs Petroleos de Venezuela (ICC) [Member] | Burlington Resources, Inc [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement Agreement Payment Installment Total | $ 500 |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Commodity Balance Sheet (Details) - Commodity Contract [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 250 | $ 410 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 30 | 40 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 258 | 370 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 23 | $ 30 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Commodity GainLoss (Details) - Commodity Contract [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Sales and other operating revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) from commodity derivatives | $ 19 | $ 43 |
Other Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) from commodity derivatives | (1) | 4 |
Purchased commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) from commodity derivatives | $ (20) | $ (27) |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Commodity Notional (Details) - Short [Member] - Commodity Contract [Member] - Bcfe | Mar. 31, 2019 | Dec. 31, 2018 |
Natural gas and power, Fixed price [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | 10 | 17 |
Natural gas and power, Basis [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | 11 | 1 |
Derivative and Financial Inst_6
Derivative and Financial Instruments - FX Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | $ 6 | $ 7 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | $ 1 | $ 6 |
Derivative and Financial Inst_7
Derivative and Financial Instruments - FX GainLoss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Foreign currency transaction gains (losses) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency transaction (gains) losses | $ (2) | $ (5) |
Derivative and Financial Inst_8
Derivative and Financial Instruments - FX Notional (Details) £ in Millions, $ in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2019CAD ($) | Mar. 31, 2019GBP (£) | Mar. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | ||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Description of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments Activities | In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar. | ||||||
Sell US Dollar Buy Other Currencies [Member] | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | $ | [1] | $ 199 | $ 805 | ||||
Sell British pound, buy other currencies [Member] | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | £ | [2] | £ 0 | £ 21 | ||||
Buy British Pound Sell euro [Member] | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | £ | £ 19 | £ 0 | |||||
Sell Canadian dollar, buy U.S. dollar [Member] | |||||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||||
Net notional position of foreign currency exchange derivatives | $ | $ 1,250 | $ 1,242 | |||||
[1] | *Primarily British pound and Norwegian krone. | ||||||
[2] | **Primarily euro and Norwegian krone. |
Derivative and Financial Inst_9
Derivative and Financial Instruments - Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | $ 6,218 | $ 5,915 |
Short-term Investments | 249 | 248 |
Cash [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 897 | 876 |
Time Deposits [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 4,180 | 3,509 |
Short-term Investments | 200 | 0 |
Commercial Paper [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 376 | 229 |
Short-term Investments | 49 | 248 |
US Government Debt Securities [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents | 765 | 1,301 |
Short-term Investments | $ 0 | $ 0 |
Derivative and Financial Ins_10
Derivative and Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of all derivative instruments in a liability position | $ 50,000,000 | $ 62,000,000 |
Collateral was posted for derivative instruments in a liability position | 0 | $ 0 |
Additional collateral, either in the form of cash or letters of credit | $ 50,000,000 | |
Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Derivative, Recourse Provisions | P30D | |
Trade receivables [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Terms of financial instruments and trade receivables | 30 days |
Fair Value Measurement - FV Hie
Fair Value Measurement - FV Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative asset, gross | $ 280 | $ 450 |
Commodity derivative liability, gross | 281 | 400 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 1,805 | 1,462 |
Commodity derivative asset, gross | 280 | 450 |
Total assets | 2,085 | 1,912 |
Commodity derivative liability, gross | 281 | 400 |
Total liabilities | 281 | 400 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 1,805 | 1,462 |
Commodity derivative asset, gross | 166 | 236 |
Total assets | 1,971 | 1,698 |
Commodity derivative liability, gross | 167 | 225 |
Total liabilities | 167 | 225 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 0 | 0 |
Commodity derivative asset, gross | 91 | 181 |
Total assets | 91 | 181 |
Commodity derivative liability, gross | 101 | 145 |
Total liabilities | 101 | 145 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Equity Securities | 0 | 0 |
Commodity derivative asset, gross | 23 | 33 |
Total assets | 23 | 33 |
Commodity derivative liability, gross | 13 | 30 |
Total liabilities | $ 13 | $ 30 |
Fair Value Measurement - FV of
Fair Value Measurement - FV of Commodity Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Offsetting Derivative Assets [Abstract] | ||
Assets - gross amounts recognized | $ 280 | $ 450 |
Assets - amounts without right of setoff | 9 | 9 |
Assets - gross amounts | 271 | 441 |
Assets - gross amounts offset | 197 | 280 |
Assets - net amounts presented | 74 | 161 |
Assets - cash collateral | 0 | 0 |
Assets - net amounts | 74 | 161 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 281 | 400 |
Liabilities - amounts without right of setoff | 6 | 4 |
Liabilities - gross amounts recognized | 275 | 396 |
Liabilities - gross amounts offset | 197 | 280 |
Liabilities - net amounts presented | 78 | 116 |
Liabilities - cash collateral | 8 | 10 |
Liabilities - net amounts | $ 70 | $ 106 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring (Details) $ in Millions | 1 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Before-Tax Loss - Cost and Equity method investments | $ 60 |
Fair Value Measurements Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value - Equity Method Investment | 171 |
Fair Value, Inputs, Level 1 [Member] | Fair Value Measurements Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value - Equity Method Investment | $ 171 |
Fair Value Measurement - FV o_2
Fair Value Measurement - FV of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Investment in Cenovus Energy | $ 1,805 | $ 1,462 |
Total loans and advances - related parties | 402 | 468 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases | 14,187 | 14,191 |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 83 | 170 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | 76 | 110 |
Investment in Cenovus Energy | 1,805 | 1,462 |
Total loans and advances - related parties | 402 | 468 |
Total debt, excluding capital leases | 17,167 | 16,147 |
Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 83 | 170 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | $ 76 | $ 110 |
Non-Mineral Leases - Intro (Det
Non-Mineral Leases - Intro (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
ASU 201602 Transition [Abstract] | ||
Capital Lease Obligations | $ 777 | |
Operating Lease, Liability | $ 967 | |
Corporate Joint Venture Member | ||
ASU 201602 Transition [Abstract] | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 420 | |
Capital Lease Obligations | 688 | |
Operating Lease, Right-of-Use Asset | 57 | |
Operating Lease, Liability | $ 57 |
Non-Mineral Leases - Balance Sh
Non-Mineral Leases - Balance Sheet (Details) - USD ($) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Accumulated depreciation, depletion and amortization | $ (66,969,000,000) | $ (64,899,000,000) | ||
Property, Plant and Equipment, Net | 45,942,000,000 | 45,698,000,000 | ||
Debt, Current | 113,000,000 | 112,000,000 | ||
Long-term Debt and Capital Lease Obligations | 14,832,000,000 | 14,856,000,000 | ||
Finance Lease, Liability Total | 759,000,000 | |||
Other Assets, Noncurrent | 2,303,000,000 | 1,344,000,000 | ||
Other Liabilities, Current | 1,402,000,000 | 1,259,000,000 | ||
Deferred Credits and Other Liabilities | 1,838,000,000 | 1,192,000,000 | ||
Operating Lease, Liability | 967,000,000 | |||
Scenario, Previously Reported [Member] | ||||
Property, Plant and Equipment, Gross | 1,044,000,000 | |||
Accumulated depreciation, depletion and amortization | (550,000,000) | |||
Property, Plant and Equipment, Net | 494,000,000 | |||
Finance Lease, Liability, Current | 79,000,000 | |||
Finance Lease, Liability, Noncurrent | 698,000,000 | |||
Finance Lease, Liability Total | $ 777,000,000 | |||
Accounting Standards Update 2016-02 (Topic 842) [Member] | ||||
Property, Plant and Equipment, Gross | 1,044,000,000 | |||
Accumulated depreciation, depletion and amortization | (579,000,000) | |||
Property, Plant and Equipment, Net | [1] | 465,000,000 | ||
Debt, Current | [2] | 80,000,000 | ||
Long-term Debt and Capital Lease Obligations | [2] | 679,000,000 | ||
Finance Lease, Liability Total | 759,000,000 | |||
Other Assets, Noncurrent | 981,000,000 | |||
Other Liabilities, Current | 282,000,000 | |||
Deferred Credits and Other Liabilities | 685,000,000 | |||
Operating Lease, Liability | $ 967,000,000 | |||
Accounting Standards Update 2016-02 (Topic 842) [Member] | Restatement Adjustment [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 998,000,000 | |||
Operating Lease, Liability | $ 998,000,000 | |||
[1] | *Includes proportionately consolidated finance lease assets (net of accumulated depreciation, depletion and amortization) of $398 million. | |||
[2] | *Short-term debt and long-term debt include proportionately consolidated finance lease liabilities of $54 million and $622 million, respectively. |
Non-Mineral Leases - End Notes
Non-Mineral Leases - End Notes (Details) $ in Millions | Mar. 31, 2019USD ($) |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Debt, Current |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term Debt and Capital Lease Obligations |
Property plant equipment | Corporate Joint Venture Member | |
Finance Lease, Right-of-Use Asset | $ 398 |
Short term debt | Corporate Joint Venture Member | |
Finance Lease, Liability, Current | 54 |
Long-term Debt | Corporate Joint Venture Member | |
Finance Lease, Liability, Noncurrent | $ 622 |
Non-Mineral Leases - Other Info
Non-Mineral Leases - Other Info (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Operating lease cost | $ 75 | |
Amortization of right-of-use assets | 29 | |
Interest on lease liabilities | 10 | |
Short-term Lease Cost | 14 | [1] |
Lease, Cost Total | $ 128 | [2],[3] |
Short-term Lease, Commitment [true false] | true | |
Short-term Lease Commitment, Amount | $ 71 | |
Short Term Lease Commitment Lease Not Commenced | $ 54 | |
Weighted-average term (years) - Operating Leases | 6 years 5 months 24 days | |
Weighted-average term (years) - Finance Leases | 9 years 5 months 1 day | |
Weighted Average Discount Rate (Percent) - Operating Leases | 3.50% | |
Weighted Average Discount Rate (Percent) - Finance Leases | 5.84% | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows from operating leases | $ 80 | [4] |
Operating cash flows from finance leases | 10 | [4] |
Financing cash flows from finance leases | 19 | [4] |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 41 | [4] |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0 | [4] |
[1] | **Short-term leases are not recorded on our consolidated balance sheet. Our future short-term lease commitments amount to $71 million, of which $54 million is related to leases whose terms have not yet commenced as of March 31, 2019. | |
[2] | ***Variable lease cost and sublease income are immaterial for the three-month period ended March 31, 2019, and not presented in the table above. | |
[3] | *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. | |
[4] | *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows. |
Non-Mineral Leases - Maturities
Non-Mineral Leases - Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Operating Lease Liabilities, Payments Due [Abstract] | |||
2019 | $ 244 | ||
2020 | 243 | ||
2021 | 178 | ||
2022 | 115 | ||
2023 | 67 | ||
Remaining Years | 235 | ||
Lessee, Operating Lease, Liability, Payments, Due, Total | [1] | 1,082 | |
Finance Lease Liabilities, Payments, Due [Abstract] | |||
2019 | 86 | ||
2020 | 115 | ||
2021 | 100 | ||
2022 | 98 | ||
2023 | 84 | ||
Remaining Years | 461 | ||
Finance Lease Liability, Payments, Due, Total | [1] | $ 944 | |
Future Operating Lease Payments Under 840 [Abstract] | |||
2019 | $ 248 | ||
2020 | 425 | ||
2021 | 136 | ||
2022 | 319 | ||
2023 | 54 | ||
Remaining Years | 212 | ||
Operating Leases, Future Minimum Payments Due, Total | 1,394 | ||
Less income from subleases | (7) | ||
Net Minimum Operating Lease Payments | 1,387 | ||
Capital Lease Obligations [Abstract] | |||
2019 | 118 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 116 | ||
2021 | 100 | ||
2022 | 98 | ||
2023 | 87 | ||
Remaining Years | 453 | ||
Capital lease payments-Total | 972 | ||
Less portion representing imputed interest | (195) | ||
Capital Lease Obligations, Total | $ 777 | ||
[1] | *Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture. |
Non-Mineral Leases - Total leas
Non-Mineral Leases - Total lease liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) | |
Operating Lease Liabilities Gross Difference Amount Abstract | ||
Operating Lease, Liability | $ 967 | |
Interest on operating lease liabilities | (115) | |
Lessee, Operating Lease, Liability, Payments, Due, Total | 1,082 | [1] |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Finance Lease, Liability Total | 759 | |
Interest on Finance lease liabilities | (185) | |
Finance Lease Liability, Payments, Due, Total | $ 944 | [1] |
[1] | *Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plans, Beginning Balance | $ (361) | |
Defined Benefit Plans | (13) | $ (11) |
Defined Benefit Plans, Ending Balance | (388) | |
Foreign Currency Translation, Beginning Balance | (5,702) | |
Foreign Currency Translation | 176 | 78 |
Foreign Currency Translation, Ending Balance | (5,526) | |
Accumulated Other Comprehensive Income, Beginning Balance | (6,063) | |
Other Comprehensive Income (Loss), Net of Tax | 189 | $ 89 |
Accumulated Other Comprehensive Income, Ending Balance | (5,914) | |
Accounting Standards Update 2018-02 [Member] | Restatement Adjustment [Member] | ||
Cumulative effect of adopting ASU No. 2018-02 | 40 | |
Defined Benefit Plans | (40) | |
Cumulative effect of adopting ASU No. 2018-02 | $ (40) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Defined Benefit Plans | [1] | $ 13 | $ 11 |
Tax expense of defined benefit plans | $ 5 | $ 3 | |
[1] | The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $5 million and$3 million for the three-month periods ended March 31, 2019 and 2018, respectively. See Note 18—Employee Benefit Plans, for additional |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Interest | $ 199 | $ 220 |
Income taxes | 700 | 521 |
Net Purchases of Short-Term Investments | ||
Short-term investments purchased | (250) | (206) |
Short-term investments sold | 249 | 1,799 |
Net Sales (Purchases) of Short Term Investments | $ (1) | $ 1,593 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plans Defined Benefit [Member] | U.S. | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 20 | $ 21 |
Interest cost | 21 | 27 |
Expected return on plan assets | (18) | (34) |
Amortization of prior service cost (credit) | 0 | 0 |
Recognized net actuarial (gain) loss | 13 | 15 |
Settlements | 6 | 0 |
Net periodic benefit cost | 42 | 29 |
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 19 | 21 |
Interest cost | 26 | 27 |
Expected return on plan assets | (35) | (40) |
Amortization of prior service cost (credit) | 0 | (1) |
Recognized net actuarial (gain) loss | 8 | 9 |
Settlements | 0 | 0 |
Net periodic benefit cost | 18 | 16 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 2 | 2 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | (8) | (9) |
Recognized net actuarial (gain) loss | (1) | 0 |
Settlements | 0 | 0 |
Net periodic benefit cost | $ (7) | $ (7) |
Employee Benefit Plans - Textua
Employee Benefit Plans - Textual (Detailsl) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | |
U.S. | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Company contributions | $ 45 | |
U.S. | Scenario, Plan [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Expected company contributions | $ 195 | |
Int'l (Pension Benefits) [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Company contributions | $ 56 | |
Int'l (Pension Benefits) [Member] | Scenario, Plan [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Expected company contributions | 190 | |
Int'l (Pension Benefits) [Member] | Qualified Plan [Member] | Scenario, Plan [Member] | ||
Employee Benefit Plans (Textual) [Abstract] | ||
Expected Future Employer Contributions in event of certain asset dispositions | $ 290 |
Employee Benefit Plans - Severa
Employee Benefit Plans - Severances (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 48 |
Increase (Decrease) in Restructuring Reserve | 1 |
Payments for Restructuring | 15 |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 1 |
Ending Balance | 35 |
Short term portion of severance accrual | 12 |
Employee Severance [Member] | Short term supplemental unemployment benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Ending Balance | $ 12 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Significant transactions with related parties | |||
Related Party Revenue | $ 21 | $ 23 | |
Related Party Purchases | 21 | 24 | |
Operating expenses and selling, general and administrative expenses | 14 | 15 | |
Net interest (income) expense | [1] | $ (4) | $ (3) |
[1] | *We paid interest to, or received interest from, various affiliates. See Note 6—Investments, Loans and Long-Term Receivables, for additionalinformation on loans to affiliated companies. |
Sales and Other Operating Rev_3
Sales and Other Operating Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from contracts with customers | $ 9,150 | $ 8,798 |
Revenue, Performance Obligation, Description of Payment Terms | We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. | |
Customers within the scope of ASC Topic 606 [Member] | ||
Revenue from contracts with customers | $ 7,059 | 6,545 |
Physical gas contracts [Member] | ||
Revenue from contracts with customers | 2,081 | 2,261 |
Crude oil product line [Member] | ||
Revenue from contracts with customers | 188 | 286 |
Natural Gas Product Line [Member] | ||
Revenue from contracts with customers | 1,768 | 1,890 |
Other Products [Member] | ||
Revenue from contracts with customers | 125 | 85 |
Financial Derivative Contracts [Member] | ||
Revenue from contracts with customers | 10 | (8) |
Lower 48 Segment | Physical gas contracts [Member] | ||
Revenue from contracts with customers | 1,613 | 1,713 |
Canada Segment [Member] | Physical gas contracts [Member] | ||
Revenue from contracts with customers | 241 | 191 |
Europe and North Africa Segment [Member] | Physical gas contracts [Member] | ||
Revenue from contracts with customers | $ 227 | $ 357 |
Sales and Other Operating Rev_4
Sales and Other Operating Revenue - Practical Expedients (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue, Practical Expedient [Abstract] | |
Practical Expedient | true |
Revenue, Practical Expedient, Remaining Performance Obligation, Description | Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. |
Sales and Other Operating Rev_5
Sales and Other Operating Revenue - Receivables and Contract LIabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Revenue, Performance Obligation, Description of Payment Terms | We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | We expect to recognize the contract liabilities as of March 31, 2019, as revenue between the remainder of 2019 and 2022. | |
Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability Beginning Balance | $ 206 | |
Contract with Customer, Liability, Cash Received | 14 | |
Contract with Customer, Liability, Revenue Recognized | 133 | |
Contract with Customer, Liability Ending Balance | 87 | |
Trade Accounts Receivable [Member] | ||
Accounts Receivable, Net | 2,638 | $ 2,889 |
Short-term Contract with Customer [Member] | ||
Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability Ending Balance | 49 | |
Long-term Contract with Customer [Member] | ||
Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Liability Ending Balance | $ 38 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 9,150 | $ 8,798 | |
Natural Gas [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 3,003 | 2,796 | |
Natural Gas Liquids Reserves [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 238 | 231 | |
Crude Oil [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 4,581 | 4,450 | |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | [1] | 1,328 | 1,321 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 5,686 | 5,336 | |
Australia | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 559 | 440 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 573 | 636 | |
China | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 243 | 218 | |
Indonesia | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 205 | 215 | |
Libya | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 254 | 276 | |
Malaysia | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 336 | 344 | |
Norway | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 588 | 663 | |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 704 | 669 | |
Other Non US Countries | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 2 | 1 | |
Alaska [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,407 | 1,385 | |
Lower 48 [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 4,153 | 3,952 | |
Lower 48 [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 4,141 | 3,949 | |
Lower 48 [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (12) | (3) | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 823 | 891 | |
Canada | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 573 | 636 | |
Canada | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (250) | (255) | |
Europe and North Africa [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,546 | 1,608 | |
Asia Pacific and Middle East [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,343 | 1,216 | |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 140 | $ 4 | |
[1] | *Includes LNG and bitumen. |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information - Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | [1] | $ 1,833 | $ 888 | |
Assets [Abstract] | ||||
Assets | 71,498 | $ 69,980 | ||
Alaska [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 384 | 524 | ||
Assets [Abstract] | ||||
Assets | 15,066 | 14,648 | ||
Lower 48 [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 193 | 308 | ||
Assets [Abstract] | ||||
Assets | 14,720 | 14,888 | ||
Canada [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 122 | (65) | ||
Assets [Abstract] | ||||
Assets | 6,191 | 5,748 | ||
Europe and North Africa [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 207 | 245 | ||
Assets [Abstract] | ||||
Assets | 10,186 | 9,883 | ||
Asia Pacific and Middle East [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 525 | 461 | ||
Assets [Abstract] | ||||
Assets | 16,025 | 16,151 | ||
Other International [Member] | Operating Segments [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 131 | (44) | ||
Assets [Abstract] | ||||
Assets | 87 | 89 | ||
Corporate and Other [Member] | Corporate, Non-Segment [Member] | ||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | ||||
Consolidated net income (loss) attributable to ConocoPhillips | 271 | $ (541) | ||
Assets [Abstract] | ||||
Assets | $ 9,223 | $ 8,573 | ||
[1] | See Notes to Consolidated Financial Statements. |
Segment Disclosures - Textual (
Segment Disclosures - Textual (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Disclosures and Related Information [Abstract] | |
Number of Operating Segments | 6 |
Segment Disclosures and Relat_5
Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Consolidated total assets | $ 71,498 | $ 69,980 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes (Textual) [Abstract] | ||
Effective tax rate | 31.00% | 49.00% |
Adjustment to valuation allowances | $ (103) | $ 57 |
Supplementary Information - C_3
Supplementary Information - Condensed Consolidating Financial Information (Details) | Mar. 31, 2019 |
ConocoPhillips Company [Member] | ConocoPhillips [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership Percentage by Parent | 100.00% |
Burlington Resources LLC [Member] | ConocoPhillips Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership Percentage by Parent | 100.00% |
Supplementary Information - C_4
Supplementary Information - Condensed Consolidating Financial Information - Inc Stmt (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues and Other Income | |||
Sales and other operating revenues | $ 9,150 | $ 8,798 | |
Equity in earnings (losses) of affiliates | 188 | 208 | |
Gain (loss) on dispositions | 17 | 7 | |
Other income | 702 | (52) | |
Intercomapny revenues | 0 | 0 | |
Total Revenues and Other Income | 10,057 | 8,961 | |
Costs and Expenses | |||
Purchased commodities | 3,675 | 3,714 | |
Production and operating expenses | 1,271 | 1,171 | |
Selling, general and administrative expenses | 153 | 99 | |
Exploration expenses | 110 | 95 | |
Depreciation, depletion and amortization | 1,546 | 1,412 | |
Impairments | 1 | 12 | |
Taxes other than income taxes | 275 | 183 | |
Accretion on discounted liabilities | 86 | 88 | |
Interest and debt expense | 233 | 184 | |
Foreign currency transaction (gains) losses | 12 | 30 | |
Other Expense | 8 | 197 | |
Total Costs and Expenses | 7,370 | 7,185 | |
Income (Loss) before income taxes | 2,687 | 1,776 | |
Income Tax Expense (Benefit) | 841 | 876 | |
Net income (loss) | 1,846 | 900 | |
Less: net income attributable to noncontrolling interests | (13) | (12) | |
Net Income (Loss) | [1] | 1,833 | 888 |
Comprehensive Income (Loss) Attributable to ConocoPhillips | [2] | 2,022 | 977 |
ConocoPhillips [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 0 | 0 | |
Equity in earnings (losses) of affiliates | 1,890 | 954 | |
Gain (loss) on dispositions | 0 | 0 | |
Other income | 1 | 0 | |
Intercomapny revenues | 0 | 9 | |
Total Revenues and Other Income | 1,891 | 963 | |
Costs and Expenses | |||
Purchased commodities | 0 | 0 | |
Production and operating expenses | 0 | 0 | |
Selling, general and administrative expenses | 4 | 4 | |
Exploration expenses | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 0 | |
Impairments | 0 | 0 | |
Taxes other than income taxes | 0 | 0 | |
Accretion on discounted liabilities | 0 | 0 | |
Interest and debt expense | 69 | 71 | |
Foreign currency transaction (gains) losses | 0 | 18 | |
Other Expense | 0 | 0 | |
Total Costs and Expenses | 73 | 93 | |
Income (Loss) before income taxes | 1,818 | 870 | |
Income Tax Expense (Benefit) | (15) | (18) | |
Net income (loss) | 1,833 | 888 | |
Less: net income attributable to noncontrolling interests | 0 | 0 | |
Net Income (Loss) | 1,833 | 888 | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | 2,022 | 977 | |
Consolidating Adjustments [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 0 | 0 | |
Equity in earnings (losses) of affiliates | (3,983) | (2,787) | |
Gain (loss) on dispositions | 0 | 0 | |
Other income | 0 | 0 | |
Intercomapny revenues | (1,200) | (1,266) | |
Total Revenues and Other Income | (5,183) | (4,053) | |
Costs and Expenses | |||
Purchased commodities | (1,126) | (1,129) | |
Production and operating expenses | (1) | (38) | |
Selling, general and administrative expenses | (5) | (5) | |
Exploration expenses | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 0 | |
Impairments | 0 | 0 | |
Taxes other than income taxes | 0 | 0 | |
Accretion on discounted liabilities | 0 | 0 | |
Interest and debt expense | (68) | (94) | |
Foreign currency transaction (gains) losses | 0 | 0 | |
Other Expense | 0 | 0 | |
Total Costs and Expenses | (1,200) | (1,266) | |
Income (Loss) before income taxes | (3,983) | (2,787) | |
Income Tax Expense (Benefit) | 0 | 0 | |
Net income (loss) | (3,983) | (2,787) | |
Less: net income attributable to noncontrolling interests | 0 | 0 | |
Net Income (Loss) | (3,983) | (2,787) | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | (4,476) | (2,891) | |
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 3,981 | 3,764 | |
Equity in earnings (losses) of affiliates | 1,622 | 1,499 | |
Gain (loss) on dispositions | (5) | 3 | |
Other income | 508 | (103) | |
Intercomapny revenues | 26 | 56 | |
Total Revenues and Other Income | 6,132 | 5,219 | |
Costs and Expenses | |||
Purchased commodities | 3,497 | 3,410 | |
Production and operating expenses | 180 | 172 | |
Selling, general and administrative expenses | 129 | 74 | |
Exploration expenses | 47 | 53 | |
Depreciation, depletion and amortization | 136 | 132 | |
Impairments | 0 | (9) | |
Taxes other than income taxes | 46 | 50 | |
Accretion on discounted liabilities | 4 | 4 | |
Interest and debt expense | 149 | 159 | |
Foreign currency transaction (gains) losses | 6 | (9) | |
Other Expense | 12 | 194 | |
Total Costs and Expenses | 4,206 | 4,230 | |
Income (Loss) before income taxes | 1,926 | 989 | |
Income Tax Expense (Benefit) | 36 | 35 | |
Net income (loss) | 1,890 | 954 | |
Less: net income attributable to noncontrolling interests | 0 | 0 | |
Net Income (Loss) | 1,890 | 954 | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | 2,079 | 1,043 | |
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 0 | 0 | |
Equity in earnings (losses) of affiliates | 473 | 334 | |
Gain (loss) on dispositions | 0 | 0 | |
Other income | 0 | 0 | |
Intercomapny revenues | 13 | 2 | |
Total Revenues and Other Income | 486 | 336 | |
Costs and Expenses | |||
Purchased commodities | 0 | 0 | |
Production and operating expenses | 1 | 4 | |
Selling, general and administrative expenses | 0 | 0 | |
Exploration expenses | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 0 | |
Impairments | 0 | 0 | |
Taxes other than income taxes | 0 | 0 | |
Accretion on discounted liabilities | 0 | 0 | |
Interest and debt expense | 33 | 11 | |
Foreign currency transaction (gains) losses | 0 | 22 | |
Other Expense | 0 | 6 | |
Total Costs and Expenses | 34 | 43 | |
Income (Loss) before income taxes | 452 | 293 | |
Income Tax Expense (Benefit) | (5) | (10) | |
Net income (loss) | 457 | 303 | |
Less: net income attributable to noncontrolling interests | 0 | 0 | |
Net Income (Loss) | 457 | 303 | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | 581 | 235 | |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | |||
Revenues and Other Income | |||
Sales and other operating revenues | 5,169 | 5,034 | |
Equity in earnings (losses) of affiliates | 186 | 208 | |
Gain (loss) on dispositions | 22 | 4 | |
Other income | 193 | 51 | |
Intercomapny revenues | 1,161 | 1,199 | |
Total Revenues and Other Income | 6,731 | 6,496 | |
Costs and Expenses | |||
Purchased commodities | 1,304 | 1,433 | |
Production and operating expenses | 1,091 | 1,033 | |
Selling, general and administrative expenses | 25 | 26 | |
Exploration expenses | 63 | 42 | |
Depreciation, depletion and amortization | 1,410 | 1,280 | |
Impairments | 1 | 21 | |
Taxes other than income taxes | 229 | 133 | |
Accretion on discounted liabilities | 82 | 84 | |
Interest and debt expense | 50 | 37 | |
Foreign currency transaction (gains) losses | 6 | (1) | |
Other Expense | (4) | (3) | |
Total Costs and Expenses | 4,257 | 4,085 | |
Income (Loss) before income taxes | 2,474 | 2,411 | |
Income Tax Expense (Benefit) | 825 | 869 | |
Net income (loss) | 1,649 | 1,542 | |
Less: net income attributable to noncontrolling interests | (13) | (12) | |
Net Income (Loss) | 1,636 | 1,530 | |
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ 1,816 | $ 1,613 | |
[1] | See Notes to Consolidated Financial Statements. | ||
[2] | See Notes to Consolidated Financial Statements. |
Supplementary Information - C_5
Supplementary Information - Condensed Consolidating Financial Information - Bal Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and cash equivalents | $ 6,218 | $ 5,915 | |
Short-term investments | 249 | 248 | |
Accounts and notes receivable | 3,869 | 4,067 | |
Investment in Cenovus Energy | 1,805 | 1,462 | |
Inventories | 1,014 | 1,007 | |
Prepaid expenses and other current assets | 528 | 575 | |
Total Current Assets | 13,683 | 13,274 | |
Investments and long-term receiavables | 9,570 | 9,664 | |
Net properties, plants and equipment | 45,942 | 45,698 | |
Other assets | 2,303 | 1,344 | |
Total Assets | 71,498 | 69,980 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | 3,846 | 3,895 | |
Short-term debt | 113 | 112 | |
Accrued income and other taxes | 1,539 | 1,320 | |
Employee benefit obligations | 470 | 809 | |
Other accruals | 1,402 | 1,259 | |
Total Current Liabilities | 7,370 | 7,395 | |
Long-term debt | 14,832 | 14,856 | |
Asset retirement obligations and accrued environmental costs | 7,730 | 7,688 | |
Deferred income taxes | 5,043 | 5,021 | |
Employee benefit obligations | 1,704 | 1,764 | |
Other liabilities and deferred credits | 1,838 | 1,192 | |
Total Liabilities | 38,517 | 37,916 | |
Retained earnings | 35,534 | 34,010 | |
Other common stockholders' equity | (2,675) | (2,071) | |
Noncontrolling interests | 122 | 125 | |
Total Liabilities and Stockholders' Equity | [1] | 71,498 | 69,980 |
ConocoPhillips [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | 4 | 28 | |
Investment in Cenovus Energy | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 1 | 1 | |
Total Current Assets | 5 | 29 | |
Investments and long-term receiavables | 32,021 | 29,942 | |
Net properties, plants and equipment | 0 | 0 | |
Other assets | 6 | 4 | |
Total Assets | 32,032 | 29,975 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | 0 | 0 | |
Short-term debt | (3) | (3) | |
Accrued income and other taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other accruals | 57 | 85 | |
Total Current Liabilities | 54 | 82 | |
Long-term debt | 3,792 | 3,791 | |
Asset retirement obligations and accrued environmental costs | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other liabilities and deferred credits | 1,889 | 725 | |
Total Liabilities | 5,735 | 4,598 | |
Retained earnings | 29,036 | 27,512 | |
Other common stockholders' equity | (2,739) | (2,135) | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Stockholders' Equity | 32,032 | 29,975 | |
Consolidating Adjustments [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | (3,889) | (8,392) | |
Investment in Cenovus Energy | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 0 | |
Total Current Assets | (3,889) | (8,392) | |
Investments and long-term receiavables | (105,975) | (99,465) | |
Net properties, plants and equipment | 0 | (465) | |
Other assets | (725) | (798) | |
Total Assets | (110,589) | (109,120) | |
Liabilities and Stockholders' Equity | |||
Accounts payable | (3,889) | (8,392) | |
Short-term debt | 0 | (9) | |
Accrued income and other taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other accruals | 0 | 0 | |
Total Current Liabilities | (3,889) | (8,401) | |
Long-term debt | 0 | (478) | |
Asset retirement obligations and accrued environmental costs | 0 | 0 | |
Deferred income taxes | (725) | (798) | |
Employee benefit obligations | 0 | 0 | |
Other liabilities and deferred credits | (20,205) | (17,775) | |
Total Liabilities | (24,819) | (27,452) | |
Retained earnings | (26,539) | (22,890) | |
Other common stockholders' equity | (59,231) | (58,778) | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Stockholders' Equity | (110,589) | (109,120) | |
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | |||
Assets | |||
Cash and cash equivalents | 1,348 | 1,428 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | 3,280 | 5,646 | |
Investment in Cenovus Energy | 1,805 | 1,462 | |
Inventories | 143 | 184 | |
Prepaid expenses and other current assets | 143 | 267 | |
Total Current Assets | 6,719 | 8,987 | |
Investments and long-term receiavables | 49,556 | 47,062 | |
Net properties, plants and equipment | 3,915 | 4,367 | |
Other assets | 667 | 642 | |
Total Assets | 60,857 | 61,058 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | 2,506 | 5,098 | |
Short-term debt | 3 | 12 | |
Accrued income and other taxes | 67 | 85 | |
Employee benefit obligations | 376 | 638 | |
Other accruals | 328 | 587 | |
Total Current Liabilities | 3,280 | 6,420 | |
Long-term debt | 6,673 | 7,151 | |
Asset retirement obligations and accrued environmental costs | 415 | 415 | |
Deferred income taxes | 0 | 0 | |
Employee benefit obligations | 1,279 | 1,340 | |
Other liabilities and deferred credits | 10,654 | 9,277 | |
Total Liabilities | 22,301 | 24,603 | |
Retained earnings | 20,463 | 18,511 | |
Other common stockholders' equity | 18,093 | 17,944 | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Stockholders' Equity | 60,857 | 61,058 | |
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Accounts and notes receivable | 2 | 78 | |
Investment in Cenovus Energy | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 0 | |
Total Current Assets | 2 | 78 | |
Investments and long-term receiavables | 15,778 | 15,199 | |
Net properties, plants and equipment | 0 | 0 | |
Other assets | 227 | 227 | |
Total Assets | 16,007 | 15,504 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | 0 | 76 | |
Short-term debt | 13 | 13 | |
Accrued income and other taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other accruals | 39 | 35 | |
Total Current Liabilities | 52 | 124 | |
Long-term debt | 2,139 | 2,143 | |
Asset retirement obligations and accrued environmental costs | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Employee benefit obligations | 0 | 0 | |
Other liabilities and deferred credits | 837 | 839 | |
Total Liabilities | 3,028 | 3,106 | |
Retained earnings | 1,570 | 1,113 | |
Other common stockholders' equity | 11,409 | 11,285 | |
Noncontrolling interests | 0 | 0 | |
Total Liabilities and Stockholders' Equity | 16,007 | 15,504 | |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | |||
Assets | |||
Cash and cash equivalents | 4,870 | 4,487 | |
Short-term investments | 249 | 248 | |
Accounts and notes receivable | 4,472 | 6,707 | |
Investment in Cenovus Energy | 0 | 0 | |
Inventories | 871 | 823 | |
Prepaid expenses and other current assets | 384 | 307 | |
Total Current Assets | 10,846 | 12,572 | |
Investments and long-term receiavables | 18,190 | 16,926 | |
Net properties, plants and equipment | 42,027 | 41,796 | |
Other assets | 2,128 | 1,269 | |
Total Assets | 73,191 | 72,563 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | 5,229 | 7,113 | |
Short-term debt | 100 | 99 | |
Accrued income and other taxes | 1,472 | 1,235 | |
Employee benefit obligations | 94 | 171 | |
Other accruals | 978 | 552 | |
Total Current Liabilities | 7,873 | 9,170 | |
Long-term debt | 2,228 | 2,249 | |
Asset retirement obligations and accrued environmental costs | 7,315 | 7,273 | |
Deferred income taxes | 5,768 | 5,819 | |
Employee benefit obligations | 425 | 424 | |
Other liabilities and deferred credits | 8,663 | 8,126 | |
Total Liabilities | 32,272 | 33,061 | |
Retained earnings | 11,004 | 9,764 | |
Other common stockholders' equity | 29,793 | 29,613 | |
Noncontrolling interests | 122 | 125 | |
Total Liabilities and Stockholders' Equity | $ 73,191 | $ 72,563 | |
[1] | See Notes to Consolidated Financial Statements. |
Supplementary Information - C_6
Supplementary Information - Condensed Consolidating Financial Information - Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) operating activities | $ 2,894 | $ 2,399 | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (1,637) | (1,535) | ||
Working capital changes associated with investing activities | 107 | 28 | ||
Proceeds from asset dispositions | 142 | 169 | ||
Net Sales (Purchases) of Short Term Investments | (1) | 1,593 | ||
Long-term advances/loans-related parties | 0 | 0 | ||
Collection of advances/loans-related parties | 62 | 59 | ||
Intercompany cash management | 0 | 0 | ||
Other | (150) | (392) | ||
Net Cash Provided by (Used in) Investing Activities | (1,477) | (78) | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | 0 | 0 | ||
Repayment of debt | (19) | (2,888) | ||
Issuance of company common stock | (38) | (18) | ||
Repurchase of company common stock | (752) | (500) | ||
Dividends paid | (350) | (338) | ||
Other | (14) | (32) | ||
Net Cash Provided by (Used in) Financing Activities | (1,173) | (3,776) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 75 | 125 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash | 319 | (1,330) | ||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 6,151 | [1] | 6,536 | |
Cash and Cash Equivalents and Restricted Cash at end of period | [3] | 6,470 | [2] | 5,206 |
ConocoPhillips [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) operating activities | (62) | (69) | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | 0 | 0 | ||
Working capital changes associated with investing activities | 0 | 0 | ||
Proceeds from asset dispositions | 0 | 0 | ||
Net Sales (Purchases) of Short Term Investments | 0 | 0 | ||
Long-term advances/loans-related parties | 0 | 0 | ||
Collection of advances/loans-related parties | 0 | 0 | ||
Intercompany cash management | 1,163 | 887 | ||
Other | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 1,163 | 887 | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | 0 | 0 | ||
Repayment of debt | 0 | 0 | ||
Issuance of company common stock | (1) | 19 | ||
Repurchase of company common stock | (752) | (500) | ||
Dividends paid | (350) | (338) | ||
Other | 2 | 1 | ||
Net Cash Provided by (Used in) Financing Activities | (1,101) | (818) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | 0 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash | 0 | [3] | 0 | |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 0 | 0 | ||
Cash and Cash Equivalents and Restricted Cash at end of period | 0 | |||
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) operating activities | (117) | (123) | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (208) | (233) | ||
Working capital changes associated with investing activities | 18 | (93) | ||
Proceeds from asset dispositions | 142 | 141 | ||
Net Sales (Purchases) of Short Term Investments | 0 | 0 | ||
Long-term advances/loans-related parties | (19) | (4) | ||
Collection of advances/loans-related parties | 69 | 1,306 | ||
Intercompany cash management | 205 | 1,638 | ||
Other | (150) | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 57 | 2,755 | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | 0 | 0 | ||
Repayment of debt | (20) | (2,807) | ||
Issuance of company common stock | 0 | 0 | ||
Repurchase of company common stock | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Other | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (20) | (2,807) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | 9 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash | (80) | (166) | ||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 1,428 | 234 | ||
Cash and Cash Equivalents and Restricted Cash at end of period | 1,348 | 68 | ||
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) operating activities | (16) | 1,204 | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | 0 | 0 | ||
Working capital changes associated with investing activities | 0 | 0 | ||
Proceeds from asset dispositions | 0 | 0 | ||
Net Sales (Purchases) of Short Term Investments | 0 | 0 | ||
Long-term advances/loans-related parties | 0 | (29) | ||
Collection of advances/loans-related parties | 0 | 0 | ||
Intercompany cash management | 16 | (1,125) | ||
Other | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 16 | (1,154) | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | 0 | 0 | ||
Repayment of debt | 0 | (53) | ||
Issuance of company common stock | 0 | 0 | ||
Repurchase of company common stock | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Other | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | (53) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | 0 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash | 0 | (3) | ||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 0 | 3 | ||
Cash and Cash Equivalents and Restricted Cash at end of period | 0 | 0 | ||
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) operating activities | 3,448 | 2,550 | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | (1,429) | (1,308) | ||
Working capital changes associated with investing activities | 89 | 121 | ||
Proceeds from asset dispositions | 0 | 39 | ||
Net Sales (Purchases) of Short Term Investments | (1) | 1,593 | ||
Long-term advances/loans-related parties | 0 | 0 | ||
Collection of advances/loans-related parties | 82 | 59 | ||
Intercompany cash management | (1,384) | (1,400) | ||
Other | 0 | (392) | ||
Net Cash Provided by (Used in) Investing Activities | (2,643) | (1,288) | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | 19 | 33 | ||
Repayment of debt | (88) | (1,334) | ||
Issuance of company common stock | 0 | 0 | ||
Repurchase of company common stock | 0 | 0 | ||
Dividends paid | (396) | 0 | ||
Other | (16) | (1,238) | ||
Net Cash Provided by (Used in) Financing Activities | (481) | (2,539) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 75 | 116 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash | 399 | (1,161) | ||
Cash and Cash Equivalents and Restricted Cash at beginning of period | 4,723 | 6,299 | ||
Cash and Cash Equivalents and Restricted Cash at end of period | 5,122 | 5,138 | ||
Consolidating Adjustments [Member] | ||||
Cash Flows From Operating Activities | ||||
Net cash provided by (used in) operating activities | (359) | (1,163) | ||
Cash Flows From Investing Activities | ||||
Capital expenditures and investments | 0 | 6 | ||
Working capital changes associated with investing activities | 0 | 0 | ||
Proceeds from asset dispositions | 0 | (11) | ||
Net Sales (Purchases) of Short Term Investments | 0 | 0 | ||
Long-term advances/loans-related parties | 19 | 33 | ||
Collection of advances/loans-related parties | (89) | (1,306) | ||
Intercompany cash management | 0 | 0 | ||
Other | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | (70) | (1,278) | ||
Cash Flows From Financing Activities | ||||
Issuance of debt | (19) | (33) | ||
Repayment of debt | 89 | 1,306 | ||
Issuance of company common stock | (37) | (37) | ||
Repurchase of company common stock | 0 | 0 | ||
Dividends paid | 396 | 0 | ||
Other | 0 | 1,205 | ||
Net Cash Provided by (Used in) Financing Activities | 429 | 2,441 | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | 0 | ||
Net Change in Cash and Cash Equivalents and Restricted Cash | 0 | 0 | ||
Cash and Cash Equivalents and Restricted Cash at beginning of period | $ 0 | 0 | ||
Cash and Cash Equivalents and Restricted Cash at end of period | $ 0 | |||
[1] | Restricted cash totaling $236 million is included in the "Other assets" line of our Consolidated Balance Sheet as of December 31, 2018. | |||
[2] | Restricted cash of $89 million and $163 million are included in the "Prepaid expenses and other current assets" and "Other assets" lines, respectively, of our Consolidated Balance Sheet as of March 31, 2019. | |||
[3] | See Notes to Consolidated Financial Statements. |
Uncategorized Items - cop-20190
Label | Element | Value |
Other Assets [Member] | ||
Restricted Cash | us-gaap_RestrictedCash | $ 236,000,000 |