Cover
Cover | 6 Months Ended |
Jun. 30, 2020shares | |
Cover [Abstract] | |
Entity Central Index Key | 0001163165 |
Amendment Flag | false |
Entity File Number | 001-32395 |
Entity Registrant Name | ConocoPhillips |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Incorporation State or Country Code | DE |
Entity Tax Identification Number | 01-0562944 |
Entity Address, Address Line One | 925 N. Eldridge Parkway |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77079 |
City Area Code | 281 |
Local Phone Number | 293-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,072,566,210 |
Common Stock, $.01 Par Value [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $.01 Par Value |
Trading Symbol | COP |
Security Exchange Name | NYSE |
7% Debentures due 2029 [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 7% Debentures due 2029 |
Trading Symbol | CUSIP—718507BK1 |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues and Other Income | ||||
Sales and other operating revenues | $ 2,749 | $ 7,953 | $ 8,907 | $ 17,103 |
Equity in earnings (losses) of affiliates | 77 | 173 | 311 | 361 |
Gain on Dispositions | 596 | 82 | 554 | 99 |
Other income (loss) | 594 | 172 | (945) | 874 |
Total Revenues and Other Income | 4,016 | 8,380 | 8,827 | 18,437 |
Costs and Expenses | ||||
Purchased commodities | 1,130 | 2,674 | 3,791 | 6,349 |
Production and operating expenses | 1,047 | 1,418 | 2,220 | 2,689 |
Selling, general and administrative expenses | 156 | 129 | 153 | 282 |
Exploration expenses | 97 | 122 | 285 | 232 |
Depreciation, depletion and amortization | 1,158 | 1,490 | 2,569 | 3,036 |
Impairments | (2) | 1 | 519 | 2 |
Taxes other than Income Taxes | 141 | 194 | 391 | 469 |
Accretion on discounted liabilities | 66 | 87 | 133 | 173 |
Interest and debt expense | 202 | 165 | 404 | 398 |
Foreign currency transaction (gain) loss | 7 | 28 | (83) | 40 |
Other Expense | (7) | 14 | (13) | 22 |
Total Costs and Expenses | 3,995 | 6,322 | 10,369 | 13,692 |
Income (loss) before income taxes | 21 | 2,058 | (1,542) | 4,745 |
Income tax provision (benefit) | (257) | 461 | (109) | 1,302 |
Net income (loss) | 278 | 1,597 | (1,433) | 3,443 |
Less: net income attributable to noncontrolling interests | (18) | (17) | (46) | (30) |
Net Income (Loss) Attributable to ConocoPhillips | $ 260 | $ 1,580 | $ (1,479) | $ 3,413 |
Earnings Per Share, Basic [Abstract] | ||||
Earnings Per Share, Basic | $ 0.24 | $ 1.40 | $ (1.37) | $ 3.01 |
Earnings Per Share, Diluted [Abstract] | ||||
Earnings Per Share, Diluted | $ 0.24 | $ 1.40 | $ (1.37) | $ 3 |
Average Common Shares Outstanding (in thousands) | ||||
Basic | 1,076,659 | 1,125,995 | 1,080,610 | 1,132,691 |
Diluted | 1,077,606 | 1,131,242 | 1,080,610 | 1,139,511 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 278 | $ 1,597 | $ (1,433) | $ 3,443 |
Defined benefit plans | ||||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | (8) | (10) | (16) | (18) |
Net actuarial gain arising during the period | 0 | 0 | 5 | 0 |
Reclassification adjustment for amortization of net actuarial losses included in net income (loss) | 18 | 32 | 36 | 58 |
Income taxes on defined benefit plans | (3) | (5) | (7) | (10) |
Defined benefit plans, net of tax | 7 | 17 | 18 | 30 |
Unrealized holding gain on securities | 6 | 0 | 3 | 0 |
Income taxes on unrealized holding gain on securities | (2) | 0 | (1) | 0 |
Unrealized holding loss on securities, net of tax | 4 | 0 | 2 | 0 |
Foreign currency translation adjustments | 309 | 71 | (490) | 246 |
Income taxes on foreign currency translation | 0 | (1) | 2 | 0 |
Foreign currency translation adjustments, net of tax | 309 | 70 | (488) | 246 |
Other Comprehensive Income (Loss), Net of Tax | 320 | 87 | (468) | 276 |
Comprehensive Income (Loss) | 598 | 1,684 | (1,901) | 3,719 |
Less: comprehensive income attributable to noncontrolling interests | (18) | (17) | (46) | (30) |
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ 580 | $ 1,667 | $ (1,947) | $ 3,689 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 2,907 | $ 5,088 |
Short-term investments | 3,985 | 3,028 |
Accounts and notes receivable (net of allowance of $3 and $13, respectively) | 1,399 | 3,267 |
Accounts and notes receivable-related parties | 133 | 134 |
Investment in Cenovus Energy | 971 | 2,111 |
Inventories | 982 | 1,026 |
Prepaid expenses and other current assets | 676 | 2,259 |
Total Current Assets | 11,053 | 16,913 |
Investments and long-term receiavables | 8,334 | 8,687 |
Loans and advances-related parties | 167 | 219 |
Net properties, plants and equipment (net of accumulated DD&A of $57,176 and $55,477, respectively) | 41,120 | 42,269 |
Other assets | 2,372 | 2,426 |
Total Assets | 63,046 | 70,514 |
Liabilities | ||
Accounts payable | 2,060 | 3,176 |
Accounts payable-related parties | 20 | 24 |
Short-term debt | 146 | 105 |
Accrued income and other taxes | 312 | 1,030 |
Employee benefit obligations | 422 | 663 |
Other accruals | 1,145 | 2,045 |
Total Current Liabilities | 4,105 | 7,043 |
Long-term debt | 14,852 | 14,790 |
Asset retirement obligations and accrued environmental costs | 5,465 | 5,352 |
Deferred income taxes | 3,901 | 4,634 |
Employee benefit obligations | 1,586 | 1,781 |
Other liabilities and deferred credits | 1,644 | 1,864 |
Total Liabilities | 31,553 | 35,464 |
Equity | ||
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2020-1,798,563,079 shares; 2019-1,795,652,203 shares) Par value | 18 | 18 |
Capital in excess of par | 47,079 | 46,983 |
Treasury stock (at cost: 2020-725,996,869 shares; 2019-710,783,814 shares) | (47,130) | (46,405) |
Accumulated other comprehensive loss | (5,825) | (5,357) |
Retained earnings | 37,351 | 39,742 |
Total Common Stockholders' Equity | 31,493 | 34,981 |
Noncontrolling interests | 0 | 69 |
Total Equity | 31,493 | 35,050 |
Total Liabilities and Equity | $ 63,046 | $ 70,514 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheet [Abstract] | ||
Allowance for accounts and notes receivable | $ 3 | $ 13 |
Accumulated depreciation, depletion and amortization | $ 57,176 | $ 55,477 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 1,798,563,079 | 1,795,652,203 |
Treasury stock, shares | 725,996,869 | 710,783,814 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Cash Flows From Operating Activities | |||
Net income (loss) | $ (1,433) | $ 3,443 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation, depletion and amortization | 2,569 | 3,036 | |
Impairments | 519 | 2 | |
Dry hole costs and leasehold impairments | 70 | 68 | |
Accretion on discounted liabilities | 133 | 173 | |
Deferred taxes | (320) | (221) | |
Distributions received greater than equity losses (undistributed equity earnings) | 404 | 362 | |
Gain on dispositions | (554) | (99) | |
Unrealized (gain) loss on investment in Cenovus Energy | 1,140 | (373) | |
Other | (244) | (21) | |
Working capital adjustments | |||
Decrease in accounts and notes receivable | 1,746 | 461 | |
Increase in inventories | (27) | (77) | |
Increase in prepaid expenses and other current assets | (149) | (149) | |
Decrease in accounts payable | (754) | (326) | |
Decrease in taxes and other accruals | (838) | (494) | |
Net cash provided by operating activities | 2,262 | 5,785 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | (2,525) | (3,366) | |
Working capital changes associated with investing activities | (251) | 24 | |
Proceeds from asset dispositions | 1,313 | 701 | |
Net purchases of investments | (1,030) | (485) | |
Collection of advances/loans-related parties | 66 | 62 | |
Other | (35) | 126 | |
Net Cash Used in Investing Activities | (2,462) | (2,938) | |
Cash Flows From Financing Activities | |||
Issuance of debt | 0 | 0 | |
Repayment of debt | (214) | (38) | |
Issuance of company common stock | 2 | (36) | |
Repurchase of company common stock | (726) | (2,002) | |
Dividends paid | (913) | (696) | |
Other | (28) | (55) | |
Net Cash Used in Financing Activities | (1,879) | (2,827) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (93) | 26 | |
Net Change in Cash and Cash Equivalents and Restricted Cash Increase (Decrease) | (2,172) | 46 | |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 5,362 | [1] | 6,151 |
Cash and Cash Equivalents and Restricted Cash at end of period | $ 3,190 | [2] | $ 6,197 |
[1] | Restricted cash of $ 90 184 respectively, of our Consolidated Balance Sheet as of December 31, 2019. See Notes to Consolidated Financial Statements. | ||
[2] | Restricted cash of $ 88 195 respectively, of our Consolidated Balance Sheet as of June 30, 2020. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Basis of Presentation [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Note 1—Basis of Presentation The interim-period financial information unaudited and, in the opinion of management, presentation of the consolidated financial flows for such periods. Certain notes and other information have been included in this report. consolidated financial statements The unrealized (gain) loss on investment in Cenovus flows, previously reflected on the line item reclassified in the comparative period to conform |
Change in Accounting Principles
Change in Accounting Principles | 6 Months Ended |
Jun. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2—Changes in Accounting Principles We adopted Instruments,” (ASC Topic 326) and its amendments, beginning January 1, 2020 . forth the current expected credit loss model, instruments measured at amortized cost basis as amended, which primarily applies to our accounts for-sale debt securities to be recorded through an allowance The adoption of this ASU did not have a material impact to our financial statements. or less. other analyses. analyses of historical loss rates as well as consideration counterparties’ credit quality and liquidity. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 3—Inventories Inventories consisted of the following: Millions of Dollars June 30 2020 2019 Crude oil and natural gas $ 452 472 Materials and supplies 530 554 $ 982 1,026 Inventories valued on the LIFO basis totaled 352 286 31, 2019, recorded a lower of cost or market adjustment 228 natural gas inventories. The adjustment was included income statement. |
Asset Acquisitions and Disposit
Asset Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2020 | |
Asset Acquisitions and Dispositions [Abstract] | |
Asset Acquisitions and Dispositions [Text Block] | Note 4—Asset Acquisitions and Dispositions Assets Sold In May 2020, we completed the divestiture operations, and based on an effective date of January 765 additional $ 200 the second quarter of 2020, we recognized a before-tax 587 time of disposition, the net carrying value of the 0.2 $ 0.5 1.3 0.1 other current assets offset by $ 0.7 0.3 0.2 other liabilities. disposition noted above, were $ 265 156 and 2019, respectively. 35 period of 2020. Asia Pacific and Middle East segment. In March 2020, we completed the sale of our Niobrara 359 customary adjustments and recognized a before-tax 38 disposition, our interest in Niobrara had a net carrying 397 433 million of PP&E and $ 34 including the loss on disposition, were a loss of $ 24 5 June 30, 2020 and 2019, respectively. In February 2020, we sold our Waddell Ranch interests in the Permian Basin for $ 184 adjustments. No Production from the disposed Niobrara and Waddell Ranch interests in our Lower 48 15 MBOED in 2019. Planned Acquisition In July 2020, we signed a definitive agreement approximately $ 375 30 in financing obligations for associated partially undeveloped properties and includes 140,000 which is directly adjacent to our existing Montney a Montney acreage position of 295,000 100 subject to regulatory approval, is expected to close Canada segment. |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Loans and Long-Term Receivables [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 5—Investments, Loans and Long-Term Receivables APLNG APLNG executed project financing agreements 8.5 8.5 billion project finance facility was initially composed Export-Import Bank of the United States for approximately 2.9 approximately $ 2.7 approximately $ 2.9 interest repayment in March 2017 and is scheduled bi-annual March 2029 . APLNG made a voluntary repayment of $ 1.4 At the same time, APLNG obtained a United 1.4 APLNG made its first interest payment related to scheduled to commence in September 2023, with bi-annual September 2030 . During the first quarter of 2019, APLNG refinanced 3.2 transactions. 2.6 APLNG made its first principal and interest bi-annual facility until March 2028 . 0.6 billion. commence in September 2023, with bi-annual In conjunction with the $ 3.2 finance debt, APLNG made voluntary repayments 2.2 1.0 and international commercial banks and the Export-Import At June 30, 2020, a balance of $ 6.5 additional information. At June 30, 2020, the carrying value of our equity 6,889 balance is included in the “Investments and long-term Loans and Long-Term Receivables As part of our normal ongoing business operations, numerous agreements with other parties to pursue made to certain affiliated and non-affiliated companies. companies included $ 272 On our consolidated balance sheet, the long-term advances—related parties” line, while the short-term parties” line. |
Investment in Cenovus Energy
Investment in Cenovus Energy | 6 Months Ended |
Jun. 30, 2020 | |
Investment In Cenovus Energy [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6—Investment in Cenovus Energy On May 17, 2017, we completed the sale of our 50 well as the majority of our western Canada gas assets, included 208 16.9 and outstanding Cenovus Energy common stock. 208 million Cenovus Energy common shares was $ 1.96 9.41 the closing date. At June 30, 2020, the investment included on 971 fair value. 208 $ 4.67 1.14 value of $ 2.11 recorded an unrealized gain of $ 551 1.14 three- and six-month periods ended June 30, 2019, 30 373 million, respectively. our consolidated income statement and are related to Value investment over time through market transactions, |
Suspended Wells
Suspended Wells | 6 Months Ended |
Jun. 30, 2020 | |
Suspended Wells [Abstract] | |
Suspended Wells | Note 7—Suspended Wells The capitalized cost of suspended wells at June 30, 701 319 year-end 2019 primarily related to our Australia-West divestiture. Dispositions, 31, 2019, $ 19 one well in the Kamunsu East Field offshore Malaysia. |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2020 | |
Impairments [Abstract] | |
Impairments | Note 8—Impairments During the three- charges within the following segments: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Lower 48 2 - 513 - Europe and North Africa (4) 1 6 2 $ (2) 1 519 2 We perform impairment reviews when triggering events arise that may impact the investments. We observed volatility in commodity prices during the first six-months of 2020. prices beginning in March prompted us to evaluate whether an other than temporary impairment natural gas assets in the Lower 48, a significant decrease prices resulted in a decline in the estimated fair first quarter of 2020, we recorded impairments of 511 primarily for the Wind River Basin operations area consisting of the Lost Cabin Gas Plant, which were written down additional information. A sustained decline in the current and long-term impairment reviews and possibly result in We recorded a before-tax impairment in the first quarter of 2020 of $ 31 East segment related to the associated carrying value Kamunsu East Field in Malaysia that is no longer “Exploration expenses” line on our consolidated income |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt [Abstract] | |
Debt | Note 9—Debt Our debt balance as of June 30, 2020 was $ 14,998 14,895 2019. Our revolving credit facility provides a total commitment 6.0 May 2023 . revolving credit facility may be used for direct $ 500 ConocoPhillips Company $ 6.0 needs. 90 days . We had no commercial paper outstanding at June 30, 2020 or December 31, 2019. outstanding borrowings or letters of credit 2019. no no 6.0 billion in borrowing capacity under our revolving In March 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “negative” from “stable”. In April 2020, Moody’s affirmed their rating of “A3” with a “stable” outlook. Our current rating from Fitch is “A” with a “stable” outlook. At June 30, 2020, we had $ 283 maturities ranging through 2035. day. VRDBs are included in the “Long-term debt” line |
Changes in Equity
Changes in Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10—Changes in Equity Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Loss Retained Earnings Non- Controlling Interests Total For the three months ended June 30, 2020 Balances at March 31, 2020 $ 18 47,027 (47,130) (6,145) 37,545 72 31,387 Net income 260 18 278 Other comprehensive income 320 320 Dividends paid ($ 0.42 (455) (455) Distributions to noncontrolling interests and other (6) (6) Disposition (84) (84) Distributed under benefit plans 52 52 Other 1 1 Balances at June 30, 2020 $ 18 47,079 (47,130) (5,825) 37,351 - 31,493 For the six months ended June 30, 2020 Balances at December 31, 2019 $ 18 46,983 (46,405) (5,357) 39,742 69 35,050 Net income (loss) (1,479) 46 (1,433) Other comprehensive loss (468) (468) Dividends paid ($ 0.84 (913) (913) Repurchase of company common stock (726) (726) Distributions to noncontrolling interests and other (32) (32) Disposition (84) (84) Distributed under benefit plans 96 96 Other 1 1 1 3 Balances at June 30, 2020 $ 18 47,079 (47,130) (5,825) 37,351 - 31,493 Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Loss Retained Earnings Non- Controlling Interests Total For the three months ended June 30, 2019 Balances at March 31, 2019 $ 18 46,877 (43,656) (5,914) 35,534 122 32,981 Net income 1,580 17 1,597 Other comprehensive income 87 87 Dividends paid ($ 0.31 (346) (346) Repurchase of company common stock (1,250) (1,250) Distributions to noncontrolling interests and other (43) (43) Distributed under benefit plans 45 45 Other 1 2 3 Balances at June 30, 2019 $ 18 46,922 (44,906) (5,827) 36,769 98 33,074 For the six months ended June 30, 2019 Balances at December 31, 2018 $ 18 46,879 (42,905) (6,063) 34,010 125 32,064 Net income 3,413 30 3,443 Other comprehensive income 276 276 Dividends paid ($ 0.61 (696) (696) Repurchase of company common stock (2,002) (2,002) Distributions to noncontrolling interests and other (60) (60) Distributed under benefit plans 43 43 Changes in Accounting Principles* (40) 40 - Other 1 2 3 6 Balances at June 30, 2019 $ 18 46,922 (44,906) (5,827) 36,769 98 33,074 *Cumulative effect of the adoption of ASU No. 2018-02, |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees | Note 11—Guarantees At June 30, 2020, we were liable for certain described below. newly issued or modified guarantees. recognized a liability because the fair value of the obligation stated, we are not currently performing with any performance to be either immaterial or have only APLNG Guarantees At June 30, 2020, we had outstanding multiple 37.5 interest in APLNG. exchange rates: ● During the third quarter of 2016, we issued a guarantee portion of the funds in a project finance reserve account. guarantee is 11 years . 170 and may become payable if an enforcement action against APLNG. 14 million. ● In conjunction with our original purchase of an ownership October 2008, we agreed to reimburse Origin Energy for arising under guarantees of an existing obligation agreements with remaining terms of 1 to 22 years . payments, or cost of volume delivery, under these guarantees is estimated 700 ($ 1.3 to meet its obligations under these agreements Future payments are considered unlikely, as the payments, or cost of volume triggered if APLNG does not have enough natural co-venturers do not make necessary equity contributions ● We have guaranteed the performance of APLNG with regard to certain other contracts connection with the project’s continued development. 17 to 25 years or the life of the venture . guarantees is approximately $ 120 June 30, 2020, the carrying value of these guarantees 7 Other Guarantees We have other guarantees with maximum future potential payment amounts totaling $ 780 of the residual value of corporate aircrafts, reserve accounts. 1 to 5 years asset values are lower than guaranteed amounts at decline at guaranteed entities, or as a result of nonperformance At June 30, 2020, the carrying value of these 11 Indemnifications Over the years, we have entered into agreements to ventures and assets that gave rise to qualifying for taxes and environmental liabilities. majority of these expire in 2021. and the maximum amounts of future payments are these indemnification obligations at June 30, 2020, 70 indemnification liability over the relevant time facts and circumstances surrounding each type indefinite, we will reverse the liability when we have amortize the liability over an appropriate time declines. of the indemnifications, it is not possible to make future payments. 30 of environmental accruals for known contamination accrued environmental costs” line on our consolidated environmental liabilities, see Note 12—Contingencies |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | Note 12—Contingencies and Commitments A number of lawsuits involving a variety of claims against ConocoPhillips. placement, storage, disposal or release of certain and inactive sites. contingencies. liability when the loss is probable and the amount reasonably estimated and no amount within the range end of the range is accrued. We accrue receivables for insurance or other third-party recoveries when applicable. tax-related contingencies, we use a cumulative probability-weighted tax position is less than certain. Based on currently available information, we believe liability exposures will exceed current accruals by consolidated financial statements. both with respect to accrued liabilities changes include contingent liabilities Estimated future environmental remediation magnitude of cleanup costs, the unknown time the determination of our liability in proportion related to tax and legal matters are subject to available during the administrative and litigation Environmental We are subject to international, federal, state and local environmental laws and regulations. our consolidated financial statements, we record best estimates, using all information that is currently available facts, existing technology, and presently enacted laws and stakeholder and business considerations. experience in remediation of contaminated sites, the U.S. EPA or other organizations. liabilities, and we accrue them in the period they are Although liability of those potentially responsible several for federal sites and frequently so for other particular site. any site at which we have been designated as a in sharing cleanup costs with other financially responsible are still under investigation by the EPA or the agency concerned. potentially responsible normally assess the appropriate remediation. Where it appears that other potentially responsible share, we consider this inability in estimating As a result of various acquisitions in the past, environmental obligations are mitigated by indemnifications indemnifications are subject to dollar limits We are currently participating in environmental assessments and cleanups at numerous comparable state and international sites. other costs, we make accruals on an undiscounted combination, which we record on a discounted basis) sites where it is probable future costs will be incurred not reduced these accruals for possible insurance recoveries. At June 30, 2020 and December 31, 2019, our balance $ 171 these expenditures within the next 30 years . assessments, cleanups and proceedings. Legal Proceedings We are subject to various lawsuits and claims including but not limited to matters and severance tax payments, gas measurement and damages, climate change, personal injury, and property damage. relate to alleged royalty and tax underpayments claims of alleged environmental contamination vigorously in these matters. Our legal organization applies its knowledge, experience characteristics of our cases, employing a litigation proceedings against us. individual cases. mediation. available information about current developments adequacy of current accruals and determines if accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and not associated with financing arrangements. company with additional funds through advances utilized. $ 196 supplies, commercial activities and services incident In 2007, ConocoPhillips was unable to reach agreement by the Venezuelan government’s Nationalization Decree. Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil response to this expropriation, ConocoPhillips ICSID. ConocoPhillips’ significant oil investments decision that the expropriation was unlawful. government of Venezuela to pay ConocoPhillips approximately $ 8.7 government’s unlawful expropriation of the company’s investments in Venezuela in 2007. filed a request for recognition of the award in several issued a decision rectifying the award and reducing 227 at $ 8.5 automatically stayed enforcement of the award. In 2014, ConocoPhillips filed a separate and independent PDVSA under the contracts that had established the an award in April 2018, finding that PDVSA owed ConocoPhillips 2 agreements in connection with the expropriation of the 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. received approximately $ 754 various jurisdictions, and ConocoPhillips agreed notices of default to PDVSA on October 14 and November breach. the settlement and any actions taken in enforcement including those related to any applicable sanctions In 2016, ConocoPhillips filed a separate and independent PDVSA under the contracts that had established the awarded ConocoPhillips approximately $ 55 recognition and enforcement of the award in various actions related to the award meet all appropriate applicable sanctions imposed by the U.S. against The Office of Natural Resources Revenue (ONRR) has conducted royalties on federal lands and has issued multiple ConocoPhillips has appealed these orders and strongly with the Interior Board of Land Appeals, except filed in 2016 in New Mexico federal court after Beginning in 2017, cities, counties, and state governments Island, Maryland and Hawaii, as well as the Pacific filed lawsuits against oil and gas companies, equitable relief to abate alleged climate change impacts. lawsuits. federal district courts. Francisco and Oakland cases (and other California subject to appeal. currently stayed pending resolution of the Ninth Circuit are proceeding in state court while rulings in those in state or federal court, are on appeal. Several Louisiana parishes have filed lawsuits against seeking compensatory damages in connection are stayed pending an appeal with the Fifth Circuit court. In 2016, ConocoPhillips, through its subsidiary, The Louisiana Land and Exploration submitted claims as the largest private wetlands owner in Louisiana administration process related to the oil spill administrator issued an award to the company which, 90 million. |
Derivative and Financial Instru
Derivative and Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Note 13—Derivative and Financial Instruments We use futures, forwards, swaps and options opportunities and manage foreign exchange currency Commodity Derivative Instruments Our commodity business primarily consists Commodity derivative instruments are held at fair balances have the right of setoff, they are presented on a operating activities on our consolidated statement realized and unrealized gains and losses are recognized business or a net basis if held for trading. with the NPNS exception are recognized upon settlement. contracts. The following table presents the gross fair values line items where they appear on our consolidated Millions of Dollars June 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 316 288 Other assets 35 34 Liabilities Other accruals 310 283 Other liabilities and deferred credits 25 28 The gains (losses) from commodity derivatives consolidated income statement were: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Sales and other operating revenues $ (50) 45 (3) 64 Other income (loss) 3 2 5 1 Purchased commodities 24 (31) (2) (51) The table below summarizes our material net exposures contracts: Open Position Long/(Short) June 30 December 31 2020 2019 Commodity Natural gas and power (billions of cubic feet equivalent) (20) (5) (27) (23) Foreign Currency Exchange Derivatives We have foreign currency exchange rate risk resulting from international operations. exchange derivative activity primarily exposures, such as firm commitments for returns from net investments in foreign affiliates, and investments Our foreign currency exchange derivative instruments Related cash flows are recorded as operating elect hedge accounting on our foreign currency exchange The following table presents the gross fair values collateral, and the line items where they appear Millions of Dollars June 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 23 1 Liabilities Other accruals 1 20 Other liabilities and deferred credits - 8 The (gains) losses from foreign currency exchange on our consolidated income statement were: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Foreign currency transaction (gain) loss $ 12 23 (62) 21 We had the following net notional position of outstanding foreign currency exchange In Millions Notional Currency June 30 December 31 2020 2019 Foreign Currency Exchange Derivatives Buy GBP, GBP 7 4 Sell CAD, buy USD CAD 427 1,337 In the second quarter of 2019, we entered into foreign currency exchange contracts to sell CAD 1.35 billion at CAD 0.748 against the USD. In the first quarter of 2020, we entered into forward currency exchange contracts to buy CAD 0.9 billion at CAD 0.718 against the USD Financial Instruments We invest in financial instruments with maturities based on our cash forecasts for currency pools we manage. ● Time deposits: Interest bearing deposits placed with financial of time. ● Demand deposits: Interest bearing deposits placed withdrawn without notice. ● Commercial paper: Unsecured promissory notes issued government agency purchased at a discount to mature ● U.S. government or government agency obligations: government agencies. ● Corporate bonds: Unsecured debt securities ● Asset-backed securities: Collateralized debt securities. The following investments are carried on our Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long- Term Receivables June 30 December 31 June 30 December 31 June 30 December 31 2020 2019 2020 2019 2020 2019 Cash $ 575 759 Demand Deposits 917 1,483 - - - - Time Deposits Remaining maturities from 1 to 90 days 1,396 2,030 2,339 1,395 - - Remaining maturities from - - 1,302 465 - - Remaining maturities within one year - - 14 - - - Remaining maturities greater than one year through five years - - - - 3 - Commercial Paper Remaining maturities from 1 to 90 days - 413 - 1,069 - - Remaining maturities from - - 50 - - - U.S. Government Obligations Remaining maturities from 1 to 90 days 15 394 - - - - $ 2,903 5,079 3,705 2,929 3 - The following investments in debt securities sheet at fair value: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long- Term Receivables June 30 2020 December 31 2019 June 30 2020 December 31 2019 June 30 2020 December 31 2019 Corporate Bonds Maturities within one year $ - 1 144 59 - - Maturities greater than one year - - - - 134 99 Commercial Paper Maturities within one year 4 8 126 30 - - U.S. Government Obligations Maturities within one year - - 10 10 - - Maturities greater than one year - - - - 16 15 U.S. Government Agency Obligations Maturities greater than one year - - - - 4 - Asset-backed Securities Maturities greater than one year - - - - 37 19 $ 4 9 280 99 191 133 The following table summarizes the amortized classified as available for sale: Millions of Dollars June 30, 2020 December 31, 2019 Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Major Security Type Corporate bonds $ 276 278 159 159 Commercial paper 130 130 38 38 U.S. government obligations 25 26 25 25 U.S. government agency obligations 4 4 - - Asset-backed securities 37 37 19 19 $ 472 475 241 241 As of June 30, 2020 and December 31, 2019, total for sale with net losses were negligible. investments not been recorded were negligible. For the three- in debt securities classified as available for sale 126 189 realized gains and losses included in earnings from securities sold and redeemed is determined Credit Risk Financial instruments potentially exposed to concentrations short-term investments, long-term investments receivables. government money market funds, government debt financial placed in high-quality corporate bonds, U.S. government securities, and time deposits with major international The credit risk from our OTC derivative contracts, counterparty to the transaction. limits and includes the use of cash-call margins when appropriate, nonperformance. these trades are cleared with an exchange clearinghouse settled; however, we are exposed to the credit risk of those exchange margin cash calls, as well as for cash deposited to meet Our trade receivables result primarily international customer base, which limits our receivables have payment terms of 30 days creditworthiness of the counterparties. however, we will sometimes use letters of credit, prepayments credit risk with counterparties that both buy from by us or owed to others to be offset against amounts 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 amounts 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 Exchange. The aggregate fair value of all derivative in a liability position on June 30, 2020 and December 40 79 For these instruments, no had been downgraded below investment grade on 38 million of additional collateral, either with cash or letters |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 14—Fair Value Measurement We carry a portion of our assets and liabilities at fair value measured at the reporting (i.e., the price that would be received to sell an asset the quality of valuation inputs under the following ● Level 1: Quoted prices (unadjusted) in an active ● Level 2: Inputs other than quoted prices that ● Level 3: Unobservable inputs that are significant The classification hierarchy of an asset or liability value. derived from unobservable inputs is inconsequential becomes available. corroborated market data is no longer available. 2020 or 2019. Recurring Fair Value Measurement Financial assets and liabilities reported at fair Cenovus Energy common shares, our investments in debt commodity derivatives. ● Level 1 derivative assets and liabilities primarily valued using unadjusted prices available from the investment in common shares of Cenovus Energy, which is valued using quotes for shares and our investments in U.S. government obligations are valued using exchange prices. ● Level 2 derivative assets and liabilities primarily sale contracts that are valued using adjusted exchange companies that are all corroborated by market data. securities classified as available for sale including asset-backed securities, and U.S. government brokers or pricing service companies that are corroborated ● Level 3 derivative assets and liabilities contracts where a significant portion of fair readily available. relationships among various commodities, modeled relevant economic measures. Level 3 activity was not material for all periods The following table summarizes the fair value unadjusted where the right of setoff exists for commodity basis): Millions of Dollars June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 971 - - 971 2,111 - - 2,111 Investments in debt securities 26 449 - 475 25 216 - 241 Commodity derivatives 207 120 24 351 172 114 36 322 Total assets $ 1,204 569 24 1,797 2,308 330 36 2,674 Liabilities Commodity derivatives $ 216 103 16 335 174 115 22 311 Total liabilities $ 216 103 16 335 174 115 22 311 The following table summarizes those commodity presented on our consolidated balance sheet. multiple derivative instruments executed with the 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 June 30, 2020 Assets $ 351 1 350 233 117 8 109 Liabilities 335 2 333 233 100 22 78 December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 At June 30, 2020 and December 31, 2019, we did sheet where we had the right of setoff. Non-Recurring Fair Value Measurement The following table summarizes the fair value assets accounted for at fair value on a non-recurring Millions of Dollars Fair Value Measurement Using Fair Value Level 3 Inputs Before-Tax Loss Net PP&E (held for use) March 31, 2020 $ 77 77 510 During the first quarter of 2020 , the estimated fair value of our assets in the Wind River Basin operations declined to an amount below the carrying value. developed natural gas properties in the Madden Lower 48 segment. The carrying value was written down to fair value. The fair value was estimated based on an internal discounted cash flow model using estimates of future production, an outlook of future prices using a combination of exchanges (short-term) and external pricing services companies (long-term), future operating costs and capital expenditures, and a discount rate believed to be consistent with those used by principal market participants. fair value measurement were as follows: Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 77 Discounted cash flow Natural gas production (MMCFD) 8.4 55.2 22.9 ) Natural gas price outlook* ($/MMBTU) $ 2.67 9.17 5.68 ) Discount rate** 7.9 % 9.1 % ( 8.3 %) 2.2 % annually after year 2034. **Determined as the weighted average cost of capital of a group Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial ● Cash and cash equivalents and short-term investments: sheet approximates fair value. the carrying amount reported on the balance sheet ● Accounts and notes receivable (including long-term reported on the balance sheet approximates fair estimate the fair value of the current portion and advances—related parties. ● Investment in Cenovus Energy: See Note 6—Investment in carrying value and fair value of our investment in ● Investments in debt securities classified as available securities categorized as Level 1 in the fair fair value of investments in debt securities measured using pricing provided by brokers or pricing market data. ● Loans and advances—related parties: The carrying value. categorized as Level 2 in the fair value hierarchy. Receivables, for additional information. ● Accounts payable (including related parties) payable and floating-rate debt reported on the balance ● Fixed-rate debt: The estimated fair value of fixed-rate pricing service that is corroborated by market data; 2 in the fair value hierarchy. The following table summarizes the net fair setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value June 30 December 31 June 30 December 31 2020 2019 2020 2019 Financial assets Investment in Cenovus Energy $ 971 2,111 971 2,111 Commodity derivatives 110 125 110 125 Investments in debt securities 475 241 475 241 Total loans and advances—related parties 272 339 272 339 Financial liabilities Total debt, excluding finance leases 14,156 14,175 18,307 18,108 Commodity derivatives 80 106 80 106 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 15—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the Millions of Dollars Defined Benefit Plans Net Unrealized Gain on Securities Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ (350) - (5,007) (5,357) Other comprehensive income (loss) 18 2 (488) (468) June 30, 2020 $ (332) 2 (5,495) (5,825) The following table summarizes reclassifications income (loss): Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Defined benefit plans $ 8 17 16 30 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $ 2 5 for the three-month periods ended June 30, 2020 and June 30, 2019, respectively, and $ 4 10 June 30, 2020 and June 30, 2019, respectively. |
Cash Flow Information
Cash Flow Information | 6 Months Ended |
Jun. 30, 2020 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 16—Cash Flow Information Millions of Dollars Six Months Ended June 30 2020 2019 Cash Payments Interest $ 397 414 Income taxes 761 1,572 Net Sales (Purchases) of Investments Short-term investments purchased $ (7,021) (982) Short-term investments sold 6,147 497 Long-term investments purchased (208) - Long-term investments sold 52 - $ (1,030) (485) |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended March 31, September 30, Service cost $ 21 13 19 18 - - Interest cost 17 20 21 26 1 3 Expected return on plan assets (21) (34) (18) (35) - - Amortization of prior service credit - - - (1) (8) (9) Recognized net actuarial loss 13 5 13 8 - - Settlements - - 11 - - - Net periodic benefit cost $ 30 4 46 16 (7) (6) Six Months Ended March 31, 30, Service cost $ 42 27 39 37 1 - Interest cost 34 42 42 52 3 5 Expected return on plan assets (42) (71) (36) (70) - - Amortization of prior service credit - - - (1) (16) (17) Recognized net actuarial loss (gain) 25 11 26 16 - (1) Settlements 1 (1) 17 - - - Net periodic benefit cost $ 60 8 88 34 (12) (13) The components of net periodic benefit cost, other expenses” line item on our consolidated income statement. During the first six months of 2020, we contributed 49 44 to our international benefit plans. 130 our domestic qualified and nonqualified pension 60 international qualified and nonqualified pension |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18—Related Party Transactions Our related parties primarily include equity method For disclosures on trusts for the benefit of employees, Significant transactions with our equity affiliates Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Operating revenues and other income $ 21 26 38 47 Purchases - 17 - 38 Operating expenses and selling, general and administrative expenses 12 14 27 28 Net interest income* (2) (3) (4) (7) *We paid interest to, or received interest information on loans to affiliated companies. |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 19—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from contracts with customers $ 1,919 6,633 6,830 13,692 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 856 1,371 2,152 3,452 Financial derivative contracts (26) (51) (75) (41) Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 Revenues from contracts outside the scope of ASC market prices which qualify as derivatives accounted and for which we have not elected NPNS. for recognition of revenue from these contracts disaggregation of revenues is provided in conjunction Information: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 698 1,111 1,674 2,724 Canada 121 100 300 341 Europe and North Africa 37 160 178 387 Physical contracts meeting the definition of a derivative $ 856 1,371 2,152 3,452 Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 26 165 118 353 Natural gas 763 1,095 1,853 2,863 Other 67 111 181 236 Physical contracts meeting the definition of a derivative $ 856 1,371 2,152 3,452 Practical Expedients Typically, cases may extend longer, which may be out to the end of field 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. 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. Receivables and Contract Liabilities Receivables from Contracts with Customers At June 30, 2020, the “Accounts and notes receivable” receivables of $ 745 2,372 with customers within the scope of ASC Topic 606 and those that are outside the We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. market prices for which we do not elect NPNS and Topic 815. associated with gas sold under contracts for where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into contractual arrangements where we license proprietary technology to the optimization process for operating LNG payments to be made at 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 installments over the construction period. Millions of Dollars Contract Liabilities As of June 30, 2020 and December 31, 2019 $ 80 Amounts Recognized in the Consolidated Balance Current liabilities $ 47 Noncurrent liabilities 33 $ 80 We expect to recognize the contract liabilities as of June 30, 2020, as revenue during 2021 and 2022. were no |
Segment Disclosures and Related
Segment Disclosures and Related Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Disclosures and Related Information [Abstract] | |
Segment Disclosures and Related Information | Note 20—Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a basis. six region: Alaska, Lower 48, Canada, Europe and North International. Corporate and Other represents income and costs most interest expense, corporate overhead and Corporate assets include all cash and cash equivalents We evaluate performance and allocate resources based on net income (loss) attributable Intersegment sales are at prices that approximate Effective in the third quarter of 2020, we will restructure organization. Europe and North Africa segment. North Africa and Middle East segment. segment information disclosures and segment performance for the current and historical comparative periods. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Sales and Other Operating Revenues Alaska $ 419 1,426 1,532 2,833 Intersegment eliminations 19 - 19 - Alaska 438 1,426 1,551 2,833 Lower 48 1,433 3,809 4,536 7,962 Intersegment eliminations (28) (11) (38) (23) Lower 48 1,405 3,798 4,498 7,939 Canada 165 717 678 1,540 Intersegment eliminations - (335) (180) (585) Canada 165 382 498 955 Europe and North Africa 288 1,313 888 2,859 Asia Pacific and Middle East 450 1,030 1,453 2,373 Other International 1 - 4 - Corporate and Other 2 4 15 144 Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 Sales and Other Operating Revenues by Geographic (1) United States $ 1,844 5,225 6,061 10,911 Australia 168 311 605 870 Canada 165 382 498 955 China 67 159 213 402 Indonesia 132 226 336 431 Libya - 267 44 521 Malaysia 83 334 299 670 Norway 242 561 688 1,149 United Kingdom 46 485 156 1,189 Other foreign countries 2 3 7 5 Worldwide consolidated $ 2,749 7,953 8,907 17,103 Sales and Other Operating Revenues by Product Crude oil $ 1,216 4,813 4,660 9,394 Natural gas 1,190 1,915 2,845 4,918 Natural gas liquids 84 213 235 451 Other (2) 259 1,012 1,167 2,340 Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Includes LNG and bitumen. Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Net Income (Loss) Attributable to ConocoPhillips Alaska $ (141) 462 (60) 846 Lower 48 (365) 206 (802) 399 Canada (86) 100 (195) 222 Europe and North Africa 11 407 86 614 Asia Pacific and Middle East 662 517 1,060 1,042 Other International (6) 81 22 212 Corporate and Other 185 (193) (1,590) 78 Consolidated net income (loss) attributable $ 260 1,580 (1,479) 3,413 Millions of Dollars June 30 December 31 2020 2019 Total Assets Alaska $ 16,121 15,453 Lower 48 12,158 14,425 Canada 5,909 6,350 Europe and North Africa 7,204 8,121 Asia Pacific and Middle East 12,404 14,716 Other International 299 285 Corporate and Other 8,951 11,164 Consolidated total assets $ 63,046 70,514 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 21—Income Taxes Our effective tax rate for the three-month period ended June than the comparative period in 2019 due to a number impacting our $ 21 recognized for our Australia-West assets of $ 587 10 derecognition of $ 92 divestiture, a $ 48 valuation allowance. For the comparative three-month primarily impacted by a benefit of $ 234 disposed U.K. subsidiaries. The effective tax rate for the six-month period ended June 7 27 for the same period of 2019. period ended, jurisdictions in 2020. As a result of the COVID-19 pandemic and the operate, including Australia, Canada, Norway and the second quarter, immediate monetization of tax losses. liability of $ 120 124 Legislation in other jurisdictions did not have a During the three- $ 117 229 85 191 million for the same periods of 2019. primarily to the fair value measurement of our Cenovus impact related to incremental capital gains and losses. |
Supplementary Information - Con
Supplementary Information - Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2020 | |
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
Supplementary Information - Condensed Consolidating Financial Information | Supplementary Information—Condensed Consolidating We have various cross guarantees among ConocoPhillips, ConocoPhillips Company LLC, with respect to publicly held debt securities. 100 ConocoPhillips. 100 ConocoPhillips and/or ConocoPhillips Company obligations of Burlington Resources LLC, with respect ConocoPhillips has fully and unconditionally with respect to its publicly held debt securities. unconditionally guaranteed the payment obligations securities. presents the results of operations, financial ● ConocoPhillips, ConocoPhillips Company and investments in subsidiaries utilizing the equity ● All other nonguarantor subsidiaries of ConocoPhillips. ● The consolidating adjustments necessary to present This condensed consolidating financial information consolidated financial statements and notes. In May 2020, ConocoPhillips received a $ 2.2 0.8 ConocoPhillips Company to settle certain on our consolidated financial statements. In May 2020, ConocoPhillips Company received 2.4 0.8 capital from a nonguarantor subsidiary to settle had no impact on our consolidated financial statements. Millions of Dollars Three Months Ended June 30, 2020 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 1,329 - 1,420 - 2,749 Equity in earnings (losses) of affiliates 315 231 (304) 76 (241) 77 Gain on dispositions - 7 - 589 - 596 Other income 1 563 - 30 - 594 Intercompany revenues - 39 1 231 (271) - Total Revenues and Other Income 316 2,169 (303) 2,346 (512) 4,016 Costs and Expenses Purchased commodities - 1,188 - 194 (252) 1,130 Production and operating expenses 1 218 - 829 (1) 1,047 Selling, general and administrative expenses 3 138 - 15 - 156 Exploration expenses - 19 - 78 - 97 Depreciation, depletion and amortization - 160 - 998 - 1,158 Impairments - 1 - (3) - (2) Taxes other than income taxes - 23 - 118 - 141 Accretion on discounted liabilities - 3 - 63 - 66 Interest and debt expense 67 98 33 22 (18) 202 Foreign currency transaction (gains) losses - (18) - 25 - 7 Other expenses - (1) - (6) - (7) Total Costs and Expenses 71 1,829 33 2,333 (271) 3,995 Income (loss) before income taxes 245 340 (336) 13 (241) 21 Income tax provision (benefit) (15) 25 (7) (260) - (257) Net income (loss) 260 315 (329) 273 (241) 278 Less: net income attributable to noncontrolling interests - - - (18) - (18) Net Income (Loss) Attributable to ConocoPhillips $ 260 315 (329) 255 (241) 260 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 580 635 (83) 566 (1,118) 580 Income Statement Three Months Ended June 30, 2019 Revenues and Other Income Sales and other operating revenues $ - 3,487 - 4,466 - 7,953 Equity in earnings of affiliates 1,637 2,088 533 173 (4,258) 173 Gain on dispositions - 10 - 72 - 82 Other income - 44 1 127 - 172 Intercompany revenues - 23 10 1,782 (1,815) - Total Revenues and Other Income 1,637 5,652 544 6,620 (6,073) 8,380 Costs and Expenses Purchased commodities - 3,124 - 946 (1,396) 2,674 Production and operating expenses 1 657 - 1,113 (353) 1,418 Selling, general and administrative expenses 2 83 - 44 - 129 Exploration expenses - 47 - 75 - 122 Depreciation, depletion and amortization - 148 - 1,342 - 1,490 Impairments - - - 1 - 1 Taxes other than income taxes - 33 - 161 - 194 Accretion on discounted liabilities - 4 - 83 - 87 Interest and debt expense 70 143 33 (15) (66) 165 Foreign currency transaction losses - 23 - 5 - 28 Other expenses - 13 - 1 - 14 Total Costs and Expenses 73 4,275 33 3,756 (1,815) 6,322 Income before income taxes 1,564 1,377 511 2,864 (4,258) 2,058 Income tax provision (benefit) (16) (260) (4) 741 - 461 Net income 1,580 1,637 515 2,123 (4,258) 1,597 Less: net income attributable to noncontrolling interests - - - (17) - (17) Net Income Attributable to ConocoPhillips $ 1,580 1,637 515 2,106 (4,258) 1,580 Comprehensive Income Attributable to ConocoPhillips $ 1,667 1,724 623 2,182 (4,529) 1,667 See Notes to Consolidated Financial Statements. Millions of Dollars Six Months Ended June 30, 2020 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 4,232 - 4,675 - 8,907 Equity in earnings (losses) of affiliates (1,366) 351 (730) 309 1,747 311 Gain on dispositions - 16 - 538 - 554 Other income (loss) - (1,083) 1 137 - (945) Intercompany revenues - 69 4 1,138 (1,211) - Total Revenues and Other Income (1,366) 3,585 (725) 6,797 536 8,827 Costs and Expenses Purchased commodities - 3,800 - 1,140 (1,149) 3,791 Production and operating expenses 1 378 1 1,842 (2) 2,220 Selling, general and administrative expenses 5 115 - 38 (5) 153 Exploration expenses - 44 - 241 - 285 Depreciation, depletion and amortization - 307 - 2,262 - 2,569 Impairments - 3 - 516 - 519 Taxes other than income taxes - 71 - 320 - 391 Accretion on discounted liabilities - 7 - 126 - 133 Interest and debt expense 137 205 66 51 (55) 404 Foreign currency transaction gains - (19) - (64) - (83) Other expenses - (7) - (6) - (13) Total Costs and Expenses 143 4,904 67 6,466 (1,211) 10,369 Income (loss) before income taxes (1,509) (1,319) (792) 331 1,747 (1,542) Income tax provision (benefit) (30) 47 (13) (113) - (109) Net income (loss) (1,479) (1,366) (779) 444 1,747 (1,433) Less: net income attributable to noncontrolling interests - - - (46) - (46) Net Income (Loss) Attributable to ConocoPhillips $ (1,479) (1,366) (779) 398 1,747 (1,479) Comprehensive Loss Attributable to ConocoPhillips $ (1,947) (1,834) (1,130) (83) 3,047 (1,947) Income Statement Six Months Ended June 30, 2019 Revenues and Other Income Sales and other operating revenues $ - 7,468 - 9,635 - 17,103 Equity in earnings of affiliates 3,527 3,710 1,006 359 (8,241) 361 Gain on dispositions - 5 - 94 - 99 Other income 1 552 1 320 - 874 Intercompany revenues - 49 23 2,943 (3,015) - Total Revenues and Other Income 3,528 11,784 1,030 13,351 (11,256) 18,437 Costs and Expenses Purchased commodities - 6,621 - 2,250 (2,522) 6,349 Production and operating expenses 1 837 1 2,204 (354) 2,689 Selling, general and administrative expenses 6 212 - 69 (5) 282 Exploration expenses - 94 - 138 - 232 Depreciation, depletion and amortization - 284 - 2,752 - 3,036 Impairments - - - 2 - 2 Taxes other than income taxes - 79 - 390 - 469 Accretion on discounted liabilities - 8 - 165 - 173 Interest and debt expense 139 292 66 35 (134) 398 Foreign currency transaction losses - 29 - 11 - 40 Other expenses - 25 - (3) - 22 Total Costs and Expenses 146 8,481 67 8,013 (3,015) 13,692 Income before income taxes 3,382 3,303 963 5,338 (8,241) 4,745 Income tax provision (benefit) (31) (224) (9) 1,566 - 1,302 Net income 3,413 3,527 972 3,772 (8,241) 3,443 Less: net income attributable to noncontrolling interests - - - (30) - (30) Net Income Attributable to ConocoPhillips $ 3,413 3,527 972 3,742 (8,241) 3,413 Comprehensive Income Attributable to ConocoPhillips $ 3,689 3,803 1,204 3,998 (9,005) 3,689 See Notes to Consolidated Financial Statements. Millions of Dollars June 30, 2020 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,801 - 1,106 - 2,907 Short-term investments - 3,934 - 51 - 3,985 Accounts and notes receivable 5 850 2 1,944 (1,269) 1,532 Investment in Cenovus Energy - 971 - - - 971 Inventories - 125 - 857 - 982 Prepaid expenses and other current assets 1 209 - 466 - 676 Total Current Assets 6 7,890 2 4,424 (1,269) 11,053 Investments, loans and long-term receivables* 29,249 39,784 10,711 13,457 (84,700) 8,501 Net properties, plants and equipment - 3,561 - 37,559 - 41,120 Other assets 4 730 248 2,087 (697) 2,372 Total Assets $ 29,259 51,965 10,961 57,527 (86,666) 63,046 Liabilities and Stockholders’ Equity Accounts payable $ - 1,394 109 1,846 (1,269) 2,080 Short-term debt (3) 4 14 131 - 146 Accrued income and other taxes - 91 - 221 - 312 Employee benefit obligations - 327 - 95 - 422 Other accruals 85 356 35 669 - 1,145 Total Current Liabilities 82 2,172 158 2,962 (1,269) 4,105 Long-term debt 3,795 6,667 2,123 2,267 - 14,852 Asset retirement obligations and accrued environmental costs - 339 - 5,126 - 5,465 Deferred income taxes - - - 4,598 (697) 3,901 Employee benefit obligations - 1,186 - 400 - 1,586 Other liabilities and deferred credits* 447 5,814 919 8,925 (14,461) 1,644 Total Liabilities 4,324 16,178 3,200 24,278 (16,427) 31,553 Retained earnings 30,793 17,543 1,384 7,680 (20,049) 37,351 Other common stockholders’ equity (5,858) 18,244 6,377 25,569 (50,190) (5,858) Total Liabilities and Stockholders’ Equity $ 29,259 51,965 10,961 57,527 (86,666) 63,046 *Includes intercompany loans. Balance Sheet December 31, 2019 Assets Cash and cash equivalents $ - 3,439 - 1,649 - 5,088 Short-term investments - 2,670 - 358 - 3,028 Accounts and notes receivable 5 2,088 2 3,881 (2,575) 3,401 Investment in Cenovus Energy - 2,111 - - - 2,111 Inventories - 168 - 858 - 1,026 Prepaid expenses and other current assets 1 352 - 1,906 - 2,259 Total Current Assets 6 10,828 2 8,652 (2,575) 16,913 Investments, loans and long-term receivables* 34,076 44,969 11,662 15,612 (97,413) 8,906 Net properties, plants and equipment - 3,552 - 38,717 - 42,269 Other assets 3 765 253 2,210 (805) 2,426 Total Assets $ 34,085 60,114 11,917 65,191 (100,793) 70,514 Liabilities and Stockholders’ Equity Accounts payable $ - 2,670 21 3,084 (2,575) 3,200 Short-term debt (3) 4 13 91 - 105 Accrued income and other taxes - 79 - 951 - 1,030 Employee benefit obligations - 508 - 155 - 663 Other accruals 84 408 35 1,518 - 2,045 Total Current Liabilities 81 3,669 69 5,799 (2,575) 7,043 Long-term debt 3,794 6,670 2,129 2,197 - 14,790 Asset retirement obligations and accrued environmental costs - 322 - 5,030 - 5,352 Deferred income taxes - - - 5,438 (804) 4,634 Employee benefit obligations - 1,329 - 452 - 1,781 Other liabilities and deferred credits* 1,787 7,514 826 9,271 (17,534) 1,864 Total Liabilities 5,662 19,504 3,024 28,187 (20,913) 35,464 Retained earnings 33,184 21,898 2,164 10,481 (27,985) 39,742 Other common stockholders’ equity (4,761) 18,712 6,729 26,454 (51,895) (4,761) Noncontrolling interests - - - 69 - 69 Total Liabilities and Stockholders’ Equity $ 34,085 60,114 11,917 65,191 (100,793) 70,514 *Includes intercompany loans. See Notes to Consolidated Financial Statements. Millions of Dollars Six Months Ended June 30, 2020 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Net Cash Provided by Operating Activities $ 2,115 1,926 36 2,751 (4,566) 2,262 Cash Flows From Investing Activities Capital expenditures and investments - (322) (14) (2,203) 14 (2,525) Working capital changes associated - (49) - (202) - (251) Proceeds from asset dispositions 765 1,327 - 1,174 (1,953) 1,313 Sales (purchases) of short-term investments - (1,324) - 294 - (1,030) Long-term advances/loans—related parties - (10) - - 10 - Collection of advances/loans—related parties - 71 - 66 (71) 66 Intercompany cash management (1,339) (269) (22) 1,630 - - Other - - - (35) - (35) Net Cash Provided by (Used in) Investing Activities (574) (576) (36) 724 (2,000) (2,462) Cash Flows From Financing Activities Issuance of debt - - - 10 (10) - Repayment of debt - - - (285) 71 (214) Issuance of company common stock 95 - - - (93) 2 Repurchase of company common stock (726) - - - - (726) Dividends paid (913) (2,990) - (3,200) 6,190 (913) Other 3 - - (439) 408 (28) Net Cash Used in Financing Activities (1,541) (2,990) - (3,914) 6,566 (1,879) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted - - - (93) - (93) Net Change in Cash, Cash Equivalents and Restricted Cash - (1,640) - (532) - (2,172) Cash, cash equivalents and restricted cash at beginning of period - 3,443 - 1,919 - 5,362 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,803 - 1,387 - 3,190 Statement of Cash Flows Six Months Ended June 30, 2019* Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 1,571 5,050 (40) 4,768 (5,564) 5,785 Cash Flows From Investing Activities Capital expenditures and investments - (653) - (2,882) 169 (3,366) Working capital changes associated - 41 - (17) - 24 Proceeds from asset dispositions - 217 - 559 (75) 701 Purchases of short-term investments - (50) - (435) - (485) Long-term advances/loans—related parties - (19) - - 19 - Collection of advances/loans—related parties - 69 - 82 (89) 62 Intercompany cash management 1,082 (3,256) 40 2,134 - - Other - 118 - 8 - 126 Net Cash Provided by (Used in) Investing Activities 1,082 (3,533) 40 (551) 24 (2,938) Cash Flows From Financing Activities Issuance of debt - - - 19 (19) - Repayment of debt - (21) - (106) 89 (38) Issuance of company common stock 43 - - - (79) (36) Repurchase of company common stock (2,002) - - - - (2,002) Dividends paid (696) (1,660) - (3,983) 5,643 (696) Other 2 - - 37 (94) (55) Net Cash Used in Financing Activities (2,653) (1,681) - (4,033) 5,540 (2,827) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted - (1) - 27 - 26 Net Change in Cash, Cash Equivalents and Restricted Cash - (165) - 211 - 46 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 $ - 1,263 - 4,934 - 6,197 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Policy Text Block [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The interim-period financial information unaudited and, in the opinion of management, presentation of the consolidated financial flows for such periods. Certain notes and other information have been included in this report. consolidated financial statements The unrealized (gain) loss on investment in Cenovus flows, previously reflected on the line item reclassified in the comparative period to conform |
Revenue Recognition, Policy [Policy Text Block] | Typically, cases may extend longer, which may be out to the end of field 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. 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. |
Long-Duration Contracts Revenue Recognition, Policy [Policy Text Block] | We have entered into contractual arrangements where we license proprietary technology to the optimization process for operating LNG payments to be made at 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 installments over the construction period. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 3—Inventories Inventories consisted of the following: Millions of Dollars June 30 2020 2019 Crude oil and natural gas $ 452 472 Materials and supplies 530 554 $ 982 1,026 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Impairments [Abstract] | |
Before-tax impairment charges [Table Text Block] | Note 8—Impairments During the three- charges within the following segments: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Lower 48 2 - 513 - Europe and North Africa (4) 1 6 2 $ (2) 1 519 2 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Note 10—Changes in Equity Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Loss Retained Earnings Non- Controlling Interests Total For the three months ended June 30, 2020 Balances at March 31, 2020 $ 18 47,027 (47,130) (6,145) 37,545 72 31,387 Net income 260 18 278 Other comprehensive income 320 320 Dividends paid ($ 0.42 (455) (455) Distributions to noncontrolling interests and other (6) (6) Disposition (84) (84) Distributed under benefit plans 52 52 Other 1 1 Balances at June 30, 2020 $ 18 47,079 (47,130) (5,825) 37,351 - 31,493 For the six months ended June 30, 2020 Balances at December 31, 2019 $ 18 46,983 (46,405) (5,357) 39,742 69 35,050 Net income (loss) (1,479) 46 (1,433) Other comprehensive loss (468) (468) Dividends paid ($ 0.84 (913) (913) Repurchase of company common stock (726) (726) Distributions to noncontrolling interests and other (32) (32) Disposition (84) (84) Distributed under benefit plans 96 96 Other 1 1 1 3 Balances at June 30, 2020 $ 18 47,079 (47,130) (5,825) 37,351 - 31,493 Millions of Dollars Attributable to ConocoPhillips Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Loss Retained Earnings Non- Controlling Interests Total For the three months ended June 30, 2019 Balances at March 31, 2019 $ 18 46,877 (43,656) (5,914) 35,534 122 32,981 Net income 1,580 17 1,597 Other comprehensive income 87 87 Dividends paid ($ 0.31 (346) (346) Repurchase of company common stock (1,250) (1,250) Distributions to noncontrolling interests and other (43) (43) Distributed under benefit plans 45 45 Other 1 2 3 Balances at June 30, 2019 $ 18 46,922 (44,906) (5,827) 36,769 98 33,074 For the six months ended June 30, 2019 Balances at December 31, 2018 $ 18 46,879 (42,905) (6,063) 34,010 125 32,064 Net income 3,413 30 3,443 Other comprehensive income 276 276 Dividends paid ($ 0.61 (696) (696) Repurchase of company common stock (2,002) (2,002) Distributions to noncontrolling interests and other (60) (60) Distributed under benefit plans 43 43 Changes in Accounting Principles* (40) 40 - Other 1 2 3 6 Balances at June 30, 2019 $ 18 46,922 (44,906) (5,827) 36,769 98 33,074 *Cumulative effect of the adoption of ASU No. 2018-02, |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative and Financial Instruments [Abstract] | |
Balance sheet location and fair value amounts of derivatives | The following table presents the gross fair values line items where they appear on our consolidated Millions of Dollars June 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 316 288 Other assets 35 34 Liabilities Other accruals 310 283 Other liabilities and deferred credits 25 28 The following table presents the gross fair values collateral, and the line items where they appear Millions of Dollars June 30 December 31 2020 2019 Assets Prepaid expenses and other current assets $ 23 1 Liabilities Other accruals 1 20 Other liabilities and deferred credits - 8 |
Income statement location and gain/loss amounts of derivatives | The gains (losses) from commodity derivatives consolidated income statement were: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Sales and other operating revenues $ (50) 45 (3) 64 Other income (loss) 3 2 5 1 Purchased commodities 24 (31) (2) (51) The (gains) losses from foreign currency exchange on our consolidated income statement were: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Foreign currency transaction (gain) loss $ 12 23 (62) 21 |
Net exposures from outstanding commodity derivative contracts | The table below summarizes our material net exposures contracts: Open Position Long/(Short) June 30 December 31 2020 2019 Commodity Natural gas and power (billions of cubic feet equivalent) (20) (5) (27) (23) We had the following net notional position of outstanding foreign currency exchange In Millions Notional Currency June 30 December 31 2020 2019 Foreign Currency Exchange Derivatives Buy GBP, GBP 7 4 Sell CAD, buy USD CAD 427 1,337 |
Net carrying amount of held to maturity investments | The following investments are carried on our Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long- Term Receivables June 30 December 31 June 30 December 31 June 30 December 31 2020 2019 2020 2019 2020 2019 Cash $ 575 759 Demand Deposits 917 1,483 - - - - Time Deposits Remaining maturities from 1 to 90 days 1,396 2,030 2,339 1,395 - - Remaining maturities from - - 1,302 465 - - Remaining maturities within one year - - 14 - - - Remaining maturities greater than one year through five years - - - - 3 - Commercial Paper Remaining maturities from 1 to 90 days - 413 - 1,069 - - Remaining maturities from - - 50 - - - U.S. Government Obligations Remaining maturities from 1 to 90 days 15 394 - - - - $ 2,903 5,079 3,705 2,929 3 - |
Debt Securities Carried at Fair Value | The following investments in debt securities sheet at fair value: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long- Term Receivables June 30 2020 December 31 2019 June 30 2020 December 31 2019 June 30 2020 December 31 2019 Corporate Bonds Maturities within one year $ - 1 144 59 - - Maturities greater than one year - - - - 134 99 Commercial Paper Maturities within one year 4 8 126 30 - - U.S. Government Obligations Maturities within one year - - 10 10 - - Maturities greater than one year - - - - 16 15 U.S. Government Agency Obligations Maturities greater than one year - - - - 4 - Asset-backed Securities Maturities greater than one year - - - - 37 19 $ 4 9 280 99 191 133 |
Amortized cost basis and fair value of investments in debt securities classified as available for sale | The following table summarizes the amortized classified as available for sale: Millions of Dollars June 30, 2020 December 31, 2019 Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Major Security Type Corporate bonds $ 276 278 159 159 Commercial paper 130 130 38 38 U.S. government obligations 25 26 25 25 U.S. government agency obligations 4 4 - - Asset-backed securities 37 37 19 19 $ 472 475 241 241 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurement [Abstract] | |
Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 971 - - 971 2,111 - - 2,111 Investments in debt securities 26 449 - 475 25 216 - 241 Commodity derivatives 207 120 24 351 172 114 36 322 Total assets $ 1,204 569 24 1,797 2,308 330 36 2,674 Liabilities Commodity derivatives $ 216 103 16 335 174 115 22 311 Total liabilities $ 216 103 16 335 174 115 22 311 |
Commodity derivative balances subject to right of setoff | The following table summarizes those commodity presented on our consolidated balance sheet. multiple derivative instruments executed with the 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 June 30, 2020 Assets $ 351 1 350 233 117 8 109 Liabilities 335 2 333 233 100 22 78 December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 At June 30, 2020 and December 31, 2019, we did 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 assets accounted for at fair value on a non-recurring Millions of Dollars Fair Value Measurement Using Fair Value Level 3 Inputs Before-Tax Loss Net PP&E (held for use) March 31, 2020 $ 77 77 510 |
Range and arithmetic average of significant unobservable inputs - Wind River Basin | Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 77 Discounted cash flow Natural gas production (MMCFD) 8.4 55.2 22.9 ) Natural gas price outlook* ($/MMBTU) $ 2.67 9.17 5.68 ) Discount rate** 7.9 % 9.1 % ( 8.3 %) 2.2 % annually after year 2034. **Determined as the weighted average cost of capital of a group |
Net fair value of financial instruments | The following table summarizes the net fair setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value June 30 December 31 June 30 December 31 2020 2019 2020 2019 Financial assets Investment in Cenovus Energy $ 971 2,111 971 2,111 Commodity derivatives 110 125 110 125 Investments in debt securities 475 241 475 241 Total loans and advances—related parties 272 339 272 339 Financial liabilities Total debt, excluding finance leases 14,156 14,175 18,307 18,108 Commodity derivatives 80 106 80 106 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of accumulated other comprehensive loss in the equity section of the balance sheet | Note 15—Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the Millions of Dollars Defined Benefit Plans Net Unrealized Gain on Securities Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ (350) - (5,007) (5,357) Other comprehensive income (loss) 18 2 (488) (468) June 30, 2020 $ (332) 2 (5,495) (5,825) |
Items reclassified out of accumulated other comprehensive income (loss) | The following table summarizes reclassifications income (loss): Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Defined benefit plans $ 8 17 16 30 The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $ 2 5 for the three-month periods ended June 30, 2020 and June 30, 2019, respectively, and $ 4 10 June 30, 2020 and June 30, 2019, respectively. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | Note 16—Cash Flow Information Millions of Dollars Six Months Ended June 30 2020 2019 Cash Payments Interest $ 397 414 Income taxes 761 1,572 Net Sales (Purchases) of Investments Short-term investments purchased $ (7,021) (982) Short-term investments sold 6,147 497 Long-term investments purchased (208) - Long-term investments sold 52 - $ (1,030) (485) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Employee Benefit Plans [Abstract] | |
Pension and Postretirement Plans | Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended March 31, September 30, Service cost $ 21 13 19 18 - - Interest cost 17 20 21 26 1 3 Expected return on plan assets (21) (34) (18) (35) - - Amortization of prior service credit - - - (1) (8) (9) Recognized net actuarial loss 13 5 13 8 - - Settlements - - 11 - - - Net periodic benefit cost $ 30 4 46 16 (7) (6) Six Months Ended March 31, 30, Service cost $ 42 27 39 37 1 - Interest cost 34 42 42 52 3 5 Expected return on plan assets (42) (71) (36) (70) - - Amortization of prior service credit - - - (1) (16) (17) Recognized net actuarial loss (gain) 25 11 26 16 - (1) Settlements 1 (1) 17 - - - Net periodic benefit cost $ 60 8 88 34 (12) (13) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Significant transactions with related parties | Note 18—Related Party Transactions Our related parties primarily include equity method For disclosures on trusts for the benefit of employees, Significant transactions with our equity affiliates Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Operating revenues and other income $ 21 26 38 47 Purchases - 17 - 38 Operating expenses and selling, general and administrative expenses 12 14 27 28 Net interest income* (2) (3) (4) (7) *We paid interest to, or received interest information on loans to affiliated companies. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from contracts with customers $ 1,919 6,633 6,830 13,692 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 856 1,371 2,152 3,452 Financial derivative contracts (26) (51) (75) (41) Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 698 1,111 1,674 2,724 Canada 121 100 300 341 Europe and North Africa 37 160 178 387 Physical contracts meeting the definition of a derivative $ 856 1,371 2,152 3,452 Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 26 165 118 353 Natural gas 763 1,095 1,853 2,863 Other 67 111 181 236 Physical contracts meeting the definition of a derivative $ 856 1,371 2,152 3,452 |
Contract with Customer, Asset and Liability [Table Text Block] | Millions of Dollars Contract Liabilities As of June 30, 2020 and December 31, 2019 $ 80 Amounts Recognized in the Consolidated Balance Current liabilities $ 47 Noncurrent liabilities 33 $ 80 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Disclosures and Related Information [Abstract] | |
Analysis of Results by Operating Segment | Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Sales and Other Operating Revenues Alaska $ 419 1,426 1,532 2,833 Intersegment eliminations 19 - 19 - Alaska 438 1,426 1,551 2,833 Lower 48 1,433 3,809 4,536 7,962 Intersegment eliminations (28) (11) (38) (23) Lower 48 1,405 3,798 4,498 7,939 Canada 165 717 678 1,540 Intersegment eliminations - (335) (180) (585) Canada 165 382 498 955 Europe and North Africa 288 1,313 888 2,859 Asia Pacific and Middle East 450 1,030 1,453 2,373 Other International 1 - 4 - Corporate and Other 2 4 15 144 Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 Sales and Other Operating Revenues by Geographic (1) United States $ 1,844 5,225 6,061 10,911 Australia 168 311 605 870 Canada 165 382 498 955 China 67 159 213 402 Indonesia 132 226 336 431 Libya - 267 44 521 Malaysia 83 334 299 670 Norway 242 561 688 1,149 United Kingdom 46 485 156 1,189 Other foreign countries 2 3 7 5 Worldwide consolidated $ 2,749 7,953 8,907 17,103 Sales and Other Operating Revenues by Product Crude oil $ 1,216 4,813 4,660 9,394 Natural gas 1,190 1,915 2,845 4,918 Natural gas liquids 84 213 235 451 Other (2) 259 1,012 1,167 2,340 Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Includes LNG and bitumen. Millions of Dollars Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Net Income (Loss) Attributable to ConocoPhillips Alaska $ (141) 462 (60) 846 Lower 48 (365) 206 (802) 399 Canada (86) 100 (195) 222 Europe and North Africa 11 407 86 614 Asia Pacific and Middle East 662 517 1,060 1,042 Other International (6) 81 22 212 Corporate and Other 185 (193) (1,590) 78 Consolidated net income (loss) attributable $ 260 1,580 (1,479) 3,413 Millions of Dollars June 30 December 31 2020 2019 Total Assets Alaska $ 16,121 15,453 Lower 48 12,158 14,425 Canada 5,909 6,350 Europe and North Africa 7,204 8,121 Asia Pacific and Middle East 12,404 14,716 Other International 299 285 Corporate and Other 8,951 11,164 Consolidated total assets $ 63,046 70,514 |
Supplementary Information - C_2
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Supplementary Information - Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidated Income Statement | Millions of Dollars Three Months Ended June 30, 2020 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 1,329 - 1,420 - 2,749 Equity in earnings (losses) of affiliates 315 231 (304) 76 (241) 77 Gain on dispositions - 7 - 589 - 596 Other income 1 563 - 30 - 594 Intercompany revenues - 39 1 231 (271) - Total Revenues and Other Income 316 2,169 (303) 2,346 (512) 4,016 Costs and Expenses Purchased commodities - 1,188 - 194 (252) 1,130 Production and operating expenses 1 218 - 829 (1) 1,047 Selling, general and administrative expenses 3 138 - 15 - 156 Exploration expenses - 19 - 78 - 97 Depreciation, depletion and amortization - 160 - 998 - 1,158 Impairments - 1 - (3) - (2) Taxes other than income taxes - 23 - 118 - 141 Accretion on discounted liabilities - 3 - 63 - 66 Interest and debt expense 67 98 33 22 (18) 202 Foreign currency transaction (gains) losses - (18) - 25 - 7 Other expenses - (1) - (6) - (7) Total Costs and Expenses 71 1,829 33 2,333 (271) 3,995 Income (loss) before income taxes 245 340 (336) 13 (241) 21 Income tax provision (benefit) (15) 25 (7) (260) - (257) Net income (loss) 260 315 (329) 273 (241) 278 Less: net income attributable to noncontrolling interests - - - (18) - (18) Net Income (Loss) Attributable to ConocoPhillips $ 260 315 (329) 255 (241) 260 Comprehensive Income (Loss) Attributable to ConocoPhillips $ 580 635 (83) 566 (1,118) 580 Income Statement Three Months Ended June 30, 2019 Revenues and Other Income Sales and other operating revenues $ - 3,487 - 4,466 - 7,953 Equity in earnings of affiliates 1,637 2,088 533 173 (4,258) 173 Gain on dispositions - 10 - 72 - 82 Other income - 44 1 127 - 172 Intercompany revenues - 23 10 1,782 (1,815) - Total Revenues and Other Income 1,637 5,652 544 6,620 (6,073) 8,380 Costs and Expenses Purchased commodities - 3,124 - 946 (1,396) 2,674 Production and operating expenses 1 657 - 1,113 (353) 1,418 Selling, general and administrative expenses 2 83 - 44 - 129 Exploration expenses - 47 - 75 - 122 Depreciation, depletion and amortization - 148 - 1,342 - 1,490 Impairments - - - 1 - 1 Taxes other than income taxes - 33 - 161 - 194 Accretion on discounted liabilities - 4 - 83 - 87 Interest and debt expense 70 143 33 (15) (66) 165 Foreign currency transaction losses - 23 - 5 - 28 Other expenses - 13 - 1 - 14 Total Costs and Expenses 73 4,275 33 3,756 (1,815) 6,322 Income before income taxes 1,564 1,377 511 2,864 (4,258) 2,058 Income tax provision (benefit) (16) (260) (4) 741 - 461 Net income 1,580 1,637 515 2,123 (4,258) 1,597 Less: net income attributable to noncontrolling interests - - - (17) - (17) Net Income Attributable to ConocoPhillips $ 1,580 1,637 515 2,106 (4,258) 1,580 Comprehensive Income Attributable to ConocoPhillips $ 1,667 1,724 623 2,182 (4,529) 1,667 See Notes to Consolidated Financial Statements. Millions of Dollars Six Months Ended June 30, 2020 Income Statement ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ - 4,232 - 4,675 - 8,907 Equity in earnings (losses) of affiliates (1,366) 351 (730) 309 1,747 311 Gain on dispositions - 16 - 538 - 554 Other income (loss) - (1,083) 1 137 - (945) Intercompany revenues - 69 4 1,138 (1,211) - Total Revenues and Other Income (1,366) 3,585 (725) 6,797 536 8,827 Costs and Expenses Purchased commodities - 3,800 - 1,140 (1,149) 3,791 Production and operating expenses 1 378 1 1,842 (2) 2,220 Selling, general and administrative expenses 5 115 - 38 (5) 153 Exploration expenses - 44 - 241 - 285 Depreciation, depletion and amortization - 307 - 2,262 - 2,569 Impairments - 3 - 516 - 519 Taxes other than income taxes - 71 - 320 - 391 Accretion on discounted liabilities - 7 - 126 - 133 Interest and debt expense 137 205 66 51 (55) 404 Foreign currency transaction gains - (19) - (64) - (83) Other expenses - (7) - (6) - (13) Total Costs and Expenses 143 4,904 67 6,466 (1,211) 10,369 Income (loss) before income taxes (1,509) (1,319) (792) 331 1,747 (1,542) Income tax provision (benefit) (30) 47 (13) (113) - (109) Net income (loss) (1,479) (1,366) (779) 444 1,747 (1,433) Less: net income attributable to noncontrolling interests - - - (46) - (46) Net Income (Loss) Attributable to ConocoPhillips $ (1,479) (1,366) (779) 398 1,747 (1,479) Comprehensive Loss Attributable to ConocoPhillips $ (1,947) (1,834) (1,130) (83) 3,047 (1,947) Income Statement Six Months Ended June 30, 2019 Revenues and Other Income Sales and other operating revenues $ - 7,468 - 9,635 - 17,103 Equity in earnings of affiliates 3,527 3,710 1,006 359 (8,241) 361 Gain on dispositions - 5 - 94 - 99 Other income 1 552 1 320 - 874 Intercompany revenues - 49 23 2,943 (3,015) - Total Revenues and Other Income 3,528 11,784 1,030 13,351 (11,256) 18,437 Costs and Expenses Purchased commodities - 6,621 - 2,250 (2,522) 6,349 Production and operating expenses 1 837 1 2,204 (354) 2,689 Selling, general and administrative expenses 6 212 - 69 (5) 282 Exploration expenses - 94 - 138 - 232 Depreciation, depletion and amortization - 284 - 2,752 - 3,036 Impairments - - - 2 - 2 Taxes other than income taxes - 79 - 390 - 469 Accretion on discounted liabilities - 8 - 165 - 173 Interest and debt expense 139 292 66 35 (134) 398 Foreign currency transaction losses - 29 - 11 - 40 Other expenses - 25 - (3) - 22 Total Costs and Expenses 146 8,481 67 8,013 (3,015) 13,692 Income before income taxes 3,382 3,303 963 5,338 (8,241) 4,745 Income tax provision (benefit) (31) (224) (9) 1,566 - 1,302 Net income 3,413 3,527 972 3,772 (8,241) 3,443 Less: net income attributable to noncontrolling interests - - - (30) - (30) Net Income Attributable to ConocoPhillips $ 3,413 3,527 972 3,742 (8,241) 3,413 Comprehensive Income Attributable to ConocoPhillips $ 3,689 3,803 1,204 3,998 (9,005) 3,689 See Notes to Consolidated Financial Statements. |
Schedule of Condensed Balance Sheet | Millions of Dollars June 30, 2020 Balance Sheet ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ - 1,801 - 1,106 - 2,907 Short-term investments - 3,934 - 51 - 3,985 Accounts and notes receivable 5 850 2 1,944 (1,269) 1,532 Investment in Cenovus Energy - 971 - - - 971 Inventories - 125 - 857 - 982 Prepaid expenses and other current assets 1 209 - 466 - 676 Total Current Assets 6 7,890 2 4,424 (1,269) 11,053 Investments, loans and long-term receivables* 29,249 39,784 10,711 13,457 (84,700) 8,501 Net properties, plants and equipment - 3,561 - 37,559 - 41,120 Other assets 4 730 248 2,087 (697) 2,372 Total Assets $ 29,259 51,965 10,961 57,527 (86,666) 63,046 Liabilities and Stockholders’ Equity Accounts payable $ - 1,394 109 1,846 (1,269) 2,080 Short-term debt (3) 4 14 131 - 146 Accrued income and other taxes - 91 - 221 - 312 Employee benefit obligations - 327 - 95 - 422 Other accruals 85 356 35 669 - 1,145 Total Current Liabilities 82 2,172 158 2,962 (1,269) 4,105 Long-term debt 3,795 6,667 2,123 2,267 - 14,852 Asset retirement obligations and accrued environmental costs - 339 - 5,126 - 5,465 Deferred income taxes - - - 4,598 (697) 3,901 Employee benefit obligations - 1,186 - 400 - 1,586 Other liabilities and deferred credits* 447 5,814 919 8,925 (14,461) 1,644 Total Liabilities 4,324 16,178 3,200 24,278 (16,427) 31,553 Retained earnings 30,793 17,543 1,384 7,680 (20,049) 37,351 Other common stockholders’ equity (5,858) 18,244 6,377 25,569 (50,190) (5,858) Total Liabilities and Stockholders’ Equity $ 29,259 51,965 10,961 57,527 (86,666) 63,046 *Includes intercompany loans. Balance Sheet December 31, 2019 Assets Cash and cash equivalents $ - 3,439 - 1,649 - 5,088 Short-term investments - 2,670 - 358 - 3,028 Accounts and notes receivable 5 2,088 2 3,881 (2,575) 3,401 Investment in Cenovus Energy - 2,111 - - - 2,111 Inventories - 168 - 858 - 1,026 Prepaid expenses and other current assets 1 352 - 1,906 - 2,259 Total Current Assets 6 10,828 2 8,652 (2,575) 16,913 Investments, loans and long-term receivables* 34,076 44,969 11,662 15,612 (97,413) 8,906 Net properties, plants and equipment - 3,552 - 38,717 - 42,269 Other assets 3 765 253 2,210 (805) 2,426 Total Assets $ 34,085 60,114 11,917 65,191 (100,793) 70,514 Liabilities and Stockholders’ Equity Accounts payable $ - 2,670 21 3,084 (2,575) 3,200 Short-term debt (3) 4 13 91 - 105 Accrued income and other taxes - 79 - 951 - 1,030 Employee benefit obligations - 508 - 155 - 663 Other accruals 84 408 35 1,518 - 2,045 Total Current Liabilities 81 3,669 69 5,799 (2,575) 7,043 Long-term debt 3,794 6,670 2,129 2,197 - 14,790 Asset retirement obligations and accrued environmental costs - 322 - 5,030 - 5,352 Deferred income taxes - - - 5,438 (804) 4,634 Employee benefit obligations - 1,329 - 452 - 1,781 Other liabilities and deferred credits* 1,787 7,514 826 9,271 (17,534) 1,864 Total Liabilities 5,662 19,504 3,024 28,187 (20,913) 35,464 Retained earnings 33,184 21,898 2,164 10,481 (27,985) 39,742 Other common stockholders’ equity (4,761) 18,712 6,729 26,454 (51,895) (4,761) Noncontrolling interests - - - 69 - 69 Total Liabilities and Stockholders’ Equity $ 34,085 60,114 11,917 65,191 (100,793) 70,514 *Includes intercompany loans. See Notes to Consolidated Financial Statements. |
Condensed Consolidated Statement of Cash Flows | Millions of Dollars Six Months Ended June 30, 2020 Statement of Cash Flows ConocoPhillips ConocoPhillips Company Burlington Resources LLC All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Net Cash Provided by Operating Activities $ 2,115 1,926 36 2,751 (4,566) 2,262 Cash Flows From Investing Activities Capital expenditures and investments - (322) (14) (2,203) 14 (2,525) Working capital changes associated - (49) - (202) - (251) Proceeds from asset dispositions 765 1,327 - 1,174 (1,953) 1,313 Sales (purchases) of short-term investments - (1,324) - 294 - (1,030) Long-term advances/loans—related parties - (10) - - 10 - Collection of advances/loans—related parties - 71 - 66 (71) 66 Intercompany cash management (1,339) (269) (22) 1,630 - - Other - - - (35) - (35) Net Cash Provided by (Used in) Investing Activities (574) (576) (36) 724 (2,000) (2,462) Cash Flows From Financing Activities Issuance of debt - - - 10 (10) - Repayment of debt - - - (285) 71 (214) Issuance of company common stock 95 - - - (93) 2 Repurchase of company common stock (726) - - - - (726) Dividends paid (913) (2,990) - (3,200) 6,190 (913) Other 3 - - (439) 408 (28) Net Cash Used in Financing Activities (1,541) (2,990) - (3,914) 6,566 (1,879) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted - - - (93) - (93) Net Change in Cash, Cash Equivalents and Restricted Cash - (1,640) - (532) - (2,172) Cash, cash equivalents and restricted cash at beginning of period - 3,443 - 1,919 - 5,362 Cash, Cash Equivalents and Restricted Cash at End of Period $ - 1,803 - 1,387 - 3,190 Statement of Cash Flows Six Months Ended June 30, 2019* Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 1,571 5,050 (40) 4,768 (5,564) 5,785 Cash Flows From Investing Activities Capital expenditures and investments - (653) - (2,882) 169 (3,366) Working capital changes associated - 41 - (17) - 24 Proceeds from asset dispositions - 217 - 559 (75) 701 Purchases of short-term investments - (50) - (435) - (485) Long-term advances/loans—related parties - (19) - - 19 - Collection of advances/loans—related parties - 69 - 82 (89) 62 Intercompany cash management 1,082 (3,256) 40 2,134 - - Other - 118 - 8 - 126 Net Cash Provided by (Used in) Investing Activities 1,082 (3,533) 40 (551) 24 (2,938) Cash Flows From Financing Activities Issuance of debt - - - 19 (19) - Repayment of debt - (21) - (106) 89 (38) Issuance of company common stock 43 - - - (79) (36) Repurchase of company common stock (2,002) - - - - (2,002) Dividends paid (696) (1,660) - (3,983) 5,643 (696) Other 2 - - 37 (94) (55) Net Cash Used in Financing Activities (2,653) (1,681) - (4,033) 5,540 (2,827) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted - (1) - 27 - 26 Net Change in Cash, Cash Equivalents and Restricted Cash - (165) - 211 - 46 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 $ - 1,263 - 4,934 - 6,197 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Prepaid Expenses and Other Current Assets [Member] | ||
Restricted Cash | $ 88 | $ 90 |
Other Assets [Member] | ||
Restricted Cash | $ 195 | $ 184 |
Change in Accounting Principl_2
Change in Accounting Principles (Details) | 6 Months Ended |
Jun. 30, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | false |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Crude oil and natural gas | $ 452 | $ 472 |
Materials and supplies | 530 | 554 |
Total Inventories | $ 982 | $ 1,026 |
Inventories Textual (Details)
Inventories Textual (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Inventories [Abstract] | |||
Lower of cost or market adjustment for crude oil and natural gas inventories | $ 228 | ||
LIFO Inventory Amount | $ 352 | $ 286 |
Asset Acquisitions and Dispos_2
Asset Acquisitions and Dispositions - Textual (Details) - Operating Segments [Member] | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020USD ($)a | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Jun. 30, 2020USD ($)MBoe | Jun. 30, 2019USD ($) | Dec. 31, 2019MBoe | May 27, 2020USD ($) | |
Lower 48 Segment | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Natural gas production | MBoe | 15 | ||||||
Canada Segment [Member] | Scenario Plan [Member] | Subsequent Event [Member] | Montney [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Oil and Gas, Undeveloped Acreage, Net | a | 295,000 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Canada Segment [Member] | Scenario Plan [Member] | Subsequent Event [Member] | Additional Montney acreage [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 375,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 30,000,000 | ||||||
Oil and Gas, Undeveloped Acreage, Net | a | 140,000 | ||||||
Australia West Assets [Member] | Asia Pacific and Middle East [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Proceeds from asset dispositions | $ 765,000,000 | ||||||
Before-tax gain (loss) on disposition | (587,000,000) | ||||||
Disposition, Net carrying value | $ 200,000,000 | ||||||
Disposition, Cash | 500,000,000 | ||||||
Disposition, PP&E | 1,300,000,000 | ||||||
Disposition, Other current assets | 100,000,000 | ||||||
Asset Retirement Obligation of held for sale or sold | 700,000,000 | ||||||
Disposition, deferred tax liabilities | 300,000,000 | ||||||
Disposition, other liabilities | $ 200,000,000 | ||||||
Disposition, Before-tax earnings | $ (265,000,000) | $ (156,000,000) | |||||
Natural gas production | MBoe | 35 | ||||||
Segment which includes disposition | Asia Pacific and Middle East | ||||||
Barossa project [Member] | Asia Pacific and Middle East [Member] | Scenario Plan [Member] | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Proceeds from asset dispositions | $ 200,000,000 | ||||||
Waddell Ranch [Member] | Lower 48 Segment | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Proceeds from asset dispositions | $ 184,000,000 | ||||||
Before-tax gain (loss) on disposition | $ 0 | ||||||
Segment which includes disposition | Lower 48 | ||||||
Niobrara [Member] | Lower 48 Segment | |||||||
Long Lived Assets Held For Sale [Line Items] | |||||||
Proceeds from asset dispositions | $ 359,000,000 | ||||||
Before-tax gain (loss) on disposition | (38,000,000) | ||||||
Disposition, Net carrying value | 397,000,000 | ||||||
Disposition, PP&E | 433,000,000 | ||||||
Asset Retirement Obligation of held for sale or sold | $ 34,000,000 | ||||||
Disposition, Before-tax earnings | $ 24,000,000 | $ 5,000,000 | |||||
Segment which includes disposition | Lower 48 |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables - Textual (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Mar. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | |
Equity method investments | |||||
Loan balance with affiliated company | $ 272 | $ 339 | |||
APLNG [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 8,500 | ||||
Line Of Credit Facility Value Outstanding | 6,500 | ||||
Book value of equity method investment | $ 6,889 | ||||
Long Term Debt Refinanced Amount | $ 3,200 | ||||
Line of Credit Facility, Expiration Date | Mar. 31, 2029 | ||||
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, Expiration Date | Sep. 30, 2030 | ||||
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 | $ 1,400 | 600 | |||
Line of Credit Facility, Expiration Date | Sep. 30, 2030 | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
APLNG [Member] | Commerical Banks [Member] | |||||
Equity method investments | |||||
Project finance facility, maximum borrowing capacity | $ 2,600 | ||||
Line of Credit Facility, Expiration Date | Mar. 31, 2028 | ||||
Line of Credit Facility, Frequency of Payments | bi-annual | ||||
QG3 [Member] | |||||
Equity method investments | |||||
Loan balance with affiliated company | $ 272 |
Investment in Cenovus Energy -
Investment in Cenovus Energy - Textual (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | May 17, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | ||||||
Investment in Cenovus Energy | $ 971 | $ 971 | $ 2,111 | |||
Unrealized (gain) loss on investment in Cenovus Energy | $ 1,140 | $ (373) | ||||
Foster Creek Christina Lake (FCCL) [Member] | ||||||
Schedule Of Available For Sale Securities [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Cenovus Energy Common Stock [Member] | ||||||
Schedule Of Available For Sale Securities [Line Items] | ||||||
Shares Exchange for Assets Held for Sale | 208 | 208 | 208 | |||
Investment Owned, Common Stock, percent of Issued and Outstanding | 16.90% | |||||
Investment in Cenovus Energy | $ 971 | $ 971 | $ 2,110 | $ 1,960 | ||
Unrealized (gain) loss on investment in Cenovus Energy | $ (551) | $ (30) | $ 1,140 | $ (373) | ||
Cenovus Energy Common Stock [Member] | Cenovus Energy Inc [Member] | ||||||
Schedule Of Available For Sale Securities [Line Items] | ||||||
Cenovus Energy common share price | $ 4.67 | $ 4.67 | $ 9.41 |
Suspended Wells - Textual (Deta
Suspended Wells - Textual (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Suspended Wells [Abstract] | |
Capitalized cost of suspended wells | $ 701 |
Increase (decrease) in capitalized cost of suspended wells | 319 |
Capitalized Exploratory Well Cost, Charged to Dry Hole Expense | $ 19 |
Number of wells charged to dry hole expense | one |
Impairments (Details)
Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Impairments | $ (2) | $ 1 | $ 519 | $ 2 | |
Lower 48 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | 2 | $ 511 | 0 | 513 | 0 |
Europe and North Africa [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | $ (4) | $ 1 | $ 6 | $ 2 |
Impairments - Textual (Details)
Impairments - Textual (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Impairments | $ (2) | $ 1 | $ 519 | $ 2 | |
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | 97 | 122 | 285 | 232 | |
Lower 48 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | $ 2 | $ 511 | $ 0 | $ 513 | $ 0 |
Asia Pacific and Middle East [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 31 |
Debt - Textual (Details)
Debt - Textual (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Debt [Abstract] | ||||
Debt balance | $ 14,998,000,000 | $ 14,895,000,000 | ||
Short Term Debt [Line Items] | ||||
Commercial Paper Program, Amount Outstanding | $ 196,000,000 | |||
Moody's, A3 Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Credit Rating | In April 2020, Moody’s affirmed their rating of “A3” with a “stable” outlook. | |||
Fitch, A Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Credit Rating | Our current rating from Fitch is “A” with a “stable” outlook. | |||
Standard & Poor's, A Rating [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Credit Rating | In March 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “negative” from “stable”. | |||
Revolving Credit Facility [Member] | ||||
Short Term Debt [Line Items] | ||||
Maximum borrowing capactiy under revolving credit facility | $ 6,000,000,000 | |||
Line of Credit Facility, Expiration Date | May 31, 2023 | |||
Remaining borrowing capacity under revolving credit facility | $ 6,000,000,000 | |||
Commercial Paper Program, Amount Outstanding | 0 | 0 | ||
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 | 500,000,000 | |||
VRDB [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Face Amount | 283,000,000 | |||
Conoco Phillips Commercial Paper Program [Member] | Commercial Paper [Member] | ||||
Short Term Debt [Line Items] | ||||
Maximum borrowing capactiy under revolving credit facility | 6,000,000,000 | |||
Commercial Paper Program, Amount Outstanding | $ 0 | $ 0 | ||
Conoco Phillips Commercial Paper Program [Member] | Commercial Paper [Member] | Maximum [Member] | ||||
Short Term Debt [Line Items] | ||||
Maturity period of commercial paper (in days) | P90D |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | $ 31,387 | $ 32,981 | $ 35,050 | $ 32,064 | |
Net income (loss) | 278 | 1,597 | (1,433) | 3,443 | |
Other Comprehensive Income (Loss), Net of Tax | 320 | 87 | (468) | 276 | |
Dividends paid | (455) | (346) | (913) | (696) | |
Repurchase of company common stock | (1,250) | (726) | (2,002) | ||
Distributions to noncontrolling interests and other | (6) | (43) | (32) | (60) | |
Disposition | (84) | (84) | |||
Distributed under benefit plans | 52 | 45 | 96 | 43 | |
Change in Accounting Principle | [1] | 0 | |||
Other | (1) | (3) | (3) | (6) | |
Ending Balance | 31,493 | 33,074 | 31,493 | 33,074 | |
Par Value - Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 18 | 18 | 18 | 18 | |
Ending Balance | 18 | 18 | 18 | 18 | |
Capital in excess of par [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 47,027 | 46,877 | 46,983 | 46,879 | |
Distributed under benefit plans | 52 | 45 | 96 | 43 | |
Ending Balance | 47,079 | 46,922 | 47,079 | 46,922 | |
Treasury Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | (47,130) | (43,656) | (46,405) | (42,905) | |
Repurchase of company common stock | (1,250) | (726) | (2,002) | ||
Other | (1) | (1) | |||
Ending Balance | (47,130) | (44,906) | (47,130) | (44,906) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | (6,145) | (5,914) | (5,357) | (6,063) | |
Other Comprehensive Income (Loss), Net of Tax | 320 | 87 | (468) | 276 | |
Change in Accounting Principle | [1] | (40) | |||
Ending Balance | (5,825) | (5,827) | (5,825) | (5,827) | |
Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 37,545 | 35,534 | 39,742 | 34,010 | |
Net income (loss) | 260 | 1,580 | (1,479) | 3,413 | |
Dividends paid | (455) | (346) | (913) | (696) | |
Change in Accounting Principle | [1] | 40 | |||
Other | (1) | (1) | (1) | (2) | |
Ending Balance | 37,351 | 36,769 | 37,351 | 36,769 | |
Noncontrolling Interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 72 | 122 | 69 | 125 | |
Net income (loss) | 18 | 17 | 46 | 30 | |
Distributions to noncontrolling interests and other | (6) | (43) | (32) | (60) | |
Disposition | (84) | (84) | |||
Other | (2) | (1) | (3) | ||
Ending Balance | $ 0 | $ 98 | $ 0 | $ 98 | |
[1] | *Cumulative effect of the adoption of ASU No. 2018-02, |
Changes in Equity - Parenthetic
Changes in Equity - Parenthetical (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.31 | $ 0.42 | $ 0.84 | $ 0.61 |
Guarantees - Textual (Details)
Guarantees - Textual (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Ownership percentage in equity investment | 37.50% |
Finance Reserve Guarantee [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 11 years |
Maximum potential amount of future payments | $ 170 |
Guarantor Obligations, Current Carrying Value | $ 14 |
Guarantee existing sales agreement of natural gas delivery | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 1 to 22 years |
Max potential future payments-reckless breach [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 1,300 |
Max potential future payments-prorata share [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 700 |
Continued development [Member] | Australia Pacific APLNG [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 120 |
Guarantor Obligations, Current Carrying Value | $ 7 |
Continued development [Member] | Australia Pacific APLNG [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 17 to 25 years or the life of the venture |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 780 |
Guarantor Obligations, Current Carrying Value | $ 11 |
Other Guarantees [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Terms of Guarantees Outstanding | 1 to 5 years |
Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 70 |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | $ 30 |
Contingencies and Commitments -
Contingencies and Commitments - Textual (Details) - USD ($) $ in Millions | Aug. 02, 2019 | Jul. 31, 2020 | Mar. 31, 2019 | Aug. 31, 2018 | Apr. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 29, 2019 |
Loss Contingencies [Line Items] | |||||||||
Letters of Credit Outstanding, Amount | $ 196 | $ 196 | |||||||
Subsequent Event [Member] | The Louisiana Land and Exploration Company LLC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 90 | ||||||||
US and Canada [Member] | Cleanup Remediation Activities [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total environmental accrual included in balance sheet | $ 171 | 171 | $ 171 | ||||||
Loss Contingency, Settlement Agreement, Terms | P30Y | ||||||||
Venezuela | ConocoPhillips Versus Petroleos de Venezuela ICISD [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 8,700 | ||||||||
Litigation Award Reduction | $ 227 | ||||||||
Litigation Settlement Amount Awarded From Other Party Revised | $ 8,500 | ||||||||
Venezuela | ConocoPhillips vs Petroleos De Venezuela ICC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 55 | $ 500 | $ 2,000 | ||||||
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. | ||||||||
Cash Proceeds from Legal Settlements | $ 754 |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Commodity Balance Sheet (Details) - Commodity Contract [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Prepaid expenses and other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 316 | $ 288 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 35 | 34 |
Other accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 310 | 283 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 25 | $ 28 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Commodity Gain (Loss) (Details) - Commodity Contract [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Sales and other operating revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ (50) | $ 45 | $ (3) | $ 64 |
Other Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | 3 | 2 | 5 | 1 |
Purchased commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) from commodity derivatives | $ 24 | $ (31) | $ (2) | $ (51) |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Commodity Notional (Details) - Short [Member] - Commodity Contract [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Natural gas and power, Fixed price [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (20) | (5) |
Natural gas and power, Basis [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (27) | (23) |
Derivative and Financial Inst_6
Derivative and Financial Instruments - FX Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative assets | $ 23 | $ 1 |
Other Accruals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | 1 | 20 |
Other liabilities and deferred credits [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange derivative liabilities | $ 0 | $ 8 |
Derivative and Financial Inst_7
Derivative and Financial Instruments - FX Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Foreign currency transaction gains (losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency transaction (gains) losses | $ 12 | $ 23 | $ (62) | $ 21 |
Derivative and Financial Inst_8
Derivative and Financial Instruments - FX Notional (Details) ÂŁ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2020CAD ($)$ / $ | Jun. 30, 2019CAD ($)$ / $ | Jun. 30, 2020CAD ($) | Jun. 30, 2020GBP (ÂŁ) | Dec. 31, 2019CAD ($) | Dec. 31, 2019GBP (ÂŁ) | |
Notional Disclosures [Abstract] | ||||||
Description of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments Activities | In the second quarter of 2019, we entered into foreign currency exchange contracts to sell CAD 1.35 billion at CAD 0.748 against the USD. In the first quarter of 2020, we entered into forward currency exchange contracts to buy CAD 0.9 billion at CAD 0.718 against the USD | |||||
Buy British Pound Sell Euro [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | ÂŁ | ÂŁ 7 | ÂŁ 4 | ||||
Sell Canadian dollar, buy U.S. dollar [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | $ 427 | $ 1,337 | ||||
Sell Canadian dollar, buy U.S. dollar [Member] | Nondesignated [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | $ 1,350 | |||||
Derivative, Currency Bought | USD | |||||
Derivative, Currency Sold | CAD | |||||
Derivative, Forward Exchange Rate | $ / $ | 0.748 | |||||
Buy CAD, Sell USD [Member] | Nondesignated [Member] | ||||||
Notional Disclosures [Abstract] | ||||||
Net notional position of foreign currency exchange derivatives | $ 900 | |||||
Derivative, Currency Bought | CAD | |||||
Derivative, Currency Sold | USD | |||||
Derivative, Forward Exchange Rate | $ / $ | 0.718 |
Derivative and Financial Inst_9
Derivative and Financial Instruments - Financial Instruments at cost (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | $ 2,903 | $ 5,079 |
Short-term investments, carried at cost plust accrued interest | 3,705 | 2,929 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 3 | 0 |
Cash [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 575 | 759 |
Demand Deposits [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 917 | 1,483 |
Short-term investments, carried at cost plust accrued interest | 0 | 0 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 0 | 0 |
Time Deposits [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 1,396 | 2,030 |
Short-term investments, carried at cost plust accrued interest | 2,339 | 1,395 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 0 | 0 |
Time Deposits [Member] | Remaining maturities from 91 to 180 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 0 |
Short-term investments, carried at cost plust accrued interest | 1,302 | 465 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 0 | 0 |
Time Deposits [Member] | Remaining maturities within one year [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 0 |
Short-term investments, carried at cost plust accrued interest | 14 | 0 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 0 | 0 |
Time Deposits [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 0 |
Short-term investments, carried at cost plust accrued interest | 0 | 0 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 3 | 0 |
Commercial Paper [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 413 |
Short-term investments, carried at cost plust accrued interest | 0 | 1,069 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 0 | 0 |
Commercial Paper [Member] | Remaining maturities from 91 to 180 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 0 | 0 |
Short-term investments, carried at cost plust accrued interest | 50 | 0 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | 0 | 0 |
Government obligations [Member] | Remaining maturities from 1 to 90 days [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents, carried at cost plus accrued interest | 15 | 394 |
Short-term investments, carried at cost plust accrued interest | 0 | 0 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent at cost plus accrued interest | $ 0 | $ 0 |
Derivative and Financial Ins_10
Derivative and Financial Instruments - Financial Instruments at fair value (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | $ 2,907 | $ 5,088 |
Short-term Investments | 3,985 | 3,028 |
Investments and long-term receiavables | 8,334 | 8,687 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 4 | 99 |
Short-term Investments | 9 | 191 |
Investments and long-term receiavables | 280 | 133 |
Corporate Bonds [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 1 |
Short-term Investments | 144 | 59 |
Investments and long-term receiavables | 0 | 0 |
Corporate Bonds [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 134 | 99 |
Commercial Paper [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 4 | 8 |
Short-term Investments | 126 | 30 |
Investments and long-term receiavables | 0 | 0 |
US Government Debt Securities [Member] | Remaining maturities within one year [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 10 | 10 |
Investments and long-term receiavables | 0 | 0 |
US Government Debt Securities [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 16 | 15 |
U.S. Government Agency Obligations [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | 4 | 0 |
Asset-backed Securities [Member] | Remaining Maturities Greater Than One Year Through Five Years [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Investments and long-term receiavables | $ 37 | $ 19 |
Derivative and Financial Ins_11
Derivative and Financial Instruments - Cost Basis to Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | $ 472 | $ 472 | $ 241 |
Fair Value | 475 | 475 | 241 |
Proceeds from sales and redemptions of investments in debt securities classified as available for sale | 126 | 189 | |
Corporate Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 276 | 276 | 159 |
Fair Value | 278 | 278 | 159 |
Commercial Paper [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 130 | 130 | 38 |
Fair Value | 130 | 130 | 38 |
US Government Debt Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 25 | 25 | 25 |
Fair Value | 26 | 26 | 25 |
U.S. Government Agency Obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 4 | 4 | 0 |
Fair Value | 4 | 4 | 0 |
Asset-backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost Basis | 37 | 37 | 19 |
Fair Value | $ 37 | $ 37 | $ 19 |
Derivative and Financial Ins_12
Derivative and Financial Instruments - Credit Risk (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of all derivative instruments in a liability position | $ 40,000,000 | $ 79,000,000 |
Collateral was posted for derivative instruments in a liability position | 0 | |
In event of downgrade below investment grade [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Additional collateral, either in the form of cash or letters of credit | $ 38,000,000 | |
Financial instruments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Derivative, Recourse Provisions | 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 amounts 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 Exchange. | |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | $ 971 | $ 2,111 |
Investments in debt securities | 475 | 241 |
Commodity derivative asset, gross | 351 | 322 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 971 | 2,111 |
Investments in debt securities | 475 | 241 |
Commodity derivative asset, gross | 351 | 322 |
Total assets | 1,797 | 2,674 |
Commodity derivative liability, gross | 335 | 311 |
Total liabilities | 335 | 311 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 971 | 2,111 |
Investments in debt securities | 26 | 25 |
Commodity derivative asset, gross | 207 | 172 |
Total assets | 1,204 | 2,308 |
Commodity derivative liability, gross | 216 | 174 |
Total liabilities | 216 | 174 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 0 | 0 |
Investments in debt securities | 449 | 216 |
Commodity derivative asset, gross | 120 | 114 |
Total assets | 569 | 330 |
Commodity derivative liability, gross | 103 | 115 |
Total liabilities | 103 | 115 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cenovus Energy | 0 | 0 |
Investments in debt securities | 0 | 0 |
Commodity derivative asset, gross | 24 | 36 |
Total assets | 24 | 36 |
Commodity derivative liability, gross | 16 | 22 |
Total liabilities | $ 16 | $ 22 |
Fair Value Measurement - FV of
Fair Value Measurement - FV of Commodity Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Offsetting Derivative Assets [Abstract] | ||
Assets - gross amounts recognized | $ 351 | $ 322 |
Assets - amounts without right of setoff | 1 | 3 |
Assets - gross amounts | 350 | 319 |
Assets - gross amounts offset | 233 | 193 |
Assets - net amounts presented | 117 | 126 |
Assets - cash collateral | 8 | 4 |
Assets - net amounts | 109 | 122 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 335 | 311 |
Liabilities - amounts without right of setoff | 2 | 4 |
Liabilities - gross amounts recognized | 333 | 307 |
Liabilities - gross amounts offset | 233 | 193 |
Liabilities - net amounts presented | 100 | 114 |
Liabilities - cash collateral | 22 | 12 |
Liabilities - net amounts | $ 78 | $ 102 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring (Details) - Fair Value Measurements Nonrecurring [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Disclosure Item Amounts [Domain] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 77 |
Before-Tax Loss - Cost and Equity method investments | 510 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Disclosure Item Amounts [Domain] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 77 |
Fair Value Measurement - Range
Fair Value Measurement - Range and arithmetic average of significant unobservable inputs (Details) - Wind River Basin [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value Measurements Nonrecurring [Member] - Lower 48 [Member] $ in Millions | Jan. 01, 2035 | Mar. 31, 2020USD ($)$ / MMBTUMMcf | Jun. 30, 2020 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Measurements, Nonrecurring, Measurement Period | During the first quarter of 2020 | ||
Fair Value Measurements, Valuation Processes, Description | The carrying value was written down to fair value. The fair value was estimated based on an internal discounted cash flow model using estimates of future production, an outlook of future prices using a combination of exchanges (short-term) and external pricing services companies (long-term), future operating costs and capital expenditures, and a discount rate believed to be consistent with those used by principal market participants. | ||
Assets, Fair Value Disclosure | $ | $ 77 | ||
Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas production | MMcf | 8.4 | ||
Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas production | MMcf | 55.2 | ||
Valuation Technique, Discounted Cash Flow [Member] | Arithmetic Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas production | MMcf | 22.9 | ||
Measurement Input, Commodity Future Price [Member] | Forecast [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Future prices annual increase (decrease), percentage | 220.00% | ||
Measurement Input, Commodity Future Price [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas price outlook | $ / MMBTU | 2.67 | ||
Measurement Input, Commodity Future Price [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas price outlook | $ / MMBTU | 9.17 | ||
Measurement Input, Commodity Future Price [Member] | Arithmetic Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Natural gas price outlook | $ / MMBTU | 5.68 | ||
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Discount Rate | 7.90% | ||
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Discount Rate | 9.10% | ||
Measurement Input, Discount Rate [Member] | Arithmetic Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Discount Rate | 8.30% |
Fair Value Measurement - FV o_2
Fair Value Measurement - FV of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Investment in Cenovus Energy | $ 971 | $ 2,111 |
Investments in debt securities | 475 | 241 |
Total loans and advances - related parties | 272 | 339 |
Financial Liabilities [Abstract] | ||
Total debt, excluding capital leases | 14,156 | 14,175 |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 110 | 125 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | 80 | 106 |
Investment in Cenovus Energy | 971 | 2,111 |
Investments in debt securities | 475 | 241 |
Total loans and advances - related parties | 272 | 339 |
Total debt, excluding capital leases | 18,307 | 18,108 |
Commodity Contract [Member] | ||
Financial Assets [Abstract] | ||
Commodity derivatives, assets | 110 | 125 |
Financial Liabilities [Abstract] | ||
Commodity derivatives, liability | $ 80 | $ 106 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Defined Benefit Plans, Beginning Balance | $ (350) | |||
Defined Benefit Plans | $ (7) | $ (17) | (18) | $ (30) |
Defined Benefit Plans, Ending Balance | (332) | (332) | ||
Net Unrealized Gain on Securities, Beginning Balance | 0 | |||
Net Unrealized Loss on Securities | 2 | |||
Net Unrealized Gain on Securities, Ending Balance | 2 | 2 | ||
Foreign Currency Translation, Beginning Balance | (5,007) | |||
Foreign Currency Translation | 309 | 70 | (488) | 246 |
Foreign Currency Translation, Ending Balance | (5,495) | (5,495) | ||
Accumulated Other Comprehensive Income, Beginning Balance | (5,357) | |||
Other Comprehensive Income (Loss), Net of Tax | 320 | $ 87 | (468) | $ 276 |
Accumulated Other Comprehensive Income, Ending Balance | $ (5,825) | $ (5,825) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Defined Benefit Plans | $ 8 | $ 17 | $ 16 | $ 30 |
Tax expense of defined benefit plans | $ 2 | $ 5 | $ 4 | $ 10 |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Payments | ||
Interest | $ 397 | $ 414 |
Income taxes | 761 | 1,572 |
Net Sales (Purchases) of Investments | ||
Short-term investments purchased | (7,021) | (982) |
Short-term investments sold | 6,147 | 497 |
Investments and Long-term receivables purchased | (208) | 0 |
Investments and Long-term receivables sold | 52 | 0 |
Net Sales (Purchases) of Investments | $ (1,030) | $ (485) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension Plans Defined Benefit [Member] | U.S. | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 21 | $ 19 | $ 42 | $ 39 |
Interest cost | 17 | 21 | 34 | 42 |
Expected return on plan assets | (21) | (18) | (42) | (36) |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | 13 | 13 | 25 | 26 |
Settlements | 0 | 11 | 1 | 17 |
Net periodic benefit cost | 30 | 46 | 60 | 88 |
Pension Plans Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 13 | 18 | 27 | 37 |
Interest cost | 20 | 26 | 42 | 52 |
Expected return on plan assets | (34) | (35) | (71) | (70) |
Amortization of prior service cost (credit) | 0 | (1) | 0 | (1) |
Recognized net actuarial (gain) loss | 5 | 8 | 11 | 16 |
Settlements | 0 | 0 | (1) | 0 |
Net periodic benefit cost | 4 | 16 | 8 | 34 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 0 | 1 | 0 |
Interest cost | 1 | 3 | 3 | 5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (8) | (9) | (16) | (17) |
Recognized net actuarial (gain) loss | 0 | 0 | 0 | (1) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ (7) | $ (6) | $ (12) | $ (13) |
Employee Benefit Plans - Textua
Employee Benefit Plans - Textual (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
U.S. | |
Employee Benefit Plans (Textual) [Abstract] | |
Company contributions | $ 49 |
Expected company contributions | 130 |
Int'l (Pension Benefits) [Member] | |
Employee Benefit Plans (Textual) [Abstract] | |
Company contributions | 44 |
Expected company contributions | $ 60 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Significant transactions with related parties | ||||
Related Party Revenue | $ 21 | $ 26 | $ 38 | $ 47 |
Related Party Purchases | 0 | 17 | 0 | 38 |
Operating expenses and selling, general and administrative expenses | 12 | 14 | 27 | 28 |
Net interest income | $ (2) | $ (3) | $ (4) | $ (7) |
Sales and Other Operating Rev_3
Sales and Other Operating Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from contracts with customers | $ 2,749 | $ 7,953 | $ 8,907 | $ 17,103 |
Revenue, Performance Obligation, Description of Payment Terms | 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. | |||
Customers within the scope of ASC Topic 606 [Member] | ||||
Revenue from contracts with customers | 1,919 | 6,633 | $ 6,830 | 13,692 |
Physical gas contracts [Member] | ||||
Revenue from contracts with customers | 856 | 1,371 | 2,152 | 3,452 |
Crude oil product line [Member] | ||||
Revenue from contracts with customers | 26 | 165 | 118 | 353 |
Natural Gas Product Line [Member] | ||||
Revenue from contracts with customers | 763 | 1,095 | 1,853 | 2,863 |
Other Products [Member] | ||||
Revenue from contracts with customers | 67 | 111 | 181 | 236 |
Financial Derivative Contracts [Member] | ||||
Revenue from contracts with customers | (26) | (51) | (75) | (41) |
Lower 48 Segment | Physical gas contracts [Member] | ||||
Revenue from contracts with customers | 698 | 1,111 | 1,674 | 2,724 |
Canada Segment [Member] | Physical gas contracts [Member] | ||||
Revenue from contracts with customers | 121 | 100 | 300 | 341 |
Europe and North Africa Segment [Member] | Physical gas contracts [Member] | ||||
Revenue from contracts with customers | $ 37 | $ 160 | $ 178 | $ 387 |
Sales and Other Operating Rev_4
Sales and Other Operating Revenue - Practical Expedients (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue, Practical Expedient [Abstract] | |
Revenue, Practical Expedient, Remaining Performance Obligation, Description | 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. |
Practical Expedient | true |
Revenue, Performance Obligation, Description of Timing | We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. |
Sales and Other Operating Rev_5
Sales and Other Operating Revenue - Receivables and Contract Liabilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Net | $ 745,000,000 | $ 745,000,000 | $ 2,372,000,000 |
Revenue, Performance Obligation, Description of Timing | We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. | ||
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | Payments are received in installments over the construction period. | ||
Revenue, Performance Obligation, Description of Payment Terms | 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. | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | We expect to recognize the contract liabilities as of June 30, 2020, as revenue during 2021 and 2022. | ||
Total Contract Liabilities | 80,000,000 | $ 80,000,000 | $ 80,000,000 |
Contract with Customer, Liability, Revenue Recognized | 0 | 0 | |
Short-term Contract with Customer [Member] | |||
Total Contract Liabilities | 47,000,000 | 47,000,000 | |
Long-term Contract with Customer [Member] | |||
Total Contract Liabilities | $ 33,000,000 | $ 33,000,000 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 2,749 | $ 7,953 | $ 8,907 | $ 17,103 |
Natural Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,190 | 1,915 | 2,845 | 4,918 |
Natural Gas Liquids Reserves [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 84 | 213 | 235 | 451 |
Crude Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,216 | 4,813 | 4,660 | 9,394 |
Other Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 259 | 1,012 | 1,167 | 2,340 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,844 | 5,225 | 6,061 | 10,911 |
Australia | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 168 | 311 | 605 | 870 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 165 | 382 | 498 | 955 |
China | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 67 | 159 | 213 | 402 |
Indonesia | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 132 | 226 | 336 | 431 |
Libya | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 0 | 267 | 44 | 521 |
Malaysia | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 83 | 334 | 299 | 670 |
Norway | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 242 | 561 | 688 | 1,149 |
United Kingdom | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 46 | 485 | 156 | 1,189 |
Other foreign Countries | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 2 | 3 | 7 | 5 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 2,749 | 7,953 | 8,907 | 17,103 |
Alaska [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 419 | 1,426 | 1,532 | 2,833 |
Alaska [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 438 | 1,426 | 1,551 | 2,833 |
Alaska [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 19 | 0 | 19 | 0 |
Lower 48 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,433 | 3,809 | 4,536 | 7,962 |
Lower 48 [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1,405 | 3,798 | 4,498 | 7,939 |
Lower 48 [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | (28) | (11) | (38) | (23) |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 165 | 717 | 678 | 1,540 |
Canada | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 165 | 382 | 498 | 955 |
Canada | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 0 | (335) | (180) | (585) |
Europe and North Africa [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 288 | 1,313 | 888 | 2,859 |
Asia Pacific and Middle East [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 450 | 1,030 | 1,453 | 2,373 |
Other International [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 1 | 0 | 4 | 0 |
Corporate and Other [Member] | Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 2 | $ 4 | $ 15 | $ 144 |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | $ 260 | $ 1,580 | $ (1,479) | $ 3,413 | |
Assets [Abstract] | |||||
Assets | 63,046 | 63,046 | $ 70,514 | ||
Alaska [Member] | Operating Segments [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | (141) | 462 | (60) | 846 | |
Assets [Abstract] | |||||
Assets | 16,121 | 16,121 | 15,453 | ||
Lower 48 [Member] | Operating Segments [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | (365) | 206 | (802) | 399 | |
Assets [Abstract] | |||||
Assets | 12,158 | 12,158 | 14,425 | ||
Canada [Member] | Operating Segments [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | (86) | 100 | (195) | 222 | |
Assets [Abstract] | |||||
Assets | 5,909 | 5,909 | 6,350 | ||
Europe and North Africa [Member] | Operating Segments [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | 11 | 407 | 86 | 614 | |
Assets [Abstract] | |||||
Assets | 7,204 | 7,204 | 8,121 | ||
Asia Pacific and Middle East [Member] | Operating Segments [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | 662 | 517 | 1,060 | 1,042 | |
Assets [Abstract] | |||||
Assets | 12,404 | 12,404 | 14,716 | ||
Other International [Member] | Operating Segments [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | (6) | 81 | 22 | 212 | |
Assets [Abstract] | |||||
Assets | 299 | 299 | 285 | ||
Corporate and Other [Member] | Corporate, Non-Segment [Member] | |||||
Net Income (Loss) Attributable to ConocoPhillips [Abstract] | |||||
Consolidated net income (loss) attributable to ConocoPhillips | 185 | $ (193) | (1,590) | $ 78 | |
Assets [Abstract] | |||||
Assets | $ 8,951 | $ 8,951 | $ 11,164 |
Segment Disclosures - Textual (
Segment Disclosures - Textual (Details) | 6 Months Ended |
Jun. 30, 2020 | |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Consolidated total assets | $ 63,046 | $ 70,514 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Examination [Line Items] | ||||
Income (Loss) before income taxes | $ 21 | $ 2,058 | $ (1,542) | $ 4,745 |
Income Tax Expense (Benefit) | 257 | (461) | 109 | $ (1,302) |
Reversal of deferred tax assets | (120) | |||
Refund from the Alberta Tax & Revenue Administration | 48 | $ 48 | ||
Effective tax rate | 7.00% | 27.00% | ||
Decrease to our accrued income and other taxes liability | 124 | |||
Adjustment to valuation allowances | $ 117 | 85 | $ (229) | $ 191 |
Australia West Assets [Member] | Operating Segments [Member] | Asia Pacific and Middle East [Member] | ||||
Income Tax Examination [Line Items] | ||||
Before-tax gain (loss) on disposition | 587 | |||
Income Tax Expense (Benefit) | 10 | |||
Reversal of deferred tax assets | $ 92 | |||
U.K. Subsidiaries [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Expense (Benefit) | $ 234 |
Supplementary Information - C_3
Supplementary Information - Condensed Consolidating Financial Information (Details) - USD ($) $ in Billions | 1 Months Ended | |
May 31, 2020 | Jun. 30, 2020 | |
ConocoPhillips [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Proceeds from Contributions from Affiliates | $ 2.2 | |
Proceeds from Contributed Capital | 0.8 | |
ConocoPhillips Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Proceeds from Contributions from Affiliates | 2.4 | |
Proceeds from Contributed Capital | $ 0.8 | |
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 - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues and Other Income | ||||
Sales and other operating revenues | $ 2,749 | $ 7,953 | $ 8,907 | $ 17,103 |
Equity in earnings (losses) of affiliates | 77 | 173 | 311 | 361 |
Gain on Dispositions | 596 | 82 | 554 | 99 |
Other income (loss) | 594 | 172 | (945) | 874 |
Intercompany revenues | 0 | 0 | 0 | 0 |
Total Revenues and Other Income | 4,016 | 8,380 | 8,827 | 18,437 |
Costs and Expenses | ||||
Purchased commodities | 1,130 | 2,674 | 3,791 | 6,349 |
Production and operating expenses | 1,047 | 1,418 | 2,220 | 2,689 |
Selling, general and administrative expenses | 156 | 129 | 153 | 282 |
Exploration expenses | 97 | 122 | 285 | 232 |
Depreciation, depletion and amortization | 1,158 | 1,490 | 2,569 | 3,036 |
Impairments | (2) | 1 | 519 | 2 |
Taxes other than Income Taxes | 141 | 194 | 391 | 469 |
Accretion on discounted liabilities | 66 | 87 | 133 | 173 |
Interest and debt expense | 202 | 165 | 404 | 398 |
Foreign currency transaction (gain) loss | 7 | 28 | (83) | 40 |
Other Expense | (7) | 14 | (13) | 22 |
Total Costs and Expenses | 3,995 | 6,322 | 10,369 | 13,692 |
Income (loss) before income taxes | 21 | 2,058 | (1,542) | 4,745 |
Income tax provision (benefit) | (257) | 461 | (109) | 1,302 |
Net income (loss) | 278 | 1,597 | (1,433) | 3,443 |
Less: net income attributable to noncontrolling interests | (18) | (17) | (46) | (30) |
Net Income (Loss) | 260 | 1,580 | (1,479) | 3,413 |
Comprehensive Income (Loss) Attributable to ConocoPhillips | 580 | 1,667 | (1,947) | 3,689 |
ConocoPhillips [Member] | ||||
Revenues and Other Income | ||||
Sales and other operating revenues | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of affiliates | 315 | 1,637 | (1,366) | 3,527 |
Gain on Dispositions | 0 | 0 | 0 | 0 |
Other income (loss) | 1 | 0 | 0 | 1 |
Intercompany revenues | 0 | 0 | 0 | 0 |
Total Revenues and Other Income | 316 | 1,637 | (1,366) | 3,528 |
Costs and Expenses | ||||
Purchased commodities | 0 | 0 | 0 | 0 |
Production and operating expenses | 1 | 1 | 1 | 1 |
Selling, general and administrative expenses | 3 | 2 | 5 | 6 |
Exploration expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 | 0 |
Taxes other than Income Taxes | 0 | 0 | 0 | 0 |
Accretion on discounted liabilities | 0 | 0 | 0 | 0 |
Interest and debt expense | 67 | 70 | 137 | 139 |
Foreign currency transaction (gain) loss | 0 | 0 | 0 | 0 |
Other Expense | 0 | 0 | 0 | 0 |
Total Costs and Expenses | 71 | 73 | 143 | 146 |
Income (loss) before income taxes | 245 | 1,564 | (1,509) | 3,382 |
Income tax provision (benefit) | (15) | (16) | (30) | (31) |
Net income (loss) | 260 | 1,580 | (1,479) | 3,413 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net Income (Loss) | 260 | 1,580 | (1,479) | 3,413 |
Comprehensive Income (Loss) Attributable to ConocoPhillips | 580 | 1,667 | (1,947) | 3,689 |
Consolidating Adjustments [Member] | ||||
Revenues and Other Income | ||||
Sales and other operating revenues | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of affiliates | (241) | (4,258) | 1,747 | (8,241) |
Gain on Dispositions | 0 | 0 | 0 | 0 |
Other income (loss) | 0 | 0 | 0 | 0 |
Intercompany revenues | (271) | (1,815) | (1,211) | (3,015) |
Total Revenues and Other Income | (512) | (6,073) | 536 | (11,256) |
Costs and Expenses | ||||
Purchased commodities | (252) | (1,396) | (1,149) | (2,522) |
Production and operating expenses | (1) | (353) | (2) | (354) |
Selling, general and administrative expenses | 0 | 0 | (5) | (5) |
Exploration expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 | 0 |
Taxes other than Income Taxes | 0 | 0 | 0 | 0 |
Accretion on discounted liabilities | 0 | 0 | 0 | 0 |
Interest and debt expense | (18) | (66) | (55) | (134) |
Foreign currency transaction (gain) loss | 0 | 0 | 0 | 0 |
Other Expense | 0 | 0 | 0 | 0 |
Total Costs and Expenses | (271) | (1,815) | (1,211) | (3,015) |
Income (loss) before income taxes | (241) | (4,258) | 1,747 | (8,241) |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income (loss) | (241) | (4,258) | 1,747 | (8,241) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net Income (Loss) | (241) | (4,258) | 1,747 | (8,241) |
Comprehensive Income (Loss) Attributable to ConocoPhillips | (1,118) | (4,529) | 3,047 | (9,005) |
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | ||||
Revenues and Other Income | ||||
Sales and other operating revenues | 1,329 | 3,487 | 4,232 | 7,468 |
Equity in earnings (losses) of affiliates | 231 | 2,088 | 351 | 3,710 |
Gain on Dispositions | 7 | 10 | 16 | 5 |
Other income (loss) | 563 | 44 | (1,083) | 552 |
Intercompany revenues | 39 | 23 | 69 | 49 |
Total Revenues and Other Income | 2,169 | 5,652 | 3,585 | 11,784 |
Costs and Expenses | ||||
Purchased commodities | 1,188 | 3,124 | 3,800 | 6,621 |
Production and operating expenses | 218 | 657 | 378 | 837 |
Selling, general and administrative expenses | 138 | 83 | 115 | 212 |
Exploration expenses | 19 | 47 | 44 | 94 |
Depreciation, depletion and amortization | 160 | 148 | 307 | 284 |
Impairments | 1 | 0 | 3 | 0 |
Taxes other than Income Taxes | 23 | 33 | 71 | 79 |
Accretion on discounted liabilities | 3 | 4 | 7 | 8 |
Interest and debt expense | 98 | 143 | 205 | 292 |
Foreign currency transaction (gain) loss | (18) | 23 | (19) | 29 |
Other Expense | (1) | 13 | (7) | 25 |
Total Costs and Expenses | 1,829 | 4,275 | 4,904 | 8,481 |
Income (loss) before income taxes | 340 | 1,377 | (1,319) | 3,303 |
Income tax provision (benefit) | 25 | (260) | 47 | (224) |
Net income (loss) | 315 | 1,637 | (1,366) | 3,527 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net Income (Loss) | 315 | 1,637 | (1,366) | 3,527 |
Comprehensive Income (Loss) Attributable to ConocoPhillips | 635 | 1,724 | (1,834) | 3,803 |
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | ||||
Revenues and Other Income | ||||
Sales and other operating revenues | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of affiliates | (304) | 533 | (730) | 1,006 |
Gain on Dispositions | 0 | 0 | 0 | 0 |
Other income (loss) | 0 | 1 | 1 | 1 |
Intercompany revenues | 1 | 10 | 4 | 23 |
Total Revenues and Other Income | (303) | 544 | (725) | 1,030 |
Costs and Expenses | ||||
Purchased commodities | 0 | 0 | 0 | 0 |
Production and operating expenses | 0 | 0 | 1 | 1 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Exploration expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 | 0 |
Taxes other than Income Taxes | 0 | 0 | 0 | 0 |
Accretion on discounted liabilities | 0 | 0 | 0 | 0 |
Interest and debt expense | 33 | 33 | 66 | 66 |
Foreign currency transaction (gain) loss | 0 | 0 | 0 | 0 |
Other Expense | 0 | 0 | 0 | 0 |
Total Costs and Expenses | 33 | 33 | 67 | 67 |
Income (loss) before income taxes | (336) | 511 | (792) | 963 |
Income tax provision (benefit) | (7) | (4) | (13) | (9) |
Net income (loss) | (329) | 515 | (779) | 972 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net Income (Loss) | (329) | 515 | (779) | 972 |
Comprehensive Income (Loss) Attributable to ConocoPhillips | (83) | 623 | (1,130) | 1,204 |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||||
Revenues and Other Income | ||||
Sales and other operating revenues | 1,420 | 4,466 | 4,675 | 9,635 |
Equity in earnings (losses) of affiliates | 76 | 173 | 309 | 359 |
Gain on Dispositions | 589 | 72 | 538 | 94 |
Other income (loss) | 30 | 127 | 137 | 320 |
Intercompany revenues | 231 | 1,782 | 1,138 | 2,943 |
Total Revenues and Other Income | 2,346 | 6,620 | 6,797 | 13,351 |
Costs and Expenses | ||||
Purchased commodities | 194 | 946 | 1,140 | 2,250 |
Production and operating expenses | 829 | 1,113 | 1,842 | 2,204 |
Selling, general and administrative expenses | 15 | 44 | 38 | 69 |
Exploration expenses | 78 | 75 | 241 | 138 |
Depreciation, depletion and amortization | 998 | 1,342 | 2,262 | 2,752 |
Impairments | (3) | 1 | 516 | 2 |
Taxes other than Income Taxes | 118 | 161 | 320 | 390 |
Accretion on discounted liabilities | 63 | 83 | 126 | 165 |
Interest and debt expense | 22 | (15) | 51 | 35 |
Foreign currency transaction (gain) loss | 25 | 5 | (64) | 11 |
Other Expense | (6) | 1 | (6) | (3) |
Total Costs and Expenses | 2,333 | 3,756 | 6,466 | 8,013 |
Income (loss) before income taxes | 13 | 2,864 | 331 | 5,338 |
Income tax provision (benefit) | (260) | 741 | (113) | 1,566 |
Net income (loss) | 273 | 2,123 | 444 | 3,772 |
Less: net income attributable to noncontrolling interests | (18) | (17) | (46) | (30) |
Net Income (Loss) | 255 | 2,106 | 398 | 3,742 |
Comprehensive Income (Loss) Attributable to ConocoPhillips | $ 566 | $ 2,182 | $ (83) | $ 3,998 |
Supplementary Information - C_5
Supplementary Information - Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 2,907 | $ 5,088 |
Short-term investments | 3,985 | 3,028 |
Accounts and notes receivable | 1,532 | 3,401 |
Investment in Cenovus Energy | 971 | 2,111 |
Inventories | 982 | 1,026 |
Prepaid expenses and other current assets | 676 | 2,259 |
Total Current Assets | 11,053 | 16,913 |
Investments and long-term receiavables | 8,501 | 8,906 |
Net properties, plants and equipment | 41,120 | 42,269 |
Other assets | 2,372 | 2,426 |
Total Assets | 63,046 | 70,514 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 2,080 | 3,200 |
Short-term debt | 146 | 105 |
Accrued income and other taxes | 312 | 1,030 |
Employee benefit obligations | 422 | 663 |
Other accruals | 1,145 | 2,045 |
Total Current Liabilities | 4,105 | 7,043 |
Long-term debt | 14,852 | 14,790 |
Asset retirement obligations and accrued environmental costs | 5,465 | 5,352 |
Deferred income taxes | 3,901 | 4,634 |
Employee benefit obligations | 1,586 | 1,781 |
Other liabilities and deferred credits | 1,644 | 1,864 |
Total Liabilities | 31,553 | 35,464 |
Retained earnings | 37,351 | 39,742 |
Other common stockholders' equity | (5,858) | (4,761) |
Noncontrolling interests | 0 | 69 |
Total Liabilities and Stockholders' Equity | 63,046 | 70,514 |
ConocoPhillips [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Accounts and notes receivable | 5 | 5 |
Investment in Cenovus Energy | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 1 | 1 |
Total Current Assets | 6 | 6 |
Investments and long-term receiavables | 29,249 | 34,076 |
Net properties, plants and equipment | 0 | 0 |
Other assets | 4 | 3 |
Total Assets | 29,259 | 34,085 |
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 | 85 | 84 |
Total Current Liabilities | 82 | 81 |
Long-term debt | 3,795 | 3,794 |
Asset retirement obligations and accrued environmental costs | 0 | 0 |
Deferred income taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other liabilities and deferred credits | 447 | 1,787 |
Total Liabilities | 4,324 | 5,662 |
Retained earnings | 30,793 | 33,184 |
Other common stockholders' equity | (5,858) | (4,761) |
Noncontrolling interests | 0 | |
Total Liabilities and Stockholders' Equity | 29,259 | 34,085 |
Consolidating Adjustments [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Accounts and notes receivable | (1,269) | (2,575) |
Investment in Cenovus Energy | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 0 | 0 |
Total Current Assets | (1,269) | (2,575) |
Investments and long-term receiavables | (84,700) | (97,413) |
Net properties, plants and equipment | 0 | 0 |
Other assets | (697) | (805) |
Total Assets | (86,666) | (100,793) |
Liabilities and Stockholders' Equity | ||
Accounts payable | (1,269) | (2,575) |
Short-term debt | 0 | 0 |
Accrued income and other taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other accruals | 0 | 0 |
Total Current Liabilities | (1,269) | (2,575) |
Long-term debt | 0 | 0 |
Asset retirement obligations and accrued environmental costs | 0 | 0 |
Deferred income taxes | (697) | (804) |
Employee benefit obligations | 0 | 0 |
Other liabilities and deferred credits | (14,461) | (17,534) |
Total Liabilities | (16,427) | (20,913) |
Retained earnings | (20,049) | (27,985) |
Other common stockholders' equity | (50,190) | (51,895) |
Noncontrolling interests | 0 | |
Total Liabilities and Stockholders' Equity | (86,666) | (100,793) |
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | ||
Assets | ||
Cash and cash equivalents | 1,801 | 3,439 |
Short-term investments | 3,934 | 2,670 |
Accounts and notes receivable | 850 | 2,088 |
Investment in Cenovus Energy | 971 | 2,111 |
Inventories | 125 | 168 |
Prepaid expenses and other current assets | 209 | 352 |
Total Current Assets | 7,890 | 10,828 |
Investments and long-term receiavables | 39,784 | 44,969 |
Net properties, plants and equipment | 3,561 | 3,552 |
Other assets | 730 | 765 |
Total Assets | 51,965 | 60,114 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 1,394 | 2,670 |
Short-term debt | 4 | 4 |
Accrued income and other taxes | 91 | 79 |
Employee benefit obligations | 327 | 508 |
Other accruals | 356 | 408 |
Total Current Liabilities | 2,172 | 3,669 |
Long-term debt | 6,667 | 6,670 |
Asset retirement obligations and accrued environmental costs | 339 | 322 |
Deferred income taxes | 0 | 0 |
Employee benefit obligations | 1,186 | 1,329 |
Other liabilities and deferred credits | 5,814 | 7,514 |
Total Liabilities | 16,178 | 19,504 |
Retained earnings | 17,543 | 21,898 |
Other common stockholders' equity | 18,244 | 18,712 |
Noncontrolling interests | 0 | |
Total Liabilities and Stockholders' Equity | 51,965 | 60,114 |
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 | 2 |
Investment in Cenovus Energy | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 0 | 0 |
Total Current Assets | 2 | 2 |
Investments and long-term receiavables | 10,711 | 11,662 |
Net properties, plants and equipment | 0 | 0 |
Other assets | 248 | 253 |
Total Assets | 10,961 | 11,917 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 109 | 21 |
Short-term debt | 14 | 13 |
Accrued income and other taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other accruals | 35 | 35 |
Total Current Liabilities | 158 | 69 |
Long-term debt | 2,123 | 2,129 |
Asset retirement obligations and accrued environmental costs | 0 | 0 |
Deferred income taxes | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other liabilities and deferred credits | 919 | 826 |
Total Liabilities | 3,200 | 3,024 |
Retained earnings | 1,384 | 2,164 |
Other common stockholders' equity | 6,377 | 6,729 |
Noncontrolling interests | 0 | |
Total Liabilities and Stockholders' Equity | 10,961 | 11,917 |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||
Assets | ||
Cash and cash equivalents | 1,106 | 1,649 |
Short-term investments | 51 | 358 |
Accounts and notes receivable | 1,944 | 3,881 |
Investment in Cenovus Energy | 0 | 0 |
Inventories | 857 | 858 |
Prepaid expenses and other current assets | 466 | 1,906 |
Total Current Assets | 4,424 | 8,652 |
Investments and long-term receiavables | 13,457 | 15,612 |
Net properties, plants and equipment | 37,559 | 38,717 |
Other assets | 2,087 | 2,210 |
Total Assets | 57,527 | 65,191 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 1,846 | 3,084 |
Short-term debt | 131 | 91 |
Accrued income and other taxes | 221 | 951 |
Employee benefit obligations | 95 | 155 |
Other accruals | 669 | 1,518 |
Total Current Liabilities | 2,962 | 5,799 |
Long-term debt | 2,267 | 2,197 |
Asset retirement obligations and accrued environmental costs | 5,126 | 5,030 |
Deferred income taxes | 4,598 | 5,438 |
Employee benefit obligations | 400 | 452 |
Other liabilities and deferred credits | 8,925 | 9,271 |
Total Liabilities | 24,278 | 28,187 |
Retained earnings | 7,680 | 10,481 |
Other common stockholders' equity | 25,569 | 26,454 |
Noncontrolling interests | 69 | |
Total Liabilities and Stockholders' Equity | $ 57,527 | $ 65,191 |
Supplementary Information - C_6
Supplementary Information - Condensed Consolidating Financial Information - Cash Flow (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) operating activities | $ 2,262 | $ 5,785 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | (2,525) | (3,366) | |
Increase decrease in capital accrual | (251) | 24 | |
Proceeds from asset dispositions | 1,313 | 701 | |
Net purchases of investments | (1,030) | (485) | |
Long-term advances/loans-related parties | 0 | 0 | |
Collection of advances/loans-related parties | 66 | 62 | |
Intercompany cash management | 0 | 0 | |
Other | (35) | 126 | |
Net Cash Used in Investing Activities | (2,462) | (2,938) | |
Cash Flows From Financing Activities | |||
Issuance of debt | 0 | 0 | |
Repayment of debt | (214) | (38) | |
Issuance of company common stock | 2 | (36) | |
Repurchase of company common stock | (726) | (2,002) | |
Dividends paid | (913) | (696) | |
Other | (28) | (55) | |
Net Cash Provided by (Used in) Financing Activities | (1,879) | (2,827) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (93) | 26 | |
Net Change in Cash and Cash Equivalents and Restricted Cash | (2,172) | 46 | |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 5,362 | [1] | 6,151 |
Cash and Cash Equivalents and Restricted Cash at end of period | 3,190 | [2] | 6,197 |
ConocoPhillips [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) operating activities | 2,115 | 1,571 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | 0 | 0 | |
Increase decrease in capital accrual | 0 | 0 | |
Proceeds from asset dispositions | 765 | 0 | |
Net purchases of investments | 0 | 0 | |
Long-term advances/loans-related parties | 0 | 0 | |
Collection of advances/loans-related parties | 0 | 0 | |
Intercompany cash management | (1,339) | 1,082 | |
Other | 0 | 0 | |
Net Cash Used in Investing Activities | (574) | 1,082 | |
Cash Flows From Financing Activities | |||
Issuance of debt | 0 | 0 | |
Repayment of debt | 0 | 0 | |
Issuance of company common stock | 95 | 43 | |
Repurchase of company common stock | (726) | (2,002) | |
Dividends paid | (913) | (696) | |
Other | 3 | 2 | |
Net Cash Provided by (Used in) Financing Activities | (1,541) | (2,653) | |
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 | 0 | |
Reportable Legal Entities [Member] | ConocoPhillips Company [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) operating activities | 1,926 | 5,050 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | (322) | (653) | |
Increase decrease in capital accrual | (49) | 41 | |
Proceeds from asset dispositions | 1,327 | 217 | |
Net purchases of investments | (1,324) | (50) | |
Long-term advances/loans-related parties | (10) | (19) | |
Collection of advances/loans-related parties | 71 | 69 | |
Intercompany cash management | (269) | (3,256) | |
Other | 0 | 118 | |
Net Cash Used in Investing Activities | (576) | (3,533) | |
Cash Flows From Financing Activities | |||
Issuance of debt | 0 | 0 | |
Repayment of debt | 0 | (21) | |
Issuance of company common stock | 0 | 0 | |
Repurchase of company common stock | 0 | 0 | |
Dividends paid | (2,990) | (1,660) | |
Other | 0 | 0 | |
Net Cash Provided by (Used in) Financing Activities | (2,990) | (1,681) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 0 | (1) | |
Net Change in Cash and Cash Equivalents and Restricted Cash | (1,640) | (165) | |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 3,443 | 1,428 | |
Cash and Cash Equivalents and Restricted Cash at end of period | 1,803 | 1,263 | |
Reportable Legal Entities [Member] | Burlington Resources LLC [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) operating activities | 36 | (40) | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | (14) | 0 | |
Increase decrease in capital accrual | 0 | 0 | |
Proceeds from asset dispositions | 0 | 0 | |
Net purchases of investments | 0 | 0 | |
Long-term advances/loans-related parties | 0 | 0 | |
Collection of advances/loans-related parties | 0 | 0 | |
Intercompany cash management | (22) | 40 | |
Other | 0 | 0 | |
Net Cash Used in Investing Activities | (36) | 40 | |
Cash Flows From Financing Activities | |||
Issuance of debt | 0 | 0 | |
Repayment of debt | 0 | 0 | |
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 | 0 | |
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 | 0 | |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) operating activities | 2,751 | 4,768 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | (2,203) | (2,882) | |
Increase decrease in capital accrual | (202) | (17) | |
Proceeds from asset dispositions | 1,174 | 559 | |
Net purchases of investments | 294 | (435) | |
Long-term advances/loans-related parties | 0 | 0 | |
Collection of advances/loans-related parties | 66 | 82 | |
Intercompany cash management | 1,630 | 2,134 | |
Other | (35) | 8 | |
Net Cash Used in Investing Activities | 724 | (551) | |
Cash Flows From Financing Activities | |||
Issuance of debt | 10 | 19 | |
Repayment of debt | (285) | (106) | |
Issuance of company common stock | 0 | 0 | |
Repurchase of company common stock | 0 | 0 | |
Dividends paid | (3,200) | (3,983) | |
Other | (439) | 37 | |
Net Cash Provided by (Used in) Financing Activities | (3,914) | (4,033) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (93) | 27 | |
Net Change in Cash and Cash Equivalents and Restricted Cash | (532) | 211 | |
Cash and Cash Equivalents and Restricted Cash at beginning of period | 1,919 | 4,723 | |
Cash and Cash Equivalents and Restricted Cash at end of period | 1,387 | 4,934 | |
Consolidating Adjustments [Member] | |||
Cash Flows From Operating Activities | |||
Net cash provided by (used in) operating activities | (4,566) | (5,564) | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | 14 | 169 | |
Increase decrease in capital accrual | 0 | 0 | |
Proceeds from asset dispositions | (1,953) | (75) | |
Net purchases of investments | 0 | 0 | |
Long-term advances/loans-related parties | 10 | 19 | |
Collection of advances/loans-related parties | (71) | (89) | |
Intercompany cash management | 0 | 0 | |
Other | 0 | 0 | |
Net Cash Used in Investing Activities | (2,000) | 24 | |
Cash Flows From Financing Activities | |||
Issuance of debt | (10) | (19) | |
Repayment of debt | 71 | 89 | |
Issuance of company common stock | (93) | (79) | |
Repurchase of company common stock | 0 | 0 | |
Dividends paid | 6,190 | 5,643 | |
Other | 408 | (94) | |
Net Cash Provided by (Used in) Financing Activities | 6,566 | 5,540 | |
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 | $ 0 | |
[1] | Restricted cash of $ 90 184 respectively, of our Consolidated Balance Sheet as of December 31, 2019. See Notes to Consolidated Financial Statements. | ||
[2] | Restricted cash of $ 88 195 respectively, of our Consolidated Balance Sheet as of June 30, 2020. |