EX-99.2 3 cop-20250206x8kexx992.htm EX-99.2

Exhibit 99.2

        

Fourth-quarter 2024 Detailed Supplemental Information

			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
Sales and other operating revenues			14,811			12,351			14,250			14,729			56,141						13,848			13,620			13,041			14,236			54,745
Equity in earnings of affiliates			499			412			388			421			1,720						421			403			441			440			1,705
Gain (loss) on dispositions			93			(1)			108			28			228						93			(5)			(2)			(35)			51
Other income (loss)			114			122			120			129			485						114			118			124			96			452
Total Revenues and Other Income			15,517			12,884			14,866			15,307			58,574						14,476			14,136			13,604			14,737			56,953
Costs and Expenses
Purchased commodities			6,138			4,616			5,543			5,678			21,975						5,334			4,858			4,747			5,073			20,012
Production and operating expenses			1,779			1,886			1,995			2,033			7,693						2,015			2,164			2,261			2,311			8,751
Selling, general and administrative expenses			159			205			169			172			705						178			164			186			630			1,158
Exploration expenses			138			83			92			85			398						112			102			70			71			355
Depreciation, depletion and amortization			1,942			2,010			2,095			2,223			8,270						2,211			2,334			2,390			2,664			9,599
Impairments			1			—			11			2			14						—			34			—			46			80
Taxes other than income taxes			576			512			536			450			2,074						555			536			476			520			2,087
Accretion on discounted liabilities			68			68			68			79			283						80			80			80			85			325
Interest and debt expense			188			179			194			219			780						205			198			189			191			783
Foreign currency transactions (gain) loss			(44)			(14)			55			95			92						(18)			9			(28)			(13)			(50)
Other expenses			10			(23)			8			7			2						(4)			(2)			(2)			189			181
Total Costs and Expenses			10,955			9,522			10,766			11,043			42,286						10,668			10,477			10,369			11,767			43,281
Income (loss) before income taxes			4,562			3,362			4,100			4,264			16,288						3,808			3,659			3,235			2,970			13,672
Income tax provision (benefit)			1,642			1,130			1,302			1,257			5,331						1,257			1,330			1,176			664			4,427
Net Income (Loss)			2,920			2,232			2,798			3,007			10,957						2,551			2,329			2,059			2,306			9,245
Net Income Per Share of Common Stock (dollars)
Basic			2.38			1.84			2.33			2.53			9.08						2.16			1.99			1.77			1.90			7.82
Diluted			2.38			1.84			2.32			2.52			9.06						2.15			1.98			1.76			1.90			7.81
Weighted-Average Common Shares Outstanding (in thousands)*
Basic			1,220,228			1,207,443			1,196,641			1,187,144			1,202,757						1,177,921			1,168,198			1,161,318			1,207,421			1,178,920
Diluted			1,223,355			1,210,342			1,199,746			1,189,903			1,205,675						1,180,320			1,170,299			1,163,227			1,209,163			1,180,871
*Ending Common Shares Outstanding is 1,275,867 as of December 31, 2024, compared with 1,150,912 as of September 30, 2024.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska			567			510			606			737			2,420						468			495			370			473			1,806
Lower 48			2,378			1,581			2,257			2,008			8,224						1,766			1,626			1,588			1,658			6,638
Canada			8			43			125			252			428						236			347			35			322			940
Europe, Middle East and North Africa			1,244			982			893			1,135			4,254						1,081			917			976			1,069			4,043
Asia Pacific			582			451			509			462			2,004						517			539			528			350			1,934
Other International			1			(5)			1			(10)			(13)						(1)			3			1			(5)			(2)
Corporate and Other			(218)			(200)			(291)			(320)			(1,029)						(259)			(268)			(263)			(897)			(1,687)
Consolidated			4,562			3,362			4,100			4,264			16,288						3,808			3,659			3,235			2,970			13,672

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
EFFECTIVE INCOME TAX RATES
Alaska*			26.7		%	27.0		%	26.1		%	26.4		%	26.5		%				26.1		%	27.4		%	27.6		%	25.4		%	26.6		%
Lower 48			22.1		%	22.2		%	21.1		%	20.4		%	21.4		%				21.8		%	22.6		%	21.9		%	21.9		%	22.0		%
Canada			21.9		%	26.6		%	(48.6)		%	29.5		%	6.1		%				23.6		%	24.6		%	30.9		%	23.5		%	24.2		%
Europe, Middle East and North Africa			70.6		%	73.1		%	71.7		%	73.0		%	72.1		%				71.9		%	72.5		%	69.5		%	68.6		%	70.6		%
Asia Pacific			10.3		%	14.1		%	8.9		%	(27.3)		%	2.1		%				0.9		%	17.8		%	13.7		%	10.7		%	10.9		%
Other International			—			—			756.2		%	18.8		%	(0.2)		%				7.7			—			3.4		%	18.0		%	42.0		%
Corporate and Other			(11.3)		%	75.9		%	(14.3)		%	38.3		%	20.2		%				33.8		%	7.2		%	13.4		%	74.2		%	47.9		%
Consolidated			36.0		%	33.6		%	31.8		%	29.5		%	32.7		%				33.0		%	36.3		%	36.4		%	22.3		%	32.4		%
*Alaska including taxes other than income taxes.			42.3		%	41.1		%	40.8		%	32.9		%	39.0		%				42.5		%	42.5		%	42.8		%	39.3		%	41.7		%

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
$ Millions
EARNINGS BY SEGMENT
Alaska			416			372			448			542			1,778						346			360			267			353			1,326
Lower 48			1,852			1,230			1,781			1,598			6,461						1,381			1,259			1,241			1,294			5,175
Canada			6			32			186			178			402						180			261			25			246			712
Europe, Middle East and North Africa			365			264			253			307			1,189						304			251			298			336			1,189
Asia Pacific			522			387			465			587			1,961						512			444			455			313			1,724
Other International			1			(4)			(2)			(8)			(13)						(1)			3			1			(4)			(1)
Corporate and Other			(242)			(49)			(333)			(197)			(821)						(171)			(249)			(228)			(232)			(880)
Consolidated			2,920			2,232			2,798			3,007			10,957						2,551			2,329			2,059			2,306			9,245
SPECIAL ITEMS
Alaska			—			—			—			—			—						—			—			—			—			—
Lower 48			—			—			100			—			100						66			—			—			(70)			(4)
Canada			—			—			92			—			92						—			—			—			—			—
Europe, Middle East and North Africa			—			—			—			—			—						—			—			—			—			—
Asia Pacific			—			—			52			203			255						76			—			—						76
Other International			—			—			—			—			—						—			—			—			—			—
Corporate and Other			—			—			(47)			(58)			(105)						—			—			(22)			(29)			(51)
Consolidated			—			—			197			145			342						142			—			(22)			(99)			21
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska			416			372			448			542			1,778						346			360			267			353			1,326
Lower 48			1,852			1,230			1,681			1,598			6,361						1,315			1,259			1,241			1,364			5,179
Canada			6			32			94			178			310						180			261			25			246			712
Europe, Middle East and North Africa			365			264			253			307			1,189						304			251			298			336			1,189
Asia Pacific			522			387			413			384			1,706						436			444			455			313			1,648
Other International			1			(4)			(2)			(8)			(13)						(1)			3			1			(4)			(1)
Corporate and Other			(242)			(49)			(286)			(139)			(716)						(171)			(249)			(206)			(203)			(829)
Consolidated			2,920			2,232			2,601			2,862			10,615						2,409			2,329			2,081			2,405			9,224

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska			26.7		%	27.0		%	26.1		%	26.4		%	26.5		%				26.1		%	27.4		%	27.6		%	25.4		%	26.6		%
Lower 48			22.1		%	22.2		%	22.3		%	20.4		%	21.8		%				21.7		%	22.6		%	21.9		%	21.9		%	22.0		%
Canada			21.9		%	26.6		%	24.5		%	29.5		%	27.6		%				23.6		%	24.6		%	30.9		%	23.5		%	24.2		%
Europe, Middle East and North Africa			70.6		%	73.1		%	71.7		%	73.0		%	72.1		%				71.9		%	72.5		%	69.5		%	68.6		%	70.6		%
Asia Pacific			10.3		%	14.1		%	19.1		%	16.7		%	14.8		%				15.6		%	17.8		%	13.7		%	10.7		%	14.8		%
Other International			—			—			756.2		%	18.8		%	(0.2)		%				7.7			—			3.4		%	18.0		%	42.0		%
Corporate and Other			(11.3)		%	75.9		%	(23.1)		%	43.5		%	20.2		%				33.8		%	7.2		%	12.3		%	33.6		%	22.3		%
Consolidated			36.0		%	33.6		%	36.0		%	34.0		%	35.0		%				35.3		%	36.3		%	36.2		%	34.1		%	35.5		%

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
$ Millions
DETAILED SPECIAL ITEMS
Alaska
Total			—			—			—			—			—						—			—			—			—			—
Lower 48
Transaction and integration expenses			—			—			—			—			—						—			—			—			(43)			(43)
Impairments			—			—			—			—			—						—			—			—			(47)			(47)
Gain (loss) on asset sales			—			—			94			—			94						86			—			—			—			86
Subtotal before income taxes			—			—			94			—			94						86			—			—			(90)			(4)
Income tax provision (benefit)			—			—			(6)			—			(6)						20			—			—			(20)			—
Total			—			—			100			—			100						66			—			—			(70)			(4)
Canada
Income tax provision (benefit)¹			—			—			(92)			—			(92)						—			—			—			—			—
Total			—			—			92			—			92						—			—			—			—			—
Europe, Middle East and North Africa
Total			—			—			—			—			—						—			—			—			—			—
Asia Pacific
Income tax provision (benefit)²			—			—			(52)			(203)			(255)						(76)			—			—			—			(76)
Total			—			—			52			203			255						76			—			—			—			76
Other International
Total			—			—			—			—			—						—			—			—			—			—
Corporate and Other
Pending claims and settlements			—			—			—			—			—						—			—			—			16			16
Transaction and integration expenses			—			—			—			—			—						—			—			(28)			(471)			(499)
Gain (loss) on interest rate hedge³			—			—			—			—			—						—			—			—			35			35
Gain (loss) on CAD FX derivative			—			—			(59)			(73)			(132)						—			—			—			—			—
Gain (loss) on debt extinguishment			—			—			—			—			—						—			—			—			(173)			(173)
Subtotal before income taxes			—			—			(59)			(73)			(132)						—			—			(28)			(593)			(621)
Income tax provision (benefit)⁴			—			—			(12)			(15)			(27)						—			—			(6)			(564)			(570)
Total			—			—			(47)			(58)			(105)						—			—			(22)			(29)			(51)
Total Company			—			—			197			145			342						142			—			(22)			(99)			21
¹Includes a tax adjustment in 3Q23 related to closure of an audit.
²Includes a tax adjustment in 3Q23 and 1Q24 related to Malaysia deepwater investment tax incentive and 4Q23 adjustment related to reversal of a tax reserve.
³Interest rate hedging gain (loss) from PALNG Phase 1 Investment.
⁴Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents			6,974			5,735			8,830			5,635			5,635						5,574			4,294			5,221			5,607			5,607
Short-term investments			1,635			1,080			616			971			971						487			1,723			1,571			507			507
Accounts and notes receivable			5,280			4,517			5,658			5,461			5,461						5,444			5,285			4,791			6,621			6,621
Accounts and notes receivable—related parties			16			14			13			13			13						14			22			24			74			74
Inventories			1,258			1,236			1,326			1,398			1,398						1,443			1,447			1,496			1,809			1,809
Prepaid expenses and other current assets			953			919			738			852			852						759			963			881			1,029			1,029
Total Current Assets			16,116			13,501			17,181			14,330			14,330						13,721			13,734			13,984			15,647			15,647
Investments and long-term receivables			8,197			8,618			8,731			9,130			9,130						9,132			9,304			9,192			9,869			9,869
Net properties, plants and equipment			65,090			65,452			65,561			70,044			70,044						69,907			70,226			70,725			94,356			94,356
Other assets			2,038			2,034			2,178			2,420			2,420						2,588			2,730			2,798			2,908			2,908
Total Assets			91,441			89,605			93,651			95,924			95,924						95,348			95,994			96,699			122,780			122,780
Liabilities
Accounts payable			5,078			4,597			5,119			5,083			5,083						5,101			5,065			5,161			5,987			5,987
Accounts payable—related parties			22			29			24			34			34						37			91			29			57			57
Short-term debt			1,317			879			881			1,074			1,074						1,113			1,312			1,314			1,035			1,035
Accrued income and other taxes			2,847			1,692			1,919			1,811			1,811						2,116			2,016			2,473			2,460			2,460
Employee benefit obligations			420			552			691			774			774						405			516			627			1,087			1,087
Other accruals			1,869			1,799			1,704			1,229			1,229						1,391			1,324			1,161			1,498			1,498
Total Current Liabilities			11,553			9,548			10,338			10,005			10,005						10,163			10,324			10,765			12,124			12,124
Long-term debt			15,266			15,565			18,182			17,863			17,863						17,304			17,040			16,990			23,289			23,289
Asset retirement obligations and accrued environmental costs			6,324			6,357			6,425			7,220			7,220						7,141			7,238			7,337			8,089			8,089
Deferred income taxes			7,927			8,038			8,325			8,813			8,813						8,776			8,927			8,986			11,426			11,426
Employee benefit obligations			1,007			981			956			1,009			1,009						967			990			945			1,022			1,022
Other liabilities and deferred credits			1,581			1,585			1,680			1,735			1,735						1,672			1,730			1,795			2,034			2,034
Total Liabilities			43,658			42,074			45,906			46,645			46,645						46,023			46,249			46,818			57,984			57,984
Equity
Common stock issued
Par value			21			21			21			21			21						21			21			21			23			23
Capital in excess of par			61,100			61,169			61,262			61,303			61,303						61,300			61,381			61,430			77,529			77,529
Treasury stock			(61,904)			(63,217)			(64,529)			(65,640)			(65,640)						(66,974)			(68,005)			(69,184)			(71,152)			(71,152)
Accumulated other comprehensive income (loss)			(6,027)			(5,925)			(5,961)			(5,673)			(5,673)						(5,917)			(5,961)			(5,845)			(6,473)			(6,473)
Retained earnings			54,593			55,483			56,952			59,268			59,268						60,895			62,309			63,459			64,869			64,869
Total Equity			47,783			47,531			47,745			49,279			49,279						49,325			49,745			49,881			64,796			64,796
Total Liabilities and Equity			91,441			89,605			93,651			95,924			95,924						95,348			95,994			96,699			122,780			122,780

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			2023																		2024
$ Millions			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
CASH FLOW INFORMATION
Cash Flows from Operating Activities
Net income (loss)			2,920			2,232			2,798			3,007			10,957						2,551			2,329			2,059			2,306			9,245
Depreciation, depletion and amortization			1,942			2,010			2,095			2,223			8,270						2,211			2,334			2,390			2,664			9,599
Impairments			1			—			11			2			14						—			34			—			46			80
Dry hole costs and leasehold impairments			68			34			49			11			162						19			29			—			(2)			46
Accretion on discounted liabilities			68			68			68			79			283						80			80			80			85			325
Deferred taxes			324			165			264			392			1,145						87			124			38			118			367
Distributions more (less) than income from equity affiliates			491			161			268			44			964						308			56			181			19			564
(Gain) loss on dispositions			(93)			1			(108)			(28)			(228)						(93)			5			2			35			(51)
Other			(35)			28			23			(236)			(220)						(66)			76			(28)			148			130
Net working capital changes			(283)			(845)			(23)			(231)			(1,382)						(112)			(148)			1,041			(962)			(181)
Net Cash Provided by Operating Activities			5,403			3,854			5,445			5,263			19,965						4,985			4,919			5,763			4,457			20,124
Cash Flows from Investing Activities
Capital expenditures and investments			(2,897)			(2,923)			(2,545)			(2,883)			(11,248)						(2,916)			(2,969)			(2,916)			(3,317)			(12,118)
Working capital changes associated with investing activities			208			(122)			(261)			205			30						169			4			22			107			302
Acquisition of businesses, net of cash acquired			—			—			—			(2,724)			(2,724)						49			—			—			(73)			(24)
Proceeds from asset dispositions			188			238			187			19			632						173			5			39			44			261
Net sales (purchases) of investments			1,065			484			311			(487)			1,373						405			(1,199)			195			1,014			415
Other			(12)			7			(76)			18			(63)						(21)			8			2			25			14
Net Cash Used in Investing Activities			(1,448)			(2,316)			(2,384)			(5,852)			(12,000)						(2,141)			(4,151)			(2,658)			(2,200)			(11,150)
Cash Flows from Financing Activities
Net issuance (repayment) of debt			(43)			(64)			2,651			(136)			2,408						(505)			(58)			(44)			1,217			610
Issuance of company common stock			(97)			2			38			5			(52)						(61)			4			(9)			(12)			(78)
Repurchase of company common stock			(1,700)			(1,300)			(1,300)			(1,100)			(5,400)						(1,325)			(1,021)			(1,167)			(1,950)			(5,463)
Dividends paid			(1,488)			(1,350)			(1,337)			(1,408)			(5,583)						(924)			(915)			(910)			(897)			(3,646)
Other			2			(13)			(23)			—			(34)						(10)			(53)			(68)			(127)			(258)
Net Cash Used in Financing Activities			(3,326)			(2,725)			29			(2,639)			(8,661)						(2,825)			(2,043)			(2,198)			(1,769)			(8,835)
Effect of Exchange Rate Changes			(104)			(58)			12			51			(99)						(73)			4			41			(105)			(133)
Net Change in Cash, Cash Equivalents and Restricted Cash			525			(1,245)			3,102			(3,177)			(795)						(54)			(1,271)			948			383			6
Cash, cash equivalents and restricted cash at beginning of period			6,694			7,219			5,974			9,076			6,694						5,899			5,845			4,574			5,522			5,899
Cash, Cash Equivalents and Restricted Cash at End of Period			7,219			5,974			9,076			5,899			5,899						5,845			4,574			5,522			5,905			5,905
Restricted cash in included in the "Other assets" line of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska			406			363			371			565			1,705						720			691			691			1,092			3,194
Lower 48			1,704			1,653			1,521			1,609			6,487						1,616			1,649			1,653			1,592			6,510
Canada			136			92			117			111			456						152			131			136			132			551
Europe, Middle East and North Africa			209			358			267			277			1,111						219			227			248			327			1,021
Asia Pacific			63			79			103			109			354						45			90			100			135			370
Other International			—			—			—			—			—						—			—			—			—			—
Corporate and Other			379			378			166			212			1,135						164			181			88			39			472
Total Capital Expenditures and Investments			2,897			2,923			2,545			2,883			11,248						2,916			2,969			2,916			3,317			12,118
Capitalized interest included in total capital expenditures and investments			26			39			45			43			153						50			58			66			74			248

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
TOTAL SEGMENTS
Production
Total (MBOED)			1,792			1,805			1,806			1,902			1,826						1,902			1,945			1,917			2,183			1,987
Crude Oil (MBD)
Consolidated operations			926			918			914			936			923						928			942			945			1,058			969
Equity affiliates			11			13			13			13			13						16			13			12			12			13
Total			937			931			927			949			936						944			955			957			1,070			982
NGL (MBD)
Consolidated operations			264			275			283			293			279						271			287			302			355			304
Equity affiliates			7			8			8			8			8						8			8			8			7			8
Total			271			283			291			301			287						279			295			310			362			312
Bitumen (MBD)
Consolidated operations			69			66			64			125			81						129			133			87			139			122
Total			69			66			64			125			81						129			133			87			139			122
Natural Gas (MMCFD)
Consolidated operations			1,922			1,896			1,889			1,954			1,916						2,035			2,123			2,149			2,486			2,200
Equity affiliates			1,166			1,251			1,252			1,207			1,219						1,267			1,247			1,232			1,188			1,233
Total			3,088			3,147			3,141			3,161			3,135						3,302			3,370			3,381			3,674			3,433
Industry Prices
Crude Oil ($/BBL)
WTI			76.13			73.78			82.26			78.32			77.62						76.96			80.57			75.10			70.27			75.72
WCS			51.31			58.62			69.36			56.43			58.93						57.57			66.96			61.56			57.71			60.95
Brent dated			81.27			78.39			86.76			84.05			82.62						83.24			84.94			80.18			74.69			80.76
JCC ($/BBL)			100.49			87.19			84.04			83.08			88.70						92.29			84.19			87.58			85.98			87.51
Natural Gas ($/MMBTU)
Henry Hub first of month			3.44			2.09			2.54			2.88			2.74						2.25			1.89			2.15			2.79			2.27
Average Realized Prices
Total ($/BOE)			60.86			54.50			60.05			58.21			58.39						56.60			56.56			54.18			52.37			54.83
Crude Oil ($/BBL)
Consolidated operations			77.60			74.18			83.22			80.83			78.97						78.67			81.31			76.78			71.01			76.74
Equity affiliates			80.97			75.10			78.73			79.23			78.45						76.94			80.34			76.11			73.57			76.76
Total			77.65			74.19			83.15			80.80			78.96						78.64			81.30			76.77			71.04			76.74
NGL ($/BBL)
Consolidated operations			24.97			20.05			22.52			21.22			22.12						23.35			21.84			21.16			23.31			22.43
Equity affiliates			57.71			43.62			39.53			49.59			47.09						52.09			49.83			49.91			54.63			51.53
Total			25.84			20.72			23.01			21.97			22.82						24.25			22.60			21.93			23.93			23.19
Bitumen ($/BBL)
Consolidated operations			29.49			41.01			57.85			42.34			42.15						44.30			54.59			47.32			45.56			47.92
Total			29.49			41.01			57.85			42.34			42.15						44.30			54.59			47.32			45.56			47.92
Natural Gas ($/MCF)
Consolidated operations			5.65			2.89			3.29			3.75			3.89						2.91			1.88			1.99			3.52			2.61
Equity affiliates			9.95			8.23			7.73			8.03			8.46						8.26			7.98			8.41			8.31			8.22
Total			7.30			5.04			5.06			5.41			5.69						5.02			4.22			4.42			5.12			4.69

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
Exploration Expenses ($ Millions)
Dry holes			49			23			37			—			109						19			25			—			(4)			40
Leasehold impairment			19			11			12			11			53						—			4			—			2			6
Total noncash expenses			68			34			49			11			162						19			29			—			(2)			46
Other (G&A, G&G and lease rentals)			70			49			43			74			236						93			73			70			73			309
Total exploration expenses			138			83			92			85			398						112			102			70			71			355
U.S. exploration expenses			108			51			29			37			225						66			42			22			28			158
International exploration expenses			30			32			63			48			173						46			60			48			43			197
DD&A ($ Millions)
Alaska			260			267			259			275			1,061						324			321			309			345			1,299
Lower 48			1,319			1,407			1,489			1,507			5,722						1,432			1,557			1,640			1,813			6,442
Canada			91			84			89			156			420						158			166			147			168			639
Europe, Middle East and North Africa			153			139			134			161			587						180			175			189			217			761
Asia Pacific			113			108			117			117			455						110			107			97			111			425
Other International			—			—			—			—			—						—			—			—			—			—
Corporate and Other			6			5			7			7			25						7			8			8			10			33
Total DD&A			1,942			2,010			2,095			2,223			8,270						2,211			2,334			2,390			2,664			9,599

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska			179			176			165			174			173						180			170			162			179			173
Lower 48			561			565			572			576			569						553			575			603			677			602
Canada			6			6			8			15			9						18			17			15			16			17
Norway			70			65			60			63			64						68			68			70			72			69
Libya			47			48			48			48			48						50			51			40			52			48
Equatorial Guinea			—			—			—			—			—						—			—			—			3			1
Europe, Middle East and North Africa			117			113			108			111			112						118			119			110			127			118
China			34			32			31			31			32						32			34			34			32			33
Malaysia			29			26			30			29			28						27			27			21			27			26
Asia Pacific			63			58			61			60			60						59			61			55			59			59
Total consolidated operations			926			918			914			936			923						928			942			945			1,058			969
Equity affiliates			11			13			13			13			13						16			13			12			12			13
Total			937			931			927			949			936						944			955			957			1,070			982
NGL (MBD)
Consolidated operations
Alaska			18			16			14			15			16						14			14			14			16			15
Lower 48			239			252			263			269			256						247			264			278			327			279
Canada			3			3			3			5			3						6			6			7			6			6
Norway			4			4			3			4			4						4			3			3			4			4
Equatorial Guinea			—			—			—			—			—						—			—			—			2			—
Europe, Middle East and North Africa			4			4			3			4			4						4			3			3			6			4
Total consolidated operations			264			275			283			293			279						271			287			302			355			304
Equity affiliates			7			8			8			8			8						8			8			8			7			8
Total			271			283			291			301			287						279			295			310			362			312
Bitumen (MBD)
Canada			69			66			64			125			81						129			133			87			139			122
Total			69			66			64			125			81						129			133			87			139			122
Natural Gas (MMCFD)
Consolidated operations
Alaska			42			34			36			39			38						42			36			37			41			39
Lower 48			1,418			1,478			1,490			1,440			1,457						1,479			1,597			1,596			1,827			1,625
Canada			64			58			57			82			65						100			121			121			117			115
Norway			313			256			235			313			279						329			301			323			361			329
Libya			29			30			29			29			29						29			27			28			27			28
Equatorial Guinea			—			—			—			—			—						—			—			—			54			14
Europe, Middle East and North Africa			342			286			264			342			308						358			328			351			442			371
Malaysia			56			40			42			51			48						56			41			44			59			50
Asia Pacific			56			40			42			51			48						56			41			44			59			50
Total consolidated operations			1,922			1,896			1,889			1,954			1,916						2,035			2,123			2,149			2,486			2,200
Equity affiliates			1,166			1,251			1,252			1,207			1,219						1,267			1,247			1,232			1,188			1,233
Total			3,088			3,147			3,141			3,161			3,135						3,302			3,370			3,381			3,674			3,433
Total (MBOED)
Consolidated operations
Alaska			204			198			185			195			195						201			190			182			202			194
Lower 48			1,036			1,063			1,083			1,086			1,067						1,046			1,105			1,147			1,308			1,152
Canada			89			85			85			158			104						170			176			129			180			164
Norway			126			112			102			119			115						127			121			127			136			128
Libya			52			53			53			53			53						55			56			44			57			53
Equatorial Guinea			—			—			—			—			—						—			—			—			14			3
Europe, Middle East and North Africa			178			165			155			172			168						182			177			171			207			184
China			34			32			31			31			32						32			34			34			32			33
Malaysia			38			33			37			38			36						36			34			28			37			34
Asia Pacific			72			65			68			69			68						68			68			62			69			67
Total consolidated operations			1,579			1,576			1,576			1,680			1,602						1,667			1,716			1,691			1,966			1,761
Equity affiliates			213			229			230			222			224						235			229			226			217			226
Total			1,792			1,805			1,806			1,902			1,826						1,902			1,945			1,917			2,183			1,987

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska			82.22			76.09			86.98			87.25			83.05						83.59			86.44			81.32			75.88			81.73
Lower 48			74.36			72.06			80.75			77.43			76.19						75.51			78.72			74.73			68.74			74.17
Canada			65.07			59.40			70.83			66.32			66.19						64.40			68.90			61.99			62.49			64.47
Norway			85.34			80.39			87.27			85.35			84.56						85.36			83.96			79.75			76.44			81.09
Libya			80.41			78.65			87.74			85.92			83.07						84.11			85.44			83.48			72.92			81.08
Equatorial Guinea			—			—			—			—			—						—			—			—			60.01			60.01
Europe, Middle East and North Africa			83.52			79.64			87.45			85.60			83.96						84.83			84.62			80.88			74.57			80.92
China			76.93			75.27			84.71			84.53			80.35						80.59			82.16			77.78			73.36			78.67
Malaysia			89.99			83.92			92.63			92.64			90.11						89.40			91.70			85.13			78.95			87.06
Asia Pacific			83.50			78.64			89.10			87.47			84.79						85.05			86.47			80.84			75.64			82.42
Total consolidated operations			77.60			74.18			83.22			80.83			78.97						78.67			81.31			76.78			71.01			76.74
Equity affiliates			80.97			75.10			78.73			79.23			78.45						76.94			80.34			76.11			73.57			76.76
Total			77.65			74.19			83.15			80.80			78.96						78.64			81.30			76.77			71.04			76.74
NGL ($/BBL)
Consolidated operations
Lower 48			24.58			19.61			22.03			20.93			21.73						22.67			21.57			20.64			23.09			22.02
Canada			29.02			17.11			26.26			30.28			26.13						35.47			27.01			28.11			27.97			29.59
Norway			47.91			37.06			43.08			38.48			41.13						46.32			39.60			46.08			47.56			45.50
Equatorial Guinea			—			—			—			—			—						—			—			—			1.00			1.00
Europe, Middle East and North Africa			47.91			37.06			43.08			38.48			41.13						46.32			39.60			46.08			31.53			40.29
Total consolidated operations			24.97			20.05			22.52			21.22			22.12						23.35			21.84			21.16			23.31			22.43
Equity affiliates			57.71			43.62			39.53			49.59			47.09						52.09			49.83			49.91			54.63			51.53
Total			25.84			20.72			23.01			21.97			22.82						24.25			22.60			21.93			23.93			23.19
Bitumen ($/BBL)
Canada			29.49			41.01			57.85			42.34			42.15						44.30			54.59			47.32			45.56			47.92
Total			29.49			41.01			57.85			42.34			42.15						44.30			54.59			47.32			45.56			47.92
Natural Gas ($/MCF)
Consolidated operations
Alaska			4.58			4.38			4.40			4.48			4.47						3.91			4.03			3.98			3.75			3.90
Lower 48			2.92			1.43			2.24			1.93			2.12						1.57			0.32			0.18			1.39			0.87
Canada			4.64			0.56			0.67			1.27			1.80						1.01			0.36			0.10			0.80			0.54
Norway			18.04			11.32			10.07			12.70			13.33						9.02			9.89			11.19			13.96			11.11
Libya			7.67			6.67			5.86			5.78			6.49						6.39			6.23			6.05			6.11			6.20
Equatorial Guinea			—			—			—			—			—						—			—			—			9.84			9.84
Europe, Middle East and North Africa			17.18			10.83			9.61			12.12			12.68						8.81			9.59			10.76			13.01			10.70
Malaysia			4.30			4.10			3.77			3.60			3.95						3.68			3.98			3.62			3.72			3.74
Asia Pacific			4.30			4.10			3.77			3.60			3.95						3.68			3.98			3.62			3.72			3.74
Total consolidated operations			5.65			2.89			3.29			3.75			3.89						2.91			1.88			1.99			3.52			2.61
Equity affiliates			9.95			8.23			7.73			8.03			8.46						8.26			7.98			8.41			8.31			8.22
Total			7.30			5.04			5.06			5.41			5.69						5.02			4.22			4.42			5.12			4.69

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			2023																		2024
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)			(242)			(49)			(333)			(197)			(821)						(171)			(249)			(228)			(232)			(880)
Detail of Earnings (Loss) ($ Millions)
Net interest expense			(90)			(86)			(91)			(93)			(360)						(93)			(89)			(79)			(118)			(379)
Corporate G&A expenses			(90)			(96)			(87)			(84)			(357)						(105)			(78)			(99)			(434)			(716)
Technology*			6			(11)			(14)			(15)			(34)						(24)			(44)			(32)			(37)			(137)
Other			(68)			144			(141)			(5)			(70)						51			(38)			(18)			357			352
Total			(242)			(49)			(333)			(197)			(821)						(171)			(249)			(228)			(232)			(880)
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.
Before-Tax Net Interest Expense ($ Millions)
Interest expense			(214)			(218)			(239)			(262)			(933)						(255)			(256)			(255)			(265)			(1,031)
Capitalized interest*			26			39			45			43			153						50			58			66			74			248
Interest revenue			95			97			110			101			403						101			95			105			93			394
Total			(93)			(82)			(84)			(118)			(377)						(104)			(103)			(84)			(98)			(389)
*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.
Debt
Total debt ($ Millions)			16,583			16,444			19,063			18,937			18,937						18,417			18,352			18,304			24,324			24,324
Debt-to-capital ratio (%)			26		%	26		%	29		%	28		%	28		%				27		%	27		%	27		%	27		%	27		%
Equity ($ Millions)			47,783			47,531			47,745			49,279			49,279						49,325			49,745			49,881			64,796			64,796
REFERENCE
Commonly Used Abbreviations
Earnings			Net Income (Loss) Attributable to ConocoPhillips
DD&A			Depreciation, Depletion and Amortization
G&G			Geological and Geophysical
G&A			General and Administrative
JCC			Japan Crude Cocktail
LNG			Liquefied Natural Gas
NGLs			Natural Gas Liquids
WCS			Western Canadian Select
WTI			West Texas Intermediate
Units of Measurement
BBL			Barrel
BOE			Barrel of Oil Equivalent
MMBBL			Million of Barrels
MBD			Thousand of Barrels per Day
MBOED			Thousand of Barrels of Oil Equivalent per Day
MCF			Thousand Cubic Feet
MMBTU			Million British Thermal Units
MMCFD			Million Cubic Feet per Day