EX-99.2 3 cop-20250508x8kexx992.htm EX-99.2

Exhibit 99.2

        

First-Quarter 2025 Detailed Supplemental Information

			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
Sales and other operating revenues			13,848			13,620			13,041			14,236			54,745						16,517												16,517
Equity in earnings of affiliates			421			403			441			440			1,705						392												392
Gain (loss) on dispositions			93			(5)			(2)			(35)			51						79												79
Other income			114			118			124			96			452						113												113
Total Revenues and Other Income			14,476			14,136			13,604			14,737			56,953						17,101												17,101
Costs and Expenses
Purchased commodities			5,334			4,858			4,747			5,073			20,012						6,188												6,188
Production and operating expenses			2,015			2,164			2,261			2,311			8,751						2,506												2,506
Selling, general and administrative expenses			178			164			186			630			1,158						191												191
Exploration expenses			112			102			70			71			355						117												117
Depreciation, depletion and amortization			2,211			2,334			2,390			2,664			9,599						2,746												2,746
Impairments			—			34			—			46			80						1												1
Taxes other than income taxes			555			536			476			520			2,087						551												551
Accretion on discounted liabilities			80			80			80			85			325						94												94
Interest and debt expense			205			198			189			191			783						205												205
Foreign currency transactions (gain) loss			(18)			9			(28)			(13)			(50)						30												30
Other expenses			(4)			(2)			(2)			189			181						6												6
Total Costs and Expenses			10,668			10,477			10,369			11,767			43,281						12,635												12,635
Income (loss) before income taxes			3,808			3,659			3,235			2,970			13,672						4,466												4,466
Income tax provision (benefit)			1,257			1,330			1,176			664			4,427						1,617												1,617
Net Income (loss)			2,551			2,329			2,059			2,306			9,245						2,849												2,849
Net Income (Loss) Per Share of Common Stock (dollars)
Basic			2.16			1.99			1.77			1.90			7.82						2.23												2.23
Diluted			2.15			1.98			1.76			1.90			7.81						2.23												2.23
Weighted-Average Common Shares Outstanding (in thousands)*
Basic			1,177,921			1,168,198			1,161,318			1,207,421			1,178,920						1,273,350												1,273,350
Diluted			1,180,320			1,170,299			1,163,227			1,209,163			1,180,871						1,274,879												1,274,879
*Ending Common Shares Outstanding is 1,262,410 as of March 31, 2025, compared with 1,275,867 as of December 31, 2024.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska			468			495			370			473			1,806						466												466
Lower 48			1,766			1,626			1,588			1,658			6,638						2,238												2,238
Canada			236			347			35			322			940						337												337
Europe, Middle East and North Africa			1,081			917			976			1,069			4,043						1,341												1,341
Asia Pacific			517			539			528			350			1,934						375												375
Other International			(1)			3			1			(5)			(2)						2												2
Corporate and Other			(259)			(268)			(263)			(897)			(1,687)						(293)												(293)
Consolidated			3,808			3,659			3,235			2,970			13,672						4,466												4,466

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
EFFECTIVE INCOME TAX RATES
Alaska*			26.1		%	27.4		%	27.6		%	25.4		%	26.6		%				29.8		%										29.8		%
Lower 48			21.8		%	22.6		%	21.9		%	21.9		%	22.0		%				20.0		%										20.0		%
Canada			23.6		%	24.6		%	30.9		%	23.5		%	24.2		%				24.1		%										24.1		%
Europe, Middle East and North Africa			71.9		%	72.5		%	69.5		%	68.6		%	70.6		%				68.8		%										68.8		%
Asia Pacific			0.9		%	17.8		%	13.7		%	10.7		%	10.9		%				17.1		%										17.1		%
Other International			7.7		%	—			3.4		%	18.0		%	42.0		%				0.6		%										0.6		%
Corporate and Other			33.8		%	7.2		%	13.4		%	74.2		%	47.9		%				12.6		%										12.6		%
Consolidated			33.0		%	36.3		%	36.4		%	22.3		%	32.4		%				36.2		%										36.2		%
*Alaska including taxes other than income taxes			42.5		%	42.5		%	42.8		%	39.3		%	41.7		%				37.8		%										37.8		%

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
EARNINGS BY SEGMENT
Alaska			346			360			267			353			1,326						327												327
Lower 48			1,381			1,259			1,241			1,294			5,175						1,790												1,790
Canada			180			261			25			246			712						256												256
Europe, Middle East and North Africa			304			251			298			336			1,189						419												419
Asia Pacific			512			444			455			313			1,724						311												311
Other International			(1)			3			1			(4)			(1)						2												2
Corporate and Other			(171)			(249)			(228)			(232)			(880)						(256)												(256)
Consolidated			2,551			2,329			2,059			2,306			9,245						2,849												2,849
SPECIAL ITEMS
Alaska			—			—			—			—			—						58												58
Lower 48			66			—			—			(70)			(4)						93												93
Canada			—			—			—			—			—						—												—
Europe, Middle East and North Africa			—			—			—			—			—						—												—
Asia Pacific			76			—			—			—			76						—												—
Other International			—			—			—			—			—						—												—
Corporate and Other			—			—			(22)			(29)			(51)						19												19
Consolidated			142			—			(22)			(99)			21						170												170
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska			346			360			267			353			1,326						269												269
Lower 48			1,315			1,259			1,241			1,364			5,179						1,697												1,697
Canada			180			261			25			246			712						256												256
Europe, Middle East and North Africa			304			251			298			336			1,189						419												419
Asia Pacific			436			444			455			313			1,648						311												311
Other International			(1)			3			1			(4)			(1)						2												2
Corporate and Other			(171)			(249)			(206)			(203)			(829)						(275)												(275)
Consolidated			2,409			2,329			2,081			2,405			9,224						2,679												2,679

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska			26.1		%	27.4		%	27.6		%	25.4		%	26.6		%				30.8		%										30.8		%
Lower 48			21.7		%	22.6		%	21.9		%	21.9		%	22.0		%				22.5		%										22.5		%
Canada			23.6		%	24.6		%	30.9		%	23.5		%	24.2		%				24.1		%										24.1		%
Europe, Middle East and North Africa			71.9		%	72.5		%	69.5		%	68.6		%	70.6		%				68.8		%										68.8		%
Asia Pacific			15.6		%	17.8		%	13.7		%	10.7		%	14.8		%				17.1		%										17.1		%
Other International			7.7			—			3.4		%	18.0		%	42.0		%				0.6		%										0.6		%
Corporate and Other			33.8		%	7.2		%	12.3		%	33.6		%	22.3		%				13.3		%										13.3		%
Consolidated			35.3		%	36.3		%	36.2		%	34.1		%	35.5		%				37.9		%										37.9		%

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
DETAILED SPECIAL ITEMS
Alaska
Pending claims and settlements			—			—			—			—			—						77												77
Subtotal before income taxes			—			—			—			—			—						77												77
Income tax provision (benefit)			—			—			—			—			—						19												19
Total			—			—			—			—			—						58												58
Lower 48
Transaction and integration expenses			—			—			—			(43)			(43)						(16)												(16)
Impairments			—			—			—			(47)			(47)						—												—
Gain (loss) on asset sales			86			—			—			—			86						64												64
Subtotal before income taxes			86			—			—			(90)			(4)						48												48
Income tax provision (benefit)			20			—			—			(20)			—						(45)												(45)
Total			66			—			—			(70)			(4)						93												93
Canada
Total			—			—			—			—			—						—												—
Europe, Middle East and North Africa
Total			—			—			—			—			—						—												—
Asia Pacific
Income tax provision (benefit)1			(76)			—			—			—			(76)						—												—
Total			76			—			—			—			76						—												—
Other International
Total			—			—			—			—			—						—												—
Corporate and Other
Pending claims and settlements			—			—			—			16			16						46												46
Transaction and integration expenses			—			—			(28)			(471)			(499)						(37)												(37)
Gain (loss) on interest rate hedge2			—			—			—			35			35						15												15
Gain (loss) on debt extinguishment			—			—			—			(173)			(173)						—												—
Subtotal before income taxes			—			—			(28)			(593)			(621)						24												24
Income tax provision (benefit)3			—			—			(6)			(564)			(570)						5												5
Total			—			—			(22)			(29)			(51)						19												19
Total Company			142			—			(22)			(99)			21						170												170
1Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.
2Interest rate hedging gain (loss) from PALNG Phase 1 Investment.
3Includes 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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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents			5,574			4,294			5,221			5,607			5,607						6,309												6,309
Short-term investments			487			1,723			1,571			507			507						926												926
Accounts and notes receivable			5,458			5,307			4,815			6,695			6,695						6,400												6,400
Inventories			1,443			1,447			1,496			1,809			1,809						1,844												1,844
Prepaid expenses and other current assets			759			963			881			1,029			1,029						1,427												1,427
Total Current Assets			13,721			13,734			13,984			15,647			15,647						16,906												16,906
Investments and long-term receivables			9,132			9,304			9,192			9,869			9,869						10,008												10,008
Net properties, plants and equipment			69,907			70,226			70,725			94,356			94,356						94,316												94,316
Other assets			2,588			2,730			2,798			2,908			2,908						3,024												3,024
Total Assets			95,348			95,994			96,699			122,780			122,780						124,254												124,254
Liabilities
Accounts payable			5,138			5,156			5,190			6,044			6,044						7,349												7,349
Short-term debt			1,113			1,312			1,314			1,035			1,035						608												608
Accrued income and other taxes			2,116			2,016			2,473			2,460			2,460						2,919												2,919
Employee benefit obligations			405			516			627			1,087			1,087						652												652
Other accruals			1,391			1,324			1,161			1,498			1,498						1,801												1,801
Total Current Liabilities			10,163			10,324			10,765			12,124			12,124						13,329												13,329
Long-term debt			17,304			17,040			16,990			23,289			23,289						23,176												23,176
Asset retirement obligations and accrued   environmental costs			7,141			7,238			7,337			8,089			8,089						8,146												8,146
Deferred income taxes			8,776			8,927			8,986			11,426			11,426						11,483												11,483
Employee benefit obligations			967			990			945			1,022			1,022						999												999
Other liabilities and deferred credits			1,672			1,730			1,795			2,034			2,034						1,883												1,883
Total Liabilities			46,023			46,249			46,818			57,984			57,984						59,016												59,016
Equity
Common stock issued
Par value			21			21			21			23			23						23												23
Capital in excess of par			61,300			61,381			61,430			77,529			77,529						77,554												77,554
Treasury stock			(66,974)			(68,005)			(69,184)			(71,152)			(71,152)						(72,666)												(72,666)
Accumulated other comprehensive income (loss)			(5,917)			(5,961)			(5,845)			(6,473)			(6,473)						(6,394)												(6,394)
Retained earnings			60,895			62,309			63,459			64,869			64,869						66,721												66,721
Total Equity			49,325			49,745			49,881			64,796			64,796						65,238												65,238
Total Liabilities and Equity			95,348			95,994			96,699			122,780			122,780						124,254												124,254

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			2024																		2025
$ Millions			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
CASH FLOW INFORMATION
Cash Flows from Operating Activities
Net income (loss)			2,551			2,329			2,059			2,306			9,245						2,849												2,849
Depreciation, depletion and amortization			2,211			2,334			2,390			2,664			9,599						2,746												2,746
Impairments			—			34			—			46			80						1												1
Dry hole costs and leasehold impairments			19			29			—			(2)			46						61												61
Accretion on discounted liabilities			80			80			80			85			325						94												94
Deferred taxes			87			124			38			118			367						(71)												(71)
Distributions more (less) than income from equity   affiliates			308			56			181			19			564						(19)												(19)
(Gain) loss on dispositions			(93)			5			2			35			(51)						(79)												(79)
Other			(66)			76			(28)			148			130						(115)												(115)
Net working capital changes			(112)			(148)			1,041			(962)			(181)						648												648
Net Cash Provided by Operating Activities			4,985			4,919			5,763			4,457			20,124						6,115												6,115
Cash Flows from Investing Activities
Capital expenditures and investments			(2,916)			(2,969)			(2,916)			(3,317)			(12,118)						(3,378)												(3,378)
Working capital changes associated with investing   activities			169			4			22			107			302						827												827
Acquisition of businesses, net of cash acquired			49			—			—			(73)			(24)						—												—
Proceeds from asset dispositions			173			5			39			44			261						635												635
Net sales (purchases) of investments			405			(1,199)			195			1,014			415						(400)												(400)
Other			(21)			8			2			25			14						(30)												(30)
Net Cash Used in Investing Activities			(2,141)			(4,151)			(2,658)			(2,200)			(11,150)						(2,346)												(2,346)
Cash Flows from Financing Activities
Net issuance (repayment) of debt			(505)			(58)			(44)			1,217			610						(547)												(547)
Issuance of company common stock			(61)			4			(9)			(12)			(78)						(52)												(52)
Repurchase of company common stock			(1,325)			(1,021)			(1,167)			(1,950)			(5,463)						(1,500)												(1,500)
Dividends paid			(924)			(915)			(910)			(897)			(3,646)						(998)												(998)
Other			(10)			(53)			(68)			(127)			(258)						(40)												(40)
Net Cash Used in Financing Activities			(2,825)			(2,043)			(2,198)			(1,769)			(8,835)						(3,137)												(3,137)
Effect of Exchange Rate Changes			(73)			4			41			(105)			(133)						83												83
Net Change in Cash, Cash Equivalents and Restricted Cash			(54)			(1,271)			948			383			6						715												715
Cash, cash equivalents and restricted cash at beginning of period			5,899			5,845			4,574			5,522			5,899						5,905												5,905
Cash, Cash Equivalents and Restricted Cash at End of Period			5,845			4,574			5,522			5,905			5,905						6,620												6,620
Restricted cash is included in the "Other assets" line of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska			720			691			691			1,092			3,194						1,046												1,046
Lower 48			1,616			1,649			1,653			1,592			6,510						1,814												1,814
Canada			152			131			136			132			551						165												165
Europe, Middle East and North Africa			219			227			248			327			1,021						274												274
Asia Pacific			45			90			100			135			370						54												54
Other International			—			—			—			—			—						—												—
Corporate and Other			164			181			88			39			472						25												25
Total Capital Expenditures and Investments			2,916			2,969			2,916			3,317			12,118						3,378												3,378
Capitalized interest included in total capital expenditures and investments			50			58			66			74			248						80												80

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
TOTAL SEGMENTS
Production
Total (MBOED)			1,902			1,945			1,917			2,183			1,987						2,389												2,389
Crude Oil (MBD)
Consolidated operations			928			942			945			1,058			969						1,153												1,153
Equity affiliates			16			13			12			12			13						13												13
Total			944			955			957			1,070			982						1,166												1,166
NGL (MBD)
Consolidated operations			271			287			302			355			304						394												394
Equity affiliates			8			8			8			7			8						8												8
Total			279			295			310			362			312						402												402
Bitumen (MBD)
Consolidated operations			129			133			87			139			122						143												143
Total			129			133			87			139			122						143												143
Natural Gas (MMCFD)
Consolidated operations			2,035			2,123			2,149			2,486			2,200						2,840												2,840
Equity affiliates			1,267			1,247			1,232			1,188			1,233						1,230												1,230
Total			3,302			3,370			3,381			3,674			3,433						4,070												4,070
Industry Prices
Crude Oil ($/BBL)
WTI			76.96			80.57			75.10			70.27			75.72						71.42												71.42
WCS			57.57			66.96			61.56			57.71			60.95						58.75												58.75
Brent dated			83.24			84.94			80.18			74.69			80.76						75.66												75.66
JCC ($/BBL)			92.29			84.19			87.58			85.98			87.51						78.31												78.31
Natural Gas ($/MMBTU)
Henry Hub first of month			2.25			1.89			2.15			2.79			2.27						3.65												3.65
Average Realized Prices
Total ($/BOE)			56.60			56.56			54.18			52.37			54.83						53.34												53.34
Crude Oil ($/BBL)
Consolidated operations			78.67			81.31			76.78			71.01			76.74						71.61												71.61
Equity affiliates			76.94			80.34			76.11			73.57			76.76						75.57												75.57
Total			78.64			81.30			76.77			71.04			76.74						71.65												71.65
NGL ($/BBL)
Consolidated operations			23.35			21.84			21.16			23.31			22.43						24.86												24.86
Equity affiliates			52.09			49.83			49.91			54.63			51.53						52.34												52.34
Total			24.25			22.60			21.93			23.93			23.19						25.40												25.40
Bitumen ($/BBL)
Consolidated operations			44.30			54.59			47.32			45.56			47.92						45.29												45.29
Total			44.30			54.59			47.32			45.56			47.92						45.29												45.29
Natural Gas ($/MCF)
Consolidated operations			2.91			1.88			1.99			3.52			2.61						4.76												4.76
Equity affiliates			8.26			7.98			8.41			8.31			8.22						7.56												7.56
Total			5.02			4.22			4.42			5.12			4.69						5.62												5.62

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Exploration Expenses ($ Millions)
Dry holes			19			25			—			(4)			40						43												43
Leasehold impairment			—			4			—			2			6						18												18
Total noncash expenses			19			29			—			(2)			46						61												61
Other (G&A, G&G and lease rentals)			93			73			70			73			309						56												56
Total exploration expenses			112			102			70			71			355						117												117
U.S. exploration expenses			66			42			22			28			158						42												42
International exploration expenses			46			60			48			43			197						75												75
DD&A ($ Millions)
Alaska			324			321			309			345			1,299						355												355
Lower 48			1,432			1,557			1,640			1,813			6,442						1,904												1,904
Canada			158			166			147			168			639						131												131
Europe, Middle East and North Africa			180			175			189			217			761						219												219
Asia Pacific			110			107			97			111			425						119												119
Other International			—			—			—			—			—						—												—
Corporate and Other			7			8			8			10			33						18												18
Total DD&A			2,211			2,334			2,390			2,664			9,599						2,746												2,746

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska			180			170			162			179			173						184												184
Lower 48			553			575			603			677			602						753												753
Canada			18			17			15			16			17						17												17
Norway			68			68			70			72			69						68												68
Libya			50			51			40			52			48						60												60
Equatorial Guinea			—			—			—			3			1						8												8
Europe, Middle East and North Africa			118			119			110			127			118						136												136
China			32			34			34			32			33						36												36
Malaysia			27			27			21			27			26						27												27
Asia Pacific			59			61			55			59			59						63												63
Total consolidated operations			928			942			945			1,058			969						1,153												1,153
Equity affiliates			16			13			12			12			13						13												13
Total			944			955			957			1,070			982						1,166												1,166
NGL (MBD)
Consolidated operations
Alaska			14			14			14			16			15						16												16
Lower 48			247			264			278			327			279						363												363
Canada			6			6			7			6			6						6												6
Norway			4			3			3			4			4						4												4
Equatorial Guinea			—			—			—			2			—						5												5
Europe, Middle East and North Africa			4			3			3			6			4						9												9
Total consolidated operations			271			287			302			355			304						394												394
Equity affiliates			8			8			8			7			8						8												8
Total			279			295			310			362			312						402												402
Bitumen (MBD)
Canada			129			133			87			139			122						143												143
Total			129			133			87			139			122						143												143
Natural Gas (MMCFD)
Consolidated operations
Alaska			42			36			37			41			39						48												48
Lower 48			1,479			1,597			1,596			1,827			1,625						2,080												2,080
Canada			100			121			121			117			115						109												109
Norway			329			301			323			361			329						353												353
Libya			29			27			28			27			28						30												30
Equatorial Guinea			—			—			—			54			14						155												155
Europe, Middle East and North Africa			358			328			351			442			371						538												538
Malaysia			56			41			44			59			50						65												65
Asia Pacific			56			41			44			59			50						65												65
Total consolidated operations			2,035			2,123			2,149			2,486			2,200						2,840												2,840
Equity affiliates			1,267			1,247			1,232			1,188			1,233						1,230												1,230
Total			3,302			3,370			3,381			3,674			3,433						4,070												4,070
Total (MBOED)
Consolidated operations
Alaska			201			190			182			202			194						208												208
Lower 48			1,046			1,105			1,147			1,308			1,152						1,462												1,462
Canada			170			176			129			180			164						184												184
Norway			127			121			127			136			128						131												131
Libya			55			56			44			57			53						65												65
Equatorial Guinea			—			—			—			14			3						39												39
Europe, Middle East and North Africa			182			177			171			207			184						235												235
China			32			34			34			32			33						36												36
Malaysia			36			34			28			37			34						38												38
Asia Pacific			68			68			62			69			67						74												74
Total consolidated operations			1,667			1,716			1,691			1,966			1,761						2,163												2,163
Equity affiliates			235			229			226			217			226						226												226
Total			1,902			1,945			1,917			2,183			1,987						2,389												2,389

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska			83.59			86.44			81.32			75.88			81.73						76.58												76.58
Lower 48			75.51			78.72			74.73			68.74			74.17						69.47												69.47
Canada			64.40			68.90			61.99			62.49			64.47						62.41												62.41
Norway			85.36			83.96			79.75			76.44			81.09						75.80												75.80
Libya			84.11			85.44			83.48			72.92			81.08						75.45												75.45
Equatorial Guinea			—			—			—			60.01			60.01						59.91												59.91
Europe, Middle East and North Africa			84.83			84.62			80.88			74.57			80.92						74.60												74.60
China			80.59			82.16			77.78			73.36			78.67						74.65												74.65
Malaysia			89.40			91.70			85.13			78.95			87.06						79.69												79.69
Asia Pacific			85.05			86.47			80.84			75.64			82.42						76.64												76.64
Total consolidated operations			78.67			81.31			76.78			71.01			76.74						71.61												71.61
Equity affiliates			76.94			80.34			76.11			73.57			76.76						75.57												75.57
Total			78.64			81.30			76.77			71.04			76.74						71.65												71.65
NGL ($/BBL)
Consolidated operations
Lower 48			22.67			21.57			20.64			23.09			22.02						24.84												24.84
Canada			35.47			27.01			28.11			27.97			29.59						27.96												27.96
Norway			46.32			39.60			46.08			47.56			45.50						45.58												45.58
Equatorial Guinea			—			—			—			1.00			1.00						1.00												1.00
Europe, Middle East and North Africa			46.32			39.60			46.08			31.53			40.29						23.76												23.76
Total consolidated operations			23.35			21.84			21.16			23.31			22.43						24.86												24.86
Equity affiliates			52.09			49.83			49.91			54.63			51.53						52.34												52.34
Total			24.25			22.60			21.93			23.93			23.19						25.40												25.40
Bitumen ($/BBL)
Canada			44.30			54.59			47.32			45.56			47.92						45.29												45.29
Total			44.30			54.59			47.32			45.56			47.92						45.29												45.29
Natural Gas ($/MCF)
Consolidated operations
Alaska			3.91			4.03			3.98			3.75			3.90						3.87												3.87
Lower 48			1.57			0.32			0.18			1.39			0.87						2.65												2.65
Canada			1.01			0.36			0.10			0.80			0.54						1.35												1.35
Norway			9.02			9.89			11.19			13.96			11.11						14.86												14.86
Libya			6.39			6.23			6.05			6.11			6.20						5.68												5.68
Equatorial Guinea			—			—			—			9.84			9.84						11.10												11.10
Europe, Middle East and North Africa			8.81			9.59			10.76			13.01			10.70						13.16												13.16
Malaysia			3.68			3.98			3.62			3.72			3.74						3.67												3.67
Asia Pacific			3.68			3.98			3.62			3.72			3.74						3.67												3.67
Total consolidated operations			2.91			1.88			1.99			3.52			2.61						4.76												4.76
Equity affiliates			8.26			7.98			8.41			8.31			8.22						7.56												7.56
Total			5.02			4.22			4.42			5.12			4.69						5.62												5.62

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)			(171)			(249)			(228)			(232)			(880)						(256)												(256)
Detail of Corporate and Other Earnings (Loss), net of tax ($ Millions)
Net interest expense			(93)			(89)			(79)			(118)			(379)						(111)												(111)
Corporate G&A expenses			(105)			(78)			(99)			(434)			(716)						(110)												(110)
Technology*			(24)			(44)			(32)			(37)			(137)						(18)												(18)
Other			51			(38)			(18)			357			352						(17)												(17)
Total			(171)			(249)			(228)			(232)			(880)						(256)												(256)
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.
Corporate and Other Interest Expense, before-tax ($ Millions)
Incurred interest			(255)			(256)			(255)			(265)			(1,031)						(285)												(285)
Capitalized interest*			50			58			66			74			248						80												80
Interest and debt expense			(205)			(198)			(189)			(191)			(783)						(205)												(205)
Interest income			101			95			105			93			394						74												74
Net Interest Expense			(104)			(103)			(84)			(98)			(389)						(131)												(131)
*Capitalized interest represents before-tax interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.
Debt
Total debt ($ Millions)			18,417			18,352			18,304			24,324			24,324						23,784												23,784
Debt-to-capital ratio (%)			27		%	27		%	27		%	27		%	27		%				27		%										27		%
Equity ($ Millions)			49,325			49,745			49,881			64,796			64,796						65,238												65,238
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