EX-99.23cop-20260430x8kexx992.htmEX-99.2 Document
Exhibit 99.2
First-Quarter 2026 Detailed Supplemental Information
2025
2026
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
16,517
14,004
15,031
13,392
58,944
15,761
15,761
Equity in earnings of affiliates
392
315
345
283
1,335
247
247
Gain (loss) on dispositions
79
317
3
332
731
5
5
Other income
113
104
143
178
538
41
41
Total revenues and other income
17,101
14,740
15,522
14,185
61,548
16,054
16,054
Costs and expenses
Purchased commodities
6,188
5,085
5,857
5,195
22,325
6,283
6,283
Production and operating expenses
2,506
2,572
2,632
2,621
10,331
2,276
2,276
Selling, general and administrative expenses
191
250
271
181
893
193
193
Exploration expenses
117
81
71
138
407
109
109
Depreciation, depletion and amortization
2,746
2,838
2,917
2,999
11,500
2,906
2,906
Impairments
1
1
10
14
26
19
19
Taxes other than income taxes
551
572
525
498
2,146
607
607
Accretion on discounted liabilities
94
95
94
95
378
97
97
Interest and debt expense
205
232
223
195
855
198
198
Foreign currency transactions (gain) loss
30
(3)
(6)
(10)
11
—
—
Other expenses
6
—
—
14
20
3
3
Total costs and expenses
12,635
11,723
12,594
11,940
48,892
12,691
12,691
Income (loss) before income taxes
4,466
3,017
2,928
2,245
12,656
3,363
3,363
Income tax provision (benefit)
1,617
1,046
1,202
803
4,668
1,180
1,180
Net income (loss)
2,849
1,971
1,726
1,442
7,988
2,183
2,183
Net income (loss) per share of common stock (dollars)
Basic
2.23
1.56
1.38
1.17
6.36
1.78
1.78
Diluted
2.23
1.56
1.38
1.17
6.35
1.78
1.78
Weighted-average common shares outstanding (in thousands)*
Basic
1,273,350
1,257,512
1,245,253
1,232,575
1,252,042
1,224,036
1,224,036
Diluted
1,274,879
1,258,998
1,246,854
1,233,956
1,253,446
1,224,960
1,224,960
*Ending common shares outstanding is 1,218,294 as of March 31, 2026, compared with 1,225,168 as of December 31, 2025.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska
466
182
191
162
1,001
386
386
Lower 48
2,238
1,781
1,585
1,040
6,644
1,798
1,798
Canada
337
199
248
193
977
112
112
Europe, Middle East and North Africa
1,341
830
1,003
870
4,044
990
990
Asia Pacific
375
397
398
235
1,405
355
355
Corporate and Other
(291)
(372)
(497)
(255)
(1,415)
(278)
(278)
Consolidated
4,466
3,017
2,928
2,245
12,656
3,363
3,363
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
YTD
EFFECTIVE INCOME TAX RATES
Alaska*
29.8
%
26.0
%
32.0
%
14.3
%
27.0
%
23.8
%
23.8
%
Lower 48
20.0
%
21.5
%
21.7
%
19.7
%
20.8
%
21.9
%
21.9
%
Canada
24.1
%
25.2
%
24.1
%
23.2
%
24.1
%
24.2
%
24.2
%
Europe, Middle East and North Africa
68.8
%
71.4
%
67.4
%
72.4
%
69.7
%
73.2
%
73.2
%
Asia Pacific
17.1
%
16.8
%
22.5
%
7.5
%
16.9
%
17.0
%
17.0
%
Corporate and Other
12.7
%
24.9
%
5.8
%
46.4
%
19.6
%
42.8
%
42.8
%
Consolidated
36.2
%
34.7
%
41.0
%
35.8
%
36.9
%
35.1
%
35.1
%
*Alaska including taxes other than income taxes
37.8
%
56.6
%
58.8
%
51.7
%
49.2
%
45.0
%
45.0
%
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
YTD
$ Millions
EARNINGS BY SEGMENT
Alaska
327
135
130
138
730
294
294
Lower 48
1,790
1,399
1,240
835
5,264
1,403
1,403
Canada
256
149
188
148
741
85
85
Europe, Middle East and North Africa
419
237
327
241
1,224
265
265
Asia Pacific
311
330
309
217
1,167
295
295
Corporate and Other
(254)
(279)
(468)
(137)
(1,138)
(159)
(159)
Consolidated
2,849
1,971
1,726
1,442
7,988
2,183
2,183
SPECIAL ITEMS
Alaska
58
—
(26)
(11)
21
—
—
Lower 48
93
207
(74)
187
413
—
—
Canada
—
—
(18)
45
27
(122)
(122)
Europe, Middle East and North Africa
—
—
(1)
(13)
(14)
—
—
Asia Pacific
—
—
—
(5)
(5)
—
—
Corporate and Other
19
(29)
(162)
(24)
(196)
(19)
(19)
Consolidated
170
178
(281)
179
246
(141)
(141)
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska
269
135
156
149
709
294
294
Lower 48
1,697
1,192
1,314
648
4,851
1,403
1,403
Canada
256
149
206
103
714
207
207
Europe, Middle East and North Africa
419
237
328
254
1,238
265
265
Asia Pacific
311
330
309
222
1,172
295
295
Corporate and Other
(273)
(250)
(306)
(113)
(942)
(140)
(140)
Consolidated
2,679
1,793
2,007
1,263
7,742
2,324
2,324
2025
2026
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
30.8
%
26.0
%
30.7
%
15.9
%
27.2
%
23.8
%
23.8
%
Lower 48
22.5
%
21.1
%
21.9
%
18.6
%
21.5
%
21.9
%
21.9
%
Canada
24.1
%
25.2
%
24.1
%
22.7
%
24.1
%
24.2
%
24.2
%
Europe, Middle East and North Africa
68.8
%
71.4
%
67.3
%
72.4
%
69.7
%
73.2
%
73.2
%
Asia Pacific
17.1
%
16.8
%
22.5
%
8.5
%
17.1
%
17.0
%
17.0
%
Corporate and Other
13.4
%
25.3
%
(4.7)
%
49.8
%
19.3
%
44.8
%
44.8
%
Consolidated
37.9
%
35.6
%
39.0
%
38.1
%
37.7
%
34.5
%
34.5
%
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
YTD
$ Millions
DETAILED SPECIAL ITEMS
Alaska
Transaction, integration and restructuring expenses
—
—
(34)
(16)
(50)
—
—
Pending claims and settlements
77
—
—
—
77
—
—
Subtotal before income taxes
77
—
(34)
(16)
27
—
—
Income tax provision (benefit)
19
—
(8)
(5)
6
—
—
Total
58
—
(26)
(11)
21
—
—
Lower 48
Transaction, integration and restructuring expenses
(16)
(4)
(100)
(6)
(126)
—
—
Gain (loss) on asset sales
64
274
—
291
629
—
—
Pending claims and settlements
—
—
—
(40)
(40)
—
—
Subtotal before income taxes
48
270
(100)
245
463
—
—
Income tax provision (benefit)
(45)
63
(26)
58
50
—
—
Total
93
207
(74)
187
413
—
—
Canada
Pending claims and settlements
—
—
—
—
—
(83)
(83)
Gain (loss) on contingent liability measurement1
—
—
—
60
60
(78)
(78)
Transaction, integration and restructuring expenses
—
—
(24)
(1)
(25)
—
—
Subtotal before income taxes
—
—
(24)
59
35
(161)
(161)
Income tax provision (benefit)
—
—
(6)
14
8
(39)
(39)
Total
—
—
(18)
45
27
(122)
(122)
Europe, Middle East and North Africa
Transaction, integration and restructuring expenses
—
—
(2)
(45)
(47)
—
—
Income tax provision (benefit)
—
—
(1)
(32)
(33)
—
—
Total
—
—
(1)
(13)
(14)
—
—
Asia Pacific
Transaction, integration and restructuring expenses
—
—
—
(8)
(8)
—
—
Income tax provision (benefit)
—
—
—
(3)
(3)
—
—
Total
—
—
—
(5)
(5)
—
—
Corporate and Other
Pending claims and settlements
46
—
—
—
46
—
—
Transaction, integration and restructuring expenses
(37)
(54)
(117)
(27)
(235)
(15)
(15)
Other corporate charges
—
—
(82)
—
(82)
—
—
Gain (loss) on interest rate hedge2
15
18
(6)
(9)
18
(9)
(9)
Gain (loss) on asset sales
—
—
—
6
6
—
—
Subtotal before income taxes
24
(36)
(205)
(30)
(247)
(24)
(24)
Income tax provision (benefit)
5
(7)
(43)
(6)
(51)
(5)
(5)
Total
19
(29)
(162)
(24)
(196)
(19)
(19)
Total Company
170
178
(281)
179
246
(141)
(141)
1Related to our Surmont acquisition.
2Interest rate hedging gain (loss) from PALNG Phase 1 investment.
2025
2026
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
6,309
4,901
5,260
6,497
6,497
5,877
5,877
Short-term investments
926
439
996
484
484
486
486
Accounts and notes receivable
6,400
5,701
5,744
5,813
5,813
7,050
7,050
Inventories
1,844
1,897
1,721
1,873
1,873
1,910
1,910
Prepaid expenses and other current assets
1,427
1,001
2,163
865
865
906
906
Total current assets
16,906
13,939
15,884
15,532
15,532
16,229
16,229
Investments and long-term receivables
10,008
10,361
10,074
10,185
10,185
10,320
10,320
Net properties, plants and equipment
94,316
95,242
93,498
93,239
93,239
93,141
93,141
Other assets
3,024
3,057
3,016
2,983
2,983
3,035
3,035
Total assets
124,254
122,599
122,472
121,939
121,939
122,725
122,725
Liabilities
Accounts payable
7,349
6,517
6,245
6,218
6,218
7,017
7,017
Short-term debt
608
414
1,016
1,020
1,020
1,065
1,065
Accrued income and other taxes
2,919
1,742
1,939
1,835
1,835
2,129
2,129
Employee benefit obligations
652
710
1,020
1,136
1,136
505
505
Other accruals
1,801
1,603
1,789
1,763
1,763
1,870
1,870
Total current liabilities
13,329
10,986
12,009
11,972
11,972
12,586
12,586
Long-term debt
23,176
23,115
22,466
22,424
22,424
22,262
22,262
Asset retirement obligations and accrued
environmental costs
8,146
8,225
8,264
8,214
8,214
8,366
8,366
Deferred income taxes
11,483
11,766
12,109
12,237
12,237
12,389
12,389
Employee benefit obligations
999
999
950
969
969
944
944
Other liabilities and deferred credits
1,883
1,936
1,751
1,636
1,636
1,637
1,637
Total liabilities
59,016
57,027
57,549
57,452
57,452
58,184
58,184
Equity
Common stock issued
Par value
23
23
23
23
23
23
23
Capital in excess of par
77,554
77,643
77,701
77,728
77,728
77,761
77,761
Treasury stock
(72,666)
(73,899)
(75,186)
(76,217)
(76,217)
(77,231)
(77,231)
Accumulated other comprehensive income (loss)
(6,394)
(5,902)
(6,074)
(5,911)
(5,911)
(6,028)
(6,028)
Retained earnings
66,721
67,707
68,459
68,864
68,864
70,016
70,016
Total equity
65,238
65,572
64,923
64,487
64,487
64,541
64,541
Total liabilities and equity
124,254
122,599
122,472
121,939
121,939
122,725
122,725
2025
2026
$ 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)
2,849
1,971
1,726
1,442
7,988
2,183
2,183
Depreciation, depletion and amortization
2,746
2,838
2,917
2,999
11,500
2,906
2,906
Impairments
1
1
10
14
26
19
19
Dry hole costs and leasehold impairments
61
24
20
76
181
34
34
Accretion on discounted liabilities
94
95
94
95
378
97
97
Deferred taxes
(71)
149
354
117
549
102
102
Distributions more (less) than income from equity
affiliates
(19)
(93)
389
(77)
200
7
7
(Gain) loss on dispositions
(79)
(317)
(3)
(332)
(731)
(5)
(5)
Other
(115)
53
(141)
(16)
(219)
44
44
Net working capital changes
648
(1,236)
512
—
(76)
(1,092)
(1,092)
Net cash provided by operating activities
6,115
3,485
5,878
4,318
19,796
4,295
4,295
Cash flows from investing activities
Capital expenditures and investments
(3,378)
(3,286)
(2,866)
(3,023)
(12,553)
(2,948)
(2,948)
Working capital changes associated with investing
activities
827
(276)
(63)
58
546
162
162
Proceeds from asset dispositions
635
706
291
1,616
3,248
9
9
Net sales (purchases) of investments
(400)
392
(548)
501
(55)
(30)
(30)
Other
(30)
3
7
(2)
(22)
(1)
(1)
Net cash used in investing activities
(2,346)
(2,461)
(3,179)
(850)
(8,836)
(2,808)
(2,808)
Cash flows from financing activities
Net issuance (repayment) of debt
(547)
(259)
(45)
(62)
(913)
(114)
(114)
Issuance of company common stock
(52)
(3)
(10)
(35)
(100)
(35)
(35)
Repurchase of company common stock
(1,500)
(1,222)
(1,274)
(1,022)
(5,018)
(1,006)
(1,006)
Dividends paid
(998)
(984)
(975)
(1,038)
(3,995)
(1,032)
(1,032)
Other
(40)
(15)
(20)
(1)
(76)
1
1
Net cash used in financing activities
(3,137)
(2,483)
(2,324)
(2,158)
(10,102)
(2,186)
(2,186)
Effect of exchange rate changes
83
65
(2)
7
153
29
29
Net change in cash, cash equivalents and restricted cash
715
(1,394)
373
1,317
1,011
(670)
(670)
Cash, cash equivalents and restricted cash at beginning of period
5,905
6,620
5,226
5,599
5,905
6,916
6,916
Cash, cash equivalents and restricted cash at end of period
6,620
5,226
5,599
6,916
6,916
6,246
6,246
Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska
1,046
986
753
822
3,607
949
949
Lower 48
1,814
1,704
1,571
1,613
6,702
1,505
1,505
Canada
165
144
152
132
593
121
121
Europe, Middle East and North Africa
274
356
293
271
1,194
262
262
Asia Pacific
54
64
70
154
342
82
82
Corporate and Other
25
32
27
31
115
29
29
Total capital expenditures and investments
3,378
3,286
2,866
3,023
12,553
2,948
2,948
Capitalized interest included in total capital expenditures and investments
80
92
102
110
384
120
120
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
YTD
TOTAL SEGMENTS
Production
Total (MBOED)
2,389
2,391
2,399
2,320
2,375
2,309
2,309
Crude Oil (MBD)
Consolidated operations
1,153
1,144
1,133
1,102
1,133
1,100
1,100
Equity affiliates
13
11
13
13
12
11
11
Total
1,166
1,155
1,146
1,115
1,145
1,111
1,111
NGL (MBD)
Consolidated operations
394
418
428
405
411
408
408
Equity affiliates
8
6
8
8
8
7
7
Total
402
424
436
413
419
415
415
Bitumen (MBD)
Consolidated operations
143
144
123
123
133
118
118
Total
143
144
123
123
133
118
118
Natural Gas (MMCFD)
Consolidated operations
2,840
2,855
2,941
2,796
2,859
2,822
2,822
Equity affiliates
1,230
1,150
1,226
1,220
1,206
1,166
1,166
Total
4,070
4,005
4,167
4,016
4,065
3,988
3,988
Industry Prices
Crude Oil ($/BBL)
WTI
71.42
63.74
64.93
59.14
64.81
71.93
71.93
WCS
58.75
53.52
54.54
47.95
53.69
57.76
57.76
Brent dated
75.66
67.82
69.07
63.69
69.06
80.61
80.61
JCC ($/BBL)
78.31
78.84
74.92
72.20
76.07
71.72
71.72
Natural Gas ($/MMBTU)
Henry Hub first of month
3.65
3.44
3.07
3.55
3.43
5.05
5.05
Average Realized Prices
Total ($/BOE)
53.34
45.77
46.44
42.46
47.01
50.36
50.36
Crude Oil ($/BBL)
Consolidated operations
71.61
64.21
66.12
60.15
65.58
73.52
73.52
Equity affiliates
75.57
65.87
67.56
66.47
68.94
68.79
68.79
Total
71.65
64.23
66.13
60.22
65.62
73.47
73.47
NGL ($/BBL)
Consolidated operations
24.86
20.51
18.71
18.59
20.59
20.06
20.06
Equity affiliates
52.34
48.93
44.39
40.10
46.20
46.27
46.27
Total
25.40
20.98
19.20
19.02
21.07
20.42
20.42
Bitumen ($/BBL)
Consolidated operations
45.29
39.43
41.58
36.52
40.74
50.37
50.37
Total
45.29
39.43
41.58
36.52
40.74
50.37
50.37
Natural Gas ($/MCF)
Consolidated operations
4.76
2.99
3.11
2.74
3.40
3.34
3.34
Equity affiliates
7.56
6.91
7.00
5.87
6.83
5.87
5.87
Total
5.62
4.16
4.28
3.72
4.44
4.09
4.09
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
YTD
Exploration Expenses ($ Millions)
Dry holes
43
6
—
41
90
9
9
Leasehold impairment
18
18
20
35
91
25
25
Total noncash expenses
61
24
20
76
181
34
34
Other (G&A, G&G and lease rentals)
56
57
51
62
226
75
75
Total exploration expenses
117
81
71
138
407
109
109
U.S. exploration expenses
42
55
47
66
210
86
86
International exploration expenses
75
26
24
72
197
23
23
DD&A ($ Millions)
Alaska
355
361
327
356
1,399
352
352
Lower 48
1,904
2,003
2,079
2,135
8,121
2,051
2,051
Canada
131
143
142
140
556
152
152
Europe, Middle East and North Africa
219
198
245
250
912
239
239
Asia Pacific
119
118
113
110
460
103
103
Corporate and Other
18
15
11
8
52
9
9
Total DD&A
2,746
2,838
2,917
2,999
11,500
2,906
2,906
2025
2026
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
184
182
164
178
177
176
176
Lower 48
753
761
761
722
749
731
731
Canada
17
20
17
15
17
16
16
Norway
68
54
66
64
63
58
58
Libya
60
59
60
60
60
54
54
Equatorial Guinea
8
7
8
8
8
8
8
Europe, Middle East and North Africa
136
120
134
132
131
121
121
China
36
34
32
32
34
36
36
Malaysia
27
27
25
23
25
20
20
Asia Pacific
63
61
57
55
59
56
56
Total consolidated operations
1,153
1,144
1,133
1,102
1,133
1,100
1,100
Equity affiliates
13
11
13
13
12
11
11
Total
1,166
1,155
1,146
1,115
1,145
1,111
1,111
NGL (MBD)
Consolidated operations
Alaska
16
15
12
15
15
15
15
Lower 48
363
389
401
375
382
377
377
Canada
6
6
7
7
6
7
7
Norway
4
3
3
3
3
3
3
Equatorial Guinea
5
5
5
5
5
5
5
Europe, Middle East and North Africa
9
8
8
8
8
8
8
Total consolidated operations
394
418
428
405
411
408
408
Equity affiliates
8
6
8
8
8
7
7
Total
402
424
436
413
419
415
415
Bitumen (MBD)
Canada
143
144
123
123
133
118
118
Total
143
144
123
123
133
118
118
Natural Gas (MMCFD)
Consolidated operations
Alaska
48
48
36
34
41
25
25
Lower 48
2,080
2,146
2,198
2,050
2,119
2,067
2,067
Canada
109
124
134
133
125
131
131
Norway
353
302
324
340
330
332
332
Libya
30
31
33
33
32
36
36
Equatorial Guinea
155
150
149
141
149
157
157
Europe, Middle East and North Africa
538
483
506
514
511
525
525
Malaysia
65
54
67
65
63
74
74
Asia Pacific
65
54
67
65
63
74
74
Total consolidated operations
2,840
2,855
2,941
2,796
2,859
2,822
2,822
Equity affiliates
1,230
1,150
1,226
1,220
1,206
1,166
1,166
Total
4,070
4,005
4,167
4,016
4,065
3,988
3,988
Total (MBOED)
Consolidated operations
Alaska
208
205
182
199
199
195
195
Lower 48
1,462
1,508
1,528
1,439
1,484
1,453
1,453
Canada
184
191
169
167
177
164
164
Norway
131
107
123
124
121
116
116
Libya
65
64
66
65
65
60
60
Equatorial Guinea
39
37
38
36
38
40
40
Europe, Middle East and North Africa
235
208
227
225
224
216
216
China
36
34
32
32
34
36
36
Malaysia
38
36
36
34
36
33
33
Asia Pacific
74
70
68
66
70
69
69
Total consolidated operations
2,163
2,182
2,174
2,096
2,154
2,096
2,096
Equity affiliates
226
209
225
224
221
212
212
Total
2,389
2,391
2,399
2,320
2,375
2,309
2,309
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska
76.58
70.87
72.72
66.63
71.79
81.77
81.77
Lower 48
69.47
61.90
63.71
57.46
63.18
70.30
70.30
Canada
62.41
55.48
55.80
46.92
55.35
64.13
64.13
Norway
75.80
68.78
70.89
66.27
70.52
75.47
75.47
Libya
75.45
68.59
70.10
63.76
69.40
83.94
83.94
Equatorial Guinea
59.91
52.66
43.47
50.34
52.81
44.71
44.71
Europe, Middle East and North Africa
74.60
67.48
69.46
64.17
68.95
77.71
77.71
China
74.65
68.03
70.05
63.52
69.33
79.87
79.87
Malaysia
79.69
71.54
73.95
68.47
73.32
83.48
83.48
Asia Pacific
76.64
69.65
71.72
65.68
71.05
81.14
81.14
Total consolidated operations
71.61
64.21
66.12
60.15
65.58
73.52
73.52
Equity affiliates
75.57
65.87
67.56
66.47
68.94
68.79
68.79
Total
71.65
64.23
66.13
60.22
65.62
73.47
73.47
NGL ($/BBL)
Consolidated operations
Lower 48
24.84
20.52
18.81
18.76
20.64
19.82
19.82
Canada
27.96
20.63
20.98
20.94
22.54
29.33
29.33
Norway
45.58
39.02
39.00
30.15
41.39
48.72
48.72
Equatorial Guinea
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Europe, Middle East and North Africa
23.76
20.24
10.09
4.29
16.53
22.46
22.46
Total consolidated operations
24.86
20.51
18.71
18.59
20.59
20.06
20.06
Equity affiliates
52.34
48.93
44.39
40.10
46.20
46.27
46.27
Total
25.40
20.98
19.20
19.02
21.07
20.42
20.42
Bitumen ($/BBL)
Canada
45.29
39.43
41.58
36.52
40.74
50.37
50.37
Total
45.29
39.43
41.58
36.52
40.74
50.37
50.37
Natural Gas ($/MCF)
Consolidated operations
Alaska
3.87
3.80
3.86
3.75
3.81
3.73
3.73
Lower 48
2.65
1.60
1.62
1.09
1.74
1.19
1.19
Canada
1.35
0.71
0.37
1.69
1.02
1.68
1.68
Norway
14.86
11.65
11.22
10.43
12.08
13.40
13.40
Libya
5.68
5.64
4.98
4.79
5.25
4.98
4.98
Equatorial Guinea
11.10
7.41
9.50
8.24
9.30
10.02
10.02
Europe, Middle East and North Africa
13.16
10.21
10.31
9.47
10.87
11.71
11.71
Malaysia
3.67
3.70
3.60
3.41
3.59
3.34
3.34
Asia Pacific
3.67
3.70
3.60
3.41
3.59
3.34
3.34
Total consolidated operations
4.76
2.99
3.11
2.74
3.40
3.34
3.34
Equity affiliates
7.56
6.91
7.00
5.87
6.83
5.87
5.87
Total
5.62
4.16
4.28
3.72
4.44
4.09
4.09
2025
2026
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)
(254)
(279)
(468)
(137)
(1,138)
(159)
(159)
Detail of Corporate and Other Earnings (Loss), net of tax ($ Millions)
Net interest expense
(111)
(139)
(152)
(92)
(494)
(78)
(78)
Corporate G&A expenses
(110)
(147)
(163)
(66)
(486)
(97)
(97)
Technology*
(18)
(22)
(88)
(16)
(144)
(7)
(7)
Other
(15)
29
(65)
37
(14)
23
23
Total
(254)
(279)
(468)
(137)
(1,138)
(159)
(159)
*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
(285)
(324)
(325)
(305)
(1,239)
(318)
(318)
Capitalized interest*
80
92
102
110
384
120
120
Interest and debt expense
(205)
(232)
(223)
(195)
(855)
(198)
(198)
Interest income
74
65
60
104
303
109
109
Net Interest Expense
(131)
(167)
(163)
(91)
(552)
(89)
(89)
*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)
23,784
23,529
23,482
23,444
23,444
23,327
23,327
Debt-to-capital ratio (%)
27
%
26
%
27
%
27
%
27
%
27
%
27
%
Equity ($ Millions)
65,238
65,572
64,923
64,487
64,487
64,541
64,541
Certain totals and percentages may differ from the sum of the underlying components due to rounding.
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
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 6 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 1 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Canada special charges
“Canada pending claims and settlements ($83M) and gain (loss) on contingent liability measurement ($78M), total special items ($122M)”
Theme · production volume decline
“Total production (MBOED) 2,309 compared to 2,389 in Q1 2025, consolidated operations 2,096 versus 2,163 prior year”
Theme · shareholder returns sustained
“Repurchase of company common stock $1,006 million and dividends paid $1,032 million in Q1 2026”
Theme · commodity price recovery
“WTI average $71.93/BBL in Q1 2026 versus $71.42 in Q1 2025; Brent dated $80.61 versus $75.66 prior year quarter”
Theme · capital discipline maintained
“Total capital expenditures and investments $2,948 million in Q1 2026 versus $3,378 million in Q1 2025”
Theme · Lower 48 production decline
“Lower 48 total production 1,453 MBOED in Q1 2026 versus 1,462 MBOED in Q1 2025”
Theme · international margin strength
“Libya crude oil realized price $83.94/BBL in Q1 2026 versus $75.45 in Q1 2025; Norway $75.47 versus $75.80”
Theme · natural gas price weakness
“Lower 48 natural gas realized price $1.19/MCF in Q1 2026 versus $2.65/MCF in Q1 2025”
Source: SEC EDGAR · public domain · Highlights by Palanor