EX-99.23cop-20250508x8kexx992.htmEX-99.2 Document
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
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
%
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
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
%
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.
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
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
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
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
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
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
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
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 | 0 | — | 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 · Marathon acquisition integration impact
“Total production 2,389 MBOED reflecting 20% sequential increase from Marathon Oil acquisition completed Q4 2024”
Theme · Lower 48 production growth
“Lower 48 production 1,462 MBOED, up from 1,308 MBOED prior quarter, crude oil 753 MBD versus 677 MBD”
Theme · Shareholder return discipline
“Repurchase of company common stock $1,500 million; Dividends paid $998 million”
Theme · Strong operating cash generation
“Net Cash Provided by Operating Activities $6,115 million versus $4,457 million prior quarter”
Theme · Capital deployment acceleration
“Capital expenditures and investments $3,378 million versus $3,317 million prior quarter”
Theme · Commodity price headwinds
“WTI averaged $71.42/BBL versus $70.27/BBL prior quarter; Brent dated $75.66/BBL versus $74.69/BBL”
Theme · Natural gas pricing improvement
“Henry Hub first of month $3.65/MMBTU versus $2.79/MMBTU; Consolidated natural gas $4.76/MCF versus $3.52/MCF”
Theme · Transaction and integration costs
“Transaction and integration expenses Lower 48 $16 million, Corporate $37 million”
Theme · DD&A increase from acquisition
“Depreciation, depletion and amortization $2,746 million versus $2,664 million prior quarter”
Theme · Asset portfolio optimization
“Proceeds from asset dispositions $635 million; Gain on asset sales Lower 48 $64 million”
Source: SEC EDGAR · public domain · Highlights by Palanor