0001163165-23-000011 | 10-Q | XBRL Viewer

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Cover	3 Months Ended
Cover	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	ConocoPhillips
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,210,058,689
Entity Central Index Key	0001163165
Amendment Flag	false
Entity File Number	001-32395
Common Stock, $.01 Par Value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP—718507BK1
Security Exchange Name	NYSE

Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and Other Income
Sales and other operating revenues	$ 14,811	$ 17,762
Equity in earnings of affiliates	499	426
Gain on dispositions	93	817
Other income	114	286
Total Revenues and Other Income	15,517	19,291
Costs and Expenses
Purchased commodities	6,138	6,751
Production and operating expenses	1,779	1,581
Selling, general and administrative expenses	159	187
Exploration expenses	138	69
Depreciation, depletion and amortization	1,942	1,823
Impairments	1	2
Taxes other than income taxes	576	814
Accretion on discounted liabilities	68	61
Interest and debt expense	188	217
Foreign currency transaction (gain) loss	(44)	24
Other expenses	10	(136)
Total Costs and Expenses	10,955	11,393
Income before income taxes	4,562	7,898
Income tax provision	1,642	2,139
Net Income	$ 2,920	$ 5,759
Net Income Per Share of Common Stock (dollars)
Basic (in dollars per share)	$ 2.38	$ 4.41
Diluted (in dollars per share)	$ 2.38	$ 4.39
Average Common Shares Outstanding (in thousands)
Basic (in shares)	1,220,228	1,301,930
Diluted (in shares)	1,223,355	1,307,404

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 2,920	$ 5,759
Defined benefit plans
Reclassification adjustment for amortization of prior service credit included in net income	(9)	(10)
Net change	(9)	(10)
Reclassification adjustment for amortization of net actuarial losses included in net income	23	16
Net change	23	16
Income taxes on defined benefit plans	(3)	(2)
Defined benefit plans, net of tax	11	4
Unrealized holding gain (loss) on securities	6	(4)
Reclassification adjustment for gain included in net income	(1)	0
Income taxes on unrealized holding gain (loss) on securities	(1)	1
Unrealized holding gain (loss) on securities, net of tax	4	(3)
Foreign currency translation adjustments, net of tax	(42)	141
Other Comprehensive Income (Loss), Net of Tax	(27)	142
Comprehensive Income	$ 2,893	$ 5,901

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 6,974	$ 6,458
Short-term investments	1,635	2,785
Accounts and notes receivable (net of allowance of $3 and $2, respectively)	5,280	7,075
Accounts and notes receivable—related parties	16	13
Inventories	1,258	1,219
Prepaid expenses and other current assets	953	1,199
Total Current Assets	16,116	18,749
Investments and long-term receivables	8,197	8,225
Net properties, plants and equipment (net of accumulated DD&A of $67,691 and $66,630, respectively)	65,090	64,866
Other assets	2,038	1,989
Total Assets	91,441	93,829
Liabilities
Accounts payable	5,078	6,113
Accounts payable—related parties	22	50
Short-term debt	1,317	417
Accrued income and other taxes	2,847	3,193
Employee benefit obligations	420	728
Other accruals	1,869	2,346
Total Current Liabilities	11,553	12,847
Long-term debt	15,266	16,226
Asset retirement obligations and accrued environmental costs	6,324	6,401
Deferred income taxes	7,927	7,726
Employee benefit obligations	1,007	1,074
Other liabilities and deferred credits	1,581	1,552
Total Liabilities	43,658	45,826
Equity
Par value	21	21
Capital in excess of par	61,100	61,142
Treasury stock (at cost: 2023—892,452,137 shares; 2022—877,029,062 shares)	(61,904)	(60,189)
Accumulated other comprehensive loss	(6,027)	(6,000)
Retained earnings	54,593	53,029
Total Equity	47,783	48,003
Total Liabilities and Equity	$ 91,441	$ 93,829

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 3	$ 2
Accumulated depreciation, depletion and amortization	$ 67,691	$ 66,630
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	2,102,510,826	2,100,885,134
Treasury stock, shares (in shares)	892,452,137	877,029,062

Consolidated Statement of Cash Flows - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash Flows From Operating Activities

Net Income

$ 2,920

$ 5,759

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation, depletion and amortization

1,942

1,823

Impairments

Dry hole costs and leasehold impairments

Accretion on discounted liabilities

Deferred taxes

324

373

Undistributed equity earnings

491

220

Gain on dispositions

(93)

(817)

Gain on investment in Cenovus Energy

(251)

Other

(35)

(152)

Working capital adjustments

Decrease (increase) in accounts and notes receivable

1,701

(1,535)

Decrease (increase) in inventories

(45)

Decrease in prepaid expenses and other current assets

255

Decrease in accounts payable

(1,266)

(204)

Decrease in taxes and other accruals

(928)

(303)

Net Cash Provided by Operating Activities

5,403

5,068

Cash Flows From Investing Activities

Capital expenditures and investments

(2,897)

(3,161)

Working capital changes associated with investing activities

208

363

Acquisition of businesses, net of cash acquired

Proceeds from asset dispositions

188

2,332

Net (purchase) sale of investments

1,065

(263)

Collection of advances/loans—related parties

Other

(12)

Net Cash Used in Investing Activities

(1,448)

(611)

Cash Flows From Financing Activities

Issuance of debt

2,897

Repayment of debt

(43)

(3,964)

Issuance of company common stock

(97)

271

Repurchase of company common stock

(1,700)

(1,425)

Dividends paid

(1,488)

(864)

Other

(52)

Net Cash Used in Financing Activities

(3,326)

(3,137)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

(104)

Net Change in Cash, Cash Equivalents and Restricted Cash

525

1,341

Cash, cash equivalents and restricted cash at beginning of period

6,694

^[1]

5,398

Cash, Cash Equivalents and Restricted Cash at End of Period

$ 7,219

^[2]

$ 6,739

[1]	Restricted cash of $236 million is included in the "Other assets" line of our Consolidated Balance Sheet as of December 31, 2022.
[2]	Restricted cash of $245 million is included in the "Other assets" line of our Consolidated Balance Sheet as of March 31, 2023.

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash	$ 245	$ 236
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1—Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2022 Annual Report on Form 10-K.

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 2—Inventories


	Millions of Dollars
	March 31 2023		December 31 2022
Crude oil and natural gas	$	666	641
Materials and supplies	592		578
Total Inventories	$	1,258	1,219

Inventories valued on the LIFO basis	$	445	396

Investments and Long-Term Receivables	3 Months Ended
Investments and Long-Term Receivables	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments and Long-Term Receivables	Note 3—Investments and Long-Term Receivables Australia Pacific LNG Pty Ltd (APLNG) In 2012, APLNG executed an $8.5 billion project finance facility that became non-recourse following financial completion in 2017. The facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At March 31, 2023, a balance of $4.9 billion was outstanding on these facilities. See Note 7. At March 31, 2023, the carrying value of our equity method investment in APLNG was approximately $5.8 billion. This balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. Port Arthur Liquefaction Holdings, LLC (PALNG) In March 2023, we acquired a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). Sempra PALNG Holdings, LLC owns the remaining 70 percent interest in the joint venture. At March 31, 2023, the carrying value of our equity method investment in PALNG was approximately $0.4 billion. This balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet and is reported in our Corporate and Other segment.

Investment in Cenovus Energy	3 Months Ended
Investment in Cenovus Energy	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in Cenovus Energy	Note 4—Investment in Cenovus Energy During the first quarter of 2022, we sold our remaining 91 million common shares of Cenovus Energy (CVE), recognizing proceeds of $1.4 billion and a net gain of $251 million. The gain was recognized within "Other income” on our consolidated income statement. Proceeds related to the sale of our CVE shares were included within "Cash Flows From Investing Activities" on our consolidated statement of cash flows.

Debt	3 Months Ended
Debt	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 5—Debt Our debt balance at March 31, 2023 was $16.6 billion compared with $16.6 billion at December 31, 2022. Our revolving credit facility provides a total borrowing capacity of $5.5 billion with an expiration date of February 2027. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date. Credit facility borrowings may bear interest at a margin above the Secured Overnight Financing Rate (SOFR). The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at March 31, 2023. At December 31, 2022, we had no commercial paper outstanding and no direct borrowings or letters of credit issued. We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit ratings were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility. At March 31, 2023, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Changes in Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Changes in Equity

Note 6—Changes in Equity


	Millions of Dollars

	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2023
Balances at December 31, 2022	$	21	61,142	(60,189)	(6,000)	53,029	48,003
Net income						2,920	2,920
Other comprehensive loss					(27)		(27)
Dividends declared
Ordinary ($0.51 per common share)						(625)	(625)
Variable return of cash ($0.60 per common share)						(731)	(731)
Repurchase of company common stock				(1,700)			(1,700)
Excise tax on share repurchases				(15)			(15)
Distributed under benefit plans			(42)				(42)
Other							—
Balances at March 31, 2023	$	21	61,100	(61,904)	(6,027)	54,593	47,783



	Millions of Dollars
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2022
Balances at December 31, 2021	$	21	60,581	(50,920)	(4,950)	40,674	45,406
Net income						5,759	5,759
Other comprehensive income					142		142
Dividends declared
Ordinary ($0.46 per common share)						(603)	(603)
Variable return of cash ($0.30 per common share)						(390)	(390)
Repurchase of company common stock				(1,425)			(1,425)
Distributed under benefit plans			326				326
Other				1		2	3
Balances at March 31, 2022	$	21	60,907	(52,344)	(4,808)	45,442	49,218

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Guarantees	3 Months Ended
Guarantees	Mar. 31, 2023
Guarantees [Abstract]
Guarantees	Note 7—Guarantees At March 31, 2023, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At March 31, 2023, we had outstanding multiple guarantees in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing March 2023 exchange rates: •During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee to be eight years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At March 31, 2023, the carrying value of this guarantee was approximately $14 million. •In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy Limited in October 2008, we agreed to reimburse Origin Energy Limited for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements. The final guarantee expires in the fourth quarter of 2041. Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $760 million ($1.3 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. •We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of 14 to 23 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $390 million and would become payable if APLNG does not perform. At March 31, 2023, the carrying value of these guarantees was approximately $29 million. Qatar Liquefied Gas Company Limited (8) (QG8) Guarantee We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in QG8. This guarantee has an approximate 30-year term with no maximum limit. At March 31, 2023, the carrying value of this guarantee was approximately $7 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $600 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of two to four years and would become payable if certain asset values are lower than guaranteed amounts at the end of the lease or contract term, business conditions decline at guaranteed entities, or as a result of nonperformance of contractual terms by guaranteed parties. At March 31, 2023, there was no carrying value associated with these guarantees. Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnification obligations at March 31, 2023 was approximately $20 million. Those related to environmental issues have terms that are generally indefinite, and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note 8 for additional information about environmental liabilities.

Contingencies and Commitments	3 Months Ended
Contingencies and Commitments	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 8—Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous CERCLA and other comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. For remediation activities in the U.S. and Canada, our balance sheet included a total environmental accrual of $182 million at both March 31, 2023 and December 31, 2022. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Litigation and Other Contingencies We are subject to various lawsuits and claims including, but not limited to, matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations, and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at March 31, 2023, we had performance obligations secured by letters of credit of $329 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal ("Tribunal") held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007. On August 29, 2019, the Tribunal issued a decision rectifying the award and reducing it by approximately $227 million. The award now stands at $8.5 billion plus interest. The government of Venezuela sought annulment of the award, which automatically stayed enforcement of the award. On September 29, 2021, the ICSID annulment committee lifted the stay of enforcement of the award. The annulment proceedings are underway. In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing the settlement agreement. The balance of the settlement is to be paid quarterly over a period of four and a half years. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA has failed to cure its breach. As a result, ConocoPhillips has resumed legal enforcement actions. To date, ConocoPhillips has received approximately $775 million in connection with the ICC award. ConocoPhillips has ensured that the settlement and any actions taken in enforcement thereof meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro Project. On August 2, 2019, the ICC Tribunal awarded ConocoPhillips approximately $33 million plus interest under the Corocoro contracts. ConocoPhillips is seeking recognition and enforcement of the award in various jurisdictions. ConocoPhillips has ensured that all the actions related to the award meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. Beginning in 2017, governmental and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. Additional lawsuits with similar allegations are expected to be filed. The amounts claimed by plaintiffs are unspecified and the legal and factual issues are unprecedented, therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the Company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits. Several Louisiana parishes and the State of Louisiana have filed 43 lawsuits under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA) against oil and gas companies, including ConocoPhillips, seeking compensatory damages for contamination and erosion of the Louisiana coastline allegedly caused by historical oil and gas operations. ConocoPhillips entities are defendants in 22 of the lawsuits and will vigorously defend against them. On October 17, 2022, the Fifth Circuit affirmed remand of lead cases to state court and the subsequent request for rehearing was denied. On February 27, 2023, the Supreme Court denied a certiorari petition from the defendants regarding the Fifth Circuit ruling. Accordingly, the federal district courts have issued remands to state court. Because Plaintiffs’ SLCRMA theories are unprecedented, there is uncertainty about these claims (both as to scope and damages) and we continue to evaluate our exposure in these lawsuits. In October 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities but sold its interest approximately 30 years ago. ConocoPhillips continues to evaluate its exposure in this matter. On May 10, 2021, ConocoPhillips filed arbitration under the rules of the Singapore International Arbitration Centre (SIAC) against Santos KOTN Pty Ltd. and Santos Limited for their failure to timely pay the $200 million bonus due upon final investment decision of the Barossa development project under the sale and purchase agreement for the sale of our Australia-West asset and operations. The matter was resolved in April 2023 to our satisfaction. In July 2021, a federal securities class action was filed against Concho, certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief, and such other relief that may be deemed appropriate. On February 23, 2023, a Magistrate Judge issued a Memorandum and Recommendation (R&R) recommending the defendants’ Motion to Dismiss be denied. The defendants have filed objections to the R&R. We believe the allegations in the action are without merit and are vigorously defending this litigation. ConocoPhillips is involved in pending disputes with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe these claims are without merit and are vigorously defending them. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements typically provide for natural gas or crude oil transport and LNG purchase commitments. The fixed and determinable portion of estimated payments under these various agreements are: 2023—$7 million; 2024—$7 million; 2025—$7 million; 2026—$7 million; 2027—$7 million; and 2028 and after—$11 billion. Generally, variable components of these obligations include commodity futures prices and inflation rates. Purchases of LNG under these commitments are expected to be offset in the same or approximately same periods by cash received from the related sales transactions.

Derivative and Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Financial Instruments

Note 9—Derivative and Financial Instruments

We use futures, forwards, swaps and options in various markets to meet our customer needs, capture market opportunities and manage foreign exchange currency risk.

Commodity Derivative Instruments

Our commodity business primarily consists of natural gas, crude oil, bitumen, LNG and NGLs.

Commodity derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts and certain gas contracts. We do not apply hedge accounting for our commodity derivatives.

The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:


	Millions of Dollars
	March 31 2023		December 31 2022
Assets
Prepaid expenses and other current assets	$	983	1,795
Other assets	235		242
Liabilities
Other accruals	969		1,800
Other liabilities and deferred credits	198		210

The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022

Sales and other operating revenues	$	28	(407)
Other income	1		1
Purchased commodities	(72)		401

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:


	Open Position Long (Short)
	March 31 2023	December 31 2022
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(16)	(14)
Basis	(39)	(8)

Financial Instruments

We invest in financial instruments with maturities based on our cash forecasts for the various accounts and currency pools we manage. The types of financial instruments in which we currently invest include:

•Time deposits: Interest bearing deposits placed with financial institutions for a predetermined amount of time.

•Demand deposits: Interest bearing deposits placed with financial institutions. Deposited funds can be withdrawn without notice.

•Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount, reaching par value at maturity.

•U.S. government or government agency obligations: Securities issued by the U.S. government or U.S. government agencies.

•Foreign government obligations: Securities issued by foreign governments.

•Corporate bonds: Unsecured debt securities issued by corporations.

•Asset-backed securities: Collateralized debt securities.

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at March 31, 2023, and December 31, 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	March 31 2023		December 31 2022	March 31 2023	December 31 2022
Cash	$	676	593
Demand Deposits	1,174		1,638
Time Deposits
1 to 90 days	4,257		4,116	985	1,288
91 to 180 days				16	883
Within one year				91	11
U.S. Government Obligations
1 to 90 days	754		14	—	—
	$	6,861	6,361	1,092	2,182

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2023, and December 31, 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	March 31 2023		December 31 2022	March 31 2023	December 31 2022	March 31 2023	December 31 2022
Major Security Type
Corporate Bonds	$	—	—	307	323	391	309
Commercial Paper	101		97	136	156
U.S. Government Obligations	12		—	87	115	96	63
U.S. Government Agency Obligations				13	8	7	5
Foreign Government Obligations				—	—	7	7
Asset-backed Securities				—	1	111	138
	$	113	97	543	603	612	522

Cash and Cash Equivalents and Short-Term Investments have remaining maturities within one year.

Investments and Long-Term Receivables have remaining maturities greater than one year through five years.

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	March 31 2023		December 31 2022	March 31 2023	December 31 2022
Major Security Type
Corporate Bonds	$	705	641	698	632
Commercial Paper	237		253	237	253
U.S. Government Obligations	197		181	195	178
U.S. Government Agency Obligations	20		13	20	13
Foreign Government Obligations	7		7	7	7
Asset-backed Securities	112		139	111	139
	$	1,278	1,234	1,268	1,222

As of March 31, 2023 and December 31, 2022, total unrealized losses for debt securities classified as available for sale with net losses were $11 million and $12 million, respectively. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position.

For the three-month periods ended March 31, 2023 and March 31, 2022, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $300 million and $115 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method.

Credit Risk

Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, long-term investments in debt securities, OTC derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, government money market funds, U.S. government and government agency obligations, time deposits with major international banks and financial institutions, high-quality corporate bonds, foreign government obligations and asset-backed securities. Our long-term investments in debt securities are placed in high-quality corporate bonds, asset-backed securities, U.S. government and government agency obligations, and foreign government obligations.

The credit risk from our OTC derivative contracts, such as forwards, swaps and options, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared primarily with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements.

Our trade receivables result primarily from our oil and gas operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less, and we continually monitor this exposure and the creditworthiness of the counterparties. We may require collateral to limit the exposure to loss including letters of credit, prepayments and surety bonds, as well as master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us.

Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange.

The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position at March 31, 2023 and December 31, 2022, was $166 million and $333 million, respectively. For these instruments, no collateral was posted at March 31, 2023 and $42 million of collateral was posted at December 31, 2022. If our credit rating had been downgraded below investment grade at March 31, 2023, we would have been required to post $140 million of additional collateral, either with cash or letters of credit.

Fair Value Measurement

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 10—Fair Value Measurement

We carry a portion of our assets and liabilities at fair value that are measured at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the fair value hierarchy.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during the three-month period ended March 31, 2023, nor during the year ended December 31, 2022.

Recurring Fair Value Measurement

Financial assets and liabilities reported at fair value on a recurring basis include our investments in debt securities classified as available for sale and commodity derivatives.

•Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 also includes our investments in U.S. government obligations classified as available for sale debt securities, which are valued using exchange prices.

•Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 2 also includes our investments in debt securities classified as available for sale including investments in corporate bonds, commercial paper, asset-backed securities, U.S. government agency obligations and foreign government obligations that are valued using pricing provided by brokers or pricing service companies that are corroborated with market data.

•Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 activity was not material for all periods presented.

The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):


	Millions of Dollars
	March 31, 2023					December 31, 2022
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Investments in debt securities	$	195	1,073	—	1,268	178	1,044	—	1,222
Commodity derivatives	640		464	114	1,218	958	951	128	2,037
Total assets	$	835	1,537	114	2,486	1,136	1,995	128	3,259

Liabilities
Commodity derivatives	$	663	485	19	1,167	906	843	261	2,010
Total liabilities	$	663	485	19	1,167	906	843	261	2,010

The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
March 31, 2023
Assets	$	1,218	30	1,188	726	462	—	462
Liabilities	1,167		24	1,143	726	417	35	382

December 31, 2022
Assets	$	2,037	39	1,998	1,176	822	37	785
Liabilities	2,010		20	1,990	1,176	814	52	762

At March 31, 2023 and December 31, 2022, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

Reported Fair Values of Financial Instruments

We used the following methods and assumptions to estimate the fair value of financial instruments:

•Cash and cash equivalents and short-term investments: The carrying amount reported on the balance sheet approximates fair value. For those investments classified as available for sale debt securities, the carrying amount reported on the balance sheet is fair value.

•Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value.

•Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 9.

•Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value.

•Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy.

•Commercial paper: The carrying amount of our commercial paper instruments approximates fair value and is reported on the balance sheet as short-term debt.

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):


	Millions of Dollars
	Carrying Amount		Fair Value
	March 31 2023	December 31 2022	March 31 2023	December 31 2022
Financial assets
Commodity derivatives	492	824	492	824
Investments in debt securities	1,268	1,222	1,268	1,222

Financial liabilities
Total debt, excluding finance leases	15,316	15,323	15,914	15,545
Commodity derivatives	406	782	406	782

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Note 11—Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss in the equity section of our consolidated balance sheet includes:


	Millions of Dollars
	Defined Benefit Plans		Net Unrealized Loss on Securities	Foreign Currency Translation	Accumulated Other Comprehensive Loss
December 31, 2022	$	(448)	(11)	(5,541)	(6,000)
Other comprehensive income (loss)	11		4	(42)	(27)
March 31, 2023	$	(437)	(7)	(5,583)	(6,027)

The following table summarizes reclassifications out of accumulated other comprehensive loss and into net income:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Defined benefit plans	$	11	4

The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $3 million and $2 million for the three-month periods ended March 31, 2023 and March 31, 2022, respectively. See Note 13.

Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Note 12—Cash Flow Information


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Cash Payments
Interest	$	209	287
Income taxes	1,062		1,640

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(269)	(521)
Short-term investments sold	1,513		306
Long-term investments purchased	(210)		(66)
Long-term investments sold	31		18
	$	1,065	(263)

Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 13—Employee Benefit Plans

Pension and Postretirement Plans


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int'l.	U.S.	Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended March 31
Service cost	$	13	10	16	13	—	—
Interest cost	19		28	12	21	1	1
Expected return on plan assets	(15)		(37)	(13)	(34)
Amortization of prior service credit	—		—	—	—	(9)	(10)
Recognized net actuarial loss	3		17	6	2	(1)	—
Settlements	4		—	4	—
Net periodic benefit cost	$	24	18	25	2	(9)	(9)

The components of net periodic benefit cost, other than the service cost component, are included in the "Other expenses" line of our consolidated income statement.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Note 14—Related Party Transactions

Our related parties primarily include equity method investments and certain trusts for the benefit of employees.


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Significant Transactions with Equity Affiliates
Operating revenues and other income	$	21	22

Operating expenses and selling, general and administrative expenses	78		46

Sales and Other Operating Revenues

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Sales and Other Operating Revenues

Note 15—Sales and Other Operating Revenues

Revenue from Contracts with Customers

The following table provides further disaggregation of our consolidated sales and other operating revenues:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Revenue from contracts with customers	$	11,964	14,506
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	3,127		3,140
Financial derivative contracts	(280)		116
Consolidated sales and other operating revenues	$	14,811	17,762

Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 17—Segment Disclosures and Related Information:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	2,508	2,444
Canada	567		560
Europe, Middle East and North Africa	52		136
Physical contracts meeting the definition of a derivative	$	3,127	3,140


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
Crude oil	$	47	219
Natural gas	2,725		2,773
Other	355		148
Physical contracts meeting the definition of a derivative	$	3,127	3,140

Practical Expedients

Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period.

Receivables and Contract Liabilities

Receivables from Contracts with Customers

At March 31, 2023, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,176 million compared with $5,241 million at December 31, 2022, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected.

Contract Liabilities from Contracts with Customers

We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. No revenue was recognized during the three-month period ended March 31, 2023. We expect to recognize the outstanding contract liabilities of $19 million as of March 31, 2023, as revenue during 2026.

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 16—Earnings Per Share

The following table presents the calculation of net income available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.


	Millions of Dollars (except per share amounts)
	Three Months Ended March 31
	2023		2022
Basic earnings per share

Net Income	$	2,920	5,759
Less: Dividends and undistributed earnings
allocated to participating securities	11		15
Net Income available to common shareholders	$	2,909	$5,744
Average common shares outstanding (in Millions)	1,220		1,302

Net Income Per Share of Common Stock	$	2.38	4.41

Diluted earnings per share

Net Income available to common shareholders	$	2,909	5,744
Average common shares outstanding (in Millions)	1,220		1,302
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in Millions)	3		5
Average diluted shares outstanding (in Millions)	1,223		1,307

Net Income Per Share of Common Stock	$	2.38	4.39

Segment Disclosures and Related Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Disclosures and Related Information

Note 17—Segment Disclosures and Related Information

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

Corporate and Other represents income and costs not directly associated with an operating segment, such as most interest income and expense; premiums on early retirement of debt; consolidating tax adjustments; corporate overhead and certain technology activities, including licensing revenues; and unrealized holding gains or losses on equity securities. All cash and cash equivalents and short-term investments are included in Corporate and Other.

We evaluate performance and allocate resources based on net income (loss). Intersegment sales are at prices that approximate market.

Analysis of Results by Operating Segment


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Sales and Other Operating Revenues


Alaska	$	1,735	1,918
Lower 48	10,049		11,557
Intersegment eliminations	(4)		(7)
Lower 48	10,045		11,550
Canada	1,183		1,520
Intersegment eliminations	(340)		(651)
Canada	843		869
Europe, Middle East and North Africa	1,702		2,589
Asia Pacific	464		750
Other International	—		—
Corporate and Other	22		86
Consolidated sales and other operating revenues	$	14,811	17,762

Sales and Other Operating Revenues by Geographic Location(1)
United States	$	11,802	13,553

Canada	843		869
China	202		273
Indonesia	—		159
Libya	370		431
Malaysia	261		318
Norway	651		932
United Kingdom	681		1,226
Other foreign countries	1		1
Worldwide consolidated	$	14,811	17,762

Sales and Other Operating Revenues by Product
Crude oil	$	8,904	9,870
Natural gas	4,412		5,998
Natural gas liquids	695		879
Other(2)	800		1,015
Consolidated sales and other operating revenues by product	$	14,811	17,762

(1)Sales and other operating revenues are attributable to countries based on the location of the selling operation.

(2)Includes LNG and bitumen.


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Net Income (Loss)
Alaska	$	416	584
Lower 48	1,852		2,790
Canada	6		291
Europe, Middle East and North Africa	365		412
Asia Pacific	522		1,136
Other International	1		—
Corporate and Other	(242)		546
Consolidated net income	$	2,920	5,759


	Millions of Dollars
	March 31 2023		December 31 2022
Total Assets
Alaska	$	15,327	15,126
Lower 48	41,847		42,950
Canada	6,827		6,971
Europe, Middle East and North Africa	7,743		8,263
Asia Pacific	9,066		9,511
Other International	1		—
Corporate and Other	10,630		11,008
Consolidated total assets	$	91,441	93,829

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 18—Income Taxes Our effective tax rate for the three-month periods ended March 31, 2023 and 2022 was 36.0 percent and 27.1 percent, respectively. The change in our effective tax rate for the first quarter of 2023 is primarily due to the release of tax reserves in the first quarter of 2022, as described below, and a shift in our mix of income among our tax jurisdictions. In the first quarter of 2022, the IRS closed the 2017 audit of our U.S. federal income tax return. As a result, we recognized federal and state tax benefits totaling $515 million relating to the recovery of outside tax basis previously offset by a full reserve. The Company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely occasionally close audits unpredictably. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change is not estimable but could be significant when compared with our total unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Policy)	3 Months Ended
Basis of Presentation (Policy)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2022 Annual Report on Form 10-K.
Practical Expedients	Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period.
Receivables and Contract Liabilities	Receivables and Contract Liabilities Receivables from Contracts with Customers At March 31, 2023, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,176 million compared with $5,241 million at December 31, 2022, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. No revenue was recognized during

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories


	Millions of Dollars
	March 31 2023		December 31 2022
Crude oil and natural gas	$	666	641
Materials and supplies	592		578
Total Inventories	$	1,258	1,219

Inventories valued on the LIFO basis	$	445	396

Changes in Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Changes in Equity


	Millions of Dollars

	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2023
Balances at December 31, 2022	$	21	61,142	(60,189)	(6,000)	53,029	48,003
Net income						2,920	2,920
Other comprehensive loss					(27)		(27)
Dividends declared
Ordinary ($0.51 per common share)						(625)	(625)
Variable return of cash ($0.60 per common share)						(731)	(731)
Repurchase of company common stock				(1,700)			(1,700)
Excise tax on share repurchases				(15)			(15)
Distributed under benefit plans			(42)				(42)
Other							—
Balances at March 31, 2023	$	21	61,100	(61,904)	(6,027)	54,593	47,783



	Millions of Dollars
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2022
Balances at December 31, 2021	$	21	60,581	(50,920)	(4,950)	40,674	45,406
Net income						5,759	5,759
Other comprehensive income					142		142
Dividends declared
Ordinary ($0.46 per common share)						(603)	(603)
Variable return of cash ($0.30 per common share)						(390)	(390)
Repurchase of company common stock				(1,425)			(1,425)
Distributed under benefit plans			326				326
Other				1		2	3
Balances at March 31, 2022	$	21	60,907	(52,344)	(4,808)	45,442	49,218

Derivative and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives

The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:


	Millions of Dollars
	March 31 2023		December 31 2022
Assets
Prepaid expenses and other current assets	$	983	1,795
Other assets	235		242
Liabilities
Other accruals	969		1,800
Other liabilities and deferred credits	198		210

Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives

The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022

Sales and other operating revenues	$	28	(407)
Other income	1		1
Purchased commodities	(72)		401

Schedule of Net Exposures from Outstanding Commodity Derivative Contracts

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:


	Open Position Long (Short)
	March 31 2023	December 31 2022
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(16)	(14)
Basis	(39)	(8)

Schedule of Net Carrying Amount of Held to Maturity Investments

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at March 31, 2023, and December 31, 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	March 31 2023		December 31 2022	March 31 2023	December 31 2022
Cash	$	676	593
Demand Deposits	1,174		1,638
Time Deposits
1 to 90 days	4,257		4,116	985	1,288
91 to 180 days				16	883
Within one year				91	11
U.S. Government Obligations
1 to 90 days	754		14	—	—
	$	6,861	6,361	1,092	2,182

Schedule of Debt Securities Carried at Fair Value

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2023, and December 31, 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	March 31 2023		December 31 2022	March 31 2023	December 31 2022	March 31 2023	December 31 2022
Major Security Type
Corporate Bonds	$	—	—	307	323	391	309
Commercial Paper	101		97	136	156
U.S. Government Obligations	12		—	87	115	96	63
U.S. Government Agency Obligations				13	8	7	5
Foreign Government Obligations				—	—	7	7
Asset-backed Securities				—	1	111	138
	$	113	97	543	603	612	522

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	March 31 2023		December 31 2022	March 31 2023	December 31 2022
Major Security Type
Corporate Bonds	$	705	641	698	632
Commercial Paper	237		253	237	253
U.S. Government Obligations	197		181	195	178
U.S. Government Agency Obligations	20		13	20	13
Foreign Government Obligations	7		7	7	7
Asset-backed Securities	112		139	111	139
	$	1,278	1,234	1,268	1,222

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities


	Millions of Dollars
	March 31, 2023					December 31, 2022
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Investments in debt securities	$	195	1,073	—	1,268	178	1,044	—	1,222
Commodity derivatives	640		464	114	1,218	958	951	128	2,037
Total assets	$	835	1,537	114	2,486	1,136	1,995	128	3,259

Liabilities
Commodity derivatives	$	663	485	19	1,167	906	843	261	2,010
Total liabilities	$	663	485	19	1,167	906	843	261	2,010

Schedule of Commodity Derivative Balances Subject to Right of Setoff


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
March 31, 2023
Assets	$	1,218	30	1,188	726	462	—	462
Liabilities	1,167		24	1,143	726	417	35	382

December 31, 2022
Assets	$	2,037	39	1,998	1,176	822	37	785
Liabilities	2,010		20	1,990	1,176	814	52	762

Schedule of Net Fair Value of Financial Instruments

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):


	Millions of Dollars
	Carrying Amount		Fair Value
	March 31 2023	December 31 2022	March 31 2023	December 31 2022
Financial assets
Commodity derivatives	492	824	492	824
Investments in debt securities	1,268	1,222	1,268	1,222

Financial liabilities
Total debt, excluding finance leases	15,316	15,323	15,914	15,545
Commodity derivatives	406	782	406	782

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet

Accumulated other comprehensive loss in the equity section of our consolidated balance sheet includes:


	Millions of Dollars
	Defined Benefit Plans		Net Unrealized Loss on Securities	Foreign Currency Translation	Accumulated Other Comprehensive Loss
December 31, 2022	$	(448)	(11)	(5,541)	(6,000)
Other comprehensive income (loss)	11		4	(42)	(27)
March 31, 2023	$	(437)	(7)	(5,583)	(6,027)

Schedule of Items Reclassified out of Accumulated Other Comprehensive Income (Loss)

The following table summarizes reclassifications out of accumulated other comprehensive loss and into net income:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Defined benefit plans	$	11	4

Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow Information


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Cash Payments
Interest	$	209	287
Income taxes	1,062		1,640

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(269)	(521)
Short-term investments sold	1,513		306
Long-term investments purchased	(210)		(66)
Long-term investments sold	31		18
	$	1,065	(263)

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int'l.	U.S.	Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended March 31
Service cost	$	13	10	16	13	—	—
Interest cost	19		28	12	21	1	1
Expected return on plan assets	(15)		(37)	(13)	(34)
Amortization of prior service credit	—		—	—	—	(9)	(10)
Recognized net actuarial loss	3		17	6	2	(1)	—
Settlements	4		—	4	—
Net periodic benefit cost	$	24	18	25	2	(9)	(9)

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Significant Transactions with Related Parties


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Significant Transactions with Equity Affiliates
Operating revenues and other income	$	21	22

Operating expenses and selling, general and administrative expenses	78		46

Sales and Other Operating Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table provides further disaggregation of our consolidated sales and other operating revenues:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Revenue from contracts with customers	$	11,964	14,506
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	3,127		3,140
Financial derivative contracts	(280)		116
Consolidated sales and other operating revenues	$	14,811	17,762

The following disaggregation of revenues is provided in conjunction with Note 17—Segment Disclosures and Related Information:


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	2,508	2,444
Canada	567		560
Europe, Middle East and North Africa	52		136
Physical contracts meeting the definition of a derivative	$	3,127	3,140


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
Crude oil	$	47	219
Natural gas	2,725		2,773
Other	355		148
Physical contracts meeting the definition of a derivative	$	3,127	3,140

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted


	Millions of Dollars (except per share amounts)
	Three Months Ended March 31
	2023		2022
Basic earnings per share

Net Income	$	2,920	5,759
Less: Dividends and undistributed earnings
allocated to participating securities	11		15
Net Income available to common shareholders	$	2,909	$5,744
Average common shares outstanding (in Millions)	1,220		1,302

Net Income Per Share of Common Stock	$	2.38	4.41

Diluted earnings per share

Net Income available to common shareholders	$	2,909	5,744
Average common shares outstanding (in Millions)	1,220		1,302
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in Millions)	3		5
Average diluted shares outstanding (in Millions)	1,223		1,307

Net Income Per Share of Common Stock	$	2.38	4.39

Segment Disclosures and Related Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Segment Reporting


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Sales and Other Operating Revenues


Alaska	$	1,735	1,918
Lower 48	10,049		11,557
Intersegment eliminations	(4)		(7)
Lower 48	10,045		11,550
Canada	1,183		1,520
Intersegment eliminations	(340)		(651)
Canada	843		869
Europe, Middle East and North Africa	1,702		2,589
Asia Pacific	464		750
Other International	—		—
Corporate and Other	22		86
Consolidated sales and other operating revenues	$	14,811	17,762

Sales and Other Operating Revenues by Geographic Location(1)
United States	$	11,802	13,553

Canada	843		869
China	202		273
Indonesia	—		159
Libya	370		431
Malaysia	261		318
Norway	651		932
United Kingdom	681		1,226
Other foreign countries	1		1
Worldwide consolidated	$	14,811	17,762

Sales and Other Operating Revenues by Product
Crude oil	$	8,904	9,870
Natural gas	4,412		5,998
Natural gas liquids	695		879
Other(2)	800		1,015
Consolidated sales and other operating revenues by product	$	14,811	17,762

(1)Sales and other operating revenues are attributable to countries based on the location of the selling operation.

(2)Includes LNG and bitumen.


	Millions of Dollars
	Three Months Ended March 31
	2023		2022
Net Income (Loss)
Alaska	$	416	584
Lower 48	1,852		2,790
Canada	6		291
Europe, Middle East and North Africa	365		412
Asia Pacific	522		1,136
Other International	1		—
Corporate and Other	(242)		546
Consolidated net income	$	2,920	5,759


	Millions of Dollars
	March 31 2023		December 31 2022
Total Assets
Alaska	$	15,327	15,126
Lower 48	41,847		42,950
Canada	6,827		6,971
Europe, Middle East and North Africa	7,743		8,263
Asia Pacific	9,066		9,511
Other International	1		—
Corporate and Other	10,630		11,008
Consolidated total assets	$	91,441	93,829

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas	$ 666	$ 641
Materials and supplies	592	578
Total Inventories	1,258	1,219
Inventories valued on the LIFO basis	$ 445	$ 396

Investments and Long-Term Receivables - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2017
APLNG
Schedule of Equity Method Investments [Line Items]
Project finance facility, maximum borrowing capacity		$ 8.5
Line of credit facility value outstanding	$ 4.9
Equity method investment	$ 5.8
Equity method investment, ownership percentage	47.50%
PALNG
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 0.4
Equity method investment, ownership percentage	30.00%
PALNG \| Sempra
Schedule of Equity Method Investments [Line Items]
Ownership percentage	70.00%

Investment in Cenovus Energy - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Gain on investment in Cenovus Energy	$ 0	$ 251
Cenovus Energy Inc
Debt and Equity Securities, FV-NI [Line Items]
Gain on investment in Cenovus Energy		$ 251
Common Stock \| Cenovus Energy Inc
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, shares sold (in shares)		91
Proceeds received from sale of equity securities		$ 1,400

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 16,600	$ 16,600
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value	283
Revolving Credit Facility
Debt Instrument [Line Items]
Project finance facility, maximum borrowing capacity	5,500
Minimum limit of debt for cross default provision	200
Letter of Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, capacity available for specific purpose other than for trade purchases	$ 500

Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 48,003	$ 45,406
Net Income	2,920	5,759
Other comprehensive income (loss)	(27)	142
Dividends declared, ordinary	(625)	(603)
Dividends declared, variable return of cash	(731)	(390)
Repurchase of company common stock	(1,700)	(1,425)
Excise tax on share repurchases	(15)
Distributed under benefit plans	(42)	326
Other	0	3
Ending Balance	$ 47,783	$ 49,218
Dividends declared, ordinary (in dollars per share)	$ 0.51	$ 0.46
Dividends declared, variable return of cash (in dollars per share)	$ 0.60	$ 0.30
Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 21	$ 21
Ending Balance	21	21
Capital in Excess of Par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	61,142	60,581
Distributed under benefit plans	(42)	326
Ending Balance	61,100	60,907
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(60,189)	(50,920)
Repurchase of company common stock	(1,700)	(1,425)
Excise tax on share repurchases	(15)
Other		1
Ending Balance	(61,904)	(52,344)
Accum. Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(6,000)	(4,950)
Other comprehensive income (loss)	(27)	142
Ending Balance	(6,027)	(4,808)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	53,029	40,674
Net Income	2,920	5,759
Dividends declared, ordinary	(625)	(603)
Dividends declared, variable return of cash	(731)	(390)
Other		2
Ending Balance	$ 54,593	$ 45,442

Guarantees - Narrative (Details) $ in Millions	3 Months Ended
Guarantees - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
APLNG
Guarantor Obligations [Line Items]
Ownership percentage in equity investment	47.50%
Finance Reserve Guarantee \| APLNG
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	8 years
Maximum potential amount of future payments	$ 210
Guarantor obligations, current carrying value	14
Max Potential Future Payments Reckless Breach \| APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	1,300
Max Potential Future Payments Pro-rata Share \| APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	760
Continued Development \| APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	390
Guarantor obligations, current carrying value	$ 29
Continued Development \| APLNG \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, term	14 years
Continued Development \| APLNG \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, term	23 years
Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	$ 600
Guarantor obligations, current carrying value	$ 0
Other Guarantees \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, term	2 years
Other Guarantees \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, term	4 years
Joint Venture Obligation Guarantee \| Qatar Liquefied Gas Company Limited Eight
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 7
Guarantor Obligations, Term	30 years
Indemnifications
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 20

Contingencies and Commitments - Narrative (Details) $ in Millions			1 Months Ended			3 Months Ended	12 Months Ended
	May 10, 2021 USD ($)	Aug. 02, 2019 USD ($)	Mar. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2017 lawsuit	Dec. 31, 2022 USD ($)	Aug. 29, 2019 USD ($)
Loss Contingencies [Line Items]
Total environmental accrual included in balance sheet						$ 182		$ 182
Performance obligations secured by letters of credit						329
Long-term unconditional purchase obligations and commitments, year one						7
Long-term unconditional purchase obligations and commitments, year two						7
Long-term unconditional purchase obligations and commitments, year three						7
Long-term unconditional purchase obligations and commitments, year four						7
Long-term unconditional purchase obligations and commitments, year five						7
Long-term unconditional purchase obligations and commitments, after year five						$ 11,000
Several Louisiana Parishes and the State of Louisiana Against Oil and Gas Companies
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number \| lawsuit							43
Several Louisiana Parishes and the State of Louisiana Against Oil and Gas Companies \| ConocoPhillips Entities
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number \| lawsuit							22
Outer Continental Shelf Lease \| Phillips Petroleum Company
Loss Contingencies [Line Items]
Ownership percentage in equity investment						25.00%
Sale of interest, duration						30 years
ConocoPhillips v Santos KOTN Pty Ltd and Santos Limited re Barossa Development Project \| Performance Guarantee
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 200
Venezuela \| ConocoPhillips Versus Petroleos de Venezuela ICISD
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party			$ 8,700
Litigation award reduction									$ 227
Litigation settlement amount awarded from other party revised						$ 8,500
Venezuela \| ConocoPhillips vs Petroleos De Venezuela ICC
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party		$ 33		$ 500	$ 2,000
Proceeds from legal settlements						$ 775
US and Canada \| Cleanup Remediation Activities
Loss Contingencies [Line Items]
Environmental loss contingencies, term						30 years

Derivative and Financial Instruments - Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 983	$ 1,795
Other assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	235	242
Other accruals
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	969	1,800
Other liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 198	$ 210

Derivative and Financial Instruments - Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ 28	$ (407)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	1	1
Purchased commodities
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ (72)	$ 401

Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative [Line Items]
Debt securities, available-for-sale, unrealized loss	$ 11		$ 12
Debt securities, available-for-sale, allowance for credit loss	0		0
Proceeds from sales and redemptions of investments in debt securities classified as available for sale	300	$ 115
Derivative, net liability position, aggregate fair value	166		333
Collateral already posted, aggregate fair value	0		$ 42
In event of downgrade below investment grade
Derivative [Line Items]
Additional collateral, aggregate fair value	$ 140
Minimum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	1 year
Maximum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	5 years
Accounts Receivable \| Maximum
Derivative [Line Items]
Credit derivative, term	30 days

Derivative and Financial Instruments - Schedule of Net Exposures from Outstanding Commodity Derivative Contracts (Details) - Short - Commodity Contract - Bcf	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Natural Gas and Power, Fixed Price
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	16	14
Natural Gas and Power, Basis
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	39	8

Derivative and Financial Instruments - Schedule of Net Carrying Amount of Held to Maturity Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	$ 6,861	$ 6,361
Short-term investments, carried at cost plus accrued interest	1,092	2,182
Cash
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	676	593
Demand Deposits
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	1,174	1,638
Time Deposits \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	4,257	4,116
Short-term investments, carried at cost plus accrued interest	985	1,288
Time Deposits \| 91 to 180 days
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	16	883
Time Deposits \| Within one year
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	91	11
U.S. Government Obligations \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	754	14
Short-term investments, carried at cost plus accrued interest	$ 0	$ 0

Derivative and Financial Instruments - Schedule of Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	$ 6,974	$ 6,458
Short-Term Investments	1,635	2,785
Investments and Long-Term Receivables	8,197	8,225
Within one year \| Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	113	97
Short-Term Investments	543	603
Within one year \| Reported Value Measurement \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments	307	323
Within one year \| Reported Value Measurement \| Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	101	97
Short-Term Investments	136	156
Within one year \| Reported Value Measurement \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	12	0
Short-Term Investments	87	115
Within one year \| Reported Value Measurement \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	13	8
Within one year \| Reported Value Measurement \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	0	0
Within one year \| Reported Value Measurement \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	0	1
Investments and Long-Term Receivables \| Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	612	522
Investments and Long-Term Receivables \| Reported Value Measurement \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	391	309
Investments and Long-Term Receivables \| Reported Value Measurement \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	96	63
Investments and Long-Term Receivables \| Reported Value Measurement \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	7	5
Investments and Long-Term Receivables \| Reported Value Measurement \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	7	7
Investments and Long-Term Receivables \| Reported Value Measurement \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	$ 111	$ 138

Derivative and Financial Instruments - Schedule of Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1,278	$ 1,234
Fair Value	1,268	1,222
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	705	641
Fair Value	698	632
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	237	253
Fair Value	237	253
U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	197	181
Fair Value	195	178
U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	20	13
Fair Value	20	13
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	7	7
Fair Value	7	7
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	112	139
Fair Value	$ 111	$ 139

Fair Value Measurement - Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives	$ 1,218	$ 2,037
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,268	1,222
Commodity derivatives	1,218	2,037
Total assets	2,486	3,259
Commodity derivatives	1,167	2,010
Total liabilities	1,167	2,010
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	195	178
Commodity derivatives	640	958
Total assets	835	1,136
Commodity derivatives	663	906
Total liabilities	663	906
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,073	1,044
Commodity derivatives	464	951
Total assets	1,537	1,995
Commodity derivatives	485	843
Total liabilities	485	843
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Commodity derivatives	114	128
Total assets	114	128
Commodity derivatives	19	261
Total liabilities	$ 19	$ 261

Fair Value Measurement - Schedule of Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Derivative Assets [Abstract]
Assets - gross amounts recognized	$ 1,218	$ 2,037
Assets - amounts without right of setoff	30	39
Assets - gross amounts	1,188	1,998
Assets - gross amounts offset	726	1,176
Assets - net amounts presented	462	822
Assets - cash collateral	0	37
Assets - net amounts	462	785
Offsetting Derivative Liabilities [Abstract]
Liabilities - gross amounts recognized	1,167	2,010
Liabilities - amounts without right of setoff	24	20
Liabilities - gross amounts recognized	1,143	1,990
Liabilities - gross amounts offset	726	1,176
Liabilities - net amounts presented	417	814
Liabilities - cash collateral	35	52
Liabilities - net amounts	$ 382	$ 762

Fair Value Measurement - Schedule of Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Financial Assets [Abstract]
Investments in debt securities	$ 1,268	$ 1,222
Financial Liabilities [Abstract]
Total debt, excluding finance leases	15,316	15,323
Carrying Amount \| Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	492	824
Financial Liabilities [Abstract]
Commodity derivatives	406	782
Estimate of Fair Value Measurement
Financial Assets [Abstract]
Investments in debt securities	1,268	1,222
Financial Liabilities [Abstract]
Total debt, excluding finance leases	15,914	15,545
Estimate of Fair Value Measurement \| Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	492	824
Financial Liabilities [Abstract]
Commodity derivatives	$ 406	$ 782

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (6,000)
Other comprehensive income (loss)	(27)	$ 142
Ending balance	(6,027)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(448)
Other comprehensive income (loss)	11
Ending balance	(437)
Net Unrealized Loss on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11)
Other comprehensive income (loss)	4
Ending balance	(7)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,541)
Other comprehensive income (loss)	(42)
Ending balance	$ (5,583)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Loss - Schedule of Items Reclassified out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Defined benefit plans	$ 11	$ 4
Tax expense of defined benefit plans	$ 3	$ 2

Cash Flow Information - Schedule of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Payments
Interest	$ 209	$ 287
Income taxes	1,062	1,640
Net Sales (Purchases) of Investments
Short-term investments purchased	(269)	(521)
Short-term investments sold	1,513	306
Long-term investments purchased	(210)	(66)
Long-term investments sold	31	18
Net (purchase) sale of investments	$ 1,065	$ (263)

Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0
Interest cost	1	1
Expected return on plan assets
Amortization of prior service credit	(9)	(10)
Recognized net actuarial loss	(1)	0
Settlements
Net periodic benefit cost	(9)	(9)
United States \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	13	16
Interest cost	19	12
Expected return on plan assets	(15)	(13)
Amortization of prior service credit	0	0
Recognized net actuarial loss	3	6
Settlements	4	4
Net periodic benefit cost	24	25
Int'l. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	10	13
Interest cost	28	21
Expected return on plan assets	(37)	(34)
Amortization of prior service credit	0	0
Recognized net actuarial loss	17	2
Settlements	0	0
Net periodic benefit cost	$ 18	$ 2

Related Party Transactions - Schedule of Significant Transactions with Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant Transactions with Equity Affiliates
Operating revenues and other income	$ 21	$ 22
Operating expenses and selling, general and administrative expenses	$ 78	$ 46

Sales and Other Operating Revenues - Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from contract	$ 11,964	$ 14,506
Consolidated sales and other operating revenues	14,811	17,762
Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	3,127	3,140
Crude oil
Revenue from contracts outside the scope of ASC Topic 606	47	219
Natural gas
Revenue from contracts outside the scope of ASC Topic 606	2,725	2,773
Other
Revenue from contracts outside the scope of ASC Topic 606	355	148
Financial derivative contracts
Revenue from contracts outside the scope of ASC Topic 606	(280)	116
Lower 48 \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	2,508	2,444
Canada \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	567	560
Europe, Middle East and North Africa \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	$ 52	$ 136

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss	$ 4,176	$ 5,241
Revenue recognized	0
Contract with customer, liability	$ 19

Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per share
Net Income	$ 2,920	$ 5,759
Less: Dividends and undistributed earnings allocated to participating securities	11	15
Net Income available to common shareholders	$ 2,909	$ 5,744
Average common shares outstanding (in shares)	1,220,228	1,301,930
Net Income Per Share of Common Stock, Basic (in dollars per share)	$ 2.38	$ 4.41
Diluted earnings per share
Net Income available to common shareholders	$ 2,909	$ 5,744
Add: Dilutive impact of options and unvested non-participating RSU/PSUs	3,000	5,000
Average diluted shares outstanding (in shares)	1,223,355	1,307,404
Net Income Per Share of Common Stock, Diluted (in dollars per share)	$ 2.38	$ 4.39

Segment Disclosures and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	6

Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 14,811	$ 17,762
Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	10,049	11,557
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,183	1,520
Intersegment eliminations \| Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(4)	(7)
Intersegment eliminations \| Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(340)	(651)
Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	14,811	17,762
Operating Segments \| Alaska
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,735	1,918
Operating Segments \| Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	10,045	11,550
Operating Segments \| Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	843	869
Operating Segments \| Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,702	2,589
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	464	750
Operating Segments \| Other International
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	22	86
United States
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	11,802	13,553
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	843	869
China
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	202	273
Indonesia
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	0	159
Libya
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	370	431
Malaysia
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	261	318
Norway
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	651	932
United Kingdom
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	681	1,226
Other foreign countries
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1	1
Natural gas
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	4,412	5,998
Natural gas liquids
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	695	879
Crude oil
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	8,904	9,870
Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 800	$ 1,015

Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	$ 2,920	$ 5,759
Operating Segments \| Alaska
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	416	584
Operating Segments \| Lower 48
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	1,852	2,790
Operating Segments \| Canada
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	6	291
Operating Segments \| Europe, Middle East and North Africa
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	365	412
Operating Segments \| Asia Pacific
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	522	1,136
Operating Segments \| Other International
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	1	0
Corporate and Other
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income	$ (242)	$ 546

Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Total Assets
Consolidated total assets	$ 91,441	$ 93,829
Corporate and Other
Total Assets
Consolidated total assets	10,630	11,008
Alaska \| Operating Segments
Total Assets
Consolidated total assets	15,327	15,126
Lower 48 \| Operating Segments
Total Assets
Consolidated total assets	41,847	42,950
Canada \| Operating Segments
Total Assets
Consolidated total assets	6,827	6,971
Europe, Middle East and North Africa \| Operating Segments
Total Assets
Consolidated total assets	7,743	8,263
Asia Pacific \| Operating Segments
Total Assets
Consolidated total assets	9,066	9,511
Other International \| Operating Segments
Total Assets
Consolidated total assets	$ 1	$ 0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	36.00%	27.10%
Recognized federal and state tax benefit		$ 515