UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM SD
SPECIALIZED DISCLOSURE REPORT
ConocoPhillips
(Exact name of registrant as specified in its charter)
| Delaware | 001-32395 | 01-0562944 | ||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
925 N. Eldridge Parkway
Houston, Texas 77079
(Address of principal executive offices and zip code)
Christopher P. Delk
Vice President, Controller and General Tax Counsel
(281) 293-1000
(Name and telephone number, including area code, of the person to
contact in connection with this report.)
Check the appropriate box to indicate the rule pursuant to which this form is being filed, and provide the period to which the information in this form applies:
☐ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from
January 1 to December 31, _________.
☒ Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for fiscal year ended December 31, 2023.
Section 2 — Resource Extraction Issuer Disclosure
Item 2.01 Resource Extraction Issuer Disclosure and Report
Disclosure of Payments by Resource Extraction Issuers
ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 13 countries as of December 31, 2023. We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. The payment disclosure required by Item 2.01 of Form SD is included as Exhibit 99.1 hereto.
Section 3 — Exhibits
Item 3.01 Exhibits
The following exhibit is filed as part of this Form SD.
| Exhibit No. | Description | |||||||
| — | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CONOCOPHILLIPS | |||||
| /s/ Christopher P. Delk | |||||
| Christopher P. Delk | |||||
| Vice President, Controller | |||||
| and General Tax Counsel | |||||
September 12, 2024 | |||||
Exhibit 99.1
Resource Extraction Payment Report
This exhibit to Form SD presents payments made by ConocoPhillips to the U.S. federal government and foreign governments for the purpose of commercial development of oil and natural gas during the year ended December 31, 2023. The information within this report has been prepared and is presented in accordance with Rule 13q-1 (17 CFR 240.13q-1) under the Securities Exchange Act of 1934, as amended (“the Rule”). This report is limited to payments required to be disclosed by the Rule and does not include other payments and contributions to governmental and civic entities beyond the scope of the Rule.
Payments
Payments are disclosed on a cash basis, according to the year during which the payment was made (rather than on an accrual basis). Only payments of the types defined within the Rule and for which ConocoPhillips made payments during the reporting period are presented. In-kind payments are reported at cost or at fair value, as indicated in the tables below.
Currency
All payments are reported in US Dollars. Payments made in other currencies have been converted into US Dollars by translating the payment at the exchange rate existing at the time the payment was made or by using a weighted average of the exchange rates during the period.
Projects
Payments are grouped into projects, which, in accordance with the Rule, are defined as the combination of the country, the designation of "onshore" or "offshore" and body of water, and the political subnational jurisdiction of the associated extractive activities. Countries and political subnational jurisdictions are designated by ISO 3166 country codes. The resources being extracted are oil and natural gas, all with the extraction method of “well,” unless otherwise noted. Obligations levied at the entity level rather than on a particular project are disclosed as entity level payments.
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 1 | ||||
Exhibit 99.1
Payment Overview
| Payments in US Dollars (USD) | ||||||||||||||||||||
| Country | Taxes | Royalties | Fees | Production Entitlements | Community and Social Responsibility | Total | ||||||||||||||
| Australia | $ | — | — | 261,120 | — | — | 261,120 | |||||||||||||
| Cambodia | — | — | 250,250 | — | — | 250,250 | ||||||||||||||
| Canada | 19,589,893 | 194,723,444 | 8,167,098 | — | — | 222,480,435 | ||||||||||||||
| China | 167,379,229 | — | 233,680 | — | — | 167,612,909 | ||||||||||||||
| Libya | 1,317,147,512 | 96,282,296 | 82,547 | — | — | 1,413,512,355 | ||||||||||||||
| Malaysia | 298,249,191 | — | 5,819,773 | — | 170,698 | 304,239,662 | ||||||||||||||
| Norway | 2,766,791,133 | — | 66,601,923 | 205,099,282 | — | 3,038,492,338 | ||||||||||||||
| United Kingdom | 14,545,955 | — | 238,121 | — | — | 14,784,076 | ||||||||||||||
| United States | 756,976,000 | 541,628,971 | 7,367,494 | — | — | 1,305,972,465 | ||||||||||||||
| Total | $ | 5,340,678,913 | 832,634,711 | 89,022,006 | 205,099,282 | 170,698 | 6,467,605,610 | |||||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 2 | ||||
Exhibit 99.1
Segment Reporting
Alaska Segment
| Payments in US Dollars (USD) | |||||||||||||||||
| Government Entity | Project | Payment Currency | Royalties | Fees | Total | ||||||||||||
| Office of Natural Resources Revenue | Onshore/US/US-AK/Oil/Natural Gas/Well | USD | 84,131,603 | 3,743,984 | 87,875,587 | ||||||||||||
| Bureau of Land Management | Onshore/US/US-AK/Oil/Natural Gas/Well | USD | — | 473,282 | 473,282 | ||||||||||||
| Onshore/US/US-AK/Oil/Natural Gas/Well | In-Kind1 | — | 1,401,818 | 1,401,818 | |||||||||||||
| Alaska Total | 84,131,603 | 5,619,084 | 89,750,687 | ||||||||||||||
| ¹In-kind payments of $1,401,818 are reported at cost. | |||||||||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 3 | ||||
Exhibit 99.1
Lower 48 Segment
| Payments in US Dollars (USD) | |||||||||||||||||
| Government Entity | Project | Payment Currency | Royalties | Fees | Total | ||||||||||||
| Office of Natural Resources Revenue | Onshore/US/US-AL/Oil/Natural Gas/Well | USD | $ | 1,434 | — | 1,434 | |||||||||||
| Onshore/US/US-CO/Oil/Natural Gas/Well | USD | 667 | 2,140 | 2,807 | |||||||||||||
| Onshore/US/US-MT/Oil/Natural Gas/Well | USD | 7,292 | 341 | 7,633 | |||||||||||||
| Onshore/US/US-ND/Oil/Natural Gas/Well | USD | 45,745,649 | 1,968 | 45,747,617 | |||||||||||||
| Onshore/US/US-NM/Oil/Natural Gas/Well | USD | 382,587,759 | 42,456 | 382,630,215 | |||||||||||||
| Onshore/US/US-OK/Oil/Natural Gas/Well¹ | USD | (13,054) | — | (13,054) | |||||||||||||
| Onshore/US/US-UT/Oil/Natural Gas/Well | USD | 567,501 | 640 | 568,141 | |||||||||||||
| Onshore/US/US-WY/Oil/Natural Gas/Well | USD | 755,366 | 2,426 | 757,792 | |||||||||||||
| Offshore-Gulf of Mexico/US/US-LA/Oil/Natural Gas/Well | USD | 27,072,624 | — | 27,072,624 | |||||||||||||
| Bureau of Land Management | Onshore/US/US-NM/Oil/Natural Gas/Well | USD | — | 1,547,819 | 1,547,819 | ||||||||||||
| Onshore/US/US-NM/Caliche/Open Pit | USD | 772,130 | — | 772,130 | |||||||||||||
| Onshore/US/US-ND/Oil/Natural Gas/Well | USD | — | 142,660 | 142,660 | |||||||||||||
| Onshore/US/US-UT/Oil/Natural Gas/Well | USD | — | 7,960 | 7,960 | |||||||||||||
| Lower 48 Total | $ | 457,497,368 | 1,748,410 | 459,245,778 | |||||||||||||
| ¹Estimate recoupment from prior year asset sales. | |||||||||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 4 | ||||
Exhibit 99.1
Canada Segment
| Payments in US Dollars (USD) | ||||||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Royalties | Fees | Total | ||||||||||||||
| Government of Canada | Onshore/CA/CA-AB/Oil/Well | CAD | $ | — | — | 95,880 | 95,880 | |||||||||||||
| Province of Alberta | Onshore/CA/CA-AB/Oil/Well | CAD | — | 165,175,842 | 3,840,956 | 169,016,798 | ||||||||||||||
| Province of British Columbia | Onshore/CA/CA-BC/Oil/Natural Gas/Well | CAD | 1,857,305 | 29,547,602 | 1,970,061 | 33,374,968 | ||||||||||||||
| Regional Municipality of Wood Buffalo | Onshore/CA/CA-AB/Oil/Well | CAD | 17,732,588 | — | — | 17,732,588 | ||||||||||||||
| Blueberry River First Nation | Onshore/CA/CA-BC/Oil/Natural Gas/Well | CAD | — | — | 675,692 | 675,692 | ||||||||||||||
| Fort Mcmurray 468 First Nation | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 649,875 | 649,875 | ||||||||||||||
| Halfway River First Nation | Onshore/CA/CA-BC/Oil/Natural Gas/Well | CAD | — | — | 664,924 | 664,924 | ||||||||||||||
| Heart Lake First Nation Consultation | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 136,487 | 136,487 | ||||||||||||||
| Metis Nation of Alberta Local Council 1935 | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 133,223 | 133,223 | ||||||||||||||
| Canada Total | $ | 19,589,893 | 194,723,444 | 8,167,098 | 222,480,435 | |||||||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 5 | ||||
Exhibit 99.1
Europe, Middle East and North Africa Segment
United Kingdom
| Payments in US Dollars (USD) | |||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Total | ||||||||||||
| HM Revenue & Customs | Offshore-North Sea/GB/GB-STT/Oil/Natural Gas/Well | GBP | $ | 14,545,955 | — | 14,545,955 | |||||||||||
| North Sea Transition Authority | Offshore-North Sea/GB/GB-NBL/Oil/Natural Gas/Well | GBP | — | 238,121 | 238,121 | ||||||||||||
| United Kingdom Total | $ | 14,545,955 | 238,121 | 14,784,076 | |||||||||||||
Libya
| Payments in US Dollars (USD) | ||||||||||||||||||||
| Government Entity | Project Name | Payment Currency | Taxes | Royalties | Fees | Total | ||||||||||||||
| Ministry of Oil and Gas | Onshore/LY/LY-WA/Oil/Natural Gas/Well | USD | $ | 1,317,147,512 | 96,282,296 | — | 1,413,429,808 | |||||||||||||
| LYD | — | — | 82,547 | 82,547 | ||||||||||||||||
| Libya Total | $ | 1,317,147,512 | 96,282,296 | 82,547 | 1,413,512,355 | |||||||||||||||
Norway
| Payments in US Dollars (USD) | ||||||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Production Entitlements | Total | ||||||||||||||
| Sokkeldirektoratet | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | NOK | $ | — | 62,516,730 | — | 62,516,730 | |||||||||||||
| Offshore-Norwegian Sea/NO/NO-46/Oil/Natural Gas/Well | NOK | — | 1,958,306 | — | 1,958,306 | |||||||||||||||
| Skatteetaten | Entity Level Payment/NO | NOK | 2,766,791,133 | — | — | 2,766,791,133 | ||||||||||||||
| Petoro | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | In-Kind¹ | — | — | 205,099,282 | 205,099,282 | ||||||||||||||
| Naeringslivets NOx Fond | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | NOK | — | 2,126,887 | — | 2,126,887 | ||||||||||||||
| Norway Total | $ | 2,766,791,133 | 66,601,923 | 205,099,282 | 3,038,492,338 | |||||||||||||||
| ¹In-kind payments of $205,099,282 represent 2,555 MBOE valued at regional market prices. | ||||||||||||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 6 | ||||
Exhibit 99.1
Asia Pacific Segment
Australia
| Payments in US Dollars (USD) | ||||||||||||||
| Government Entity | Project | Payment Currency | Fees | Total | ||||||||||
| Australia Tax Office | Onshore/AU/AU-QLD/Natural Gas/Well | AUD | $ | 261,120 | 261,120 | |||||||||
| Australia Total | $ | 261,120 | 261,120 | |||||||||||
China
| Payments in US Dollars (USD) | |||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Total | ||||||||||||
| Tianjin Municipal Tax Service, State Taxation Administration | Offshore-Bohai Sea/CN/CN-TJ/Oil/Well | CNY | $ | 164,143,357 | 233,680 | 164,377,037 | |||||||||||
| CNOOC (China) Ltd - Tianjin Branch | Offshore-Bohai Sea/CN/CN-TJ/Oil/Well | CNY | 3,235,872 | — | 3,235,872 | ||||||||||||
| China Total | $ | 167,379,229 | 233,680 | 167,612,909 | |||||||||||||
Malaysia
| Payments in US Dollars (USD) | ||||||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Community and Social Responsibility | Total | ||||||||||||||
| Ketua Pengarah Hasil Dalam Negeri | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | $ | 239,810,821 | — | — | 239,810,821 | |||||||||||||
| Pengarah Kastam Negeri | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | 17,005,855 | — | — | 17,005,855 | ||||||||||||||
| Petroliam Nasional Berhad | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | — | 5,819,773 | — | 5,819,773 | ||||||||||||||
| Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | In-Kind¹ | — | — | 170,698 | 170,698 | |||||||||||||||
| Bendahari Negeri Sabah | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | 41,432,515 | — | — | 41,432,515 | ||||||||||||||
| Malaysia Total | $ | 298,249,191 | 5,819,773 | 170,698 | 304,239,662 | |||||||||||||||
| ¹In-kind payments of $170,698 are valued at cost. | ||||||||||||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 7 | ||||
Exhibit 99.1
Other International Segment
Cambodia
| Payments in US Dollars (USD) | ||||||||||||||
| Government Entity | Project | Payment Currency | Fees | Total | ||||||||||
| Ministry of Mines and Energy | Onshore/KH/KH-12/Oil/Natural Gas/Well | USD | $ | 250,250 | 250,250 | |||||||||
| Cambodia Total | $ | 250,250 | 250,250 | |||||||||||
Corporate and Other Segment
Corporate Entity Level Payments
| Payments in US Dollars (USD) | ||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Total | ||||||||||
| Internal Revenue Service | Entity Level Payment/US | USD | $ | 756,976,000 | 756,976,000 | |||||||||
| Corporate and Other Total | $ | 756,976,000 | 756,976,000 | |||||||||||
ConocoPhillips 2023 - Resource Extraction Issuer Disclosure and Report | 8 | ||||