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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 30, 2019

ConocoPhillips
(Exact name of registrant as specified in its charter)

Delaware	001-32395	01-0562944
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation)	File Number)	Identification No.)

925 N. Eldridge Parkway
Houston, Texas 77079
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (281) 293-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value Per Share	COP	New York Stock Exchange
7% Debentures due 2029	CUSIP-718507BK1	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2019 ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended June 30, 2019. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1

—

Press release issued by ConocoPhillips on July 30, 2019.

99.2

—

Supplemental financial information.

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/ Catherine A. Brooks
	Catherine A. Brooks Vice President and Controller

July 30, 2019

Exhibit 99.1

ConocoPhillips Reports Second-Quarter 2019 Results; Delivered Strong Free Cash Flow and Financial Returns; Raised 2019 Planned Share Buybacks

HOUSTON--(BUSINESS WIRE)--July 30, 2019--ConocoPhillips (NYSE: COP) today reported second-quarter 2019 earnings of $1.6 billion, or $1.40 per share, compared with second-quarter 2018 earnings of $1.6 billion, or $1.39 per share. Excluding special items, second-quarter 2019 adjusted earnings were $1.1 billion, or $1.01 per share, compared with second-quarter 2018 adjusted earnings of $1.3 billion, or $1.09 per share. Special items for the current quarter were primarily driven by a financial tax benefit related to the previously announced U.K. disposition, settlement of certain tax disputes, and amounts recognized from the PDVSA International Chamber of Commerce (ICC) settlement.

Second-Quarter Highlights

Cash provided by operating activities was $2.9 billion. Excluding working capital, cash from operations (CFO) of $3.4 billion exceeded capital expenditures and investments, generating free cash flow of $1.7 billion.
Increased 2019 planned share repurchases to $3.5 billion.
Repurchased $1.2 billion of shares and paid $0.3 billion in dividends in the second quarter; both funded entirely from free cash flow, representing a return of 47 percent of CFO to shareholders.
Second-quarter production excluding Libya of 1,290 MBOED exceeded the high end of guidance; year-over-year underlying production grew 4 percent overall and 6 percent on a per debt-adjusted share basis.
Grew production from the Lower 48 Big 3 unconventionals by 26 percent year-over-year.
Executed turnarounds in Europe, Canada and Alaska.
Ended the quarter with cash, cash equivalents and restricted cash totaling $6.2 billion and short-term investments of $0.7 billion, equating to $6.9 billion of ending cash and short-term investments.
Generated $0.6 billion in proceeds from dispositions.
Acquired approximately $0.1 billion in Lower 48 Big 3 bolt-on interests and acreage.

“This was our seventh consecutive quarter of generating free cash flow while executing our disciplined plans and delivering on our targets,” said Ryan Lance, chairman and chief executive officer. “Over that time frame we fully funded our capital expenditures, dividends and buybacks within cash from operations. ConocoPhillips has embraced an approach to our cyclical industry that we believe will deliver superior returns and create value across a range of commodity prices. This quarter represents a continuation of strong performance on our business model that prioritizes financial returns, discipline, resilience with upside and shareholder distributions. At our Analyst & Investor Meeting in November we will lay out a plan that demonstrates our ability to successfully perform on this model for the long term.”

Second-Quarter Review

Production excluding Libya for the second quarter of 2019 was 1,290 thousand barrels of oil equivalent per day (MBOED), an increase of 79 MBOED compared with the same period a year ago. Excluding a net benefit of 27 MBOED from acquisitions and dispositions (A&D), production increased by 52 MBOED primarily due to growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline and downtime from planned turnarounds. Production from Libya was 42 MBOED.

In Alaska, the winter exploration program was completed with encouraging results on the Greater Willow Area and Narwhal appraisal tests. In the Lower 48, ramp-up from the Big 3 unconventionals was accelerated, increasing production for the quarter to 367 MBOED. In Canada, completion operations on the 14-well Montney pad and infrastructure construction progressed as planned with startup on track for the fourth quarter. Turnarounds were successfully completed during the quarter primarily at Greater Ekofisk in Norway, Surmont in Canada and Prudhoe Bay in Alaska. Additional turnarounds and maintenance will continue in the third quarter.

Earnings were lower compared with the second quarter of 2018 primarily due to lower realized prices and a lower unrealized gain on our Cenovus Energy equity, partially offset by higher volumes and a financial tax benefit related to the planned U.K. disposition. Excluding special items, adjusted earnings were lower compared with second-quarter 2018 due to lower realized prices, partially offset by higher volumes. Sales volumes for the quarter were lower than production, reducing earnings by $32 million. The company’s total realized price was $50.50 per barrel of oil equivalent (BOE), compared with $54.32 per BOE in the second quarter of 2018, reflecting the impact of lower marker prices.

For the quarter, cash provided by operating activities was $2.9 billion. Excluding a $0.5 billion change in operating working capital, ConocoPhillips generated $3.4 billion in cash from operations (CFO), which included approximately $0.3 billion from APLNG distributions and $0.1 billion from the PDVSA ICC settlement. In addition, the company generated $0.6 billion in disposition proceeds. The company incurred $1.7 billion in capital expenditures and investments that included approximately $0.1 billion of Lower 48 bolt-on acquisitions, repurchased $1.2 billion in shares and paid $0.3 billion in dividends, all entirely funded by CFO.

Six-Month Review

ConocoPhillips’ six-month 2019 earnings were $3.4 billion, or $3.00 per share, compared with six-month 2018 earnings of $2.5 billion, or $2.13 per share. Six-month 2019 adjusted earnings were $2.3 billion, or $2.01 per share, compared with six-month 2018 adjusted earnings of $2.4 billion, or $2.05 per share.

Production excluding Libya for the first six months of 2019 was 1,303 MBOED, an 87 MBOED increase from 1,216 MBOED for the same period in 2018. Excluding a net A&D benefit of 28 MBOED, production increased 59 MBOED, or 5 percent, largely driven by growth from the Big 3 unconventionals, development programs and major projects, more than offsetting normal field decline and higher planned downtime.

The company’s total realized price during this period was $50.55 per BOE, compared with $52.37 per BOE in the first six months of 2018. This reduction reflected lower crude, natural gas liquids and natural gas prices, partially offset by higher bitumen and liquefied natural gas prices.

In the first half of 2019, cash provided by operating activities was $5.8 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated $6.4 billion in CFO, exceeding the total of $3.4 billion in capital expenditures and investments, $2.0 billion in share repurchases and $0.7 billion in dividends. In addition, the company generated $0.7 billion in disposition proceeds. Capital expenditures and investments included approximately $0.1 billion primarily for Lower 48 bolt-on acquisitions.

Outlook

Operating plan capital is now expected to be $6.3 billion versus $6.1 billion, attributable to additional exploration and appraisal drilling in Alaska and the addition of a drilling rig in the Eagle Ford Field at mid-year. This guidance excludes approximately $0.3 billion for opportunistic acquisitions completed or announced. Guidance also excludes obligations under the recently announced production sharing contract extension awarded by the Government of Indonesia.

Third-quarter 2019 production is expected to be 1,290 to 1,330 MBOED, reflecting planned turnarounds in Alaska, Europe and Asia Pacific. Full-year production guidance is 1,310 to 1,340 MBOED. The guidance excludes Libya.

Guidance for capital expenditures, production and adjusted operating cost will be updated upon completion of the planned U.K. disposition.

ConocoPhillips will host a conference call today at 12:00 p.m. EDT to discuss this announcement. To listen to the call, as well as view related presentation materials and supplemental information, go to www.conocophillips.com/investor.

ConocoPhillips will hold an Analyst & Investor Meeting in Houston on Tuesday, Nov. 19 to outline the company’s 10-year operating plan and strategy for long-term value creation. Further information will be available on the company’s website as the date approaches.

--- # # # ---

About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 10,900 employees as of June 30, 2019. Production excluding Libya averaged 1,303 MBOED for the six months ended June 30, 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2018. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "on track," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; our ability to develop our portfolio within expected capital levels; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or cyber attack. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

Use of Non-GAAP Financial Information – To supplement the presentation of the company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share, cash from operations (CFO) and free cash flow.

The company believes that the non-GAAP measures adjusted earnings (both on an aggregate and a per share basis) is useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies. The company also believes that free cash flow is useful to investors as it provides a measure to compare CFO after deduction of capital expenditures and investments across periods on a consistent basis. Free cash flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.

Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.

Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.

Other Terms – The release also contains the terms underlying production and production per debt-adjusted share. Underlying production excludes Libya and reflects the impact of closed acquisitions and dispositions (A&D) with an assumed close date of January 1, 2018. 2Q 2018 underlying production includes 27 MBOED for the net A&D impact. Production per debt-adjusted share is calculated on an underlying production basis using ending period debt divided by ending share price plus ending shares outstanding. The company believes that underlying production is useful to investors to compare production excluding Libya and reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. The company believes that production per debt-adjusted share is useful to investors as it provides a consistent view of production on a total equity basis by converting debt to equity and allows for comparisons across peer companies.

References in the release to earnings refer to net income/(loss) attributable to ConocoPhillips.


ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
$ Millions, Except as Indicated

	2Q19									2Q18								2019 YTD								2018 YTD
	Pre-tax		Income tax		After- tax			Per share of common stock (dollars)		Pre-tax		Income tax		After- tax		Per share of common stock (dollars)		Pre-tax		Income tax		After- tax		Per share of common stock (dollars)		Pre-tax		Income tax		After- tax		Per share of common stock (dollars)
Earnings					$	1,580		1.40						1,640		1.39						3,413		3.00						2,528		2.13
Adjustments:
Capital loss tax benefit	-		(234	)		(234	)	(0.21	)	-		-		-		-		-		(234	)	(234	)	(0.21	)	-		-		-		-
Pending claims and settlements	(135	)	15			(120	)	(0.11	)	-		-		-		-		(265	)	(53	)	(318	)	(0.28	)	(135	)	65		(70	)	(0.06	)
Net gain on asset sales	(61	)	(32	)		(93	)	(0.08	)	(50	)	14		(36	)	(0.03	)	(61	)	(32	)	(93	)	(0.08	)	(50	)	14		(36	)	(0.03	)
Deferred tax adjustments	-		(27	)		(27	)	(0.02	)	-		-		-		-		-		(27	)	(27	)	(0.02	)	-		-		-		-
Alberta tax rate change	-		(25	)		(25	)	(0.02	)	-		-		-		-		-		(25	)	(25	)	(0.02	)	-		-		-		-
Unrealized gain on CVE equity	(6	)	(5	)		(11	)	(0.01	)	(387	)	43		(344	)	(0.29	)	(343	)	(6	)	(349	)	(0.31	)	(271	)	44		(227	)	(0.19	)
Impairments	95		(22	)		73		0.06		(53	)	21		(32	)	(0.03	)	155		(35	)	120		0.10		(43	)	19		(24	)	(0.02	)
Recognition of deferred income	-		-			-		-		(60	)	-		(60	)	(0.05	)	(248	)	52		(196	)	(0.17	)	(60	)	-		(60	)	(0.05	)
Pension settlement expense	-		-			-		-		147		(26	)	121		0.10		-		-		-		-		147		(26	)	121		0.10
Premiums on early debt retirement	-		-			-		-		2		-		2		-		-		-		-		-		208		(13	)	195		0.17
Adjusted earnings / (loss)					$	1,143		1.01						1,291		1.09						2,291		2.01						2,427		2.05

The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

ConocoPhillips
Table 2: Reconciliation of net cash provided by operating activities to free cash flow
$ Millions, Except as Indicated

	2Q19		2019 YTD
Net Cash Provided by Operating Activities	2,891		5,785

Adjustments:
Net operating working capital changes	(531	)	(585	)
Cash from operations	3,422		6,370

Capital expenditures and investments	(1,729	)	(3,366	)
Free Cash Flow	1,693		3,004

Contacts

Daren Beaudo (media)
281-293-2073
daren.beaudo@conocophillips.com

Investor Relations
281-293-5000
investor.relations@conocophillips.com

Exhibit 99.2

	Second-Quarter 2019 Detailed Supplemental Information


	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT

Revenues and Other Income
Sales and other operating revenues		8,798			8,504			9,449			9,666			36,417			9,150			7,953					17,103
Equity in earnings of affiliates		208			265			294			307			1,074			188			173					361
Gain on dispositions		7			55			113			888			1,063			17			82					99
Other income (loss)		(52	)		416			309			(500	)		173			702			172					874
Total Revenues and Other Income		8,961			9,240			10,165			10,361			38,727			10,057			8,380					18,437

Costs and Expenses
Purchased commodities		3,714			3,064			3,530			3,986			14,294			3,675			2,674					6,349
Production and operating expenses		1,171			1,313			1,367			1,362			5,213			1,271			1,418					2,689
Selling, general and administrative expenses		99			118			119			65			401			153			129					282
Exploration expenses		95			69			103			102			369			110			122					232
Depreciation, depletion and amortization		1,412			1,438			1,494			1,612			5,956			1,546			1,490					3,036
Impairments		12			(35	)		44			6			27			1			1					2
Taxes other than income taxes		183			273			312			280			1,048			275			194					469
Accretion on discounted liabilities		88			89			89			87			353			86			87					173
Interest and debt expense		184			177			186			188			735			233			165					398
Foreign currency transaction (gains) losses		30			(28	)		5			(24	)		(17	)		12			28					40
Other expenses		197			143			10			25			375			8			14					22
Total Costs and Expenses		7,185			6,621			7,259			7,689			28,754			7,370			6,322					13,692
Income before income taxes		1,776			2,619			2,906			2,672			9,973			2,687			2,058					4,745
Income tax provision		876			965			1,033			794			3,668			841			461					1,302
Net Income		900			1,654			1,873			1,878			6,305			1,846			1,597					3,443
Less: net income attributable to noncontrolling interests		(12	)		(14	)		(12	)		(10	)		(48	)		(13	)		(17	)				(30	)
Net Income Attributable to ConocoPhillips		888			1,640			1,861			1,868			6,257			1,833			1,580					3,413

Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic		0.75			1.40			1.60			1.62			5.36			1.61			1.40					3.01
Diluted		0.75			1.39			1.59			1.61			5.32			1.60			1.40					3.00

Average Common Shares Outstanding (in thousands)*
Basic		1,179,792			1,172,378			1,163,033			1,151,148			1,166,499			1,139,463			1,125,995					1,132,691
Diluted		1,186,454			1,181,167			1,172,694			1,159,305			1,175,538			1,146,515			1,131,242					1,139,511
*Ending Common Shares Outstanding is 1,110,142 as of Jun. 30, 2019, compared with 1,130,176 as of Mar. 31, 2019.


INCOME (LOSS) BEFORE INCOME TAXES

Alaska		654			531			535			470			2,190			505			580					1,085

Lower 48		398			523			660			640			2,221			261			269					530

Canada		(105	)		47			49			(24	)		(33	)		73			100					173

Europe and North Africa		771			862			811			1,687			4,131			709			602					1,311

Asia Pacific and Middle East		653			629			815			743			2,840			730			642					1,372

Other International		(10	)		(2	)		334			72			394			130			87					217

Corporate and Other		(585	)		29			(298	)		(916	)		(1,770	)		279			(222	)				57

Consolidated		1,776			2,619			2,906			2,672			9,973			2,687			2,058					4,745




EFFECTIVE INCOME TAX RATES

Alaska*		19.9	%		21.4	%		20.1	%		5.4	%		17.2	%		23.9	%		20.5	%				22.1	%

Lower 48		22.6	%		21.7	%		22.2	%		19.3	%		21.3	%		26.2	%		23.1	%				24.6	%

Canada		38.4	%		29.7	%		31.2	%		361.3	%		291.3	%		-66.4	%		-1.0	%				-28.7	%

Europe and North Africa		68.3	%		66.3	%		70.3	%		35.4	%		54.8	%		70.8	%		32.4	%				53.2	%

Asia Pacific and Middle East		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%		26.2	%		17.1	%				21.9	%

Other International		-336.7	%		-102.3	%		5.4	%		-33.5	%		7.6	%		-1.3	%		6.6	%				1.9	%

Corporate and Other		7.5	%		5.3	%		17.3	%		0.9	%		5.8	%		3.0	%		13.3	%				-37.3	%

Consolidated		49.3	%		36.8	%		35.5	%		29.7	%		36.8	%		31.3	%		22.4	%				27.4	%
*Alaska including taxes other than income taxes.		22.4	%		36.1	%		37.1	%		24.9	%		30.3	%		38.1	%		25.8	%				31.9	%

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	YTD
$ Millions
EARNINGS BY SEGMENT

Alaska		524			418			427			445			1,814			384			462					846

Lower 48		308			410			513			516			1,747			193			206					399

Canada		(65	)		33			34			61			63			122			100					222

Europe and North Africa		245			290			241			1,090			1,866			207			407					614

Asia Pacific and Middle East		461			466			577			566			2,070			525			517					1,042

Other International		(44	)		(5	)		316			97			364			131			81					212

Corporate and Other		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)				78

Consolidated		888			1,640			1,861			1,868			6,257			1,833			1,580					3,413





SPECIAL ITEMS

Alaska		79			-			-			98			177			-			81					81

Lower 48		(8	)		-			(37	)		106			61			(47	)		(125	)				(172	)

Canada		-			36			32			80			148			68			66					134

Europe and North Africa		-			32			-			805			837			-			234					234

Asia Pacific and Middle East		-			-			-			-			-			-			52					52

Other International		(34	)		-			325			93			384			147			84					231

Corporate and Other		(285	)		281			(54	)		(623	)		(681	)		517			45					562

Consolidated		(248	)		349			266			559			926			685			437					1,122
Detailed reconciliation of these items is provided on page 3.




ADJUSTED EARNINGS

Alaska		445			418			427			347			1,637			384			381					765

Lower 48		316			410			550			410			1,686			240			331					571

Canada		(65	)		(3	)		2			(19	)		(85	)		54			34					88

Europe and North Africa		245			258			241			285			1,029			207			173					380

Asia Pacific and Middle East		461			466			577			566			2,070			525			465					990

Other International		(10	)		(5	)		(9	)		4			(20	)		(16	)		(3	)				(19	)

Corporate and Other		(256	)		(253	)		(193	)		(284	)		(986	)		(246	)		(238	)				(484	)

Consolidated		1,136			1,291			1,595			1,309			5,331			1,148			1,143					2,291





ADJUSTED EFFECTIVE INCOME TAX RATES

Alaska		19.5	%		21.4	%		20.1	%		26.2	%		21.7	%		23.9	%		25.6	%				24.8	%

Lower 48		22.5	%		21.7	%		22.3	%		19.1	%		21.4	%		25.3	%		23.0	%				24.0	%

Canada		38.4	%		-1.5	%		61.1	%		20.3	%		33.6	%		26.7	%		20.8	%				24.5	%

Europe and North Africa		68.3	%		68.1	%		70.3	%		69.0	%		68.9	%		70.8	%		71.3	%				71.0	%

Asia Pacific and Middle East		27.6	%		23.5	%		27.8	%		22.4	%		25.4	%		26.2	%		24.6	%				25.4	%

Other International		0.7	%		-102.3	%		17.2	%		130.6	%		44.9	%		9.6	%		-32.9	%				4.6	%

Corporate and Other		13.8	%		5.8	%		11.3	%		-8.2	%		5.7	%		14.8	%		12.7	%				13.8	%

Consolidated		41.8	%		41.2	%		39.2	%		43.6	%		41.4	%		42.9	%		40.5	%				41.7	%

	2018															2019
$ Millions	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	YTD
DETAILED SPECIAL ITEMS

Alaska
Pending claims and settlements		101			-			-			-			101			-			69					69
Subtotal before income taxes		101			-			-			-			101			-			69					69
Income tax provision (benefit)¹		22			-			-			(98	)		(76	)		-			(12	)				(12	)
Total		79			-			-			98			177			-			81					81

Lower 48
Restructuring		-			-			(20	)		(3	)		(23	)		-			-					-
Impairments		(10	)		-			(43	)		-			(53	)		(60	)		(95	)				(155	)
Gain (loss) on asset sales		-			-			56			136			192			-			-					-
Pending claims and settlements		-			-			(41	)		-			(41	)		-			(67	)				(67	)
Subtotal before income taxes		(10	)		-			(48	)		133			75			(60	)		(162	)				(222	)
Income tax provision (benefit)¹		(2	)		-			(11	)		27			14			(13	)		(37	)				(50	)
Total		(8	)		-			(37	)		106			61			(47	)		(125	)				(172	)

Canada
Gain (loss) on asset sales		-			50			45			-			95			-			56					56
Subtotal before income taxes		-			50			45			-			95			-			56					56
Income tax provision (benefit)²		-			14			13			(80	)		(53	)		(68	)		(10	)				(78	)
Total		-			36			32			80			148			68			66					134

Europe and North Africa
Impairments		-			53			-			52			105			-			-					-
Gain (loss) on asset sales		-			-			-			715			715			-			-					-
Subtotal before income taxes		-			53			-			767			820			-			-					-
Income tax provision (benefit)³		-			21			-			(38	)		(17	)		-			(234	)				(234	)
Total		-			32			-			805			837			-			234					234

Asia Pacific and Middle East
Gain (loss) on asset sales		-			-			-			-			-			-			5					5
Subtotal before income taxes		-			-			-			-			-			-			5					5
Income tax provision (benefit)⁴		-			-			-			-			-			-			(47	)				(47	)
Total		-			-			-			-			-			-			52					52

Other International
Pending claims and settlements		-			-			345			85			430			147			89					236
Subtotal before income taxes		-			-			345			85			430			147			89					236
Income tax provision (benefit)⁵		34			-			20			(8	)		46			-			5					5
Total		(34	)		-			325			93			384			147			84					231

Corporate and Other
Pension settlement expense		-			(147	)		(14	)		(35	)		(196	)		-			-					-
Pending claims and settlements		34			-			(18	)		-			16			(17	)		44					27
Premiums on early debt retirement		(206	)		(2	)		-			-			(208	)		-			-					-
Unrealized gain (loss) on CVE equity		(116	)		387			(76	)		(618	)		(423	)		337			6					343
Recognition of deferred revenue		-			60			44			-			104			248			-					248
Restructuring		-			-			(17	)		-			(17	)		-			-					-
Subtotal before income taxes		(288	)		298			(81	)		(653	)		(724	)		568			50					618
Income tax provision (benefit)		(3	)		17			(27	)		(30	)		(43	)		51			5					56
Total		(285	)		281			(54	)		(623	)		(681	)		517			45					562

Total Company		(248	)		349			266			559			926			685			437					1,122
¹Includes deferred tax adjustment 4Q 2018 in Alaska, Lower 48 and Canada, and in 1Q 2019 in Canada.
²Includes deferred tax adjustment in 4Q 2018 and 1Q 2019, and 2Q 2019 Canada tax rate change.
³Includes tax adjustment in 2Q 2019 related to the announced U.K. disposition.
⁴Includes tax adjustment in 2Q 2019 related to the Greater Sunrise Fields disposition.
⁵Includes 1Q 2018 Nigeria tax settlement.

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	YTD
$ Millions
CONSOLIDATED BALANCE SHEET

Assets
Cash and cash equivalents		4,984			3,234			3,716			5,915			5,915			6,218			5,941					5,941
Short-term investments		288			612			875			248			248			249			732					732
Accounts and notes receivable		4,032			3,750			4,319			3,920			3,920			3,701			3,490					3,490
Accounts and notes receivable—related parties		160			180			180			147			147			168			161					161
Investment in Cenovus Energy		1,776			2,159			2,086			1,462			1,462			1,805			1,835					1,835
Inventories		1,053			1,093			1,239			1,007			1,007			1,014			1,089					1,089
Prepaid expenses and other current assets		894			580			2,308			575			575			528			2,552					2,552
Total Current Assets		13,187			11,608			14,723			13,274			13,274			13,683			15,800					15,800
Investments and long-term receivables		9,572			9,435			9,553			9,329			9,329			9,302			8,748					8,748
Loans and advances—related parties		399			399			335			335			335			268			268					268
Net properties, plants and equipment		45,997			46,306			44,736			45,698			45,698			45,942			44,334					44,334
Other assets		1,572			1,188			1,209			1,344			1,344			2,303			2,111					2,111
Total Assets		70,727			68,936			70,556			69,980			69,980			71,498			71,261					71,261

Liabilities
Accounts payable		3,824			3,642			3,887			3,863			3,863			3,815			3,618					3,618
Accounts payable—related parties		62			24			31			32			32			31			17					17
Short-term debt		337			89			95			112			112			113			114					114
Accrued income and other taxes		1,341			1,301			1,582			1,320			1,320			1,539			1,213					1,213
Employee benefit obligations		408			511			626			809			809			470			529					529
Other accruals		1,137			1,071			1,180			1,259			1,259			1,402			3,505					3,505
Total Current Liabilities		7,109			6,638			7,401			7,395			7,395			7,370			8,996					8,996
Long-term debt		16,709			14,885			14,902			14,856			14,856			14,832			14,809					14,809
Asset retirement obligations and accrued environmental costs		7,789			7,665			7,554			7,688			7,688			7,730			5,996					5,996
Deferred income taxes		5,409			5,534			5,535			5,021			5,021			5,043			4,825					4,825
Employee benefit obligations		1,832			1,774			1,755			1,764			1,764			1,704			1,689					1,689
Other liabilities and deferred credits		1,161			1,218			1,330			1,192			1,192			1,838			1,872					1,872
Total Liabilities		40,009			37,714			38,477			37,916			37,916			38,517			38,187					38,187

Equity
Common stock issued
Par value		18			18			18			18			18			18			18					18
Capital in excess of par		46,642			46,746			46,858			46,879			46,879			46,877			46,922					46,922
Treasury stock		(40,406	)		(41,052	)		(41,979	)		(42,905	)		(42,905	)		(43,656	)		(44,906	)				(44,906	)
Accumulated other comprehensive income (loss)		(5,371	)		(5,637	)		(5,442	)		(6,063	)		(6,063	)		(5,914	)		(5,827	)				(5,827	)
Retained earnings		29,663			30,967			32,495			34,010			34,010			35,534			36,769					36,769
Total Common Stockholders' Equity		30,546			31,042			31,950			31,939			31,939			32,859			32,976					32,976
Noncontrolling Interests		172			180			129			125			125			122			98					98
Total Equity		30,718			31,222			32,079			32,064			32,064			32,981			33,074					33,074
Total Liabilities and Equity		70,727			68,936			70,556			69,980			69,980			71,498			71,261					71,261

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	YTD
$ Millions
CASH FLOW INFORMATION

Cash Flows from Operating Activities
Net income (loss)		900			1,654			1,873			1,878			6,305			1,846			1,597					3,443
Depreciation, depletion and amortization		1,412			1,438			1,494			1,612			5,956			1,546			1,490					3,036
Impairments		12			(35	)		44			6			27			1			1					2
Dry hole costs and leasehold impairments		20			16			28			31			95			27			41					68
Accretion on discounted liabilities		88			89			89			87			353			86			87					173
Deferred taxes		65			197			136			(115	)		283			(1	)		(220	)				(221	)
Undistributed equity earnings		(34	)		128			(105	)		163			152			24			338					362
Gain on dispositions		(7	)		(55	)		(113	)		(888	)		(1,063	)		(17	)		(82	)				(99	)
Other		29			(267	)		15			414			191			(564	)		170					(394	)
Net working capital changes		(86	)		177			(51	)		595			635			(54	)		(531	)				(585	)
Net Cash Provided by Operating Activities		2,399			3,342			3,410			3,783			12,934			2,894			2,891					5,785

Cash Flows from Investing Activities
Capital expenditures and investments		(1,535	)		(1,999	)		(1,599	)		(1,617	)		(6,750	)		(1,637	)		(1,729	)				(3,366	)
Working capital changes associated with investing activities		28			(120	)		35			(11	)		(68	)		107			(83	)				24
Proceeds from asset dispositions		169			139			86			688			1,082			142			559					701
Net sales (purchases) of short-term investments		1,593			(336	)		(261	)		624			1,620			(1	)		(484	)				(485	)
Long-term collections from (advances to)
related parties and other investments		(333	)		367			101			138			273			(88	)		276					188
Net Cash Provided by (Used in) Investing Activities		(78	)		(1,949	)		(1,638	)		(178	)		(3,843	)		(1,477	)		(1,461	)				(2,938	)

Cash Flows from Financing Activities
Repayment of debt		(2,888	)		(2,064	)		(18	)		(25	)		(4,995	)		(19	)		(19	)				(38	)
Issuance of company common stock		(18	)		60			79			-			121			(38	)		2					(36	)
Repurchase of company common stock		(500	)		(646	)		(927	)		(926	)		(2,999	)		(752	)		(1,250	)				(2,002	)
Dividends paid		(338	)		(337	)		(334	)		(354	)		(1,363	)		(350	)		(346	)				(696	)
Other		(32	)		(16	)		(63	)		(12	)		(123	)		(14	)		(41	)				(55	)
Net Cash Provided by (Used in) Financing Activities		(3,776	)		(3,003	)		(1,263	)		(1,317	)		(9,359	)		(1,173	)		(1,654	)				(2,827	)

Effect of Exchange Rate Changes		125			(139	)		(26	)		(77	)		(117	)		75			(49	)				26

Net Change in Cash, Cash Equivalents and Restricted Cash		(1,330	)		(1,749	)		483			2,211			(385	)		319			(273	)				46
Cash, cash equivalents and restricted cash at beginning of period		6,536			5,206			3,457			3,940			6,536			6,151			6,470					6,151
Cash, Cash Equivalents and Restricted Cash at End of Period		5,206			3,457			3,940			6,151			6,151			6,470			6,197					6,197



CAPITAL EXPENDITURES AND INVESTMENTS

Alaska		263			581			190			264			1,298			410			370					780

Lower 48		751			889			835			709			3,184			834			936					1,770

Canada		173			45			100			159			477			123			109					232

Europe and North Africa		216			246			216			199			877			157			182					339

Asia Pacific and Middle East		99			194			200			225			718			96			123					219

Other International		1			2			3			-			6			1			-					1

Corporate and Other		32			42			55			61			190			16			9					25
Total Capital Expenditures and Investments		1,535			1,999			1,599			1,617			6,750			1,637			1,729					3,366

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr			3rd Qtr	4th Qtr	YTD
TOTAL SEGMENTS


Production
Total (MBOED)		1,269		1,249		1,261		1,357		1,283		1,361		1,332					1,346

Crude Oil (MBD)
Consolidated operations		621		610		622		705		639		703		688					695
Equity affiliates		15		14		13		12		14		12		14					13
Total		636		624		635		717		653		715		702					708
Over (under) lifting of crude oil (MBD)		15		9		28		11		16		8		(3	)				3

NGL (MBD)
Consolidated operations		88		95		98		98		95		103		110					107
Equity affiliates		8		8		8		7		7		7		8					7
Total		96		103		106		105		102		110		118					114

Bitumen (MBD)
Consolidated operations		66		63		65		71		66		63		51					57
Equity affiliates		-		-		-		-		-		-		-					-
Total		66		63		65		71		66		63		51					57

Natural Gas (MMCFD)
Consolidated operations		1,775		1,700		1,707		1,793		1,743		1,852		1,704					1,778
Equity affiliates		1,053		1,054		1,025		992		1,031		988		1,064					1,026
Total		2,828		2,754		2,732		2,785		2,774		2,840		2,768					2,804

Industry Prices
Crude Oil ($/BBL)
WTI		62.88		67.99		69.71		59.09		64.92		54.87		59.80					57.33
WCS		38.60		48.72		47.47		19.64		38.61		42.58		49.13					45.85
Brent dated		66.76		74.35		75.27		67.76		71.04		63.20		68.82					66.01
JCC ($/BBL)		58.62		66.66		71.51		76.66		68.36		76.98		63.72					70.35
Natural Gas ($/MMBTU)
Henry Hub first of month		3.01		2.80		2.91		3.65		3.09		3.15		2.64					2.90


Average Realized Prices
Total ($/BBL)		50.49		54.32		57.71		53.00		53.88		50.59		50.50					50.55

Crude Oil ($/BBL)
Consolidated operations		65.47		70.42		72.97		63.74		68.03		59.45		64.90					62.14
Equity affiliates		66.50		76.11		76.62		70.73		72.49		59.53		63.98					61.94
Total		65.49		70.55		73.05		63.86		68.13		59.45		64.88					62.14

NGL ($/BBL)
Consolidated operations		26.68		28.57		33.80		26.61		29.03		22.74		19.97					21.31
Equity affiliates		43.99		43.60		49.71		45.48		45.69		38.19		41.72					40.09
Total		28.37		29.94		35.14		28.04		30.48		23.85		21.65					22.71

Bitumen ($/BBL)
Consolidated operations		14.06		32.38		34.15		11.65		22.29		33.15		37.20					35.00
Equity affiliates		-		-		-		-		-		-		-					-
Total		14.06		32.38		34.15		11.65		22.29		33.15		37.20					35.00

Natural Gas ($/MCF)
Consolidated operations		5.18		4.85		5.48		6.05		5.40		5.27		4.08					4.70
Equity affiliates		5.04		5.72		6.35		7.15		6.06		7.31		5.81					6.53
Total		5.13		5.18		5.81		6.46		5.65		6.00		4.76					5.39


Exploration Expenses ($ Millions)
Dry holes		15		1		12		11		39		10		16					26
Leasehold impairment		5		15		16		20		56		17		25					42
Total noncash expenses		20		16		28		31		95		27		41					68
Other (G&A, G&G and lease rentals)		75		53		75		71		274		83		81					164
Total exploration expenses		95		69		103		102		369		110		122					232

U.S. exploration expenses		66		49		59		58		232		75		70					145
International exploration expenses		29		20		44		44		137		35		52					87


DD&A ($ Millions)
Alaska		185		182		161		213		741		205		208					413
Lower 48		498		553		603		653		2,307		621		709					1,330
Canada		91		85		89		50		315		56		48					104
Europe and North Africa		285		275		281		278		1,119		273		173					446
Asia Pacific and Middle East		327		317		334		390		1,368		375		338					713
Other International		-		-		-		-		-		-		-					-
Corporate and Other		26		26		26		28		106		16		14					30
Total DD&A		1,412		1,438		1,494		1,612		5,956		1,546		1,490					3,036

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
PRODUCTION


Crude Oil (MBD)
Alaska		174		170		152		187		171		210		199				205
Lower 48		197		218		240		262		229		245		269				257
Canada		2		1		1		1		1		1		1				1
Norway		89		82		89		89		87		89		73				81
United Kingdom		29		23		23		29		26		25		20				22
Libya		40		34		33		39		36		38		37				38
Europe and North Africa		158		139		145		157		149		152		130				141
Australia/Timor-Leste		4		3		3		5		4		6		7				6
China		37		29		34		42		36		41		37				39
Indonesia		2		2		2		2		2		2		2				2
Malaysia		47		48		45		49		47		46		43				44
Equity affiliates		15		14		13		12		14		12		14				13
AP/ME		105		96		97		110		103		107		103				104
Total		636		624		635		717		653		715		702				708

NGL (MBD)
Alaska		16		14		12		16		14		17		17				17
Lower 48		60		70		73		71		69		74		82				78
Canada		-		-		2		-		1		-		1				-
Norway		4		4		4		3		4		4		3				4
United Kingdom		4		4		4		4		4		4		3				4
Europe and North Africa		8		8		8		7		8		8		6				8
Australia/Timor-Leste		4		3		3		4		3		4		4				4
Equity affiliates		8		8		8		7		7		7		8				7
AP/ME		12		11		11		11		10		11		12				11
Total		96		103		106		105		102		110		118				114

Bitumen (MBD)
Canada		66		63		65		71		66		63		51				57
Total		66		63		65		71		66		63		51				57

Natural Gas (MMCFD)
Alaska		7		6		5		7		6		8		7				7
Lower 48		568		593		608		616		596		568		593				581
Canada		13		14		12		9		12		7		8				8
Norway		208		172		189		206		194		263		244				253
United Kingdom		309		309		238		270		281		310		247				278
Libya		31		26		25		31		28		31		27				29
Europe and North Africa		548		507		452		507		503		604		518				560
Australia/Timor-Leste		295		241		289		276		275		273		202				238
Indonesia		307		305		316		307		309		311		314				313
Malaysia		37		34		25		71		42		81		62				71
Equity affiliates		1,053		1,054		1,025		992		1,031		988		1,064				1,026
AP/ME		1,692		1,634		1,655		1,646		1,657		1,653		1,642				1,648
Total		2,828		2,754		2,732		2,785		2,774		2,840		2,768				2,804

Total (MBOED)
Alaska		191		185		165		204		186		228		217				223
Lower 48		352		387		414		436		397		414		450				432
Canada		70		67		70		74		70		65		54				59
Norway		128		114		125		126		123		137		117				127
United Kingdom		85		78		67		78		77		80		64				72
Libya		45		38		37		44		41		43		42				43
Europe and North Africa		258		230		229		248		241		260		223				242
Australia/Timor-Leste		57		46		54		55		53		56		45				50
China		37		29		34		42		36		41		37				39
Indonesia		53		53		54		53		53		54		54				54
Malaysia		53		54		49		61		54		60		53				56
Equity affiliates		198		198		192		184		193		183		199				191
AP/ME		398		380		383		395		389		394		388				390
Total		1,269		1,249		1,261		1,357		1,283		1,361		1,332				1,346

	2018										2019
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES


Crude Oil ($/BBL)
Consolidated operations
Alaska		68.31		72.49		76.47		66.58		70.86		62.81		67.57				65.11
Lower 48		61.99		65.79		67.73		57.08		62.99		53.15		59.17				56.31
Canada		-		-		-		-		48.73		-		-				-
Norway		65.84		73.13		77.74		70.19		71.61		63.16		70.09				66.35
United Kingdom		64.27		70.97		76.51		66.56		69.00		59.74		69.22				65.46
Libya		65.90		72.86		73.42		68.30		69.83		63.22		68.95				66.04
Europe and North Africa		65.57		72.65		76.54		68.97		70.71		62.83		69.65				66.16
Australia/Timor-Leste		70.71		72.25		71.12		68.88		70.70		59.39		62.22				60.64
China		62.49		69.51		70.71		62.37		65.94		59.23		65.40				61.52
Indonesia		58.60		49.93		55.16		50.54		53.34		47.07		51.62				49.51
Malaysia		70.42		78.42		79.32		73.50		75.33		67.33		73.99				70.54
AP/ME		67.07		74.88		74.78		67.76		70.93		62.94		69.78				65.93
Total consolidated operations		65.47		70.42		72.97		63.74		68.03		59.45		64.90				62.14
Equity affiliates		66.50		76.11		76.62		70.73		72.49		59.53		63.98				61.94
Total		65.49		70.55		73.05		63.86		68.13		59.45		64.88				62.14

NGL ($/BBL)
Consolidated operations
Lower 48		24.57		26.71		32.17		25.13		27.30		20.66		17.91				19.20
Canada		-		-		-		-		43.70		-		-				-
Norway		32.58		41.12		35.57		33.23		35.56		33.37		29.42				32.58
United Kingdom		33.43		39.77		40.43		37.14		38.13		27.65		32.75				30.57
Europe and North Africa		32.98		40.35		38.80		34.75		36.87		31.15		32.00				31.49
Australia/Timor-Leste		44.36		44.23		52.30		42.66		47.20		40.13		39.97				40.05
AP/ME		44.36		44.23		52.30		42.66		47.20		40.13		39.97				40.05
Total consolidated operations		26.68		28.57		33.80		26.61		29.03		22.74		19.97				21.31
Equity affiliates		43.99		43.60		49.71		45.48		45.69		38.19		41.72				40.09
Total		28.37		29.94		35.14		28.04		30.48		23.85		21.65				22.71

Bitumen ($/BBL)
Canada*		14.06		32.38		34.15		11.65		22.29		33.15		37.20				35.00
Total		14.06		32.38		34.15		11.65		22.29		33.15		37.20				35.00

Natural Gas ($/MCF)
Consolidated operations
Alaska		2.51		2.51		2.52		2.41		2.48		3.42		3.19				3.31
Lower 48		2.76		2.34		2.80		3.35		2.82		2.74		2.10				2.41
Canada		-		-		-		-		1.00		-		-				-
Norway		7.32		7.19		8.23		8.57		7.87		6.39		4.31				5.42
United Kingdom		7.58		7.31		7.37		8.73		7.74		6.83		4.49				5.79
Libya		5.62		5.52		4.11		4.10		4.84		4.92		4.79				4.86
Europe and North Africa		7.38		7.19		7.62		8.42		7.65		6.55		4.42				5.58
Australia/Timor-Leste**		0.62		0.69		1.14		0.79		0.82		0.83		0.78				0.80
Indonesia		6.61		6.96		7.09		7.71		7.10		6.69		7.19				6.94
Malaysia		2.78		3.06		3.11		3.64		3.25		3.84		3.57				3.73
AP/ME		5.57		5.50		6.53		6.90		6.15		6.36		5.89				6.14
Total consolidated operations		5.18		4.85		5.48		6.05		5.40		5.27		4.08				4.70
Equity affiliates		5.04		5.72		6.35		7.15		6.06		7.31		5.81				6.53
Total		5.13		5.18		5.81		6.46		5.65		6.00		4.76				5.39
*Average realized prices exclude additional value realized from third-party purchases and sales for optimization of our pipeline capacity between Canada and the U.S. Gulf Coast.
**Excludes transfers to Darwin LNG plant.

	2018															2019
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	YTD
CORPORATE AND OTHER


Corporate and Other Earnings (Loss) ($ Millions)		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)				78


Detail of Earnings (Loss) ($ Millions)
Net interest expense		(160	)		(174	)		(174	)		(172	)		(680	)		(196	)		(131	)				(327	)
Corporate G&A expenses		(50	)		(53	)		(36	)		48			(91	)		(65	)		(49	)				(114	)
Technology*		(10	)		63			64			(8	)		109			96			(10	)				86
Other		(321	)		192			(101	)		(775	)		(1,005	)		436			(3	)				433
Total		(541	)		28			(247	)		(907	)		(1,667	)		271			(193	)				78
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.


Before-Tax Net Interest Expense ($ Millions)
Interest expense		(221	)		(222	)		(236	)		(226	)		(905	)		(243	)		(178	)				(421	)
Capitalized interest		37			45			50			38			170			10			13					23
Interest revenue		22			15			18			24			79			32			33					65
Total		(162	)		(162	)		(168	)		(164	)		(656	)		(201	)		(132	)				(333	)

Debt
Total debt ($ Millions)		17,046			14,974			14,997			14,968			14,968			14,945			14,923					14,923
Debt-to-capital ratio (%)		36	%		32	%		32	%		32	%		32	%		31	%		31	%				31	%

Equity ($ Millions)		30,718			31,222			32,079			32,064			32,064			32,981			33,074					33,074

REFERENCE

Commonly Used Abbreviations
Earnings	Net Income (Loss) Attributable to ConocoPhillips
DD&A	Depreciation, Depletion and Amortization
G&G	Geological and Geophysical
G&A	General and Administrative
JCC	Japan Crude Cocktail
LNG	Liquefied Natural Gas
NGL	Natural Gas Liquids
WCS	Western Canada Select
WTI	West Texas Intermediate


Units of Measure
BBL	Barrels
MMBBL	Millions of Barrels
MBD	Thousands of Barrels per Day
MBOED	Thousands of Barrels of Oil Equivalent per Day
MCF	Thousands of Cubic Feet
MMBTU	Millions of British Thermal Units
MMCFD	Millions of Cubic Feet per Day