EX-99.2 3 cop-20251106x8kexx992.htm EX-99.2

Exhibit 99.2

        

Third-Quarter 2025 Detailed Supplemental Information

			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and other income
Sales and other operating revenues			13,848			13,620			13,041			14,236			54,745						16,517			14,004			15,031						45,552
Equity in earnings of affiliates			421			403			441			440			1,705						392			315			345						1,052
Gain (loss) on dispositions			93			(5)			(2)			(35)			51						79			317			3						399
Other income			114			118			124			96			452						113			104			143						360
Total revenues and other income			14,476			14,136			13,604			14,737			56,953						17,101			14,740			15,522						47,363
Costs and expenses
Purchased commodities			5,334			4,858			4,747			5,073			20,012						6,188			5,085			5,857						17,130
Production and operating expenses			2,015			2,164			2,261			2,311			8,751						2,506			2,572			2,632						7,710
Selling, general and administrative expenses			178			164			186			630			1,158						191			250			271						712
Exploration expenses			112			102			70			71			355						117			81			71						269
Depreciation, depletion and amortization			2,211			2,334			2,390			2,664			9,599						2,746			2,838			2,917						8,501
Impairments			—			34			—			46			80						1			1			10						12
Taxes other than income taxes			555			536			476			520			2,087						551			572			525						1,648
Accretion on discounted liabilities			80			80			80			85			325						94			95			94						283
Interest and debt expense			205			198			189			191			783						205			232			223						660
Foreign currency transactions (gain) loss			(18)			9			(28)			(13)			(50)						30			(3)			(6)						21
Other expenses			(4)			(2)			(2)			189			181						6			—			—						6
Total costs and expenses			10,668			10,477			10,369			11,767			43,281						12,635			11,723			12,594						36,952
Income (loss) before income taxes			3,808			3,659			3,235			2,970			13,672						4,466			3,017			2,928						10,411
Income tax provision (benefit)			1,257			1,330			1,176			664			4,427						1,617			1,046			1,202						3,865
Net income (loss)			2,551			2,329			2,059			2,306			9,245						2,849			1,971			1,726						6,546
Net income (loss) per share of common stock (dollars)
Basic			2.16			1.99			1.77			1.90			7.82						2.23			1.56			1.38						5.18
Diluted			2.15			1.98			1.76			1.90			7.81						2.23			1.56			1.38						5.18
Weighted-average common shares outstanding (in thousands)*
Basic			1,177,921			1,168,198			1,161,318			1,207,421			1,178,920						1,273,350			1,257,512			1,245,253						1,258,602
Diluted			1,180,320			1,170,299			1,163,227			1,209,163			1,180,871						1,274,879			1,258,998			1,246,854						1,260,059
*Ending common shares outstanding is 1,235,718 as of September 30, 2025, compared with 1,248,942 as of June 30, 2025.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska			468			495			370			473			1,806						466			182			191						839
Lower 48			1,766			1,626			1,588			1,658			6,638						2,238			1,781			1,585						5,604
Canada			236			347			35			322			940						337			199			248						784
Europe, Middle East and North Africa			1,081			917			976			1,069			4,043						1,341			830			1,003						3,174
Asia Pacific			517			539			528			350			1,934						375			397			398						1,170
Other International			(1)			3			1			(5)			(2)						2			1			4						7
Corporate and Other			(259)			(268)			(263)			(897)			(1,687)						(293)			(373)			(501)						(1,167)
Consolidated			3,808			3,659			3,235			2,970			13,672						4,466			3,017			2,928						10,411

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
EFFECTIVE INCOME TAX RATES
Alaska*			26.1		%	27.4		%	27.6		%	25.4		%	26.6		%				29.8		%	26.0		%	32.0		%				29.5		%
Lower 48			21.8		%	22.6		%	21.9		%	21.9		%	22.0		%				20.0		%	21.5		%	21.7		%				21.0		%
Canada			23.6		%	24.6		%	30.9		%	23.5		%	24.2		%				24.1		%	25.2		%	24.1		%				24.4		%
Europe, Middle East and North Africa			71.9		%	72.5		%	69.5		%	68.6		%	70.6		%				68.8		%	71.4		%	67.4		%				69.0		%
Asia Pacific			0.9		%	17.8		%	13.7		%	10.7		%	10.9		%				17.1		%	16.8		%	22.5		%				18.8		%
Other International			7.7		%	—			3.4		%	18.0		%	42.0		%				0.6		%	29.7		%	—						4.5		%
Corporate and Other			33.8		%	7.2		%	13.4		%	74.2		%	47.9		%				12.6		%	24.9		%	5.8		%				13.6		%
Consolidated			33.0		%	36.3		%	36.4		%	22.3		%	32.4		%				36.2		%	34.7		%	41.0		%				37.1		%
*Alaska including taxes other than income taxes			42.5		%	42.5		%	42.8		%	39.3		%	41.7		%				37.8		%	56.6		%	58.8		%				48.6		%

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
EARNINGS BY SEGMENT
Alaska			346			360			267			353			1,326						327			135			130						592
Lower 48			1,381			1,259			1,241			1,294			5,175						1,790			1,399			1,240						4,429
Canada			180			261			25			246			712						256			149			188						593
Europe, Middle East and North Africa			304			251			298			336			1,189						419			237			327						983
Asia Pacific			512			444			455			313			1,724						311			330			309						950
Other International			(1)			3			1			(4)			(1)						2			1			4						7
Corporate and Other			(171)			(249)			(228)			(232)			(880)						(256)			(280)			(472)						(1,008)
Consolidated			2,551			2,329			2,059			2,306			9,245						2,849			1,971			1,726						6,546
SPECIAL ITEMS
Alaska			—			—			—			—			—						58			—			(26)						32
Lower 48			66			—			—			(70)			(4)						93			207			(74)						226
Canada			—			—			—			—			—						—			—			(18)						(18)
Europe, Middle East and North Africa			—			—			—			—			—						—			—			(1)						(1)
Asia Pacific			76			—			—			—			76						—			—			—						—
Other International			—			—			—			—			—						—			—			—						—
Corporate and Other			—			—			(22)			(29)			(51)						19			(29)			(162)						(172)
Consolidated			142			—			(22)			(99)			21						170			178			(281)						67
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska			346			360			267			353			1,326						269			135			156						560
Lower 48			1,315			1,259			1,241			1,364			5,179						1,697			1,192			1,314						4,203
Canada			180			261			25			246			712						256			149			206						611
Europe, Middle East and North Africa			304			251			298			336			1,189						419			237			328						984
Asia Pacific			436			444			455			313			1,648						311			330			309						950
Other International			(1)			3			1			(4)			(1)						2			1			4						7
Corporate and Other			(171)			(249)			(206)			(203)			(829)						(275)			(251)			(310)						(836)
Consolidated			2,409			2,329			2,081			2,405			9,224						2,679			1,793			2,007						6,479

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska			26.1		%	27.4		%	27.6		%	25.4		%	26.6		%				30.8		%	26.0		%	30.7		%				29.7		%
Lower 48			21.7		%	22.6		%	21.9		%	21.9		%	22.0		%				22.5		%	21.1		%	21.9		%				21.9		%
Canada			23.6		%	24.6		%	30.9		%	23.5		%	24.2		%				24.1		%	25.2		%	24.1		%				24.3		%
Europe, Middle East and North Africa			71.9		%	72.5		%	69.5		%	68.6		%	70.6		%				68.8		%	71.4		%	67.3		%				69.0		%
Asia Pacific			15.6		%	17.8		%	13.7		%	10.7		%	14.8		%				17.1		%	16.8		%	22.5		%				18.8		%
Other International			7.7		%	—			3.4		%	18.0		%	42.0		%				0.6		%	29.7		%	—						4.5		%
Corporate and Other			33.8		%	7.2		%	12.3		%	33.6		%	22.3		%				13.3		%	25.3		%	(4.6)		%				12.0		%
Consolidated			35.3		%	36.3		%	36.2		%	34.1		%	35.5		%				37.9		%	35.6		%	39.0		%				37.6		%

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
DETAILED SPECIAL ITEMS
Alaska
Transaction, integration and restructuring expenses			—			—			—			—			—						—			—			(34)						(34)
Pending claims and settlements			—			—			—			—			—						77			—			—						77
Subtotal before income taxes			—			—			—			—			—						77			—			(34)						43
Income tax provision (benefit)			—			—			—			—			—						19			—			(8)						11
Total			—			—			—			—			—						58			—			(26)						32
Lower 48
Transaction, integration and restructuring expenses			—			—			—			(43)			(43)						(16)			(4)			(100)						(120)
Impairments			—			—			—			(47)			(47)						—			—			—						—
Gain (loss) on asset sales			86			—			—			—			86						64			274			—						338
Subtotal before income taxes			86			—			—			(90)			(4)						48			270			(100)						218
Income tax provision (benefit)			20			—			—			(20)			—						(45)			63			(26)						(8)
Total			66			—			—			(70)			(4)						93			207			(74)						226
Canada
Transaction, integration and restructuring expenses			—			—			—			—			—						—			–			(24)						(24)
Income tax provision (benefit)			—			—			—			—			—						—			—			(6)						(6)
Total			—			—			—			—			—						—			—			(18)						(18)
Europe, Middle East and North Africa
Transaction, integration and restructuring expenses			—			—			—			—			—						—			—			(2)						(2)
Income tax provision (benefit)			—			—			—			—			—						—			—			(1)						(1)
Total			—			—			—			—			—						—			—			(1)						(1)
Asia Pacific
Income tax provision (benefit)1			(76)			—			—			—			(76)						—			—			—						—
Total			76			—			—			—			76						—			—			—						—
Other International
Total			—			—			—			—			—						—			—			—						—
Corporate and Other
Pending claims and settlements			—			—			—			16			16						46			—			—						46
Transaction, integration and restructuring expenses			—			—			(28)			(471)			(499)						(37)			(54)			(117)						(208)
Other corporate charges			—			—			—			—			—						—			—			(82)						(82)
Gain (loss) on interest rate hedge2			—			—			—			35			35						15			18			(6)						27
Gain (loss) on debt extinguishment			—			—			—			(173)			(173)						—			—			—						—
Subtotal before income taxes			—			—			(28)			(593)			(621)						24			(36)			(205)						(217)
Income tax provision (benefit)3			—			—			(6)			(564)			(570)						5			(7)			(43)						(45)
Total			—			—			(22)			(29)			(51)						19			(29)			(162)						(172)
Total Company			142			—			(22)			(99)			21						170			178			(281)						67
1Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.
2Interest rate hedging gain (loss) from PALNG Phase 1 Investment.
3Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
Cash and cash equivalents			5,574			4,294			5,221			5,607			5,607						6,309			4,901			5,260						5,260
Short-term investments			487			1,723			1,571			507			507						926			439			996						996
Accounts and notes receivable			5,458			5,307			4,815			6,695			6,695						6,400			5,701			5,744						5,744
Inventories			1,443			1,447			1,496			1,809			1,809						1,844			1,897			1,721						1,721
Prepaid expenses and other current assets			759			963			881			1,029			1,029						1,427			1,001			2,163						2,163
Total current assets			13,721			13,734			13,984			15,647			15,647						16,906			13,939			15,884						15,884
Investments and long-term receivables			9,132			9,304			9,192			9,869			9,869						10,008			10,361			10,074						10,074
Net properties, plants and equipment			69,907			70,226			70,725			94,356			94,356						94,316			95,242			93,498						93,498
Other assets			2,588			2,730			2,798			2,908			2,908						3,024			3,057			3,016						3,016
Total assets			95,348			95,994			96,699			122,780			122,780						124,254			122,599			122,472						122,472
Liabilities
Accounts payable			5,138			5,156			5,190			6,044			6,044						7,349			6,517			6,245						6,245
Short-term debt			1,113			1,312			1,314			1,035			1,035						608			414			1,016						1,016
Accrued income and other taxes			2,116			2,016			2,473			2,460			2,460						2,919			1,742			1,939						1,939
Employee benefit obligations			405			516			627			1,087			1,087						652			710			1,020						1,020
Other accruals			1,391			1,324			1,161			1,498			1,498						1,801			1,603			1,789						1,789
Total current liabilities			10,163			10,324			10,765			12,124			12,124						13,329			10,986			12,009						12,009
Long-term debt			17,304			17,040			16,990			23,289			23,289						23,176			23,115			22,466						22,466
Asset retirement obligations and accrued   environmental costs			7,141			7,238			7,337			8,089			8,089						8,146			8,225			8,264						8,264
Deferred income taxes			8,776			8,927			8,986			11,426			11,426						11,483			11,766			12,109						12,109
Employee benefit obligations			967			990			945			1,022			1,022						999			999			950						950
Other liabilities and deferred credits			1,672			1,730			1,795			2,034			2,034						1,883			1,936			1,751						1,751
Total liabilities			46,023			46,249			46,818			57,984			57,984						59,016			57,027			57,549						57,549
Equity
Common stock issued
Par value			21			21			21			23			23						23			23			23						23
Capital in excess of par			61,300			61,381			61,430			77,529			77,529						77,554			77,643			77,701						77,701
Treasury stock			(66,974)			(68,005)			(69,184)			(71,152)			(71,152)						(72,666)			(73,899)			(75,186)						(75,186)
Accumulated other comprehensive income (loss)			(5,917)			(5,961)			(5,845)			(6,473)			(6,473)						(6,394)			(5,902)			(6,074)						(6,074)
Retained earnings			60,895			62,309			63,459			64,869			64,869						66,721			67,707			68,459						68,459
Total equity			49,325			49,745			49,881			64,796			64,796						65,238			65,572			64,923						64,923
Total liabilities and equity			95,348			95,994			96,699			122,780			122,780						124,254			122,599			122,472						122,472

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			2024																		2025
$ Millions			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
CASH FLOW INFORMATION
Cash flows from operating activities
Net income (loss)			2,551			2,329			2,059			2,306			9,245						2,849			1,971			1,726						6,546
Depreciation, depletion and amortization			2,211			2,334			2,390			2,664			9,599						2,746			2,838			2,917						8,501
Impairments			—			34			—			46			80						1			1			10						12
Dry hole costs and leasehold impairments			19			29			—			(2)			46						61			24			20						105
Accretion on discounted liabilities			80			80			80			85			325						94			95			94						283
Deferred taxes			87			124			38			118			367						(71)			149			354						432
Distributions more (less) than income from equity   affiliates			308			56			181			19			564						(19)			(93)			389						277
(Gain) loss on dispositions			(93)			5			2			35			(51)						(79)			(317)			(3)						(399)
Other			(66)			76			(28)			148			130						(115)			53			(141)						(203)
Net working capital changes			(112)			(148)			1,041			(962)			(181)						648			(1,236)			512						(76)
Net cash provided by operating activities			4,985			4,919			5,763			4,457			20,124						6,115			3,485			5,878						15,478
Cash flows from investing activities
Capital expenditures and investments			(2,916)			(2,969)			(2,916)			(3,317)			(12,118)						(3,378)			(3,286)			(2,866)						(9,530)
Working capital changes associated with investing   activities			169			4			22			107			302						827			(276)			(63)						488
Acquisition of businesses, net of cash acquired			49			—			—			(73)			(24)						—			—			—						—
Proceeds from asset dispositions			173			5			39			44			261						635			706			291						1,632
Net sales (purchases) of investments			405			(1,199)			195			1,014			415						(400)			392			(548)						(556)
Other			(21)			8			2			25			14						(30)			3			7						(20)
Net cash used in investing activities			(2,141)			(4,151)			(2,658)			(2,200)			(11,150)						(2,346)			(2,461)			(3,179)						(7,986)
Cash flows from financing activities
Net issuance (repayment) of debt			(505)			(58)			(44)			1,217			610						(547)			(259)			(45)						(851)
Issuance of company common stock			(61)			4			(9)			(12)			(78)						(52)			(3)			(10)						(65)
Repurchase of company common stock			(1,325)			(1,021)			(1,167)			(1,950)			(5,463)						(1,500)			(1,222)			(1,274)						(3,996)
Dividends paid			(924)			(915)			(910)			(897)			(3,646)						(998)			(984)			(975)						(2,957)
Other			(10)			(53)			(68)			(127)			(258)						(40)			(15)			(20)						(75)
Net cash used in financing activities			(2,825)			(2,043)			(2,198)			(1,769)			(8,835)						(3,137)			(2,483)			(2,324)						(7,944)
Effect of exchange rate changes			(73)			4			41			(105)			(133)						83			65			(2)						146
Net change in cash, cash equivalents and restricted cash			(54)			(1,271)			948			383			6						715			(1,394)			373						(306)
Cash, cash equivalents and restricted cash at beginning of period			5,899			5,845			4,574			5,522			5,899						5,905			6,620			5,226						5,905
Cash, cash equivalents and restricted cash at end of period			5,845			4,574			5,522			5,905			5,905						6,620			5,226			5,599						5,599
Restricted cash is included in the "Other assets" line of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska			720			691			691			1,092			3,194						1,046			986			753						2,785
Lower 48			1,616			1,649			1,653			1,592			6,510						1,814			1,704			1,571						5,089
Canada			152			131			136			132			551						165			144			152						461
Europe, Middle East and North Africa			219			227			248			327			1,021						274			356			293						923
Asia Pacific			45			90			100			135			370						54			64			70						188
Other International			—			—			—			—			—						—			—			—						—
Corporate and Other			164			181			88			39			472						25			32			27						84
Total capital expenditures and investments			2,916			2,969			2,916			3,317			12,118						3,378			3,286			2,866						9,530
Capitalized interest included in total capital expenditures and investments			50			58			66			74			248						80			92			102						274

---

			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
TOTAL SEGMENTS
Production
Total (MBOED)			1,902			1,945			1,917			2,183			1,987						2,389			2,391			2,399						2,393
Crude Oil (MBD)
Consolidated operations			928			942			945			1,058			969						1,153			1,144			1,133						1,144
Equity affiliates			16			13			12			12			13						13			11			13						12
Total			944			955			957			1,070			982						1,166			1,155			1,146						1,156
NGL (MBD)
Consolidated operations			271			287			302			355			304						394			418			428						413
Equity affiliates			8			8			8			7			8						8			6			8						7
Total			279			295			310			362			312						402			424			436						420
Bitumen (MBD)
Consolidated operations			129			133			87			139			122						143			144			123						137
Total			129			133			87			139			122						143			144			123						137
Natural Gas (MMCFD)
Consolidated operations			2,035			2,123			2,149			2,486			2,200						2,840			2,855			2,941						2,879
Equity affiliates			1,267			1,247			1,232			1,188			1,233						1,230			1,150			1,226						1,202
Total			3,302			3,370			3,381			3,674			3,433						4,070			4,005			4,167						4,081
Industry Prices
Crude Oil ($/BBL)
WTI			76.96			80.57			75.10			70.27			75.72						71.42			63.74			64.93						66.70
WCS			57.57			66.96			61.56			57.71			60.95						58.75			53.52			54.54						55.60
Brent dated			83.24			84.94			80.18			74.69			80.76						75.66			67.82			69.07						70.85
JCC ($/BBL)			92.29			84.19			87.58			85.98			87.51						78.31			78.84			74.92						77.35
Natural Gas ($/MMBTU)
Henry Hub first of month			2.25			1.89			2.15			2.79			2.27						3.65			3.44			3.07						3.39
Average Realized Prices
Total ($/BOE)			56.60			56.56			54.18			52.37			54.83						53.34			45.77			46.44						48.49
Crude Oil ($/BBL)
Consolidated operations			78.67			81.31			76.78			71.01			76.74						71.61			64.21			66.12						67.31
Equity affiliates			76.94			80.34			76.11			73.57			76.76						75.57			65.87			67.56						69.85
Total			78.64			81.30			76.77			71.04			76.74						71.65			64.23			66.13						67.34
NGL ($/BBL)
Consolidated operations			23.35			21.84			21.16			23.31			22.43						24.86			20.51			18.71						21.24
Equity affiliates			52.09			49.83			49.91			54.63			51.53						52.34			48.93			44.39						48.42
Total			24.25			22.60			21.93			23.93			23.19						25.40			20.98			19.20						21.74
Bitumen ($/BBL)
Consolidated operations			44.30			54.59			47.32			45.56			47.92						45.29			39.43			41.58						42.07
Total			44.30			54.59			47.32			45.56			47.92						45.29			39.43			41.58						42.07
Natural Gas ($/MCF)
Consolidated operations			2.91			1.88			1.99			3.52			2.61						4.76			2.99			3.11						3.61
Equity affiliates			8.26			7.98			8.41			8.31			8.22						7.56			6.91			7.00						7.16
Total			5.02			4.22			4.42			5.12			4.69						5.62			4.16			4.28						4.69

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Exploration Expenses ($ Millions)
Dry holes			19			25			—			(4)			40						43			6			—						49
Leasehold impairment			—			4			—			2			6						18			18			20						56
Total noncash expenses			19			29			—			(2)			46						61			24			20						105
Other (G&A, G&G and lease rentals)			93			73			70			73			309						56			57			51						164
Total exploration expenses			112			102			70			71			355						117			81			71						269
U.S. exploration expenses			66			42			22			28			158						42			55			47						144
International exploration expenses			46			60			48			43			197						75			26			24						125
DD&A ($ Millions)
Alaska			324			321			309			345			1,299						355			361			327						1,043
Lower 48			1,432			1,557			1,640			1,813			6,442						1,904			2,003			2,079						5,986
Canada			158			166			147			168			639						131			143			142						416
Europe, Middle East and North Africa			180			175			189			217			761						219			198			245						662
Asia Pacific			110			107			97			111			425						119			118			113						350
Other International			—			—			—			—			—						—			—			—						—
Corporate and Other			7			8			8			10			33						18			15			11						44
Total DD&A			2,211			2,334			2,390			2,664			9,599						2,746			2,838			2,917						8,501

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska			180			170			162			179			173						184			182			164						177
Lower 48			553			575			603			677			602						753			761			761						759
Canada			18			17			15			16			17						17			20			17						18
Norway			68			68			70			72			69						68			54			66						62
Libya			50			51			40			52			48						60			59			60						60
Equatorial Guinea			—			—			—			3			1						8			7			8						8
Europe, Middle East and North Africa			118			119			110			127			118						136			120			134						130
China			32			34			34			32			33						36			34			32						34
Malaysia			27			27			21			27			26						27			27			25						26
Asia Pacific			59			61			55			59			59						63			61			57						60
Total consolidated operations			928			942			945			1,058			969						1,153			1,144			1,133						1,144
Equity affiliates			16			13			12			12			13						13			11			13						12
Total			944			955			957			1,070			982						1,166			1,155			1,146						1,156
NGL (MBD)
Consolidated operations
Alaska			14			14			14			16			15						16			15			12						14
Lower 48			247			264			278			327			279						363			389			401						385
Canada			6			6			7			6			6						6			6			7						6
Norway			4			3			3			4			4						4			3			3						3
Equatorial Guinea			—			—			—			2			—						5			5			5						5
Europe, Middle East and North Africa			4			3			3			6			4						9			8			8						8
Total consolidated operations			271			287			302			355			304						394			418			428						413
Equity affiliates			8			8			8			7			8						8			6			8						7
Total			279			295			310			362			312						402			424			436						420
Bitumen (MBD)
Canada			129			133			87			139			122						143			144			123						137
Total			129			133			87			139			122						143			144			123						137
Natural Gas (MMCFD)
Consolidated operations
Alaska			42			36			37			41			39						48			48			36						44
Lower 48			1,479			1,597			1,596			1,827			1,625						2,080			2,146			2,198						2,142
Canada			100			121			121			117			115						109			124			134						123
Norway			329			301			323			361			329						353			302			324						326
Libya			29			27			28			27			28						30			31			33						31
Equatorial Guinea			—			—			—			54			14						155			150			149						151
Europe, Middle East and North Africa			358			328			351			442			371						538			483			506						508
Malaysia			56			41			44			59			50						65			54			67						62
Asia Pacific			56			41			44			59			50						65			54			67						62
Total consolidated operations			2,035			2,123			2,149			2,486			2,200						2,840			2,855			2,941						2,879
Equity affiliates			1,267			1,247			1,232			1,188			1,233						1,230			1,150			1,226						1,202
Total			3,302			3,370			3,381			3,674			3,433						4,070			4,005			4,167						4,081
Total (MBOED)
Consolidated operations
Alaska			201			190			182			202			194						208			205			182						198
Lower 48			1,046			1,105			1,147			1,308			1,152						1,462			1,508			1,528						1,501
Canada			170			176			129			180			164						184			191			169						182
Norway			127			121			127			136			128						131			107			123						120
Libya			55			56			44			57			53						65			64			66						65
Equatorial Guinea			—			—			—			14			3						39			37			38						38
Europe, Middle East and North Africa			182			177			171			207			184						235			208			227						223
China			32			34			34			32			33						36			34			32						34
Malaysia			36			34			28			37			34						38			36			36						36
Asia Pacific			68			68			62			69			67						74			70			68						70
Total consolidated operations			1,667			1,716			1,691			1,966			1,761						2,163			2,182			2,174						2,174
Equity affiliates			235			229			226			217			226						226			209			225						219
Total			1,902			1,945			1,917			2,183			1,987						2,389			2,391			2,399						2,393

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			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska			83.59			86.44			81.32			75.88			81.73						76.58			70.87			72.72						73.50
Lower 48			75.51			78.72			74.73			68.74			74.17						69.47			61.90			63.71						64.96
Canada			64.40			68.90			61.99			62.49			64.47						62.41			55.48			55.80						57.73
Norway			85.36			83.96			79.75			76.44			81.09						75.80			68.78			70.89						72.10
Libya			84.11			85.44			83.48			72.92			81.08						75.45			68.59			70.10						71.58
Equatorial Guinea			—			—			—			60.01			60.01						59.91			52.66			43.47						53.73
Europe, Middle East and North Africa			84.83			84.62			80.88			74.57			80.92						74.60			67.48			69.46						70.76
China			80.59			82.16			77.78			73.36			78.67						74.65			68.03			70.05						70.89
Malaysia			89.40			91.70			85.13			78.95			87.06						79.69			71.54			73.95						74.66
Asia Pacific			85.05			86.47			80.84			75.64			82.42						76.64			69.65			71.72						72.51
Total consolidated operations			78.67			81.31			76.78			71.01			76.74						71.61			64.21			66.12						67.31
Equity affiliates			76.94			80.34			76.11			73.57			76.76						75.57			65.87			67.56						69.85
Total			78.64			81.30			76.77			71.04			76.74						71.65			64.23			66.13						67.34
NGL ($/BBL)
Consolidated operations
Lower 48			22.67			21.57			20.64			23.09			22.02						24.84			20.52			18.81						21.26
Canada			35.47			27.01			28.11			27.97			29.59						27.96			20.63			20.98						23.09
Norway			46.32			39.60			46.08			47.56			45.50						45.58			39.02			39.00						42.00
Equatorial Guinea			—			—			—			1.00			1.00						1.00			1.00			1.00						1.00
Europe, Middle East and North Africa			46.32			39.60			46.08			31.53			40.29						23.76			20.24			10.09						19.13
Total consolidated operations			23.35			21.84			21.16			23.31			22.43						24.86			20.51			18.71						21.24
Equity affiliates			52.09			49.83			49.91			54.63			51.53						52.34			48.93			44.39						48.42
Total			24.25			22.60			21.93			23.93			23.19						25.40			20.98			19.20						21.74
Bitumen ($/BBL)
Canada			44.30			54.59			47.32			45.56			47.92						45.29			39.43			41.58						42.07
Total			44.30			54.59			47.32			45.56			47.92						45.29			39.43			41.58						42.07
Natural Gas ($/MCF)
Consolidated operations
Alaska			3.91			4.03			3.98			3.75			3.90						3.87			3.80			3.86						3.85
Lower 48			1.57			0.32			0.18			1.39			0.87						2.65			1.60			1.62						1.95
Canada			1.01			0.36			0.10			0.80			0.54						1.35			0.71			0.37						0.78
Norway			9.02			9.89			11.19			13.96			11.11						14.86			11.65			11.22						12.66
Libya			6.39			6.23			6.05			6.11			6.20						5.68			5.64			4.98						5.42
Equatorial Guinea			—			—			—			9.84			9.84						11.10			7.41			9.50						9.66
Europe, Middle East and North Africa			8.81			9.59			10.76			13.01			10.70						13.16			10.21			10.31						11.35
Malaysia			3.68			3.98			3.62			3.72			3.74						3.67			3.70			3.60						3.66
Asia Pacific			3.68			3.98			3.62			3.72			3.74						3.67			3.70			3.60						3.66
Total consolidated operations			2.91			1.88			1.99			3.52			2.61						4.76			2.99			3.11						3.61
Equity affiliates			8.26			7.98			8.41			8.31			8.22						7.56			6.91			7.00						7.16
Total			5.02			4.22			4.42			5.12			4.69						5.62			4.16			4.28						4.69

---

			2024																		2025
			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Full Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)			(171)			(249)			(228)			(232)			(880)						(256)			(280)			(472)						(1,008)
Detail of Corporate and Other Earnings (Loss), net of tax ($ Millions)
Net interest expense			(93)			(89)			(79)			(118)			(379)						(111)			(139)			(152)						(402)
Corporate G&A expenses			(105)			(78)			(99)			(434)			(716)						(110)			(147)			(163)						(420)
Technology*			(24)			(44)			(32)			(37)			(137)						(18)			(22)			(88)						(128)
Other			51			(38)			(18)			357			352						(17)			28			(69)						(58)
Total			(171)			(249)			(228)			(232)			(880)						(256)			(280)			(472)						(1,008)
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.
Corporate and Other Interest Expense, before-tax ($ Millions)
Incurred interest			(255)			(256)			(255)			(265)			(1,031)						(285)			(324)			(325)						(934)
Capitalized interest*			50			58			66			74			248						80			92			102						274
Interest and debt expense			(205)			(198)			(189)			(191)			(783)						(205)			(232)			(223)						(660)
Interest income			101			95			105			93			394						74			65			60						199
Net Interest Expense			(104)			(103)			(84)			(98)			(389)						(131)			(167)			(163)						(461)
*Capitalized interest represents before-tax interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.
Debt
Total debt ($ Millions)			18,417			18,352			18,304			24,324			24,324						23,784			23,529			23,482						23,482
Debt-to-capital ratio (%)			27		%	27		%	27		%	27		%	27		%				27		%	26		%	27		%				27		%
Equity ($ Millions)			49,325			49,745			49,881			64,796			64,796						65,238			65,572			64,923						64,923
REFERENCE
Commonly Used Abbreviations
Earnings			Net Income (Loss) Attributable to ConocoPhillips
DD&A			Depreciation, Depletion and Amortization
G&G			Geological and Geophysical
G&A			General and Administrative
JCC			Japan Crude Cocktail
LNG			Liquefied Natural Gas
NGLs			Natural Gas Liquids
WCS			Western Canadian Select
WTI			West Texas Intermediate
Units of Measurement
BBL			Barrel
BOE			Barrel of Oil Equivalent
MMBBL			Million of Barrels
MBD			Thousand of Barrels per Day
MBOED			Thousand of Barrels of Oil Equivalent per Day
MCF			Thousand Cubic Feet
MMBTU			Million British Thermal Units
MMCFD			Million Cubic Feet per Day