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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___________________ to ___________________
Commission file number: 001-32395
ConocoPhillips
(Exact name of registrant as specified in its charter)
| Delaware | 01-0562944 | ||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
925 N. Eldridge Parkway, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
281-293-1000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||
| Common Stock, $.01 Par Value | COP | New York Stock Exchange | ||||||
| 7% Debentures due 2029 | CUSIP—718507BK1 | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 1,246,071,066 shares of common stock, $.01 par value, outstanding at September 30, 2022.
Table of Contents
| Commonly Used Abbreviations | Table of Contents |
Commonly Used Abbreviations
The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report.
| Currencies | Accounting | ||||||||||
| $ or USD | U.S. dollar | ARO | asset retirement obligation | ||||||||
| CAD | Canadian dollar | ASC | accounting standards codification | ||||||||
| EUR | Euro | ASU | accounting standards update | ||||||||
| GBP | British pound | DD&A | depreciation, depletion and amortization | ||||||||
| Units of Measurement | FASB | Financial Accounting Standards Board | |||||||||
| BBL | barrel | ||||||||||
| BCF | billion cubic feet | FIFO | first-in, first-out | ||||||||
| BOE | barrels of oil equivalent | G&A | general and administrative | ||||||||
| MBD | thousands of barrels per day | GAAP | generally accepted accounting principles | ||||||||
| MCF | thousand cubic feet | ||||||||||
| MBOD | thousand barrels of oil per day | LIFO | last-in, first-out | ||||||||
| MM | million | NPNS | normal purchase normal sale | ||||||||
| MMBOE | million barrels of oil equivalent | PP&E | properties, plants and equipment | ||||||||
| MMBOD | million barrels of oil per day | VIE | variable interest entity | ||||||||
| MBOED | thousands of barrels of oil equivalent per day | ||||||||||
| MMBOED | millions of barrels of oil equivalent per day | Miscellaneous | |||||||||
| MMBTU | million British thermal units | DE&I | diversity, equity and inclusion | ||||||||
| MMCFD | million cubic feet per day | EPA | Environmental Protection Agency | ||||||||
| ESG | Environmental, Social and Corporate Governance | ||||||||||
| Industry | EU | European Union | |||||||||
| BLM | Bureau of Land Management | FERC | Federal Energy Regulatory Commission | ||||||||
| CBM | coalbed methane | ||||||||||
| CCUS | carbon capture utilization and | GHG | greenhouse gas | ||||||||
| storage | HSE | health, safety and environment | |||||||||
| E&P | exploration and production | ICC | International Chamber of Commerce | ||||||||
| FEED | front-end engineering and design | ICSID | World Bank’s International | ||||||||
| FPS | floating production system | Centre for Settlement of | |||||||||
| FPSO | floating production, storage and | Investment Disputes | |||||||||
| offloading | IRS | Internal Revenue Service | |||||||||
| G&G | geological and geophysical | OTC | over-the-counter | ||||||||
| JOA | joint operating agreement | NYSE | New York Stock Exchange | ||||||||
| LNG | liquefied natural gas | SEC | U.S. Securities and Exchange | ||||||||
| NGLs | natural gas liquids | Commission | |||||||||
| OPEC | Organization of Petroleum | TSR | total shareholder return | ||||||||
| Exporting Countries | U.K. | United Kingdom | |||||||||
| PSC | production sharing contract | U.S. | United States of America | ||||||||
| PUDs | proved undeveloped reserves | VROC | variable return of cash | ||||||||
| SAGD | steam-assisted gravity drainage | ||||||||||
| WCS | Western Canada Select | ||||||||||
| WTI | West Texas Intermediate |
| 1 | ConocoPhillips 2022 Q3 10-Q |
| Financial Statements | Table of Contents |
PART I. Financial Information
Next: Item 1. Financial Statements