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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 March 31, 2023
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 1,210,058,689 shares of common stock, $.01 par value, outstanding at March 31, 2023.
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 | ||||||||||
| MM | million | LIFO | last-in, first-out | ||||||||
| MMBOE | million barrels of oil equivalent | NPNS | normal purchase normal sale | ||||||||
| MBOED | thousands of barrels of oil equivalent per day | PP&E | properties, plants and equipment | ||||||||
| MMBOED | millions of barrels of oil equivalent per day | VIE | variable interest entity | ||||||||
| MMBTU | million British thermal units | ||||||||||
| MMCFD | million cubic feet per day | Miscellaneous | |||||||||
| MTPA | million tonnes per annum | CERCLA | Federal Comprehensive Environmental Response Compensation and Liability Act | ||||||||
| Industry | DEI | diversity, equity and inclusion | |||||||||
| BLM | Bureau of Land Management | EPA | Environmental Protection Agency | ||||||||
| CBM | coalbed methane | ESG | Environmental, Social and Corporate Governance | ||||||||
| CCS | carbon capture and storage | ||||||||||
| E&P | exploration and production | EU | European Union | ||||||||
| FEED | front-end engineering and design | FERC | Federal Energy Regulatory Commission | ||||||||
| FID | final investment decision | ||||||||||
| FPS | floating production system | GHG | greenhouse gas | ||||||||
| FPSO | floating production, storage and | HSE | health, safety and environment | ||||||||
| offloading | ICC | International Chamber of Commerce | |||||||||
| G&G | geological and geophysical | ICSID | World Bank’s International | ||||||||
| JOA | joint operating agreement | Centre for Settlement of | |||||||||
| LNG | liquefied natural gas | Investment Disputes | |||||||||
| NGLs | natural gas liquids | IRS | Internal Revenue Service | ||||||||
| OPEC | Organization of Petroleum | OTC | over-the-counter | ||||||||
| Exporting Countries | NYSE | New York Stock Exchange | |||||||||
| PSC | production sharing contract | SEC | U.S. Securities and Exchange | ||||||||
| PUDs | proved undeveloped reserves | Commission | |||||||||
| SAGD | steam-assisted gravity drainage | TSR | total shareholder return | ||||||||
| WCS | Western Canadian Select | U.K. | United Kingdom | ||||||||
| WTI | West Texas Intermediate | U.S. | United States of America | ||||||||
| VROC | variable return of cash | ||||||||||
| 1 | ConocoPhillips 2023 Q1 10-Q |
| Financial Statements | Table of Contents |
PART I. Financial Information
Next: Item 1. Financial Statements