ConocoPhillips (NYSE: COP) today reported fourth-quarter 2022
earnings of $3.2 billion, or $2.61 per share, compared with
fourth-quarter 2021 earnings of $2.6 billion, or $1.98 per share.
Excluding special items, fourth-quarter 2022 adjusted earnings were
$3.4 billion, or $2.71 per share, compared with fourth-quarter 2021
adjusted earnings of $3.0 billion, or $2.27 per share. Special
items for the current quarter were primarily driven by impairment
of certain aged, suspended wells and corporate expenses.
Full-year 2022 earnings were $18.7 billion, or $14.57 per share,
compared with full-year 2021 earnings of $8.1 billion, or $6.07 per
share. Excluding special items, full-year 2022 adjusted earnings
were $17.3 billion, or $13.52 per share, compared with full-year
2021 earnings of $8.0 billion, or $6.01 per share.
“In 2022, ConocoPhillips marked 10 years as an independent
E&P company with strong financial and operational results
across our business, thanks to the hard work and dedication of our
talented workforce. We returned $15 billion of capital to
shareholders and achieved record production in our Lower 48 assets,
while adding new high-quality strategic projects to enhance our
global portfolio for decades to come. Building on 60 years of
global LNG expertise, we expanded our LNG business in Australia,
Germany, Qatar and along the U.S. Gulf Coast. We also set a new
methane emissions intensity target in support of our continuing
focus on low GHG production,” said Ryan Lance, ConocoPhillips
chairman and chief executive officer. “As we enter our second
decade, we remain committed to our Triple Mandate of responsibly
and reliably meeting energy transition pathway demand, delivering
competitive returns on and of capital, and achieving our net-zero
operational emissions ambitions. Our deep and diversified portfolio
of low cost-of-supply assets continues to generate robust cash
flow, enabling us to start the year with an $11 billion return of
capital target.”
Full-Year 2022 Summary
- Generated cash provided by operating activities of $28.3
billion and cash from operations (CFO) of $28.5 billion; ended the
year with cash and short-term investments of $9.5 billion.
- Distributed $15 billion to shareholders through three-tier
framework including $5.7 billion in cash through the ordinary
dividend and variable return of cash (VROC) and $9.3 billion
through share repurchases, representing 53% of CFO.
- Expanded global LNG business through participation in
QatarEnergy’s North Field East (NFE) and North Field South (NFS)
projects; executed 15-year regasification agreement at German LNG
Terminal; acquired additional 10% interest in APLNG; signed 20-year
agreement for 5 MTPA of LNG offtake and executed agreement to
purchase 30% equity stake in Phase 1 of Port Arthur LNG
(PALNG).
- Delivered full-year production of 1,738 thousand barrels of oil
equivalent per day (MBOED) and record Lower 48 production.
- Fully integrated acquired Permian assets and executed multiple
acreage swaps, coring up approximately 25,000 acres since
acquisition to provide over a year’s worth of additional two
mile-plus long-lateral drilling inventory.
- Received license extension for Norway’s Greater Ekofisk area to
2048 and license adjustments for China’s Bohai Penglai Fields to
2039.
- Generated $3.5 billion in disposition proceeds through
monetization of the company’s Cenovus Energy (CVE) shares and
noncore asset sales.
- Retired $3.3 billion in debt toward the company’s $5 billion
debt reduction target.
- Achieved a record 27% return on capital employed; 31%
cash-adjusted return on capital employed.
- Joined Oil and Gas Methane Partnership 2.0, published a Plan
for the Net-Zero Energy Transition and set a new 2030 methane
emissions intensity target of approximately 0.15% of gas produced,
enhancing our commitment to ESG excellence and leadership.
Return of Capital Update
ConocoPhillips announced its 2023 planned return of capital to
shareholders of $11 billion. The company declared a quarterly
ordinary dividend of $0.51 per share, payable March 1, 2023, to
stockholders of record at the close of business on Feb. 14, 2023.
In addition, the company announced a VROC of $0.60 per share,
payable April 14, 2023, to stockholders of record at the close of
business on March 29, 2023.
Fourth-Quarter Review
Production for the fourth quarter of 2022 was 1,758 MBOED, an
increase of 150 MBOED from the same period a year ago. After
adjusting for closed acquisitions and dispositions and the
conversion of previously acquired Concho-contracted volumes from a
two-stream to a three-stream basis, fourth-quarter 2022 production
decreased by 3 MBOED or 0.2% from the same period a year ago.
Organic growth from Lower 48 and other development programs more
than offset decline; however, total company fourth-quarter
production was lower overall, primarily due to weather and downtime
impacts in Lower 48.
In Lower 48, production averaged 997 MBOED, including Permian of
671 MBOED, Eagle Ford of 214 MBOED, and Bakken of 96 MBOED. In
Canada, drilling and completion activities continued at Montney
with the fourth pad coming online during the quarter while
construction progressed on the second phase of the company’s
central processing facility. In Norway, the company progressed
drilling programs on the Tommeliten A and Eldfisk North projects.
In Libya, the company acquired an additional 4.1% interest in the
Waha Concession, bringing current ownership to 20.4%.
Earnings increased from fourth-quarter 2021 primarily due to
higher volumes and improved realized prices, in addition to the
absence of both 2021 non-cash impairments and gains on CVE equity.
This was partially offset by higher operating costs and
depreciation, depletion and amortization (DD&A) associated with
higher volumes, in addition to commercial and inventory timing and
impairment of certain aged, suspended wells. Adjusted earnings
increased primarily due to higher volumes and improved realized
prices, partially offset by higher operating costs and DD&A
associated with higher volumes, and commercial and inventory
timing.
The company’s total average realized price was $71.05 per barrel
of oil equivalent (BOE), 8% higher than the $65.56 per BOE realized
in the fourth quarter of 2021. Production remains unhedged, thus
realizing the full impact of changes in marker prices.
For the fourth quarter, cash provided by operating activities
was $6.6 billion. Excluding a $0.1 billion change in operating
working capital, ConocoPhillips generated CFO of $6.5 billion. The
company funded $2.5 billion of capital expenditures and
investments, including $2.2 billion in base capital and
approximately $0.3 billion for acquisitions and NFE payments. The
company distributed $2.4 billion in ordinary dividends and VROC and
repurchased $2.7 billion of shares.
Full-Year Review
Production for 2022 was 1,738 MBOED, an increase of 171 MBOED
from the same period a year ago. After adjusting for closed
acquisitions and dispositions, the conversion of previously
acquired Concho-contracted volumes from a two-stream to a
three-stream basis and 2021 Winter Storm Uri impacts, production
decreased 16 MBOED or 1% from the same period a year ago. Organic
growth from Lower 48 and other development programs more than
offset decline; however, production was lower overall, primarily
due to fourth quarter weather impacts and downtime in Lower 48.
The company’s total realized price for 2022 was $79.82 per BOE,
46% higher than the $54.63 per BOE realized in 2021, reflecting
higher marker prices.
In 2022, cash provided by operating activities was $28.3
billion. Excluding a $0.2 billion change in operating working
capital, ConocoPhillips generated CFO of $28.5 billion.
Dispositions generated $3.5 billion, including $1.4 billion from
the sale of CVE shares, $0.5 billion for CVE contingency payments,
$0.7 billion from the sale of Indonesia and approximately $0.8
billion from sales of noncore assets. The company funded $10.2
billion of capital expenditures and investments, including $8.1
billion in base capital and approximately $2.1 billion which
includes the acquisition of an additional 10% interest in APLNG,
Lower 48 bolt-on acquisitions and NFE payments. In addition, the
company paid $5.7 billion in ordinary dividends and VROC,
repurchased $9.3 billion of shares and retired $3.3 billion in
debt.
Reserves Update
Preliminary 2022 year-end proved reserves are 6.6 billion BOE,
with total reserve replacement ratio of 176%, including closed
acquisitions and dispositions and market factors. Reserve changes
excluding closed acquisitions and dispositions result in an organic
reserve replacement ratio of 177%.
Final information related to the company’s 2022 oil and gas
reserves, will be provided in ConocoPhillips’ Annual Report on Form
10-K, to be filed with the SEC in February.
Outlook
The company’s 2023 total capital expenditure guidance is $10.7
to $11.3 billion, which includes $9.1 to $9.3 billion for base
capital and $1.6 to $2.0 billion for anticipated major project
spending at NFE, NFS, PALNG and Willow. Base capital includes
funding for ongoing development drilling programs; exploration and
appraisal activities; base maintenance; and projects to reduce the
company’s Scope 1 and 2 emissions intensity and fund investments in
several early-stage low-carbon opportunities that address end-use
emissions.
The company has received and is now reviewing the Bureau of Land
Management’s final Supplemental Environmental Impact Statement for
Willow Project, a major milestone in the permitting process that
commenced in 2018.
The company’s 2023 production guidance is 1.76 to 1.80 million
barrels of oil equivalent per day (MMBOED). First-quarter 2023
production is expected to be 1.72 MMBOED to 1.76 MMBOED, which
includes 35 MBOED of turnaround and stabilizer expansion in Eagle
Ford.
Guidance for 2023 includes adjusted operating cost of $8.2
billion; adjusted corporate segment net loss of $0.9 billion and
DD&A of $8.1 billion. Guidance excludes potential special
items.
ConocoPhillips will host a conference call today at 12:00 p.m.
Eastern Time to discuss this announcement. To listen to the call
and view related presentation materials and supplemental
information, go to www.conocophillips.com/investor.
--- # # # ---
About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 13
countries, $94 billion of total assets and approximately 9,500
employees at Dec. 31, 2022. Production averaged 1,738 MBOED for the
12 months ended Dec. 31, 2022, and preliminary proved reserves were
6.6 BBOE as of Dec. 31, 2022. 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 as defined
under the federal securities laws. Forward-looking statements
relate to future events, plans and anticipated results of
operations, business strategies, and other aspects of our
operations or operating results. Words and phrases such as
“anticipate," “estimate,” “believe,” “budget,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,”
“will,” “would,” “expect,” “objective,” “projection,” “forecast,”
“goal,” “guidance,” “outlook,” “effort,” “target” and other similar
words can be used to identify forward-looking statements. 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 be reasonable at the time such forward-looking statement is
made. However, these statements are not guarantees of future
performance and involve certain risks, uncertainties and other
factors beyond our control. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from what is presented include the
impact of public health crises, including pandemics (such as
COVID-19) and epidemics and any related company or government
policies or actions; global and regional changes in the demand,
supply, prices, differentials or other market conditions affecting
oil and gas, including changes resulting from any ongoing military
conflict, including the conflict between Russia and Ukraine and the
global response to it, security threats on facilities and
infrastructure, or from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by OPEC and other producing countries
and the resulting company or third-party actions in response to
such changes; changes in commodity prices, including a prolonged
decline in these prices relative to historical or future expected
levels; insufficient liquidity or other factors, such as those
listed herein, that could impact our ability to repurchase shares
and declare and pay dividends such that we suspend our share
repurchase program and reduce, suspend, or totally eliminate
dividend payments in the future, whether variable or fixed; changes
in expected levels of oil and gas reserves or production; potential
failures or delays in achieving expected reserve or production
levels from existing and future oil and gas developments, including
due to operating hazards, drilling risks or unsuccessful
exploratory activities; unexpected cost increases, inflationary
pressures 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,
including any sanctions imposed as a result of any ongoing military
conflict, including the conflict between Russia and Ukraine; 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 complete any
announced or any future dispositions or acquisitions on time, if at
all; the possibility that regulatory approvals for any announced or
any future 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 the transactions or our remaining
business; business disruptions following any announced or any
future dispositions or acquisitions, including the diversion of
management time and attention; the ability to deploy net proceeds
from our announced or any future dispositions in the manner and
timeframe we anticipate, if at all; potential liability for
remedial actions under existing or future environmental
regulations; potential liability resulting from pending or future
litigation, including litigation related directly or indirectly to
our transaction with Concho Resources Inc.; 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 or developments, including as a result of any
ongoing military conflict, including the conflict between Russia
and Ukraine; changes in fiscal regime or tax, environmental and
other laws applicable to our business; and disruptions resulting
from accidents, extraordinary weather events, civil unrest,
political events, war, terrorism, cyber attacks or information
technology failures, constraints or disruptions; and other
economic, business, competitive and/or regulatory factors affecting
our business generally as set forth in our filings with the
Securities and Exchange Commission. Unless legally required,
ConocoPhillips expressly disclaims any obligation to update 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, operating costs, adjusted operating
costs, cash from operations (CFO), return on capital employed
(ROCE), cash adjusted ROCE, and adjusted corporate segment net
loss.
The company believes that the non-GAAP measures adjusted
earnings (both on an aggregate and a per-share basis), adjusted
operating costs and adjusted corporate segment net loss are 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. Adjusted operating costs is defined as the sum of
production and operating expenses, selling, general and
administrative expenses, exploration general and administrative
expenses, geological and geophysical, lease rentals and other
exploration expenses, adjusted to exclude expenses that do not
directly relate to the company’s core business operations and are
included as adjustments to arrive at adjusted earnings to the
extent those adjustments impact operating costs. Adjusted corporate
segment net loss is defined as corporate and other segment earnings
adjusted for special items. 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
timing effects associated with operating working capital changes
across periods on a consistent basis and with the performance of
peer companies. The company believes that ROCE is a good indicator
of long-term company and management performance. ROCE is a measure
of the profitability of ConocoPhillips' capital employed in its
business. ConocoPhillips calculates ROCE as a ratio, the numerator
of which is net income adjusted for special non-reoccurring items,
plus after-tax interest expense, and the denominator of which is
average total equity plus total debt. The company believes that the
above-mentioned non-GAAP measures, when viewed in combination with
the company’s results prepared in accordance with GAAP, provides a
more complete understanding of the factors and trends affecting the
company’s business and performance. 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 – This news release also contains the term pro forma
underlying production, reserve replacement and organic reserve
replacement. Pro forma underlying production reflects the impact of
closed acquisitions and closed dispositions as of December 31,
2022. The impact of closed dispositions assume they closed January
1, 2021, while the 2021 impact of the closed Shell Permian
acquisition and the additional 10% APLNG interest acquisition
assume they closed January 1, 2021 and February 1, 2021,
respectively. Impacts for 2021 and 2022 also include a closed Lower
48 bolt-on acquisition and Libya additional working interest
percentage assuming a close date of January 1, 2021. The company
believes that underlying production is useful to investors to
compare production reflecting the impact of closed acquisitions and
dispositions on a consistent go-forward basis across periods and
with peer companies. Reserve replacement is defined by the company
as a ratio representing the change in proved reserves, net of
production, divided by current year production. Organic reserve
replacement is defined as a ratio representing the change in proved
reserves, net of production and excluding acquisitions and
dispositions, divided by current year production. The company
believes that reserve replacement and organic reserve replacement
are useful to investors to help understand how changes in proved
reserves, net of production, compare with the company’s current
year production, inclusive and exclusive of acquisitions and
dispositions, respectively. Return of capital is defined as the
total of the ordinary dividend, share repurchases and variable
return of cash (VROC).
References in the release to earnings refer to net income.
ConocoPhillips Table 1: Reconciliation of earnings
to adjusted earnings $ Millions, Except as Indicated
4Q22
4Q21
2022 FY
2021 FY
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
$
3,249
2.61
2,627
1.98
$
18,680
14.57
8,079
6.07
Adjustments: (Gain) loss on asset sales
(21
)
5
(16
)
(0.01
)
(126
)
29
(97
)
(0.07
)
(968
)
200
(768
)
(0.59
)
(347
)
32
(315
)
(0.24
)
Pending claims and settlements
87
(21
)
66
0.05
-
-
-
-
67
8
75
0.06
48
(10
)
38
0.03
Pension settlement expense
-
-
-
-
29
(6
)
23
0.02
-
-
-
-
99
(20
)
79
0.06
Transaction and restructuring expenses
-
-
-
-
69
(16
)
53
0.04
28
(8
)
20
0.01
435
(94
)
341
0.26
Impairments
-
-
-
-
773
(20
)
753
0.56
-
-
-
-
684
1
685
0.51
(Gain) loss on CVE shares
-
-
-
-
(297
)
-
(297
)
(0.22
)
(251
)
-
(251
)
(0.19
)
(1,040
)
-
(1,040
)
(0.78
)
(Gain) loss on FX derivative
-
-
-
-
(21
)
4
(17
)
(0.01
)
10
(2
)
8
-
(9
)
1
(8
)
(0.01
)
Net loss on accelerated settlement of Concho hedging program
-
-
-
-
-
-
-
-
-
-
-
-
132
(31
)
101
0.08
(Gain) loss on debt extinguishment and exchange fees
-
-
-
-
-
-
-
-
(44
)
52
8
-
-
-
-
-
Tax adjustments
-
(23
)
(23
)
(0.02
)
-
(35
)
(35
)
(0.03
)
-
(531
)
(531
)
(0.42
)
-
40
40
0.03
Exploration Expenses
129
(30
)
99
0.08
-
-
-
129
(30
)
99
0.08
-
-
-
-
Adjusted earnings / (loss)
$
3,375
$
2.71
3,010
2.27
$
17,340
$
13.52
8,000
6.01
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 cash
from operations $ Millions, Except as Indicated
4Q22
2022 FY
Net Cash Provided by Operating Activities
6,592
28,314
Adjustments: Net operating working capital changes
139
(234
)
Cash from operations
6,453
28,548
ConocoPhillips Table 3: Return on capital employed
(ROCE) and Cash Adjusted ROCE $ Millions, Except as Indicated
ROCE CASH ADJUSTED ROCE Numerator 2022
FY 2021 FY 2022 FY 2021 FY Net Income
Attributable to ConocoPhillips
18,680
8,079
18,680
8,079
Adjustment to exclude special items
(1,340
)
(79
)
(1,340
)
(79
)
Net income attributable to noncontrolling interests
-
-
-
-
After-tax interest expense
641
698
641
698
After-tax interest income
-
-
(152
)
(26
)
ROCE Earnings
17,981
8,698
17,829
8,672
Denominator Average total equity¹
48,801
42,293
48,801
42,293
Average total debt²
17,742
19,338
17,742
19,338
Average total cash³
-
-
(8,589
)
(8,430
)
Average capital employed
66,543
61,631
57,953
53,201
ROCE (percent)
27
%
14
%
31
%
16
%
¹Average total equity is the average of beginning total
equity and ending total equity by quarter. ²Average total debt is
the average of beginning long-term debt and short-term debt and
ending long-term debt and short-term debt by quarter. 3Average
total cash is the average of beginning cash, cash equivalents,
restricted cash and short-term investments and ending cash, cash
equivalents, restricted cash and short-term investments by quarter.
ConocoPhillips Table 4: Reconciliation of reported
production to pro forma underlying production In MBOED, Except
as Indicated
4Q22
4Q21
2022
2021
Total Reported ConocoPhillips Production
1,758
1,608
1,738
1,567
Closed Dispositions1
-
(74
)
(17
)
(85
)
Closed Acquisitions 2
6
223
12
220
Total Pro Forma Underlying Production
1,764
1,757
1,733
1,702
Estimated Downtime from Winter Storm Uri3
-
-
-
12
Estimated Uplift from 2 to 3 stream conversion4
(50
)
(40
)
(45
)
(10
)
1Includes production related to the completed Indonesia
disposition and various Lower 48 dispositions. 2Includes production
related to the acquisition of Shell's Permian assets as well as the
additional 10% shareholding interest in APLNG, a Lower 48 bolt-on
acquisition, and Libya additional working interest percentage. 2021
has been pro forma adjusted for these acquisitions and assumes 180
MBOED for the Shell Permian assets. 3Estimated production impacts
from Winter Storm Uri, which are excluded from Total Reported
Production and Total Pro Forma Underlying Production. 4Estimated
production impacts from the conversion of Concho two-stream
contracted volumes to a three-stream (crude oil, natural gas and
natural gas liquids) reporting basis, which are included in Total
Reported Production and Total Pro Forma Underlying Production.
ConocoPhillips Table 5: Reconciliation of
production and operating expenses to adjusted operating costs $
Millions, Except as Indicated
2022 FY
2023 FY Guidance
Production and operating expenses
7,006
~7,300 Adjustments: Selling, general and administrative (G&A)
expenses
623
~700 Exploration G&A, G&G and lease rentals
224
~200 Operating Costs
7,853
~8,200 Adjustments to exclude special items: Pending
claims and settlements
102
-
Transaction and restructuring expenses
28
-
Adjusted Operating Costs
7,723
~8,200 ConocoPhillips Table
6: Reconciliation of adjusted corporate segment net loss $
Millions, Except as Indicated
2022 FY 2023
FYGuidance Corporate and Other earnings
(330
)
~(900) Adjustments to exclude special items: (Gain)
loss on CVE shares
(251
)
-
(Gain) loss on FX derivative
10
-
Pending claims and settlements
94
-
Debt extinguishment and exchange fees
(44
)
-
Income tax on special items
(387
)
-
Adjusted corporate segment net loss
(908
)
~(900) ConocoPhillips Table 7: Calculation
of Reserve Replacement Ratios MMBOE, Except as Indicated
End of 2021
6,101
End of 2022
6,599
Change in reserves
498
Production1
653
Change in reserves excluding production1
1,151
Total reserve replacement ratio
176
%
Production1
653
Purchases2
(143
)
Sales2
149
Changes in reserves excluding production1, purchases2 and sales2
1,157
2022 organic reserve replacement ratio
177
%
1Production includes fuel gas.
2Purchases refers to acquisitions and
sales refers to dispositions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230202005043/en/
Dennis Nuss (media) 281-293-1149
dennis.nuss@conocophillips.com
Investor Relations 281-293-5000
investor.relations@conocophillips.com
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