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CONOCOPHILLIPS - Quarter Report: 2024 March (Form 10-Q)

Repayment of debt
()()
Issuance of company common stock
()()
Repurchase of company common stock
()()
Dividends paid
()()
Other
() 
Net Cash Used in Financing Activities
()()
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
()()
Net Change in Cash, Cash Equivalents and Restricted Cash
() 
Cash, cash equivalents and restricted cash at beginning of period
  
Cash, Cash Equivalents and Restricted Cash at End of Period
$  
million and $ million is included in the "Other assets" line of our Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023, respectively.
See Notes to Consolidated Financial Statements.
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ConocoPhillips      2024 Q1 10-Q
Notes to Consolidated Financial Statements
Table of Contents
Notes to Consolidated Financial Statements

  
Materials and supplies
  
Total inventories
$  
Inventories valued on the LIFO basis
$  

percent working interest in Surmont, an asset in our Canada segment, from TotalEnergies EP Canada Ltd. billion after customary adjustments (CAD $ billion):

 Contingent consideration Final Consideration$ 

The contingent consideration arrangement requires additional consideration to be paid to TotalEnergies EP Canada Ltd. up to $ billion CAD over a term. The contingent payments represent $ million for every dollar that WCS pricing exceeds $ per barrel during the month, subject to certain production targets being achieved. The undiscounted amount we could pay under this arrangement is up to $ billion USD. The fair value of the contingent consideration on the acquisition date was $ million and estimated by applying the income approach. As of March 31, 2024, we have made payments of $ million USD under this arrangement, reflected in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. See Note 11.

The transaction was accounted for as a business combination under FASB ASC Topic 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. By the end of the first quarter of 2024, we finalized the allocation of the purchase price to specific assets and liabilities. It was based on the fair value of final consideration and the conclusion of the fair value determination of long-lived assets and all other assets acquired and liabilities assumed.

Oil and gas properties were valued using a discounted cash flow approach incorporating market participant and internally generated price assumptions, production profiles and operating and development cost assumptions. The fair values of other assets acquired and liabilities assumed, which included accounts receivable, accounts payable, and most other current assets and current liabilities, were determined to be equivalent to the carrying value due to their short-term nature. The total consideration of $ billion was allocated to the identifiable assets and liabilities based on fair values as of the acquisition date of October 4, 2023.
ConocoPhillips      2024 Q1 10-Q
6
Notes to Consolidated Financial Statements
Table of Contents
 Asset retirement obligations()Other()Total identifiable net assets$ 

With the completion of the transaction, we have acquired proved and unproved properties of approximately $ billion and $ billion, respectively.

Supplemental Pro Forma (unaudited)
   Income (loss) before income taxes   Net Income (Loss)   Earnings per share ($ per share):Basic net income (loss)$  Diluted net income (loss)  
Millions of Dollars
Common Stock
Par
Value
Capital in
Excess of
Par
Treasury
Stock
Accum. Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
For the three months ended March 31, 2023
Balances at December 31, 2022$  ()()  
Net income (loss)  
Other comprehensive income (loss)()()
Dividends declared
Ordinary ($ per common share)
()()
Variable return of cash ($ per common share)
()()
Repurchase of company common stock()()
Excise tax on share repurchases()()
Distributed under benefit plans
()()
Balances at March 31, 2023
$  ()()  

        
*The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $ million and $ million for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. See Note 14.

  
Income taxes
  Net Sales (Purchases) of Investments
Short-term investments purchased
$()()
Short-term investments sold
  
Long-term investments purchased
()()
Long-term investments sold
  

$  
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ConocoPhillips      2024 Q1 10-Q
Notes to Consolidated Financial Statements
Table of Contents
      
Interest cost
      
Expected return on plan assets
()()()()    ()()
Recognized net actuarial loss (gain)
     ()
Settlements
        ()() or any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.
ConocoPhillips      2024 Q1 10-Q
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Table of Contents
Item 6.     Exhibits
10.1*
10.2*
10.3*
10.4*
101.INS*
Inline XBRL Instance Document.
101.SCH*
Inline XBRL Schema Document.
101.CAL*
Inline XBRL Calculation Linkbase Document.
101.LAB*
Inline XBRL Labels Linkbase Document.
101.PRE*
Inline XBRL Presentation Linkbase Document.
101.DEF*
Inline XBRL Definition Linkbase Document.
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Filed herewith.
**Furnished herewith.
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ConocoPhillips      2024 Q1 10-Q
Table of Contents
Signature
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 thereunto duly authorized.
CONOCOPHILLIPS
/s/ Christopher P. Delk
Christopher P. Delk
Vice President, Controller
and General Tax Counsel
May 2, 2024
ConocoPhillips      2024 Q1 10-Q
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