$COP
CONOCOPHILLIPS

2021 Q1 Form 10-Q Financial Statement

#000156276221000193 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $9.826B $4.811B
YoY Change 104.24% -52.16%
Cost Of Revenue $4.483B $2.661B
YoY Change 68.47% -27.59%
Gross Profit $5.343B $2.150B
YoY Change 148.51% -66.31%
Gross Profit Margin 54.38% 44.69%
Selling, General & Admin $311.0M -$3.000M
YoY Change -10466.67% -101.96%
% of Gross Profit 5.82% -0.14%
Research & Development $62.00M $157.0M
YoY Change -60.51% 42.73%
% of Gross Profit 1.16% 7.3%
Depreciation & Amortization $1.886B $1.411B
YoY Change 33.66% -8.73%
% of Gross Profit 35.3% 65.63%
Operating Expenses $311.0M -$3.000M
YoY Change -10466.67% -101.96%
Operating Profit $5.032B $2.153B
YoY Change 133.72% -65.44%
Interest Expense $185.0M -$1.547B
YoY Change -111.96% -644.72%
% of Operating Profit 3.68% -71.85%
Other Income/Expense, Net -$24.00M -$1.539B
YoY Change -98.44% -319.23%
Pretax Income $1.714B -$1.563B
YoY Change -209.66% -158.17%
Income Tax $732.0M $148.0M
% Of Pretax Income 42.71%
Net Earnings $982.0M -$1.739B
YoY Change -156.47% -194.87%
Net Earnings / Revenue 9.99% -36.15%
Basic Earnings Per Share $0.75 -$1.60
Diluted Earnings Per Share $0.75 -$1.60
COMMON SHARES
Basic Shares Outstanding 1.300B shares 1.085M shares
Diluted Shares Outstanding 1.303B shares 1.085M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.935B $7.774B
YoY Change -10.79% 20.21%
Cash & Equivalents $2.831B $3.908B
Short-Term Investments $4.104B $3.866B
Other Short-Term Assets $2.100B $2.380B
YoY Change -11.76% 2.01%
Inventory $1.098B $726.0M
Prepaid Expenses
Receivables $4.481B $2.264B
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.61B $13.14B
YoY Change 11.18% -3.94%
LONG-TERM ASSETS
Property, Plant & Equipment $58.27B $40.65B
YoY Change 43.36% -11.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.160B $8.707B
YoY Change -6.28% -6.4%
Other Assets $2.464B $2.370B
YoY Change 3.97% 2.91%
Total Long-Term Assets $69.08B $51.89B
YoY Change 33.13% -10.25%
TOTAL ASSETS
Total Short-Term Assets $14.61B $13.14B
Total Long-Term Assets $69.08B $51.89B
Total Assets $83.69B $65.03B
YoY Change 28.69% -9.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.779B $2.900B
YoY Change 30.31% -23.98%
Accrued Expenses $1.735B $1.825B
YoY Change -4.93% 13.14%
Deferred Revenue $42.00M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $689.0M $126.0M
YoY Change 446.83% 11.5%
Total Short-Term Liabilities $7.184B $6.075B
YoY Change 18.26% -17.57%
LONG-TERM LIABILITIES
Long-Term Debt $19.34B $14.85B
YoY Change 30.25% 0.1%
Other Long-Term Liabilities $9.034B $8.583B
YoY Change 5.25% -23.86%
Total Long-Term Liabilities $28.37B $23.43B
YoY Change 21.09% -10.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.184B $6.075B
Total Long-Term Liabilities $28.37B $23.43B
Total Liabilities $40.54B $33.65B
YoY Change 20.48% -12.65%
SHAREHOLDERS EQUITY
Retained Earnings $35.61B $37.55B
YoY Change -5.16% 5.66%
Common Stock $60.30B $47.05B
YoY Change 28.17% 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $47.67B $47.13B
YoY Change 1.15% 7.96%
Treasury Stock Shares 737.8M shares 726.0M shares
Shareholders Equity $43.16B $31.32B
YoY Change
Total Liabilities & Shareholders Equity $83.69B $65.03B
YoY Change 28.69% -9.04%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $982.0M -$1.739B
YoY Change -156.47% -194.87%
Depreciation, Depletion And Amortization $1.886B $1.411B
YoY Change 33.66% -8.73%
Cash From Operating Activities $2.080B $2.105B
YoY Change -1.19% -27.26%
INVESTING ACTIVITIES
Capital Expenditures -$1.217B -$1.649B
YoY Change -26.2% 0.73%
Acquisitions -$382.0M
YoY Change
Other Investing Activities -$6.000M $44.00M
YoY Change -113.64% -70.67%
Cash From Investing Activities -$1.215B -$1.932B
YoY Change -37.11% 30.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $403.0M $726.0M
YoY Change -44.49% -3.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.015B -$1.230B
YoY Change -17.48% 4.86%
NET CHANGE
Cash From Operating Activities $2.080B $2.105B
Cash From Investing Activities -$1.215B -$1.932B
Cash From Financing Activities -$1.015B -$1.230B
Net Change In Cash -$152.0M -$1.179B
YoY Change -87.11% -469.59%
FREE CASH FLOW
Cash From Operating Activities $2.080B $2.105B
Capital Expenditures -$1.217B -$1.649B
Free Cash Flow $3.297B $3.754B
YoY Change -12.17% -17.15%

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CY2020Q1 us-gaap Other Operating Activities Cash Flow Statement
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43000000 USD
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020Q1 us-gaap Increase Decrease In Accounts Payable
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-440000000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Capital Net
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445000000 USD
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2080000000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
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2105000000 USD
CY2021Q1 us-gaap Cash Acquired From Acquisition
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CY2020Q1 us-gaap Cash Acquired From Acquisition
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CY2021Q1 us-gaap Payments To Acquire Productive Assets
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1200000000 USD
CY2020Q1 us-gaap Payments To Acquire Productive Assets
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1649000000 USD
CY2021Q1 cop Increase Decrease In Capital Accrual
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CY2020Q1 cop Increase Decrease In Capital Accrual
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81000000 USD
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CY2021Q1 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
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CY2020Q1 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
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CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Inventory Raw Materials And Supplies
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CY2020Q4 us-gaap Inventory Net
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CY2021Q1 us-gaap Financing Receivable Credit Quality Additional Information
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In October 2020, Moody’s affirmed its rating of our senior long-term debt of “A3” with a “stable” outlook, and affirmed its rating of our short-term debt as “Prime-2.” In January 2021, Fitch affirmed its rating of our long-term debt as “A” with a “stable” outlook and affirmed its rating of our short-term debt as “F1+.” On January 25, 2021, S&P revised its industry risk assessment of the E&P industry to “Moderately High” from “Intermediate” based on a view of increasing risks from the energy transition, price volatility, and weaker profitability. On February 11, 2021, S&P downgraded its rating of our long-term debt from “A” to “A-” with a “stable” outlook and downgraded its rating of our short-term debt from “A-1” to “A-2.” We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity, upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit rating were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility.
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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58000000 USD
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CY2020Q4 us-gaap Due From Related Parties
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CY2021Q1 us-gaap Long Term Debt
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CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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1000000 USD
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CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2021Q1 us-gaap Interest Paid Net
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CY2020Q1 us-gaap Interest Paid Net
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200000000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
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53000000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
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465000000 USD
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3432000000 USD
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2966000000 USD
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2606000000 USD
CY2021Q1 us-gaap Payments To Acquire Longterm Investments
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60000000 USD
CY2020Q1 us-gaap Payments To Acquire Longterm Investments
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143000000 USD
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CY2020Q1 us-gaap Proceeds From Sale Of Longterm Investments
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25000000 USD
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499000000 USD
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935000000 USD
CY2021Q1 us-gaap Cash Acquired From Acquisition
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382000000 USD
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101000000 USD
CY2021Q1 us-gaap Payments For Restructuring
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33000000 USD
CY2021Q1 us-gaap Restructuring Reserve
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92000000 USD
CY2021Q1 cop Related Party Transactions Related Party Revenue
RelatedPartyTransactionsRelatedPartyRevenue
17000000 USD
CY2020Q1 cop Related Party Transactions Related Party Revenue
RelatedPartyTransactionsRelatedPartyRevenue
17000000 USD
CY2021Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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26000000 USD
CY2020Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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CY2021Q1 us-gaap Interest Income Related Party
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1000000 USD
CY2020Q1 us-gaap Interest Income Related Party
InterestIncomeRelatedParty
2000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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9826000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6158000000 USD
CY2021Q1 us-gaap Revenue Practical Expedient Remaining Performance Obligation Description
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We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract.
CY2021Q1 us-gaap Revenue Practical Expedient Initial Application And Transition Nondisclosure Of Transaction Price Allocation To Remaining Performance Obligation
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true
CY2021Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made.
CY2021Q1 us-gaap Contract With Customer Timing Of Satisfaction Of Performance Obligation And Payment
ContractWithCustomerTimingOfSatisfactionOfPerformanceObligationAndPayment
We have entered into contractual arrangements where we license proprietary technology to customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period.
CY2020Q4 us-gaap Contract With Customer Liability
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7000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
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62000000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
42000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
42000000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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We expect to recognize the contract liabilities at March 31, 2021, as revenue in the first quarter of 2022.
CY2021Q1 us-gaap Number Of Operating Segments
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6 pure
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9826000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6158000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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9826000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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6158000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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9826000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6158000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
982000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-1739000000 USD
CY2021Q1 us-gaap Assets
Assets
83693000000 USD
CY2020Q4 us-gaap Assets
Assets
62618000000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.427 pure
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.095 pure
CY2021Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-65000000 USD
CY2020Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
346000000 USD

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