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View Annual Report 90045conD1R1.cv:90045conD1R1 3/6/09 6:47 PM Page C1 ConocoPhillips 2008 www.conocophillips.com 2008 Annual Report Annual Report Managing Global Challenges 90045conD1R1.cv:90045conD1R1 3/6/09 2:32 PM Page C2 Financial Highlights . .1 Corporate Staffs . .21 Stockholder Information Letter to Shareholders . .2 Financial and Operating Results . .28 Financial Review . .6 Directors and Officers . .110 Worldwide Operations . .8 Glossary . .112 Annual Meeting Annual Certifications Operating Review . .10 ConocoPhillips’ annual meeting of stockholders will be held: ConocoPhillips has filed the annual certifications required by Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as exhibits Wednesday, May 13, 2009 Omni Houston Hotel Westside 31.1 and 31.2 to ConocoPhillips’ Annual Report on Form 10-K, as filed Who We Are Our Theme 13210 Katy Freeway, Houston, Texas with the U.S. Securities and Exchange Commission. Additionally, in 2008, James J. Mulva, chairman and chief executive officer, submitted Notice of the meeting and proxy materials are being sent to an annual certification to the New York Stock Exchange (NYSE) Our Company Managing Global all stockholders. stating that he was not aware of any violation of the NYSE corporate ConocoPhillips is an international, integrated energy company. Challenges governance listing standards by the company. Mr. Mulva will submit 2008 Annual Report Direct Stock Purchase and Dividend Reinvestment Plan It is the third-largest integrated energy company in the United Like the entire energy industry, Managing Global his 2009 annual certification to the NYSE no later than 30 days after States based on market capitalization and oil and natural gas proved ConocoPhillips was impacted Challenges ConocoPhillips’ Investor Services Program is a direct stock purchase the date of ConocoPhillips’ annual meeting of stockholders. and dividend reinvestment plan that offers stockholders a convenient reserves and production and the second-largest refiner. Worldwide, by extraordinary economic and way to buy additional shares and reinvest their common stock of nongovernment-controlled companies, ConocoPhillips is the commodity price volatility Internet Web Site: www.conocophillips.com dividends. Purchases of company stock through direct cash payment The site includes the Investor Information Center, which features sixth-largest proved reserves holder and the fourth-largest refiner. during 2008. After reaching are commission-free. For details contact: news releases and presentations to securities analysts; copies of The company is known worldwide for its technological expertise record heights, oil prices ConocoPhillips’ Annual Report and Proxy Statement; reports to the in exploration and production, reservoir management and exploitation, declined precipitously late in BNY Mellon Shareowner Services P.O. Box 358035 U.S. Securities and Exchange Commission; and data on ConocoPhillips’ 3-D seismic technology, high-grade petroleum coke, its E-Gas™ the year as an international Pittsburgh, PA 15252-8035 health, safety and environmental performance. Other Web sites with coal gasification process and its Optimized Cascade process to financial crisis triggered a Toll-free number: (800) 356-0066 information on topics in this annual report include: produce liquefied natural gas. global recession that in turn Registered stockholders can access important investor communications www.lukoil.com Headquartered in Houston, Texas, ConocoPhillips operates reduced energy demand. online and sign up to receive future shareholder materials electronically www.cpchem.com in more than 30 countries. The company had 33,800 employees ConocoPhillips intends to by going to www.bnymellon.com/shareowner/isd and following the www.dcpmidstream.com worldwide and assets of $143 billion as of Dec. 31, 2008. manage the global challenges posed by the downturn by exercising enrollment instructions. p66conoco76.conocophillips.com ConocoPhillips stock is listed on the New York Stock Exchange the consistent strategies that have transformed our company into a under the symbol “COP.” self-sustaining, competitive international, integrated energy firm. Information Requests Annual Reports and Form 10-K We will practice diligent financial management, conserve capital, For information about dividends and certificates, or to request a Copies of the Annual Report or Form 10-K, as filed with the U.S. Our Businesses strive to contain costs and utilize our operating expertise to maximize change of address, stockholders may contact: Securities and Exchange Commission, are available free by making a request on the company’s Web site, calling (918) 661-3700 or writing: The company has four core activities worldwide: the value of our asset portfolio. That portfolio offers years of ongoing BNY Mellon Shareowner Services development potential in both our upstream and downstream businesses, P.O. Box 358015 • Petroleum exploration and production. ConocoPhillips – 2008 Form 10-K in oil and natural gas, and in domestic and international locations. Pittsburgh, PA 15252-8015 B-41 Adams Building • Petroleum refining, marketing, supply and transportation. In keeping with plans to live within our means during the current Toll-free number: (800) 356-0066 411 South Keeler Ave. Outside the U.S.: (201) 680-6578 Bartlesville, OK 74004 • Natural gas gathering, processing and marketing, including economic downturn, ConocoPhillips will conduct a disciplined TDD: (800) 231-5469 a 50 percent interest in DCP Midstream, LLC. capital investment program totaling $12.5 billion for 2009, a Outside the U.S.: (201) 680-6610 Additional copies of this annual report may be obtained by calling significant reduction from 2008. This measured approach is (918) 661-3700, or writing: • Chemicals and plastics production and distribution through a 50 www.bnymellon.com/shareowner percent interest in Chevron Phillips Chemical Company LLC. intended to preserve the company’s high liquidity, flexibility and ConocoPhillips – 2008 Annual Report credit capability. Personnel in the following offices also can answer investors’ B-41 Adams Building In addition, the company is investing in several emerging Progress continues on those major development projects that offer questions about the company: 411 South Keeler Ave. businesses – power generation, carbon-to-liquids, technology the greatest potential to drive the company’s future growth. On Bartlesville, OK 74004 Institutional Investors: solutions, and emerging technologies such as renewable fuels and projects that have been deferred, we retain the option of resuming ConocoPhillips Investor Relations Principal Offices alternative energy sources – that provide current and potential future or accelerating work when economic conditions improve. 375 Park Avenue, Suite 3702 growth opportunities. We remain confident of our ability to maintain current levels New York, NY 10152 600 N. Dairy Ashford 1013 Centre Road of production while fully replacing reserves over the long term. (212) 207-1996 Houston, TX 77079 Wilmington, DE 19805-1297 [email protected] Stock Transfer Agent and Registrar Individual Investors: BNY Mellon Shareowner Services ConocoPhillips Shareholder Relations 480 Washington Blvd. 600 N. Dairy Ashford, ML3074 Jersey City, NJ 07310-1900 Houston, TX 77079 www.bnymellon.com/shareowner (281) 293-6800 [email protected] Compliance and Ethics For guidance, or to express concerns or ask questions about compliance and ethics issues, call ConocoPhillips’ Ethics Helpline toll-free: (877) 327-2272, available 24 hours a day, seven days a week. The ethics office also may be contacted via e-mail at [email protected] or by writing: Attn: Corporate Ethics Office ConocoPhillips 10% 600 N. Dairy Ashford, MA2142 Cert no. SCS-COC-00648 Houston, TX 77079 90045conD2R1:90045conD2R1 3/6/09 6:52 PM Page 1 Financial Highlights Millions of Dollars Except as Indicated 2008 2007 % Change Financial Total revenues and other income $ 246,182 194,495 27% Net income (loss) $ (16,998) 11,891 (243) Net income (loss) per share of common stock — diluted $ (11.16) 7.22 (255) Net cash provided by operating activities $ 22,658 24,550 (8) Capital expenditures and investments $ 19,099 11,791 62 Total assets $ 142,865 177,757 (20) Total debt $ 27,455 21,687 27 Minority interests $ 1,100 1,173 (6) Common stockholders’ equity $ 55,165 88,983 (38) Percent of total debt to capital* 33% 19 74 Common stockholders’ equity per share (book value) $ 37.27 56.63 (34) Cash dividends per common share $ 1.88 1.64 15 Closing stock price per common share $ 51.80 88.30 (41) Common shares outstanding at year end (in thousands) 1,480,179 1,571,430 (6) Average common shares outstanding (in thousands) Basic 1,523,432 1,623,994 (6) Diluted 1,523,432 1,645,919 (7) Employees at year end (in thousands) 33.8 32.6 4 *Capital includes total debt, minority interests and common stockholders’ equity. 2008 2007 % Change Operating* U.S. crude oil production (MBD) 335 363 (8)% Worldwide crude oil production (MBD) 806 854 (6) U.S. natural gas production (MMCFD) 2,091 2,292 (9) Worldwide natural gas production (MMCFD) 4,847 5,087 (5) Worldwide natural gas liquids production (MBD) 153 155 (1) Worldwide Syncrude production (MBD) 22 23 (4) LUKOIL Investment net production (MBOED)** 445 444 – Worldwide production (MBOED)*** 2,234 2,324 (4) Natural gas liquids extracted — Midstream (MBD) 188 211 (11) Worldwide refinery crude oil throughput (MBD) 2,416 2,560 (6) Worldwide refinery utilization
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