Conoco Phillips Annual Report 2021
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Conoco Phillips Annual Report 2021 Form 10-K (NYSE:COP) Published: February 16th, 2021 PDF generated by stocklight.com 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 202 0 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissio n file number:001-32395 ConocoPhillip s (Exact name of registrant as specified in its chart er) Delaware 01-0562944 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 925 N. Eldridge Parkway Houston, TX 77079 (Address of principal executive offices) (Zip Cod e) Registrant's telephone number, including area co2d8e1:-293-1000 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 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [x] Yes [ ] Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of tNhoe Act. [ ] Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 o[rx 1] 5(d) of the SEexchuarintiegse Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file sreupcohrts), and (2) has been subject to such filing requirements for the past 90 dYaeys .[ ] I[nx]dicate by check mark whether the registrant has submitted electronically every INnoteractive Data File required to be spubrsmuiattnetd to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period thaet registrant was required to submit such [x] Yes [ ] f iles). No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a srempaolrletinr g company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “rsempoarltlienrg company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated [x] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting [ ] Emerging fgilreorwth compan y[ ] company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period fcoormplying 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 has filed a report on and attestation to its management’s assessment of tehfefectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7b2y 6th2e(b r)e)gistered public accounting firm that prepared or issued its audit rexp ]ort. [ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). [ ] NYoes [x] The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2020, the last business day of trheegistrant’s most recently completed second fiscal quarter, based on the closing price on that date of $424.50.21 ,b willaiosn. T$he registrant ha1d,354,734,72 7shares of common stock outstanding at January 31, 2021. Documents incorporated by Portions of the Proxy Statement for the Arenfneuraeln Mce:eting of Stockholders to be held on May 11, 2021 (Part III) TABLE OF CONTENTS Page Commonly Used Abbreviations………………………………………………………………………. 1 Item PART I 1 and 2. Business and Properties ..................................................................................................2.... Corporate Structure ......................................................................................................2.. Segment and Geographic Information .........................................................................2.. Alaska .....................................................................................................................4.. Lower 48 .................................................................................................................7.. Canada ...................................................................................................................9... Europe, Middle East and North Africa ....................................................................1. 0 Asia Pacific .............................................................................................................1..2 Other International ..................................................................................................1..5 Competition ................................................................................................................1..8. Human Capital Management ......................................................................................1..8. General ........................................................................................................................2..2. 1A. Risk Factors ....................................................................................................................2..3.. 1B. Unresolved Staff Comments ...........................................................................................3..2.. 3. Legal Proceedings ...........................................................................................................3..2.. 4. Mine Safety Disclosures ..................................................................................................3..3. Information About our Executive Officers ........................................................................3. 3 PART II 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ........................................................................3..5.. 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ..................................................................................................3..7. 7A. Quantitative and Qualitative Disclosures About Market Risk ...........................................7. 7 8. Financial Statements and Supplementary Data ...............................................................8..0.. 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ...................................................................................................1..7..9 9A. Controls and Procedures ................................................................................................1..7..9. 9B. Other Information ...........................................................................................................1..7..9 PART III 10. Directors, Executive Officers and Corporate Governance ..............................................1..8..0 11. Executive Compensation ................................................................................................1..8..0 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ......................................................................................1..8..0 13. Certain Relationships and Related Transactions, and Director Independence...............1..8..0. 14. Principal Accounting Fees and Services ........................................................................1..8..0. PART IV 15. Exhibits, Financial Statement Schedules .......................................................................1..8..1. Signatures ......................................................................................................................1..9..1. 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 BBL barrel Board 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 MCF thousand cubic feet principles MBOD thousand barrels of oil per day LIFO last-in, first-out MM million NPNS normal purchase normal sale MMBOE million barrels of oil equivalent PP&E properties, plants and equipment MMBOD million barrels of oil per day SAB staff accounting bulletin MBOED thousands of barrels of oil VIE variable interest entity equivalent per day MMBOED millions of barrels of oil equivalent per day Miscellaneous MMBTU million British thermal units EPA Environmental Protection Agency MMCFD million cubic feet per day ESG Environmental, Social and Corporate Governance EU European Union Industry FERC Federal Energy Regulatory CBM coalbed methane Commission E&P exploration and production GHG greenhouse gas FEED front-end engineering and designHSE health, safety and environment FPS floating production system ICC International Chamber of FPSO floating production,