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2004 Annual Report 2004 Annual Report ConocoPhillips 2004 Annual Report 2004 Annual Report Rising to the Challenge www.conocophillips.com Contents Financial Highlights 1 Our purpose is to use our pioneering spirit to responsibly deliver energy to the world. Worldwide Operations 2 Letter to Shareholders 4 Who We Are Operating Review 8 ConocoPhillips is an international, integrated energy Corporate Review 24 company. It is the third-largest integrated energy company in the United States, based on market Financial Review 30 capitalization, and oil and gas proved reserves and Directors and Officers 110 production; and the largest refiner in the United Glossary 112 States. Worldwide, of nongovernment-controlled companies, ConocoPhillips has the eighth-largest total of proved reserves and is the fifth-largest refiner. ConocoPhillips is known worldwide for its technological expertise in exploration and production, reservoir management and exploitation, 3-D seismic technology, high-grade petroleum coke upgrading, and sulfur removal. Headquartered in Houston, Texas, ConocoPhillips operates in more than 40 countries. The company has approximately 35,800 employees worldwide and assets of $93 billion. ConocoPhillips’stock is listed on the New York Stock Exchange under the symbol “COP.” Our Theme: Rising to the Challenge Our Businesses The company has four core activities worldwide: • Petroleum exploration and production. • Petroleum refining, marketing, supply and transportation. • Natural gas gathering, processing and marketing, including a 30.3 percent interest in Duke Energy Each day, employees in ConocoPhillips’ business units around the world make tangible contributions, which Field Services, LLC. elevate the company to new levels of performance. They rise to the challenge of increasing shareholder • Chemicals and plastics production and distribution value by keeping the company’s assets and systems through a 50 percent interest in Chevron Phillips operational, safe, environmentally sound, on the Chemical Company LLC. cutting edge of technology and ahead of the competition. Representing their global ConocoPhillips’ colleagues are (from left to right) Robyn Barker, In addition, the company is investing in several Production; Jostein Rott, Human Resources; Anita Csoma, Technology; L.G. (Took) Cramer, emerging businesses — technology solutions, Finance; An Tran, Exploration and Production; gas-to-liquids, power generation and emerging and Thomas Dozier, Refining. technologies — that provide current and potential future growth opportunities. Financial Highlights Millions of Dollars Except as Indicated 2004 2003 % Change Financial Total revenues $136,916 105,097 30 Income from continuing operations $ 8,107 4,593 77 Net income $ 8,129 4,735 72 Per share of common stock — diluted Income from continuing operations $ 11.57 6.70 73 Net income $ 11.60 6.91 68 Net cash provided by operating activities from continuing operations $ 11,998 9,167 31 Net cash provided by operating activities $ 11,959 9,356 28 Capital expenditures and investments $ 9,496 6,169 54 Total assets $ 92,861 82,455 13 Total debt $ 15,002 17,780 (16) Minority interests $ 1,105 842 31 Common stockholders’ equity $ 42,723 34,366 24 Percent of total debt to capital* 26% 34 (24) Common stockholders’ equity per share (book value) $ 61.49 50.33 22 Cash dividends per common share $ 1.79 1.63 10 Closing stock price per common share $ 86.83 65.57 32 Common shares outstanding at year-end (in thousands) 694,773 682,784 2 Average common shares outstanding (in thousands) Basic 690,784 680,490 2 Diluted 700,650 685,433 2 Employees at year-end (in thousands) 35.8 39.0 (8) *Capital includes total debt, minority interests and stockholders’ equity. 2004 2003 % Change Operating* U.S. crude oil production (MBD) 349 379 (8) Worldwide crude oil production (MBD) 905 934 (3) U.S. natural gas production (MMCFD) 1,388 1,479 (6) Worldwide natural gas production (MMCFD) 3,317 3,522 (6) Worldwide natural gas liquids production (MBD) 84 69 22 Worldwide Syncrude production (MBD) 21 19 11 LUKOIL Investment net production (MBOED) 40 —— Worldwide production (MBOED)** 1,603 1,609 — Natural gas liquids extracted — Midstream (MBD) 194 215 (10) Refinery crude oil throughput (MBD) 2,455 2,488 (1) Refinery utilization rate (%) 94 95 (1) U.S. automotive gasoline sales (MBD) 1,356 1,369 (1) U.S. distillates sales (MBD) 553 575 (4) Worldwide petroleum products sales (MBD) 3,141 3,046 3 LUKOIL Investment net refinery crude oil throughput (MBD) 19 —— *Includes ConocoPhillips’ share of equity affiliates, except LUKOIL, unless otherwise indicated. **Includes Syncrude and ConocoPhillips’ estimated share of LUKOIL production. The ConocoPhillips merger was consummated on Aug. 30, 2002, and used purchase accounting to recognize the fair value of Conoco Inc. assets and liabilities. Consequently, results for the year 2002 include eight months of activity for Phillips Petroleum Company and four months of activity for ConocoPhillips. Periods prior to the merger reflect only Phillips’ results. Certain disclosures in this Annual Report may be considered “forward-looking” statements. These are made pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The “Cautionary Statement” in Management’s Discussion and Analysis on page 57 should be read in conjunction with such statements. “ConocoPhillips,” “the company,” “we,” “us” and “our” are used interchangeably in this report to refer to the businesses of ConocoPhillips and its consolidated subsidiaries. All numerical references to crude oil, natural gas or natural gas liquids production volumes refer to production from proved reserves. ConocoPhillips 2004 Annual Report 1 Worldwide Operations Alaska Canada North America Exploration and Production (E&P) Profile: Explores for and produces crude oil, natural gas United States and natural gas liquids (NGL) on a worldwide basis. Also mines oil sands to upgrade to Syncrude. A key strategy is the development of legacy assets — very large oil and gas developments that can provide strong financial returns over long periods of time — through exploration, exploitation, redevelopments and acquisitions. Mexico Puerto Rico Operations: At year-end 2004, E&P held a combined 43.2 million net developed and undeveloped acres in LUKOIL Investment Trinidad 22 countries and produced hydrocarbons in 13. Crude Profile: This segment consists oil production in 2004 averaged 905,000 barrels per day of ConocoPhillips’ investment Venezuela (BPD), gas production averaged 3.3 billion cubic feet in the ordinary shares of per day, and NGL production averaged 84,000 BPD. LUKOIL, an international, Key regional focus areas included Australia; the North integrated oil and gas company Slope of Alaska; Southeast Asia; Canada; Russia; the headquartered in Russia. Caspian Sea; offshore China; the Middle East; Nigeria; ConocoPhillips’ investment was South America the North Sea; the Timor Sea; the Lower 48 United 10 percent as of Dec. 31, 2004. States, including the Gulf of Mexico; and Venezuela. Operations: At year-end 2004, LUKOIL Refining and Marketing (R&M) had exploration, production, refining Profile: Refines crude oil, and markets and transports and marketing operations in about petroleum products. ConocoPhillips is the largest refiner 30 countries. in the United States and, of nongovernment-controlled companies, is the fifth-largest refiner in the world. Midstream Profile: Midstream consists of Operations: Refining — At year-end 2004, R&M owned ConocoPhillips’ 30.3 percent interest 12 U.S. refineries, owned or had an interest in five in Duke Energy Field Services, LLC European refineries, and had an interest in one (DEFS), as well as certain ConocoPhillips refinery in Malaysia, totaling a combined net crude oil assets predominately located in North refining capacity of 2.59 million barrels of oil per day. America. Midstream gathers natural gas, Marketing — At year-end 2004, gasoline and distillates extracts and sells the NGL, and sells the were sold through approximately 16,400 branded outlets remaining (residue) gas to electrical utilities, in the United States, Europe and Southeast Asia. In industrial users and gas marketing companies. the United States, products were marketed primarily under the Phillips 66, Conoco and 76 brands. In Europe Operations: At year-end 2004, DEFS’ gathering and and Southeast Asia, the company marketed primarily transmission systems included nearly 59,000 miles of under the JET and ProJET brands. ConocoPhillips also pipelines, mainly in six of the major U.S. gas regions, marketed lubricants, commercial fuels, aviation fuels plus western Canada. DEFS also owned and operated, and liquid petroleum gas. ConocoPhillips’ refined products or had an equity interest in, 66 NGL extraction plants. sales were 3.1 million BPD in 2004. The company also Raw natural gas throughput averaged 6.4 billion cubic participated in joint ventures that support the specialty feet per day, and NGL extraction averaged 363,000 BPD products business. Transportation — R&M owned or in 2004. In addition, ConocoPhillips owned or had an had an interest in about 32,500 miles of pipeline systems interest in five gas processing plants and five NGL in the United States at year-end 2004. fractionators at year-end 2004. 2 Russia Norway Denmark United Kingdom Czech Republic Ireland Kazakhstan Belgium Germany Europe Asia Azerbaijan Middle East South Korea Saudi Arabia China Dubai Qatar Africa Vietnam Nigeria Malaysia Singapore Cameroon Indonesia Timor Sea Australia Chemicals
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