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ConocoPhillips Reports Second-Quarter Earnings Of $2.3 Billion Or $1.80 Per Share

ConocoPhillips’ six-month 2012 worldwide realized price for crude oil increased to $108.95 per barrel, compared with $105.42 per barrel for the first six months of 2011. Realized natural gas prices decreased by 14 percent from $5.36 per MCF a year ago to $4.61 per MCF for the first six months of 2012.

ConocoPhillips continues to optimize its portfolio through its disposition program. For the first half of 2012, the company has raised $1.6 billion in disposal proceeds, including the sale of the Vietnam business unit, Alba and Statfjord fields in the North Sea and other smaller asset sales. The company remains on track to complete its $8-$10 billion asset disposition program by mid-2013, with additional transactions currently in progress.

At June 30, 2012, debt was $23.0 billion and the debt-to-capital ratio was 33 percent. The company had total cash of $6.0 billion, comprised of $5.0 billion in restricted cash targeted for dividends and debt reduction, and $1.0 billion of cash and cash equivalents. Quarter-ending cash and debt reflect the impact of the Phillips 66 spinoff.

ConocoPhillips will host a conference call at 11 a.m. Eastern time today to discuss its quarterly results and provide a status update on operational and strategic plans. To listen to the call and view related presentation materials, go to www.conocophillips.com/investor. For detailed supplemental information, go to www.conocophillips.com/investor/earnings.

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About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips has operations and activities in 30 countries and approximately 16,500 employees as of June 30, 2012. Production averaged 1.59 million BOE per day for the six months ended June 30, 2012, and proved reserves were 8.4 billion BOE as of Dec. 31, 2011. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Information – This press release includes the terms adjusted earnings and adjusted earnings per share. These are non-GAAP financial measures. Adjusted earnings and adjusted earnings per share are included to help facilitate comparisons of company operating performance across periods.

References in the release to earnings refer to net income attributable to ConocoPhillips.
           
ConocoPhillips
Reconciliation of Earnings to Adjusted Earnings
$ Millions, Except as Indicated
Second Quarter Six Months
2012   2011 2012   2011
Earnings $ 2,267 3,402 5,204 6,430
Adjustments:
Impairments 30 - 550 -
Net gain on asset sales (285 ) (27 ) (1,222 ) (419 )
Bohai Bay incidents 89 - 89 -
Deferred tax adjustment (72 ) - (72 ) -
Separation costs 40 - 73 -
Cancelled projects - 54 - 54
Discontinued operations       (534 )   (1,118 ) (1,246 )   (1,842 )
Adjusted earnings     $ 1,535     2,311   3,376     4,223  
 
Earnings per share of common stock (dollars) $ 1.80 2.41 4.08 4.50
 
Adjusted earnings per share of common stock (dollars) $ 1.22 1.64 2.65 2.96

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