COP ConocoPhillips

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Restricted cash of $280 million and $264 million is included in the "Other assets" line of our Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023, respectively.

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Note 1—Basis of Presentation

The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K.

Note 2—Inventories

			Millions of Dollars
			June 30 2024			December 31 2023
Crude oil and natural gas			$	723		676
Materials and supplies			724			722
Total inventories			$	1,447		1,398
Inventories valued on the LIFO basis			$	409		401

Note 3—Acquisitions and Dispositions

Marathon Oil Corporation Announced Acquisition

For discussion regarding our announced acquisition of Marathon Oil Corporation (Marathon Oil), see Note 20.

Surmont Acquisition

In October 2023, we completed our acquisition of the remaining 50 percent working interest in Surmont, an asset in our Canada segment, from TotalEnergies EP Canada Ltd. The final consideration for the all-cash transaction was $3.0 billion after customary adjustments (CAD $4.1 billion):

Fair value of consideration			Millions of Dollars
Cash paid			$	2,635
Contingent consideration			320
Final Consideration			$	2,955

The contingent consideration arrangement requires additional consideration to be paid to TotalEnergies EP Canada Ltd. up to $0.4 billion CAD over a five-year term. The contingent payments represent $2 million for every dollar that WCS pricing exceeds $52 per barrel during the month, subject to certain production targets being achieved. The undiscounted amount we could pay under this arrangement is up to $0.3 billion USD. The fair value of the contingent consideration on the acquisition date was $320 million and estimated by applying the income approach. For the six-month period ended June 30, 2024, we have made payments of $67 million USD under this arrangement, reflected in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. See Note 11.

The transaction was accounted for as a business combination under FASB ASC Topic 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. By the end of the first quarter of 2024, we finalized the allocation of the purchase price to specific assets and liabilities. It was based on the fair value of final consideration and the conclusion of the fair value determination of long-lived assets and all other assets acquired and liabilities assumed.

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Oil and gas properties were valued using a discounted cash flow approach incorporating market participant and internally generated price assumptions, production profiles and operating and development cost assumptions. The fair values of other assets acquired and liabilities assumed, which included accounts receivable, accounts payable, and most other current assets and current liabilities, were determined to be equivalent to the carrying value due to their short-term nature. The total consideration of $3.0 billion was allocated to the identifiable assets and liabilities based on fair values as of the acquisition date of October 4, 2023.

Recognized amounts of identifiable assets acquired and liabilities assumed			Millions of Dollars
Oil and gas properties			$	3,082
Asset retirement obligations			(112)
Other			(15)
Total identifiable net assets			$	2,955

With the completion of the transaction, we have acquired proved and unproved properties of approximately $2.9 billion and $0.2 billion, respectively.

Supplemental Pro Forma (unaudited)

The following table summarizes the unaudited supplemental pro forma financial information for the three- and six-month periods ended June 30, 2023, as if we had completed the acquisition on January 1, 2022.

			Millions of Dollars
			Three Months Ended June 30, 2023												Six Months Ended June 30, 2023
Supplemental Pro Forma (unaudited)			As Reported			Pro Forma Surmont			Pro Forma Combined						As Reported			Pro Forma Surmont			Pro Forma Combined
Total Revenues and Other Income			$	12,884		689			13,573						28,401			1,292			29,693
Income (loss) before income taxes			3,362			159			3,521						7,924			229			8,153
Net Income (Loss)			2,232			121			2,353						5,152			174			5,326
Earnings per share ($ per share):
Basic net income (loss)			$	1.84					1.94						4.23						4.37
Diluted net income (loss)			1.84						1.94						4.22						4.36

The unaudited supplemental pro forma financial information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the transaction been completed on January 1, 2022, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma financial information for the three- and six-month periods ended June 30, 2023, is a result of combining the consolidated income statement of ConocoPhillips with the results of the assets acquired from TotalEnergies EP Canada Ltd. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma results include adjustments which relate primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to oil and gas properties. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected.

Note 4—Investments and Long-Term Receivables

Australia Pacific LNG Pty Ltd. (APLNG)

In Australia, we hold a 47.5 percent shareholding interest in APLNG. At June 30, 2024, the outstanding balance of APLNG's debt was $4.3 billion under various previously entered facilities. The last principal and interest payment on these facilities is due in September 2030. See Note 7.

At June 30, 2024, the carrying value of our equity method investment in APLNG was approximately $5.1 billion.

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Port Arthur LNG (PALNG)

In March 2023, we acquired a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility. At June 30, 2024, the carrying value of our equity method investment in PALNG was approximately $1.5 billion.

Qatar LNG Projects

Our equity method investments in Qatar include the following:

•QatarEnergy LNG N(3) (N3)—30 percent owned joint venture with an affiliate of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG.

•QatarEnergy LNG NFE(4) (NFE4)—25 percent owned joint venture with affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East LNG project.

•QatarEnergy LNG NFS(3) (NFS3)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project.

At June 30, 2024, the carrying value of our equity method investments in Qatar was approximately $1.2 billion.

Note 5—Debt

Our debt balance at June 30, 2024 was $18.4 billion, compared with $18.9 billion at December 31, 2023.

In the first quarter of 2024, the company retired $461 million principal amount of our 2.125% Notes at maturity.

Our revolving credit facility provides a total borrowing capacity of $5.5 billion with an expiration date of February 2027. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date.

Credit facility borrowings may bear interest at a margin above the Secured Overnight Financing Rate (SOFR). The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors.

The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at June 30, 2024, and at December 31, 2023.

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 ratings 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.

At June 30, 2024, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis; therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

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Note 6—Changes in Equity

			Millions of Dollars
			Common Stock
			Par Value			Capital in Excess of Par			Treasury Stock			Accum. Other Comprehensive Income (Loss)			Retained Earnings			Total
For the three months ended June 30, 2024
Balances at March 31, 2024			$	21		61,300			(66,974)			(5,917)			60,895			49,325
Net income (loss)															2,329			2,329
Other comprehensive income (loss)												(44)						(44)
Dividends declared
Ordinary ($0.58 per common share)															(680)			(680)
Variable return of cash ($0.20 per common share)															(235)			(235)
Repurchase of company common stock									(1,021)									(1,021)
Excise tax on share repurchases									(10)									(10)
Distributed under benefit plans						81												81
Balances at June 30, 2024			$	21		61,381			(68,005)			(5,961)			62,309			49,745
For the six months ended June 30, 2024
Balances at December 31, 2023			$	21		61,303			(65,640)			(5,673)			59,268			49,279
Net income (loss)															4,880			4,880
Other comprehensive income (loss)												(288)						(288)
Dividends declared
Ordinary ($1.16 per common share)															(1,368)			(1,368)
Variable return of cash ($0.40 per common share)															(471)			(471)
Repurchase of company common stock									(2,346)									(2,346)
Excise tax on share repurchases									(19)									(19)
Distributed under benefit plans						78												78
Balances at June 30, 2024			$	21		61,381			(68,005)			(5,961)			62,309			49,745

			Millions of Dollars
			Common Stock
			Par Value			Capital in Excess of Par			Treasury Stock			Accum. Other Comprehensive Income (Loss)			Retained Earnings			Total
For the three months ended June 30, 2023
Balances at March 31, 2023			$	21		61,100			(61,904)			(6,027)			54,593			47,783
Net income (loss)															2,232			2,232
Other comprehensive income (loss)												102						102
Dividends declared
Ordinary ($0.51 per common share)															(620)			(620)
Variable return of cash ($0.60 per common share)															(723)			(723)
Repurchase of company common stock									(1,300)									(1,300)
Excise tax on share repurchases									(13)									(13)
Distributed under benefit plans						69												69
Other															1			1
Balances at June 30, 2023			$	21		61,169			(63,217)			(5,925)			55,483			47,531
For the six months ended June 30, 2023
Balances at December 31, 2022			$	21		61,142			(60,189)			(6,000)			53,029			48,003
Net income (loss)															5,152			5,152
Other comprehensive income (loss)												75						75
Dividends declared
Ordinary ($1.02 per common share)															(1,245)			(1,245)
Variable return of cash ($1.20 per common share)															(1,454)			(1,454)
Repurchase of company common stock									(3,000)									(3,000)
Excise tax on share repurchases									(28)									(28)
Distributed under benefit plans						27												27
Other															1			1
Balances at June 30, 2023			$	21		61,169			(63,217)			(5,925)			55,483			47,531

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Note 7—Guarantees

At June 30, 2024, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence.

APLNG Guarantees

At June 30, 2024, we had multiple guarantees outstanding in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing June 2024 exchange rates:

•During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee to be seven years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At June 30, 2024, the carrying value of this guarantee was approximately $14 million.

•In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy Limited in October 2008, we agreed to reimburse Origin Energy Limited for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements. The final guarantee expires in the fourth quarter of 2041. Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $680 million ($1.1 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG.

•We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of 13 to 21 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $490 million and would become payable if APLNG does not perform. At June 30, 2024, the carrying value of these guarantees was approximately $34 million.

QatarEnergy LNG Guarantees

We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. These guarantees have an approximate 30-year term with no maximum limit. At June 30, 2024, the carrying value of these guarantees was approximately $14 million.

Other Guarantees

We have other guarantees with maximum future potential payment amounts totaling approximately $620 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of one to five years and would become payable if certain asset values are lower than guaranteed amounts at the end of the lease or contract term, business conditions decline at guaranteed entities, or as a result of nonperformance of contractual terms by guaranteed parties. At June 30, 2024, there was no carrying value associated with these guarantees.

Indemnifications

Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnification obligations at June 30, 2024, was approximately $20 million. Those related to environmental issues have terms that are generally indefinite, and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note 8 for additional information about environmental liabilities.

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Note 8—Contingencies, Commitments and Accrued Environmental Costs

A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Environmental

We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable.

Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits.

We are currently participating in environmental assessments and cleanups at numerous CERCLA and other comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries.

For remediation activities in the U.S. and Canada, our consolidated balance sheet included a total environmental accrual of $184 million at both June 30, 2024 and December 31, 2023. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings.

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Litigation and Other Contingencies

We are subject to various lawsuits and claims including, but not limited to, matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations and climate change. We will continue to defend ourselves vigorously in these matters.

Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required.

We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at June 30, 2024, we had performance obligations secured by letters of credit of $262 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business.

In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal ("Tribunal") held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007. On August 29, 2019, the Tribunal issued a decision rectifying the award and reducing it by approximately $227 million. The award now stands at $8.5 billion plus interest. The government of Venezuela sought annulment of the award, which automatically stayed enforcement of the award. On September 29, 2021, the ICSID annulment committee lifted the stay of enforcement of the award. The annulment proceedings are underway.

In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing the settlement agreement. The balance of the settlement was to be paid quarterly over a period of four and a half years. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA has failed to cure its breach. As a result, ConocoPhillips has resumed legal enforcement actions. To date, ConocoPhillips has received approximately $784 million in connection with the ICC award. ConocoPhillips has ensured that the settlement and any actions taken in enforcement thereof meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela.

In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro Project. On August 2, 2019, the ICC Tribunal awarded ConocoPhillips approximately $33 million plus interest under the Corocoro contracts. ConocoPhillips is seeking recognition and enforcement of the award in various jurisdictions. ConocoPhillips has ensured that all the actions related to the award meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela.

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Beginning in 2017, governmental and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. Additional lawsuits with similar allegations are expected to be filed. The legal and factual issues are unprecedented, therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the Company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits.

Several Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA) against oil and gas companies, including ConocoPhillips, seeking compensatory damages for contamination and erosion of the Louisiana coastline allegedly caused by historical oil and gas operations. ConocoPhillips entities are defendants in 22 of the lawsuits and will vigorously defend against them. On October 17, 2022, the Fifth Circuit affirmed remand of the lead case to state court and the subsequent request for rehearing was denied. On February 27, 2023, the Supreme Court denied a certiorari petition from the defendants regarding the Fifth Circuit ruling. Accordingly, the federal district courts have issued remands to state court. Because Plaintiffs’ SLCRMA theories are unprecedented, there is uncertainty about these claims (both as to scope and damages) and we continue to evaluate our exposure in these lawsuits.

In October 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities but sold its interest approximately 30 years ago. ConocoPhillips continues to evaluate its exposure in this matter.

In July 2021, a federal securities class action was filed against Concho, certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief, and such other relief that may be deemed appropriate. The defendants filed a motion to dismiss the consolidated complaint on March 8, 2022. On June 23, 2023, the court denied defendants’ motion as to most defendants including Concho/ConocoPhillips. We believe the allegations in the action are without merit and are vigorously defending this litigation.

ConocoPhillips is involved in pending disputes with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe these claims are without merit and are vigorously defending them.

Note 9—Suspended Wells and Exploration Expenses

The capitalized cost of suspended wells at June 30, 2024 was $164 million, a decrease of $20 million from December 31, 2023. In the first quarter of 2024, after further evaluation, we recognized dry hole expenses of $18 million for the suspended Busta discovery well on license PL782S in the North Sea.

Exploration Expenses

In the second quarter of 2024, we recognized $22 million as dry hole expense primarily for two partner operated exploration wells in the Alvheim area of the Norwegian sector of the North Sea.

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Note 10—Derivative and Financial Instruments

We use futures, forwards, swaps and options in various markets to meet our customers' needs, capture market opportunities and manage foreign exchange currency risk.

Commodity Derivative Instruments

Our commodity business primarily consists of natural gas, crude oil, bitumen, NGLs, LNG and power.

Commodity derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts and certain gas contracts. We do not apply hedge accounting for our commodity derivatives.

The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:

			Millions of Dollars
			June 30 2024			December 31 2023
Assets
Prepaid expenses and other current assets			$	512		611
Other assets			123			113
Liabilities
Other accruals			483			567
Other liabilities and deferred credits			104			80

The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Sales and other operating revenues			$	32		(16)			86			12
Other income			—			(2)			—			(1)
Purchased commodities			(29)			16			(79)			(56)

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:

			Open Position Long (Short)
			June 30 2024			December 31 2023
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price			(18)			(12)
Basis			9			(2)

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Interest Rate Derivative Instruments

For the three- and six-month periods ended June 30, 2024, we recognized an unrealized gain of $33 million and $13 million, respectively in other comprehensive income (loss) related to our share of PALNG's interest rate swaps designated as a cash flow hedge. For the three- and six-month periods ended June 30, 2023, the impact of these instruments on our financial statements was negligible.

Financial Instruments

We invest in financial instruments with maturities based on our cash forecasts for the various accounts and currency pools we manage. The types of financial instruments in which we currently invest include:

•Time deposits: Interest bearing deposits placed with financial institutions for a predetermined amount of time.

•Demand deposits: Interest bearing deposits placed with financial institutions. Deposited funds can be withdrawn without notice.

•Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount, reaching par value at maturity.

•U.S. government or government agency obligations: Securities issued by the U.S. government or U.S. government agencies.

•Foreign government obligations: Securities issued by foreign governments.

•Corporate bonds: Unsecured debt securities issued by corporations.

•Asset-backed securities: Collateralized debt securities.

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at June 30, 2024, and December 31, 2023:

			Millions of Dollars
			Carrying Amount
			Cash and Cash Equivalents						Short-Term Investments
			June 30 2024			December 31 2023			June 30 2024			December 31 2023
Cash			$	662		474
Demand Deposits			1,157			1,424
Time Deposits
1 to 90 days			1,539			3,713			1,270			511
91 to 180 days									20			22
Within one year									6			3
U.S. Government Obligations
1 to 90 days			918			24			—			—
			$	4,276		5,635			1,296			536

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The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at June 30, 2024, and December 31, 2023:

			Millions of Dollars
			Carrying Amount
			Cash and Cash Equivalents						Short-Term Investments						Investments and Long-Term Receivables
			June 30 2024			December 31 2023			June 30 2024			December 31 2023			June 30 2024			December 31 2023
Major Security Type
Corporate Bonds			$	1		—			247			201			650			606
Commercial Paper			17			—			112			131
U.S. Government Obligations			—			—			43			89			172			189
U.S. Government Agency Obligations									—			5			7			7
Foreign Government Obligations									7			7			4			4
Asset-Backed Securities									18			2			201			183
			$	18		—			427			435			1,034			989

Cash and Cash Equivalents and Short-Term Investments have remaining maturities within one year. Investments and Long-Term Receivables have remaining maturities greater than one year through five years.

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:

			Millions of Dollars
			Amortized Cost Basis						Fair Value
			June 30 2024			December 31 2023			June 30 2024			December 31 2023
Major Security Type
Corporate Bonds			$	900		806			898			807
Commercial Paper			129			131			129			131
U.S. Government Obligations			217			278			215			278
U.S. Government Agency Obligations			7			12			7			12
Foreign Government Obligations			11			11			11			11
Asset-Backed Securities			219			184			219			185
			$	1,483		1,422			1,479			1,424

As of June 30, 2024 total unrealized losses for debt securities classified as available for sale with net losses were $5 million. As of December 31, 2023, total unrealized gains for debt securities classified as available for sale with net gains were $5 million. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position.

For the three- and six-month periods ended June 30, 2024, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $231 million and $455 million, respectively. For the three- and six-month periods ended June 30, 2023, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $251 million and $551 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method.

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Credit Risk

Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, long-term investments in debt securities, OTC derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, government money market funds, U.S. government and government agency obligations, time deposits with major international banks and financial institutions, high-quality corporate bonds, foreign government obligations and asset-backed securities. Our long-term investments in debt securities are placed in high-quality corporate bonds, asset-backed securities, U.S. government and government agency obligations, and foreign government obligations.

The credit risk from our OTC derivative contracts, such as forwards, swaps and options, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared primarily with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements.

Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less, and we continually monitor this exposure and the creditworthiness of the counterparties. We may require collateral to limit the exposure to loss including letters of credit, prepayments and surety bonds, as well as master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us.

Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange.

The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position at June 30, 2024, and December 31, 2023, was $134 million and $181 million, respectively. For these instruments, collateral posted at June 30, 2024 was $8 million and no collateral was posted at December 31, 2023. If our credit rating had been downgraded below investment grade at June 30, 2024, we would have been required to post $92 million of additional collateral, either with cash or letters of credit.

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Note 11—Fair Value Measurement

We carry a portion of our assets and liabilities at fair value that are measured at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the fair value hierarchy.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during the six-month period ended June 30, 2024, nor during the year ended December 31, 2023.

Recurring Fair Value Measurement

Financial assets and liabilities reported at fair value on a recurring basis include our investments in debt securities classified as available for sale, commodity derivatives and our contingent consideration arrangement related to the Surmont acquisition. See Note 3.

•Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include our investments in U.S. government obligations classified as available for sale debt securities, which are valued using exchange prices.

•Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 2 financial assets also include our investments in debt securities classified as available for sale, including investments in corporate bonds, commercial paper, asset-backed securities, U.S. government agency obligations and foreign government obligations that are valued using pricing provided by brokers or pricing service companies that are corroborated with market data.

•Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 commodity derivative activity was not material for all periods presented.

•Level 3 liabilities include the fair value of future quarterly contingent payments to TotalEnergies EP Canada Ltd. in connection with the acquisition of the remaining 50 percent working interest in Surmont completed in 2023. Contingent consideration consists of total payments up to approximately $0.4 billion CAD over a five-year term ending in the fourth quarter of 2028. The contingent payments represent $2 million for every dollar that the monthly WCS average pricing exceeds $52 per barrel. The terms include adjustments related to not achieving certain production targets. During the six-month period ended June 30, 2024, we made payments of approximately $67 million USD to TotalEnergies EP Canada Ltd. under this arrangement. These payments are recognized in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. The fair value of the remaining contingent consideration as of June 30, 2024 is calculated using the income approach and is largely based on the estimated commodity price outlook using a combination of external pricing service companies' and our internal price outlook (unobservable input) and a discount rate consistent with those used by principal market participants (observable input). The impact of other unobservable inputs on the fair value as of June 30, 2024 was not significant.

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The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):

			Millions of Dollars
			June 30, 2024															December 31, 2023
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets
Investments in debt securities			$	215		1,264			—			1,479						278			1,146			—			1,424
Commodity derivatives			298			287			50			635						308			301			115			724
Total assets			$	513		1,551			50			2,114						586			1,447			115			2,148
Liabilities
Commodity derivatives			$	333		240			14			587						350			283			14			647
Contingent consideration			—			—			249			249						—			—			312			312
Total liabilities			$	333		240			263			836						350			283			326			959

The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows:

Fair Value (Millions of Dollars)

Valuation Technique

Unobservable Input

Range (Arithmetic Average)

Contingent consideration - Surmont as of:

June 30, 2024

$

249

Discounted cash flow

Commodity price outlook* ($/BOE)

$59.99 - $67.34 ($62.38)

December 31, 2023

312

$45.48 - $63.04 ($57.45)

*Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook.

The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.

			Millions of Dollars
									Amounts Subject to Right of Setoff
			Gross Amounts Recognized			Amounts Not Subject to Right of Setoff			Gross Amounts			Gross Amounts Offset			Net Amounts Presented			Cash Collateral			Net Amounts
June 30, 2024
Assets			$	635		16			619			368			251			1			250
Liabilities			587			16			571			368			203			41			162
December 31, 2023
Assets			$	724		39			685			375			310			4			306
Liabilities			647			34			613			375			238			47			191

At June 30, 2024 and December 31, 2023, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

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Reported Fair Values of Financial Instruments

We used the following methods and assumptions to estimate the fair value of financial instruments:

•Cash and cash equivalents and short-term investments: The carrying amount reported on the balance sheet approximates fair value. For those investments classified as available for sale debt securities, the carrying amount reported on the balance sheet is fair value.

•Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value.

•Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 10.

•Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value.

•Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy.

•Commercial paper: The carrying amount of our commercial paper instruments approximates fair value and is reported on the balance sheet as short-term debt.

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):

			Millions of Dollars
			Carrying Amount									Fair Value
			June 30 2024			December 31 2023						June 30 2024			December 31 2023
Financial assets
Commodity derivatives			266			345						266			345
Investments in debt securities			1,479			1,424						1,479			1,424
Financial liabilities
Total debt, excluding finance leases			17,318			17,808						17,321			18,621
Commodity derivatives			178			225						178			225

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Note 12—Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes:

			Millions of Dollars
			Defined Benefit Plans			Unrealized Holding Gain/(Loss) on Securities			Foreign Currency Translation			Unrealized Gain/(Loss) on Hedging Activities			Accumulated Other Comprehensive Income/(Loss)
December 31, 2023			$	(393)		2			(5,344)			62			(5,673)
Other comprehensive income (loss)			9			(4)			(303)			10			(288)
June 30, 2024			$	(384)		(2)			(5,647)			72			(5,961)

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss):

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Defined benefit plans*			$	4		6			9			17

*The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $2 million and $3 million for the three-month periods ended June 30, 2024 and June 30, 2023, respectively, and $4 million and $6 million for the six-month periods ended

June 30, 2024 and June 30, 2023, respectively. See Note 14.

Note 13—Cash Flow Information

			Millions of Dollars
			Six Months Ended June 30
			2024			2023
Cash Payments
Interest			$	404		358
Income taxes			2,067			3,202
Net Sales (Purchases) of Investments
Short-term investments purchased			$	(1,502)		(783)
Short-term investments sold			971			2,676
Long-term investments purchased			(347)			(414)
Long-term investments sold			84			70
			$	(794)		1,549

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Note 14—Employee Benefit Plans

Pension and Postretirement Plans

			Millions of Dollars
			Pension Benefits																								Other Benefits
			2024												2023												2024						2023
			U.S.						Int'l.						U.S.						Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended June 30
Service cost			$	13					9						13						9						1						—
Interest cost			19						28						20						29						2						2
Expected return on plan assets			(17)						(40)						(14)						(37)
Amortization of prior service credit			—						—						—						—						(10)						(10)
Recognized net actuarial loss (gain)			2						14						3						17						—						(1)
Settlements			—						—						—						—
Net periodic benefit cost			$	17					11						22						18						(7)						(9)
Six Months Ended June 30
Service cost			$	25					19						26						19						1						—
Interest cost			38						57						39						57						3						3
Expected return on plan assets			(33)						(81)						(29)						(74)
Amortization of prior service credit			—						—						—						—						(19)						(19)
Recognized net actuarial loss (gain)			4						28						6						34						—						(2)
Settlements			—						—						4						—
Net periodic benefit cost			$	34					23						46						36						(15)						(18)

The components of net periodic benefit cost, other than the service cost component, are included in the "Other expenses" line of our consolidated income statement.

During the first six months of 2024, we contributed $9 million to our domestic benefit plans and $46 million to our international benefit plans. We expect our total contributions in 2024 to be approximately $100 million to our domestic qualified and unqualified pension and postretirement benefit plans and $85 million to our international qualified and nonqualified pension and postretirement benefit plans.

Note 15—Related Party Transactions

Our related parties primarily include equity method investments and certain trusts for the benefit of employees.

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Significant Transactions with Equity Affiliates
Operating revenues and other income			$	23		23			41			44
Operating expenses and selling, general and administrative expenses			57			72			112			150

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Note 16—Sales and Other Operating Revenues

Revenue from Contracts with Customers

The following table provides further disaggregation of our consolidated sales and other operating revenues:

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Revenue from contracts with customers			$	12,660		11,015			24,967			22,979
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative			1,003			1,465			2,568			4,592
Financial derivative contracts			(43)			(129)			(67)			(409)
Consolidated sales and other operating revenues			$	13,620		12,351			27,468			27,162

Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information:

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48			$	743		1,081			2,002			3,589
Canada			91			204			308			771
Europe, Middle East and North Africa			169			180			258			232
Physical contracts meeting the definition of a derivative			$	1,003		1,465			2,568			4,592

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
Crude oil			$	53		96			53			143
Natural gas			715			1,123			1,914			3,848
Other			235			246			601			601
Physical contracts meeting the definition of a derivative			$	1,003		1,465			2,568			4,592

Practical Expedients

Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. 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. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period.

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Receivables and Contract Liabilities

Receivables from Contracts with Customers

At June 30, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,323 million compared with $4,414 million at December 31, 2023, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected.

Contract Liabilities from Contracts with Customers

We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. Revenue recognized during the three- and six-month periods ended June 30, 2024 was immaterial. No revenue was recognized during the three- and six-month periods ended June 30, 2023. We expect to recognize the outstanding contract liabilities of $45 million as of June 30, 2024, as revenue during the years 2026, 2028 and 2029.

Note 17—Earnings Per Share

The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.

			Millions of Dollars (except per share amounts)
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Basic earnings per share
Net Income (Loss)			$	2,329		2,232			4,880			5,152
Less: Dividends and undistributed earnings
allocated to participating securities			7			8			15			17
Net Income (Loss) available to common shareholders			$	2,322		2,224			4,865			5,135
Weighted-average common shares outstanding (in millions)			1,168			1,207			1,173			1,214
Net Income (Loss) Per Share of Common Stock			$	1.99		1.84			4.15			4.23
Diluted earnings per share
Net Income (Loss) available to common shareholders			$	2,322		2,224			4,865			5,135
Weighted-average common shares outstanding (in millions)			1,168			1,207			1,173			1,214
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in millions)			2			3			3			3
Weighted-average diluted shares outstanding (in millions)			1,170			1,210			1,176			1,217
Net Income (Loss) Per Share of Common Stock			$	1.98		1.84			4.14			4.22

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Note 18—Segment Disclosures and Related Information

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

Corporate and Other represents income and costs not directly associated with an operating segment, such as most interest income and expense; impacts from certain debt transactions; consolidating tax adjustments; corporate overhead and certain technology activities, including licensing revenues; and unrealized holding gains or losses on equity securities. All cash and cash equivalents and short-term investments are included in Corporate and Other.

We evaluate performance and allocate resources based on net income (loss). Intersegment sales are at prices that approximate market.

Analysis of Results by Operating Segment

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Sales and Other Operating Revenues
Alaska			$	1,783		1,709			3,453			3,444
Lower 48			9,053			8,389			18,362			18,438
Intersegment eliminations			—			(1)			(1)			(5)
Lower 48			9,053			8,388			18,361			18,433
Canada			1,553			850			2,997			2,033
Intersegment eliminations			(612)			(401)			(1,120)			(741)
Canada			941			449			1,877			1,292
Europe, Middle East and North Africa			1,296			1,369			2,753			3,071
Asia Pacific			543			432			1,017			896
Corporate and Other			4			4			7			26
Consolidated sales and other operating revenues			$	13,620		12,351			27,468			27,162
Sales and Other Operating Revenues by Geographic Location(1)
U.S.			$	10,776		10,040			21,756			21,842
Canada			941			449			1,877			1,292
China			275			244			488			446
Libya			470			447			970			817
Malaysia			268			189			529			450
Norway			514			577			1,138			1,228
U.K.			374			404			707			1,085
Other foreign countries			2			1			3			2
Worldwide consolidated			$	13,620		12,351			27,468			27,162
Sales and Other Operating Revenues by Product
Crude oil			$	10,112		8,965			19,674			17,867
Natural gas			1,175			1,860			3,057			6,272
Natural gas liquids			662			582			1,342			1,277
Other(2)			1,671			944			3,395			1,746
Consolidated sales and other operating revenues by product			$	13,620		12,351			27,468			27,162

(1)Sales and other operating revenues are attributable to countries based on the location of the selling operation.

(2)Includes bitumen and power.

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			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2024			2023			2024			2023
Net Income (Loss)
Alaska			$	360		372			706			788
Lower 48			1,259			1,230			2,640			3,082
Canada			261			32			441			38
Europe, Middle East and North Africa			251			264			555			629
Asia Pacific			444			387			956			909
Other International			3			(4)			2			(3)
Corporate and Other			(249)			(49)			(420)			(291)
Consolidated net income (loss)			$	2,329		2,232			4,880			5,152

			Millions of Dollars
			June 30 2024			December 31 2023
Total Assets
Alaska			$	17,124		16,174
Lower 48			42,659			42,415
Canada			10,047			10,277
Europe, Middle East and North Africa			7,968			8,396
Asia Pacific			8,483			8,903
Other International			5			—
Corporate and Other			9,708			9,759
Consolidated total assets			$	95,994		95,924

Note 19—Income Taxes

Our effective tax rate for the three-month periods ended June 30, 2024, and 2023, was 36.3 percent and 33.6 percent, respectively, and our effective tax rate for the six-month periods ended June 30, 2024, and 2023, was 34.6 percent and 35.0 percent, respectively. The change in the effective tax rate for the three-month period ended June 30, 2024, is primarily due to a shift in our mix of income among taxing jurisdictions. The change in the effective tax rate for the six-month period ended June 30, 2024, is primarily due to the recognition of a Malaysian tax benefit, described below, and a shift in our mix of income among our tax jurisdictions.

During the first quarter of 2024, we recorded a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia Blocks J and G.

The Company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely occasionally close audits unpredictably. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change is not estimable but could be significant when compared with our total unrecognized tax benefits.

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Note 20—Announced Acquisition of Marathon Oil Corporation

On May 28, 2024, we entered into a definitive agreement (the Merger Agreement) with Marathon Oil to acquire all of its outstanding shares in an all-stock transaction, pursuant to which Marathon Oil stockholders will receive 0.255 shares of ConocoPhillips common stock for each Marathon Oil share. The transaction was unanimously approved by the boards of directors of both companies.

Marathon Oil is expected to hold a special meeting on August 29, 2024, for the purpose of obtaining stockholder approval for the merger proposal and other related proposals. We are working to complete the merger as soon as practicable and continue to anticipate obtaining all the requisite stockholder and regulatory approvals by late in the fourth quarter of 2024. See Item 1A. Risk Factors.

Note 21—New Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting.” The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes.” The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

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v3.24.2.u1

Cover	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-32395
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,161,249,790
Entity Central Index Key	0001163165
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP—718507BK1
Security Exchange Name	NYSE

v3.24.2.u1

Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and Other Income
Sales and other operating revenues	$ 13,620	$ 12,351	$ 27,468	$ 27,162
Equity in earnings of affiliates	403	412	824	911
Gain (loss) on dispositions	(5)	(1)	88	92
Other income	118	122	232	236
Total Revenues and Other Income	14,136	12,884	28,612	28,401
Costs and Expenses
Purchased commodities	4,858	4,616	10,192	10,754
Production and operating expenses	2,164	1,886	4,179	3,665
Selling, general and administrative expenses	164	205	342	364
Exploration expenses	102	83	214	221
Depreciation, depletion and amortization	2,334	2,010	4,545	3,952
Impairments	34	0	34	1
Taxes other than income taxes	536	512	1,091	1,088
Accretion on discounted liabilities	80	68	160	136
Interest and debt expense	198	179	403	367
Foreign currency transaction (gain) loss	9	(14)	(9)	(58)
Other expenses	(2)	(23)	(6)	(13)
Total Costs and Expenses	10,477	9,522	21,145	20,477
Income (loss) before income taxes	3,659	3,362	7,467	7,924
Income tax provision (benefit)	1,330	1,130	2,587	2,772
Net Income (Loss)	$ 2,329	$ 2,232	$ 4,880	$ 5,152
Net Income (Loss) Per Share of Common Stock (dollars)
Basic (in dollars per share)	$ 1.99	$ 1.84	$ 4.15	$ 4.23
Diluted (in dollars per share)	$ 1.98	$ 1.84	$ 4.14	$ 4.22
Weighted-Average Common Shares Outstanding (in thousands)
Basic (in shares)	1,168,198	1,207,443	1,173,410	1,213,800
Diluted (in shares)	1,170,299	1,210,342	1,175,595	1,216,743

v3.24.2.u1

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 2,329	$ 2,232	$ 4,880	$ 5,152
Defined benefit plans
Reclassification adjustment for amortization of prior service cost (credit) included in net income (loss)	(10)	(10)	(19)	(19)
Net change	(10)	(10)	(19)	(19)
Reclassification adjustment for amortization of net actuarial losses (gains) included in net income (loss)	16	19	32	42
Net change	16	19	32	42
Income taxes on defined benefit plans	(2)	(3)	(4)	(6)
Defined benefit plans, net of tax	4	6	9	17
Unrealized holding gain (loss) on securities	(1)	(3)	(5)	3
Reclassification adjustment for (gain) loss included in net income (loss)	0	(1)	0	(2)
Income taxes on unrealized holding gain (loss) on securities	0	1	1	0
Unrealized holding gain (loss) on securities, net of tax	(1)	(3)	(4)	1
Foreign currency translation adjustments, net of tax	(73)	99	(303)	57
Unrealized gain (loss) on hedging activities	33	0	13	0
Income taxes on unrealized gain (loss) on hedging activities	(7)	0	(3)	0
Unrealized gain (loss) on hedging activities, net of tax	26	0	10	0
Other Comprehensive Income (Loss), Net of Tax	(44)	102	(288)	75
Comprehensive Income (Loss)	$ 2,285	$ 2,334	$ 4,592	$ 5,227

v3.24.2.u1

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 4,294	$ 5,635
Short-term investments	1,723	971
Inventories	1,447	1,398
Prepaid expenses and other current assets	963	852
Total Current Assets	13,734	14,330
Investments and long-term receivables	9,304	9,130
Net properties, plants and equipment (net of accumulated DD&A of $77,911 and $74,361, respectively)	70,226	70,044
Other assets	2,730	2,420
Total Assets	95,994	95,924
Liabilities
Short-term debt	1,312	1,074
Accrued income and other taxes	2,016	1,811
Employee benefit obligations	516	774
Other accruals	1,324	1,229
Total Current Liabilities	10,324	10,005
Long-term debt	17,040	17,863
Asset retirement obligations and accrued environmental costs	7,238	7,220
Deferred income taxes	8,927	8,813
Employee benefit obligations	990	1,009
Other liabilities and deferred credits	1,730	1,735
Total Liabilities	46,249	46,645
Equity
Par value	21	21
Capital in excess of par	61,381	61,303
Treasury stock (at cost: 2024—945,656,667 shares; 2023—925,670,961 shares)	(68,005)	(65,640)
Accumulated other comprehensive income (loss)	(5,961)	(5,673)
Retained earnings	62,309	59,268
Total Equity	49,745	49,279
Total Liabilities and Equity	95,994	95,924
Nonrelated Party
Assets
Accounts and notes receivable	5,285	5,461
Liabilities
Accounts payable	5,065	5,083
Related Party
Assets
Accounts and notes receivable	22	13
Liabilities
Accounts payable	$ 91	$ 34

v3.24.2.u1

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 4	$ 3
Accumulated depreciation, depletion and amortization	$ 77,911	$ 74,361
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	2,106,906,457	2,103,772,516
Treasury stock, shares (in shares)	945,656,667	925,670,961

v3.24.2.u1

Consolidated Statement of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net Income (Loss)		$ 4,880	$ 5,152
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization		4,545	3,952
Impairments		34	1
Dry hole costs and leasehold impairments		48	102
Accretion on discounted liabilities		160	136
Deferred taxes		211	489
Distributions more (less) than income from equity affiliates		364	652
(Gain) loss on dispositions		(88)	(92)
Other		10	(7)
Working capital adjustments
Decrease (increase) in accounts and notes receivable		148	2,246
Decrease (increase) in inventories		(57)	(23)
Decrease (increase) in prepaid expenses and other current assets		(147)	295
Increase (decrease) in accounts payable		(183)	(1,614)
Increase (decrease) in taxes and other accruals		(21)	(2,032)
Net Cash Provided by Operating Activities		9,904	9,257
Cash Flows From Investing Activities
Capital expenditures and investments		(5,885)	(5,820)
Working capital changes associated with investing activities		173	86
Acquisition of businesses, net of cash acquired		49	0
Proceeds from asset dispositions		178	426
Net sales (purchases) of investments		(794)	1,549
Other		(13)	(5)
Net Cash Used in Investing Activities		(6,292)	(3,764)
Cash Flows From Financing Activities
Issuance of debt		0	1,093
Repayment of debt		(563)	(1,200)
Issuance of company common stock		(57)	(95)
Repurchase of company common stock		(2,346)	(3,000)
Dividends paid		(1,839)	(2,838)
Other		(63)	(11)
Net Cash Used in Financing Activities		(4,868)	(6,051)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		(69)	(162)
Net Change in Cash, Cash Equivalents and Restricted Cash		(1,325)	(720)
Cash, cash equivalents and restricted cash at beginning of period	[1]	5,899	6,694
Cash, Cash Equivalents and Restricted Cash at End of Period	[1]	$ 4,574	$ 5,974
[1] Restricted cash of $280 million and $264 million is included in the "Other assets" line of our Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023, respectively.

v3.24.2.u1

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Restricted cash	$ 280	$ 264
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent

v3.24.2.u1

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1—Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K.

v3.24.2.u1

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Note 2—Inventories Millions of Dollars June 30 2024 December 31 2023 Crude oil and natural gas $ 723  676  Materials and supplies 724  722  Total inventories $ 1,447  1,398  Inventories valued on the LIFO basis $ 409  401

v3.24.2.u1

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition And Dispositions [Abstract]
Acquisitions and Dispositions	Note 3—Acquisitions and Dispositions Marathon Oil Corporation Announced Acquisition For discussion regarding our announced acquisition of Marathon Oil Corporation (Marathon Oil), see Note 20. Surmont Acquisition In October 2023, we completed our acquisition of the remaining 50 percent working interest in Surmont, an asset in our Canada segment, from TotalEnergies EP Canada Ltd. The final consideration for the all-cash transaction was $3.0 billion after customary adjustments (CAD $4.1 billion): Fair value of consideration Millions of Dollars Cash paid $ 2,635  Contingent consideration 320  Final Consideration $ 2,955  The contingent consideration arrangement requires additional consideration to be paid to TotalEnergies EP Canada Ltd. up to $0.4 billion CAD over a five-year term. The contingent payments represent $2 million for every dollar that WCS pricing exceeds $52 per barrel during the month, subject to certain production targets being achieved. The undiscounted amount we could pay under this arrangement is up to $0.3 billion USD. The fair value of the contingent consideration on the acquisition date was $320 million and estimated by applying the income approach. For the six-month period ended June 30, 2024, we have made payments of $67 million USD under this arrangement, reflected in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. See Note 11. The transaction was accounted for as a business combination under FASB ASC Topic 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. By the end of the first quarter of 2024, we finalized the allocation of the purchase price to specific assets and liabilities. It was based on the fair value of final consideration and the conclusion of the fair value determination of long-lived assets and all other assets acquired and liabilities assumed. Oil and gas properties were valued using a discounted cash flow approach incorporating market participant and internally generated price assumptions, production profiles and operating and development cost assumptions. The fair values of other assets acquired and liabilities assumed, which included accounts receivable, accounts payable, and most other current assets and current liabilities, were determined to be equivalent to the carrying value due to their short-term nature. The total consideration of $3.0 billion was allocated to the identifiable assets and liabilities based on fair values as of the acquisition date of October 4, 2023. Recognized amounts of identifiable assets acquired and liabilities assumed Millions of Dollars Oil and gas properties $ 3,082  Asset retirement obligations (112) Other (15) Total identifiable net assets $ 2,955  With the completion of the transaction, we have acquired proved and unproved properties of approximately $2.9 billion and $0.2 billion, respectively. Supplemental Pro Forma (unaudited) The following table summarizes the unaudited supplemental pro forma financial information for the three- and six-month periods ended June 30, 2023, as if we had completed the acquisition on January 1, 2022. Millions of Dollars Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Supplemental Pro Forma (unaudited) As Reported Pro Forma Surmont Pro Forma Combined As Reported Pro Forma Surmont Pro Forma Combined Total Revenues and Other Income $ 12,884  689  13,573  28,401  1,292  29,693  Income (loss) before income taxes 3,362  159  3,521  7,924  229  8,153  Net Income (Loss) 2,232  121  2,353  5,152  174  5,326  Earnings per share ($ per share): Basic net income (loss) $ 1.84  1.94  4.23  4.37  Diluted net income (loss) 1.84  1.94  4.22  4.36  The unaudited supplemental pro forma financial information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the transaction been completed on January 1, 2022, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma financial information for the three- and six-month periods ended June 30, 2023, is a result of combining the consolidated income statement of ConocoPhillips with the results of the assets acquired from TotalEnergies EP Canada Ltd. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma results include adjustments which relate primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to oil and gas properties. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected.

v3.24.2.u1

Investments and Long-Term Receivables	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments and Long-Term Receivables	Note 4—Investments and Long-Term Receivables Australia Pacific LNG Pty Ltd. (APLNG) In Australia, we hold a 47.5 percent shareholding interest in APLNG. At June 30, 2024, the outstanding balance of APLNG's debt was $4.3 billion under various previously entered facilities. The last principal and interest payment on these facilities is due in September 2030. See Note 7. At June 30, 2024, the carrying value of our equity method investment in APLNG was approximately $5.1 billion. Port Arthur LNG (PALNG) In March 2023, we acquired a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility. At June 30, 2024, the carrying value of our equity method investment in PALNG was approximately $1.5 billion. Qatar LNG Projects Our equity method investments in Qatar include the following: •QatarEnergy LNG N(3) (N3)—30 percent owned joint venture with an affiliate of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG. •QatarEnergy LNG NFE(4) (NFE4)—25 percent owned joint venture with affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East LNG project. •QatarEnergy LNG NFS(3) (NFS3)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project. At June 30, 2024, the carrying value of our equity method investments in Qatar was approximately $1.2 billion. During the second quarter of 2024, we were notified that an affiliate of QatarEnergy transferred a 5 percent joint venture interest in NFE4 to an affiliate of China National Petroleum Corporation. As a result, we have concluded NFE4 is a VIE and we are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly impact economic performance of NFE4.

v3.24.2.u1

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 5—Debt Our debt balance at June 30, 2024 was $18.4 billion, compared with $18.9 billion at December 31, 2023. In the first quarter of 2024, the company retired $461 million principal amount of our 2.125% Notes at maturity. Our revolving credit facility provides a total borrowing capacity of $5.5 billion with an expiration date of February 2027. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date. Credit facility borrowings may bear interest at a margin above the Secured Overnight Financing Rate (SOFR). The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at June 30, 2024, and at December 31, 2023. 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 ratings 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. At June 30, 2024, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis; therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

v3.24.2.u1

Changes in Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Changes in Equity	Note 6—Changes in Equity Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended June 30, 2024 Balances at March 31, 2024 $ 21  61,300  (66,974) (5,917) 60,895  49,325  Net income (loss) 2,329  2,329  Other comprehensive income (loss) (44) (44) Dividends declared Ordinary ($0.58 per common share) (680) (680) Variable return of cash ($0.20 per common share) (235) (235) Repurchase of company common stock (1,021) (1,021) Excise tax on share repurchases (10) (10) Distributed under benefit plans 81  81  Balances at June 30, 2024 $ 21  61,381  (68,005) (5,961) 62,309  49,745  For the six months ended June 30, 2024 Balances at December 31, 2023 $ 21  61,303  (65,640) (5,673) 59,268  49,279  Net income (loss) 4,880  4,880  Other comprehensive income (loss) (288) (288) Dividends declared Ordinary ($1.16 per common share) (1,368) (1,368) Variable return of cash ($0.40 per common share) (471) (471) Repurchase of company common stock (2,346) (2,346) Excise tax on share repurchases (19) (19) Distributed under benefit plans 78  78  Balances at June 30, 2024 $ 21  61,381  (68,005) (5,961) 62,309  49,745  Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended June 30, 2023 Balances at March 31, 2023 $ 21  61,100  (61,904) (6,027) 54,593  47,783  Net income (loss) 2,232  2,232  Other comprehensive income (loss) 102  102  Dividends declared Ordinary ($0.51 per common share) (620) (620) Variable return of cash ($0.60 per common share) (723) (723) Repurchase of company common stock (1,300) (1,300) Excise tax on share repurchases (13) (13) Distributed under benefit plans 69  69  Other 1  1  Balances at June 30, 2023 $ 21  61,169  (63,217) (5,925) 55,483  47,531  For the six months ended June 30, 2023 Balances at December 31, 2022 $ 21  61,142  (60,189) (6,000) 53,029  48,003  Net income (loss) 5,152  5,152  Other comprehensive income (loss) 75  75  Dividends declared Ordinary ($1.02 per common share) (1,245) (1,245) Variable return of cash ($1.20 per common share) (1,454) (1,454) Repurchase of company common stock (3,000) (3,000) Excise tax on share repurchases (28) (28) Distributed under benefit plans 27  27  Other 1  1  Balances at June 30, 2023 $ 21  61,169  (63,217) (5,925) 55,483  47,531

v3.24.2.u1

Suspended Wells and Exploration Expenses	6 Months Ended
	Jun. 30, 2024
Extractive Industries [Abstract]
Suspended Wells and Exploration Expenses	Note 9—Suspended Wells and Exploration Expenses The capitalized cost of suspended wells at June 30, 2024 was $164 million, a decrease of $20 million from December 31, 2023. In the first quarter of 2024, after further evaluation, we recognized dry hole expenses of $18 million for the suspended Busta discovery well on license PL782S in the North Sea. Exploration Expenses In the second quarter of 2024, we recognized $22 million as dry hole expense primarily for two partner operated exploration wells in the Alvheim area of the Norwegian sector of the North Sea.

v3.24.2.u1

Guarantees	6 Months Ended
	Jun. 30, 2024
Guarantees [Abstract]
Guarantees	Note 7—Guarantees At June 30, 2024, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At June 30, 2024, we had multiple guarantees outstanding in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing June 2024 exchange rates: •During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee to be seven years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At June 30, 2024, the carrying value of this guarantee was approximately $14 million. •In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy Limited in October 2008, we agreed to reimburse Origin Energy Limited for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements. The final guarantee expires in the fourth quarter of 2041. Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $680 million ($1.1 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. •We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of 13 to 21 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $490 million and would become payable if APLNG does not perform. At June 30, 2024, the carrying value of these guarantees was approximately $34 million. QatarEnergy LNG Guarantees We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. These guarantees have an approximate 30-year term with no maximum limit. At June 30, 2024, the carrying value of these guarantees was approximately $14 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $620 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of one to five years and would become payable if certain asset values are lower than guaranteed amounts at the end of the lease or contract term, business conditions decline at guaranteed entities, or as a result of nonperformance of contractual terms by guaranteed parties. At June 30, 2024, there was no carrying value associated with these guarantees. Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnification obligations at June 30, 2024, was approximately $20 million. Those related to environmental issues have terms that are generally indefinite, and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note 8 for additional information about environmental liabilities.

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Contingencies, Commitments, and Accrued Environmental Costs	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments, and Accrued Environmental Costs	Note 8—Contingencies, Commitments and Accrued Environmental Costs A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous CERCLA and other comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. For remediation activities in the U.S. and Canada, our consolidated balance sheet included a total environmental accrual of $184 million at both June 30, 2024 and December 31, 2023. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Litigation and Other Contingencies We are subject to various lawsuits and claims including, but not limited to, matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at June 30, 2024, we had performance obligations secured by letters of credit of $262 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal ("Tribunal") held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007. On August 29, 2019, the Tribunal issued a decision rectifying the award and reducing it by approximately $227 million. The award now stands at $8.5 billion plus interest. The government of Venezuela sought annulment of the award, which automatically stayed enforcement of the award. On September 29, 2021, the ICSID annulment committee lifted the stay of enforcement of the award. The annulment proceedings are underway. In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing the settlement agreement. The balance of the settlement was to be paid quarterly over a period of four and a half years. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA has failed to cure its breach. As a result, ConocoPhillips has resumed legal enforcement actions. To date, ConocoPhillips has received approximately $784 million in connection with the ICC award. ConocoPhillips has ensured that the settlement and any actions taken in enforcement thereof meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro Project. On August 2, 2019, the ICC Tribunal awarded ConocoPhillips approximately $33 million plus interest under the Corocoro contracts. ConocoPhillips is seeking recognition and enforcement of the award in various jurisdictions. ConocoPhillips has ensured that all the actions related to the award meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. Beginning in 2017, governmental and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. Additional lawsuits with similar allegations are expected to be filed. The legal and factual issues are unprecedented, therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the Company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits. Several Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA) against oil and gas companies, including ConocoPhillips, seeking compensatory damages for contamination and erosion of the Louisiana coastline allegedly caused by historical oil and gas operations. ConocoPhillips entities are defendants in 22 of the lawsuits and will vigorously defend against them. On October 17, 2022, the Fifth Circuit affirmed remand of the lead case to state court and the subsequent request for rehearing was denied. On February 27, 2023, the Supreme Court denied a certiorari petition from the defendants regarding the Fifth Circuit ruling. Accordingly, the federal district courts have issued remands to state court. Because Plaintiffs’ SLCRMA theories are unprecedented, there is uncertainty about these claims (both as to scope and damages) and we continue to evaluate our exposure in these lawsuits. In October 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities but sold its interest approximately 30 years ago. ConocoPhillips continues to evaluate its exposure in this matter. In July 2021, a federal securities class action was filed against Concho, certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief, and such other relief that may be deemed appropriate. The defendants filed a motion to dismiss the consolidated complaint on March 8, 2022. On June 23, 2023, the court denied defendants’ motion as to most defendants including Concho/ConocoPhillips. We believe the allegations in the action are without merit and are vigorously defending this litigation. ConocoPhillips is involved in pending disputes with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe these claims are without merit and are vigorously defending them.

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Derivative and Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Financial Instruments	Note 10—Derivative and Financial Instruments We use futures, forwards, swaps and options in various markets to meet our customers' needs, capture market opportunities and manage foreign exchange currency risk. Commodity Derivative Instruments Our commodity business primarily consists of natural gas, crude oil, bitumen, NGLs, LNG and power. Commodity derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts and certain gas contracts. We do not apply hedge accounting for our commodity derivatives. The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet: Millions of Dollars June 30 2024 December 31 2023 Assets Prepaid expenses and other current assets $ 512  611  Other assets 123  113  Liabilities Other accruals 483  567  Other liabilities and deferred credits 104  80  The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Sales and other operating revenues $ 32  (16) 86  12  Other income —  (2) —  (1) Purchased commodities (29) 16  (79) (56) The table below summarizes our net exposures resulting from outstanding commodity derivative contracts: Open Position Long (Short) June 30 2024 December 31 2023 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (18) (12) Basis 9  (2) Interest Rate Derivative Instruments For the three- and six-month periods ended June 30, 2024, we recognized an unrealized gain of $33 million and $13 million, respectively in other comprehensive income (loss) related to our share of PALNG's interest rate swaps designated as a cash flow hedge. For the three- and six-month periods ended June 30, 2023, the impact of these instruments on our financial statements was negligible. Financial Instruments We invest in financial instruments with maturities based on our cash forecasts for the various accounts and currency pools we manage. The types of financial instruments in which we currently invest include: •Time deposits: Interest bearing deposits placed with financial institutions for a predetermined amount of time. •Demand deposits: Interest bearing deposits placed with financial institutions. Deposited funds can be withdrawn without notice. •Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount, reaching par value at maturity. •U.S. government or government agency obligations: Securities issued by the U.S. government or U.S. government agencies. •Foreign government obligations: Securities issued by foreign governments. •Corporate bonds: Unsecured debt securities issued by corporations. •Asset-backed securities: Collateralized debt securities. The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at June 30, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments June 30 2024 December 31 2023 June 30 2024 December 31 2023 Cash $ 662  474  Demand Deposits 1,157  1,424  Time Deposits 1 to 90 days 1,539  3,713  1,270  511  91 to 180 days 20  22  Within one year 6  3  U.S. Government Obligations 1 to 90 days 918  24  —  —  $ 4,276  5,635  1,296  536  The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at June 30, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term Receivables June 30 2024 December 31 2023 June 30 2024 December 31 2023 June 30 2024 December 31 2023 Major Security Type Corporate Bonds $ 1  —  247  201  650  606  Commercial Paper 17  —  112  131  U.S. Government Obligations —  —  43  89  172  189  U.S. Government Agency Obligations —  5  7  7  Foreign Government Obligations 7  7  4  4  Asset-Backed Securities 18  2  201  183  $ 18  —  427  435  1,034  989  Cash and Cash Equivalents and Short-Term Investments have remaining maturities within one year. Investments and Long-Term Receivables have remaining maturities greater than one year through five years. The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale: Millions of Dollars Amortized Cost Basis Fair Value June 30 2024 December 31 2023 June 30 2024 December 31 2023 Major Security Type Corporate Bonds $ 900  806  898  807  Commercial Paper 129  131  129  131  U.S. Government Obligations 217  278  215  278  U.S. Government Agency Obligations 7  12  7  12  Foreign Government Obligations 11  11  11  11  Asset-Backed Securities 219  184  219  185  $ 1,483  1,422  1,479  1,424  As of June 30, 2024 total unrealized losses for debt securities classified as available for sale with net losses were $5 million. As of December 31, 2023, total unrealized gains for debt securities classified as available for sale with net gains were $5 million. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position. For the three- and six-month periods ended June 30, 2024, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $231 million and $455 million, respectively. For the three- and six-month periods ended June 30, 2023, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $251 million and $551 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method. Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, long-term investments in debt securities, OTC derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, government money market funds, U.S. government and government agency obligations, time deposits with major international banks and financial institutions, high-quality corporate bonds, foreign government obligations and asset-backed securities. Our long-term investments in debt securities are placed in high-quality corporate bonds, asset-backed securities, U.S. government and government agency obligations, and foreign government obligations. The credit risk from our OTC derivative contracts, such as forwards, swaps and options, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared primarily with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less, and we continually monitor this exposure and the creditworthiness of the counterparties. We may require collateral to limit the exposure to loss including letters of credit, prepayments and surety bonds, as well as master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange. The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position at June 30, 2024, and December 31, 2023, was $134 million and $181 million, respectively. For these instruments, collateral posted at June 30, 2024 was $8 million and no collateral was posted at December 31, 2023. If our credit rating had been downgraded below investment grade at June 30, 2024, we would have been required to post $92 million of additional collateral, either with cash or letters of credit.

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Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 11—Fair Value Measurement We carry a portion of our assets and liabilities at fair value that are measured at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the fair value hierarchy. The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during the six-month period ended June 30, 2024, nor during the year ended December 31, 2023. Recurring Fair Value Measurement Financial assets and liabilities reported at fair value on a recurring basis include our investments in debt securities classified as available for sale, commodity derivatives and our contingent consideration arrangement related to the Surmont acquisition. See Note 3. •Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include our investments in U.S. government obligations classified as available for sale debt securities, which are valued using exchange prices. •Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 2 financial assets also include our investments in debt securities classified as available for sale, including investments in corporate bonds, commercial paper, asset-backed securities, U.S. government agency obligations and foreign government obligations that are valued using pricing provided by brokers or pricing service companies that are corroborated with market data. •Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 commodity derivative activity was not material for all periods presented. •Level 3 liabilities include the fair value of future quarterly contingent payments to TotalEnergies EP Canada Ltd. in connection with the acquisition of the remaining 50 percent working interest in Surmont completed in 2023. Contingent consideration consists of total payments up to approximately $0.4 billion CAD over a five-year term ending in the fourth quarter of 2028. The contingent payments represent $2 million for every dollar that the monthly WCS average pricing exceeds $52 per barrel. The terms include adjustments related to not achieving certain production targets. During the six-month period ended June 30, 2024, we made payments of approximately $67 million USD to TotalEnergies EP Canada Ltd. under this arrangement. These payments are recognized in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. The fair value of the remaining contingent consideration as of June 30, 2024 is calculated using the income approach and is largely based on the estimated commodity price outlook using a combination of external pricing service companies' and our internal price outlook (unobservable input) and a discount rate consistent with those used by principal market participants (observable input). The impact of other unobservable inputs on the fair value as of June 30, 2024 was not significant. The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis): Millions of Dollars June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investments in debt securities $ 215  1,264  —  1,479  278  1,146  —  1,424  Commodity derivatives 298  287  50  635  308  301  115  724  Total assets $ 513  1,551  50  2,114  586  1,447  115  2,148  Liabilities Commodity derivatives $ 333  240  14  587  350  283  14  647  Contingent consideration —  —  249  249  —  —  312  312  Total liabilities $ 333  240  263  836  350  283  326  959  The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows: Fair Value (Millions of Dollars) Valuation Technique Unobservable Input Range (Arithmetic Average) Contingent consideration - Surmont as of: June 30, 2024 $ 249  Discounted cash flow Commodity price outlook* ($/BOE) $59.99 - $67.34 ($62.38) December 31, 2023 312  $45.48 - $63.04 ($57.45) *Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook. The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Recognized Amounts Not Subject to Right of Setoff Gross Amounts Gross Amounts Offset Net Amounts Presented Cash Collateral Net Amounts June 30, 2024 Assets $ 635  16  619  368  251  1  250  Liabilities 587  16  571  368  203  41  162  December 31, 2023 Assets $ 724  39  685  375  310  4  306  Liabilities 647  34  613  375  238  47  191  At June 30, 2024 and December 31, 2023, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial instruments: •Cash and cash equivalents and short-term investments: The carrying amount reported on the balance sheet approximates fair value. For those investments classified as available for sale debt securities, the carrying amount reported on the balance sheet is fair value. •Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value. •Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 10. •Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value. •Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy. •Commercial paper: The carrying amount of our commercial paper instruments approximates fair value and is reported on the balance sheet as short-term debt. The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value June 30 2024 December 31 2023 June 30 2024 December 31 2023 Financial assets Commodity derivatives 266  345  266  345  Investments in debt securities 1,479  1,424  1,479  1,424  Financial liabilities Total debt, excluding finance leases 17,318  17,808  17,321  18,621  Commodity derivatives 178  225  178  225

v3.24.2.u1

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 12—Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes: Millions of Dollars Defined Benefit Plans Unrealized Holding Gain/(Loss) on Securities Foreign Currency Translation  Unrealized Gain/(Loss) on Hedging Activities Accumulated Other Comprehensive Income/(Loss) December 31, 2023 $ (393) 2  (5,344) 62  (5,673) Other comprehensive income (loss) 9  (4) (303) 10  (288) June 30, 2024 $ (384) (2) (5,647) 72  (5,961) The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss): Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Defined benefit plans* $ 4  6  9  17  *The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $2 million and $3 million for the three-month periods ended June 30, 2024 and June 30, 2023, respectively, and $4 million and $6 million for the six-month periods ended June 30, 2024 and June 30, 2023, respectively. See Note 14.

v3.24.2.u1

Cash Flow Information	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Note 13—Cash Flow Information Millions of Dollars Six Months Ended June 30 2024 2023 Cash Payments Interest $ 404  358  Income taxes 2,067  3,202  Net Sales (Purchases) of Investments Short-term investments purchased $ (1,502) (783) Short-term investments sold 971  2,676  Long-term investments purchased (347) (414) Long-term investments sold 84  70  $ (794) 1,549

v3.24.2.u1

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 14—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2024 2023 2024 2023 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 13  9  13  9  1  —  Interest cost 19  28  20  29  2  2  Expected return on plan assets (17) (40) (14) (37) Amortization of prior service credit —  —  —  —  (10) (10) Recognized net actuarial loss (gain) 2  14  3  17  —  (1) Settlements —  —  —  —  Net periodic benefit cost $ 17  11  22  18  (7) (9) Six Months Ended June 30 Service cost $ 25  19  26  19  1  —  Interest cost 38  57  39  57  3  3  Expected return on plan assets (33) (81) (29) (74) Amortization of prior service credit —  —  —  —  (19) (19) Recognized net actuarial loss (gain) 4  28  6  34  —  (2) Settlements —  —  4  —  Net periodic benefit cost $ 34  23  46  36  (15) (18) The components of net periodic benefit cost, other than the service cost component, are included in the "Other expenses" line of our consolidated income statement. During the first six months of 2024, we contributed $9 million to our domestic benefit plans and $46 million to our international benefit plans. We expect our total contributions in 2024 to be approximately $100 million to our domestic qualified and unqualified pension and postretirement benefit plans and $85 million to our international qualified and nonqualified pension and postretirement benefit plans.

v3.24.2.u1

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 15—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Significant Transactions with Equity Affiliates Operating revenues and other income $ 23  23  41  44  Operating expenses and selling, general and administrative expenses 57  72  112  150

v3.24.2.u1

Sales and Other Operating Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Note 16—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation of our consolidated sales and other operating revenues: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenue from contracts with customers $ 12,660  11,015  24,967  22,979  Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,003  1,465  2,568  4,592  Financial derivative contracts (43) (129) (67) (409) Consolidated sales and other operating revenues $ 13,620  12,351  27,468  27,162  Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 743  1,081  2,002  3,589  Canada 91  204  308  771  Europe, Middle East and North Africa 169  180  258  232  Physical contracts meeting the definition of a derivative $ 1,003  1,465  2,568  4,592  Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ 53  96  53  143  Natural gas 715  1,123  1,914  3,848  Other 235  246  601  601  Physical contracts meeting the definition of a derivative $ 1,003  1,465  2,568  4,592  Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. 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. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Receivables and Contract Liabilities Receivables from Contracts with Customers At June 30, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,323 million compared with $4,414 million at December 31, 2023, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. Revenue recognized during the three- and six-month periods ended June 30, 2024 was immaterial. No revenue was recognized during the three- and six-month periods ended June 30, 2023. We expect to recognize the outstanding contract liabilities of $45 million as of June 30, 2024, as revenue during the years 2026, 2028 and 2029.

v3.24.2.u1

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 17—Earnings Per Share The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. Millions of Dollars (except per share amounts) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Basic earnings per share Net Income (Loss) $ 2,329  2,232 4,880 5,152 Less: Dividends and undistributed earnings allocated to participating securities 7 8 15 17 Net Income (Loss) available to common shareholders $ 2,322  2,224 4,865 5,135 Weighted-average common shares outstanding (in millions) 1,168 1,207 1,173 1,214 Net Income (Loss) Per Share of Common Stock $ 1.99  1.84 4.15 4.23 Diluted earnings per share Net Income (Loss) available to common shareholders $ 2,322  2,224 4,865 5,135 Weighted-average common shares outstanding (in millions) 1,168 1,207 1,173 1,214 Add: Dilutive impact of options and unvested non-participating RSU/PSUs (in millions) 2 3 3 3 Weighted-average diluted shares outstanding (in millions) 1,170 1,210 1,176 1,217 Net Income (Loss) Per Share of Common Stock $ 1.98  1.84 4.14 4.22

v3.24.2.u1

Segment Disclosures and Related Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Note 18—Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. Corporate and Other represents income and costs not directly associated with an operating segment, such as most interest income and expense; impacts from certain debt transactions; consolidating tax adjustments; corporate overhead and certain technology activities, including licensing revenues; and unrealized holding gains or losses on equity securities. All cash and cash equivalents and short-term investments are included in Corporate and Other. We evaluate performance and allocate resources based on net income (loss). Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Sales and Other Operating Revenues Alaska $ 1,783  1,709  3,453  3,444  Lower 48 9,053  8,389  18,362  18,438  Intersegment eliminations —  (1) (1) (5) Lower 48 9,053  8,388  18,361  18,433  Canada 1,553  850  2,997  2,033  Intersegment eliminations (612) (401) (1,120) (741) Canada 941  449  1,877  1,292  Europe, Middle East and North Africa 1,296  1,369  2,753  3,071  Asia Pacific 543  432  1,017  896  Corporate and Other 4  4  7  26  Consolidated sales and other operating revenues $ 13,620  12,351  27,468  27,162  Sales and Other Operating Revenues by Geographic Location(1) U.S. $ 10,776  10,040  21,756  21,842  Canada 941  449  1,877  1,292  China 275  244  488  446  Libya 470  447  970  817  Malaysia 268  189  529  450  Norway 514  577  1,138  1,228  U.K. 374  404  707  1,085  Other foreign countries 2  1  3  2  Worldwide consolidated $ 13,620  12,351  27,468  27,162  Sales and Other Operating Revenues by Product Crude oil $ 10,112  8,965  19,674  17,867  Natural gas 1,175  1,860  3,057  6,272  Natural gas liquids 662  582  1,342  1,277  Other(2) 1,671  944  3,395  1,746  Consolidated sales and other operating revenues by product $ 13,620  12,351  27,468  27,162  (1)Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2)Includes bitumen and power. Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Net Income (Loss) Alaska $ 360  372  706  788  Lower 48 1,259  1,230  2,640  3,082  Canada 261  32  441  38  Europe, Middle East and North Africa 251  264  555  629  Asia Pacific 444  387  956  909  Other International 3  (4) 2  (3) Corporate and Other (249) (49) (420) (291) Consolidated net income (loss) $ 2,329  2,232  4,880  5,152  Millions of Dollars June 30 2024 December 31 2023 Total Assets Alaska $ 17,124  16,174  Lower 48 42,659  42,415  Canada 10,047  10,277  Europe, Middle East and North Africa 7,968  8,396  Asia Pacific 8,483  8,903  Other International 5  —  Corporate and Other 9,708  9,759  Consolidated total assets $ 95,994  95,924

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 19—Income Taxes Our effective tax rate for the three-month periods ended June 30, 2024, and 2023, was 36.3 percent and 33.6 percent, respectively, and our effective tax rate for the six-month periods ended June 30, 2024, and 2023, was 34.6 percent and 35.0 percent, respectively. The change in the effective tax rate for the three-month period ended June 30, 2024, is primarily due to a shift in our mix of income among taxing jurisdictions. The change in the effective tax rate for the six-month period ended June 30, 2024, is primarily due to the recognition of a Malaysian tax benefit, described below, and a shift in our mix of income among our tax jurisdictions. During the first quarter of 2024, we recorded a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia Blocks J and G. The Company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely occasionally close audits unpredictably. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change is not estimable but could be significant when compared with our total unrecognized tax benefits.

v3.24.2.u1

Announced Acquisition of Marathon Oil Corporation	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Announced Acquisition of Marathon Oil Corporation	Note 20—Announced Acquisition of Marathon Oil Corporation On May 28, 2024, we entered into a definitive agreement (the Merger Agreement) with Marathon Oil to acquire all of its outstanding shares in an all-stock transaction, pursuant to which Marathon Oil stockholders will receive 0.255 shares of ConocoPhillips common stock for each Marathon Oil share. The transaction was unanimously approved by the boards of directors of both companies. Marathon Oil is expected to hold a special meeting on August 29, 2024, for the purpose of obtaining stockholder approval for the merger proposal and other related proposals. We are working to complete the merger as soon as practicable and continue to anticipate obtaining all the requisite stockholder and regulatory approvals by late in the fourth quarter of 2024. See Item 1A. Risk Factors.

v3.24.2.u1

New Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	Note 21—New Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting.” The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes.” The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,329	$ 2,232	$ 4,880	$ 5,152

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Basis of Presentation (Policy)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K.
Practical Expedients	Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. 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. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period.
Receivables and Contract Liabilities	Receivables and Contract Liabilities Receivables from Contracts with Customers At June 30, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,323 million compared with $4,414 million at December 31, 2023, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology.
New Accounting Standards	In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting.” The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes.” The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU

v3.24.2.u1

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Millions of Dollars June 30 2024 December 31 2023 Crude oil and natural gas $ 723  676  Materials and supplies 724  722  Total inventories $ 1,447  1,398  Inventories valued on the LIFO basis $ 409  401

v3.24.2.u1

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition And Dispositions [Abstract]
Schedule of Business Acquisition	The final consideration for the all-cash transaction was $3.0 billion after customary adjustments (CAD $4.1 billion): Fair value of consideration Millions of Dollars Cash paid $ 2,635  Contingent consideration 320  Final Consideration $ 2,955
Schedule of Assets Acquired and Liabilities Assumed	Recognized amounts of identifiable assets acquired and liabilities assumed Millions of Dollars Oil and gas properties $ 3,082  Asset retirement obligations (112) Other (15) Total identifiable net assets $ 2,955
Schedule of Supplemental Pro Forma Financial Information	The following table summarizes the unaudited supplemental pro forma financial information for the three- and six-month periods ended June 30, 2023, as if we had completed the acquisition on January 1, 2022. Millions of Dollars Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Supplemental Pro Forma (unaudited) As Reported Pro Forma Surmont Pro Forma Combined As Reported Pro Forma Surmont Pro Forma Combined Total Revenues and Other Income $ 12,884  689  13,573  28,401  1,292  29,693  Income (loss) before income taxes 3,362  159  3,521  7,924  229  8,153  Net Income (Loss) 2,232  121  2,353  5,152  174  5,326  Earnings per share ($ per share): Basic net income (loss) $ 1.84  1.94  4.23  4.37  Diluted net income (loss) 1.84  1.94  4.22  4.36

v3.24.2.u1

Changes in Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in Equity	Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended June 30, 2024 Balances at March 31, 2024 $ 21  61,300  (66,974) (5,917) 60,895  49,325  Net income (loss) 2,329  2,329  Other comprehensive income (loss) (44) (44) Dividends declared Ordinary ($0.58 per common share) (680) (680) Variable return of cash ($0.20 per common share) (235) (235) Repurchase of company common stock (1,021) (1,021) Excise tax on share repurchases (10) (10) Distributed under benefit plans 81  81  Balances at June 30, 2024 $ 21  61,381  (68,005) (5,961) 62,309  49,745  For the six months ended June 30, 2024 Balances at December 31, 2023 $ 21  61,303  (65,640) (5,673) 59,268  49,279  Net income (loss) 4,880  4,880  Other comprehensive income (loss) (288) (288) Dividends declared Ordinary ($1.16 per common share) (1,368) (1,368) Variable return of cash ($0.40 per common share) (471) (471) Repurchase of company common stock (2,346) (2,346) Excise tax on share repurchases (19) (19) Distributed under benefit plans 78  78  Balances at June 30, 2024 $ 21  61,381  (68,005) (5,961) 62,309  49,745  Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended June 30, 2023 Balances at March 31, 2023 $ 21  61,100  (61,904) (6,027) 54,593  47,783  Net income (loss) 2,232  2,232  Other comprehensive income (loss) 102  102  Dividends declared Ordinary ($0.51 per common share) (620) (620) Variable return of cash ($0.60 per common share) (723) (723) Repurchase of company common stock (1,300) (1,300) Excise tax on share repurchases (13) (13) Distributed under benefit plans 69  69  Other 1  1  Balances at June 30, 2023 $ 21  61,169  (63,217) (5,925) 55,483  47,531  For the six months ended June 30, 2023 Balances at December 31, 2022 $ 21  61,142  (60,189) (6,000) 53,029  48,003  Net income (loss) 5,152  5,152  Other comprehensive income (loss) 75  75  Dividends declared Ordinary ($1.02 per common share) (1,245) (1,245) Variable return of cash ($1.20 per common share) (1,454) (1,454) Repurchase of company common stock (3,000) (3,000) Excise tax on share repurchases (28) (28) Distributed under benefit plans 27  27  Other 1  1  Balances at June 30, 2023 $ 21  61,169  (63,217) (5,925) 55,483  47,531

v3.24.2.u1

Derivative and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives	The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet: Millions of Dollars June 30 2024 December 31 2023 Assets Prepaid expenses and other current assets $ 512  611  Other assets 123  113  Liabilities Other accruals 483  567  Other liabilities and deferred credits 104  80
Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives	The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Sales and other operating revenues $ 32  (16) 86  12  Other income —  (2) —  (1) Purchased commodities (29) 16  (79) (56)
Schedule of Net Exposures from Outstanding Commodity Derivative Contracts	The table below summarizes our net exposures resulting from outstanding commodity derivative contracts: Open Position Long (Short) June 30 2024 December 31 2023 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (18) (12) Basis 9  (2)
Schedule of Net Carrying Amount of Held to Maturity Investments	The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at June 30, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments June 30 2024 December 31 2023 June 30 2024 December 31 2023 Cash $ 662  474  Demand Deposits 1,157  1,424  Time Deposits 1 to 90 days 1,539  3,713  1,270  511  91 to 180 days 20  22  Within one year 6  3  U.S. Government Obligations 1 to 90 days 918  24  —  —  $ 4,276  5,635  1,296  536
Schedule of Debt Securities Carried at Fair Value	The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at June 30, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term Receivables June 30 2024 December 31 2023 June 30 2024 December 31 2023 June 30 2024 December 31 2023 Major Security Type Corporate Bonds $ 1  —  247  201  650  606  Commercial Paper 17  —  112  131  U.S. Government Obligations —  —  43  89  172  189  U.S. Government Agency Obligations —  5  7  7  Foreign Government Obligations 7  7  4  4  Asset-Backed Securities 18  2  201  183  $ 18  —  427  435  1,034  989  The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale: Millions of Dollars Amortized Cost Basis Fair Value June 30 2024 December 31 2023 June 30 2024 December 31 2023 Major Security Type Corporate Bonds $ 900  806  898  807  Commercial Paper 129  131  129  131  U.S. Government Obligations 217  278  215  278  U.S. Government Agency Obligations 7  12  7  12  Foreign Government Obligations 11  11  11  11  Asset-Backed Securities 219  184  219  185  $ 1,483  1,422  1,479  1,424

v3.24.2.u1

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities	The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis): Millions of Dollars June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investments in debt securities $ 215  1,264  —  1,479  278  1,146  —  1,424  Commodity derivatives 298  287  50  635  308  301  115  724  Total assets $ 513  1,551  50  2,114  586  1,447  115  2,148  Liabilities Commodity derivatives $ 333  240  14  587  350  283  14  647  Contingent consideration —  —  249  249  —  —  312  312  Total liabilities $ 333  240  263  836  350  283  326  959
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows: Fair Value (Millions of Dollars) Valuation Technique Unobservable Input Range (Arithmetic Average) Contingent consideration - Surmont as of: June 30, 2024 $ 249  Discounted cash flow Commodity price outlook* ($/BOE) $59.99 - $67.34 ($62.38) December 31, 2023 312  $45.48 - $63.04 ($57.45) *Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook.
Schedule of Commodity Derivative Balances Subject to Right of Setoff	The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Recognized Amounts Not Subject to Right of Setoff Gross Amounts Gross Amounts Offset Net Amounts Presented Cash Collateral Net Amounts June 30, 2024 Assets $ 635  16  619  368  251  1  250  Liabilities 587  16  571  368  203  41  162  December 31, 2023 Assets $ 724  39  685  375  310  4  306  Liabilities 647  34  613  375  238  47  191
Schedule of Net Fair Value of Financial Instruments	The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value June 30 2024 December 31 2023 June 30 2024 December 31 2023 Financial assets Commodity derivatives 266  345  266  345  Investments in debt securities 1,479  1,424  1,479  1,424  Financial liabilities Total debt, excluding finance leases 17,318  17,808  17,321  18,621  Commodity derivatives 178  225  178  225

v3.24.2.u1

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet	Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes: Millions of Dollars Defined Benefit Plans Unrealized Holding Gain/(Loss) on Securities Foreign Currency Translation  Unrealized Gain/(Loss) on Hedging Activities Accumulated Other Comprehensive Income/(Loss) December 31, 2023 $ (393) 2  (5,344) 62  (5,673) Other comprehensive income (loss) 9  (4) (303) 10  (288) June 30, 2024 $ (384) (2) (5,647) 72  (5,961)
Schedule of Items Reclassified out of Accumulated Other Comprehensive Income (Loss)	The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss): Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Defined benefit plans* $ 4  6  9  17  *The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $2 million and $3 million for the three-month periods ended June 30, 2024 and June 30, 2023, respectively, and $4 million and $6 million for the six-month periods ended June 30, 2024 and June 30, 2023, respectively. See Note 14.

v3.24.2.u1

Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Information	Millions of Dollars Six Months Ended June 30 2024 2023 Cash Payments Interest $ 404  358  Income taxes 2,067  3,202  Net Sales (Purchases) of Investments Short-term investments purchased $ (1,502) (783) Short-term investments sold 971  2,676  Long-term investments purchased (347) (414) Long-term investments sold 84  70  $ (794) 1,549

v3.24.2.u1

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Millions of Dollars Pension Benefits Other Benefits 2024 2023 2024 2023 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 13  9  13  9  1  —  Interest cost 19  28  20  29  2  2  Expected return on plan assets (17) (40) (14) (37) Amortization of prior service credit —  —  —  —  (10) (10) Recognized net actuarial loss (gain) 2  14  3  17  —  (1) Settlements —  —  —  —  Net periodic benefit cost $ 17  11  22  18  (7) (9) Six Months Ended June 30 Service cost $ 25  19  26  19  1  —  Interest cost 38  57  39  57  3  3  Expected return on plan assets (33) (81) (29) (74) Amortization of prior service credit —  —  —  —  (19) (19) Recognized net actuarial loss (gain) 4  28  6  34  —  (2) Settlements —  —  4  —  Net periodic benefit cost $ 34  23  46  36  (15) (18)

v3.24.2.u1

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Significant Transactions with Equity Affiliates Operating revenues and other income $ 23  23  41  44  Operating expenses and selling, general and administrative expenses 57  72  112  150

v3.24.2.u1

Sales and Other Operating Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides further disaggregation of our consolidated sales and other operating revenues: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenue from contracts with customers $ 12,660  11,015  24,967  22,979  Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,003  1,465  2,568  4,592  Financial derivative contracts (43) (129) (67) (409) Consolidated sales and other operating revenues $ 13,620  12,351  27,468  27,162  The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 743  1,081  2,002  3,589  Canada 91  204  308  771  Europe, Middle East and North Africa 169  180  258  232  Physical contracts meeting the definition of a derivative $ 1,003  1,465  2,568  4,592  Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ 53  96  53  143  Natural gas 715  1,123  1,914  3,848  Other 235  246  601  601  Physical contracts meeting the definition of a derivative $ 1,003  1,465  2,568  4,592

v3.24.2.u1

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share, Basic and Diluted	The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. Millions of Dollars (except per share amounts) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Basic earnings per share Net Income (Loss) $ 2,329  2,232 4,880 5,152 Less: Dividends and undistributed earnings allocated to participating securities 7 8 15 17 Net Income (Loss) available to common shareholders $ 2,322  2,224 4,865 5,135 Weighted-average common shares outstanding (in millions) 1,168 1,207 1,173 1,214 Net Income (Loss) Per Share of Common Stock $ 1.99  1.84 4.15 4.23 Diluted earnings per share Net Income (Loss) available to common shareholders $ 2,322  2,224 4,865 5,135 Weighted-average common shares outstanding (in millions) 1,168 1,207 1,173 1,214 Add: Dilutive impact of options and unvested non-participating RSU/PSUs (in millions) 2 3 3 3 Weighted-average diluted shares outstanding (in millions) 1,170 1,210 1,176 1,217 Net Income (Loss) Per Share of Common Stock $ 1.98  1.84 4.14 4.22

v3.24.2.u1

Segment Disclosures and Related Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Operating Segment Reporting	Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Sales and Other Operating Revenues Alaska $ 1,783  1,709  3,453  3,444  Lower 48 9,053  8,389  18,362  18,438  Intersegment eliminations —  (1) (1) (5) Lower 48 9,053  8,388  18,361  18,433  Canada 1,553  850  2,997  2,033  Intersegment eliminations (612) (401) (1,120) (741) Canada 941  449  1,877  1,292  Europe, Middle East and North Africa 1,296  1,369  2,753  3,071  Asia Pacific 543  432  1,017  896  Corporate and Other 4  4  7  26  Consolidated sales and other operating revenues $ 13,620  12,351  27,468  27,162  Sales and Other Operating Revenues by Geographic Location(1) U.S. $ 10,776  10,040  21,756  21,842  Canada 941  449  1,877  1,292  China 275  244  488  446  Libya 470  447  970  817  Malaysia 268  189  529  450  Norway 514  577  1,138  1,228  U.K. 374  404  707  1,085  Other foreign countries 2  1  3  2  Worldwide consolidated $ 13,620  12,351  27,468  27,162  Sales and Other Operating Revenues by Product Crude oil $ 10,112  8,965  19,674  17,867  Natural gas 1,175  1,860  3,057  6,272  Natural gas liquids 662  582  1,342  1,277  Other(2) 1,671  944  3,395  1,746  Consolidated sales and other operating revenues by product $ 13,620  12,351  27,468  27,162  (1)Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2)Includes bitumen and power. Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Net Income (Loss) Alaska $ 360  372  706  788  Lower 48 1,259  1,230  2,640  3,082  Canada 261  32  441  38  Europe, Middle East and North Africa 251  264  555  629  Asia Pacific 444  387  956  909  Other International 3  (4) 2  (3) Corporate and Other (249) (49) (420) (291) Consolidated net income (loss) $ 2,329  2,232  4,880  5,152  Millions of Dollars June 30 2024 December 31 2023 Total Assets Alaska $ 17,124  16,174  Lower 48 42,659  42,415  Canada 10,047  10,277  Europe, Middle East and North Africa 7,968  8,396  Asia Pacific 8,483  8,903  Other International 5  —  Corporate and Other 9,708  9,759  Consolidated total assets $ 95,994  95,924

v3.24.2.u1

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil and natural gas	$ 723	$ 676
Materials and supplies	724	722
Total inventories	1,447	1,398
Inventories valued on the LIFO basis	$ 409	$ 401

v3.24.2.u1

Acquisitions and Dispositions - Narrative (Details) - Surmont $ in Billions			6 Months Ended
	Oct. 04, 2023 CAD ($)	Oct. 04, 2023 USD ($)	Jun. 30, 2024 USD ($)	Oct. 04, 2023 USD ($)
Asset Acquisition [Line Items]
Percentage of interest acquired	50.00%			50.00%
Final Consideration	$ 4.1	$ 3,000,000,000.0
Business acquisition, maximum payment	$ 0.4			$ 320,000,000
Business acquisition, contingent payment term	5 years	5 years
Business acquisition, cost per every dollar exceeding threshold		$ 2,000,000
Business acquisition, threshold (dollars per barrel)				52
Contingent consideration, outcome, high				$ 300,000,000
Business acquisition, contingent payments			$ 67,000,000
Proved properties				2,900,000,000
Unproved properties				$ 200,000,000

v3.24.2.u1

Acquisitions and Dispositions - Schedule of Business Acquisition (Details) - Oct. 04, 2023 - Surmont $ in Millions, $ in Billions	CAD ($)	USD ($)
Pro Forma Combined
Cash paid		$ 2,635
Contingent consideration		320
Final Consideration	$ 4.1	$ 3,000

v3.24.2.u1

Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Surmont $ in Millions	Oct. 04, 2023 USD ($)
Pro Forma Combined
Oil and gas properties	$ 3,082
Asset retirement obligations	(112)
Other	(15)
Total identifiable net assets	$ 2,955

v3.24.2.u1

Acquisitions and Dispositions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pro Forma Combined
Operating revenues and other income	$ 14,136	$ 12,884	$ 28,612	$ 28,401
Income (loss) before income taxes		3,362		7,924
Net Income (Loss)	$ 2,329	$ 2,232	$ 4,880	$ 5,152
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 1.99	$ 1.84	$ 4.15	$ 4.23
Diluted (in dollars per share)	$ 1.98	$ 1.84	$ 4.14	$ 4.22
Pro Forma
Pro Forma Combined
Operating revenues and other income		$ 13,573		$ 29,693
Income (loss) before income taxes		3,521		8,153
Net Income (Loss)		$ 2,353		$ 5,326
Earnings Per Share [Abstract]
Basic (in dollars per share)		$ 1.94		$ 4.37
Diluted (in dollars per share)		$ 1.94		$ 4.36
Surmont
Pro Forma Combined
Pro forma = total revenues and other income		$ 689		$ 1,292
Pro forma - Income (loss) before income taxes		159		229
Pro forma - Net income (loss)		$ 121		$ 174

v3.24.2.u1

Investments and Long-Term Receivables - Narrative (Details) $ in Billions	3 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2023
APLNG
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	47.50%
Line of credit facility value outstanding	$ 4.3
Equity method investment	5.1
PALNG
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		30.00%
Equity method investment	$ 1.5
N3
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	30.00%
N3 | Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	68.50%
N3 | Mitsui & Co., Ltd
Schedule of Equity Method Investments [Line Items]
Ownership percentage	1.50%
NFE4
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
NFE4 | Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	70.00%
Ownership percentage transferred	0.05
NFE4 | China National Petroleum Corporation
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%
NFS3
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
NFS3 | Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	75.00%
Qatar
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 1.2

v3.24.2.u1

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt		$ 18,400	$ 18,900
Notes | 2.125% Notes due 2024
Debt Instrument [Line Items]
Retired debt	$ 461
Stated interest rate	2.125%
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value		283
Revolving Credit Facility
Debt Instrument [Line Items]
Project finance facility, maximum borrowing capacity		5,500
Minimum limit of debt for cross default provision		200
Remaining borrowing capacity under revolving credit facility		5,500	$ 5,500
Letter of Credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, capacity available for specific purpose other than for trade purchases		$ 500

v3.24.2.u1

Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 49,325	$ 47,783	$ 49,279	$ 48,003
Net Income (Loss)	2,329	2,232	4,880	5,152
Other comprehensive income (loss)	(44)	102	(288)	75
Dividends declared, ordinary	(680)	(620)	(1,368)	(1,245)
Dividends declared, variable return of cash	(235)	(723)	(471)	(1,454)
Repurchase of company common stock	(1,021)	(1,300)	(2,346)	(3,000)
Excise tax on share repurchases	(10)	(13)	(19)	(28)
Distributed under benefit plans	81	69	78	27
Other		1		1
Ending Balance	$ 49,745	$ 47,531	$ 49,745	$ 47,531
Dividends declared, ordinary (in dollars per share)	$ 0.58	$ 0.51	$ 1.16	$ 1.02
Dividends declared, variable return of cash (in dollars per share)	$ 0.20	$ 0.60	$ 0.40	$ 1.20
Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 21	$ 21	$ 21	$ 21
Ending Balance	21	21	21	21
Capital in Excess of Par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	61,300	61,100	61,303	61,142
Distributed under benefit plans	81	69	78	27
Ending Balance	61,381	61,169	61,381	61,169
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(66,974)	(61,904)	(65,640)	(60,189)
Repurchase of company common stock	(1,021)	(1,300)	(2,346)	(3,000)
Excise tax on share repurchases	(10)	(13)	(19)	(28)
Ending Balance	(68,005)	(63,217)	(68,005)	(63,217)
Accum. Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(5,917)	(6,027)	(5,673)	(6,000)
Other comprehensive income (loss)	(44)	102	(288)	75
Ending Balance	(5,961)	(5,925)	(5,961)	(5,925)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	60,895	54,593	59,268	53,029
Net Income (Loss)	2,329	2,232	4,880	5,152
Dividends declared, ordinary	(680)	(620)	(1,368)	(1,245)
Dividends declared, variable return of cash	(235)	(723)	(471)	(1,454)
Other		1		1
Ending Balance	$ 62,309	$ 55,483	$ 62,309	$ 55,483

v3.24.2.u1

Suspended Wells and Exploration Expenses (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) well	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Capitalized cost of suspended wells	$ 164		$ 164
Decrease in capitalized costs			$ 20
Dry hole expense	$ 22
Number of partner operating exploration wells | well	2
Busta PL782S
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Decrease in capitalized costs		$ 18

v3.24.2.u1

Guarantees - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
APLNG
Guarantor Obligations [Line Items]
Ownership percentage in equity investment	47.50%
Finance Reserve Guarantee | APLNG
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	7 years
Maximum potential amount of future payments	$ 210
Guarantor obligations, current carrying value	14
Max Potential Future Payments Pro-rata Share | APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	680
Max Potential Future Payments Reckless Breach | APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	1,100
Continued Development | APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	490
Guarantor obligations, current carrying value	$ 34
Continued Development | APLNG | Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	13 years
Continued Development | APLNG | Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	21 years
Joint Venture Obligation Guarantee | NFE4 and NFS3
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 14
Guarantor obligations, term	30 years
Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	$ 620
Guarantor obligations, current carrying value	$ 0
Other Guarantees | Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	1 year
Other Guarantees | Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	5 years
Indemnifications
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 20

v3.24.2.u1

Contingencies, Commitments, and Accrued Environmental Costs - Narrative (Details) $ in Millions		1 Months Ended				6 Months Ended	12 Months Ended
	Aug. 02, 2019 USD ($)	Oct. 31, 2020	Mar. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2017 lawsuit	Dec. 31, 2023 USD ($)	Aug. 29, 2019 USD ($)
Loss Contingencies [Line Items]
Total environmental accrual included in balance sheet						$ 184		$ 184
Performance obligations secured by letters of credit						262
Several Louisiana Parishes and the State of Louisiana Against Oil and Gas Companies | ConocoPhillips Entities
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | lawsuit							22
Outer Continental Shelf Lease | Phillips Petroleum Company
Loss Contingencies [Line Items]
Ownership percentage in equity investment		25.00%
Sale of interest, duration		30 years
Venezuela | ConocoPhillips Versus Petroleos de Venezuela ICISD
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party			$ 8,700
Litigation award reduction									$ 227
Litigation settlement amount awarded from other party revised						8,500
Venezuela | ConocoPhillips vs Petroleos De Venezuela ICC
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party	$ 33			$ 500	$ 2,000
Litigation settlement, payment term				90 days
Proceeds from legal settlements						$ 784
Litigation settlement, amount awarded from other party, payment period				4 years 6 months
US and Canada | Cleanup Remediation Activities
Loss Contingencies [Line Items]
Environmental loss contingencies, term						30 years

v3.24.2.u1

Derivative and Financial Instruments - Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 512	$ 611
Other assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	123	113
Other accruals
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	483	567
Other liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 104	$ 80

v3.24.2.u1

Derivative and Financial Instruments - Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	$ 32	$ (16)	$ 86	$ 12
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	0	(2)	0	(1)
Purchased commodities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	$ (29)	$ 16	$ (79)	$ (56)

v3.24.2.u1

Derivative and Financial Instruments - Schedule of Net Exposures from Outstanding Commodity Derivative Contracts (Details) - Commodity Contract - Bcf	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Natural Gas and Power, Fixed Price | Short
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	18	12
Natural Gas and Power, Basis | Short
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures		2
Natural Gas and Power, Basis | Long
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	9

v3.24.2.u1

Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Debt securities, available-for-sale, unrealized loss			$ 5
Debt securities, available-for-sale, unrealized gain					$ 5
Debt securities, available-for-sale, allowance for credit loss	$ 0		0		0
Proceeds from sales and redemptions of investments in debt securities classified as available for sale	231	$ 251	455	$ 551
Derivative, net liability position, aggregate fair value	134		134		181
Collateral already posted, aggregate fair value	8		8		$ 0
Interest Rate Swap
Derivative [Line Items]
Unrealized gain	33		13
In event of downgrade below investment grade
Derivative [Line Items]
Additional collateral, aggregate fair value	$ 92		$ 92
Maximum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity			5 years
Minimum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity			1 year
Accounts Receivable | Maximum
Derivative [Line Items]
Credit derivative, term			30 days

v3.24.2.u1

Derivative and Financial Instruments - Schedule of Net Carrying Amount of Held to Maturity Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	$ 4,276	$ 5,635
Short-term investments, carried at cost plus accrued interest	1,296	536
Cash
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	662	474
Demand Deposits
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	1,157	1,424
Time Deposits | 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	1,539	3,713
Short-term investments, carried at cost plus accrued interest	1,270	511
Time Deposits | 91 to 180 days
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	20	22
Time Deposits | Within one year
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	6	3
U.S. Government Obligations | 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	918	24
Short-term investments, carried at cost plus accrued interest	$ 0	$ 0

v3.24.2.u1

Derivative and Financial Instruments - Schedule of Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	$ 4,294	$ 5,635
Short-Term Investments	1,723	971
Investments and Long-Term Receivables	9,304	9,130
Within one year | Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	18	0
Short-Term Investments	427	435
Within one year | Reported Value Measurement | Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	1	0
Short-Term Investments	247	201
Within one year | Reported Value Measurement | Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	17	0
Short-Term Investments	112	131
Within one year | Reported Value Measurement | U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments	43	89
Within one year | Reported Value Measurement | U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	0	5
Within one year | Reported Value Measurement | Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	7	7
Within one year | Reported Value Measurement | Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	18	2
Investments and Long-Term Receivables | Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	1,034	989
Investments and Long-Term Receivables | Reported Value Measurement | Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	650	606
Investments and Long-Term Receivables | Reported Value Measurement | U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	172	189
Investments and Long-Term Receivables | Reported Value Measurement | U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	7	7
Investments and Long-Term Receivables | Reported Value Measurement | Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	4	4
Investments and Long-Term Receivables | Reported Value Measurement | Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	$ 201	$ 183

v3.24.2.u1

Derivative and Financial Instruments - Schedule of Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1,483	$ 1,422
Fair Value	1,479	1,424
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	900	806
Fair Value	898	807
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	129	131
Fair Value	129	131
U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	217	278
Fair Value	215	278
U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	7	12
Fair Value	7	12
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	11	11
Fair Value	11	11
Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	219	184
Fair Value	$ 219	$ 185

v3.24.2.u1

Fair Value Measurement - Narrative (Details) - Surmont $ in Billions		6 Months Ended
	Oct. 04, 2023 USD ($)	Jun. 30, 2024 USD ($)	Oct. 04, 2023 CAD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of interest acquired	50.00%		50.00%
Business acquisition, maximum payment	$ 320,000,000		$ 0.4
Business combination, contingent, consideration arrangements, term	5 years		5 years
Business acquisition, cost per every dollar exceeding threshold	$ 2,000,000
Business acquisition, threshold (dollars per barrel)	52
Business acquisition, contingent payments		$ 67,000,000

v3.24.2.u1

Fair Value Measurement - Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives	$ 635	$ 724
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,479	1,424
Commodity derivatives	635	724
Total assets	2,114	2,148
Commodity derivatives	587	647
Contingent consideration	249	312
Total liabilities	836	959
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	215	278
Commodity derivatives	298	308
Total assets	513	586
Commodity derivatives	333	350
Contingent consideration	0	0
Total liabilities	333	350
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,264	1,146
Commodity derivatives	287	301
Total assets	1,551	1,447
Commodity derivatives	240	283
Contingent consideration	0	0
Total liabilities	240	283
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Commodity derivatives	50	115
Total assets	50	115
Commodity derivatives	14	14
Contingent consideration	249	312
Total liabilities	$ 263	$ 326

v3.24.2.u1

Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Recurring $ in Millions	Jun. 30, 2024 USD ($) $ / Boe	Dec. 31, 2023 USD ($) $ / Boe
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration | $	$ 249	$ 312
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration | $	$ 249	$ 312
Level 3 | Minimum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	59.99	45.48
Level 3 | Maximum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	67.34	63.04
Level 3 | Arithmetic Average | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	62.38	57.45

v3.24.2.u1

Fair Value Measurement - Schedule of Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting Derivative Assets [Abstract]
Assets - gross amounts recognized	$ 635	$ 724
Assets - amounts without right of setoff	16	39
Assets - gross amounts	619	685
Assets - gross amounts offset	368	375
Assets - net amounts presented	251	310
Assets - cash collateral	1	4
Assets - net amounts	250	306
Offsetting Derivative Liabilities [Abstract]
Liabilities - gross amounts recognized	587	647
Liabilities - amounts without right of setoff	16	34
Liabilities - gross amounts recognized	571	613
Liabilities - gross amounts offset	368	375
Liabilities - net amounts presented	203	238
Liabilities - cash collateral	41	47
Liabilities - net amounts	$ 162	$ 191

v3.24.2.u1

Fair Value Measurement - Schedule of Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Financial Assets [Abstract]
Investments in debt securities	$ 1,479	$ 1,424
Financial Liabilities [Abstract]
Total debt, excluding finance leases	17,318	17,808
Carrying Amount | Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	266	345
Financial Liabilities [Abstract]
Commodity derivatives	178	225
Estimate of Fair Value Measurement
Financial Assets [Abstract]
Investments in debt securities	1,479	1,424
Financial Liabilities [Abstract]
Total debt, excluding finance leases	17,321	18,621
Estimate of Fair Value Measurement | Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	266	345
Financial Liabilities [Abstract]
Commodity derivatives	$ 178	$ 225

v3.24.2.u1

Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ (5,673)
Other comprehensive income (loss)	$ (44)	$ 102	(288)	$ 75
Ending balance	(5,961)		(5,961)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(393)
Other comprehensive income (loss)			9
Ending balance	(384)		(384)
Unrealized Holding Gain/(Loss) on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			2
Other comprehensive income (loss)			(4)
Ending balance	(2)		(2)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(5,344)
Other comprehensive income (loss)			(303)
Ending balance	(5,647)		(5,647)
Unrealized Gain/(Loss) on Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			62
Other comprehensive income (loss)			10
Ending balance	$ 72		$ 72

v3.24.2.u1

Accumulated Other Comprehensive Income (Loss) - Schedule of Items Reclassified out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Defined benefit plans	$ 4	$ 6	$ 9	$ 17
Tax expense of defined benefit plans	$ 2	$ 3	$ 4	$ 6

v3.24.2.u1

Cash Flow Information - Schedule of Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Payments
Interest	$ 404	$ 358
Income taxes	2,067	3,202
Net Sales (Purchases) of Investments
Short-term investments purchased	(1,502)	(783)
Short-term investments sold	971	2,676
Long-term investments purchased	(347)	(414)
Long-term investments sold	84	70
Net sales (purchases) of investments	$ (794)	$ 1,549

v3.24.2.u1

Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1	$ 0	$ 1	$ 0
Interest cost	2	2	3	3
Expected return on plan assets
Amortization of prior service credit	(10)	(10)	(19)	(19)
Recognized net actuarial loss (gain)	0	(1)	0	(2)
Settlements
Net periodic benefit cost	(7)	(9)	(15)	(18)
U.S. | Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	13	13	25	26
Interest cost	19	20	38	39
Expected return on plan assets	(17)	(14)	(33)	(29)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss (gain)	2	3	4	6
Settlements	0	0	0	4
Net periodic benefit cost	17	22	34	46
Int'l. | Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	9	9	19	19
Interest cost	28	29	57	57
Expected return on plan assets	(40)	(37)	(81)	(74)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss (gain)	14	17	28	34
Settlements	0	0	0	0
Net periodic benefit cost	$ 11	$ 18	$ 23	$ 36

v3.24.2.u1

Employee Benefit Plans - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, contributions by employer	$ 9
Defined benefit plan, expected future employer contributions, current fiscal year	100
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, contributions by employer	46
Defined benefit plan, expected future employer contributions, current fiscal year	$ 85

v3.24.2.u1

Related Party Transactions - Schedule of Significant Transactions with Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Operating revenues and other income	$ 14,136	$ 12,884	$ 28,612	$ 28,401
Operating expenses and selling, general and administrative expenses	164	205	342	364
Related Party
Related Party Transaction [Line Items]
Operating revenues and other income	23	23	41	44
Operating expenses and selling, general and administrative expenses	$ 57	$ 72	$ 112	$ 150

v3.24.2.u1

Sales and Other Operating Revenues - Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from contract	$ 12,660	$ 11,015	$ 24,967	$ 22,979
Consolidated sales and other operating revenues	13,620	12,351	27,468	27,162
Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	1,003	1,465	2,568	4,592
Crude oil
Revenue from contracts outside the scope of ASC Topic 606	53	96	53	143
Natural gas
Revenue from contracts outside the scope of ASC Topic 606	715	1,123	1,914	3,848
Other
Revenue from contracts outside the scope of ASC Topic 606	235	246	601	601
Financial derivative contracts
Revenue from contracts outside the scope of ASC Topic 606	(43)	(129)	(67)	(409)
Lower 48 | Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	743	1,081	2,002	3,589
Canada | Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	91	204	308	771
Europe, Middle East and North Africa | Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	$ 169	$ 180	$ 258	$ 232

v3.24.2.u1

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss	$ 4,323		$ 4,323		$ 4,414
Revenue recognized	0	$ 0	0	$ 0
Contract with customer, liability	$ 45		$ 45

v3.24.2.u1

Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share
Net Income (Loss)	$ 2,329	$ 2,232	$ 4,880	$ 5,152
Less: Dividends and undistributed earnings allocated to participating securities	7	8	15	17
Net Income (Loss) available to common shareholders	$ 2,322	$ 2,224	$ 4,865	$ 5,135
Weighted-average common shares outstanding (in shares)	1,168,198	1,207,443	1,173,410	1,213,800
Net Income (Loss) Per Share of Common Stock, Basic (in dollars per share)	$ 1.99	$ 1.84	$ 4.15	$ 4.23
Diluted earnings per share
Net Income (Loss) available to common shareholders	$ 2,322	$ 2,224	$ 4,865	$ 5,135
Add: Dilutive impact of options and unvested non-participating RSU/PSUs	2,000	3,000	3,000	3,000
Weighted-average diluted shares outstanding (in shares)	1,170,299	1,210,342	1,175,595	1,216,743
Net Income (Loss) Per Share of Common Stock, Diluted (in dollars per share)	$ 1.98	$ 1.84	$ 4.14	$ 4.22

v3.24.2.u1

Segment Disclosures and Related Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	6

v3.24.2.u1

Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 13,620	$ 12,351	$ 27,468	$ 27,162
Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	9,053	8,389	18,362	18,438
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,553	850	2,997	2,033
Intersegment eliminations | Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	0	(1)	(1)	(5)
Intersegment eliminations | Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(612)	(401)	(1,120)	(741)
Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	13,620	12,351	27,468	27,162
Operating Segments | Alaska
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,783	1,709	3,453	3,444
Operating Segments | Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	9,053	8,388	18,361	18,433
Operating Segments | Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	941	449	1,877	1,292
Operating Segments | Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,296	1,369	2,753	3,071
Operating Segments | Asia Pacific
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	543	432	1,017	896
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	4	4	7	26
U.S.
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	10,776	10,040	21,756	21,842
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	941	449	1,877	1,292
China
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	275	244	488	446
Libya
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	470	447	970	817
Malaysia
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	268	189	529	450
Norway
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	514	577	1,138	1,228
U.K.
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	374	404	707	1,085
Other foreign countries
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	2	1	3	2
Natural gas
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,175	1,860	3,057	6,272
Natural gas liquids
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	662	582	1,342	1,277
Crude oil
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	10,112	8,965	19,674	17,867
Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 1,671	$ 944	$ 3,395	$ 1,746

v3.24.2.u1

Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	$ 2,329	$ 2,232	$ 4,880	$ 5,152
Operating Segments | Alaska
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	360	372	706	788
Operating Segments | Lower 48
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	1,259	1,230	2,640	3,082
Operating Segments | Canada
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	261	32	441	38
Operating Segments | Europe, Middle East and North Africa
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	251	264	555	629
Operating Segments | Asia Pacific
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	444	387	956	909
Operating Segments | Other International
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	3	(4)	2	(3)
Corporate and Other
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	$ (249)	$ (49)	$ (420)	$ (291)

v3.24.2.u1

Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Total Assets
Consolidated total assets	$ 95,994	$ 95,924
Corporate and Other
Total Assets
Consolidated total assets	9,708	9,759
Alaska | Operating Segments
Total Assets
Consolidated total assets	17,124	16,174
Lower 48 | Operating Segments
Total Assets
Consolidated total assets	42,659	42,415
Canada | Operating Segments
Total Assets
Consolidated total assets	10,047	10,277
Europe, Middle East and North Africa | Operating Segments
Total Assets
Consolidated total assets	7,968	8,396
Asia Pacific | Operating Segments
Total Assets
Consolidated total assets	8,483	8,903
Other International | Operating Segments
Total Assets
Consolidated total assets	$ 5	$ 0

v3.24.2.u1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	36.30%		33.60%	34.60%	35.00%
Income tax benefit		$ 76

v3.24.2.u1

Announced Acquisition of Marathon Oil Corporation (Details)	3 Months Ended
	Dec. 31, 2024 shares
Marathon Oil Corporation | Forecast
Business Acquisition [Line Items]
Common stock, number of Marathon Oil shares received for each share of ConocoPhillips common stock	0.255

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