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Debt Accounting Policy

Capitalized Interest

Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets.

Source: ConocoPhillips, Annual Report

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Total Debt (Carrying Amount)

ConocoPhillips, Statement of Financial Position, Debt

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Short-term debt
Long-term debt
Total debt, including capital leases (carrying amount)

Source: Based on data from ConocoPhillips, Annual Reports

Item Description The company
Total debt, including capital leases (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. ConocoPhillips's total debt increased from 2015 to 2016 but then declined significantly from 2016 to 2017.

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Total Debt (Fair Value)

 
Dec 31, 2017
Selected Financial Data (USD $ in millions)
Debt, excluding capital leases
Capitalized leases
Total debt, including capital leases (fair value)
Ratio
Debt, fair value to carrying amount

Source: Based on data from ConocoPhillips, Annual Reports

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Weighted-average Interest Rate on Debt

Before-tax incremental borrowing rate: %

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
%
Total %

Source: Based on data from ConocoPhillips, Annual Reports

1 USD $ in millions

2 Weighted-average interest rate = 100 × ÷ = %

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Interest Costs Incurred

ConocoPhillips

USD $ in millions

 
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Interest expensed
Interest capitalized
Interest incurred

Source: Based on data from ConocoPhillips, Annual Reports

Item Description The company
Interest expensed Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. ConocoPhillips's interest expensed increased from 2015 to 2016 but then slightly declined from 2016 to 2017.
Interest capitalized The amount of interest that was capitalized during the period. ConocoPhillips's interest capitalized declined from 2015 to 2016 and from 2016 to 2017.
Interest incurred Total interest costs incurred during the period and either capitalized or charged against earnings. ConocoPhillips's interest incurred increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

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Adjusted Interest Coverage Ratio

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Net income (loss) attributable to ConocoPhillips
Add: Net income attributable to noncontrolling interest
Less: Income from discontinued operations
Add: Income tax expense
Add: Interest and debt expense
Earnings before interest and tax (EBIT)
 
Interest incurred
Ratio With and Without Capitalized Interest
Interest coverage ratio (excluding capitalized interest)1
Adjusted interest coverage ratio (including capitalized interest)2

2017 Calculations

1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =

2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest incurred
= ÷ =

Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). ConocoPhillips's adjusted interest coverage ratio improved from 2015 to 2016 and from 2016 to 2017.

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