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ConocoPhillips (COP)
Analysis of Property, Plant and Equipment
Difficulty: Advanced
Property, Plant and Equipment Accounting Policy
Depreciation and amortization of PP&E on producing hydrocarbon properties and certain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-productionmethod. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Source: 10-K (filing date: 2019-02-19).
Property, Plant and Equipment Disclosure
ConocoPhillips, Statement of Financial Position, Property, Plant and Equipment
USD $ in millions
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |||||||
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| Gross properties, plants and equipment | |
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| Accumulated depreciation, depletion and amortization | |
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| Net properties, plants and equipment | |
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Based on: 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24).
| Item | Description | The company |
|---|---|---|
| Gross properties, plants and equipment | Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. | ConocoPhillips’s gross properties, plants and equipment declined from 2016 to 2017 but then slightly increased from 2017 to 2018. |
| Net properties, plants and equipment | Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. | ConocoPhillips’s net properties, plants and equipment declined from 2016 to 2017 but then slightly increased from 2017 to 2018. |
Property, Plant and Equipment Ratios (Summary)
ConocoPhillips, Property, Plant and Equipment Ratios
Based on: 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24).
| Ratio | Description | The company |
|---|---|---|
| Average age | As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new. Newer assets are likely to be more efficient. | ConocoPhillips’s average age of depreciable property, plant and equipment deteriorated from 2016 to 2017 and from 2017 to 2018. |
Average Age
Based on: 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24).
2018 Calculations
1 Average age = 100 × Accumulated depreciation, depletion and amortization ÷ Gross properties, plants and equipment
= 100 × ÷ =
| Ratio | Description | The company |
|---|---|---|
| Average age | As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new. Newer assets are likely to be more efficient. | ConocoPhillips’s average age of depreciable property, plant and equipment deteriorated from 2016 to 2017 and from 2017 to 2018. |