ConocoPhillips (COP)

Revenues associated with the sales of crude oil, bitumen, natural gas, liquified natural gas (LNG), natural gas liquids and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, ConocoPhillips primarily considers whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. ConocoPhillips allocates variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to the efforts to transfer control of current period deliveries to the customer and represents the amount ConocoPhillips expects to be entitled to in exchange for the related products. Payment is typically due within 30 days or less.

Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line).

Source: 10-K (filing date: 2019-02-19).

ConocoPhillips, Income Statement, Revenues

US$ in millions

	12 months ended	Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	Crude oil
	Natural gas
	Natural gas liquids
	Other
	Consolidated sales and other operating revenues

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).