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Analysis of Revenues
Revenue Recognition Accounting Policy
Revenues associated with sales of crude oil, bitumen, natural gas, liquefied natural gas (LNG), natural gas liquids and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry.
Revenues associated with producing properties in which ConocoPhillips has an interest with other producers are recognized based on the actual volumes ConocoPhillips sold during the period. Any differences between volumes sold and entitlement volumes, based on ConocoPhillips' net working interest, which are deemed to be nonrecoverable through remaining production, are recognized as accounts receivable or accounts payable, as appropriate. Cumulative differences between volumes sold and entitlement volumes are generally not significant.
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: ConocoPhillips, Annual Report
Revenues as Reported
ConocoPhillips, Income Statement, Revenues
USD $ in millions
|12 months ended||Dec 31, 2017||Dec 31, 2016||Dec 31, 2015||Dec 31, 2014||Dec 31, 2013|
|Natural gas liquids|
|Consolidated sales and other operating revenues|
Source: ConocoPhillips Annual Reports
|Consolidated sales and other operating revenues||Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.||ConocoPhillips's consolidated sales and other operating revenues declined from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.|