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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
Crude oil
Natural gas
Natural gas liquids
Consolidated sales and other operating revenues

Source: ConocoPhillips Annual Reports

Item Description The company
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.