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Income Statement
Difficulty: Beginner
The income statement presents information on the financial results of a company's business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
ConocoPhillips, Consolidated Income Statement
USD $ in millions
| 12 months ended | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||||||
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| Cost of operating revenues | |
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| Gross profit | |
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| Selling, general and administrative expenses | |
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| Exploration expenses | |
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| Depreciation, depletion and amortization | |
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| Impairments | |
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| Taxes other than income taxes | |
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| Accretion on discounted liabilities | |
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| Operating income (loss) | |
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| Equity in earnings of affiliates | |
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| Gain on dispositions | |
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| Interest income | |
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| Other, net | |
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| Other income | |
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| Interest and debt expense | |
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| Foreign currency transaction gains (losses) | |
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| Other expense | |
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| Income (loss) from continuing operations before income taxes | |
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| Income tax (provision) benefit | |
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| Income (loss) from continuing operations | |
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| Income from discontinued operations | |
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| Net income (loss) | |
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| Net income attributable to noncontrolling interests | |
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| Net income (loss) attributable to ConocoPhillips | |
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| Item | Description | The company |
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| 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 sales and other operating revenues declined from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level. |
| Operating income (loss) | The net result for the period of deducting operating expenses from operating revenues. | ConocoPhillips's operating income (loss) increased from 2015 to 2016 and from 2016 to 2017. |
| Income (loss) from continuing operations before income taxes | Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. | ConocoPhillips's income (loss) from continuing operations before income taxes increased from 2015 to 2016 and from 2016 to 2017. |
| Income (loss) from continuing operations | This represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. | ConocoPhillips's income (loss) from continuing operations increased from 2015 to 2016 and from 2016 to 2017. |
| Net income (loss) | The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. | ConocoPhillips's net income (loss) increased from 2015 to 2016 and from 2016 to 2017. |
| Net income (loss) attributable to ConocoPhillips | The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. | ConocoPhillips's net income (loss) attributable to ConocoPhillips increased from 2015 to 2016 and from 2016 to 2017. |
