8-KEarnings & ResultsExhibits & Filings

CONOCOPHILLIPS 8-K Report, Financial Results (Jul 26, 2006)

Filed July 26, 2006For Securities:COP

Summary

ConocoPhillips filed a Form 8-K on July 26, 2006, to report its financial and operating results for the second quarter ended June 30, 2006. The filing incorporates by reference a press release and additional financial and operational tables. Investors should note the company's use of a non-GAAP financial measure, 'effective tax rate,' which management believes provides a better indication of ongoing tax performance by excluding the impact of certain Canadian and Texas tax legislation changes. This report is primarily informational, providing investors with the company's quarterly performance data. The detailed information within the referenced exhibits will offer a deeper dive into the company's financial position and operational achievements during the period, crucial for assessing the company's current standing and future prospects.

Key Highlights

  • 1ConocoPhillips announced its Q2 2006 financial and operating results on July 26, 2006, via an 8-K filing.
  • 2The filing includes a press release detailing the company's performance for the quarter ended June 30, 2006.
  • 3Additional financial and operational tables (Exhibits 99.2 and 99.3) are incorporated by reference, providing more granular data.
  • 4The company presented a non-GAAP financial measure: 'effective tax rate'.
  • 5Management utilizes the non-GAAP 'effective tax rate' to better reflect ongoing operational performance by excluding specific tax legislation impacts in Canada and Texas.
  • 6This non-GAAP measure is intended to facilitate comparisons with prior and future periods.
  • 7The report serves as a formal disclosure of the company's quarterly results to the SEC and the investing public.

Frequently Asked Questions

The primary purpose of this 8-K filing is to officially report ConocoPhillips' financial and operating results for the second quarter ended June 30, 2006, as required by the SEC.

The 'effective tax rate' is a non-GAAP (Generally Accepted Accounting Principles) measure that ConocoPhillips uses. Management believes it's a better indicator of ongoing performance because it excludes the impact of specific tax legislation changes in Canada and Texas. Standard GAAP reporting would typically include all tax impacts, regardless of legislative changes.

The detailed financial and operating results are contained within the press release (Exhibit 99.1) and additional financial and operational tables (Exhibits 99.2 and 99.3) that are furnished and incorporated by reference in this 8-K filing.

The filing indicates that these specific tax legislation changes had a favorable impact on the effective tax rate for the second quarter of 2006. By excluding them, ConocoPhillips aims to present a more comparable 'ongoing' effective tax rate.