8-KEarnings & ResultsExhibits & Filings

CONOCOPHILLIPS 8-K Report, Financial Results (Jul 23, 2008)

Filed July 23, 2008For Securities:COP

Summary

ConocoPhillips (COP) filed an 8-K on July 23, 2008, to report its financial and operating results for the quarter ended June 30, 2008. The filing primarily serves to attach a press release and supplemental financial information detailing these results. Investors should note that the company provided certain non-GAAP financial measures to offer a clearer view of ongoing operational performance. These non-GAAP measures, which exclude the impact of a significant Venezuela impairment charge recorded in the second quarter of 2007, are presented to allow for better period-over-period comparisons. Specifically, the adjusted figures relate to earnings, diluted earnings per share, exploration and production (E&P) earnings, and the effective tax rate. Investors are encouraged to review the full press release and supplemental information for a comprehensive understanding of the company's performance and the specific methodologies used for these adjustments.

Key Highlights

  • 1ConocoPhillips reported its Q2 2008 financial and operating results via an 8-K filing on July 23, 2008.
  • 2The filing includes a press release (Exhibit 99.1) and supplemental financial information (Exhibit 99.2) detailing the quarterly performance.
  • 3The company presented non-GAAP financial measures to exclude a Venezuela impairment charge from Q2 2007 for better comparability.
  • 4Adjusted measures include earnings, diluted earnings per share, E&P earnings, and effective tax rate.
  • 5Management believes these non-GAAP measures provide a better indicator of ongoing earnings and are more useful for comparing results across periods.
  • 6The primary purpose of the 8-K filing was to furnish these results and associated information.
  • 7No significant new business events or corporate actions were disclosed beyond the quarterly earnings release.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially report ConocoPhillips' financial and operating results for the quarter ended June 30, 2008, by attaching the relevant press release and supplemental financial information.

ConocoPhillips is using non-GAAP measures to provide investors with a clearer view of the company's ongoing operational performance. These measures exclude a significant Venezuela impairment charge from the second quarter of 2007, allowing for more meaningful comparisons of current results with prior and future periods.

The non-GAAP measures presented in this filing relate to earnings, diluted earnings per share, exploration and production (E&P) earnings, and the effective tax rate, all adjusted to exclude the impact of the Venezuela impairment charge from Q2 2007.

More detailed information can be found in the exhibits attached to this 8-K filing. Specifically, Exhibit 99.1 is the press release announcing the results, and Exhibit 99.2 provides supplemental financial information.