8-KOther EventsExhibits & Filings

CONOCOPHILLIPS 8-K Report, Corporate Update (Dec 3, 2012)

Filed December 3, 2012For Securities:COP

Summary

This Form 8-K filing by ConocoPhillips (COP) on December 3, 2012, primarily serves to provide updated financial information and disclosures related to the previously completed separation of its downstream business, Phillips 66. Investors should note that the financial statements and related disclosures within this filing are revised to present the results of Phillips 66 as discontinued operations. Additionally, ConocoPhillips has realigned its reporting segments into geographic regions, and these changes are reflected in the attached exhibits. It is crucial for investors to understand that this 8-K filing is intended to update the previously filed 2011 Annual Report on Form 10-K solely for these specific reclassifications and segment realignments. It does not update other disclosures for events occurring after February 21, 2012. Therefore, this filing should be read in conjunction with the original 2011 10-K and subsequent quarterly filings for a complete understanding of the company's financial position and performance.

Key Highlights

  • 1ConocoPhillips is filing this 8-K to reflect revisions to its 2011 financial statements and disclosures following the separation of Phillips 66.
  • 2The results of operations of Phillips 66 (refining, marketing, transportation, chemicals, etc.) are now presented as discontinued operations.
  • 3ConocoPhillips has realigned its operating segments into geographic regions, effective from the second quarter of 2012.
  • 4This filing includes revised Selected Financial Data (Exhibit 99.1), Management's Discussion and Analysis (Exhibit 99.2), and Financial Statements and Supplementary Data (Exhibit 99.3).
  • 5The updates are specifically for the reclassification of Phillips 66 as discontinued operations and the segment realignment.
  • 6Investors must read this 8-K in conjunction with the original 2011 10-K and subsequent quarterly filings, as it does not update other disclosures beyond these specific changes.

Frequently Asked Questions

The main purpose of this Form 8-K is to present revised financial statements and disclosures that reflect the separation of Phillips 66 as discontinued operations and the realignment of ConocoPhillips' operating segments into geographic regions. It updates the previously filed 2011 Annual Report on Form 10-K for these specific changes.

Following the separation, the results of operations related to Phillips 66, which includes refining, marketing, transportation, and chemicals businesses, are now reported as discontinued operations in ConocoPhillips' financial statements. This presentation segregates these activities from the ongoing continuing operations of ConocoPhillips.

Investors should be aware that this 8-K filing is limited in scope. It only updates the 2011 10-K for the specific items of discontinued operations and segment realignment. It does not update other financial data or disclosures for events that have occurred since February 21, 2012. Therefore, it's essential to read this filing alongside the original 2011 10-K and subsequent quarterly reports (10-Qs) for a comprehensive view.

This filing does not announce new business operations or significant strategic shifts. Its primary focus is on reclassifying historical financial information and segment reporting structures to accurately reflect the post-separation organizational structure following the divestiture of Phillips 66.