8-KOther EventsExhibits & Filings

CONOCOPHILLIPS 8-K Report, Corporate Update (Nov 16, 2020)

Filed November 16, 2020For Securities:COP

Summary

ConocoPhillips (COP) has filed an 8-K to announce a recasting of certain financial information within its 2019 Form 10-K. This recasting is solely to reflect a realignment of the company's operating segments. The primary change involves reclassifying the Middle East business from the 'Asia Pacific and Middle East' segment to the 'Europe and North Africa' segment. Consequently, these segments have been renamed to 'Asia Pacific' and 'Europe, Middle East and North Africa,' respectively. It is crucial for investors to note that this segment realignment does not impact previously reported consolidated net income (loss), net income (loss) attributable to ConocoPhillips, or earnings per share. The updated segment information is consistent with presentations in the Company's Q3 2020 10-Q filing. This 8-K serves only to update the segment structure in the 2019 10-K and should be read in conjunction with the original 10-K and subsequent quarterly filings for a complete understanding of the company's financial performance and developments.

Key Highlights

  • 1ConocoPhillips is recasting segment information in its 2019 Form 10-K.
  • 2The primary driver for the recasting is a realignment of operating segments.
  • 3The Middle East business is now part of the 'Europe, Middle East and North Africa' segment, previously part of 'Asia Pacific and Middle East'.
  • 4The affected segments are now named 'Asia Pacific' and 'Europe, Middle East and North Africa'.
  • 5This change does NOT affect previously reported consolidated net income, net income attributable to ConocoPhillips, or earnings per share.
  • 6The revised segment information aligns with the presentation in the Q3 2020 10-Q.
  • 7This 8-K filing does not amend or restate the 2019 10-K but provides revised exhibit information (Exhibit 99.1).

Frequently Asked Questions

The main purpose of this 8-K filing is to update the segment reporting structure within ConocoPhillips' 2019 Annual Report on Form 10-K to reflect internal organizational changes. It does not introduce new financial data or alter previously reported financial results.

No, the company explicitly states that this segment realignment does not impact previously reported consolidated net income (loss), net income (loss) attributable to ConocoPhillips, or net income (loss) per share. Therefore, it should not directly affect your investment value or the company's overall reported profitability.

The previously named 'Asia Pacific and Middle East' segment has been split. The remaining portion is now named 'Asia Pacific,' and the Middle East business has been combined with the 'Europe and North Africa' segment, which is now renamed 'Europe, Middle East and North Africa.'

No, this 8-K filing is specifically for segment recasting within the 2019 10-K. It does not update or modify other disclosures from the original 10-K or reflect events after its filing date. For performance updates and events occurring after February 18, 2020, investors should refer to ConocoPhillips' subsequent Form 10-Q filings for the quarters ended March 31, June 30, and September 30, 2020.