Issuance of debt



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| Financial Statements | [Table of Contents](#if18581573a6045f6b6e889320c9d1887_7) |



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| Consolidated Statement of Cash Flows | ConocoPhillips |



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|  | Millions of Dollars |
|  | Six Months EndedJune 30 |
|  | 2022 | 2021 |
| Cash Flows From Operating Activities |  |  |
| Net income | $ | 10,904  |  | 3,073  |  |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| Depreciation, depletion and amortization | 3,633  |  | 3,753  |  |
| Impairments | 4  |  | (1) |  |
| Dry hole costs and leasehold impairments | 104  |  | 7  |  |
| Accretion on discounted liabilities | 122  |  | 125  |  |
| Deferred taxes | 868  |  | 567  |  |
| Undistributed equity earnings | 591  |  | 317  |  |
| Gain on dispositions | (1,079) |  | (292) |  |
| Gain on investment in Cenovus Energy | (251) |  | (726) |  |
| Other | (37) |  | (688) |  |
| Working capital adjustments |  |  |
| Increase in accounts and notes receivable | (1,861) |  | (794) |  |
| Increase in inventories | (53) |  | (89) |  |
| Increase in prepaid expenses and other current assets | (283) |  | (388) |  |
| Increase in accounts payable | 635  |  | 323  |  |
| Increase (decrease) in taxes and other accruals | (315) |  | 1,144  |  |
| Net Cash Provided by Operating Activities | 12,982  |  | 6,331  |  |
| Cash Flows From Investing Activities |  |  |
| Capital expenditures and investments | (5,129) |  | (2,465) |  |
| Working capital changes associated with investing activities | 496  |  | 2  |  |
| Acquisition of businesses, net of cash acquired | 37  |  | 382  |  |
| Proceeds from asset dispositions | 2,951  |  | 160  |  |
| Net (purchase) sale of investments | (1,104) |  | 1,302  |  |
| Collection of advances/loans—related parties | 55  |  | 52  |  |
| Other | (8) |  | 86  |  |
| Net Cash Used in Investing Activities | (2,702) |  | (481) |  |
| Cash Flows From Financing Activities |  |  |
| Issuance of debt | 2,897  |  | —  |  |
| Repayment of debt | (5,829) |  | (44) |  |
| Issuance of company common stock | 350  |  | (25) |  |
| Repurchase of company common stock | (3,725) |  | (981) |  |
| Dividends paid | (1,852) |  | (1,171) |  |
| Other | (56) |  | 3  |  |
| Net Cash Used in Financing Activities | (8,215) |  | (2,218) |  |
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (237) |  | 9  |  |
| Net Change in Cash, Cash Equivalents and Restricted Cash | 1,828  |  | 3,641  |  |
| Cash, cash equivalents and restricted cash at beginning of period | 5,398  |  | 3,315  |  |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 7,226  |  | 6,956  |  |

Restricted cash of $317 million is included in the "Other assets" line of our Consolidated Balance Sheet as of June 30, 2022.Restricted cash of $152 million and $218 million are included in the "Prepaid expenses and other current assets" and "Other assets" lines, respectively, of our Consolidated Balance Sheet as of December 31, 2021.See Notes to Consolidated Financial Statements.

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| 5 | ConocoPhillips      2022 Q2 10-Q |  |


