Investment owned, common stock, percent of issued and outstanding



|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Notes to Consolidated Financial Statements | [Table of Contents](#if18581573a6045f6b6e889320c9d1887_7) |

Note 4—Investments, Loans and Long-Term ReceivablesAPLNGAPLNG executed project agreements for an $8.5 billion project finance facility in 2012 which became non-recourse following financial completion in 2017. Following restructuring efforts, the facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At June 30, 2022, a balance of $5.5 billion was outstanding on these facilities. [See Note](#if18581573a6045f6b6e889320c9d1887_61) 8[.](#if18581573a6045f6b6e889320c9d1887_61)  
In February 2022, we completed the acquisition of an additional 10 percent interest in APLNG from Origin Energy for approximately $1.4 billion resulting from the exercise of our preemption right. This increases our ownership in APLNG to 47.5 percent, with Origin Energy and Sinopec owning 27.5 percent and 25 percent, respectively.At June 30, 2022, the carrying value of our equity method investment in APLNG was $6.4 billion. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet.LoansAs part of our normal ongoing business operations, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At June 30, 2022, significant loans to affiliated companies included $59 million in project financing to Qatar Liquefied Gas Company Limited (3), which is included within the “Accounts and notes receivable—related parties” line on our consolidated balance sheet.  
Note 5—Investment in Cenovus EnergyAt December 31, 2021, we held 91 million common shares of Cenovus Energy (CVE), which approximated 4.5% of their issued and outstanding common shares. Those shares were carried on our balance sheet at fair value of $1.1 billion based on NYSE closing price of $12.28 per share on the last day of trading for the period. During the first quarter of 2022, we sold our remaining 91 million shares, recognizing proceeds of $1.4 billion.  
All gains and losses were recognized within "Other income” on our consolidated income statement. Proceeds related to the sale of our CVE shares were included within “Cash Flows from Investing Activities” on our consolidated statement of cash flows. [See Note](#if18581573a6045f6b6e889320c9d1887_79) 11[.](#if18581573a6045f6b6e889320c9d1887_79)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Millions of Dollars |
|  | Three Months EndedJune 30 | Six Months EndedJune 30 |
|  | 2022 | 2021 | 2022 | 2021 |
| Total Net gain on equity securities | $ | —  |  | 418  |  | 251  |  | 726  |  |
| Less: Net gain on equity securities sold during the period | —  |  | 31  |  | 251  |  | 60  |  |
| Unrealized gain on equity securities still held at the reporting date | $ | —  |  | 387  |  | $ | —  |  | 666  |  |



|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| 9 | ConocoPhillips      2022 Q2 10-Q |  |


