Business Context and Reporting Period
This Form 8-K is filed by the Burlington Resources Inc. Retirement Savings Plan (the "Plan") on May 9, 2006. The filing reports a change in the Plan's independent certifying accountant. This action follows the acquisition of Burlington Resources Inc. by ConocoPhillips on March 31, 2006. The decision was approved by the Audit and Finance Committee of the ConocoPhillips Board of Directors.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the Plan or the parent company. The document is strictly a disclosure regarding the appointment and dismissal of auditors.
Material Changes
- Accountant Appointment: Ham, Langston & Brezina, L.L.P. was appointed as the independent accountant for the Plan for the year ended December 31, 2005.
- Accountant Dismissal: PricewaterhouseCoopers LLP ("PwC") was dismissed as the independent accountant for the Plan.
- Audit History: PwC's reports for fiscal years 2004 and 2003 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with PwC on accounting principles, practices, or auditing procedures during the relevant periods.
- Reportable Events: No "reportable events" as defined in Regulation S-K occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of business risks. The primary contingency addressed is the transition of audit responsibilities, which was executed without reported disputes or irregularities. PwC was provided with the disclosure and furnished a response letter (Exhibit 16.1) regarding the change.
Investor Verification Checklist
- Verify the effective date of the new auditor (Ham, Langston & Brezina, L.L.P.) for the 2005 fiscal year.
- Confirm that the change in accountant was driven by the ConocoPhillips acquisition rather than audit disputes.
- Review Exhibit 16.1 (PwC's letter) to ensure the former auditor concurred with the Plan's statements regarding the lack of disagreements.
- Note that this filing pertains to a retirement savings plan, not the consolidated financial results of ConocoPhillips.