Business Context and Reporting Period
This Form 8-K, dated December 20, 2002, concerns ConocoPhillips following the August 30, 2002 merger of Phillips Petroleum Company and Conoco Inc. For accounting purposes, Phillips is treated as the acquirer. The filing addresses restatements of the audited financial statements for the year ended December 31, 2001, originally filed by Phillips.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it announces the issuance of restated financial statements and supplementary data attached as Exhibit 99, which supersede the previously filed 2001 Form 10-K.
Material Changes Versus Prior Period
ConocoPhillips is restating the 2001 financial statements to reflect the following material changes:
- Discontinued Operations: The Woods Cross refinery and associated wholesale marketing activities are now classified as discontinued operations under FASB Statement No. 144.
- Segment Realignments:
- Natural gas liquids fractionation and marketing moved from Refining and Marketing to Midstream.
- Fuels technology business moved from Refining and Marketing to a new Emerging Businesses segment.
- All discontinued operations transferred to Corporate and Other.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors. It notes that the restated data speaks as of March 15, 2002, and has not been updated for events subsequent to that date. Investors are directed to read this report in conjunction with the Form 10-Q for the period ended September 30, 2002.
Key Facts for Investor Verification
- Verify the specific financial impact of the Woods Cross refinery reclassification in the restated Exhibit 99.
- Review the new segment reporting structure to ensure accurate comparison with future periods.
- Confirm that the restated 2001 data supersedes the original March 20, 2002, Form 10-K filing.
- Note that the restated data is not updated for events occurring after March 15, 2002.