Global tax disclosures

In addition to the items discussed in our Global Tax Policy, ConocoPhillips provides tax disclosures to provide tax authorities and the public with information on the taxes paid by ConocoPhillips, as well as the tax governance, risk management and compliance strategies of the organization. Certain of these disclosures are discussed below.

Annual Report

Our Annual Report on Form 10-K, filed with the Securities and Exchange Commission, provides detailed information regarding our U.S. federal, state, and international income taxes and other tax related information for the years covered by the report, in accordance with U.S. generally accepted accounting principles.

Also, ConocoPhillips files annual country-by-country reports to the IRS, which disclose certain tax information, including income tax payments and income tax expenses. These disclosures are shared by U.S. tax authorities with other jurisdictions with which it has signed information exchange agreements.

Dodd Frank Extractive Industry Payment disclosures

The U.S. Securities and Exchange Commission (SEC) rule, “Disclosure of Payments by Resource Extraction Issuers,” implements the requirements of Section 1504 of the Dodd-Frank Act requiring disclosure of payments to foreign governments or the U.S. federal government for the purpose of the commercial development of oil, natural gas or minerals. Included in the disclosure requirements are payments of taxes on corporate profits, corporate income and production, among other payment types. The disclosure is filed with the Securities and Exchange Commission via Form SD on an annual basis by September following each fiscal year end.

FASB income tax disclosures

The Financial Accounting Standards Board (FASB) establishes the accounting and financial reporting requirements for income taxes under Accounting Standards Codification (ASC) 740. ConocoPhillips prepares its financial statements in accordance with these requirements, including applicable income tax disclosure provisions. ConocoPhillips continuously evaluates new accounting standards and disclosure requirements, including recent amendments to ASC 740 related to income tax disclosures, and updates its financial reporting processes and disclosures as necessary to maintain compliance with U.S. generally accepted accounting principles (GAAP).

Australia tax disclosures

In Australia, the Commissioner of Taxation has an obligation to annually publish selected income tax information for large taxpayers, including ConocoPhillips. Both Australia Pacific LNG PTY LTD (“APLNG”) and ConocoPhillips Australia Operations PTY LTD are included in such public disclosures, available on an Australian Government website.

Australia has also adopted a voluntary Tax Transparency Code (“TTC”), recommending certain tax disclosures for large businesses. The links to these disclosures are available on an Australian Government website. APLNG follows the recommended disclosures via an annual Tax Contribution and Transparency Report. 

Lastly, we publish certain Australia-specific tax information on our website, which includes details on ConocoPhillips’ tax contributions in Australia.

Canada tax disclosures

Canada’s Extractive Section Transparency Measures Act (“ESTMA”) requires disclosures of payments related to natural resource extraction, including taxes. In Canada, we file reports under ESTMA, which are made available to the public. The Canadian government consolidates all data from ESTMA filings on a Canadian government website, while the individual ConocoPhillips filing is available on the ConocoPhillips website.

Norway tax disclosures

Norway requires disclosure of payments to governments by certain entities involved in resource extraction. ConocoPhillips publishes a report complying with the Norwegian law on the company website.

U.K. tax disclosures

We publish, on an annual basis, a separate U.K. Tax Strategy which describes how we manage our U.K. tax affairs and associated stakeholder relations. This Strategy is prepared in accordance with the requirements of section 161 and Schedule 19 of the Finance Act 2016.