CONOCOPHILLIPS | 2013 | FY | 3


Note 18—Non-Mineral Leases

 

The company primarily leases drilling equipment and office buildings, as well as ocean transport vessels, tugboats, barges, corporate aircraft, computers and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property for the fair market value at the end of the lease term. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. For additional information on leased assets under capital leases, see Note 11—Debt.

 

At December 31, 2013, future minimum rental payments due under noncancelable leases were:
   
 Millions
of Dollars
   
2014$ 602
2015  519
2016  483
2017  318
2018  182
Remaining years  645
Total  2,749
Less: income from subleases  (19)
Net minimum operating lease payments$ 2,730

        
        
Operating lease rental expense for the years ended December 31 was: 
        
 Millions of Dollars 
 2013 2012 2011 
       
Total rentals*$ 317  282  304 
Less: sublease rentals  (12)  (15)  (14) 
 $ 305  267  290 
*Includes $3 million and $29 million of contingent rentals in 2012 and 2011, respectively. Contingent rentals were primarily related to drilling 
equipment and based on usage. 

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