CONOCOPHILLIPS - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - January 26, 2011

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EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa6584592ex99-1.htm
EX-99.2 - EXHIBIT 99.2 - CONOCOPHILLIPSa6584592ex99-2.htm
8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPSa6584592.htm

Exhibit 99.3

CONSOLIDATED INCOME STATEMENT

 
Millions of Dollars
2009   2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
               
Revenues and Other Income
Sales and other operating revenues* 30,741 35,448 40,173 42,979 149,341 44,821 45,686 47,208 51,726 189,441
Equity in earnings of affiliates 373 632 981 545 2,531 868 1,088 1,004 173 3,133
Gain on sale of Syncrude - - - - - - 2,878 - - 2,878
Other income   124     106     117     171     518   73     475     1,337     1,318     3,203  
Total Revenues and Other Income   31,238     36,186     41,271     43,695     152,390   45,762     50,127     49,549     53,217     198,655  
 
Costs and Expenses
Purchased crude oil, natural gas and products 19,759 24,609 28,008 30,057 102,433 31,521 32,088 34,051 38,091 135,751
Production and operating expenses 2,545 2,573 2,534 2,687 10,339 2,527 2,619 2,583 2,906 10,635
Selling, general and administrative expenses 475 476 427 452 1,830 444 438 493 630 2,005
Exploration expenses 225 243 386 328 1,182 383 213 252 307 1,155
Depreciation, depletion and amortization 2,230 2,347 2,327 2,391 9,295 2,318 2,280 2,246 2,216 9,060
Impairments 3 51 56 425 535 91 1,532 59 98 1,780
Taxes other than income taxes* 3,464 3,715 4,205 4,145 15,529 4,037 4,247 4,227 4,282 16,793
Accretion on discounted liabilities 104 108 96 114 422 114 113 110 110 447
Interest and debt expense 310 268 336 375 1,289 301 349 264 273 1,187
Foreign currency transaction (gains) losses   131     (142 )   (17 )   (18 )   (46 ) 36     54     (10 )   12     92  
Total Costs and Expense   29,246     34,248     38,358     40,956     142,808   41,772     43,933     44,275     48,925     178,905  
Income before income taxes 1,992 1,938 2,913 2,739 9,582 3,990 6,194 5,274 4,292 19,750
Provision for income taxes   1,176     1,063     1,426     1,425     5,090   1,878     2,011     2,205     2,239     8,333  
Net Income 816 875 1,487 1,314 4,492 2,112 4,183 3,069 2,053 11,417
Less: net income attributable to
noncontrolling interests   (16 )   (16 )   (17 )   (29 )   (78 ) (14 )   (19 )   (14 )   (12 )   (59 )
Net Income Attributable to ConocoPhillips   800     859     1,470     1,285     4,414   2,098     4,164     3,055     2,041     11,358  
*Includes excise taxes on petroleum products sales: 3,060 3,316 3,538 3,411 13,325 3,220 3,417 3,544 3,508 13,689
 
 
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)**
Basic 0.54 0.58 0.98 0.86 2.96 1.41 2.79 2.06 1.40 7.68
Diluted 0.54 0.57 0.97 0.86 2.94 1.40 2.77 2.05 1.39 7.62
 
Average Common Shares Outstanding (in thousands)
Basic 1,485,890 1,486,496 1,488,352 1,489,811 1,487,650 1,492,861 1,489,814 1,481,522 1,453,532 1,479,330
Diluted   1,495,247     1,495,700     1,498,204     1,500,983     1,497,608   1,503,565     1,501,257     1,493,080     1,465,794     1,491,067  

**For the purpose of the earnings-per-share calculation only, third-quarter and twelve-month 2009 net income attributable to ConocoPhillips has been reduced $12 million for the excess of the amount paid for the redemption of a noncontrolling interest over its carrying value, which was charged directly to retained earnings.

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment.  The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

 

SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT

               
Millions of Dollars
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
   
U.S. E&P 173 336 327 667 1,503 757 536 563 912 2,768
International E&P   527     389     651     534     2,101   1,075     3,578     1,001     776     6,430  
Total E&P   700     725     978     1,201     3,604   1,832     4,114     1,564     1,688     9,198  
 
Midstream   123     31     62     97     313   77     61     77     91     306  
 
U.S. R&M 98 (38 ) 73 (325 ) (192 ) 12 782 199 29 1,022
International R&M   107     (14 )   26     110     229   (16 )   (1,061 )   69     178     (830 )
Total R&M   205     (52 )   99     (215 )   37   (4 )   (279 )   268     207     192  
 
LUKOIL Investment 8 243 512 456 1,219 387 529 1,310 277 2,503
 
Chemicals 23 67 104 54 248 110 138 132 118 498
 
Emerging Businesses - 2 (2 ) 3 3 6 (10 ) (20 ) (35 ) (59 )
 
Corporate and Other (259 ) (157 ) (283 ) (311 ) (1,010 ) (310 ) (389 ) (276 ) (305 ) (1,280 )
                                       
Consolidated   800     859     1,470     1,285     4,414   2,098     4,164     3,055     2,041     11,358  

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment.  The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

Page 1 of 12

SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT

               
Millions of Dollars
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
   
U.S. E&P 283 502 505 1,000 2,290 1,149 833 879 1,477 4,338
International E&P   1,498     1,311     1,855     1,828     6,492   2,632     5,145     2,539     2,291     12,607  
Total E&P   1,781     1,813     2,360     2,828     8,782   3,781     5,978     3,418     3,768     16,945  
 
Midstream   202     50     93     139     484   116     94     115     139     464  
 
U.S. R&M 163 13 116 (448 ) (156 ) 41 1,265 320 46 1,672
International R&M   150     (37 )   25     99     237   (86 )   (1,452 )   76     218     (1,244 )
Total R&M   313     (24 )   141     (349 )   81   (45 )   (187 )   396     264     428  
 
LUKOIL Investment - 243 523 465 1,231 395 546 1,653 424 3,018
 
Chemicals 32 82 131 50 295 135 198 182 165 680
 
Emerging Businesses (5 ) (2 ) (6 ) - (13 ) 4 (18 ) (43 ) (56 ) (113 )
 
Corporate and Other (331 ) (224 ) (329 ) (394 ) (1,278 ) (396 ) (417 ) (447 ) (412 ) (1,672 )
                                       
Consolidated   1,992     1,938     2,913     2,739     9,582   3,990     6,194     5,274     4,292     19,750  

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment.  The basis for recording equity earnings was changed from estimating  LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

 
EFFECTIVE TAX RATES
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
U.S. E&P 38.5 % 33.1 % 35.2 % 33.3 % 34.3 % 34.0 % 35.7 % 35.8 % 38.3 % 36.2 %
International E&P   64.1 %   69.4 %   64.1 %   69.3 %   66.6 % 58.7 %   30.1 %   60.1 %   65.6 %   48.6 %
Total E&P   60.0 %   59.3 %   57.9 %   56.5 %   58.2 % 51.2 %   30.9 %   53.9 %   54.9 %   45.4 %
 
Midstream   39.1 %   40.0 %   33.3 %   30.2 %   35.3 % 33.6 %   35.1 %   33.9 %   33.8 %   34.1 %
 
U.S. R&M 39.9 % 384.6 % 35.3 % 27.5 % -20.5 % 68.3 % 38.1 % 37.5 % 32.6 % 38.6 %
International R&M   28.7 %   62.2 %   0.0 %   -11.1 %   3.8 % 81.4 %   26.9 %   9.2 %   18.3 %   33.3 %
Total R&M   34.5 %   -112.5 %   29.1 %   38.4 %   50.6 % 93.3 %   -48.7 %   32.1 %   20.8 %   54.0 %
 
LUKOIL Investment -- 0.0 % 1.9 % 2.2 % 1.0 % 1.8 % 3.3 % 20.8 % 34.7 % 17.1 %
 
Chemicals 28.1 % 17.1 % 21.4 % -10.0 % 15.9 % 18.5 % 29.8 % 28.0 % 28.5 % 26.8 %
 
Emerging Businesses 100.0 % 200.0 % 66.7 % -- 123.1 % -25.0 % 50.0 % 55.8 % 35.7 % 47.8 %
 
Corporate and Other 22.7 % 31.3 % 14.3 % 21.3 % 21.6 % 21.7 % 6.5 % 38.5 % 26.0 % 23.4 %
                                       
Consolidated   59.0 %   54.9 %   49.0 %   52.0 %   53.1 % 47.1 %   32.5 %   41.8 %   52.2 %   42.2 %

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

 
ESTIMATED TAXES PAID
                   
Millions of Dollars
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
Cash income taxes paid 1,346 1,925 1,535 1,835 6,641 1,596 2,329 2,097 2,452 8,474
Taxes other than income taxes 3,464 3,715 4,205 4,145 15,529 4,037 4,247 4,227 4,282 16,793
Less: Excise taxes*   (3,060 )   (3,316 )   (3,538 )   (3,411 )   (13,325 ) (3,220 )   (3,417 )   (3,544 )   (3,508 )   (13,689 )
Estimated Taxes Paid   1,750     2,324     2,202     2,569     8,845   2,413     3,159     2,780     3,226     11,578  
*Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities.
Page 2 of 12
SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX)
                   
Millions of Dollars
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
U.S. E&P
Gain (loss) on asset sales - - - - - - - 32 293 325
Impairments - - - (29 ) (29 ) - - - - -
Severance accrual - - 20 - 20 - - - - -
Pending claims and settlements   -     -     -     -     -   -     (82 )   -     -     (82 )
Total   -     -     20     (29 )   (9 ) -     (82 )   32     293     243  
 
International E&P
Gain (loss) on asset sales - - - 55 55 - 2,679 - 147 2,826
Impairments - (51 ) - (533 ) (584 ) - - - (638 ) (638 )
Cancelled projects - - - - - (83 ) (2 ) - - (85 )
Severance accrual - - 11 - 11 - - - - -
Asset retirement - (37 ) - - (37 ) - - - - -
Deferred tax adjustment - - - - - - 40 - - 40
Pending claims and settlements   -     -     -     -     -   -     -     26     32     58  
Total   -     (88 )   11     (478 )   (555 ) (83 )   2,717     26     (459 )   2,201  
 
Total E&P   -     (88 )   31     (507 )   (564 ) (83 )   2,635     58     (166 )   2,444  
 
Midstream
Gain on share issuance by equity affiliate   88     -     -     -     88   -     -     -     -     -  
Total   88     -     -     -     88   -     -     -     -     -  
 
U.S. R&M
Gain (loss) on asset sales - - 32 - 32 - 116 - - 116
Impairments - (72 ) (33 ) (11 ) (116 ) - (8 ) - - (8 )
Severance accrual - - 6 - 6 - - - - -
Pending claims and settlements   (25 )   -     (33 )   -     (58 ) -     35     -     -     35  
Total   (25 )   (72 )   (28 )   (11 )   (136 ) -     143     -     -     143  
 
International R&M
Impairments - - - - - - (1,110 ) - - (1,110 )
Cancelled projects - - - - - (25 ) (4 ) - - (29 )
Severance accrual   -     -     -     -     -   -     (28 )   -     -     (28 )
Total   -     -     -     -     -   (25 )   (1,142 )   -     -     (1,167 )
 
Total R&M   (25 )   (72 )   (28 )   (11 )   (136 ) (25 )   (999 )   -     -     (1,024 )
 
LUKOIL Investment
Gain (loss) on asset sales   -     -     -     -     -   -     99     874     278     1,251  
Total   -     -     -     -     -   -     99     874     278     1,251  
 
Chemicals
                                       
Total   -     -     -     -     -   -     -     -     -     -  
 
Emerging Businesses
                                       
Total   -     -     -     -     -   -     -     -     -     -  
 
Corporate and Other
Pending claims and settlements - - (7 ) - (7 ) - (24 ) - - (24 )
Cancelled projects - - - - - (2 ) 2 - - -
Severance accrual - - 3 - 3 - - - - -
Premium on early debt retirement   -     -     -     -     -   -     -     (114 )   -     (114 )
Total   -     -     (4 )   -     (4 ) (2 )   (22 )   (114 )   -     (138 )
 
Total Company   63     (160 )   (1 )   (518 )   (616 ) (110 )   1,713     818     112     2,533  
Page 3 of 12
CASH FLOW INFORMATION
                   
Millions of Dollars
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
Cash Flows from Operating Activities
Net income 816 875 1,487 1,314 4,492 2,112 4,183 3,069 2,053 11,417
Depreciation, depletion and amortization 2,230 2,347 2,327 2,391 9,295 2,318 2,280 2,246 2,216 9,060
Impairments 3 51 56 425 535 91 1,532 59 98 1,780
Dry hole costs and leasehold impairments 123 115 233 135 606 133 72 122 150 477
Accretion on discounted liabilities 104 108 96 114 422 114 113 110 110 447
Deferred taxes (221 ) (382 ) (269 ) (243 ) (1,115 ) (35 ) (508 ) (392 ) 57 (878 )
Undistributed equity earnings (280 ) (326 ) (692 ) 44 (1,254 ) (503 ) (686 ) (453 ) 569 (1,073 )
Net gain on asset dispositions (39 ) 3 (52 ) (72 ) (160 ) (24 ) (3,249 ) (1,398 ) (1,132 ) (5,803 )
Other (2 ) 177 (326 ) 347 196 (187 ) (356 ) 322 (28 ) (249 )
Net working capital changes   (849 )   (401 )   73     639     (538 ) (979 )   94     654     2,098     1,867  
Net Cash Provided by
Operating Activities   1,885     2,567     2,933     5,094     12,479   3,040     3,475     4,339     6,191     17,045  
 
Cash Flows from Investing Activities
Capital expenditures and investments (2,906 ) (2,672 ) (2,598 ) (2,685 ) (10,861 ) (2,071 ) (2,009 ) (2,291 ) (3,390 ) (9,761 )
Proceeds from asset dispositions 86 146 706 332 1,270 132 5,811 6,290 3,139 15,372
Net purchases of short-term investments - - - - - - - - (982 ) (982 )
Long-term advances to/collections from
affiliates and other investments   (106 )   (56 )   (29 )   (153 )   (344 ) (218 )   38     102     114     36  
Net Cash Provided by (Used in) Investing Activities   (2,926 )   (2,582 )   (1,921 )   (2,506 )   (9,935 ) (2,157 )   3,840     4,101     (1,119 )   4,665  
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt 1,931 989 104 (1,795 ) 1,229 347 (2,717 ) (2,838 ) 6 (5,202 )
Issuance of company common stock (21 ) - 10 24 13 9 26 24 74 133
Repurchase of company common stock - - - - - - (390 ) (868 ) (2,608 ) (3,866 )
Dividends paid on company common stock (696 ) (697 ) (697 ) (742 ) (2,832 ) (744 ) (816 ) (816 ) (799 ) (3,175 )
Other   (203 )   (203 )   (685 )   (174 )   (1,265 ) (186 )   (169 )   (189 )   (165 )   (709 )
Net Cash Provided by (Used in)
Financing Activities   1,011     89     (1,268 )   (2,687 )   (2,855 ) (574 )   (4,066 )   (4,687 )   (3,492 )   (12,819 )
 
Effect of Exchange Rate Changes   77     12     9     -     98   4     16     123     (122 )   21  
 
Net Change in Cash
and Cash Equivalents 47 86 (247 ) (99 ) (213 ) 313 3,265 3,876 1,458 8,912
Cash and cash equivalents
at beginning of period   755     802     888     641     755   542     855     4,120     7,996     542  
Cash and Cash Equivalents
at End of Period   802     888     641     542     542   855     4,120     7,996     9,454     9,454  

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

 
CAPITAL PROGRAM
                   
Millions of Dollars
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
E&P
Capital expenditures and investments 2,376 2,059 2,202 2,262 8,899 1,850 1,745 2,012 2,886 8,493
Loans and advances 88 33 32 22 175 48 21 27 17 113
Joint venture acquisition obligation--principal   153     156     157     159     625   161     164     166     168     659  
E&P total   2,617     2,248     2,391     2,443     9,699   2,059     1,930     2,205     3,071     9,265  
Midstream* 1 3 - 1 5 - - 1 2 3
R&M
Capital expenditures and investments 496 523 352 355 1,726 192 226 241 397 1,056
Loans and advances   -     -     150     200     350   200     -     -     -     200  
R&M total   496     523     502     555     2,076   392     226     241     397     1,256  
LUKOIL Investment* - - - - - - - - - -
Chemicals* - - - - - - - - - -
Emerging Businesses* 17 56 16 8 97 1 4 2 20 27
Corporate and Other*   16     31     28     59     134   28     34     35     85     182  
Total Capital Program   3,147     2,861     2,937     3,066     12,011   2,480     2,194     2,484     3,575     10,733  
*Capital expenditures and investments only.
Page 4 of 12
E&P
                       
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr     2nd Qtr     3rd Qtr   4th Qtr   YTD
 
E&P Net Income Attributable
to ConocoPhillips ($ Millions)   700     725     978     1,201     3,604   1,832     4,114     1,564     1,688     9,198  
 
Production
 
Total, Including Equity Affiliates (MBOE/D)   1,925     1,872     1,791     1,828     1,854   1,828     1,733     1,717     1,729     1,752  
E&P segment plus LUKOIL Investment segment:*   2,375     2,307     2,223     2,261     2,291   2,271     2,176     2,139     1,729     2,078  
 
Crude Oil and Natural Gas Liquids (NGL) (MB/D)
Consolidated operations 963 912 863 913 913 901 837 846 847 858
Equity affiliates   49     55     59     57     55   57     56     51     56     55  
Total   1,012     967     922     970     968   958     893     897     903     913  
Over/(Under) Lifting of Crude Oil (MB/D)   10     1     17     (17 )   3   19     6     (16 )   (17 )   (1 )
 
Synthetic Oil (MB/D)   23     16     25     27     23   22     25     -     -     12  
 
Bitumen (MB/D)
Consolidated operations 7 6 8 7 7 8 10 10 11 10
Equity affiliates   35     41     45     52     43   52     48     49     50     49  
Total   42     47     53     59     50   60     58     59     61     59  
 

Natural Gas (MMCF/D)

Consolidated operations 5,011 4,957 4,658 4,556 4,793 4,635 4,431 4,431 4,252 4,437
Equity affiliates   76     94     88     76     84   91     110     134     339     169  
Total   5,087     5,051     4,746     4,632     4,877   4,726     4,541     4,565     4,591     4,606  
 
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot 42.97 59.54 68.19 76.06 61.69 78.67 77.78 76.03 85.06 79.39
Brent dated 44.40 58.79 68.28 74.56 61.51 76.24 78.30 76.86 86.48 79.47
Natural Gas ($/MMBTU)
Henry Hub -- First of Month   4.91     3.51     3.39     4.16     3.99   5.30     4.09     4.38     3.80     4.39  
 
Average Realized Prices
Crude Oil and NGL ($/BBL)
Consolidated operations 40.39 51.77 61.93 68.66 55.47 71.89 71.00 69.22 78.53 72.63
Equity affiliates 39.92 55.44 64.31 70.69 58.23 71.30 72.46 72.95 81.95 74.81
Total   40.37     51.98     62.08     68.78     55.63   71.86     71.09     69.45     78.76     72.77  
 
Synthetic Oil ($/BBL)   45.69     58.71     66.42     73.35     62.01   78.67     76.60     -     -     77.56  
 
Bitumen ($/BBL)
Consolidated operations 21.10 40.65 48.35 47.44 39.67 59.18 45.81 47.96 52.37 51.10
Equity affiliates 24.64 46.90 49.81 55.07 45.69 56.15 49.73 52.38 55.27 53.43
Total   24.04     46.10     49.59     54.14     44.84   56.57     49.19     51.50     54.79     53.06  
 
Natural Gas ($/MCF)**
Consolidated operations 5.17 3.79 3.80 4.86 4.40 5.63 4.64 4.86 5.13 5.07
Equity affiliates 2.10 2.10 2.57 2.62 2.35 2.67 3.02 2.82 2.73 2.79
Total   5.12     3.76     3.78     4.82     4.37   5.57     4.60     4.80     4.95     4.98  
 
Exploration Charges ($ Millions)
Dry holes 80 66 162 51 359 93 28 26 89 236
Leasehold impairment   43     49     71     84     247   40     44     96     61     241  
Total Noncash Charges 123 115 233 135 606 133 72 122 150 477
Other (G&A, G&G and Lease rentals)   102     128     153     193     576   250     141     130     157     678  
Total Exploration Charges   225     243     386     328     1,182   383     213     252     307     1,155  
 
Depreciation, Depletion and
Amortization (DD&A) ($ Millions)   1,994     2,127     2,082     2,134     8,337   2,071     2,033     2,017     1,975     8,096  
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions)   (98 )   (22 )   (11 )   20     (111 ) 60     18     (20 )   2     60  

*Recast 2009 to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

**Periods prior to fourth-quarter 2010 have been recast to include intrasegment transfer pricing.
Page 5 of 12
U.S. E&P
                       
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr     YTD 1st Qtr     2nd Qtr   3rd Qtr   4th Qtr   YTD
 
U.S. E&P Net Income Attributable
to ConocoPhillips ($ Millions)   173     336     327     667     1,503   757     536     563     912     2,768  
 
Alaska ($ Millions)   244     404     356     536     1,540   517     381     361     476     1,735  
Lower 48 ($ Millions)   (71 )   (68 )   (29 )   131     (37 ) 240     155     202     436     1,033  
 
Production
Total U.S. (MBOE/D)   791     771     737     722     755   703     686     678     676     686  
 
Crude Oil and NGL (MB/D)
Alaska 275 252 229 252 252 247 221 215 238 230
Lower 48   163     170     168     165     166   156     161     160     160     160  
Total   438     422     397     417     418   403     382     375     398     390  
Over/(Under) Lifting of Crude Oil (MB/D)   12     21     (5 )   8     10   9     4     (26 )   -     (3 )
 
Natural Gas (MMCF/D)
Alaska 92 83 105 95 94 94 82 82 70 82
Lower 48   2,027     2,012     1,938     1,736     1,927   1,705     1,740     1,738     1,599     1,695  
Total   2,119     2,095     2,043     1,831     2,021   1,799     1,822     1,820     1,669     1,777  
 
Average Realized Prices
Crude Oil and NGL ($/BBL)
Alaska   41.75     55.25     67.91     74.35     59.23   77.25     77.44     75.87     83.54     78.61  
Lower 48   30.85     41.52     47.78     55.86     44.12   59.54     55.70     54.07     61.53     57.69  
Total U.S.   37.68     49.86     59.13     67.06     53.21   70.40     68.15     65.71     74.22     69.73  
 
Natural Gas ($/MCF)*
Alaska   6.89     5.64     4.72     4.30     5.33   4.33     4.76     4.89     4.55     4.62  
Lower 48   3.76     2.97     2.98     4.03     3.42   5.21     3.93     4.06     3.82     4.25  
Total U.S.   3.89     3.07     3.06     4.04     3.50   5.16     3.96     4.10     3.85     4.27  
 
Kenai, Alaska LNG Sales
Volume (MMCF/D)   43     47     82     64     59   56     51     49     32     47  
Sales price per MCF   6.29     7.20     8.29     11.02     8.45   11.70     12.08     12.84     11.86     12.13  
 
U.S. Exploration Charges ($ Millions)
Dry holes 58 30 49 29 166 - (1 ) (6 ) (1 ) (8 )
Leasehold impairment   26     28     27     62     143   22     26     79     23     150  
Total Noncash Charges 84 58 76 91 309 22 25 73 22 142
Other (G&A, G&G and Lease rentals)   30     35     58     72     195   32     48     39     64     183  
Total U.S. Exploration Charges   114     93     134     163     504   54     73     112     86     325  
Alaska Only   34     8     11     17     70   7     10     10     14     41  
 
DD&A ($ Millions)
Alaska 173 185 167 169 694 152 152 151 166 621
Lower 48   651     683     671     642     2,647   585     589     549     540     2,263  
Total U.S.   824     868     838     811     3,341   737     741     700     706     2,884  
*Periods prior to fourth-quarter 2010 have been recast to include intrasegment transfer pricing.
Page 6 of 12
INTERNATIONAL E&P
                           
2009 2010
1st Qtr   2nd Qtr   3rd Qtr     4th Qtr   YTD 1st Qtr     2nd Qtr     3rd Qtr     4th Qtr   YTD  
International E&P Net Income
Attributable to ConocoPhillips ($ Millions)   527     389     651     534     2,101   1,075     3,578     1,001     776     6,430  
 
Production
Total, Including Equity Affiliates (MBOE/D)   1,134     1,101     1,054     1,106     1,099   1,125     1,047     1,038     1,053     1,066  
 
Crude Oil and NGL (MB/D)
Consolidated operations
Canada 40 41 39 39 40 41 42 40 31 38
Norway 172 155 150 160 160 152 121 142 133 137
United Kingdom 87 85 71 81 81 83 77 65 72 74
Australia/Timor-Leste 35 35 36 36 35 34 25 34 30 31
China 40 41 53 60 49 71 67 66 66 68
Indonesia 29 19 12 14 19 17 20 19 14 17
Vietnam 36 31 27 24 29 22 24 25 24 24
Algeria 16 13 14 14 14 13 13 13 13 13
Libya 43 43 45 48 45 46 47 46 46 46
Nigeria 19 19 19 20 19 19 19 21 20 20
Other   8     8     -     -     4   -     -     -     -     -  
Total consolidated operations 525 490 466 496 495 498 455 471 449 468
Equity affiliates   49     55     59     57     55   57     56     51     56     55  
Total   574     545     525     553     550   555     511     522     505     523  
Over/(Under) Lifting of Crude Oil (MB/D)   (2 )   (20 )   22     (25 )   (7 ) 10     2     10     (17 )   2  
 
Synthetic Oil (MB/D)
Consolidated operations--Canada   23     16     25     27     23   22     25     -     -     12  
 
Bitumen (MB/D)
Consolidated operations--Canada 7 6 8 7 7 8 10 10 11 10
Equity affiliates   35     41     45     52     43   52     48     49     50     49  
Total   42     47     53     59     50   60     58     59     61     59  
 
Natural Gas (MMCF/D)
Consolidated operations
Canada 1,066 1,174 1,063 945 1,062 1,021 1,043 974 902 984
Norway 259 196 188 225 217 249 182 185 219 209
United Kingdom 742 653 514 728 659 712 567 546 601 606
Australia/Timor-Leste 247 258 266 233 251 239 184 260 248 233
Indonesia 449 451 443 450 447 462 473 472 443 463
Vietnam 17 12 17 16 15 15 16 16 16 16
Libya 8 8 12 12 10 8 8 8 8 8
Nigeria   104     110     112     116     111   130     136     150     146     141  
Total consolidated operations 2,892 2,862 2,615 2,725 2,772 2,836 2,609 2,611 2,583 2,660
Equity affiliates   76     94     88     76     84   91     110     134     339     169  
Total   2,968     2,956     2,703     2,801     2,856   2,927     2,719     2,745     2,922     2,829  
 
Darwin, Australia LNG Sales (MMCF/D)   438     430     453     391     428   401     297     458     455     403  
Page 7 of 12
INTERNATIONAL E&P (continued)
                                   
2009 2010
1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     YTD   1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     YTD  
 
Average Realized Prices
Crude Oil and NGL ($/BBL)
Consolidated operations
Canada 34.61 37.75 44.77 50.24 41.76 57.58 54.56 50.58 61.50 55.70
Norway 45.55 57.49 67.32 72.23 60.34 75.47 76.16 76.12 86.54 78.20
United Kingdom 42.41 52.63 64.45 69.43 56.19 74.03 72.64 73.04 82.24 75.82
Australia/Timor-Leste 41.33 42.77 54.11 62.23 50.30 68.73 68.75 64.88 78.92 70.21
China 38.17 57.72 65.97 73.72 61.33 74.89 77.78 73.64 83.77 77.31
Indonesia 42.35 52.36 76.41 73.63 56.28 67.65 68.49 63.71 75.70 68.41
Vietnam 42.75 58.00 70.27 79.64 60.97 80.92 81.26 78.79 89.20 82.65
Algeria 46.05 61.26 64.67 76.81 61.75 74.39 79.92 77.45 89.31 80.68
Libya 44.22 57.30 67.93 73.99 62.38 76.17 77.81 76.22 86.63 79.22
Nigeria 43.86 49.45 63.36 68.15 56.55 71.76 61.61 70.29 66.70 68.04
Other 32.01 - - - 32.01 - - - - -
Total consolidated operations 42.67 53.52 64.12 70.07 57.40 73.08 73.34 71.75 82.29 74.95
Equity affiliates 39.92 55.44 64.31 70.69 58.23 71.30 72.46 72.95 81.95 74.81
Total   42.43     53.72     64.14     70.14     57.48   72.91     73.24     71.87     82.25     74.94  
 
Synthetic Oil ($/BBL)
Consolidated operations--Canada   45.69     58.71     66.42     73.35     62.01   78.67     76.60     -     -     77.56  
 
Bitumen ($/BBL)
Consolidated operations--Canada 21.10 40.65 48.35 47.44 39.67 59.18 45.81 47.96 52.37 51.10
Equity affiliates 24.64 46.90 49.81 55.07 45.69 56.15 49.73 52.38 55.27 53.43
Total   24.04     46.10     49.59     54.14     44.84   56.57     49.19     51.50     54.79     53.06  
 
Natural Gas ($/MCF)*
Consolidated operations
Canada 4.13 2.84 2.53 3.97 3.33 4.63 3.63 3.34 3.32 3.74
Norway 9.68 7.09 6.24 6.64 7.52 7.08 7.01 7.68 9.23 7.70
United Kingdom 8.75 5.60 5.74 5.81 6.57 6.66 5.61 6.27 8.02 6.67
Australia/Timor-Leste** 1.16 0.66 0.82 1.16 0.95 1.06 0.85 0.96 0.71 0.90
Indonesia 4.74 5.91 7.15 7.72 6.39 7.49 7.60 7.07 7.80 7.48
Vietnam 1.14 1.13 1.15 1.17 1.15 1.17 1.16 1.17 1.19 1.17
Libya 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09
Nigeria 0.84 0.83 0.73 3.92 1.62 2.04 1.88 1.76 1.80 1.86
Total consolidated operations 6.10 4.32 4.37 5.40 5.06 5.92 5.10 5.38 5.96 5.60
Equity affiliates 2.10 2.10 2.57 2.62 2.35 2.67 3.02 2.82 2.73 2.79
Total   6.00     4.25     4.32     5.32     4.97   5.82     5.03     5.26     5.58     5.43  
 
International Exploration Charges ($ Millions)
Dry holes 22 36 113 22 193 93 29 32 90 244
Leasehold impairment   17     21     44     22     104   18     18     17     38     91  
Total Noncash Charges 39 57 157 44 297 111 47 49 128 335
Other (G&A, G&G and Lease rentals)   72     93     95     121     381   218     93     91     93     495  
Total International Exploration Charges   111     150     252     165     678   329     140     140     221     830  
 
DD&A ($ Millions)   1,170     1,259     1,244     1,323     4,996   1,334     1,292     1,317     1,269     5,212  

*Periods prior to fourth-quarter 2010 have been recast to include intrasegment transfer pricing.

**Excludes transfers to Darwin LNG plant.

Page 8 of 12
R&M
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
R&M Net Income (Loss) Attributable
to ConocoPhillips ($ Millions)   205     (52 )   99     (215 )   37   (4 )   (279 )   268     207     192  
 
United States ($ Millions)   98     (38 )   73     (325 )   (192 ) 12     782     199     29     1,022  
International ($ Millions)   107     (14 )   26     110     229   (16 )   (1,061 )   69     178     (830 )
 
Worldwide - Including Net Share of Equity Affiliates
Crude Oil Charge Input (MB/D) 2,156 2,337 2,382 2,028 2,226 2,066 2,275 2,232 2,049 2,156
Total Charge Input (MB/D) 2,296 2,517 2,553 2,192 2,389 2,226 2,448 2,383 2,235 2,323
Crude Oil Capacity Utilization (%) 81 % 88 % 90 % 76 % 84 % 78 % 86 % 84 % 77 % 81 %
Clean Product Yield (%)   80 %   82 %   81 %   84 %   82 % 84 %   84 %   83 %   83 %   83 %
 
Refined Products Production (MB/D)
Gasoline 916 1,042 1,054 940 988 986 1,038 996 927 987
Distillates 899 974 979 851 926 834 969 935 882 905
Other   477     501     532     414     481   418     457     468     452     449  
Total   2,292     2,517     2,565     2,205     2,395   2,238     2,464     2,399     2,261     2,341  
 
Petroleum Products Sales (MB/D)
Gasoline 1,161 1,337 1,342 1,250 1,273 1,249 1,319 1,280 1,321 1,292
Distillates 1,092 1,213 1,204 1,166 1,169 1,089 1,201 1,199 1,263 1,189
Other   470     562     594     503     532   471     524     627     613     559  
Total   2,723     3,112     3,140     2,919     2,974   2,809     3,044     3,106     3,197     3,040  
 
Market Indicators
U.S. East Coast Crack Spread ($/BBL) 10.43 9.13 8.14 6.19 8.47 8.21 10.71 8.84 11.83 9.90
U.S. Gulf Coast Crack Spread ($/BBL) 9.06 8.39 6.74 4.46 7.16 6.70 9.90 7.45 7.79 7.96
U.S. Group Central Crack Spread ($/BBL) 9.62 9.16 8.06 5.52 8.09 6.82 11.38 10.58 9.17 9.49
U.S. West Coast Crack Spread ($/BBL) 15.79 15.11 13.89 8.75 13.38 9.72 14.95 14.97 12.58 13.06
U.S. Weighted 3:2:1 Crack Spread ($/BBL) 10.88 10.12 8.81 5.95 8.94 7.68 11.44 9.97 9.95 9.76
NW Europe Crack Spread ($/BBL) 10.81 9.42 8.44 8.14 9.20 9.25 11.60 9.84 12.04 10.68
Singapore 3:1:2 Crack Spread ($/BBL)   9.45     7.88     7.63     5.83     7.70   10.17     10.68     11.13     12.25     11.06  
 
Realized Margins
Refining Margin ($/BBL)
U.S. 7.55 4.85 4.69 2.42 4.83 5.62 8.82 6.53 7.06 7.05
International* 6.52 3.44 4.11 6.72 5.14 8.73 10.27 4.41 12.20 8.90
Integrated Margin ($/BBL)
U.S. 8.23 5.40 5.92 3.48 5.71 6.07 10.40 7.21 7.55 7.87
International*   8.59     5.04     6.61     9.39     7.33   11.60     13.82     7.68     14.37     11.85  
 
DD&A ($ Millions)   211     198     220     227     856   214     211     199     208     832  
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions)   (10 )   49     2     (5 )   36   (47 )   (55 )   42     -     (60 )
 
Turnaround Expense ($ Millions)   207     121     62     145     535   72     94     86     207     459  

*All 2009 periods and the first two quarters of 2010 recast to conform to the third-quarter 2010 presentation.

Page 9 of 12
R&M (continued)
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
U.S. R&M
Eastern U.S.
Crude Oil Charge Input (MB/D) 346 376 393 374 372 379 410 387 269 361
Total Charge Input (MB/D) 363 427 443 410 411 406 457 433 347 411
Crude Oil Capacity Utilization (%) 82 % 89 % 93 % 88 % 88 % 90 % 97 % 91 % 64 % 85 %
Clean Product Yield (%)   83 %   87 %   89 %   89 %   87 % 89 %   89 %   89 %   90 %   89 %
 
U.S. Gulf Coast
Crude Oil Charge Input (MB/D) 470 711 660 554 599 641 730 664 636 668
Total Charge Input (MB/D) 534 773 725 629 664 731 804 730 701 741
Crude Oil Capacity Utilization (%) 64 % 97 % 90 % 75 % 82 % 87 % 100 % 90 % 87 % 91 %
Clean Product Yield (%)   81 %   83 %   80 %   81 %   81 % 82 %   82 %   81 %   78 %   81 %
 
Western U.S.
Crude Oil Charge Input (MB/D) 402 380 397 386 391 374 394 394 377 385
Total Charge Input (MB/D) 424 405 423 412 416 389 425 416 395 406
Crude Oil Capacity Utilization (%) 96 % 91 % 95 % 93 % 94 % 90 % 95 % 95 % 90 % 92 %
Clean Product Yield (%)   79 %   80 %   81 %   84 %   81 % 82 %   83 %   81 %   82 %   82 %
 
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D) 172 184 179 152 172 170 189 187 152 175
Total Charge Input (MB/D) 175 188 182 154 175 172 191 190 153 177
Crude Oil Capacity Utilization (%) 92 % 98 % 96 % 81 % 92 % 91 % 101 % 100 % 81 % 93 %
Clean Product Yield (%)   90 %   91 %   93 %   91 %   91 % 91 %   92 %   92 %   92 %   92 %
 
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D) 199 202 212 174 197 178 190 201 205 193
Total Charge Input (MB/D) 213 215 224 186 210 189 202 205 218 203
Crude Oil Capacity Utilization (%) 88 % 89 % 94 % 77 % 87 % 79 % 84 % 89 % 91 % 86 %
Clean Product Yield (%)   81 %   84 %   85 %   82 %   83 % 83 %   82 %   79 %   82 %   82 %
 
Total U.S.
Crude Oil Charge Input (MB/D) 1,589 1,852 1,841 1,640 1,731 1,742 1,913 1,833 1,639 1,782
Total Charge Input (MB/D) 1,709 2,008 1,997 1,791 1,876 1,887 2,079 1,974 1,814 1,938
Crude Oil Capacity Utilization (%) 80 % 93 % 93 % 83 % 87 % 88 % 96 % 92 % 83 % 90 %
Clean Product Yield (%)   82 %   84 %   84 %   85 %   84 % 84 %   85 %   84 %   83 %   84 %
 
Refined Products Production (MB/D)
Gasoline 755 904 912 816 847 873 938 869 786 867
Distillates 623 748 725 665 691 679 785 746 683 723
Other   338     366     380     326     353   349     377     377     369     368  
Total   1,716     2,018     2,017     1,807     1,891   1,901     2,100     1,992     1,838     1,958  
 
Petroleum Products Sales (MB/D)
Gasoline 1,037 1,180 1,188 1,112 1,130 1,092 1,170 1,103 1,115 1,120
Distillates 749 924 906 853 858 807 921 874 890 873
Other   328     378     420     342     367   366     387     432     413     400  
Total   2,114     2,482     2,514     2,307     2,355   2,265     2,478     2,409     2,418     2,393  
*Represents 50 percent share of the Borger Refinery and Wood River Refinery.
 
International R&M
International - Consolidated*
Crude Oil Charge Input (MB/D) 453 364 422 288 381 276 255 285 280 274
Total Charge Input (MB/D) 465 380 430 296 393 288 262 295 288 283
Crude Oil Capacity Utilization (%) 82 % 66 % 76 % 52 % 69 % 50 % 46 % 52 % 51 % 50 %
Clean Product Yield (%)   72 %   69 %   69 %   76 %   71 % 80 %   75 %   77 %   79 %   78 %
 
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D) 114 121 119 100 114 48 107 114 130 100
Total Charge Input (MB/D) 122 129 126 105 120 51 107 114 133 102
Crude Oil Capacity Utilization (%) 96 % 102 % 101 % 84 % 95 % 41 % 90 % 96 % 109 % 84 %
Clean Product Yield (%)   87 %   81 %   85 %   86 %   85 % 81 %   87 %   83 %   87 %   85 %
 
Total International
Crude Oil Charge Input (MB/D) 567 485 541 388 495 324 362 399 410 374
Total Charge Input (MB/D) 587 509 556 401 513 339 369 409 421 385
Crude Oil Capacity Utilization (%) 85 % 72 % 81 % 58 % 74 % 48 % 54 % 60 % 61 % 56 %
Clean Product Yield (%)   75 %   72 %   72 %   79 %   74 % 81 %   78 %   79 %   82 %   80 %
 
Refined Products Production (MB/D)
Gasoline 161 138 142 124 141 113 100 127 141 120
Distillates 276 226 254 186 235 155 184 189 199 182
Other   139     135     152     88     128   69     80     91     83     81  
Total   576     499     548     398     504   337     364     407     423     383  
 
Petroleum Products Sales (MB/D)
Gasoline 124 157 154 138 143 157 149 177 206 172
Distillates 343 289 298 313 311 282 280 325 373 316
Other   142     184     174     161     165   105     137     195     200     159  
Total   609     630     626     612     619   544     566     697     779     647  
*Represents our Humber Refinery in the United Kingdom, the Whitegate Refinery in Ireland, and our Wilhelmshaven Refinery in Germany.
**Represents 18.75 percent interest in a refinery complex in Karlsruhe, Germany, and 47 percent interest in a refinery in Melaka, Malaysia.
Page 10 of 12
LUKOIL INVESTMENT
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
LUKOIL Investment Net Income
Attributable to ConocoPhillips ($ Millions)   8     243     512     456     1,219   387     529     1,310     277     2,503  
 
Upstream
Production
Net crude oil production (MB/D) 394 385 386 387 388 391 382 366 - 284
Net natural gas production (MMCF/D) 334 297 273 276 295 312 368 338 - 254
Total (MBOE/D)   450     435     432     433     437   443     443     422     -     326  
 
Industry Prices
Crude Oil ($/BBL)
Urals crude (CIF Mediterranean) (one-quarter lag)   54.66     43.73     58.49     67.89     56.19   74.26     75.41     76.86     85.30     78.29  
 
Downstream
Refinery Throughput
Crude Processed (MB/D)   225     231     250     255     240   246     248     263     -     189  
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions)   2     12     5     1     20   (2 )   (16 )   5     (2 )   (15 )

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

 
MIDSTREAM
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
Midstream Net Income Attributable
to ConocoPhillips ($ Millions)   123     31     62     97     313 77     61     77     91     306  
 
U.S. Equity Affiliate ($ Millions)*   90     12     26     55     183   53     31     39     68     191  
 
NGL Extracted (MB/D)
Equity Affiliates
United States* 165 180 186 185 179 176 181 189 191 184
International   7     8     8     9     8   10     9     9     8     9  
Total   172     188     194     194     187   186     190     198     199     193  
*Represents 50 percent interest in DCP Midstream.
 
NGL Fractionated (MB/D)
United States* 144 157 147 147 149 140 138 116 141 134
International   16     17     17     17     17   19     18     18     16     18  
Total   160     174     164     164     166   159     156     134     157     152  
*Excludes DCP Midstream.
 
Product Prices
Weighted Average NGL ($/BBL)*
Consolidated 26.04 29.99 34.66 43.83 33.63 48.93 43.21 40.55 48.98 45.42
DCP Midstream   23.86     26.02     28.89     40.44     29.80   45.65     38.11     36.66     44.68     41.28  
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.
 
DD&A ($ Millions)   2     1     1     2     6   1     2     1     2     6  
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CHEMICALS
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
Chemicals Net Income Attributable
to ConocoPhillips ($ Millions)   23     67     104     54     248   110     138     132     118     498  
 
Industry Margins (Cents/Lb)*
Ethylene industry cash margin 4.7 3.0 5.2 4.0 4.2 18.2 19.6 11.2 12.1 15.2
HDPE industry contract sales margin 18.2 24.5 27.6 22.3 23.1 17.3 24.5 28.2 24.8 23.7
Styrene industry contract sales margin   14.8     13.9     11.5     11.2     12.8   10.3     12.3     10.1     12.0     11.2  

*Prices, economics and views expressed by CMAI are strictly the opinion of CMAI and Purvin & Gertz and are based on information collected within the public sector and on assessments by CMAI and Purvin & Gertz staff utilizing reasonable care consistent with normal industry practice. CMAI and Purvin & Gertz make no guarantee or warranty and assume no liability as to their use.

 
EMERGING BUSINESSES
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
Emerging Businesses Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)   -     2     (2 )   3     3   6     (10 )   (20 )   (35 )   (59 )
 
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power 24 27 22 32 105 29 17 8 (5 ) 49
Other   (24 )   (25 )   (24 )   (29 )   (102 ) (23 )   (27 )   (28 )   (30 )   (108 )
Total   -     2     (2 )   3     3   6     (10 )   (20 )   (35 )   (59 )
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions)   (1 )   4     (1 )   -     2   -     (1 )   -     -     (1 )
 
CORPORATE AND OTHER
                   
2009 2010
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
Corporate and Other Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)   (259 )   (157 )   (283 )   (311 )   (1,010 ) (310 )   (389 )   (276 )   (305 )   (1,280 )
 
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense (190 ) (175 ) (245 ) (241 ) (851 ) (222 ) (254 ) (285 ) (204 ) (965 )
Corporate overhead (41 ) (31 ) (5 ) (31 ) (108 ) (36 ) (47 ) (37 ) (89 ) (209 )
Other   (28 )   49     (33 )   (39 )   (51 ) (52 )   (88 )   46     (12 )   (106 )
Total   (259 )   (157 )   (283 )   (311 )   (1,010 ) (310 )   (389 )   (276 )   (305 )   (1,280 )
 
Before-Tax Net Interest Expense ($ Millions)
Interest expense (387 ) (360 ) (426 ) (447 ) (1,620 ) (383 ) (433 ) (351 ) (351 ) (1,518 )
Capitalized interest 118 131 129 109 487 119 119 121 112 471
Interest revenue 40 10 9 30 89 6 14 13 31 64
Premium on early debt retirement   (2 )   -     -     -     (2 ) -     -     (146 )   -     (146 )
Total   (231 )   (219 )   (288 )   (308 )   (1,046 ) (258 )   (300 )   (363 )   (208 )   (1,129 )
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions)   (1 )   79     18     1     97   (19 )   (70 )   60     14     (15 )
 
Debt
Total Debt ($ Millions) 29,379 30,364 30,458 28,653 28,653 28,988 26,279 23,601 23,592 23,592
Debt-to-Capital Ratio (%)   34 %   34 %   33 %   31 %   31 % 31 %   28 %   25 %   25 %   25 %
 
Equity ($ Millions)   56,153     59,528     61,585     62,613     62,613   63,417     65,945     69,917     69,109     69,109  

Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.


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