CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPS	a50042437.htm
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPS	a50042437ex99_1.htm

Exhibit 99.2

CONSOLIDATED INCOME STATEMENT

	Millions of Dollars
	2010										2011
	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*	44,821		45,686		47,208		51,726		189,441		56,530		65,627		62,784			184,941
Equity in earnings of affiliates	868		1,088		1,004		173		3,133		1,017		1,160		1,298			3,475
Gain on dispositions**	24		3,249		1,398		1,132		5,803		616		78		(480	)		214
Other income**	49		104		(61	)	186		278		84		96		27			207
Total Revenues and Other Income	45,762		50,127		49,549		53,217		198,655		58,247		66,961		63,629			188,837

Costs and Expenses
Purchased crude oil, natural gas and products	31,521		32,088		34,051		38,091		135,751		42,376		50,133		47,597			140,106
Production and operating expenses	2,527		2,619		2,583		2,906		10,635		2,628		2,606		2,768			8,002
Selling, general and administrative expenses	444		438		493		630		2,005		499		514		466			1,479
Exploration expenses	383		213		252		307		1,155		176		264		266			706
Depreciation, depletion and amortization	2,318		2,280		2,246		2,216		9,060		2,070		2,075		1,870			6,015
Impairments	91		1,532		59		98		1,780		-		2		486			488
Taxes other than income taxes*	4,037		4,247		4,227		4,282		16,793		4,364		4,830		4,579			13,773
Accretion on discounted liabilities	114		113		110		110		447		112		115		114			341
Interest and debt expense	301		349		264		273		1,187		262		247		235			744
Foreign currency transaction (gains) losses	36		54		(10	)	12		92		(36	)	(17	)	68			15
Total Costs and Expenses	41,772		43,933		44,275		48,925		178,905		52,451		60,769		58,449			171,669
Income before income taxes	3,990		6,194		5,274		4,292		19,750		5,796		6,192		5,180			17,168
Provision for income taxes	1,878		2,011		2,205		2,239		8,333		2,754		2,773		2,549			8,076
Net Income	2,112		4,183		3,069		2,053		11,417		3,042		3,419		2,631			9,092
Less: net income attributable to
noncontrolling interests	(14	)	(19	)	(14	)	(12	)	(59	)	(14	)	(17	)	(15	)		(46	)
Net Income Attributable to ConocoPhillips	2,098		4,164		3,055		2,041		11,358		3,028		3,402		2,616			9,046
*Includes excise taxes on petroleum products sales:	3,220		3,417		3,544		3,508		13,689		3,382		3,554		3,596			10,532


Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic	1.41		2.79		2.06		1.40		7.68		2.11		2.43		1.93			6.48
Diluted	1.40		2.77		2.05		1.39		7.62		2.09		2.41		1.91			6.42

Average Common Shares Outstanding (in thousands)
Basic	1,492,861		1,489,814		1,481,522		1,453,532		1,479,330		1,432,285		1,399,473		1,357,710			1,396,216
Diluted	1,503,565		1,501,257		1,493,080		1,465,794		1,491,067		1,445,477		1,412,147		1,369,562			1,408,846
**2010 has been reclassified to conform to current-year presentation.

SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT

	Millions of Dollars
	2010										2011
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

U.S. E&P	757		536		563		912		2,768		863		817		816			2,496
International E&P	1,075		3,578		1,001		776		6,430		1,489		1,707		946			4,142
Total E&P	1,832		4,114		1,564		1,688		9,198		2,352		2,524		1,762			6,638

Midstream	77		61		77		91		306		73		130		137			340

U.S. R&M	12		782		199		29		1,022		402		692		789			1,883
International R&M	(16	)	(1,061	)	69		178		(830	)	80		74		-			154
Total R&M	(4	)	(279	)	268		207		192		482		766		789			2,037

LUKOIL Investment	387		529		1,310		277		2,503		239		-		-			239

Chemicals	110		138		132		118		498		193		199		197			589

Emerging Businesses	6		(10	)	(20	)	(35	)	(59	)	(7	)	(14	)	(2	)		(23	)

Corporate and Other	(310	)	(389	)	(276	)	(305	)	(1,280	)	(304	)	(203	)	(267	)		(774	)

Consolidated	2,098		4,164		3,055		2,041		11,358		3,028		3,402		2,616			9,046

Page 1 of 12

SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT

	Millions of Dollars
	2010										2011
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

U.S. E&P	1,149		833		879		1,477		4,338		1,362		1,291		1,276			3,929
International E&P	2,632		5,145		2,539		2,291		12,607		3,248		3,535		2,644			9,427
Total E&P	3,781		5,978		3,418		3,768		16,945		4,610		4,826		3,920			13,356

Midstream	116		94		115		139		464		111		192		208			511

U.S. R&M	41		1,265		320		46		1,672		685		1,129		1,218			3,032
International R&M	(86	)	(1,452	)	76		218		(1,244	)	114		93		(94	)		113
Total R&M	(45	)	(187	)	396		264		428		799		1,222		1,124			3,145

LUKOIL Investment	395		546		1,653		424		3,018		362		-		-			362

Chemicals	135		198		182		165		680		260		265		263			788

Emerging Businesses	4		(18	)	(43	)	(56	)	(113	)	(15	)	(25	)	(27	)		(67	)

Corporate and Other	(396	)	(417	)	(447	)	(412	)	(1,672	)	(331	)	(288	)	(308	)		(927	)

Consolidated	3,990		6,194		5,274		4,292		19,750		5,796		6,192		5,180			17,168


EFFECTIVE TAX RATES

	2010										2011
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

U.S. E&P	34.0	%	35.7	%	35.8	%	38.3	%	36.2	%	36.6	%	36.7	%	36.0	%		36.4	%
International E&P	58.7	%	30.1	%	60.1	%	65.6	%	48.6	%	53.8	%	51.3	%	63.7	%		55.6	%
Total E&P	51.2	%	30.9	%	53.9	%	54.9	%	45.4	%	48.7	%	47.4	%	54.7	%		50.0	%

Midstream	33.6	%	35.1	%	33.9	%	33.8	%	34.1	%	34.2	%	32.3	%	33.7	%		33.3	%

U.S. R&M	68.3	%	38.1	%	37.5	%	32.6	%	38.6	%	41.0	%	38.6	%	35.1	%		37.8	%
International R&M	81.4	%	26.9	%	9.2	%	18.3	%	33.3	%	30.7	%	19.4	%	100.0	%		-36.3	%
Total R&M	93.3	%	-48.7	%	32.1	%	20.8	%	54.0	%	39.5	%	37.2	%	29.7	%		35.1	%

LUKOIL Investment	1.8	%	3.3	%	20.8	%	34.7	%	17.1	%	34.0	%	-		-			34.0	%

Chemicals	18.5	%	29.8	%	28.0	%	28.5	%	26.8	%	25.8	%	24.9	%	25.1	%		25.3	%

Emerging Businesses	-25.0	%	50.0	%	55.8	%	35.7	%	47.8	%	53.3	%	44.0	%	88.9	%		64.2	%

Corporate and Other	21.7	%	6.5	%	38.5	%	26.0	%	23.4	%	8.2	%	29.5	%	13.3	%		16.5	%

Consolidated	47.1	%	32.5	%	41.8	%	52.2	%	42.2	%	47.5	%	44.8	%	49.2	%		47.0	%

ESTIMATED TAXES PAID

	Millions of Dollars
	2010										2011
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

Cash income taxes paid	1,596		2,329		2,097		2,452		8,474		2,722		2,730		2,251			7,703
Taxes other than income taxes	4,037		4,247		4,227		4,282		16,793		4,364		4,830		4,579			13,773
Less: Excise taxes*	(3,220	)	(3,417	)	(3,544	)	(3,508	)	(13,689	)	(3,382	)	(3,554	)	(3,596	)		(10,532	)
Estimated Taxes Paid	2,413		3,159		2,780		3,226		11,578		3,704		4,006		3,234			10,944
*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
	2010										2011
	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		151	(1	)	(1	)		149
Cancelled projects	-		-		-		-		-		-	(54	)	-			(54	)
Pending claims and settlements	-		(82	)	-		-		(82	)	-	-		-			-
Total	-		(82	)	32		293		243		151	(55	)	(1	)		95

International E&P
Gain (loss) on asset sales	-		2,679		-		147		2,826		4	28		(279	)		(247	)
Impairments	-		-		-		(638	)	(638	)	-	-		-			-
Cancelled projects	(83	)	(2	)	-		-		(85	)	-	-		-			-
Deferred tax adjustment	-		40		-		-		40		-	-		-			-
Bohai Bay incident	-		-		-		-		-		-	-		(41	)		(41	)
Pending claims and settlements	-		-		26		32		58		-	-		-			-
International tax law changes	-		-		-		-		-		-	-		(109	)		(109	)
Total	(83	)	2,717		26		(459	)	2,201		4	28		(429	)		(397	)

Total E&P	(83	)	2,635		58		(166	)	2,444		155	(27	)	(430	)		(302	)

Midstream

Total	-		-		-		-		-		-	-		-			-

U.S. R&M
Gain (loss) on asset sales	-		116		-		-		116		2	26		6			34
Impairments	-		(8	)	-		-		(8	)	-	-		(314	)		(314	)
Pending claims and settlements	-		35		-		-		35		-	-		-			-
Severance accrual	-		-		-		-		-		-	-		(15	)		(15	)
Total	-		143		-		-		143		2	26		(323	)		(295	)

International R&M
Gain (loss) on asset sales	-		-		-		-		-		-	-		(80	)		(80	)
Impairments	-		(1,110	)	-		-		(1,110	)	-	-		(4	)		(4	)
Cancelled projects	(25	)	(4	)	-		-		(29	)	-	-		-			-
Severance accrual	-		(28	)	-		-		(28	)	-	-		-			-
Total	(25	)	(1,142	)	-		-		(1,167	)	-	-		(84	)		(84	)

Total R&M	(25	)	(999	)	-		-		(1,024	)	2	26		(407	)		(379	)

LUKOIL Investment
Gain (loss) on asset sales	-		99		874		278		1,251		237	-		-			237
Total	-		99		874		278		1,251		237	-		-			237

Chemicals

Total	-		-		-		-		-		-	-		-			-

Emerging Businesses

Total	-		-		-		-		-		-	-		-			-

Corporate and Other
Pending claims and settlements	-		(24	)	-		-		(24	)	-	-		-			-
Cancelled projects	(2	)	2		-		-		-		-	-		-			-
Premium on early debt retirement	-		-		(114	)	-		(114	)	-	-		-			-
Total	(2	)	(22	)	(114	)	-		(138	)	-	-		-			-

Total Company	(110	)	1,713		818		112		2,533		394	(1	)	(837	)		(444	)

Page 3 of 12

CASH FLOW INFORMATION

	Millions of Dollars
	2010										2011
	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	2,112		4,183		3,069		2,053		11,417		3,042		3,419		2,631			9,092
Depreciation, depletion and amortization	2,318		2,280		2,246		2,216		9,060		2,070		2,075		1,870			6,015
Impairments	91		1,532		59		98		1,780		-		2		486			488
Dry hole costs and leasehold impairments	133		72		122		150		477		50		89		151			290
Accretion on discounted liabilities	114		113		110		110		447		112		115		114			341
Deferred taxes	(35	)	(508	)	(392	)	57		(878	)	87		429		293			809
Undistributed equity earnings	(503	)	(686	)	(453	)	569		(1,073	)	(523	)	(570	)	(299	)		(1,392	)
Gain on asset dispositions	(24	)	(3,249	)	(1,398	)	(1,132	)	(5,803	)	(616	)	(78	)	480			(214	)
Other	(187	)	(356	)	322		(28	)	(249	)	(185	)	(67	)	36			(216	)
Net working capital changes	(979	)	94		654		2,098		1,867		(2,090	)	860		(149	)		(1,379	)
Net Cash Provided by
Operating Activities	3,040		3,475		4,339		6,191		17,045		1,947		6,274		5,613			13,834

Cash Flows from Investing Activities
Capital expenditures and investments	(2,071	)	(2,009	)	(2,291	)	(3,390	)	(9,761	)	(2,884	)	(2,893	)	(3,617	)		(9,394	)
Proceeds from asset dispositions	132		5,811		6,290		3,139		15,372		1,787		162		209			2,158
Net purchases of short-term investments	-		-		-		(982	)	(982	)	(1,170	)	(424	)	(29	)		(1,623	)
Long-term advances to/collections from
related parties and other investments	(218	)	38		102		114		36		56		472		192			720
Net Cash Provided by (Used in) Investing Activities	(2,157	)	3,840		4,101		(1,119	)	4,665		(2,211	)	(2,683	)	(3,245	)		(8,139	)

Cash Flows from Financing Activities
Net issuance (repayment) of debt	347		(2,717	)	(2,838	)	6		(5,202	)	(373	)	(19	)	(48	)		(440	)
Issuance of company common stock	9		26		24		74		133		75		24		10			109
Repurchase of company common stock	-		(390	)	(868	)	(2,608	)	(3,866	)	(1,636	)	(3,149	)	(3,199	)		(7,984	)
Dividends paid on company common stock	(744	)	(816	)	(816	)	(799	)	(3,175	)	(944	)	(917	)	(900	)		(2,761	)
Other	(186	)	(169	)	(189	)	(165	)	(709	)	(183	)	(174	)	(185	)		(542	)
Net Cash Used in
Financing Activities	(574	)	(4,066	)	(4,687	)	(3,492	)	(12,819	)	(3,061	)	(4,235	)	(4,322	)		(11,618	)

Effect of Exchange Rate Changes	4		16		123		(122	)	21		43		(23	)	(114	)		(94	)

Net Change in Cash
and Cash Equivalents	313		3,265		3,876		1,458		8,912		(3,282	)	(667	)	(2,068	)		(6,017	)
Cash and cash equivalents
at beginning of period	542		855		4,120		7,996		542		9,454		6,172		5,505			9,454
Cash and Cash Equivalents
at End of Period	855		4,120		7,996		9,454		9,454		6,172		5,505		3,437			3,437

CAPITAL PROGRAM

	Millions of Dollars
	2010					2011
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
E&P
Capital expenditures and investments	1,850	1,745	2,012	2,886	8,493	2,692		2,627	3,313		8,632
Loans and advances	48	21	27	17	113	(4	)	7	11		14
Joint venture acquisition obligation--principal	161	164	166	168	659	170		173	175		518
E&P total	2,059	1,930	2,205	3,071	9,265	2,858		2,807	3,499		9,164
Midstream*	-	-	1	2	3	3		1	5		9
R&M
Capital expenditures and investments	192	226	241	397	1,056	156		222	250		628
Loans and advances	200	-	-	-	200	-		-	-		-
R&M total	392	226	241	397	1,256	156		222	250		628
LUKOIL Investment*	-	-	-	-	-	-		-	-		-
Chemicals*	-	-	-	-	-	-		-	-		-
Emerging Businesses*	1	4	2	20	27	6		8	7		21
Corporate and Other*	28	34	35	85	182	27		35	42		104
Total Capital Program	2,480	2,194	2,484	3,575	10,733	3,050		3,073	3,803		9,926
*Capital expenditures and investments only.

Page 4 of 12

E&P

	2010								2011
	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)	1,832	4,114	1,564		1,688		9,198		2,352		2,524		1,762			6,638

Production

Total, Including Equity Affiliates (MBOE/D)	1,828	1,733	1,717		1,729		1,752		1,702		1,640		1,538			1,626
E&P segment plus LUKOIL Investment segment:	2,271	2,176	2,139		1,729		2,078		1,702		1,640		1,538			1,626

Crude Oil and Natural Gas Liquids (NGL) (MB/D)
Consolidated operations	901	837	846		847		858		800		758		693			749
Equity affiliates	57	56	51		56		55		60		56		48			55
Total	958	893	897		903		913		860		814		741			804
Over/(Under) Lifting of Crude Oil (MB/D)	19	6	(16	)	(17	)	(1	)	12		9		8			9

Synthetic Oil (MB/D)	22	25	-		-		12		-		-		-			-

Bitumen (MB/D)
Consolidated operations	8	10	10		11		10		11		8		11			10
Equity affiliates	52	48	49		50		49		53		59		53			55
Total	60	58	59		61		59		64		67		64			65

Natural Gas (MMCF/D)
Consolidated operations	4,635	4,431	4,431		4,252		4,437		4,162		4,031		3,918			4,036
Equity affiliates	91	110	134		339		169		507		521		479			503
Total	4,726	4,541	4,565		4,591		4,606		4,669		4,552		4,397			4,539

Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot	78.67	77.78	76.03		85.06		79.39		93.98		102.44		89.70			95.37
Brent dated	76.24	78.30	76.86		86.48		79.47		104.97		117.36		113.46			111.93
Natural Gas ($/MMBTU)
Henry Hub -- First of Month	5.30	4.09	4.38		3.80		4.39		4.11		4.32		4.20			4.21

Average Realized Prices
Crude Oil and NGL ($/BBL)
Consolidated operations	71.89	71.00	69.22		78.53		72.63		91.30		103.91		97.10			97.34
Equity affiliates	71.30	72.46	72.95		81.95		74.81		94.95		103.82		99.24			99.31
Total	71.86	71.09	69.45		78.76		72.77		91.55		103.90		97.24			97.47

Synthetic Oil ($/BBL)	78.67	76.60	-		-		77.56		-		-		-			-

Bitumen ($/BBL)
Consolidated operations	59.18	45.81	47.96		52.37		51.10		47.94		56.91		45.79			49.79
Equity affiliates	56.15	49.73	52.38		55.27		53.43		56.15		67.05		60.65			61.50
Total	56.57	49.19	51.50		54.79		53.06		54.77		65.74		58.14			59.69

Natural Gas ($/MCF)
Consolidated operations	5.63	4.64	4.86		5.13		5.07		5.54		5.79		5.77			5.70
Equity affiliates	2.67	3.02	2.82		2.73		2.79		2.59		3.28		2.85			2.91
Total	5.57	4.60	4.80		4.95		4.98		5.22		5.50		5.45			5.39

Exploration Charges ($ Millions)
Dry holes	93	28	26		89		236		9		48		111			168
Leasehold impairment	40	44	96		61		241		41		41		40			122
Total Noncash Charges	133	72	122		150		477		50		89		151			290
Other (G&A, G&G and Lease rentals)	250	141	130		157		678		126		175		115			416
Total Exploration Charges	383	213	252		307		1,155		176		264		266			706

Depreciation, Depletion and
Amortization (DD&A) ($ Millions)	2,071	2,033	2,017		1,975		8,096		1,830		1,829		1,625			5,284

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	60	18	(20	)	2		60		(4	)	(5	)	(24	)		(33	)

Page 5 of 12

U.S. E&P

	2010									2011
	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)	757	536		563		912		2,768		863	817	816		2,496

Alaska ($ Millions)	517	381		361		476		1,735		549	490	501		1,540
Lower 48 ($ Millions)	240	155		202		436		1,033		314	327	315		956

Production
Total U.S. (MBOE/D)	703	686		678		676		686		629	658	643		643

Crude Oil and NGL (MB/D)
Alaska	247	221		215		238		230		214	223	199		212
Lower 48	156	161		160		160		160		150	160	174		161
Total	403	382		375		398		390		364	383	373		373
Over/(Under) Lifting of Crude Oil (MB/D)	9	4		(26	)	-		(3	)	38	6	11		18

Natural Gas (MMCF/D)
Alaska	94	82		82		70		82		67	62	56		61
Lower 48	1,705	1,740		1,738		1,599		1,695		1,522	1,589	1,561		1,557
Total	1,799	1,822		1,820		1,669		1,777		1,589	1,651	1,617		1,618

Average Realized Prices
Crude Oil and NGL ($/BBL)
Alaska	77.25	77.44		75.87		83.54		78.61		95.56	113.75	107.26		105.19
Lower 48	59.54	55.70		54.07		61.53		57.69		69.34	77.99	72.39		73.31
Total U.S.	70.40	68.15		65.71		74.22		69.73		85.36	98.43	90.95		91.54

Natural Gas ($/MCF)
Alaska	4.33	4.76		4.89		4.55		4.62		3.93	4.66	5.04		4.52
Lower 48	5.21	3.93		4.06		3.82		4.25		4.11	4.22	4.15		4.16
Total U.S.	5.16	3.96		4.10		3.85		4.27		4.10	4.23	4.17		4.17

Kenai, Alaska LNG Sales
Volume (MMCF/D)	56	51		49		32		47		20	18	45		28
Sales price per MCF	11.70	12.08		12.84		11.86		12.13		12.94	9.95	13.14		12.39

U.S. Exploration Charges ($ Millions)
Dry holes	-	(1	)	(6	)	(1	)	(8	)	6	10	36		52
Leasehold impairment	22	26		79		23		150		22	22	20		64
Total Noncash Charges	22	25		73		22		142		28	32	56		116
Other (G&A, G&G and Lease rentals)	32	48		39		64		183		41	76	49		166
Total U.S. Exploration Charges	54	73		112		86		325		69	108	105		282
Alaska Only	7	10		10		14		41		8	6	5		19

DD&A ($ Millions)
Alaska	152	152		151		166		621		136	151	134		421
Lower 48	585	589		549		540		2,263		513	530	551		1,594
Total U.S.	737	741		700		706		2,884		649	681	685		2,015

Page 6 of 12

INTERNATIONAL E&P

	2010						2011
	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)	1,075	3,578	1,001	776		6,430	1,489		1,707	946			4,142

Production
Total, Including Equity Affiliates (MBOE/D)	1,125	1,047	1,039	1,053		1,066	1,073		982	895			983

Crude Oil and NGL (MB/D)
Consolidated operations
Canada	41	42	40	31		38	37		36	37			37
Norway	152	121	142	133		137	131		117	113			120
United Kingdom	83	77	65	72		74	65		63	46			58
Australia/Timor-Leste	34	25	34	30		31	32		28	30			30
China	71	67	66	66		68	77		70	35			60
Indonesia	17	20	19	14		17	11		11	12			11
Vietnam	22	24	25	24		24	22		19	17			19
Algeria	13	13	13	13		13	13		13	13			13
Libya	46	47	46	46		46	28		-	-			9
Nigeria	19	19	21	20		20	20		18	17			19
Total consolidated operations	498	455	471	449		468	436		375	320			376
Equity affiliates	57	56	51	56		55	60		56	48			55
Total	555	511	522	505		523	496		431	368			431
Over/(Under) Lifting of Crude Oil (MB/D)	10	2	10	(17	)	2	(26	)	3	(3	)		(9	)

Synthetic Oil (MB/D)
Consolidated operations--Canada	22	25	-	-		12	-		-	-			-

Bitumen (MB/D)
Consolidated operations--Canada	8	10	10	11		10	11		8	11			10
Equity affiliates	52	48	49	50		49	53		59	53			55
Total	60	58	59	61		59	64		67	64			65

Natural Gas (MMCF/D)
Consolidated operations
Canada	1,021	1,043	974	902		984	944		947	929			940
Norway	249	182	185	219		209	208		130	130			156
United Kingdom	712	567	546	601		606	543		457	381			460
Australia/Timor-Leste	239	184	260	248		233	237		236	253			242
Indonesia	462	473	472	443		463	467		445	437			450
Vietnam	15	16	16	16		16	16		13	10			13
Libya	8	8	8	8		8	5		-	-			2
Nigeria	130	136	150	146		141	153		152	161			155
Total consolidated operations	2,836	2,609	2,611	2,583		2,660	2,573		2,380	2,301			2,418
Equity affiliates	91	110	134	339		169	507		521	479			503
Total	2,927	2,719	2,745	2,922		2,829	3,080		2,901	2,780			2,921

Darwin, Australia LNG Sales (MMCF/D)	401	297	458	455		403	420		410	424			418

Page 7 of 12

INTERNATIONAL E&P (continued)

	2010					2011
	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	57.58	54.56	50.58	61.50	55.70	62.27	71.06	67.51		66.94
Norway	75.47	76.16	76.12	86.54	78.20	104.90	116.79	112.73		111.13
United Kingdom	74.03	72.64	73.04	82.24	75.82	93.94	107.82	108.31		104.09
Australia/Timor-Leste	68.73	68.75	64.88	78.92	70.21	91.02	100.09	94.72		95.25
China	74.89	77.78	73.64	83.77	77.31	100.54	116.85	114.31		109.39
Indonesia	67.65	68.49	63.71	75.70	68.41	94.31	108.04	104.13		102.19
Vietnam	80.92	81.26	78.79	89.20	82.65	107.37	121.92	118.29		115.30
Algeria	74.39	79.92	77.45	89.31	80.68	105.21	120.09	112.63		113.66
Libya	76.17	77.81	76.22	86.63	79.22	98.30	-	-		98.30
Nigeria	71.76	61.61	70.29	66.70	68.04	91.53	107.50	100.29		99.14
Total consolidated operations	73.08	73.34	71.75	82.29	74.95	96.86	109.35	104.40		103.31
Equity affiliates	71.30	72.46	72.95	81.95	74.81	94.95	103.82	99.24		99.31
Total	72.91	73.24	71.87	82.25	74.94	96.62	108.62	103.70		102.79

Synthetic Oil ($/BBL)
Consolidated operations--Canada	78.67	76.60	-	-	77.56	-	-	-		-

Bitumen ($/BBL)
Consolidated operations--Canada	59.18	45.81	47.96	52.37	51.10	47.94	56.91	45.79		49.79
Equity affiliates	56.15	49.73	52.38	55.27	53.43	56.15	67.05	60.65		61.50
Total	56.57	49.19	51.50	54.79	53.06	54.77	65.74	58.14		59.69

Natural Gas ($/MCF)
Consolidated operations
Canada	4.63	3.63	3.34	3.32	3.74	3.59	3.74	3.56		3.63
Norway	7.08	7.01	7.68	9.23	7.70	9.61	10.57	9.89		9.97
United Kingdom	6.66	5.61	6.27	8.02	6.67	8.18	9.25	8.78		8.71
Australia/Timor-Leste*	1.06	0.85	0.96	0.71	0.90	0.81	0.90	1.16		0.96
Indonesia	7.49	7.60	7.07	7.80	7.48	9.43	10.98	10.18		10.19
Vietnam	1.17	1.16	1.17	1.19	1.17	1.16	1.11	1.07		1.12
Libya	0.09	0.09	0.09	0.09	0.09	0.09	-	-		0.09
Nigeria	2.04	1.88	1.76	1.80	1.86	2.15	2.10	2.36		2.21
Total consolidated operations	5.92	5.10	5.38	5.96	5.60	6.43	6.86	6.88		6.71
Equity affiliates	2.67	3.02	2.82	2.73	2.79	2.59	3.28	2.85		2.91
Total	5.82	5.03	5.26	5.58	5.43	5.80	6.22	6.19		6.06

International Exploration Charges ($ Millions)
Dry holes	93	29	32	90	244	3	38	75		116
Leasehold impairment	18	18	17	38	91	19	19	20		58
Total Noncash Charges	111	47	49	128	335	22	57	95		174
Other (G&A, G&G and Lease rentals)	218	93	91	93	495	85	99	66		250
Total International Exploration Charges	329	140	140	221	830	107	156	161		424

DD&A ($ Millions)	1,334	1,292	1,317	1,269	5,212	1,181	1,148	940		3,269
*Excludes transfers to Darwin LNG plant.

Page 8 of 12

R&M

	2010										2011
	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)	(4	)	(279	)	268		207		192		482		766		789			2,037

United States ($ Millions)	12		782		199		29		1,022		402		692		789			1,883
International ($ Millions)	(16	)	(1,061	)	69		178		(830	)	80		74		-			154

Worldwide - Including Net Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	2,066		2,275		2,232		2,049		2,156		2,145		2,196		2,223			2,188
Total Charge Input (MB/D)	2,226		2,448		2,383		2,235		2,323		2,315		2,398		2,393			2,369
Crude Oil Capacity Utilization (%)	78	%	86	%	84	%	77	%	81	%	89	%	91	%	92	%		91	%
Clean Product Yield (%)	84	%	84	%	83	%	83	%	83	%	83	%	83	%	84	%		83	%

Refined Products Production (MB/D)
Gasoline	986		1,038		996		927		987		986		1,013		1,003			1,001
Distillates	834		969		935		882		905		903		932		950			929
Other	418		457		468		452		449		442		463		445			450
Total	2,238		2,464		2,399		2,261		2,341		2,331		2,408		2,398			2,380

Petroleum Products Sales (MB/D)
Gasoline	1,249		1,319		1,280		1,321		1,292		1,270		1,409		1,300			1,326
Distillates	1,089		1,201		1,199		1,263		1,189		1,203		1,177		1,250			1,210
Other	471		524		627		613		559		587		568		639			598
Total	2,809		3,044		3,106		3,197		3,040		3,060		3,154		3,189			3,134

Market Indicators
U.S. East Coast Crack Spread ($/BBL)	8.21		10.71		8.84		11.83		9.90		19.09		25.30		33.70			26.03
U.S. Gulf Coast Crack Spread ($/BBL)	6.70		9.90		7.45		7.79		7.96		17.25		25.25		31.76			24.75
U.S. Group Central Crack Spread ($/BBL)	6.82		11.38		10.58		9.17		9.49		18.95		27.26		34.12			26.77
U.S. West Coast Crack Spread ($/BBL)	9.72		14.95		14.97		12.58		13.06		16.14		15.86		11.78			14.59
U.S. Weighted 3:2:1 Crack Spread ($/BBL)	7.68		11.44		9.97		9.95		9.76		17.76		23.70		28.47			23.31
NW Europe Crack Spread ($/BBL)	9.25		11.60		9.84		12.04		10.68		12.31		11.88		13.09			12.43
Singapore 3:1:2 Crack Spread ($/BBL)	10.17		10.68		11.13		12.25		11.06		16.33		17.75		17.53			17.20

Realized Margins
Refining Margin ($/BBL)
U.S.	5.62		8.82		6.53		7.06		7.05		10.05		10.55		13.70			11.47
International	8.73		10.27		4.41		12.20		8.90		8.28		4.21		6.50			6.31
Integrated Margin ($/BBL)
U.S.	6.07		10.40		7.21		7.55		7.87		10.16		11.70		14.79			12.26
International	11.60		13.82		7.68		14.37		11.85		9.34		7.75		10.78			9.27

DD&A ($ Millions)	214		211		199		208		832		207		213		209			629

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(47	)	(55	)	42		-		(60	)	31		22		(16	)		37

Turnaround Expense ($ Millions)	72		94		86		207		459		81		82		44			207

Page 9 of 12

R&M (continued)

	2010										2011
	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)	379		410		387		269		361		392		376		382			383
Total Charge Input (MB/D)	406		457		433		347		411		443		432		419			432
Crude Oil Capacity Utilization (%)	90	%	97	%	91	%	64	%	85	%	93	%	89	%	90	%		91	%
Clean Product Yield (%)	89	%	89	%	89	%	90	%	89	%	91	%	90	%	90	%		90	%

U.S. Gulf Coast
Crude Oil Charge Input (MB/D)	641		730		664		636		668		614		664		668			649
Total Charge Input (MB/D)	731		804		730		701		741		685		758		754			732
Crude Oil Capacity Utilization (%)	87	%	100	%	90	%	87	%	91	%	84	%	91	%	91	%		89	%
Clean Product Yield (%)	82	%	82	%	81	%	78	%	81	%	80	%	82	%	82	%		81	%

Western U.S.
Crude Oil Charge Input (MB/D)	374		394		394		377		385		371		353		396			373
Total Charge Input (MB/D)	389		425		416		395		406		397		381		420			399
Crude Oil Capacity Utilization (%)	90	%	95	%	95	%	90	%	92	%	89	%	85	%	95	%		90	%
Clean Product Yield (%)	82	%	83	%	81	%	82	%	82	%	83	%	81	%	84	%		83	%

Central U.S. - Consolidated
Crude Oil Charge Input (MB/D)	170		189		187		152		175		177		189		175			180
Total Charge Input (MB/D)	172		191		190		153		177		179		191		177			182
Crude Oil Capacity Utilization (%)	91	%	101	%	100	%	81	%	93	%	94	%	101	%	94	%		96	%
Clean Product Yield (%)	91	%	92	%	92	%	92	%	92	%	91	%	93	%	91	%		92	%

Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D)	178		190		201		205		193		181		203		206			197
Total Charge Input (MB/D)	189		202		205		218		203		194		213		216			208
Crude Oil Capacity Utilization (%)	79	%	84	%	89	%	91	%	86	%	80	%	90	%	91	%		87	%
Clean Product Yield (%)	83	%	82	%	79	%	82	%	82	%	80	%	80	%	81	%		81	%

Total U.S.
Crude Oil Charge Input (MB/D)	1,742		1,913		1,833		1,639		1,782		1,735		1,785		1,827			1,782
Total Charge Input (MB/D)	1,887		2,079		1,974		1,814		1,938		1,898		1,975		1,986			1,953
Crude Oil Capacity Utilization (%)	88	%	96	%	92	%	83	%	90	%	87	%	90	%	92	%		90	%
Clean Product Yield (%)	84	%	85	%	84	%	83	%	84	%	85	%	84	%	85	%		85	%

Refined Products Production (MB/D)
Gasoline	873		938		869		786		867		853		886		878			873
Distillates	679		785		746		683		723		717		738		765			740
Other	349		377		377		369		368		344		362		348			351
Total	1,901		2,100		1,992		1,838		1,958		1,914		1,986		1,991			1,964

Petroleum Products Sales (MB/D)
Gasoline	1,092		1,170		1,103		1,115		1,120		1,099		1,218		1,134			1,150
Distillates	807		921		874		890		873		852		861		907			873
Other	366		387		432		413		400		437		385		402			408
Total	2,265		2,478		2,409		2,418		2,393		2,388		2,464		2,443			2,431
*Represents 50 percent share of the Borger Refinery and Wood River Refinery.

International R&M
International - Consolidated*
Crude Oil Charge Input (MB/D)	276		255		285		280		274		272		281		283			279
Total Charge Input (MB/D)	288		262		295		288		283		279		293		293			289
Crude Oil Capacity Utilization (%)	50	%	46	%	52	%	51	%	50	%	93	%	96	%	97	%		95	%
Clean Product Yield (%)	80	%	75	%	77	%	79	%	78	%	75	%	76	%	77	%		76	%

International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D)	48		107		114		130		100		138		130		113			127
Total Charge Input (MB/D)	51		107		114		133		102		138		130		114			127
Crude Oil Capacity Utilization (%)	41	%	90	%	96	%	109	%	84	%	103	%	97	%	84	%		95	%
Clean Product Yield (%)	81	%	87	%	83	%	87	%	85	%	84	%	79	%	78	%		81	%

Total International
Crude Oil Charge Input (MB/D)	324		362		399		410		374		410		411		396			406
Total Charge Input (MB/D)	339		369		409		421		385		417		423		407			416
Crude Oil Capacity Utilization (%)	48	%	54	%	60	%	61	%	56	%	96	%	96	%	93	%		95	%
Clean Product Yield (%)	81	%	78	%	79	%	82	%	80	%	78	%	77	%	77	%		77	%

Refined Products Production (MB/D)
Gasoline	113		100		127		141		120		133		127		125			128
Distillates	155		184		189		199		182		186		194		185			189
Other	69		80		91		83		81		98		101		97			99
Total	337		364		407		423		383		417		422		407			416

Petroleum Products Sales (MB/D)
Gasoline	157		149		177		206		172		171		191		166			176
Distillates	282		280		325		373		316		351		316		343			337
Other	105		137		195		200		159		150		183		237			190
Total	544		566		697		779		647		672		690		746			703
*Represents our Humber Refinery in the United Kingdom and Whitegate Refinery in Ireland. Prior to January 1, 2011, also represented 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

	2010									2011
	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)	387		529		1,310	277		2,503		239	-	-		239

Upstream
Production
Net crude oil production (MB/D)	391		382		366	-		284		-	-	-		-
Net natural gas production (MMCF/D)	312		368		338	-		254		-	-	-		-
Total (MBOE/D)	443		443		422	-		326		-	-	-		-

Industry Prices
Crude Oil ($/BBL)
Urals crude (CIF Mediterranean) (one-quarter lag)	74.26		75.41		76.86	-		-		-	-	-		-

Downstream
Refinery Throughput
Crude Processed (MB/D)	246		248		263	-		189		-	-	-		-

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(2	)	(16	)	5	(2	)	(15	)	2	-	-		2

MIDSTREAM

	2010									2011
	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)	77		61		77	91		306		73	130	137		340

U.S. Equity Affiliate ($ Millions)*	53		31		39	68		191		48	86	83		217

NGL Extracted (MB/D)
Equity Affiliates
United States*	176		181		189	191		184		179	189	196		188
International	10		9		9	8		9		9	9	8		9
Total	186		190		198	199		193		188	198	204		197
*Represents 50 percent interest in DCP Midstream.

NGL Fractionated (MB/D)
United States*	140		138		116	141		134		121	127	132		127
International	19		18		18	16		18		18	17	16		17
Total	159		156		134	157		152		139	144	148		144
*Excludes DCP Midstream.

Product Prices
Weighted Average NGL ($/BBL)*
Consolidated	48.93		43.21		40.55	48.98		45.42		53.55	59.14	59.26		57.32
DCP Midstream	45.65		38.11		36.66	44.68		41.28		47.64	52.24	52.09		50.66
*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)	1		2		1	2		6		2	1	2		5

Page 11 of 12

CHEMICALS

	2010										2011
	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)	110		138		132		118		498		193		199		197			589

Industry Margins (Cents/Lb)*
Ethylene industry cash margin	18.2		19.6		11.2		12.1		15.2		16.7		26.9		23.3			22.3
HDPE industry contract sales margin	17.3		24.5		28.2		24.8		23.7		25.1		21.1		17.9			21.3
Benzene domestic contract margin	7.7		3.7		3.4		4.6		4.8		7.3		2.3		1.7			3.8
*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

	2010										2011
	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)	6		(10	)	(20	)	(35	)	(59	)	(7	)	(14	)	(2	)		(23	)

Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power	29		17		8		(5	)	49		22		17		32			71
Other	(23	)	(27	)	(28	)	(30	)	(108	)	(29	)	(31	)	(34	)		(94	)
Total	6		(10	)	(20	)	(35	)	(59	)	(7	)	(14	)	(2	)		(23	)

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	-		(1	)	-		-		(1	)	-		-		-			-

CORPORATE AND OTHER

	2010										2011
	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)	(310	)	(389	)	(276	)	(305	)	(1,280	)	(304	)	(203	)	(267	)		(774	)

Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense	(222	)	(254	)	(285	)	(204	)	(965	)	(181	)	(165	)	(166	)		(512	)
Corporate overhead	(36	)	(47	)	(37	)	(89	)	(209	)	(63	)	(46	)	(34	)		(143	)
Other	(52	)	(88	)	46		(12	)	(106	)	(60	)	8		(67	)		(119	)
Total	(310	)	(389	)	(276	)	(305	)	(1,280	)	(304	)	(203	)	(267	)		(774	)

Before-Tax Net Interest Expense ($ Millions)
Interest expense	(383	)	(433	)	(351	)	(351	)	(1,518	)	(342	)	(330	)	(331	)		(1,003	)
Capitalized interest	119		119		121		112		471		112		115		125			352
Interest revenue	6		14		13		31		64		39		27		19			85
Premium on early debt retirement	-		-		(146	)	-		(146	)	-		-		-			-
Total	(258	)	(300	)	(363	)	(208	)	(1,129	)	(191	)	(188	)	(187	)		(566	)

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(19	)	(70	)	60		14		(15	)	(12	)	19		(32	)		(25	)

Debt
Total Debt ($ Millions)	28,988		26,279		23,601		23,592		23,592		23,209		23,196		23,150			23,150
Debt-to-Capital Ratio (%)	31	%	28	%	25	%	25	%	25	%	25	%	25	%	26	%		26	%

Equity ($ Millions)	63,417		65,945		69,917		69,109		69,109		70,521		70,578		66,326			66,326

Page 12 of 12

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CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 26, 2011

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