CONOCOPHILLIPS - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - January 25, 2012

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EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa50143935ex991.htm
EX-99.2 - EXHIBIT 99.2 - CONOCOPHILLIPSa50143935ex992.htm
8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPSa50143935.htm

Exhibit 99.3

 
 

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 59,872 244,813
Equity in earnings of affiliates 868 1,088 1,004 173 3,133 1,017 1,160 1,298 602 4,077
Gain on dispositions** 24 3,249 1,398 1,132 5,803 616 78 (480 ) 1,793 2,007
Other income**     49   104   (61 ) 186   278   84   96   27   122   329  
Total Revenues and Other Income 45,762   50,127   49,549   53,217   198,655   58,247   66,961   63,629   62,389   251,226  
 
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 45,761 185,867
Production and operating expenses 2,527 2,619 2,583 2,906 10,635 2,628 2,606 2,768 2,768 10,770
Selling, general and administrative expenses 444 438 493 630 2,005 499 514 466 599 2,078
Exploration expenses 383 213 252 307 1,155 176 264 266 360 1,066
Depreciation, depletion and amortization 2,318 2,280 2,246 2,216 9,060 2,070 2,075 1,870 1,919 7,934
Impairments 91 1,532 59 98 1,780 - 2 486 304 792
Taxes other than income taxes* 4,037 4,247 4,227 4,282 16,793 4,364 4,830 4,579 4,534 18,307
Accretion on discounted liabilities 114 113 110 110 447 112 115 114 114 455
Interest and debt expense 301 349 264 273 1,187 262 247 235 228 972
Foreign currency transaction (gains) losses 36   54   (10 ) 12   92   (36 ) (17 ) 68   (31 ) (16 )
Total Costs and Expenses 41,772   43,933   44,275   48,925   178,905   52,451   60,769   58,449   56,556   228,225  
Income before income taxes 3,990 6,194 5,274 4,292 19,750 5,796 6,192 5,180 5,833 23,001
Provision for income taxes   1,878   2,011   2,205   2,239   8,333   2,754   2,773   2,549   2,423   10,499  
Net Income 2,112 4,183 3,069 2,053 11,417 3,042 3,419 2,631 3,410 12,502
Less: net income attributable to
noncontrolling interests   (14 ) (19 ) (14 ) (12 ) (59 ) (14 ) (17 ) (15 ) (20 ) (66 )
Net Income Attributable to ConocoPhillips 2,098   4,164   3,055   2,041   11,358   3,028   3,402   2,616   3,390   12,436  
*Includes excise taxes on petroleum products sales: 3,220 3,417 3,544 3,508 13,689 3,382 3,554 3,596 3,422 13,954
 
 
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 2.58 9.04
Diluted 1.40 2.77 2.05 1.39 7.62 2.09 2.41 1.91 2.56 8.97
 
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 1,312,184 1,375,035
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   1,322,773   1,387,100  
**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 2,768 863 817 816 758 3,254
International E&P     1,075   3,578   1,001   776   6,430   1,489   1,707   946   846   4,988  
Total E&P       1,832   4,114   1,564   1,688   9,198   2,352   2,524   1,762   1,604   8,242  
 
Midstream       77   61   77   91   306   73   130   137   118   458  
 
U.S. R&M 12 782 199 29 1,022 402 692 789 1,712 3,595
International R&M     (16 ) (1,061 ) 69   178   (830 ) 80   74   -   2   156  
Total R&M       (4 ) (279 ) 268   207   192   482   766   789   1,714   3,751  
 
LUKOIL Investment 387 529 1,310 277 2,503 239 - - - 239
 
Chemicals 110 138 132 118 498 193 199 197 156 745
 
Emerging Businesses 6 (10 ) (20 ) (35 ) (59 ) (7 ) (14 ) (2 ) (3 ) (26 )
 
Corporate and Other (310 ) (389 ) (276 ) (305 ) (1,280 ) (304 ) (203 ) (267 ) (199 ) (973 )
                           
Consolidated       2,098   4,164   3,055   2,041   11,358   3,028   3,402   2,616   3,390   12,436  

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 1,226 5,155
International E&P     2,632   5,145   2,539   2,291   12,607   3,248   3,535   2,644   2,551   11,978  
Total E&P       3,781   5,978   3,418   3,768   16,945   4,610   4,826   3,920   3,777   17,133  
 
Midstream       116   94   115   139   464   111   192   208   183   694  
 
U.S. R&M 41 1,265 320 46 1,672 685 1,129 1,218 2,046 5,078
International R&M     (86 ) (1,452 ) 76   218   (1,244 ) 114   93   (94 ) 1   114  
Total R&M       (45 ) (187 ) 396   264   428   799   1,222   1,124   2,047   5,192  
 
LUKOIL Investment 395 546 1,653 424 3,018 362 - - - 362
 
Chemicals 135 198 182 165 680 260 265 263 182 970
 
Emerging Businesses 4 (18 ) (43 ) (56 ) (113 ) (15 ) (25 ) (27 ) (9 ) (76 )
 
Corporate and Other (396 ) (417 ) (447 ) (412 ) (1,672 ) (331 ) (288 ) (308 ) (347 ) (1,274 )
                           
Consolidated       3,990   6,194   5,274   4,292   19,750   5,796   6,192   5,180   5,833   23,001  
 
 
 
 
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 % 38.3 % 36.9 %
International E&P     58.7 % 30.1 % 60.1 % 65.6 % 48.6 % 53.8 % 51.3 % 63.7 % 66.1 % 57.8 %
Total E&P       51.2 % 30.9 % 53.9 % 54.9 % 45.4 % 48.7 % 47.4 % 54.7 % 57.1 % 51.5 %
 
Midstream       33.6 % 35.1 % 33.9 % 33.8 % 34.1 % 34.2 % 32.3 % 33.7 % 36.1 % 34.0 %
 
U.S. R&M 68.3 % 38.1 % 37.5 % 32.6 % 38.6 % 41.0 % 38.6 % 35.1 % 16.2 % 29.1 %
International R&M     81.4 % 26.9 % 9.2 % 18.3 % 33.3 % 30.7 % 19.4 % 100.0 % -100.0 % -36.8 %
Total R&M       93.3 % -48.7 % 32.1 % 20.8 % 54.0 % 39.5 % 37.2 % 29.7 % 16.2 % 27.6 %
 
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 % 14.3 % 23.2 %
 
Emerging Businesses -25.0 % 50.0 % 55.8 % 35.7 % 47.8 % 53.3 % 44.0 % 88.9 % 66.7 % 64.5 %
 
Corporate and Other 21.7 % 6.5 % 38.5 % 26.0 % 23.4 % 8.2 % 29.5 % 13.3 % 42.7 % 23.6 %
                           
Consolidated       47.1 % 32.5 % 41.8 % 52.2 % 42.2 % 47.5 % 44.8 % 49.2 % 41.6 % 45.6 %
 
 
 
 
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 2,858 10,561
Taxes other than income taxes 4,037 4,247 4,227 4,282 16,793 4,364 4,830 4,579 4,534 18,307
Less: Excise taxes*     (3,220 ) (3,417 ) (3,544 ) (3,508 ) (13,689 ) (3,382 ) (3,554 ) (3,596 ) (3,422 ) (13,954 )
Estimated Taxes Paid   2,413   3,159   2,780   3,226   11,578   3,704   4,006   3,234   3,970   14,914  
*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 ) (3 ) 146
Impairments - - - - - - - - (44 ) (44 )
Cancelled projects - - - - - - (54 ) - - (54 )
Pending claims and settlements -   (82 ) -   -   (82 ) - -   -   -   -  
Total       -   (82 ) 32   293   243   151 (55 ) (1 ) (47 ) 48  
 
International E&P
Gain (loss) on asset sales - 2,679 - 147 2,826 4 28 (279 ) (12 ) (259 )
Impairments - - - (638 ) (638 ) - - - (585 ) (585 )
Cancelled projects (83 ) (2 ) - - (85 ) - - - - -
Deferred tax adjustment - 40 - - 40 - - - - -
Bohai Bay incident - - - - - - - (41 ) (101 ) (142 )
Pending claims and settlements - - 26 32 58 - - - - -
International tax law changes -   -   -   -   -   - -   (109 ) -   (109 )
Total       (83 ) 2,717   26   (459 ) 2,201   4 28   (429 ) (698 ) (1,095 )
 
Total E&P       (83 ) 2,635   58   (166 ) 2,444   155 (27 ) (430 ) (745 ) (1,047 )
 
Midstream
                           
Total       -   -   -   -   -   - -   -   -   -  
 
U.S. R&M
Gain (loss) on asset sales - 116 - - 116 2 26 6 1,545 1,579
Impairments - (8 ) - - (8 ) - - (314 ) - (314 )
Cancelled projects - - - - - - - - (28 ) (28 )
Pending claims and settlements - 35 - - 35 - - - - -
Severance accrual     -   -   -   -   -   - -   (15 ) -   (15 )
Total       -   143   -   -   143   2 26   (323 ) 1,517   1,222  
 
International R&M
Gain (loss) on asset sales - - - - - - - (80 ) (4 ) (84 )
Impairments - (1,110 ) - - (1,110 ) - - (4 ) - (4 )
Cancelled projects (25 ) (4 ) - - (29 ) - - - - -
Severance accrual     -   (28 ) -   -   (28 ) - -   -   -   -  
Total       (25 ) (1,142 ) -   -   (1,167 ) - -   (84 ) (4 ) (88 )
 
Total R&M       (25 ) (999 ) -   -   (1,024 ) 2 26   (407 ) 1,513   1,134  
 
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

Impairments

- - - - - - - - (20 ) (20 )
Repositioning costs - - - - - - - - (25 ) (25 )
Pending claims and settlements - (24 ) - - (24 ) - - - - -
Cancelled projects (2 ) 2 - - - - - - - -
Premium on early debt retirement -   -   (114 ) -   (114 ) - -   -   -   -  
Total       (2 ) (22 ) (114 ) -   (138 ) - -   -   (45 ) (45 )
 
Total Company     (110 ) 1,713   818   112   2,533   394 (1 ) (837 ) 723   279  

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 3,410 12,502
Depreciation, depletion and amortization 2,318 2,280 2,246 2,216 9,060 2,070 2,075 1,870 1,919 7,934
Impairments 91 1,532 59 98 1,780 - 2 486 304 792
Dry hole costs and leasehold impairments 133 72 122 150 477 50 89 151 180 470
Accretion on discounted liabilities 114 113 110 110 447 112 115 114 114 455
Deferred taxes (35 ) (508 ) (392 ) 57 (878 ) 87 429 293 478 1,287
Undistributed equity earnings (503 ) (686 ) (453 ) 569 (1,073 ) (523 ) (570 ) (299 ) 315 (1,077 )

Loss (gain) on dispositions

(24 ) (3,249 ) (1,398 ) (1,132 ) (5,803 ) (616 ) (78 ) 480 (1,793 ) (2,007 )
Other (187 ) (356 ) 322 (28 ) (249 ) (185 ) (67 ) 36 (143 ) (359 )
Net working capital changes (979 ) 94   654   2,098   1,867   (2,090 ) 860   (149 ) 1,028   (351 )
Net Cash Provided by
Operating Activities     3,040   3,475   4,339   6,191   17,045   1,947   6,274   5,613   5,812   19,646  
 
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 ) (3,872 ) (13,266 )
Proceeds from asset dispositions 132 5,811 6,290 3,139 15,372 1,787 162 209 2,662 4,820

Net sales (purchases) of short-term investments

- - - (982 ) (982 ) (1,170 ) (424 ) (29 ) 2,023 400
Long-term advances to/collections from
related parties and other investments (218 ) 38   102   114   36   56   472   192   311   1,031  
Net Cash Provided by (Used in) Investing Activities (2,157 ) 3,840   4,101   (1,119 ) 4,665   (2,211 ) (2,683 ) (3,245 ) 1,124   (7,015 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt 347 (2,717 ) (2,838 ) 6 (5,202 ) (373 ) (19 ) (48 ) (521 ) (961 )
Issuance of company common stock 9 26 24 74 133 75 24 10 (13 ) 96
Repurchase of company common stock - (390 ) (868 ) (2,608 ) (3,866 ) (1,636 ) (3,149 ) (3,199 ) (3,139 ) (11,123 )
Dividends paid on company common stock (744 ) (816 ) (816 ) (799 ) (3,175 ) (944 ) (917 ) (900 ) (871 ) (3,632 )
Other       (186 ) (169 ) (189 ) (165 ) (709 ) (183 ) (174 ) (185 ) (143 ) (685 )
Net Cash Used in
Financing Activities     (574 ) (4,066 ) (4,687 ) (3,492 ) (12,819 ) (3,061 ) (4,235 ) (4,322 ) (4,687 ) (16,305 )
 
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 ) 2,343 (3,674 )
Cash and cash equivalents
at beginning of period   542   855   4,120   7,996   542   9,454   6,172   5,505   3,437   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   5,780   5,780  
 
 
 
 

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 3,373 12,005
Loans and advances 48 21 27 17 113 (4 ) 7 11 (5 ) 9
Joint venture acquisition obligation--principal 161   164   166   168   659   170   173   175   176   694  
E&P total       2,059   1,930   2,205   3,071   9,265   2,858   2,807   3,499   3,544   12,708  
Midstream* - - 1 2 3 3 1 5 8 17
R&M
Capital expenditures and investments 192 226 241 397 1,056 156 222 250 366 994
Loans and advances   200   -   -   -   200   -   -   -   -   -  
R&M total       392   226   241   397   1,256   156   222   250   366   994  
LUKOIL Investment* - - - - - - - - - -
Chemicals* - - - - - - - - - -
Emerging Businesses* 1 4 2 20 27 6 8 7 9 30
Corporate and Other*   28   34   35   85   182   27   35   42   116   220  
Total Capital Program   2,480   2,194   2,484   3,575   10,733   3,050   3,073   3,803   4,043   13,969  
*Capital expenditures and investments only.

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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   1,604 8,242
 
Production
 
Total, Including Equity Affiliates (MBOE/D) 1,828 1,733 1,717   1,729   1,752   1,702   1,640   1,538   1,597 1,619
E&P segment plus LUKOIL Investment segment: 2,271 2,176 2,139   1,729   2,078   1,702   1,640   1,538   1,597 1,619
 
Crude Oil and Natural Gas Liquids (NGL) (MB/D)
Consolidated operations 901 837 846 847 858 800 758 693 739 747
Equity affiliates     57 56 51   56   55   60   56   48   44 52
Total       958 893 897   903   913   860   814   741   783 799
Over/(Under) Lifting of Crude Oil (MB/D) 19 6 (16 ) (17 ) (1 ) 12   9   8   4 7
 
Synthetic Oil (MB/D)     22 25 -   -   12   -   -   -   - -
 
Bitumen (MB/D)
Consolidated operations 8 10 10 11 10 11 8 11 11 10
Equity affiliates     52 48 49   50   49   53   59   53   62 57
Total       60 58 59   61   59   64   67   64   73 67
 
Natural Gas (MMCF/D)
Consolidated operations 4,635 4,431 4,431 4,252 4,437 4,162 4,031 3,918 3,985 4,024
Equity affiliates     91 110 134   339   169   507   521   479   462 492
Total       4,726 4,541 4,565   4,591   4,606   4,669   4,552   4,397   4,447 4,516
 
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot 78.67 77.78 76.03 85.06 79.39 93.98 102.44 89.70 94.07 95.05
Brent dated 76.24 78.30 76.86 86.48 79.47 104.97 117.36 113.46 109.31 111.27
Natural Gas ($/MMBTU)
Henry Hub -- First of Month 5.30 4.09 4.38   3.80   4.39   4.11   4.32   4.20   3.54 4.04
 
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 96.44 97.12
Equity affiliates 71.30 72.46 72.95 81.95 74.81 94.95 103.82 99.24 96.11 98.60
Total       71.86 71.09 69.45   78.76   72.77   91.55   103.90   97.24   96.42 97.22
 
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 69.04 55.16
Equity affiliates 56.15 49.73 52.38 55.27 53.43 56.15 67.05 60.65 70.42 63.93
Total       56.57 49.19 51.50   54.79   53.06   54.77   65.74   58.14   70.20 62.56
 
Natural Gas ($/MCF)
Consolidated operations 5.63 4.64 4.86 5.13 5.07 5.54 5.79 5.77 5.47 5.64
Equity affiliates 2.67 3.02 2.82 2.73 2.79 2.59 3.28 2.85 2.83 2.89
Total       5.57 4.60 4.80   4.95   4.98   5.22   5.50   5.45   5.19 5.34
 
Exploration Charges ($ Millions)
Dry holes 93 28 26 89 236 9 48 111 141 309
Leasehold impairment   40 44 96   61   241   41   41   40   39 161
Total Noncash Charges 133 72 122 150 477 50 89 151 180 470
Other (G&A, G&G and Lease rentals) 250 141 130   157   678   126   175   115   180 596
Total Exploration Charges   383 213 252   307   1,155   176   264   266   360 1,066
 
Depreciation, Depletion and
Amortization (DD&A) ($ Millions) 2,071 2,033 2,017   1,975   8,096   1,830   1,829   1,625   1,657 6,941
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions) 60 18 (20 ) 2   60   (4 ) (5 ) (24 ) 50 17

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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   863 817 816 758   3,254
 
Alaska ($ Millions)     517 381   361   476   1,735   549 490 501 443   1,983
Lower 48 ($ Millions)   240 155   202   436   1,033   314 327 315 315   1,271
 
Production
Total U.S. (MBOE/D)     703 686   678   676   686   629 658 643 681   653
 
Crude Oil and NGL (MB/D)
Alaska 247 221 215 238 230 214 223 199 227 215
Lower 48       156 161   160   160   160   150 160 174 186   168
Total       403 382   375   398   390   364 383 373 413   383
Over/(Under) Lifting of Crude Oil (MB/D) 9 4   (26 ) -   (3 ) 38 6 11 (20 ) 8
 
Natural Gas (MMCF/D)
Alaska 94 82 82 70 82 67 62 56 59 61
Lower 48       1,705 1,740   1,738   1,599   1,695   1,522 1,589 1,561 1,547   1,556
Total       1,799 1,822   1,820   1,669   1,777   1,589 1,651 1,617 1,606   1,617
 
Average Realized Prices
Crude Oil and NGL ($/BBL)
Alaska 77.25 77.44 75.87 83.54 78.61 95.56 113.75 107.26 108.51 105.95
Lower 48 59.54 55.70 54.07 61.53 57.69 69.34 77.99 72.39 76.08 74.09
Total U.S.       70.40 68.15   65.71   74.22   69.73   85.36 98.43 90.95 92.47   91.77
 
Natural Gas ($/MCF)
Alaska 4.33 4.76 4.89 4.55 4.62 3.93 4.66 5.04 4.69 4.56
Lower 48 5.21 3.93 4.06 3.82 4.25 4.11 4.22 4.15 3.48 3.99
Total U.S.       5.16 3.96   4.10   3.85   4.27   4.10 4.23 4.17 3.52   4.01
 
Kenai, Alaska LNG Sales
Volume (MMCF/D)     56 51   49   32   47   20 18 45 20   26
Sales price per MCF   11.70 12.08   12.84   11.86   12.13   12.94 9.95 13.14 17.41   13.38
 
U.S. Exploration Charges ($ Millions)
Dry holes - (1 ) (6 ) (1 ) (8 ) 6 10 36 38 90
Leasehold impairment   22 26   79   23   150   22 22 20 22   86
Total Noncash Charges 22 25 73 22 142 28 32 56 60 176
Other (G&A, G&G and Lease rentals) 32 48   39   64   183   41 76 49 54   220
Total U.S. Exploration Charges 54 73   112   86   325   69 108 105 114   396
Alaska Only       7 10   10   14   41   8 6 5 7   26
 
DD&A ($ Millions)
Alaska 152 152 151 166 621 136 151 134 155 576
Lower 48       585 589   549   540   2,263   513 530 551 558   2,152
Total U.S.       737 741   700   706   2,884   649 681 685 713   2,728

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   846 4,988  
 
Production
Total, Including Equity Affiliates (MBOE/D) 1,125 1,047 1,039 1,053   1,066 1,073   982 895   917 966  
 
Crude Oil and NGL (MB/D)
Consolidated operations
Canada 41 42 40 31 38 37 36 37 43 38
Norway 152 121 142 133 137 131 117 113 119 120
United Kingdom 83 77 65 72 74 65 63 46 48 55
Australia/Timor-Leste 34 25 34 30 31 32 28 30 28 30
China 71 67 66 66 68 77 70 35 26 52
Indonesia 17 20 19 14 17 11 11 12 11 11
Vietnam 22 24 25 24 24 22 19 17 15 18
Algeria 13 13 13 13 13 13 13 13 13 13
Libya 46 47 46 46 46 28 - - 4 8
Nigeria       19 19 21 20   20 20   18 17   19 19  
Total consolidated operations 498 455 471 449 468 436 375 320 326 364
Equity affiliates     57 56 51 56   55 60   56 48   44 52  
Total       555 511 522 505   523 496   431 368   370 416  
Over/(Under) Lifting of Crude Oil (MB/D) 10 2 10 (17 ) 2 (26 ) 3 (3 ) 24 (1 )
 
Synthetic Oil (MB/D)
Consolidated operations--Canada 22 25 - -   12 -   - -   - -  
 
Bitumen (MB/D)
Consolidated operations--Canada 8 10 10 11 10 11 8 11 11 10
Equity affiliates     52 48 49 50   49 53   59 53   62 57  
Total       60 58 59 61   59 64   67 64   73 67  
 
Natural Gas (MMCF/D)
Consolidated operations
Canada 1,021 1,043 974 902 984 944 947 929 891 928
Norway 249 182 185 219 209 208 130 130 185 163
United Kingdom 712 567 546 601 606 543 457 381 472 463
Australia/Timor-Leste 239 184 260 248 233 237 236 253 209 234
Indonesia 462 473 472 443 463 467 445 437 451 450
Vietnam 15 16 16 16 16 16 13 10 7 11
Libya 8 8 8 8 8 5 - - 1 1
Nigeria       130 136 150 146   141 153   152 161   163 157  
Total consolidated operations 2,836 2,609 2,611 2,583 2,660 2,573 2,380 2,301 2,379 2,407
Equity affiliates     91 110 134 339   169 507   521 479   462 492  
Total       2,927 2,719 2,745 2,922   2,829 3,080   2,901 2,780   2,841 2,899  
 
Darwin, Australia LNG Sales (MMCF/D) 401 297 458 455   403 420   410 424   424 420  

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 63.86 66.07
Norway 75.47 76.16 76.12 86.54 78.20 104.90 116.79 112.73 108.65 110.45
United Kingdom 74.03 72.64 73.04 82.24 75.82 93.94 107.82 108.31 104.86 104.34
Australia/Timor-Leste 68.73 68.75 64.88 78.92 70.21 91.02 100.09 94.72 90.41 94.07
China 74.89 77.78 73.64 83.77 77.31 100.54 116.85 114.31 114.74 109.98
Indonesia 67.65 68.49 63.71 75.70 68.41 94.31 108.04 104.13 101.25 101.96
Vietnam 80.92 81.26 78.79 89.20 82.65 107.37 121.92 118.29 116.23 115.50
Algeria 74.39 79.92 77.45 89.31 80.68 105.21 120.09 112.63 109.77 112.69
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 90.34 97.35
Total consolidated operations 73.08 73.34 71.75 82.29 74.95 96.86 109.35 104.40 100.72 102.68
Equity affiliates 71.30 72.46 72.95 81.95 74.81 94.95 103.82 99.24 96.11 98.60
Total       72.91 73.24 71.87 82.25 74.94 96.62 108.62 103.70 100.17 102.16
 
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 69.04 55.16
Equity affiliates 56.15 49.73 52.38 55.27 53.43 56.15 67.05 60.65 70.42 63.93
Total       56.57 49.19 51.50 54.79 53.06 54.77 65.74 58.14 70.20 62.56
 
Natural Gas ($/MCF)
Consolidated operations
Canada 4.63 3.63 3.34 3.32 3.74 3.59 3.74 3.56 2.93 3.46
Norway 7.08 7.01 7.68 9.23 7.70 9.61 10.57 9.89 10.09 10.00
United Kingdom 6.66 5.61 6.27 8.02 6.67 8.18 9.25 8.78 9.80 8.99
Australia/Timor-Leste* 1.06 0.85 0.96 0.71 0.90 0.81 0.90 1.16 1.12 1.00
Indonesia 7.49 7.60 7.07 7.80 7.48 9.43 10.98 10.18 10.01 10.14
Vietnam 1.17 1.16 1.17 1.19 1.17 1.16 1.11 1.07 1.19 1.13
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 2.36 2.25
Total consolidated operations 5.92 5.10 5.38 5.96 5.60 6.43 6.86 6.88 6.78 6.73
Equity affiliates 2.67 3.02 2.82 2.73 2.79 2.59 3.28 2.85 2.83 2.89
Total       5.82 5.03 5.26 5.58 5.43 5.80 6.22 6.19 6.14 6.08
 
International Exploration Charges ($ Millions)
Dry holes 93 29 32 90 244 3 38 75 103 219
Leasehold impairment   18 18 17 38 91 19 19 20 17 75
Total Noncash Charges 111 47 49 128 335 22 57 95 120 294
Other (G&A, G&G and Lease rentals) 218 93 91 93 495 85 99 66 126 376
Total International Exploration Charges 329 140 140 221 830 107 156 161 246 670
 
DD&A ($ Millions)     1,334 1,292 1,317 1,269 5,212 1,181 1,148 940 944 4,213
*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   1,714   3,751  
 
United States ($ Millions)   12   782   199   29   1,022   402   692   789   1,712   3,595  
International ($ Millions)   (16 ) (1,061 ) 69   178   (830 ) 80   74   -   2   156  
 
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 2,101 2,166
Total Charge Input (MB/D) 2,226 2,448 2,383 2,235 2,323 2,315 2,398 2,393 2,250 2,338
Crude Oil Capacity Utilization (%) 78 % 86 % 84 % 77 % 81 % 89 % 91 % 92 % 94 % 92 %
Clean Product Yield (%)   84 % 84 % 83 % 83 % 83 % 83 % 83 % 84 % 84 % 84 %
 
Refined Products Production (MB/D)
Gasoline 986 1,038 996 927 987 986 1,013 1,003 924 982
Distillates 834 969 935 882 905 903 932 950 928 928
Other       418   457   468   452   449   442   463   445   416   441  
Total       2,238   2,464   2,399   2,261   2,341   2,331   2,408   2,398   2,268   2,351  
 
Petroleum Products Sales (MB/D)
Gasoline 1,249 1,319 1,280 1,321 1,292 1,270 1,409 1,300 1,256 1,306
Distillates 1,089 1,201 1,199 1,263 1,189 1,203 1,177 1,250 1,245 1,219
Other       471   524   627   613   559   587   568   639   607   600  
Total       2,809   3,044   3,106   3,197   3,040   3,060   3,154   3,189   3,108   3,125  
 
Market Indicators
U.S. East Coast Crack Spread ($/BBL) 8.21 10.71 8.84 11.83 9.90 19.09 25.30 33.70 22.94 25.26
U.S. Gulf Coast Crack Spread ($/BBL) 6.70 9.90 7.45 7.79 7.96 17.25 25.25 31.76 19.37 23.41
U.S. Group Central Crack Spread ($/BBL) 6.82 11.38 10.58 9.17 9.49 18.95 27.26 34.12 20.75 25.27
U.S. West Coast Crack Spread ($/BBL) 9.72 14.95 14.97 12.58 13.06 16.14 15.86 11.78 10.74 13.63
U.S. Weighted 3:2:1 Crack Spread ($/BBL) 7.68 11.44 9.97 9.95 9.76 17.76 23.70 28.47 18.16 22.02
NW Europe Crack Spread ($/BBL) 9.25 11.60 9.84 12.04 10.68 12.31 11.88 13.09 13.97 12.81
Singapore 3:1:2 Crack Spread ($/BBL) 10.17   10.68   11.13   12.25   11.06   16.33   17.75   17.53   15.12   16.68  
 
Realized Margins
Refining Margin ($/BBL)
U.S. 5.62 8.82 6.53 7.06 7.05 10.05 10.55 13.70 7.21 10.45
International 8.73 10.27 4.41 12.20 8.90 8.28 4.21 6.50 4.91 5.95
Integrated Margin ($/BBL)
U.S. 6.07 10.40 7.21 7.55 7.87 10.16 11.70 14.79 7.86 11.21
International     11.60   13.82   7.68   14.37   11.85   9.34   7.75   10.78   7.91   8.92  
 
DD&A ($ Millions)     214   211   199   208   832   207   213   209   228   857  
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions) (47 ) (55 ) 42   -   (60 ) 31   22   (16 ) (14 ) 23  
 
Turnaround Expense ($ Millions) 72   94   86   207   459   81   82   44   90   297  

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) 379 410 387 269 361 392 376 382 236 346
Total Charge Input (MB/D) 406 457 433 347 411 443 432 419 263 389
Crude Oil Capacity Utilization (%) 90 % 97 % 91 % 64 % 85 % 93 % 89 % 90 % 99 % 92 %
Clean Product Yield (%)   89 % 89 % 89 % 90 % 89 % 91 % 90 % 90 % 92 % 91 %
 
U.S. Gulf Coast
Crude Oil Charge Input (MB/D) 641 730 664 636 668 614 664 668 684 658
Total Charge Input (MB/D) 731 804 730 701 741 685 758 754 759 739
Crude Oil Capacity Utilization (%) 87 % 100 % 90 % 87 % 91 % 84 % 91 % 91 % 93 % 90 %
Clean Product Yield (%)   82 % 82 % 81 % 78 % 81 % 80 % 82 % 82 % 82 % 82 %
 
Western U.S.
Crude Oil Charge Input (MB/D) 374 394 394 377 385 371 353 396 394 378
Total Charge Input (MB/D) 389 425 416 395 406 397 381 420 419 404
Crude Oil Capacity Utilization (%) 90 % 95 % 95 % 90 % 92 % 89 % 85 % 95 % 94 % 91 %
Clean Product Yield (%)   82 % 83 % 81 % 82 % 82 % 83 % 81 % 84 % 85 % 84 %
 
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D) 170 189 187 152 175 177 189 175 157 174
Total Charge Input (MB/D) 172 191 190 153 177 179 191 177 159 176
Crude Oil Capacity Utilization (%) 91 % 101 % 100 % 81 % 93 % 94 % 101 % 94 % 84 % 93 %
Clean Product Yield (%)   91 % 92 % 92 % 92 % 92 % 91 % 93 % 91 % 92 % 92 %
 
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D) 178 190 201 205 193 181 203 206 212 201
Total Charge Input (MB/D) 189 202 205 218 203 194 213 216 222 211
Crude Oil Capacity Utilization (%) 79 % 84 % 89 % 91 % 86 % 80 % 90 % 91 % 94 % 89 %
Clean Product Yield (%)   83 % 82 % 79 % 82 % 82 % 80 % 80 % 81 % 84 % 82 %
 
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 1,683 1,757
Total Charge Input (MB/D) 1,887 2,079 1,974 1,814 1,938 1,898 1,975 1,986 1,822 1,919
Crude Oil Capacity Utilization (%) 88 % 96 % 92 % 83 % 90 % 87 % 90 % 92 % 93 % 91 %
Clean Product Yield (%)   84 % 85 % 84 % 83 % 84 % 85 % 84 % 85 % 85 % 85 %
 
Refined Products Production (MB/D)
Gasoline 873 938 869 786 867 853 886 878 786 851
Distillates 679 785 746 683 723 717 738 765 728 737
Other       349   377   377   369   368   344   362   348   325   344  
Total       1,901   2,100   1,992   1,838   1,958   1,914   1,986   1,991   1,839   1,932  
 
Petroleum Products Sales (MB/D)
Gasoline 1,092 1,170 1,103 1,115 1,120 1,099 1,218 1,134 1,066 1,129
Distillates 807 921 874 890 873 852 861 907 914 884
Other       366   387   432   413   400   437   385   402   381   401  
Total       2,265   2,478   2,409   2,418   2,393   2,388   2,464   2,443   2,361   2,414  
*Represents 50 percent share of the Borger Refinery and Wood River Refinery.
 
International R&M
International - Consolidated*
Crude Oil Charge Input (MB/D) 276 255 285 280 274 272 281 283 278 279
Total Charge Input (MB/D) 288 262 295 288 283 279 293 293 288 288
Crude Oil Capacity Utilization (%) 50 % 46 % 52 % 51 % 50 % 93 % 96 % 97 % 95 % 95 %
Clean Product Yield (%)   80 % 75 % 77 % 79 % 78 % 75 % 76 % 77 % 80 % 77 %
 
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D) 48 107 114 130 100 138 130 113 140 130
Total Charge Input (MB/D) 51 107 114 133 102 138 130 114 140 131
Crude Oil Capacity Utilization (%) 41 % 90 % 96 % 109 % 84 % 103 % 97 % 84 % 104 % 97 %
Clean Product Yield (%)   81 % 87 % 83 % 87 % 85 % 84 % 79 % 78 % 82 % 81 %
 
Total International
Crude Oil Charge Input (MB/D) 324 362 399 410 374 410 411 396 418 409
Total Charge Input (MB/D) 339 369 409 421 385 417 423 407 428 419
Crude Oil Capacity Utilization (%) 48 % 54 % 60 % 61 % 56 % 96 % 96 % 93 % 98 % 96 %
Clean Product Yield (%)   81 % 78 % 79 % 82 % 80 % 78 % 77 % 77 % 80 % 78 %
 
Refined Products Production (MB/D)
Gasoline 113 100 127 141 120 133 127 125 138 131
Distillates 155 184 189 199 182 186 194 185 200 191
Other       69   80   91   83   81   98   101   97   91   97  
Total       337   364   407   423   383   417   422   407   429   419  
 
Petroleum Products Sales (MB/D)
Gasoline 157 149 177 206 172 171 191 166 190 177
Distillates 282 280 325 373 316 351 316 343 331 335
Other       105   137   195   200   159   150   183   237   226   199  
Total       544   566   697   779   647   672   690   746   747   711  
*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   73 130 137 118 458
 
U.S. Equity Affiliate ($ Millions)* 53   31   39 68   191   48 86 83 57 274
 
NGL Extracted (MB/D)
Equity Affiliates
United States* 176 181 189 191 184 179 189 196 203 192
International       10   9   9 8   9   9 9 8 8 8
Total       186   190   198 199   193   188 198 204 211 200
*Represents 50 percent interest in DCP Midstream.
 
NGL Fractionated (MB/D)
United States* 140 138 116 141 134 121 127 132 129 127
International       19   18   18 16   18   18 17 16 14 17
Total       159   156   134 157   152   139 144 148 143 144
*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 59.19 57.79
DCP Midstream     45.65   38.11   36.66 44.68   41.28   47.64 52.24 52.09 50.61 50.64
*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 1 6

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   156   745  
 
Industry Margins (Cents/Lb)*
Ethylene industry cash margin 18.2 19.6 11.2 12.1 15.2 16.7 26.9 23.3 11.3 19.6
HDPE industry contract sales margin 17.3 24.5 28.2 24.8 23.7 25.1 21.1 17.9 19.7 20.9
Benzene domestic contract margin 7.7   3.7   3.4   4.6   4.8   7.3   2.3   1.7   1.0   3.1  
*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 ) (3 ) (26 )
 
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power 29 17 8 (5 ) 49 22 17 32 44 115
Other       (23 ) (27 ) (28 ) (30 ) (108 ) (29 ) (31 ) (34 ) (47 ) (141 )
Total       6   (10 ) (20 ) (35 ) (59 ) (7 ) (14 ) (2 ) (3 ) (26 )
 
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 ) (199 ) (973 )
 
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense (222 ) (254 ) (285 ) (204 ) (965 ) (181 ) (165 ) (166 ) (155 ) (667 )
Corporate overhead (36 ) (47 ) (37 ) (89 ) (209 ) (63 ) (46 ) (34 ) (56 ) (199 )
Other       (52 ) (88 ) 46   (12 ) (106 ) (60 ) 8   (67 ) 12   (107 )
Total       (310 ) (389 ) (276 ) (305 ) (1,280 ) (304 ) (203 ) (267 ) (199 ) (973 )
 
Before-Tax Net Interest Expense ($ Millions)
Interest expense (383 ) (433 ) (351 ) (351 ) (1,518 ) (342 ) (330 ) (331 ) (336 ) (1,339 )
Capitalized interest 119 119 121 112 471 112 115 125 136 488
Interest revenue 6 14 13 31 64 39 27 19 23 108
Premium on early debt retirement -   -   (146 ) -   (146 ) -   -   -   -   -  
Total       (258 ) (300 ) (363 ) (208 ) (1,129 ) (191 ) (188 ) (187 ) (177 ) (743 )
 
Foreign Currency Gains
(Losses) After-Tax ($ Millions) (19 ) (70 ) 60   14   (15 ) (12 ) 19   (32 ) 45   20  
 
Debt
Total Debt ($ Millions) 28,988 26,279 23,601 23,592 23,592 23,209 23,196 23,150 22,623 22,623
Debt-to-Capital Ratio (%)   31 % 28 % 25 % 25 % 25 % 25 % 25 % 26 % 26 % 26 %
 
Equity ($ Millions)     63,417   65,945   69,917   69,109   69,109   70,521   70,578   66,326   65,734   65,734  

Page 12 of 12

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