CONOCOPHILLIPS - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 25, 2012

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8-K - CONOCOPHILLIPS 8-K - CONOCOPHILLIPSa50452878.htm
EX-99.1 - EXHIBIT 99.1 - CONOCOPHILLIPSa50452878ex991.htm

Exhibit 99.2

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
$ Millions, Except as Indicated                
CONSOLIDATED INCOME STATEMENT
 
Revenues and Other Income
Sales and other operating revenues 15,780 17,176 16,506 16,294 65,756 14,984 13,988 14,520 43,492
Equity in earnings of affiliates 326 375 443 90 1,234 486 529 409 1,424
Gain (loss) on dispositions 613 35 (260 ) (18 ) 370 940 583 118 1,641
Other income   84     82     6     102     274   60     66     42         168  
Total Revenues and Other Income   16,803     17,668     16,695     16,468     67,634   16,470     15,166     15,089         46,725  
 
Costs and Expenses
Purchased commodities 6,958 7,681 7,976 7,360 29,975 6,120 5,758 6,436 18,314
Production and operating expenses 1,579 1,595 1,767 1,801 6,742 1,638 1,883 1,711 5,232
Selling, general and administrative expenses 248 203 145 271 867 327 235 330 892
Exploration expenses 176 264 266 360 1,066 679 270 219 1,168
Depreciation, depletion and amortization 1,848 1,846 1,645 1,676 7,015 1,623 1,626 1,699 4,948
Impairments - - - 321 321 214 82 - 296
Taxes other than income taxes 884 1,198 904 1,035 4,021 1,101 906 676 2,683
Accretion on discounted liabilities 105 107 107 107 426 107 105 102 314
Interest and debt expense 257 242 230 225 954 190 197 161 548
Foreign currency transaction (gains) losses   7     18     50     (53 )   22   4     15     (1 )       18  
Total Costs and Expenses   12,062     13,154     13,090     13,103     51,409   12,003     11,077     11,333         34,413  
Income from continuing operations before income taxes 4,741 4,514 3,605 3,365 16,225 4,467 4,089 3,756 12,312
Provision for income taxes   2,424     2,214     2,110     2,022     8,770   2,226     2,334     1,945         6,505  
Income from continuing operations 2,317 2,300 1,495 1,343 7,455 2,241 1,755 1,811 5,807
Income from discontinued operations   725     1,119     1,136     2,067     5,047   714     534     2         1,250  
Net Income 3,042 3,419 2,631 3,410 12,502 2,955 2,289 1,813 7,057
Less: net income attributable to noncontrolling interests   (14 )   (17 )   (15 )   (20 )   (66 ) (18 )   (22 )   (15 )       (55 )
Net Income Attributable to ConocoPhillips   3,028     3,402     2,616     3,390     12,436   2,937     2,267     1,798         7,002  
 
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations 1.61 1.63 1.09 1.01 5.38 1.70 1.39 1.47 4.60
Discontinued operations   0.50     0.80     0.84     1.57     3.66   0.59     0.43     -         1.00  

Net Income Attributable to ConocoPhillips

Per Share of Common Stock

  2.11     2.43     1.93     2.58     9.04   2.29     1.82     1.47         5.60  
Diluted
Continuing operations 1.59 1.62 1.08 1.00 5.33 1.69 1.38 1.46 4.56
Discontinued operations   0.50     0.79     0.83     1.56     3.64   0.58     0.42     -         0.99  

Net Income Attributable to ConocoPhillips

Per Share of Common Stock

  2.09     2.41     1.91     2.56     8.97   2.27     1.80     1.46         5.55  
 

Average Common Shares Outstanding (in thousands)

Basic 1,432,285 1,399,473 1,357,710 1,312,184 1,375,035 1,283,493 1,248,300 1,220,462 1,250,641
Diluted   1,445,477     1,412,147     1,369,562     1,322,773     1,387,100   1,293,104     1,258,189     1,229,343         1,260,212  
 
 
 
 
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
 
Alaska 894 781 789 691 3,155 983 856 820 2,659
 
Lower 48 and Latin America 520 528 504 477 2,029 426 207 250 883
 
Canada (23 ) 123 85 (139 ) 46 (725 ) (134 ) (39 ) (898 )
 
Europe 1,468 1,625 1,386 1,809 6,288 1,464 1,896 962 4,322
 
Asia Pacific and Middle East 1,388 1,501 944 1,147 4,980 2,204 1,090 1,105 4,399
 
Other International 438 252 161 (235 ) 616 484 553 963 2,000
 
LUKOIL Investment 362 - - - 362 - - - -
 
Corporate and Other (306 ) (296 ) (264 ) (385 ) (1,251 ) (369 ) (379 ) (305 ) (1,053 )
                                         
Consolidated   4,741     4,514     3,605     3,365     16,225   4,467     4,089     3,756         12,312  
 
 
 
 
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
 
Alaska* 36.8 % 37.0 % 36.3 % 38.5 % 37.1 % 36.9 % 35.7 % 34.8 % 35.9 %
 
Lower 48 and Latin America 37.5 % 36.0 % 33.8 % 38.9 % 36.5 % 40.2 % 42.6 % 26.9 % 37.0 %
 
Canada 217.5 % 18.4 % 14.2 % 21.8 % -100.3 % 24.3 % 29.8 % 19.2 % 24.9 %
 
Europe 68.3 % 67.2 % 80.7 % 68.8 % 70.9 % 73.4 % 64.7 % 86.3 % 72.5 %
 
Asia Pacific and Middle East 36.9 % 35.3 % 48.9 % 33.4 % 37.9 % 20.4 % 27.1 % 38.1 % 26.5 %
 
Other International 72.8 % 68.7 % 67.4 % -46.2 % 115.2 % 82.2 % 103.4 % 41.1 % 68.3 %
 
LUKOIL Investment 34.1 % 0.0 % 0.0 % 0.0 % 34.1 % 0.0 % 0.0 % 0.0 % 0.0 %
 
Corporate and Other 2.3 % 27.8 % 18.4 % 35.7 % 22.0 % 14.9 % 30.2 % 15.6 % 20.6 %
                                         
Consolidated   51.1 %   49.1 %   58.5 %   60.1 %   54.1 % 49.8 %   57.1 %   51.8 %       52.8 %
* Alaska including taxes other than income taxes 60.2 % 69.3 % 64.4 % 71.4 % 66.5 % 66.0 % 63.9 % 56.7 % 62.8 %

Page 1 of 8

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
$ Millions                
EARNINGS BY SEGMENT
 
Alaska 564 492 502 426 1,984 620 551 535 1,706
 
Lower 48 and Latin America* 325 337 334 292 1,288 255 119 182 556
 
Canada 27 101 73 (110 ) 91 (549 ) (94 ) (31 ) (674 )
 
Europe 466 533 266 565 1,830 389 669 132 1,190
 
Asia Pacific and Middle East 863 956 469 744 3,032 1,738 772 669 3,179
 
Other International 119 79 53 (345 ) (94 ) 86 (19 ) 567 634
 
LUKOIL Investment 239 - - - 239 - - - -
 
Corporate and Other (299 ) (214 ) (215 ) (248 ) (976 ) (314 ) (265 ) (257 ) (836 )
 
Discontinued Operations 724 1,118 1,134 2,066 5,042 712 534 1 1,247
                                         
Consolidated     3,028     3,402     2,616     3,390     12,436   2,937     2,267     1,798         7,002  
* Lower 48 only: 312 301 299 270 1,182 234 104 145 483
 
 
 
 
SPECIAL ITEMS (AFTER-TAX)
 
Alaska - (54 ) - - (54 ) - - - -
 
Lower 48 and Latin America* 151 8 (1 ) (47 ) 111 - - - -
 
Canada 4 19 - (202 ) (179 ) (520 ) - - (520 )
 
Europe - - (109 ) - (109 ) - 255 (167 ) 88
 
Asia Pacific and Middle East - - (320 ) (101 ) (421 ) 937 (17 ) (133 ) 787
 
Other International - - - (395 ) (395 ) - - 443 443
 
LUKOIL Investment 237 - - - 237 - - - -
 
Corporate and Other - - - (45 ) (45 ) (33 ) (40 ) (118 ) (191 )
 
Discontinued Operations 724 1,118 1,134 2,066 5,042 712 534 1 1,247
                                         
Consolidated     1,116     1,091     704     1,276     4,187   1,096     732     26         1,854  
* Lower 48 only: 151 (1 ) (1 ) (47 ) 102 - - - -
 
 
 
 
ADJUSTED EARNINGS
 
Alaska 564 546 502 426 2,038 620 551 535 1,706
 
Lower 48 and Latin America* 174 329 335 339 1,177 255 119 182 556
 
Canada 23 82 73 92 270 (29 ) (94 ) (31 ) (154 )
 
Europe 466 533 375 565 1,939 389 414 299 1,102
 
Asia Pacific and Middle East 863 956 789 845 3,453 801 789 802 2,392
 
Other International 119 79 53 50 301 86 (19 ) 124 191
 
LUKOIL Investment 2 - - - 2 - - - -
 
Corporate and Other (299 ) (214 ) (215 ) (203 ) (931 ) (281 ) (225 ) (139 ) (645 )
                                         
Consolidated     1,912     2,311     1,912     2,114     8,249   1,841     1,535     1,772         5,148  
* Lower 48 only: 161 302 300 317 1,080 234 104 145 483

Page 2 of 8

  2011   2012
$ Millions 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
DETAILED SPECIAL ITEMS (AFTER-TAX)                
 
Alaska
Cancelled projects   -   (54 )   -     -     (54 ) -     -     -         -  
Total     -   (54 )   -     -     (54 ) -     -     -         -  
 
Lower 48 and Latin America
Gain (loss) on asset sales 151 8 (1 ) (3 ) 155 - - - -
Impairments     -   -     -     (44 )   (44 ) -     -     -         -  
Total     151   8     (1 )   (47 )   111   -     -     -         -  
 
Canada
Gain (loss) on asset sales 4 19 - (12 ) 11 - - - -
Impairments     -   -     -     (190 )   (190 ) (520 )   -     -         (520 )
Total     4   19     -     (202 )   (179 ) (520 )   -     -         (520 )
 
Europe
International tax law changes - - (109 ) - (109 ) - - (167 ) (167 )
Gain (loss) on asset sales - - - - - - 285 - 285
Impairments     -   -     -     -     -   -     (30 )   -         (30 )
Total     -   -     (109 )   -     (109 ) -     255     (167 )       88  
 
Asia Pacific and Middle East
Gain (loss) on asset sales - - (279 ) - (279 ) 937 - (133 ) 804
Bohai Bay incidents - - (41 ) (101 ) (142 ) - (89 ) - (89 )
Deferred tax adjustment   -   -     -     -     -   -     72     -         72  
Total     -   -     (320 )   (101 )   (421 ) 937     (17 )   (133 )       787  
 
Other International
Gain (loss) on asset sales - - - - - - - 443 443
Impairments     -   -     -     (395 )   (395 ) -     -     -         -  
Total     -   -     -     (395 )   (395 ) -     -     443         443  
 
LUKOIL Investment
Gain (loss) on asset sales   237   -     -     -     237   -     -     -         -  
Total     237   -     -     -     237   -     -     -         -  
 
Corporate and Other
Impairments - - - (20 ) (20 ) - - - -
Separation costs - - - (25 ) (25 ) (33 ) (40 ) (7 ) (80 )
Pension settlement expense - - - - - - - (82 ) (82 )
Premium on early debt retirement - - - - - - - (68 ) (68 )
Pending claims and settlements   -   -     -     -     -   -     -     39         39  
Total     -   -     -     (45 )   (45 ) (33 )   (40 )   (118 )       (191 )
 
Discontinued Operations   724   1,118     1,134     2,066     5,042   712     534     1         1,247  
 
Total Company   1,116   1,091     704     1,276     4,187   1,096     732     26         1,854  

Page 3 of 8

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
$ Millions                
CASH FLOW INFORMATION
 
Cash Flows from Operating Activities
Net income 3,042 3,419 2,631 3,410 12,502 2,955 2,289 1,813 7,057
Depreciation, depletion and amortization 1,848 1,846 1,645 1,676 7,015 1,623 1,626 1,699 4,948
Impairments - - - 321 321 214 82 - 296
Dry hole costs and leasehold impairments 50 89 151 180 470 518 116 69 703
Accretion on discounted liabilities 105 107 107 107 426 107 105 102 314
Deferred taxes (148 ) 107 271 178 408 146 301 431 878
Undistributed equity earnings (215 ) (70 ) (7 ) 166 (126 ) (73 ) (178 ) (150 ) (401 )
Gain (loss) on dispositions (613 ) (35 ) 260 18 (370 ) (940 ) (583 ) (118 ) (1,641 )
Income from discontinued operations (725 ) (1,119 ) (1,136 ) (2,067 ) (5,047 ) (714 ) (534 ) (2 ) (1,250 )
Other (118 ) (22 ) (40 ) (210 ) (390 ) 173 (273 ) 46 (54 )
Net working capital changes   (153 )   (1,042 )   1,161     (698 )   (732 ) 160     (752 )   (412 )       (1,004 )
Net cash provided by continuing operations 3,073 3,280 5,043 3,081 14,477 4,169 2,199 3,478 9,846
Net cash provided by (used in) discontinued operations   (1,126 )   2,994     570     2,731     5,169   13     151     42         206  
Net Cash Provided by Operating Activities   1,947     6,274     5,613     5,812     19,646   4,182     2,350     3,520         10,052  
 
Cash Flows from Investing Activities
Capital expenditures and investments (2,721 ) (2,669 ) (3,357 ) (3,497 ) (12,244 ) (4,041 ) (3,817 ) (3,479 ) (11,337 )
Proceeds from asset dispositions 1,757 106 91 238 2,192 1,102 464 522 2,088
Net sales (purchases) of short-term investments (1,170 ) (424 ) (29 ) 2,023 400 92 505 - 597
Long-term advances to/collections from

 

related parties and other investments   54     25     34     32     145   49     25     184         258  
Net cash used in continuing operations (2,080 ) (2,962 ) (3,261 ) (1,204 ) (9,507 ) (2,798 ) (2,823 ) (2,773 ) (8,394 )
Net cash provided by (used in) discontinued operations   (131 )   279     16     2,328     2,492   (212 )   (92 )   -         (304 )
Net Cash Provided by (Used in) Investing Activities   (2,211 )   (2,683 )   (3,245 )   1,124     (7,015 ) (3,010 )   (2,915 )   (2,773 )       (8,698 )
 
Cash Flows from Financing Activities
Net issuance (repayment) of debt (367 ) (11 ) (41 ) (515 ) (934 ) (47 ) 831 (1,967 ) (1,183 )
Special cash distribution from Phillips 66 - - - - - - 7,818 - 7,818
Change in restricted cash - - - - - - (5,000 ) 2,532 (2,468 )
Issuance of company common stock 75 24 10 (13 ) 96 36 9 38 83
Repurchase of company common stock (1,636 ) (3,149 ) (3,199 ) (3,139 ) (11,123 ) (1,899 ) (3,050 ) (149 ) (5,098 )
Dividends paid on company common stock (944 ) (917 ) (900 ) (871 ) (3,632 ) (843 ) (818 ) (808 ) (2,469 )
Other     (183 )   (174 )   (185 )   (143 )   (685 ) (199 )   (170 )   (178 )       (547 )
Net cash used in continuing operations (3,055 ) (4,227 ) (4,315 ) (4,681 ) (16,278 ) (2,952 ) (380 ) (532 ) (3,864 )
Net cash used in discontinued operations   (6 )   (8 )   (7 )   (6 )   (27 ) (318 )   (1,701 )   -         (2,019 )
Net Cash Used in Financing Activities   (3,061 )   (4,235 )   (4,322 )   (4,687 )   (16,305 ) (3,270 )   (2,081 )   (532 )       (5,883 )
 
Effect of Exchange Rate Changes   43     (23 )   (114 )   94     -   25     (17 )   9         17  
 
Net Change in Cash and Cash Equivalents (3,282 ) (667 ) (2,068 ) 2,343 (3,674 ) (2,073 ) (2,663 ) 224 (4,512 )
Cash and cash equivalents at beginning of period   9,454     6,172     5,505     3,437     9,454   5,780     3,707     1,044         5,780  
Cash and Cash Equivalents at End of Period   6,172     5,505     3,437     5,780     5,780   3,707     1,044     1,268         1,268  
 
 
 
 
CAPITAL PROGRAM
 
Capital expenditures and investments
Alaska 195 196 194 190 775 186 202 208 596
 
Lower 48 and Latin America 774 761 1,247 1,100 3,882 1,267 1,288 1,339 3,894
 
Canada 519 209 431 602 1,761 629 428 493 1,550
 
Europe 405 524 611 682 2,222 622 735 738 2,095
 
Asia Pacific and Middle East 513 670 580 562 2,325 699 886 468 2,053
 
Other International 287 265 249 236 1,037 577 228 211 1,016
 
Corporate and Other   28     44     45     125     242   61     50     22         133  
Total capital expenditures and investments   2,721     2,669     3,357     3,497     12,244   4,041     3,817     3,479         11,337  
 
Loans and advances - Other International (4 ) 7 11 (5 ) 9 (4 ) (2 ) 25 19
Joint venture acquisition obligation (principal) - Canada   170     173     175     177     695   180     181     185         546  
Total Capital Program   2,887     2,849     3,543     3,669     12,948   4,217     3,996     3,689         11,902  

Page 4 of 8

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
TOTAL SEGMENTS                
 
 
Production
Total, including equity affiliates (MBOED)   1,702   1,640   1,538   1,597   1,619 1,637     1,542   1,525       1,569
 
Crude Oil (MBD)
Consolidated operations 663 620 552 586 605 616 577 553 582
Equity affiliates   53   48   41   37   45 34     31   25       30
Total     716   668   593   623   650 650     608   578       612
Over (under) lifting of crude oil (MBD)   15   8   7   2   8 (11 )   29   34       17
 
NGL (MBD)
Consolidated operations 137 138 141 153 142 158 147 148 152
Equity affiliates   7   8   7   7   7 8     7   7       7
Total     144   146   148   160   149 166     154   155       159
 
Bitumen (MBD)
Consolidated operations 11 8 11 11 10 11 11 12 11
Equity affiliates   53   59   53   62   57 73     77   80       77
Total     64   67   64   73   67 84     88   92       88
 
Natural Gas (MMCFD)
Consolidated operations 4,162 4,031 3,918 3,985 4,024 3,917 3,662 3,750 3,776
Equity affiliates   507   521   479   462   492 505     491   449       482
Total     4,669   4,552   4,397   4,447   4,516 4,422     4,153   4,199       4,258
 
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot 93.98 102.44 89.70 94.07 95.05 102.99 93.44 92.11 96.18
WCS spot 71.47 84.88 75.38 81.64 78.34 75.99 73.62 77.25 75.62
Brent dated 104.97 117.36 113.46 109.31 111.27 118.49 108.19 109.61 112.09
JCC 81.77 96.86 110.35 113.35 100.59 111.43 116.70 121.99 116.71
Natural Gas ($/MMBTU)

Henry Hub first of month

  4.11   4.32   4.20   3.54   4.04 2.72     2.21   2.80       2.58
 
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations 98.32 113.30 106.80 106.41 106.05 112.38 105.89 102.97 107.10
Equity affiliates   98.83   108.48   104.11   102.10   103.42 111.37     99.28   96.57       103.24
Total     98.35   112.95   106.61   106.14   105.87 112.33     105.56   102.72       106.92
 
NGL ($/BBL)
Consolidated operations 50.77 55.85 54.76 53.39 53.74 52.33 41.96 39.33 44.55
Equity affiliates   72.58   73.49   70.79   65.48   70.62 88.24     70.28   62.18       73.67
Total     52.27   56.88   55.61   54.03   54.71 54.11     43.55   40.39       46.02
 
Bitumen ($/BBL)
Consolidated operations 47.94 56.91 45.79 69.04 55.16 64.95 54.75 56.23 58.41
Equity affiliates   56.15   67.05   60.65   70.42   63.93 60.04     50.85   56.95       55.90
Total     54.77   65.74   58.14   70.20   62.56 60.66     51.38   56.86       56.23
 
Natural Gas ($/MCF)
Consolidated operations 5.54 5.79 5.77 5.47 5.64 5.09 4.63 4.77 4.83
Equity affiliates   2.59   3.28   2.85   2.83   2.89 2.58     2.79   2.82       2.72
Total     5.22   5.50   5.45   5.19   5.34 4.80     4.41   4.56       4.60
 
Exploration Expenses ($ Millions)
Dry holes 9 48 111 141 309 6 64 6 76
Leasehold impairment   41   41   40   39   161 512     52  

63

     

627

Total noncash expenses 50 89 151 180 470 518 116

69

703

Other (G&A, G&G and lease rentals)   126   175   115   180   596 161     154  

150

     

465

Total exploration expenses   176   264   266   360   1,066 679     270   219       1,168
 
U.S. exploration expenses   69   108   105   114   396 87     96   106       289
International exploration expenses   107   156   161   246   670 592     174   113       879
 
DD&A ($ Millions)
Alaska 136 151 134 155 576 135 133 117 385
Lower 48 and Latin America 514 531 552 560 2,157 603 625 657 1,885
Canada 380 396 381 348 1,505 324 333 355 1,012
Europe 442 400 283 317 1,442 266 246 214 726
Asia Pacific and Middle East 307 302 231 223 1,063 211 210 274 695
Other International 52 47 44 53 196 60 58 61 179
Corporate and Other   17   19   20   20   76 24     21   21       66
Total DD&A     1,848   1,846   1,645   1,676   7,015 1,623     1,626   1,699       4,948

Page 5 of 8

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
PRODUCTION                
 
 
Crude Oil (MBD)
Consolidated operations
Alaska 198 207 187 210 200 208 190 157 185
Lower 48 83 88 95 107 94 117 115 124 119
Canada 12 11 12 12 12 13 14 14 13
Norway 125 111 108 114 114 112 103 97 104
United Kingdom   59   57   42   43   50 44   35   20       33
Europe     184   168   150   157   164 156   138   117       137
Australia/Timor-Leste 19 17 17 16 18 17 15 18 16
China 77 70 35 26 52 23 31 48 34
Indonesia 10 11 12 11 11 10 8 9 9
Vietnam     22   19   17   15   18 11   -   -       4
AP/ME     128   117   81   68   99 61   54   75       63
Algeria 13 13 13 13 13 12 11 11 12
Libya 28 - - 4 8 35 43 41 40
Nigeria     17   16   14   15   15 14   12   14       13
Other International   58   29   27   32   36 61   66   66       65
Total consolidated operations   663   620   552   586   605 616   577   553       582
Equity affiliates   53   48   41   37   45 34   31   25       30
Total     716   668   593   623   650 650   608   578       612
 
NGL (MBD)
Consolidated operations
Alaska 16 16 12 17 15 18 16 10 15
Lower 48 67 72 79 79 74 84 83 87 85
Canada 25 25 25 31 26 25 22 25 24
Norway 6 6 5 5 6 5 4 3 4
United Kingdom   6   6   4   5   5 5   4   2       4
Europe     12   12   9   10   11 10   8   5       8
Australia/Timor-Leste 13 11 13 12 12 12 9 12 11
Indonesia     1   -   -   -   - 6   5   5       5
AP/ME     14   11   13   12   12 18   14   17       16
Nigeria     3   2   3   4   4 3   4   4       4
Other International   3   2   3   4   4 3   4   4       4
Total consolidated operations   137   138   141   153   142 158   147   148       152
Equity affiliates   7   8   7   7   7 8   7   7       7
Total     144   146   148   160   149 166   154   155       159
 
Bitumen (MBD)
Consolidated operations 11 8 11 11 10 11 11 12 11
Equity affiliates   53   59   53   62   57 73   77   80       77
Total     64   67   64   73   67 84   88   92       88
 
Natural Gas (MMCFD)
Consolidated operations
Alaska 67 62 56 59 61 59 56 51 55
Lower 48 1,522 1,589 1,561 1,547 1,556 1,502 1,456 1,507 1,489
Canada 944 947 929 891 928 863 864 874 867
Norway 208 130 130 185 163 195 141 127 154
United Kingdom   543   457   381   472   463 437   399   287       375
Europe     751   587   511   657   626 632   540   414       529
Australia/Timor-Leste 237 236 253 209 234 249 159 261 223
China - - - - - - 1 4 2
Indonesia 467 445 437 451 450 441 427 444 437
Vietnam     16   13   10   7   11 7   -   -       2
AP/ME     720   694   700   667   695 697   587   709       664
Libya 5 - - 1 1 3 6 33 14
Nigeria     153   152   161   163   157 161   153   162       158
Other International   158   152   161   164   158 164   159   195       172
Total consolidated operations   4,162   4,031   3,918   3,985   4,024 3,917   3,662   3,750       3,776
Equity affiliates   507   521   479   462   492 505   491   449       482
Total     4,669   4,552   4,397   4,447   4,516 4,422   4,153   4,199       4,258
 
Total (MBOED)
Consolidated operations
Alaska 225 233 208 237 225 236 215 176 209
Lower 48 404 425 434 444 428 451 441 462 452
Canada 205 203 203 202 203 193 191 197 193
Norway 166 139 136 150 147 149 131 121 134
United Kingdom   155   139   109   127   132 122   105   70       99
Europe     321   278   245   277   279 271   236   191       233
Australia/Timor-Leste 72 67 72 63 69 70 51 73 64
China 77 70 35 26 52 23 31 49 35
Indonesia 89 85 85 86 86 90 84 88 87
Vietnam     25   21   18   16   20 12   -   -       4
AP/ME     263   243   210   191   227 195   166   210       190
Algeria 13 13 13 13 13 12 11 11 12
Libya 29 - - 4 8 36 43 47 42
Nigeria     45   43   44   46   45 44   42   44       43
Other International   87   56   57   63   66 92   96   102       97
Total consolidated operations   1,505   1,438   1,357   1,414   1,428 1,438   1,345   1,338       1,374
Equity affiliates   197   202   181   183   191 199   197   187       195
Total     1,702   1,640   1,538   1,597   1,619 1,637   1,542   1,525       1,569

Page 6 of 8

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
AVERAGE REALIZED PRICES                
 
 
Crude Oil ($/BBL)
Consolidated operations
Alaska 95.56 113.75 107.26 108.51 105.95 112.20 112.38 106.53 110.54
Lower 48 88.01 99.70 89.13 94.07 92.79 99.00 89.61 90.06 92.84
Canada 78.34 94.19 85.02 86.98 86.04 83.85 74.76 77.19 78.44
Norway 106.55 119.97 116.01 111.33 113.05 122.49 109.50 111.74 114.62
United Kingdom   99.40   112.33   112.62   108.55   108.85 116.54   111.55   104.55       110.52
Europe     105.03   117.40   115.03   110.41   111.82 121.25   109.89   109.67       113.69
Australia/Timor-Leste 102.61 115.64 108.76 105.35 108.05 113.00 103.53 105.47 107.76
China 100.54 116.85 114.31 114.74 109.98 122.02 113.71 107.68 112.44
Indonesia 96.22 108.04 104.13 101.25 102.52 109.16 96.96 91.45 99.65
Vietnam     107.37   121.92   118.29   116.23   115.50 126.02   -   -       126.02
AP/ME     101.63   116.69   112.44   110.53   109.84 117.66   109.12   105.12       110.19
Algeria 105.21 120.09 112.63 109.77 112.69 123.50 109.08 104.04 111.42
Libya 98.30 - - - 98.30 121.68 109.52 108.00 111.00
Nigeria     105.49   122.38   116.43   113.49   114.02 122.20   108.80   110.98       114.53
Other International   102.53   121.24   114.84   111.58   111.17 122.24   109.33   107.68       111.76
Total consolidated operations   98.32   113.30   106.80   106.41   106.05 112.38   105.89   102.97       107.10
Equity affiliates   98.83   108.48   104.11   102.10   103.42 111.37   99.28   96.57       103.24
Total     98.35   112.95   106.61   106.14   105.87 112.33   105.56   102.72       106.92
 
NGL ($/BBL)
Consolidated operations
Lower 48 45.94 51.45 52.25 51.81 50.55 44.90 34.62 31.40 36.89
Canada 54.26 60.23 58.90 54.48 56.84 54.13 48.66 45.31 49.43
Norway 54.05 58.91 56.85 57.89 57.20 57.56 53.57 55.56 55.32
United Kingdom   63.44   61.31   59.99   60.16   61.42 61.10   56.38   59.72       58.84
Europe     59.68   60.04   58.05   58.88   59.19 59.29   54.81   57.62       56.97
Australia/Timor-Leste 73.42 78.23 71.77 68.27 72.97 88.97 70.98 74.68 78.56
Indonesia     66.26   -   -   -   66.26 90.85   72.30   63.40       75.51
AP/ME     73.02   78.23   71.77   68.27   72.87 89.56   71.39   71.06       77.60
Nigeria     13.82   12.88   12.60   14.84   13.63 11.97   15.34   14.26       13.99
Other International   13.82   12.88   12.60   14.84   13.63 11.97   15.34   14.26       13.99
Total consolidated operations   50.77   55.85   54.76   53.39   53.74 52.33   41.96   39.33       44.55
Equity affiliates   72.58   73.49   70.79   65.48   70.62 88.24   70.28   62.18       73.67
Total     52.27   56.88   55.61   54.03   54.71 54.11   43.55   40.39       46.02
 
Bitumen ($/BBL)
Consolidated operations 47.94 56.91 45.79 69.04 55.16 64.95 54.75 56.23 58.41
Equity affiliates   56.15   67.05   60.65   70.42   63.93 60.04   50.85   56.95       55.90
Total     54.77   65.74   58.14   70.20   62.56 60.66   51.38   56.86       56.23
 
Natural Gas ($/MCF)
Consolidated operations
Alaska 3.93 4.66 5.04 4.69 4.56 4.68 3.93 3.97 4.21
Lower 48 4.11 4.22 4.15 3.48 3.99 2.65 2.10 2.64 2.47
Canada 3.59 3.74 3.56 2.93 3.46 1.98 1.61 2.05 1.88
Norway 9.61 10.57 9.89 10.09 10.00 10.40 9.58 8.47 9.59
United Kingdom   8.18   9.25   8.78   9.80   8.99 9.80   9.49   9.06       9.50
Europe     8.59   9.57   9.08   9.88   9.26 9.98   9.52   8.87       9.53
Australia/Timor-Leste* 0.81 0.90 1.16 1.12 1.00 1.10 1.10 1.18 1.13
China - - - - - - 2.46 2.44 2.45
Indonesia 9.43 10.98 10.18 10.01 10.14 10.37 12.85 9.94 11.03
Vietnam     1.16   1.11   1.07   1.19   1.13 1.15   -   -       1.15
AP/ME     8.82   9.80   10.68   9.99   9.82 10.40   11.47   10.64       10.80
Libya 0.09 - - - 0.09 0.09 0.09 6.77 5.82
Nigeria     2.15   2.10   2.36   2.36   2.25 2.53   2.51   2.84       2.63
Other International   2.11   2.10   2.36   2.36   2.24 2.52   2.45   3.44       2.84
Total consolidated operations   5.54   5.79   5.77   5.47   5.64 5.09   4.63   4.77       4.83
Equity affiliates   2.59   3.28   2.85   2.83   2.89 2.58   2.79   2.82       2.72
Total     5.22   5.50   5.45   5.19   5.34 4.80   4.41   4.56       4.60
*Excludes transfers to Darwin LNG plant.

Page 7 of 8

  2011   2012
1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD 1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
CORPORATE AND OTHER              
 
 
Corporate and Other Earnings (Loss) ($ Millions)   (299 )   (214 )   (215 )   (248 )   (976 ) (314 )   (265 )   (257 )       (836 )
 
 
Detail of Earnings (Loss) ($ Millions)
Net interest expense (189 ) (175 ) (174 ) (172 ) (710 ) (161 ) (128 ) (214 ) (503 )
Corporate G&A expenses (61 ) (43 ) (33 ) (53 ) (190 ) (74 ) (44 ) (128 ) (246 )
Technology* 2 (3 ) 44 (28 ) 15 (18 ) (22 ) 46 6
Separation costs - - - (25 ) (25 ) (33 ) (40 ) (7 ) (80 )
Other     (51 )   7     (52 )   30     (66 ) (28 )   (31 )   46         (13 )
Total     (299 )   (214 )   (215 )   (248 )   (976 ) (314 )   (265 )   (257 )       (836 )
* Includes investment in new technologies or businesses outside of our normal scope of operations and is net of licensing revenues.
 
Before-Tax Net Interest Expense ($ Millions)
Interest expense (337 ) (326 ) (325 ) (332 ) (1,320 ) (309 ) (315 ) (294 ) (918 )
Capitalized interest 112 115 125 136 488 146 145 157 448
Interest revenue 36 23 16 19 94 11 18 7 36
Premium on early debt retirement   -     -     -     -     -   -     -     (79 )       (79 )
Total     (189 )   (188 )   (184 )   (177 )   (738 ) (152 )   (152 )   (209 )       (513 )
 
Debt
Total debt ($ Millions) 23,210 23,196 23,150 22,623 22,623 28,360 23,008 21,117 21,117
Debt-to-capital ratio (%)   25 %   25 %   26 %   26 %   26 % 30 %   33 %   31 %       31 %
 
Equity ($ Millions)   70,536     70,593     66,340     65,749     65,749   67,057     46,443     47,877         47,877  
 
 
 
REFERENCE
 
Commonly Used Abbreviations
Earnings Net Income (Loss) Attributable to ConocoPhillips
DD&A Depreciation, Depletion and Amortization
FX Foreign Currency
G&G Geological and Geophysical
G&A General and Administrative
LNG Liquefied Natural Gas
NGL Natural Gas Liquids
R&D Research and Development
WCS Western Canada Select
WTI West Texas Intermediate
 
Units of Measure
BBL Barrels
MMBBL Millions of Barrels
MBD Thousands of Barrels per Day
MBOED Thousands of Barrels of Oil Equivalent per Day
MCF Thousands of Cubic Feet
MMCFD Millions of Cubic Feet per Day

Page 8 of 8

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