ConocoPhillips (COP) 8-K ConocoPhillips Reports First-Quarter Net Income of $4.1 Billion Or $2.62 Per Share

Exhibit 99.2

ConocoPhillips
Houston, Texas 77079
Preliminary
FINANCIAL HIGHLIGHTS
	Millions of Dollars
	Three Months Ended
	March 31
		2008		2007
Revenues and Other Income
Sales and other operating revenues*	$	54,883		41,320
Equity in earnings of affiliates		1,359		929
Other income		310		618
		56,552		42,867
Costs and Expenses
Purchased crude oil, natural gas and products		37,820		26,715
Production and operating expenses		2,691		2,492
Selling, general and administrative expenses		526		527
Exploration expenses		309		262
Depreciation, depletion and amortization		2,209		2,024
Impairments		6		(1	)
Taxes other than income taxes*		5,155		4,374
Accretion on discounted liabilities		104		79
Interest and debt expense		207		307
Foreign currency transaction (gains) losses		(43	)	1
Minority interests		19		21
		49,003		36,801
Income before income taxes		7,549		6,066
Provision for income taxes		3,410		2,520
Net Income	$	4,139		3,546
Net Income per share of common stock (dollars)
Basic	$	2.65		2.15
Diluted	$	2.62		2.12
Average common shares outstanding (in thousands)
Basic		1,562,198		1,647,352
Diluted		1,582,025		1,668,847
*Includes excise taxes on petroleum products sales:	$	3,857		3,841

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ConocoPhillips
Houston, Texas 77079
Preliminary
SELECTED FINANCIAL DATA
	Millions of Dollars
	Three Months Ended
	March 31
	2008			2007
SUMMARY OF NET INCOME (LOSS)
E&P
United States	$	1,349		916
International		1,538		1,413
Total E&P		2,887		2,329
Midstream		137		85
R&M
United States		435		896
International		85		240
Total R&M		520		1,136
LUKOIL Investment		710		256
Chemicals		52		82
Emerging Businesses		12		(1	)
Corporate and other		(179	)	(341	)
Consolidated	$	4,139		3,546

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ConocoPhillips
Houston, Texas 77079
Preliminary
SELECTED FINANCIAL DATA
	Three Months Ended
	March 31
	2008				2007
Effective tax rate %		45.2		%	41.5
	Millions of Dollars
FOREIGN CURRENCY GAINS (LOSSES)
AFTER-TAX
E&P	$	(10	)		17
Midstream		-			-
R&M		38			-
LUKOIL Investment		(2	)		-
Chemicals		-			-
Emerging Businesses		(1	)		-
Corporate and other		(3	)		(14	)
	$	22			3
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	4,139			3,546
Depreciation, depletion and amortization		2,209			2,024
Impairments		6			(1	)
Dry hole costs and leasehold impairments		154			148
Accretion on discounted liabilities		104			79
Deferred taxes		(17	)		77
Undistributed equity earnings		(987	)		(557	)
Gain on asset dispositions		(181	)		(499	)
Other		(164	)		(94	)
Working capital adjustments		1,324			2,150
Net cash provided by operating activities	$	6,587			6,873
CAPITAL EXPENDITURES AND INVESTMENTS
E&P
United States	$	1,079			843
International		1,739			1,727
		2,818			2,570
Midstream		-			-
R&M		363			205
LUKOIL Investment		-			-
Chemicals		-			-
Emerging Businesses		61			31
Corporate and other		80			41
	$	3,322			2,847
OTHER
	March 31, 2008				December 31, 2007
Total debt	$	21,492			21,687
Common stockholders' equity	$	89,575			88,983

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ConocoPhillips
Houston, Texas 77079
Preliminary
OPERATING HIGHLIGHTS
BY SEGMENT
	Three Months Ended
	March 31
	2008	2007
	Thousands of Barrels Daily
E&P
Crude oil produced
United States
Alaska	254	276
Lower 48	97	104
	351	380
Norway	153	179
United Kingdom	48	55
Canada	23	21
China	33	38
Indonesia	16	13
Vietnam	20	23
Timor Sea	23	24
Libya	47	45
Other	44	62
Total consolidated	758	840
Equity affiliates
Canada	29	23
Russia	16	15
Venezuela	-	82
Total Worldwide	803	960
Syncrude	20	23
Natural gas liquids produced
United States
Alaska*	19	22
Lower 48	69	68
	88	90
Norway	13	8
United Kingdom	10	6
Canada	26	31
Timor Sea	15	12
Other	2	3
Total Worldwide	154	150
*Includes reinjected volumes sold lease-to-lease:	13	16
	Millions of Cubic Feet Daily
Natural gas produced*
United States
Alaska	100	122
Lower 48	1,963	2,190
	2,063	2,312
Norway	273	247
United Kingdom	695	785
Canada	1,101	1,152
China	10	11
Timor Sea	246	243
Indonesia	314	331
Vietnam	16	15
Libya	9	5
Other	173	212
Total consolidated	4,900	5,313
Equity affiliates
Venezuela	-	9
Total Worldwide	4,900	5,322
*Represents quantities available for sale. Excludes gas equivalent of NGL shown above.
Liquefied natural gas sales	480	492
LUKOIL Investment
Production (MBOE/D)*	459	445
Refinery crude oil throughput (MB/D)*	222	219
*Represents our estimated net share of LUKOIL.

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ConocoPhillips
Houston, Texas 77079
Preliminary
OPERATING HIGHLIGHTS
	Three Months Ended
	March 31
	2008		2007
E&P
	Per Unit
Average sales prices
Crude oil (per barrel)
United States
Alaska	$	95.47	55.50
Lower 48		90.35	49.32
Total U.S.		94.02	53.78
International		95.32	56.29
Total consolidated		94.71	55.17
Equity affiliates*		62.78	40.02
Total Worldwide		92.88	53.38
Natural gas (per MCF)
United States
Alaska	$	4.31	4.19
Lower 48		7.67	6.21
Total U.S.		7.63	6.19
International		8.32	6.49
Total consolidated		8.03	6.36
Equity affiliates*		-	0.29
Total Worldwide		8.03	6.35
*Excludes our equity share of LUKOIL reported in the LUKOIL Investment segment.
Midstream
	Thousands of Barrels Daily
Natural gas liquids extracted
Consolidated
United States		-	15
International		-	-
Equity affiliates
United States		190	174
International		8	8
		198	197
	Per Barrel
U.S. product prices
Weighted average NGL**
Consolidated	$	60.09	37.73
DCP		56.48	36.55
**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.

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ConocoPhillips
Houston, Texas 77079
	Three Months Ended
	March 31
	2008		2007
	Thousands of Barrels Daily
R&M
United States*
Crude oil capacity		2,008	2,033
Crude oil runs		1,806	1,938
Refinery production		1,991	2,152
International*
Crude oil capacity		670	696
Crude oil runs		578	623
Refinery production		574	644
U.S. petroleum products sales volumes
Gasoline		1,070	1,258
Distillates		869	862
Other products		384	480
		2,323	2,600
International		616	713
		2,939	3,313
	Per Gallon
U.S. average sales prices**
Gasoline-wholesale	$	2.54	1.86
Gasoline-retail		2.67	2.03
Distillates-wholesale		2.89	1.94
*Includes ConocoPhillips' share of equity affiliates, except for our share of LUKOIL, which is reported in the LUKOIL Investment segment.
**Excludes excise taxes.

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