ConocoPhillips (COP) 8-K ConocoPhillips Reports First-Quarter Earnings of $840 Millionor $0.56 Per Share

Exhibit 99.2

CONSOLIDATED STATEMENT OF OPERATIONS
	Millions of Dollars
	2008										2009
	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*	54,883		71,411		70,044		44,504		240,842		30,741					30,741
Equity in earnings of affiliates	1,359		1,812		1,214		(135	)	4,250		415					415
Other income	310		130		115		535		1,090		124					124
	56,552		73,353		71,373		44,904		246,182		31,280					31,280
Costs and Expenses
Purchased crude oil, natural gas and products	37,820		51,214		49,608		30,021		168,663		19,759					19,759
Production and operating expenses	2,691		3,111		3,059		2,957		11,818		2,545					2,545
Selling, general and administrative expenses	526		629		513		561		2,229		475					475
Exploration expenses	309		288		267		473		1,337		225					225
Depreciation, depletion and amortization	2,209		2,178		2,361		2,264		9,012		2,230					2,230
Impairments
Goodwill	-		-		-		25,443		25,443		-					-
LUKOIL investment	-		-		-		7,410		7,410		-					-
Other	6		19		57		1,604		1,686		3					3
Taxes other than income taxes*	5,155		5,796		5,619		4,067		20,637		3,464					3,464
Accretion on discounted liabilities	104		96		114		104		418		104					104
Interest and debt expense	207		210		239		279		935		310					310
Foreign currency transaction (gains) losses	(43	)	-		54		106		117		131					131
	48,984		63,541		61,891		75,289		249,705		29,246					29,246
Income (loss) before income taxes	7,568		9,812		9,482		(30,385	)	(3,523	)	2,034					2,034
Provision for income taxes	3,410		4,356		4,279		1,360		13,405		1,178					1,178
Net Income (Loss)	4,158		5,456		5,203		(31,745	)	(16,928	)	856					856
Less: net income attributable to
noncontrolling interests	(19	)	(17	)	(15	)	(19	)	(70	)	(16	)				(16	)
Net Income (Loss) Attributable to ConocoPhillips	4,139		5,439		5,188		(31,764	)	(16,998	)	840					840
* Includes excise taxes on petroleum products sales:	3,857		4,091		4,022		3,448		15,418		3,060					3,060
Net income (loss) attributable to ConocoPhillips
per share of common stock (dollars)
Basic	2.65		3.54		3.43		(21.37	)	(11.16	)	0.57					0.57
Diluted	2.62		3.50		3.39		(21.37	)	(11.16	)	0.56					0.56
Average common shares outstanding (in thousands)
Basic	1,562,198		1,534,975		1,510,897		1,486,204		1,523,432		1,485,890					1,485,890
Diluted	1,582,025		1,555,447		1,528,187		1,486,204		1,523,432		1,495,247					1,495,247

SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT
	Millions of Dollars
	2008										2009
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
U.S. E&P	1,349		1,852		1,606		181		4,988		173					173
International E&P	1,538		2,147		2,322		969		6,976		527					527
Goodwill Impairment	-		-		-		(25,443	)	(25,443	)	-					-
Total E&P	2,887		3,999		3,928		(24,293	)	(13,479	)	700					700
Midstream	137		162		173		69		541		123					123
U.S. R&M	435		587		524		(6	)	1,540		98					98
International R&M	85		77		325		295		782		107					107
Total R&M	520		664		849		289		2,322		205					205
LUKOIL Investment	710		774		438		(7,410	)	(5,488	)	48					48
Chemicals	52		18		46		(6	)	110		23					23
Emerging Businesses	12		8		35		(25	)	30		-					-
Corporate and Other	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)				(259	)
Consolidated	4,139		5,439		5,188		(31,764	)	(16,998	)	840					840

Page 1 of 12

SUMMARY OF INCOME (LOSS) BEFORE TAXES* BY SEGMENT
	Millions of Dollars
	2008										2009
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) Before Income Taxes
U.S. E&P	2,094		2,848		2,519		145		7,606		283					283
International E&P	3,832		5,221		5,143		2,442		16,638		1,498					1,498
Goodwill Impairment	-		-		-		(25,443	)	(25,443	)	-					-
Total E&P	5,926		8,069		7,662		(22,856	)	(1,199	)	1,781					1,781
Midstream	206		243		260		93		802		202					202
U.S. R&M	718		939		853		(33	)	2,477		163					163
International R&M	101		31		443		421		996		150					150
Total R&M	819		970		1,296		388		3,473		313					313
LUKOIL Investment	729		795		451		(7,414	)	(5,439	)	42					42
Chemicals	54		-		63		7		124		32					32
Emerging Businesses	15		17		45		(53	)	24		(5	)				(5	)
Corporate and Other	(180	)	(284	)	(294	)	(550	)	(1,308	)	(331	)				(331	)
Consolidated	7,569		9,810		9,483		(30,385	)	(3,523	)	2,034					2,034
* 2008 recasted to reflect adoption of SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements."
Effective Tax Rates
U.S. E&P	35.6	%	35.0	%	36.2	%	-24.8	%	34.4	%	38.9	%				38.9	%
International E&P	59.9	%	58.9	%	54.9	%	60.3	%	58.1	%	64.8	%				64.8	%
Total E&P	51.3	%	50.4	%	48.7	%	-6.3	%	-1024.2	%	60.7	%				60.7	%
Midstream	33.5	%	33.3	%	33.5	%	25.8	%	32.5	%	39.1	%				39.1	%
U.S. R&M	39.4	%	37.5	%	38.6	%	81.8	%	37.8	%	39.9	%				39.9	%
International R&M	15.8	%	-148.4	%	26.6	%	29.9	%	21.5	%	28.7	%				28.7	%
Total R&M	36.5	%	31.5	%	34.5	%	25.5	%	33.1	%	34.5	%				34.5	%
LUKOIL Investment	2.6	%	2.6	%	2.9	%	0.1	%	-0.9	%	-14.3	%				-14.3	%
Chemicals	3.7	%	-		27.0	%	185.7	%	11.3	%	28.1	%				28.1	%
Emerging Businesses	20.0	%	52.9	%	22.2	%	52.8	%	-25.0	%	100.0	%				100.0	%
Corporate and Other	0.6	%	34.5	%	4.4	%	29.5	%	20.9	%	21.8	%				21.8	%
Consolidated	45.3	%	44.5	%	45.3	%	-4.5	%	-382.5	%	58.7	%				58.7	%

ESTIMATED TAXES PAID
	Millions of Dollars
	2008										2009
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Cash income taxes paid	1,649		4,756		3,845		2,872		13,122		1,346					1,346
Taxes other than income taxes	5,155		5,796		5,619		4,067		20,637		3,464					3,464
Less: Excise taxes*	(3,857	)	(4,091	)	(4,022	)	(3,448	)	(15,418	)	(3,060	)				(3,060	)
Estimated Taxes Paid	2,947		6,461		5,442		3,491		18,341		1,750					1,750
* Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities.

Page 2 of 12

CERTAIN ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX)
	Millions of Dollars
	2008										2009
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
U.S. E&P
Gain on asset sales	4		12		-		11		27		-					-
Impairments	-		-		-		(403	)	(403	)	-					-
Severance accrual	-		-		-		(43	)	(43	)	-					-
Total	4		12		-		(435	)	(419	)	-					-
International E&P
Gain (loss) on asset sales	8		-		138		417		563		-					-
Impairments	-		-		(28	)	(196	)	(224	)	-					-
Severance accrual	-		-		-		(28	)	(28	)	-					-
Total	8		-		110		193		311		-					-
Goodwill impairment	-		-		-		(25,443	)	(25,443	)	-					-
Total E&P	12		12		110		(25,685	)	(25,551	)	-					-
Midstream
Gain on subsidiary equity transaction	-		-		-		-		-		88					88
Total	-		-		-		-		-		88					88
U.S. R&M
Gain (loss) on asset sales	116		8		2		(5	)	121		-					-
Impairments	(3	)	(10	)	-		(357	)	(370	)	-					-
Severance accrual	-		-		-		(23	)	(23	)	-					-
Pending claims and settlements	-		-		-		-		-		(25	)				(25	)
Total	113		(2	)	2		(385	)	(272	)	(25	)				(25	)
International R&M
Gain on asset sales	-		1		-		102		103		-					-
Impairments	-		-		-		(180	)	(180	)	-					-
Severance accrual	-		-		-		(1	)	(1	)	-					-
Total	-		1		-		(79	)	(78	)	-					-
Total R&M	113		(1	)	2		(464	)	(350	)	(25	)				(25	)
LUKOIL Investment
Impairment	-		-		-		(7,410	)	(7,410	)	-					-
Total	-		-		-		(7,410	)	(7,410	)	-					-
Chemicals
Total	-		-		-		-		-		-					-
Emerging Businesses
Impairments	-		-		-		(85	)	(85	)	-					-
Total	-		-		-		(85	)	(85	)	-					-
Corporate and Other
Pending claims and settlements	35		-		-		-		35		-					-
Impairments	-		-		-		(30	)	(30	)	-					-
Severance accrual	-		-		-		(4	)	(4	)	-					-
Total	35		-		-		(34	)	1		-					-
Total Company	160		11		112		(33,678	)	(33,395	)	63					63

Page 3 of 12

CASH FLOW INFORMATION
	Millions of Dollars
	2008										2009
	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 (loss)*	4,158		5,455		5,204		(31,745	)	(16,928	)	856					856
Depreciation, depletion and amortization	2,209		2,178		2,361		2,264		9,012		2,230					2,230
Impairments	6		19		57		34,457		34,539		3					3
Dry hole costs and leasehold impairments	154		127		118		299		698		123					123
Accretion on discounted liabilities	104		96		114		104		418		104					104
Deferred income taxes	(17	)	28		48		(487	)	(428	)	(219	)				(219	)
Undistributed equity earnings	(987	)	(1,001	)	(542	)	921		(1,609	)	(322	)				(322	)
Net gain on asset dispositions	(181	)	(32	)	(133	)	(545	)	(891	)	(39	)				(39	)
Other*	(183	)	67		(69	)	(949	)	(1,134	)	(2	)				(2	)
Net working capital changes	1,324		(1,503	)	357		(1,197	)	(1,019	)	(849	)				(849	)
Net Cash Provided by
Operating Activities	6,587		5,434		7,515		3,122		22,658		1,885					1,885
Cash Flows from Investing Activities
Capital expenditures & investments	(3,322	)	(3,398	)	(3,815	)	(8,564	)	(19,099	)	(2,906	)				(2,906	)
Proceeds from asset dispositions	370		71		288		911		1,640		86					86
Long-term advances to/collections from
affiliates and other investments	(60	)	(83	)	(209	)	195		(157	)	(106	)				(106	)
Net Cash Used for Investing Activities	(3,012	)	(3,410	)	(3,736	)	(7,458	)	(17,616	)	(2,926	)				(2,926	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(202	)	426		183		5,353		5,760		1,931					1,931
Issuance of stock	7		178		(3	)	16		198		(21	)				(21	)
Repurchase of stock	(2,496	)	(2,512	)	(2,492	)	(749	)	(8,249	)	-					-
Dividends	(730	)	(719	)	(710	)	(695	)	(2,854	)	(696	)				(696	)
Other	(196	)	(44	)	(186	)	(193	)	(619	)	(203	)				(203	)
Net Cash Provided by (Used for)
Financing Activities	(3,617	)	(2,671	)	(3,208	)	3,732		(5,764	)	1,011					1,011
Effect of Exchange Rate Changes	9		11		(242	)	243		21		77					77
Net Change in Cash
and Cash Equivalents	(33	)	(636	)	329		(361	)	(701	)	47					47
Cash and cash equivalents
at beginning of period	1,456		1,423		787		1,116		1,456		755					755
Cash and Cash Equivalents
at End of Period	1,423		787		1,116		755		755		802					802
* 2008 recasted to reflect adoption of SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements."

	Millions of Dollars
	2008						2009
Capital Program	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
E&P
Capital expenditures and investments	2,818	2,806	3,079	7,753		16,456	2,376				2,376
Loans and advances	67	85	26	(18	)	160	88				88
Joint venture acquisition obligation--principal	145	148	149	151		593	153				153
E&P total	3,030	3,039	3,254	7,886		17,209	2,617				2,617
Midstream*	-	-	-	4		4	1				1
R&M
Capital expenditures and investments	363	510	674	722		2,269	496				496
Loans and advances	-	2	1	-		3	-				-
R&M total	363	512	675	722		2,272	496				496
LUKOIL Investment*	-	-	-	-		-	-				-
Chemicals*	-	-	-	-		-	-				-
Emerging Businesses*	61	51	25	19		156	17				17
Corporate and Other*	80	31	37	66		214	16				16
Total Capital Program	3,534	3,633	3,991	8,697		19,855	3,147				3,147
* Capital expenditures and investments only.

Page 4 of 12

TOTAL E&P
	2008								2009
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
E&P Net Income (Loss) Attributable
to ConocoPhillips ($ Millions)	2,887		3,999	3,928	(24,293	)	(13,479	)	700					700
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D)	1,794		1,750	1,748	1,867		1,789		1,925					1,925
E&P segment plus LUKOIL Investment segment:	2,253		2,198	2,170	2,318		2,234		2,364					2,364
Crude Oil and Condensate (MB/D)
Consolidated	758		731	718	803		752		817					817
Equity affiliates	45		41	63	67		54		84					84
Total	803		772	781	870		806		901					901
Sales of crude oil produced (MB/D)	773		803	776	853		801		911					911
Natural Gas Liquids (MB/D)	154		156	148	155		153		153					153
Natural Gas (MMCF/D)
Consolidated	4,900		4,818	4,769	4,854		4,836		5,011					5,011
Equity affiliates	-		-	-	45		11		76					76
Total	4,900		4,818	4,769	4,899		4,847		5,087					5,087
Canadian Syncrude (MB/D)	20		19	24	25		22		23					23
Industry Prices (Platt's)
Crude Oil ($/bbl)
WTI spot	97.94		123.98	117.83	58.49		99.56		42.97					42.97
Brent dated	96.90		121.38	114.78	54.91		96.99		44.40					44.40
Natural Gas ($/mmbtu)
Henry Hub -- First of Month	8.03		10.94	10.25	6.95		9.04		4.91					4.91
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Consolidated	94.71		119.24	114.20	55.11		95.15		42.36					42.36
Equity affiliates	62.78		93.20	88.32	25.35		63.89		33.61					33.61
Total	92.88		118.01	112.19	52.82		93.12		41.56					41.56
Natural Gas Liquids ($/bbl)	60.14		68.42	68.81	32.57		57.43		27.53					27.53
Natural Gas ($/mcf)
Consolidated	8.03		9.87	8.91	6.37		8.28		4.98					4.98
Equity affiliates	-		-	-	2.04		2.04		2.10					2.10
Total	8.03		9.87	8.91	6.32		8.27		4.93					4.93
Exploration Charges ($ Millions)
Dry Holes	94		68	58	205		425		80					80
Lease Impairments	60		59	60	94		273		43					43
Total Noncash Charges	154		127	118	299		698		123					123
Other (G&G and Lease Rentals)	155		161	149	174		639		102					102
Total Exploration Charges	309		288	267	473		1,337		225					225
Depreciation, Depletion and
Amortization (DD&A) ($ Millions)	1,946		1,940	2,123	2,019		8,028		1,994					1,994
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(10	)	2	118	106		216		(98	)				(98	)

Page 5 of 12

U.S. E&P
	2008						2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
U.S. E&P Net Income (Loss) Attributable
to ConocoPhillips ($ Millions)	1,349	1,852	1,606	181		4,988	173					173
Alaska ($ Millions)	603	700	556	456		2,315	244					244
Lower 48 ($ Millions)	746	1,152	1,050	(275	)	2,673	(71	)				(71	)
Production
Total U.S. (MBOE/D)	783	787	736	790		775	791					791
Crude Oil and Condensate (MB/D)
Alaska	254	244	218	258		244	254					254
Lower 48	97	95	85	88		91	92					92
Total	351	339	303	346		335	346					346
Sales of crude oil produced (MB/D)	344	353	299	340		334	358					358
Natural Gas Liquids (MB/D)*
Alaska	19	17	13	20		17	21					21
Lower 48	69	76	74	75		74	71					71
Total	88	93	87	95		91	92					92
*Includes reinjection volumes sold lease-to-lease:	13	11	8	11		11	12					12
Natural Gas (MMCF/D)
Alaska	100	98	102	88		97	92					92
Lower 48	1,963	2,034	1,971	2,007		1,994	2,027					2,027
Total	2,063	2,132	2,073	2,095		2,091	2,119					2,119
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Alaska
North Slope	89.07	112.23	115.11	57.63		92.73	35.21					35.21
West Coast	95.47	118.88	121.51	64.13		99.23	41.75					41.75
Lower 48	90.35	118.06	112.36	49.36		92.77	37.32					37.32
Total U.S.	94.02	118.66	118.90	60.32		97.47	40.60					40.60
Natural Gas Liquids ($/bbl)
Alaska	94.27	117.24	119.29	64.23		94.29	41.76					41.76
Lower 48	55.33	62.27	65.11	26.70		52.28	22.41					22.41
Total U.S.	58.33	65.96	68.84	30.61		55.63	24.52					24.52
Natural Gas ($/mcf)
Alaska	4.31	3.81	4.36	4.90		4.38	7.69					7.69
Lower 48	7.67	9.74	8.67	4.76		7.71	3.76					3.76
Total U.S.	7.63	9.69	8.64	4.76		7.67	3.82					3.82
Kenai, Alaska LNG Sales
Volume (MMCF/D)	63	72	89	74		74	43					43
Sales price per MCF	6.72	7.15	7.77	8.65		7.62	6.29					6.29
U.S. Exploration Charges ($ Millions)
Dry Holes	25	20	6	137		188	58					58
Lease Impairments	42	40	43	65		190	26					26
Total Noncash Charges	67	60	49	202		378	84					84
Other (G&G and Lease Rentals)	39	50	42	61		192	30					30
Total U.S. Exploration Charges	106	110	91	263		570	114					114
Alaska Only	11	25	19	45		100	34					34
DD&A ($ Millions)
Alaska	149	163	152	186		650	173					173
Lower 48	616	613	649	577		2,455	651					651
Total U.S.	765	776	801	763		3,105	824					824

Page 6 of 12

INTERNATIONAL E&P
	2008					2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
International E&P Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)	1,538	2,147	2,322	969	6,976	527				527
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D)	1,011	963	1,012	1,077	1,014	1,134				1,134
Crude Oil and Condensate (MB/D)
Consolidated
Norway	153	145	164	163	156	161				161
United Kingdom	48	49	57	78	58	79				79
Canada	23	24	25	27	25	24				24
China	33	32	31	36	33	40				40
Indonesia	16	15	15	15	15	26				26
Vietnam	20	18	19	28	21	36				36
Timor Sea	23	21	22	20	22	21				21
Libya	47	48	42	50	47	43				43
Nigeria	20	18	18	17	18	17				17
Other	24	22	22	23	22	24				24
Equity affiliates
Canada	29	25	32	35	30	35				35
Russia	16	16	31	32	24	49				49
Total	452	433	478	524	471	555				555
Sales of crude oil produced (MB/D)	429	450	477	513	467	553				553
Natural Gas Liquids (MB/D)
Norway	13	11	9	11	11	11				11
United Kingdom	10	8	6	8	8	8				8
Indonesia	-	3	4	2	2	3				3
Timor Sea	15	14	15	13	14	14				14
Canada	26	25	24	24	25	23				23
Nigeria	2	2	3	2	2	2				2
Other	-	-	-	-	-	-				-
Total	66	63	61	60	62	61				61
Natural Gas (MMCF/D)
Consolidated
Norway	273	205	222	257	239	259				259
United Kingdom	695	623	581	757	664	742				742
China	10	9	-	-	5	-				-
Indonesia	314	360	361	336	343	449				449
Timor Sea	246	231	266	236	245	247				247
Vietnam	16	16	21	11	16	17				17
Canada	1,101	1,055	1,061	1,001	1,054	1,066				1,066
Libya	9	9	6	9	8	8				8
Nigeria	96	107	116	102	105	104				104
Other	77	71	62	50	66	-				-
Equity affiliates
Australia	-	-	-	45	11	76				76
Total	2,837	2,686	2,696	2,804	2,756	2,968				2,968
Canadian Syncrude (MB/D)	20	19	24	25	22	23				23
Darwin, Australia LNG Sales (MMCF/D)	417	396	464	460	434	438				438

Page 7 of 12

INTERNATIONAL E&P (continued)
	2008					2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Consolidated
Norway	97.27	122.34	115.67	55.95	97.54	46.52				46.52
United Kingdom	93.96	118.79	107.54	51.14	90.67	43.62				43.62
Canada	84.49	108.43	99.77	34.36	80.18	33.76				33.76
China	93.69	120.63	111.93	46.41	91.51	38.17				38.17
Indonesia	92.48	109.83	108.47	53.08	90.98	42.71				42.71
Vietnam	98.31	126.11	122.45	54.02	96.57	42.75				42.75
Timor Sea	93.85	114.20	103.11	38.05	86.91	43.61				43.61
Libya	95.21	120.86	108.33	53.48	93.22	44.22				44.22
Nigeria	99.49	126.55	104.25	50.34	96.82	47.20				47.20
Other	95.73	112.85	103.11	48.42	89.53	43.15				43.15
Equity affiliates
Canada	57.95	96.78	81.32	9.53	58.54	24.64				24.64
Russia	70.41	86.00	96.67	42.95	71.15	39.92				39.92
Total	91.96	117.49	107.99	47.84	90.01	42.17				42.17
Natural Gas Liquids ($/bbl)
Norway	54.48	59.19	56.67	39.00	53.04	29.21				29.21
United Kingdom	55.88	66.90	60.43	28.48	53.65	23.76				23.76
Indonesia	-	70.77	74.37	31.64	62.84	39.49				39.49
Timor Sea	69.79	74.03	73.79	41.61	64.54	37.99				37.99
Canada	68.84	83.57	77.49	35.19	66.40	31.38				31.38
Nigeria	8.46	8.46	8.56	8.56	8.51	8.78				8.78
Other	-	-	-	-	-	-				-
Total	62.20	71.40	68.78	35.25	59.70	31.64				31.64
Natural Gas ($/mcf)
Consolidated
Norway	10.27	11.75	12.79	10.70	11.28	9.68				9.68
United Kingdom	9.20	10.48	10.20	11.07	10.26	8.75				8.75
China	3.60	3.69	-	-	3.64	-				-
Indonesia	10.33	12.14	12.35	6.17	10.36	4.74				4.74
Timor Sea	0.79	0.90	0.97	1.17	0.96	1.16				1.16
Vietnam	1.14	1.12	1.13	1.16	1.13	1.14				1.14
Canada	7.81	10.19	8.03	5.56	7.92	4.13				4.13
Libya	0.09	0.09	0.09	0.09	0.09	0.09				0.09
Nigeria	0.98	1.19	1.25	1.09	1.13	0.84				0.84
Other	7.49	8.56	9.08	11.51	8.92	-				-
Equity affiliates
Australia	-	-	-	2.04	2.04	2.10				2.10
Total	8.32	10.02	9.13	7.55	8.73	5.76				5.76
International Exploration Charges ($ Millions)
Dry Holes	69	48	52	68	237	22				22
Lease Impairments	18	19	17	29	83	17				17
Total Noncash Charges	87	67	69	97	320	39				39
Other (G&G and Lease Rentals)	116	111	107	113	447	72				72
Total International Exploration Charges	203	178	176	210	767	111				111
DD&A ($ Millions)	1,181	1,164	1,322	1,256	4,923	1,170				1,170

Page 8 of 12

R&M
	2008										2009
	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)	520		664		849		289		2,322		205					205
United States ($ Millions)	435		587		524		(6	)	1,540		98					98
International ($ Millions)	85		77		325		295		782		107					107
Market Indicators
U.S. East Coast Crack Spread ($/bbl)	7.79		10.93		10.43		5.66		8.70		10.43					10.43
U.S. Gulf Coast Crack Spread ($/bbl)	7.90		12.11		14.70		2.80		9.38		9.06					9.06
U.S. Group Central Crack Spread ($/bbl)	10.26		13.47		14.38		6.00		11.03		9.62					9.62
U.S. West Coast Crack Spread ($/bbl)	15.37		21.91		16.34		11.46		16.27		15.79					15.79
U.S. Weighted 3:2:1 Crack Spread ($/bbl)	9.94		14.19		14.07		5.89		11.02		10.88					10.88
NW Europe Crack Spread ($/bbl)	16.09		25.78		21.10		17.58		20.14		10.81					10.81
Singapore 3:1:2 Crack Spread ($/bbl)	19.90		29.35		19.10		13.01		20.34		9.45					9.45
Realized Margins
Refining Margin ($/bbl)
U.S.	8.00		10.29		9.03		6.96		8.57		7.55					7.55
International	6.42		6.70		11.24		8.31		8.07		6.23					6.23
Integrated Margin ($/bbl)
U.S.	8.29		10.71		10.38		8.20		9.40		8.23					8.23
International	8.34		9.11		18.06		13.28		12.06		8.30					8.30
DD&A ($ Millions)	208		206		211		214		839		211					211
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	38		(13	)	(127	)	(71	)	(173	)	(10	)				(10	)
Turnaround Expense ($ Millions)	90		170		73		70		403		207					207
Eastern U.S.
Crude Oil Charge Input (MB/D)	340		405		412		390		387		346					346
Total Charge Input (MB/D)	400		441		450		445		434		363					363
Crude Oil Capacity Utilization (%)	80	%	96	%	97	%	92	%	91	%	82	%				82	%
Clean Product Yield (%)	89	%	87	%	86	%	90	%	88	%	83	%				83	%
U.S. Gulf Coast
Crude Oil Charge Input (MB/D)	659		720		572		686		659		470					470
Total Charge Input (MB/D)	732		810		641		773		739		534					534
Crude Oil Capacity Utilization (%)	90	%	98	%	78	%	94	%	90	%	64	%				64	%
Clean Product Yield (%)	81	%	76	%	77	%	82	%	79	%	81	%				81	%
Western U.S.
Crude Oil Charge Input (MB/D)	405		343		417		407		393		402					402
Total Charge Input (MB/D)	425		396		439		431		422		424					424
Crude Oil Capacity Utilization (%)	97	%	82	%	100	%	98	%	94	%	96	%				96	%
Clean Product Yield (%)	80	%	78	%	82	%	82	%	81	%	79	%				79	%
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D)	177		182		184		163		177		172					172
Total Charge Input (MB/D)	179		184		187		166		179		175					175
Crude Oil Capacity Utilization (%)	95	%	97	%	98	%	87	%	94	%	92	%				92	%
Clean Product Yield (%)	88	%	89	%	93	%	91	%	90	%	90	%				90	%
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D)	225		241		228		239		233		199					199
Total Charge Input (MB/D)	241		258		246		253		250		213					213
Crude Oil Capacity Utilization (%)	91	%	97	%	92	%	96	%	94	%	88	%				88	%
Clean Product Yield (%)	84	%	84	%	85	%	84	%	84	%	81	%				81	%
TOTAL UNITED STATES
Crude Oil Charge Input (MB/D)	1,806		1,891		1,813		1,885		1,849		1,589					1,589
Total Charge Input (MB/D)	1,977		2,089		1,963		2,068		2,024		1,709					1,709
Crude Oil Capacity Utilization (%)	90	%	94	%	90	%	94	%	92	%	80	%				80	%
Clean Product Yield (%)	83	%	81	%	83	%	85	%	83	%	82	%				82	%
Refined Products Production (MB/D)
Gasoline	892		876		852		929		887		755					755
Distillates	719		775		743		791		757		623					623
Other	380		444		380		359		391		338					338
Total	1,991		2,095		1,975		2,079		2,035		1,716					1,716
Petroleum Products Sales (MB/D)
Gasoline	1,070		1,127		1,089		1,227		1,128		1,037					1,037
Distillates	869		912		858		934		893		749					749
Other	384		404		365		342		374		328					328
Total	2,323		2,443		2,312		2,503		2,395		2,114					2,114
* Amount reflects our 50 percent share of the Borger refinery effective January 1, 2009. We had a 65 percent share of Borger in 2008.

Page 9 of 12

R&M (continued)
	2008										2009
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
International - Consolidated*
Crude Oil Charge Input (MB/D)	455		466		383		475		445		453					453
Total Charge Input (MB/D)	463		479		404		493		460		465					465
Crude Oil Capacity Utilization (%)	82	%	84	%	69	%	86	%	81	%	82	%				82	%
Clean Product Yield (%)	65	%	69	%	74	%	71	%	70	%	72	%				72	%
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D)	123		123		122		122		122		114					114
Total Charge Input (MB/D)	124		124		124		127		125		122					122
Crude Oil Capacity Utilization (%)	104	%	104	%	103	%	103	%	104	%	96	%				96	%
Clean Product Yield (%)	86	%	83	%	89	%	85	%	86	%	87	%				87	%
TOTAL INTERNATIONAL
Crude Oil Charge Input (MB/D)	578		589		505		597		567		567					567
Total Charge Input (MB/D)	587		603		528		620		585		587					587
Crude Oil Capacity Utilization (%)	86	%	88	%	75	%	89	%	85	%	85	%				85	%
Clean Product Yield (%)	70	%	72	%	77	%	74	%	73	%	75	%				75	%
Refined Products Production (MB/D)
Gasoline	129		155		148		170		151		161					161
Distillates	274		274		255		285		272		276					276
Other	171		163		120		155		152		139					139
Total	574		592		523		610		575		576					576
Petroleum Products Sales (MB/D)
Gasoline	139		190		176		144		163		124					124
Distillates	321		324		324		336		326		343					343
Other	156		169		134		164		156		142					142
Total	616		683		634		644		645		609					609
Worldwide - Including Net Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	2,384		2,480		2,318		2,482		2,416		2,156					2,156
Total Charge Input (MB/D)	2,564		2,692		2,491		2,688		2,609		2,296					2,296
Crude Oil Capacity Utilization (%)	89	%	93	%	87	%	93	%	90	%	81	%				81	%
Clean Product Yield (%)	80	%	79	%	82	%	82	%	81	%	80	%				80	%
Refined Products Production (MB/D)
Gasoline	1,021		1,031		1,000		1,099		1,038		916					916
Distillates	993		1,049		998		1,076		1,029		899					899
Other	551		607		500		514		543		477					477
Total	2,565		2,687		2,498		2,689		2,610		2,292					2,292
Petroleum Products Sales (MB/D)
Gasoline	1,209		1,317		1,265		1,371		1,291		1,161					1,161
Distillates	1,190		1,236		1,182		1,270		1,219		1,092					1,092
Other	540		573		499		506		530		470					470
Total	2,939		3,126		2,946		3,147		3,040		2,723					2,723
* Represents our Humber refinery in the United Kingdom, the Whitegate refinery in Ireland, and our Wilhelmshaven refinery in Germany.
** Represents 18.75 percent interest in a refinery complex in Karlsruhe, Germany, and 47 percent interest in a refinery in Melaka, Malaysia.

Page 10 of 12

LUKOIL INVESTMENT
	2008							2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
LUKOIL Investment Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)	710	774	438	(7,410	)	(5,488	)	48				48
Upstream
Production*
Net crude oil production (MB/D)	392	387	371	392		386		386				386
Net natural gas production (MMCF/D)	404	363	303	355		356		316				316
BOE Total (MBOE/D)	459	448	422	451		445		439				439
* Represents our estimated net share of LUKOIL's production.
Industry Prices
Crude Oil ($/bbl)
Urals crude (CIF Mediterranean)	93.01	117.34	113.54	54.66		94.79		43.73				43.73
Downstream
Refinery Throughput*
Crude Processed (MB/D)	222	215	228	250		229		203				203
* Represents our estimated net share of LUKOIL's crude processed.

MIDSTREAM
	2008					2009
	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)	137	162	173	69	541	123				123
U.S. Equity Affiliate ($ Millions)*	118	137	153	50	458	90				90
Natural Gas Liquids Extracted (MB/D)
Consolidated
United States	-	-	-	-	-	-				-
International	-	-	-	-	-	-				-
Equity Affiliates
United States*	190	188	169	175	180	165				165
International	8	8	7	7	8	7				7
Total	198	196	176	182	188	172				172
* Represents 50 percent interest in DCP Midstream.
Natural Gas Liquids Fractionated (MB/D)
United States*	141	149	166	150	151	144				144
International	13	13	15	15	14	16				16
Total	154	162	181	165	165	160				160
* Excludes DCP Midstream.
Product Prices
Weighted Average NGL ($/bbl)*
Consolidated	60.09	68.21	67.39	29.49	56.29	26.04				26.04
DCP Midstream	56.48	62.53	60.46	28.85	52.08	23.86				23.86
* Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.
DD&A ($ Millions)	2	1	2	1	6	2				2

Page 11 of 12

CHEMICALS
	2008						2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Chemicals Net Income (Loss) Attributable
to ConocoPhillips ($ Millions)	52	18	46	(6	)	110	23				23
Industry Margins (Cents/Lb)*
Ethylene industry cash margin	10.6	10.2	16.0	15.3		13.0	7.0				7.0
HDPE industry contract sales margin	14.9	15.0	23.4	22.5		19.0	18.2				18.2
Styrene industry contract sales margin	11.6	11.3	14.4	16.0		13.3	14.8				14.8

* 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
	2008										2009
	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)	12		8		35		(25	)	30		-					-
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power	27		26		53		-		106		24					24
Other	(15	)	(18	)	(18	)	(25	)	(76	)	(24	)				(24	)
Total	12		8		35		(25	)	30		-					-

CORPORATE AND OTHER
	2008										2009
	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)	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)				(259	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense	(108	)	(119	)	(149	)	(182	)	(558	)	(190	)				(190	)
Corporate overhead	(44	)	(68	)	(41	)	(49	)	(202	)	(41	)				(41	)
Other	(27	)	1		(91	)	(157	)	(274	)	(28	)				(28	)
Total	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)				(259	)
Before-Tax Net Interest Expense ($ Millions)
Interest expense	(319	)	(324	)	(326	)	(362	)	(1,331	)	(387	)				(387	)
Capitalized interest	157		157		130		125		569		118					118
Interest revenue	72		14		28		14		128		40					40
Premium on early debt retirement	(14	)	-		-		(1	)	(15	)	(2	)				(2	)
Total	(104	)	(153	)	(168	)	(224	)	(649	)	(231	)				(231	)
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(3	)	41		(56	)	(54	)	(72	)	(1	)				(1	)
Debt
Total Debt ($ Millions)	21,492		21,924		22,100		27,455		27,455		29,379					29,379
Debt-to-Capital Ratio	19	%	19	%	19	%	33	%	33	%	34	%				34	%
Common Stockholders' Equity ($ Millions)	89,575		92,398		92,876		55,165		55,165		55,095					55,095

Page 12 of 12