ConocoPhillips (COP) 8-K ConocoPhillips Reports 2011 Organic Reserve Replacement of 120 Percent

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.

Page 4 of 12

E&P
	2010								2011
	1st Qtr	2nd Qtr	3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
E&P Net Income Attributable
to ConocoPhillips ($ Millions)	1,832	4,114	1,564		1,688		9,198		2,352		2,524		1,762		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

Page 5 of 12

U.S. E&P
	2010									2011
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD
U.S. E&P Net Income Attributable
to ConocoPhillips ($ Millions)	757	536		563		912		2,768		863	817	816	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.

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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

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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

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