ConocoPhillips (COP) 8-K ConocoPhillips Reports Fourth-Quarter and Full-Year 2012 Results

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	15,398		16,735		16,108		15,955		64,196		14,593		13,664		14,141		15,569		57,967
Equity in earnings of affiliates	328		377		445		89		1,239		490		529		412		480		1,911
Gain (loss) on dispositions	612		36		(260	)	(18	)	370		940		583		118		16		1,657
Other income	84		82		6		92		264		60		66		42		301		469
Total Revenues and Other Income	16,422		17,230		16,299		16,118		66,069		16,083		14,842		14,713		16,366		62,004
Costs and Expenses
Purchased commodities	6,921		7,625		7,922		7,329		29,797		6,078		5,721		6,357		7,076		25,232
Production and operating expenses	1,484		1,530		1,689		1,723		6,426		1,559		1,802		1,637		1,795		6,793
Selling, general and administrative expenses	247		204		143		271		865		326		235		329		216		1,106
Exploration expenses	170		255		261		352		1,038		675		265		215		345		1,500
Depreciation, depletion and amortization	1,802		1,800		1,602		1,623		6,827		1,571		1,580		1,650		1,779		6,580
Impairments	-		-		-		321		321		214		82		-		384		680
Taxes other than income taxes	880		1,192		898		1,029		3,999		1,095		900		673		878		3,546
Accretion on discounted liabilities	103		106		106		107		422		105		103		100		86		394
Interest and debt expense	257		242		230		225		954		190		197		161		161		709
Foreign currency transaction (gains) losses	7		20		47		(50	)	24		5		12		-		24		41
Total Costs and Expenses	11,871		12,974		12,898		12,930		50,673		11,818		10,897		11,122		12,744		46,581
Income from continuing operations before income taxes	4,551		4,256		3,401		3,188		15,396		4,265		3,945		3,591		3,622		15,423
Provision for income taxes	2,286		2,040		1,974		1,908		8,208		2,086		2,225		1,851		1,780		7,942
Income from continuing operations	2,265		2,216		1,427		1,280		7,188		2,179		1,720		1,740		1,842		7,481
Income from discontinued operations	777		1,203		1,204		2,130		5,314		776		569		73		(401	)	1,017
Net Income	3,042		3,419		2,631		3,410		12,502		2,955		2,289		1,813		1,441		8,498
Less: net income attributable to noncontrolling interests	(14	)	(17	)	(15	)	(20	)	(66	)	(18	)	(22	)	(15	)	(15	)	(70	)
Net Income Attributable to ConocoPhillips	3,028		3,402		2,616		3,390		12,436		2,937		2,267		1,798		1,426		8,428
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations	1.57		1.57		1.04		0.96		5.18		1.69		1.36		1.41		1.49		5.95
Discontinued operations	0.54		0.86		0.89		1.62		3.86		0.60		0.46		0.06		(0.33	)	0.82
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		1.16		6.77
Diluted
Continuing operations	1.56		1.56		1.03		0.95		5.14		1.67		1.35		1.40		1.48		5.91
Discontinued operations	0.53		0.85		0.88		1.61		3.83		0.60		0.45		0.06		(0.32	)	0.81
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		1.16		6.72
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		1,223,422		1,243,799
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		1,231,395		1,253,093
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
Alaska	894		781		789		691		3,155		983		856		820		882		3,541
Lower 48 and Latin America	521		528		504		477		2,030		426		207		250		279		1,162
Canada	(23	)	123		85		(139	)	46		(725	)	(134	)	(39	)	(38	)	(936	)
Europe	1,468		1,625		1,385		1,809		6,287		1,464		1,896		962		1,188		5,510
Asia Pacific and Middle East	1,388		1,501		943		1,147		4,979		2,204		1,090		1,105		1,175		5,574
Other International	247		(6	)	(41	)	(413	)	(213	)	282		409		798		356		1,845
LUKOIL Investment	362		-		-		-		362		-		-		-		-		-
Corporate and Other	(306	)	(296	)	(264	)	(384	)	(1,250	)	(369	)	(379	)	(305	)	(220	)	(1,273	)
Consolidated	4,551		4,256		3,401		3,188		15,396		4,265		3,945		3,591		3,622		15,423
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
Alaska*	36.8	%	37.0	%	36.3	%	38.5	%	37.1	%	36.9	%	35.7	%	34.8	%	35.4	%	35.8	%
Lower 48 and Latin America**	37.5	%	36.0	%	33.8	%	38.9	%	36.5	%	40.2	%	42.6	%	26.9	%	-69.6	%	11.4	%
Canada	217.5	%	18.4	%	14.2	%	21.8	%	-100.3	%	24.3	%	29.8	%	19.2	%	73.2	%	26.9	%
Europe	68.3	%	67.2	%	80.7	%	68.8	%	70.9	%	73.4	%	64.7	%	86.3	%	74.0	%	72.8	%
Asia Pacific and Middle East	36.9	%	35.3	%	48.9	%	33.4	%	37.9	%	20.4	%	27.1	%	38.1	%	35.0	%	28.3	%
Other International	74.5	%	-32.7	%	53.4	%	0.5	%	-76.1	%	92.6	%	114.0	%	38.3	%	127.2	%	80.5	%
LUKOIL Investment	34.1	%	0.0	%	0.0	%	0.0	%	34.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Corporate and Other	3.6	%	29.1	%	19.8	%	36.7	%	23.2	%	15.8	%	31.1	%	16.7	%	23.9	%	22.0	%
Consolidated	50.2	%	48.0	%	58.0	%	59.8	%	53.3	%	48.9	%	56.4	%	51.5	%	49.1	%	51.5	%
*Alaska including taxes other than income taxes	60.2	%	69.3	%	64.4	%	71.4	%	66.5	%	66.0	%	63.9	%	56.7	%	61.7	%	62.5	%
**Lower 48 and Latin America fourth quarter effective tax rate excluding special items was 38.3%.

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		570		2,276
Lower 48 and Latin America*	325		337		334		292		1,288		255		119		182		473		1,029
Canada	27		101		73		(110	)	91		(549	)	(94	)	(31	)	(10	)	(684	)
Europe	466		533		266		565		1,830		389		669		132		308		1,498
Asia Pacific and Middle East	863		956		469		744		3,032		1,738		772		669		749		3,928
Other International	63		(9	)	(19	)	(412	)	(377	)	21		(57	)	492		(97	)	359
LUKOIL Investment	239		-		-		-		239		-		-		-		-		-
Corporate and Other	(295	)	(210	)	(211	)	(244	)	(960	)	(311	)	(262	)	(254	)	(166	)	(993	)
Discontinued Operations - Phillips 66	724		1,118		1,134		2,066		5,042		712		534		1		(15	)	1,232
Discontinued Operations - Other International	52		84		68		63		267		62		35		72		(386	)	(217	)
Consolidated	3,028		3,402		2,616		3,390		12,436		2,937		2,267		1,798		1,426		8,428
*Lower 48 only:	312		301		299		270		1,182		234		104		145		262		745
SPECIAL ITEMS (AFTER-TAX)
Alaska	-		(54	)	-		-		(54	)	-		-		-		(25	)	(25	)
Lower 48 and Latin America*	151		8		(1	)	(47	)	111		-		-		-		316		316
Canada	4		19		-		(202	)	(179	)	(520	)	-		-		(42	)	(562	)
Europe	-		-		(109	)	-		(109	)	-		255		(167	)	(80	)	8
Asia Pacific and Middle East	-		-		(320	)	(101	)	(421	)	937		(17	)	(133	)	-		787
Other International	-		-		-		(395	)	(395	)	-		-		443		(108	)	335
LUKOIL Investment	237		-		-		-		237		-		-		-		-		-
Corporate and Other	-		-		-		(45	)	(45	)	(33	)	(40	)	(118	)	11		(180	)
Discontinued Operations - Phillips 66	724		1,118		1,134		2,066		5,042		712		534		1		(15	)	1,232
Discontinued Operations - Other International	52		84		68		63		267		62		35		72		(386	)	(217	)
Consolidated	1,168		1,175		772		1,339		4,454		1,158		767		98		(329	)	1,694
*Lower 48 only:	151		(1	)	(1	)	(47	)	102		-		-		-		115		115
ADJUSTED EARNINGS
Alaska	564		546		502		426		2,038		620		551		535		595		2,301
Lower 48 and Latin America*	174		329		335		339		1,177		255		119		182		157		713
Canada	23		82		73		92		270		(29	)	(94	)	(31	)	32		(122	)
Europe	466		533		375		565		1,939		389		414		299		388		1,490
Asia Pacific and Middle East	863		956		789		845		3,453		801		789		802		749		3,141
Other International	63		(9	)	(19	)	(17	)	18		21		(57	)	49		11		24
LUKOIL Investment	2		-		-		-		2		-		-		-		-		-
Corporate and Other	(295	)	(210	)	(211	)	(199	)	(915	)	(278	)	(222	)	(136	)	(177	)	(813	)
Consolidated	1,860		2,227		1,844		2,051		7,982		1,779		1,500		1,700		1,755		6,734
*Lower 48 only:	161		302		300		317		1,080		234		104		145		147		630

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	)	-		-		-		-		-
Pending claims and settlements	-	-		-		-		-		-		-		-		(25	)	(25	)
Total	-	(54	)	-		-		(54	)	-		-		-		(25	)	(25	)
Lower 48 and Latin America
Gain (loss) on asset sales	151	8		(1	)	(3	)	155		-		-		-		-		-
Impairments	-	-		-		(44	)	(44	)	-		-		-		(121	)	(121	)
Tax loss carry forward realization	-	-		-		-		-		-		-		-		236		236
Pending claims and settlements	-	-		-		-		-		-		-		-		201		201
Total	151	8		(1	)	(47	)	111		-		-		-		316		316
Canada
Gain (loss) on asset sales	4	19		-		(12	)	11		-		-		-		-		-
Impairments	-	-		-		(190	)	(190	)	(520	)	-		-		(42	)	(562	)
Total	4	19		-		(202	)	(179	)	(520	)	-		-		(42	)	(562	)
Europe
International tax law changes	-	-		(109	)	-		(109	)	-		-		(167	)	-		(167	)
Gain (loss) on asset sales	-	-		-		-		-		-		285		-		-		285
Impairments	-	-		-		-		-		-		(30	)	-		(80	)	(110	)
Total	-	-		(109	)	-		(109	)	-		255		(167	)	(80	)	8
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	)	-		-		-		(108	)	(108	)
Total	-	-		-		(395	)	(395	)	-		-		443		(108	)	335
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	)	(4	)	(84	)
Pension settlement expense	-	-		-		-		-		-		-		(82	)	(5	)	(87	)
Premium on early debt retirement	-	-		-		-		-		-		-		(68	)	-		(68	)
Pending claims and settlements	-	-		-		-		-		-		-		39		20		59
Total	-	-		-		(45	)	(45	)	(33	)	(40	)	(118	)	11		(180	)
Discontinued Operations - Phillips 66	724	1,118		1,134		2,066		5,042		712		534		1		(15	)	1,232
Discontinued Operations - Other International	52	84		68		63		267		62		35		72		(386	)	(217	)
Total Company	1,168	1,175		772		1,339		4,454		1,158		767		98		(329	)	1,694
*Lower 48 only:	151	(1	)	(1	)	(47	)	102		-		-		-		115		115

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		1,441		8,498
Depreciation, depletion and amortization	1,802		1,800		1,602		1,623		6,827		1,571		1,580		1,650		1,779		6,580
Impairments	-		-		-		321		321		214		82		-		384		680
Dry hole costs and leasehold impairments	50		89		152		178		469		518		116		69		171		874
Accretion on discounted liabilities	103		106		106		107		422		105		103		100		86		394
Deferred taxes	(180	)	77		296		147		340		131		284		396		586		1,397
Undistributed equity earnings	(217	)	(72	)	(9	)	167		(131	)	(77	)	(179	)	(153	)	(187	)	(596	)
Gain (loss) on dispositions	(612	)	(36	)	260		18		(370	)	(940	)	(583	)	(118	)	(16	)	(1,657	)
Income from discontinued operations	(777	)	(1,203	)	(1,204	)	(2,130	)	(5,314	)	(776	)	(569	)	(73	)	401		(1,017	)
Other	(119	)	(33	)	(51	)	(200	)	(403	)	173		(279	)	53		(403	)	(456	)
Net working capital changes	(229	)	(1,026	)	1,062		(517	)	(710	)	196		(766	)	(297	)	(372	)	(1,239	)
Net cash provided by continuing operations	2,863		3,121		4,845		3,124		13,953		4,070		2,078		3,440		3,870		13,458
Net cash provided by (used in) discontinued operations	(916	)	3,153		768		2,688		5,693		112		272		80		-		464
Net Cash Provided by Operating Activities	1,947		6,274		5,613		5,812		19,646		4,182		2,350		3,520		3,870		13,922
Cash Flows from Investing Activities
Capital expenditures and investments	(2,443	)	(2,407	)	(3,109	)	(3,255	)	(11,214	)	(3,818	)	(3,623	)	(3,279	)	(3,452	)	(14,172	)
Proceeds from asset dispositions	1,757		106		91		238		2,192		1,102		464		522		44		2,132
Net sales (purchases) of short-term investments	(1,170	)	(424	)	(29	)	2,023		400		92		505		-		-		597
Long-term collections from related parties
and other investments	50		32		45		21		148		45		23		207		660		935
Net cash used in continuing operations	(1,806	)	(2,693	)	(3,002	)	(973	)	(8,474	)	(2,579	)	(2,631	)	(2,550	)	(2,748	)	(10,508	)
Net cash provided by (used in) discontinued operations	(405	)	10		(243	)	2,097		1,459		(431	)	(284	)	(223	)	(181	)	(1,119	)
Net Cash Provided by (Used in) Investing Activities	(2,211	)	(2,683	)	(3,245	)	1,124		(7,015	)	(3,010	)	(2,915	)	(2,773	)	(2,929	)	(11,627	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(367	)	(11	)	(41	)	(515	)	(934	)	(47	)	831		(1,967	)	614		(569	)
Special cash distribution from Phillips 66	-		-		-		-		-		-		7,818		-		-		7,818
Change in restricted cash	-		-		-		-		-		-		(5,000	)	2,532		1,720		(748	)
Issuance of company common stock	75		24		10		(13	)	96		36		9		38		55		138
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	)	(809	)	(3,278	)
Other	(183	)	(174	)	(185	)	(142	)	(684	)	(199	)	(170	)	(178	)	(178	)	(725	)
Net cash used in continuing operations	(3,055	)	(4,227	)	(4,315	)	(4,680	)	(16,277	)	(2,952	)	(380	)	(532	)	1,402		(2,462	)
Net cash used in discontinued operations	(6	)	(8	)	(7	)	(7	)	(28	)	(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	)	1,402		(4,481	)
Effect of Exchange Rate Changes	43		(23	)	(114	)	94		-		25		(17	)	9		7		24
Net Change in Cash and Cash Equivalents	(3,282	)	(667	)	(2,068	)	2,343		(3,674	)	(2,073	)	(2,663	)	224		2,350		(2,162	)
Cash and cash equivalents at beginning of period	9,454		6,172		5,505		3,437		9,454		5,780		3,707		1,044		1,268		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		3,618		3,618
CAPITAL PROGRAM
Capital expenditures and investments
Alaska	195		196		194		190		775		186		202		208		232		828
Lower 48 and Latin America	774		761		1,247		1,100		3,882		1,267		1,288		1,339		1,357		5,251
Canada	519		209		431		602		1,761		629		428		493		634		2,184
Europe	405		524		611		682		2,222		622		735		738		765		2,860
Asia Pacific and Middle East	513		670		580		562		2,325		699		886		468		377		2,430
Other International	9		3		1		(6	)	7		354		34		11		16		415
Corporate and Other	28		44		45		125		242		61		50		22		71		204
Total capital expenditures and investments	2,443		2,407		3,109		3,255		11,214		3,818		3,623		3,279		3,452		14,172
Loans and advances - Other International	-		-		-		-		-		-		-		-		-		-
Joint venture acquisition obligation (principal) - Canada	170		173		175		177		695		180		183		183		188		734
Total Capital Program	2,613		2,580		3,284		3,432		11,909		3,998		3,806		3,462		3,640		14,906
Capital Program for Algeria, Nigeria and Kashagan for full-year 2012 was $817 million.

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 (MBOED)
Continuing operations, including equity affiliates	1,644	1,584	1,481	1,538	1,561	1,581	1,489	1,470	1,566	1,527
Discontinued operations (Algeria and Nigeria)	58	56	57	59	58	56	53	55	41	51
Total, including equity affiliates	1,702	1,640	1,538	1,597	1,619	1,637	1,542	1,525	1,607	1,578
Crude Oil (MBD)
Consolidated operations	633	591	525	558	577	590	554	528	598	567
Equity affiliates	53	48	41	37	45	34	31	25	21	28
Total continuing operations	686	639	566	595	622	624	585	553	619	595
Discontinued operations (Algeria and Nigeria)	30	29	27	28	28	26	23	25	17	23
Total	716	668	593	623	650	650	608	578	636	618
Over (under) lifting of crude oil (MBD)*	11	9	7	5	8	(11)	29	32	25	19
*Includes continuing and discontinued opertaions.
NGL (MBD)
Consolidated operations	134	136	138	149	138	155	143	144	152	148
Equity affiliates	7	8	7	7	7	8	7	7	8	8
Total continuing operations	141	144	145	156	145	163	150	151	160	156
Discontinued operations (Nigeria)	3	2	3	4	4	3	4	4	3	4
Total	144	146	148	160	149	166	154	155	163	160
Bitumen (MBD)
Consolidated operations	11	8	11	11	10	11	11	12	12	12
Equity affiliates	53	59	53	62	57	73	77	80	94	81
Total	64	67	64	73	67	84	88	92	106	93
Natural Gas (MMCFD)
Consolidated operations	4,009	3,879	3,757	3,822	3,867	3,756	3,509	3,588	3,592	3,611
Equity affiliates	507	521	479	462	492	505	491	449	497	485
Total continuing operations	4,516	4,400	4,236	4,284	4,359	4,261	4,000	4,037	4,089	4,096
Discontinued operations (Nigeria)	153	152	161	163	157	161	153	162	120	149
Total	4,669	4,552	4,397	4,447	4,516	4,422	4,153	4,199	4,209	4,245
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot	93.98	102.44	89.70	94.07	95.05	102.99	93.44	92.11	88.09	94.16
WCS spot	71.47	84.88	75.38	81.64	78.34	75.99	73.62	77.25	61.33	72.05
Brent dated	104.97	117.36	113.46	109.31	111.27	118.49	108.19	109.61	110.02	111.58
JCC	81.77	96.86	110.35	113.35	100.59	111.43	116.70	121.99	105.85	113.99
Natural Gas ($/MMBTU)
Henry Hub first of month	4.11	4.32	4.20	3.54	4.04	2.72	2.21	2.80	3.41	2.79
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations	97.98	112.88	106.35	106.18	105.68	111.91	105.77	102.79	103.16	105.86
Equity affiliates	98.83	108.48	104.11	102.10	103.42	111.37	99.28	96.57	100.90	102.80
Total continuing operations	98.04	112.54	106.19	105.92	105.52	111.88	105.43	102.54	103.08	105.72
Discontinued operations (Algeria and Nigeria)	105.40	121.24	114.84	111.58	113.43	122.73	108.92	106.97	112.15	112.90
Total	98.35	112.95	106.61	106.14	105.87	112.33	105.56	102.72	103.33	105.98
NGL ($/BBL)
Consolidated operations	51.94	56.75	55.82	54.46	54.79	53.26	42.77	40.02	42.38	44.62
Equity affiliates	72.58	73.49	70.79	65.48	70.62	88.24	70.28	62.18	86.97	77.30
Total continuing operations	53.40	57.74	56.64	55.06	55.73	55.03	44.36	41.08	44.93	46.36
Discontinued operations (Nigeria)	13.82	12.88	12.60	14.84	13.63	11.97	15.34	14.26	11.06	13.30
Total	52.27	56.88	55.61	54.03	54.71	54.11	43.55	40.39	44.15	45.55
Bitumen ($/BBL)
Consolidated operations	47.94	56.91	45.79	69.04	55.16	64.95	54.75	56.23	55.29	57.58
Equity affiliates	56.15	67.05	60.65	70.42	63.93	60.04	50.85	56.95	47.43	53.39
Total	54.77	65.74	58.14	70.20	62.56	60.66	51.38	56.86	48.32	53.91
Natural Gas ($/MCF)
Consolidated operations	5.67	5.93	5.91	5.60	5.78	5.20	4.72	4.86	5.50	5.07
Equity affiliates*	2.52	4.97	8.33	8.22	5.93	8.62	8.98	8.66	7.90	8.54
Total continuing operations	5.32	5.82	6.18	5.88	5.80	5.61	5.25	5.28	5.79	5.48
Discontinued operations (Nigeria)	2.15	2.10	2.36	2.36	2.25	2.53	2.51	2.84	2.32	2.57
Total*	5.22	5.70	6.04	5.75	5.67	5.49	5.14	5.18	5.69	5.38
*Prior periods have been restated to reflect revised equity affiliates natural gas prices.
Exploration Expenses ($ Millions)
Dry holes	9	48	112	141	310	6	64	6	79	155
Leasehold impairment	41	41	40	37	159	512	52	63	92	719
Total noncash expenses	50	89	152	178	469	518	116	69	171	874
Other (G&A, G&G and lease rentals)	120	166	109	174	569	157	149	146	174	626
Total exploration expenses	170	255	261	352	1,038	675	265	215	345	1,500
U.S. exploration expenses	69	108	105	114	396	87	96	106	126	415
International exploration expenses	101	147	156	238	642	588	169	109	219	1,085
DD&A ($ Millions)
Alaska	136	151	134	155	576	134	134	117	131	516
Lower 48 and Latin America	514	531	552	559	2,156	603	625	657	719	2,604
Canada	380	396	382	348	1,506	324	333	355	326	1,338
Europe	442	400	283	317	1,442	266	246	214	267	993
Asia Pacific and Middle East	307	303	231	223	1,064	211	210	274	303	998
Other International	6	-	-	1	7	9	11	12	13	45
Corporate and Other	17	19	20	20	76	24	21	21	20	86
Total DD&A	1,802	1,800	1,602	1,623	6,827	1,571	1,580	1,650	1,779	6,580

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	196	188
Lower 48	83	88	95	107	94	117	115	124	136	123
Canada	12	11	12	12	12	13	14	14	13	13
Norway	125	111	108	114	114	112	103	97	103	104
United Kingdom	59	57	42	43	50	44	35	20	27	31
Europe	184	168	150	157	164	156	138	117	130	135
Australia/Timor-Leste	19	17	17	16	18	17	15	18	16	16
China	77	70	35	26	52	23	31	48	54	39
Indonesia	10	11	12	11	11	10	8	9	9	9
Malaysia	-	-	-	-	-	-	-	-	4	1
Vietnam	22	19	17	15	18	11	-	-	-	3
AP/ME	128	117	81	68	99	61	54	75	83	68
Libya	28	-	-	4	8	35	43	41	40	40
Other International	28	-	-	4	8	35	43	41	40	40
Total consolidated operations	633	591	525	558	577	590	554	528	598	567
Equity affiliates	53	48	41	37	45	34	31	25	21	28
Total continuing operations	686	639	566	595	622	624	585	553	619	595
Discontinued operations (Algeria and Nigeria)	30	29	27	28	28	26	23	25	17	23
Total	716	668	593	623	650	650	608	578	636	618
NGL (MBD)
Consolidated operations
Alaska	16	16	12	17	15	18	16	10	17	16
Lower 48	67	72	79	79	74	84	83	87	87	85
Canada	25	25	25	31	26	25	22	25	24	24
Norway	6	6	5	5	6	5	4	3	3	4
United Kingdom	6	6	4	5	5	5	4	2	4	3
Europe	12	12	9	10	11	10	8	5	7	7
Australia/Timor-Leste	13	11	13	12	12	12	9	12	12	11
Indonesia	1	-	-	-	-	6	5	5	5	5
AP/ME	14	11	13	12	12	18	14	17	17	16
Total consolidated operations	134	136	138	149	138	155	143	144	152	148
Equity affiliates	7	8	7	7	7	8	7	7	8	8
Total continuing operations	141	144	145	156	145	163	150	151	160	156
Discontinued operations (Nigeria)	3	2	3	4	4	3	4	4	3	4
Total	144	146	148	160	149	166	154	155	163	160
Bitumen (MBD)
Consolidated operations	11	8	11	11	10	11	11	12	12	12
Equity affiliates	53	59	53	62	57	73	77	80	94	81
Total	64	67	64	73	67	84	88	92	106	93
Natural Gas (MMCFD)
Consolidated operations
Alaska	67	62	56	59	61	59	56	51	56	55
Lower 48	1,522	1,589	1,561	1,547	1,556	1,502	1,456	1,507	1,508	1,493
Canada	944	947	929	891	928	863	864	874	826	857
Norway	208	130	130	185	163	195	141	127	176	160
United Kingdom	543	457	381	472	463	437	399	287	302	356
Europe	751	587	511	657	626	632	540	414	478	516
Australia/Timor-Leste	237	236	253	209	234	249	159	261	251	230
China	-	-	-	-	-	-	1	4	5	3
Indonesia	467	445	437	451	450	441	427	444	438	437
Vietnam	16	13	10	7	11	7	-	-	-	2
AP/ME	720	694	700	667	695	697	587	709	694	672
Libya	5	-	-	1	1	3	6	33	30	18
Other International	5	-	-	1	1	3	6	33	30	18
Total consolidated operations	4,009	3,879	3,757	3,822	3,867	3,756	3,509	3,588	3,592	3,611
Equity affiliates	507	521	479	462	492	505	491	449	497	485
Total continuing operations	4,516	4,400	4,236	4,284	4,359	4,261	4,000	4,037	4,089	4,096
Discontinued operations (Nigeria)	153	152	161	163	157	161	153	162	120	149
Total	4,669	4,552	4,397	4,447	4,516	4,422	4,153	4,199	4,209	4,245
Total (MBOED)
Consolidated operations
Alaska	225	233	208	237	225	236	215	176	222	213
Lower 48	404	425	434	444	428	451	441	462	475	457
Canada	205	203	203	202	203	193	191	197	187	192
Norway	166	139	136	150	147	149	131	121	135	135
United Kingdom	155	139	109	127	132	122	105	70	81	93
Europe	321	278	245	277	279	271	236	191	216	228
Australia/Timor-Leste	72	67	72	63	69	70	51	73	69	66
China	77	70	35	26	52	23	31	49	55	40
Indonesia	89	85	85	86	86	90	84	88	87	87
Malaysia	-	-	-	-	-	-	-	-	4	1
Vietnam	25	21	18	16	20	12	-	-	-	3
AP/ME	263	243	210	191	227	195	166	210	215	197
Libya	29	-	-	4	8	36	43	47	45	43
Other International	29	-	-	4	8	36	43	47	45	43
Total consolidated operations	1,447	1,382	1,300	1,355	1,370	1,382	1,292	1,283	1,360	1,330
Equity affiliates	197	202	181	183	191	199	197	187	206	197
Total continuing operations	1,644	1,584	1,481	1,538	1,561	1,581	1,489	1,470	1,566	1,527
Discontinued operations (Algeria and Nigeria)	58	56	57	59	58	56	53	55	41	51
Total	1,702	1,640	1,538	1,597	1,619	1,637	1,542	1,525	1,607	1,578

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 ($/BBL)
Consolidated operations
Alaska	95.56	113.75	107.26	108.51	105.95	112.20	112.38	106.53	106.91	109.62
Lower 48	88.01	99.70	89.13	94.07	92.79	99.00	89.61	90.06	88.63	91.67
Canada	78.34	94.19	85.02	86.98	86.04	83.85	74.76	77.19	77.71	78.26
Norway	106.55	119.97	116.01	111.33	113.05	122.49	109.50	111.74	111.87	113.80
United Kingdom	99.40	112.33	112.62	108.55	108.85	116.54	111.55	104.55	109.54	110.31
Europe	105.03	117.40	115.03	110.41	111.82	121.25	109.89	109.67	111.51	113.08
Australia/Timor-Leste	102.61	115.64	108.76	105.35	108.05	113.00	103.53	105.47	103.31	106.66
China	100.54	116.85	114.31	114.74	109.98	122.02	113.71	107.68	105.01	109.94
Indonesia	96.22	108.04	104.13	101.25	102.52	109.16	96.96	91.45	93.95	98.21
Malaysia	-	-	-	-	-	-	-	-	-	-
Vietnam	107.37	121.92	118.29	116.23	115.50	126.02	-	-	-	126.02
AP/ME	101.63	116.69	112.44	110.53	109.84	117.66	109.12	105.12	103.34	108.20
Libya	98.30	-	-	-	98.30	121.68	109.52	108.00	109.95	110.75
Other International	98.30	-	-	-	98.30	121.68	109.52	108.00	109.95	110.75
Total consolidated operations	97.98	112.88	106.35	106.18	105.68	111.91	105.77	102.79	103.16	105.86
Equity affiliates	98.83	108.48	104.11	102.10	103.42	111.37	99.28	96.57	100.90	102.80
Total continuing operations	98.04	112.54	106.19	105.92	105.52	111.88	105.43	102.54	103.08	105.72
Discontinued operations (Algeria and Nigeria)	105.40	121.24	114.84	111.58	113.43	122.73	108.92	106.97	112.15	112.90
Total	98.35	112.95	106.61	106.14	105.87	112.33	105.56	102.72	103.33	105.98
NGL ($/BBL)
Consolidated operations
Lower 48	45.94	51.45	52.25	51.81	50.55	44.90	34.62	31.40	31.32	35.45
Canada	54.26	60.23	58.90	54.48	56.84	54.13	48.66	45.31	46.28	48.64
Norway	54.05	58.91	56.85	57.89	57.20	57.56	53.57	55.56	72.71	59.22
United Kingdom	63.44	61.31	59.99	60.16	61.42	61.10	56.38	59.72	74.83	63.84
Europe	59.68	60.04	58.05	58.88	59.19	59.29	54.81	57.62	73.94	61.53
Australia/Timor-Leste	73.42	78.23	71.77	68.27	72.97	88.97	70.98	74.68	85.00	80.03
Indonesia	66.26	-	-	-	66.26	90.85	72.30	63.40	84.60	77.58
AP/ME	73.02	78.23	71.77	68.27	72.87	89.56	71.39	71.06	84.88	79.26
Total consolidated operations	51.94	56.75	55.82	54.46	54.79	53.26	42.77	40.02	42.38	44.62
Equity affiliates	72.58	73.49	70.79	65.48	70.62	88.24	70.28	62.18	86.97	77.30
Total continuing operations	53.40	57.74	56.64	55.06	55.73	55.03	44.36	41.08	44.93	46.36
Discontinued operations (Nigeria)	13.82	12.88	12.60	14.84	13.63	11.97	15.34	14.26	11.06	13.30
Total	52.27	56.88	55.61	54.03	54.71	54.11	43.55	40.39	44.15	45.55
Bitumen ($/BBL)
Consolidated operations	47.94	56.91	45.79	69.04	55.16	64.95	54.75	56.23	55.29	57.58
Equity affiliates	56.15	67.05	60.65	70.42	63.93	60.04	50.85	56.95	47.43	53.39
Total	54.77	65.74	58.14	70.20	62.56	60.66	51.38	56.86	48.32	53.91
Natural Gas ($/MCF)
Consolidated operations
Alaska	3.93	4.66	5.04	4.69	4.56	4.68	3.93	3.97	4.28	4.22
Lower 48	4.11	4.22	4.15	3.48	3.99	2.65	2.10	2.64	3.24	2.67
Canada	3.59	3.74	3.56	2.93	3.46	1.98	1.61	2.05	2.92	2.13
Norway	9.61	10.57	9.89	10.09	10.00	10.40	9.58	8.47	10.26	9.77
United Kingdom	8.18	9.25	8.78	9.80	8.99	9.80	9.49	9.06	10.72	9.76
Europe	8.59	9.57	9.08	9.88	9.26	9.98	9.52	8.87	10.56	9.76
Australia/Timor-Leste*	0.81	0.90	1.16	1.12	1.00	1.10	1.10	1.18	1.12	1.12
China	-	-	-	-	-	-	2.46	2.44	2.39	2.41
Indonesia	9.43	10.98	10.18	10.01	10.14	10.37	12.85	9.94	10.14	10.80
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	10.15	10.63
Libya	0.09	-	-	-	0.09	0.09	0.09	6.77	5.19	5.55
Other International	0.09	-	-	-	0.09	0.09	0.09	6.77	5.19	5.55
Total consolidated operations	5.67	5.93	5.91	5.60	5.78	5.20	4.72	4.86	5.50	5.07
Equity affiliates**	2.52	4.97	8.33	8.22	5.93	8.62	8.98	8.66	7.90	8.54
Total continuing operations	5.32	5.82	6.18	5.88	5.80	5.61	5.25	5.28	5.79	5.48
Discontinued operations (Nigeria)	2.15	2.10	2.36	2.36	2.25	2.53	2.51	2.84	2.32	2.57
Total**	5.22	5.70	6.04	5.75	5.67	5.49	5.14	5.18	5.69	5.38
*Excludes transfers to Darwin LNG plant.
**Prior periods have been restated to reflect revised equity affiliates natural gas prices.

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)		(295	)	(210	)	(211	)	(244	)	(960	)	(311	)	(262	)	(254	)	(166	)	(993	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense*		(189	)	(175	)	(174	)	(172	)	(710	)	(161	)	(160	)	(214	)	(113	)	(648	)
Corporate G&A expenses		(61	)	(43	)	(33	)	(53	)	(190	)	(74	)	(44	)	(128	)	(67	)	(313	)
Technology**		2		(3	)	44		(28	)	15		(18	)	(22	)	46		(10	)	(4	)
Separation costs		-		-		-		(25	)	(25	)	(33	)	(40	)	(7	)	(4	)	(84	)
Other*		(47	)	11		(48	)	34		(50	)	(25	)	4		49		28		56
Total		(295	)	(210	)	(211	)	(244	)	(960	)	(311	)	(262	)	(254	)	(166	)	(993	)
*The second quarter of 2012 has been recast to reclassify certain costs between “Net interest expense” and “Other”.
**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	)	(303	)	(1,221	)
Capitalized interest		112		115		125		136		488		146		145		157		167		615
Interest revenue		36		23		16		19		94		11		18		7		60		96
Premium on early debt retirement		-		-		-		-		-		-		-		(79	)	-		(79	)
Total		(189	)	(188	)	(184	)	(177	)	(738	)	(152	)	(152	)	(209	)	(76	)	(589	)
Debt
Total debt ($ Millions)		23,210		23,196		23,150		22,623		22,623		28,360		23,008		21,117		21,725		21,725
Debt-to-capital ratio (%)		25	%	25	%	26	%	26	%	26	%	30	%	33	%	31	%	31	%	31	%
Equity ($ Millions)		70,536		70,593		66,340		65,749		65,749		67,057		46,443		47,877		48,427		48,427
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
JCC	Japan Crude Cocktail
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

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