Exhibit 99.2
FINANCIAL AND OPERATIONAL TABLES
Preliminary
FINANCIAL HIGHLIGHTS
Millions of Dollars
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
---- ---- ---- ----
Revenues and other income
Sales and other operating revenues* $ 47,149 41,808 94,055 79,439
Equity in earnings of affiliates 1,164 701 2,124 1,754
Other income 163 105 224 339
---------- ------ ------ ------
48,476 42,614 96,403 81,532
---------- ------ ------ ------
Costs and expenses
Purchased crude oil, natural gas and products 29,448 28,523 62,903 54,095
Production and operating expenses 2,694 2,147 4,909 4,099
Selling, general and administrative expenses 610 539 1,176 1,078
Exploration expenses 134 121 246 292
Depreciation, depletion and amortization 1,965 985 3,145 2,026
Property impairments 50 9 50 31
Taxes other than income taxes* 4,421 4,664 8,808 9,152
Accretion on discounted liabilities 73 41 133 89
Interest and debt expense 360 127 475 265
Foreign currency transaction losses 18 21 40 18
Minority interests 21 5 39 15
---------- ------ ------ ------
39,794 37,182 81,924 71,160
---------- ------ ------ ------
Income from continuing operations before income taxes 8,682 5,432 14,479 10,372
Provision for income taxes 3,496 2,301 6,002 4,318
---------- ------ ------ ------
Income from continuing operations 5,186 3,131 8,477 6,054
Income (loss) from discontinued operations -- 7 -- (4)
---------- ------ ------ ------
Net income $ 5,186 3,138 8,477 6,050
========== ===== ===== =====
Income per share of common stock (dollars)
Basic
Continuing operations $ 3.13 2.24 5.58 4.33
Discontinued operations -- 0.01 -- --
Net income $ 3.13 2.25 5.58 4.33
Diluted
Continuing operations $ 3.09 2.21 5.49 4.26
Discontinued operations -- -- -- --
Net income $ 3.09 2.21 5.49 4.26
Average common shares outstanding (in thousands)
Basic 1,654,758 1,396,724 1,519,593 1,397,305
Diluted 1,678,445 1,419,288 1,542,752 1,420,022
*Includes excise taxes on petroleum products sales: 3,922 4,338 7,912 8,493
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Preliminary
SELECTED FINANCIAL DATA
Millions of Dollars
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
---- ---- ---- ----
INCOME (LOSS) FROM CONTINUING OPERATIONS
E&P
United States $ 1,300 $ 966 2,481 1,858
International 2,004 963 3,376 1,858
------- ------- ----- -----
Total E&P 3,304 1,929 5,857 3,716
------- ------- ----- -----
Midstream 108 68 218 453
------- ------- ----- -----
R&M
United States 1,433 936 1,730 1,506
International 275 174 368 304
------- ------- ----- -----
Total R&M 1,708 1,110 2,098 1,810
------- ------- ----- -----
LUKOIL Investment 387 148 636 258
Chemicals 103 63 252 196
Emerging Businesses (12) (8) (4) (16)
Corporate and other (412) (179) (580) (363)
------- ------- ----- -----
Consolidated $ 5,186 $ 3,131 8,477 6,054
======= ======= ===== =====
INCOME (LOSS) FROM DISCONTINUED OPERATIONS
Corporate and other $ -- 7 -- (4)
SUMMARY OF NET INCOME (LOSS)
E&P
United States $ 1,300 $ 966 2,481 1,858
International 2,004 963 3,376 1,858
------- ------- ----- -----
Total E&P 3,304 1,929 5,857 3,716
------- ------- ----- -----
Midstream 108 68 218 453
------- ------- ----- -----
R&M
United States 1,433 936 1,730 1,506
International 275 174 368 304
------- ------- ----- -----
Total R&M 1,708 1,110 2,098 1,810
------- ------- ----- -----
LUKOIL Investment 387 148 636 258
Chemicals 103 63 252 196
Emerging Businesses (12) (8) (4) (16)
Corporate and other (412) (172) (580) (367)
------- ------- ----- -----
Net Income $ 5,186 $ 3,138 8,477 6,050
======= ======= ===== =====
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Preliminary
SELECTED FINANCIAL DATA
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
---- ---- ---- ----
INCOME FROM CONTINUING OPERATIONS
Effective tax rate % 40.3 % 42.4 41.5 41.6
Millions of Dollars
FOREIGN CURRENCY GAINS (LOSSES)
AFTER-TAX
E&P $ (34) (8) (27) 4
Midstream -- 7 -- 7
R&M 25 (18) 31 (36)
LUKOIL Investment 1 -- 1 --
Chemicals -- -- -- --
Emerging Businesses -- -- -- --
Corporate and other (36) (11) (44) (4)
------- ----- ----- -----
$ (44) (30) (39) (29)
======= ===== ===== =====
CASH FLOWS FROM OPERATING ACTIVITIES
Income from continuing operations $ 5,186 3,131 8,477 6,054
Depreciation, depletion and amortization 1,965 985 3,145 2,026
Property impairments 50 9 50 31
Dry hole costs and leasehold impairments 47 47 85 156
Accretion on discounted liabilities 73 41 133 89
Deferred taxes (390) 369 (222) 492
Undistributed equity earnings (687) (414) (754) (1,219)
Net gain on asset dispositions (53) (65) (56) (242)
Other 189 (113) (14) (191)
Working capital adjustments (1,536) (1,224) (1,200) (336)
------- ----- ----- -----
Net cash provided by continuing operations 4,844 2,766 9,644 6,860
Net cash provided by discontinued operations -- 2 -- (3)
------- ----- ----- -----
Net cash provided by operating activities $ 4,844 2,768 9,644 6,857
======= ===== ===== =====
CAPITAL EXPENDITURES AND INVESTMENTS
E&P
United States $ 756 576 1,175 898
International 1,416 1,761 3,203 2,645
------- ----- ----- -----
2,172 2,337 4,378 3,543
Midstream 1 -- 2 1
R&M 475 360 2,110 635
LUKOIL Investment 648 384 1,260 708
Chemicals -- -- -- --
Emerging Businesses 28 7 40 3
Corporate and other 78 37 126 57
------- ----- ----- -----
$ 3,402 3,125 7,916 4,947
======= ======= ===== =====
OTHER
At June 30, 2006 At December 31, 2005
Total debt $29,510 12,516
Common stockholders' equity $77,377 52,731
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Preliminary
OPERATING HIGHLIGHTS
BY SEGMENT
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
---- ---- ---- ----
Thousands of Barrels Daily
E&P
Crude oil produced
United States
Alaska 279 297 281 303
Lower 48 120 63 92 62
----- --- --- ---
399 360 373 365
Norway 192 195 190 201
United Kingdom 57 60 59 60
Canada 27 23 25 23
China 34 25 30 24
Indonesia 14 16 14 19
Vietnam 22 26 26 26
Timor Sea 39 21 39 29
Libya 74 -- 37 --
Other 66 54 58 54
----- --- --- ---
Total consolidated 924 780 851 801
Equity affiliates 121 123 123 122
----- --- --- ---
Total Worldwide 1,045 903 974 923
===== === === ===
Syncrude 19 21 18 18
===== === === ===
Natural gas liquids produced
United States
Alaska* 20 16 21 20
Lower 48 70 31 50 29
----- --- --- ---
90 47 71 49
Norway 8 9 9 9
Canada 30 10 20 10
Timor Sea 20 9 20 13
Other 4 5 5 6
----- --- --- ---
Total Worldwide 152 80 125 87
===== === === ===
*Includes reinjected volumes sold lease-to-lease 14 1 14 7
Millions of Cubic Feet Daily
Natural gas produced*
United States
Alaska 163 148 163 166
Lower 48 2,265 1,195 1,767 1,182
----- ----- ----- -----
2,428 1,343 1,930 1,348
Norway 260 268 265 283
United Kingdom 796 741 823 782
Canada 1,204 422 816 420
China 10 -- 5 --
Timor Sea 251 35 198 35
Indonesia 323 287 309 280
Vietnam 19 14 22 16
Other 207 81 164 78
----- ----- ----- -----
Total consolidated 5,498 3,191 4,532 3,242
Equity affiliates 10 7 10 7
----- ----- ----- -----
Total Worldwide 5,508 3,198 4,542 3,249
*Represents quantities available for sale.
Excludes gas equivalent of NGL shown above.
Liquefied natural gas sales 432 96 349 114
LUKOIL Investment
Production (MBOE/D)* 403 223 363 213
Refinery crude oil throughput (MB/D)* 168 101 165 96
*Represents our estimated net share of LUKOIL.
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Preliminary
OPERATING HIGHLIGHTS
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
E&P
Per Unit
Average sales prices
Crude oil (per barrel)
United States
Alaska $ 66.02 49.22 62.33 46.55
Lower 48 59.63 43.58 57.08 42.45
Total U.S. 64.09 48.21 61.06 45.86
International 67.27 49.41 64.12 47.68
Total consolidated 65.89 48.88 62.75 46.85
Equity affiliates * 52.28 36.11 47.53 33.59
Total Worldwide 64.34 46.93 60.76 45.04
Natural gas-lease (per MCF)
United States
Alaska 3.42 2.49 3.50 2.72
Lower 48 5.81 6.20 6.41 5.93
Total U.S. 5.78 6.07 6.37 5.83
International 5.92 5.16 6.43 5.10
Total consolidated 5.86 5.53 6.40 5.38
Equity affiliates * 0.36 0.32 0.29 0.30
Total Worldwide 5.85 5.52 6.39 5.38
*Excludes our equity share of LUKOIL reported in the LUKOIL Investment segment
Midstream
Thousands of Barrels Daily
Natural gas liquids extracted
Consolidated
United States 22 21 22 22
International - 44 - 48
Equity affiliates
United States** 183 112 181 111
International 6 6 6 6
----- ----- ----- -----
211 183 209 187
**Represents 30.3 percent interest in Duke Energy Field Services LLC (DEFS), through June 30, 2005, and 50 percent
interest beginning in July 2005.
Per Barrel
U.S. product prices
Weighted average NGL**
Consolidated $ 41.73 32.49 39.69 32.22
DEFS 41.18 31.33 39.24 30.97
**Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by naural-gas-liquids
component and location mix.
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Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
Thousands of Barrels Daily
R&M
United States
Crude oil capacity 2,208 2,182 2,208 2,178
Crude oil runs 2,000 2,133 1,921 2,046
Refinery production 2,198 2,349 2,093 2,247
International*
Crude oil capacity 693 428 608 428
Crude oil runs 649 402 570 415
Refinery production 695 410 599 427
U.S. Petroleum products outside sales
Automotive gasoline 1,300 1,426 1,279 1,364
Distillates 620 680 623 662
Aviation fuels 200 214 194 206
Other products 555 566 536 514
----- ----- ----- -----
2,675 2,886 2,632 2,746
International 871 477 784 486
----- ----- ----- -----
3,546 3,363 3,416 3,232
===== ===== ===== =====
Per Gallon
U.S. Average sales prices**
Automotive gasoline-wholesale $ 2.32 1.67 2.06 1.56
Automotive gasoline-retail 2.47 1.85 2.19 1.70
Distillates-wholesale 2.24 1.66 2.08 1.57
*Includes ConocoPhillips' share of equity affiliates, except for our share of LUKOIL, which is reported in
the LUKOIL Investment segment.
**Excludes excise taxes.
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