8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 23, 2009

ConocoPhillips(Exact name of registrant as specified in its charter)

Delaware	001-32395	01-0562944
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

600 North Dairy Ashford
Houston, Texas 77079

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (281) 293-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

On April 23, 2009, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2009.  A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.  Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits

99.1      —         Press release issued by ConocoPhillips on April 23, 2009.

99.2      —         Supplemental financial information.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CONOCOPHILLIPS
	/s/ Glenda M. Schwarz
	Glenda M. Schwarz
	Vice President and Controller
April 23, 2009

3

EXHIBIT INDEX

Exhibit
No.	Description
99.1	Press release issued by ConocoPhillips on April 23, 2009.
99.2	Supplemental financial information.

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports First-Quarter Earnings of $840 Millionor $0.56 Per Share

HOUSTON--(BUSINESS WIRE)--April 23, 2009--ConocoPhillips (NYSE:COP):

Earnings at a glance
	First Quarter
	2009		2008
Net income attributable to ConocoPhillips (earnings)	$	840 million	4,139 million
Diluted earnings per share	$	0.56	2.62
Revenues	$	30.7 billion	54.9 billion

ConocoPhillips [NYSE:COP] today reported first-quarter earnings of $840 million, or $0.56 per share. This compared with earnings of $4,139 million, or $2.62 per share, for the same quarter in 2008. Revenues were $30.7 billion, versus $54.9 billion a year ago.

“Although we delivered solid operational performance in our upstream business during the first quarter, lower commodity prices and realized margins negatively impacted our financial results,” said Jim Mulva, chairman and chief executive officer. “Our upstream business produced 2.4 million BOE per day, including our share of LUKOIL’s production. In the downstream business, our worldwide refining crude oil capacity utilization rate was 81 percent, reflecting planned turnaround activity.

“During the quarter, we generated $1.9 billion in cash from operations, which included a $0.8 billion reduction in cash from operations related to changes in working capital. Our capital program was $3.1 billion and we paid $0.7 billion in dividends. We ended the quarter with debt of $29.4 billion, a debt-to-capital ratio of 34 percent and a cash balance of $0.8 billion.”

The results for ConocoPhillips’ business segments follow. In this release, we use the term adjusted earnings. A reconciliation of adjusted earnings to earnings appears at the conclusion of the release.

Exploration and Production (E&P)

The E&P segment reported first-quarter earnings of $700 million, compared with adjusted earnings of $1,392 million in the previous quarter and earnings of $2,887 million in the first quarter of 2008. Fourth-quarter 2008 reported earnings reflected a loss of $24,293 million.

First-quarter 2009 earnings were lower than fourth-quarter 2008 adjusted earnings primarily due to lower commodity prices, partially offset by lower operating costs, lower production taxes and higher volumes. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to significantly lower commodity prices, partially offset by lower production taxes, higher volumes and lower operating costs.

Daily production from the E&P segment, including Canadian Syncrude, averaged 1.93 million barrels of oil equivalent (BOE) per day, 58,000 BOE per day higher than the previous quarter. The increase was mainly due to production from new developments, primarily in Russia, Vietnam and China. Production also increased due to the impact of production sharing contracts, and less planned and unplanned downtime, partially offset by field decline.

First-quarter 2009 production increased 131,000 BOE per day, compared with the first-quarter of 2008, due to new developments primarily in the United Kingdom, Russia, Norway, Vietnam, China and Canada, which more than offset the impact of field decline. Production also increased due to less unplanned downtime and the impact of production sharing contracts.

Before-tax exploration expenses were $225 million in the first quarter of 2009, compared with $473 million in the previous quarter and $309 million in the first quarter of 2008.

Midstream

The Midstream segment had first-quarter earnings of $123 million, compared with $69 million in the previous quarter and $137 million in the first quarter of 2008. First-quarter 2009 earnings were higher than earnings in the previous quarter primarily due to an $88 million after-tax gain on shares previously issued by a subsidiary of DCP Midstream, partially offset by lower realized prices and volumes. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to lower realized prices and volumes, partially offset by the $88 million gain.

Refining and Marketing (R&M)

The R&M segment reported first-quarter earnings of $205 million, compared with adjusted earnings of $753 million in the previous quarter and earnings of $520 million in the first quarter of 2008. Fourth-quarter 2008 reported earnings were $289 million.

First-quarter 2009 earnings were lower than fourth-quarter 2008 adjusted earnings primarily due to a 70 percent decline in worldwide marketing margins, as well as lower volumes attributable to increased turnaround activity in the United States. Despite a 24 percent increase in worldwide refining market crack spreads, the company’s realized refining margin decreased slightly, primarily due to refinery configuration impacts and crude differentials. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to lower refining volumes related to increased turnaround activity in the United States, as well as a first-quarter 2008 net benefit from asset rationalization efforts.

The domestic refining crude oil capacity utilization rate for the first quarter was 80 percent, compared with 94 percent in the previous quarter. The decrease was primarily due to planned turnaround activity in the United States. The international crude oil capacity utilization rate was 85 percent, down from 89 percent in the previous quarter, reflecting additional run reductions in the first quarter at the Wilhelmshaven, Germany, refinery.

Worldwide, R&M’s refining crude oil capacity utilization rate was 81 percent, down from 93 percent in the previous quarter and down from 89 percent in the first quarter of 2008. Before-tax turnaround costs were $207 million in the first quarter of 2009, up from $70 million in the previous quarter and $90 million in the first quarter of 2008.

LUKOIL Investment

The LUKOIL Investment segment had earnings of $48 million in the first quarter, compared with adjusted earnings of zero in the previous quarter and earnings of $710 million in the first quarter of 2008. Fourth-quarter 2008 reported earnings reflected a loss of $7,410 million. The first-quarter 2009 results include ConocoPhillips’ estimated equity share of OAO LUKOIL’s (LUKOIL) income based on market indicators, LUKOIL’s publicly available operating results, and other publicly available information.

First-quarter 2009 earnings were higher than fourth-quarter 2008 adjusted earnings primarily due to lower estimated taxes and the favorable impact of basis difference amortization. This increase was partially offset by lower estimated realized prices and volumes, as well as the fourth-quarter 2008 $101 million positive impact from the alignment of estimated income to LUKOIL’s reported results. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to lower estimated realized prices and higher estimated operating costs, partially offset by lower taxes.

For the first quarter of 2009, ConocoPhillips estimated its equity share of LUKOIL production was 439,000 BOE per day and its share of LUKOIL daily refining crude oil throughput was 203,000 barrels per day.

Chemicals

The Chemicals segment reported first-quarter earnings of $23 million, compared with a loss of $6 million in the previous quarter and earnings of $52 million in the first quarter of 2008. The increase from the previous quarter was primarily due to higher aromatics and styrenics margins, lower operating costs and a fourth-quarter 2008 asset impairment, partially offset by lower olefins and polyolefins margins. The decrease from the first quarter of 2008 was primarily due to lower margins, partially offset by lower operating costs.

Emerging Businesses

The Emerging Businesses segment’s first-quarter earnings were zero, compared with adjusted earnings of $60 million in the previous quarter and earnings of $12 million in the first quarter of 2008. Fourth-quarter 2008 reported earnings reflected a loss of $25 million. First-quarter 2009 earnings were lower than fourth-quarter 2008 adjusted earnings primarily due to lower international power generation results. First-quarter 2009 earnings also were lower than first-quarter 2008 earnings primarily due to lower domestic power generation results.

Corporate and Other

First-quarter Corporate expenses were $259 million after-tax, compared with adjusted Corporate expenses of $354 million in the previous quarter and Corporate expenses of $179 million in the first quarter of 2008. Fourth-quarter 2008 reported Corporate expenses were $388 million after-tax. First-quarter 2009 expenses were lower than fourth-quarter 2008 adjusted expenses mainly due to reduced foreign exchange losses and lower corporate costs. First-quarter 2009 expenses were higher than first-quarter 2008 expenses primarily due to higher net interest expense.

Outlook

Mr. Mulva concluded:

“ConocoPhillips remains focused on maintaining operational excellence, implementing identified cost reduction initiatives, optimizing our capital program, and progressing major development projects. Our strategy has enabled us to perform well during the current economic downturn, and we are well positioned to attain our long-term plans when the global economy recovers in the future.

“Looking ahead to next quarter, we expect the company’s second-quarter E&P segment production will be lower than the first quarter, primarily due to planned maintenance and seasonality. However, full-year production is expected to be slightly higher than 2008. Exploration expenses are anticipated to be approximately $325 million for the quarter.

“In our downstream refining business, we expect the worldwide refining crude oil capacity utilization rate to be in the upper-80-percent range during the second quarter and turnaround costs to be approximately $125 million before-tax for the quarter.”

ConocoPhillips is an international, integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 31,000 employees, $143 billion of assets, and $123 billion of annualized revenues as of March 31, 2009. For more information, go to www.conocophillips.com.

ConocoPhillips’ quarterly conference call is scheduled for 11 a.m. Eastern time today. To listen to the conference call and to view related presentation materials, go to www.conocophillips.com and click on the “Investor Information” link.

For detailed supplemental information, go to www.conocophillips.com/investor/financial_reports/earnings_reports/index.htm.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, crude oil and natural gas prices; refining and marketing margins; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects due to operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas; unsuccessful exploratory activities; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying company manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; international monetary conditions and exchange controls; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Information -- This press release includes the terms adjusted earnings and adjusted expenses. These are non-GAAP financial measures and are included to help facilitate comparisons of company operating performance across periods. A reconciliation of adjusted earnings and adjusted expenses to earnings and expenses is shown in the tables below.

Reconciliation of Adjusted Earnings to Earnings Millions of dollars
E&P	4Q08
Earnings (loss)	$	(24,293	)
Goodwill impairment		(25,443	)
Impairments – other		(599	)
Total Impairments		(26,042	)
Gain (loss) on asset sales		428
Severance accruals		(71	)
Total Adjustments		(25,685	)
Adjusted earnings	$	1,392

R&M	4Q08
Earnings	$	289
Impairments		(537	)
Gain (loss) on asset sales		97
Severance accruals		(24	)
Total Adjustments		(464	)
Adjusted earnings	$	753

LUKOIL Investment	4Q08
Earnings (loss)	$	(7,410	)
Impairment		(7,410	)
Adjusted earnings	$	-
Emerging Businesses	4Q08
Earnings (loss)	$	(25	)
Impairments		(85	)
Adjusted earnings	$	60
Corporate	4Q08
Expenses	$	(388	)
Impairments		(30	)
Severance accruals		(4	)
Total Adjustments		(34	)
Adjusted expenses	$	(354	)

CONTACT:
ConocoPhillips, Houston
Anna Kaplan (media) 281-293-3992
or
Clayton Reasor (investors) 212-207-1996

EX-99.2

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.

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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

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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

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