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): July 29, 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 July 29, 2009, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended June 30, 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 July 29, 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
July 29, 2009

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EXHIBIT INDEX

Exhibit
No.	Description
99.1	Press release issued by ConocoPhillips on July 29, 2009.
99.2	Supplemental financial information.

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Second-Quarter Earnings of $1.3 Billion or $0.87 Per Share

HOUSTON--(BUSINESS WIRE)--July 29, 2009--ConocoPhillips (NYSE:COP):

Earnings at a glance
	Second Quarter		Six Months
	2009	2008	2009	2008
Net income attributable to ConocoPhillips (earnings)	$1,298 million	5,439 million	$2,138 million	9,578 million
Diluted earnings per share	$ 0.87	3.50	$ 1.43	6.11
Revenues	$ 35.4 billion	71.4 billion	$ 66.2 billion	126.3 billion

ConocoPhillips (NYSE:COP) today reported second-quarter earnings of $1,298 million, or $0.87 per share. This compared with earnings of $5,439 million, or $3.50 per share, for the same quarter in 2008. Revenues were $35.4 billion, versus $71.4 billion a year ago.

“Although we experienced significantly lower commodity prices and margins than in the second quarter of last year, we delivered solid operational results during the quarter,” said Jim Mulva, chairman and chief executive officer. “E&P production was up 7 percent, and we realized cost reductions due to market forces and other improvements. During the second quarter, total production, including our share of LUKOIL, was 2.3 million BOE per day and our worldwide refining crude oil capacity utilization rate was 88 percent.”

The company generated $2.6 billion in cash from operations during the quarter, funded a $2.9 billion capital program and paid $0.7 billion in dividends. As of June 30, 2009, debt was $30.4 billion, with a debt-to-capital ratio of 34 percent and a cash balance of $0.9 billion.

The results for ConocoPhillips’ business segments follow.

Exploration and Production (E&P)

Second-quarter financial results: The E&P segment reported second-quarter earnings of $725 million, compared with $3,999 million in the second quarter of 2008. The decrease was primarily due to the impact of significantly lower commodity prices, partially offset by higher volumes and lower operating costs. In addition, second-quarter 2009 included a noncash after-tax impairment of $51 million related to the expropriation of our assets in Ecuador, as well as an after-tax charge of $37 million for costs associated with platform damage suffered at the company’s Ekofisk field in the North Sea.

Daily production from the E&P segment, including Canadian Syncrude, averaged 1.87 million barrels of oil equivalent (BOE) per day, 122,000 BOE per day higher than the second quarter of 2008. The increase was mainly due to new developments in the United Kingdom, Russia, Canada, Norway, China and Vietnam, which more than offset the impact of base field declines. Production also increased due to the impacts of royalties and production sharing contracts, as well as improved well performance and less unplanned downtime.

Six-month financial results: E&P earnings for the first six months of 2009 were $1,425 million, compared with earnings of $6,886 million during the first six months of 2008. The decrease was primarily due to the impact of significantly lower commodity prices, partially offset by higher volumes and lower operating costs.

Midstream

Second-quarter financial results: The Midstream segment had second-quarter earnings of $31 million, compared with $162 million in the second quarter of 2008, primarily due to lower realized prices and volumes.

Six-month financial results: Midstream earnings for the first six months of 2009 were $154 million, compared with earnings of $299 million in the corresponding period of 2008. The decrease was primarily due to lower realized prices, partially offset by the first-quarter 2009 $88 million after-tax gain on shares previously issued by a subsidiary of DCP Midstream.

Refining and Marketing (R&M)

Second-quarter financial results: The R&M segment reported a second-quarter loss of $52 million, compared with earnings of $664 million in the second quarter of 2008.

The decrease in earnings was primarily due to lower worldwide realized refining margins and volumes, partially offset by lower operating expenses. Worldwide realized refining margins were lower primarily due to the significant decrease in distillate margins and the narrowing of light-heavy crude differentials, partially offset by the impact of lower crude oil prices on secondary product margins. In addition, second-quarter 2009 included a noncash after-tax impairment of $72 million primarily related to segment goodwill allocated to the planned sale of the company’s investment in the Keystone Pipeline.

The domestic refining crude oil capacity utilization rate for the second quarter was 93 percent, compared with 94 percent in the second quarter of 2008. The international crude oil capacity utilization rate was 72 percent, down from 88 percent in the second quarter of 2008, reflecting turnaround activity in Europe, and run reductions at the Wilhelmshaven, Germany, refinery due to market impacts.

Worldwide, R&M’s refining crude oil capacity utilization rate was 88 percent, down from 93 percent in the second quarter of 2008. Before-tax turnaround costs were $121 million in the second quarter of 2009, down from $170 million in the second quarter of 2008.

Six-month financial results: R&M earnings for the first six months of 2009 were $153 million, compared with earnings of $1,184 million in the six-month period of 2008. The decrease was primarily due to lower worldwide realized refining margins and volumes, as well as a lower net benefit from asset rationalization efforts, partially offset by lower operating expenses.

LUKOIL Investment

Second-quarter financial results: The LUKOIL Investment segment had earnings of $682 million in the second quarter, compared with $774 million in the second quarter of 2008. The second-quarter 2009 results include ConocoPhillips’ estimated equity share of OAO LUKOIL’s income based on market indicators, LUKOIL’s publicly available operating results, and other publicly available information.

Second-quarter 2009 earnings were lower than second-quarter 2008 earnings primarily due to lower estimated realized prices, partially offset by lower estimated taxes and higher estimated volumes. In addition, second-quarter 2009 included a $192 million positive alignment of first-quarter estimated net income to LUKOIL’s reported results, compared with a $120 million negative alignment in the same period of last year.

For the second quarter of 2009, ConocoPhillips estimated its equity share of LUKOIL production was 442,000 BOE per day and its share of LUKOIL daily refining crude oil throughput was 281,000 barrels per day.

Six-month financial results: Earnings for the first six months of 2009 were $730 million, compared with earnings of $1,484 million in the first six months of 2008. The decrease was primarily due to lower estimated realized prices, partially offset by lower estimated taxes and a net $328 million positive impact from the alignment of estimated net income to LUKOIL’s reported results.

Chemicals

Second-quarter financial results: The Chemicals segment reported second-quarter earnings of $67 million, compared with $18 million in the second quarter of 2008. The increase from the second quarter of 2008 was primarily due to lower operating costs, partially offset by lower margins.

Six-month financial results: Earnings for the first six months of 2009 were $90 million, compared with earnings of $70 million in the corresponding period of 2008. The increase was due to lower operating costs, partially offset by lower margins.

Emerging Businesses

The Emerging Businesses segment’s second-quarter earnings were $2 million, down from $8 million in the second quarter of 2008.

Corporate and Other

Second-quarter Corporate expenses were $157 million after-tax, compared with $186 million in the second quarter of 2008, primarily due to higher foreign exchange gains and lower corporate costs, partially offset by higher net interest expense.

ConocoPhillips will host a conference call at 11 a.m. Eastern time today to discuss its quarterly results and provide a status update on operational and strategic plans. 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.

ConocoPhillips is an international, integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $150 billion of assets, and $132 billion of annualized revenues as of June 30, 2009. For more information, go to www.conocophillips.com.

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.

CONTACT:
ConocoPhillips
Anna Kaplan, 281-293-3992 (media)
or
Diana Santos, 281-293-1674 (investors)

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		35,448				66,189
Equity in earnings of affiliates	1,359		1,812		1,214		(135	)	4,250		415		1,076				1,491
Other income	310		130		115		535		1,090		124		106				230
	56,552		73,353		71,373		44,904		246,182		31,280		36,630				67,910
Costs and Expenses
Purchased crude oil, natural gas and products	37,820		51,214		49,608		30,021		168,663		19,759		24,609				44,368
Production and operating expenses	2,691		3,111		3,059		2,957		11,818		2,545		2,573				5,118
Selling, general and administrative expenses	526		629		513		561		2,229		475		476				951
Exploration expenses	309		288		267		473		1,337		225		243				468
Depreciation, depletion and amortization	2,209		2,178		2,361		2,264		9,012		2,230		2,347				4,577
Impairments
Goodwill	-		-		-		25,443		25,443		-		-				-
LUKOIL investment	-		-		-		7,410		7,410		-		-				-
Expropriated Assets	-		-		-		-		-		-		51				51
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		3,715				7,179
Accretion on discounted liabilities	104		96		114		104		418		104		108				212
Interest and debt expense	207		210		239		279		935		310		268				578
Foreign currency transaction (gains) losses	(43	)	-		54		106		117		131		(142	)			(11	)
	48,984		63,541		61,891		75,289		249,705		29,246		34,248				63,494
Income (loss) before income taxes	7,568		9,812		9,482		(30,385	)	(3,523	)	2,034		2,382				4,416
Provision for income taxes	3,410		4,356		4,279		1,360		13,405		1,178		1,068				2,246
Net Income (Loss)	4,158		5,456		5,203		(31,745	)	(16,928	)	856		1,314				2,170
Less: net income attributable to
noncontrolling interests	(19	)	(17	)	(15	)	(19	)	(70	)	(16	)	(16	)			(32	)
Net Income (Loss) Attributable to ConocoPhillips	4,139		5,439		5,188		(31,764	)	(16,998	)	840		1,298				2,138
* Includes excise taxes on petroleum products sales:	3,857		4,091		4,022		3,448		15,418		3,060		3,316				6,376
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		0.87				1.44
Diluted	2.62		3.50		3.39		(21.37	)	(11.16	)	0.56		0.87				1.43
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		1,486,496				1,486,195
Diluted	1,582,025		1,555,447		1,528,187		1,486,204		1,523,432		1,495,247		1,495,700				1,495,474

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		336				509
International E&P	1,538		2,147		2,322		969		6,976		527		389				916
Goodwill Impairment	-		-		-		(25,443	)	(25,443	)	-		-				-
Total E&P	2,887		3,999		3,928		(24,293	)	(13,479	)	700		725				1,425
Midstream	137		162		173		69		541		123		31				154
U.S. R&M	435		587		524		(6	)	1,540		98		(38	)			60
International R&M	85		77		325		295		782		107		(14	)			93
Total R&M	520		664		849		289		2,322		205		(52	)			153
LUKOIL Investment	710		774		438		(7,410	)	(5,488	)	48		682				730
Chemicals	52		18		46		(6	)	110		23		67				90
Emerging Businesses	12		8		35		(25	)	30		-		2				2
Corporate and Other	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)	(157	)			(416	)
Consolidated	4,139		5,439		5,188		(31,764	)	(16,998	)	840		1,298				2,138

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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		2,518		145		7,605		283		502				785
International E&P	3,832		5,222		5,143		2,442		16,639		1,498		1,311				2,809
Goodwill Impairment	-		-		-		(25,443	)	(25,443	)	-		-				-
Total E&P	5,926		8,070		7,661		(22,856	)	(1,199	)	1,781		1,813				3,594
Midstream	206		243		260		93		802		202		50				252
U.S. R&M	717		938		852		(33	)	2,474		163		13				176
International R&M	101		32		442		421		996		150		(37	)			113
Total R&M	818		970		1,294		388		3,470		313		(24	)			289
LUKOIL Investment	729		795		451		(7,414	)	(5,439	)	42		687				729
Chemicals	54		-		64		7		125		32		82				114
Emerging Businesses	15		17		45		(53	)	24		(5	)	(2	)			(7	)
Corporate and Other	(180	)	(283	)	(293	)	(550	)	(1,306	)	(331	)	(224	)			(555	)
Consolidated	7,568		9,812		9,482		(30,385	)	(3,523	)	2,034		2,382				4,416
* 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	%	38.5	%	33.1	%			35.2	%
International E&P	59.6	%	58.7	%	54.7	%	59.8	%	57.8	%	64.1	%	69.4	%			66.6	%
Total E&P	51.1	%	50.3	%	48.6	%	-6.2	%	-1020.8	%	60.0	%	59.3	%			59.7	%
Midstream	33.5	%	33.3	%	33.5	%	25.8	%	32.5	%	39.1	%	40.0	%			38.9	%
U.S. R&M	39.2	%	37.4	%	38.6	%	81.8	%	37.8	%	39.9	%	384.6	%			65.3	%
International R&M	15.8	%	-140.6	%	26.5	%	29.9	%	21.5	%	28.7	%	62.2	%			16.8	%
Total R&M	36.3	%	31.5	%	34.5	%	25.5	%	33.1	%	34.5	%	-112.5	%			46.4	%
LUKOIL Investment	2.5	%	2.8	%	2.7	%	0.1	%	-0.9	%	-14.3	%	0.9	%			0.0	%
Chemicals	3.7	%	-		28.1	%	185.7	%	12.0	%	28.1	%	17.1	%			20.2	%
Emerging Businesses	20.0	%	52.9	%	22.2	%	52.8	%	-25.0	%	100.0	%	200.0	%			128.6	%
Corporate and Other	5.0	%	36.7	%	6.1	%	30.7	%	23.0	%	22.7	%	31.3	%			26.1	%
Consolidated	45.1	%	44.4	%	45.1	%	-4.5	%	-380.5	%	57.9	%	44.8	%			50.9	%

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		1,925				3,271
Taxes other than income taxes	5,155		5,796		5,619		4,067		20,637		3,464		3,715				7,179
Less: Excise taxes*	(3,857	)	(4,091	)	(4,022	)	(3,448	)	(15,418	)	(3,060	)	(3,316	)			(6,376	)
Estimated Taxes Paid	2,947		6,461		5,442		3,491		18,341		1,750		2,324				4,074
* Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities.

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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 (loss) 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	)	-		(51	)			(51	)
Severance accrual	-		-		-		(28	)	(28	)	-		-				-
Asset retirement	-		-		-		-		-		-		(37	)			(37	)
Total	8		-		110		193		311		-		(88	)			(88	)
Goodwill impairment	-		-		-		(25,443	)	(25,443	)	-		-				-
Total E&P	12		12		110		(25,685	)	(25,551	)	-		(88	)			(88	)
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	)	-		(72	)			(72	)
Severance accrual	-		-		-		(23	)	(23	)	-		-				-
Pending claims and settlements	-		-		-		-		-		(25	)	-				(25	)
Total	113		(2	)	2		(385	)	(272	)	(25	)	(72	)			(97	)
International R&M
Gain (loss) 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	)	(72	)			(97	)
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		(160	)			(97	)

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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		1,314				2,170
Depreciation, depletion and amortization	2,209		2,178		2,361		2,264		9,012		2,230		2,347				4,577
Impairments	6		19		57		34,457		34,539		3		51				54
Dry hole costs and leasehold impairments	154		127		118		299		698		123		115				238
Accretion on discounted liabilities	104		96		114		104		418		104		108				212
Deferred income taxes	(17	)	28		48		(487	)	(428	)	(219	)	(377	)			(596	)
Undistributed equity earnings	(987	)	(1,001	)	(542	)	921		(1,609	)	(322	)	(770	)			(1,092	)
Net gain on asset dispositions	(181	)	(32	)	(133	)	(545	)	(891	)	(39	)	3				(36	)
Other*	(183	)	67		(69	)	(949	)	(1,134	)	(2	)	177				175
Net working capital changes	1,324		(1,503	)	357		(1,197	)	(1,019	)	(849	)	(401	)			(1,250	)
Net Cash Provided by
Operating Activities	6,587		5,434		7,515		3,122		22,658		1,885		2,567				4,452
Cash Flows from Investing Activities
Capital expenditures & investments	(3,322	)	(3,398	)	(3,815	)	(8,564	)	(19,099	)	(2,906	)	(2,672	)			(5,578	)
Proceeds from asset dispositions	370		71		288		911		1,640		86		146				232
Long-term advances to/collections from
affiliates and other investments	(60	)	(83	)	(209	)	195		(157	)	(106	)	(56	)			(162	)
Net Cash Used for Investing Activities	(3,012	)	(3,410	)	(3,736	)	(7,458	)	(17,616	)	(2,926	)	(2,582	)			(5,508	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(202	)	426		183		5,353		5,760		1,931		989				2,920
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	)	(697	)			(1,393	)
Other	(196	)	(44	)	(186	)	(193	)	(619	)	(203	)	(203	)			(406	)
Net Cash Provided by (Used for)
Financing Activities	(3,617	)	(2,671	)	(3,208	)	3,732		(5,764	)	1,011		89				1,100
Effect of Exchange Rate Changes	9		11		(242	)	243		21		77		12				89
Net Change in Cash
and Cash Equivalents	(33	)	(636	)	329		(361	)	(701	)	47		86				133
Cash and cash equivalents
at beginning of period	1,456		1,423		787		1,116		1,456		755		802				755
Cash and Cash Equivalents
at End of Period	1,423		787		1,116		755		755		802		888				888
* 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	2,059			4,435
Loans and advances	67	85	26	(18	)	160	88	33			121
Joint venture acquisition obligation--principal	145	148	149	151		593	153	156			309
E&P total	3,030	3,039	3,254	7,886		17,209	2,617	2,248			4,865
Midstream*	-	-	-	4		4	1	3			4
R&M
Capital expenditures and investments	363	510	674	722		2,269	496	523			1,019
Loans and advances	-	2	1	-		3	-	-			-
R&M total	363	512	675	722		2,272	496	523			1,019
LUKOIL Investment*	-	-	-	-		-	-	-			-
Chemicals*	-	-	-	-		-	-	-			-
Emerging Businesses*	61	51	25	19		156	17	56			73
Corporate and Other*	80	31	37	66		214	16	31			47
Total Capital Program	3,534	3,633	3,991	8,697		19,855	3,147	2,861			6,008

* Capital expenditures and investments only.

4

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		725				1,425
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D)	1,794		1,750	1,748	1,867		1,789		1,925		1,872				1,899
E&P segment plus LUKOIL Investment segment:	2,253		2,198	2,170	2,318		2,234		2,364		2,314				2,340
Crude Oil and Condensate (MB/D)
Consolidated	758		731	718	803		752		817		763				790
Equity affiliates	45		41	63	67		54		84		96				90
Total	803		772	781	870		806		901		859				880
Sales of crude oil produced (MB/D)	773		803	776	853		801		911		860				885
Natural Gas Liquids (MB/D)	154		156	148	155		153		153		155				154
Natural Gas (MMCF/D)
Consolidated	4,900		4,818	4,769	4,854		4,836		5,011		4,957				4,984
Equity affiliates	-		-	-	45		11		76		94				85
Total	4,900		4,818	4,769	4,899		4,847		5,087		5,051				5,069
Canadian Syncrude (MB/D)	20		19	24	25		22		23		16				20
Industry Prices (Platt's)
Crude Oil ($/bbl)
WTI spot	97.94		123.98	117.83	58.49		99.56		42.97		59.54				51.26
Brent dated	96.90		121.38	114.78	54.91		96.99		44.40		58.79				51.60
Natural Gas ($/mmbtu)
Henry Hub -- First of Month	8.03		10.94	10.25	6.95		9.04		4.91		3.51				4.21
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Consolidated	94.71		119.24	114.20	55.11		95.15		42.36		56.11				49.00
Equity affiliates	62.78		93.20	88.32	25.35		63.89		33.61		51.89				43.48
Total	92.88		118.01	112.19	52.82		93.12		41.56		55.63				48.43
Natural Gas Liquids ($/bbl)	60.14		68.42	68.81	32.57		57.43		27.53		28.73				28.15
Natural Gas ($/mcf)
Consolidated	8.03		9.87	8.91	6.37		8.28		4.98		3.72				4.35
Equity affiliates	-		-	-	2.04		2.04		2.10		2.10				2.10
Total	8.03		9.87	8.91	6.32		8.27		4.93		3.69				4.31
Exploration Charges ($ Millions)
Dry Holes	94		68	58	205		425		80		66				146
Lease Impairments	60		59	60	94		273		43		49				92
Total Noncash Charges	154		127	118	299		698		123		115				238
Other (G&G and Lease Rentals)	155		161	149	174		639		102		128				230
Total Exploration Charges	309		288	267	473		1,337		225		243				468
Depreciation, Depletion and
Amortization (DD&A) ($ Millions)	1,946		1,940	2,123	2,019		8,028		1,994		2,127				4,121
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(10	)	2	118	106		216		(98	)	(22	)			(120	)

5

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		336				509
Alaska ($ Millions)	603	700	556	456		2,315	244		404				648
Lower 48 ($ Millions)	746	1,152	1,050	(275	)	2,673	(71	)	(68	)			(139	)
Production
Total U.S. (MBOE/D)	783	787	736	790		775	791		771				780
Crude Oil and Condensate (MB/D)
Alaska	254	244	218	258		244	254		236				245
Lower 48	97	95	85	88		91	92		92				92
Total	351	339	303	346		335	346		328				337
Sales of crude oil produced (MB/D)	344	353	299	340		334	358		349				353
Natural Gas Liquids (MB/D)*
Alaska	19	17	13	20		17	21		16				18
Lower 48	69	76	74	75		74	71		78				74
Total	88	93	87	95		91	92		94				92
*Includes reinjection volumes sold lease-to-lease:	13	11	8	11		11	12		11				11
Natural Gas (MMCF/D)
Alaska	100	98	102	88		97	92		83				88
Lower 48	1,963	2,034	1,971	2,007		1,994	2,027		2,012				2,020
Total	2,063	2,132	2,073	2,095		2,091	2,119		2,095				2,108
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Alaska
North Slope	89.07	112.23	115.11	57.63		92.73	35.21		49.42				42.22
West Coast	95.47	118.88	121.51	64.13		99.23	41.75		55.24				48.43
Lower 48	90.35	118.06	112.36	49.36		92.77	37.32		54.81				46.10
Total U.S.	94.02	118.66	118.90	60.32		97.47	40.60		55.13				47.82
Natural Gas Liquids ($/bbl)
Alaska	94.27	117.24	119.29	64.23		94.29	41.76		55.68				47.14
Lower 48	55.33	62.27	65.11	26.70		52.28	22.41		25.80				24.19
Total U.S.	58.33	65.96	68.84	30.61		55.63	24.52		27.73				26.17
Natural Gas ($/mcf)
Alaska	4.31	3.81	4.36	4.90		4.38	7.69		6.38				7.22
Lower 48	7.67	9.74	8.67	4.76		7.71	3.76		2.97				3.36
Total U.S.	7.63	9.69	8.64	4.76		7.67	3.82		3.00				3.41
Kenai, Alaska LNG Sales
Volume (MMCF/D)	63	72	89	74		74	43		47				45
Sales price per MCF	6.72	7.15	7.77	8.65		7.62	6.29		7.20				6.77
U.S. Exploration Charges ($ Millions)
Dry Holes	25	20	6	137		188	58		30				88
Lease Impairments	42	40	43	65		190	26		28				54
Total Noncash Charges	67	60	49	202		378	84		58				142
Other (G&G and Lease Rentals)	39	50	42	61		192	30		35				65
Total U.S. Exploration Charges	106	110	91	263		570	114		93				207
Alaska Only	11	25	19	45		100	34		8				42
DD&A ($ Millions)
Alaska	149	163	152	186		650	173		185				358
Lower 48	616	613	649	577		2,455	651		683				1,334
Total U.S.	765	776	801	763		3,105	824		868				1,692

6

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	389			916
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D)	1,011	963	1,012	1,077	1,014	1,134	1,101			1,119
Crude Oil and Condensate (MB/D)
Consolidated
Norway	153	145	164	163	156	161	147			154
United Kingdom	48	49	57	78	58	79	76			78
Canada	23	24	25	27	25	24	23			24
China	33	32	31	36	33	40	41			40
Indonesia	16	15	15	15	15	26	16			21
Vietnam	20	18	19	28	21	36	31			33
Timor Sea	23	21	22	20	22	21	21			21
Libya	47	48	42	50	47	43	43			43
Nigeria	20	18	18	17	18	17	16			17
Other	24	22	22	23	22	24	21			22
Equity affiliates
Canada	29	25	32	35	30	35	41			38
Russia	16	16	31	32	24	49	55			52
Total	452	433	478	524	471	555	531			543
Sales of crude oil produced (MB/D)	429	450	477	513	467	553	511			532
Natural Gas Liquids (MB/D)
Norway	13	11	9	11	11	11	8			10
United Kingdom	10	8	6	8	8	8	9			9
Indonesia	-	3	4	2	2	3	3			3
Timor Sea	15	14	15	13	14	14	14			14
Canada	26	25	24	24	25	23	24			24
Nigeria	2	2	3	2	2	2	3			2
Total	66	63	61	60	62	61	61			62
Natural Gas (MMCF/D)
Consolidated
Norway	273	205	222	257	239	259	196			227
United Kingdom	695	623	581	757	664	742	653			697
China	10	9	-	-	5	-	-			-
Indonesia	314	360	361	336	343	449	451			450
Timor Sea	246	231	266	236	245	247	258			253
Vietnam	16	16	21	11	16	17	12			14
Canada	1,101	1,055	1,061	1,001	1,054	1,066	1,174			1,120
Libya	9	9	6	9	8	8	8			8
Nigeria	96	107	116	102	105	104	110			107
Other	77	71	62	50	66	-	-			-
Equity affiliates
Australia	-	-	-	45	11	76	94			85
Total	2,837	2,686	2,696	2,804	2,756	2,968	2,956			2,961
Canadian Syncrude (MB/D)	20	19	24	25	22	23	16			20
Darwin, Australia LNG Sales (MMCF/D)	417	396	464	460	434	438	430			434

7

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 ($/bbl)
Consolidated
Norway	97.27	122.34	115.67	55.95	97.54	46.52	59.76			52.72
United Kingdom	93.96	118.79	107.54	51.14	90.67	43.62	55.62			49.03
Canada	84.49	108.43	99.77	34.36	80.18	33.76	47.46			40.47
China	93.69	120.63	111.93	46.41	91.51	38.17	57.72			48.63
Indonesia	92.48	109.83	108.47	53.08	90.98	42.71	56.00			47.74
Vietnam	98.31	126.11	122.45	54.02	96.57	42.75	58.00			50.15
Timor Sea	93.85	114.20	103.11	38.05	86.91	43.61	47.29			45.43
Libya	95.21	120.86	108.33	53.48	93.22	44.22	57.30			50.83
Nigeria	99.49	126.55	104.25	50.34	96.82	47.20	56.41			51.08
Other	95.73	112.85	103.11	48.42	89.53	43.15	61.26			51.11
Equity affiliates
Canada	57.95	96.78	81.32	9.53	58.54	24.64	46.90			36.69
Russia	70.41	86.00	96.67	42.95	71.15	39.92	55.44			48.28
Total	91.96	117.49	107.99	47.84	90.01	42.17	55.97			48.84
Natural Gas Liquids ($/bbl)
Norway	54.48	59.19	56.67	39.00	53.04	29.21	26.39			27.75
United Kingdom	55.88	66.90	60.43	28.48	53.65	23.76	31.65			28.83
Indonesia	-	70.77	74.37	31.64	62.84	39.49	34.74			37.12
Timor Sea	69.79	74.03	73.79	41.61	64.54	37.99	35.81			36.93
Canada	68.84	83.57	77.49	35.19	66.40	31.38	29.17			30.25
Nigeria	8.46	8.46	8.56	8.56	8.51	8.78	8.79			8.79
Total	62.20	71.40	68.78	35.25	59.70	31.64	30.04			30.80
Natural Gas ($/mcf)
Consolidated
Norway	10.27	11.75	12.79	10.70	11.28	9.68	7.09			8.50
United Kingdom	9.20	10.48	10.20	11.07	10.26	8.75	5.60			7.27
China	3.60	3.69	-	-	3.64	-	-			-
Indonesia	10.33	12.14	12.35	6.17	10.36	4.74	5.91			5.34
Timor Sea	0.79	0.90	0.97	1.17	0.96	1.16	0.66			0.91
Vietnam	1.14	1.12	1.13	1.16	1.13	1.14	1.13			1.14
Canada	7.81	10.19	8.03	5.56	7.92	4.13	2.84			3.45
Libya	0.09	0.09	0.09	0.09	0.09	0.09	0.09			0.09
Nigeria	0.98	1.19	1.25	1.09	1.13	0.84	0.83			0.84
Other	7.49	8.56	9.08	11.51	8.92	-	-			-
Equity affiliates
Australia	-	-	-	2.04	2.04	2.10	2.10			2.10
Total	8.32	10.02	9.13	7.55	8.73	5.76	4.19			4.97
International Exploration Charges ($ Millions)
Dry Holes	69	48	52	68	237	22	36			58
Lease Impairments	18	19	17	29	83	17	21			38
Total Noncash Charges	87	67	69	97	320	39	57			96
Other (G&G and Lease Rentals)	116	111	107	113	447	72	93			165
Total International Exploration Charges	203	178	176	210	767	111	150			261
DD&A ($ Millions)	1,181	1,164	1,322	1,256	4,923	1,170	1,259			2,429

8

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		(52	)			153
United States ($ Millions)	435		587		524		(6	)	1,540		98		(38	)			60
International ($ Millions)	85		77		325		295		782		107		(14	)			93
Market Indicators
U.S. East Coast Crack Spread ($/bbl)	7.79		10.93		10.43		5.66		8.70		10.43		9.13				9.78
U.S. Gulf Coast Crack Spread ($/bbl)	7.90		12.11		14.70		2.80		9.38		9.06		8.39				8.73
U.S. Group Central Crack Spread ($/bbl)	10.26		13.47		14.38		6.00		11.03		9.62		9.16				9.39
U.S. West Coast Crack Spread ($/bbl)	15.37		21.91		16.34		11.46		16.27		15.79		15.11				15.45
U.S. Weighted 3:2:1 Crack Spread ($/bbl)	9.94		14.19		14.07		5.89		11.02		10.88		10.12				10.50
NW Europe Crack Spread ($/bbl)	16.09		25.78		21.10		17.58		20.14		10.81		9.42				10.12
Singapore 3:1:2 Crack Spread ($/bbl)	19.90		29.35		19.10		13.01		20.34		9.45		7.88				8.67
Realized Margins
Refining Margin ($/bbl)
U.S.	8.00		10.29		9.03		6.96		8.57		7.55		4.85				6.08
International	6.42		6.70		11.24		8.31		8.07		6.23		3.01				4.73
Integrated Margin ($/bbl)
U.S.	8.29		10.71		10.38		8.20		9.40		8.23		5.40				6.69
International	8.34		9.11		18.06		13.28		12.06		8.30		4.61				6.58
DD&A ($ Millions)	208		206		211		214		839		211		198				409
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	38		(13	)	(127	)	(71	)	(173	)	(10	)	49				39
Turnaround Expense ($ Millions)	90		170		73		70		403		207		121				328
Eastern U.S.
Crude Oil Charge Input (MB/D)	340		405		412		390		387		346		376				361
Total Charge Input (MB/D)	400		441		450		445		434		363		427				395
Crude Oil Capacity Utilization (%)	80	%	96	%	97	%	92	%	91	%	82	%	89	%			85	%
Clean Product Yield (%)	89	%	87	%	86	%	90	%	88	%	83	%	87	%			85	%
U.S. Gulf Coast
Crude Oil Charge Input (MB/D)	659		720		572		686		659		470		711				591
Total Charge Input (MB/D)	732		810		641		773		739		534		773				654
Crude Oil Capacity Utilization (%)	90	%	98	%	78	%	94	%	90	%	64	%	97	%			81	%
Clean Product Yield (%)	81	%	76	%	77	%	82	%	79	%	81	%	83	%			82	%
Western U.S.
Crude Oil Charge Input (MB/D)	405		343		417		407		393		402		380				391
Total Charge Input (MB/D)	425		396		439		431		422		424		405				415
Crude Oil Capacity Utilization (%)	97	%	82	%	100	%	98	%	94	%	96	%	91	%			94	%
Clean Product Yield (%)	80	%	78	%	82	%	82	%	81	%	79	%	80	%			79	%
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D)	177		182		184		163		177		172		184				178
Total Charge Input (MB/D)	179		184		187		166		179		175		188				181
Crude Oil Capacity Utilization (%)	95	%	97	%	98	%	87	%	94	%	92	%	98	%			95	%
Clean Product Yield (%)	88	%	89	%	93	%	91	%	90	%	90	%	91	%			91	%
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D)	225		241		228		239		233		199		202				200
Total Charge Input (MB/D)	241		258		246		253		250		213		215				214
Crude Oil Capacity Utilization (%)	91	%	97	%	92	%	96	%	94	%	88	%	89	%			89	%
Clean Product Yield (%)	84	%	84	%	85	%	84	%	84	%	81	%	84	%			82	%
TOTAL UNITED STATES
Crude Oil Charge Input (MB/D)	1,806		1,891		1,813		1,885		1,849		1,589		1,852				1,721
Total Charge Input (MB/D)	1,977		2,089		1,963		2,068		2,024		1,709		2,008				1,859
Crude Oil Capacity Utilization (%)	90	%	94	%	90	%	94	%	92	%	80	%	93	%			87	%
Clean Product Yield (%)	83	%	81	%	83	%	85	%	83	%	82	%	84	%			83	%
Refined Products Production (MB/D)
Gasoline	892		876		852		929		887		755		904				830
Distillates	719		775		743		791		757		623		748				686
Other	380		444		380		359		391		338		366				352
Total	1,991		2,095		1,975		2,079		2,035		1,716		2,018				1,868
Petroleum Products Sales (MB/D)
Gasoline	1,070		1,127		1,089		1,227		1,128		1,037		1,180				1,109
Distillates	869		912		858		934		893		749		924				837
Other	384		404		365		342		374		328		378				353
Total	2,323		2,443		2,312		2,503		2,395		2,114		2,482				2,299
* Amount reflects our 50 percent share of the Borger refinery effective January 1, 2009. We had a 65 percent share of Borger in 2008.

9

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		364				408
Total Charge Input (MB/D)	463		479		404		493		460		465		380				423
Crude Oil Capacity Utilization (%)	82	%	84	%	69	%	86	%	81	%	82	%	66	%			74	%
Clean Product Yield (%)	65	%	69	%	74	%	71	%	70	%	72	%	69	%			71	%
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D)	123		123		122		122		122		114		121				118
Total Charge Input (MB/D)	124		124		124		127		125		122		129				125
Crude Oil Capacity Utilization (%)	104	%	104	%	103	%	103	%	104	%	96	%	102	%			99	%
Clean Product Yield (%)	86	%	83	%	89	%	85	%	86	%	87	%	81	%			84	%
TOTAL INTERNATIONAL
Crude Oil Charge Input (MB/D)	578		589		505		597		567		567		485				526
Total Charge Input (MB/D)	587		603		528		620		585		587		509				548
Crude Oil Capacity Utilization (%)	86	%	88	%	75	%	89	%	85	%	85	%	72	%			78	%
Clean Product Yield (%)	70	%	72	%	77	%	74	%	73	%	75	%	72	%			74	%
Refined Products Production (MB/D)
Gasoline	129		155		148		170		151		161		138				149
Distillates	274		274		255		285		272		276		226				251
Other	171		163		120		155		152		139		135				137
Total	574		592		523		610		575		576		499				537
Petroleum Products Sales (MB/D)
Gasoline	139		190		176		144		163		124		157				140
Distillates	321		324		324		336		326		343		289				316
Other	156		169		134		164		156		142		184				163
Total	616		683		634		644		645		609		630				619
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		2,337				2,247
Total Charge Input (MB/D)	2,564		2,692		2,491		2,688		2,609		2,296		2,517				2,407
Crude Oil Capacity Utilization (%)	89	%	93	%	87	%	93	%	90	%	81	%	88	%			85	%
Clean Product Yield (%)	80	%	79	%	82	%	82	%	81	%	80	%	82	%			81	%
Refined Products Production (MB/D)
Gasoline	1,021		1,031		1,000		1,099		1,038		916		1,042				979
Distillates	993		1,049		998		1,076		1,029		899		974				937
Other	551		607		500		514		543		477		501				489
Total	2,565		2,687		2,498		2,689		2,610		2,292		2,517				2,405
Petroleum Products Sales (MB/D)
Gasoline	1,209		1,317		1,265		1,371		1,291		1,161		1,337				1,249
Distillates	1,190		1,236		1,182		1,270		1,219		1,092		1,213				1,153
Other	540		573		499		506		530		470		562				516
Total	2,939		3,126		2,946		3,147		3,040		2,723		3,112				2,918
* 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.

10

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	682			730
Upstream
Production*
Net crude oil production (MB/D)	392		387	371		392		386		386	396			391
Net natural gas production (MMCF/D)	404		363	303		355		356		316	274			295
BOE Total (MBOE/D)	459		448	422		451		445		439	442			441
* Represents our estimated net share of LUKOIL's production.
Industry Prices
Crude Oil ($/bbl)
Urals crude (CIF Mediterranean)	93.01		117.34	113.54		54.66		94.79		43.73	58.49			50.99
Downstream
Refinery Throughput*
Crude Processed (MB/D)	222		215	228		250		229		203	281			242
* Represents our estimated net share of LUKOIL's crude processed.
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(2	)	3	(17	)	(11	)	(27	)	2	12			14

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	31			154
U.S. Equity Affiliate ($ Millions)*	118	137	153	50	458	90	12			102
Natural Gas Liquids Extracted (MB/D)
Consolidated
United States	-	-	-	-	-	-	-			-
International	-	-	-	-	-	-	-			-
Equity Affiliates
United States*	190	188	169	175	180	165	180			173
International	8	8	7	7	8	7	8			7
Total	198	196	176	182	188	172	188			180
* Represents 50 percent interest in DCP Midstream.
Natural Gas Liquids Fractionated (MB/D)
United States*	141	149	166	150	151	144	157			150
International	13	13	15	15	14	16	17			17
Total	154	162	181	165	165	160	174			167
* Excludes DCP Midstream.
Product Prices
Weighted Average NGL ($/bbl)*
Consolidated	60.09	68.21	67.39	29.49	56.29	26.04	29.99			28.01
DCP Midstream	56.48	62.53	60.46	28.85	52.08	23.86	26.02			24.94
* Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.
DD&A ($ Millions)	2	1	2	1	6	2	1			3

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	67			90
Industry Margins (Cents/Lb)*
Ethylene industry cash margin		10.6	10.2	16.0	15.3		13.0	7.0	6.7			6.8
HDPE industry contract sales margin		14.9	15.0	23.4	22.5		19.0	18.2	24.5			21.3
Styrene industry contract sales margin		11.6	11.3	14.4	16.0		13.3	14.8	13.9			14.3
*	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		-		2				2
Detail of Net Income (Loss)
Attributable to ConocoPhillips     ($ Millions)
Power	27		26		53		-		106		24		27				51
Other	(15	)	(18	)	(18	)	(25	)	(76	)	(24	)	(25	)			(49	)
Total	12		8		35		(25	)	30		-		2				2
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(1	)	1		(2	)	(5	)	(7	)	(1	)	4				3

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	)	(157	)			(416	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips      ($ Millions)
Net interest expense	(108	)	(119	)	(149	)	(182	)	(558	)	(190	)	(175	)			(365	)
Corporate overhead	(44	)	(68	)	(41	)	(49	)	(202	)	(41	)	(31	)			(72	)
Other	(27	)	1		(91	)	(157	)	(274	)	(28	)	49				21
Total	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)	(157	)			(416	)

Before-Tax Net Interest Expense     ($ Millions)
Interest expense	(319	)	(324	)	(326	)	(362	)	(1,331	)	(387	)	(360	)	(747	)
Capitalized interest	157		157		130		125		569		118		131		249
Interest revenue	72		14		28		14		128		40		10		50
Premium on early debt retirement	(14	)	-		-		(1	)	(15	)	(2	)	-		(2	)
Total	(104	)	(153	)	(168	)	(224	)	(649	)	(231	)	(219	)	(450	)
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(3	)	41		(56	)	(54	)	(72	)	(1	)	79		78
Debt
Total Debt ($ Millions)	21,492		21,924		22,100		27,455		27,455		29,379		30,364		30,364
Debt-to-Capital Ratio	19	%	19	%	19	%	33	%	33	%	34	%	34	%	34	%
Common Stockholders' Equity     ($ Millions)	89,575		92,398		92,876		55,165		55,165		55,095		58,929		58,929

12