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): January 27, 2010

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 January 27, 2010, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended December 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 January 27, 2010.

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
January 27, 2010

3

EXHIBIT INDEX

Exhibit
No.	Description
99.1	Press release issued by ConocoPhillips on January 27, 2010.
99.2	Supplemental financial information.

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Fourth-Quarter Earnings of $1.2 Billion

HOUSTON--(BUSINESS WIRE)--January 27, 2010--ConocoPhillips (NYSE:COP):

Highlights

• Fourth-quarter adjusted earnings of $1.7 billion
• E&P production up more than 3 percent for the year, with international crude oil projects adding about 125,000 BOE per day
• Cost reduction targets exceeded
• Sanctioned Surmont Phase 2

ConocoPhillips (NYSE:COP) today reported fourth-quarter adjusted earnings of $1.7 billion. For the quarter, cash from operations was $5.1 billion, which was used to fund capital of $3.1 billion and pay dividends of $0.7 billion. Debt was reduced to $28.7 billion, resulting in a year-end debt-to-capital ratio of 31 percent.

“Our upstream business performed well during this quarter and throughout 2009,” said Jim Mulva, chairman and chief executive officer. “E&P full-year production was 65,000 BOE per day higher than 2008 production due to project ramp-ups and high operating efficiency. North American natural gas prices were improved slightly from the third quarter but for the year still lagged behind 2008 levels, negatively impacting both 2009 production volumes and earnings. In downstream, our utilization rates were significantly impacted by reduced run rates due to low worldwide refining margins.”

Full-year 2009 production in Exploration and Production (E&P) was 1.85 million barrels of oil equivalent (BOE) per day, compared with 1.79 million BOE per day in 2008. The increase was mainly due to approximately 125,000 BOE per day of new production from major oil project developments in the United Kingdom, China, Canada, Norway, Vietnam and Russia. Production also increased due to lower unplanned downtime and reduced impacts from production sharing arrangements, partially offset by base field decline and increased planned downtime. For the year, total production including the company’s share of LUKOIL was 2.29 million BOE per day.

For 2009, the company achieved cost reductions of $1.9 billion, or $1.7 billion adjusted for severance accruals. This is a decrease of approximately 12 percent for the year, exceeding the original target of $1.4 billion, or 10 percent. Market factors such as foreign currency and lower energy costs contributed about 60 percent of the reductions. In addition, savings were realized through the renegotiation of service and supply contracts, work force reductions and an ongoing focus on costs.

“With respect to exploration, we had three potentially significant discoveries in 2009, including the company-operated Poseidon discovery in the Browse Basin off the northwest coast of Australia. In the Gulf of Mexico, we participated in two Lower Tertiary discoveries, Tiber and Shenandoah. In addition, as recently announced, we added to our Lower Tertiary position by acquiring interest in 21 blocks in exchange for a share of our Chukchi Sea acreage offshore Alaska. Elsewhere, the company continues to see good results from our Eagle Ford shale gas play activities, and we have commenced drilling on our Muskwa shale gas acreage in British Columbia, Canada.”

The company recently announced plans to expand the Surmont heavy oil project in Canada, in which ConocoPhillips holds a 50 percent ownership. The Phase 2 Project, slated to begin initial construction in 2010, is expected to increase the company’s Surmont production from 10,000 to 50,000 net barrels per day, with plateau production expected in 2017. In China, production from the company-operated Bohai Bay facilities increased to approximately 45,000 net barrels of oil per day as the company progresses toward final completion of the Phase 2 development project. In addition, ConocoPhillips’ North Belut Field in Indonesia achieved first production during fourth-quarter 2009.

“In our downstream segment, we are responding to a difficult market by lowering utilization, reducing discretionary capital expenditures, managing costs and optimizing turnaround timing. In the fourth quarter our worldwide refining crude oil capacity utilization rate was 76 percent,” Mulva added. “As announced earlier, the upgrade project at the Wilhelmshaven, Germany refinery has been deferred.”

Consistent with plans to increase returns and improve its financial position, the company also announced a two-year, $10 billion asset disposition initiative and an $11.2 billion 2010 capital program. Approximately 86 percent of the 2010 capital program will be in support of the company’s E&P segment, while the Refining and Marketing segment represents 12 percent of the program. More information on the company's plans will be presented on March 24 when ConocoPhillips holds its annual analyst meeting.

2009 Financial Highlights

Fourth-quarter 2009 adjusted earnings were $1.7 billion, or $1.16 per share, compared with adjusted earnings of $1.9 billion, or $1.28 per share for the same period in 2008. Fourth-quarter 2009 adjusted earnings decreased versus fourth-quarter 2008 adjusted earnings primarily due to lower refining and marketing margins, volumes, and natural gas prices. The decrease was partially offset by higher earnings from improved crude oil prices, as well as lower costs across the company. For the fourth quarter of 2009, ConocoPhillips reported earnings of $1.2 billion, or $0.81 per share, reflecting impairments primarily related to certain mature natural gas properties in western Canada and the company’s equity investment in Naryanmarneftegaz. This compares with a loss of $31.8 billion, or $21.37 per share, from the same period in 2008.

ConocoPhillips’ full-year 2009 adjusted earnings were $5.4 billion, compared with full-year 2008 adjusted earnings of $16.4 billion. The 2009 adjusted earnings were lower than 2008 adjusted earnings primarily due to lower commodity prices and margins, partially offset by higher volumes and lower costs. Full-year 2009 earnings were $4.9 billion, compared with a loss of $17.0 billion in 2008.

Adjusted Earnings
	Millions of Dollars
	Fourth Quarter						Year Ended
	2009			2008			2009			2008
Exploration and Production (E&P)	$	1,708		$	1,392		$	4,131		$	12,072
Midstream		97			69			225			541
Refining and Marketing (R&M)		(204	)		753			115			2,672
LUKOIL Investment		388			-			1,663			1,922
Chemicals		54			(6	)		248			110
Emerging Businesses		3			60			3			115
Corporate and Other		(311	)		(354	)		(1,013	)		(1,000	)
ConocoPhillips	$	1,735		$	1,914		$	5,372		$	16,432
Earnings*
	Millions of Dollars
	Fourth Quarter						Year Ended
	2009			2008			2009			2008
Exploration and Production (E&P)	$	1,201		$	(24,293	)	$	3,604		$	(13,479	)
Midstream		97			69			313			541
Refining and Marketing (R&M)		(215	)		289			37			2,322
LUKOIL Investment		388			(7,410	)		1,663			(5,488	)
Chemicals		54			(6	)		248			110
Emerging Businesses		3			(25	)		3			30
Corporate and Other		(311	)		(388	)		(1,010	)		(1,034	)
ConocoPhillips	$	1,217		$	(31,764	)	$	4,858		$	(16,998	)
*Net income attributable to ConocoPhillips

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/EN/investor/financial_reports/earnings_reports/Pages/index.aspx.

ConocoPhillips is an international, integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 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; and 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, adjusted earnings per share, and costs adjusted for severance accruals. These are non-GAAP financial measures and are included to help facilitate comparisons of company operating performance across periods. A reconciliation of earnings to adjusted earnings is shown in the tables below.

Reconciliation of Earnings to Adjusted Earnings
	Millions of Dollars Except Per Share Amounts
	Fourth Quarter						Year Ended
	2009			2008			2009			2008
Consolidated
Earnings (loss)	$	1,217		$	(31,764	)	$	4,858		$	(16,998	)
Less:
Goodwill impairment		-			25,443			-			25,443
LUKOIL investment impairment		-			7,410			-			7,410
Impairments - other		573			1,251			729			1,292
Net gain on asset sales/share issuance		(55	)		(525	)		(175	)		(814	)
Severance accruals		-			99			(40	)		99
Adjusted earnings	$	1,735		$	1,914		$	5,372		$	16,432
Earnings (loss) per share of common stock	$	0.81		$	(21.37	)	$	3.24		$	(11.16	)
Adjusted earnings per share of common stock	$	1.16		$	1.28	*	$	3.58		$	10.66	*
*Based on adjusted diluted shares of 1,497.8 million and 1,540.8 million for fourth-quarter 2008 and year-end 2008, respectively.
E&P
Earnings (loss)	$	1,201		$	(24,293	)	$	3,604		$	(13,479	)
Less:
Goodwill impairment		-			25,443			-			25,443
Impairments - other		562			599			613			627
Net gain on asset sales		(55	)		(428	)		(55	)		(590	)
Severance accruals		-			71			(31	)		71
Adjusted earnings	$	1,708		$	1,392		$	4,131		$	12,072
Midstream
Earnings	$	97		$	69		$	313		$	541
Less: Gain on share issuance by equity affiliate		-			-			(88	)		-
Adjusted earnings	$	97		$	69		$	225		$	541
R&M
Earnings (loss)	$	(215	)	$	289		$	37		$	2,322
Less:
Impairments		11			537			116			550
Net gain on asset sales		-			(97	)		(32	)		(224	)
Severance accruals		-			24			(6	)		24
Adjusted earnings (loss)	$	(204	)	$	753		$	115		$	2,672
LUKOIL Investment
Earnings (loss)	$	388		$	(7,410	)	$	1,663		$	(5,488	)
Less: Impairment		-			7,410			-			7,410
Adjusted earnings	$	388		$	-		$	1,663		$	1,922
Emerging Businesses
Earnings (loss)	$	3		$	(25	)	$	3		$	30
Less: Impairment		-			85			-			85
Adjusted earnings	$	3		$	60		$	3		$	115
Corporate
Earnings (loss)	$	(311	)	$	(388	)	$	(1,010	)	$	(1,034	)
Less:
Impairments		-			30			-			30
Severance accruals		-			4			(3	)		4
Adjusted earnings (loss)	$	(311	)	$	(354	)	$	(1,013	)	$	(1,000	)

CONTACT:
ConocoPhillips
Nancy Turner, 281-293-1430 (media)
nancy.e.turner@conocophillips.com
or
Clayton Reasor, 281-293-4464 (investors)
c.c.reasor@conocophillips.com

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		40,173		42,979		149,341
Equity in earnings of affiliates	1,359		1,812		1,214		(135	)	4,250		415		1,076		1,015		475		2,981
Other income	310		130		115		535		1,090		124		106		117		171		518
	56,552		73,353		71,373		44,904		246,182		31,280		36,630		41,305		43,625		152,840
Costs and Expenses
Purchased crude oil, natural gas and products	37,820		51,214		49,608		30,021		168,663		19,759		24,609		28,008		30,057		102,433
Production and operating expenses	2,691		3,111		3,059		2,957		11,818		2,545		2,573		2,534		2,687		10,339
Selling, general and administrative expenses	526		629		513		561		2,229		475		476		427		452		1,830
Exploration expenses	309		288		267		473		1,337		225		243		386		328		1,182
Depreciation, depletion and amortization	2,209		2,178		2,361		2,264		9,012		2,230		2,347		2,327		2,391		9,295
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		-		56		425		484
Taxes other than income taxes*	5,155		5,796		5,619		4,067		20,637		3,464		3,715		4,205		4,145		15,529
Accretion on discounted liabilities	104		96		114		104		418		104		108		96		114		422
Interest and debt expense	207		210		239		279		935		310		268		336		375		1,289
Foreign currency transaction (gains) losses	(43	)	-		54		106		117		131		(142	)	(17	)	(18	)	(46	)
	48,984		63,541		61,891		75,289		249,705		29,246		34,248		38,358		40,956		142,808
Income (loss) before income taxes	7,568		9,812		9,482		(30,385	)	(3,523	)	2,034		2,382		2,947		2,669		10,032
Provision for income taxes	3,410		4,356		4,279		1,360		13,405		1,178		1,068		1,427		1,423		5,096
Net Income (Loss)	4,158		5,456		5,203		(31,745	)	(16,928	)	856		1,314		1,520		1,246		4,936
Less: net income attributable to
noncontrolling interests	(19	)	(17	)	(15	)	(19	)	(70	)	(16	)	(16	)	(17	)	(29	)	(78	)
Net Income (Loss) Attributable to ConocoPhillips	4,139		5,439		5,188		(31,764	)	(16,998	)	840		1,298		1,503		1,217		4,858
* Includes excise taxes on petroleum products sales:	3,857		4,091		4,022		3,448		15,418		3,060		3,316		3,538		3,411		13,325
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		1.00		0.82		3.26
Diluted	2.62		3.50		3.39		(21.37	)	(11.16	)	0.56		0.87		1.00		0.81		3.24
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		1,488,352		1,489,811		1,487,650
Diluted	1,582,025		1,555,447		1,528,187		1,486,204		1,523,432		1,495,247		1,495,700		1,498,204		1,500,983		1,497,608
** For the purpose of the earnings-per-share calculation only, third-quarter and twelve-month 2009 net income attributable to ConocoPhillips has been reduced $12 million for the excess of the amount paid for the redemption of a noncontrolling interest over its carrying value, which was charged directly to retained earnings.

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		327		667		1,503
International E&P	1,538		2,147		2,322		969		6,976		527		389		651		534		2,101
Goodwill Impairment	-		-		-		(25,443	)	(25,443	)	-		-		-		-		-
Total E&P	2,887		3,999		3,928		(24,293	)	(13,479	)	700		725		978		1,201		3,604
Midstream	137		162		173		69		541		123		31		62		97		313
U.S. R&M	435		587		524		(6	)	1,540		98		(38	)	73		(325	)	(192	)
International R&M	85		77		325		295		782		107		(14	)	26		110		229
Total R&M	520		664		849		289		2,322		205		(52	)	99		(215	)	37
LUKOIL Investment	710		774		438		(7,410	)	(5,488	)	48		682		545		388		1,663
Chemicals	52		18		46		(6	)	110		23		67		104		54		248
Emerging Businesses	12		8		35		(25	)	30		-		2		(2	)	3		3
Corporate and Other	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)	(157	)	(283	)	(311	)	(1,010	)
Consolidated	4,139		5,439		5,188		(31,764	)	(16,998	)	840		1,298		1,503		1,217		4,858

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		2,518		145		7,605		283		502		505		1,000		2,290
International E&P	3,832		5,222		5,143		2,442		16,639		1,498		1,311		1,855		1,828		6,492
Goodwill Impairment	-		-		-		(25,443	)	(25,443	)	-		-		-		-		-
Total E&P	5,926		8,070		7,661		(22,856	)	(1,199	)	1,781		1,813		2,360		2,828		8,782
Midstream	206		243		260		93		802		202		50		93		139		484
U.S. R&M	717		938		852		(33	)	2,474		163		13		116		(448	)	(156	)
International R&M	101		32		442		421		996		150		(37	)	25		99		237
Total R&M	818		970		1,294		388		3,470		313		(24	)	141		(349	)	81
LUKOIL Investment	729		795		451		(7,414	)	(5,439	)	42		687		557		395		1,681
Chemicals	54		-		64		7		125		32		82		131		50		295
Emerging Businesses	15		17		45		(53	)	24		(5	)	(2	)	(6	)	-		(13	)
Corporate and Other	(180	)	(283	)	(293	)	(550	)	(1,306	)	(331	)	(224	)	(329	)	(394	)	(1,278	)
Consolidated	7,568		9,812		9,482		(30,385	)	(3,523	)	2,034		2,382		2,947		2,669		10,032
* 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	%	33.3	%	34.3	%
International E&P	59.6	%	58.7	%	54.7	%	59.8	%	57.8	%	64.1	%	69.4	%	64.1	%	69.3	%	66.6	%
Total E&P	51.1	%	50.3	%	48.6	%	-6.2	%	-1020.8	%	60.0	%	59.3	%	57.9	%	56.5	%	58.2	%
Midstream	33.5	%	33.3	%	33.5	%	25.8	%	32.5	%	39.1	%	40.0	%	33.3	%	30.2	%	35.3	%
U.S. R&M	39.2	%	37.4	%	38.6	%	81.8	%	37.8	%	39.9	%	384.6	%	35.3	%	27.5	%	-20.5	%
International R&M	15.8	%	-140.6	%	26.5	%	29.9	%	21.5	%	28.7	%	62.2	%	0.0	%	-11.1	%	3.8	%
Total R&M	36.3	%	31.5	%	34.5	%	25.5	%	33.1	%	34.5	%	-112.5	%	29.1	%	38.4	%	50.6	%
LUKOIL Investment	2.5	%	2.8	%	2.7	%	0.1	%	-0.9	%	-14.3	%	0.9	%	2.0	%	1.8	%	1.1	%
Chemicals	3.7	%	-		28.1	%	185.7	%	12.0	%	28.1	%	17.1	%	21.4	%	-10.0	%	15.9	%
Emerging Businesses	20.0	%	52.9	%	22.2	%	52.8	%	-25.0	%	100.0	%	200.0	%	66.7	%	--		123.1	%
Corporate and Other	5.0	%	36.7	%	6.1	%	30.7	%	23.0	%	22.7	%	31.3	%	14.3	%	21.3	%	21.6	%
Consolidated	45.1	%	44.4	%	45.1	%	-4.5	%	-380.5	%	57.9	%	44.8	%	48.4	%	53.3	%	50.8	%

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		1,535		1,835		6,641
Taxes other than income taxes	5,155		5,796		5,619		4,067		20,637		3,464		3,715		4,205		4,145		15,529
Less: Excise taxes*	(3,857	)	(4,091	)	(4,022	)	(3,448	)	(15,418	)	(3,060	)	(3,316	)	(3,538	)	(3,411	)	(13,325	)
Estimated Taxes Paid	2,947		6,461		5,442		3,491		18,341		1,750		2,324		2,202		2,569		8,845
* 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 (loss) on asset sales	4		12		-		11		27		-		-		-		-		-
Impairments	-		-		-		(403	)	(403	)	-		-		-		(29	)	(29	)
Severance accrual	-		-		-		(43	)	(43	)	-		-		20		-		20
Total	4		12		-		(435	)	(419	)	-		-		20		(29	)	(9	)
International E&P
Gain (loss) on asset sales	8		-		138		417		563		-		-		-		55		55
Impairments	-		-		(28	)	(196	)	(224	)	-		(51	)	-		(533	)	(584	)
Severance accrual	-		-		-		(28	)	(28	)	-		-		11		-		11
Asset retirement	-		-		-		-		-		-		(37	)	-		-		(37	)
Total	8		-		110		193		311		-		(88	)	11		(478	)	(555	)
Goodwill impairment	-		-		-		(25,443	)	(25,443	)	-		-		-		-		-
Total E&P	12		12		110		(25,685	)	(25,551	)	-		(88	)	31		(507	)	(564	)
Midstream
Gain on share issuance by equity affiliate	-		-		-		-		-		88		-		-		-		88
Total	-		-		-		-		-		88		-		-		-		88
U.S. R&M
Gain (loss) on asset sales	116		8		2		(5	)	121		-		-		32		-		32
Impairments	(3	)	(10	)	-		(357	)	(370	)	-		(72	)	(33	)	(11	)	(116	)
Severance accrual	-		-		-		(23	)	(23	)	-		-		6		-		6
Pending claims and settlements	-		-		-		-		-		(25	)	-		(33	)	-		(58	)
Total	113		(2	)	2		(385	)	(272	)	(25	)	(72	)	(28	)	(11	)	(136	)
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	)	(28	)	(11	)	(136	)
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		-		-		(7	)	-		(7	)
Impairments	-		-		-		(30	)	(30	)	-		-		-		-		-
Severance accrual	-		-		-		(4	)	(4	)	-		-		3		-		3
Total	35		-		-		(34	)	1		-		-		(4	)	-		(4	)
Total Company	160		11		112		(33,678	)	(33,395	)	63		(160	)	(1	)	(518	)	(616	)

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		1,314		1,520		1,246		4,936
Depreciation, depletion and amortization	2,209		2,178		2,361		2,264		9,012		2,230		2,347		2,327		2,391		9,295
Impairments	6		19		57		34,457		34,539		3		51		56		425		535
Dry hole costs and leasehold impairments	154		127		118		299		698		123		115		233		135		606
Accretion on discounted liabilities	104		96		114		104		418		104		108		96		114		422
Deferred income taxes	(17	)	28		48		(487	)	(428	)	(219	)	(377	)	(268	)	(245	)	(1,109	)
Undistributed equity earnings	(987	)	(1,001	)	(542	)	921		(1,609	)	(322	)	(770	)	(726	)	114		(1,704	)
Net gain on asset dispositions	(181	)	(32	)	(133	)	(545	)	(891	)	(39	)	3		(52	)	(72	)	(160	)
Other*	(183	)	67		(69	)	(949	)	(1,134	)	(2	)	177		(326	)	347		196
Net working capital changes	1,324		(1,503	)	357		(1,197	)	(1,019	)	(849	)	(401	)	73		639		(538	)
Net Cash Provided by
Operating Activities	6,587		5,434		7,515		3,122		22,658		1,885		2,567		2,933		5,094		12,479
Cash Flows from Investing Activities
Capital expenditures & investments	(3,322	)	(3,398	)	(3,815	)	(8,564	)	(19,099	)	(2,906	)	(2,672	)	(2,598	)	(2,685	)	(10,861	)
Proceeds from asset dispositions	370		71		288		911		1,640		86		146		706		332		1,270
Long-term advance to/collections from
affiliates and other investments	(60	)	(83	)	(209	)	195		(157	)	(106	)	(56	)	(29	)	(153	)	(344	)
Net Cash Used for Investing Activities	(3,012	)	(3,410	)	(3,736	)	(7,458	)	(17,616	)	(2,926	)	(2,582	)	(1,921	)	(2,506	)	(9,935	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(202	)	426		183		5,353		5,760		1,931		989		104		(1,795	)	1,229
Issuance of stock	7		178		(3	)	16		198		(21	)	-		10		24		13
Repurchase of stock	(2,496	)	(2,512	)	(2,492	)	(749	)	(8,249	)	-		-		-		-		-
Dividends	(730	)	(719	)	(710	)	(695	)	(2,854	)	(696	)	(697	)	(697	)	(742	)	(2,832	)
Other	(196	)	(44	)	(186	)	(193	)	(619	)	(203	)	(203	)	(685	)	(174	)	(1,265	)
Net Cash Provided by (Used for)
Financing Activities	(3,617	)	(2,671	)	(3,208	)	3,732		(5,764	)	1,011		89		(1,268	)	(2,687	)	(2,855	)
Effect of Exchange Rate Changes	9		11		(242	)	243		21		77		12		9		-		98
Net Change in Cash
and Cash Equivalents	(33	)	(636	)	329		(361	)	(701	)	47		86		(247	)	(99	)	(213	)
Cash and cash equivalents
at beginning of period	1,456		1,423		787		1,116		1,456		755		802		888		641		755
Cash and Cash Equivalents
at End of Period	1,423		787		1,116		755		755		802		888		641		542		542
* 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		2,202		2,262		8,899
Loans and advances	67		85		26		(18	)	160		88		33		32		22		175
Joint venture acquisition obligation--principal	145		148		149		151		593		153		156		157		159		625
E&P total	3,030		3,039		3,254		7,886		17,209		2,617		2,248		2,391		2,443		9,699
Midstream*	-		-		-		4		4		1		3		-		1		5
R&M
Capital expenditures and investments	363		510		674		722		2,269		496		523		352		355		1,726
Loans and advances	-		2		1		-		3		-		-		150		200		350
R&M total	363		512		675		722		2,272		496		523		502		555		2,076
LUKOIL Investment*	-		-		-		-		-		-		-		-		-		-
Chemicals*	-		-		-		-		-		-		-		-		-		-
Emerging Businesses*	61		51		25		19		156		17		56		16		8		97
Corporate and Other*	80		31		37		66		214		16		31		28		59		134
Total Capital Program	3,534		3,633		3,991		8,697		19,855		3,147		2,861		2,937		3,066		12,011
* 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		725		978		1,201	3,604
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D)	1,794		1,750	1,748	1,867		1,789		1,925		1,872		1,791		1,828	1,854
E&P segment plus LUKOIL Investment segment:	2,253		2,198	2,170	2,318		2,234		2,364		2,314		2,215		2,259	2,288
Crude Oil and Condensate (MB/D)
Consolidated	758		731	718	803		752		817		763		725		763	767
Equity affiliates	45		41	63	67		54		84		96		104		109	98
Total	803		772	781	870		806		901		859		829		872	865
Sales of Crude Oil Produced (MB/D)	773		803	776	853		801		911		860		846		855	868
Natural Gas Liquids (MB/D)	154		156	148	155		153		153		155		146		157	153
Natural Gas (MMCF/D)
Consolidated	4,900		4,818	4,769	4,854		4,836		5,011		4,957		4,658		4,556	4,793
Equity affiliates	-		-	-	45		11		76		94		88		76	84
Total	4,900		4,818	4,769	4,899		4,847		5,087		5,051		4,746		4,632	4,877
Canadian Syncrude (MB/D)	20		19	24	25		22		23		16		25		27	23
Industry Prices (Platt's)
Crude Oil ($/bbl)
WTI spot	97.94		123.98	117.83	58.49		99.56		42.97		59.54		68.19		76.06	61.69
Brent dated	96.90		121.38	114.78	54.91		96.99		44.40		58.79		68.28		74.56	61.51
Natural Gas ($/mmbtu)
Henry Hub -- First of Month	8.03		10.94	10.25	6.95		9.04		4.91		3.51		3.39		4.16	3.99
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Consolidated	94.71		119.24	114.20	55.11		95.15		42.36		56.11		67.01		73.31	59.34
Equity affiliates	62.78		93.20	88.32	25.35		63.89		33.61		51.89		58.07		63.12	52.74
Total	92.88		118.01	112.19	52.82		93.12		41.56		55.63		65.92		72.05	58.60
Natural Gas Liquids ($/bbl)	60.14		68.42	68.81	32.57		57.43		27.53		28.73		34.62		44.37	34.01
Natural Gas ($/MCF)
Consolidated	8.03		9.87	8.91	6.37		8.28		4.98		3.72		3.69		4.81	4.30
Equity affiliates	-		-	-	2.04		2.04		2.10		2.10		2.57		2.62	2.35
Total	8.03		9.87	8.91	6.32		8.27		4.93		3.69		3.67		4.77	4.26
Exploration Charges ($ Millions)
Dry holes	94		68	58	205		425		80		66		162		51	359
Lease impairments	60		59	60	94		273		43		49		71		84	247
Total Noncash Charges	154		127	118	299		698		123		115		233		135	606
Other (G&G and Lease rentals)	155		161	149	174		639		102		128		153		193	576
Total Exploration Charges	309		288	267	473		1,337		225		243		386		328	1,182
Depreciation, Depletion and
Amortization (DD&A) ($ Millions)	1,946		1,940	2,123	2,019		8,028		1,994		2,127		2,082		2,134	8,337
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(10	)	2	118	106		216		(98	)	(22	)	(11	)	20	(111	)

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		336		327		667	1,503
Alaska ($ Millions)	603	700	556	456		2,315	244		404		356		536	1,540
Lower 48 ($ Millions)	746	1,152	1,050	(275	)	2,673	(71	)	(68	)	(29	)	131	(37	)
Production
Total U.S. (MBOE/D)	783	787	736	790		775	791		771		737		722	755
Crude Oil and Condensate (MB/D)
Alaska	254	244	218	258		244	254		236		218		234	235
Lower 48	97	95	85	88		91	92		92		91		89	91
Total	351	339	303	346		335	346		328		309		323	326
Sales of Crude Oil Produced (MB/D)	344	353	299	340		334	358		349		304		331	336
Natural Gas Liquids (MB/D)*
Alaska	19	17	13	20		17	21		16		11		18	17
Lower 48	69	76	74	75		74	71		78		77		76	75
Total	88	93	87	95		91	92		94		88		94	92
*Includes reinjection volumes sold lease-to-lease:	13	11	8	11		11	12		11		7		7	9
Natural Gas (MMCF/D)
Alaska	100	98	102	88		97	92		83		105		95	94
Lower 48	1,963	2,034	1,971	2,007		1,994	2,027		2,012		1,938		1,736	1,927
Total	2,063	2,132	2,073	2,095		2,091	2,119		2,095		2,043		1,831	2,021
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Alaska
North Slope	89.07	112.23	115.11	57.63		92.73	35.21		49.42		61.80		68.03	52.98
West Coast	95.47	118.88	121.51	64.13		99.23	41.75		55.24		67.91		74.34	59.19
Lower 48	90.35	118.06	112.36	49.36		92.77	37.32		54.81		62.27		69.91	56.06
Total U.S.	94.02	118.66	118.90	60.32		97.47	40.60		55.13		66.22		73.14	58.34
Natural Gas Liquids ($/bbl)
Alaska	94.27	117.24	119.29	64.23		94.29	41.76		55.68		67.45		74.60	60.46
Lower 48	55.33	62.27	65.11	26.70		52.28	22.41		25.80		30.61		39.23	29.65
Total U.S.	58.33	65.96	68.84	30.61		55.63	24.52		27.73		32.45		43.72	32.36
Natural Gas ($/MCF)
Alaska	4.31	3.81	4.36	4.90		4.38	7.69		6.38		4.87		5.22	6.25
Lower 48	7.67	9.74	8.67	4.76		7.71	3.76		2.97		2.98		4.03	3.42
Total U.S.	7.63	9.69	8.64	4.76		7.67	3.82		3.00		2.99		4.05	3.45
Kenai, Alaska LNG Sales
Volume (MMCF/D)	63	72	89	74		74	43		47		82		64	59
Sales price per MCF	6.72	7.15	7.77	8.65		7.62	6.29		7.20		8.29		11.02	8.45
U.S. Exploration Charges ($ Millions)
Dry holes	25	20	6	137		188	58		30		49		29	166
Lease impairments	42	40	43	65		190	26		28		27		62	143
Total Noncash Charges	67	60	49	202		378	84		58		76		91	309
Other (G&G and Lease rentals)	39	50	42	61		192	30		35		58		72	195
Total U.S. Exploration Charges	106	110	91	263		570	114		93		134		163	504
Alaska Only	11	25	19	45		100	34		8		11		17	70
DD&A ($ Millions)
Alaska	149	163	152	186		650	173		185		167		169	694
Lower 48	616	613	649	577		2,455	651		683		671		642	2,647
Total U.S.	765	776	801	763		3,105	824		868		838		811	3,341

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	389	651	534	2,101
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D)	1,011	963	1,012	1,077	1,014	1,134	1,101	1,054	1,106	1,099
Crude Oil and Condensate (MB/D)
Consolidated
Norway	153	145	164	163	156	161	147	143	151	151
United Kingdom	48	49	57	78	58	79	76	64	72	73
Canada	23	24	25	27	25	24	23	24	22	23
China	33	32	31	36	33	40	41	53	60	49
Indonesia	16	15	15	15	15	26	16	9	10	15
Vietnam	20	18	19	28	21	36	31	27	24	29
Timor Sea	23	21	22	20	22	21	21	21	22	21
Libya	47	48	42	50	47	43	43	45	48	45
Nigeria	20	18	18	17	18	17	16	16	17	17
Other	24	22	22	23	22	24	21	14	14	18
Total consolidated	407	392	415	457	417	471	435	416	440	441
Equity affiliates
Canada	29	25	32	35	30	35	41	45	52	43
Russia	16	16	31	32	24	49	55	59	57	55
Total equity affiliates	45	41	63	67	54	84	96	104	109	98
Total	452	433	478	524	471	555	531	520	549	539
Sales of crude oil produced (MB/D)	429	450	477	513	467	553	511	542	524	532
Natural Gas Liquids (MB/D)
Norway	13	11	9	11	11	11	8	7	9	9
United Kingdom	10	8	6	8	8	8	9	7	9	8
Indonesia	-	3	4	2	2	3	3	3	4	4
Timor Sea	15	14	15	13	14	14	14	15	14	14
Canada	26	25	24	24	25	23	24	23	24	24
Nigeria	2	2	3	2	2	2	3	3	3	2
Total	66	63	61	60	62	61	61	58	63	61
Natural Gas (MMCF/D)
Consolidated
Norway	273	205	222	257	239	259	196	188	225	217
United Kingdom	695	623	581	757	664	742	653	514	728	659
China	10	9	-	-	5	-	-	-	-	-
Indonesia	314	360	361	336	343	449	451	443	450	447
Timor Sea	246	231	266	236	245	247	258	266	233	251
Vietnam	16	16	21	11	16	17	12	17	16	15
Canada	1,101	1,055	1,061	1,001	1,054	1,066	1,174	1,063	945	1,062
Libya	9	9	6	9	8	8	8	12	12	10
Nigeria	96	107	116	102	105	104	110	112	116	111
Other	77	71	62	50	66	-	-	-	-	-
Total consolidated	2,837	2,686	2,696	2,759	2,745	2,892	2,862	2,615	2,725	2,772
Equity affiliates
Australia	-	-	-	45	11	76	94	88	76	84
Total	2,837	2,686	2,696	2,804	2,756	2,968	2,956	2,703	2,801	2,856
Canadian Syncrude (MB/D)	20	19	24	25	22	23	16	25	27	23
Darwin, Australia LNG Sales (MMCF/D)	417	396	464	460	434	438	430	453	391	428

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 ($/bbl)
Consolidated
Norway	97.27	122.34	115.67	55.95	97.54	46.52	59.76	69.00	74.39	62.08
United Kingdom	93.96	118.79	107.54	51.14	90.67	43.62	55.62	67.27	73.26	58.51
Canada	84.49	108.43	99.77	34.36	80.18	33.76	47.46	56.78	59.35	49.16
China	93.69	120.63	111.93	46.41	91.51	38.17	57.72	65.97	73.72	61.33
Indonesia	92.48	109.83	108.47	53.08	90.98	42.71	56.00	86.28	78.63	58.65
Vietnam	98.31	126.11	122.45	54.02	96.57	42.75	58.00	70.27	79.64	60.97
Timor Sea	93.85	114.20	103.11	38.05	86.91	43.61	47.29	59.54	65.71	54.07
Libya	95.21	120.86	108.33	53.48	93.22	44.22	57.30	67.93	73.99	62.38
Nigeria	99.49	126.55	104.25	50.34	96.82	47.20	56.41	72.19	76.04	63.09
Other	95.73	112.85	103.11	48.42	89.53	43.15	61.26	64.67	76.81	59.84
Total consolidated	95.32	119.75	110.84	51.15	93.30	43.70	56.93	67.56	73.45	60.11
Equity affiliates
Canada	57.95	96.78	81.32	9.53	58.54	24.64	46.90	49.81	55.07	45.69
Russia	70.41	86.00	96.67	42.95	71.15	39.92	55.44	64.31	70.69	58.23
Total equity affiliates	62.78	93.20	88.32	25.35	63.89	33.61	51.89	58.07	63.12	52.74
Total	91.96	117.49	107.99	47.84	90.01	42.17	55.97	65.74	71.36	58.76
Natural Gas Liquids ($/bbl)
Norway	54.48	59.19	56.67	39.00	53.04	29.21	26.39	33.91	41.43	32.52
United Kingdom	55.88	66.90	60.43	28.48	53.65	23.76	31.65	41.75	43.92	36.24
Indonesia	-	70.77	74.37	31.64	62.84	39.49	34.74	47.03	58.96	45.19
Timor Sea	69.79	74.03	73.79	41.61	64.54	37.99	35.81	46.26	57.67	44.89
Canada	68.84	83.57	77.49	35.19	66.40	31.38	29.17	33.42	41.26	33.86
Nigeria	8.46	8.46	8.56	8.56	8.51	8.78	8.79	8.69	8.69	8.73
Total	62.20	71.40	68.78	35.25	59.70	31.64	30.04	37.48	45.25	36.22
Natural Gas ($/mcf)
Consolidated
Norway	10.27	11.75	12.79	10.70	11.28	9.68	7.09	6.24	6.64	7.52
United Kingdom	9.20	10.48	10.20	11.07	10.26	8.75	5.60	5.74	5.81	6.57
China	3.60	3.69	-	-	3.64	-	-	-	-	-
Indonesia	10.33	12.14	12.35	6.17	10.36	4.74	5.91	7.15	7.72	6.39
Timor Sea	0.79	0.90	0.97	1.17	0.96	1.16	0.66	0.82	1.16	0.95
Vietnam	1.14	1.12	1.13	1.16	1.13	1.14	1.13	1.15	1.17	1.15
Canada	7.81	10.19	8.03	5.56	7.92	4.13	2.84	2.53	3.97	3.33
Libya	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Nigeria	0.98	1.19	1.25	1.09	1.13	0.84	0.83	0.73	3.92	1.62
Other	7.49	8.56	9.08	11.51	8.92	-	-	-	-	-
Total consolidated	8.32	10.02	9.13	7.65	8.76	5.87	4.27	4.26	5.34	4.94
Equity affiliates
Australia	-	-	-	2.04	2.04	2.10	2.10	2.57	2.62	2.35
Total	8.32	10.02	9.13	7.55	8.73	5.76	4.19	4.20	5.26	4.86
International Exploration Charges ($ Millions)
Dry holes	69	48	52	68	237	22	36	113	22	193
Lease impairments	18	19	17	29	83	17	21	44	22	104
Total Noncash Charges	87	67	69	97	320	39	57	157	44	297
Other (G&G and Lease rentals)	116	111	107	113	447	72	93	95	121	381
Total International Exploration Charges	203	178	176	210	767	111	150	252	165	678
DD&A ($ Millions)	1,181	1,164	1,322	1,256	4,923	1,170	1,259	1,244	1,323	4,996

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		(52	)	99		(215	)	37
United States ($ Millions)	435		587		524		(6	)	1,540		98		(38	)	73		(325	)	(192	)
International ($ Millions)	85		77		325		295		782		107		(14	)	26		110		229
Market Indicators
U.S. East Coast Crack Spread ($/bbl)	7.79		10.93		10.43		5.66		8.70		10.43		9.13		8.14		6.19		8.47
U.S. Gulf Coast Crack Spread ($/bbl)	7.90		12.11		14.70		2.80		9.38		9.06		8.39		6.74		4.46		7.16
U.S. Group Central Crack Spread ($/bbl)	10.26		13.47		14.38		6.00		11.03		9.62		9.16		8.06		5.52		8.09
U.S. West Coast Crack Spread ($/bbl)	15.37		21.91		16.34		11.46		16.27		15.79		15.11		13.89		8.75		13.38
U.S. Weighted 3:2:1 Crack Spread ($/bbl)	9.94		14.19		14.07		5.89		11.02		10.88		10.12		8.81		5.95		8.94
NW Europe Crack Spread ($/bbl)	16.09		25.78		21.10		17.58		20.14		10.81		9.42		8.44		8.14		9.20
Singapore 3:1:2 Crack Spread ($/bbl)	19.90		29.35		19.10		13.01		20.34		9.45		7.88		7.63		5.83		7.70
Realized Margins
Refining Margin ($/bbl)
U.S.	8.00		10.29		9.03		6.96		8.57		7.55		4.85		4.69		2.42		4.83
International	6.42		6.70		11.24		8.31		8.07		6.23		3.01		3.66		6.24		4.73
Integrated Margin ($/bbl)
U.S.	8.29		10.71		10.38		8.20		9.40		8.23		5.40		5.92		3.48		5.71
International	8.34		9.11		18.06		13.28		12.06		8.30		4.61		6.16		8.92		6.93
DD&A ($ Millions)	208		206		211		214		839		211		198		220		227		856
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	38		(13	)	(127	)	(71	)	(173	)	(10	)	49		2		(5	)	36
Turnaround Expense ($ Millions)	90		170		73		70		403		207		121		62		145		535
Eastern U.S.
Crude Oil Charge Input (MB/D)	340		405		412		390		387		346		376		393		374		372
Total Charge Input (MB/D)	400		441		450		445		434		363		427		443		410		411
Crude Oil Capacity Utilization (%)	80	%	96	%	97	%	92	%	91	%	82	%	89	%	93	%	88	%	88	%
Clean Product Yield (%)	89	%	87	%	86	%	90	%	88	%	83	%	87	%	89	%	89	%	87	%
U.S. Gulf Coast
Crude Oil Charge Input (MB/D)	659		720		572		686		659		470		711		660		554		599
Total Charge Input (MB/D)	732		810		641		773		739		534		773		725		629		664
Crude Oil Capacity Utilization (%)	90	%	98	%	78	%	94	%	90	%	64	%	97	%	90	%	75	%	82	%
Clean Product Yield (%)	81	%	76	%	77	%	82	%	79	%	81	%	83	%	80	%	81	%	81	%
Western U.S.
Crude Oil Charge Input (MB/D)	405		343		417		407		393		402		380		397		386		391
Total Charge Input (MB/D)	425		396		439		431		422		424		405		423		412		416
Crude Oil Capacity Utilization (%)	97	%	82	%	100	%	98	%	94	%	96	%	91	%	95	%	93	%	94	%
Clean Product Yield (%)	80	%	78	%	82	%	82	%	81	%	79	%	80	%	81	%	84	%	81	%
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D)	177		182		184		163		177		172		184		179		152		172
Total Charge Input (MB/D)	179		184		187		166		179		175		188		182		154		175
Crude Oil Capacity Utilization (%)	95	%	97	%	98	%	87	%	94	%	92	%	98	%	96	%	81	%	92	%
Clean Product Yield (%)	88	%	89	%	93	%	91	%	90	%	90	%	91	%	93	%	91	%	91	%
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D)	225		241		228		239		233		199		202		212		174		197
Total Charge Input (MB/D)	241		258		246		253		250		213		215		224		186		210
Crude Oil Capacity Utilization (%)	91	%	97	%	92	%	96	%	94	%	88	%	89	%	94	%	77	%	87	%
Clean Product Yield (%)	84	%	84	%	85	%	84	%	84	%	81	%	84	%	85	%	82	%	83	%
TOTAL UNITED STATES
Crude Oil Charge Input (MB/D)	1,806		1,891		1,813		1,885		1,849		1,589		1,852		1,841		1,640		1,731
Total Charge Input (MB/D)	1,977		2,089		1,963		2,068		2,024		1,709		2,008		1,997		1,791		1,876
Crude Oil Capacity Utilization (%)	90	%	94	%	90	%	94	%	92	%	80	%	93	%	93	%	83	%	87	%
Clean Product Yield (%)	83	%	81	%	83	%	85	%	83	%	82	%	84	%	84	%	85	%	84	%
Refined Products Production (MB/D)
Gasoline	892		876		852		929		887		755		904		912		816		847
Distillates	719		775		743		791		757		623		748		725		665		691
Other	380		444		380		359		391		338		366		380		326		353
Total	1,991		2,095		1,975		2,079		2,035		1,716		2,018		2,017		1,807		1,891
Petroleum Products Sales (MB/D)
Gasoline	1,070		1,127		1,089		1,227		1,128		1,037		1,180		1,188		1,112		1,130
Distillates	869		912		858		934		893		749		924		906		853		858
Other	384		404		365		342		374		328		378		420		342		367
Total	2,323		2,443		2,312		2,503		2,395		2,114		2,482		2,514		2,307		2,355
* 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		364		422		288		381
Total Charge Input (MB/D)	463		479		404		493		460		465		380		430		296		393
Crude Oil Capacity Utilization (%)	82	%	84	%	69	%	86	%	81	%	82	%	66	%	76	%	52	%	69	%
Clean Product Yield (%)	65	%	69	%	74	%	71	%	70	%	72	%	69	%	69	%	76	%	71	%
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D)	123		123		122		122		122		114		121		119		100		114
Total Charge Input (MB/D)	124		124		124		127		125		122		129		126		105		120
Crude Oil Capacity Utilization (%)	104	%	104	%	103	%	103	%	104	%	96	%	102	%	101	%	84	%	95	%
Clean Product Yield (%)	86	%	83	%	89	%	85	%	86	%	87	%	81	%	85	%	86	%	85	%
TOTAL INTERNATIONAL
Crude Oil Charge Input (MB/D)	578		589		505		597		567		567		485		541		388		495
Total Charge Input (MB/D)	587		603		528		620		585		587		509		556		401		513
Crude Oil Capacity Utilization (%)	86	%	88	%	75	%	89	%	85	%	85	%	72	%	81	%	58	%	74	%
Clean Product Yield (%)	70	%	72	%	77	%	74	%	73	%	75	%	72	%	72	%	79	%	74	%
Refined Products Production (MB/D)
Gasoline	129		155		148		170		151		161		138		142		124		141
Distillates	274		274		255		285		272		276		226		254		186		235
Other	171		163		120		155		152		139		135		152		88		128
Total	574		592		523		610		575		576		499		548		398		504
Petroleum Products Sales (MB/D)
Gasoline	139		190		176		144		163		124		157		154		138		143
Distillates	321		324		324		336		326		343		289		298		313		311
Other	156		169		134		164		156		142		184		174		161		165
Total	616		683		634		644		645		609		630		626		612		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		2,382		2,028		2,226
Total Charge Input (MB/D)	2,564		2,692		2,491		2,688		2,609		2,296		2,517		2,553		2,192		2,389
Crude Oil Capacity Utilization (%)	89	%	93	%	87	%	93	%	90	%	81	%	88	%	90	%	76	%	84	%
Clean Product Yield (%)	80	%	79	%	82	%	82	%	81	%	80	%	82	%	81	%	84	%	82	%
Refined Products Production (MB/D)
Gasoline	1,021		1,031		1,000		1,099		1,038		916		1,042		1,054		940		988
Distillates	993		1,049		998		1,076		1,029		899		974		979		851		926
Other	551		607		500		514		543		477		501		532		414		481
Total	2,565		2,687		2,498		2,689		2,610		2,292		2,517		2,565		2,205		2,395
Petroleum Products Sales (MB/D)
Gasoline	1,209		1,317		1,265		1,371		1,291		1,161		1,337		1,342		1,250		1,273
Distillates	1,190		1,236		1,182		1,270		1,219		1,092		1,213		1,204		1,166		1,169
Other	540		573		499		506		530		470		562		594		503		532
Total	2,939		3,126		2,946		3,147		3,040		2,723		3,112		3,140		2,919		2,974
* 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.

Page 10 of 12

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	545	388	1,663
Upstream
Production*
Net crude oil production (MB/D)	392		387	371		392		386		386	396	382	385	387
Net natural gas production (MMCF/D)	404		363	303		355		356		316	274	253	276	280
BOE Total (MBOE/D)	459		448	422		451		445		439	442	424	431	434
* Represents our estimated net share of LUKOIL's production.
Industry Prices
Crude Oil ($/bbl)
Urals crude (CIF Mediterranean)	93.01		117.34	113.54		54.66		94.79		43.73	58.49	67.89	74.26	61.22
Downstream
Refinery Throughput*
Crude Processed (MB/D)**	222		215	228		250		229		203	246	273	256	245
* Represents our estimated net share of LUKOIL's crude processed.
** Second quarter of 2009 restated.
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(2	)	3	(17	)	(11	)	(27	)	2	12	5	1	20
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	62	97	313
U.S. Equity Affiliate ($ Millions)*	118		137	153		50		458		90	12	26	55	183
Natural Gas Liquids Extracted (MB/D)
Consolidated
United States	-		-	-		-		-		-	-	-	-	-
International	-		-	-		-		-		-	-	-	-	-
Equity Affiliates
United States*	190		188	169		175		180		165	180	186	185	179
International	8		8	7		7		8		7	8	8	9	8
Total	198		196	176		182		188		172	188	194	194	187
* Represents 50 percent interest in DCP Midstream.
Natural Gas Liquids Fractionated (MB/D)
United States*	141		149	166		150		151		144	157	147	147	149
International	13		13	15		15		14		16	17	17	17	17
Total	154		162	181		165		165		160	174	164	164	166
* Excludes DCP Midstream.
Product Prices
Weighted Average NGL ($/bbl)*
Consolidated	60.09		68.21	67.39		29.49		56.29		26.04	29.99	34.66	43.83	33.63
DCP Midstream	56.48		62.53	60.46		28.85		52.08		23.86	26.02	28.89	40.44	29.80
* Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.
DD&A ($ Millions)	2		1	2		1		6		2	1	1	2	6

Page 11 of 12

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		104		54		248
Industry Margins (Cents/Lb)*
Ethylene industry cash margin	10.6		10.2		16.0		15.3		13.0		7.0		6.7		8.4		11.7		8.4
HDPE industry contract sales margin	14.9		15.0		23.4		22.5		19.0		18.2		24.5		27.6		22.3		23.1
Styrene industry contract sales margin	11.6		11.3		14.4		16.0		13.3		14.8		13.9		11.5		11.2		12.8
* 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		-		2		(2	)	3		3
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power	27		26		53		-		106		24		27		22		32		105
Other	(15	)	(18	)	(18	)	(25	)	(76	)	(24	)	(25	)	(24	)	(29	)	(102	)
Total	12		8		35		(25	)	30		-		2		(2	)	3		3
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(1	)	1		(2	)	(5	)	(7	)	(1	)	4		(1	)	-		2
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	)	(283	)	(311	)	(1,010	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense	(108	)	(119	)	(149	)	(182	)	(558	)	(190	)	(175	)	(245	)	(241	)	(851	)
Corporate overhead	(44	)	(68	)	(41	)	(49	)	(202	)	(41	)	(31	)	(5	)	(31	)	(108	)
Other	(27	)	1		(91	)	(157	)	(274	)	(28	)	49		(33	)	(39	)	(51	)
Total	(179	)	(186	)	(281	)	(388	)	(1,034	)	(259	)	(157	)	(283	)	(311	)	(1,010	)
Before-Tax Net Interest Expense ($ Millions)
Interest expense	(319	)	(324	)	(326	)	(362	)	(1,331	)	(387	)	(360	)	(426	)	(447	)	(1,620	)
Capitalized interest	157		157		130		125		569		118		131		129		109		487
Interest revenue	72		14		28		14		128		40		10		9		30		89
Premium on early debt retirement	(14	)	-		-		(1	)	(15	)	(2	)	-		-		-		(2	)
Total	(104	)	(153	)	(168	)	(224	)	(649	)	(231	)	(219	)	(288	)	(308	)	(1,046	)
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(3	)	41		(56	)	(54	)	(72	)	(1	)	79		18		1		97
Debt
Total Debt ($ Millions)	21,492		21,924		22,100		27,455		27,455		29,379		30,364		30,458		28,653		28,653
Debt-to-Capital Ratio	19	%	19	%	19	%	33	%	33	%	34	%	34	%	33	%	31	%	31	%
Equity ($ Millions)	90,726		93,542		94,003		56,265		56,265		56,193		60,007		62,097		63,057		63,057

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