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 28, 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 July 28, 2010, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended June 30, 2010.  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 28, 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
July 28, 2010

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by ConocoPhillips on July 28, 2010.
99.2	Supplemental financial information.

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Second-Quarter Earnings of $4.2 Billion or $2.77 per Share

Company Plans to Sell Entire LUKOIL Stake

Highlights

• Second-quarter adjusted earnings of $2.5 billion, or $1.67 per share
• E&P production of 1.73 million BOE per day
• U.S. refining capacity utilization rate of 96 percent
• Program to sell entire interest in OAO LUKOIL
• Completed the Syncrude and CFJ dispositions
• Cancelled Wilhelmshaven Refinery upgrade project
• Strengthened balance sheet and reduced debt

HOUSTON--(BUSINESS WIRE)--July 28, 2010--ConocoPhillips (NYSE:COP) today reported second-quarter earnings of $4.2 billion, compared with second-quarter 2009 earnings of $0.9 billion. Excluding a net benefit of $1.7 billion, primarily from dispositions and an impairment, second-quarter 2010 adjusted earnings were $2.5 billion, or $1.67 per share.

“We had a solid quarter, with strong earnings and meaningful progress in executing our plans to create value,” said Jim Mulva, chairman and chief executive officer. “E&P delivered production volumes and costs in line with expectations, while our R&M business benefited from improved global refining and marketing margins and higher U.S. refining capacity utilization rates. We are pleased to announce agreement with LUKOIL for the sale of a 7.6 percent interest in LUKOIL. This, along with our Syncrude and CFJ divestments, is consistent with our strategy to enhance returns.”

“Over the past five years, ConocoPhillips and LUKOIL have worked closely together to develop opportunities in and out of Russia,” Mulva added. “Our experience with LUKOIL and the Russian authorities has been positive, and we look forward to a productive relationship in the future. However, given the expected business environment and our stated strategy to enhance returns and increase distributions, we have made the decision to sell our entire stake in LUKOIL. We expect to accomplish this by the end of 2011, with the proceeds used primarily to repurchase ConocoPhillips shares.”

ConocoPhillips and LUKOIL have reached an agreement under which approximately 64.6 million Russian registered shares will be purchased by LUKOIL for $3.44 billion. These shares represent a 7.6 percent interest in LUKOIL, or 40 percent of ConocoPhillips’ 163.3 million shares currently owned. This transaction is expected to close in the third quarter of 2010. The remaining 60 percent owned by ConocoPhillips are depositary receipts and are expected to be sold in open market transactions or to LUKOIL by the end of 2011.

Production from the Exploration and Production (E&P) segment for the second quarter of 2010 was 1.73 million barrels of oil equivalent (BOE) per day, compared with 1.87 million BOE per day in the same period in 2009. Approximately 140,000 BOE per day of the decrease was from normal field decline, primarily in North America, the United Kingdom and Norway. In addition, production was negatively impacted 50,000 BOE per day from planned maintenance, primarily reflecting the routine three-year turnaround in the Greater Ekofisk Area in Norway and the full shutdown at Bayu-Undan and the Darwin LNG plant in Australia. New production of 75,000 BOE per day in China, Canada and Indonesia partially offset these decreases. Excluding planned and unplanned downtime, as well as production sharing contract impacts, production for the second quarter of 2010 would have been approximately 1.8 million BOE per day.

In Exploration, ConocoPhillips successfully completed the drilling and testing of the Kronos-1 well on the Greater Poseidon structure off the northwest coast of Australia. Testing has validated the significance of this discovery, and additional appraisal activity is being conducted to fully assess the scope of future development.

In the Eagle Ford shale play, ConocoPhillips continued a five-rig drilling program. During the quarter, the company successfully drilled seven wells and completed five. Given the encouraging results to date, the company has allocated additional capital to this area, bringing the total to $450 million for full year 2010. The company expects to deploy at least five additional drilling rigs prior to year end.

Refining and Marketing (R&M) benefited from improved market conditions, with global refining market crack spreads improving more than 15 percent, compared with the same period last year. Realized refining margins improved more than $550 million and primarily reflect stronger distillate market cracks, as well as increased premium coke production. In the United States, distillate market cracks almost doubled from the low levels experienced a year ago, while internationally they improved nearly 50 percent. Realized marketing margins improved approximately $150 million, compared with a year ago, largely due to favorable market conditions.

The U.S. refining crude oil capacity utilization rate for the second quarter of 2010 was 96 percent, compared with 93 percent for the same period in 2009. The increase primarily reflects less unplanned downtime and turnaround activity. The international refining crude oil capacity utilization rate was 54 percent for the second quarter of 2010, compared with 72 percent for the same period in 2009. The decrease primarily reflects economic run cuts at the Wilhelmshaven Refinery, partially offset by less turnaround activity elsewhere. Excluding Wilhelmshaven, the international capacity utilization rate would have been 88 percent.

“As previously announced, we have cancelled our plans to upgrade Wilhelmshaven and will explore other options to improve shareholder value, including operating the facility as a terminal and pursuing the sale of the asset,” added Mulva. “These moves are consistent with our strategy of improving returns through capital discipline and reducing our downstream presence over time.”

The company’s second-quarter 2010 earnings from the Chemicals, Midstream and LUKOIL segments improved due to market conditions, compared with the same quarter in the prior year.

Adjusted Corporate expenses were $365 million after-tax for the quarter, compared with $157 million of expenses in the previous year. Approximately $150 million of the increase is due to foreign currency losses in the current quarter, compared with gains in the prior year, primarily resulting from the impact of the strengthening U.S. dollar against British pound and Canadian dollar financing transactions. Corporate expenses for the second quarter of 2010 were $389 million, compared with $157 million for the second quarter of 2009.

For the first six-months of 2010, controllable costs adjusted for market conditions, new project scope, and E&P turnaround activity were approximately $300 million lower, or 5 percent, compared with the same period in 2009. The improvement is equally split between the E&P and R&M segments. Controllable costs for the six-month period in 2010 were $6.4 billion, compared with $6.3 billion in the same period in 2009.

The Syncrude and the CFJ sales represent significant progress in achieving the company’s $10 billion disposition program. Proceeds from the program are expected to reach $7 billion to $8 billion by year end and will be targeted toward debt reduction.

ConocoPhillips’ second-quarter results were not significantly impacted by the current U.S. offshore drilling moratorium, as less than one percent of the company’s oil and natural gas production comes from the impacted areas. However, as recently announced, ConocoPhillips is participating with peers in a plan to build and deploy a rapid response system designed to improve the industry’s capability to contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico.

“There has been heightened public focus on the safety of the oil and gas industry during this past quarter, and we are committed to improve our ability to respond immediately to offshore incidents,” said Mulva. “Safety and environmental stewardship, including the operating integrity of our assets, remain our highest priorities.”

2010 Financial Highlights

Second-quarter 2010 adjusted earnings were $2.5 billion, or $1.67 per share, compared with adjusted earnings of $1.0 billion, or $0.66 per share, for the same period in 2009. Adjusted earnings increased versus the prior year, primarily due to higher commodity prices and global refining and marketing margins, partially offset by lower production volumes. For the second quarter of 2010, ConocoPhillips reported earnings of $4.2 billion, or $2.77 per share, compared with earnings of $0.9 billion, or $0.57 per share, for the same period in 2009.

ConocoPhillips’ adjusted earnings for the first six months of 2010 were $4.7 billion, compared with adjusted earnings of $1.7 billion in the corresponding period of 2009. Adjusted earnings for 2010 were higher than 2009, primarily due to higher commodity prices and global refining and marketing margins, partially offset by higher taxes and lower production volumes. Six-month 2010 earnings were $6.3 billion, compared with $1.7 billion for the same period of 2009.

During the second quarter of 2010, the company generated $3.5 billion in cash from operations and $5.8 billion in cash proceeds from asset dispositions. This cash was used to pay $2.7 billion of debt, fund a $2.2 billion capital program, repurchase $0.4 billion of ConocoPhillips common stock and pay $0.8 billion in dividends. The company had a cash balance of $4.1 billion at quarter end, the majority of which will be used to pay down debt. As of June 30, 2010, debt was $26.3 billion and the debt-to-capital ratio was 28 percent. After considering the ending cash balance, the second-quarter 2010 net-debt-to-capital ratio was 25 percent.

Adjusted Earnings
	Millions of Dollars
	Second Quarter					Six Months
	2010			2009		2010		2009
Exploration and Production (E&P)	$	1,517		776		3,432		1,476
Midstream		61		31		138		66
Refining and Marketing (R&M)		736		20		757		225
LUKOIL Investment		430		243		817		251
Chemicals		138		67		248		90
Emerging Businesses		(10	)	2		(4	)	2
Corporate and Other		(365	)	(157	)	(673	)	(416	)
ConocoPhillips	$	2,507		982		4,715		1,694
Earnings
	Millions of Dollars
	Second Quarter					Six Months
	2010			2009		2010		2009
Exploration and Production (E&P)	$	4,114		725		5,946		1,425
Midstream		61		31		138		154
Refining and Marketing (R&M)		(279	)	(52	)	(283	)	153
LUKOIL Investment		529		243		916		251
Chemicals		138		67		248		90
Emerging Businesses		(10	)	2		(4	)	2
Corporate and Other		(389	)	(157	)	(699	)	(416	)
ConocoPhillips	$	4,164		859		6,262		1,659
Certain amounts for 2009 have been recast to reflect the change of recording the company's equity earnings for LUKOIL on a one-quarter lag basis.

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 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 integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $151 billion of assets, and $181 billion of annualized revenues as of June 30, 2010. 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 net debt-to-capital ratio. These are non-GAAP financial measures. Adjusted earnings and adjusted earnings per share are included to help facilitate comparisons of company operating performance across periods. The net-debt-to-capital ratio is an indicator of the company’s intention to utilize the majority of its cash balance to repay debt.

References in the release to earnings refer to net income attributable to ConocoPhillips. Controllable costs include production and operating expenses; selling, general and administrative expenses; and exploration expenses excluding dry hole costs and leasehold impairments.

Reconciliation of Earnings to Adjusted Earnings
Millions of dollars, except per share amounts
	2010					2009
	2Q			Jun YTD		2Q		Jun YTD
Consolidated
Earnings	$	4,164		6,262		859		1,659
Less:
Impairments		1,103		1,103		123		123
Cancelled projects		-		110		-		-
Net gain on asset sales/share issuance		(2,894	)	(2,894	)	-		(88	)
Severance accruals		28		28		-		-
Pending claims and settlements		106		106		-		-
Adjusted earnings	$	2,507		4,715		982		1,694
Earnings per share of common stock	$	2.77		4.17		0.57		1.11
Adjusted earnings per share of common stock		1.67		3.14		0.66		1.13
E&P
Earnings	$	4,114		5,946		725		1,425
Less:
Impairments		-		-		51		51
Cancelled project		-		83		-		-
Net gain on asset sales		(2,679	)	(2,679	)	-		-
Pending claims and settlements		82		82		-		-
Adjusted earnings	$	1,517		3,432		776		1,476
Midstream
Earnings	$	61		138		31		154
Less: Gain on share issuance by equity affiliate		-		-		-		(88	)
Adjusted earnings	$	61		138		31		66
R&M
Earnings (loss)	$	(279	)	(283	)	(52	)	153
Less:
Impairments		1,103		1,103		72		72
Cancelled project		-		25		-		-
Net gain on asset sales		(116	)	(116	)	-		-
Severance accruals		28		28		-		-
Adjusted earnings	$	736		757		20		225
LUKOIL Investment
Earnings	$	529		916		243		251
Less: Net gain on asset sales		(99	)	(99	)	-		-
Adjusted earnings	$	430		817		243		251
Corporate
Earnings (loss)	$	(389	)	(699	)	(157	)	(416	)
Less:
Pending claims and settlements		24		24		-		-
Cancelled project		-		2		-		-
Adjusted earnings (loss)	$	(365	)	(673	)	(157	)	(416	)
Certain amounts for 2009 have been recast to reflect the change of recording the company's equity earnings for LUKOIL on a one-quarter lag basis.

CONTACT:
ConocoPhillips
Nancy Turner, 281-293-1430 (media)
nancy.e.turner@conocophillips.com
or
Clayton Reasor, 212-207-1996 (investors)
c.c.reasor@conocophillips.com

EX-99.2

Exhibit 99.2

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars
	2009										2010
	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*	30,741		35,448		40,173		42,979		149,341		44,821		45,686				90,507
Equity in earnings of affiliates	373		632		981		545		2,531		868		1,088				1,956
Gain on sale of Syncrude	-		-		-		-		-		-		2,878				2,878
Other income	124		106		117		171		518		73		475				548
Total Revenues and Other Income	31,238		36,186		41,271		43,695		152,390		45,762		50,127				95,889
Costs and Expenses
Purchased crude oil, natural gas and products	19,759		24,609		28,008		30,057		102,433		31,521		32,088				63,609
Production and operating expenses	2,545		2,573		2,534		2,687		10,339		2,527		2,619				5,146
Selling, general and administrative expenses	475		476		427		452		1,830		444		438				882
Exploration expenses	225		243		386		328		1,182		383		213				596
Depreciation, depletion and amortization	2,230		2,347		2,327		2,391		9,295		2,318		2,280				4,598
Impairments	3		51		56		425		535		91		1,532				1,623
Taxes other than income taxes*	3,464		3,715		4,205		4,145		15,529		4,037		4,247				8,284
Accretion on discounted liabilities	104		108		96		114		422		114		113				227
Interest and debt expense	310		268		336		375		1,289		301		349				650
Foreign currency transaction (gains) losses	131		(142	)	(17	)	(18	)	(46	)	36		54				90
Total Costs and Expense	29,246		34,248		38,358		40,956		142,808		41,772		43,933				85,705
Income before income taxes	1,992		1,938		2,913		2,739		9,582		3,990		6,194				10,184
Provision for income taxes	1,176		1,063		1,426		1,425		5,090		1,878		2,011				3,889
Net Income	816		875		1,487		1,314		4,492		2,112		4,183				6,295
Less: net income attributable to
noncontrolling interests	(16	)	(16	)	(17	)	(29	)	(78	)	(14	)	(19	)			(33	)
Net Income Attributable to ConocoPhillips	800		859		1,470		1,285		4,414		2,098		4,164				6,262
*Includes excise taxes on petroleum products sales:	3,060		3,316		3,538		3,411		13,325		3,220		3,417				6,637
Net income (loss) attributable to ConocoPhillips
per share of common stock (dollars)**
Basic	0.54		0.58		0.98		0.86		2.96		1.41		2.79				4.20
Diluted	0.54		0.57		0.97		0.86		2.94		1.40		2.77				4.17
Average common shares outstanding (in thousands)
Basic	1,485,890		1,486,496		1,488,352		1,489,811		1,487,650		1,492,861		1,489,814				1,491,329
Diluted	1,495,247		1,495,700		1,498,204		1,500,983		1,497,608		1,503,565		1,501,257				1,502,529
**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.
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording
equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT
	Millions of Dollars
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
U.S. E&P	173		336		327		667		1,503		757		536				1,293
International E&P	527		389		651		534		2,101		1,075		3,578				4,653
Total E&P	700		725		978		1,201		3,604		1,832		4,114				5,946
Midstream	123		31		62		97		313		77		61				138
U.S. R&M	98		(38	)	73		(325	)	(192	)	12		782				794
International R&M	107		(14	)	26		110		229		(16	)	(1,061	)			(1,077	)
Total R&M	205		(52	)	99		(215	)	37		(4	)	(279	)			(283	)
LUKOIL Investment	8		243		512		456		1,219		387		529				916
Chemicals	23		67		104		54		248		110		138				248
Emerging Businesses	-		2		(2	)	3		3		6		(10	)			(4	)
Corporate and Other	(259	)	(157	)	(283	)	(311	)	(1,010	)	(310	)	(389	)			(699	)
Consolidated	800		859		1,470		1,285		4,414		2,098		4,164				6,262
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

Page 1 of 12

SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT
	Millions of Dollars
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
U.S. E&P	283		502		505		1,000		2,290		1,149		833				1,982
International E&P	1,498		1,311		1,855		1,828		6,492		2,632		5,145				7,777
Total E&P	1,781		1,813		2,360		2,828		8,782		3,781		5,978				9,759
Midstream	202		50		93		139		484		116		94				210
U.S. R&M	163		13		116		(448	)	(156	)	41		1,265				1,306
International R&M	150		(37	)	25		99		237		(86	)	(1,452	)			(1,538	)
Total R&M	313		(24	)	141		(349	)	81		(45	)	(187	)			(232	)
LUKOIL Investment	-		243		523		465		1,231		395		546				941
Chemicals	32		82		131		50		295		135		198				333
Emerging Businesses	(5	)	(2	)	(6	)	-		(13	)	4		(18	)			(14	)
Corporate and Other	(331	)	(224	)	(329	)	(394	)	(1,278	)	(396	)	(417	)			(813	)
Consolidated	1,992		1,938		2,913		2,739		9,582		3,990		6,194				10,184
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.
EFFECTIVE TAX RATES
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
U.S. E&P	38.5	%	33.1	%	35.2	%	33.3	%	34.3	%	34.0	%	35.7	%			34.7	%
International E&P	64.1	%	69.4	%	64.1	%	69.3	%	66.6	%	58.7	%	30.1	%			39.8	%
Total E&P	60.0	%	59.3	%	57.9	%	56.5	%	58.2	%	51.2	%	30.9	%			38.8	%
Midstream	39.1	%	40.0	%	33.3	%	30.2	%	35.3	%	33.6	%	35.1	%			34.3	%
U.S. R&M	39.9	%	384.6	%	35.3	%	27.5	%	-20.5	%	68.3	%	38.1	%			39.1	%
International R&M	28.7	%	62.2	%	0.0	%	-11.1	%	3.8	%	81.4	%	26.9	%			30.0	%
Total R&M	34.5	%	-112.5	%	29.1	%	38.4	%	50.6	%	93.3	%	-48.7	%			-21.1	%
LUKOIL Investment	--		0.0	%	1.9	%	2.2	%	1.0	%	1.8	%	3.3	%			2.7	%
Chemicals	28.1	%	17.1	%	21.4	%	-10.0	%	15.9	%	18.5	%	29.8	%			25.2	%
Emerging Businesses	100.0	%	200.0	%	66.7	%	--		123.1	%	-25.0	%	50.0	%			71.4	%
Corporate and Other	22.7	%	31.3	%	14.3	%	21.3	%	21.6	%	21.7	%	6.5	%			13.9	%
Consolidated	59.0	%	54.9	%	49.0	%	52.0	%	53.1	%	47.1	%	32.5	%			38.2	%
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.
ESTIMATED TAXES PAID
	Millions of Dollars
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
Cash income taxes paid	1,346		1,925		1,535		1,835		6,641		1,596		2,329				3,925
Taxes other than income taxes	3,464		3,715		4,205		4,145		15,529		4,037		4,247				8,284
Less: Excise taxes*	(3,060	)	(3,316	)	(3,538	)	(3,411	)	(13,325	)	(3,220	)	(3,417	)			(6,637	)
Estimated Taxes Paid	1,750		2,324		2,202		2,569		8,845		2,413		3,159				5,572
*Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities.

Page 2 of 12

SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX)
	Millions of Dollars
	2009										2010
	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	-		-		-		-		-		-		-				-
Impairments	-		-		-		(29	)	(29	)	-		-				-
Severance accrual	-		-		20		-		20		-		-				-
Pending claims and settlements	-		-		-		-		-		-		(82	)			(82	)
Total	-		-		20		(29	)	(9	)	-		(82	)			(82	)
International E&P
Gain (loss) on asset sales	-		-		-		55		55		-		2,679				2,679
Impairments	-		(51	)	-		(533	)	(584	)	-		-				-
Cancelled projects	-		-		-		-		-		(83	)	(2	)			(85	)
Severance accrual	-		-		11		-		11		-		-				-
Asset retirement	-		(37	)	-		-		(37	)	-		-				-
Deferred tax adjustment	-		-		-		-		-		-		40				40
Total	-		(88	)	11		(478	)	(555	)	(83	)	2,717				2,634
Total E&P	-		(88	)	31		(507	)	(564	)	(83	)	2,635				2,552
Midstream
Gain on share issuance by equity affiliate	88		-		-		-		88		-		-				-
Total	88		-		-		-		88		-		-				-
U.S. R&M
Gain (loss) on asset sales	-		-		32		-		32		-		116				116
Impairments	-		(72	)	(33	)	(11	)	(116	)	-		(8	)			(8	)
Severance accrual	-		-		6		-		6		-		-				-
Pending claims and settlements	(25	)	-		(33	)	-		(58	)	-		35				35
Total	(25	)	(72	)	(28	)	(11	)	(136	)	-		143				143
International R&M
Impairments	-		-		-		-		-		-		(1,103	)			(1,103	)
Cancelled projects	-		-		-		-		-		(25	)	(4	)			(29	)
Severance accrual	-		-		-		-		-		-		(28	)			(28	)
Total	-		-		-		-		-		(25	)	(1,135	)			(1,160	)
Total R&M	(25	)	(72	)	(28	)	(11	)	(136	)	(25	)	(992	)			(1,017	)
LUKOIL Investment
Gain (loss) on asset sales	-		-		-		-		-		-		99				99
Total	-		-		-		-		-		-		99				99
Chemicals
Total	-		-		-		-		-		-		-				-
Emerging Businesses
Total	-		-		-		-		-		-		-				-
Corporate and Other
Pending claims and settlements	-		-		(7	)	-		(7	)	-		(24	)			(24	)
Cancelled projects	-		-		-		-		-		(2	)	2				-
Severance accrual	-		-		3		-		3		-		-				-
Total	-		-		(4	)	-		(4	)	(2	)	(22	)			(24	)
Total Company	63		(160	)	(1	)	(518	)	(616	)	(110	)	1,720				1,610

Page 3 of 12

CASH FLOW INFORMATION
	Millions of Dollars
	2009										2010
	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	816		875		1,487		1,314		4,492		2,112		4,183				6,295
Depreciation, depletion and amortization	2,230		2,347		2,327		2,391		9,295		2,318		2,280				4,598
Impairments	3		51		56		425		535		91		1,532				1,623
Dry hole costs and leasehold impairments	123		115		233		135		606		133		72				205
Accretion on discounted liabilities	104		108		96		114		422		114		113				227
Deferred income taxes	(221	)	(382	)	(269	)	(243	)	(1,115	)	(35	)	(508	)			(543	)
Undistributed equity earnings	(280	)	(326	)	(692	)	44		(1,254	)	(503	)	(686	)			(1,189	)
Net gain on asset dispositions	(39	)	3		(52	)	(72	)	(160	)	(24	)	(3,249	)			(3,273	)
Other	(2	)	177		(326	)	347		196		(187	)	(356	)			(543	)
Net working capital changes	(849	)	(401	)	73		639		(538	)	(979	)	94				(885	)
Net Cash Provided by
Operating Activities	1,885		2,567		2,933		5,094		12,479		3,040		3,475				6,515
Cash Flows from Investing Activities
Capital expenditures & investments	(2,906	)	(2,672	)	(2,598	)	(2,685	)	(10,861	)	(2,071	)	(2,009	)			(4,080	)
Proceeds from asset dispositions	86		146		706		332		1,270		132		5,811				5,943
Long-term advances to/collections from
affiliates and other investments	(106	)	(56	)	(29	)	(153	)	(344	)	(218	)	38				(180	)
Net Cash Used for Investing Activities	(2,926	)	(2,582	)	(1,921	)	(2,506	)	(9,935	)	(2,157	)	3,840				1,683
Cash Flows from Financing Activities
Net issuance (repayment) of debt	1,931		989		104		(1,795	)	1,229		347		(2,717	)			(2,370	)
Issuance of stock	(21	)	-		10		24		13		9		26				35
Repurchase of stock	-		-		-		-		-		-		(390	)			(390	)
Dividends	(696	)	(697	)	(697	)	(742	)	(2,832	)	(744	)	(816	)			(1,560	)
Other	(203	)	(203	)	(685	)	(174	)	(1,265	)	(186	)	(169	)			(355	)
Net Cash Provided by (Used for)
Financing Activities	1,011		89		(1,268	)	(2,687	)	(2,855	)	(574	)	(4,066	)			(4,640	)
Effect of Exchange Rate Changes	77		12		9		-		98		4		16				20
Net Change in Cash
and Cash Equivalents	47		86		(247	)	(99	)	(213	)	313		3,265				3,578
Cash and cash equivalents
at beginning of period	755		802		888		641		755		542		855				542
Cash and Cash Equivalents
at End of Period	802		888		641		542		542		855		4,120				4,120
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.
CAPITAL PROGRAM
	Millions of Dollars
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
E&P
Capital expenditures and investments	2,376		2,059		2,202		2,262		8,899		1,850		1,745				3,595
Loans and advances	88		33		32		22		175		48		21				69
Joint venture acquisition obligation--principal	153		156		157		159		625		161		164				325
E&P total	2,617		2,248		2,391		2,443		9,699		2,059		1,930				3,989
Midstream*	1		3		-		1		5		-		-				-
R&M
Capital expenditures and investments	496		523		352		355		1,726		192		226				418
Loans and advances	-		-		150		200		350		200		-				200
R&M total	496		523		502		555		2,076		392		226				618
LUKOIL Investment*	-		-		-		-		-		-		-				-
Chemicals*	-		-		-		-		-		-		-				-
Emerging Businesses*	17		56		16		8		97		1		4				5
Corporate and Other*	16		31		28		59		134		28		34				62
Total Capital Program	3,147		2,861		2,937		3,066		12,011		2,480		2,194				4,674
*Capital expenditures and investments only.

Page 4 of 12

E&P
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
E&P Net Income Attributable
to ConocoPhillips ($ Millions)	700		725		978		1,201		3,604		1,832	4,114			5,946
Production
Total, Including Equity Affiliates (MBOE/D)	1,925		1,872		1,791		1,828		1,854		1,828	1,733			1,779
E&P segment plus LUKOIL Investment segment:*	2,375		2,307		2,223		2,261		2,291		2,271	2,176			2,222
Crude Oil and Natural Gas Liquids (NGL) (MB/D)
Consolidated operations	963		912		863		913		913		901	837			869
Equity affiliates	49		55		59		57		55		57	56			56
Total	1,012		967		922		970		968		958	893			925
Over/(Under) Lifting of Crude Oil (MB/D)	10		1		17		(17	)	3		19	6			13
Synthetic Oil (MB/D)	23		16		25		27		23		22	25			23
Bitumen (MB/D)
Consolidated operations	7		6		8		7		7		8	10			9
Equity affiliates	35		41		45		52		43		52	48			50
Total	42		47		53		59		50		60	58			59
Natural Gas (MMCF/D)
Consolidated operations	5,011		4,957		4,658		4,556		4,793		4,635	4,431			4,532
Equity affiliates	76		94		88		76		84		91	110			101
Total	5,087		5,051		4,746		4,632		4,877		4,726	4,541			4,633
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot	42.97		59.54		68.19		76.06		61.69		78.67	77.78			78.23
Brent dated	44.40		58.79		68.28		74.56		61.51		76.24	78.30			77.27
Natural Gas ($/MMBTU)
Henry Hub -- First of Month	4.91		3.51		3.39		4.16		3.99		5.30	4.09			4.70
Average Realized Prices
Crude Oil and NGL ($/BBL)
Consolidated operations	40.39		51.77		61.93		68.66		55.47		71.89	71.00			71.46
Equity affiliates	39.92		55.44		64.31		70.69		58.23		71.30	72.46			71.89
Total	40.37		51.98		62.08		68.78		55.63		71.86	71.09			71.49
Synthetic Oil ($/BBL)	45.69		58.71		66.42		73.35		62.01		78.67	76.60			77.56
Bitumen ($/BBL)
Consolidated operations	21.10		40.65		48.35		47.44		39.67		59.18	45.81			52.68
Equity affiliates	24.64		46.90		49.81		55.07		45.69		56.15	49.73			53.04
Total	24.04		46.10		49.59		54.14		44.84		56.57	49.19			52.99
Natural Gas ($/MCF)
Consolidated operations	4.98		3.72		3.69		4.81		4.30		5.51	4.53			5.03
Equity affiliates	2.10		2.10		2.57		2.62		2.35		2.67	3.02			2.86
Total	4.93		3.69		3.67		4.77		4.26		5.45	4.50			4.98
Exploration Charges ($ Millions)
Dry holes	80		66		162		51		359		93	28			121
Lease impairments	43		49		71		84		247		40	44			84
Total Noncash Charges	123		115		233		135		606		133	72			205
Other (G&A, G&G and Lease rentals)	102		128		153		193		576		250	141			391
Total Exploration Charges	225		243		386		328		1,182		383	213			596
Depreciation, Depletion and
Amortization (DD&A) ($ Millions)	1,994		2,127		2,082		2,134		8,337		2,071	2,033			4,104
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(98	)	(22	)	(11	)	20		(111	)	60	18			78
*Recast 2009 to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from
estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

Page 5 of 12

U.S. E&P
	2009									2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD		1st Qtr	2nd Qtr		3rd Qtr	4th Qtr	YTD
U.S. E&P Net Income Attributable
to ConocoPhillips ($ Millions)	173		336		327		667	1,503		757	536				1,293
Alaska ($ Millions)	244		404		356		536	1,540		517	381				898
Lower 48 ($ Millions)	(71	)	(68	)	(29	)	131	(37	)	240	155				395
Production
Total U.S. (MBOE/D)	791		771		737		722	755		703	686				694
Crude Oil and NGL (MB/D)
Alaska	275		252		229		252	252		247	221				234
Lower 48	163		170		168		165	166		156	161				159
Total	438		422		397		417	418		403	382				393
Over/(Under) Lifting of Crude Oil (MB/D)	12		21		(5	)	8	10		9	4				7
Natural Gas (MMCF/D)
Alaska	92		83		105		95	94		94	82				88
Lower 48	2,027		2,012		1,938		1,736	1,927		1,705	1,740				1,722
Total	2,119		2,095		2,043		1,831	2,021		1,799	1,822				1,810
Average Realized Prices
Crude Oil and NGL ($/BBL)
Alaska	41.75		55.25		67.91		74.35	59.23		77.25	77.44				77.34
Lower 48	30.85		41.52		47.78		55.86	44.12		59.54	55.70				57.58
Total U.S.	37.68		49.86		59.13		67.06	53.21		70.40	68.15				69.31
Natural Gas ($/MCF)
Alaska	7.69		6.38		4.87		5.22	6.25		5.28	4.73				5.04
Lower 48	3.76		2.97		2.98		4.03	3.42		5.21	3.93				4.56
Total U.S.	3.82		3.00		2.99		4.05	3.45		5.21	3.94				4.57
Kenai, Alaska LNG Sales
Volume (MMCF/D)	43		47		82		64	59		56	51				54
Sales price per MCF	6.29		7.20		8.29		11.02	8.45		11.70	12.08				11.88
U.S. Exploration Charges ($ Millions)
Dry holes	58		30		49		29	166		-	(1	)			(1	)
Lease impairments	26		28		27		62	143		22	26				48
Total Noncash Charges	84		58		76		91	309		22	25				47
Other (G&A, G&G and Lease rentals)	30		35		58		72	195		32	48				80
Total U.S. Exploration Charges	114		93		134		163	504		54	73				127
Alaska Only	34		8		11		17	70		7	10				17
DD&A ($ Millions)
Alaska	173		185		167		169	694		152	152				304
Lower 48	651		683		671		642	2,647		585	589				1,174
Total U.S.	824		868		838		811	3,341		737	741				1,478

Page 6 of 12

INTERNATIONAL E&P
	2009									2010
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr		YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
International E&P Net Income
Attributable to ConocoPhillips ($ Millions)	527		389		651	534		2,101		1,075	3,578			4,653
Production
Total, Including Equity Affiliates (MBOE/D)	1,134		1,101		1,054	1,106		1,099		1,125	1,047			1,085
Crude Oil and NGL (MB/D)
Consolidated operations
Canada	40		41		39	39		40		41	42			41
Norway	172		155		150	160		160		152	121			137
United Kingdom	87		85		71	81		81		83	77			80
Australia/Timor-Leste	35		35		36	36		35		34	25			30
China	40		41		53	60		49		71	67			69
Indonesia	29		19		12	14		19		17	20			18
Vietnam	36		31		27	24		29		22	24			23
Algeria	16		13		14	14		14		13	13			13
Libya	43		43		45	48		45		46	47			46
Nigeria	19		19		19	20		19		19	19			19
Other	8		8		-	-		4		-	-			-
Total consolidated operations	525		490		466	496		495		498	455			476
Equity affiliates	49		55		59	57		55		57	56			56
Total	574		545		525	553		550		555	511			532
Over/(Under) Lifting of Crude Oil (MB/D)	(2	)	(20	)	22	(25	)	(7	)	10	2			6
Synthetic Oil (MB/D)
Consolidated operations--Canada	23		16		25	27		23		22	25			23
Bitumen (MB/D)
Consolidated operations--Canada	7		6		8	7		7		8	10			9
Equity affiliates	35		41		45	52		43		52	48			50
Total	42		47		53	59		50		60	58			59
Natural Gas (MMCF/D)
Consolidated operations
Canada	1,066		1,174		1,063	945		1,062		1,021	1,043			1,032
Norway	259		196		188	225		217		249	182			215
United Kingdom	742		653		514	728		659		712	567			639
Australia/Timor-Leste	247		258		266	233		251		239	184			211
Indonesia	449		451		443	450		447		462	473			468
Vietnam	17		12		17	16		15		15	16			16
Libya	8		8		12	12		10		8	8			8
Nigeria	104		110		112	116		111		130	136			133
Total consolidated operations	2,892		2,862		2,615	2,725		2,772		2,836	2,609			2,722
Equity affiliates	76		94		88	76		84		91	110			101
Total	2,968		2,956		2,703	2,801		2,856		2,927	2,719			2,823
Darwin, Australia LNG Sales (MMCF/D)	438		430		453	391		428		401	297			348

Page 7 of 12

INTERNATIONAL E&P (continued)
	2009					2010
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Average Realized Prices
Crude Oil and NGL ($/BBL)
Consolidated operations
Canada	34.61	37.75	44.77	50.24	41.76	57.58	54.56			56.05
Norway	45.55	57.49	67.32	72.23	60.34	75.47	76.16			75.77
United Kingdom	42.41	52.63	64.45	69.43	56.19	74.03	72.64			73.42
Australia/Timor-Leste	41.33	42.77	54.11	62.23	50.30	68.73	68.75			68.74
China	38.17	57.72	65.97	73.72	61.33	74.89	77.78			76.37
Indonesia	42.35	52.36	76.41	73.63	56.28	67.65	68.49			68.10
Vietnam	42.75	58.00	70.27	79.64	60.97	80.92	81.26			81.10
Algeria	46.05	61.26	64.67	76.81	61.75	74.39	79.92			77.60
Libya	44.22	57.30	67.93	73.99	62.38	76.17	77.81			77.20
Nigeria	43.86	49.45	63.36	68.15	56.55	71.76	61.61			67.06
Other	32.01	-	-	-	32.01	-	-			-
Total consolidated operations	42.67	53.52	64.12	70.07	57.40	73.08	73.34			73.20
Equity affiliates	39.92	55.44	64.31	70.69	58.23	71.30	72.46			71.89
Total	42.43	53.72	64.14	70.14	57.48	72.91	73.24			73.07
Synthetic Oil ($/BBL)
Consolidated operations--Canada	45.69	58.71	66.42	73.35	62.01	78.67	76.60			77.56
Bitumen ($/BBL)
Consolidated operations--Canada	21.10	40.65	48.35	47.44	39.67	59.18	45.81			52.68
Equity affiliates	24.64	46.90	49.81	55.07	45.69	56.15	49.73			53.04
Total	24.04	46.10	49.59	54.14	44.84	56.57	49.19			52.99
Natural Gas ($/MCF)
Consolidated operations
Canada	4.13	2.84	2.53	3.97	3.33	4.63	3.63			4.12
Norway	9.68	7.09	6.24	6.64	7.52	7.08	7.01			7.05
United Kingdom	8.75	5.60	5.74	5.81	6.57	6.66	5.61			6.19
Australia/Timor-Leste	1.16	0.66	0.82	1.16	0.95	1.06	0.85			0.96
Indonesia	4.74	5.91	7.15	7.72	6.39	7.49	7.60			7.55
Vietnam	1.14	1.13	1.15	1.17	1.15	1.17	1.16			1.16
Libya	0.09	0.09	0.09	0.09	0.09	0.09	0.09			0.09
Nigeria	0.84	0.83	0.73	3.92	1.62	2.04	1.88			1.96
Total consolidated operations	5.87	4.27	4.26	5.34	4.94	5.71	4.95			5.34
Equity affiliates	2.10	2.10	2.57	2.62	2.35	2.67	3.02			2.86
Total	5.76	4.19	4.20	5.26	4.86	5.61	4.88			5.25
International Exploration Charges ($ Millions)
Dry holes	22	36	113	22	193	93	29			122
Lease impairments	17	21	44	22	104	18	18			36
Total Noncash Charges	39	57	157	44	297	111	47			158
Other (G&A, G&G and Lease rentals)	72	93	95	121	381	218	93			311
Total International Exploration Charges	111	150	252	165	678	329	140			469
DD&A ($ Millions)	1,170	1,259	1,244	1,323	4,996	1,334	1,292			2,626

Page 8 of 12

R&M
	2009										2010
	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)	205		(52	)	99		(215	)	37		(4	)	(279	)			(283	)
United States ($ Millions)	98		(38	)	73		(325	)	(192	)	12		782				794
International ($ Millions)	107		(14	)	26		110		229		(16	)	(1,061	)			(1,077	)
Worldwide - Including Net Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	2,156		2,337		2,382		2,028		2,226		2,066		2,275				2,171
Total Charge Input (MB/D)	2,296		2,517		2,553		2,192		2,389		2,226		2,448				2,338
Crude Oil Capacity Utilization (%)	81	%	88	%	90	%	76	%	84	%	78	%	86	%			82	%
Clean Product Yield (%)	80	%	82	%	81	%	84	%	82	%	84	%	84	%			84	%
Refined Products Production (MB/D)
Gasoline	916		1,042		1,054		940		988		986		1,038				1,012
Distillates	899		974		979		851		926		834		969				902
Other	477		501		532		414		481		418		457				437
Total	2,292		2,517		2,565		2,205		2,395		2,238		2,464				2,351
Petroleum Products Sales (MB/D)
Gasoline	1,161		1,337		1,342		1,250		1,273		1,249		1,319				1,284
Distillates	1,092		1,213		1,204		1,166		1,169		1,089		1,201				1,145
Other	470		562		594		503		532		471		524				498
Total	2,723		3,112		3,140		2,919		2,974		2,809		3,044				2,927
Market Indicators
U.S. East Coast Crack Spread ($/BBL)	10.43		9.13		8.14		6.19		8.47		8.21		10.71				9.46
U.S. Gulf Coast Crack Spread ($/BBL)	9.06		8.39		6.74		4.46		7.16		6.70		9.90				8.30
U.S. Group Central Crack Spread ($/BBL)	9.62		9.16		8.06		5.52		8.09		6.82		11.38				9.10
U.S. West Coast Crack Spread ($/BBL)	15.79		15.11		13.89		8.75		13.38		9.72		14.95				12.34
U.S. Weighted 3:2:1 Crack Spread ($/BBL)	10.88		10.12		8.81		5.95		8.94		7.68		11.44				9.56
NW Europe Crack Spread ($/BBL)	10.81		9.42		8.44		8.14		9.20		9.25		11.60				10.42
Singapore 3:1:2 Crack Spread ($/BBL)	9.45		7.88		7.63		5.83		7.70		10.17		10.68				10.42
Realized Margins
Refining Margin ($/BBL)
U.S.	7.55		4.85		4.69		2.42		4.83		5.62		8.82				7.31
International	6.23		3.01		3.66		6.24		4.73		7.64		9.26				8.49
Integrated Margin ($/BBL)
U.S.	8.23		5.40		5.92		3.48		5.71		6.07		10.40				8.35
International	8.30		4.61		6.16		8.92		6.93		10.51		12.81				11.72
DD&A ($ Millions)	211		198		220		227		856		214		211				425
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(10	)	49		2		(5	)	36		(47	)	(55	)			(102	)
Turnaround Expense ($ Millions)	207		121		62		145		535		72		94				166

Page 9 of 12

R&M (continued)
	2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
U.S. R&M
Eastern U.S.
Crude Oil Charge Input (MB/D)	346		376		393		374		372		379		410				395
Total Charge Input (MB/D)	363		427		443		410		411		406		457				431
Crude Oil Capacity Utilization (%)	82	%	89	%	93	%	88	%	88	%	90	%	97	%			93	%
Clean Product Yield (%)	83	%	87	%	89	%	89	%	87	%	89	%	89	%			89	%
U.S. Gulf Coast
Crude Oil Charge Input (MB/D)	470		711		660		554		599		641		730				686
Total Charge Input (MB/D)	534		773		725		629		664		731		804				769
Crude Oil Capacity Utilization (%)	64	%	97	%	90	%	75	%	82	%	87	%	100	%			94	%
Clean Product Yield (%)	81	%	83	%	80	%	81	%	81	%	82	%	82	%			82	%
Western U.S.
Crude Oil Charge Input (MB/D)	402		380		397		386		391		374		394				384
Total Charge Input (MB/D)	424		405		423		412		416		389		425				407
Crude Oil Capacity Utilization (%)	96	%	91	%	95	%	93	%	94	%	90	%	95	%			92	%
Clean Product Yield (%)	79	%	80	%	81	%	84	%	81	%	82	%	83	%			83	%
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D)	172		184		179		152		172		170		189				180
Total Charge Input (MB/D)	175		188		182		154		175		172		191				182
Crude Oil Capacity Utilization (%)	92	%	98	%	96	%	81	%	92	%	91	%	101	%			96	%
Clean Product Yield (%)	90	%	91	%	93	%	91	%	91	%	91	%	92	%			92	%
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D)	199		202		212		174		197		178		190				183
Total Charge Input (MB/D)	213		215		224		186		210		189		202				195
Crude Oil Capacity Utilization (%)	88	%	89	%	94	%	77	%	87	%	79	%	84	%			81	%
Clean Product Yield (%)	81	%	84	%	85	%	82	%	83	%	83	%	82	%			83	%
Total U.S.
Crude Oil Charge Input (MB/D)	1,589		1,852		1,841		1,640		1,731		1,742		1,913				1,828
Total Charge Input (MB/D)	1,709		2,008		1,997		1,791		1,876		1,887		2,079				1,984
Crude Oil Capacity Utilization (%)	80	%	93	%	93	%	83	%	87	%	88	%	96	%			92	%
Clean Product Yield (%)	82	%	84	%	84	%	85	%	84	%	84	%	85	%			84	%
Refined Products Production (MB/D)
Gasoline	755		904		912		816		847		873		938				905
Distillates	623		748		725		665		691		679		785				732
Other	338		366		380		326		353		349		377				363
Total	1,716		2,018		2,017		1,807		1,891		1,901		2,100				2,000
Petroleum Products Sales (MB/D)
Gasoline	1,037		1,180		1,188		1,112		1,130		1,092		1,170				1,131
Distillates	749		924		906		853		858		807		921				864
Other	328		378		420		342		367		366		387				377
Total	2,114		2,482		2,514		2,307		2,355		2,265		2,478				2,372
*Represents 50 percent share of the Borger Refinery and Wood River Refinery.
International R&M
International - Consolidated*
Crude Oil Charge Input (MB/D)	453		364		422		288		381		276		255				265
Total Charge Input (MB/D)	465		380		430		296		393		288		262				275
Crude Oil Capacity Utilization (%)	82	%	66	%	76	%	52	%	69	%	50	%	46	%			48	%
Clean Product Yield (%)	72	%	69	%	69	%	76	%	71	%	80	%	75	%			78	%
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D)	114		121		119		100		114		48		107				78
Total Charge Input (MB/D)	122		129		126		105		120		51		107				79
Crude Oil Capacity Utilization (%)	96	%	102	%	101	%	84	%	95	%	41	%	90	%			66	%
Clean Product Yield (%)	87	%	81	%	85	%	86	%	85	%	81	%	87	%			85	%
Total International
Crude Oil Charge Input (MB/D)	567		485		541		388		495		324		362				343
Total Charge Input (MB/D)	587		509		556		401		513		339		369				354
Crude Oil Capacity Utilization (%)	85	%	72	%	81	%	58	%	74	%	48	%	54	%			51	%
Clean Product Yield (%)	75	%	72	%	72	%	79	%	74	%	81	%	78	%			79	%
Refined Products Production (MB/D)
Gasoline	161		138		142		124		141		113		100				107
Distillates	276		226		254		186		235		155		184				170
Other	139		135		152		88		128		69		80				74
Total	576		499		548		398		504		337		364				351
Petroleum Products Sales (MB/D)
Gasoline	124		157		154		138		143		157		149				153
Distillates	343		289		298		313		311		282		280				281
Other	142		184		174		161		165		105		137				121
Total	609		630		626		612		619		544		566				555
*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
	2009					2010
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
LUKOIL Investment Net Income
Attributable to ConocoPhillips ($ Millions)	8	243	512	456	1,219	387		529				916
Upstream
Production
Net crude oil production (MB/D)	394	385	386	387	388	391		382				386
Net natural gas production (MMCF/D)	334	297	273	276	295	312		368				340
Total (MBOE/D)	450	435	432	433	437	443		443				443
Industry Prices
Crude Oil ($/BBL)
Urals crude (CIF Mediterranean) (one-quarter lag)	54.66	43.73	58.49	67.89	56.19	74.26		75.41				74.84
Downstream
Refinery Throughput
Crude Processed (MB/D)	225	231	250	255	240	246		248				247
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	2	12	5	1	20	(2	)	(16	)			(18	)
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.
MIDSTREAM
	2009					2010
	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)	123	31	62	97	313	77		61				138
U.S. Equity Affiliate ($ Millions)*	90	12	26	55	183	53		31				84
NGL Extracted (MB/D)
Consolidated
United States	-	-	-	-	-	-		-				-
International	-	-	-	-	-	-		-				-
Equity Affiliates
United States*	165	180	186	185	179	176		181				179
International	7	8	8	9	8	10		9				9
Total	172	188	194	194	187	186		190				188
*Represents 50 percent interest in DCP Midstream.
NGL Fractionated (MB/D)
United States*	144	157	147	147	149	140		138				139
International	16	17	17	17	17	19		18				19
Total	160	174	164	164	166	159		156				158
*Excludes DCP Midstream.
Product Prices
Weighted Average NGL ($/BBL)*
Consolidated	26.04	29.99	34.66	43.83	33.63	48.93		43.21				46.07
DCP Midstream	23.86	26.02	28.89	40.44	29.80	45.65		38.11				41.88
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.
DD&A ($ Millions)	2	1	1	2	6	1		2				3

Page 11 of 12

CHEMICALS
					2009										2010
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD
Chemicals Net Income Attributable
to ConocoPhillips ($ Millions)	23		67		104		54		248		110		138				248
Industry Margins (Cents/Lb)*
Ethylene industry cash margin	4.7		3.0		5.2		4.0		4.2		18.2		19.6				18.9
HDPE industry contract sales margin	18.2		24.5		27.6		22.3		23.1		17.3		24.5				20.9
Styrene industry contract sales margin	14.8		13.9		11.5		11.2		12.8		10.3		12.3				11.3
*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
	2009										2010
	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)	-		2		(2	)	3		3		6		(10	)			(4	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power	24		27		22		32		105		29		17				46
Other	(24	)	(25	)	(24	)	(29	)	(102	)	(23	)	(27	)			(50	)
Total	-		2		(2	)	3		3		6		(10	)			(4	)
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(1	)	4		(1	)	-		2		-		(1	)			(1	)
CORPORATE AND OTHER
					2009										2010
	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)	(259	)	(157	)	(283	)	(311	)	(1,010	)	(310	)	(389	)			(699	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense	(190	)	(175	)	(245	)	(241	)	(851	)	(222	)	(254	)			(476	)
Corporate overhead	(41	)	(31	)	(5	)	(31	)	(108	)	(36	)	(47	)			(83	)
Other	(28	)	49		(33	)	(39	)	(51	)	(52	)	(88	)			(140	)
Total	(259	)	(157	)	(283	)	(311	)	(1,010	)	(310	)	(389	)			(699	)
Before-Tax Net Interest Expense ($ Millions)
Interest expense	(387	)	(360	)	(426	)	(447	)	(1,620	)	(383	)	(433	)			(816	)
Capitalized interest	118		131		129		109		487		119		119				238
Interest revenue	40		10		9		30		89		6		14				20
Premium on early debt retirement	(2	)	-		-		-		(2	)	-		-				-
Total	(231	)	(219	)	(288	)	(308	)	(1,046	)	(258	)	(300	)			(558	)
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(1	)	79		18		1		97		(19	)	(70	)			(89	)
Debt
Total Debt ($ Millions)	29,379		30,364		30,458		28,653		28,653		28,988		26,279				26,279
Debt-to-Capital Ratio (%)	34	%	34	%	33	%	31	%	31	%	31	%	28	%			28	%
Equity ($ Millions)	56,153		59,528		61,585		62,613		62,613		63,417		65,945				65,945
Note: Certain items in 2009 have been recast to reflect the retrospective application of a change in accounting principle related to our LUKOIL investment. The basis for recording equity earnings was changed from estimating LUKOIL's current quarter earnings to recording LUKOIL's actual results on a one-quarter lag basis.

Page 12 of 12