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): October 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 October 27, 2010, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended September 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 October 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
October 27, 2010

3

EXHIBIT INDEX

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

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Third-Quarter Earnings of $3.1 Billion or $2.05 Per Share

Highlights

• Third-quarter adjusted earnings of $2.2 billion, or $1.50 per share
• E&P production of 1.72 million BOE per day
• Worldwide refining capacity utilization rate of 93 percent*
• Generated $6 billion from sale of LUKOIL shares
• Repurchased $0.9 billion of ConocoPhillips shares
• Reduced debt to $23.6 billion and cash balance increased to $8 billion

* Excludes the Wilhelmshaven Refinery.

HOUSTON--(BUSINESS WIRE)--October 27, 2010--ConocoPhillips (NYSE:COP) today reported third-quarter earnings of $3.1 billion, compared with third-quarter 2009 earnings of $1.5 billion. Excluding gains from asset dispositions and other items, third-quarter 2010 adjusted earnings were $2.2 billion, or $1.50 per share.

“We had a good quarter and operated as expected,” said Jim Mulva, chairman and chief executive officer. “Our plans to improve returns through disciplined capital spending, reducing debt and repurchasing shares are on track. Considerable free cash flow should enable us to execute our capital program to organically convert resources to reserves and annually increase dividends while repurchasing shares.”

Production from the Exploration and Production (E&P) segment for the third quarter of 2010 was 1.72 million barrels of oil equivalent (BOE) per day, compared with 1.79 million BOE per day in the same period in 2009. The decrease was due mainly to normal field decline, primarily in North America and Europe, as well as asset dispositions. Increased production from China, Australia, Lower 48 shale plays and the Canadian steam assisted gravity drainage (SAGD) projects partially offset the decrease. Late in the third quarter, the company initiated production curtailments of approximately 180 million cubic feet equivalent per day in North America in response to continuing low natural gas prices.

ConocoPhillips expects fourth-quarter 2010 production to be approximately 1.71 million BOE per day. Excluding the impact of asset sales, production sharing contracts and curtailments, the company expects both fourth-quarter and full-year production to be approximately 1.8 million BOE per day.

“Over the next several years, production declines are expected to be mitigated by new production from major projects offshore southeast Asia, LNG projects in Qatar and Australia, Canadian SAGD oil sands projects and Lower 48 shale developments,” said Mulva.

The company continued its focus on the liquids rich Eagle Ford, Bakken and North Barnett shale plays, further accelerating appraisal and development drilling programs, with production ramping up in the third quarter of 2010. In Eagle Ford, the company has nine rigs currently active, with 15 wells successfully drilled and eight completed in the play during the third quarter. The company expects the pace of activity to continue to increase during the fourth quarter of 2010.

In Poland, the company completed a second well, testing a possible shale gas play, and is conducting additional tests on the first well drilled earlier in the year. Elsewhere, ConocoPhillips spud the Rak More wildcat well in Kazakhstan in late September and expects to reach target depth in the fourth quarter of 2010. The Dalsnuten wildcat well, located in deepwater offshore Norway, was also spud during the third quarter.

“Our R&M business ran well, as our refining business delivered utilization rates in line with expectations,” said Mulva.

Compared with the third quarter of 2009, Refining and Marketing (R&M) benefited from an increase in realized refining margins, primarily from a 15 percent increase in global refining market crack spreads and increased premium coke production. The increase in the global crack spread was primarily driven by stronger distillate market cracks. Third-quarter 2010 R&M earnings were negatively impacted by approximately $75 million from inventory effects, which the company expects to recover in the fourth quarter.

In addition, compared with the third quarter of 2009, tax and foreign exchange impacts improved R&M earnings by almost $100 million. These improvements were partially offset by lower realized marketing margins, which were approximately $80 million less than in the same period in 2009, primarily due to market conditions.

The U.S. refining crude oil capacity utilization rate for the third quarter of 2010 was 92 percent, compared with 93 percent for the corresponding period in 2009. The international refining crude oil capacity utilization rate excluding Wilhelmshaven was 97 percent for the third quarter of 2010, compared with 92 percent for the same period in 2009. The increase is primarily due to less turnaround activity. Including Wilhelmshaven, the international capacity utilization rate was 60 percent for the third quarter of 2010.

“During the quarter, the company’s Chemicals and Midstream segments experienced improved market conditions, compared with a year ago,” added Mulva. “Our 50 percent interest in CPChem delivered particularly strong results, primarily due to improved ethylene margins, while DCP Midstream benefited from higher natural gas liquids prices.”

Corporate expenses were $276 million after-tax for the quarter, including a $114 million premium on early debt retirement, compared with $283 million in the third quarter of 2009. Excluding the early debt retirement premium, adjusted Corporate expenses for the quarter were $162 million after-tax. The lower Corporate expenses were primarily related to decreased interest expense from reduced debt levels and foreign exchange gains on intercompany financing transactions as a result of the weakening U.S. dollar against the Canadian dollar and British pound.

September 2010 year-to-date adjusted controllable costs were approximately $400 million lower, or 4 percent, compared with the same period in 2009. The improvement was equally split between the E&P and R&M segments. Controllable costs for the nine-month period in 2010 were $9.6 billion, compared with $9.4 billion in the same period in 2009.

For the first nine months of 2010, ConocoPhillips received cash proceeds of $6.4 billion from the sale of OAO LUKOIL shares. At the end of the quarter, the company owned approximately 50 million shares, which are expected to be sold prior to the end of 2011. In addition, ConocoPhillips repurchased 22 million of its own shares for $1.3 billion.

ConocoPhillips recently announced several executive management changes, which were implemented as part of the company’s business and strategic priorities. These moves support ConocoPhillips’ corporate succession plans.

“This new management team provides strong leadership and experience in all aspects of our operations, which will help position the company to accomplish its objectives and ensure a smooth transition of leadership in the future,” said Mulva.

2010 Financial Highlights

Third-quarter 2010 adjusted earnings were $2.2 billion, or $1.50 per share, compared with adjusted earnings of $1.4 billion, or $0.95 per share, for the same period in 2009. Adjusted earnings increased versus the prior year, primarily due to the impact of higher commodity prices and U.S. refining margins, partially offset by higher taxes and lower production volumes. For the third quarter of 2010, ConocoPhillips reported earnings of $3.1 billion, or $2.05 per share, compared with earnings of $1.5 billion, or $0.97 per share, for the same period in 2009.

ConocoPhillips’ adjusted earnings for the first nine months of 2010 were $6.9 billion, compared with adjusted earnings of $3.1 billion in the corresponding period of 2009. Adjusted earnings for 2010 were higher than 2009, primarily due to higher commodity prices and global refining margins, partially offset by higher taxes and lower production volumes. Nine-month 2010 earnings were $9.3 billion, compared with $3.1 billion for the same period of 2009.

During the third quarter of 2010, the company generated $10.6 billion in cash, $4.3 billion in cash from operations and $6.3 billion in cash proceeds from asset dispositions. This cash was used to pay $2.7 billion of debt, fund a $2.5 billion capital program, repurchase $0.9 billion of ConocoPhillips common stock and pay $0.8 billion in dividends. The company had a cash balance of $8 billion at quarter end, a significant portion of which is expected to be used for additional share repurchases. As of September 30, 2010, debt was $23.6 billion and the debt-to-capital ratio was 25 percent.

Adjusted Earnings
	Millions of Dollars
	Third Quarter					Nine Months
	2010			2009		2010		2009
Exploration and Production (E&P)	$	1,506		947		4,900		2,423
Midstream		77		62		215		128
Refining and Marketing (R&M)		268		94		1,009		319
LUKOIL Investment		436		512		1,253		763
Chemicals		132		104		380		194
Emerging Businesses		(20	)	(2	)	(24	)	-
Corporate and Other		(162	)	(286	)	(837	)	(702	)
ConocoPhillips	$	2,237		1,431		6,896		3,125
Earnings
	Millions of Dollars
	Third Quarter					Nine Months
	2010			2009		2010		2009
Exploration and Production (E&P)	$	1,564		978		7,510		2,403
Midstream		77		62		215		216
Refining and Marketing (R&M)		268		99		(15	)	252
LUKOIL Investment		1,310		512		2,226		763
Chemicals		132		104		380		194
Emerging Businesses		(20	)	(2	)	(24	)	-
Corporate and Other		(276	)	(283	)	(975	)	(699	)
ConocoPhillips	$	3,055		1,470		9,317		3,129
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 29,800 employees, $155 billion of assets, and $184 billion of annualized revenues as of September 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 Corporate expenses, adjusted controllable costs, and adjusted earnings per share. These are non-GAAP financial measures. Adjusted earnings, adjusted Corporate expenses, adjusted controllable costs, and adjusted earnings per share are included to help facilitate comparisons of company operating performance across periods.

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
	3Q			Sep YTD		3Q		Sep YTD
Consolidated
Earnings	$	3,055		9,317		1,470		3,129
Less:
Impairments		-		1,118		33		156
Cancelled projects		-		114		-		-
Net gain on asset sales/share issuance		(906	)	(3,800	)	(32	)	(120	)
Severance accruals		-		28		(40	)	(40	)
Pending claims and settlements		(26	)	45		-		-
Deferred tax adjustment		-		(40	)	-		-
Premium on early debt retirement		114		114		-		-
Adjusted earnings	$	2,237		6,896		1,431		3,125
Earnings per share of common stock	$	2.05		6.21		0.97		2.08
Adjusted earnings per share of common stock		1.50		4.60		0.95		2.08
E&P
Earnings	$	1,564		7,510		978		2,403
Less:
Impairments		-		-		-		51
Cancelled project		-		85		-		-
Net gain on asset sales		(32	)	(2,711	)	-		-
Severance accruals		-		-		(31	)	(31	)
Pending claims and settlements		(26	)	56		-		-
Deferred tax adjustment		-		(40	)	-		-
Adjusted earnings	$	1,506		4,900		947		2,423
Midstream
Earnings	$	77		215		62		216
Less: Gain on share issuance by equity affiliate		-		-		-		(88	)
Adjusted earnings	$	77		215		62		128
R&M
Earnings (loss)	$	268		(15	)	99		252
Less:
Impairments		-		1,118		33		105
Cancelled project		-		29		-		-
Net gain on asset sales		-		(116	)	(32	)	(32	)
Severance accruals		-		28		(6	)	(6	)
Pending claims and settlements		-		(35	)	-		-
Adjusted earnings	$	268		1,009		94		319
LUKOIL Investment
Earnings	$	1,310		2,226		512		763
Less: Net gain on asset sales		(874	)	(973	)	-		-
Adjusted earnings	$	436		1,253		512		763
Corporate
Earnings (loss)	$	(276	)	(975	)	(283	)	(699	)
Less:
Severance accruals		-		-		(3	)	(3	)
Pending claims and settlements		-		24		-		-
Premium on early debt retirement		114		114		-		-
Adjusted earnings (loss)	$	(162	)	(837	)	(286	)	(702	)
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.

Reconciliation of Controllable Costs to Adjusted Controllable Costs
	Millions of Dollars
	Nine-Months Ended
		2010			2009
Production and operating expenses		$	7,729			7,652
Selling, general and administrative expenses			1,375			1,378
Exploration expenses			848			854
			9,952			9,884
Less: dry hole costs			(147	)		(308	)
Less: leasehold impairments			(180	)		(163	)
Controllable costs			9,625			9,413
Adjustments
Market conditions			(358	)		-
Project cancellations			(138	)		-
Asset sales			110			-
E&P turnaround activity			(85	)		-
Other			(122	)		10
Adjusted controllable costs		$	9,032			9,423

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		47,208			137,715
Equity in earnings of affiliates	373		632		981		545		2,531		868		1,088		1,004			2,960
Gain on sale of Syncrude	-		-		-		-		-		-		2,878		-			2,878
Other income	124		106		117		171		518		73		475		1,337			1,885
Total Revenues and Other Income	31,238		36,186		41,271		43,695		152,390		45,762		50,127		49,549			145,438
Costs and Expenses
Purchased crude oil, natural gas and products	19,759		24,609		28,008		30,057		102,433		31,521		32,088		34,051			97,660
Production and operating expenses	2,545		2,573		2,534		2,687		10,339		2,527		2,619		2,583			7,729
Selling, general and administrative expenses	475		476		427		452		1,830		444		438		493			1,375
Exploration expenses	225		243		386		328		1,182		383		213		252			848
Depreciation, depletion and amortization	2,230		2,347		2,327		2,391		9,295		2,318		2,280		2,246			6,844
Impairments	3		51		56		425		535		91		1,532		59			1,682
Taxes other than income taxes*	3,464		3,715		4,205		4,145		15,529		4,037		4,247		4,227			12,511
Accretion on discounted liabilities	104		108		96		114		422		114		113		110			337
Interest and debt expense	310		268		336		375		1,289		301		349		264			914
Foreign currency transaction (gains) losses	131		(142	)	(17	)	(18	)	(46	)	36		54		(10	)		80
Total Costs and Expense	29,246		34,248		38,358		40,956		142,808		41,772		43,933		44,275			129,980
Income before income taxes	1,992		1,938		2,913		2,739		9,582		3,990		6,194		5,274			15,458
Provision for income taxes	1,176		1,063		1,426		1,425		5,090		1,878		2,011		2,205			6,094
Net Income	816		875		1,487		1,314		4,492		2,112		4,183		3,069			9,364
Less: net income attributable to
noncontrolling interests	(16	)	(16	)	(17	)	(29	)	(78	)	(14	)	(19	)	(14	)		(47	)
Net Income Attributable to ConocoPhillips	800		859		1,470		1,285		4,414		2,098		4,164		3,055			9,317
*Includes excise taxes on petroleum products sales:	3,060		3,316		3,538		3,411		13,325		3,220		3,417		3,544			10,181
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)**
Basic	0.54		0.58		0.98		0.86		2.96		1.41		2.79		2.06			6.26
Diluted	0.54		0.57		0.97		0.86		2.94		1.40		2.77		2.05			6.21
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		1,481,522			1,488,024
Diluted	1,495,247		1,495,700		1,498,204		1,500,983		1,497,608		1,503,565		1,501,257		1,493,080			1,499,367
**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		563			1,856
International E&P	527		389		651		534		2,101		1,075		3,578		1,001			5,654
Total E&P	700		725		978		1,201		3,604		1,832		4,114		1,564			7,510
Midstream	123		31		62		97		313		77		61		77			215
U.S. R&M	98		(38	)	73		(325	)	(192	)	12		782		199			993
International R&M	107		(14	)	26		110		229		(16	)	(1,061	)	69			(1,008	)
Total R&M	205		(52	)	99		(215	)	37		(4	)	(279	)	268			(15	)
LUKOIL Investment	8		243		512		456		1,219		387		529		1,310			2,226
Chemicals	23		67		104		54		248		110		138		132			380
Emerging Businesses	-		2		(2	)	3		3		6		(10	)	(20	)		(24	)
Corporate and Other	(259	)	(157	)	(283	)	(311	)	(1,010	)	(310	)	(389	)	(276	)		(975	)
Consolidated	800		859		1,470		1,285		4,414		2,098		4,164		3,055			9,317
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) 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		879			2,861
International E&P	1,498		1,311		1,855		1,828		6,492		2,632		5,145		2,539			10,316
Total E&P	1,781		1,813		2,360		2,828		8,782		3,781		5,978		3,418			13,177
Midstream	202		50		93		139		484		116		94		115			325
U.S. R&M	163		13		116		(448	)	(156	)	41		1,265		320			1,626
International R&M	150		(37	)	25		99		237		(86	)	(1,452	)	76			(1,462	)
Total R&M	313		(24	)	141		(349	)	81		(45	)	(187	)	396			164
LUKOIL Investment	-		243		523		465		1,231		395		546		1,653			2,594
Chemicals	32		82		131		50		295		135		198		182			515
Emerging Businesses	(5	)	(2	)	(6	)	-		(13	)	4		(18	)	(43	)		(57	)
Corporate and Other	(331	)	(224	)	(329	)	(394	)	(1,278	)	(396	)	(417	)	(447	)		(1,260	)
Consolidated	1,992		1,938		2,913		2,739		9,582		3,990		6,194		5,274			15,458
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	%	35.8	%		35.1	%
International E&P	64.1	%	69.4	%	64.1	%	69.3	%	66.6	%	58.7%	30.1	%	60.1	%		44.8	%
Total E&P	60.0	%	59.3	%	57.9	%	56.5	%	58.2	%	51.2%	30.9	%	53.9	%		42.7	%
Midstream	39.1	%	40.0	%	33.3	%	30.2	%	35.3	%	33.6%	35.1	%	33.9	%		34.2	%
U.S. R&M	39.9	%	384.6	%	35.3	%	27.5	%	-20.5	%	68.3%	38.1	%	37.5	%		38.7	%
International R&M	28.7	%	62.2	%	0.0	%	-11.1	%	3.8	%	81.4%	26.9	%	9.2	%		31.1	%
Total R&M	34.5	%	-112.5	%	29.1	%	38.4	%	50.6	%	93.3%	-48.7	%	32.1	%		107.3	%
LUKOIL Investment	--		0.0	%	1.9	%	2.2	%	1.0	%	1.8%	3.3	%	20.8	%		14.2	%
Chemicals	28.1	%	17.1	%	21.4	%	-10.0	%	15.9	%	18.5%	29.8	%	28.0	%		26.2	%
Emerging Businesses	100.0	%	200.0	%	66.7	%	--		123.1	%	-25.0%	50.0	%	55.8	%		59.6	%
Corporate and Other	22.7	%	31.3	%	14.3	%	21.3	%	21.6	%	21.7%	6.5	%	38.5	%		22.6	%
Consolidated	59.0	%	54.9	%	49.0	%	52.0	%	53.1	%	47.1%	32.5	%	41.8	%		39.4	%
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		2,097			6,022
Taxes other than income taxes	3,464		3,715		4,205		4,145		15,529		4,037		4,247		4,227			12,511
Less: Excise taxes*	(3,060	)	(3,316	)	(3,538	)	(3,411	)	(13,325	)	(3,220	)	(3,417	)	(3,544	)		(10,181	)
Estimated Taxes Paid	1,750		2,324		2,202		2,569		8,845		2,413		3,159		2,780			8,352
*Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities.

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	-		-		-		-		-		-		-		32			32
Impairments	-		-		-		(29	)	(29	)	-		-		-			-
Severance accrual	-		-		20		-		20		-		-		-			-
Pending claims and settlements	-		-		-		-		-		-		(82	)	-			(82	)
Total	-		-		20		(29	)	(9	)	-		(82	)	32			(50	)
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
Pending claims and settlements	-		-		-		-		-		-		-		26			26
Total	-		(88	)	11		(478	)	(555	)	(83	)	2,717		26			2,660
Total E&P	-		(88	)	31		(507	)	(564	)	(83	)	2,635		58			2,610
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	-		-		-		-		-		-		(1,110	)	-			(1,110	)
Cancelled projects	-		-		-		-		-		(25	)	(4	)	-			(29	)
Severance accrual	-		-		-		-		-		-		(28	)	-			(28	)
Total	-		-		-		-		-		(25	)	(1,142	)	-			(1,167	)
Total R&M	(25	)	(72	)	(28	)	(11	)	(136	)	(25	)	(999	)	-			(1,024	)
LUKOIL Investment
Gain (loss) on asset sales	-		-		-		-		-		-		99		874			973
Total	-		-		-		-		-		-		99		874			973
Chemicals
Total	-		-		-		-		-		-		-		-			-
Emerging Businesses
Total	-		-		-		-		-		-		-		-			-
Corporate and Other
Pending claims and settlements	-		-		(7	)	-		(7	)	-		(24	)				(24	)
Cancelled projects	-		-		-		-		-		(2	)	2					-
Severance accrual	-		-		3		-		3		-		-					-
Premium on early debt retirement	-		-		-		-		-		-		-		(114	)		(114	)
Total	-		-		(4	)	-		(4	)	(2	)	(22	)	(114	)		(138	)
Total Company	63		(160	)	(1	)	(518	)	(616	)	(110	)	1,713		818			2,421

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		3,069			9,364
Depreciation, depletion and amortization	2,230		2,347		2,327		2,391		9,295		2,318		2,280		2,246			6,844
Impairments	3		51		56		425		535		91		1,532		59			1,682
Dry hole costs and leasehold impairments	123		115		233		135		606		133		72		122			327
Accretion on discounted liabilities	104		108		96		114		422		114		113		110			337
Deferred taxes	(221	)	(382	)	(269	)	(243	)	(1,115	)	(35	)	(508	)	(392	)		(935	)
Undistributed equity earnings	(280	)	(326	)	(692	)	44		(1,254	)	(503	)	(686	)	(453	)		(1,642	)
Net gain on asset dispositions	(39	)	3		(52	)	(72	)	(160	)	(24	)	(3,249	)	(1,398	)		(4,671	)
Other	(2	)	177		(326	)	347		196		(187	)	(356	)	322			(221	)
Net working capital changes	(849	)	(401	)	73		639		(538	)	(979	)	94		654			(231	)
Net Cash Provided by
Operating Activities	1,885		2,567		2,933		5,094		12,479		3,040		3,475		4,339			10,854
Cash Flows from Investing Activities
Capital expenditures and investments	(2,906	)	(2,672	)	(2,598	)	(2,685	)	(10,861	)	(2,071	)	(2,009	)	(2,291	)		(6,371	)
Proceeds from asset dispositions	86		146		706		332		1,270		132		5,811		6,290			12,233
Long-term advances to/collections from
affiliates and other investments	(106	)	(56	)	(29	)	(153	)	(344	)	(218	)	38		102			(78	)
Net Cash Provided by (Used in) Investing Activities	(2,926	)	(2,582	)	(1,921	)	(2,506	)	(9,935	)	(2,157	)	3,840		4,101			5,784
Cash Flows from Financing Activities
Net issuance (repayment) of debt	1,931		989		104		(1,795	)	1,229		347		(2,717	)	(2,838	)		(5,208	)
Issuance of company common stock	(21	)	-		10		24		13		9		26		24			59
Repurchase of company common stock	-		-		-		-		-		-		(390	)	(868	)		(1,258	)
Dividends paid on company common stock	(696	)	(697	)	(697	)	(742	)	(2,832	)	(744	)	(816	)	(816	)		(2,376	)
Other	(203	)	(203	)	(685	)	(174	)	(1,265	)	(186	)	(169	)	(189	)		(544	)
Net Cash Provided by (Used in)
Financing Activities	1,011		89		(1,268	)	(2,687	)	(2,855	)	(574	)	(4,066	)	(4,687	)		(9,327	)
Effect of Exchange Rate Changes	77		12		9		-		98		4		16		123			143
Net Change in Cash
and Cash Equivalents	47		86		(247	)	(99	)	(213	)	313		3,265		3,876			7,454
Cash and cash equivalents
at beginning of period	755		802		888		641		755		542		855		4,120			542
Cash and Cash Equivalents
at End of Period	802		888		641		542		542		855		4,120		7,996			7,996
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	2,012		5,607
Loans and advances	88	33	32	22	175	48	21	27		96
Joint venture acquisition obligation--principal	153	156	157	159	625	161	164	166		491
E&P total	2,617	2,248	2,391	2,443	9,699	2,059	1,930	2,205		6,194
Midstream*	1	3	-	1	5	-	-	1		1
R&M
Capital expenditures and investments	496	523	352	355	1,726	192	226	241		659
Loans and advances	-	-	150	200	350	200	-	-		200
R&M total	496	523	502	555	2,076	392	226	241		859
LUKOIL Investment*	-	-	-	-	-	-	-	-		-
Chemicals*	-	-	-	-	-	-	-	-		-
Emerging Businesses*	17	56	16	8	97	1	4	2		7
Corporate and Other*	16	31	28	59	134	28	34	35		97
Total Capital Program	3,147	2,861	2,937	3,066	12,011	2,480	2,194	2,484		7,158
*Capital expenditures and investments only.

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	1,564			7,510
Production
Total, Including Equity Affiliates (MBOE/D)	1,925		1,872		1,791		1,828		1,854		1,828	1,733	1,717			1,758
E&P segment plus LUKOIL Investment segment:*	2,375		2,307		2,223		2,261		2,291		2,271	2,176	2,139			2,195
Crude Oil and Natural Gas Liquids (NGL) (MB/D)
Consolidated operations	963		912		863		913		913		901	837	846			862
Equity affiliates	49		55		59		57		55		57	56	51			54
Total	1,012		967		922		970		968		958	893	897			916
Over/(Under) Lifting of Crude Oil (MB/D)	10		1		17		(17	)	3		19	6	(16	)		3
Synthetic Oil (MB/D)	23		16		25		27		23		22	25	-			15
Bitumen (MB/D)
Consolidated operations	7		6		8		7		7		8	10	10			9
Equity affiliates	35		41		45		52		43		52	48	49			50
Total	42		47		53		59		50		60	58	59			59
Natural Gas (MMCF/D)
Consolidated operations	5,011		4,957		4,658		4,556		4,793		4,635	4,431	4,431			4,498
Equity affiliates	76		94		88		76		84		91	110	134			112
Total	5,087		5,051		4,746		4,632		4,877		4,726	4,541	4,565			4,610
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot	42.97		59.54		68.19		76.06		61.69		78.67	77.78	76.03			77.50
Brent dated	44.40		58.79		68.28		74.56		61.51		76.24	78.30	76.86			77.13
Natural Gas ($/MMBTU)
Henry Hub -- First of Month	4.91		3.51		3.39		4.16		3.99		5.30	4.09	4.38			4.59
Average Realized Prices
Crude Oil and NGL ($/BBL)
Consolidated operations	40.39		51.77		61.93		68.66		55.47		71.89	71.00	69.22			70.74
Equity affiliates	39.92		55.44		64.31		70.69		58.23		71.30	72.46	72.95			72.25
Total	40.37		51.98		62.08		68.78		55.63		71.86	71.09	69.45			70.83
Synthetic Oil ($/BBL)	45.69		58.71		66.42		73.35		62.01		78.67	76.60	-			77.56
Bitumen ($/BBL)
Consolidated operations	21.10		40.65		48.35		47.44		39.67		59.18	45.81	47.96			50.65
Equity affiliates	24.64		46.90		49.81		55.07		45.69		56.15	49.73	52.38			52.82
Total	24.04		46.10		49.59		54.14		44.84		56.57	49.19	51.50			52.48
Natural Gas ($/MCF)
Consolidated operations	4.98		3.72		3.69		4.81		4.30		5.51	4.53	4.58			4.88
Equity affiliates	2.10		2.10		2.57		2.62		2.35		2.67	3.02	2.82			2.84
Total	4.93		3.69		3.67		4.77		4.26		5.45	4.50	4.53			4.83
Exploration Charges ($ Millions)
Dry holes	80		66		162		51		359		93	28	26			147
Leasehold impairment	43		49		71		84		247		40	44	96			180
Total Noncash Charges	123		115		233		135		606		133	72	122			327
Other (G&A, G&G and Lease rentals)	102		128		153		193		576		250	141	130			521
Total Exploration Charges	225		243		386		328		1,182		383	213	252			848
Depreciation, Depletion and
Amortization (DD&A) ($ Millions)	1,994		2,127		2,082		2,134		8,337		2,071	2,033	2,017			6,121
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(98	)	(22	)	(11	)	20		(111	)	60	18	(20	)		58
*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.

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		563			1,856
Alaska ($ Millions)	244		404		356		536	1,540		517	381		361			1,259
Lower 48 ($ Millions)	(71	)	(68	)	(29	)	131	(37	)	240	155		202			597
Production
Total U.S. (MBOE/D)	791		771		737		722	755		703	686		678			689
Crude Oil and NGL (MB/D)
Alaska	275		252		229		252	252		247	221		215			228
Lower 48	163		170		168		165	166		156	161		160			159
Total	438		422		397		417	418		403	382		375			387
Over/(Under) Lifting of Crude Oil (MB/D)	12		21		(5	)	8	10		9	4		(26	)		(5	)
Natural Gas (MMCF/D)
Alaska	92		83		105		95	94		94	82		82			86
Lower 48	2,027		2,012		1,938		1,736	1,927		1,705	1,740		1,738			1,728
Total	2,119		2,095		2,043		1,831	2,021		1,799	1,822		1,820			1,814
Average Realized Prices
Crude Oil and NGL ($/BBL)
Alaska	41.75		55.25		67.91		74.35	59.23		77.25	77.44		75.87			76.92
Lower 48	30.85		41.52		47.78		55.86	44.12		59.54	55.70		54.07			56.39
Total U.S.	37.68		49.86		59.13		67.06	53.21		70.40	68.15		65.71			68.19
Natural Gas ($/MCF)
Alaska	7.69		6.38		4.87		5.22	6.25		5.28	4.73		4.59			4.92
Lower 48	3.76		2.97		2.98		4.03	3.42		5.21	3.93		4.06			4.39
Total U.S.	3.82		3.00		2.99		4.05	3.45		5.21	3.94		4.07			4.40
Kenai, Alaska LNG Sales
Volume (MMCF/D)	43		47		82		64	59		56	51		49			52
Sales price per MCF	6.29		7.20		8.29		11.02	8.45		11.70	12.08		12.84			12.19
U.S. Exploration Charges ($ Millions)
Dry holes	58		30		49		29	166		-	(1	)	(6	)		(7	)
Leasehold impairment	26		28		27		62	143		22	26		79			127
Total Noncash Charges	84		58		76		91	309		22	25		73			120
Other (G&A, G&G and Lease rentals)	30		35		58		72	195		32	48		39			119
Total U.S. Exploration Charges	114		93		134		163	504		54	73		112			239
Alaska Only	34		8		11		17	70		7	10		10			27
DD&A ($ Millions)
Alaska	173		185		167		169	694		152	152		151			455
Lower 48	651		683		671		642	2,647		585	589		549			1,723
Total U.S.	824		868		838		811	3,341		737	741		700			2,178

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	1,001		5,654
Production
Total, Including Equity Affiliates (MBOE/D)	1,134		1,101		1,054	1,106		1,099		1,125	1,047	1,039		1,069
Crude Oil and NGL (MB/D)
Consolidated operations
Canada	40		41		39	39		40		41	42	40		41
Norway	172		155		150	160		160		152	121	142		138
United Kingdom	87		85		71	81		81		83	77	65		75
Australia/Timor-Leste	35		35		36	36		35		34	25	34		31
China	40		41		53	60		49		71	67	66		68
Indonesia	29		19		12	14		19		17	20	19		19
Vietnam	36		31		27	24		29		22	24	25		24
Algeria	16		13		14	14		14		13	13	13		13
Libya	43		43		45	48		45		46	47	46		46
Nigeria	19		19		19	20		19		19	19	21		20
Other	8		8		-	-		4		-	-	-		-
Total consolidated operations	525		490		466	496		495		498	455	471		475
Equity affiliates	49		55		59	57		55		57	56	51		54
Total	574		545		525	553		550		555	511	522		529
Over/(Under) Lifting of Crude Oil (MB/D)	(2	)	(20	)	22	(25	)	(7	)	10	2	10		8
Synthetic Oil (MB/D)
Consolidated operations--Canada	23		16		25	27		23		22	25	-		15
Bitumen (MB/D)
Consolidated operations--Canada	7		6		8	7		7		8	10	10		9
Equity affiliates	35		41		45	52		43		52	48	49		50
Total	42		47		53	59		50		60	58	59		59
Natural Gas (MMCF/D)
Consolidated operations
Canada	1,066		1,174		1,063	945		1,062		1,021	1,043	974		1,012
Norway	259		196		188	225		217		249	182	185		205
United Kingdom	742		653		514	728		659		712	567	546		607
Australia/Timor-Leste	247		258		266	233		251		239	184	260		228
Indonesia	449		451		443	450		447		462	473	472		469
Vietnam	17		12		17	16		15		15	16	16		16
Libya	8		8		12	12		10		8	8	8		8
Nigeria	104		110		112	116		111		130	136	150		139
Total consolidated operations	2,892		2,862		2,615	2,725		2,772		2,836	2,609	2,611		2,684
Equity affiliates	76		94		88	76		84		91	110	134		112
Total	2,968		2,956		2,703	2,801		2,856		2,927	2,719	2,745		2,796
Darwin, Australia LNG Sales (MMCF/D)	438		430		453	391		428		401	297	458		385

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 ($/BBL)
Consolidated operations
Canada	34.61	37.75	44.77	50.24	41.76	57.58	54.56	50.58		54.24
Norway	45.55	57.49	67.32	72.23	60.34	75.47	76.16	76.12		75.88
United Kingdom	42.41	52.63	64.45	69.43	56.19	74.03	72.64	73.04		73.30
Australia/Timor-Leste	41.33	42.77	54.11	62.23	50.30	68.73	68.75	64.88		67.26
China	38.17	57.72	65.97	73.72	61.33	74.89	77.78	73.64		75.50
Indonesia	42.35	52.36	76.41	73.63	56.28	67.65	68.49	63.71		66.57
Vietnam	42.75	58.00	70.27	79.64	60.97	80.92	81.26	78.79		80.32
Algeria	46.05	61.26	64.67	76.81	61.75	74.39	79.92	77.45		77.55
Libya	44.22	57.30	67.93	73.99	62.38	76.17	77.81	76.22		76.86
Nigeria	43.86	49.45	63.36	68.15	56.55	71.76	61.61	70.29		68.35
Other	32.01	-	-	-	32.01	-	-	-		-
Total consolidated operations	42.67	53.52	64.12	70.07	57.40	73.08	73.34	71.75		72.72
Equity affiliates	39.92	55.44	64.31	70.69	58.23	71.30	72.46	72.95		72.25
Total	42.43	53.72	64.14	70.14	57.48	72.91	73.24	71.87		72.67
Synthetic Oil ($/BBL)
Consolidated operations--Canada	45.69	58.71	66.42	73.35	62.01	78.67	76.60	-		77.56
Bitumen ($/BBL)
Consolidated operations--Canada	21.10	40.65	48.35	47.44	39.67	59.18	45.81	47.96		50.65
Equity affiliates	24.64	46.90	49.81	55.07	45.69	56.15	49.73	52.38		52.82
Total	24.04	46.10	49.59	54.14	44.84	56.57	49.19	51.50		52.48
Natural Gas ($/MCF)
Consolidated operations
Canada	4.13	2.84	2.53	3.97	3.33	4.63	3.63	3.34		3.87
Norway	9.68	7.09	6.24	6.64	7.52	7.08	7.01	7.68		7.25
United Kingdom	8.75	5.60	5.74	5.81	6.57	6.66	5.61	6.27		6.21
Australia/Timor-Leste	1.16	0.66	0.82	1.16	0.95	1.06	0.85	0.96		0.96
Indonesia	4.74	5.91	7.15	7.72	6.39	7.49	7.60	7.07		7.39
Vietnam	1.14	1.13	1.15	1.17	1.15	1.17	1.16	1.17		1.17
Libya	0.09	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	1.76		1.88
Total consolidated operations	5.87	4.27	4.26	5.34	4.94	5.71	4.95	4.96		5.22
Equity affiliates	2.10	2.10	2.57	2.62	2.35	2.67	3.02	2.82		2.84
Total	5.76	4.19	4.20	5.26	4.86	5.61	4.88	4.84		5.12
International Exploration Charges ($ Millions)
Dry holes	22	36	113	22	193	93	29	32		154
Leasehold impairment	17	21	44	22	104	18	18	17		53
Total Noncash Charges	39	57	157	44	297	111	47	49		207
Other (G&A, G&G and Lease rentals)	72	93	95	121	381	218	93	91		402
Total International Exploration Charges	111	150	252	165	678	329	140	140		609
DD&A ($ Millions)	1,170	1,259	1,244	1,323	4,996	1,334	1,292	1,317		3,943

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	)	268			(15	)
United States ($ Millions)	98		(38	)	73		(325	)	(192	)	12		782		199			993
International ($ Millions)	107		(14	)	26		110		229		(16	)	(1,061	)	69			(1,008	)
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		2,232			2,192
Total Charge Input (MB/D)	2,296		2,517		2,553		2,192		2,389		2,226		2,448		2,383			2,353
Crude Oil Capacity Utilization (%)	81	%	88	%	90	%	76	%	84	%	78	%	86	%	84	%		82	%
Clean Product Yield (%)	80	%	82	%	81	%	84	%	82	%	84	%	84	%	83	%		83	%
Refined Products Production (MB/D)
Gasoline	916		1,042		1,054		940		988		986		1,038		996			1,007
Distillates	899		974		979		851		926		834		969		935			913
Other	477		501		532		414		481		418		457		468			448
Total	2,292		2,517		2,565		2,205		2,395		2,238		2,464		2,399			2,368
Petroleum Products Sales (MB/D)
Gasoline	1,161		1,337		1,342		1,250		1,273		1,249		1,319		1,280			1,283
Distillates	1,092		1,213		1,204		1,166		1,169		1,089		1,201		1,199			1,163
Other	470		562		594		503		532		471		524		627			541
Total	2,723		3,112		3,140		2,919		2,974		2,809		3,044		3,106			2,987
Market Indicators
U.S. East Coast Crack Spread ($/BBL)	10.43		9.13		8.14		6.19		8.47		8.21		10.71		8.84			9.25
U.S. Gulf Coast Crack Spread ($/BBL)	9.06		8.39		6.74		4.46		7.16		6.70		9.90		7.45			8.01
U.S. Group Central Crack Spread ($/BBL)	9.62		9.16		8.06		5.52		8.09		6.82		11.38		10.58			9.59
U.S. West Coast Crack Spread ($/BBL)	15.79		15.11		13.89		8.75		13.38		9.72		14.95		14.97			13.21
U.S. Weighted 3:2:1 Crack Spread ($/BBL)	10.88		10.12		8.81		5.95		8.94		7.68		11.44		9.97			9.70
NW Europe Crack Spread ($/BBL)	10.81		9.42		8.44		8.14		9.20		9.25		11.60		9.84			10.23
Singapore 3:1:2 Crack Spread ($/BBL)	9.45		7.88		7.63		5.83		7.70		10.17		10.68		11.13			10.66
Realized Margins
Refining Margin ($/BBL)
U.S.	7.55		4.85		4.69		2.42		4.83		5.62		8.82		6.53			7.04
International*	6.52		3.44		4.11		6.72		5.14		8.73		10.27		4.41			7.64
Integrated Margin ($/BBL)
U.S.	8.23		5.40		5.92		3.48		5.71		6.07		10.40		7.21			7.97
International*	8.59		5.04		6.61		9.39		7.33		11.60		13.82		7.68			10.89
DD&A ($ Millions)	211		198		220		227		856		214		211		199			624
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(10	)	49		2		(5	)	36		(47	)	(55	)	42			(60	)
Turnaround Expense ($ Millions)	207		121		62		145		535		72		94		86			252
*All 2009 periods and the first two quarters of 2010 recast to conform to the third-quarter 2010 presentation.

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		387			392
Total Charge Input (MB/D)	363		427		443		410		411		406		457		433			432
Crude Oil Capacity Utilization (%)	82	%	89	%	93	%	88	%	88	%	90	%	97	%	91	%		93	%
Clean Product Yield (%)	83	%	87	%	89	%	89	%	87	%	89	%	89	%	89	%		89	%
U.S. Gulf Coast
Crude Oil Charge Input (MB/D)	470		711		660		554		599		641		730		664			679
Total Charge Input (MB/D)	534		773		725		629		664		731		804		730			755
Crude Oil Capacity Utilization (%)	64	%	97	%	90	%	75	%	82	%	87	%	100	%	90	%		93	%
Clean Product Yield (%)	81	%	83	%	80	%	81	%	81	%	82	%	82	%	81	%		81	%
Western U.S.
Crude Oil Charge Input (MB/D)	402		380		397		386		391		374		394		394			388
Total Charge Input (MB/D)	424		405		423		412		416		389		425		416			410
Crude Oil Capacity Utilization (%)	96	%	91	%	95	%	93	%	94	%	90	%	95	%	95	%		93	%
Clean Product Yield (%)	79	%	80	%	81	%	84	%	81	%	82	%	83	%	81	%		82	%
Central U.S. - Consolidated
Crude Oil Charge Input (MB/D)	172		184		179		152		172		170		189		187			182
Total Charge Input (MB/D)	175		188		182		154		175		172		191		190			184
Crude Oil Capacity Utilization (%)	92	%	98	%	96	%	81	%	92	%	91	%	101	%	100	%		97	%
Clean Product Yield (%)	90	%	91	%	93	%	91	%	91	%	91	%	92	%	92	%		92	%
Central U.S. - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D)	199		202		212		174		197		178		190		201			189
Total Charge Input (MB/D)	213		215		224		186		210		189		202		205			199
Crude Oil Capacity Utilization (%)	88	%	89	%	94	%	77	%	87	%	79	%	84	%	89	%		84	%
Clean Product Yield (%)	81	%	84	%	85	%	82	%	83	%	83	%	82	%	79	%		81	%
Total U.S.
Crude Oil Charge Input (MB/D)	1,589		1,852		1,841		1,640		1,731		1,742		1,913		1,833			1,830
Total Charge Input (MB/D)	1,709		2,008		1,997		1,791		1,876		1,887		2,079		1,974			1,980
Crude Oil Capacity Utilization (%)	80	%	93	%	93	%	83	%	87	%	88	%	96	%	92	%		92	%
Clean Product Yield (%)	82	%	84	%	84	%	85	%	84	%	84	%	85	%	84	%		84	%
Refined Products Production (MB/D)
Gasoline	755		904		912		816		847		873		938		869			893
Distillates	623		748		725		665		691		679		785		746			737
Other	338		366		380		326		353		349		377		377			368
Total	1,716		2,018		2,017		1,807		1,891		1,901		2,100		1,992			1,998
Petroleum Products Sales (MB/D)
Gasoline	1,037		1,180		1,188		1,112		1,130		1,092		1,170		1,103			1,122
Distillates	749		924		906		853		858		807		921		874			868
Other	328		378		420		342		367		366		387		432			395
Total	2,114		2,482		2,514		2,307		2,355		2,265		2,478		2,409			2,385
*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		285			272
Total Charge Input (MB/D)	465		380		430		296		393		288		262		295			282
Crude Oil Capacity Utilization (%)	82	%	66	%	76	%	52	%	69	%	50	%	46	%	52	%		49	%
Clean Product Yield (%)	72	%	69	%	69	%	76	%	71	%	80	%	75	%	77	%		77	%
International - Equity Affiliates - Net Share**
Crude Oil Charge Input (MB/D)	114		121		119		100		114		48		107		114			90
Total Charge Input (MB/D)	122		129		126		105		120		51		107		114			91
Crude Oil Capacity Utilization (%)	96	%	102	%	101	%	84	%	95	%	41	%	90	%	96	%		76	%
Clean Product Yield (%)	87	%	81	%	85	%	86	%	85	%	81	%	87	%	83	%		84	%
Total International
Crude Oil Charge Input (MB/D)	567		485		541		388		495		324		362		399			362
Total Charge Input (MB/D)	587		509		556		401		513		339		369		409			373
Crude Oil Capacity Utilization (%)	85	%	72	%	81	%	58	%	74	%	48	%	54	%	60	%		54	%
Clean Product Yield (%)	75	%	72	%	72	%	79	%	74	%	81	%	78	%	79	%		79	%
Refined Products Production (MB/D)
Gasoline	161		138		142		124		141		113		100		127			114
Distillates	276		226		254		186		235		155		184		189			176
Other	139		135		152		88		128		69		80		91			80
Total	576		499		548		398		504		337		364		407			370
Petroleum Products Sales (MB/D)
Gasoline	124		157		154		138		143		157		149		177			161
Distillates	343		289		298		313		311		282		280		325			295
Other	142		184		174		161		165		105		137		195			146
Total	609		630		626		612		619		544		566		697			602
*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.

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		1,310		2,226
Upstream
Production
Net crude oil production (MB/D)	394	385	386	387	388	391		382		366		380
Net natural gas production (MMCF/D)	334	297	273	276	295	312		368		338		339
Total (MBOE/D)	450	435	432	433	437	443		443		422		437
Industry Prices
Crude Oil ($/BBL)
Urals crude (CIF Mediterranean) (one-quarter lag)	54.66	43.73	58.49	67.89	56.19	74.26		75.41		76.86		75.51
Downstream
Refinery Throughput
Crude Processed (MB/D)	225	231	250	255	240	246		248		263		252
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	2	12	5	1	20	(2	)	(16	)	5		(13	)
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	77		215
U.S. Equity Affiliate ($ Millions)*	90	12	26	55	183	53	31	39		123
NGL Extracted (MB/D)
Equity Affiliates
United States*	165	180	186	185	179	176	181	189		182
International	7	8	8	9	8	10	9	9		10
Total	172	188	194	194	187	186	190	198		192
*Represents 50 percent interest in DCP Midstream.

NGL Fractionated (MB/D)
United States*	144	157	147	147	149	140	138	116	132
International	16	17	17	17	17	19	18	18	18
Total	160	174	164	164	166	159	156	134	150
*Excludes DCP Midstream.
Product Prices
Weighted Average NGL ($/BBL)*
Consolidated	26.04	29.99	34.66	43.83	33.63	48.93	43.21	40.55	44.23
DCP Midstream	23.86	26.02	28.89	40.44	29.80	45.65	38.11	36.66	40.14
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.
DD&A ($ Millions)	2	1	1	2	6	1	2	1	4

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	132		380
Industry Margins (Cents/Lb)*
Ethylene industry cash margin	4.7	3.0	5.2	4.0	4.2	18.2	19.6	11.2		16.3
HDPE industry contract sales margin	18.2	24.5	27.6	22.3	23.1	17.3	24.5	28.2		23.3
Styrene industry contract sales margin	14.8	13.9	11.5	11.2	12.8	10.3	12.3	10.1		10.9
*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	)	(20	)		(24	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Power	24		27		22		32		105		29		17		8			54
Other	(24	)	(25	)	(24	)	(29	)	(102	)	(23	)	(27	)	(28	)		(78	)
Total	-		2		(2	)	3		3		6		(10	)	(20	)		(24	)
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	)	(276	)		(975	)
Detail of Net Income (Loss)
Attributable to ConocoPhillips ($ Millions)
Net interest expense	(190	)	(175	)	(245	)	(241	)	(851	)	(222	)	(254	)	(285	)		(761	)
Corporate overhead	(41	)	(31	)	(5	)	(31	)	(108	)	(36	)	(47	)	(37	)		(120	)
Other	(28	)	49		(33	)	(39	)	(51	)	(52	)	(88	)	46			(94	)
Total	(259	)	(157	)	(283	)	(311	)	(1,010	)	(310	)	(389	)	(276	)		(975	)
Before-Tax Net Interest Expense ($ Millions)
Interest expense	(387	)	(360	)	(426	)	(447	)	(1,620	)	(383	)	(433	)	(351	)		(1,167	)
Capitalized interest	118		131		129		109		487		119		119		121			359
Interest revenue	40		10		9		30		89		6		14		13			33
Premium on early debt retirement	(2	)	-		-		-		(2	)	-		-		(146	)		(146	)
Total	(231	)	(219	)	(288	)	(308	)	(1,046	)	(258	)	(300	)	(363	)		(921	)
Foreign Currency Gains
(Losses) After-Tax ($ Millions)	(1	)	79		18		1		97		(19	)	(70	)	60			(29	)
Debt
Total Debt ($ Millions)	29,379		30,364		30,458		28,653		28,653		28,988		26,279		23,601			23,601
Debt-to-Capital Ratio (%)	34	%	34	%	33	%	31	%	31	%	31	%	28	%	25	%		25	%
Equity ($ Millions)	56,153		59,528		61,585		62,613		62,613		63,417		65,945		69,917			69,917
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.