8-K

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



FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported): January 30, 2013

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

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

600 North Dairy Ashford
Houston, Texas 77079

(Address of principal executive offices and zip code)

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On January 30, 2013, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2012 and its estimate of preliminary net reserve additions as of December 31, 2012.  A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.  Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.  

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1               —          Press release issued by ConocoPhillips on January 30, 2013.

99.2               —          Supplemental financial information.

2

SIGNATURES

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

	CONOCOPHILLIPS
	/s/ Glenda M. Schwarz
	Glenda M. Schwarz
	Vice President and Controller
January 30, 2013

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by ConocoPhillips on January 30, 2013.
99.2	Supplemental financial information.

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Fourth-Quarter and Full-Year 2012 Results

2012 Organic Reserve Replacement of 156 Percent

HOUSTON--(BUSINESS WIRE)--January 30, 2013--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2012 earnings of $1.4 billion, or $1.16 per share, compared with fourth-quarter 2011 earnings of $3.4 billion, or $2.56 per share. Fourth-quarter 2011 reported earnings included downstream results prior to the separation of Phillips 66 on April 30, 2012.

Excluding special items, fourth-quarter 2012 adjusted earnings were $1.8 billion, or $1.43 per share, compared with fourth-quarter 2011 adjusted earnings of $2.1 billion, or $1.55 per share. Special items for the current quarter included disposition-related impairments partially offset by tax impacts, net benefits related to legal claims and settlements, and discontinued operations.

Following recently announced agreements to dispose of the company’s interests in the Kashagan Field and the Algeria and Nigeria business units, the associated earnings and production impacts for these assets have been reported as discontinued operations. This decreased adjusted earnings for fourth-quarter 2012 by $27 million, or $0.02 per share.

Full-year 2012 earnings were $8.4 billion, or $6.72 per share, compared with full-year 2011 earnings of $12.4 billion, or $8.97 per share. Reported earnings for 2012 and 2011 included four months and 12 months of downstream results, respectively. Full-year 2012 adjusted earnings were $6.7 billion, or $5.37 per share, compared with full-year 2011 adjusted earnings of $8.0 billion, or $5.75 per share.

Highlights

• Fourth-quarter total production of 1,607 MBOED; full-year total production of 1,578 MBOED.
• Year-end proved reserves of 8.6 billion BOE; annual organic reserve replacement of 156 percent.
• Eagle Ford and Bakken continued to set new production and efficiency records.
• Oil sands production exceeded 100 MBOED average for the quarter.
• FCCL expansion progressed with sanction of Christina Lake Phase F and Narrows Lake Phase A.
• First oil achieved from the Gumusut Field in Malaysia.
• Continued drilling and testing of unconventional shale plays; increased Niobrara acreage position to approximately 130,000 acres.
• Increased deepwater Gulf of Mexico position to 1.9 million acres; continued exploration and appraisal drilling.
• Announced agreements to sell Kashagan, Algeria, Nigeria and Cedar Creek Anticline, which are expected to generate approximately $9.6 billion in proceeds.

“We ended 2012 with another strong quarter,” said Ryan Lance, chairman and chief executive officer. “We achieved our production targets, continued to successfully execute our growth projects and drilling programs, and announced significant progress on our asset disposition program. Our quarterly production from continuing operations is growing and we delivered strong organic reserve replacement. These achievements reflect our strategic focus on organic growth and the strength of our resource base. We remain committed to our goals of delivering 3 to 5 percent volume and margin growth, with a compelling dividend.”

Reserves Update

Preliminary year-end 2012 proved reserves are 8.6 billion barrels of oil equivalent (BOE). Proved organic reserve additions for 2012 are expected to be 942 million BOE, representing an organic reserve replacement ratio of 156 percent of 2012 production, including fuel gas. Sales completed during 2012, net of purchases, reduced reserves by 83 million BOE, giving a total reserve replacement ratio of 142 percent.

Organic reserves were added across the portfolio, adding approximately:

• 500 million BOE in Canada, primarily in the oil sands, with ongoing expansion phases at Foster Creek and Christina Lake, and following Phase A sanction at Narrows Lake;
• 230 million BOE in Lower 48, mostly in liquids-rich shale plays, including the rapidly growing Eagle Ford and Bakken;
• 100 million BOE in Asia Pacific, with progress at Australia Pacific LNG and multiple projects in Malaysia, including the recently online Gumusut Field and under-construction Malikai development; and
• 50 million BOE across multiple developments in Europe, including the Jasmine Field where first production is expected in 2013.

Final information related to the company’s 2012 oil and gas reserves as well as finding and development costs will be provided in ConocoPhillips’ Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission in late February.

Operations Update

Lower 48 and Latin America – Fourth-quarter production was 475 thousand barrels of oil equivalent per day (MBOED), an increase of 31 MBOED compared to the same period of 2011. Significant growth continues from the ramp up of core shale plays in the Eagle Ford and Bakken. For the quarter, these shale plays delivered approximately 113 MBOED, a 71 percent increase compared to the fourth quarter of 2011. During the quarter, Eagle Ford averaged 89 MBOED, achieving a peak daily rate of more than 100 MBOED, while Bakken averaged 24 MBOED. Earlier this month, the company announced an agreement to sell its Cedar Creek Anticline properties for $1.05 billion, with closing expected by the end of the first quarter of 2013.

Canada – Quarterly production increased by 17 MBOED over the same period in 2011, to 281 MBOED. The company’s oil sands programs continue to perform strongly, with average production exceeding 100 MBOED for the quarter. Surmont 2 construction continued on schedule and FCCL expansion progressed with the sanctioning of Christina Lake Phase F and Narrows Lake Phase A.

The production mix in the Lower 48 and Canada continues to shift from natural gas to liquids. For the quarter, total liquids production in these segments increased by 21 percent compared to the same period in 2011, resulting in the liquids percentage of production increasing from 43 percent to 48 percent.

Alaska – Fourth-quarter production was 222 MBOED, down 15 MBOED compared to the same period in 2011, primarily reflecting normal field decline, partially offset by reduced downtime. During the quarter, the Alpine West CD5 Project was sanctioned.

Asia Pacific and Middle East – Quarterly production was 322 MBOED, up 32 MBOED compared to the fourth quarter of 2011. Fourth-quarter 2012 production reflects stabilized production at Peng Lai and growth from Panyu, which more than offset the impact of the Vietnam disposition earlier in the year. During the quarter, first oil was achieved from the early production system at the deepwater Gumusut oil field in Malaysia, representing the first field online of four developments currently in execution. Additionally, new long-term sales agreements were secured for QatarGas 3 LNG volumes, and the Australia Pacific LNG Project continued on schedule with further progress on upstream and downstream developments.

Europe – Production for the quarter was 216 MBOED, down 61 MBOED compared to the same period a year ago, reflecting the impact of normal field decline, higher downtime in the United Kingdom, and dispositions. Development continued at Clair Ridge and Jasmine in the United Kingdom, and Ekofisk South and Eldfisk II in Norway.

Other International – Production from continuing operations was 50 MBOED in the fourth quarter of 2012, an increase of 24 MBOED compared to the same period in 2011. This reflects the resumption of production in Libya earlier this year following the civil unrest in 2011, offset by lower production from Russia due to the sale of our interest in NaryanMarNefteGaz in the third quarter of 2012. This segment also included fourth-quarter 2012 production related to discontinued operations of 41 MBOED.

Unconventional exploration – Testing continues across shale plays in North America. Fourth-quarter Lower 48 activity focused on drilling in the Permian Basin Wolfcamp and Niobrara plays. In the Niobrara, the company has accumulated approximately 130,000 acres. Drilling continues in Canada’s Duvernay formation, Poland’s Baltic Basin and Australia’s Canning Basin. In China, ConocoPhillips entered into a joint study agreement on a potential shale gas opportunity in the Sichuan Basin, covering approximately one million acres.

Conventional exploration – The company expects to increase its acreage in the deepwater Gulf of Mexico by approximately 375,000 acres to 1.9 million acres, reflecting successful participation in two lease sales in the central and western zones during the second half of 2012. Also in the deepwater Gulf of Mexico, drilling continued at the Coronado and Shenandoah prospects. The company also advanced its conventional exploration program internationally. ConocoPhillips was awarded two new licenses in the Central North Sea during the U.K.’s 27th licensing round, and appraisal drilling continued in the Browse Basin in Australia. In Angola, rig access was secured and plans are underway to commence drilling in early 2014 on the company’s prospective deepwater acreage. The company also signed a new production sharing contract as operator for exploration of Block SB311 in Malaysia.

Fourth-Quarter Review – Continuing Operations

Production from continuing operations for the fourth quarter of 2012 was 1,566 MBOED, compared with 1,538 MBOED for the fourth quarter of 2011. Adjusted for completed dispositions, production grew by 83 MBOED compared to fourth-quarter 2011. This increase was primarily due to new production from major projects and drilling programs, as well as higher production in Libya and China. These increases more than offset normal field decline and downtime.

Adjusted earnings decreased compared with fourth-quarter 2011 primarily due to the impact of lower commodity prices. The company’s total realized price fell to $67.45 per BOE, compared to $69.99 per BOE in the fourth quarter of 2011. Realized crude oil prices decreased to $103.08 per barrel, compared with $105.92 per barrel for the fourth quarter of 2011. Realized natural gas liquids (NGL) prices decreased by 18 percent to $44.93 per barrel, compared with $55.06 per barrel for the fourth quarter of 2011. Realized natural gas prices decreased to $5.79 per thousand cubic feet (MCF), compared with $5.88 per MCF for the fourth quarter of 2011. Realized bitumen prices decreased by 31 percent to $48.32 per barrel, compared with $70.20 per barrel for the fourth quarter of 2011.

For the quarter, cash provided by continuing operating activities was $3.87 billion. Excluding a working capital increase of $0.37 billion, ConocoPhillips generated $4.24 billion in cash from operations. The company funded a $3.6 billion capital program and paid dividends of $0.8 billion. During the quarter, debt increased $0.6 billion, reflecting the placement of $2.0 billion in low-interest debt, retirement of maturing debt and repayment of commercial paper.

Full-Year Review – Continuing Operations

Production from continuing operations for the year was 1,527 MBOED, compared with 1,561 MBOED for 2011. Adjusted for completed dispositions, production grew by 7 MBOED compared to 2011. New production from major projects and drilling programs, as well as higher production from the resumption of operations in Libya, offset normal field decline and downtime.

Adjusted earnings decreased compared with 2011 primarily due to the impact of lower commodity prices and volumes. The company’s full-year 2012 realized price fell to $67.68 per BOE, compared to $69.14 per BOE in 2011. Realized crude oil prices increased to $105.72 per barrel, compared with $105.52 per barrel for the full year of 2011. Realized NGL prices decreased by 17 percent to $46.36 per barrel, compared with $55.73 per barrel for the full year of 2011. Realized natural gas prices decreased by 6 percent to $5.48 per MCF, compared with $5.80 per MCF for the full year of 2011. Realized bitumen prices decreased by 14 percent to $53.91 per barrel, compared with $62.56 per barrel for the full year of 2011.

For the year, cash provided by continuing operating activities was $13.5 billion. Excluding a working capital increase of $1.2 billion, ConocoPhillips generated $14.7 billion in cash from operations. The company received $2.1 billion in proceeds from asset dispositions and $5.5 billion in net cash related to the separation of Phillips 66. ConocoPhillips funded a $15.7 billion capital program, including $0.8 billion related to discontinued operations. During the year, the company paid dividends of $3.3 billion and repurchased shares for $5.1 billion. Debt decreased by $0.9 billion.

As of Dec. 31, 2012, ConocoPhillips had debt of $21.7 billion and the debt-to-capital ratio was 31 percent. The company had $3.62 billion of cash and cash equivalents and $0.75 billion in restricted cash targeted for dividends.

Outlook

Total production for the first quarter of 2013 is expected to be 1,580 to 1,600 MBOED, including production from discontinued operations of approximately 40 MBOED. Full-year 2013 production from continuing operations is expected to be 1,475 to 1,525 MBOED.

In addition to $2.1 billion in proceeds from asset dispositions completed in 2012, the company has announced asset sales that are expected to close by mid-2013, generating additional proceeds of approximately $9.6 billion. The company continues to evaluate opportunities to further optimize the portfolio.

ConocoPhillips will host a conference call at 9:30 a.m. EST on Jan. 31, to discuss its quarterly results and provide a status update on operational and strategic plans. To listen to the call and view related presentation materials, go to www.conocophillips.com/investor. For detailed supplemental information, go to www.conocophillips.com/investor/earnings.

ConocoPhillips will hold its annual analyst meeting on Feb. 28 in New York. Representatives from company management will discuss the company’s strategic plans for growth and value creation.

--- # # # ---

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 30 countries, $58 billion in annual revenue, $117 billion of assets, and approximately 16,900 employees as of Dec. 31, 2012. Production from continuing operations averaged 1,527 MBOED in 2012, and preliminary proved reserves were 8.6 billion BOE as of Dec. 31, 2012. 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 news release contains forward-looking statements. 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, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; 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. 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 news release includes the terms adjusted earnings and adjusted earnings per share. 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.

References in the release to earnings refer to net income attributable to ConocoPhillips.

ConocoPhillips
Reconciliation of Earnings to Adjusted Earnings
$ Millions, Except as Indicated
	4Q					FY
	2012			2011		2012		2011
Earnings	$	1,426		3,390		8,428		12,436
Adjustments:
Impairments		351		649		901		649
Net (gain)/loss on asset sales		-		15		(1,532	)	(124	)
Bohai Bay incidents		-		101		89		142
Tax loss carry forward realization		(236	)	-		(236	)	-
International tax law changes		-		-		167		109
Deferred tax adjustment		-		-		(72	)	-
Separation costs		4		25		84		25
Cancelled projects		-		-		-		54
Pension settlement expense		5		-		87		-
Pending claims and settlements		(196	)	-		(235	)	-
Premium on early debt retirement		-		-		68		-
Discontinued operations - Phillips 66		15		(2,066	)	(1,232	)	(5,042	)
Discontinued operations - Other International 1		386		(63	)	217		(267	)
Adjusted earnings	$	1,755		2,051		6,734		7,982
1 Includes Kashagan, Algeria and Nigeria
Earnings per share of common stock (dollars)	$	1.16		2.56		6.72		8.97
Adjusted earnings per share of common stock (dollars)	$	1.43		1.55		5.37		5.75
Reconciliation of Operating Results for Discontinued Operations - Other International
$ Millions	4Q					FY
	2012			2011		2012		2011
Income from discontinued operations	$	(401	)	2,129		1,015		5,309
Less: Discontinued operations - Phillips 66		(15	)	2,066		1,232		5,042
Discontinued operations - Other International		(386	)	63		(217	)	267
Less: Kashagan impairment		(413	)	-		(413	)	-
Operating results for Discontinued operations - Other International	$	27		63		196		267

CONTACT:
ConocoPhillips
Aftab Ahmed, 281-293-4138 (media)
aftab.ahmed@conocophillips.com
or
Daren Beaudo, 281-293-2073 (media)
daren.beaudo@conocophillips.com
or
Vladimir R. dela Cruz, 212-207-1996(investors)
v.r.delacruz@conocophillips.com

EX-99.2

Exhibit 99.2

	2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
Sales and other operating revenues	15,398		16,735		16,108		15,955		64,196		14,593		13,664		14,141		15,569		57,967
Equity in earnings of affiliates	328		377		445		89		1,239		490		529		412		480		1,911
Gain (loss) on dispositions	612		36		(260	)	(18	)	370		940		583		118		16		1,657
Other income	84		82		6		92		264		60		66		42		301		469
Total Revenues and Other Income	16,422		17,230		16,299		16,118		66,069		16,083		14,842		14,713		16,366		62,004
Costs and Expenses
Purchased commodities	6,921		7,625		7,922		7,329		29,797		6,078		5,721		6,357		7,076		25,232
Production and operating expenses	1,484		1,530		1,689		1,723		6,426		1,559		1,802		1,637		1,795		6,793
Selling, general and administrative expenses	247		204		143		271		865		326		235		329		216		1,106
Exploration expenses	170		255		261		352		1,038		675		265		215		345		1,500
Depreciation, depletion and amortization	1,802		1,800		1,602		1,623		6,827		1,571		1,580		1,650		1,779		6,580
Impairments	-		-		-		321		321		214		82		-		384		680
Taxes other than income taxes	880		1,192		898		1,029		3,999		1,095		900		673		878		3,546
Accretion on discounted liabilities	103		106		106		107		422		105		103		100		86		394
Interest and debt expense	257		242		230		225		954		190		197		161		161		709
Foreign currency transaction (gains) losses	7		20		47		(50	)	24		5		12		-		24		41
Total Costs and Expenses	11,871		12,974		12,898		12,930		50,673		11,818		10,897		11,122		12,744		46,581
Income from continuing operations before income taxes	4,551		4,256		3,401		3,188		15,396		4,265		3,945		3,591		3,622		15,423
Provision for income taxes	2,286		2,040		1,974		1,908		8,208		2,086		2,225		1,851		1,780		7,942
Income from continuing operations	2,265		2,216		1,427		1,280		7,188		2,179		1,720		1,740		1,842		7,481
Income from discontinued operations	777		1,203		1,204		2,130		5,314		776		569		73		(401	)	1,017
Net Income	3,042		3,419		2,631		3,410		12,502		2,955		2,289		1,813		1,441		8,498
Less: net income attributable to noncontrolling interests	(14	)	(17	)	(15	)	(20	)	(66	)	(18	)	(22	)	(15	)	(15	)	(70	)
Net Income Attributable to ConocoPhillips	3,028		3,402		2,616		3,390		12,436		2,937		2,267		1,798		1,426		8,428
Net Income Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations	1.57		1.57		1.04		0.96		5.18		1.69		1.36		1.41		1.49		5.95
Discontinued operations	0.54		0.86		0.89		1.62		3.86		0.60		0.46		0.06		(0.33	)	0.82
Net Income Attributable to ConocoPhillips
Per Share of Common Stock	2.11		2.43		1.93		2.58		9.04		2.29		1.82		1.47		1.16		6.77
Diluted
Continuing operations	1.56		1.56		1.03		0.95		5.14		1.67		1.35		1.40		1.48		5.91
Discontinued operations	0.53		0.85		0.88		1.61		3.83		0.60		0.45		0.06		(0.32	)	0.81
Net Income Attributable to ConocoPhillips
Per Share of Common Stock	2.09		2.41		1.91		2.56		8.97		2.27		1.80		1.46		1.16		6.72
Average Common Shares Outstanding (in thousands)
Basic	1,432,285		1,399,473		1,357,710		1,312,184		1,375,035		1,283,493		1,248,300		1,220,462		1,223,422		1,243,799
Diluted	1,445,477		1,412,147		1,369,562		1,322,773		1,387,100		1,293,104		1,258,189		1,229,343		1,231,395		1,253,093
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
Alaska	894		781		789		691		3,155		983		856		820		882		3,541
Lower 48 and Latin America	521		528		504		477		2,030		426		207		250		279		1,162
Canada	(23	)	123		85		(139	)	46		(725	)	(134	)	(39	)	(38	)	(936	)
Europe	1,468		1,625		1,385		1,809		6,287		1,464		1,896		962		1,188		5,510
Asia Pacific and Middle East	1,388		1,501		943		1,147		4,979		2,204		1,090		1,105		1,175		5,574
Other International	247		(6	)	(41	)	(413	)	(213	)	282		409		798		356		1,845
LUKOIL Investment	362		-		-		-		362		-		-		-		-		-
Corporate and Other	(306	)	(296	)	(264	)	(384	)	(1,250	)	(369	)	(379	)	(305	)	(220	)	(1,273	)
Consolidated	4,551		4,256		3,401		3,188		15,396		4,265		3,945		3,591		3,622		15,423
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
Alaska*	36.8	%	37.0	%	36.3	%	38.5	%	37.1	%	36.9	%	35.7	%	34.8	%	35.4	%	35.8	%
Lower 48 and Latin America**	37.5	%	36.0	%	33.8	%	38.9	%	36.5	%	40.2	%	42.6	%	26.9	%	-69.6	%	11.4	%
Canada	217.5	%	18.4	%	14.2	%	21.8	%	-100.3	%	24.3	%	29.8	%	19.2	%	73.2	%	26.9	%
Europe	68.3	%	67.2	%	80.7	%	68.8	%	70.9	%	73.4	%	64.7	%	86.3	%	74.0	%	72.8	%
Asia Pacific and Middle East	36.9	%	35.3	%	48.9	%	33.4	%	37.9	%	20.4	%	27.1	%	38.1	%	35.0	%	28.3	%
Other International	74.5	%	-32.7	%	53.4	%	0.5	%	-76.1	%	92.6	%	114.0	%	38.3	%	127.2	%	80.5	%
LUKOIL Investment	34.1	%	0.0	%	0.0	%	0.0	%	34.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Corporate and Other	3.6	%	29.1	%	19.8	%	36.7	%	23.2	%	15.8	%	31.1	%	16.7	%	23.9	%	22.0	%
Consolidated	50.2	%	48.0	%	58.0	%	59.8	%	53.3	%	48.9	%	56.4	%	51.5	%	49.1	%	51.5	%
*Alaska including taxes other than income taxes	60.2	%	69.3	%	64.4	%	71.4	%	66.5	%	66.0	%	63.9	%	56.7	%	61.7	%	62.5	%
**Lower 48 and Latin America fourth quarter effective tax rate excluding special items was 38.3%.

Page 1 of 8

	2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
$ Millions
EARNINGS BY SEGMENT
Alaska	564		492		502		426		1,984		620		551		535		570		2,276
Lower 48 and Latin America*	325		337		334		292		1,288		255		119		182		473		1,029
Canada	27		101		73		(110	)	91		(549	)	(94	)	(31	)	(10	)	(684	)
Europe	466		533		266		565		1,830		389		669		132		308		1,498
Asia Pacific and Middle East	863		956		469		744		3,032		1,738		772		669		749		3,928
Other International	63		(9	)	(19	)	(412	)	(377	)	21		(57	)	492		(97	)	359
LUKOIL Investment	239		-		-		-		239		-		-		-		-		-
Corporate and Other	(295	)	(210	)	(211	)	(244	)	(960	)	(311	)	(262	)	(254	)	(166	)	(993	)
Discontinued Operations - Phillips 66	724		1,118		1,134		2,066		5,042		712		534		1		(15	)	1,232
Discontinued Operations - Other International	52		84		68		63		267		62		35		72		(386	)	(217	)
Consolidated	3,028		3,402		2,616		3,390		12,436		2,937		2,267		1,798		1,426		8,428
*Lower 48 only:	312		301		299		270		1,182		234		104		145		262		745
SPECIAL ITEMS (AFTER-TAX)
Alaska	-		(54	)	-		-		(54	)	-		-		-		(25	)	(25	)
Lower 48 and Latin America*	151		8		(1	)	(47	)	111		-		-		-		316		316
Canada	4		19		-		(202	)	(179	)	(520	)	-		-		(42	)	(562	)
Europe	-		-		(109	)	-		(109	)	-		255		(167	)	(80	)	8
Asia Pacific and Middle East	-		-		(320	)	(101	)	(421	)	937		(17	)	(133	)	-		787
Other International	-		-		-		(395	)	(395	)	-		-		443		(108	)	335
LUKOIL Investment	237		-		-		-		237		-		-		-		-		-
Corporate and Other	-		-		-		(45	)	(45	)	(33	)	(40	)	(118	)	11		(180	)
Discontinued Operations - Phillips 66	724		1,118		1,134		2,066		5,042		712		534		1		(15	)	1,232
Discontinued Operations - Other International	52		84		68		63		267		62		35		72		(386	)	(217	)
Consolidated	1,168		1,175		772		1,339		4,454		1,158		767		98		(329	)	1,694
*Lower 48 only:	151		(1	)	(1	)	(47	)	102		-		-		-		115		115
ADJUSTED EARNINGS
Alaska	564		546		502		426		2,038		620		551		535		595		2,301
Lower 48 and Latin America*	174		329		335		339		1,177		255		119		182		157		713
Canada	23		82		73		92		270		(29	)	(94	)	(31	)	32		(122	)
Europe	466		533		375		565		1,939		389		414		299		388		1,490
Asia Pacific and Middle East	863		956		789		845		3,453		801		789		802		749		3,141
Other International	63		(9	)	(19	)	(17	)	18		21		(57	)	49		11		24
LUKOIL Investment	2		-		-		-		2		-		-		-		-		-
Corporate and Other	(295	)	(210	)	(211	)	(199	)	(915	)	(278	)	(222	)	(136	)	(177	)	(813	)
Consolidated	1,860		2,227		1,844		2,051		7,982		1,779		1,500		1,700		1,755		6,734
*Lower 48 only:	161		302		300		317		1,080		234		104		145		147		630

Page 2 of 8

	2011									2012
$ Millions	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
DETAILED SPECIAL ITEMS (AFTER-TAX)
Alaska
Cancelled projects	-	(54	)	-		-		(54	)	-		-		-		-		-
Pending claims and settlements	-	-		-		-		-		-		-		-		(25	)	(25	)
Total	-	(54	)	-		-		(54	)	-		-		-		(25	)	(25	)
Lower 48 and Latin America
Gain (loss) on asset sales	151	8		(1	)	(3	)	155		-		-		-		-		-
Impairments	-	-		-		(44	)	(44	)	-		-		-		(121	)	(121	)
Tax loss carry forward realization	-	-		-		-		-		-		-		-		236		236
Pending claims and settlements	-	-		-		-		-		-		-		-		201		201
Total	151	8		(1	)	(47	)	111		-		-		-		316		316
Canada
Gain (loss) on asset sales	4	19		-		(12	)	11		-		-		-		-		-
Impairments	-	-		-		(190	)	(190	)	(520	)	-		-		(42	)	(562	)
Total	4	19		-		(202	)	(179	)	(520	)	-		-		(42	)	(562	)
Europe
International tax law changes	-	-		(109	)	-		(109	)	-		-		(167	)	-		(167	)
Gain (loss) on asset sales	-	-		-		-		-		-		285		-		-		285
Impairments	-	-		-		-		-		-		(30	)	-		(80	)	(110	)
Total	-	-		(109	)	-		(109	)	-		255		(167	)	(80	)	8
Asia Pacific and Middle East
Gain (loss) on asset sales	-	-		(279	)	-		(279	)	937		-		(133	)	-		804
Bohai Bay incidents	-	-		(41	)	(101	)	(142	)	-		(89	)	-		-		(89	)
Deferred tax adjustment	-	-		-		-		-		-		72		-		-		72
Total	-	-		(320	)	(101	)	(421	)	937		(17	)	(133	)	-		787
Other International
Gain (loss) on asset sales	-	-		-		-		-		-		-		443		-		443
Impairments	-	-		-		(395	)	(395	)	-		-		-		(108	)	(108	)
Total	-	-		-		(395	)	(395	)	-		-		443		(108	)	335
LUKOIL Investment
Gain (loss) on asset sales	237	-		-		-		237		-		-		-		-		-
Total	237	-		-		-		237		-		-		-		-		-
Corporate and Other
Impairments	-	-		-		(20	)	(20	)	-		-		-		-		-
Separation costs	-	-		-		(25	)	(25	)	(33	)	(40	)	(7	)	(4	)	(84	)
Pension settlement expense	-	-		-		-		-		-		-		(82	)	(5	)	(87	)
Premium on early debt retirement	-	-		-		-		-		-		-		(68	)	-		(68	)
Pending claims and settlements	-	-		-		-		-		-		-		39		20		59
Total	-	-		-		(45	)	(45	)	(33	)	(40	)	(118	)	11		(180	)
Discontinued Operations - Phillips 66	724	1,118		1,134		2,066		5,042		712		534		1		(15	)	1,232
Discontinued Operations - Other International	52	84		68		63		267		62		35		72		(386	)	(217	)
Total Company	1,168	1,175		772		1,339		4,454		1,158		767		98		(329	)	1,694
*Lower 48 only:	151	(1	)	(1	)	(47	)	102		-		-		-		115		115

Page 3 of 8

	2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
$ Millions
CASH FLOW INFORMATION
Cash Flows from Operating Activities
Net income	3,042		3,419		2,631		3,410		12,502		2,955		2,289		1,813		1,441		8,498
Depreciation, depletion and amortization	1,802		1,800		1,602		1,623		6,827		1,571		1,580		1,650		1,779		6,580
Impairments	-		-		-		321		321		214		82		-		384		680
Dry hole costs and leasehold impairments	50		89		152		178		469		518		116		69		171		874
Accretion on discounted liabilities	103		106		106		107		422		105		103		100		86		394
Deferred taxes	(180	)	77		296		147		340		131		284		396		586		1,397
Undistributed equity earnings	(217	)	(72	)	(9	)	167		(131	)	(77	)	(179	)	(153	)	(187	)	(596	)
Gain (loss) on dispositions	(612	)	(36	)	260		18		(370	)	(940	)	(583	)	(118	)	(16	)	(1,657	)
Income from discontinued operations	(777	)	(1,203	)	(1,204	)	(2,130	)	(5,314	)	(776	)	(569	)	(73	)	401		(1,017	)
Other	(119	)	(33	)	(51	)	(200	)	(403	)	173		(279	)	53		(403	)	(456	)
Net working capital changes	(229	)	(1,026	)	1,062		(517	)	(710	)	196		(766	)	(297	)	(372	)	(1,239	)
Net cash provided by continuing operations	2,863		3,121		4,845		3,124		13,953		4,070		2,078		3,440		3,870		13,458
Net cash provided by (used in) discontinued operations	(916	)	3,153		768		2,688		5,693		112		272		80		-		464
Net Cash Provided by Operating Activities	1,947		6,274		5,613		5,812		19,646		4,182		2,350		3,520		3,870		13,922
Cash Flows from Investing Activities
Capital expenditures and investments	(2,443	)	(2,407	)	(3,109	)	(3,255	)	(11,214	)	(3,818	)	(3,623	)	(3,279	)	(3,452	)	(14,172	)
Proceeds from asset dispositions	1,757		106		91		238		2,192		1,102		464		522		44		2,132
Net sales (purchases) of short-term investments	(1,170	)	(424	)	(29	)	2,023		400		92		505		-		-		597
Long-term collections from related parties
and other investments	50		32		45		21		148		45		23		207		660		935
Net cash used in continuing operations	(1,806	)	(2,693	)	(3,002	)	(973	)	(8,474	)	(2,579	)	(2,631	)	(2,550	)	(2,748	)	(10,508	)
Net cash provided by (used in) discontinued operations	(405	)	10		(243	)	2,097		1,459		(431	)	(284	)	(223	)	(181	)	(1,119	)
Net Cash Provided by (Used in) Investing Activities	(2,211	)	(2,683	)	(3,245	)	1,124		(7,015	)	(3,010	)	(2,915	)	(2,773	)	(2,929	)	(11,627	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(367	)	(11	)	(41	)	(515	)	(934	)	(47	)	831		(1,967	)	614		(569	)
Special cash distribution from Phillips 66	-		-		-		-		-		-		7,818		-		-		7,818
Change in restricted cash	-		-		-		-		-		-		(5,000	)	2,532		1,720		(748	)
Issuance of company common stock	75		24		10		(13	)	96		36		9		38		55		138
Repurchase of company common stock	(1,636	)	(3,149	)	(3,199	)	(3,139	)	(11,123	)	(1,899	)	(3,050	)	(149	)	-		(5,098	)
Dividends paid on company common stock	(944	)	(917	)	(900	)	(871	)	(3,632	)	(843	)	(818	)	(808	)	(809	)	(3,278	)
Other	(183	)	(174	)	(185	)	(142	)	(684	)	(199	)	(170	)	(178	)	(178	)	(725	)
Net cash used in continuing operations	(3,055	)	(4,227	)	(4,315	)	(4,680	)	(16,277	)	(2,952	)	(380	)	(532	)	1,402		(2,462	)
Net cash used in discontinued operations	(6	)	(8	)	(7	)	(7	)	(28	)	(318	)	(1,701	)	-		-		(2,019	)
Net Cash Used in Financing Activities	(3,061	)	(4,235	)	(4,322	)	(4,687	)	(16,305	)	(3,270	)	(2,081	)	(532	)	1,402		(4,481	)
Effect of Exchange Rate Changes	43		(23	)	(114	)	94		-		25		(17	)	9		7		24
Net Change in Cash and Cash Equivalents	(3,282	)	(667	)	(2,068	)	2,343		(3,674	)	(2,073	)	(2,663	)	224		2,350		(2,162	)
Cash and cash equivalents at beginning of period	9,454		6,172		5,505		3,437		9,454		5,780		3,707		1,044		1,268		5,780
Cash and Cash Equivalents at End of Period	6,172		5,505		3,437		5,780		5,780		3,707		1,044		1,268		3,618		3,618
CAPITAL PROGRAM
Capital expenditures and investments
Alaska	195		196		194		190		775		186		202		208		232		828
Lower 48 and Latin America	774		761		1,247		1,100		3,882		1,267		1,288		1,339		1,357		5,251
Canada	519		209		431		602		1,761		629		428		493		634		2,184
Europe	405		524		611		682		2,222		622		735		738		765		2,860
Asia Pacific and Middle East	513		670		580		562		2,325		699		886		468		377		2,430
Other International	9		3		1		(6	)	7		354		34		11		16		415
Corporate and Other	28		44		45		125		242		61		50		22		71		204
Total capital expenditures and investments	2,443		2,407		3,109		3,255		11,214		3,818		3,623		3,279		3,452		14,172
Loans and advances - Other International	-		-		-		-		-		-		-		-		-		-
Joint venture acquisition obligation (principal) - Canada	170		173		175		177		695		180		183		183		188		734
Total Capital Program	2,613		2,580		3,284		3,432		11,909		3,998		3,806		3,462		3,640		14,906
Capital Program for Algeria, Nigeria and Kashagan for full-year 2012 was $817 million.

Page 4 of 8

	2011					2012
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
TOTAL SEGMENTS
Production
Total (MBOED)
Continuing operations, including equity affiliates	1,644	1,584	1,481	1,538	1,561	1,581	1,489	1,470	1,566	1,527
Discontinued operations (Algeria and Nigeria)	58	56	57	59	58	56	53	55	41	51
Total, including equity affiliates	1,702	1,640	1,538	1,597	1,619	1,637	1,542	1,525	1,607	1,578
Crude Oil (MBD)
Consolidated operations	633	591	525	558	577	590	554	528	598	567
Equity affiliates	53	48	41	37	45	34	31	25	21	28
Total continuing operations	686	639	566	595	622	624	585	553	619	595
Discontinued operations (Algeria and Nigeria)	30	29	27	28	28	26	23	25	17	23
Total	716	668	593	623	650	650	608	578	636	618
Over (under) lifting of crude oil (MBD)*	11	9	7	5	8	(11)	29	32	25	19
*Includes continuing and discontinued opertaions.
NGL (MBD)
Consolidated operations	134	136	138	149	138	155	143	144	152	148
Equity affiliates	7	8	7	7	7	8	7	7	8	8
Total continuing operations	141	144	145	156	145	163	150	151	160	156
Discontinued operations (Nigeria)	3	2	3	4	4	3	4	4	3	4
Total	144	146	148	160	149	166	154	155	163	160
Bitumen (MBD)
Consolidated operations	11	8	11	11	10	11	11	12	12	12
Equity affiliates	53	59	53	62	57	73	77	80	94	81
Total	64	67	64	73	67	84	88	92	106	93
Natural Gas (MMCFD)
Consolidated operations	4,009	3,879	3,757	3,822	3,867	3,756	3,509	3,588	3,592	3,611
Equity affiliates	507	521	479	462	492	505	491	449	497	485
Total continuing operations	4,516	4,400	4,236	4,284	4,359	4,261	4,000	4,037	4,089	4,096
Discontinued operations (Nigeria)	153	152	161	163	157	161	153	162	120	149
Total	4,669	4,552	4,397	4,447	4,516	4,422	4,153	4,199	4,209	4,245
Industry Prices (Platt's)
Crude Oil ($/BBL)
WTI spot	93.98	102.44	89.70	94.07	95.05	102.99	93.44	92.11	88.09	94.16
WCS spot	71.47	84.88	75.38	81.64	78.34	75.99	73.62	77.25	61.33	72.05
Brent dated	104.97	117.36	113.46	109.31	111.27	118.49	108.19	109.61	110.02	111.58
JCC	81.77	96.86	110.35	113.35	100.59	111.43	116.70	121.99	105.85	113.99
Natural Gas ($/MMBTU)
Henry Hub first of month	4.11	4.32	4.20	3.54	4.04	2.72	2.21	2.80	3.41	2.79
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations	97.98	112.88	106.35	106.18	105.68	111.91	105.77	102.79	103.16	105.86
Equity affiliates	98.83	108.48	104.11	102.10	103.42	111.37	99.28	96.57	100.90	102.80
Total continuing operations	98.04	112.54	106.19	105.92	105.52	111.88	105.43	102.54	103.08	105.72
Discontinued operations (Algeria and Nigeria)	105.40	121.24	114.84	111.58	113.43	122.73	108.92	106.97	112.15	112.90
Total	98.35	112.95	106.61	106.14	105.87	112.33	105.56	102.72	103.33	105.98
NGL ($/BBL)
Consolidated operations	51.94	56.75	55.82	54.46	54.79	53.26	42.77	40.02	42.38	44.62
Equity affiliates	72.58	73.49	70.79	65.48	70.62	88.24	70.28	62.18	86.97	77.30
Total continuing operations	53.40	57.74	56.64	55.06	55.73	55.03	44.36	41.08	44.93	46.36
Discontinued operations (Nigeria)	13.82	12.88	12.60	14.84	13.63	11.97	15.34	14.26	11.06	13.30
Total	52.27	56.88	55.61	54.03	54.71	54.11	43.55	40.39	44.15	45.55
Bitumen ($/BBL)
Consolidated operations	47.94	56.91	45.79	69.04	55.16	64.95	54.75	56.23	55.29	57.58
Equity affiliates	56.15	67.05	60.65	70.42	63.93	60.04	50.85	56.95	47.43	53.39
Total	54.77	65.74	58.14	70.20	62.56	60.66	51.38	56.86	48.32	53.91
Natural Gas ($/MCF)
Consolidated operations	5.67	5.93	5.91	5.60	5.78	5.20	4.72	4.86	5.50	5.07
Equity affiliates*	2.52	4.97	8.33	8.22	5.93	8.62	8.98	8.66	7.90	8.54
Total continuing operations	5.32	5.82	6.18	5.88	5.80	5.61	5.25	5.28	5.79	5.48
Discontinued operations (Nigeria)	2.15	2.10	2.36	2.36	2.25	2.53	2.51	2.84	2.32	2.57
Total*	5.22	5.70	6.04	5.75	5.67	5.49	5.14	5.18	5.69	5.38
*Prior periods have been restated to reflect revised equity affiliates natural gas prices.
Exploration Expenses ($ Millions)
Dry holes	9	48	112	141	310	6	64	6	79	155
Leasehold impairment	41	41	40	37	159	512	52	63	92	719
Total noncash expenses	50	89	152	178	469	518	116	69	171	874
Other (G&A, G&G and lease rentals)	120	166	109	174	569	157	149	146	174	626
Total exploration expenses	170	255	261	352	1,038	675	265	215	345	1,500
U.S. exploration expenses	69	108	105	114	396	87	96	106	126	415
International exploration expenses	101	147	156	238	642	588	169	109	219	1,085
DD&A ($ Millions)
Alaska	136	151	134	155	576	134	134	117	131	516
Lower 48 and Latin America	514	531	552	559	2,156	603	625	657	719	2,604
Canada	380	396	382	348	1,506	324	333	355	326	1,338
Europe	442	400	283	317	1,442	266	246	214	267	993
Asia Pacific and Middle East	307	303	231	223	1,064	211	210	274	303	998
Other International	6	-	-	1	7	9	11	12	13	45
Corporate and Other	17	19	20	20	76	24	21	21	20	86
Total DD&A	1,802	1,800	1,602	1,623	6,827	1,571	1,580	1,650	1,779	6,580

Page 5 of 8

	2011					2012
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Consolidated operations
Alaska	198	207	187	210	200	208	190	157	196	188
Lower 48	83	88	95	107	94	117	115	124	136	123
Canada	12	11	12	12	12	13	14	14	13	13
Norway	125	111	108	114	114	112	103	97	103	104
United Kingdom	59	57	42	43	50	44	35	20	27	31
Europe	184	168	150	157	164	156	138	117	130	135
Australia/Timor-Leste	19	17	17	16	18	17	15	18	16	16
China	77	70	35	26	52	23	31	48	54	39
Indonesia	10	11	12	11	11	10	8	9	9	9
Malaysia	-	-	-	-	-	-	-	-	4	1
Vietnam	22	19	17	15	18	11	-	-	-	3
AP/ME	128	117	81	68	99	61	54	75	83	68
Libya	28	-	-	4	8	35	43	41	40	40
Other International	28	-	-	4	8	35	43	41	40	40
Total consolidated operations	633	591	525	558	577	590	554	528	598	567
Equity affiliates	53	48	41	37	45	34	31	25	21	28
Total continuing operations	686	639	566	595	622	624	585	553	619	595
Discontinued operations (Algeria and Nigeria)	30	29	27	28	28	26	23	25	17	23
Total	716	668	593	623	650	650	608	578	636	618
NGL (MBD)
Consolidated operations
Alaska	16	16	12	17	15	18	16	10	17	16
Lower 48	67	72	79	79	74	84	83	87	87	85
Canada	25	25	25	31	26	25	22	25	24	24
Norway	6	6	5	5	6	5	4	3	3	4
United Kingdom	6	6	4	5	5	5	4	2	4	3
Europe	12	12	9	10	11	10	8	5	7	7
Australia/Timor-Leste	13	11	13	12	12	12	9	12	12	11
Indonesia	1	-	-	-	-	6	5	5	5	5
AP/ME	14	11	13	12	12	18	14	17	17	16
Total consolidated operations	134	136	138	149	138	155	143	144	152	148
Equity affiliates	7	8	7	7	7	8	7	7	8	8
Total continuing operations	141	144	145	156	145	163	150	151	160	156
Discontinued operations (Nigeria)	3	2	3	4	4	3	4	4	3	4
Total	144	146	148	160	149	166	154	155	163	160
Bitumen (MBD)
Consolidated operations	11	8	11	11	10	11	11	12	12	12
Equity affiliates	53	59	53	62	57	73	77	80	94	81
Total	64	67	64	73	67	84	88	92	106	93
Natural Gas (MMCFD)
Consolidated operations
Alaska	67	62	56	59	61	59	56	51	56	55
Lower 48	1,522	1,589	1,561	1,547	1,556	1,502	1,456	1,507	1,508	1,493
Canada	944	947	929	891	928	863	864	874	826	857
Norway	208	130	130	185	163	195	141	127	176	160
United Kingdom	543	457	381	472	463	437	399	287	302	356
Europe	751	587	511	657	626	632	540	414	478	516
Australia/Timor-Leste	237	236	253	209	234	249	159	261	251	230
China	-	-	-	-	-	-	1	4	5	3
Indonesia	467	445	437	451	450	441	427	444	438	437
Vietnam	16	13	10	7	11	7	-	-	-	2
AP/ME	720	694	700	667	695	697	587	709	694	672
Libya	5	-	-	1	1	3	6	33	30	18
Other International	5	-	-	1	1	3	6	33	30	18
Total consolidated operations	4,009	3,879	3,757	3,822	3,867	3,756	3,509	3,588	3,592	3,611
Equity affiliates	507	521	479	462	492	505	491	449	497	485
Total continuing operations	4,516	4,400	4,236	4,284	4,359	4,261	4,000	4,037	4,089	4,096
Discontinued operations (Nigeria)	153	152	161	163	157	161	153	162	120	149
Total	4,669	4,552	4,397	4,447	4,516	4,422	4,153	4,199	4,209	4,245
Total (MBOED)
Consolidated operations
Alaska	225	233	208	237	225	236	215	176	222	213
Lower 48	404	425	434	444	428	451	441	462	475	457
Canada	205	203	203	202	203	193	191	197	187	192
Norway	166	139	136	150	147	149	131	121	135	135
United Kingdom	155	139	109	127	132	122	105	70	81	93
Europe	321	278	245	277	279	271	236	191	216	228
Australia/Timor-Leste	72	67	72	63	69	70	51	73	69	66
China	77	70	35	26	52	23	31	49	55	40
Indonesia	89	85	85	86	86	90	84	88	87	87
Malaysia	-	-	-	-	-	-	-	-	4	1
Vietnam	25	21	18	16	20	12	-	-	-	3
AP/ME	263	243	210	191	227	195	166	210	215	197
Libya	29	-	-	4	8	36	43	47	45	43
Other International	29	-	-	4	8	36	43	47	45	43
Total consolidated operations	1,447	1,382	1,300	1,355	1,370	1,382	1,292	1,283	1,360	1,330
Equity affiliates	197	202	181	183	191	199	197	187	206	197
Total continuing operations	1,644	1,584	1,481	1,538	1,561	1,581	1,489	1,470	1,566	1,527
Discontinued operations (Algeria and Nigeria)	58	56	57	59	58	56	53	55	41	51
Total	1,702	1,640	1,538	1,597	1,619	1,637	1,542	1,525	1,607	1,578

Page 6 of 8

	2011					2012
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska	95.56	113.75	107.26	108.51	105.95	112.20	112.38	106.53	106.91	109.62
Lower 48	88.01	99.70	89.13	94.07	92.79	99.00	89.61	90.06	88.63	91.67
Canada	78.34	94.19	85.02	86.98	86.04	83.85	74.76	77.19	77.71	78.26
Norway	106.55	119.97	116.01	111.33	113.05	122.49	109.50	111.74	111.87	113.80
United Kingdom	99.40	112.33	112.62	108.55	108.85	116.54	111.55	104.55	109.54	110.31
Europe	105.03	117.40	115.03	110.41	111.82	121.25	109.89	109.67	111.51	113.08
Australia/Timor-Leste	102.61	115.64	108.76	105.35	108.05	113.00	103.53	105.47	103.31	106.66
China	100.54	116.85	114.31	114.74	109.98	122.02	113.71	107.68	105.01	109.94
Indonesia	96.22	108.04	104.13	101.25	102.52	109.16	96.96	91.45	93.95	98.21
Malaysia	-	-	-	-	-	-	-	-	-	-
Vietnam	107.37	121.92	118.29	116.23	115.50	126.02	-	-	-	126.02
AP/ME	101.63	116.69	112.44	110.53	109.84	117.66	109.12	105.12	103.34	108.20
Libya	98.30	-	-	-	98.30	121.68	109.52	108.00	109.95	110.75
Other International	98.30	-	-	-	98.30	121.68	109.52	108.00	109.95	110.75
Total consolidated operations	97.98	112.88	106.35	106.18	105.68	111.91	105.77	102.79	103.16	105.86
Equity affiliates	98.83	108.48	104.11	102.10	103.42	111.37	99.28	96.57	100.90	102.80
Total continuing operations	98.04	112.54	106.19	105.92	105.52	111.88	105.43	102.54	103.08	105.72
Discontinued operations (Algeria and Nigeria)	105.40	121.24	114.84	111.58	113.43	122.73	108.92	106.97	112.15	112.90
Total	98.35	112.95	106.61	106.14	105.87	112.33	105.56	102.72	103.33	105.98
NGL ($/BBL)
Consolidated operations
Lower 48	45.94	51.45	52.25	51.81	50.55	44.90	34.62	31.40	31.32	35.45
Canada	54.26	60.23	58.90	54.48	56.84	54.13	48.66	45.31	46.28	48.64
Norway	54.05	58.91	56.85	57.89	57.20	57.56	53.57	55.56	72.71	59.22
United Kingdom	63.44	61.31	59.99	60.16	61.42	61.10	56.38	59.72	74.83	63.84
Europe	59.68	60.04	58.05	58.88	59.19	59.29	54.81	57.62	73.94	61.53
Australia/Timor-Leste	73.42	78.23	71.77	68.27	72.97	88.97	70.98	74.68	85.00	80.03
Indonesia	66.26	-	-	-	66.26	90.85	72.30	63.40	84.60	77.58
AP/ME	73.02	78.23	71.77	68.27	72.87	89.56	71.39	71.06	84.88	79.26
Total consolidated operations	51.94	56.75	55.82	54.46	54.79	53.26	42.77	40.02	42.38	44.62
Equity affiliates	72.58	73.49	70.79	65.48	70.62	88.24	70.28	62.18	86.97	77.30
Total continuing operations	53.40	57.74	56.64	55.06	55.73	55.03	44.36	41.08	44.93	46.36
Discontinued operations (Nigeria)	13.82	12.88	12.60	14.84	13.63	11.97	15.34	14.26	11.06	13.30
Total	52.27	56.88	55.61	54.03	54.71	54.11	43.55	40.39	44.15	45.55
Bitumen ($/BBL)
Consolidated operations	47.94	56.91	45.79	69.04	55.16	64.95	54.75	56.23	55.29	57.58
Equity affiliates	56.15	67.05	60.65	70.42	63.93	60.04	50.85	56.95	47.43	53.39
Total	54.77	65.74	58.14	70.20	62.56	60.66	51.38	56.86	48.32	53.91
Natural Gas ($/MCF)
Consolidated operations
Alaska	3.93	4.66	5.04	4.69	4.56	4.68	3.93	3.97	4.28	4.22
Lower 48	4.11	4.22	4.15	3.48	3.99	2.65	2.10	2.64	3.24	2.67
Canada	3.59	3.74	3.56	2.93	3.46	1.98	1.61	2.05	2.92	2.13
Norway	9.61	10.57	9.89	10.09	10.00	10.40	9.58	8.47	10.26	9.77
United Kingdom	8.18	9.25	8.78	9.80	8.99	9.80	9.49	9.06	10.72	9.76
Europe	8.59	9.57	9.08	9.88	9.26	9.98	9.52	8.87	10.56	9.76
Australia/Timor-Leste*	0.81	0.90	1.16	1.12	1.00	1.10	1.10	1.18	1.12	1.12
China	-	-	-	-	-	-	2.46	2.44	2.39	2.41
Indonesia	9.43	10.98	10.18	10.01	10.14	10.37	12.85	9.94	10.14	10.80
Vietnam	1.16	1.11	1.07	1.19	1.13	1.15	-	-	-	1.15
AP/ME	8.82	9.80	10.68	9.99	9.82	10.40	11.47	10.64	10.15	10.63
Libya	0.09	-	-	-	0.09	0.09	0.09	6.77	5.19	5.55
Other International	0.09	-	-	-	0.09	0.09	0.09	6.77	5.19	5.55
Total consolidated operations	5.67	5.93	5.91	5.60	5.78	5.20	4.72	4.86	5.50	5.07
Equity affiliates**	2.52	4.97	8.33	8.22	5.93	8.62	8.98	8.66	7.90	8.54
Total continuing operations	5.32	5.82	6.18	5.88	5.80	5.61	5.25	5.28	5.79	5.48
Discontinued operations (Nigeria)	2.15	2.10	2.36	2.36	2.25	2.53	2.51	2.84	2.32	2.57
Total**	5.22	5.70	6.04	5.75	5.67	5.49	5.14	5.18	5.69	5.38
*Excludes transfers to Darwin LNG plant.
**Prior periods have been restated to reflect revised equity affiliates natural gas prices.

Page 7 of 8

		2011										2012
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)		(295	)	(210	)	(211	)	(244	)	(960	)	(311	)	(262	)	(254	)	(166	)	(993	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense*		(189	)	(175	)	(174	)	(172	)	(710	)	(161	)	(160	)	(214	)	(113	)	(648	)
Corporate G&A expenses		(61	)	(43	)	(33	)	(53	)	(190	)	(74	)	(44	)	(128	)	(67	)	(313	)
Technology**		2		(3	)	44		(28	)	15		(18	)	(22	)	46		(10	)	(4	)
Separation costs		-		-		-		(25	)	(25	)	(33	)	(40	)	(7	)	(4	)	(84	)
Other*		(47	)	11		(48	)	34		(50	)	(25	)	4		49		28		56
Total		(295	)	(210	)	(211	)	(244	)	(960	)	(311	)	(262	)	(254	)	(166	)	(993	)
*The second quarter of 2012 has been recast to reclassify certain costs between “Net interest expense” and “Other”.
**Includes investment in new technologies or businesses outside of our normal scope of operations and is net of licensing revenues.
Before-Tax Net Interest Expense ($ Millions)
Interest expense		(337	)	(326	)	(325	)	(332	)	(1,320	)	(309	)	(315	)	(294	)	(303	)	(1,221	)
Capitalized interest		112		115		125		136		488		146		145		157		167		615
Interest revenue		36		23		16		19		94		11		18		7		60		96
Premium on early debt retirement		-		-		-		-		-		-		-		(79	)	-		(79	)
Total		(189	)	(188	)	(184	)	(177	)	(738	)	(152	)	(152	)	(209	)	(76	)	(589	)
Debt
Total debt ($ Millions)		23,210		23,196		23,150		22,623		22,623		28,360		23,008		21,117		21,725		21,725
Debt-to-capital ratio (%)		25	%	25	%	26	%	26	%	26	%	30	%	33	%	31	%	31	%	31	%
Equity ($ Millions)		70,536		70,593		66,340		65,749		65,749		67,057		46,443		47,877		48,427		48,427
REFERENCE
Commonly Used Abbreviations
Earnings	Net Income (Loss) Attributable to ConocoPhillips
DD&A	Depreciation, Depletion and Amortization
FX	Foreign Currency
G&G	Geological and Geophysical
G&A	General and Administrative
JCC	Japan Crude Cocktail
LNG	Liquefied Natural Gas
NGL	Natural Gas Liquids
R&D	Research and Development
WCS	Western Canada Select
WTI	West Texas Intermediate
Units of Measure
BBL	Barrels
MMBBL	Millions of Barrels
MBD	Thousands of Barrels per Day
MBOED	Thousands of Barrels of Oil Equivalent per Day
MCF	Thousands of Cubic Feet
MMCFD	Millions of Cubic Feet per Day

Page 8 of 8