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 29, 2015

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 29, 2015, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2014, and its estimate of preliminary net reserve additions as of December 31, 2014.  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 29, 2015.

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 29, 2015

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by ConocoPhillips on January 29, 2015.
99.2	Supplemental financial information.

4

EX-99.1

Exhibit 99.1

ConocoPhillips Reports Fourth-Quarter and Full-Year 2014 Results; Strong Reserve Replacement; Further Reduces 2015 Capital

HOUSTON--(BUSINESS WIRE)--January 29, 2015--ConocoPhillips (NYSE: COP) today reported a fourth-quarter 2014 net loss of $39 million, or $0.03 per share, compared with fourth-quarter 2013 earnings of $2.5 billion, or $2.00 per share. Excluding special items, fourth-quarter 2014 adjusted earnings were $0.7 billion, or $0.60 per share, compared with fourth-quarter 2013 adjusted earnings of $1.7 billion, or $1.40 per share. Special items for the current quarter primarily related to the Freeport LNG termination agreement and non-cash impairments.

Full-year 2014 earnings were $6.9 billion, or $5.51 per share, compared with full-year 2013 earnings of $9.2 billion, or $7.38 per share. Excluding special items, full-year 2014 adjusted earnings were $6.6 billion, or $5.30 per share, compared with full-year 2013 adjusted earnings of $7.1 billion, or $5.70 per share.

In anticipation of weak 2015 commodity prices, the company has further reduced its expected 2015 capital expenditures to $11.5 billion from the $13.5 billion previously announced. Reductions since the December capital announcement will come primarily from the deferral of onshore drilling and exploration programs in the Lower 48, and deferral of major project spending. At this level of capital, the company expects to achieve 2 to 3 percent production growth in 2015 from continuing operations, excluding Libya.

“We are responding decisively to a weak price outlook in 2015 by exercising our capital and balance sheet flexibility,” said Ryan Lance, chairman and chief executive officer. “In this environment our priorities are to protect our dividend and base production, stay on track for cash flow neutrality in 2017, and preserve future opportunities.”

2014 Highlights

• Four percent full-year production growth from continuing operations, excluding Libya.
• Eight percent price-normalized margin growth.
• Annual organic reserve replacement of 124 percent from reserve additions of approximately 0.7 billion BOE.
• Strategic asset disposition program completed with sale of Nigerian business for $1.4 billion.
• Eagle Ford and Bakken combined production increased by 35 percent year-over-year.
• Five major project startups achieved at Siakap North-Petai, Foster Creek Phase F, Britannia Long-Term Compression, Gumusut and Kebabangan, as well as first production from Eldfisk II in January 2015.
• Oil discovered in two new plays offshore Senegal.
• Ended the year with $5.1 billion of cash and cash equivalents.

“While 2014 results may seem overshadowed by the current environment, it is important to recognize that in 2014 we delivered on our strategic plan,” added Lance. “We achieved 4 percent production growth from continuing operations, excluding Libya; realized 8 percent price-normalized margin growth; and increased the dividend by 5.8 percent. The company also delivered strong reserve replacement, with a three-year average organic reserve replacement ratio of 153 percent.”

Reserves Update

Preliminary year-end 2014 proved reserves are 8.9 billion barrels of oil equivalent (BOE) with proved organic reserve additions expected to be approximately 0.7 billion BOE. This represents an organic reserve replacement ratio of 124 percent of 2014 production.

Organic reserve additions represent a continuing portfolio shift to higher-value liquids and reflect increased levels of activity in development programs and major projects, as well as revisions and extensions of existing fields. Liquids comprised approximately 45 percent of the reserve additions and another 30 percent were tied to liquids pricing through liquefied natural gas. Reserves were added across the portfolio, including approximately:

• 290 million BOE in Lower 48, primarily in liquids-rich shale plays, including the Eagle Ford and Bakken;
• 290 million BOE in Asia Pacific and Middle East;
• 160 million BOE in Canada, from Foster Creek and Narrows Lake, as well as additional reserves at Surmont and across western Canada.

The total 2014 reserve replacement ratio is expected to be 97 percent, reflecting reserve reductions of 159 million BOE from asset dispositions, primarily from the sale of our Nigerian business. Despite reserve reductions of 430 million BOE, from completion of $14 billion of asset dispositions, the company achieved a three-year average reserve replacement ratio of 129 percent.

Final information related to the company’s 2014 oil and gas reserves, as well as costs incurred, 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 – Quarterly production increased by 44 thousand barrels of oil equivalent per day (MBOED) over the same period in 2013, to 541 MBOED. The increase was primarily from growth in the liquids-rich unconventional plays as well as improved drilling performance, partially offset by normal field decline. Liquids production grew 17 percent year-over-year with a 26 percent increase in crude oil production. In 2014, the company grew its unconventional production by 37 percent.

Canada – Fourth-quarter production was 296 MBOED, an increase of 20 MBOED compared with the fourth quarter of 2013. The increase was primarily driven by improved well performance across the segment as well as increased production from Christina Lake Phase E and Foster Creek Phase F, partially offset by normal field decline in western Canada. Liquids growth of 14 percent compared with the fourth quarter of 2013 was partially offset by reduced natural gas production. Foster Creek Phase F is continuing to ramp up and Surmont 2 construction is on track with first steam expected in mid-2015.

Alaska – Production for the quarter was 186 MBOED, a decrease of 19 MBOED compared with the same period in 2013. This decrease was due to normal field decline and planned downtime, partially offset by improved well performance. ConocoPhillips sanctioned development of Kuparuk Drill Site 2S in October and signed a contract for a new built-for-purpose coiled tubing rig for the Kuparuk River Unit.

Europe – Quarterly production was 215 MBOED, an increase of 18 MBOED compared with the same period a year ago. The increase was primarily the result of new production from major projects, improved well performance and less downtime, partially offset by normal field decline. First production was achieved at Eldfisk II in January 2015.

Asia Pacific and Middle East – Fourth-quarter production was 325 MBOED, an increase of 33 MBOED compared with the fourth quarter of 2013. The increase was primarily the result of growth from major projects and new wells online, partially offset by normal field decline. During the quarter, first oil production began from the floating production system at the Gumusut Field and first gas was produced from Kebabangan. In Australia, APLNG remains on track for first LNG in mid-2015.

Other International – Production from continuing operations, excluding Libya, was 4 MBOED in the fourth quarter, flat compared with the same period in 2013. Production from Libya was 22 MBOED for the quarter, but as a result of ongoing unrest in the region the Es Sider Terminal was shut-in starting in mid-December.

Unconventional exploration – Fourth-quarter North American activity remained focused on drilling in the Niobrara and Permian Basin in the Lower 48, as well as the Duvernay and Montney in Canada. As previously announced, the company expects to significantly reduce its unconventional exploration programs in 2015. Internationally, the Picoplata well in Colombia was spud during the fourth quarter.

Conventional exploration – During the quarter, oil was discovered at SNE-1, marking the second successful well offshore Senegal. In the Gulf of Mexico, the company expensed a Shenandoah down dip appraisal well during the quarter. Appraisal will continue at the Shenandoah, Tiber and Gila prospects in 2015. In Australia, the Barossa-3 well reached total depth with well data indicating a significant gas discovery and drilling began on Barossa-4 during the quarter. In Angola, the Kamoxi-1 well was deemed non-commercial and expensed as a dry hole. Drilling on the second Angola well, Omosi-1, is ongoing.

Fourth-Quarter Review

Production from continuing operations, excluding Libya, for the fourth quarter of 2014 was 1,567 MBOED, an increase of 96 MBOED compared with the same period a year ago. The net increase reflects 68 MBOED, or 5 percent growth, after adjusting for 28 MBOED from lower downtime and dispositions. Growth was primarily due to new production from major projects and development programs, partially offset by normal field decline.

Adjusted earnings were lower compared with fourth-quarter 2013 primarily due to lower realized prices, increased dry hole expense, higher operating costs and depreciation expense associated with increased volumes, partially offset by higher volumes. The company’s total realized price was $52.88 per BOE, compared with $65.41 per BOE in the fourth quarter of 2013, reflecting lower average realized prices across all commodities.

Special items for the quarter included the Freeport LNG termination agreement and non-cash impairments. The Freeport LNG termination agreement resulted in an outflow of cash from operations of $0.5 billion, offset by a $0.5 billion inflow of cash from investing activities. Impacts from the Freeport LNG termination agreement are outlined in the financial table at the end of the release. The non-cash impairments primarily relate to late-life United Kingdom natural gas assets, as well as an LNG-related pipeline and leaseholds in the Lower 48.

For the quarter, cash provided by continuing operating activities was $2.6 billion, reflecting the $0.5 billion cash outflow from Freeport and a $0.7 billion increase in working capital, primarily from timing of tax payments. Proceeds from asset dispositions were $0.2 billion. In addition, the company funded $4.4 billion in capital expenditures and investments for continuing operations, paid dividends of $0.9 billion, received $0.5 billion from the Freeport LNG termination agreement, and had a $0.4 billion reduction of short-term investments. During the quarter, debt increased by $1.5 billion, reflecting the placement of $3.0 billion in low-interest debt and the early retirement of maturing debt.

Full-Year Review

Year-over-year production growth was 4 percent from continuing operations, excluding Libya, which represents 2014 production of 1,532 MBOED, compared with 1,472 MBOED in 2013. Production increased due to growth from major projects and development programs, partially offset by normal field decline.

Adjusted earnings decreased compared with 2013 primarily due to lower realized prices, higher operating costs associated with increased turnaround activity and higher volumes, and depreciation expenses from higher volumes, partially offset by increased production. The company’s total realized price during this period was $64.59 per BOE, compared with $67.62 per BOE in 2013. This reflected lower crude and natural gas liquids prices, partially offset by higher overall bitumen and natural gas prices.

In 2014, cash provided by continuing operating activities was $16.6 billion. The company received proceeds from asset sales of $1.6 billion, funded $17.1 billion in capital expenditures and investments for continuing operations, paid dividends of $3.5 billion and increased debt by $1.0 billion. As of Dec. 31, 2014, ConocoPhillips had $5.1 billion of cash and cash equivalents. The company ended the year with debt of $22.6 billion and a debt-to-capital ratio of 30 percent.

Outlook

The company expects to deliver 2 to 3 percent production growth in 2015 from continuing operations, excluding Libya. First-quarter 2015 production from continuing operations is expected to be 1,570 to 1,610 MBOED, which excludes Libya.

The company will provide additional guidance on 2015 exploration expense; production and selling, general and administrative expense; corporate segment costs; and depreciation, depletion and amortization at its Analyst Meeting in New York on April 8, 2015.

ConocoPhillips will host a conference call today at 12:00 p.m. EST to discuss its fourth-quarter and full-year results. To listen to the call, and view related presentation materials and supplemental information, go to www.conocophillips.com/investor/earnings.

--- # # # ---

About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 27 countries, $53 billion in annual revenue, $117 billion of total assets, and approximately 19,100 employees as of Dec. 31, 2014. Production from continuing operations, excluding Libya, averaged 1,532 MBOED in 2014 and preliminary proved reserves were 8.9 billion BOE as of Dec. 31, 2014. 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, adjusted earnings per share and price normalized cash margin. 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 and with peer companies. Cash margin is used to show changes in performance representing an underlying portfolio shift to liquids and more favorable fiscal regimes.

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

Organic reserve additions comprise net proved reserve additions resulting from extensions and discoveries, improved recovery and revisions, and exclude the impact of sales and acquisitions.

ConocoPhillips
Reconciliation of Earnings to Adjusted Earnings
$ Millions, Except as Indicated
	4Q					FY
	2014			2013		2014		2013
Earnings / (loss)	$	(39	)	2,487		6,869		9,156
Adjustments:
Impairments		381		269		641		269
Net gain on asset sales		(38	)	-		(38	)	(1,075	)
Tax loss carryforward realization		-		-		-		(1	)
Deferred tax adjustment		(59	)	-		(59	)	-
FCCL IFRS depreciation adjustment		-		(33	)	-		(33	)
Loss on capacity agreements		-		-		83		-
Pension settlement expense		-		10		-		41
Qatar depreciation adjustment		-		-		28		-
Tax benefit on interest expense		-		-		(61	)	-
Pending claims and settlements		(48	)	-		(268	)	(118	)
Freeport LNG termination agreement		545		-		545		-
Discontinued operations - Other 1		-		(995	)	(1,131	)	(1,178	)
Adjusted earnings / (loss)	$	742		1,738		6,609		7,061
1 Includes Kashagan, Algeria and Nigeria
Earnings / (loss) per share of common stock (dollars)	$	(0.03	)	2.00		5.51		7.38
Adjusted earnings per share of common stock (dollars)	$	0.60		1.40		5.30		5.70

Non-GAAP Reconciliation: Price Normalized Cash Margin per BOE - Operating Segments
$ Millions, Except as Indicated
		2014		2013
Net income attributable to ConocoPhillips	$	6,869		9,156
Adjustment to exclude special items		(260	)	(2,095	)
Adjusted earnings	$	6,609		7,061
Exclude adjusted earnings for Corporate and Other		963		781
Operating segment depreciation, depletion and amortization		8,225		7,338
Operating segment impairments 1		29		27
Adjusted dry hole costs and leasehold impairments 2		782		443
Cash margin	$	16,608		15,650
Price adjustment (using published sensitivities)		755		-
Price normalized cash margin	$	17,363		15,650
Production from continuing operations (MBOED)		1,540		1,502
Price normalized cash margin ($ per BOE)		30.89		28.55
Impairments	$	856		529
Exclude pre-tax impairments special items		(824	)	(498	)
Exclude Corporate and Other impairments		(3	)	(4	)
1 Operating segment impairments (non-GAAP)	$	29		27
Leasehold impairments	$	562		175
Exclude pre-tax leasehold impairments special items		(384	)	-
Adjusted leasehold impairments (non-GAAP)	$	178		175
Dry hole costs		604		268
2 Adjusted dry hole costs and leasehold impairments (non-GAAP)	$	782		443
Annualized Net Income Sensitivities
Published during the 2014 ConocoPhillips Analyst Meeting:
Crude
Brent/Alaska North Slope: $80-90 million change for $1 per barrel change
West Texas Intermediate: $35-40 million change for $1 per barrel change
Western Canada Select 3: $30-40 million change for $1 per barrel change
North American NGL
Representative blend: $10-15 million change for $1 per barrel change
Natural Gas
Henry Hub: $100-110 million change for $0.25 per thousand cubic feet change
International gas: $10-15 million change for $0.25 per thousand cubic feet change
3 Western Canada Select price used for the sensitivity represents a volumetric weighted average of Shorcan and Net Energy indices.

Freeport LNG Termination Agreement Financial Statement Impact
$ Millions
Income Statement				Cash Flow Information
Revenues and other income		2014		Cash flows from operating activities		2014
Gain on dispositions	$	2		Net income	$	(545	)
Total revenues and other income	$	2		Deferred taxes		(292	)
				Gain on dispositions		(2	)
Costs and expenses				Other¹		265
Production and operating expenses	$	849		Net working capital changes		52
Total costs and expenses	$	849		Net cash provided by operating activities	$	(522	)
Income (loss) from continuing operations before income tax	$	(847	)
Provision (benefit) for income taxes		(302	)	Cash flows from investing activities
Net Income (loss)	$	(545	)	Proceeds from asset dispositions	$	9
				Long-term collections from related parties and other investments		459
				Net cash provided by investing activities	$	468
				Net change in cash and cash equivalents	$	(54	)
¹Other includes long-term prepaid terminal use agreement write off.

CONTACT:
ConocoPhillips
Daren Beaudo, 281-293-2073 (media)
daren.beaudo@conocophillips.com
Sidney J. Bassett, 212-207-1996 (investors)
sid.bassett@conocophillips.com
Vladimir R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com

EX-99.2

Exhibit 99.2

	Fourth-Quarter 2014 Detailed Supplemental Information
	2013										2014
	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	14,166		13,350		13,643		13,254		54,413		15,415		13,821		12,080		11,208		52,524
Equity in earnings of affiliates	362		494		709		654		2,219		572		672		764		521		2,529
Gain on dispositions	58		95		1,069		20		1,242		9		7		4		78		98
Other income	65		203		49		57		374		52		201		69		44		366
Total Revenues and Other Income	14,651		14,142		15,470		13,985		58,248		16,048		14,701		12,917		11,851		55,517
Costs and Expenses
Purchased commodities	5,834		5,521		5,708		5,580		22,643		7,127		5,495		4,703		4,774		22,099
Production and operating expenses	1,687		1,672		1,962		1,917		7,238		1,895		2,030		2,041		2,943		8,909
Selling, general and administrative expenses	165		193		249		247		854		182		218		203		132		735
Exploration expenses	277		321		313		321		1,232		296		517		459		773		2,045
Depreciation, depletion and amortization	1,807		1,832		1,902		1,893		7,434		1,892		2,070		2,096		2,271		8,329
Impairments	2		28		1		498		529		1		17		108		730		856
Taxes other than income taxes	892		642		664		686		2,884		651		612		493		332		2,088
Accretion on discounted liabilities	106		105		106		117		434		117		120		120		127		484
Interest and debt expense	130		139		151		192		612		171		155		149		173		648
Foreign currency transaction (gains) losses	(36	)	(7	)	9		(24	)	(58	)	18		7		(8	)	(83	)	(66	)
Total Costs and Expenses	10,864		10,446		11,065		11,427		43,802		12,350		11,241		10,364		12,172		46,127
Income (loss) from continuing operations before income taxes	3,787		3,696		4,405		2,558		14,446		3,698		3,460		2,553		(321	)	9,390
Provision (benefit) for income taxes	1,763		1,630		1,966		1,050		6,409		1,581		1,395		904		(297	)	3,583
Income (loss) from continuing operations	2,024		2,066		2,439		1,508		8,037		2,117		2,065		1,649		(24	)	5,807
Income from discontinued operations	129		(3	)	57		995		1,178		20		33		1,078		-		1,131
Net Income (Loss)	2,153		2,063		2,496		2,503		9,215		2,137		2,098		2,727		(24	)	6,938
Less: net income attributable to noncontrolling interests	(14	)	(13	)	(16	)	(16	)	(59	)	(14	)	(17	)	(23	)	(15	)	(69	)
Net Income (Loss) Attributable to ConocoPhillips	2,139		2,050		2,480		2,487		9,156		2,123		2,081		2,704		(39	)	6,869
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations	1.64		1.66		1.96		1.20		6.47		1.70		1.65		1.31		(0.03	)	4.63
Discontinued operations	0.10		-		0.05		0.81		0.96		0.02		0.03		0.87		-		0.91
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock	1.74		1.66		2.01		2.01		7.43		1.72		1.68		2.18		(0.03	)	5.54
Diluted
Continuing operations	1.63		1.65		1.95		1.20		6.43		1.69		1.64		1.31		(0.03	)	4.60
Discontinued operations	0.10		-		0.05		0.80		0.95		0.02		0.03		0.86		-		0.91
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock	1.73		1.65		2.00		2.00		7.38		1.71		1.67		2.17		(0.03	)	5.51
Average Common Shares Outstanding (in thousands)
Basic	1,229,232		1,229,773		1,231,054		1,233,741		1,230,963		1,234,968		1,236,057		1,236,431		1,239,975		1,237,325
Diluted	1,235,907		1,237,157		1,240,365		1,241,112		1,239,803		1,242,667		1,245,155		1,246,788		1,239,975		1,245,863
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
Alaska	842		1,060		787		860		3,549		930		973		722		497		3,122
Lower 48	223		336		349		244		1,152		516		434		78		(1,142	)	(114	)
Canada	(117	)	10		868		(87	)	674		466		241		340		129		1,176
Europe	1,213		627		965		747		3,552		1,041		781		633		(163	)	2,292
Asia Pacific and Middle East	1,393		1,416		1,120		1,173		5,102		1,093		1,233		1,058		818		4,202
Other International	416		395		607		(57	)	1,361		(67	)	99		10		(131	)	(89	)
Corporate and Other	(183	)	(148	)	(291	)	(322	)	(944	)	(281	)	(301	)	(288	)	(329	)	(1,199	)
Consolidated	3,787		3,696		4,405		2,558		14,446		3,698		3,460		2,553		(321	)	9,390
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
Alaska*	35.5	%	35.7	%	37.1	%	35.4	%	35.9	%	35.6	%	35.6	%	34.4	%	31.1	%	34.6	%
Lower 48	52.8	%	30.4	%	40.1	%	15.5	%	34.5	%	37.3	%	38.7	%	60.0	%	43.8	%	80.9	%
Canada	213.7	%	52.2	%	26.0	%	29.3	%	-6.6	%	23.7	%	24.0	%	9.7	%	27.0	%	20.1	%
Europe	62.6	%	58.1	%	70.2	%	70.0	%	65.4	%	66.7	%	66.8	%	66.4	%	90.8	%	64.9	%
Asia Pacific and Middle East	33.1	%	27.2	%	32.4	%	25.8	%	29.6	%	30.9	%	30.1	%	27.0	%	24.4	%	28.4	%
Other International	95.4	%	93.3	%	53.4	%	36.0	%	78.6	%	57.2	%	-21.7	%	296.5	%	-24.6	%	-0.2	%
Corporate and Other	11.7	%	-16.8	%	19.4	%	22.0	%	13.1	%	16.4	%	16.3	%	55.0	%	21.5	%	27.1	%
Consolidated	46.6	%	44.1	%	44.6	%	41.1	%	44.4	%	42.8	%	40.3	%	35.4	%	92.7	%	38.2	%
*Alaska including taxes other than income taxes	61.6	%	52.9	%	57.8	%	56.2	%	57.1	%	51.6	%	50.3	%	48.6	%	44.2	%	49.4	%

1 of 8

	2013										2014
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
$ Millions
EARNINGS BY SEGMENT
Alaska	543		682		494		555		2,274		598		627		473		343		2,041
Lower 48	105		233		209		207		754		324		265		32		(643	)	(22	)
Canada	133		5		642		(62	)	718		356		182		307		95		940
Europe	454		263		288		224		1,229		347		259		213		(15	)	804
Asia Pacific and Middle East	918		1,017		741		856		3,532		742		845		749		603		2,939
Other International	19		26		283		(37	)	291		(29	)	121		(18	)	(164	)	(90	)
Corporate and Other	(162	)	(173	)	(234	)	(251	)	(820	)	(235	)	(251	)	(130	)	(258	)	(874	)
Discontinued Operations	129		(3	)	57		995		1,178		20		33		1,078		-		1,131
Consolidated	2,139		2,050		2,480		2,487		9,156		2,123		2,081		2,704		(39	)	6,869
SPECIAL ITEMS (AFTER-TAX)
Alaska	-		97		-		-		97		-		-		-		(36	)	(36	)
Lower 48	(60	)	69		-		-		9		(122	)	-		(151	)	(610	)	(883	)
Canada	224		-		461		(129	)	556		-		(109	)	47		9		(53	)
Europe	83		-		-		(107	)	(24	)	-		-		-		(144	)	(144	)
Asia Pacific and Middle East	-		146		(116	)	-		30		(28	)	-		30		-		2
Other International	-		-		288		-		288		-		154		-		-		154
Corporate and Other	11		(9	)	(31	)	(10	)	(39	)	-		-		89		-		89
Discontinued Operations	129		(3	)	57		995		1,178		20		33		1,078		-		1,131
Consolidated	387		300		659		749		2,095		(130	)	78		1,093		(781	)	260

ADJUSTED EARNINGS
Alaska	543		585		494		555		2,177		598		627		473		379		2,077
Lower 48	165		164		209		207		745		446		265		183		(33	)	861
Canada	(91	)	5		181		67		162		356		291		260		86		993
Europe	371		263		288		331		1,253		347		259		213		129		948
Asia Pacific and Middle East	918		871		857		856		3,502		770		845		719		603		2,937
Other International	19		26		(5	)	(37	)	3		(29	)	(33	)	(18	)	(164	)	(244	)
Corporate and Other	(173	)	(164	)	(203	)	(241	)	(781	)	(235	)	(251	)	(219	)	(258	)	(963	)
Consolidated	1,752		1,750		1,821		1,738		7,061		2,253		2,003		1,611		742		6,609
ADJUSTED EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
Alaska	35.5	%	35.6	%	37.1	%	35.4	%	35.9	%	35.6	%	35.6	%	34.4	%	31.5	%	34.6	%
Lower 48	42.1	%	36.9	%	40.1	%	15.5	%	34.6	%	37.0	%	38.7	%	42.7	%	68.1	%	36.5	%
Canada	22.2	%	52.2	%	28.7	%	20.6	%	30.0	%	23.7	%	24.3	%	23.5	%	26.5	%	24.1	%
Europe	67.1	%	58.1	%	70.2	%	67.8	%	66.6	%	66.7	%	66.8	%	66.4	%	61.1	%	66.0	%
Asia Pacific and Middle East	34.1	%	31.2	%	31.5	%	25.8	%	30.3	%	30.1	%	30.1	%	27.1	%	24.4	%	28.3	%
Other International	95.4	%	93.3	%	102.6	%	36.0	%	99.6	%	57.2	%	39.3	%	296.5	%	-24.6	%	-0.1	%
Corporate and Other	11.0	%	-19.6	%	15.5	%	21.2	%	11.0	%	16.4	%	16.3	%	30.8	%	21.5	%	21.5	%
Consolidated	53.3	%	47.4	%	48.7	%	42.1	%	48.0	%	42.1	%	41.5	%	40.0	%	39.7	%	41.2	%
The income tax effects of the special items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

2 of 8

	2013										2014
$ 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
Pending claims and settlements	-		97		-		-		97		-		-		-		-		-
Impairments	-		-		-		-		-		-		-		-		(36	)	(36	)
Total	-		97		-		-		97		-		-		-		(36	)	(36	)
Lower 48
Gain (loss) on asset sales	(39	)	47		-		-		8		-		-		-		-		-
Loss on capacity agreements	-		-		-		-		-		(83	)	-		-		-		(83	)
Tax loss carryforward realization	(21	)	22		-		-		1		-		-		-		-		-
Impairments	-		-		-		-		-		-		-		(151	)	(124	)	(275	)
Pending claims and settlements	-		-		-		-		-		(39	)	-		-		-		(39	)
Freeport LNG termination agreement	-		-		-		-		-		-		-		-		(545	)	(545	)
Deferred tax adjustment	-		-		-		-		-		-		-		-		59		59
Total	(60	)	69		-		-		9		(122	)	-		(151	)	(610	)	(883	)
Canada
Gain (loss) on asset sales	224		-		461		-		685		-		-		-		38		38
Impairments	-		-		-		(162	)	(162	)	-		(109	)	-		(29	)	(138	)
FCCL IFRS depreciation adjustment	-		-		-		33		33		-		-		-		-		-
Pending claims and settlements	-		-		-		-		-		-		-		47		-		47
Total	224		-		461		(129	)	556		-		(109	)	47		9		(53	)
Europe
Gain (loss) on asset sales	83		-		-		-		83		-		-		-		-		-
Impairments	-		-		-		(107	)	(107	)	-		-		-		(192	)	(192	)
Pending claims and settlements	-		-		-		-		-		-		-		-		48		48
Total	83		-		-		(107	)	(24	)	-		-		-		(144	)	(144	)
Asia Pacific and Middle East
Qatar depreciation adjustment	-		-		-		-		-		(28	)	-		-		-		(28	)
Pending claims and settlements	-		146		(116	)	-		30		-		-		30		-		30
Total	-		146		(116	)	-		30		(28	)	-		30		-		2
Other International
Gain (loss) on asset sales	-		-		288		-		288		-		-		-		-		-
Pending claims and settlements	-		-		-		-		-		-		154		-		-		154
Total	-		-		288		-		288		-		154		-		-		154
Corporate and Other
Gain (loss) on asset sales	11		-		-		-		11		-		-		-		-		-
Pension settlement expense	-		-		(31	)	(10	)	(41	)	-		-		-		-		-
Tax benefit on interest expense	-		-		-		-		-		-		-		61		-		61
Pending claims and settlements	-		(9	)	-		-		(9	)	-		-		28		-		28
Total	11		(9	)	(31	)	(10	)	(39	)	-		-		89		-		89
Discontinued Operations	129		(3	)	57		995		1,178		20		33		1,078		-		1,131
Total Company	387		300		659		749		2,095		(130	)	78		1,093		(781	)	260

3 of 8

	2013										2014
	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 (loss)	2,153		2,063		2,496		2,503		9,215		2,137		2,098		2,727		(24	)	6,938
Depreciation, depletion and amortization	1,807		1,832		1,902		1,893		7,434		1,892		2,070		2,096		2,271		8,329
Impairments	2		28		1		498		529		1		17		108		730		856
Dry hole costs and leasehold impairments	36		176		133		98		443		69		334		265		498		1,166
Accretion on discounted liabilities	106		105		106		117		434		117		120		120		127		484
Deferred taxes	241		443		458		169		1,311		230		403		391		(315	)	709
Undistributed equity earnings	(29	)	(199	)	(357	)	(237	)	(822	)	1,131		(450	)	(347	)	(257	)	77
Gain on dispositions	(58	)	(95	)	(1,069	)	(20	)	(1,242	)	(9	)	(7	)	(4	)	(78	)	(98	)
Income from discontinued operations	(129	)	3		(57	)	(995	)	(1,178	)	(20	)	(33	)	(1,078	)	-		(1,131	)
Other	(503	)	17		206		(91	)	(371	)	116		(308	)	(344	)	303		(233	)
Net working capital changes	982		(684	)	(175	)	(75	)	48		614		(681	)	220		(658	)	(505	)
Net cash provided by continuing operations	4,608		3,689		3,644		3,860		15,801		6,278		3,563		4,154		2,597		16,592
Net cash provided by discontinued operations	122		52		61		51		286		58		59		26		-		143
Net Cash Provided by Operating Activities	4,730		3,741		3,705		3,911		16,087		6,336		3,622		4,180		2,597		16,735
Cash Flows from Investing Activities
Capital expenditures and investments	(3,391	)	(3,705	)	(4,185	)	(4,256	)	(15,537	)	(3,895	)	(4,246	)	(4,588	)	(4,356	)	(17,085	)
Proceeds from asset dispositions	1,134		542		1,499		7,045		10,220		48		15		1,371		169		1,603
Net sales (purchases) of short-term investments	(23	)	(51	)	75		(264	)	(263	)	63		(71	)	(101	)	362		253
Long-term collections from related parties
and other investments	36		(11	)	54		(146	)	(67	)	108		65		(484	)	468		157
Net cash provided by (used in) continuing operations	(2,244	)	(3,225	)	(2,557	)	2,379		(5,647	)	(3,676	)	(4,237	)	(3,802	)	(3,357	)	(15,072	)
Net cash used in discontinued operations	(189	)	(190	)	(161	)	(64	)	(604	)	(22	)	(28	)	(9	)	-		(59	)
Net Cash Provided by (Used in) Investing Activities	(2,433	)	(3,415	)	(2,718	)	2,315		(6,251	)	(3,698	)	(4,265	)	(3,811	)	(3,357	)	(15,131	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(48	)	(850	)	(48	)	-		(946	)	(450	)	-		(55	)	1,485		980
Change in restricted cash	748		-		-		-		748		-		-		-		-		-
Issuance of company common stock	(10	)	5		17		8		20		(32	)	78		(19	)	8		35
Dividends paid	(815	)	(814	)	(852	)	(853	)	(3,334	)	(855	)	(856	)	(907	)	(907	)	(3,525	)
Other	(205	)	(186	)	(202	)	(3,028	)	(3,621	)	(17	)	(11	)	8		(44	)	(64	)
Net cash provided by (used in) continuing operations	(330	)	(1,845	)	(1,085	)	(3,873	)	(7,133	)	(1,354	)	(789	)	(973	)	542		(2,574	)
Net cash used in discontinued operations	-		-		-		-		-		-		-		-		-		-
Net Cash Provided by (Used in) Financing Activities	(330	)	(1,845	)	(1,085	)	(3,873	)	(7,133	)	(1,354	)	(789	)	(973	)	542		(2,574	)
Effect of Exchange Rate Changes	(163	)	6		72		10		(75	)	(10	)	54		(130	)	(128	)	(214	)
Net Change in Cash and Cash Equivalents	1,804		(1,513	)	(26	)	2,363		2,628		1,274		(1,378	)	(734	)	(346	)	(1,184	)
Cash and cash equivalents at beginning of period	3,618		5,422		3,909		3,883		3,618		6,246		7,520		6,142		5,408		6,246
Cash and Cash Equivalents at End of Period	5,422		3,909		3,883		6,246		6,246		7,520		6,142		5,408		5,062		5,062
CAPITAL PROGRAM
Capital expenditures and investments
Alaska	262		283		291		304		1,140		415		390		369		390		1,564
Lower 48	1,280		1,367		1,238		1,325		5,210		1,312		1,385		1,656		1,701		6,054
Canada	675		422		505		630		2,232		622		515		613		590		2,340
Europe	786		761		779		752		3,078		596		656		660		609		2,521
Asia Pacific and Middle East	337		827		1,142		1,076		3,382		848		1,094		1,077		858		3,877
Other International	24		18		187		84		313		67		172		164		136		539
Corporate and Other	27		27		43		85		182		35		34		49		72		190
Total capital expenditures and investments	3,391		3,705		4,185		4,256		15,537		3,895		4,246		4,588		4,356		17,085
Joint venture acquisition obligation (principal) - Canada*	189		192		194		197		772		-		-		-		-		-
Total Capital Program	3,580		3,897		4,379		4,453		16,309		3,895		4,246		4,588		4,356		17,085
Capital Program for Algeria, Nigeria and Kashagan:	189		190		161		69		609		22		28		9		-		59
*Excludes $2,810 million prepayment in the fourth quarter of 2013.

4 of 8

	2013						2014
	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	1,555		1,510	1,470	1,473	1,502	1,532		1,557	1,481	1,589	1,540
Discontinued operations (Algeria and Nigeria)	41		42	44	45	43	36		37	14	-	21
Total, including equity affiliates	1,596		1,552	1,514	1,518	1,545	1,568		1,594	1,495	1,589	1,561
Crude Oil (MBD)
Consolidated operations	606		565	532	543	562	581		576	542	605	576
Equity affiliates	20		20	20	17	19	18		20	19	18	19
Total continuing operations	626		585	552	560	581	599		596	561	623	595
Discontinued operations (Algeria and Nigeria)	20		18	19	15	18	8		9	4	-	5
Total	646		603	571	575	599	607		605	565	623	600
Over (under) lifting of crude oil (MBD)*	(9	)	4	19	11	6	(16	)	4	15	6	2
*Includes continuing and discontinued operations.
NGL (MBD)
Consolidated operations	151		150	148	144	149	152		159	149	145	151
Equity affiliates	8		8	8	6	7	7		8	8	7	8
Total continuing operations	159		158	156	150	156	159		167	157	152	159
Discontinued operations (Nigeria)	3		3	4	4	3	3		3	1	-	1
Total	162		161	160	154	159	162		170	158	152	160
Bitumen (MBD)
Consolidated operations	13		12	13	13	13	13		14	9	13	12
Equity affiliates	96		88	94	106	96	111		114	115	128	117
Total	109		100	107	119	109	124		128	124	141	129
Natural Gas (MMCFD)
Consolidated operations	3,479		3,505	3,423	3,427	3,458	3,432		3,482	3,315	3,524	3,438
Equity affiliates	483		493	507	439	481	469		516	518	516	505
Total continuing operations	3,962		3,998	3,930	3,866	3,939	3,901		3,998	3,833	4,040	3,943
Discontinued operations (Nigeria)	110		128	125	155	129	149		151	54	-	88
Total	4,072		4,126	4,055	4,021	4,068	4,050		4,149	3,887	4,040	4,031
Industry Prices
Crude Oil ($/BBL)
WTI	94.29		94.12	105.80	97.38	97.90	98.75		103.05	97.48	73.41	93.17
WCS	62.41		75.06	88.35	65.26	72.77	75.55		82.94	76.99	58.90	73.60
Brent dated	112.55		102.44	110.32	109.27	108.65	108.22		109.63	101.85	76.27	98.99
JCC ($/BBL)	114.19		113.07	107.36	107.94	110.64	112.78		111.40	109.59	110.37	111.04
Natural Gas ($/MMBTU)
Henry Hub first of month	3.34		4.10	3.58	3.60	3.65	4.94		4.68	4.07	4.04	4.43
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations	106.17		100.31	106.85	100.67	103.50	101.71		103.48	96.65	71.34	92.84
Equity affiliates	100.27		93.41	99.41	98.81	97.92	97.82		100.80	96.03	70.40	91.48
Total continuing operations	105.97		100.07	106.60	100.61	103.32	101.59		103.39	96.63	71.31	92.80
Discontinued operations (Algeria and Nigeria)	112.62		103.45	110.28	110.29	109.72	108.81		113.07	107.74	-	110.61
Total	106.20		100.14	106.74	100.83	103.51	101.69		103.53	96.67	71.31	92.94
NGL ($/BBL)
Consolidated operations	40.87		36.21	39.44	41.89	39.60	44.86		38.71	36.26	29.75	37.45
Equity affiliates	77.32		64.63	69.90	83.05	73.31	79.91		68.84	67.13	54.09	67.20
Total continuing operations	42.95		37.80	41.14	43.82	41.42	46.52		40.36	37.83	31.07	38.99
Discontinued operations (Nigeria)	12.30		13.13	15.76	16.13	14.58	12.99		14.55	11.49	-	13.41
Total	42.41		37.24	40.47	43.07	40.79	45.85		39.93	37.66	31.07	38.71
Bitumen ($/BBL)
Consolidated operations	36.78		59.67	76.90	44.73	55.25	61.69		68.00	64.95	46.57	60.03
Equity affiliates	39.52		55.13	75.93	43.64	53.00	55.85		65.55	62.30	36.85	54.62
Total	39.23		55.69	76.06	43.76	53.27	56.47		65.82	62.49	37.76	55.13
Natural Gas ($/MCF)
Consolidated operations	5.75		5.88	5.49	5.73	5.71	7.15		6.29	5.46	5.51	6.10
Equity affiliates	9.36		8.84	9.35	8.29	8.98	10.43		10.46	9.11	9.24	9.79
Total continuing operations	6.19		6.25	5.99	6.02	6.11	7.55		6.82	5.96	5.98	6.57
Discontinued operations (Nigeria)	2.54		2.98	2.58	2.36	2.60	2.69		2.46	2.26	-	2.53
Total	6.09		6.15	5.88	5.88	6.00	7.37		6.66	5.91	5.98	6.48
Exploration Expenses ($ Millions)
Dry holes	4		98	101	65	268	23		145	86	350	604
Leasehold impairment	32		78	32	33	175	46		189	179	148	562
Total noncash expenses	36		176	133	98	443	69		334	265	498	1,166
Other (G&A, G&G and lease rentals)	241		145	180	223	789	227		183	194	275	879
Total exploration expenses	277		321	313	321	1,232	296		517	459	773	2,045
U.S. exploration expenses	152		196	165	178	691	150		242	340	370	1,102
International exploration expenses	125		125	148	143	541	146		275	119	403	943
DD&A ($ Millions)
Alaska	135		135	124	136	530	132		135	123	135	525
Lower 48	744		785	880	836	3,245	829		939	982	953	3,703
Canada	343		345	330	297	1,315	232		238	236	218	924
Europe	261		234	234	304	1,033	404		421	427	546	1,798
Asia Pacific and Middle East	293		298	303	291	1,185	268		310	300	390	1,268
Other International	11		12	5	2	30	1		-	2	4	7
Corporate and Other	20		23	26	27	96	26		27	26	25	104
Total DD&A	1,807		1,832	1,902	1,893	7,434	1,892		2,070	2,096	2,271	8,329

5 of 8

	2013					2014
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Alaska	190	176	161	182	178	175	170	139	164	162
Lower 48	148	147	153	158	152	171	191	191	199	188
Canada	14	14	13	12	13	13	12	13	13	13
Norway	100	78	94	95	92	96	89	89	91	91
United Kingdom	24	22	17	23	21	39	37	30	33	35
Europe	124	100	111	118	113	135	126	119	124	126
Australia/Timor-Leste	13	15	13	10	13	12	9	8	10	9
China	57	56	51	48	53	58	50	46	46	50
Indonesia	9	7	8	7	8	10	7	7	5	7
Malaysia	7	6	5	7	6	6	10	11	23	13
Equity affiliates	15	15	16	13	15	14	16	15	14	15
AP/ME	101	99	93	85	95	100	92	87	98	94
Libya	44	44	17	1	26	1	1	8	21	8
Equity affiliates	5	5	4	4	4	4	4	4	4	4
Other International	49	49	21	5	30	5	5	12	25	12
Total continuing operations	626	585	552	560	581	599	596	561	623	595
Discontinued operations (Algeria and Nigeria)	20	18	19	15	18	8	9	4	-	5
Total	646	603	571	575	599	607	605	565	623	600
NGL (MBD)
Alaska	18	15	11	16	15	16	16	8	14	13
Lower 48	87	91	94	90	91	91	100	104	90	97
Canada	26	25	25	23	25	25	25	21	22	23
Norway	3	2	3	3	3	2	2	3	3	3
United Kingdom	3	3	2	3	3	5	5	5	6	5
Europe	6	5	5	6	6	7	7	8	9	8
Australia/Timor-Leste	10	10	9	7	9	8	6	5	6	6
Indonesia	4	4	4	2	3	5	5	3	4	4
Equity affiliates	8	8	8	6	7	7	8	8	7	8
AP/ME	22	22	21	15	19	20	19	16	17	18
Total continuing operations	159	158	156	150	156	159	167	157	152	159
Discontinued operations (Nigeria)	3	3	4	4	3	3	3	1	-	1
Total	162	161	160	154	159	162	170	158	152	160
Bitumen (MBD)
Consolidated operations	13	12	13	13	13	13	14	9	13	12
Equity affiliates	96	88	94	106	96	111	114	115	128	117
Total	109	100	107	119	109	124	128	124	141	129
Natural Gas (MMCFD)
Alaska	56	38	35	43	43	55	45	48	49	49
Lower 48	1,441	1,516	1,511	1,493	1,490	1,468	1,495	1,485	1,514	1,491
Canada	806	788	775	731	775	707	713	707	719	711
Norway	161	119	130	163	143	157	135	106	156	138
United Kingdom	300	290	227	277	273	315	345	298	334	323
Europe	461	409	357	440	416	472	480	404	490	461
Australia/Timor-Leste	251	272	268	255	262	263	277	200	279	255
China	4	6	4	4	4	3	3	4	4	4
Indonesia	428	447	439	452	442	457	463	464	461	461
Malaysia	1	1	1	1	1	3	5	2	3	3
Equity affiliates	483	493	507	439	481	469	516	518	516	505
AP/ME	1,167	1,219	1,219	1,151	1,190	1,195	1,264	1,188	1,263	1,228
Libya	31	28	33	8	25	4	1	1	5	3
Other International	31	28	33	8	25	4	1	1	5	3
Total continuing operations	3,962	3,998	3,930	3,866	3,939	3,901	3,998	3,833	4,040	3,943
Discontinued operations (Nigeria)	110	128	125	155	129	149	151	54	-	88
Total	4,072	4,126	4,055	4,021	4,068	4,050	4,149	3,887	4,040	4,031
Total (MBOED)
Alaska	218	197	178	205	200	200	193	155	186	183
Lower 48	475	491	499	497	491	507	540	543	541	533
Consolidated operations	187	183	180	170	180	169	170	161	168	167
Equity affiliates	96	88	94	106	96	111	114	115	128	117
Canada	283	271	274	276	276	280	284	276	296	284
Norway	130	100	119	125	119	124	114	110	120	117
United Kingdom	77	73	57	72	70	96	99	84	95	94
Europe	207	173	176	197	189	220	213	194	215	211
Australia/Timor-Leste	65	70	67	60	65	64	61	46	62	57
China	58	57	52	49	54	59	51	47	46	51
Indonesia	84	86	85	84	85	91	89	87	86	88
Malaysia	7	6	5	7	6	6	11	11	24	14
Equity affiliates	104	105	108	92	102	99	110	110	107	107
AP/ME	318	324	317	292	312	319	322	301	325	317
Libya	49	49	22	2	30	2	1	8	22	8
Equity affiliates	5	5	4	4	4	4	4	4	4	4
Other International	54	54	26	6	34	6	5	12	26	12
Total continuing operations	1,555	1,510	1,470	1,473	1,502	1,532	1,557	1,481	1,589	1,540
Discontinued operations (Algeria and Nigeria)	41	42	44	45	43	36	37	14	-	21
Total	1,596	1,552	1,514	1,518	1,545	1,568	1,594	1,495	1,589	1,561

6 of 8

	2013					2014
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska	110.79	106.09	110.95	104.04	107.83	106.39	108.93	102.36	74.07	97.68
Lower 48	93.69	93.56	100.25	87.81	93.79	91.52	93.73	87.91	65.34	84.18
Canada	72.85	81.09	91.81	72.86	79.73	80.32	86.33	82.48	62.89	77.87
Norway	114.75	103.21	112.50	111.59	111.32	109.69	111.97	103.53	73.91	98.37
United Kingdom	111.07	101.67	110.62	108.94	107.57	107.37	110.01	102.22	85.38	103.07
Europe	114.11	102.74	112.28	110.96	110.56	109.05	111.38	103.17	75.76	99.56
Australia/Timor-Leste	107.76	97.11	103.84	107.26	104.17	106.36	105.31	101.26	75.57	98.70
China	110.91	98.58	106.36	106.17	105.50	105.62	106.18	97.73	71.34	95.94
Indonesia	93.32	83.15	93.35	95.66	91.37	92.82	94.82	84.28	53.74	84.28
Malaysia	119.87	108.67	114.90	118.29	115.44	115.35	114.51	109.62	76.87	96.94
AP/ME	109.35	97.77	105.43	106.43	104.78	104.92	105.65	99.07	71.94	95.32
Libya	112.18	102.82	107.49	-	107.21	-	107.33	95.22	83.52	86.71
Other International	112.18	102.82	107.49	-	107.21	-	107.33	95.22	83.52	86.71
Total consolidated operations	106.17	100.31	106.85	100.67	103.50	101.71	103.48	96.65	71.34	92.84
Equity affiliates	100.27	93.41	99.41	98.81	97.92	97.82	100.80	96.03	70.40	91.48
Total continuing operations	105.97	100.07	106.60	100.61	103.32	101.59	103.39	96.63	71.31	92.80
Discontinued operations (Algeria and Nigeria)	112.62	103.45	110.28	110.29	109.72	108.81	113.07	107.74	-	110.61
Total	106.20	100.14	106.74	100.83	103.51	101.69	103.53	96.67	71.31	92.94
NGL ($/BBL)
Consolidated operations
Lower 48	29.58	29.30	32.57	34.33	31.48	36.06	31.28	30.67	24.93	30.74
Canada	50.15	44.08	46.90	47.57	47.19	56.13	46.56	45.29	35.72	46.23
Norway	59.77	52.15	56.29	64.13	59.08	52.95	52.18	45.14	37.40	47.74
United Kingdom	60.61	46.32	58.58	61.69	57.48	64.99	59.48	58.21	40.05	54.74
Europe	60.10	49.29	57.36	63.01	58.36	60.48	57.32	54.47	39.42	52.65
Australia/Timor-Leste	77.42	67.48	71.92	81.14	74.79	78.51	72.80	71.18	51.27	69.56
Indonesia	78.10	64.58	69.97	72.47	71.23	82.11	69.07	67.57	56.31	69.06
AP/ME	77.59	66.54	71.35	79.29	73.82	80.07	71.52	69.69	53.66	69.36
Total consolidated operations	40.87	36.21	39.44	41.89	39.60	44.86	38.71	36.26	29.75	37.45
Equity affiliates	77.32	64.63	69.90	83.05	73.31	79.91	68.84	67.13	54.09	67.20
Total continuing operations	42.95	37.80	41.14	43.82	41.42	46.52	40.36	37.83	31.07	38.99
Discontinued operations (Nigeria)	12.30	13.13	15.76	16.13	14.58	12.99	14.55	11.49	-	13.41
Total	42.41	37.24	40.47	43.07	40.79	45.85	39.93	37.66	31.07	38.71
Bitumen ($/BBL)
Consolidated operations	36.78	59.67	76.90	44.73	55.25	61.69	68.00	64.95	46.57	60.03
Equity affiliates	39.52	55.13	75.93	43.64	53.00	55.85	65.55	62.30	36.85	54.62
Total	39.23	55.69	76.06	43.76	53.27	56.47	65.82	62.49	37.76	55.13
Natural Gas ($/MCF)
Consolidated operations
Alaska	5.20	4.03	4.09	3.74	4.35	5.22	6.03	5.47	5.01	5.42
Lower 48	3.19	3.85	3.39	3.55	3.50	5.08	4.43	3.96	3.73	4.29
Canada	2.89	3.28	2.42	3.09	2.92	5.81	4.13	3.50	3.12	4.13
Norway	10.69	10.42	11.11	11.24	10.89	11.16	9.19	7.81	8.66	9.35
United Kingdom	10.87	10.19	10.12	11.04	10.58	10.83	8.92	7.88	9.42	9.27
Europe	10.81	10.26	10.48	11.11	10.68	10.94	8.99	7.86	9.22	9.29
Australia/Timor-Leste*	1.10	1.11	1.81	1.09	1.28	1.09	1.11	1.08	1.09	1.09
China	2.50	2.52	2.54	3.30	2.70	1.66	2.49	2.52	2.54	2.33
Indonesia	11.57	10.56	11.01	10.04	10.78	10.24	10.21	10.18	8.16	9.69
AP/ME	11.20	10.62	10.81	9.83	10.61	10.32	10.32	9.39	9.17	9.80
Libya	4.86	4.65	5.92	7.37	5.38	6.65	-	-	0.09	3.40
Other International	4.86	4.65	5.92	7.37	5.38	6.65	-	-	0.09	3.40
Total consolidated operations	5.75	5.88	5.49	5.73	5.71	7.15	6.29	5.46	5.51	6.10
Equity affiliates	9.36	8.84	9.35	8.29	8.98	10.43	10.46	9.11	9.24	9.79
Total continuing operations	6.19	6.25	5.99	6.02	6.11	7.55	6.82	5.96	5.98	6.57
Discontinued operations (Nigeria)	2.54	2.98	2.58	2.36	2.60	2.69	2.46	2.26	-	2.53
Total	6.09	6.15	5.88	5.88	6.00	7.37	6.66	5.91	5.98	6.48
*Excludes transfers to Darwin LNG plant.

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		2013										2014
		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)		(162	)	(173	)	(234	)	(251	)	(820	)	(235	)	(251	)	(130	)	(258	)	(874	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense*		(108	)	(127	)	(124	)	(171	)	(530	)	(163	)	(158	)	(36	)	(145	)	(502	)
Corporate G&A expenses		(27	)	(43	)	(77	)	(66	)	(213	)	(31	)	(51	)	(51	)	(61	)	(194	)
Technology**		(8	)	41		(26	)	(13	)	(6	)	(28	)	(20	)	(26	)	(19	)	(93	)
Other		(19	)	(44	)	(7	)	(1	)	(71	)	(13	)	(22	)	(17	)	(33	)	(85	)
Total		(162	)	(173	)	(234	)	(251	)	(820	)	(235	)	(251	)	(130	)	(258	)	(874	)
*Third-quarter 2014 includes a $61 million tax benefit on interest expense from the prior year, as shown on page 3, as well as a $32 million tax benefit related to the current year.
**Includes investment in new technologies or businesses outside of our normal scope of operations and is net of licensing revenues.
Before-Tax Net Interest Expense ($ Millions)
Interest expense		(287	)	(303	)	(303	)	(306	)	(1,199	)	(291	)	(276	)	(280	)	(289	)	(1,136	)
Capitalized interest		179		186		172		130		667		120		121		131		116		488
Interest revenue		10		28		10		12		60		9		10		10		11		40
Total		(98	)	(89	)	(121	)	(164	)	(472	)	(162	)	(145	)	(139	)	(162	)	(608	)
Debt
Total debt ($ Millions)		21,670		21,721		21,668		21,662		21,662		21,206		21,234		21,187		22,565		22,565
Debt-to-capital ratio (%)		31	%	31	%	30	%	29	%	29	%	28	%	28	%	28	%	30	%	30	%
Equity ($ Millions)		49,240		48,932		51,537		52,492		52,492		53,621		55,686		55,661		52,273		52,273
REFERENCE
Commonly Used Abbreviations
Earnings	Net Income (Loss) Attributable to ConocoPhillips
DD&A	Depreciation, Depletion and Amortization
G&G	Geological and Geophysical
G&A	General and Administrative
IFRS	International Financial Reporting Standards
JCC	Japan Crude Cocktail
LNG	Liquefied Natural Gas
NGL	Natural Gas Liquids
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
MMBTU	Millions of British Thermal Units
MMCFD	Millions of Cubic Feet per Day

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