Business segments

6 Months Ended

Jun. 30, 2015

Business segments

2.   Business segments

Second Quarter	Upstream				Downstream				Chemical
millions of dollars	2015		2014		2015		2014		2015		2014
REVENUES AND OTHER INCOME
Operating revenues (a)		1,783		2,109		5,178		6,901		311		389
Intersegment sales		718		1,043		268		370		63		115
Investment and other income		16		643		13		7		(1)		(1)
		2,517		3,795		5,459		7,278		373		503
EXPENSES
Exploration		16		17		-		-		-		-
Purchases of crude oil and products		1,070		1,430		4,071		5,781		205		351
Production and manufacturing		953		987		392		350		50		53
Selling and general		(1)		1		243		214		20		19
Federal excise tax		-		-		387		383		-		-
Depreciation and depletion		273		216		56		58		2		3
Financing costs		-		2		-		-		-		-
TOTAL EXPENSES		2,311		2,653		5,149		6,786		277		426
INCOME BEFORE INCOME TAXES		206		1,142		310		492		96		77
INCOME TAXES		380		285		95		126		27		20
NET INCOME		(174)		857		215		366		69		57
Cash flows from (used in) operating activities		(264)		633		541		248		105		74
CAPEX (b)		704		1,237		96		135		4		6
Second Quarter	Corporate and Other				Eliminations				Consolidated
millions of dollars	2015		2014		2015		2014		2015		2014
REVENUES AND OTHER INCOME
Operating revenues (a)		-		-		-		-		7,272		9,399
Intersegment sales		-		-		(1,049)		(1,528)		-		-
Investment and other income		1		1		-		-		29		650
		1		1		(1,049)		(1,528)		7,301		10,049
EXPENSES
Exploration		-		-		-		-		16		17
Purchases of crude oil and products		-		-		(1,051)		(1,527)		4,295		6,035
Production and manufacturing		-		-		-		-		1,395		1,390
Selling and general		8		63		2		(1)		272		296
Federal excise tax		-		-		-		-		387		383
Depreciation and depletion		4		3		-		-		335		280
Financing costs		5		-		-		-		5		2
TOTAL EXPENSES		17		66		(1,049)		(1,528)		6,705		8,403
INCOME BEFORE INCOME TAXES		(16)		(65)		-		-		596		1,646
INCOME TAXES		(26)		(17)		-		-		476		414
NET INCOME		10		(48)		-		-		120		1,232
Cash flows from (used in) operating activities		(5)		44		-		-		377		999
CAPEX (b)		15		20		-		-		819		1,398

(a) Included export sales to the United States of $1,362 million (2014 - $1,370 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment

(b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisition

Six Months to June 30	Upstream				Downstream				Chemical
millions of dollars	2015		2014		2015		2014		2015		2014
REVENUES AND OTHER INCOME
Operating revenues (a)		2,995		4,306		9,847		13,546		600		744
Intersegment sales		1,316		2,111		524		800		122		217
Investment and other income		18		656		43		20		-		-
		4,329		7,073		10,414		14,366		722		961
EXPENSES
Exploration		33		38		-		-		-		-
Purchases of crude oil and products		1,908		2,835		7,266		11,197		387		670
Production and manufacturing		1,903		2,016		748		736		103		114
Selling and general		(1)		3		464		424		42		36
Federal excise tax		-		-		764		753		-		-
Depreciation and depletion		532		438		108		110		5		6
Financing costs		3		4		-		-		-		-
TOTAL EXPENSES		4,378		5,334		9,350		13,220		537		826
INCOME BEFORE INCOME TAXES		(49)		1,739		1,064		1,146		185		135
INCOME TAXES		314		430		284		292		50		35
NET INCOME		(363)		1,309		780		854		135		100
Cash flows from (used in) operating activities		(515)		990		1,055		960		160		77
CAPEX (b)		1,594		2,400		221		183		16		8
Total assets as at June 30		36,612		32,940		5,839		6,121		381		377
Six Months to June 30	Corporate and Other				Eliminations				Consolidated
millions of dollars	2015		2014		2015		2014		2015		2014
REVENUES AND OTHER INCOME
Operating revenues (a)		-		-		-		-		13,442		18,596
Intersegment sales		-		-		(1,962)		(3,128)		-		-
Investment and other income		1		3		-		-		62		679
		1		3		(1,962)		(3,128)		13,504		19,275
EXPENSES
Exploration		-		-		-		-		33		38
Purchases of crude oil and products		-		-		(1,961)		(3,125)		7,600		11,577
Production and manufacturing		-		-		-		-		2,754		2,866
Selling and general		32		111		(1)		(3)		536		571
Federal excise tax		-		-		-		-		764		753
Depreciation and depletion		7		6		-		-		652		560
Financing costs		5		-		-		-		8		4
TOTAL EXPENSES		44		117		(1,962)		(3,128)		12,347		16,369
INCOME BEFORE INCOME TAXES		(43)		(114)		-		-		1,157		2,906
INCOME TAXES		(32)		(29)		-		-		616		728
NET INCOME		(11)		(85)		-		-		541		2,178
Cash flows from (used in) operating activities		(42)		57		-		-		658		2,084
CAPEX (b)		38		41		-		-		1,869		2,632
Total assets as at June 30		413		535		(411)		(575)		42,834		39,398

(a) Included export sales to the United States of $2,163 million (2014 - $2,796 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment

(b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisition