Business Segments

9 Months Ended

Sep. 30, 2011

Business Segments

Note Q – Business Segments

			Three Mos. Ended Sept. 30, 2011							Three Mos. Ended Sept. 30, 20101
(Millions of dollars)	Total Assets at Sept. 30, 2011		External Revenues		Inter-segment Revenues		Income (Loss)			External Revenues			Inter-segment Revenues		Income (Loss)
Exploration and production2
United States	$	1,752.7		173.2		0		38.2			155.2			0		14.6
Canada		3,467.6		307.4		42.7		102.3			170.5			33.5		39.1
Malaysia		3,487.0		484.8		0		197.7			453.4			0		167.6
United Kingdom		205.4		20.2		0		(11.5	)		28.0			0		4.9
Republic of the Congo		706.0		43.7		0		(.7	)		46.6			0		(20.2	)
Other		68.9		0		0		(64.1	)		.4			0		(19.3	)
Total		9,687.6		1,029.3		42.7		261.9			854.1			33.5		186.7
Refining and marketing
United States		2,241.8		4,629.2		0		88.0			3,424.6			0		59.0
United Kingdom		1,157.4		1,552.1		0		(19.1	)		930.5			0		(13.8	)
Total		3,399.2		6,181.3		0		68.9			4,355.1			0		45.2
Total operating segments		13,086.8		7,210.6		42.7		330.8			5,209.2			33.5		231.9
Corporate		1,859.3		29.8		0		4.9			(8.9	)		0		(34.5	)
Assets/revenue/income from continuing operations		14,946.1		7,240.4		42.7		335.7			5,200.3			33.5		197.4
Discontinued operations, net of tax		545.0		0		0		70.4			0			0		5.4
Total	$	15,491.1		7,240.4		42.7		406.1			5,200.3			33.5		202.8

	Nine Months Ended Sept. 30, 2011							Nine Months Ended Sept. 30, 20101
(Millions of dollars)	External Revenues		Inter-segment Revenues		Income (Loss)			External Revenues			Inter-segment Revenues		Income (Loss)
Exploration and production2
United States	$	539.7		0		106.8			497.8			0		47.8
Canada		827.7		137.4		284.5			593.9			73.9		150.6
Malaysia		1,442.1		0		559.5			1,386.7			0		499.3
United Kingdom		83.9		0		6.8			109.5			0		29.9
Republic of the Congo		111.4		0		(.4	)		100.3			0		(26.6	)
Other		24.4		0		(191.6	)		3.0			0		(48.2	)
Total		3,029.2		137.4		765.6			2,691.2			73.9		652.8
Refining and marketing
United States		13,356.1		0		172.9			10,083.5			0		135.2
United Kingdom		4,499.0		0		(43.6	)		1,889.5			0		(24.4	)
Total		17,855.1		0		129.3			11,973.0			0		110.8
Total operating segments		20,884.3		137.4		894.9			14,664.2			73.9		763.6
Corporate		43.7		0		(40.7	)		(58.6	)		0		(133.5	)
Revenue/income from continuing operations		20,928.0		137.4		854.2			14,605.6			73.9		630.1
Discontinued operations, net of tax		0		0		132.4			0			0		(6.1	)
Total	$	20,928.0		137.4		986.6			14,605.6			73.9		624.0

¹  Reclassified to conform to current presentation.

²  Additional details about results of oil and gas operations are presented in the tables on pages 26 and 27.

In 2010, the Company announced its intention to sell its two U.S. refineries and its U.K. downstream operations during 2011. On September 30, 2011, the Company completed the sale of the Superior, Wisconsin refinery and associated marketing assets. On October 1, 2011, the Company completed the sale of the Meraux, Louisiana refinery and associated marketing assets. Beginning in the third quarter 2011, results of operations for the Superior and Meraux refineries and associated marketing assets have been reported as discontinued operations net of taxes for all periods presented in the Consolidated Statement of Income and in the following segment table. Due to the sale of the two U.S. refineries, Company management has reevaluated the reportable segments for the downstream business. Based on this reevaluation, the U.S. downstream is now being presented as one reportable segment while the two refineries that formerly comprised the majority of the former U.S. manufacturing segment are presented in the segment table as discontinued operations. The Company continues to actively market for sale the U.K. downstream assets and expects that the results of these operations to be sold will be presented as discontinued operations in future periods when the criteria for held for sale under U.S. generally accepted accounting principles have been met.