Business Segments

3 Months Ended

Mar. 31, 2012

Business Segments

Note Q – Business Segments

(Millions of dollars)	Total Assets		Three Mos. Ended March 31, 2012							Three Mos. Ended March 31, 2011
	at March 31, 2012		External Revenues		Interseg. Revenues		Income (Loss)			External Revenues		Interseg. Revenues		Income (Loss)
Exploration and production*
United States	$	2,090.0		221.1		0		50.8			168.2		0		16.5
Canada		3,865.3		307.0		0		73.3			246.1		40.2		86.4
Malaysia		3,935.2		563.9		0		224.0			517.5		0		195.8
United Kingdom		199.2		37.6		0		8.7			30.2		0		9.0
Republic of the Congo		233.8		57.6		0		1.6			34.6		0		3.6
Other		74.8		0		0		(36.8	)		1.3		0		(50.9	)
Total		10,398.3		1,187.2		0		321.6			997.9		40.2		260.4
Refining and marketing
United States		1,841.0		4,264.2		0		(7.2	)		3,963.1		0		9.0
United Kingdom		1,163.5		1,540.0		0		3.0			1,305.1		0		(8.7	)
Total		3,004.5		5,804.2		0		(4.2	)		5,268.2		0		0.3
Total operating segments		13,402.8		6,991.4		0		317.4			6,266.1		40.2		260.7
Corporate		1,534.1		3.1		0		(27.3	)		5.6		0		(22.3	)
Assets/revenue/income from continuing operations		14,936.9		6,994.5		0		290.1			6,271.7		40.2		238.4
Discontinued operations, net of tax		0		0		0		0			0		0		30.5
Total	$	14,936.9		6,994.5		0		290.1			6,271.7		40.2		268.9

*Additional details about results of oil and gas operations are presented in the tables on page 21.

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. The results of operations for the Superior and Meraux refineries and associated marketing assets have been reported as discontinued operations, net of income taxes, for all periods presented in the Consolidated Statement of Income and in the segment table above. 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.