Business Segments

6 Months Ended

Jun. 30, 2012

Business Segments

Note Q – Business Segments

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 that follows. 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, U.S. downstream operations are 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. If the criteria for held for sale under U.S. generally accepted accounting principles is met in future periods, the results of these operations would be presented as discontinued operations.

			Three Mos. Ended June 30, 2012							Three Mos. Ended June 30, 2011
(Millions of dollars)	Total Assets at June 30, 2012		External Revenues		Inter- segment Revenues		Income (Loss)			External Revenues		Inter- segment Revenues		Income (Loss)
Exploration and production*
United States	$	2,312.0		201.7		0		(1.2	)		198.3		0		52.1
Canada		3,829.2		264.9		0		43.7			274.2		54.5		95.8
Malaysia		4,212.3		611.4		0		223.2			439.8		0		166.0
United Kingdom		198.5		32.7		0		4.1			33.5		0		9.3
Republic of the Congo		230.6		0.0		0		(5.3	)		33.1		0		(3.3	)
Other		77.2		0.1		0		(34.4	)		23.1		0		(76.6	)
Total		10,859.8		1,110.8		0		230.1			1,002.0		54.5		243.3
Refining and marketing
United States		1,778.7		4,512.1		0		73.3			4,763.8		0		75.9
United Kingdom		1,108.4		1,556.7		0		7.2			1,641.8		0		(15.8	)
Total		2,887.1		6,068.8		0		80.5			6,405.6		0		60.1
Total operating segments		13,746.9		7,179.6		0		310.6			7,407.6		54.5		303.4
Corporate		1,253.9		10.8		0		(15.2	)		8.3		0		(23.4	)
Assets/revenue/income from continuing operations		15,000.8		7,190.4		0		295.4			7,415.9		54.5		280.0
Discontinued operations, net of tax		0.0		0.0		0		0.0			0.0		0		31.6
Total	$	15,000.8		7,190.4		0		295.4			7,415.9		54.5		311.6

	Six Months Ended June 30, 2012							Six Months Ended June 30, 2011
(Millions of dollars)	External Revenues		Inter- segment Revenues		Income (Loss)			External Revenues		Inter- segment Revenues		Income (Loss)
Exploration and production*
United States	$	422.8		0		49.6			366.5		0		68.6
Canada		571.9		0		117.0			520.3		94.7		182.2
Malaysia		1,175.3		0		447.2			957.3		0		361.8
United Kingdom		70.3		0		12.8			63.7		0		18.3
Republic of the Congo		57.6		0		(3.7	)		67.7		0		.3
Other		0.1		0		(71.2	)		24.4		0		(127.5	)
Total		2,298.0		0		551.7			1,999.9		94.7		503.7
Refining and marketing
United States		8,776.3		0		66.1			8,726.9		0		84.9
United Kingdom		3,096.7		0		10.2			2,946.9		0		(24.5	)
Total		11,873.0		0		76.3			11,673.8		0		60.4
Total operating segments		14,171.0		0		628.0			13,673.7		94.7		564.1
Corporate		13.9		0		(42.5	)		13.9		0		(45.6	)
Revenue/income from continuing operations		14,184.9		0		585.5			13,687.6		94.7		518.5
Discontinued operations, net of tax		0.0		0		0.0			0.0		0		62.0
Total	$	14,184.9		0		585.5			13,687.6		94.7		580.5

*Additional details about results of oil and gas operations are presented in the tables on pages 23 and 24.