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Consolidated Income Statement CONSOLIDATED INCOME STATEMENT Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Revenues and Other Income Sales and other operating revenues* 56,530 65,627 62,784 59,872 244,813 56,132 56,132 Equity in earnings of affiliates 1,017 1,160 1,298 602 4,077 1,220 1,220 Gain on dispositions 616 78 (480) 1,793 2,007 942 942 Other income 84 96 27 122 329 60 60 Total Revenues and Other Income 58,247 66,961 63,629 62,389 251,226 58,354 58,354 Costs and Expenses Purchased crude oil, natural gas and products 42,376 50,133 47,597 45,761 185,867 41,889 41,889 Production and operating expenses 2,628 2,606 2,768 2,768 10,770 2,696 2,696 Selling, general and administrative expenses 499 514 466 599 2,078 685 685 Exploration expenses 176 264 266 360 1,066 679 679 Depreciation, depletion and amortization 2,070 2,075 1,870 1,919 7,934 1,838 1,838 Impairments - 2 486 304 792 259 259 Taxes other than income taxes* 4,364 4,830 4,579 4,534 18,307 4,521 4,521 Accretion on discounted liabilities 112 115 114 114 455 114 114 Interest and debt expense 262 247 235 228 972 209 209 Foreign currency transaction (gains) losses (36) (17) 68 (31) (16) (11) (11) Total Costs and Expenses 52,451 60,769 58,449 56,556 228,225 52,879 52,879 Income before income taxes 5,796 6,192 5,180 5,833 23,001 5,475 5,475 Provision for income taxes 2,754 2,773 2,549 2,423 10,499 2,520 2,520 Net Income 3,042 3,419 2,631 3,410 12,502 2,955 2,955 Less: net income attributable to noncontrolling interests (14) (17) (15) (20) (66) (18) (18) Net Income Attributable to ConocoPhillips 3,028 3,402 2,616 3,390 12,436 2,937 2,937 *Includes excise taxes on petroleum products sales: 3,382 3,554 3,596 3,422 13,954 3,321 3,321 Net Income Attributable to ConocoPhillips Per Share of Common Stock (dollars) Basic 2.11 2.43 1.93 2.58 9.04 2.29 2.29 Diluted 2.09 2.41 1.91 2.56 8.97 2.27 2.27 Average Common Shares Outstanding (in thousands) Basic 1,432,285 1,399,473 1,357,710 1,312,184 1,375,035 1,283,493 1,283,493 Diluted 1,445,477 1,412,147 1,369,562 1,322,773 1,387,100 1,293,104 1,293,104 SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO CONOCOPHILLIPS BY SEGMENT Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD U.S. E&P 863 817 816 758 3,254 870 870 International E&P 1,489 1,707 946 846 4,988 1,678 1,678 Total E&P 2,352 2,524 1,762 1,604 8,242 2,548 2,548 Midstream 73 130 137 118 458 93 93 U.S. R&M 402 692 789 1,712 3,595 415 415 International R&M 80 74 - 2 156 37 37 Total R&M 482 766 789 1,714 3,751 452 452 LUKOIL Investment 239 - - - 239 - - Chemicals 193 199 197 156 745 218 218 Emerging Businesses (7) (14) (2) (3) (26) (14) (14) Corporate and Other (304) (203) (267) (199) (973) (360) (360) Consolidated 3,028 3,402 2,616 3,390 12,436 2,937 2,937 Page 1 of 12 SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD U.S. E&P 1,362 1,291 1,276 1,226 5,155 1,394 1,394 International E&P 3,248 3,535 2,644 2,551 11,978 3,425 3,425 Total E&P 4,610 4,826 3,920 3,777 17,133 4,819 4,819 Midstream 111 192 208 183 694 140 140 U.S. R&M 685 1,129 1,218 2,046 5,078 596 596 International R&M 114 93 (94) 1 114 80 80 Total R&M 799 1,222 1,124 2,047 5,192 676 676 LUKOIL Investment 362 - - - 362 - - Chemicals 260 265 263 182 970 300 300 Emerging Businesses (15) (25) (27) (9) (76) (24) (24) Corporate and Other (331) (288) (308) (347) (1,274) (436) (436) Consolidated 5,796 6,192 5,180 5,833 23,001 5,475 5,475 EFFECTIVE TAX RATES 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD U.S. E&P 36.6% 36.7% 36.0% 38.3% 36.9% 37.6% 37.6% International E&P 53.8% 51.3% 63.7% 66.1% 57.8% 50.6% 50.6% Total E&P 48.7% 47.4% 54.7% 57.1% 51.5% 46.8% 46.8% Midstream 34.2% 32.3% 33.7% 36.1% 34.0% 33.6% 33.6% U.S. R&M 41.0% 38.6% 35.1% 16.2% 29.1% 30.1% 30.1% International R&M 30.7% 19.4% 100.0% -100.0% -36.8% 53.8% 53.8% Total R&M 39.5% 37.2% 29.7% 16.2% 27.6% 32.8% 32.8% LUKOIL Investment 34.0% - - - 34.0% - - Chemicals 25.8% 24.9% 25.1% 14.3% 23.2% 27.3% 27.3% Emerging Businesses 53.3% 44.0% 88.9% 66.7% 64.5% 41.7% 41.7% Corporate and Other 8.2% 29.5% 13.3% 42.7% 23.6% 17.4% 17.4% Consolidated 47.5% 44.8% 49.2% 41.6% 45.6% 46.0% 46.0% ESTIMATED TAXES PAID Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Cash income taxes paid 2,722 2,730 2,251 2,858 10,561 1,462 1,462 Taxes other than income taxes 4,364 4,830 4,579 4,534 18,307 4,521 4,521 Less: Excise taxes* (3,382) (3,554) (3,596) (3,422) (13,954) (3,321) (3,321) Estimated Taxes Paid 3,704 4,006 3,234 3,970 14,914 2,662 2,662 *Represents taxes collected by ConocoPhillips and reimbursed to taxing authorities. Page 2 of 12 SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO CONOCOPHILLIPS (AFTER-TAX) Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD U.S. E&P Gain (loss) on asset sales 151 (1) (1) (3) 146 - - Impairments - - - (44) (44) - - Cancelled projects - (54) - - (54) - - Total 151 (55) (1) (47) 48 - - International E&P Gain (loss) on asset sales 4 28 (279) (12) (259) 937 937 Impairments - - - (585) (585) (520) (520) Bohai Bay incident - - (41) (101) (142) - - International tax law changes - - (109) - (109) - - Total 4 28 (429) (698) (1,095) 417 417 Total E&P 155 (27) (430) (745) (1,047) 417 417 Midstream Total - - - - - - - U.S. R&M Gain (loss) on asset sales 2 26 6 1,545 1,579 50 50 Impairments - - (314) - (314) - - Cancelled projects - - - (28) (28) - - Severance accrual - - (15) - (15) - - Total 2 26 (323) 1,517 1,222 50 50 International R&M Gain (loss) on asset sales - - (80) (4) (84) - - Impairments - - (4) - (4) (42) (42) Total - - (84) (4) (88) (42) (42) Total R&M 2 26 (407) 1,513 1,134 8 8 LUKOIL Investment Gain (loss) on asset sales 237 - - - 237 - - Total 237 - - - 237 - - Chemicals Total - - - - - - - Emerging Businesses Total - - - - - - - Corporate and Other Impairments - - - (20) (20) - - Repositioning costs - - - (25) (25) (95) (95) Total - - - (45) (45) (95) (95) Total Company 394 (1) (837) 723 279 330 330 Page 3 of 12 CASH FLOW INFORMATION Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Cash Flows from Operating Activities Net income 3,042 3,419 2,631 3,410 12,502 2,955 2,955 Depreciation, depletion and amortization 2,070 2,075 1,870 1,919 7,934 1,838 1,838 Impairments - 2 486 304 792 259 259 Dry hole costs and leasehold impairments 50 89 151 180 470 518 518 Accretion on discounted liabilities 112 115 114 114 455 114 114 Deferred taxes 87 429 293 478 1,287 258 258 Undistributed equity earnings (523) (570) (299) 315 (1,077) (423) (423) Loss (gain) on dispositions (616) (78) 480 (1,793) (2,007) (942) (942) Other (185) (67) 36 (143) (359) (404) (404) Net working capital changes (2,090) 860 (149) 1,028 (351) 9 9 Net Cash Provided by Operating Activities 1,947 6,274 5,613 5,812 19,646 4,182 4,182 Cash Flows from Investing Activities Capital expenditures and investments (2,884) (2,893) (3,617) (3,872) (13,266) (4,260) (4,260) Proceeds from asset dispositions 1,787 162 209 2,662 4,820 1,109 1,109 Net sales (purchases) of short-term investments (1,170) (424) (29) 2,023 400 92 92 Long-term advances to/collections from related parties and other investments 56 472 192 311 1,031 49 49 Net Cash Provided by (Used in) Investing Activities (2,211) (2,683) (3,245) 1,124 (7,015) (3,010) (3,010) Cash Flows from Financing Activities Net issuance (repayment) of debt (373) (19) (48) (521) (961) 5,740 5,740 Change in restricted cash - - - - - (6,050) (6,050) Issuance of company common stock 75 24 10 (13) 96 36 36 Repurchase of company common stock (1,636) (3,149) (3,199) (3,139) (11,123) (1,899) (1,899) Dividends paid on company common stock (944) (917) (900) (871) (3,632) (843) (843) Other (183) (174) (185) (143) (685) (254) (254) Net Cash Used in Financing Activities (3,061) (4,235) (4,322) (4,687) (16,305) (3,270) (3,270) Effect of Exchange Rate Changes 43 (23) (114) 94 - 25 25 Net Change in Cash and Cash Equivalents (3,282) (667) (2,068) 2,343 (3,674) (2,073) (2,073) Cash and cash equivalents at beginning of period 9,454 6,172 5,505 3,437 9,454 5,780 5,780 Cash and Cash Equivalents at End of Period 6,172 5,505 3,437 5,780 5,780 3,707 3,707 CAPITAL PROGRAM Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD E&P Capital expenditures and investments 2,692 2,627 3,313 3,373 12,005 3,981 3,981 Loans and advances (4) 7 11 (5) 9 (4) (4) Joint venture acquisition obligation--principal 170 173 175 177 695 180 180 E&P total 2,858 2,807 3,499 3,545 12,709 4,157 4,157 Midstream* 3 1 5 8 17 4 4 R&M Capital expenditures and investments 156 222 250 366 994 214 214 Loans and advances - - - - - - - R&M total 156 222 250 366 994 214 214 LUKOIL Investment* - - - - - - - Chemicals* - - - - - - - Emerging Businesses* 6 8 7 9 30 15 15 Corporate and Other* 27 35 42 116 220 46 46 Total Capital Program 3,050 3,073 3,803 4,044 13,970 4,436 4,436 *Capital expenditures and investments only.
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