Current Report Filing (8-k)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 29, 2015

ConocoPhillips
(Exact name of registrant as specified in its charter)

Delaware	001-32395	01-0562944
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

600 North Dairy Ashford Houston, Texas 77079

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: [phone]

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02 Results of Operations and Financial Condition.

On October 29, 2015, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2015.  A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.  Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.  

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1  —  Press release issued by ConocoPhillips on October 29, 2015.

99.2  —  Supplemental financial information.

2

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CONOCOPHILLIPS
	/s/ Glenda M. Schwarz
	Glenda M. Schwarz
	Vice President and Controller
October 29, 2015

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by ConocoPhillips on October 29, 2015.
99.2	Supplemental financial information.

4

Exhibit 99.1

ConocoPhillips Reports Third-Quarter 2015 Results; Accelerating Capital and Operating Cost Reductions

HOUSTON--(BUSINESS WIRE)--October 29, 2015--ConocoPhillips (NYSE:COP) today reported a third-quarter 2015 net loss of $1.1 billion, or ($0.87) per share, compared with third-quarter 2014 earnings of $2.7 billion, or $2.17 per share. Excluding special items, third-quarter 2015 adjusted earnings were a net loss of $466 million, or ($0.38) per share, compared with third-quarter 2014 adjusted earnings of $1.6 billion, or $1.29 per share. Special items for the current quarter related primarily to the termination of a rig contract for a Gulf of Mexico deepwater drillship, non-cash impairments, restructuring costs and pension settlement expense.

Highlights

• Increased quarterly dividend to $0.74 per share in July.
• Accelerating capital and operating cost reductions; further reduced 2015 capital expenditures guidance from $11.0 billion to $10.2 billion and operating cost guidance from $8.9 billion to $8.2 billion.

• Achieved third-quarter production of 1,554 MBOED; on track to exceed full-year 2015 production guidance.
• Four percent year-over-year production growth from continuing operations, adjusted for Libya, downtime and dispositions.
• Special items of $654 million pre-tax drove a 9 percent year-over-year increase in operating costs; however, adjusted for special items, underlying operating costs improved 18 percent.
• Achieved first oil at Surmont 2 in Canada during the quarter, as well as CD5 and Drill Site 2S in Alaska in October; on track for first cargo at APLNG by year end.
• Successfully completed major turnarounds in the Alaska, Europe, and Asia Pacific and Middle East segments.

“We are accelerating actions to position our company for low and volatile prices, while improving the underlying performance of the business,” said Ryan Lance, chairman and chief executive officer. “We are on track to deliver seven major project startups and exceed our volume targets for the year. We are exercising flexibility in our capital program, dramatically lowering our cost structure and divesting assets that do not compete for funding in our portfolio. These steps will make us more flexible and resilient for the future. We remain committed to a compelling dividend, affordable growth and strong financial performance.”

Operations Update

Lower 48 – Quarterly production was 551 thousand barrels of oil equivalent per day (MBOED), an increase of 8 MBOED compared with the same period in 2014. The increase was primarily from growth in liquids-rich unconventional plays as well as improved drilling performance, partially offset by normal field decline. The Eagle Ford and Bakken collectively delivered 234 MBOED for the quarter, a 10 percent increase compared with the third quarter of 2014. Lower 48 crude production grew 12 percent year over year. In the Gulf of Mexico, results from the Shenandoah appraisal well are encouraging. The Vernaccia and Gibson exploration wells are currently drilling and the Melmar exploration well is expected to spud in the fourth quarter.

Canada – Third-quarter production was 315 MBOED, an increase of 39 MBOED compared with the third quarter of 2014. The increase was primarily driven by strong well performance in western Canada and the oil sands, ramp up at Foster Creek Phase F, and lower downtime. First production was achieved at Surmont 2 and production is expected to ramp up through 2017. In October, the Cheshire exploration well spud offshore Nova Scotia.

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Alaska – Production for the quarter was 160 MBOED, an increase of 5 MBOED compared with the same period in 2014. This increase was due to lower planned downtime, partially offset by normal field decline. Turnaround activities were successfully completed at Kuparuk and Prudhoe. In October, first oil was achieved at CD5 and Drill Site 2S.

Europe – Quarterly production was 192 MBOED, a decrease of 2 MBOED compared with the same period in 2014. The decrease was primarily the result of normal field decline and downtime, partially offset by new production from major projects and well performance. Turnaround activity was successfully completed across the U.K.

Asia Pacific and Middle East – Third-quarter production was 332 MBOED, an increase of 31 MBOED compared with the third quarter of 2014. The increase was primarily the result of growth from major projects, partially offset by normal field decline. In Malaysia, the major turnaround activity at Gumusut was completed ahead of schedule. In Australia, APLNG is progressing toward first cargo, which is expected by year end.

Other International – Production was 4 MBOED in the third quarter, flat compared with the same period in 2014 when excluding Libya. The Es Sider Terminal in Libya remains shut-in as a result of ongoing unrest.

Third-Quarter Review

Production from continuing operations, excluding Libya, for the third quarter of 2015 was 1,554 MBOED, an increase of 81 MBOED compared with the same period a year ago. Growth was primarily due to new production from major projects and development programs, partially offset by normal field decline. The net increase in production reflects 56 MBOED, or 4 percent growth, after adjusting for 25 MBOED from dispositions and downtime.

Adjusted earnings were lower compared with third-quarter 2014 primarily due to lower realized prices. The company’s total realized price was $32.91 per barrel of oil equivalent (BOE), compared with $64.78 per BOE in the third quarter of 2014, reflecting lower average realized prices across all commodities.

Special items for the quarter resulted in after-tax impacts of $246 million from the termination of a rig contract for a Gulf of Mexico deepwater drillship, $195 million from non-cash impairments in the Lower 48 and Asia Pacific and Middle East segments, $156 million from restructuring costs, $56 million of pension settlement expenses and a $48 million decrease in depreciation from a third-quarter revision in the Lower 48.

Operating costs for the quarter were $2.66 billion compared with $2.44 billion in the third quarter of 2014. Adjusted for rig termination, restructuring charges and pension settlement expense, totaling $0.65 billion pre-tax, operating costs were improved 18 percent year over year or $0.43 billion.

For the quarter, cash provided by continuing operating activities was $1.9 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated $1.3 billion in cash from operations. Adjusted for the $0.3 billion working capital impact from special items, cash from operations excluding working capital would have been $1.6 billion during the quarter. In addition, the company funded $2.2 billion in capital expenditures and investments and paid dividends of $0.9 billion.

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Nine-Month Review

ConocoPhillips’ nine-month 2015 earnings were a net loss of $978 million, or ($0.80) per share, compared with nine-month 2014 earnings of $6.9 billion, or $5.54 per share. Nine-month 2015 adjusted earnings were a net loss of $607 million, or ($0.50) per share, compared with nine-month 2014 adjusted earnings of $5.9 billion, or $4.71 per share.

Production from continuing operations, excluding Libya, for the first nine months of 2015 was 1,586 MBOED, compared with 1,520 MBOED for the same period in 2014. Production increased due to new production from major projects and development programs as well as improved well performance, partially offset by normal field decline.

The company’s total realized price during this period was $36.31 per BOE, compared with $68.71 per BOE in the first nine months of 2014. This reflected lower average realized prices across all commodities.

Operating costs for the first nine months of 2015 were $6.96 billion compared with $7.17 billion in 2014. Adjusted for rig termination, restructuring charges and pension settlement expense, totaling $0.83 billion pre-tax, operating costs were improved 15 percent year over year or $1.04 billion.

For the nine months ended Sept. 30, 2015, cash provided by continuing operating activities was $6.0 billion. Excluding a $0.2 billion change in operating working capital, ConocoPhillips generated $5.8 billion in cash from operations. Additionally, the company funded $7.9 billion in capital expenditures and investments, paid dividends of $2.7 billion and increased debt by $2.4 billion.

As of Sept. 30, 2015, ConocoPhillips had $2.4 billion of cash and cash equivalents. The company ended the third quarter with debt of $24.9 billion and a debt-to-capital ratio of 36 percent.

Outlook

Fourth-quarter production guidance is 1,585 to 1,625 MBOED. Full-year 2015 production guidance is 1,585 to 1,595 MBOED, resulting in expected year-over-year growth of 3 to 4 percent from continuing operations, excluding Libya.

The company has further reduced its 2015 capital expenditures guidance to $10.2 billion compared with initial 2015 guidance of $11.5 billion. The company has also reduced 2015 operating cost guidance to $8.2 billion compared with initial guidance of $9.2 billion. For both capital and operating costs, approximately half of these reductions are due to market factors, while the remainder are the result of discretionary actions to lower costs.

Corporate segment net expense has been reduced to $0.8 billion. Guidance for depreciation, depletion and amortization of $9.0 billion, and exploration dry hole and leasehold impairment expense of $0.8 billion are unchanged. Guidance excludes any special items.

ConocoPhillips expects to release its 2016 capital and operating plan on Dec. 10, 2015. Management also plans to host a call in conjunction with the release. Additional details will be provided at a later date.

ConocoPhillips will host a conference call today at 12:00 p.m. EDT to discuss its third-quarter results and provide an operational update. To listen to the call, and view related presentation materials and supplemental information, go to www.conocophillips.com/investor.

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About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 25 countries, $31 billion in annualized revenue, $106 billion of total assets, and approximately 17,800 employees as of Sept. 30, 2015. Production, excluding Libya, averaged 1,586 MBOED for the nine months ended Sept. 30, 2015, and proved reserves were 8.9 billion BOE as of Dec. 31, 2014. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Information – This news release includes the terms adjusted earnings, adjusted earnings per share and operating costs. These are non-GAAP financial measures. These terms are included to help facilitate comparisons of company operating performance across periods and with peer companies. Operating costs represent controllable costs and include production and operating expenses, selling, general and administrative expenses and exploration expenses excluding dry holes and leasehold impairments.

References in the release to earnings refer to net income/(loss) attributable to ConocoPhillips.

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ConocoPhillips
Reconciliation of Earnings to Adjusted Earnings
$ Millions, Except as Indicated
			3Q									YTD
			2015					2014				2015				2014
Earnings			$	(1,071	)			2,704				(978	)			6,908
Adjustments:
Net gain on asset sales				-				-				(29	)			-
Impairments				195				151				335				260
Loss on capacity agreements				-				-				-				83
Qatar depreciation adjustment				-				-				-				28
International tax law changes				-				-				(426	)			-
Restructuring				156				-				227				-
Pending claims and settlements				-				(105	)			-				(220	)
Tax impact from country exit				-				-				(28	)			-
Pension settlement expense				56				-				94				-
Rig termination				246				-				246				-
Depreciation volume adjustment				(48	)			-				(48	)			-
Tax benefit on interest expense				-				(61	)			-				(61	)
Discontinued operations - other ¹				-				(1,078	)			-				(1,131	)
Adjusted earnings			$	(466	)			1,611				(607	)			5,867
(1) Includes Kashagan, Algeria and Nigeria
Earnings per share of common stock (dollars)			$	(0.87	)			2.17				(0.80	)			5.54
Adjusted earnings per share of common stock (dollars)			$	(0.38	)			1.29				(0.50	)			4.71

CONTACT:
ConocoPhillips
Daren Beaudo, 281-293-2073 (media)
[e-mail]
Sidney J. Bassett, 281-293-5000 (investors)
[e-mail]
Vladimir R. dela Cruz, 281-293-5000 (investors)
[e-mail]

Exhibit 99.2

	Third-Quarter 2015 Detailed Supplemental Information
	2014											2015
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and Other Income
Sales and other operating revenues	15,415		13,821		12,080		11,208		52,524			7,716		8,293		7,262				23,271
Equity in earnings of affiliates	572		672		764		521		2,529			205		258		223				686
Gain on dispositions	9		7		4		78		98			52		52		18				122
Other income	52		201		69		44		366			29		57		4				90
Total Revenues and Other Income	16,048		14,701		12,917		11,851		55,517			8,002		8,660		7,507				24,169
Costs and Expenses
Purchased commodities	7,127		5,495		4,703		4,774		22,099			3,237		3,230		3,269				9,736
Production and operating expenses	1,895		2,030		2,041		2,943		8,909			1,802		1,798		1,834				5,434
Selling, general and administrative expenses	182		218		203		132		735			159		218		293				670
Exploration expenses	296		517		459		773		2,045			482		549		1,061				2,092
Depreciation, depletion and amortization	1,892		2,070		2,096		2,271		8,329			2,131		2,329		2,271				6,731
Impairments	1		17		108		730		856			16		78		24				118
Taxes other than income taxes	651		612		493		332		2,088			224		225		206				655
Accretion on discounted liabilities	117		120		120		127		484			121		122		122				365
Interest and debt expense	171		155		149		173		648			202		210		240				652
Foreign currency transaction (gains) losses	18		7		(8	)	(83	)	(66	)		(16	)	(8	)	(72	)			(96	)
Total Costs and Expenses	12,350		11,241		10,364		12,172		46,127			8,358		8,751		9,248				26,357
Income (loss) from continuing operations before income taxes	3,698		3,460		2,553		(321	)	9,390			(356	)	(91	)	(1,741	)			(2,188	)
Provision (benefit) for income taxes	1,581		1,395		904		(297	)	3,583			(642	)	73		(685	)			(1,254	)
Income (loss) from continuing operations	2,117		2,065		1,649		(24	)	5,807			286		(164	)	(1,056	)			(934	)
Income from discontinued operations	20		33		1,078		-		1,131			-		-		-				-
Net Income (Loss)	2,137		2,098		2,727		(24	)	6,938			286		(164	)	(1,056	)			(934	)
Less: net income attributable to noncontrolling interests	(14	)	(17	)	(23	)	(15	)	(69	)		(14	)	(15	)	(15	)			(44	)
Net Income (Loss) Attributable to ConocoPhillips	2,123		2,081		2,704		(39	)	6,869			272		(179	)	(1,071	)			(978	)
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock (dollars)
Basic
Continuing operations	1.70		1.65		1.31		(0.03	)	4.63			0.22		(0.15	)	(0.87	)			(0.80	)
Discontinued operations	0.02		0.03		0.87		-		0.91			-		-		-				-
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock	1.72		1.68		2.18		(0.03	)	5.54			0.22		(0.15	)	(0.87	)			(0.80	)
Diluted
Continuing operations	1.69		1.64		1.31		(0.03	)	4.60			0.22		(0.15	)	(0.87	)			(0.80	)
Discontinued operations	0.02		0.03		0.86		-		0.91			-		-		-				-
Net Income (Loss) Attributable to ConocoPhillips
Per Share of Common Stock	1.71		1.67		2.17		(0.03	)	5.51			0.22		(0.15	)	(0.87	)			(0.80	)
Average Common Shares Outstanding (in thousands)
Basic	1,234,968		1,236,057		1,238,234		1,239,975		1,237,325			1,240,791		1,241,026		1,242,125				1,241,319
Diluted	1,242,667		1,245,155		1,247,436		1,239,975		1,245,863			1,245,531		1,241,026		1,242,125				1,241,319
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
Alaska	930		973		722		497		3,122			225		305		53				583
Lower 48	516		434		78		(1,142	)	(114	)		(637	)	(460	)	(1,320	)			(2,417	)
Canada	466		241		340		129		1,176			(218	)	(38	)	(211	)			(467	)
Europe	1,041		781		633		(163	)	2,292			187		116		(20	)			283
Asia Pacific and Middle East	1,093		1,233		1,058		818		4,202			572		521		310				1,403
Other International	(67	)	99		10		(131	)	(89	)		(160	)	(329	)	(77	)			(566	)
Corporate and Other	(281	)	(301	)	(288	)	(329	)	(1,199	)		(325	)	(206	)	(476	)			(1,007	)
Consolidated	3,698		3,460		2,553		(321	)	9,390			(356	)	(91	)	(1,741	)			(2,188	)
EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
Alaska*	35.6	%	35.6	%	34.4	%	31.1	%	34.6	%		35.2	%	36.3	%	1.3	%			32.7	%
Lower 48	37.3	%	38.7	%	60.0	%	43.8	%	80.9	%		36.5	%	36.3	%	35.4	%			35.9	%
Canada	23.7	%	24.0	%	9.7	%	27.0	%	20.1	%		27.6	%	-343.5	%	31.4	%			-0.3	%
Europe	66.7	%	66.8	%	66.4	%	90.8	%	64.9	%		-240.1	%	67.9	%	79.1	%			-136.4	%
Asia Pacific and Middle East	30.9	%	30.1	%	27.0	%	24.4	%	28.4	%		28.6	%	34.0	%	11.8	%			26.9	%
Other International	57.2	%	-21.7	%	296.5	%	-24.6	%	-0.2	%		41.9	%	54.8	%	44.8	%			49.8	%
Corporate and Other	16.4	%	16.3	%	55.0	%	21.5	%	27.1	%		23.3	%	36.1	%	28.9	%			28.6	%
Consolidated	42.8	%	40.3	%	35.4	%	92.7	%	38.2	%		179.8	%	-81.7	%	39.3	%			57.3	%
*Alaska including taxes other than income taxes.	51.6	%	50.3	%	48.6	%	44.2	%	49.4	%		47.0	%	49.9	%	56.4	%			49.9	%

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	2014											2015
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
$ Millions
EARNINGS BY SEGMENT
Alaska	598		627		473		343		2,041			145		195		53			393
Lower 48	324		265		32		(643	)	(22	)		(405	)	(293	)	(852	)		(1,550	)
Canada	356		182		307		95		940			(158	)	(166	)	(145	)		(469	)
Europe	347		259		213		(15	)	804			637		37		(4	)		670
Asia Pacific and Middle East	742		845		749		603		2,939			395		328		258			981
Other International	(29	)	121		(18	)	(164	)	(90	)		(93	)	(148	)	(43	)		(284	)
Corporate and Other	(235	)	(251	)	(130	)	(258	)	(874	)		(249	)	(132	)	(338	)		(719	)
Discontinued Operations	20		33		1,078		-		1,131			-		-		-			-
Consolidated	2,123		2,081		2,704		(39	)	6,869			272		(179	)	(1,071	)		(978	)
SPECIAL ITEMS (AFTER-TAX)
Alaska	-		-		-		(36	)	(36	)		(1	)	-		(10	)		(11	)
Lower 48	(122	)	-		(151	)	(610	)	(883	)		(16	)	-		(389	)		(405	)
Canada	-		(109	)	47		9		(53	)		(18	)	(106	)	(27	)		(151	)
Europe	-		-		-		(144	)	(144	)		551		(34	)	(7	)		510
Asia Pacific and Middle East	(28	)	-		30		-		2			(1	)	-		(44	)		(45	)
Other International	-		154		-		-		154			-		(79	)	(1	)		(80	)
Corporate and Other	-		-		89		-		89			(21	)	(41	)	(127	)		(189	)
Discontinued Operations	20		33		1,078		-		1,131			-		-		-			-
Consolidated	(130	)	78		1,093		(781	)	260			494		(260	)	(605	)		(371	)
ADJUSTED EARNINGS
Alaska	598		627		473		379		2,077			146		195		63			404
Lower 48	446		265		183		(33	)	861			(389	)	(293	)	(463	)		(1,145	)
Canada	356		291		260		86		993			(140	)	(60	)	(118	)		(318	)
Europe	347		259		213		129		948			86		71		3			160
Asia Pacific and Middle East	770		845		719		603		2,937			396		328		302			1,026
Other International	(29	)	(33	)	(18	)	(164	)	(244	)		(93	)	(69	)	(42	)		(204	)
Corporate and Other	(235	)	(251	)	(219	)	(258	)	(963	)		(228	)	(91	)	(211	)		(530	)
Consolidated	2,253		2,003		1,611		742		6,609			(222	)	81		(466	)		(607	)
ADJUSTED EFFECTIVE INCOME TAX RATES FOR
CONTINUING OPERATIONS
Alaska	35.6	%	35.6	%	34.4	%	31.5	%	34.6	%		35.2	%	36.3	%	8.4	%		32.7	%
Lower 48	37.0	%	38.7	%	42.7	%	68.1	%	36.5	%		36.5	%	36.4	%	35.2	%		36.0	%
Canada	23.7	%	24.3	%	23.5	%	26.5	%	24.1	%		28.0	%	22.9	%	32.3	%		28.8	%
Europe	66.7	%	66.8	%	66.4	%	61.1	%	66.0	%		58.3	%	61.7	%	-175.3	%		59.3	%
Asia Pacific and Middle East	30.1	%	30.1	%	27.1	%	24.4	%	28.3	%		28.6	%	34.0	%	24.3	%		29.3	%
Other International	57.2	%	39.3	%	296.5	%	-24.6	%	-0.1	%		41.8	%	42.0	%	44.7	%		42.5	%
Corporate and Other	16.4	%	16.3	%	30.8	%	21.5	%	21.5	%		21.9	%	34.9	%	27.9	%		26.8	%
Consolidated	42.1	%	41.5	%	40.0	%	39.7	%	41.2	%		17.8	%	54.9	%	41.3	%		30.3	%
The income tax effects of the special items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

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	2014											2015
$ Millions	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
DETAILED SPECIAL ITEMS (AFTER-TAX)
Alaska
Impairments	-		-		-		(36	)	(36	)		-		-		-			-
Restructuring	-		-		-		-		-			(1	)	-		(10	)		(11	)
Total	-		-		-		(36	)	(36	)		(1	)	-		(10	)		(11	)
Lower 48
Restructuring	-		-		-		-		-			(16	)	-		(37	)		(53	)
Loss on capacity agreements	(83	)	-		-		-		(83	)		-		-		-			-
Impairments	-		-		(151	)	(124	)	(275	)		-		-		(154	)		(154	)
Rig termination	-		-		-		-		-			-		-		(246	)		(246	)
Pending claims and settlements	(39	)	-		-		-		(39	)		-		-		-			-
Freeport LNG termination agreement	-		-		-		(545	)	(545	)		-		-		-			-
Deferred tax adjustment	-		-		-		59		59			-		-		-			-
Depreciation volume adjustment	-		-		-		-		-			-		-		48			48
Total	(122	)	-		(151	)	(610	)	(883	)		(16	)	-		(389	)		(405	)
Canada
Gain (loss) on asset sales	-		-		-		38		38			-		29		-			29
Pending claims and settlements	-		-		47		-		47			-		-		-			-
Impairments	-		(109	)	-		(29	)	(138	)		-		-		-			-
Restructuring	-		-		-		-		-			(18	)	1		(27	)		(44	)
International tax law changes	-		-		-		-		-			-		(136	)	-			(136	)
Total	-		(109	)	47		9		(53	)		(18	)	(106	)	(27	)		(151	)
Europe
Restructuring	-		-		-		-		-			(4	)	(1	)	(7	)		(12	)
Impairments	-		-		-		(192	)	(192	)		-		(33	)	-			(33	)
International tax law changes	-		-		-		-		-			555		-		-			555
Pending claims and settlements	-		-		-		48		48			-		-		-			-
Total	-		-		-		(144	)	(144	)		551		(34	)	(7	)		510
Asia Pacific and Middle East
Restructuring	-		-		-		-		-			(1	)	-		(3	)		(4	)
Impairments	-		-		-		-		-			-		-		(41	)		(41	)
Qatar depreciation adjustment	(28	)	-		-		-		(28	)		-		-		-			-
Pending claims and settlements	-		-		30		-		30			-		-		-			-
Total	(28	)	-		30		-		2			(1	)	-		(44	)		(45	)
Other International
Impairments	-		-		-		-		-			-		(107	)	-			(107	)
Tax impact from country exit	-		-		-		-		-			-		28		-			28
Restructuring	-		-		-		-		-			-		-		(1	)		(1	)
Pending claims and settlements	-		154		-		-		154			-		-		-			-
Total	-		154		-		-		154			-		(79	)	(1	)		(80	)
Corporate and Other
Restructuring	-		-		-		-		-			(21	)	(10	)	(71	)		(102	)
Pension settlement expense	-		-		-		-		-			-		(38	)	(56	)		(94	)
International tax law changes	-		-		-		-		-			-		7		-			7
Tax benefit on interest expense	-		-		61		-		61			-		-		-			-
Pending claims and settlements	-		-		28		-		28			-		-		-			-
Total	-		-		89		-		89			(21	)	(41	)	(127	)		(189	)
Discontinued Operations	20		33		1,078		-		1,131			-		-		-			-
Total Company	(130	)	78		1,093		(781	)	260			494		(260	)	(605	)		(371	)

3 of 8

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	2014											2015
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
$ Millions
CASH FLOW INFORMATION
Cash Flows from Operating Activities
Net income (loss)	2,137		2,098		2,727		(24	)	6,938			286		(164	)	(1,056	)		(934	)
Depreciation, depletion and amortization	1,892		2,070		2,096		2,271		8,329			2,131		2,329		2,271			6,731
Impairments	1		17		108		730		856			16		78		24			118
Dry hole costs and leasehold impairments	69		334		265		498		1,166			311		402		525			1,238
Accretion on discounted liabilities	117		120		120		127		484			121		122		122			365
Deferred taxes	230		403		391		(315	)	709			(637	)	35		(682	)		(1,284	)
Undistributed equity earnings	1,131		(450	)	(347	)	(257	)	77			80		(121	)	(38	)		(79	)
Gain on dispositions	(9	)	(7	)	(4	)	(78	)	(98	)		(52	)	(52	)	(18	)		(122	)
Income from discontinued operations	(20	)	(33	)	(1,078	)	-		(1,131	)		-		-		-			-
Other	116		(308	)	(344	)	303		(233	)		(133	)	(321	)	195			(259	)
Net working capital changes	587		(738	)	(90	)	(444	)	(685	)		(55	)	(334	)	591			202
Net cash provided by continuing operations	6,251		3,506		3,844		2,811		16,412			2,068		1,974		1,934			5,976
Net cash provided by discontinued operations	74		56		27		-		157			-		-		-			-
Net Cash Provided by Operating Activities	6,325		3,562		3,871		2,811		16,569			2,068		1,974		1,934			5,976
Cash Flows from Investing Activities
Capital expenditures and investments	(3,895	)	(4,246	)	(4,588	)	(4,356	)	(17,085	)		(3,332	)	(2,407	)	(2,174	)		(7,913	)
Working capital changes associated with investing activities	27		57		310		(214	)	180			(198	)	(480	)	(164	)		(842	)
Proceeds from asset dispositions	48		15		1,371		169		1,603			173		121		29			323
Net sales (purchases) of short-term investments	63		(71	)	(101	)	362		253			-		-		-			-
Long-term collections from related parties
and other investments	108		65		(484	)	468		157			43		300		60			403
Net cash used in continuing operations	(3,649	)	(4,180	)	(3,492	)	(3,571	)	(14,892	)		(3,314	)	(2,466	)	(2,249	)		(8,029	)
Net cash used in discontinued operations	(38	)	(25	)	(10	)	-		(73	)		-		-		-			-
Net Cash Used in Investing Activities	(3,687	)	(4,205	)	(3,502	)	(3,571	)	(14,965	)		(3,314	)	(2,466	)	(2,249	)		(8,029	)
Cash Flows from Financing Activities
Net issuance (repayment) of debt	(450	)	-		(55	)	1,485		980			(57	)	2,493		(30	)		2,406
Issuance of company common stock	(32	)	78		(19	)	8		35			(34	)	(12	)	(23	)		(69	)
Dividends paid	(855	)	(856	)	(907	)	(907	)	(3,525	)		(910	)	(909	)	(922	)		(2,741	)
Other	(17	)	(11	)	8		(44	)	(64	)		(18	)	(17	)	(15	)		(50	)
Net cash provided by (used in) continuing operations	(1,354	)	(789	)	(973	)	542		(2,574	)		(1,019	)	1,555		(990	)		(454	)
Net cash provided by (used in) discontinued operations	-		-		-		-		-			-		-		-			-
Net Cash Provided by (Used in) Financing Activities	(1,354	)	(789	)	(973	)	542		(2,574	)		(1,019	)	1,555		(990	)		(454	)
Effect of Exchange Rate Changes	(10	)	54		(130	)	(128	)	(214	)		(133	)	86		(95	)		(142	)
Net Change in Cash and Cash Equivalents	1,274		(1,378	)	(734	)	(346	)	(1,184	)		(2,398	)	1,149		(1,400	)		(2,649	)
Cash and cash equivalents at beginning of period	6,246		7,520		6,142		5,408		6,246			5,062		2,664		3,813			5,062
Cash and Cash Equivalents at End of Period	7,520		6,142		5,408		5,062		5,062			2,664		3,813		2,413			2,413
CAPITAL EXPENDITURES AND INVESTMENTS
Alaska	415		390		369		390		1,564			402		379		304			1,085
Lower 48	1,312		1,385		1,656		1,701		6,054			1,372		882		756			3,010
Canada	622		515		613		590		2,340			455		272		160			887
Europe	596		656		660		609		2,521			500		367		363			1,230
Asia Pacific and Middle East	848		1,094		1,077		858		3,877			488		432		551			1,471
Other International	67		172		164		136		539			83		43		13			139
Corporate and Other	35		34		49		72		190			32		32		27			91
Total capital expenditures and investments	3,895		4,246		4,588		4,356		17,085			3,332		2,407		2,174			7,913
Capital expenditures and investments for Nigeria:	22		28		9		-		59			-		-		-			-

4 of 8

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	2014											2015
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
TOTAL SEGMENTS
Production
Total (MBOED)
Continuing operations, including equity affiliates	1,532		1,557		1,481		1,589		1,540			1,610		1,595		1,554			1,586
Discontinued operations (Nigeria)	36		37		14		-		21			-		-		-			-
Total, including equity affiliates	1,568		1,594		1,495		1,589		1,561			1,610		1,595		1,554			1,586
Crude Oil (MBD)
Consolidated operations	581		576		542		605		576			603		589		558			583
Equity affiliates	18		20		19		18		19			19		19		19			19
Total continuing operations	599		596		561		623		595			622		608		577			602
Discontinued operations (Nigeria)	8		9		4		-		5			-		-		-			-
Total	607		605		565		623		600			622		608		577			602
Over (under) lifting of crude oil (MBD)*	(16	)	4		15		6		2			17		17		32			22
*Includes continuing and discontinued operations.
NGL (MBD)
Consolidated operations	152		159		149		145		151			148		152		148			149
Equity affiliates	7		8		8		7		8			7		8		8			8
Total continuing operations	159		167		157		152		159			155		160		156			157
Discontinued operations (Nigeria)	3		3		1		-		1			-		-		-			-
Total	162		170		158		152		160			155		160		156			157
Bitumen (MBD)
Consolidated operations	13		14		9		13		12			12		12		12			12
Equity affiliates	111		114		115		128		117			144		126		145			138
Total	124		128		124		141		129			156		138		157			150
Natural Gas (MMCFD)
Consolidated operations	3,432		3,482		3,315		3,524		3,438			3,498		3,514		3,316			3,441
Equity affiliates	469		516		518		516		505			561		622		668			618
Total continuing operations	3,901		3,998		3,833		4,040		3,943			4,059		4,136		3,984			4,059
Discontinued operations (Nigeria)	149		151		54		-		88			-		-		-			-
Total	4,050		4,149		3,887		4,040		4,031			4,059		4,136		3,984			4,059
Industry Prices
Crude Oil ($/BBL)
WTI	98.75		103.05		97.48		73.41		93.17			48.56		57.84		46.37			50.92
WCS	75.55		82.94		76.99		58.90		73.60			33.86		46.25		33.10			37.74
Brent dated	108.22		109.63		101.85		76.27		98.99			53.97		61.92		50.26			55.39
JCC ($/BBL)	112.78		111.40		109.59		110.37		111.04			89.63		55.45		59.63			68.23
Natural Gas ($/MMBTU)
Henry Hub first of month	4.94		4.68		4.07		4.04		4.43			2.99		2.65		2.77			2.80
Average Realized Prices
Crude Oil ($/BBL)
Consolidated operations	101.71		103.48		96.65		71.34		92.84			48.02		57.94		46.37			50.79
Equity affiliates	97.82		100.80		96.03		70.40		91.48			49.14		59.93		47.55			52.21
Total continuing operations	101.59		103.39		96.63		71.31		92.80			48.05		58.00		46.41			50.83
Discontinued operations (Nigeria)	108.81		113.07		107.74		-		110.61			-		-		-			-
Total	101.69		103.53		96.67		71.31		92.94			48.05		58.00		46.41			50.83
NGL ($/BBL)
Consolidated operations	44.86		38.71		36.26		29.75		37.45			18.54		18.63		14.67			17.27
Equity affiliates	79.91		68.84		67.13		54.09		67.20			38.80		38.24		31.26			36.05
Total continuing operations	46.52		40.36		37.83		31.07		38.99			19.60		19.62		15.54			18.24
Discontinued operations (Nigeria)	12.99		14.55		11.49		-		13.41			-		-		-			-
Total	45.85		39.93		37.66		31.07		38.71			19.60		19.62		15.54			18.24
Bitumen ($/BBL)
Consolidated operations	61.69		68.00		64.95		46.57		60.03			24.31		39.74		22.67			29.13
Equity affiliates	55.85		65.55		62.30		36.85		54.62			16.60		32.66		17.16			21.57
Total	56.47		65.82		62.49		37.76		55.13			17.22		33.30		17.53			22.17
Natural Gas ($/MCF)
Consolidated operations	7.15		6.29		5.46		5.51		6.10			4.28		3.80		3.78			3.96
Equity affiliates	10.43		10.46		9.11		9.24		9.79			7.48		4.42		4.37			5.31
Total continuing operations	7.55		6.82		5.96		5.98		6.57			4.72		3.90		3.87			4.16
Discontinued operations (Nigeria)	2.69		2.46		2.26		-		2.53			-		-		-			-
Total	7.37		6.66		5.91		5.98		6.48			4.72		3.90		3.87			4.16
Exploration Expenses ($ Millions)
Dry holes	23		145		86		350		604			271		157		148			576
Leasehold impairment	46		189		179		148		562			40		245		377			662
Total noncash expenses	69		334		265		498		1,166			311		402		525			1,238
Other (G&A, G&G and lease rentals)*	227		183		194		275		879			171		147		536			854
Total exploration expenses	296		517		459		773		2,045			482		549		1,061			2,092
*3Q 2015 includes Gulf of Mexico deepwater drillship termination expense.
U.S. exploration expenses	150		242		340		370		1,102			220		153		772			1,145
International exploration expenses	146		275		119		403		943			262		396		289			947
DD&A ($ Millions)
Alaska	132		135		123		135		525			140		158		183			481
Lower 48	829		939		982		953		3,703			952		1,073		1,062			3,087
Canada	232		238		236		218		924			199		217		200			616
Europe	404		421		427		546		1,798			417		481		484			1,382
Asia Pacific and Middle East	268		310		300		390		1,268			399		374		313			1,086
Other International	1		-		2		4		7			-		-		1			1
Corporate and Other	26		27		26		25		104			24		26		28			78
Total DD&A	1,892		2,070		2,096		2,271		8,329			2,131		2,329		2,271			6,731

5 of 8

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	2014											2015
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
PRODUCTION
Crude Oil (MBD)
Alaska	175		170		139		164		162			163		154		144			154
Lower 48	171		191		191		199		188			198		209		213			207
Canada	13		12		13		13		13			14		13		12			13
Norway	96		89		89		91		91			88		91		90			90
United Kingdom	39		37		30		33		35			32		29		26			29
Europe	135		126		119		124		126			120		120		116			119
Australia/Timor-Leste	12		9		8		10		9			9		10		9			9
China	58		50		46		46		50			53		46		41			46
Indonesia	10		7		7		5		7			9		8		5			7
Malaysia	6		10		11		23		13			37		29		18			28
Equity affiliates	14		16		15		14		15			15		15		15			15
AP/ME	100		92		87		98		94			123		108		88			105
Libya	1		1		8		21		8			-		-		-			-
Equity affiliates	4		4		4		4		4			4		4		4			4
Other International	5		5		12		25		12			4		4		4			4
Total continuing operations	599		596		561		623		595			622		608		577			602
Discontinued operations (Nigeria)	8		9		4		-		5			-		-		-			-
Total	607		605		565		623		600			622		608		577			602
NGL (MBD)
Alaska	16		16		8		14		13			14		13		10			12
Lower 48	91		100		104		90		97			93		97		95			95
Canada	25		25		21		22		23			25		26		27			26
Norway	2		2		3		3		3			3		2		3			3
United Kingdom	5		5		5		6		5			4		4		4			4
Europe	7		7		8		9		8			7		6		7			7
Australia/Timor-Leste	8		6		5		6		6			6		7		6			6
Indonesia	5		5		3		4		4			3		3		3			3
Equity affiliates	7		8		8		7		8			7		8		8			8
AP/ME	20		19		16		17		18			16		18		17			17
Total continuing operations	159		167		157		152		159			155		160		156			157
Discontinued operations (Nigeria)	3		3		1		-		1			-		-		-			-
Total	162		170		158		152		160			155		160		156			157
Bitumen (MBD)
Consolidated operations	13		14		9		13		12			12		12		12			12
Equity affiliates	111		114		115		128		117			144		126		145			138
Total	124		128		124		141		129			156		138		157			150
Natural Gas (MMCFD)
Alaska	55		45		48		49		49			52		41		34			42
Lower 48	1,468		1,495		1,485		1,514		1,491			1,505		1,501		1,457			1,487
Canada	707		713		707		719		711			736		768		712			739
Norway	157		135		106		156		138			163		143		142			149
United Kingdom	315		345		298		334		323			331		339		273			314
Europe	472		480		404		490		461			494		482		415			463
Australia/Timor-Leste	263		277		200		279		255			276		294		282			284
China	3		3		4		4		4			3		3		1			2
Indonesia	457		463		464		461		461			430		417		408			418
Malaysia	3		5		2		3		3			2		7		7			5
Equity affiliates	469		516		518		516		505			561		622		668			618
AP/ME	1,195		1,264		1,188		1,263		1,228			1,272		1,343		1,366			1,327
Libya	4		1		1		5		3			-		1		-			1
Other International	4		1		1		5		3			-		1		-			1
Total continuing operations	3,901		3,998		3,833		4,040		3,943			4,059		4,136		3,984			4,059
Discontinued operations (Nigeria)	149		151		54		-		88			-		-		-			-
Total	4,050		4,149		3,887		4,040		4,031			4,059		4,136		3,984			4,059
Total (MBOED)
Alaska	200		193		155		186		183			186		174		160			173
Lower 48	507		540		543		541		533			542		556		551			550
Consolidated operations	169		170		161		168		167			174		180		170			174
Equity affiliates	111		114		115		128		117			144		126		145			138
Canada	280		284		276		296		284			318		306		315			312
Norway	124		114		110		120		117			118		117		117			118
United Kingdom	96		99		84		95		94			91		89		75			85
Europe	220		213		194		215		211			209		206		192			203
Australia/Timor-Leste	64		61		46		62		57			61		66		62			63
China	59		51		47		46		51			54		46		41			46
Indonesia	91		89		87		86		88			84		80		76			80
Malaysia	6		11		11		24		14			37		30		19			29
Equity affiliates	99		110		110		107		107			115		127		134			126
AP/ME	319		322		301		325		317			351		349		332			344
Libya	2		1		8		22		8			-		-		-			-
Equity affiliates	4		4		4		4		4			4		4		4			4
Other International	6		5		12		26		12			4		4		4			4
Total continuing operations	1,532		1,557		1,481		1,589		1,540			1,610		1,595		1,554			1,586
Discontinued operations (Nigeria)	36		37		14		-		21			-		-		-			-
Total	1,568		1,594		1,495		1,589		1,561			1,610		1,595		1,554			1,586

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	2014						2015
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
Consolidated operations
Alaska	106.39	108.93	102.36	74.07	97.68		50.74	61.51	50.48		54.18
Lower 48	91.52	93.73	87.91	65.34	84.18		40.77	52.01	41.56		44.84
Canada	80.32	86.33	82.48	62.89	77.87		37.12	46.58	38.44		40.71
Norway	109.69	111.97	103.53	73.91	98.37		55.72	62.39	50.56		56.48
United Kingdom	107.37	110.01	102.22	85.38	103.07		52.24	62.15	46.85		53.16
Europe	109.05	111.38	103.17	75.76	99.56		54.30	62.35	49.86		55.65
Australia/Timor-Leste	106.36	105.31	101.26	75.57	98.70		50.58	60.38	50.45		53.26
China	105.62	106.18	97.73	71.34	95.94		48.99	57.26	43.31		49.94
Indonesia	92.82	94.82	84.28	53.74	84.28		43.64	61.28	36.15		48.54
Malaysia	115.35	114.51	109.62	76.87	96.94		56.33	65.51	52.84		58.22
AP/ME	104.92	105.65	99.07	71.94	95.32		51.20	60.55	46.81		52.88
Libya	-	107.33	95.22	83.52	86.71		-	-	-		-
Other International	-	107.33	95.22	83.52	86.71		-	-	-		-
Total consolidated operations	101.71	103.48	96.65	71.34	92.84		48.02	57.94	46.37		50.79
Equity affiliates	97.82	100.80	96.03	70.40	91.48		49.14	59.93	47.55		52.21
Total continuing operations	101.59	103.39	96.63	71.31	92.80		48.05	58.00	46.41		50.83
Discontinued operations (Nigeria)	108.81	113.07	107.74	-	110.61		-	-	-		-
Total	101.69	103.53	96.67	71.31	92.94		48.05	58.00	46.41		50.83
NGL ($/BBL)
Consolidated operations
Lower 48	36.06	31.28	30.67	24.93	30.74		15.55	15.29	12.55		14.45
Canada	56.13	46.56	45.29	35.72	46.23		18.28	19.23	14.50		17.30
Norway	52.95	52.18	45.14	37.40	47.74		30.43	28.66	21.25		27.15
United Kingdom	64.99	59.48	58.21	40.05	54.74		29.69	30.90	26.72		29.03
Europe	60.48	57.32	54.47	39.42	52.65		29.90	29.54	24.74		28.20
Australia/Timor-Leste	78.51	72.80	71.18	51.27	69.56		41.63	40.95	32.53		38.95
Indonesia	82.11	69.07	67.57	56.31	69.06		39.31	38.95	31.89		36.49
AP/ME	80.07	71.52	69.69	53.66	69.36		40.90	40.35	32.26		38.12
Total consolidated operations	44.86	38.71	36.26	29.75	37.45		18.54	18.63	14.67		17.27
Equity affiliates	79.91	68.84	67.13	54.09	67.20		38.80	38.24	31.26		36.05
Total continuing operations	46.52	40.36	37.83	31.07	38.99		19.60	19.62	15.54		18.24
Discontinued operations (Nigeria)	12.99	14.55	11.49	-	13.41		-	-	-		-
Total	45.85	39.93	37.66	31.07	38.71		19.60	19.62	15.54		18.24
Bitumen ($/BBL)
Consolidated operations	61.69	68.00	64.95	46.57	60.03		24.31	39.74	22.67		29.13
Equity affiliates	55.85	65.55	62.30	36.85	54.62		16.60	32.66	17.16		21.57
Total	56.47	65.82	62.49	37.76	55.13		17.22	33.30	17.53		22.17
Natural Gas ($/MCF)
Consolidated operations
Alaska	5.22	6.03	5.47	5.01	5.42		4.29	4.50	4.26		4.35
Lower 48	5.08	4.43	3.96	3.73	4.29		2.60	2.38	2.65		2.54
Canada	5.81	4.13	3.50	3.12	4.13		2.21	1.88	1.94		2.01
Norway	11.16	9.19	7.81	8.66	9.35		7.67	6.84	6.79		7.11
United Kingdom	10.83	8.92	7.88	9.42	9.27		8.65	7.40	7.28		7.80
Europe	10.94	8.99	7.86	9.22	9.29		8.33	7.23	7.11		7.58
Australia/Timor-Leste*	1.09	1.11	1.08	1.09	1.09		1.05	0.85	0.63		0.84
China	1.66	2.49	2.52	2.54	2.33		2.49	2.51	2.50		2.50
Indonesia	10.24	10.21	10.18	8.16	9.69		6.50	7.55	6.26		6.77
Malaysia	0.26	0.26	0.26	0.26	0.26		1.21	1.49	1.71		1.55
AP/ME	10.32	10.32	9.39	9.17	9.80		7.23	6.48	5.97		6.56
Libya	6.65	-	-	0.09	3.40		-	-	-		-
Other International	6.65	-	-	0.09	3.40		-	-	-		-
Total consolidated operations	7.15	6.29	5.46	5.51	6.10		4.28	3.80	3.78		3.96
Equity affiliates	10.43	10.46	9.11	9.24	9.79		7.48	4.42	4.37		5.31
Total continuing operations	7.55	6.82	5.96	5.98	6.57		4.72	3.90	3.87		4.16
Discontinued operations (Nigeria)	2.69	2.46	2.26	-	2.53		-	-	-		-
Total	7.37	6.66	5.91	5.98	6.48		4.72	3.90	3.87		4.16
*Excludes transfers to Darwin LNG plant.

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		2014											2015
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)		(235	)	(251	)	(130	)	(258	)	(874	)		(249	)	(132	)	(338	)		(719	)
Detail of Earnings (Loss) ($ Millions)
Net interest expense*		(163	)	(158	)	(36	)	(145	)	(502	)		(155	)	(161	)	(176	)		(492	)
Corporate G&A expenses		(31	)	(51	)	(51	)	(61	)	(194	)		(21	)	(71	)	(71	)		(163	)
Technology**		(28	)	(20	)	(26	)	(19	)	(93	)		(16	)	88		3			75
Other		(13	)	(22	)	(17	)	(33	)	(85	)		(57	)	12		(94	)		(139	)
Total		(235	)	(251	)	(130	)	(258	)	(874	)		(249	)	(132	)	(338	)		(719	)
*Third-quarter 2014 includes a $61 million tax benefit on interest expense from 2013, as shown on page 3, as well as a $32 million tax benefit related to 2014.
**Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.
Before-Tax Net Interest Expense ($ Millions)
Interest expense		(291	)	(276	)	(280	)	(289	)	(1,136	)		(296	)	(307	)	(305	)		(908	)
Capitalized interest		120		121		131		116		488			94		97		65			256
Interest revenue		9		10		10		11		40			12		13		6			31
Total		(162	)	(145	)	(139	)	(162	)	(608	)		(190	)	(197	)	(234	)		(621	)
Debt
Total debt ($ Millions)		21,206		21,234		21,187		22,565		22,565			22,511		24,925		24,891			24,891
Debt-to-capital ratio (%)		28	%	28	%	28	%	30	%	30	%		31	%	34	%	36	%		36	%
Equity ($ Millions)		53,621		55,686		55,661		52,273		52,273			49,008		48,969		44,555			44,555
REFERENCE
Commonly Used Abbreviations
Earnings	Net Income (Loss) Attributable to ConocoPhillips
DD&A	Depreciation, Depletion and Amortization
G&G	Geological and Geophysical
G&A	General and Administrative
JCC	Japan Crude Cocktail
LNG	Liquefied Natural Gas
NGL	Natural Gas Liquids
WCS	Western Canada Select
WTI	West Texas Intermediate
Units of Measure
BBL	Barrels
MMBBL	Millions of Barrels
MBD	Thousands of Barrels per Day
MBOED	Thousands of Barrels of Oil Equivalent per Day
MCF	Thousands of Cubic Feet
MMBTU	Millions of British Thermal Units
MMCFD	Millions of Cubic Feet per Day

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