Results of Operations for Oil and Gas Producing Activities

12 Months Ended

Dec. 31, 2011

Results of Operations for Oil and Gas Producing Activities

Schedule 4 – Results of Operations for Oil and Gas Producing Activities*

	United States		Canada					Malaysia			United Kingdom		Republic of the Congo			Other			Total
(Millions of dollars)			Conven- tional			Synthetic
Year Ended December 31, 2011
Revenues
Crude oil and natural gas liquids
Sales to unaffiliated enterprises	$	648.8		459.2			410.2		1,583.0			92.4		148.8			0.0			3,342.4
Transfers to consolidated operations		0.0		46.4			96.4		0.0			0.0		0.0			0.0			142.8
Natural gas
Sales to unaffiliated enterprises		71.1		280.2			0.0		461.3			14.3		0.0			0.0			826.9
Total oil and gas revenues		719.9		785.8			506.6		2,044.3			106.7		148.8			0.0			4,312.1
Other operating revenues		17.8		(3.8	)		0.0		1.3			0.6		0.0			24.6			40.5
Total revenues		737.7		782.0			506.6		2,045.6			107.3		148.8			24.6			4,352.6
Costs and expenses
Production expenses		164.8		151.2			236.1		420.6			28.3		37.6			0.0			1,038.6
Exploration costs charged to expense		36.5		60.8			0.0		11.1			0.5		21.0			241.8			371.7
Undeveloped lease amortization		62.2		28.8			0.0		0.0			0.0		0.0			27.2			118.2
Depreciation, depletion and amortization		183.0		273.9			52.1		357.3			13.7		87.8			1.9			969.7
Accretion of asset retirement obligations		9.9		4.9			7.6		10.6			3.0		0.5			0.3			36.8
Impairment of properties		0.0		0.0			0.0		0.0			0.0		368.6			0.0			368.6
Terra Nova working interest redetermination		0.0		(5.4	)		0.0		0.0			0.0		0.0			0.0			(5.4	)
Selling and general expenses		42.1		14.2			0.9		(1.6	)		3.5		2.2			39.8			101.1
Total costs and expenses		498.5		528.4			296.7		798.0			49.0		517.7			311.0			2,999.3
		239.2		253.6			209.9		1,247.6			58.3		(368.9	)		(286.4	)		1,353.3
Income tax expense		86.5		79.7			55.8		434.9			46.8		16.4			7.5			727.6
Results of operations	$	152.7		173.9			154.1		812.7			11.5		(385.3	)		(293.9	)		625.7
Year Ended December 31, 2010
Revenues
Crude oil and natural gas liquids
Sales to unaffiliated enterprises	$	557.6		346.4			301.9		1,531.1			118.8		156.7			0.0			3,012.5
Transfers to consolidated operations		0.0		42.2			76.7		0.0			0.0		0.0			0.0			118.9
Natural gas
Sales to unaffiliated enterprises		87.0		132.1			0.0		307.1			14.1		0.0			0.0			540.3
Total oil and gas revenues		644.6		520.7			378.6		1,838.2			132.9		156.7			0.0			3,671.7
Other operating revenues		15.3		(0.2	)		0.0		(0.3	)		0.7		(1.0	)		3.9			18.4
Total revenues		659.9		520.5			378.6		1,837.9			133.6		155.7			3.9			3,690.1
Costs and expenses
Production expenses		131.7		97.5			206.4		355.0			26.9		62.0			0.0			879.5
Exploration costs charged to expense		35.7		1.9			0.0		19.8			16.2		56.4			54.3			184.3
Undeveloped lease amortization		68.5		33.7			0.0		0.0			0.0		0.0			5.8			108.0
Depreciation, depletion and amortization		281.1		180.3			45.2		379.0			22.4		95.5			1.5			1,005.0
Accretion of asset retirement obligations		6.9		4.8			6.4		9.8			2.3		0.4			0.5			31.1
Terra Nova working interest redetermination		0.0		18.6			0.0		0.0			0.0		0.0			0.0			18.6
Selling and general expenses		33.3		10.5			0.9		0.8			2.7		(2.0	)		33.6			79.8
Total costs and expenses		557.2		347.3			258.9		764.4			70.5		212.3			95.7			2,306.3
		102.7		173.2			119.7		1,073.5			63.1		(56.6	)		(91.8	)		1,383.8
Income tax expense		30.0		44.6			34.5		414.1			32.6		20.6			0.5			576.9
Results of operations	$	72.7		128.6			85.2		659.4			30.5		(77.2	)		(92.3	)		806.9

* Results exclude corporate overhead, interest and discontinued operations.

Schedule 4 – Results of Operations for Oil and Gas Producing Activities (Continued)¹

(Millions of dollars)	United States		Canada					Malaysia			United Kingdom		Republic of the Congo			Other			Total
			Conven- tional			Synthetic
Year Ended December 31, 2009
Revenues
Crude oil and natural gas liquids
Sales to unaffiliated enterprises	$	374.8		310.7			258.1		1,478.4			54.7		24.5			0.0			2,501.2
Transfers to consolidated operations		0.0		54.9			30.4		0.0			0.0		0.0			0.0			85.3
Natural gas
Sales to unaffiliated enterprises		80.6		68.6			0.0		45.4			6.4		0.0			0.0			201.0
Total oil and gas revenues		455.4		434.2			288.5		1,523.8			61.1		24.5			0.0			2,787.5
Other operating revenues2		253.2		(2.2	)		0.0		2.6			0.5		(8.0	)		2.4			248.5
Total revenues		708.6		432.0			288.5		1,526.4			61.6		16.5			2.4			3,036.0
Costs and expenses
Production expenses		101.2		97.9			171.9		248.2			19.9		15.4			0.0			654.5
Exploration costs charged to expense		27.5		10.0			0.0		55.8			0.2		10.8			77.7			182.0
Undeveloped lease amortization		34.7		44.1			0.0		0.0			0.0		0.0			4.4			83.2
Depreciation, depletion and amortization		246.5		171.8			28.1		304.1			12.4		11.5			1.4			775.8
Accretion of asset retirement obligations		6.8		4.3			4.3		7.8			1.6		0.1			0.6			25.5
Impairment of properties		5.2		0.0			0.0		0.0			0.0		0.0			0.0			5.2
Terra Nova working interest redetermination		0.0		83.5			0.0		0.0			0.0		0.0			0.0			83.5
Selling and general expenses		20.3		18.0			.8		(5.5	)		3.0		(2.0	)		23.8			58.4
Total costs and expenses		442.2		429.6			205.1		610.4			37.1		35.8			107.9			1,868.1
		266.4		2.4			83.4		916.0			24.5		(19.3	)		(105.5	)		1,167.9
Income tax expense (benefits)		88.4		1.2			19.8		354.1			11.9		1.3			(0.6	)		476.1
Results of operations	$	178.0		1.2			63.6		561.9			12.6		(20.6	)		(104.9	)		691.8

¹  Results exclude corporate overhead, interest and discontinued operations.

²  Other operating revenues in the U.S. included $244.4 million for recovery of federal royalties paid on certain properties in the Gulf of Mexico. These royalties related to production for the years 2003 through 2009.