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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Sales and other operating revenues $ 27,689,332 $ 20,225,764 [1] $ 16,800,972 [1]
Gain on sale of assets 22,679 884 [1] 3,709 [1]
Interest and other income (loss) 33,538 (56,930) [1] 90,502 [1]
Total revenues 27,745,549 20,169,718 [1] 16,895,206 [1]
Costs and Expenses      
Crude oil and product purchases 21,875,297 15,351,318 [1] 12,821,305 [1]
Operating expenses 1,993,346 1,678,515 [1] 1,350,658 [1]
Exploration expenses, including undeveloped lease amortization 489,862 292,264 [1] 265,172 [1]
Selling and general expenses 301,005 259,215 [1] 212,376 [1]
Depreciation, depletion and amortization 1,093,406 1,114,529 [1] 870,999 [1]
Impairment of properties 368,600 0 [1] 5,240 [1]
Accretion of asset retirement obligations 37,701 31,857 [1] 26,154 [1]
Redetermination of Terra Nova working interest (5,351) [2] 18,582 [1],[2] 83,498 [1],[2]
Interest expense 55,831 53,172 [1] 53,005 [1]
Interest capitalized (15,131) (18,444) [1] (28,614) [1]
Total costs and expenses 26,194,566 18,781,008 [1] 15,659,793 [1]
Income from continuing operations before income taxes 1,550,983 1,388,710 [1] 1,235,413 [1]
Income tax expense 810,051 609,151 [1] 521,559 [1]
Income from continuing operations 740,932 779,559 [1] 713,854 [1]
Income from discontinued operations, net of income taxes 131,770 18,522 [1] 123,767 [1]
Net Income $ 872,702 $ 798,081 [1] $ 837,621 [1]
Income per Common Share - Basic      
Income from continuing operations $ 3.83 $ 4.06 [1] $ 3.74 [1]
Income from discontinued operations $ 0.68 $ 0.10 [1] $ 0.65 [1]
Net Income - Basic $ 4.51 $ 4.16 [1] $ 4.39 [1]
Income per Common Share - Diluted      
Income from continuing operations $ 3.81 $ 4.03 [1] $ 3.71 [1]
Income from discontinued operations $ 0.68 $ 0.10 [1] $ 0.64 [1]
Net Income - Diluted $ 4.49 $ 4.13 [1] $ 4.35 [1]
Average Common shares outstanding - basic 193,409,621 191,830,357 [1] 190,767,077 [1]
Average Common shares outstanding - diluted 194,512,402 193,157,814 [1] 192,468,450 [1]
[1] Reclassified to conform to current presentation.
[2] Results exclude corporate overhead, interest and discontinued operations.