Business Segments

9 Months Ended

Sep. 30, 2012

Business Segments

Note Q – Business Segments

In the third quarter 2012, the Company’s Board of Directors agreed to sell the U.K. exploration and production operations. The assets and liabilities associated with these U.K. operations as of September 30, 2012 are now reported as held for sale in the Consolidated Balance Sheet, and beginning in the third quarter 2012, the results of operations are reported as discontinued operations for all periods presented in the Consolidated Statement of Income and in the segment table that follows. 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 for all periods presented. 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 Sept. 30, 2012								Three Mos. Ended Sept. 30, 20111
(Millions of dollars)	Total Assets at Sept. 30, 2012		External Revenues			Inter- segment Revenues		Income (Loss)			External Revenues		Inter- segment Revenues		Income (Loss)
Exploration and production2
United States	$	2,862.7		248.8			0		33.5			173.2		0		38.2
Canada		4,065.7		232.8			0		29.3			307.4		42.7		102.3
Malaysia		4,586.0		602.2			0		215.7			484.8		0		197.7
Republic of the Congo		249.6		0			0		(4.7	)		43.7		0		(.7	)
Other		60.4		0			0		(52.7	)		0		0		(64.1	)
Total		11,824.4		1,083.8			0		221.1			1,009.1		42.7		273.4
Refining and marketing
United States		1,955.3		4,475.5			0		17.3			4,629.2		0		88.0
United Kingdom		1,128.3		1,571.4			0		25.5			1,552.1		0		(19.1	)
Total		3,083.6		6,046.9			0		42.8			6,181.3		0		68.9
Total operating segments		14,908.0		7,130.7			0		263.9			7,190.4		42.7		342.3
Corporate		1,473.3		(8.5	)		0		(35.0	)		29.8		0		5.0
Assets/revenue/income from continuing operations		16,381.3		7,122.2			0		228.9			7,220.2		42.7		347.3
Discontinued operations, net of tax		208.5		0			0		(2.2	)		0		0		58.8
Total	$	16,589.8		7,122.2			0		226.7			7,220.2		42.7		406.1
			Nine Months Ended Sept. 30, 2012								Nine Months Ended Sept. 30, 20111
(Millions of dollars)			External Revenues			Inter- segment Revenues		Income (Loss)			External Revenues		Inter- segment Revenues		Income (Loss)
Exploration and production2
United States			$	671.6			0		83.1			539.7		0		106.8
Canada				804.7			0		146.3			827.7		137.4		284.5
Malaysia				1,777.5			0		662.9			1,442.1		0		559.5
Republic of the Congo				57.6			0		(8.4	)		111.4		0		(.4	)
Other				.1			0		(123.9	)		24.4		0		(191.6	)
Total				3,311.5			0		760.0			2,945.3		137.4		758.8
Refining and marketing
United States				13,251.8			0		83.4			13,356.1		0		172.9
United Kingdom				4,668.1			0		35.7			4,499.0		0		(43.6	)
Total				17,919.9			0		119.1			17,855.1		0		129.3
Total operating segments				21,231.4			0		879.1			20,800.4		137.4		888.1
Corporate				5.4			0		(77.4	)		43.7		0		(40.7	)
Revenue/income from continuing operations				21,236.8			0		801.7			20,844.1		137.4		847.4
Discontinued operations, net of tax				0			0		10.5			0		0		139.2
Total			$	21,236.8			0		812.2			20,844.1		137.4		986.6

¹  Reclassified to conform to current presentation.

²  Additional details about results of oil and gas operations are presented in the tables on pages 24 and 25.