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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
REVENUES        
Sales and other operating revenues $ 7,130,629 $ 7,194,393 [1] $ 21,231,317 $ 20,781,506 [1]
Gain on sale of assets (31) 60 [1] 94 23,192 [1]
Interest and other income (expense) (8,321) 25,767 [1] 5,407 39,390 [1]
Total revenues 7,122,277 7,220,220 [1] 21,236,818 20,844,088 [1]
COSTS AND EXPENSES        
Crude oil and product purchases 5,667,359 5,727,873 [1] 16,813,044 16,633,221 [1]
Operating expenses 526,969 512,511 [1] 1,547,828 1,448,063 [1]
Exploration expenses, including undeveloped lease amortization 94,063 85,505 [1] 243,714 303,827 [1]
Selling and general expenses 85,509 72,858 [1] 261,287 218,337 [1]
Depreciation, depletion and amortization 330,253 271,270 [1] 972,663 783,531 [1]
Accretion of asset retirement obligations 10,005 8,638 [1] 29,052 26,162 [1]
Redetermination of Terra Nova working interest 0 0 [1] 0 (5,351) [1]
Interest expense 12,941 17,329 [1] 36,278 41,648 [1]
Interest capitalized (11,461) (2,475) [1] (27,360) (11,547) [1]
Total costs and expenses 6,715,638 6,693,509 [1] 19,876,506 19,437,891 [1]
Income from continuing operations before income taxes 406,639 526,711 [1] 1,360,312 1,406,197 [1]
Income tax expense 177,728 179,401 [1] 558,657 558,773 [1]
Income from continuing operations 228,911 347,310 [1] 801,655 847,424 [1]
Income (loss) from discontinued operations, net of taxes (2,230) 58,804 [1] 10,534 139,206 [1]
NET INCOME $ 226,681 $ 406,114 [1] $ 812,189 $ 986,630 [1]
INCOME PER COMMON SHARE - BASIC        
Income from continuing operations $ 1.18 $ 1.80 [1] $ 4.13 $ 4.38 [1]
Income (loss) from discontinued operations $ (0.01) $ 0.30 [1] $ 0.05 $ 0.72 [1]
Net income $ 1.17 $ 2.10 [1] $ 4.18 $ 5.10 [1]
INCOME PER COMMON SHARE - DILUTED        
Income from continuing operations $ 1.17 $ 1.79 [1] $ 4.12 $ 4.36 [1]
Income (loss) from discontinued operations $ (0.01) $ 0.30 [1] $ 0.05 $ 0.71 [1]
Net income $ 1.16 $ 2.09 [1] $ 4.17 $ 5.07 [1]
Average common shares outstanding        
Basic 194,290,277 193,517,785 [1] 194,126,104 193,342,825 [1]
Diluted 195,057,952 194,411,116 [1] 194,874,572 194,548,846 [1]
[1] Reclassified to conform to current presentation.