• Financial Highlights
• Management's Discussion and Analysis
  • Key Financial Results
  • Income by Major Operating Area
  • Business Environment and Outlook
  • Operating Developments
  • Results of Operations
  • Consolidated Statement of Income
  • Selected Operating Data
  • Liquidity and Capital Resources
  • Financial Ratios
  • Guarantees, Off-Balance-Sheet Arrangements and Contractual Obligations, and Other Contingencies
  • Financial and Derivative Instruments
  • Transactions with Related Parties
  • Litigation and Other Contingencies
  • Environmental Matters
  • Critical Accounting Estimates and Assumptions
  • New Accounting Standards
• Consolidated Financial Statements
• Notes to the Consolidated Financial Statements
• Five-Year Operating Summary
• Five-Year Financial Summary
• Supplemental Information on Oil and Gas Producing Activities

Income by Major Operating Area

Millions of dollars	2007	2006	2005
*Includes Foreign Currency Effects:	$(352)	$(219)	$(61)
Upstream — Exploration and Production
United States	$4,532	$4,270	$4,168
International	10,284	8,872	7,556
Total Upstream	14,816	13,142	11,724
Downstream — Refining, Marketing and Transportation
United States	966	1,938	980
International	2,536	2,035	1,786
Total Downstream	3,502	3,973	2,766
Chemicals	396	539	298
All Other	(26)	(516)	(689)
Net Income*	$18,688	$17,138	$14,099

Refer to the "Results of Operations" section for a detailed discussion of financial results by major operating area for the three years ending December 31, 2007.