Question: How much did ConocoPhillips receive for PP&E disposed of in 2006?

Consolidated Income Statement Years Ended December 31 Millions of Dollars 2006 2005 2004 Revenues and Other Income Sales and other operating revenues" $ 183,650 179,442 135,076 Equity in earnings of affiliates 4.148 3,457 1,535 Other income 685 465 305 Total Revenues and Other Income 1 8H.523 183.364 136.916 Costs and Expenses Purchased crude oil, natural gas and products 118.899 124,925 90, 182 Production and operating expenses 10,413 8,562 7,372 Selling, general and administrative expenses 2,476 2.247 2,128 Exploration expenses 834 661 703 Depreciation, depletion and amortization 7.284 4,253 3,798 Impairments 683 42 164 Taxes other than income taxes" 18,187 18.356 17,487 Accretion on discounted liabilities 281 193 171 Interest and debt expense 1,087 197 546 Foreign currency transaction (gains) losses (30) (36) Minority interests 76 32 Total Costs and Expenses 160,190 159,817 122.547 Income from continuing operations before income taxes 28_333 23,547 14,369 Provision for income taxes 12.783 9.907 6,262 Income From Continuing Operations 15,550 13,6-40 8, 107 Income (loss) from discontinued operations (23) 22 Income before cumulative effect of changes in accounting principles 15,550 13,617 8, 129 Cumulative effect of changes in accounting principles Net Income $ 15,550 13,529 8,129 Income (Loss) Per Share of Common Stock (dollars) Basic Continuing operations 9.80 9.79 5.87 Discontinued operations (.02 .01 Before cumulative effect of changes in accounting principles 9.HO 3.77 5.8 Cumulative effect of changes in accounting principles (.06) Net Income 9.71 5.88 Diluted Continuing operations 9.66 2.63 5.79 Discontinued operations (.02 .01 Before cumulative effect of changes in accounting principles 9.66 9.61 5.80 Cumulative effect of changes in accounting principles (.06] Net Income 9.66 9.55 5.80 Average Common Shares Outstanding (in thousands) Basic 1,585,982 1,393,371 1,381,568 Diluted 1.609.530 1,417.028 1,401,300 "Includes ereise lanes on petroleum products sales. 16,072 17,037 16 357 See Notes to Comalidafed Financial MarvinisConsolidated Balance Sheet Conoco Phillips At December 31 Millions of Dollars 2006 2005 Assets Cash and cash equivalents 5 817 2,214 Accounts and notes receivable (net of allowance of $45 million in 2006 and $72 million in 2005) 13.456 1 1,168 Accounts and notes receivable - related parties 650 772 Inventories 5.153 3,724 Prepaid expenses and other current assets 4.990 1,734 Total Current Assets 25.066 19,612 Investments and long-term receivables 19.595 15,406 Loans and advances - related parties* 1.118 320 Net properties, plants and equipment 86.201 54,669 Goodwill 31. 488 15.323 Intangibles 951 1,116 Other assets 553 Total Assets $164.781 106.999 Liabilities Accounts payable $ 14.163 11,732 Accounts payable - related parties 471 535 Notes payable and long-term debt due within one year 4.043 1,758 Accrued income and other taxes 4.407 3,516 Employee benefit obligations 895 1,212 Other accruals 2.452 2.606 Total Current Liabilities 26,431 21,359 Long-term debt 23.091 10,758 Asset retirement obligations and accrued environmental costs 5.619 4.591 Deferred income taxes 20.074 11,439 Employee benefit obligations 3.667 2,463 Other liabilities and deferred credits 2.051 2,449 Total Liabilities 80.933 53,059 Minority Interests 1.202 1,209 Common Stockholders' Equity Common stock (2,500,000,00 0 shares authorized at $.01 par value) Issued (2006 - 1,705,502,609 shares; 2005 - 1,455,861,340 shares) Par value 17 14 Capital in excess of par 41,926 26,754 Grantor trusts (CBT) (at cost: 2006 - 44,358,585 shares; 2005 - - 45,932 093 shares) (766] (778) Treasury stock (at cost: 2006 - 15,061,613 shares; 2005 - 32,080,000 shares) (964) (1,924) Accumulated other comprehensive income 1.289 814 Unearned employee compensation (167) Retained earnings 41.292 28,018 Total Common Stockholders Equity 82.646 52,731 Total $164.781 106.999Consolidated Statement of Cash Flows Conoco Phillips Years Ended December 31 Millions of Dollars 2005 2004 Cash Flows From Operating Activities Net income $ 15.550 13,529 8,129 Adjustments to reconcile net income to net cash provided by continuing operations Non-working capital adjustments Depreciation, depletion and amortization 7.284 4,253 3,798 Impairments 683 42 164 Dry hole costs and leasehold impairments 351 349 417 Accretion on discounted liabilities 281 193 171 Deferred income taxes 263 1,101 1,025 Undistributed equity earnings (945) (1,774) (777) Gain on asset dispositions (416) (278) (116) Loss (income) from discontinued operations 23 (27) Cumulative effect of changes in accounting principles Other (201) (139) (190) Working capital adjustments" Decrease in aggregate balance of accounts receivable sold (480) (720) Increase in other accounts and notes receivable (906) (2,665) (2,685) Decrease (increase) in inventories (829) (182) 360 Decrease (increase) in prepaid expenses and other current assets (372) (407) 15 Increase in accounts payable 657 3,156 2,103 Increase ( decrease) in taxes and other accruals (184) 824 326 Net cash provided by continuing operations 21.516 17,633 11,998 Net cash used in discontinued operations (5) (39) Net Cash Provided by Operating Activities 21.516 17,628 11,959 Cash Flows From Investing Activities Acquisition of Burlington Resources Inc. " (14,285) Capital expenditures and investments, including dry hole costs"* (15.596) (1 1,620) (9.496) Proceeds from asset dispositions 545 768 1,591 Cash consolidated from adoption and application of FIN 46(R) 11 Long-term advances/loans to affiliates and other (780) (275) 167 Collection of advance is to affiliates and other 123 111 274 Net cash used in continuing operations (29.993) ((1,016) (7,787 Net cash used in discontinued operations (1) Net Cash Used in Investing Activities (29.993) (1 1,016) 17,788 Cash Flows From Financing Activities Issuance of debt 17.314 452 Repayment of debt (7.087) (3,002) (2,775) Repurchase of company common stock (925) (1,924) Issuance of company common stock 220 402 430 Dividends paid on common stock (2.177) [1,639) [1,232) Other 185 27 178 Net cash provided by (used in) continuing operations 7.065 (5,654] (3,399 Net Cash Provided by (Used in) Financing Activities 7.065 (5,684) (3.399 Effect of Exchange Rate Changes on Cash and Cash Equivalents 15 125 Net Change in Cash and Cash Equivalents (1.397) 827 897 Cash and cash equivalents at beginning of year 2,214 1,387 490 Cash and Cash Equivalents at End of Year 817 2,214 1387 "Mi of acquisition and disposition of hiarmsNote 11-Properties, Plants and Equipment Properties, plants and equipment (PP&E) are recorded at cost. The company's investment in PP&E, with accumulated depreciation, depletion and amortization (Accum. DD)&A), at December 3I was: Millions of Dollan 2006 Gross Accum Net Gross Accum Net PP&E DD&A PPLE PPRE DD&A PPLE EXP 5 88 592 21.102 67.490 53,907 16.200 37,707 Midstream 330 157 173 372 128 194 RAM 22,115 5,199 16.916 20,046 4.777 15,269 LUKOIL Investment Chemicals Emerging Businesses 1,006 98 865 61 804 Corporate and Other 1.219 515 714 1,192 497 695 $ 113,272 27.071 86.201 76.312 21.663 54.669QUESTION IV: CONOCO PHILIPS (31 points) This question pertains to the 2006 annual report for ConocoPhilips. You can find it in the supplementary materials provided in this homework. When answering this question, please note that: ConocoPhillips purchased and disposed of various Properties, plants and equipment (PP&E) during fiscal year 2006. In addition to capital expenditures related to fixed assets, ConocoPhillips' PP&E increased through the acquisition of two companies (Burlington Resources and Wilhelmshaven Refinery) by an undisclosed amount. ConocoPhillips did not dispose of any intangible assets in 2006. . Additional disclosure reveals that the depreciation expense of ConocoPhillips for fiscal year 2006 was $7,228 million