Exploration and Production earnings were $635 million in the first quarter of 2012 compared with $979 million in the first quarter of 2011. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $89.92 per barrel, up from $87.22 per barrel in the same quarter a year ago. The average worldwide natural gas selling price was $6.23 per mcf in the first quarter of 2012, up from $5.84 per mcf in the first quarter of 2011. First quarter oil and gas production was 397,000 barrels of oil equivalent per day compared with 399,000 barrels of oil equivalent per day in the first quarter a year ago.

Marketing and Refining earnings were $11 million in the first quarter of 2012 compared with $39 million in the same period in 2011. Marketing earnings, reflecting the impact of a mild winter on energy marketing operations, were $22 million in the first quarter of 2012 compared with $68 million in the first quarter of 2011. Refining operations incurred a loss of $6 million in the first quarter of 2012, compared with a loss of $48 million in the first quarter a year ago. Trading results were a loss of $5 million in the first quarter of 2012, compared with income of $19 million in the first quarter of last year.

The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
                                                    Three Months Ended
March 31, (unaudited)
2012     2011
(Millions of dollars)
Exploration and Production

$

      36 

$

      310 

First quarter 2012 results included a gain of $36 million related to the sale of the Corporation’s interest in the Snohvit Field, offshore Norway.

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