ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. The portfolio includes assets in North America, Europe, Asia and Australia; growing North American shale and oil sands businesses; a number of international development projects, and a global exploration program. As of December 31, 2011, it conducted exploration activities in 19 countries and produced hydrocarbons in 13 countries, with proved reserves located in 15 countries. Its production averaged 1.57 million billion barrels of oil equivalent (BOE) per day for the nine months ended September 30, 2012. The Company�s proved reserves were 8.4 BOE as of December 31, 2011. On May 1, 2012, the Company spun off the downstream portion of its operations to Phillips 66. In August 2012, it closed a transaction with LUKOIL for the sale of ConocoPhillips� indirect 30% interest in NaryanMarNefteGaz (NMNG) and certain related assets.