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Notable achievements from 2014 include: 

•  Met our production growth target by delivering 4 percent year-over-year growth from continuing operations, excluding Libya. 

•  Exceeded our margin growth target with year-over-year price-normalized margin growth of 8 percent. 

• Increased our dividend by 5.8 percent as part of our ongoing commitment to deliver a compelling dividend to shareholders. 

•  Completed our previously announced asset disposition program with the sale of our Nigerian business. Since 2012, we have generated $14 billion in proceeds from asset sales. 

•  Achieved a 124 percent organic reserve replacement ratio, with total year-end reserves of 8.9 BBOE. 

• Delivered on our operational targets with fi ve major project startups, growth from our unconventional development programs, and improved safety and environmental performance. 

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*Anadarko, Apache, BG Group plc., BP, Chevron, Devon, ExxonMobil, Occidental, Royal Dutch Shell and Total. 

 A non-GAAP reconciliation for price-normalized cash margin per barrel is included at the end of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2014 Annual Report on Form 10-K, enclosed in this report. 

## 27 Countries with operations and activities 

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Over the past three years, the market has recognized our success in executing our plan and delivering on our objectives. In 2014, we ranked in the top quartile of our peer group on total shareholder return for the third year in a row. 

## 2014 Review 

Financially, in 2014 we reported $6.9 billion in earnings, or $5.51 per share. Excluding special items, full-year adjusted earnings were $6.6 billion, or $5.30 per share. We ended the year with $5.1 billion of cash and cash equivalents, and a debt-to-capital ratio of 30 percent. Additional details on our fi nancial results for the year can be found on pages 8 and 9 of this report. 

Operationally, we saw steady production from our legacy assets, ongoing growth in our development drilling programs, fi rst production from fi ve major projects and success in our exploration program. Our legacy assets performed well and we successfully completed several major turnarounds across the portfolio. 

