... taking a look at the cash flow metrics, we can see that ConocoPhillips continues to be a cash flow machine. In Q4 2012, ConocoPhillips generated nearly $3.9B in operating cash flow. Dividend payments for the quarter totaled $0.81B. Dividend payments for the quarter represented only 17% of operating cash flows. ConocoPhillips did invest heavily in new capital projects last quarter, with $2.9B in net investments. However, ConocoPhillips is paying for this with asset sales.