Slide 1: 2Q25 Earnings Conference Call
w ConocoPhillips 2Q25 Earnings Conference Call Aug. 7, 2025
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenu
Slide 3: 2Q25 Highlights and Full-Year Outlook
2Q25 Highlights and Full-Year Outlook w 2Q Highlights Full-Year Outlook $1.42 adjusted EPS; FY production midpoint unchanged, $4.7B CFO!; $1.4B FCF; even with the announced Anadarko sale?; ending cash of $5.7B2 capital and cost guidance unchanged 2Q production of 2,391 MBOED, Expect 2H FCF tailwinds
Slide 4: Delivering Results while Driving Continuous Improvement
Delivering Results while Driving Continuous Improvement W~ Marathon Oil Integration Complete Further Optimization Ongoing >$1B of additional cost reductions and margin enhancements* >25% increase in low cost of supply resource >$2.5B of announced asset sales ahead of schedule >$1B of synergies! on t
Slide 5: Marathon Oil Integration Complete: Outperforming Acquisition Case
Marathon Oil Integration Complete: Outperforming Acquisition Case wr~ What We Said >2 BBOE Net resource added What We Did >2.5 BBOE Net resource added $500MM Annual synergies >$1B syNeRGIES' With additional one-time benefits® STEADY-STATE BENEFITS Opportunity to significantly improve Lower 48 effici
Slide 6: Not Stopping There: Improving Cash Flow and Optimizing our Portfolio
Not Stopping There: Improving Cash Flow and Optimizing our Portfolio \pr~ > $2 B Improvement Target $5 B Asset Sales Target >$1B Additional Cost & Margin Enhancements >$1B Marathon Oil Synergies YE 2025 YE 2026 Total YE Announced Incremental Expected Total YE 2026 Run-rate Run-rate 2026 Run-rate by
Slide 7: Further Enhancing our Sector-Leading Free Cash Flow Profile
Further Enhancing our Sector-Leading Free Cash Flow Profile wr~ ~$1B + >$6B — >$7B Cost Reductions & Major Project Incremental Free Margin Enhancements! FCF Inflection? Cash Flow vs. 2025 >$6B ane Incremental FCF vs. 2025 Willow LNG $B Qatar NFE PALNG Qatar NFS Incremental 2029 FCF? Incremental 2029
Slide 8: 2Q25 Earnings Summary
2Q25 Earnings Summary w Adjusted Earnings ($ Millions) Overview * Sequential adjusted earnings decreased primarily due to impacts from lower prices. * Year-over-year adjusted earnings decreased as the benefits of increased volumes were more than offset by lower prices, increased DD&A and higher oper
Slide 9: 2Q25 Cash Flow Summary
2Q25 Cash Flow Summary $ Billions 2Q25 Marker Prices + Brent $67.82/BBL 33 + WTI $63.74/BBL : + Henry Hub® $3.44/MMBTU Dividends 1.0 Repurchases 1.2 01 ~$1.4B Free Cash Flow 2Q25 Beginning Cash cro? Total Working Disposition Capital Expenditures Dividends & Debt Other 2Q25 Ending Cash & & Short-Term
Slide 10: 1H25 Cash Flow Summary
1H25 Cash Flow Summary $ Billions 1.3 6.7 1H25 Marker Prices + Brent $71.74/BBL 10.2 a 2 WI $6756/@8L + Henry Hub® $3.55/MMBTU Dividends 2.0 Repurchases 2.7 : 0.8 ~$3.5B 57 6.4 Free Cash Flow Capital Expenditures & — Dividends & Repurchase of Debt 2Q25 Ending Cash & Short- Common Stock Term Investme
Slide 11: Price Realizations: 2Q25 Supplemental Information
Price Realizations: 2Q25 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) tO Crude Crude Realizations as % of Brent ($/BBL) 70% 71% 67% 68% 67% 96% 96% 95% 95% 95% $57 $54 $52 $53 $46 $81 $7 $71 $72 $64 2Q.2024 3Q2024 4Q.2024 19.2025 2Q2025 2Q 2024 3Q2024 4Q2024 1Q2025 2Q20
Slide 12: Sensitivity and Guidance Items
Sensitivity and Guidance Items Net Income and Cash Flow Sensitivities 2H25 Annualized Sensitivities Marker 3025 2025 Net Income Cash Flow Consolidated Brent $67.82 ~$65-75MM ~$65-75MM a ANS $68.86 ~$45-55MM ~$45-55MM wt $6374 ~$140-150MM_ —~$140-150MM wes $53.52 ~$20-30MM ~$25-35MM NA NGL $26.05 ~$7