Slide 1: ConocoPhillips 3Q23 Earnings Conference Call
ConocoPhillips 3Q23 Earnings Conference Call November 2, 2023
Slide 2: Cautionary Statement
Cautionary Statement This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results, Wor
Slide 3: 3Q23 Highlights and Recent Announcements
3Q23 Highlights and Recent Announcements iios =@ Strategy Increased the quarterly ordinary dividend by 14% to 58 cents per share Completed purchase of remaining 50% interest in Surmont in October Signed 15-year throughput agreement for regasification at the Gate LNG Terminal in the Netherlands y \J
Slide 4: Earnings Summary
3Q23 Earnings Summary Adjusted Earnings ($ Millions) Overview Sequential adjusted earnings increased primarily due to higher prices, partially offset by estimated annual tax rate adjustments, higher depreciation expense and higher controllable costs Year-over-year adjusted earnings decreased primari
Slide 5: Cash Flow Summary
3Q23 Cash Flow Summary w $ Billions 3Q23 Marker Prices + Brent $86.76/BBL 0.2 2.5 + WTI $82.26/BBL 5.5 0.3 EE + Henry Hub® $2.54/MMBTU. 0.4 : a Dividends and VROC 1.3 Repurchases 1.3 ~$2.9B Free Cash Flow 3Q23 BEGINNING CFO? TOTAL WORKING DISPOSITION CAPITAL DIVIDENDS & DEBT OTHER® 3Q23 ENDING CASH
Slide 6: YTD Cash Flow Summary
3Q23 YTD Cash Flow Summary w $ Billions 8.4 3Q23 YTD Marker Prices 15.9 1.3 Cd ie + Brent $82.14/BBL * WTI $77.39/BBL + Henry Hub® $2.69/MMBTU Includes $0.18 of acquisitions not Dividends premised in guidance and VROC 4.2 2.5 0.6 Repurchases 4.3 fe = ~$7.5B 9.7 Free Cash Flow G5} 2023 BEGINNING CASH
Slide 7: Price Realizations: 3Q23 Supplemental Information
Price Realizations: 3Q23 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) 82% tO} Crude Crude Realizations as % of Brent ($/BBL) 80% 97% 75% 96% 96% 95% 96% 70% 69% $83 $71 $61 $55 $60 $98 $86 $78 $74 $83 3Q2022 4Q 2022 192023 2Q2023 3Q2023 Production Volume Split Crude MM
Slide 8: 2023 Guidance
2023 Guidance w Guidance (as of November 2, 2023) Full-year 2023 Production ~1.82 MMBOED 4Q 2023 Production 1.86 — 1.90 MMBOED Full-year 2023 Adjusted Operating Costs $8.6B Full-year 2023 Capital Expenditures $10.8B - $11.2B Full-year 2023 DD&A $8.3B Full-year 2023 Adjusted Corporate Segment Net Los
Slide 9: 4Q 2023 Annualized Cash Flow Sensitivities
AQ 2023 Annualized Cash Flow Sensitivities ww (Applies for WTI Price Range of $70-$110/BBL) (applies for Brent price range of $70-$110/BBL) Consolidated Operations aN Equity Affiliates? Crude + Expect distributions from equity 70 © WTI: ~$115-125MM for $1/BBL change affiliates at >$45/BBL Brent * Br
Slide 10: 4Q 2023 Annualized Net Income Sensitivities
AQ 2023 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range Of $70-$110/BBL) fT, 7 Crude £0] ¢ WTI: ~$115-125MM for $1/BBL change © © Brent: ~$45-50MM for $1/BBL change * ANS: ~$30-35MM for $1/BBL change * WCS: ~$30-40MM for $1/BBL change Lower 48 NGL + Represent