ConocoPhillips · NYSE:COP
ConocoPhillips — Q1 2015 Earnings Presentation
14 slides from ConocoPhillips's earnings presentation, Apr 30, 2015
Slide 1: 1Q15 Conference Call
conocdPtns 1Q15 Conference Call April 30, 2015
Slide 2: Cautionary Statement
ConocoPhi lips Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations, operating results or the industries or m
Slide 3: Jeff Sheets, EVP, Finance and CFO
conocdPtns Jeff Sheets EVP, Finance and CFO
Slide 4: 1Q15 Highlights
1Q15 Highlights =a ° 5% year-over-year * $222MM adjusted loss; e Announced three-year production growth’ ($0.18) adjusted EPS Operating plan ¢ First production at Eldfisk Il, ° §$2.1B CFO2; $2.7B ending ¢ Implementing reduced Bayu Undan Phase III and cash capital plan the Brodgar H3 well e Advancing
Slide 5: 1Q15 Performance — Adjusted Earnings
1Q15 Performance — Adjusted Earnings Highlights * Strong operational performance; year-over-year production growth of 5% Adjusted * 12% year-over-year lower operating costs, Earnings adjusted for restructuring costs ($MM) ° Earnings negatively impacted by realized prices and dry hole expense (222) .
Slide 6: 1Q15 Production From Continuing Operations
1Q15 Production From Continuing Operations 5 (0) Ye PRODUCTION OGRowTH 82 2 Liquids 61 Gas 21 Total 82 1Q14' Downtime & Dispositions? Net Growth 1Q15 All volumes in MBOED. cludes Libya volumes of 2 MBOED in 1Q14. ? Dispositions reflect Canac 4014, EO ee
Slide 7: 1Q15 Performance — Company Cash Flow
1Q15 Performance — Company Cash Flow SB 1015 Marker Prices * Brent $53.97/BBL 2.1 * WTI $48.56/BBL * Henry Hub $2.99/MMBTU 1Q15 * Debt of $22.5B * Debt-to-capital ratio of 31% 0.9 5.1 2.7 2015 Beginning Cash CFO Excluding Working Capital Expenditures & Dividends 1Q15 Ending Cash Working Capital Capi
Slide 8: 2015 Guidance Unchanged
2015 Guidance Unchanged * On track for 2 to 3% production growth; 2Q production range of 1,555 — 1,595 MBOED * Implementing ~$11.5B capital program ¢ Spending decreases through the year * Operating costs of ~$9.2B ¢ Planned turnaround activity in 2Q/3Q ¢ Major project startups in 2H15 * Exploration
Slide 9: Matt Fox, EVP, Exploration & Production
conocdPtns Matt Fox EVP, Exploration & Production
Slide 10: Lower 48 and Canada
Lower 48 and Canada Lower 48 * 1Q15 production of 542 MBOED ° Transitioned from 32 operated rigs at year-end 2014 to 15 at the end of April * Eagle Ford pilottesting continues, with Upper Eagle Ford results exceeding expectations ° Appraisal activity ongoing at Gila and Tiber Canada * 1Q15 productio
Slide 11: Alaska and Europe
Alaska and Europe Alaska 1Q15 production of 186 MBOED * 1Q15 production of 209 MBOED Europe CD5 and Drill Site 2S progressing toward startup in late * Eldfisk Il continuingto ramp up 4Q15 * Brodgar H3 subsea tie-back achieved first production 1H NEWS project sanctioned * Enochdhu progressing toward
Slide 12: Asia Pacific & Middle East and Other International
Asia Pacific & Middle East and Other International APLNG 1Q15 production of 351 MBOED Gumusut FPS continuingto ramp up KBB initiated domestic gas sales, but remains constrained pending third-party pipeline repairs First gas achieved at Bayu Undan Phase III APLNG startup expected in 3Q15 In Angola, V
Slide 13: What To Watch in 2015
What To Watch in 2015 ———_ Major Turnaround Activity 2-3% * Major turnaround activity in 2Q/3Q ies Gents sieht PRODUCTION Alaska GROWTH IN 2015 Europe ¢ Lower 48 production expected to decrease | apme 1,555-1,595 during 2H15 2Q15 PRODUCTION GUIDANCE ¢ Major project startups expected at Surmont 2, AP
Slide 14: Q&A
conocSPtps Q&A