Slide 1: ConocoPhillips 2Q24 Earnings Conference Call
ConocoPhillips 2Q24 Earnings Conference Call August 1, 2024
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: 2Q24 Highlights and Recent Announcement
2Q24 Highlights and Recent Announcement ihoe =@ Strategy Advanced global LNG strategy with new agreements in Europe and Asia Announced plan to increase ordinary dividend by 34% in fourth quarter! Progressing Marathon Oil acquisition with expected late 4Q close? Financial $2.3B adjusted earnings; $1.
Slide 4: 2Q24 Earnings Summary
2Q24 Earnings Summary Adjusted Earnings ($ Millions) 2,409 2,232 2Q23 1Q24 2Q24 Adjusted EPS ($) $1.84 $2.03 $1.98 Average Realized $54.50 $56.60 $56.56 Price ($/BOE) Adjusted eamings and adjusted EPS are non-GAAP measures. Definitions and reconciliations are available on our website Overview Sequen
Slide 5: 2Q24 Cash Flow Summary
2Q24 Cash Flow Summary wv $ Billions 2Q24 Marker Prices 3.0 + Brent $84.94/BBL . + WTI $80.57/BBL + Henry Hub? $1.89/MMBTU 1.9 Dividends and VROC 0.9 Repurchases 1.0 ~$2.1B Free Cash Flow 6.3 2Q24 BEGINNING CASH & CFO? TOTAL WORKING CAPITAL? CAPITAL EXPENDITURES & DIVIDENDS & REPURCHASE OTHER* 2Q24
Slide 6: 1H24 Cash Flow Summary
1H24 Cash Flow Summary 10.2 0.1 0.2 ~$4.3B Free Cash Flow $ Billions w 1H24 Marker Prices + Brent $84.09/BBL + WTI $78.76/BBL * Henry Hub® $2.07/MMBTU Dividends and VROC ~1.8 Repurchases ~2.3 0.2 6.3 2024 BEGINNING CFO? TOTAL WORKING DISPOSITION CASH & SHORT-TERM CAPITAL* PROCEEDS* INVESTMENTS! EXPE
Slide 7: Price Realizations: 2Q24 Supplemental Information
Price Realizations: 2Q24 Supplemental Information FO} Total Crude Total Realizations Crude Realizations as % of Brent ($/BOE) as % of Brent ($/BBL) 70% 69% 69% 68% 67% 95% 96% 96% 94% 96% $55 $60 $58 $57 $57 $74 $83 $81 $79 $81 2Q 2023 3Q2023 4Q2023 1Q2024 2Q2024 2Q 2023 3Q 2023 4Q 2023 1Q2024 2Q 20
Slide 8: 2024 Guidance
2024 Guidance Guidance (as of August 1, 2024) w Full-year Production 3Q Production Full-year Adjusted Operating Costs Full-year Capital Expenditures Full-year DD&A Full-year Adjusted Corporate Segment Net Loss 1.93 — 1.94 MMBOED 1.87 — 1.91 MMBOED $9.2B - $9.3B ~$11.5B $9.3B - $9.4B $0.8B — $0.98 Co
Slide 9: 2024 Annualized Cash Flow Sensitivities
2024 Annualized Cash Flow Sensitivities w Consolidated Operations : a (Applies for WTI Price eee of $60-$90/BBL) Equity Affiliates? = Crude (applies for Brent price range of $60-$90/BBL) : | _ + Expect distributions from equity tO WTI: ~$120-130MM for $1/BBL change affiliates at >$45/BBL Brent * Bre
Slide 10: 2024 Annualized Net Income Sensitivities
2024 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range of $60-$90/BBL) Fry Crude 74) * WTI: ~$120-130MM for $1/BBL change —. * Brent: ~$45-55MM for $1/BBL change * ANS: ~$50-55MM for $1/BBL change * WCS: ~$30-40MM for $1/BBL change Natural Gas * Henry Hub: ~$75