Slide 1: ConocoPhillips 2Q23 Earnings Conference Call
ConocoPhillips 2Q23 Earnings Conference Call August 3, 2023
Slide 2: Cautionary Statement
Cautionary Statement ww 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.
Slide 3: 2Q23 Highlights and Recent Announcements
2Q23 Highlights and Recent Announcements iios =@ Strategy Reaffirmed 2023 expected return of capital of $11B Executed agreement to purchase remaining 50% interest in Surmont Completed acquisition of an equity interest in Qatar’s North Field South project Signed 20-year offtake agreements at LNG expo
Slide 4: 2Q23 Earnings Summary
2Q23 Earnings Summary Adjusted Earnings ($ Millions) Overview ww Sequential adjusted earnings decreased primarily due to lower benchmarks and realized price capture and the absence of strong 1Q commercial performance, partially offset by reduction in company estimated annual effective tax rate recor
Slide 5: 2Q23 Cash Flow Summary
2Q23 Cash Flow Summary $ Billions 47 1.0 a ee 29 ~$1.8B Free Cash Flow ww 2Q23 Marker Prices + Brent $78.39/BBL + WTI $73.78/BBL + Henry Hub® $2.09/MMBTU Dividends and VROC 1.4 Repurchases 1.3 Tal 2Q23 BEGINNING CASH & cro? TOTAL WORKING DISPOSITION CAPITAL EXPENDITURES & SHORT-TERM CAPITAL? PROCEED
Slide 6: 1H23 Cash Flow Summary
1H23 Cash Flow Summary w $ Billions 1H23 Marker Prices + Brent $79.83/BBL 1.0 0.4 5.8 a + WTI$74.96/BBL + Henry Hub® $2.77/MMBTU 5.8 Includes $0.1B of Dividends acquisitions not premised in guidance CENNEEAS 10.4 Repurchases 3.0 0.6 es ~$4.6B Free Cash Flow 2023 BEGINNING CASH & cro? TOTAL WORKING D
Slide 7: Price Realizations: 2Q23 Supplemental Information
Price Realizations: 2Q23 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) 82% 78% 80% 75% 70% tO} Crude Crude Realizations as % of Brent ($/BBL) 98% 97% 96% 96% 95% $89 $83 $71 $61 $55 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 Production Volume Split Mi Crude Ml Bitumen I NGL Ill
Slide 8: 2023 Guidance
2023 Guidance w Guidance (as of August 3, 2023) Full-year 2023 Production 1.80 — 1.81 MMBOED 3Q 2023 Production 1.78 — 1.82 MMBOED Full-year 2023 Adjusted Operating Costs $8.3B Full-year 2023 Capital Expenditures $10.8B - $11.2B Full-year 2023 DD&A $8.2B Full-year 2023 Adjusted Corporate Segment Net
Slide 9: 2023 Annualized Cash Flow Sensitivities
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 = © WTI: ~$115-125MM for $1/BBL change affiliates at >$45/BBL Brent 14) * Br
Slide 10: 2023 Annualized Net Income Sensitivities
2023 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range Of $70-$110/BBL) f.7 Crude 14) * WTI: ~$115-125MM for $1/BBL change — + Brent: ~$45-50MM for $1/BBL change * ANS: ~$30-35MM for $1/BBL change * WCS: ~$15-20MM for $1/BBL change Lower 48 NGL + Representative