Slide 1: 4Q22 Earnings Conference Call
ConocoPhillips 4Q22 Earnings Conference Call FEBRUARY 2, 2023
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, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Wor
Slide 3: 2022 Highlights and Recent Announcements
2022 Highlights and Recent Announcements DELIVERING ACROSS ALL ELEMENTS OF THE TRIPLE MANDATE —v —-v —Vv —Vv STRATEGY Returned 53% of CFO! to shareholders Expanded LNG business in Australia, Germany, Qatar, and the U.S. Published Plan for the Net-Zero Energy Transition, joined OGMP 2.0? and seta new
Slide 4: 2022 Preliminary Reserve Replacement
2022 Preliminary Reserve Replacement 177% ORGANIC RRR* 176% TOTAL RRR Vv 0.7 158% ORGANIC RRR EXCLUDING MARKET FACTORS? YE 2021 20222 EXTENSIONS & REVISIONS & RESERVES PRODUCTION DISCOVERIES IMPROVED RECOVERY replacement ratio. All reserves are in BBOE. ent excludes 0.01 BBOE from the net impact of
Slide 5: 4Q22 Cash Flow Summary
4Q22 Cash Flow Summary $ BILLIONS 0.1 OTHER® BASE CAPITAL~2.2 ~$4.0B FREE CASH FLOW INCLUDES IMPACT OF ~$0.3B OF CASH OUTFLOWS FROM ACQUISITIONS & 4Q22 MARKER PRICES = Brent $88.71/BBL = WTI$82.64/BBL = Henry Hub $6.26/MMBTU DIVIDENDS & VROC 24 4022 BEGINNING CASH cro TOTAL WORKING & SHORT-TERM CAPI
Slide 6: 2022 Cash Flow Summary
2022 Cash Flow Summary $ BILLIONS 2022 MARKER PRICES 10.2 = Brent $101.19/BBL 3.5 - = WTI$94.23/BBL = Henry Hub $6.65/MMBTU BASE CAPITAL ~8.1 ACQ. & OTHER®~2.1 3.4 ss DIVIDENDS & VROC 5.7 REPURCHASES 9.3 $18.4B FREE CASH FLOW 5.8 INCLUDES IMPACT OF ~$2.1B OF CASH OUTFLOWS FROM ACQUISITIONS & OTHER®
Slide 7: 2023 Guidance
2023 Guidance GUIDANC OF FEB 2, 2 FULL-YEAR 2023 ADJUSTED CORPORAT $0.9B Guidance excludes special items. Adjusted operating cost and adjusted corporate segment net loss arenon-GAAP measures. Non-GAAP definitions and reconciliations are available on our webste ConocoPhillips 7
Slide 8: 2023 Capital Expenditures Guidance
2023 Capital Expenditures Guidance 0.1-0.4 1.5-1.6 es fl 1 ACQUISITIONS | 05-06 0.4-0.5 O14 9.1-9.3 ASIA PAC 1 1 5-0. a 1 OTHERQ2 fF EMENA 1 CANADA ALASKA BASE 8.1 LOWER 48 2022 CAPITAL INFLATION ACTIVITY INCREMENTAL 2023 BASE CAPITAL LNG WiLlow 2023 CAPITAL EXPENDITURES EMISSIONS EXPENDITURES EXPEN
Slide 9: Appendix
ConocoPhillips Appendix a
Slide 10: 4Q22 Earnings Summary
4Q22 Earnings Summary ADJUSTED EARNINGS (S$ MILLIONS) OVERVIEW = Sequential adjusted earnings decreased primarily due to lower prices = Year-over-year adjusted earnings increased due to higher volumes and improved realized prices, partially offset by higher costs associated with higher volumes, and
Slide 11: Price Realizations — 2022 Supplemental Information
Price Realizations — 2022 Supplemental Information TOTAL TOTAL REALIZATIONS AS % OF BRENT ($/BOE) 82% 82% fo CRUDE CRUDE REALIZATIONS AS % OF BRENT ($/BBL) NATURAL GAS L48 GAS REALIZATIONS AS % OF HENRY HUB ($/MCF) 80% 96% vex 78% ons 90% 93% 90% _ oon oom oe Te” 94% $66 $77 $89 $83 $71 $77 $95 gii1
Slide 12: 2023 Annualized Cash Flow Sensitivities
2023 Annualized Cash Flow Sensitivities (APPLIES FOR WTI PRICE RANGE OF $70-$110/BBL) (APPLIES FOR BRENT PRICE RANGE CONSOLIDATED OPERATIONS aN EQUITY AFFILIATES! OF $70-$110/BBL) CRUDE =) WTI: ~$115-125MM for $1/BBL change = Expect distributions from equity affiliates al at >$45/BBL Brent NS = Bren
Slide 13: 2023 Annualized Net Income Sensitivities
2023 Annualized Net Income Sensitivities CONSOLIDATED OPERATIONS (APPLIES FOR WTI PRICE RANGE OF $70-$110/BBL) =» CRUDE 10} =) 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 o LOWER 48 NGL mR = Representat