Slide 1: ConocoPhillips 1Q24 Earnings Conference Call
ConocoPhillips 1Q24 Earnings Conference Call May 2, 2024
Slide 2: Cautionary Statement
Cautionary Statement This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking staternents relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results, Wo
Slide 3: 1Q24 Highlights and Strategy
1Q24 Highlights and ihoe =@ Strategy Continued execution across all aspects of the Triple Mandate Executed successful first major winter construction season at Willow and advanced development of LNG projects Reaffirmed 2024 expected return of capital of at least $9B 'Cash provided by operating activ
Slide 4: 1Q24 Earnings Summary
1Q24 Earnings Summary Adjusted Earnings ($ Millions) Overview w * Sequential adjusted earnings decreased primarily due to lower sales volume and decreased prices * Year-over-year adjusted earnings decreased primarily due to impacts from lower prices, higher costs and higher DD&A, partly offset by in
Slide 5: 1Q24 Cash Flow Summary
1Q24 Cash Flow Summary wv $ Billions 2.9 1Q24 Marker Prices + Brent $83.24/BBL + WTI $76.96/BBL + Henry Hub® $2.25/MMBTU Dividends and VROC 0.9 Repurchases 1.3 ~$2.2B Free Cash Flow 6.3 1Q24 BEGINNING CFO? TOTAL WORKING DISPOSITION CAPITAL DIVIDENDS & DEBT OTHER® 1Q24 ENDING CASH CASH & SHORT-TERM C
Slide 6: Price Realizations: 1Q24 Supplemental Information
Price Realizations: 1Q24 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) tO} Crude Crude Realizations as % of Brent ($/BBL) 75% 96% 96% 70% 69% 69% aS 96% = 95% 94% _——— $61 $55 $60 $58 $57 $78 $74 $83 $81 $79 1Q 2023. 2Q2023 3Q2023 4Q2023 1Q 2024 1Q 2023 2Q2023 3Q2023 4Q2
Slide 7: 2024 Guidance
2024 Guidance Guidance (as of May 2, 2024) w Full-year Production 2Q Production Full-year Adjusted Operating Costs Full-year Capital Expenditures Full-year DD&A Full-year Adjusted Corporate Segment Net Loss 1.91 - 1.95 MMBOED 1.91 - 1.95 MMBOED $8.9B - $9.1B $11.0B — $11.5B $9.4B - $9.6B $1.0B — $1.
Slide 8: 2024 Annualized Cash Flow Sensitivities
2024 Annualized Cash Flow Sensitivities w Consolidated Operations . aH (Applies for WTI Price eee of $60-$90/BBL) Equity Affiliates? = Crude (applies for Brent price range of $60-$90/BBL) : 5 ' + Expect distributions from equity tO WTI: ~$120-130MM for $1/BBL change affiliates at >$45/BBL Brent * Br
Slide 9: 2024 Annualized Net Income Sensitivities
2024 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range of $60-$90/BBL) Fo7 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 o Lower 48 NGL + Representati