Slide 1: 3Q22 Earnings Conference Call
ConocoPhillips 3Q22 Earnings Conference Call \ NOVEMBER 3, 2022
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: 3Q22 Highlights and Recent Announcements
3Q22 Highlights and Recent Announcements STRATEGY Increased the quarterly ordinary dividend by 11% to 51 cents per share Increased share repurchase authorization by $20B Awarded stake in QatarEnergy’s North Field South LNG project and agreed to terminal services at a prospective LNG terminal in Germ
Slide 4: Earnings Summary
3Q22 Earnings Summary ADJUSTED EARNINGS (S MILLIONS) OVERVIEW = Sequential adjusted earnings decreased due to lower prices partially offset by benefits related to commercial and inventory timing = Year-over-year adjusted earnings increased due to higher prices as well as volumes from the recently ac
Slide 5: Cash Flow Summary
3Q22 Cash Flow Summary S$ BILLIONS 3Q22 MARKER PRICES = Brent $100.85/BBL = WTI$91.56/BBL CAPITAL EXCL = Henry Hub $8.20/MMBTU. ACQ~2.2 ACQUISITIONS =0,3, DIVIDENDS & VROC 1.5 REPURCHASES 2.8, 0.2 —_ $4.7B FREE CASH FLOW INCLUDES IMPACT OF ~S0.3B OF CASH OUTFLOWS FROM ACQUISITIONS 10.7 3Q22 BEGINNIN
Slide 6: YTD Cash Flow Summary
3Q22 YTD Cash Flow Summary $ BILLIONS 22.1 0.2 CAPITAL EXCL ACQ~5.9 ACQUISITIONS “1.7 3.0 9.9 DIVIDENDS & VROC 3.3 REPURCHASES 6.5 3Q22 YTD MARKER PRICES = Brent $105.35/BBL = WTI$98.09/BBL = Henry Hub $6.78/MMBTU 10.7 5.8 $14.5B FREE CASH FLOW INCLUDES IMPACT OF ~$1.7B OF CASH OUTFLOWS FROM ACQUISI
Slide 7: Price Realizations — 3Q22 Supplemental Information
Price Realizations — 3Q22 Supplemental Information TOTAL TOTAL REALIZATIONS AS % OF BRENT ($/BOE) 82% 82% 78% 77% as i) CRUDE CRUDE REALIZATIONS AS % OF BRENT (S$/BBL) 98% 96% 96% cid 94% NATURAL GAS L48 GAS REALIZATIONS AS % OF HENRY HUB ($/MCF) 115% 90% 93% 96% 90% $57 $66 $77 $89 $83 3Q 2021 4Q 2
Slide 8: 2022 Guidance
2022 Guidance GUIDANCE NOV 3, 202 Guidance excludes special items. Capital guidance excludes $1.7 billion for the closed acquisition of an additional 10% interest in APLNG and Lower 48 bolt-ons and does not include potential capital for the North Field East and South LNG projects in Qatar as timing
Slide 9: 2022 Annualized Cash Flow Sensitivities
2022 Annualized Cash Flow Sensitivities CONSOLIDATED OPERATIONS EQUITY AFFILIATES! (APPLIES FOR WTI PRICE RANGE OF $60-$110/BBL) edly eel PRICE RANGE 7 CRUDE § © @ © Brent/ANs: ~$80-90MM for $1/BBL change . eee from equity affiliates at = WTI: ~$115-125MM for $1/BBL change © Brent: ~$25-30MM for $1/
Slide 10: 2022 Annualized Net Income Sensitivities
2022 Annualized Net Income Sensitivities (S60-110/BBL WTI) = CRUDE : } | = Brent/ANS: ~$110-120MM for $1/BBL change = WTI: ~$105-115MM for $1/BBL change = WCS: ~$15-20MM for $1/BBL change — Does not incorporate contingent payment of CAS6MM quarterly for every CAS1 WCS price above CA$52/BBL!; ended M