Slide 1: ConocoPhillips 1Q23 Earnings Conference Call
ConocoPhillips 1Q23 Earnings Conference Call May 4, 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: 1Q23 Highlights and Recent Announcements
1Q23 Highlights and Recent Announcements itioe EXC) Strategy Presented 10-year plan highlighting durable, returns-focused value proposition Acquired 30% equity in Port Arthur LNG joint venture upon FID for Phase 1 Announced plans to assume upstream operatorship and purchase up to 2.49% additional in
Slide 4: 1Q23 Earnings Summary
1Q23 Earnings Summary w Adjusted Earnings ($ Millions) Overview * Sequential adjusted earnings decreased primarily due to lower realized prices partially offset by improved commercial performance and timing and favorable FX movement. * Year-over-year adjusted earnings decreased primarily due to lowe
Slide 5: 1Q23 Cash Flow Summary
1Q23 Cash Flow Summary w $ Billions 0.1 0.2 2.9 1Q23 Marker Prices + Brent $81.27/BBL + WTI $76.13/BBL + Henry Hub $3.44/MMBTU Includes $0.18 of Dividends acquisitions not and VROC 1.5 premised in guidance Repurchases 1.7 0.3 — ~$2.8B Free Cash Flow 1Q23 BEGINNING CASH & CFO? TOTAL WORKING DISPOSITI
Slide 6: Price Realizations: 1Q23 Supplemental Information
Price Realizations: 1Q23 Supplemental Information a FO} Total Crude Total Realizations Crude Realizations as % of Brent ($/BOE) as % of Brent ($/BBL) 82% 80% 98% 78% 97% 76% 75% 6 $77 $89 $83 $71 $61 $95 $i $98 $86 $78 1Q2022 2Q2022 3Q2022 4Q2022 1Q 2023 Production Volume Split @ Crude Ml Bitumen Mi
Slide 7: 2023 Guidance
2023 Guidance w Guidance (as of May 4, 2023) Full-year 2023 Production 1.78 — 1.80 MMBOED 2Q 2023 Production 1.77 — 1.81 MMBOED Full-year 2023 Adjusted Operating Costs $8.2B Full-year 2023 Capital Expenditures $10.7B - $11.3B Full-year 2023 DD&A $8.1B Full-year 2023 Adjusted Corporate Segment Net Lo
Slide 8: 2023 Annualized Cash Flow Sensitivities
2023 Annualized Cash Flow Sensitivities ww Consolidated Operations aN Equity Affiliates! (Applies for WTI Price Range of $70-$110/BBL) (applies for Brent price range of $70-$110/BBL) Crude + Expect distributions from equity = © WTI: ~$115-125MM for $1/BBL change affiliates at >$45/BBL Brent 14) * Br
Slide 9: 2023 Annualized Net Income Sensitivities
2023 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range Of $70-$110/BBL) fi 7 Crude 0) © 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 Natural Gas * Henry Hub?: ~$7