Slide 1: ConocoPhillips 4Q24 Earnings Conference Call
ConocoPhillips 4Q24 Earnings Conference Call Feb. 6, 2025
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, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenu
Slide 3: 2024 Highlights and Recent Announcements
2024 Highlights and Recent Announcements tite EXC) Strategy Closed acquisition of Marathon Oil and on track to deliver $1B+ in synergies Announced $10B return of capital target for 2025 Progressed $2B disposition target with signed agreements to divest $0.6B of noncore Lower 48 assets! Advanced glob
Slide 4: 2024 Preliminary Reserve Replacement, BBOE
2024 Preliminary Reserve Replacement, BBOE w 123% 9 ORGANIC RRR' 244% TOTAL RRR Vv 0.1 0.7 Is A. 135% ORGANIC RRR EXCLUDING MARKET FACTORS? 0.9 YE 2023 Reserves 2024 Extensions & Revisions Excluding Market Market Factors * Acquisitions & YE 2024 Reserves Production? Discoveries Factors Dispositions*
Slide 5: 4Q24 Cash Flow Summary
4Q24 Cash Flow Summary $ Billions 4Q24 Marker Prices 5.4 0.9 eee eee + Brent $74.69/BBL + WTI $70.27/BBL + Henry Hub? $2.79/MMBTU Includes $0.4B4 of id PEPE vidends-09 iC not premised in guidance g 0.3 a $2 1 B Repurchases ~2.0 Free Cash Flow 4Q24 Beginning Cash & CFO? Total Working Capital? Short-T
Slide 6: 2024 Cash Flow Summary
2024 Cash Flow Summary $ Billions 20.3 0.1 0.3 12.1 2024 Marker Prices + Brent $80.76/BBL + WTI $75.72/BBL + Henry Hub? $2.27/MMBTU Includes $0.48° of spend _. related to 4Q acquisitions (PIMC Cus eeu) not premised in guidance VROC 3.6 Repurchases 5.5 0.6 ee ~$8.2B Free Cash Flow 6.4 2024 Beginning
Slide 7: 2025 Guidance
2025 Guidance Guidance (as of Feb. 6, 2025) w x92 Full-Year Production 1Q Production Full-Year Adjusted Operating Costs Full-Year Capital Expenditures Full-Year DD&A Full-Year Adjusted Corporate Segment Net Loss ebsite. 2.34 — 2.38 MMBOED 2.34 — 2.38 MMBOED $10.9B — $11.1B ~$12.9B $11.3B — $11.5B ~$
Slide 8: 2025 Capital Expenditures Guidance
2025 Capital Expenditures Guidance 13.7 Marathon Oil $ Billions ~1.4 Delivering low single- Peak construction season at Continued growth in Alaska digit production growth Willow, increased Qatar LNG and Canada. with a >15% decrease activity and increased in capital on a proforma capitalized interest
Slide 9: Appendix
ww ConocoPhillips Appendix
Slide 10: 4Q24 Earnings Summary
4Q24 Earnings Summary w Adjusted Earnings ($ Millions) Overview * Sequential adjusted earnings increased primarily due to increased volumes, improved operating costs and impacts from Marathon Oil, partially offset by impacts from lower prices. * Year-over-year adjusted earnings decreased as volumes
Slide 11: Price Realizations: 4Q24 Supplemental Information
Price Realizations: 4Q24 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) tO Crude Crude Realizations as % of Brent ($/BBL) __ 70% 96% 68% pm Ci on 96% 96% 95% $58 $57 $57 $54 $52 $81 $79 $81 $7 $71 4Q 2023 1Q2024 2Q2024 3Q2024 4Q 2024 4Q 2023 1Q2024 2Q2024 3Q2024 4Q 2024 P
Slide 12: 2025 Annualized Cash Flow Sensitivities
2025 Annualized Cash Flow Sensitivities w Consolidated Operations . - (Applies for WTI Price Range of $60-$90/BBL) Equity Affiliates? = (Applies for Brent Price Range of $60-$90/BBL) Crude ee tO * WTI: ~$140-150MM for $1/BBL change ° Expect distributions from equity affiliates at >$45/BBL Brent * Br
Slide 13: 2025 Annualized Net Income Sensitivities
2025 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range of $60-$90/BBL) F 7 Crude 74) * WTI: ~$140-150MM for $1/BBL change sme * Brent: ~$65-75MM for $1/BBL change * ANS: ~$45-55MM for $1/BBL change * WCS: ~$25-35MM for $1/BBL change Natural Gas * Henry Hub: ~$1