ConocoPhillips · NYSE:COP
ConocoPhillips — Shareholder Meeting (May 2015)
24 slides from ConocoPhillips's shareholder meeting presentation, May 12, 2015
Slide 1: Annual Meeting of Stockholders
ConocoPhillips low cost of supply core holding SOCIAL RESPONSIBILITY ANNUAL MEETING __ OF STOCKHOLDERS °°" safety technical capability Annual Meetin g diverse portfolio of Stockholders SPIRIT Values May 12, 2015
Slide 2: Cautionary Statement
ConocoPhillips Cautionary Statement The following presentation includes forward-looking statements. All statements included in this presentation other than statements of historical fact, including, without limitation statements regarding production forecasts, anticipated production mix, estimates of
Slide 3: Ryan Lance, Chairman & CEO
ConocoPhillips low cost of supply core holding SOCIAL RESPONSIBILITY ANNUAL MEETING __ OF STOCKHOLDERS °°" safety technical capability diverse portfolio SPIRIT Values Ryan Lance Chairman & CEO
Slide 4: Core Energy Holding
Core Energy Holding
Slide 5: Committed to Compelling Dividend
Committed to Compelling Dividend Dividend Yield * Cash dividend is key to our value proposition * Highest priority use of funds ¢ Enhances capital discipline * Predictable portion of shareholder returns * Differential compared to independent peers © Integrated Peers @ Independent Peers @ ConocoPhill
Slide 6: 2012-2014: Successfully Delivered on Our Commitments
2012-2014: Successfully Delivered on Our Commitments operations’ —_— * 3% production compound * 9% cash margin compound * Completed $14B in non-core annual growth rate* annual growth rate? asset sales * 9 major project startups * 10% operating cash flow * Increased inventory of compound annual growt
Slide 7: 2012-2014: Track Record of Value Creation
2012-2014: Track Record of Value Creation ConocoPhillips Integrated Peer Average Independent Peer Average S&P 500 Energy ‘A, APC, BG, BP, CVX, DVN, OXY, RDS, TOT and XOM. ec. 31, 2014 and assumes all dividends reinvested. ConocoPhillips W/
Slide 8: High-Quality Global Portfolio
High-Quality Global Portfolio 1,532 MBOED Production? — FY14 — * Diversified asset base with significant scope and scale Ameri 5% iqui : ee Liquids * Multiple sources of growth LNG + * Growing inventory of low cost of supply opportunities International a . Gas * Large positions in key resource trend
Slide 9: Life Saving Rules
Life Saving Rules Seat @ * Continued focus & field verification of 8 Life Saving Rules Visible engaged leadership * Managing process safety defenses Metrics established to measure these activities Implementing environmental strategy framework * Strong emergency preparedness capability Recordable Rat
Slide 10: Sustainable Development: Better Today and Tomorrow
Sustainable Development: Better Today and Tomorrow * SD action plans continue to drive performance * Reducing GHG emissions through investments * Testing portfolio across carbon scenarios ¢ Water reuse and responsible management * Pro-actively engaging stakeholders * Continued external recognition o
Slide 11: 2015-2017: Uncertain Price Outlook
2015-2017: Uncertain Price Outlook * Wide range of outlooks based on differing ‘00 views of macro factors a2 109 * Global economic outlook 80 60 : ¢ Supply and demand response to low oil prices 140 290 _Brent ($/bbl) ¢ Industry cost deflation WTI ($/bbl) ¢ Technology change impacting supply or ———e
Slide 12: Disciplined Approach for the New World
Disciplined Approach for the New World Prior Plan New Plan Compelling dividend Cash flow neutrality in 2017 Improve financial returns Maintain “A” credit rating Annual capital of ~$16.0B 3-5% production growth 3-5% cash margin growth Mix of longer/shorter cash cycle growth Compelling dividend Cash f
Slide 13: Capital Allocation for a Lower, More Volatile Price Environment
Capital Allocation for a Lower, More Volatile Price Environment Prior Plan ~$16B/year Reduce & Re-allocate Execute Plan with Growing Flexibility Major Projects Strategy Drivers ~$11.5B "$11.58 * Exploration: Limiting new access Development Major Projects Major Projects ee * Major Projects: Completin
Slide 14: Flexibility, Resilience and Growth for ~$11.5B
Flexibility, Resilience and Growth for ~$11.5B A. B D 2-3% PRODUCTION GROWTH 2014-2015 Average Capital ~$11.5B Production 1.7MMBOED {[ 28 14 1.2 1.0 Canada Lower 48 0.8 qiodWwW 0.6 2015-2017 2014 14
Slide 15: 2014-2017: Cash Flow Growth
2014-2017: Cash Flow Growth 2014 Actual CFO! $99 Brent $93 WTI $4.4 Henry Hub Cash From Operations — $B ~30 MBOED $1B Operating Net Decline Cost Reductions ~200 MBOED Net Growth ~$3B of Cash Flow Growth 2014 Normalized CFO? $75 Brent $70WTI $3.5 Henry Hub Liquid and LNG Gas Decline Growth ents $16.6
Slide 16: Lower 48: Low Cost of Supply with High-Value Mix Shift
Lower 48: Low Cost of Supply with High-Value Mix Shift pakke Green | River @ WindRiver Basin Basin © @ Vinta Basin e Niobrara Je San Juan } GS Anadarko Permian “Barnett YE. Text N. Laj CS Bossier \s. Lduisiana s RESOURCE? PERMIAN UNCONVENTIONAL Lower 48 Canada $4-5B annual investment in 2015-2017 Fo
Slide 17: Canada: Growth from Two Vast Resource Positions
Canada: Growth from Two Vast Resource Positions » 2017 Product Mix >$1B capital focused on unconventionals and oil sands 7% * Surmont 2 >90% complete and on track for start-up * Shift to development programs as Surmont 2 completed a ¢ Production through 2017 grows by 80 MBOED Oil Bitumen ¢ Explorati
Slide 18: Asia Pacific & Middle East: High-Margin Growth Underway
Asia Pacific & Middle East: High-Margin Growth Underway © BohaiBay North Field @ south QATAR China Sea Kuala mal Lumpur SNP; -INDONESIA, * toate — ; Bayu Undane (ERIS arer se Poseidong Lower 48 Canada APLNG >90% complete and on track for start-up Attractive opportunities in Malaysia High-return deve
Slide 19: Alaska: New Projects Maintain Strong Performance
Alaska: New Projects Maintain Strong Performance Colville River Unit Gumi @ Kuparuk River Unit o ¢ Largest producer in Alaska * Improved fiscal terms support investment * Major projects and development offset decline * CD5 and DS-2S first production late 2015 ¢ 1H NEWS first production early 2017 *
Slide 20: Europe: Optimizing Performance in Mature Assets
Europe: Optimizing Performance in Mature Assets fp pisise 3 major project startups in 2015 2017 Product Mix a PL603 PL218 Drilling from new infrastructure offsets decline aR Norwegian Sea = 4 Clair Ridge & Aasta Hansteen provide future volumes Positive tax reform in the U.K. Significant cost reducti
Slide 21: Global Exploration: 2015 Exploration and Appraisal Drilling
Global Exploration: 2015 Exploration and Appraisal Drilling North Slope @ UK & Western Canada Norway @ Unconventionals Nova Lower 48 e Scotia Unconventionals @ Gulf of Mexico Senegal @ Colombia @ Angola @ Unconventional @ Deepwater @ Other Conventional @ Lower48 Canada Alaska Europe $0.9B Exploratio
Slide 22: Creating Value for Shareholders
Creating Value for Shareholders DIVIDEND REMAINS TOP PRIORITY 2017 CASH FLOW NEUTRALITY $1 BILLION OPERATING COST REDUCTION UNDERWAY 44 BBOE RESOURCE BASE PROVIDES LONG- TERM GROWTH ¢ Return cash to shareholders through a compelling dividend * Proven track record of success * Exercising prudent plan
Slide 23: Committed to SPIRIT Values
Committed to SPIRIT Values S P | R I T SAFETY \ PEOPLE \ INTEGRITY \ RESPONSIBILITY \ INNOVATION \ TEAMWORK \
Slide 24: ConocoPhillips
ConocoPhillips low cost of supply core holding SOCIAL RESPONSIBILITY ANNUAL MEETING ._. OF STOCKHOLDERS °°" safety technical capability diverse portfolio SPIRIT Values Ryan Lance Chairman & CEO