Slide 1: 2Q22 Earnings Conference Call
2Q22 Earnings Conference Call AUGUST 4, 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: 2Q22 Highlights and Recent Announcements
2Q22 Highlights and Recent Announcements DELIVERING ACROSS ALL ELEMENTS OF THE TRIPLE MANDATE STRATEGY FINANCIAL OPERATIONS Increased planned 2022 $5.1B adjusted earnings; 2Q production of 1,692 MBOED return of capital to $15B $3.91 adjusted EPS Safely completed planned turnarounds in Awarded stake
Slide 4: 2Q22 Earnings Summary
2Q22 Earnings Summary ADJUSTED EARNINGS ($ MILLIONS) OVERVIEW Sequential adjusted earnings increased due to higher prices Year-over-year adjusted earnings increased due to higher prices as well as volumes from the recently acquired Permian acquisition 5,086 4,289 SEGMENT ADJUSTED 2Q21 2Q22 EARNI
Slide 5: 2Q22 Cash Flow Summary
2Q22 Cash Flow Summary $ BILLIONS 2Q22 MARKER PRICES 0.6 2.0 Brent $113.78/BBL 7.8 0.2 WTI $108.41/BBL Henry Hub $7.17/MMBTU 1.9 3.3 DIVIDENDS & VROC 1.0 REPURCHASES 2.3 0.4 ~$5.9B FREE CASH FLOW 8.5 7.5 2Q22 BEGINNING CASH CFO² TOTAL WORKING DISPOSITION CAPITAL EXPENDITURES DEBT DIVIDENDS & O
Slide 6: 1H22 Cash Flow Summary
1H22 Cash Flow Summary $ BILLIONS 1H22 MARKER PRICES 3.0 6 5.1 Brent $107.59/BBL WTI $101.35/BBL 14.9 1.4 Henry Hub $6.06/MMBTU CAPITAL EXCL ACQ ~3.7 ACQUISITIONS ~1.4 2.9 5.6 DIVIDENDS & VROC 1.9 REPURCHASES 3.7 0.2 8.5 5.8 ~$9.7B FREE CASH FLOW INCLUDES IMPACT OF ~$1.4B OF CASH OUTFLOWS FROM
Slide 7: Price Realizations – 2Q22 Supplemental Information
Price Realizations – 2Q22 Supplemental Information T O TA L CRUDE N AT U R A L G A S TOTAL REALIZATIONS CRUDE REALIZATIONS L48 GAS REALIZATIONS AS % OF BRENT ($/BOE) AS % OF BRENT ($/BBL) AS % OF HENRY HUB ($/MCF) 82% 78% 115% 115% 77% 76% 98% 96% 90% 93% 73% 96% 96% 95% 94% $50 $57 $66 $77 $89 $66
Slide 8: 2022 Guidance
2022 Guidance GUIDANCE (AS OF AUG 4, 2022) FULL-YEAR 2022 PRODUCTION ~1.74 MMBOED 3Q 2022 PRODUCTION 1.70 – 1.76 MMBOED FULL-YEAR 2022 ADJUSTED OPERATING COSTS $7.5B FULL-YEAR 2022 CAPITAL EXPENDITURES $7.8B FULL-YEAR 2022 DD&A $7.6B FULL-YEAR 2022 ADJUSTED CORPORATE SEGMENT NET LOSS $0.9B Guidance
Slide 9: 2022 Annualized Cash Flow Sensitivities
2022 Annualized Cash Flow Sensitivities CONSOLIDATED OPERATIONS EQUITY AFFILIATES 1 (APPLIES FOR WTI PRICE RANGE OF $60-$110/BBL) (APPLIES FOR BRENT PRICE RANGE OF $60-$110/BBL) CRUDE Brent/ANS: ~$80-90MM for $1/BBL change Expect distributions from equity affiliates at >$45/BBL Brent WTI: ~$11
Slide 10: 2022 Annualized Net Income Sensitivities ($60-110/BBL WTI)
2022 Annualized Net Income Sensitivities ($60-110/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 CA$6MM quarterly for every CA$1 WCS price above CA$52/BBL1; ended May 2022