Slide 1: 4Q23 Earnings Conference Call
ConocoPhillips 4Q23 Earnings Conference Call February 8, 2024
Slide 2: Cautionary Statement
Cautionary Statement This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking staternents relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results, Wo
Slide 3: 2023 Highlights and Recent Announcements
2023 Highlights and Recent Announcements iios =@ Strategy Acquired remaining 50% interest in Surmont Progressed LNG strategy through expansion in Qatar, FID at PALNG, and re-gas agreements in the Netherlands and offtake agreements in Mexico Awarded Gold Standard Pathway designation by OGMP 2.0 Annou
Slide 4: 2023 Preliminary Reserve Replacement, BBOE
2023 Preliminary Reserve Replacement, BBOE w 96% ORGANIC RRR" 123% TOTAL RRR Vv 0.5 0.2 0.2 EE A. 122% ORGANIC RRR EXCLUDING MARKET FACTORS? 3 YE 2022 2023 2 EXTENSIONS & REVISIONS MARKET FACTORS ACQUISITIONS & YE 2023 RESERVES PRODUCTION DISCOVERIES EXCLUDING MARKET DISPOSITIONS RESERVES FACTORS RR
Slide 5: 4Q23 Cash Flow Summary
4Q23 Cash Flow Summary w $ Billions 4Q23 Marker Prices + Brent $84.05/BBL + WTI $78.32/BBL + Henry Hub? $2.88/MMBTU 2.9 2.5 Dividends and VROC 1.4 27 Repurchases 1.1 ~$2.6B 0.2 Free Cash Flow 4Q23 BEGINNING CASH & CFO? CAPITAL EXPENDITURES & DIVIDENDS & REPURCHASE SURMONT ACQUISITION® OTHER" 4Q23 EN
Slide 6: 2023 Cash Flow Summary
2023 Cash Flow Summary w $ Billions 11.2 21.3 14 2S Dl : 2023 Marker Prices + Brent $82.62/BBL + WTI $77.62/BBL + Henry Hub? $2.74/MMBTU Includes $0.18 of acquisitions not Dividends premised in guidance [iPM IVi tants Repurchases 5.4 0.6 ~$10.1B mo 9.5 Free Cash Flow 2023 BEGINNING CFO? TOTAL WORKIN
Slide 7: 2024 Guidance
2024 Guidance w Guidance (as of February 8, 2024) Full-year Production 1.91- 1.95 MMBOED 1Q Production 1.88 — 1.92 MMBOED Full-year Adjusted Operating Costs $8.9B - $9.1B Full-year Capital Expenditures $11.0B — $11.5B Full-year DD&A $9.4B — $9.6B Full-year Adjusted Corporate Segment Net Loss $1.0B —
Slide 8: 2024 Capital Expenditures Guidance
2024 Capital Expenditures Guidance w $ Billions 11.2 0.9 - 1.0 0.1 - 0.2 11.0 - 11.5 —————— — Corporate 02-03 Se Asai 0.2 - 0.3 05-06 EMENA 2023 CAPITAL DEFLATION NORWAY LNG WILLOW CANADA 2024 CAPITAL EXPENDITURES | EXPENDITURE GUIDANCE Steady capital program funds differentiated long-cycle growth.
Slide 9: Appendix
yw ConocoPhillips Appendix
Slide 10: 4Q23 Earnings Summary
4Q23 Earnings Summary Adjusted Earnings ($ Millions) Overview ww Sequential adjusted earnings increased primarily due to higher volumes and lower effective tax rate, partially offset by lower prices. * Year-over-year adjusted earnings decreased primarily due to lower prices, partially offset by high
Slide 11: Price Realizations: 4Q23 Supplemental Information
Price Realizations: 4Q23 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) tO} Crude Crude Realizations as % of Brent ($/BBL) 80% 75% 96% 96% 95% 96% 96% 70% 69% 69% $71 $61 $55 $60 $58 $86 $78 $74 $83 $81 4Q 2022 1Q2023 2Q2023 3Q2023 4Q 2023 4Q 2022 1Q2023 2Q2023 3Q2023 4Q
Slide 12: 2024 Annualized Cash Flow Sensitivities
2024 Annualized Cash Flow Sensitivities ww (applies for Brent price range of $60-$90/BBL) Crude ee tO} * WTI: ~$120-130MM for $1/BBL change 0 eee Tom emery * Brent: ~$45-55MM for $1/BBL change Consolidated Operations . - (Applies for WTI Price eee of $60-$90/BBL) aN Equity Affiliates? + Lagged Brent
Slide 13: 2024 Annualized Net Income Sensitivities
2024 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range of $60-$90/BBL) Foy Crude 50 * WTI: ~$120-130MM for $1/BBL change — + ‘Brent: ~$45-55MM for $1/BBL change * ANS: ~$50-55MM for $1/BBL change * WCS: ~$30-40MM for $1/BBL change Lower 48 NGL + Representative