Conocophillips · NYSE:COP
Conocophillips — Q2 2026 Earnings Presentation
10 slides from Conocophillips's earnings presentation, Aug 6, 2026
Slide 1: ConocoPhillips 2Q26 Earnings Conference Call
yw ConocoPhillips 2Q26 Earnings Conference Call August 6, 2026
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: 2Q26 Highlights and 2Q Financials
2Q26 Highlights and 2Q Financials $3.24 adjusted EPS; $7.2B CFO, $4.2B FCF Doubled share repurchases, increasing total shareholder distributions to $3.0B Ending cash of $8.1B?, excluding $1.2B of long-term investments er Recent Highlights Achieved $5B disposition target ahead of schedule with sale o
Slide 4: Adding Material Resource; Applying Consistent Framework
Adding Material Resource; Applying Consistent Framework w~ Redeveloping Prolific Middle East and North Africa Fields Long-life resource, building on Iraq our portfolio diversification Signed agreement to acquire JV interest to redevelop giant northern oil fields and signed two exploration MOUs Attra
Slide 5: Strategic Priorities Remain Clear, Consistent and Durable
Strategic Priorities Remain Clear, Consistent and Durable W~ Priorities Are And Our Unchanged Track Record is Unmatched 1 Sustain production ro aT ; @ Growing eee top-quartle S&P 500 growth’ Sq Sustainable 2. Annual dividend growth Pra 9g Dividend _ ~0.7x leverage? Balance 3 A-rated balance sheet an
Slide 6: 2Q26 Earnings Summary
2Q26 Earnings Summary w Adjusted Earnings ($ Millions) Overview * Sequential and year-over-year adjusted earnings increased primarily due to higher prices. Segment Adjusted Earnings ($MM) 2Q25 2Q26 2,324 1,793 Alaska 135 522 Lower 48 1,192 2,584 Canada 149 378 2Q25 1Q26 2Q26 Europe, Middle East and
Slide 7: 2Q26 Cash Flow Summary
2Q26 Cash Flow Summary $ Billions 2Q26 Marker Prices 3.0 + Brent Dated $104.52/BBL + WTI $92.79/BBL + Henry Hub? $2.90/MMBTU Dividends 1.0 Repurchases 2.0 0.1 0.1 —y— $4.2B a Free Cash Flow 2Q26 Beginning Cash cro? Total Working Disposition Capital Expenditures Dividends & Debt Other® 2Q26 Ending Ca
Slide 8: 1H26 Cash Flow Summary
1H26 Cash Flow Summary $ Billions 1H26 Marker Prices + Brent Dated $92.57/BBL + WTI $82.36/BBL 0.2 6.0 + Henry Hub? $3.98/MMBTU 12.6 0.7 Dn Dividends 2.1 Repurchases 3.0 02 02 —r— $6.6B 81 Free Cash Flow 2026 Beginning Cash CFO? Total Working Capital? Disposition Capital Expenditures & Dividends & D
Slide 9: Price Realizations: 2Q26 Supplemental Information
Price Realizations: 2Q26 Supplemental Information iA Total Total Realizations as % of Brent Dated ($/BOE) 67% «67% 67% 62% 60% $46 $46 $42 $50 $62 2Q 2025 =3Q2025 4Q2025 1Q2026 2Q 2026 Production Volume Split M@ Crude Mi Bitumen MI NGL Ml Gas 2Q 2025 =3Q2025 4Q2025 1Q2026 2Q 2026 "Represents Henry H
Slide 10: Sensitivity and Guidance Items
Sensitivity and Guidance Items Annual Net Income and Cash Flow Sensitivities w Other Guidance Items FY26 1026 2026 3026 4026 3026 Marker 2026 1926 Net Income Cash Flow Guidance (MMBOED) Guidance _Actuals__Actuals__Actuals___Actuals___Guidance Consolidated Brent $10452 $80.61 ~$65-75MM ~$65-75MM Tota