Conocophillips · NYSE:COP
Conocophillips — Q4 2025 Earnings Presentation
14 slides from Conocophillips's earnings presentation, Feb 5, 2026
Slide 1: 4Q25 Earnings Conference Call
w ConocoPhillips 4Q25 Earnings Conference Call Feb. 5, 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: 2025 Highlights, Strategic Accomplishments and Outlook
2025 Highlights, Strategic Accomplishments and Outlook Financial Highlights $6.16 adjusted EPS; $19.9B CFO!; $7.3B FCF si EG Strategic Accomplishments Integrated Marathon Oil with >25% more resource and >$1B synergy capture Distributed $9.0B or 45% of CFO to shareholders Strong progress on >$1B cost
Slide 4: 2025 Cash Flow Summary
2025 Cash Flow Summary $ Billions 12.6 2025 Marker Prices * Brent $69.06/BBL * WTI $64.81/BBL * Henry Hub® $3.43/MMBTU 19.9 Dividends 4.0 Repurchases 5.0 0.1 ~$7.3B 74 6.4 FREE CASH FLOW 2025 Beginning Cash CFO? Total Working Capital? Disposition Capital Expenditures & Dividends & Debt Other 2025 En
Slide 5: Consistent History of Strong Reserve Replacement
Consistent History of Strong Reserve Replacement w Three Year Reserves Reserve Replacement Ratio BBOE ( ) ag 2.8 0.4 Total Organic Organic 23 a 7 Including Acquisitions & Excluding A&D; Excl. Market Factors Dispositions (A&D) Including Market Factors Excluding A&D and Market Factors 7.6 fe) fe) 9 3-
Slide 6: 2026 Outlook: ~$1B Reduction in Capital and Costs
2026 Outlook: ~$1B Reduction in Capital and Costs w Lower Capital ($B) I Capitalized interest 7 12 = 0.5 11.5 2024 ProForma 2025 Capital Lower 48 Willow & LNG Capitalized 2026 Capital Expenditures Interest Expenditure Guidance Lower Costs ($B) 10.6 a sass 10.2 2024 2025 Adjusted Net Cost. 2026 Adjus
Slide 7: Lower 48 Inventory Advantage: Improving Capital Efficiency
Lower 48 Inventory Advantage: Improving Capital Efficiency ww Inventory Years" Over 2 decades of low cost of supply {0 Major Peer ~— E&P Peer inventory across Permian, Eagle Ford, Bakken Cee Track record of leading well productivity and capital efficiency ; | | l | i Consistent operational excellenc
Slide 8: Alaska and International: Our Unique Diversification Advantage
Alaska and International: Our Unique Diversification Advantage Ww~ Progressing Our Major Projects * LNG projects on track and >80% complete; NFE startup expected 2H26. * Willow 50% complete this winter season; on track for early 2029 first oil. Infrastructure Led Exploration + First of multi-year Al
Slide 9: Unpacking Our Sector-Leading Free Cash Flow Growth
Unpacking Our Sector-Leading Free Cash Flow Growth wv Major Projects, Cost Reductions and Margin Enhancement Incremental FCF Progression ~$7B ~$1B NERS | ~$68 OF PER ANNUM INCREMENTAL IMPROVEMENT FROM 2026 TO 2028 ~$4B Qatar NFE, PALNG P1, Qatar NFS LNG startups Cost / Margin enhancement jl Willow o
Slide 10: Appendix
Appendix
Slide 11: 4Q25 Earnings Summary
4Q25 Earnings Summary w Adjusted Earnings ($ Millions) Overview * Sequential adjusted earnings decreased primarily due to lower prices and volumes. * Year-over-year adjusted earnings decreased primarily due to lower prices, partially offset by higher volumes. 2,405 2,007 Segment Adjusted Earnings ($
Slide 12: 4Q25 Cash Flow Summary
4Q25 Cash Flow Summary $ Billions 4Q25 Marker Prices Brent $63.69/BBL WTI $59.14/BBL Henry Hub $3.55/MMBTU 1.6 3.0 Dividends ~1.0 Repurchases ~1.0 ~$1.3B FREE CASH FLOW 7A 4Q25 Beginning Cash CFO? Total Working Capital? Disposition Capital Expenditures Dividends & Repurchase Debt 4Q25 Ending Cash &
Slide 13: Price Realizations: 4Q25 Supplemental Information
Price Realizations: 4Q25 Supplemental Information tO Crude Crude Realizations as % of Brent ($/BBL) 96% 95% 95% 95% 95% A Total Total Realizations as % of Brent ($/BOE) 70% 71% 67% 67% 67% $52 $53 $46 $46 $42 4Q 2024 =1Q2025 2Q2025 3Q2025 4Q 2025 Production Volume Split @ Crude MM Bitumen MI NGL MM
Slide 14: Sensitivity and Guidance Items
Sensitivity and Guidance Items Net Income and Cash Flow Sensitivities Other Guidance Items FY26 4Q25 1926 2Q26 3Q26 4Q26 1026 Marker 1026 4025 Net Income Cash Flow Guidance (MMBOED) Guidance Actuals Actuals Actuals Actuals Actuals __ Guidance Consolidated Brent $63.69 ~$65-75MM ~$65-75MM Total Produ