ConocoPhillips · NYSE:COP
ConocoPhillips — Q2 2014 Earnings Presentation
16 slides from ConocoPhillips's earnings presentation, Jul 31, 2014
Slide 1: 2Q14 Conference Call
ConocoPhillips SAFETY North Sea REPUTATION set FOP Poritoiic Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values technology COLLABORATION Ekofisk South 2Q14 CONFERENCE CALL July 31, 2014
Slide 2: Cautionary Statement
SAFETY non Sea REPUTATION set t FOP Portfolio Optimization GROWTH ENERGY technology innovation BAKKEN SPIRIT Values COLLABORATION Ekofisk South Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues,
Slide 3: Ryan Lance, Chairman & CEO
SAFETY ConocoPhillips technology North Sea REPUTATION set FOP Portioiic Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values COLLABORATION Ekofisk South Ryan Lance, Chairman & CEO
Slide 4: 2Q14 Highlights
2Q14 Highlights Operational Strategic ° 6.5% production growth ° $2.0 B adjusted earnings; ° Spud first exploration year-over-year* $1.61 adjusted EPS wells in Angola and Senegal ° Significant growth from ° $4.24 B CFO’; $6.4 B * Completed sale of N.A. unconventionals and ending cash® Nigerian upstr
Slide 5: Jeff Sheets, EVP, Finance & CFO
SAFETY ConocoPhillips technology North Sea REPUTATION set FOP Portfolio Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values COLLABORATION Ekofisk South Jeff Sheets, EVP, Finance & CFO
Slide 6: 2Q14 Performance — Adjusted Earnings
2Q14 Performance — Adjusted Earnings Highlights * Strong operational performance * Earnings benefited from higher average realized prices vs. 2Q13; lower natural gas realizations Adjusted Earnings partially offset by crude realizations vs. 1Q14 (SMM) * 1014 earnings benefited ~$200 MM from North Ame
Slide 7: 2Q14 Production From Continuing Operations
2Q14 Production From Continuing Operations [6.5% GROWTH : Lo Liquids 61 Gas -1 Total 60 0/ PRODUCTION 0/_ PRODUCTION 2.5% GROWTH 4% crowtH 2Q13 Reduced Downtime Net Growth 2Q14' All volumesin MBOED. + Excludes Libya volumes of 49 MBOED in 2Q13 and 1 MBOED in 2Q14. 7 ‘ConocoPhillips
Slide 8: 2Q14 Performance — Cash Margin Improvement
2Q14 Performance — Cash Margin Improvement 32.07 31.78 28.58 28.58 29.98 2Q13 1914 2014 2013 1Q14 2014 Average . 2 eee gaan eel smam Price Normalized Based On 2Q13 ($/B0E) WTI $94 / Brent $102 / HH $4.10 nly. Numbers have been items. A non-GAAP reconciliation is av ublished Meeting. Re, = conoccthit
Slide 9: 1H14 Performance — Company Cash Flow
1H14 Performance — Company Cash Flow 13 2Q14 ——————_ * Debt of $21.2B «= * Debt-to-capital ratio of 28% 17 0.1 T T T T T T T 2014 Beginning CFO Excluding —- FCCL Distribution — Working Capital Capital Dividends Debt 2Q14 Ending Cash Cash & Short-Term FCCL Distribution & Expenditures & & Other? & Sho
Slide 10: Matt Fox, EVP, Exploration & Production
SAFETY ConocoPhillips technology North Sea REPUTATION set FOP Portioiic Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values COLLABORATION Ekofisk South Matt Fox, EVP, Exploration & Production
Slide 11: Lower 48 and Canada
Lower 48 and Canada Surmont 2 2Q14 production of 540 MBOED 30% increase in crude oil production vs. 2Q13; 12% increase vs. 1Q14 Ongoing production growth in Eagle Ford and Bakken Drilling and testing continues in the Permian and Niobrara Appraisal activity to continue at Shenandoah, Tiber, Coronado
Slide 12: Alaska and Europe
Alaska and Europe Alaska * 2Q14 production of 193 MBOED * Major projects progress at CD5, Drill Site 2S, GMT1 and 1H NEWS * Kenai LNG exports resumed in April * Executed joint venture agreement and filed export application for AKLNG Project * Executed contract for new-build rig to begin drilling in
Slide 13: Asia Pacific & Middle East and Other International
Asia Pacific & Middle East and Other International Asia Pacific & Middle East 2Q14 production of 322 MBOED Gumusut FPS progressing toward first oil in 3Q14 KBB topsides in place in 2Q14; on track for first gas in 4Q14 First gas achieved at APLNG’s Condabri gas processing facility Ongoing appraisal o
Slide 14: On Track To Meet Production Growth Of 3-5%
On Track To Meet Production Growth Of 3-5% 2H14 Drivers * 3Q Major Turnarounds * Alaska * UK * Canada * APME * Major Project Startups ¢ Foster Creek Phase F * Gumusut * KBB ¢ Britannia LTC « Ramp gas sales to third-party LNG project 1014 2014 3Q14 4q14 FY14 Continuing Operations 1,530 1,556 1,435 —
Slide 15: Ryan Lance, Chairman & CEO
SAFETY ConocoPhillips technology North Sea REPUTATION set FOP Portioiic Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values COLLABORATION Ekofisk South Ryan Lance, Chairman & CEO
Slide 16: Q&A
SAFETY ConocoPhillips technology North Sea REPUTATION set FOP Poritoiic Optimization GROWTH... ENERGY rE SPIRIT Values COLLABORATION Ekofisk South Q&A