Slide 1: ConocoPhillips
ConocoPhillips MAY 4, 2021
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 and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and
Slide 3: 1Q21 Highlights and Recent Announcements
1Q21 Highlights and Recent Announcements v v —Vv -Vv : STRATEGY OPERATIONS FINANCIAL Closed Concho acquisition, 1Q production of 1,488 MBOED $0.9B adjusted earnings; enhancing portfolio and financial $0.69 adjusted EPS framework Restored L48 production after Progressing delivery of previously ne war
Slide 4: Earnings Summary
1Q21 Earnings Summary ADJUSTED EARNINGS (S$ MILLIONS) OVERVIEW = Sequential and year-over-year adjusted earnings increased due to higher prices and volumes from Concho acquisition, partially offset by associated depreciation expense and operating costs 902 SEGMENT ADJUSTED EARNINGS (SMM) ae ALASKA 2
Slide 5: Cash Flow Summary
1Q21 Cash Flow Summary $ BILLIONS 1Q21 MARKER PRICES = Brent $60.90/BBL = WTIS57.84/BBL = Henry Hub $2.71/MMBTU 1.2 DIVIDEND: 0.4 0.1 REPURCHASES 0.4 Ft $0.9B FREE CASH FLOW INCLUDES IMPACT OF ~$1.0B OF CASH OUTFLOWS FROM ONE-TIME ITEMS IN CONNECTION WITH THE CONCHO ACQUISITION? 1Q21 BEGINNING CASH
Slide 6: Lower 48 Operational Update
1Q21 Lower 48 Operational Update STRONG ASSET POSITION = One of the largest producers in OPPORTUNITIES REMAIN = Continue combining operational and 1Q HIGHLIGHTS = Produced 715 MBOED; incurred ~50 MBOED of Winter Storm downtime — Permian 405 MBOED; Eagle Ford 187 MBOED; Bakken 86 MBOED = Exited 1Q wi
Slide 7: Rest of World Operational Update
1Q21 Rest of World Operational Update 6... ALASKA = Completed key infrastructure at GMT2 = Progressed drilling at CDS -——_9 = Re-started ERD rig to commence drilling in 2Q = Progressing Willow FEED — CANADA QATAR = Began Pad 3 flowback = Advanced evaluation and completed Pad 4 drilling of NFE opport
Slide 8: 2021 Guidance
2021 Guidance FULL-YEAR 2Q 2021 PRODUCTION FULL-YEAR 2021 ADJUSTED OPERATING COSTS FULL-YEAR 2021 CAPITAL EXPENDITURES FULL-YEAR 2021 DD&A FULL-YEAR 2021 ADJUSTED CORPORATE SEGMENT NET LOSS Guidance excludes special items. Production excludes Libya. Adjusted operating cost and adjusted corporate seg
Slide 9: 2021 Annualized Cash Flow Sensitivities
2021 Annualized Cash Flow Sensitivities CONSOLIDATED OPERATIONS EQUITY AFFILIATES* (Applies for Brent price range of $45-$70/BBL) (Applies for Brent price range of $45-$70/BBL) a = Expect distributions from all equity affiliates at >$45/BBL Brent tO = Brent: ~$20-30MM for $1/BBL change CRUDE NATURAL
Slide 10: 2021 Annualized Net Income Sensitivities ($45-70/BBL WTI)
2021 Annualized Net Income Sensitivities ($45-70/BBL WTI) —f) CRUDE = Brent/ANS: *$125-135MM for $1/BBL change = WTI: ~$75-85MM for $1/BBL change = WCS: ~$15-20MM for $1/BBL change = Does not incorporate contingent payment of CAS6éMM quarterly for every CAS1 WCS price above CA$52/BBL! NORTH AMERICAN