Slide 1: 3Q21 Earnings Conference Call
ConocoPhillips 3Q21 Earnings Conference Call OES NOVEMBER 2, 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, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Wor
Slide 3: 3Q21 Earnings Summary
3Q21 Earnings Summary ADJUSTED EARNINGS ($ MILLIONS) OVERVIEW = Sequential adjusted earnings increased largely due to higher prices = Year-over-year adjusted earnings increased due to higher prices as well as volumes from the Concho acquisition, partially offset by operating costs 2,372 associated w
Slide 4: 3Q21 Cash Flow Summary
3Q21 Cash Flow Summary $ BILLIONS 0.8 0.6 1.3 Le f 3Q21 MARKER PRICES = Brent $73.47/BBL = WTI $70.56/BBL ™ Henry Hub $4.02/MMBTU — 0.3 INCLUDES: EE ~$0.48 for sal oo ae fen REPURCHASES 1. 0.4 Energy shares a INCLUDES: ~$0.5B for Shell —— Paes acquisition deposit $2.8B 3Q21 BEGINNING cro? TOTAL WORK
Slide 5: 3Q21 YTD Cash Flow Summary
3Q21 YTD Cash Flow Summary $ BILLIONS 3Q21 YTD MARKER PRICES ° = Brent $67.73/BBL 3 = WTI $64.82/BBL 1.0 0.8 3.8 39% CFO = Henry Hub $3.19/MMBTU 10.2 — — RETURNED ~$0,68 for sale of Cenovus Energy shares 0.2 INCLUDES: ~$0.5B for Shell Permian acquisition —v deposit ~$6.5B FREE CASH FLOW INCLUDES IMP
Slide 6: Price Realizations — 3Q21 Supplemental Information
Price Realizations — 3Q21 Supplemental Information Oo TOTAL TOTAL REALIZATION AS % OF BRENT ($/BOE) 77% 75% 74% 72% 73% CRUDE CRUDE REALIZATION AS % OF BRENT ($/BBL) 96% say 95% 92% 92% NATURAL GAS L48 GAS REALIZATION AS % OF HENRY HUB ($/MCF) 168% 115% 115% 82% 83 $31 $33 $45 $50 $57 3Q 2020 4Q 202
Slide 7: 2021 Guidance
2021 Guidance FULL-YEAR 2021 ADJ ED OPERATING COSTS $6.1B Guidance excludes special items as well as impacts from the pending Shell Permian acquisition and includes the impact of planned conversion of the significant majority of previously acquired Concho two-stream contracted volumes to a three-str
Slide 8: 2021 Annualized Cash Flow Sensitivities
2021 Annualized Cash Flow Sensitivities EQUITY AFFILIATES! CONSOLIDATED OPERATIONS (APPLIES FOR BRENT PRICE RANGE OF $45-70/BBL) aN iy sasyo/eBL) PRICE RANGE CRUDE ~ = Expect distributions from all equity affiliates at = Bi 2~$125-1 1/BBL 14) rent/ANS: ~$125-135MM for $1/BBL change 3645/BBL Brent =
Slide 9: 2021 Annualized Net Income Sensitivities (Brent $45-70/BBL)
2021 Annualized Net Income Sensitivities (BRENT $45-70/BBL) = CRUDE t 4) = Brent/ANS: ~$125-135MM for $1/BBL change = WTI: ~S75-85MM for $1/BBL change = WCS: ~$15-20MM for $1/BBL change — Does not incorporate contingent payment of CAS6MM quarterly for every CAS1 WCS price above CA$52/BBL! NORTH AMER