Slide 1: ConocoPhillips 1Q25 Earnings Conference Call
w ConocoPhillips 1Q25 Earnings Conference Call May 8, 2025
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: Advantaged in Any Environment
Advantaged in Any Environment wv Built for Strong Differentiated Volatility Execution Outlook Deep, durable and Marathon Oil integration and Unmatched Lower 48 diverse portfolio synergy capture ahead of schedule inventory depth and quality Disciplined, cost of supply Delivering incremental cost sale
Slide 4: 1Q25 Highlights and Strategy
1Q25 Highlights and i “G Strategy Reduced full-year capital and adjusted operating cost guidance Full-year production guidance unchanged Completed $1.3B in noncore Lower 48 asset sales \Cash provided by operating activities was $6.18, Excluding operating workin. equivalents and restricted cash total
Slide 5: 1Q25 Earnings Summary
1Q25 Earnings Summary w Adjusted Earnings ($ Millions) Overview * 1Q25 represents the first full quarter after the acquisition of Marathon Oil * Sequential adjusted earnings improved primarily due to increased volumes and higher prices, partially offset by a higher effective tax rate and increased o
Slide 6: 1Q25 Cash Flow Summary
1Q25 Cash Flow Summary $ Billions 1Q25 Marker Prices + Brent $75.66/BBL 15 0.6 3.4 : es + WTI$71.42/BBL | + Henry Hub® $3.65/MMBTU 2.5 Dividends 1.0 Repurchases 1.5 0.5 ~$2.1B Free Cash Flow 1Q25 Beginning Cash CFO? Total Working Capital? Disposition Capital Expenditures & Dividends & Debt Other 1Q2
Slide 7: Price Realizations: 1Q25 Supplemental Information
Price Realizations: 1Q25 Supplemental Information ia Total Total Realizations as % of Brent ($/BOE) tO Crude Crude Realizations as % of Brent ($/BBL) 70% 71% 68% 67% 68% 24% 96% 96% 95% on. $57 $57 $54 $52 $53 $79 $81 $77 $71 $72 1Q.2024 2Q2024 3Q2024 4Q2024 12025 1Q.2024 2Q2024 3Q2024 4Q2024 1Q 202
Slide 8: 2025 Guidance
2025 Guidance Guidance (as of May 8, 2025) w Full-Year Production 2Q Production Full-Year Adjusted Operating Costs Full-Year Capital Expenditures Full-Year DD&A Full-Year Adjusted Corporate Segment Net Loss 2.34 — 2.38 MMBOED 2.34 — 2.38 MMBOED $10.7B — $10.9B $12.3B — $12.6B $11.3B — $11.5B ~$1.1B
Slide 9: 2025 Annualized Cash Flow Sensitivities
2025 Annualized Cash Flow Sensitivities w Consolidated Operations . - (Applies for WTI Price Range of $60-$90/BBL) Equity Affiliates? nm (Applies for Brent Price Range of $60-$90/BBL) Crude ee F © * WTI: ~$140-150MM for $1/BBL change + Expect distributions from equity affiliates at >$45/BBL Brent *
Slide 10: 2025 Annualized Net Income Sensitivities
2025 Annualized Net Income Sensitivities Consolidated Operations (Applies for WTI Price Range of $60-$90/BBL) F 7 Crude 74) * WTI: ~$140-150MM for $1/BBL change sme * Brent: ~$65-75MM for $1/BBL change * ANS: ~$45-55MM for $1/BBL change * WCS: ~$25-35MM for $1/BBL change Natural Gas * Henry Hub: ~$1