ConocoPhillips · NYSE:COP
ConocoPhillips — Q3 2019 Earnings Presentation
15 slides from ConocoPhillips's earnings presentation, Oct 29, 2019
Slide 1: 3Q19 Earnings Conference Call
ConocoPhillips 3Q19 Earnings Conference Call October 29, 2019
Slide 2: Forward-looking statements
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 phrases such as “anti
Slide 3: Don Wallette, EVP and Chief Financial Officer
ConocoPhillips DON WALLETTE EVP and Chief Financial Officer
Slide 4: 3Q19 Summary and Recent Announcements
> 3Q19 Summary and Recent Announcements ee Financial x“ -— > $0.9B adjusted earnings; $0.82 adjusted EPS » Generated $2.6Bin CFO? in 3Q; $1Bin free cash flow » $9Bin YTD CFO}; $4B in YTD free cash flow » Ending cash? of $8.4B » 12-month trailing ROCE of 10.9% ConocoPhillips Operational Strategic LN
Slide 5: 3Q19 Cash Flow Summary
3Q19 Cash Flow Summary ConocoPhillips 3Q19 MARKER PRICES $ Billions * Brent $61.94/BBL * WTI $56.44/BBL * Henry Hub $2.23/MMBTU INCLUDES: ~($0.38) U.K. pension contribution EE CFO? RETURNED ICC settlement 1.7 TO SHAREHOLDERS Es 0.3 <<< ~$0.1B for Alaska acreage acquisition 0.2 FREE CASH FLOW GENERAT
Slide 6: Matt Fox, EVP and Chief Operating Officer
ConocoPhillips MATT FOX EVP and Chief Operating Officer
Slide 7: YTD 2019 Operational Update
> YTD 2019 Operational Update Alaska —EEEE United Kingdom I a Completed 3Q Closed disposition; turnarounds; closed i, wae successfully transitioned Nuna acquisition; 4 operatorship (e) exploration & appraisal continues Canada Commissioned Montney gas plant; Lower 48 Surmont alternative diluent proje
Slide 8: 2019 Outlook
2019 Outlook PRODUCTION (MBOED) » 2019 operating plan capital guidance unchanged 1,300 — 1,310 » Production guidance updated to reflect U.K. divestiture ~10% > 4Q guidance 1,265 — 1,305 MBOED pee earl GROWTH? » See you at Nov. 19 Analyst & Investor Meeting in Houston ~7% ‘0 >» 10-year capital invest
Slide 9: Questions & Answers
ConocoPhillips Questions & Answers
Slide 10: Appendix
Appendix
Slide 11: 3Q19 Earnings Summary
ConocoPhillips 3Q19 Earnings Summary Adjusted Earnings ($ Millions) Highlights * Sequential adjusted earnings impacted by 7% lower realized prices and increased exploration expenses, partially offset by higher volumes * Year-over-year adjusted earnings decreased due to 18% lower realizations and inc
Slide 12: 3Q19 YTD Company Cash Flow
3Q19 YTD Company Cash Flow ConocoPhillips wetuoes S Billions 3Q19 ™~ MARKER PRICES * Brent $64.65/BBL ~0.3B PDVSA ICC settlement * WTI $57.04/BBL ($0.38) Henry Hub $2.67/MMBTU U.K. pension —— | 22 | 42% CFO? RETURNED TO SHAREHOLDERS INCLUDES: 0.1 ~$0.2B for acquisitions 0.1 FREE CASH FLOW GENERATED
Slide 13: 2019 Guidance
> 2019 Guidance ConocoPhillips (as of Oct. 29, 2019) 1,300—- 1,310 MBOED 1,265 — 1,305 MBOED $6.1B $6.3B $6.1B $1.0B $0.2B
Slide 14: 2019 Annualized Net Income Sensitivities
2019 Annualized Net Income Sensitivities * Crude: * Brent/ANS: ~$150-170MM for $1/BBL change * WTI: ~$30-40MM for $1/BBL change * WCS?: ~$10-15MM for $1/BBL change * Does not incorporate contingent payment of CAS6MM quarterly for every CAS1 WCS price above CA$52/BBL $45-S75/BBL + North American NGL
Slide 15: 2019 Annualized Cash Flow Sensitivities
2019 Annualized Cash Flow Sensitivities ConocoPhillips Consolidated Operations Equity Affiliates? ($45-$75/BBL WTI) ($45-$75/BBL Brent) * Crude * Expect distributions from all equity affiliates at * Brent/ANS: ~$150-160MM for $1/BBL change >$45/BBL Brent * WTI: ~$40-50MM for $1/BBL change * Brent: ~