ConocoPhillips · NYSE:COP
ConocoPhillips — Q3 2014 Earnings Presentation
18 slides from ConocoPhillips's earnings presentation, Oct 30, 2014
Slide 1: 3Q14 Conference Call
SAFETY ConocoPhillips ‘technology North Sea ™ REPUTATION set fOr cstc Optimization ‘GROWTH ENERGY innovation BAKKEN ‘SPIRIT Values COLLABORATION Ekofisk South 3Q14 CONFERENCE CALL Oct. 30, 2014
Slide 2: Cautionary Statement
SAFETY porn Sea " REPUTATION set t foresnsic Optimization ‘GROWTH... ENERGY' BAKKEN (MEN TSPIRIT Values technology 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 fOPPcrifaiio Optimization GROWTH ENERGY ee SPIRIT Values COLLABORATION Ekofisk South Ryan Lance, Chairman & CEO
Slide 4: Flexible and Resilient to Lower Prices
Flexible and Resilient to Lower Prices ° Performance on track for 3 to 5 percent volume and margin growth * Production momentum from recent investments * Continued focus on margins and returns Major Projects ° Well positioned for current environment * Major project completions increase capital flexi
Slide 5: 3Q14 Highlights
3Q14 Highlights Operational Strategic ° 4% production growth * $1.6 B adjusted earnings; ° Continuing to progress year-over-year" $1.29 adjusted EPS organic growth program * Completed major ° $3.9BCFO?;$5.8 Bending ° Completed sale of turnarounds across the cash?® Nigerian business for portfolio $1.
Slide 6: Jeff Sheets, EVP, Finance & CFO
SAFETY ConocoPhillips technology North Sea REPUTATION set fOPPcrifaiio Optimization GROWTH ENERGY ee SPIRIT Values COLLABORATION Ekofisk South Jeff Sheets, EVP, Finance & CFO
Slide 7: 3Q14 Performance — Adjusted Earnings
3Q14 Performance — Adjusted Earnings Highlights * Strong operational performance in 3Q14 Adjusted * On track for 3-5% volume and margin growth Earnings (SMM) 1611 ¢ Earnings impacted by weakening price environment 3Q14 Adjusted Earnings (SMM) 3Q13 2Q14 3Q14 Lower 48 $183 Canada $260 Adjusted Alaska
Slide 8: 3Q14 Production From Continuing Operations
3Q14 Production From Continuing Operations @Q/ PRODUCTION | 4. 10 crown 37 Planned -35 Liquids 52 Unplanned 2 Gas 10 Total -37 Total 62 1,448 T T T 3Q13' Higher Downtime Net Growth 3Q14' All volumesin MBOED. + Excludes Libya volumes of 22 MBOED in 3Q13 and 8 MBOED in 3Q14. CO CC _______ OO ae
Slide 9: 3Q14 Performance — Cash Margin Improvement
3Q14 Performance — Cash Margin Improvement 6° y/ UNDERLYING O marGinGROWTH? 31.78 31.68 3013 2Q14 3Q14 3Q13 2Q14 3Q14 Average . 2 Realized Price $69.68 $70.17 $64.78 Price Normalized Based On 3Q13 ($/BOE) WTI $106 / Brent $110 / HH $3.58 ting, Underlying growt Pacificand Mi gment FX-related tax im!
Slide 10: 3Q14 YTD Performance — Company Cash Flow
3Q14 YTD Performance — Company Cash Flow $B 3Q14 * Debt of $21.2B 1.0 13 a * Debt-to-capital ratio of 28% 25 12.7 2014 Beginning CFO Excluding FCCLDistribution Working Capital Net Proceeds from Capital Dividends Debt 3Q14 Ending Cash & Cash & Short-Term FCCL Distribution & Dispositions? Expenditures
Slide 11: Matt Fox, EVP, Exploration & Production
SAFETY ConocoPhillips technology North Sea REPUTATION set fOPPcrifaiio Optimization GROWTH ENERGY innovation BAKKEN SPIRIT Values COLLABORATION Ekofisk South Matt Fox, EVP, Exploration & Production
Slide 12: Lower 48 and Canada
Lower 48 and Canada * 3Q14 production of 543 MBOED * 3Q14 production of 276 MBOED * Eagle Ford and Bakken production growth of 33% year-over-year * Completed major turnaround at Surmont 1 ° Evaluating Upper Eagle Ford and three-layer development concepts * Foster Creek Phase F achieved first product
Slide 13: Alaska and Europe
AlaSKa and ove Alaska * 3Q14 production of 155 MBOED * Completed major turnaround at Prudhoe Bay * Funding approved for Drill Site 2S and progress continues at CD5 - - es axuasie ey * Progressing engineering on GMT1 and 1H NEWS * Filed export application with DOE; pre-file request for Alaska LNG Pro
Slide 14: Asia Pacific & Middle East and Other International
Asia Pacific & Middle East and Other International . . 3Q14 production of 301 MBOED Oil discovered offshore Senegal; drilling continues on the second well Bayu-Undan and Darwin LNG major turnarounds completed in October; initiated Phase II! drilling at Bayu-Undan . Drilling continues on the Kamoxi-1
Slide 15: Meeting Our Full-Year Production Guidance
eeting Our ~4% PRODUCTION EE Full-Year Guidance on GROWTH Track 3Q14 vs. 4Q14 Drivers * Major turnarounds completed in 3Q14 * Major project ramp * Value-driven ethane rejection 1914 2Q14 3Q14 4qi4 FY14 Continuing Operations 1,530 1,556 1,473 1,545 - 1,575 1,525 - 1,535 (Excluding Libya) 1 Four perce
Slide 16: Ryan Lance, Chairman & CEO
SAFETY ConocoPhillips technology North Sea REPUTATION set fOPPcrifaiio Optimization GROWTH ENERGY ee SPIRIT Values COLLABORATION Ekofisk South Ryan Lance, Chairman & CEO
Slide 17: Strategic Plan Remains on Track
Strategic Plan Remains on Track ¢ Performance on track for 3 to 5 percent volume and margin growth °Well positioned for current environment ¢ Strong momentum going into 2015 ° Expect capital announcement in December 2014 ° Save the date for the Analyst Meeting on April 8, 2015 Volume represents prod
Slide 18: Q&A
SAFETY | ConocoPhillips technology North Sea “2: REPUTATION S@ foresrioic Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values COLLABORATION Ekofisk South Q&A