ConocoPhillips · NYSE:COP
ConocoPhillips — Shareholder Meeting (May 2014)
23 slides from ConocoPhillips's shareholder meeting presentation, May 13, 2014
Slide 1: 2014 Annual Stockholder Meeting
SAFETY ConocoPhillips technology North Sea ™ REPUTATION set fOK otc Optimization ‘GROWTH... aoetre rEeEN ‘SPIRIT Values COLLABORATION Ekofisk South _ 2014 ANNUAL STOCKHOLDER MEETING | May 13, 2014
Slide 2: Cautionary Statement
SAFETY North Sea REPUTATION set t FOP Portfolio Optimization GROWTH ENERGY technology innovation BAKKEN SPIRIT Values COLLABORATION Ekofisk South Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenue
Slide 3: 2014 Annual Stockholder Meeting - Ryan Lance, Chairman & CEO
SAFETY ConocoPhillips technology North Sea REPUTATION set FOP Portioiic Optimization GROWTH innovation ENERGY BAKKEN SPIRIT Values COLLABORATION Ekofisk South | 2014 ANNUAL STOCKHOLDER MEETING | Ryan Lance, Chairman & CEO May 13, 2014
Slide 4: Our Value Proposition is Unchanged
Our Value Proposition is Unchanged We offer the marketplace an E&P investment that delivers sustainable double-digit returns annually to shareholders through cash flow growth and a compelling dividend. ° 3-—5% production growth rate ° 3-—5% margin growth rate * Ongoing priority to improve financial
Slide 5: Committed to Shareholder Returns
Committed to Shareholder Returns Dividend Yield Nd ° Compelling dividend remains key to our value proposition ee a ° Highest priority use of cash ¢ Enhances capital discipline | PS * Predictable portion of shareholder returns | ° Differential to independent peers Se p p a * Dividends expected to inc
Slide 6: 2012-2013: Delivered on Milestones and Achieved Peer-Leading TSR
2012 — 2013: Delivered on Milestones and Achieved Peer-Leading TSR * Proceeds of $12.4 billion from sale of Total Shareholder Return Since April 30, 2012 non-core assets 22.6% 2Change from 2012 to 2013 on actual prices Peers include: APA, APC, BG, BP, CVX, DVN, OXY, RDS, TOT and XOM. 2Represents two
Slide 7: Relentless Focus on Safety and Execution
Relentless Focus on Safety and Execution * Culture of safety and execution excellence Safety Performance * Personal safety Total Recordable Rate * Process safety 0.8 * Environmental responsibility * Operations Excellence FIVE YEARS TOTAL RECORDABLE RATE CONTINUOUS IMPROVEMENT * Focused implementatio
Slide 8: Environmental and Social Performance
Environmental and Social Performance Climate Change STA z Ee, in, Stakeholder’, * Updated Action Plans driving performance SEVEN * Expanded Sustainable Development Reporting so GNSECUTIVE YEARS ON ; NORTH AMERICA * Improved performance recognized externally °* Maximizing value through social, enviro
Slide 9: Unmatched Position Today
Unmatched Position Today 1,472 MBOED Production! - * Diversified asset base with scope and scale North Liquids American . if * Multiple sources of growth merattel Oy ° Massive positions in key resource trends as * Growing portfolio with options and choices 8.9 BBOE Reserves — YE 2013 Non-OECD OECD *
Slide 10: Commodity Price Outlook
Commodity Price Outloo 120 Brent ($/bbl) 11 112 ° Factors supporting higher prices 700 {\ ay * Geopolitical supply risks 8 Gs 80 * OECD economic recoveries ° * Rise of global middle class 7 WTI ($/bbI) ° Factors supporting lower prices soo 100 95 oa 98 Lf ° Slower growth in non-OECD economies \ ° Ne
Slide 11: Set for High-Margin Growth
Set For Hig Ye $ (9) py B & a a . North American 0 >$40/BOE Margin Unconventional 45% of Capital 0 Y || | || Lona CAPITAL ioe < : >$30/BOE MARGIN z CATEGORY 10 o + 0.8 + 0.6 L oa 10-§15/BOE Margin - ap NELEMEE Nort Arexicon Gos 2014-2017 2013 2014 2015 2016 2017 2 rey Margin categories shown based o
Slide 12: Unmatched Portfolio and Capabilities
tched Portfolio and Capabilities Montney as : * Great positions in proven and emerging plays SS bakken A ° Eagle Ford and Bakken sweet spots ; th - * Exceptional growth in high-margin resource base Niobrara | Qiao! @Batnett * Decades of drilling inventory with upside Permian Eagle Ford, * Leveraging
Slide 13: Eagle Ford: Significant Resource Increase
Eagle Ford: Significant Resource Increase 221 M net acres; acreage capture complete 96% average operated working interest 1.8 BBOE to 2.5 BBOE net EUR increase >3,000 identified drilling locations * Outlook based on 12-rig program Ta * $20-25/BOE full-cycle F&D cost [ree MIMBOE RESOURCE INCREASE 201
Slide 14: LNG: Positioned in High-Margin Markets
G: Positioned in Hig = * Oil-linked contracts; robust cash flows * Darwin and Qatar: High-liquids yield; premium markets * Kenai: Restarting for seasonal exports P -.: a wine! AKLNG: Studying feasibility of North Slope gas ay” * APLNG: Project on schedule Average Production Capital ail >$40/B0E AVER
Slide 15: World Class SAGD Portfolio
Lf Psateski eFortMcMurray Surmont Thornbury ah" — Ma ae beedtn Lake Foster Creek x, 1 B| [i ConocoPhillips Acreage $30-40/BOE 250 AVERAGE MARGIN & 2014-2017 200 °, a4 a 150 Vv a = 100 2014-2017 2013 2017 rld Class SAGD Portfolio * Second largest net SAGD producer * Top quartile steam-to-oil ratio *
Slide 16: International Oil & Gas: Driving Growth
International Oil & Gas: riving Growth Nol * Strong legacy positions * 130 MBOED major projects growth expected by 2017 * 2013: Ekofisk South and Jasmine started on schedule a * 2014:5 projects in Europe and Malaysia ‘ \" 9-+-Malaysia Indonesis® @e: i * 2015-2017: 7 projects expected to come online
Slide 17: North American Conventional Oil: Protecting and Growing the Base
North American Conventional Oil: Protecting and Growing the Base > * Development drilling and major projects in Alaska * Infill drilling and waterflood expansion in the Permian * Drilling and expanded waterflood recovery at Ursa * Liquids-focused drilling in the Anadarko Basin * Technology and EOR m
Slide 18: North American Gas: Low-Cost Option on Significant Resource Base
North American Gas: Low-Cost Option on Significant Resource Base in * Capital program focused on liquids-rich gas e ~$1.10/MCF lifting cost * 6.5 BBOE total resource * >15,000 identified well locations ¢ ~$1.5 billion annual cash from operations at $4/MCF gas oer Production Product Mix’ A O11 495 A
Slide 19: 2014 Exploration & Appraisal: Testing Global Portfolio
2014 Exploration & Appraisal: Testing Global Portfolio Duvel Chukchi wf? lo of Mexico 2014 Capital: $2.1B Colomb} Midd Other Magdalena Conventional Unconventional 44% Deepwater Based on high bid award on Block AD-10. a9 Greenland UK & N: ° () Poland @ Baltic Basin China Azerbaijan Bohai e China @ Si
Slide 20: Focused on Cash Flow Growth and Financial Returns
Focused on Cash Flow Growth and Financial Returns 2012 2013 2017 Independent Peer CoP Integrated Peer Average Average ‘Excludes working capital. Companies include: APA, APC, BG, BP, CVX, DVN, OXY, RDS, TOT, XOM. 20 ConocoPhillips
Slide 21: Key Messages From Today
Key Messages From Today * Committed to double-digit returns to shareholders * Growing production, margins and cashflow * Financial position is strong and dividend is top priority * Options for long term organic growth * Relentless focus on safety and execution De (= <rocsrtitivs
Slide 22: Committed to SPIRIT Values
22 Committed to SPIRIT Values SUPEIPRE ITT SAFETY PEOPLE INTEGRITY RESPONSIBILITY INNOVATION TEAMWORK
Slide 23: ConocoPhillips
SAFETY ConocoPhillips technology North Sea ™ REPUTATION set fOK otc Optimization ‘GROWTH... aoetre rEeEN ‘SPIRIT Values COLLABORATION Ekofisk South _ 2014 ANNUAL STOCKHOLDER MEETING | May 13, 2014