Slide 1: ConocoPhillips
ConocoPhillips FEBRUARY 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 and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and
Slide 3: 2020 Highlights — Leading the E&P Sector in Value Creation
2020 Highlights — Leading the E&P Sector in Value Creation —Vv -v -v —-v STRATEGY FINANCIAL OPERATIONS Enhanced strategic and financial $1.0B adjusted loss; Strong safety performance with framework via Concho acquisition $0.97 adjusted EPS loss diligence on COVID-19 mitigation Added 9 BBOE of best-i
Slide 4: 4Q20 Earnings Summary
4Q20 Earnings Summary ADJUSTED EARNINGS (S$ MILLIONS) 831 201 bs) 4Q19 3020 4Q20 —_ $0.76 ($0.31) ($0.19) AVERAGE REALIZED $47.01 $30.94 $33.21 PRICE ($/BOE) Adjusted eamings and adjusted EPS are non-GAAP measures. Definitions and reconciliations are available on our website. OVERVIEW = Sequential a
Slide 5: 4Q20 Cash Flow Summary
4Q20 Cash Flow Summary $ BILLIONS 4Q20 MARKER PRICES = Brent $44.23/BBL = WTI$42.66/BBL = Henry Hub $2.67/MMBTU 17 0.1 1.1 0.7 DIVIDENDS 0.5 REPURCHASESU: 4Q20 BEGINNING CASH & CFO? TOTAL WORKING CAPITAL EXPENDITURES & DIVIDENDS & OTHER 4Q20 ENDING CASH SHORT-TERM CAPITAL? INVESTMENTS REPURCHASE OF
Slide 6: Cash Flow Summary
2020 Cash Flow Summary $ BILLIONS 2020 MARKER PRICES = Brent $41.68/BBL = WTI$39.37/BBL ™ Henry Hub $2.08/MMBTU 4.7 1.3 a — es | . es $0.5B —v—_ FREE CASH FLOW 53% cro? RETURNED TO SHAREHOLDERS 0.1 2020 BEGINNING CASH cro? TOTAL WORKING DISPOSITION CAPITAL DIVIDENDS & OTHER & SHORT-TERM CAPITAL? PRO
Slide 7: Preliminary Reserve Replacement
2020 Preliminary Reserve Replacement -84% ORGANIC RRR? Vv -86% TOTAL RRR —— 0.0 Nn f+) 65% ORGANIC RRR EXCLUDING MARKET FACTORS? YE 2019 2020 EXTENSIONS & REVISIONS & ACQUISITIONS & YE 2020 RESERVES PRODUCTION2 DISCOVERIES IMPROVED RECOVERY DISPOSITIONS RESERVES RRR represents reserve replacement ra
Slide 8: 2021 Operating Plan
2021 Operating Plan OPERATING PLAN CAPITAL ($B) ~$5.5B cd fe EMENA ~$0.5 CANADA ~$0.2 Full-year ALASKA ~$1.1 as production Additional $5.5B guidance of guidance items operating plan oo 5 will be provided capital guidance . in March MMBOED? 2021 Production guidance excludes Libya. Production guidance