Conocophillips · NYSE:COP
Conocophillips — Q3 2025 Earnings Presentation
14 slides from Conocophillips's earnings presentation, Nov 6, 2025
Slide 1: 3Q25 Earnings Conference Call
w ConocoPhillips 3Q25 Earnings Conference Call Nov. 6, 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: 3Q25 Highlights, Major Project Updates and Outlook
3Q25 Highlights, Major Project Updates and $ | 3Q and Recent Highlights $1.61 adjusted EPS; $5.4B CFO!; $2.5B FCF; ending cash of $6.6B2 3Q production above high end of guidance range (2,330-2,370 MBOED) Closed Anadarko and signed additional $0.5B noncore dispositions, exceeding $3B asset sales in 2
Slide 4: Progressing Willow in Alaska
Progressing Willow in Alaska w Willow Project Capital Update . . . ~$0.4B ~$0.3B $8.5-$9B Total project capital raised to $8.5-$9.0B g7s7se 78078 S04 Remaining Expect lower 2026 capital vs. 2025; Spend 2026 to 2028 capital level-loaded oust Initial General Localized Other Updated Estimate Inflation
Slide 5: Advancing our Global LNG Portfolio
Advancing our Global LNG Portfolio w LNG Project Capital Update: ~80% Complete : : (NFE4 and NFS3 in Qatar, Port Arthur Phase 1 Equity) Total project capital reduced to $3.4B; ~$4B i 3 PALNG Phase 2 credit of ~$0.6B ~$0-68 Remaining ~80% of LNG project seen capital complete by YE25 : Initial Estimat
Slide 6: Purpose-Built LNG Strategy
Purpose-Built LNG Strategy Commercial strategy leverages global scale and decades of LNG experience, complementing Henry Hub-linked U.S. production Placing North American gas in international markets, as low-cost supplier with full value chain control Initial 5 MTPA of PALNG offtake recently placed
Slide 7: 2026 Preliminary Guidance
2026 Preliminary Guidance Lower Capital and Costs, Modest Production Growth Declining Capital 137 ($8) in ~$0.4B vs. ial guidance 2024 2025 Guidance 2026 Pro forma Midpoint Guidance i Capitalized interest — Initial Guidance Expect 2026 capex of ~$12B, down ~$0.5B from 2025 Lower major project capex
Slide 8: Unpacking Our Sector-Leading Free Cash Flow Growth
Unpacking Our Sector-Leading Free Cash Flow Growth wv Major Projects, Cost Reductions and Margin Enhancement Incremental FCF Progression ~$7B ~$1B nem, OF PER ANNUM VS. 2025 ~$6B INCREMENTAL IMPROVEMENT Mee vetanon FROM 2026 TO 2028 ~$4B Qatar NFE, PALNG P1, Qatar NFS LNG startups Cost / Margin enha
Slide 9: 3Q25 Earnings Summary
3Q25 Earnings Summary w Adjusted Earnings ($ Millions) Overview * Sequential adjusted earnings increased as the quarter benefitted from reduced operating costs, increased prices and increased volumes, which were slightly offset by a higher effective tax rate. * Year-over-year adjusted earnings decre
Slide 10: 3Q25 Cash Flow Summary
3Q25 Cash Flow Summary $ Billions 3Q25 Marker Prices + Brent $69.07/BBL 0.3 2.9 + WTI $64.93/BBL + Henry Hub® $3.07/MMBTU Dividends ~1.0 Repurchases ~1.3 0.1 $2.5B Free Cash Flow 3Q25 Beginning Cash & CFO? Total Working Capital? Disposition Capital Expenditures Dividends & Repurchase Other 3Q25 Endi
Slide 11: 3Q25 YTD Cash Flow Summary
3Q25 YTD Cash Flow Summary $ Billions 3Q25 YTD Marker Prices + Brent $70.85/BBL 1.6 9.5 + WTI $66.70/BBL + Henry Hub® $3.39/MMBTU 156 | Dividends 3.0 Repurchases 4.0 P 0.9 ~$6.1B 6.4 Free Cash Flow Debt 3Q25 Ending Cash & Short-Term Investments’ Capital Expenditures Dividends & Repurchase 1 & Invest
Slide 12: Price Realizations: 3Q25 Supplemental Information
Price Realizations: 3Q25 Supplemental Information w o Total Crude Natural Gas Total Realizations Crude Realizations Lower 48 Gas Realizations as % of Brent ($/BOE) as % of Brent ($/BBL) as % of Henry Hub! ($/MCF) 70% 71% fee 68% 67% 67% 96% 95% 95% 95% 96% 50% 47% 53% 8% $54 $52 $53 $46 $46 $77 $71
Slide 13: 2026 Preliminary Guidance
2026 Preliminary Guidance w Guidance (as of Nov. 6, 2025) ~2.33-2.37 MMBOED 0-2% underlying growth Full-Year Production Total Company and Lower 48 Oil! Mix ~53% / ~50% Full-Year Adjusted Operating Costs ~$10.2B Full-Year Capital Expenditures ~$12B Total Equity Affiliate Distributions ($65 Brent) ~$1
Slide 14: Sensitivity and Guidance Items
Sensitivity and Guidance Items Net Income and Cash Flow Sensitivities 2H25 Annualized Sensitivities Marker 4025 3025 Net Income Cash Flow Consolidated Brent $69.07 ~$65-75MM ~$65-75MM a ANS $70.04 ~$45-55MM ~$45-55MM wt $6493 ~$140-150MM_ —~$140-150MM wes $54.54 ~$20-30MM ~$25-35MM NA NGL $24.54 ~$7