Slide 1: 4Q21 Earnings Conference Call
ConocoPhillips 4Q21 Earnings Conference Call Fee cen tig, FEBRUARY 3, 2022
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, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Wor
Slide 3: 2021 Highlights
2021 Highlights DELIVERING ACROSS ALL ELEMENTS OF THE TRIPLE MANDATE STRATEGY FINANCIAL OPERATIONS Closed Concho and Shell Permian $8.0B adjusted earnings; FY production of 1,527 MBOED acquisitions; announced Indonesia sale; $6.01 adjusted EPS exercised APLNG preemption : Strong safety performance w
Slide 4: 4Q21 Earnings Summary
4Q21 Earnings Summary ADJUSTED EARNINGS (S$ MILLIONS) 3,010 ee (201) 4Q20 3Q21 4Q21 ADJUSTED EPS (8) ($0.19) $1.77 $2.27 AVERAGE REALIZED $33.21 $56.92 $65.56 PRICE ($/BOE) Adjusted earnings and adjusted EPS are non-GAAP measures. Definitions and reconciliations are available on our website. OVERVIE
Slide 5: 4Q21 Cash Flow Summary
4Q21 Cash Flow Summary S$ BILLIONS 4Q21 MARKER PRICES = Brent $79.73/BBL = WTI$77.19/BBL 0.9 1.6 = Henry Hub $5.84/MMBTU INCLUDES: IVIDENDS 0 ~$0.6B for 8.2 sale of Cenovus Energy shares $3.9B 4Q21 BEGINNING cro? TOTAL WORKING DISPOSITION CAPITAL DEBT DIVIDENDS & ACQUISITION OF 4Q21 ENDING CASH CASH
Slide 6: 2021 Cash Flow Summary
2021 Cash Flow Summary S$ BILLIONS 2021 MARKER PRICES = Brent $70.73/BBL = WTI $67.92/BBL 5.3 38% cro? "Henry Hub $3.85/MMBTU 1.7 14, RETURNED ae ~$1.1B for sale of 0.5 6.0 facet —_—2 Energy shares DIVIDENDS 2.4 REPURCHASES 3.6 8.3 —— $10.4B FREE CASH FLOW INCLUDES IMPACT OF ~$1.2B OF CASH OUTFLOWS
Slide 7: 2021 Preliminary Reserve Replacement
2021 Preliminary Reserve Replacement 189% ORGANIC RRR? Vv 377% TOTAL RRR —_r 0.5 0, 68% ORGANIC RRR EXCLUDING MARKET FACTORS? YE 2020 2021 EXTENSIONS & REVISIONS & ACQUISITIONS & YE 2021 RESERVES PRODUCTION? DISCOVERIES IMPROVED RECOVERY DISPOSITIONS RESERVES RRR represents reserve replacement ratio
Slide 8: Price Realizations — 4Q21 Supplemental Information
Price Realizations — 4Q21 Supplemental Information ro TOTAL CRUDE NATURAL GAS TOTAL REALIZATIONS CRUDE REALIZATIONS L48 GAS REALIZATIONS AS % OF BRENT ($/BOE) AS % OF BRENT ($/BBL) AS % OF HENRY HUB ($/MCF) — 168% _ 77% ios 96% 96% 115% = 115% 73% 94% 95% a3 90% $33 $45 $50 $57 $66 $41 $57 $66 $70 $
Slide 9: 2022 Operating Plan
2022 Operating Plan OPERATING PLAN CAPITAL ($B) $7.2B EMENA ~$0.7 ie = CANADA “$0.5 Ey FULL-YEAR S7. 2 B PRODUCTION $7 e 3 B OPERATING PLAN GUIDANCE OF ADJUSTED OPERATING COST CAPITAL GUIDANCE 1.8 MMBOED GUIDANCE Includes $0.28 for projects to reduce the company’s Scope 1 and 2 emissions intensity a
Slide 10: 2022 Guidance
2022 Guidance GUIDANCE FULL-YEA\ 1.8 MMBOED 1Q 2022 PRODUCTI 1.75 - 1.79 MMBOED FULL-YEAR 2022 ADJUSTED OPERATING COSTS $7.3B FULL-YEAR 2022 CAPITAL EXPENDITURES $7.2B FULL-YEAR 2022 DD&A $7.9B FULL R 2022 ADJUSTED CORPORATE SEGMENT NET LOSS $1.0B Guidance excludes special items. Adjusted operating
Slide 11: 2022 Annualized Cash Flow Sensitivities
2022 Annualized Cash Flow Sensitivities CONSOLIDATED OPERATIONS EQUITY AFFILIATES! (APPLIES FOR WTI PRICE RANGE OF $60-$90/BBL) (APPLIES FOR BRENT PRICE RANGE OF $60-$90/BBL) = CRUDE . «ego. = Expect distributions from equity affiliates at t ra) Brent/ANS: ~$80-90MM for $1/BBL change >$45/BBL Brent
Slide 12: 2022 Annualized Net Income Sensitivities ($60-90/BBL WTI)
2022 Annualized Net Income Sensitivities (S60-90/BBL WTI) = CRUDE : 4) | = Brent/ANS: ~$110-120MM for $1/BBL change = WTI: ~$105-115MM for $1/BBL change = WCS: ~$15-20MM for $1/BBL change — Does not incorporate contingent payment of CAS6MM quarterly for every CAS$1 WCS price above CA$52/BBL! NORTH A