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CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips

ConocoPhillips · Feb 8, 2011 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 1
    Credit Suisse Energy Conference Ryan Lance Senior Vice President E&P International February 8, 2011
  2. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 2
    ConocoPhillips 93 B Capital Employed International, integrated, major oil and gas company 40 BBOE captured resources E&P 26% R&M 8.3 BBOE reserves Chemicals 68% Midstream 1.75 MMBOED E&P production LUKOIL Emerging Businesses…
  3. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 3
    Corporate Priorities Returnsfocused strategy Improve returns and capital efficiency Highgrade portfolio Strengthen financial flexibility Increase shareholder distributions Ongoing plan execution 90% of capital directed to E&P…
  4. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 4
    Plan Execution Total Debt B Shares Outstanding1 MM 35 1,600 30 1,400 1,200 1,503 1,450 25 29 1,000 20 24 800 15 600 10 400 5 200 0 0 2009 2010 2009 2010 ROCE CROCE 15% 25% 20% 10% 20% 15% 10% 17% 10% 5% 7% 5%…
  5. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 5
    2010 E&P Metrics E&P Cash Contribution per BOE Improvement in margin per BOE 25 / BOE 23.2 Commodity price 20 18.5 Decrease in North America gas 15 production 10 Disposition program 5 0 2009 2010 Reserves replacement E&P…
  6. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 6
    2010 E&P Disposition Impacts Pretax Asset Timing per Flowing BOED per Reserve BOE Proceeds Syncrude Completed 4.6 B Producing NAM Completed 1.3 B 117 M / BOED 19 / BOE E&P Assets Other E&P Assets Completed 0.2 B Represents < 3%…
  7. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 7
    E&P Goals Improve margins and capital efficiency Deliver production growth Continue to pursue highimpact exploration Ongoing improvement in safety and operational excellence 7
  8. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 8
    E&P Core Capabilities Combined Total Recordable Rate Operational excellence Safety performance 1.0 Environmental stewardship 0.8 Reliability focus 0.6 Exploitation success 0.91 Alaska 0.4 0.80 San Juan, Permian 0.2 0.44…
  9. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 9
    2010 Reserve Additions Reserve Additions by Product BBOE Reserve Additions by Region BBOE Africa Russia & Other Bitumen Europe Canada Oil Lower 48 Gas Alaska Asia Pacific / Middle East LNG 5year average reserve…
  10. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 10
    Outlook for Production Growth Sources of Growth NearTerm L48 Shale Canadian SAGD Eagle Ford, Bakken, N Barnett FCCL, Surmont 2010 to 2014 CAGR of 1018% 2010 to 2014 CAGR of 1015% Australia Asia Pacific APLNG, Sunrise, Browse Basin…
  11. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 11
    Lower 48 Portfolio Enhancement Lower 48 Production Profile Focus on liquids 100% Evaluation of assets and opportunities 80% Selective investment 60% 40% Results 20% Improve margin per BOE 0% Enhanced returns 2008 2009 2010…
  12. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 12
    Lower 48 Shale Building core areas in Eagle Ford, Bakken and North Barnett Well results meeting expectations Increasing rig count in 2011 Bakken drilling Cash Margins1 /BOE Production increasing to over 80 100 MBOED by…
  13. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 13
    Eagle Ford 220 M core acres in liquids rich fairway 254 M in Eagle Ford trend Early mover with low acreage costs Gas Oil COP leasehold areas Encouraging well results Production MBOED 60 Increasing rigs and capital 50 40…
  14. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 14
    Canada SAGD Significant 15+ BBOE resource Surmont Foster Creek / Christina Lake Thornbury / Clyden / Saleski 2nd largest SAGD producer in Canada with leading steam oil ratios Surmont phase 1 2010 to 2014 annual production Cash…
  15. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 15
    Australia LNG project opportunities Australia Pacific LNG Welldefined resource Marketing discussions ongoing Bayu Undan platform Future growth from Cash Margins /BOE 100 BayuUndan 80 36 29 Browse Basin Poseidon 60 40…
  16. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 16
    Asia Pacific Highly cash generative legacy position established 2 BBOE resource base Future growth driven by Cuu Long Tai Bien FPSO Vietnam Bohai II and future expansions Cash Margins1 /BOE 100 Indonesian programs 80…
  17. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 17
    Indonesia Major Projects Bawal / South Belut 40% WI, COP operated 5th phase of Block B development 2012/13 first gas Caltex 3 54% WI, COP operated North Belut platform Develop resource in Corridor Block PSC 2013 first gas…
  18. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 18
    Malaysia Major Projects Gumusut 33% Unit WI, Shell operated Sabah Gas PSC 2013 first oil 0 50Km KBBC PSC H Outline Brunei unitization premised at first oil K (30.6% WI thereafter) Ubah KBB KBB 30% WI, JOC operated (KPOC)…
  19. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 19
    North Sea Existing infrastructure and premium markets create value Jasmine approved in 2010 2012 start up 35 MBOED net production Ekofisk field Future growth driven by 2011 Cash Margins /BOE planned project sanctions 120…
  20. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 20
    Global Projects Mackenzie Gas Jasmine Ekofisk South CD 5 Eldfisk II Lookout Christina Lake C/D Rivers II Foster Creek F/G/H Tommeliten Alpha Christina Lake E/F Tor Redevelopment FCCL Narrows Lake Clair Ridge Surmont II Panyu…
  21. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 21
    Exploration & Appraisal North Sea Baffin Bay Peking Duck HPHT wildcat Awarded Block 2 Caspian N block wildcats Canada Turkmenistan Block 19 negotiations Lower 48 Muskwa shale Shale opportunities Poland Bangladesh Shale…
  22. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 22
    Downstream Strategy Reduce capital employed weighting from 25% to 15% Cut exposure to refining margins Consider integrated ventures Maintain operating excellence Safety culture Environmental stewardship Topquartile reliability…
  23. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 23
    ConocoPhillips Business Model Enhance margins per BOE Constrain capital employed Divest noncore assets expansion Grow production per share Disciplined capital spending Shift capital to E&P liquids Organic reserve Grow Improve…
  24. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 24
    Appendix 24
  25. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 25
    Definitions RESOURCE The company uses the term resources in this presentation. The company has estimated its total resources based on a system developed by the Society of Petroleum Engineers. The system classifies recoverable…
  26. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 26
    COP NonGAAP Reconciliations CROCE 2009 2010 Numerator EBIDA 1 14,624 21,248 non-core earnings impacts (616) 2,533 adjusted EBIDA 15,240 18,715 GAAP CFOA 2 12,479 17,045 3 difference (2,761) (1,670) Denominator GAAP average…
  27. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 27
    COP NonGAAP Reconciliations 2009 2010 1 GAAP E&P Net Income - MM 3,604 9,198 GAAP E&P Net Income1 - / BOE 5.33 14.38 non-core earnings impacts - MM gains and (losses) on asset dispositions 55 3,151 asset impairments (613) (723) tax…
  28. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 28
    COP NonGAAP Reconciliations Lower 48 Asia Pacific 2008 2009 2010 2008 2009 2010 GAAP CFOA - MM 5,895 2,514 3,198 GAAP CFOA - MM 2,060 1,749 2,656 GAAP CFOA - / BOE 32.40 14.12 19.82 GAAP CFOA - / BOE 42.62 27.58 38.61 excluded GAAP…
  29. CREDIT SUISSE ENERGY CONFERENCE – ConocoPhillips – slide 29
    COP NonGAAP Reconciliations North Sea 2008 2009 2010 GAAP CFOA - MM 5,341 2,294 3,340 GAAP CFOA - / BOE 37.19 16.26 26.37 excluded GAAP items - MM asset impairments 72 104 43 non-cash working capital 653 (607) 300 non-working…

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