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2014 ANALYST MEETING – ConocoPhillips

ConocoPhillips · Apr 10, 2014 · 86 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. 2014 ANALYST MEETING – ConocoPhillips – slide 1
  2. 2014 ANALYST MEETING – ConocoPhillips – slide 2
    Agenda Delivering Our Value Proposition Ryan Lance, Chairman & CEO Executing Volume and Margin Growth from an Unmatched Portfolio Matt Fox, EVP, Exploration & Production Al Hirshberg, EVP, Technology & Projects Maintaining…
  3. 2014 ANALYST MEETING – ConocoPhillips – slide 3
  4. 2014 ANALYST MEETING – ConocoPhillips – slide 4
    Our Objective is to Deliver Double-Digit Returns to Shareholders We offer the marketplace an E&P investment that will deliver sustainable double-digit returns annually to shareholders through cash flow growth and a compelling…
  5. 2014 ANALYST MEETING – ConocoPhillips – slide 5
    Our Value Proposition is Unchanged 3 5% production growth rate 3 5% margin growth rate Compelling dividend Ongoing priority to improve financial returns Relentless focus on safety and execution Production and cash margin…
  6. 2014 ANALYST MEETING – ConocoPhillips – slide 6
    Unmatched Position Today 1,472 MBOED Production1 North Liquids Diversified asset base with scope and scale American 26% Gas Multiple sources of growth LNG + 56% International 18% Massive positions in key resource trends Gas…
  7. 2014 ANALYST MEETING – ConocoPhillips – slide 7
    Commodity Price Outlook 140 120 Brent (/bbl) 111 112 Factors supporting higher prices 100 98 109 Geopolitical supply risks 80 62 OECD economic recoveries 80 60 Rise of global middle class 40 140 Factors supporting lower…
  8. 2014 ANALYST MEETING – ConocoPhillips – slide 8
    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% Met production targets and advanced 21.3% growth projects…
  9. 2014 ANALYST MEETING – ConocoPhillips – slide 9
    2014: Set for Growth Average Capital Significant shift in capital toward development 16B programs Exploration & Exploration & Appraisal Appraisal 2013: 1,472 MBOED1 is base for growth Major Projects 2014: Expect 3-5% production…
  10. 2014 ANALYST MEETING – ConocoPhillips – slide 10
    Our Strategy Achieves Value Proposition Average Capital Production1 16B 2.0 100% 15% Exploration & Delivers 2017+ 1.8 90% Appraisal growth 1.6 80% Generates strong production 1.4 70% 30% Major Projects growth 1.2…
  11. 2014 ANALYST MEETING – ConocoPhillips – slide 11
    Capital Allocation Drives Profitable Growth Average Capital Production1 16B 2.0 100% 1.8 90% North American 1.6 40/BOE 80% Margin Unconventional 45% of Capital 1.4 70% 1.2 LNG MMBOED 60% Oil Sands 1.0 50%…
  12. 2014 ANALYST MEETING – ConocoPhillips – slide 12
    The Power of Portfolio: Margins, Decline Rates and Returns 10-15/BOE Margins 30-40/BOE Margins 40/BOE Margins North American Short-cycle cash flow High 25% Unconventionals Avoid over capitalizing Increases capital intensity…
  13. 2014 ANALYST MEETING – ConocoPhillips – slide 13
    What to Listen for Today Value proposition unchanged Significant identified resource upside in unconventionals Visible options and choices for organic growth beyond 2017 Strategic linkage between capex, volume growth and margin…
  14. 2014 ANALYST MEETING – ConocoPhillips – slide 14
    Matt Fox Al Hirshberg EVP, Exploration & Production EVP, Technology & Projects 15
  15. 2014 ANALYST MEETING – ConocoPhillips – slide 15
    Volume and Margin Growth from Unmatched Portfolio Overview Reserves and Capital Allocation 2013-2017 Margin and Production Growth North American Unconventional LNG Oil Sands International Oil and Gas North American Conventional…
  16. 2014 ANALYST MEETING – ConocoPhillips – slide 16
    Diversified and High-Margin Reserve Base 8.9 BBOE Reserves YE 2013 By Region By Product By Margin1 Other North American North American NGL Unconventional 4% Gas Asia Pacific & Alaska 8% Oil 16% 8% LNG Middle East 19% 16% 11%…
  17. 2014 ANALYST MEETING – ConocoPhillips – slide 17
    Capital Allocation Drives Profitable Growth Average Capital Production1 16B 2.0 100% 1.8 90% North American 1.6 40/BOE 80% Margin Unconventional 45% of Capital 1.4 70% 1.2 LNG MMBOED 60% Oil Sands 1.0 50%…
  18. 2014 ANALYST MEETING – ConocoPhillips – slide 18
    North American Unconventionals: Unmatched Portfolio and Capabilities Montney Duvernay Great positions in proven and emerging plays Eagle Ford and Bakken sweet spots Bakken Niobrara Exceptional growth in high-margin resource base…
  19. 2014 ANALYST MEETING – ConocoPhillips – slide 19
    Current Status of Unconventional Plays 20
  20. 2014 ANALYST MEETING – ConocoPhillips – slide 20
    Disciplined Pace of Development Maximizes Value Reasons to Accelerate Reasons to Optimize Acreage Retention Cost Learning Curve Benefits Technology Learning Curve Benefits Driven by Growth Infrastructure Efficiency Faster Cash…
  21. 2014 ANALYST MEETING – ConocoPhillips – slide 21
    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…
  22. 2014 ANALYST MEETING – ConocoPhillips – slide 22
    Eagle Ford: Premium Value from Best Wells in the Play 250 Highest Oil Rates per Well1 60 Industry-Leading Value2 50 200 Gross Operated Production (BPD) 40 NPV10 per Acre (M) 150 30 100 20 50 10 0 0…
  23. 2014 ANALYST MEETING – ConocoPhillips – slide 23
    Eagle Ford: Acreage in Heart of the Sweet Spot Thermal Maturity Pressure & Thickness A B TEXAS GONZALES WILSON LAVACA ConocoPhillips A Acreage DE WITT ATASCOSA KARNES B Maturity FRIO Sweet Spot ConocoPhillips Acreage Dry Gas…
  24. 2014 ANALYST MEETING – ConocoPhillips – slide 24
    Eagle Ford: Value-Driven Approach to Well Density 2013 2014 Transition to High/Low Evaluating Further Upside Lower Eagle Ford 80-acre1 Single Layer Lower Eagle Ford 80-acre1 High/Low Lower Eagle Ford 40-acre2 1.8 BBOE EUR 2.5 BBOE EUR…
  25. 2014 ANALYST MEETING – ConocoPhillips – slide 25
    Scientific Piloting: Accelerating Pace of Learning Pressure Monitoring Instrumented Wells Logging and Coring Stimulated Rock Volume Producer Post-Stimulation Pilot Well Cored Section Pre-Stimulation Pilot Well Map View…
  26. 2014 ANALYST MEETING – ConocoPhillips – slide 26
    Eagle Ford: Value-Driven Approach to Fracture Stimulation Design Optimizing Proppant Density Extensive pilot testing to verify stimulation models 40% Constantly enhancing fracture stimulation design EUR Increase 30% 30%…
  27. 2014 ANALYST MEETING – ConocoPhillips – slide 27
    Eagle Ford: Delivering Capital Efficiencies 40% reduction in drilling days Drilling Cost Efficiency1 100% 40% reduction in completion cost per unit of proppant 80% 75% of 2014 wells benefit from multi-well pad drilling 60% 40%…
  28. 2014 ANALYST MEETING – ConocoPhillips – slide 28
    Drilling Execution Efficiency Platform (DEEP) Optimizes drilling performance in real time 1,250 Drilling Rate (feet/day) 1,100 20% Faster Currently being field piloted in Eagle Ford and Permian 950 Demonstrated 20% increase…
  29. 2014 ANALYST MEETING – ConocoPhillips – slide 29
    Operations Excellence: Unlocking Full Eagle Ford Potential Eagle Ford Integrated Operations Center Leveraging success from conventional asset base 300 600 of Eagle Ford Flowing Wells Center Opens Integrated operations centers in…
  30. 2014 ANALYST MEETING – ConocoPhillips – slide 30
    Bakken: High-Margin Growth 620 M net acres; mostly HBP or mineral fee 45% average operated working interest 600 MMBOE net EUR 800 identified drilling locations Outlook based on average 10-rig program 20-25/BOE full-cycle F&D cost…
  31. 2014 ANALYST MEETING – ConocoPhillips – slide 31
    Bakken: Advantaged Position in the Heart of the Trend Montana North Dakota Bakken Acreage Values by Area (NPV10 per Acre)1 VALLEY ROOSEVELT WILLIAMS MOUNTRAIL Nesson Anticline Anticline Parshall-Sanish Fort Berthold Williams Core…
  32. 2014 ANALYST MEETING – ConocoPhillips – slide 32
    Bakken: Optimal Well Spacing and Placement Current Testing Tighter Spacing Evaluating Further Upside 320-acre1 in Bakken/ 160-acre2 in Bakken/ Additional Wells in Upper Three Forks Upper Three Forks Middle Three Forks 11,320…
  33. 2014 ANALYST MEETING – ConocoPhillips – slide 33
    Bakken: Delivering Capital Efficiencies Drilling Cost Efficiency1 30% reduction in drilling days 100% 29% 80% Improvement 50% reduction in completion cost per unit of proppant 60% 90% of 2014 wells to benefit from multi-well pad…
  34. 2014 ANALYST MEETING – ConocoPhillips – slide 34
    Other N.A. Unconventionals: Strong Position in Emerging Plays Montney Montney Duvernay Focused on high-margin, liquids-rich opportunities 500 M net acres under appraisal Bakken Key programs in Permian, Niobrara and Canada…
  35. 2014 ANALYST MEETING – ConocoPhillips – slide 35
    Permian Unconventional: Early Appraisal Results Encouraging New Mexico Texas 150 M net acres in Delaware Basin; 90 M net acres in Midland Basin Central Delaware Basin Platform Midland Basin Thick column of both shale and tight rock…
  36. 2014 ANALYST MEETING – ConocoPhillips – slide 36
    Niobrara: Early Appraisal Results Encouraging ADAMS ADAMS 130 M net acres in the DJ Basin DENVER Appraisal program ongoing; 2 rigs running ARAPAHOE 18 horizontal wells planned for 2014 ARAPAHOE Optimization of drilling and…
  37. 2014 ANALYST MEETING – ConocoPhillips – slide 37
    Canada: Appraising Montney and Duvernay Montney 230 M net acres Montney 90% average working Interest Focused on 135 M net acres with 30-40% liquid yield Duvernay 14 horizontal wells planned for 2014 Access to existing…
  38. 2014 ANALYST MEETING – ConocoPhillips – slide 38
    Dramatic Growth with Resource and Economic Upside Unmatched portfolio and capabilities North American Unconventional Production 400 Eagle Ford and Bakken sweet spots 300 MBOED Encouraging results from emerging plays 200…
  39. 2014 ANALYST MEETING – ConocoPhillips – slide 39
    Volume and Margin Growth from Unmatched Portfolio Overview Reserves and Capital Allocation 2013-2017 Margin and Production Growth North American Unconventional LNG Oil Sands International Oil and Gas North American Conventional…
  40. 2014 ANALYST MEETING – ConocoPhillips – slide 40
    LNG: Positioned in High-Margin Markets AKLNG Oil-linked contracts; robust cash flows Kenai Darwin and Qatar: High-liquids yield; premium markets Kenai: Restarting for seasonal exports Qatar Darwin LNG AKLNG: Studying feasibility…
  41. 2014 ANALYST MEETING – ConocoPhillips – slide 41
    APLNG: Long-Term Cash Flow Generation Two 4.5 MTPA trains with long-term sales to Asia Project 65% complete On schedule for first LNG in mid-2015 25/BOE full-cycle F&D cost 2017+ distributions 1 billion per year Awaiting better…
  42. 2014 ANALYST MEETING – ConocoPhillips – slide 42
    Oil Sands: Significant Growth from World Class SAGD Portfolio Saleski Fort McMurray Second largest net SAGD producer Surmont Thornbury Narrows Top quartile steam-to-oil ratio Lake Executing 7 major projects and 2 optimization…
  43. 2014 ANALYST MEETING – ConocoPhillips – slide 43
    Surmont 2: Progressing Toward Startup Construction 68% complete First steam expected in mid-2015 Surmont 2 increases gross capacity to 150 MBOED Optimization and debottlenecking studies underway 20/BOE full-cycle F&D cost…
  44. 2014 ANALYST MEETING – ConocoPhillips – slide 44
    Creating Value from Operations Excellence and Technology 6 Oil Sands SAGD Projects Steam-Oil Ratio1 Operations Excellence Surmont 1 operating 15% above design capacity SOR (2013 Average) 5 4 Reduced drilling cost by 12% in…
  45. 2014 ANALYST MEETING – ConocoPhillips – slide 45
    Robust Technology Pipeline Targeting Improved Project Returns Flow Control Devices (FCD) 1,600 FCD Cumulative Oil Production 1,400 Accelerates production and reduces SOR 1,200 Successfully deployed and expanding application…
  46. 2014 ANALYST MEETING – ConocoPhillips – slide 46
    International Oil & Gas: Major Projects Driving Growth Norway U.K. Strong legacy positions 130 MBOED major projects growth expected by 2017 Libya 2013: Ekofisk South and Jasmine started on schedule China 2014: 5 projects in Europe…
  47. 2014 ANALYST MEETING – ConocoPhillips – slide 47
    North Sea: Revitalization from High-Margin Projects 2014: Jasmine and Ekofisk South ramp up; Britannia LTC startup 2015: Eldfisk II and Enochdhu startups 2016/17: Alder, Clair Ridge and Aasta Hansteen startups 5% production CAGR…
  48. 2014 ANALYST MEETING – ConocoPhillips – slide 48
    Malaysia: Building a Legacy Position 2014: Milestone year with 3 project startups expected Siakap North-Petai (SNP): First production achieved Gumusut FPS: Mid-2014 startup targeted KBB gas development: 4Q startup targeted…
  49. 2014 ANALYST MEETING – ConocoPhillips – slide 49
    North American Conventional Oil: Protecting and Growing the Base Development drilling and major projects in Alaska ALASKA Infill drilling and waterflood expansion in the Permian Drilling and expanded waterflood recovery at Ursa…
  50. 2014 ANALYST MEETING – ConocoPhillips – slide 50
    Alaska: Increased Investment Targeting Resource Development Increased investments reflect better fiscal terms Technology mitigating decline in mature fields CD5 project in execution Drill site 2S, GMT1 and 1H NEWS projects…
  51. 2014 ANALYST MEETING – ConocoPhillips – slide 51
    North American Gas: Low-Cost Option on Significant Resource Base Capital program focused on liquids-rich gas 1.10/MCF lifting cost 6.5 BBOE total resource 15,000 identified well locations 1.5 billion annual cash from operations at…
  52. 2014 ANALYST MEETING – ConocoPhillips – slide 52
    Volume and Margin Growth from Unmatched Portfolio Overview Reserves and Capital Allocation 2013-2017 Margin and Production Growth North American Unconventional LNG Oil Sands International Oil and Gas North American Conventional…
  53. 2014 ANALYST MEETING – ConocoPhillips – slide 53
    Exploration: Material High-Value Resource Adds 1 Cumulative Discovered Resources 6.0 High-Value Organic Growth 8 2 U.S. Unconventional Exploration 2003-2012 7 5.0 6 5 Independent Companies Integrated Companies Full-Cycle…
  54. 2014 ANALYST MEETING – ConocoPhillips – slide 54
    Diverse and Balanced Portfolio of High-Value Opportunities Norway Greenland Barents Chukchi NPR-A Canol Montney UK & Norway Duvernay Poland Baltic Basin Azerbaijan China Bohai Niobrara China Delaware & Sichuan Midland…
  55. 2014 ANALYST MEETING – ConocoPhillips – slide 55
    2014 Exploration and Appraisal Capital 2.1B By Play Type By Geography By Activity Other Appraisal Exploration Other Unconventional Lower 48 Drilling Drilling Conventional 10% 21% West Africa 27% 35% 33% 20% 55% 7% North Sea…
  56. 2014 ANALYST MEETING – ConocoPhillips – slide 56
    2014: Testing Global Portfolio Norway Greenland Barents Chukchi NPR-A Canol Montney, UK & Norway Duvernay Poland Baltic Basin Azerbaijan China Bohai Niobrara China Delaware & Sichuan Midland Gulf of Mexico Bangladesh…
  57. 2014 ANALYST MEETING – ConocoPhillips – slide 57
    Appraising Gulf of Mexico Discoveries: Tiber and Gila TEXAS LOUISIANA Tiber 18% working interest Lower Tertiary oil discovery in 2009 Low relief 4-way closure Multiple reservoir intervals Gila Tiber Appraisal commenced in 2013;…
  58. 2014 ANALYST MEETING – ConocoPhillips – slide 58
    Appraising Gulf of Mexico Discoveries: Shenandoah and Coronado TEXAS LOUISIANA Shenandoah 30% working interest Lower Tertiary oil discovery in 2009 Discovery well drilled crestal location First appraisal well in 2013; 1,000 feet net…
  59. 2014 ANALYST MEETING – ConocoPhillips – slide 59
    Australia: Appraising Discoveries at Poseidon and Barossa Greater Poseidon Complex Barossa 40% working interest; operator 37.5% working interest; operator Discovered in 2009 Discovered in 2006 Jurassic Plover and Montara formation…
  60. 2014 ANALYST MEETING – ConocoPhillips – slide 60
    Angola: Deepwater Exploration Block 36: 50% working interest; operator Atlantic Ocean Luanda Block 37: 30% working interest; operator Block 36 Orca Pre-salt lacustrine carbonate play in Kwanza Basin Lontra Kamoxi-1 Block 20…
  61. 2014 ANALYST MEETING – ConocoPhillips – slide 61
    Senegal: Deepwater Exploration Rufisque 35% working interest AFRICA SENEGAL FAN-1 well planned in 2Q 2014 Cretaceous pinch-out play Sangomar The Gambia Similar age as the recent Mauritanian discovery Atlantic Ocean Sangomar…
  62. 2014 ANALYST MEETING – ConocoPhillips – slide 62
    International Conventional Exploration Norway: Barents Sea Indonesia: Palangkaraya PSC 25-30% working interest 100% working interest Two wildcats to be drilled in Barents Sea license PL615 Re-examining oil seeps and stratigraphic…
  63. 2014 ANALYST MEETING – ConocoPhillips – slide 63
    International Unconventional Exploration Poland Colombia 70% working interest; operator Santa Isabel 70% working interest (71 M net acres) 354 M net acres in the Baltic Basin VMM Blocks 30% working interest (116 M net acres) Drilling…
  64. 2014 ANALYST MEETING – ConocoPhillips – slide 64
    2014: Testing Global Portfolio Norway Greenland Barents Chukchi NPR-A Canol Montney, UK & Norway Duvernay Poland Baltic Basin Azerbaijan China Bohai Niobrara China Delaware & Sichuan Midland Gulf of Mexico Bangladesh…
  65. 2014 ANALYST MEETING – ConocoPhillips – slide 65
    Volume and Margin Growth from Unmatched Portfolio Diversified high-margin reserve base Unmatched unconventional portfolio and capabilities Robust pipeline of international major projects Global inventory of promising exploration…
  66. 2014 ANALYST MEETING – ConocoPhillips – slide 66
    Jeff Sheets EVP, Finance & CFO 67
  67. 2014 ANALYST MEETING – ConocoPhillips – slide 67
    Strength and Flexibility Throughout the E&P Value Creation Cycle Balance Capital Resources & Profitability Shareholder Sheet Investment Reserves Production & Cash Flow Distributions Asset Sales Growing portfolio of high-return,…
  68. 2014 ANALYST MEETING – ConocoPhillips – slide 68
    Targeted Capital Allocation Drives Profitable Growth Average Capital Production1 16B 2.0 100% 1.8 90% North American 1.6 40/BOE 80% Margin Unconventional 45% of Capital 1.4 70% 1.2 60% LNG MMBOED Oil Sands 1.0…
  69. 2014 ANALYST MEETING – ConocoPhillips – slide 69
    Strong Reserve Replacement at Competitive F&D Cost Year-end Reserves (BBOE) 151% three-year organic reserve replacement ratio2 Delivered F&D cost…
  70. 2014 ANALYST MEETING – ConocoPhillips – slide 70
    High-Margin Production Growth Drives Cash Margin Improvement 2017 Production1 Cash Margin Production CAGR1 /BOE 2013-2017 North American North American 2013 Production1 Unconventional 40 22% Unconventional North American…
  71. 2014 ANALYST MEETING – ConocoPhillips – slide 71
    Shifting Portfolio Driving Peer-Leading Cash Margin Growth 2013 vs. 2012 Cash Margin/BOE Visible margin growth in 2013 Relative Improvement 1 11% 9% price normalized cash margin growth Liquids growth in Lower 48, Canada and…
  72. 2014 ANALYST MEETING – ConocoPhillips – slide 72
    High-Margin Growth Generates Long-Term Cash Flow Improvements Cash From Continuing Operations Continued cash margin growth in 2014+ B Ongoing production mix shift Increased production in areas with more favorable fiscal regimes…
  73. 2014 ANALYST MEETING – ConocoPhillips – slide 73
    Balance Sheet Strength and Flexibility ConocoPhillips Debt Trades Better Than AA-Rated Debt Target to maintain A1/A rating (10-Year Spreads Over U.S. Treasuries Basis Points) Capacity for incremental debt within current rating 6.5…
  74. 2014 ANALYST MEETING – ConocoPhillips – slide 74
    Committed to Improving Financial Returns 2013 Return on Capital Employed Front-end loaded major project capital Capital shift to higher-margin, higher-return programs DD&A rates decline as unconventional resources 11.8% are…
  75. 2014 ANALYST MEETING – ConocoPhillips – slide 75
    Committed to Shareholder Returns Dividend Yield Compelling dividend remains key to our value proposition Highest priority use of cash 4% Enhances capital discipline Predictable portion of shareholder returns Differential to…
  76. 2014 ANALYST MEETING – ConocoPhillips – slide 76
    77
  77. 2014 ANALYST MEETING – ConocoPhillips – slide 77
    Key Messages From Today Value proposition unchanged Significant identified resource upside in unconventionals Visible options and choices for organic growth beyond 2017 Strategic linkage between capex, volume growth and margin…
  78. 2014 ANALYST MEETING – ConocoPhillips – slide 78
    Q&A 79
  79. 2014 ANALYST MEETING – ConocoPhillips – slide 79
    Key Messages From Today Value proposition unchanged Significant identified resource upside in unconventionals Visible options and choices for organic growth beyond 2017 Strategic linkage between capex, volume growth and margin…
  80. 2014 ANALYST MEETING – ConocoPhillips – slide 80
    Appendix 81
  81. 2014 ANALYST MEETING – ConocoPhillips – slide 81
    Annualized Net Income Sensitivities Crude Brent/ANS: 80-90MM change for 1/BBL change WTI: 35-40MM change for 1/BBL change WCS: 30-40MM change for 1/BBL change North American NGL Representative blend: 10-15MM change for 1/BBL…
  82. 2014 ANALYST MEETING – ConocoPhillips – slide 82
    2014 Production Guidance: Continuing Operations NO LIBYA VOLUMES ASSUMED FOR 2014 1Q14 2Q14 3Q14 4Q14 FY2014 MBOED 1Q14 2Q14 3Q14 4Q14 FY14 Continuing Operations 1,525 1,490 1,540 1,435 1,485 1,590 1,640 1,510 1,550 (Ex.…
  83. 2014 ANALYST MEETING – ConocoPhillips – slide 83
    2014 Outlook Guidance 2014 DD&A of 8.5 B Higher DD&A from Jasmine and Gumusut startup Reflects reserve booking schedule in unconventionals Expenses from continuing operations Production and SG&A expense of 8.5B 1 Exploration…
  84. 2014 ANALYST MEETING – ConocoPhillips – slide 84
    Segment Production (MBOED) 250 Alaska 500 Canada 700 Lower 48 & Latin America 600 200 400 500 150 300 400 300 100 200 200 50 100 100 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 500…
  85. 2014 ANALYST MEETING – ConocoPhillips – slide 85
    Margin Class Categorization North American International North American North American Unconventionals LNG Oil Sands Oil & Gas Conventional Oil Gas Bakken AKLNG Foster Creek China Alaska North Slope Lobo Barnett APLNG Christina Lake…
  86. 2014 ANALYST MEETING – ConocoPhillips – slide 86
    Investor Information Stock Ticker Investor Relations Contacts: NYSE: COP Telephone: +1 281.207.1996 Website: www.conocophillips.com/investor Ellen DeSanctis: ellen.r.desanctisconocophillips.com Sidney J. Bassett:…

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