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2015 ANALYST AND INVESTOR MEETING – ConocoPhillips

ConocoPhillips · Apr 8, 2015 · 81 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. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 1
    2015 Analyst and Investor Meeting April 8, 2015
  2. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 2
    Agenda Core Energy Holding Ryan Lance, Chairman & CEO Financial Priorities Jeff Sheets, EVP, Finance & CFO 2015-2017 Operating Plan and Beyond 2017 Matt Fox, EVP, Exploration & Production Al Hirshberg, EVP, Technology &…
  3. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 3
    Ryan Lance Chairman & CEO
  4. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 4
    High-Quality Global Portfolio 1,532 MBOED Production1 FY14 North Diversified asset base with significant scope and scale American 25% Liquids Gas Multiple sources of growth LNG + Growing inventory of low cost of supply…
  5. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 5
    Core Energy Holding We offer attractive annual returns to shareholders through a compelling dividend, predictable growth and a priority on margins and financial returns. 6
  6. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 6
    2012-2014: Successfully Delivered on Our Commitments Operational Financial Strategic 3% production compound 9% cash margin compound Completed 14B in non-core annual growth rate1 annual growth rate2 asset sales 9 major project…
  7. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 7
    2012-2014: Track Record of Value Creation Total Shareholder Return Since April 30, 2012 14.1% ConocoPhillips Integrated 6.2% Peer Average 4.1% Independent Peer Average S&P 500 Energy -6.1% Peers include: APA, APC,…
  8. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 8
    2015-2017: Uncertain Price Outlook 140 Brent (/bbl) Wide range of outlooks based on differing 120 views of macro factors 100 112 109 80 99 Global economic outlook 60 Supply and demand response to low oil prices 40 Industry cost…
  9. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 9
    What Wins in a Lower, More Volatile Price Environment Asset Characteristics Role in Portfolio Stable source of funding to Diverse, low-decline base sustain dividend Investment returns resilient Low cost of supply to lower…
  10. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 10
    Winning Portfolio: Increasing Flexibility and Returns, Decreasing Cost of…
  11. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 11
    Capital Allocation for a Lower, More Volatile Price Environment Prior Plan 16B/year Exploration Reduce & Re-allocate Execute Plan with Growing Flexibility Major Projects Strategy Drivers 11.5B 11.5B Exploration: Limiting new access…
  12. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 12
    Flexibility, Resilience and Growth for 11.5B 2-3% PRODUCTION GROWTH 2014-2015 Average Capital 11.5B Production 1.7 MMBOED 1.8 Exploration 1.5 MMBOED 1.6 Major Projects 1.4 1.2 MMBOED Development 1.0 0.8 0.6 0.4 Base…
  13. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 13
    Disciplined Approach for the New World Prior Plan New Plan Compelling dividend = Compelling dividend Cash flow neutrality in 2017 = Cash flow neutrality in 2017 Improve financial returns = Improve financial returns Maintain A…
  14. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 14
    What to Listen for Today Jeff Sheets DIVIDEND Dividend is highest priority use of cash REMAINS TOP PRIORITY Achieving cash flow neutrality in 2017 Capturing cost improvements to enhance margins and returns Maintaining a strong balance…
  15. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 15
    Jeff Sheets EVP, Finance & CFO
  16. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 16
    Financial Priorities Return cash to shareholders through a compelling dividend Achieve cash flow neutrality in 2017 Growth from high-margin liquids Aggressively pursuing cost reductions Exercise increasing capital flexibility…
  17. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 17
    Committed to Compelling Dividend Dividend Yield Cash dividend is key to our value proposition Highest priority use of funds 4.6% Enhances capital discipline Predictable portion of shareholder returns Differential compared to…
  18. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 18
    2014-2017: Cash Flow Growth Cash From Operations B 3B of Cash 30 MBOED 1B Operating Flow Growth Net Decline Cost Reductions 200 MBOED Net Growth 16.3 15.5 12.5 2014 Actual 2014 Normalized Liquid and LNG Gas Decline Costs…
  19. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 19
    Growth in High-Margin Liquids Production (MBOED) 1.8 Liquids growth from major projects at APLNG, Canadian oil sands and Malaysia 1.6 North American Unconventional 1.4 Oil Liquids growth from flexible, low cost of supply Oil 200…
  20. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 20
    Aggressively Pursuing Operating Cost Reductions 2014 Operating Costs 9.7B Cost reduction programs underway to source 1B of reductions in 2016 compared to 2014 SG&A Exploration G&A and G&G Internal costs account for 1/3 of total…
  21. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 21
    2014-2017: Cash Flow Growth Cash From Operations - B 3B of Cash 30 MBOED 1B Operating Flow Growth Net Decline Cost Reductions 200 MBOED Net Growth 16.3 15.5 12.5 2014 Actual 2014 Normalized Liquid and LNG Gas Decline Costs…
  22. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 22
    Committed to Cash Flow Neutrality in 2017 FLEXIBILITY IN 2017 Capital to Significant capital flexibility in 2017 15.5B Maintain Flat Production Production growth a function of capital 2017+ 11.5B for predictable growth 9B to…
  23. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 23
    Equity Affiliates Becoming Source of Cash 2017 Total Company Key Metrics 1.7 11.5B MMBOED Equity Affiliates (APLNG, FCCL, QG3) 120 MMBOE 20% / YEAR Significant consumers of capital pre-2016 Self funding in 2016 and beyond…
  24. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 24
    Focus on Financial Returns 2014 Cash Return on 2014 Return on Capital Employed Capital Employed Competitive ROCE and CROCE performance 20.4% Continued focus on improving returns 9.4% Improve 2014 to 2017 flat price ROCE by 1.5%…
  25. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 25
    Balance Sheet Strength and Flexibility is Core Priority New Debt Issuance Rates1 Capacity to fund 2015 and 2016 spending 5% Balance sheet strength to weather price 4% downturn 5.1B of cash at year-end 2014 3% 6B of unused…
  26. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 26
    Delivering Financial Priorities Expect cash flow growth at flat prices 200 MBOED liquids growth 1B of cost reductions Cash flow neutrality in 2017 at range of prices Increasing capital flexibility 9B to maintain flat production…
  27. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 27
    Matt Fox EVP, Exploration & Production Al Hirshberg EVP, Technology & Projects
  28. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 28
    Agenda 2015-2017 Operating Plan Capital Allocation Regional Overview Global Exploration Capital and Operating Costs Beyond 2017 Low Cost of Supply Resource Base Sources of Long-Term Growth 29
  29. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 29
    Capital Allocation for a Lower, More Volatile Price Environment Execute Plan with Growing Flexibility Delivering Profitable Growth 1.7 MMBOED 1.8 1.5 MMBOED 1.6 11.5B 11.5B Exploration Exploration Future Projects Future Projects 1.4…
  30. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 30
    Completion of Major Projects Increases Capital Flexibility 5 Projects in Execution 4 Canada 90% Future Major Projects COMPLETE Capital Spend (B) SURMONT 2 3 APLNG APME Canada Canada 2 APME APME Europe Europe 1…
  31. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 31
    Capital Flexibility Directed Toward Development Drilling 7 FLEXIBLE Other SHORT-CYCLE 6 LOW COST OF SUPPLY Other Canada Canada Permian 5 Permian Capital Spend (B) Canada Bakken Bakken 4 Permian Bakken 3 Eagle Ford Eagle…
  32. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 32
    Flexibility, Resilience and Growth for 11.5B 2-3% PRODUCTION GROWTH 2014-2015 Average Capital 11.5B Production 1.7 MMBOED 1.8 1.5 MMBOED Europe 1.6 Europe Europe Alaska 1.4 Alaska Alaska 1.2 APME APME MMBOED APME 1.0…
  33. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 33
    Lower 48: Low Cost of Supply with High-Value Mix Shift Product Mix Shift to Liquids 4-5B annual investment in 2015-2017 Bakken Gas Focus on Eagle Ford, Bakken and Permian Gas 40% Green Wind River Basin 47% River Basin NGL…
  34. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 34
    Lower 48 Unconventionals: Industry-Leading Cost of Supply INDUSTRY LEADING COST OF SUPPLY UNCONVENTIONALS Rystad1 Wood Mackenzie2 ITG Investment Research3 Eagle Ford Eagle 80 80 80 Bakken Independent Companies Ford Eagle Ford…
  35. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 35
    Lower 48 Unconventionals: Prudent Pace Preserves Value & Optionality Priority on protecting value Reducing Cost of Supply Prudent to defer programs in current market Drilling & Completions Efficiency Expect to ramp up activity…
  36. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 36
    Eagle Ford: Value-Driven Approach to Full-Field Development 220 M net acres; 2.5 BBOE net resource1 2017 Product Mix NGL Developing on 80-acre high/low spacing 19% Testing triple stack development potential 15 years of drilling…
  37. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 37
    Eagle Ford: Industry-Leading Performance LOWEST COST OF SUPPLY Lowest Cost of Supply1 Highest Oil Rates per Well2 Highest NPV per Acre3 70 200 90 180 80 Gross Operated Production (BPD) 60 160 70 WTI Breakeven (/BBL)…
  38. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 38
    Eagle Ford: Driving Drilling and Completion Efficiencies 2013 2015 Continued drilling and completion efficiencies Job Size Job Size 3.8 MM lbs 7.7 MM lbs Pilot studies optimizing recovery DEEP implementation to reduce drilling days…
  39. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 39
    Eagle Ford: Maximizing Operating Efficiencies 43% LIFTING COST ADVANTAGE COMPARED WITH COMPETITOR AVERAGE Leading Total Production Efficiency Lifting Cost per BOE Top-tier production efficiency and reliability Integrated…
  40. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 40
    Eagle Ford: Optimizing Field Development Through Pilot Programs Transition to High/Low Completed 2015: Testing Tighter Spacing and Triple Stack Development 2015 Pilot Program Focus Areas Triple stack pilot tests GR BVI 80-acre1…
  41. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 41
    Upper Eagle Ford: Pilot Test Results Exceeding Expectations CONFIRMED UPPER EAGLE FORD POTENTIAL Triple Stack Development Strategy Production Performance1 Performance analogous to Lower Eagle Ford Evaluating Austin Upper…
  42. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 42
    Bakken: Growth from Highest Value Part of Play North Dakota MOUNTRAIL 620 M net acres; mostly HBP or mineral fee 2017 Product Mix ConocoPhillips Acreage Minerals 0.6 BBOE net resource1 NGL WILLIAMS 6% Developing at 160-acre…
  43. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 43
    Bakken: Driving Drilling & Completion Efficiencies Wood Mackenzie: Sub-Play Acreage Values (NPV10 per Acre)1 Nesson Anticline TOP Parshall Sanish PRODUCER Fort Berthold Three Forks NESSON ANTICLINE1 Williams Core Bakken 0 5,000…
  44. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 44
    Bakken: Optimizing Field Development Through Pilot Programs North Dakota Current Testing Tighter Spacing Evaluating Further Upside WILLIAMS MOUNTRAIL 160-acre1 in Bakken / 80-acre1 in Bakken/ Additional Wells in GR BVH Upper Three…
  45. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 45
    Middle Three Forks: Encouraging Results CONFIRMED MIDDLE THREE FORKS POTENTIAL Three-Layer Development Strategy Production Performance1 Well performance comparable to Upper Three Forks Upper Three Forks Well Middle Executing…
  46. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 46
    Permian Unconventional: Appraising Long-Term Opportunity High-graded acreage position 2017 Product Mix NGL 100 M net acres of stacked play opportunity 23% 1 BBOE net resource1 25 years of drilling inventory remaining Oil 50%…
  47. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 47
    Permian Unconventional: Appraising Multiple Stacked Pays Potential for multiple stacked horizontal wells NEW MEXICO Appraisal results confirming expectations TEXAS Midland Focused on the lowest cost of supply zones Targeting…
  48. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 48
    Niobrara: Continued Improvement in Performance 120 M net acres in the DJ Basin 2017 Product Mix NGL 23% Encouraging results in liquids-rich basin Continuing to appraise acreage Optimizing completion design and well lateral length…
  49. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 49
    Lower 48 Unconventionals: High-Value Position with Upside RETURNS REMAIN ATTRACTIVE Similar Returns Expected at Lower Prices Offsetting impacts of lower prices Optimizing full-field development programs Oil Price Deflation…
  50. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 50
    Canada: Growth from Two Vast Resource Positions 2017 Product Mix 1B capital focused on unconventionals and oil sands NGL 7% Exploration drilling offshore Nova Scotia Gas Shift to development programs as Surmont 2 completed 29%…
  51. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 51
    Western Canada: Appraising and Developing Unconventional Plays North Central South ConocoPhillips Acreage Mix of mature and emerging unconventionals Alberta 6,000 feet of stacked pay Applying learnings from Lower 48 Falher/…
  52. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 52
    Oil Sands: Significant Growth from World-Class SAGD Portfolio Second largest SAGD producer Top-tier steam-to-oil ratio 100 MBOED growth through 2017 Slowing sanction of new project phases Optimizing production through existing…
  53. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 53
    Oil Sands: Surmont 2 On Track for 2015 Startup 90% Complete First steam expected in mid-2015 Total Surmont Capital Total Surmont Production First production 3Q15; ramping up through 1 80 2017 Increases gross capacity to 150…
  54. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 54
    Asia Pacific & Middle East: High-Margin Growth Underway APLNG: Two 4.5 MTPA trains; long-term Asia sales 2017 Product Mix Beijing LNG Oil Bohai Bay Attractive opportunities in Malaysia 38% 27% CHINA High-return developments in…
  55. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 55
    APME: Long-Term Cash Flow Generation from APLNG 90% Complete Startup expected in 3Q15 APLNG Capital APLNG Production 120 2 APLNG JV self funding from 2016 forward 100 1.5 80 MBOED 20 years of long-life, flat…
  56. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 56
    APME: High-Margin Developments in Malaysia SNP and Gumusut on production South KBB Cluster PSC China Ubah KME KBB complete; awaiting third-party pipeline Sea KBB Malikai SB 311 Pisagan SNP Malikai oil field online in 2017 3E…
  57. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 57
    Alaska: New Projects Maintain Strong Performance in Alaska Beaufort Product Mix - 2017 Beaufort Sea Sea LNG 2% 1H NEWS NGL Colville River Unit Alaska 6% CD5 Gas Oil DS-2S Prudhoe Bay Unit 87% GMT1 5% Nuiqsut Kuparuk River…
  58. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 58
    Europe: Optimizing Performance in Mature Assets PL720 PL615B 3 major project startups in 2015 2017 Product Mix PL615 PL603 PL718 PL218 Drilling from new infrastructure offsets decline NGL Barents Sea Heidrun 4% NORWAY Norwegian…
  59. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 59
    Global Exploration: 2015 Exploration and Appraisal Drilling 0.9B Exploration North Slope 1.5B UK & E&A Western Canada Norway Unconventionals 0.6B Appraisal Nova China Lower 48 Scotia Unconventionals Gulf of Mexico Senegal…
  60. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 60
    Gulf of Mexico: 2015 Appraisal Drilling 2015 Appraisal Drilling ConocoPhillips Lease Gila Paleogene Appraisal 4Q15 Shenandoah Gila Tiber Shenandoah Paleogene Appraisal 3Q15 Tiber Paleogene 2 appraisal wells in 2015…
  61. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 61
    Gulf of Mexico: 2015 Exploration Drilling 2015 Exploration Drilling Vernaccia Miocene 2015 Appraisal Drilling ConocoPhillips Lease Spud 2Q15 Harrier Gibson Paleogene Spud 2015/2016 Harrier Miocene Shenandoah ConocoPhillips…
  62. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 62
    West Africa: Exploration and Appraisal Drilling Angola BASIN Pre-salt lacustrine carbonate play in Kwanza Basin SENEGAL OPENING 2014: Kamoxi-1 dry hole Atlantic DISCOVERIES Ocean 2015: Omosi-1 and Vali-1 AFRICA Senegal FAN-1…
  63. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 63
    East Canada: Nova Scotia and Newfoundland Exploration Drilling Nova Scotia NEWFOUNDLAND Cheshire-1 planned spud 4Q15 Targeting Lower Cretaceous and Jurassic 4-way Atlantic Ocean closure NOVA SCOTIA Monterey Jack-1 planned to follow…
  64. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 64
    Diversified, Low Cost of Supply Portfolio Delivering 1.7 MMBOED in 2017 2015-2017 Average Capital 11.5B Alaska Europe 11% of Production Alaska New projects Canada Europe APME offsetting decline 21% of 12% of Production Production…
  65. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 65
    Delivering Capital and Operating Cost Efficiencies Integrated Operations Centers Lowering Costs Operating Cost Reductions 80% 1B Production Under Management1 UK Australia Reduce lifting costs globally 60% Alaska Continue…
  66. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 66
    Capturing Benefit from Rapid Cost Deflation 9 Land Rigs LAG TIME Highly SHRINKING Stimulation Sensitive Shallow Well Services Water Rigs Midwater Floaters Tubulars Deepwater Rigs 6 Helicopters Sensitivity of Steel Activity…
  67. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 67
    Adding It Up: On Track to Achieve Significant Savings in 2015+ Deflation Materializing In-line with Expectations 715MM Savings Identified To Date1 Line of sight to 715MM savings in 2015 In Progress Operating Other 500MM capital…
  68. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 68
    Agenda 2015-2017 Operating Plan Capital Allocation Regional Overview Global Exploration Capital and Operating Costs Beyond 2017 Low Cost of Supply Resource Base Sources of Long-Term Growth 69
  69. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 69
    Diverse Long-Term Growth from Low Cost of Supply Resource Base Total Resources 44 BBOE Reserves 8.9 BBOE Challenged Resource Stakeholder…
  70. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 70
    Growing Our Low Cost of Supply Resource Base 7 BBOE RESOURCE…
  71. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 71
    Conventional Resources: Substantial Inventory for Growth North Sea Aasta Conventional Resources Hansteen 24 BBOE 8.7 BBOE 60-75/BOE 45-60/BOE Alaska North Slope Clair Bohai Bay Proved Fiord West NEWS Bear CD5 China…
  72. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 72
    Unconventional Resources: Top-Tier, Low Cost of Supply Resource Unconventional Resources 25% of resources with cost of…
  73. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 73
    Unconventional Resources: Unlocking Upside with Technology Common Industry Interpretations Stimulated rock volume (SRV) drives production and recovery Logged and cored fracture-stimulated reservoir Results challenge common…
  74. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 74
    Oil Sands: Reducing Cost of Supply in Massive Captured Resource 12/BOE COST OF SUPPLY REDUCTION1 ALREADY PROVEN Targeting 25/BOE Reduction in Cost of Supply1 Oil Sands Resources 24 BBOE 5.2 BBOE 60-75/BOE 12/BOE Oil Sands…
  75. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 75
    Oil Sands: Technology and Optimization Reducing Cost of Supply Proven Technology and Optimizations In Development Technology and Optimizations Central Central Processing Processing Wells Wells 12 Facility 13 Facility /BOE…
  76. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 76
    LNG: Evaluating Monetization Opportunities Attractive options to backfill or expand LNG Resources Darwin LNG 24 BBOE 3.4 BBOE LNG 60-75/BOE Pre-FEED studies underway to commercialize 1 BBOE net of North Slope gas 45-60/BOE…
  77. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 77
    Global Deepwater: Developing Low Cost of Supply Discoveries 2015 Drilling Deepwater Resources Previous Drilling 24 BBOE 0.9 BBOE ConocoPhillips Lease 45-60/BOE Gila ConocoPhillips Prospect or Discovery Gibson Tiber…
  78. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 78
    Large, Diverse, Low Cost of Supply Resource Base YE 2014 Total Resource 44 BBOE Today 8.9 BBOE proved reserves Proved Reserves 16 year R/P from existing proved reserves…
  79. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 79
    What You Heard Today DIVIDEND Dividend is highest priority use of cash REMAINS TOP PRIORITY Cash flow neutrality in 2017 2017 CASH FLOW Predictable growth with disciplined 11.5B capital program NEUTRALITY Ongoing focus on margins and…
  80. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 80
    Annualized Net Income Sensitivities Crude Brent/ANS: 85-95MM for 1/BBL change WTI: 40-45MM for 1/BBL change WCS: 30-40MM for 1/BBL change North American NGL Representative blend: 5-10MM for 1/BBL change Natural Gas Henry Hub:…
  81. 2015 ANALYST AND INVESTOR MEETING – ConocoPhillips – slide 81
    2015 Outlook Guidance 2015 DD&A of 9.0B Reflects reserve booking schedule in unconventionals Higher DD&A from major project startups Operating Expenses of 9.2B Production and SG&A expense of 8.4B Exploration G&A and G&G of 0.8B…

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