Bank of America Merrill Lynch Energy Conference Matt Fox, EVP, Exploration & Production Nov. 10, 2015
Company Overview 1,554 MBOED Production1 3Q15 North Diversified asset base with significant scope and scale American 24% Liquids Gas Multiple sources of growth LNG + Large inventory of low cost of supply opportunities International…
ConocoPhillips Leading Through Industry Downturn Deeper downturn than expected 120 Exercised capital flexibility, especially 100 Anticipated 2015 in Lower 48 unconventionals Capex of 16.5B Deferred major projects 80 Announced…
All Time Horizons Matter Short Term Medium Term Long Term Safely execute the Meet or exceed cost Maintain capital business targets across the flexibility business Deliver current year Shorten investment plan for lower cost…
Leading in Volatile Times External Average Brent Price Probabilities1 350 300 p100 Uncertainty about future prices Real 2015 per Barrel 250 200 150 p90 Prepared for lower mid-cycle 100 MEAN prices with more volatility 50…
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…
Winning Portfolio: Increasing Flexibility and Returns, Decreasing Cost of…
Diverse, Flexible, Low Cost of Supply Capital Allocation % Capital Allocation Example Total Resources 44 BBOE 100% Oil Sands LNG Europe Today Proved Flexible Reserves APME Development Unconventional Canada Alaska Unsanctioned…
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:…
2015 Outlook Guidance Capital Expenditures of 10.2B DD&A of 9.0B Operating Costs of 8.2B Exploration Dry Hole and Impairment Expense of 0.8B Corporate segment net loss of 0.8B 14