a new class of E&P INVESTMENT Howard Weil Energy Conference Matt Fox, EVP, Exploration and Production March 25, 2014
ConocoPhillips: A New Class of E&P Investment We offer the marketplace a new class of E&P investment. Our goal is to consistently deliver strong, predictable returns to shareholders. 3
ConocoPhillips: Unmatched as an Independent E&P Today Production: 1,490 1,530 MBOED1 (1Q14e) Largest independent E&P Liquids company LNG + International Gas North American Gas Diverse asset base with scope and scale Proved…
What Will We Deliver Relentless focus on safety and execution Compelling dividend 3 5% production growth rate 3 5% margin growth rate Ongoing priority to improve financial returns Production and margin reflect compound…
A Compelling Dividend is Key to Our Value Proposition Dividend Yield1 Highest priority use of cash flow Enhances capital discipline Predictable portion of shareholder returns Differential compared to range of peers 4.5…
Commitment to Capital Discipline and Growth Annual Capital Production MMBOED 16 B Exploration Delivers 15% 2017+ & Appraisal growth Major Projects * Peak spend Major for named 30% Projects projects Development occurs in 2014…
High-Margin Worldwide Development Program Inventory Development programs will account for 600 MBOED by 2017 60% of production growth from high-impact Lower 48 programs Development Program Growth (2012-2017) MBOED Alaska Europe…
High-Margin Major Growth Projects in Execution Major projects will account for 400 MBOED by 2017 Lower-risk geographies and geologies; diversified market exposure Major Projects Growth (2012-2017) MBOED Oil Sands Norway 100…
Our Commitment to Margin Improvement Five significant areas ramping up between 2012-2017 Incremental growth comes from high-margin investments Lower-risk geographies and geologies; diversified plays Oil Sands Europe Lower 48…
Growth In Higher-Margin Production Growth comes from areas with higher margins than the company average Significant growth in North American liquids Alaska and Europe liquids and North American natural gas impacted by…
2013 Performance Cash Margin Improvement Operating segments only. Numbers have been adjusted for special items. A reconciliation is available in the appendix. 1 Price normalized using published sensitivities. 12
2013 Reserve Replacement Reserve Additions (MMBOE)1 Year-end reserves of 8.9 BBOE Organic reserve replacement ratio of 179% Other 150 Total reserve replacement ratio of 147%; asset sales reduced reserves by 188 MMBOE APME 190…
Lower 48 & Latin America Canada Bakken Surmont What to Watch in 2014 What to Watch in 2014 Continuing growth in Eagle Ford and Continuing development drilling and Bakken unconventional exploration activity in western Canada…
Alaska Europe Nabors 7ES at Kuparuk Jasmine What to Watch in 2014 What to Watch in 2014 Major turnaround at Prudhoe Ekofisk South, Jasmine and East Irish Sea ramp up Ongoing development activity at Kuparuk Startup expected at…
Asia Pacific & Middle East APLNG at Curtis Island What to Watch in 2014 Gumusut first oil expected 2Q14; KBB on target for first gas in late 2014 Progressing APLNG project with first LNG expected mid-2015 Continuing appraisal…
Diverse Unconventional and Conventional Exploration Portfolio 17
Exploration Catalysts in Deepwater GOM 2013 Gulf of Mexico Exploration Three deepwater successes announced Shenandoah appraisal well discovery 1,000 feet net pay Coronado wildcat discovery 400 feet net pay Gila wildcat…
International Conventionals: Deepwater Angola Angola Play identified as a probable analog to Brazil pre-salt play Recent discoveries de-risk play concept in Kwanza Basin ConocoPhillips-operated 2.5 MM acre position 2012-2013: 3-D…
2014: Set for Growth Operational Financial Strategic Continued ramp up Ongoing margin Focus on executing of unconventional improvement our current plan drilling programs Growth from major Focus on improving Positioning for…
Our Value Proposition Relentless focus on safety and execution Compelling dividend 3 5% production growth rate 3 5% margin growth rate Ongoing priority to improve financial returns Production and margin reflect…
Supplemental Slides
Margin Improvement from Strong Growth and Mix Shift Investment strategy drives strong organic growth Visible growth by end of 2013 High-margin growth creates 6 B of incremental cash flow 40-45 per BOE average cash margin1 Liquids…
Permian Conventional: Decades of Legacy Field Inventory Permian Basin 5-year investment: 3 B New Mexico Texas BORDEN Incremental F&D: 15/BOE DAWSON GAINES EDDY LEA ANDREWS MARTIN Central 1 MM net acres; 0.8 BBOE resource…
Bakken: Growth from Development in Heart of Trend Bakken 5-year investment: 4 B Montana North Dakota Incremental F&D: 20/BOE WILLIAMS MOUNTRAIL Nesson WARD 620 M net acres1; 0.6 BBOE resource ROOSEVELT Anticline RICHLAND 1,400…
Eagle Ford: Nearing Full Field Development Phase Eagle Ford 5-year investment: 8 B GUADALUPE BEXAR GONZALES Incremental F&D: 20/BOE 221 M net acres; 1.8 BBOE resource WILSON DE WITT Highest-quality position in sweet spot, acquired…
Unconventional Reservoirs: Technology Leadership Proven ability to identify, secure and develop highest-value unconventional acreage Sweet spot identification Development plan optimization Efficient drilling and completions…
Unconventional Reservoirs: Sweet Spot Identification Early mover in best parts of plays yields best-in-class results Multi-disciplinary approach Eagle Ford, Bakken and Permian successful outcomes Securing additional liquids-rich…
Oil Sands: Significant Growth from Projects in Execution Christina Lake 5-year investment: 5 B1 Full-cycle F&D: 15/BOE Surmont Phase 2 first steam in 2015 FCCL: Executing projects at Foster Creek, Christina Lake and Narrows Lake…
United Kingdom: Strong Production Growth from Projects Jasmine 5-year investment: 2.5 B Full-cycle F&D: 20/BOE Jasmine: Largest recent discovery in U.K. sector; started production in 4Q13 High-value exploration opportunities can…
Norway: Major Projects Drive Another 40 Years of Production Ekofisk South 5-year investment: 4 B Full-cycle F&D: 25/BOE Ekofisk South and Eldfisk II will continue to improve oil recovery from the Greater Ekofisk Area Additional…
Malaysia: Projects Ramping Up, with Upside Malaysia 5-year investment: 2.5 B Full-cycle F&D: 15/BOE 4 developments in execution: Gumusut, SNP, KBB and Malikai SNP first oil achieved in 1Q14; Gumusut FPS startup expected in 2Q14…
APLNG: Project Progressing On Schedule APLNG 5-year investment: 2.5 B1 Full-cycle F&D: 25/BOE Initial focus on two 4.5 MTPA LNG trains Project on schedule for first cargo mid-2015 Permitted for two additional trains Phase 1…
Permian Unconventional: Emerging Growth Active exploration across Permian Basin that leverages existing 1 MM net acre position High-grading positions around and within core legacy producing area Measured approach as infrastructure is…
Appendix
Annualized Net Income Sensitivities Crude Brent/ANS: 75-85 MM change for 1/BBL change WTI: 30-40 MM change for 1/BBL change WCS1: 20-25 MM change for 1/BBL change North American NGL Representative blend: 10-15 MM change for 1/BBL…
Unconventional Reservoirs: Optimizing Full Field Development Science-based experimentation to optimize unconventional recovery Rapid experimentation with disciplined science Eagle Ford EUR growth more than 100% since 2010 Bakken EUR…
Top-Tier Oil Sands Position with Massive Resource Base Oil Sands Competitive Resource Cumulative Steam-to-Oil Ratio1 Project Schedule More than 1 MM net acres Top-quartile average steam-to-oil ratio 2 Resource: 15 BBOE 2nd…
Oil Sands: Unlocking the Value in Major Projects Game-changing technology to reduce oil sands cost of supply Advances based on modeling, Fish Hook lab and field work Infill Well Better returns with lower emissions Fish hook and…
International Conventionals: Offshore Senegal Senegal Farmed in to the Rufisque, Sangomar and Sangomar Deep blocks in the Mauritania-Senegal-Guinea-Bissau Basin in July 2013 Approximately 600,000 net acres Acreage covered by…
Segment Production (MBOED) * Reflects production from 2012-2013 closed and announced dispositions. 41
A Diverse Portfolio Delivering Production and Margin Growth Diverse, resource-rich global portfolio High-quality legacy base Profitable worldwide development programs Major projects in execution Compelling exploration…
Non-GAAP Reconciliations Cash Margin per BOE Price Normalized Cash Margin per BOE 2 Operating Segments Operating Segments 2012 2013 2012 2013 FY FY FY FY Millions, except per BOE amounts Cash Margin 14,328 15,650 Net Income…
Investor Information Stock Ticker: NYSE: COP www.conocophillips.com/investor Headquarters: New York IR Office: ConocoPhillips ConocoPhillips 600 N. Dairy Ashford Road 375 Park Avenue, Suite 3702 Houston, Texas 77079 New York,…
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