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4Q14 Conference Call – ConocoPhillips

ConocoPhillips · Jan 29, 2015 · 20 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. 4Q14 Conference Call – ConocoPhillips – slide 1
    4Q14 Conference Call Jan. 29, 2015
  2. 4Q14 Conference Call – ConocoPhillips – slide 2
    Ryan Lance Chairman & CEO
  3. 4Q14 Conference Call – ConocoPhillips – slide 3
    2014 Highlights Operational Financial Strategic 4% production growth 6.6 B adjusted earnings; 124% organic reserve year-over-year1 5.30 adjusted EPS replacement ratio Five major project startups; 15.8 B CFO2; 5.1 B Completed…
  4. 4Q14 Conference Call – ConocoPhillips – slide 4
    Flexible & Resilient Response to Weak Prices in 2015 DIVIDEND Dividend is top priority for capital allocation Focus remains on cash flow neutrality in 2017 REMAINS TOP PRIORITY Further reducing 2015 capital expenditures by 2…
  5. 4Q14 Conference Call – ConocoPhillips – slide 5
    Jeff Sheets EVP, Finance and CFO
  6. 4Q14 Conference Call – ConocoPhillips – slide 6
    4Q14 Performance Adjusted Earnings Highlights Strong operational performance in 4Q14 Adjusted Realized price dropped by 19% vs. 4Q13 and Earnings 18% vs. 3Q14 (MM) 1,738 1,611 Earnings also impacted by dry hole expense 742 4Q14…
  7. 4Q14 Conference Call – ConocoPhillips – slide 7
    2014 Production From Continuing Operations 4% PRODUCTION GROWTH 61 (1) Liquids 57 Planned 1 Gas 4 Unplanned 1 Total 61 Dispositions (3) 1,532 1,472 Total (1) 2013 Downtime & Dispositions Net Growth 2014 All volumes…
  8. 4Q14 Conference Call – ConocoPhillips – slide 8
    2014 Performance Cash Margin Improvement 8% MARGIN GROWTH Cash Price Margin Normalized 30.89 28.55 29.55 28.55 (/BOE) Cash Margin (/BOE)1 2013 2014 2013 2014 Average Realized Price Normalized Based On 2013 67.62…
  9. 4Q14 Conference Call – ConocoPhillips – slide 9
    2014 Performance Company Cash Flow B Year-end 2014 Debt of 22.6 B 1.3 1.2 Debt-to-capital ratio of 30% 15.8 0.5 Freeport (0.5) 17.1 1.4 6.5 3.5 Freeport +0.5 5.1 2014 Beginning CFO Excluding FCCL Distribution Working…
  10. 4Q14 Conference Call – ConocoPhillips – slide 10
    Exercising Financial Flexibility Funding of dividend remains highest priority New Debt Issuance Rates1 Expect to achieve cash flow neutrality in 2017 5% 4% Increasing capital flexibility 3% Balance sheet strength to weather price…
  11. 4Q14 Conference Call – ConocoPhillips – slide 11
    Matt Fox EVP, Exploration & Production
  12. 4Q14 Conference Call – ConocoPhillips – slide 12
    2014 Reserve Replacement 124% Organic RRR 97% Total RRR 9,065 (159) 8,906 742 742 (598) 583 8,921 8,323 8,323 8,323 YE 2013 2014 Production 2014 Reserves Organic Growth YE 2014 Organic Acquisitions and YE 2014…
  13. 4Q14 Conference Call – ConocoPhillips – slide 13
    2014 Operating Highlights Gumusut Full-year production of 1,532 MBOED from continuing operations, excluding 8 MBOED from Libya Completed major turnarounds across the portfolio; strong underlying base performance 35% growth in…
  14. 4Q14 Conference Call – ConocoPhillips – slide 14
    Exercising Capital Flexibility 13.5 1.8 11.5 (1.4) (0.3) (0.3) 1.5 4.8 Rig counts: Lower 48 Eagle Ford 6 unconventional 4.5 Bakken 3 appraisal Permian 4 5.0 3.6 1.9 1.9 Original 2015 Base Development Major Projects…
  15. 4Q14 Conference Call – ConocoPhillips – slide 15
    2015 Operational Priorities Expect full-year production growth of 2 to 3 percent Eldfisk II 1Q15: 1,570 to 1,610 MBOED Alaska: Progressing CD-5 and Drill Site 2S major projects Lower 48: Upper Eagle Ford pilot testing; ongoing…
  16. 4Q14 Conference Call – ConocoPhillips – slide 16
    Ryan Lance Chairman & CEO
  17. 4Q14 Conference Call – ConocoPhillips – slide 17
    Appendix
  18. 4Q14 Conference Call – ConocoPhillips – slide 18
    2014 Annual Performance Adjusted Earnings Highlights 4 percent production growth1 Adjusted 8 percent price-normalized margin growth Earnings 7,061 6,609 (MM) Strong operational performance Earnings impacted by weakening price…
  19. 4Q14 Conference Call – ConocoPhillips – slide 19
    4Q14 Production From Continuing Operations 5% PRODUCTION GROWTH 68 28 Planned 27 Liquids 59 Unplanned 2 Gas 9 Dispositions (1) Total 68 1,567 1,471 Total 28 4Q13 Downtime & Dispositions Net Growth 4Q14 All volumes in…
  20. 4Q14 Conference Call – ConocoPhillips – slide 20
    Freeport LNG Termination Agreement Impact In July 2013, ConocoPhillips reached agreement to terminate its long-term agreement at the Freeport LNG Terminal. The agreement took effect in the fourth quarter of 2014. As a result of this…

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