ConocoPhillips

2023 Analyst & Investor Meeting

Todays Agenda

Item	Presenter	Title
Opening	Ryan Lance	Chairman and CEO
Strategy and Portfolio	Dominic Macklon	EVP Strategy; Sustainability and Technology
Alaska and International	Andy O'Brien	SVP Global Operations
LNG and Commercial	Bill Bullock	EVP and CFO
Lower 48	Nick Olds	EVP Lower 48
Financial Plan	Bill Bullock	EVP and CFO
Closing	Ryan Lance	Chairman and CEO

10-Minute Break

Q&A Session

ConocoPhillips 2

Cautionary Statement

This presentation provides management's current operational plan for ConocoPhillips over roughly the next decade; for the assets currently in our portfolio, and is subject to multiple assumptions; including, unless otherwise specifically noted:

an oil price of $60/BBL West Texas Intermediate in 2022 dollars, escalating at 2.25% annually;
an oil price of $65/BBL Brent in 2022 dollars, escalating at 2.25% annually;
a gas price of $3.75/MMBTU Henry Hub in 2022 dollars, escalating at 2.25% annually;
an international gas price of $8/MMBTU Title Transfer Facility & Japan Korea Marker in 2022 dollars, escalating at 2.25% annually;
cost and capital escalation in line with price escalation; planning case at $60/BBL WTI assumes capital de-escalation from levels observed in 2022;
all production compound annual growth rates (CAGR) are calculated for the 10-year period 2023-2032;
inclusion of carbon tax in the cash flow forecasts for assets where a tax is currently assessed. If no carbon tax exists for the asset; it is not included in the cash flow forecasts;
in the Cost of Supply calculation.

Cost of Supply displayed in WTI, includes carbon tax where carbon policy exists and a proxy carbon price for assets without existing carbon policies. Please refer to the Cost of Supply definition in the Appendix for additional information on how carbon costs are included operating results. Graphics that project into a future date constitute forward-looking statements. Also, words and phrases such as "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking:

Where, in any forward-looking statement; the company expresses an expectation or

ConocoPhillips

Opening

Ryan Lance

Chairman and CEO

ConocoPhillips Remains the Must-Own E&P Company

The Macro

What You'll Hear Today

	Oil Price (S/BBL WTI)
120
100
80
	60	S60/BBL WTI
40	Mid-Cycle Planning Price
20	We are progressing our 2050 Net-Zero ambition and accelerating our 2030 GHG emissions intensity reduction target
2019	2021	2023	2024+

We are committed to delivering superior returns on and of capital through the cycles.

We have a deep, durable and diverse portfolio.

We Are Committed to Our Returns-Focused Value Proposition

Triple Mandate

Foundational Principles

Clear and Consistent Priorities

Aligned to Business Realities

S=	Sustain production	and pay dividend
Balance Sheet	Strength	Strength

MEET

DELIVER

PATHWAY DEMAND

TRANSITION COMPETITIVE

RETURNS

Annual dividend growth	RETURNS
Disciplined Investments	Peer-Leading Distributions
'A-rated balance sheet

ACHIEVE

NET-ZERO EMISSIONS AMBITION

ESG

Excellence >30% of CFO shareholder payout

Deliver Superior Returns

Disciplined investment Through Cycles

Cash from operations (CFO) is a non-GAAP measure defined in the Appendix and 2 emissions on a gross operated and net equity basis.

ConocoPhillips

We Are Continuously Improving

	2016	2019	2022
Return on Capital Employed	-4%	10%	27%
Return of Capital	$1.11/share	$64.45/share	$11.73/share
Net Debt	$24B	$7B	$7B
Cash From Operations	$5B	$8B	$12B
Free Cash Flow	$40/BBL WTI	~10 BBOE	~15 BBOE
Production	1.6 MMBOED	1.3 MMBOED	1.7 MMBOED
Emissions Intensity (kg CO2e/BOE)	~39	~36	~22

1 Defined in the Appendix and presented on a per-share basis using average outstanding diluted shares. 2 Gross operated GHG emissions (Scope 1 and 2), 2022 is a preliminary estimate.

Cash from operations (CFO), free cash flow (FCF), net debt and return on capital employed (ROCE) are non-GAAP measures. Definitions and reconciliations are included in the Appendix.

ConocoPhillips