Conocophillips · NYSE:COP

Conocophillips — Credit Suisse 2010 Energy Summit

16 slides from Conocophillips's conference presentation, Feb 4, 2010

  1. Slide 1: Credit Suisse 2010 Energy Summit

    Credit Suisse 2010 Energy Summit Clayton Reasor Vice President, Corporate Affairs February 4, 2010

  2. Slide 2: Cautionary Statement

    CAUTIONARY CAUTIONARY STATEMENT STATEMENT FOR FOR THE THE PURPOSES PURPOSES OF OF THE THE “SAFE “SAFE HARBOR” HARBOR” PROVISIONS PROVISIONS OF OF THE PRIVATE SECURITIES LITIGATION REFORM ACT THE PRIVATE SECURITIES LITIGATION REFORM ACT OF OF 1995 1995 The following presentation includes forward-look

  3. Slide 3: 2009 Highlights

    2009 Highlights Adjusted Earnings* ƒ 2.29 MMBOED production $5.4B ƒ 84% refining utilization ƒ Exceeded full year cost Cash From Operations reduction target $12.5B ƒ Exploration success ƒ 6% quarterly dividend Debt-to-Cap increase 31% * See Appendix for reconciliation of adjusted earnings to reporte

  4. Slide 4: 2009 Financials

    2009 Financials $MM Adjusted Earnings* Cash From Operations 2,500 6,000 2,000 5,000 1,500 4,000 34% 34% 1,000 33% 3,000 500 31% 2,000 0 (500) 1,000 (1,000) 0 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr E&P R&M LUKOIL CFOA Debt to Capital Chemicals Midstream Corp & Other Total * S

  5. Slide 5: Controllable Cost Reductions 2009 vs. 2008

    Controllable Cost** Reductions Controllable Cost Reductions 2009 2009 vs. vs. 2008 2008 $B 14.7 12.7 2008 Currency Rates Market Factors New Projects Severance Operations 2009 Costs *Includes production and operating expenses, selling, general, and administrative expenses, and exploration expenses ex

  6. Slide 6: E&P Production

    E&P E&P Production Production E&P Production (MBOED) E&P Production Contribution 2009 (% of total MBOE) US Gas 1,134 1,101 18% 1,014 1,054 1,106 33% Int’l Liquids 26% 775 791 771 737 722 Int’l Gas 23% US Liquids 2008 1Q09 2Q09 3Q09 4Q09 US International 2009 Full Year Production of 1.85 MMBOED 6

  7. Slide 7: E&P Production 2009 vs. 2008

    E&P Production 2009 vs. 2008 MBOED 50 17 15 4 13 1,789 1,854 2008 Market Factors Portfolio Planned 2008 Hurricanes Operations 2009 Changes Maintenance 7

  8. Slide 8: 2009 Project Updates

    2009 Project Updates ƒ Heavy Oil Expansions in Canada • 2009 Production growth of 14% compared to 2008 • Approval of Christina Lake and Surmont expansions • Continued advancement of technology applications ƒ Major Project startups in Bohai Bay and North Belut ƒ Exploration Program: • Discoveries in

  9. Slide 9: R&M Utilization

    R&M R&M Utilization Utilization $11.02 $10.88 ƒ Maintaining operating excellence $10.12 $8.81 ƒ Reducing costs ƒ Optimizing run plans US Gas 92% 93% 93% 85% 85% 81% 83% 80% 72% 58% ƒ Minimizing Int’l Liquids $5.95 investments Int’l Gas ƒ Completing asset US Liquids 2008 1Q09 2Q09 3Q09 4Q09 upgrades

  10. Slide 10: 2010 Focus

    2010 Focus Portfolio Operational Capital Discipline Rationalization Excellence ¾Reduce spending ¾$10B asset sales ¾Operate safely & level to $11.2B over 2 years reliably ¾Increase allocation ¾Initial targets ¾Ensure environmental to Upstream identified and stewardship process underway ¾Maintain Expl

  11. Slide 11: E&P Production Outlook

    E&P Production $12.4 $9.7 $9.7 1.79 1.85 ~1.8 2008 2009 2010 MMBOED Capital Spend* $B Expect 2010 production to return near 2008 levels *Excludes 2008 transaction with Origin 11

  12. Slide 12: Capital Spending

    Capital Spending 2010 Capital Program Selected Upstream Investments $11.2 Billion Project Phase First Production Selective Ongoing Various Exploitation Oil Sands Ongoing Continued Growth Ramp-up QG3 Construction Q4 2010 Downstream Upstream Kashagan Construction 2012/2013 12% 87% Gumusut Construction

  13. Slide 13: 2010 Exploration Focus Areas

    2010 Exploration Focus Areas North Atlantic ƒ UK & Norway Central Graben: New HPHT Triassic and subsalt wildcats ƒ Mid-Norway Jurassic well ƒ Eastern Canada: Laurentian basin wildcat ƒ Poland Shale Caspian Sea ƒ Kazakhstan: N Block Deepwater Gulf of Mexico ƒ Lower Tertiary North America onshore ƒ Fo

  14. Slide 14: Creating Shareholder Value

    Creating Shareholder Value ƒ Focusing on returns ƒ Optimizing the portfolio ƒ Strengthening financial position ƒ Positioning for the future 14

  15. Slide 15: Appendix

    Appendix conocsFrilios 15 15

  16. Slide 16: COP Reconciliation of Earnings to Adjusted Earnings

    COP Reconciliation of Earnings to Adjusted Earnings Reconciliation of Earnings to Adjusted Earnings Millions of dollars, except per share amounts 2009 1Q 2Q 3Q 4Q 2009 Consolidated Adjusted earnings (loss) $ 840 1,298 1,503 1,217 $ 4,858 Less: Impairments - 123 33 573 729 Net gain on asset sales/sha

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