Conocophillips · NYSE:COP
Conocophillips — Q1 2010 Earnings Presentation
17 slides from Conocophillips's earnings presentation, Apr 29, 2010
Slide 1: 1st Quarter 2010 Conference Call
1st Quarter 2010 Conference Call April 29, 2010
Slide 2: First-Quarter Overview
First-Quarter First-Quarter Overview Overview Adjusted Earnings $2.2B $1.47 Adjusted earnings per share Cash From 1.83 MMBOED E&P production Operations $3.0B 88% U.S. refining utilization Cash Return On Capital Invested 21% See Appendix for Non-GAAP reconciliations. Page 2
Slide 3: Total Company Earnings 1Q10 vs. 1Q09
Total Total Company Company Earnings Earnings 1Q10 1Q10 vs. vs. 1Q09 1Q09 $MM 110 4 379 209 1,132 2,098 2,208 800 1Q09* E&P R&M LUKOIL Other 1Q10 Project 1Q Adjusted Exits Earnings * Recast to reflect one–quarter lag basis for recording equity earnings for LUKOIL. Page 3
Slide 4: Total Company Cash Flow
Total Total Company Company Cash Cash Flow Flow 1Q10 1Q10 $MM 979 4,019 2,480 335 744 162 855 542 1Q10 CFO excl Working Capital Debt Increase Dividends Other 1Q10 Ending Beginning Working Capital* Program Cash Cash Capital* * Cash provided by operating activities was $3,040 million in the first quar
Slide 5: Total Company Production
Total Total Company Company Production Production 1Q10 1Q10 vs. vs. 1Q09 1Q09 MBOED 443 29 9 3 56 2,271 1,925 1,828 1Q09 E&P Market Portfolio Planned Operations 1Q10 E&P LUKOIL 1Q10 Factors Changes Maintenance Page 5
Slide 6: E&P Earnings
E&P E&P Earnings Earnings 1Q10 1Q10 vs. vs. 1Q09 1Q09 $MM 104 23 219 83 1,478 1,832 1,915 700 1Q09 Prices & Sales Operating Other 1Q10 Project Exit 1Q10 Other Market Volumes Costs Adjusted Impacts Earnings Adjusted 1Q10 vs. 1Q10 vs. Earnings 1Q09 1Q10 1Q09 Realized Prices 1Q09 1Q10 1Q09 U.S. 173 757
Slide 7: E&P per BOE Metrics
E&P E&P per per BOE BOE Metrics Metrics E&P Income per BOE E&P Cash Contribution per BOE $ / BOE $ / BOE 30 30 25 25 20 20 15 15 10 10 15.55 17.25 18.38 22.85 24.23 5 5 4.04 4.77 5.75 10.16 11.64 0 0 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 Peer Group Based on total E&P BOE production. All
Slide 8: R&M Earnings
R&M R&M Earnings Earnings 1Q10 1Q10 vs. vs. 1Q09 1Q09 $MM 205 213 60 88 25 21 24 (4) 1Q09 Margins & Volumes Operating Other 1Q10 Project Exit 1Q10 Other Market Costs Adjusted Impacts Earnings Adjusted 1Q10 vs. Realized 1Q10 vs. Earnings 1Q09 1Q10 1Q09 Margins $/BBL 1Q09 1Q10 1Q09 U.S. 98 12 (86) U.S
Slide 9: Other Segment Earnings
Other Other Segment Segment Earnings Earnings 1Q10 1Q10 vs. vs. 1Q09 1Q09 $MM 387 1Q09 1Q10 123 110 77 23 6 8 0 Midstream Chemicals Emerging Businesses LUKOIL* • Corporate: ($259 MM) vs. ($310 MM) * 2009 recast to reflect one–quarter lag basis for recording equity earnings for LUKOIL. Page 9
Slide 10: ROCE/CROCI
ROCE/CROCI ROCE/CROCI Return on Capital Employed Cash Return on Capital Invested 30% 30% 20% 20% 10% 10% 15% 16% 18% 19% 21% 5% 6% 7% 9% 10% 0% 0% 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 Peer Group All companies adjusted to exclude certain non-core earnings impacts. See Appendix for additi
Slide 11: Outlook
Outlook Outlook Operating expectations Asset dispositions Shareholder distributions Project and exploration updates Page 11
Slide 12: Appendix
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Slide 13: 1Q10 vs. 4Q09
1Q10 1Q10 vs. vs. 4Q09 4Q09 Total Company Earnings ($MM) E&P Earnings ($MM) 75 154 83 177 139 273 110 275 72 606 2,208 1,832 1,915 2,098 1,708 1,803 4Q09 Adjusted Prices & Other Sales Volumes Operating Costs Other 1Q10 Earnings Project Exit 1Q10 Adjusted 4Q09 Adjusted Prices, Margins Volumes Operati
Slide 14: COP Non-GAAP Reconciliations
COP COP Non-GAAP Non-GAAP Reconciliations Reconciliations Millions of Dollars Except Per Share Amounts Fourth Quarter 2009 Consolidated Earnings (loss) $ 1,285 Less: Impairments 573 Net gain on asset sales/share issuance (55) Adjusted earnings 1,803 Earnings (loss) per share of common stock $ 0.86 A
Slide 15: COP Non-GAAP Reconciliations
COP COP Non-GAAP Non-GAAP Reconciliations Reconciliations 1Q09 2Q09 3Q09 4Q09 1Q10 GAAP E&P Net Income* - $MM 700 725 978 1,201 1,832 GAAP E&P Net Income - $ / BOE 4.04 4.25 5.93 7.14 11.14 non-core earnings impacts - $MM gains and (losses) on asset dispositions - - - 55 - asset impairments - (51) -
Slide 16: COP Non-GAAP Reconciliations
COP COP Non-GAAP Non-GAAP Reconciliations Reconciliations 1Q09 2Q09 3Q09 4Q09 1Q10 GAAP E&P CFOA - $MM 2,270 1,838 3,672 3,314 4,693 GAAP E&P CFOA - $ / BOE 13.10 10.78 22.29 19.72 28.55 excluded GAAP items - $MM non-cash working capital (339) (728) 277 (764) 916 non-working capital adjustments* (86
Slide 17: Forward-Looking Statement Disclaimer and Other Notes
Forward-Looking Forward-Looking Statement Statement Disclaimer Disclaimer and and Other Other Notes Notes Cautionary statement for the purposes of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 The following presentation includes forward-looking statements withi