Conocophillips · NYSE:COP
Conocophillips — Investor Day (February 2013)
82 slides from Conocophillips's investor day presentation, Feb 28, 2013
Slide 1: A New Class of E&P Investment
a new class of E&P INVESTMENT Analyst Meeting • Feb. 28, 2013
Slide 2: Cautionary Statement
Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. Actual outcomes and results may di
Slide 3: A New Class of E&P Investment
a new class of E&P INVESTMENT Ryan Lance, Chairman & CEO
Slide 4: ConocoPhillips: A New Class of E&P Investment
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. 4
Slide 5: 2012: ConocoPhillips' First Year as an Independent E&P
2012: ConocoPhillips’ First Year as an Independent E&P Strategic Operational Financial Milestones Milestones Milestones Completed Met volume Maintained separation of targets strong balance downstream sheet business Organic reserve replacement of Funded $8.4 B of Exclusive focus 156% shar
Slide 6: 2012: Delivered Peer-Leading Shareholder Returns
2012: Delivered Peer-Leading Shareholder Returns Total Shareholder Return Post Separation ConocoPhillips Peer Average 10.1% S&P 500 3.7% (6.8%) Peers include: XOM, CVX, RDS, TOT, BP, BG, DVN, APA, APC, OXY. Period: April 30, 2012 – Dec. 31, 2012. Assumes all dividends reinvested. 6
Slide 7: ConocoPhillips: Unmatched as an Independent E&P Today
ConocoPhillips: Unmatched as an Independent E&P Today Production: 1,475-1,525 MBOED1 (2013e) Largest independent E&P Liquids company 26% LNG + International Gas 55% 19% North American Gas Diverse asset base with scope and scale Multiple sources of growth Proved Reserves: 8.6 BBOE (YE 2012) P
Slide 8: Looking Ahead: Navigating an Uncertain Environment
Looking Ahead: Navigating an Uncertain Environment Brent ($/bbl) Wide range of views on oil prices Higher case: geopolitical supply risks; rise of global middle class Lower case: OECD economies; growth from shale plays WTI ($/bbl) Temporary market dislocations WCS North American NGL Mo
Slide 9: Our Strategy is Aligned with Our View of the Environment
Our Strategy is Aligned with Our View of the Environment Diversification, scale and capability are a competitive advantage Disciplined investment strategy Focus on organic growth Invest in high-margin programs and projects Apply technical capability Maintain financial flexibility Rebal
Slide 10: What Will We Deliver? Our Value Proposition is Unchanged
What Will We Deliver? Our Value Proposition is Unchanged 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 annual growth rates. 10
Slide 11: Commitment to Capital Discipline and Growth is Unchanged
Commitment to Capital Discipline and Growth is Unchanged Annual Capital Production – MMBOED ~$16 B 2.0 Exploration Exploration Delivers 1.8 15% & Appraisal Appraisal 2017+ & growth 1.6 Major Projects * Major Generates Major 1.4 30% Projects strong Projects production Development growth 1.2 Programs
Slide 12: Our Commitment to Margin Improvement is Unchanged
Our Commitment to Margin Improvement is Unchanged Five significant areas ramping up between 2012-2017 Incremental growth comes from high-margin investments Lower-risk geographies and geologies; diversified plays Production and Margin Growth1 2012-2017 250 Oil Sands Europe 200 L48 Liquids Rich
Slide 13: Our Priorities for Cash Flow are Unchanged
Our Priorities for Cash Flow are Unchanged Predictable returns to shareholders Dividends Enhance capital discipline Investing for margins and cash flows Capital Program Funds profitable growth Capacity to fund growth Balance Sheet Financial strength to withstand cycles Share Continue t
Slide 14: Today We Will Show
Today We Will Show Our Plan for Growing Volumes and Margins from a Diverse Portfolio Strong base of production Multi-year development program inventory Major projects in execution Upside from unconventional and conventional exploration Our Plan for Creating Value through Technology and I
Slide 15: Growing a Diverse Portfolio
growing a diverse PORTFOLIO Matt Fox, EVP, Exploration & Production
Slide 16: Commitment to Capital Discipline and Growth is Unchanged
Commitment to Capital Discipline and Growth is Unchanged Annual Capital Production – MMBOED ~$16 B 2.0 Exploration Exploration Delivers 1.8 15% & Appraisal Appraisal 2017+ & growth 1.6 Major Projects * Major Generates Major 1.4 30% Projects strong Projects production Development growth 1.2 Programs
Slide 17: High-Quality Legacy Base Production and Capability
High-Quality Legacy Base Production and Capability Focused on systematic Operations Excellence programs to mitigate risk, improve production efficiency and preserve value: Asset and operating integrity Planning and scheduling Maintenance and reliability Surveillance and optimization Alaska
Slide 18: High-Margin Worldwide Development Program Inventory
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 600 Other North America Alaska Europe Canada Unconventional 500 ~35 MBOED ~40 MBO
Slide 19: Alaska: Successful High-Tech Drilling
Alaska: Successful High-Tech Drilling Alaska North Slope 5-year investment: ~$2.5 B Incremental F&D: ~$25/BOE Opportunities in Prudhoe, Kuparuk and Alpine Applying coiled tubing and liner drilling guided by 4-D seismic Additional development potential exists under improved fiscal terms C
Slide 20: Western Canada: Focus on High-Value Legacy Inventory
Western Canada: Focus on High-Value Legacy Inventory Western Canada Legacy 5-year investment: ~$5.5 B Incremental F&D: ~$15/BOE Targeting numerous plays, including: Glauconite, Lower Cretaceous, Cardium Oil and development of the Duvernay Edmonton Utilizing unconventional technology Legacy
Slide 21: Europe: Extending Legacy Fields Via Drilling and Optimization
Europe: Extending Legacy Fields Via Drilling and Optimization Ekofisk 5-year investment: ~$2.5 B Incremental F&D: ~$20/BOE Improving recovery through drilling and optimization Leveraging 4-D seismic and intelligent well installations Contributes ~40 MBOED by 2017 Mitigates base decline t
Slide 22: Asia Pacific & Middle East: New Production in Existing Fields
Asia Pacific & Middle East: New Production in Existing Fields Bayu-Undan 5-year investment: ~$1 B Incremental F&D: ~$10/BOE High-value gas drilling in Indonesia Bohai drilling and waterflood optimization Bayu-Undan Phase 3 drilling Contributes ~25 MBOED by 2017 Mitigates base decline t
Slide 23: Permian Conventional: Decades of Legacy Field Inventory
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 HOWARD Platform Basin Infill drilling and waterflood expansion LOV
Slide 24: Bakken: Growth from Development in Heart of Trend
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 626 M net acres1; 0.6 BBOE resource ROOSEVELT Anticline RICHLAND >1,400 identified drilling locations MCKENZIE Top-quartile initia
Slide 25: Eagle Ford: Nearing Full Field Development Phase
Eagle Ford: Nearing Full Field Development Phase Eagle Ford 5-year investment: ~$8 B GUADALUPE BEXAR GONZALES Incremental F&D: ~$20/BOE 227 M net acres; 1.8 BBOE resource WILSON DE WITT Highest-quality position in sweet spot, acquired ATASCOSA at $300/acre KARNES GOLIAD >2,000 identified d
Slide 26: Lower 48: A New Era of Development
Lower 48: A New Era of Development Lower 48 5-year investment: ~$25 B Incremental F&D: ~$20/BOE Includes: Eagle Ford, Permian and Bakken Other Lower 48 legacy development: San Juan, Barnett and GOM Development of Niobrara and Permian unconventionals Contributes ~365 MBOED by 2017 COP A
Slide 27: High-Margin Worldwide Development Program Inventory
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 600 Other North America Alaska Europe Canada Unconventional 500 ~35 MBOED ~40 MBO
Slide 28: High-Margin Major Growth Projects in Execution
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 450 Oil Sands Norway 400 ~100 MBOED1 ~60 MBOED 350 United Other Major 300 Kingdom Projects O
Slide 29: Top-Tier Oil Sands Position with Massive Resource Base
Top-Tier Oil Sands Position with Massive Resource Base Oil Sands 8 Competitive Resource 7 Cumulative Steam-to-Oil Ratio1 Saleski 6 CANADA 5 Surmont Thornbury 4 Industry Average 3 Narrows Lake 2 2.7 2.0 2.3 1 Christina 0 Clyden Lake Surmont Christina Lake Foster Creek ConocoPhillips Projects Foster C
Slide 30: Oil Sands: Significant Growth from Projects in Execution
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 Employing new technologies to improve efficiency and cost
Slide 31: United Kingdom: Strong Production Growth from Projects
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; on track for late-2013 startup High-value exploration opportunities can be tested from Jasmine platform Additional projects i
Slide 32: Norway: Major Projects Drive Another Years of Production
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 projects include: Tor Redevelopment, Tommeliten Alpha and Aa
Slide 33: Malaysia: Projects Ramping Up, with Upside
Malaysia: Projects Ramping Up, with Upside Malaysia 5-year investment: ~$2.5 B South China Sea Full-cycle F&D: ~$15/BOE KBBC PSC Ubah KME 4 developments in execution: Gumusut, SNP, KBB G G KBB and Malikai SB-311 Pisagan SNP G Malikai Gumusut full field and SNP first oil in late 2013 J Limbay
Slide 34: APLNG: Project Progressing On Schedule
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 capital ~7% increase on AUD basis Base and Major Projects 12
Slide 35: Other Projects: High-Value Opportunities in Legacy Fields
Other Projects: High-Value Opportunities in Legacy Fields Indonesia 5-year investment: ~$4 B Full-cycle F&D: ~$20/BOE Expanding and offsetting existing developments Includes projects in Alaska China Indonesia Other Projects Incremental 120 Production – MBOED Incremental Production 60 1
Slide 36: High-Margin Major Growth Projects in Execution
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 450 Oil Sands Norway 400 ~100 MBOED1 ~60 MBOED 350 United Other Major 300 Kingdom Projects O
Slide 37: Diverse Unconventional and Conventional Exploration Portfolio
Diverse Unconventional and Conventional Exploration Portfolio Chukchi Sea West Duvernay, Greenland Barents Sea Muskwa, & North Sea Montney & Canol Poland Wolfcamp, Sichuan Niobrara & Gulf of Avalon Mexico Azerbaijan Bangladesh Colombia Other Indonesia Conventional U.K. 2013 Exploration Capital – $B
Slide 38: Permian Unconventional: Emerging Growth
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 developed Encouraging results consistent with expectation
Slide 39: Niobrara: Early Mover in the New Sweet Spot
Niobrara: Early Mover in the New Sweet Spot Niobrara 130 M consolidated net acres over Colorado newly identified sweet spot Drilled 4 horizontal wells in 2012 ADAMS Rock properties and early production rates in line with expectations Higher liquid yield than Wattenburg ARAPAHOE 32 wells pl
Slide 40: Canada: New Plays in a Legacy Basin
Canada: New Plays in a Legacy Basin Canadian Unconventional Plays Focused exploration in the liquids- rich Duvernay (115 M net acres) Recent encouraging results in the liquids-rich portion of the Montney play; large upside potential (124 M Canol net acres) Long-life leases give future Muskwa f
Slide 41: International Unconventionals: Poland and Australia
International Unconventionals: Poland and Australia Poland Poland Low-cost early entry Baltic Sea Karwia 500 M acre position with a 70% WI Lebork Drilled 4 wells (vertical and horizontal) Damnica Optimizing completions and lateral design Gdansk while defining the sweet spot POLAND 2012: Ex
Slide 42: International Unconventionals: China and Colombia
International Unconventionals: China and Colombia China China: Sichuan Basin Neijiang-Dazu Access to high-quality shale plays through CHINA cooperation with NOCs Beijing Sinopec: Qijiang Joint Study Agreement ~1 MM acres Qijiang Chengdu Shanghai PetroChina: Neijiang-Dazu Joint Study Agreement
Slide 43: International Conventionals: Asia Pacific
International Conventionals: Asia Pacific Australia: Browse Basin Australia: Browse Basin WA-314-P Currently appraising the 2009 Poseidon gas discovery WA-315-P Kronos-1 Poseidon-1 Boreas-1 1.5 MM acres with 40% WI (blocks WA-398-P and Zephyros-1 Poseidon-2 WA-315-P) Partnered with PetroChina,
Slide 44: International Conventionals: Deepwater Angola
International Conventionals: Deepwater Angola Angola Play identified as a probable analog to Brazil pre- salt play ANGOLA Recent discoveries de-risk play concept in Kwanza Basin Luanda ConocoPhillips-operated 2.5 MM acre position Atlantic 36 2012-2013: 3-D seismic acquisition confirms Ocean
Slide 45: A Top Leaseholder in Deepwater GOM
A Top 5 Leaseholder in Deepwater GOM Nearly doubled acreage position to 2 MM net acres in the deepwater GOM since 2011 Second-largest leaseholder for primary-term acreage blocks Focused on accessing emerging plays with material exposure in the Paleocene/Eocene, Miocene and other plays GOM Deep
Slide 46: 2013 Ramp Up of Gulf of Mexico Activity
2013 Ramp Up of Gulf of Mexico Activity Deepwater GOM 2013 Drilling Plan Louisiana 5 wells planned; up to 3 additional wells possible Ardennes WI: 30% Target: Paleocene/Eocene Tiber Non Operated WI: 18% Target: Paleocene/Eocene Non Operated Thorn WI: 65% Target: Pliocene/Miocene Operated Shenandoah
Slide 47: Shenandoah and Coronado: Encouraging Results with Running Room
Shenandoah and Coronado: Encouraging Results with Running Room Shenandoah and Coronado Shenandoah appraisal 2009 discovery with >300’ net pay in Garden Banks Area Lower Tertiary Appraisal well results encouraging Coronado wildcat Encouraging results Green Canyon Expect further appraisal
Slide 48: Diverse Unconventional and Conventional Exploration Portfolio
Diverse Unconventional and Conventional Exploration Portfolio Chukchi Sea West Duvernay, Greenland Barents Sea Muskwa, & North Sea Montney & Canol Poland Wolfcamp, Sichuan Niobrara & Gulf of Avalon Mexico Azerbaijan Bangladesh Colombia Other Indonesia Conventional U.K. 2013 Exploration Capital – $B
Slide 49: A Diverse Portfolio Delivering Production and Margin Growth
A Diverse Portfolio Delivering Production and Margin Growth Production – MMBOED 2.0 1.8 1.6 * Major Projects * 1.4 Development 1.2 Programs 1.0 0.8 Diverse, resource-rich global portfolio 0.6 High-quality legacy base Base Profitable worldwide development programs 0.4 Major projects in execut
Slide 50: A Diverse Portfolio Delivering Production and Margin Growth
A Diverse Portfolio Delivering Production and Margin Growth Production – MMBOED 2.0 1.8 * 1.6 * Oil 1.4 1.2 1.0 Oil Sands 0.8 LNG Diverse, resource-rich global portfolio 0.6 NGL High-quality legacy base Int’l Gas Profitable worldwide development programs 0.4 Major projects in execution 0.2 N
Slide 51: Creating Value through Innovation
creating value through INNOVATION Al Hirshberg, EVP, Technology & Projects
Slide 52: Competitive Advantage and Value Creation with Technology
Competitive Advantage and Value Creation with Technology Technology leadership where it matters most Spending focused on growing production and margins Capability to compete for access globally 2012 Year-End Resources Arctic Deepwater Unconventional LNG Conventional Oil Sands 43 BBOE 52
Slide 53: Conventional: Base Optimization Improves Recovery
Conventional: Base Optimization Improves Recovery Demonstrated ability to extend the life and increase value of existing fields Mitigate declines in mature fields Opportunities to access 2+ BBOE resource from existing assets Example: Ekofisk Field, Norway Ekofisk Estimated Recovery 2.4 BBOE in
Slide 54: Conventional: Developing Low-Cost Reserves with CTD
Conventional: Developing Low-Cost Reserves with CTD Profitably applying new technology to existing wells to increase recovery Industry leader in coiled tubing drilling (CTD) Target multiple zones in fault blocks guided by 4-D seismic Alaska success being applied in Australia, Lower 48 and Norw
Slide 55: Conventional: Development Expertise in SDL
Conventional: Development Expertise in SDL Developing technology to access new resources in challenging environments Recognized leader in casing drilling Pioneering steerable drilling liner (SDL) technology in Alaska Evaluating for possible deepwater subsalt/global applications Example: Alpine
Slide 56: Unconventional Reservoirs: Technology Leadership
Unconventional Reservoirs: Technology Leadership Proven ability to identify, secure and develop highest-value unconventional acreage Eagle Ford: Premium Acreage and Significant Value1 40 Sweet spot identification 35 Development plan 30 NPV10/acre – $M optimization 25 20 Efficient drilling and
Slide 57: Unconventional Reservoirs: Sweet Spot Identification
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 sweet spots Average Eagle Ford Well – BOED1 Eagle Ford Production
Slide 58: Unconventional Reservoirs: Optimizing Full Field Development
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 growth more than 50% since 2010 Pursuing a multitude of pro
Slide 59: Unconventional Reservoirs: Operations Excellence
Unconventional Reservoirs: Operations Excellence Setting the standard for operations excellence with integrated approach Eagle Ford Spud to Rig Release Days per 10,000 Feet1 30 ConocoPhillips Eagle Ford Competitors 25 20 22 22 20 21 15 18 15 15 16 16 16 10 13 13 14 14 5 0 Private Wi-Fi Enabled Well
Slide 60: Oil Sands: Unlocking the Value in Major Projects
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 extension wells Flow control devices Extension Solvent injecti
Slide 61: Deepwater: Technology-Led Exploration Capability
Deepwater: Technology-Led Exploration Capability Deepwater program supported by significant technical capabilities and investments Proprietary expanded in-house Example: Deepwater Prospect Evaluation seismic imaging capabilities driving competitive advantage Expert basin modeling skills Compet
Slide 62: Competitive Advantage and Value Creation with Technology
Competitive Advantage and Value Creation with Technology Technology leadership where it matters most Spending focused on growing production and margins Capability allows us to compete for access globally 62
Slide 63: Growing Margins and Returns
growing margins and RETURNS Jeff Sheets, EVP, Finance & CFO
Slide 64: Financial Strategy to Create Shareholder Value
Financial Strategy to Create Shareholder Value Cash flow from operations and asset sales fund profitable growth Production growth and margin improvement drive cash flow growth Moving toward balance of cash flow, capital and dividends Focus on improving returns on capital Balance sheet prov
Slide 65: Substantial Progress on Portfolio High-Grading
Substantial Progress on Portfolio High-Grading Announced Announced Asset sale criteria Transactions Proceeds – $B Nonstrategic Mature, limited growth potential Kashagan 5.0 Ability to achieve fair value Tax-efficient transactions Algeria 1.8 2012 impact Nigeria 1.8 64 MBOED production
Slide 66: Our Commitment to Margin Improvement is Unchanged
Our Commitment to Margin Improvement is Unchanged Five significant areas ramping up between 2012-2017 Incremental growth comes from high-margin investments Lower-risk geographies and geologies; diversified plays Production and Margin Growth1 2012-2017 250 Oil Sands Europe 200 L48 Liquids Rich
Slide 67: Margin Improvement from Strong Growth and Mix Shift
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 growth from areas with lower tax rates MBOED 400 Int’l G
Slide 68: Focused on Continuously Improving Returns
Focused on Continuously Improving Returns 2012 ROCE Compared to Independent E&Ps Ongoing focus on cost 11% structure and efficiency 11% Asset divestitures improve portfolio returns Short-term returns impacted by capital investments in major projects High-margin growth improves long-term retu
Slide 69: Balance Sheet Strength Provides Flexibility
Balance Sheet Strength Provides Flexibility Year-End 2012 Debt-to-Capital Ratio $4.4 B total cash at year-end 2012 $9.6 B of announced proceeds from asset sales in 2013 31% A1/A rating reflects substantial financial flexibility Growing cash flow creates incremental debt capacity Target 25-
Slide 70: A Compelling Dividend is Key to Our Value Proposition
A Compelling Dividend is Key to Our Value Proposition Dividend Yield1 Highest priority use of cash flow Enhances capital discipline 4.5% Predictable portion of shareholder returns Differential compared to range of peers Target consistent increases Integrateds Independents 1 Di vi dend yi e
Slide 71: Closing Comments
closing COMMENTS Ryan Lance, Chairman & CEO
Slide 72: Today We Will Show
Today We Will Show Our Plan for Growing Volumes and Margins from a Diverse Portfolio Strong base of production Multi-year development program inventory Major projects in execution Upside from unconventional and conventional exploration Our Plan for Creating Value through Technology and Innov
Slide 73: What Will We Deliver? Our Value Proposition is Unchanged
What Will We Deliver? Our Value Proposition is Unchanged 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 annual growth rates. 73
Slide 74: Q&A
Q&A Ryan Lance, Chairman & CEO
Slide 75: A New Class of E&P Investment
a new class of E&P INVESTMENT Analyst Meeting • Feb. 28, 2013
Slide 76: Appendix
ConocoPhillips Appendix
Slide 77: 2013 Guidance
2013 Guidance Production from continuing operations Annual average of 1,475-1,525 MBOED 1Q and 4Q ~50 MBOED above annual average 2Q and 3Q ~50 MBOED below annual average due to seasonality, maintenance and project tie-ins Strong year-end exit rate 1,475 - Production from discontinued ope
Slide 78: Segment Production (MBOED)
Segment Production (MBOED) 400 Alaska 400 Canada 600 L48 & LA 500 300 300 400 200 200 300 200 100 100 100 0 0 0 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 400 Europe 400 AP & ME 400 Other International 300 300 300 200 200 200 100 100 100 0 0 0 2012 2013
Slide 79: Annualized Net Income Sensitivities
Annualized Net Income Sensitivities Crude Brent/ANS: $75-85 MM change for $1/BBL change WTI: $30-40 MM change for $1/BBL change WCS: $20-25 MM change for $1/BBL change North American NGL Representative blend: $10-15 MM change for $1/BBL change Natural Gas HH: $115-125 MM change for $
Slide 80: Abbreviations and Glossary
Abbreviations and Glossary 3-D: three dimensional Liquid Yield: liquid-to-gas ratio 4-D: four dimensional LNG: liquefied natural gas ANS: Alaska North Slope M: thousand B: billion MM: million Base Production: production from existing infrastructure MBOED: thousands of barrels of
Slide 81: Investor Information
Investor Information Stock Ticker: NYSE: COP Headquarters: ConocoPhillips 600 N. Dairy Ashford Road Houston, Texas 77079 www.conocophillips.com/investor Investor Relations: Telephone: +1 212-207-1996 Ellen DeSanctis: [email protected] Vladimir R. dela Cruz: v.r.delacru
Slide 82: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2012 Return on Capital Employed Numerator ($MM) Net Income Attributable to ConocoPhillips $ 8,428 Adjustment to exclude special items (1,694) Net income attributable to noncontrolling interests 70 After-tax interest expense 461 ROCE Earnings $ 7,265 Denominator ($MM) 1 Avera