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Annual Summary 2019 I Cooperate with Our Teams to Develop New Technology and Balance a Key Player on the the Need with Our No Norway Business Unit Annual Summary 2019 I cooperate with our teams to develop new technology and balance A key player on the the need with our no. 1 priority Health, safety and environment – nobody gets hurt. Making a Norwegian continental shelf difference in ConocoPhillips makes – our number 1 pr iority me energized In the spring of 2020, everyone faced unprecedented conditions and uncertainties, including the oil and gas industry. However, - Birgit Vignes colleagues quickly adapted to new ways of the work to improve, clarify and simplify Director Wells Solutions working to continue business activities despite work processes and procedures. all challenges. Operational integrity is safeguarded through Development management and inclusion of procedures, ConocoPhillips has a long and proud history in training and communications. Norway. Our aspiration is industry leadership in Life saving rules asset performance, innovation, culture and environmental responsibility. ConocoPhillips’ Life saving rules significantly contributed to improve HSE Safety is our most important value. Nobody getting hurt is our number results in 2019. The rules define how the one priority. 40 years have passed since the tragedy on the Alexander company expects its activities to be L. Kielland rig on 27 March 1980. Learning from history to prevent major performed. Every rule is followed by a set of accidents is vital in our future operations. My commitment is to support minimum requirements and verifications, our work under the banner 'Never another major accident', introduced used in the planning and execution phases by the Petroleum Safety Authority (PSA) as a main focus area for 2020. of a task. This creates transparent and proactive leadership, as well as improved While our safety performance remains robust, we also focus on communications about safety, expectations environmental challenges. Since 2005, the emissions of greenhouse and risks posed in a workplace. gases (GHG) have been reduced by 15 percent on our operated assets in the Greater Ekofisk Area (GEA), but we are committed to make Business partners further reductions. This year, we will finalize the GHG roadmap and ConocoPhillips in Norway (also complete a wind-power study for the GEA; two important initiatives with referred to as ConocoPhillips and/or ConocoPhillips’ business partners have an integrated role in the aim to improve future sustainability. the company) explores for and driving continuous improvement and safeguarding the HSE work produces oil and gas on the and standards. Suppliers and contractors are audited on a regular Innovation is a key enabler for transforming the way we work. It Norwegian continental shelf with basis to ensure the quality of operations. In addition, includes digitalization, using new technology in new ways, as well as ownership interests in ten producing ConocoPhillips actively contributes to share best practices, continuous improvement, research and development. In the future, we fields. In addition, the company is the experience and knowledge with our suppliers, contractors, and in will work differently. Low-cost dual lateral well technology and the operator of the fields in the Greater licenses operated by others. development of Seabox, a future water injection technology, are two Ekofisk Area and transports oil and examples of how we change the we way we work through new ideas. gas from the Norwegian North Sea to Emergency response We have several important targets over the next years. We aim to Teesside Operations in the United deliver first production from the new Tor II field, and we are advancing Kingdom. Emergency response and preparedness is an essential part of Eldfisk 2/7 B to prepare for remote operations. HSE, and we work to strengthen our capacities. A corporate mutual Safety is a core value of Conoco - emergency response assistance agreement between Equinor and Revitalizing our exploration portfolio on the Norwegian continental shelf Phillips, and it is reflected in the ConocoPhillips is in place to ensure access to qualified support. In is another vital element to ConocoPhillips. A three-well operated company’s operations and activities; November 2019, the company organized a major emergency exploration campaign in the North Sea kicked off in 2019, delivering two strongly integrated in our culture. Our response exercise in Tananger, successfully involving third party small discoveries on the Busta and Enniberg prospects. A new number one priority is zero harm to companies such as the Norwegian Clean Seas Association, Oil exploration program for the Norwegian Sea is progressing in 2020. personnel and the environment, and Spill Response Limited, and authorities such as the Norwegian Recent awards of five attractive licenses in the Awards in Predefined this ambition drives our work to Coastal Administration. In addition, representatives from Equinor Areas were also helpful in building a stronger exploration portfolio. continuously improve HSE and from ConocoPhillips’ global emergency response teams performance. participated to ensure learning and transfer of best practices. Engaged employees are a key contributor for reaching our goals. We want to strengthen our culture, which is why we are developing a In 2019, the activity level on our External environment baseline for diversity and inclusion. Knowledge sharing, collaboration operated assets in the Greater Ekofisk and integration through high performing teams are key elements for Area and at Teesside was high. The Our actions today will help to provide the necessary energy to fuel winning. For me personally, inclusion means all voices are heard, which triennial maintenance turnaround was economies and social well-being, while also working to secure a has become even more important during The Great Lockdown. Based completed safely and ahead of stable and healthy environment for tomorrow. This is our core on the significant flexibility and resiliency I have experienced from schedule – with more than 150,000 value, and it drives our efforts to improve environmental standards, individuals and teams across our business during the Covid-19 this work hours. The organization was practices and our research and development initiatives throughout spring, I am confident that we will get through this as one safe and committed to maintaining the HSE 2019. Using new tools for environmental management was a focus strong team. performance established in recent area, including the management and participation of multiple years, with no high-risk incidents since environmental projects. More information in the Sustainability Terri King 2015. Throughout 2019, we continued section (pages 14-15). President Europe and North Africa 2 2 3 Key Figures ConocoPhillips Skandinavia AS Surfing forces me to connect with 2019 2018 2017 UNITED STATES – nature immediately. It makes me ALASKA Barents INCOME STATEMENT (in MMNOK) Sea Norwegian Total revenues 23,677 24,906 21,058 stretch and pursue new career Sea Operating expenses 13 660 11,376 11,467 CANADA opportunities within NORWAY Net financial items -111 107 -231 UNITED KINGDOM North Income taxes 7,283 10,085 6,341 ConocoPhillips NORTH AMERICA Sea Net income 2,623 3,552 3,019 EUROPE Pacic Ocean ASIA PRODUCTION UNITED STATES – 1) LOWER 48 Net daily production - Finn Kristian Slettum Haukali CHINA JAPAN Oil (Thousands of barrels) 84.2 87.1 97.0 Houston MIDDLE EAST Corporate Analyst Atlantic Ocean Natural Ga s (M illions of cubic meters) 7.2 5.5 5.2 Gulf of Mexico NGL (Thousands of barrels) 4.0 3.8 3.6 PacicPacic Ocean LIBYA QATAR CAMBODIA 1) South Average crude oil price (USD/Barrels) 65.0 71.6 54.6 China MALAYSIA Sea Average exchange rate (USD/NOK) 8.80 8.13 8.28 Natuna Sea COLOMBIA Indian Ocean OTHER KEY FIGUS RES (in MMNOK) SINGAPORE I INDONESIA Net cash flow from operating activities 9 ,117 11,469 12,478 Java Sea TIMOR-LESTE SOUTH Timor Sea Capital expenditures 4,578 4,303 4,428 AMERICA Cash and cash equivalents 2,345 755 1700 2 AUSTRALIA Financial solidity (equity ratio) 19 % 14 % 14 % CHILE 1) Production and oil prices for ConocoPhillips Skandinavia AS and may not tie to the ConocoPhillips 10-K due to rounding. 3 % NGL ARGENTINA 2019 Production bTahrreolsu osf aoilnd 32 % equivalent per day Natural Gas Exploration Production Exploration and Production Headquarters 131 65 % 2019 Net Income Crude Oil Millions Business overview and key figures 2623 of Norwegian Kroner 2019 Production Mix Key Figures ConocoPhillips Norge Headquartered in Houston, Texas, The company is represented through several 2019 2018 2017 ConocoPhillips had operations and activities in subsidiaries, among others ConocoPhillips INCOME STATEMENT (in MMNOK) 17 countries, $71 billion of total assets, and Skandinavia AS and ConocoPhillips Norge. Operating revenues 4,198 4,001 3,815 approximately 10,400 employees as of Dec. 31, The two Boards of Directors comprise five Operating expenses 4,094 3,769 3,582 2019. Production excluding Libya averaged members from the Norwegian organization; Net financial items* 23 3,535 5,466 1,305 MBOED for 2019, and proved reserves Terri G. King (Managing Director), Jarl B. Income taxes 26 64 100 were 5.3 BBOE as of Dec. 31, 2019. For more Ellingsen (Chairman of the Board), Christin Net income 101 3,703 5,599 information, go to www.conocophillips.com. Svensen, Ingunn M. H. Hagelin and Tore Ulleberg. They have signed the 2019 annual EMPLOYEES ConocoPhillips in Norway reports, available via Brønnøysundregistrene Employees at December 31 1,805 1,796 1,847 (www.brreg.no).
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