Alaska Analyst & Investor Tour

Alaska Analyst & Investor Update

JULY 16, 2018 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, operating results or the industries or markets in which we operate or participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove to be incorrect and are difficult to predict such as operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchange rate fluctuations; our ability to complete the sale of our announced dispositions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions or our remaining business; business disruptions during or following our announced dispositions, including the diversion of management time and attention; our ability to liquidate the common stock issued to us by Cenovus Energy at prices we deem acceptable, or at all; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, and changes in tax, environmental and other laws applicable to ConocoPhillips’ business; the stability and competitiveness of our fiscal framework; and other economic, business, competitive and/or regulatory factors affecting ConocoPhillips’ business generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). We caution you not to place undue reliance on our forward-looking statements, which are only as of the date of this presentation or as otherwise indicated, and we expressly disclaim any responsibility for updating such information.

Use of non-GAAP financial information – This presentation may include non-GAAP financial measures, which help facilitate comparison of company operating performance across periods and with peer companies. Any non-GAAP measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure either within the presentation or on our website at www.conocophillips.com/nongaap.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term "resource" in this presentation that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website. Opening Comments

RYAN LANCE Chairman & CEO Strategy Hitting on All Cylinders Value Proposition Our Unique Principles Disciplined Priorities Characteristics

Invest capital to sustain 1st Low Diverse, PRIORITY production and pay existing Financial dividend Sustaining Low CoS Strength Price Portfolio 2nd Annual dividend growth PRIORITY

Growing 1 rd Reduce debt to $15B ; Distributions 3 PRIORITY target ‘A’ credit rating RETURNS

4th 20-30% of CFO total PRIORITY shareholder payout annually Strong Disciplined Per- Capital Balance Share CFO Flexibility Sheet Expansion 5th Disciplined investment PRIORITY for CFO expansion

Clear, measurable plan to deliver superior returns to shareholders

1By year-end 2018. 5 ConocoPhillips’ Peer-Leading Position in Alaska

Largest Producer1 Most Reserves2 Largest Acreage Holder3

1,800 300 1,800

1,600 1,600 250 1,400 1,400

200 1,200 1,200

1,000 1,000 150 MBOED MMBOE 800 800

100 600 Thousand Net Acres 600

400 400 50 200 200

0 0 0

Peers include: BP, Caelus, ENI, Hilcorp and XOM. 1Source: Wood Mackenzie, 2018 FY estimate, adjusted to reflect impact of 2018 ConocoPhillips acquisitions. 2Source: Wood Mackenzie, adjusted to approximate oil reserves as of 01/01/18 and reflect impact of 2018 ConocoPhillips acquisitions. 3Source: Reports from Bureau of Land Management & Alaska Department of Natural Resources dated 05/17/18 and 06/04/18, respectively. Only includes acreage position for federal and state lands. Incorporates ConocoPhillips internal data to reflect impact of Kuparuk acquisition. 6 2013 Alaska Outlook: Facing Headwinds

ConocoPhillips’ Alaska Outlook 2013

300 2013 Outlook for Asset • Uncompetitive tax structure • Declining production profile 200 • High cost of supply • Limited investment Production (MBOED) 100 • Focus on Lower 48 unconventionals

0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2013 Outlook

7 Current Outlook: Strong Future Spurred by Tax Changes & CoS Focus

ConocoPhillips’ Alaska Outlook1 2013 vs. Current (excluding(including 20182018 acquisitions)acquisitions) Drivers of Transformation • Senate Bill 21 improved fiscal framework 300 • Technological advancements and innovations target new and bypassed resources • Comprehensive effort to capture value from legacy fields and infrastructure 200 • Renewed focus on exploration yields early success • Company-wide focus on lowering cost of supply

Production (MBOED) and shift to liquids has made Alaska competitive 100 within the portfolio

0 STRENGTHENED OUTLOOK 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 supported by recent strategic transactions 2013 Outlook Current Outlook

1Assumes a stablestable andand competitive competitive fiscal fiscal framework, framework, includes excludes impact 2018 ofacquisitions, 2018 acquisitions assumes at noworking change interests to current of: Western working Nortinteresth Slope and =excludes 100% / Kuparuk Alaska North = ~95%, Slope and gas excludes sales. Alaska North Slope gas sales. 8 Our Alaska Plan is Good for All Stakeholders Aligns with Supports Creates Value for ConocoPhillips’ Strategy Alaska’s Economy Shareholders

► Drives peer-leading low ► ConocoPhillips provided ► Realized price similar to sustaining price 35% of State of Alaska’s Brent petroleum revenue ‛13-‛17

► Provides low cost of supply ► >20,0001 jobs created by ► Delivers competitive cash investment opportunities our activity and earnings margins

► Generates profitable growth ► Impactful community ► Leverages ownership in from diversified investments investment & volunteerism existing infrastructure

► Offers significant ► Priority on environmental, ► Integrated value chain exploration running room social and governance provides access to multiple stewardship markets

1Source: The Role of the Oil and Gas Industry in Alaska’s Economy; The McDowell Group; May 2017. 9 Today’s Agenda

Al Hirshberg • Low cost of supply, low-decline base production Our Legacy in Alaska • Robust inventory of future projects to drive growth • Future upside from applied technology and innovation • ~$1B/yr capital delivers 225+ MBOED for a decade

Matt Fox • 0.5-1.1 BBOE1 of discovered resource2 in Alaska since 2016 Our Future in • Willow confirmed as stand-alone hub Alaska • Willow: $2-3B of capital over 4-5 years required to achieve 1st oil • Significant remaining undrilled resource potential

1Gross discovered resource. 2Discovered resources are known accumulations of quantities of oil and gas estimated to exist in naturally occurring accumulations. 10 Our Legacy in Alaska

AL HIRSHBERG EVP, Production, Drilling & Projects Conventional Assets Play Important & Unique Role in Our Portfolio

1.6 BBOE 0.4 BBOE 2.0 BBOE1 25% UNDERLYING IMPROVEMENT Conventional Added Through Total Net Captured Resource in AK 2018 Acquisitions Resource <$40/BBL CoS 2018E vs. 2015

<$50/BBL Cost of Supply2 Resource ANS Cash-Balanced Price3 ($/BBL) (as of Nov. 2017) 50 55

40 21 42

30 13

Cost of Supply ($/BBL) Supply of Cost 34 10 29

0 0 5 10 15 Net Resources (BBOE) 2015 2018E Unconventional Conventional LNG & Oil Sands Costs Capital

1Excludes exploration resources. 2Cost of supply is the WTI equivalent price that generates a 10 percent after-tax return on a point-forward and fully burdened basis. Fully burdened includes capital infrastructure, foreign exchange, price-related inflation and G&A. Resource based on Petroleum Resources Management System, developed by industry to classify recoverable hydrocarbons as commercial or sub-commercial to reflect their status at the time of reporting. 3The realized price at which revenues from commodity sales equal costs (operating costs, taxes, general & administrative costs and tariffs) plus capital (base, development, projects and exploration) expenditures. 12 Legacy Position Sets Foundation for Future Growth

Western Kuparuk Prudhoe Bay Miles NATIONAL PETROLEUM North Slope (WI=~95%) Non-Operated 0 5 10 15 (WI=100%) RESERVE – ALASKA (WI=36%) Alpine CPF3 Willow Area GMT-1 CD5 CPF1 CPF2 GMT-2

ConocoPhillips Acreage Trans Alaska Pipeline Central Processing Facility (CPF) System (TAPS) Projects North Slope NPR-A • ConocoPhillips operates Kuparuk and Western North Slope (WNS)

ALASKA • Operated assets: 4 central processing facilities and 54 drill sites Anchorage • Years of identified inventory in Kuparuk and Western North Slope Valdez • Exploration renaissance driving westward expansion • Estimated 2018 production of ~225 MBOED1; ~40% of State of Alaska’s production

1Estimated pro-forma annualized production including impacts from recent acquisitions. 13 Compelling Plan Creates Significant Value for 10+ Years

ConocoPhillips' Alaska Outlook1 EXPLORATION PROJECT INVENTORY • CD5 led westward expansion to new sites • Near-term contribution from GMT & NEWS 300 • GMT-1 first oil 2018; GMT-2 first oil 2021 • Eastern NEWS first oil estimated 2023 • Additional upside from technology and innovation

200 DEVELOPMENT PROGRAMS • Multi-year drilling campaigns • Numerous drilling technology advancements

Production (MBOED) underway ANS Gas Sales2 (MBOED) 100 120 • Pioneering extended-reach drilling (ERD) 80 40 BASE 0 • Low-risk, predictable production 2025 2029 2033 0 • Significant improvement in lowering base decline 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 • Identified opportunities to sustain cost of supply Base Development Projects Exploration reductions

1Assumes a stable and competitive fiscal framework , includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales. 21ConocoPhillipsAssumes a stable net and production competitive associated fiscal framework, with Alaska includes North Slope impact gas of sales 2018 based acquisitions, on the State at working of Alaska’s interests timeline, of: Western not inclu Nordedthin Slope ConocoPhillips = 100% / Kuparuk production = ~95%, plots. and excludes Alaska North Slope gas sales. 14 Base Production: Significant Progress on Lowering Decline Rate

• Extensive enhanced oil recovery expertise with MWAG INJECTOR waterflood and miscible water alternating gas (MWAG) PRODUCER recovery • Ongoing gas lift optimization throughout operations • Leveraging data analytics to drive MWAG sweep efficiency, improve gas handling and increase recovery

RESIDUAL OIL MISCIBLE BEHIND Alaska Base Decline Rate Improved to 6% GAS = OIL WATERFLOOD BANK (Old decline rate ~8%) SOLVENT FRONT

200

~15% ~45% ~60% (MBOED)

1 Average 100 Reservoir Recovery

Production by Method Primary Water MWAG 0 Recovery Flood 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales. 15 Base Production: Sustainable Reductions in Cost of Supply

Lower Intervention Costs Achieving Personnel-Driven Lowered Maintenance Cost & & Increased Efficiency Productivity Improvements1 Increased Facility Uptime 50% REDUCTION >50% REDUCTION IN COST 250 IN COST 100% 200 HISTORIC HIGH 100% 2015 2018 HIGH WELL UPTIME 45% OVERALL UPTIME IMPROVEMENT 96% 96 139 200 96% 150 Operated Operated BOPD BOPD 2 per per 2 92% person person 150 92%

100 Well Uptime Well • Harnessing organizational 88% 100 efficiency to improve productivity 88% Uptime Facility

Well Intervention ($MM)Cost Intervention Well • Goal to level-load activity and 50 84% rapidly apply learnings

Operated Maintenance CapitalOperated ($MM) 50 84% • Infrastructure program phased with development to minimize 0 80% peaks and valleys 0 80% 2014 2015 2016 2017 2014 2015 2016 2017

1Person = ConocoPhillips employees and contingent workers; BOPD = gross operated barrels. 2Uptime excludes turnarounds. 16 Coiled Tubing Drilling: Targets Extensive Inventory of Bypassed Oil

Example: Kuparuk Octa-Lateral ~20% OF CONOCOPHILLIPS ALASKA PRODUCTION developed with coiled tubing drilling

• Driven by 4D seismic and high-resolution simulation

6350 • Attractive 10-year portfolio with average cost of 6375 supply of ~$30/BBL 6375 6400 • Safe and predictable operations with continuous efficiency improvements

Example: Kuparuk Octa-Lateral Well Path Average Rate of Penetration (ft/day)

~2X FASTER

2014 1Q 2018 17 Drilling Technology Advancements: Higher Recovery, Lower CoS

Extending Our Reach Threading the Needle Achieving Cost & Time Savings with Managed Pressure Drilling with Geo-Steering ~30% DECREASE 14K ft 30K ft 30K ft

5 ft sands

Old Technology New Technology

Accessing More Reservoir Drill & Case in One Run More Footage of Reservoir Drilled with Multi-Laterals with Steerable Drilling Liners ~5X INCREASE

Old Technology New Technology Old Technology New Technology 18 Successful CD5 Execution: Leading the Way to NPR-A 55% Reduction in CD5 Cost of Supply ($/BBL) • Completed on budget, ahead of schedule and 10 achieved higher initial and overall production rates 14 6 • Accessed reservoir extending beyond seismic 66 6 resolution 36 30 • North American record-setting well lengths and multi-laterals FID Development Improved Cost FID Scope Expansion Expansion Sanction Optimization Well Efficencies Efficiencies Performance

CD5 Achieves Peak Rates1 for Alaska (BOPD) CD5 Expansion Drives Higher Production (BOPD) 12,000

10,000 30,000 CD5 wells 8,000 20,000 6,000

4,000 10,000 2,000

0 0 2015 2016 2017 2018 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FID Sanction FID Scope Expansion 1Monthly average gross oil volumes derived from public AOGCC information. 19 Extended-Reach Drilling: Maximize Recovery, Minimize Footprint

Alaska North Slope Reduced Footprint* 30% Reduction in Cost of Supply ($/BBL) >100 MMBOE 65-Acre 5 Gravel Pad 12-Acre 12-Acre resource to be developed with ERD (1970)** Gravel Pad Gravel Pad (2016)** (Future ERD)** 5 44 Drilling Area 3 Accessible from Pads ~3 sq. miles 31 ~55 sq. miles ~154 sq. miles *Assumes similar reservoir depth FID Facility Production Operating ERD Program **1970 drilling radius ~ 5,000 ft vs. 2016 drilling radius ~ 22,000 ft vs. future ERD radius ~ 37,000 ft Cost Optimization Cost Outlook

1970 • Unique solution for minimizing footprint in arctic environment ~5,000’ Bronx 2016 • Allows utilization of existing gravel pads to reach new resource ~22,000’ • Taking delivery of new-build ERD rig in 2020 Manhattan • Largest mobile land rig in North America Queens • Capable of drilling more than 7 miles away from the pad Brooklyn Future ERD 1 ~37,000’ • Compatible with DEEP drilling automation technology

1DEEP (Drilling Execution Efficiency Platform) is proprietary ConocoPhillips drilling technology. 20 Identified Future Inventory: Low-Risk, Multi-Year Opportunities

• Extensive inventory driven by fiscal framework improvement, cost of supply reductions, technology and innovation • Large portfolio of development programs and projects ~0.8 BBOE1 RESOURCE DEVELOPED • Significant reduction in minimum economic size due to over the next decade • Infrastructure access and spare capacity • Applied learnings across operations

Alaska Operated Resource Opportunity Pipeline (Excluding Exploration)

2018 2020 2022 2024 2026 2028

1-2 Rotary Rigs Kuparuk & Coiled Tubing 1H NEWS Development Drilling ENEW Eastern NEWS Development Dev Drilling Drilling 1H NEWS S Rotary Rig & GMT- Coiled Tubing 1 GMT-1 Dev Drilling GMTGMT- -2 Development Development Drilling Western Drilling North Slope 2 ERD Rig Extended-Reach Drilling

Development Drilling Project 1st oil

ConocoPhillips’ Alaska Outlook1 Numerous Technology & Innovation Applications Can ~$1B/YEAR CAPITAL Drive Additional Upside Above Outlook Longer Laterals to deliver 225+ MBOED Enhanced Recovery 300 Production Technologies Thin-Bed Reservoirs

200

Multi-Laterals

4D Seismic

Production (MBOED) Reservoirs Within Reach 100 Ongoing Efficiency Improvements

0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Base Development Projects

ConocoPhillips’ Alaska Outlook1 Numerous Technology & Innovation Applications Can 500 MMBOE – 1.1 BBOE2 Drive Additional Upside Above Outlook Longer Laterals discovered resource Enhanced Recovery 300 Production Technologies Thin-Bed Reservoirs

200

Multi-Laterals

4D Seismic

Production (MBOED) Reservoirs Within Reach 100 Ongoing Efficiency Improvements

0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Base Development Projects Exploration

MATT FOX EVP, Strategy, Exploration & Technology NPR-A Discoveries Open New Westward Frontier

Western Kuparuk Prudhoe Bay Miles NATIONAL PETROLEUM North Slope 0 5 10 15 RESERVE – ALASKA

Alpine CPF3 West GMT-1 CD5 CPF1 Willow CPF2 Willow North Slope GMT-2 NPR-A

ALASKA Undrilled Prospects Anchorage Discoveries Valdez ConocoPhillips Acreage Trans Alaska Pipeline Central Processing Facility (CPF) System (TAPS) Projects

• Industry chases deeper Jurassic targets • ConocoPhillips increases working • 0.5 – 1.1 BBOE gross discovered resource • ConocoPhillips evaluates NPR-A Brookian potential interest in Western North Slope to 100% • 75% of the play remains to be explored

Pre-2015 2015 2016 2017 2018 2019+

• Willow discovery with identified upside • Acquired additional ~600M net acres • Executed largest E&A program since 2002 • Acquired new 3D CSI seismic for ~$30/acre • Appraised Willow; explored for upside 25 Testing the Brookian Topset Play

North River Beach Sands Sands Delta Sands Sandy Basin Floor Turbidite Fan

3,000

5,000 Willow West Willow Narwhal

7,000 Vertical (feet) Depth Vertical GMT-2 GMT-1 Alpine 9,000 ConocoPhillips Proprietary Seismic Data Brookian Discovery Exploration Target Existing Jurassic Fields 26 Arctic Expertise Enabled Efficient, Successful ‘18 Exploration Program

• Unique arctic expertise enabled successful Greater Willow Exploration & Appraisal program completion in winter operations • 4 wells, 3 well tests window • 16,100 ft. drilled & 148 ft. cored Alpine • Shallow targets (~4,000 ft) allowed multi- well program GMT-1 CD5

• Achieved efficient de-risking of Willow Putu Ice Roads resource potential GMT-2 • 58 miles total, 35 ft. wide • Initial Narwhal trend exploration identified • No lasting impact Stony Hill resource upside • Activities supported by 3 drilling rigs, 3 well Narwhal Exploration test units, 2 ice road teams and seismic • 2 wells, 2 well tests crew • 22,600 ft. drilled, 152 ft. cored • Multiple targets • 370,000 total hours worked with no injuries

CSI Seismic <$1/BBL • 250 sq. miles of 3D CSI seismic

finding costs Ice Roads Miles Exploration and Projects 0 5 10 15 Appraisal wells Central Processing Facility 27 2018 Exploration Program Confirms Stand-Alone Hub at Willow

Greater Willow Area Preliminary Discovered Resource Range Increased 400 – 750 MMBOE1 T9 current discovered resource

West Willow 1 T6 • 2018 Willow appraisal activities and analysis: T7 • Confirmed oil-filled reservoir with 3 new appraisal wells and 3 flow tests T2 • API viscosity range: 41° to 44° • Facility-limited vertical test rate ~1,000 BOPD T8 Willow Discovery Well • Appraisal results combined with CSI data indicate more potential on-trend resource to north and south • Additional oil discovery at West Willow creates possibility for tie-back to Willow hub • 2019 Greater Willow Area appraisal season needed to optimize development plan Miles 0 5 10 15

2018 Well 2018 Well Test 1Gross discovered resource in Alaska since 2016. 28 Willow Development: Optimize Based on Cost of Supply

Large Module Offload Location Innovative Approach to Lower Cost & Risk

Under- Over- Capitalize Capitalize Facility & Drill Site Design Optimize Facility Sizing & Installation

Sweet Spot Gravel Sourcing Cost of Supply, $/BBL Supply, of Cost Locating New Construction Materials

Throughput Capacity Subsurface Characterization • Entering pre-FEED to size development concept Appraisal Wells & Technical Evaluation

• Horizontal MWAG development from inception Permitting / EIS Process • $2-3B of capital over 4-5 years required to achieve 1st oil Commencing Federal Permitting Process

• Multiple years of development drilling post-1st oil Transportation Infrastructure • Cost of supply <$40/BBL Utilizing Existing Pipeline Network PLANNING FOR FID IN 2021 Source Water for Injection Leveraging Kuparuk for Willow EOR 1st oil 2024-2025 29 Narwhal Trend: Promising Discoveries with Access to Infrastructure

Narwhal Trend Putu Seismic Amplitude

1 Alpine Putu 2A 100 – 350 MMBOE current discovered resource CD5 GMT-1 Putu 2/2A

GMT-2

• Putu and Stony Hill wells were drilled, cored and flow tested on the Stony Hill Narwhal trend in 2018 • Prospects originally identified through seismic amplitude mapping • Additional appraisal required for both discoveries • Multiple development options possible Miles • Ability to leverage legacy infrastructure makes these commercially 0 5 10 15 attractive opportunities Projects Central Processing Facility Discoveries 2018 Exploration Bottom Hole Locations 2018 Well Tests 1Gross discovered resource in Alaska since 2016. 30 Significant Future Exploration & Appraisal Planned

2019 Program Focused on Existing Discoveries 2020+ Program Focused on Remaining Potential Resolve Remaining Uncertainties to Sanction Test Full Prospect Inventory

NATIONAL PETROLEUM Western Greater Willow Appraisal RESERVE – ALASKA North Slope Evaluate horizontal well performance • Alpine • Determine lateral reservoir connectivity West Willow GMT-1 CD5 • Appraise West Willow Willow GMT-2 Narwhal Appraisal • Verify recoverable volumes • Evaluate well performance

Miles 1 0 5 10 15 500 MMBOE – 1.1 BBOE Undrilled ConocoPhillips Acreage Central Processing Facility Prospects discovered resource Discoveries Projects 75% PORTFOLIO UNDRILLED exploration upside 1Gross discovered resource in Alaska since 2016. 31 Compelling Alaska Plan Creates Significant Value for 10+ Years

ConocoPhillips’ Alaska Outlook1 • High-quality, low cost of supply source of growth for ConocoPhillips • Realized price similar to Brent 300 • Experienced operator with differential arctic capability • Existing infrastructure within a world-class hydrocarbon province 200 • Transformation driven by competitive fiscal framework, technology and exploration renaissance • 2.0 BBOE net of <$40/BBL cost of supply resource in Production (MBOED) legacy Alaska assets 100 • 0.5 – 1.1 BBOE gross of discovered resource since 2016 with 75% of play undrilled • Continue to unlock Alaska’s energy potential for years 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 to come

Aligns with ConocoPhillips’ Strategy – Supports Alaska’s Economy – Creates Value for Shareholders