Asia Pacific and Middle East

AsiaFact Sheet—March Pacific 2020 and Middle East

Fact Sheet—March 2020

ConocoPhillips’ Asia Pacific and Middle East operations represent the company’s second-largest 2019 Production segment by production. Operations consist of producing fields in China, Indonesia, Malaysia, Qatar, Australia and Timor-Leste, as well as liquefied natural gas production and export in Thousand Australia and Qatar. barrels of oil The company produces from fields in Bohai Bay in China, and operates several producing fields in 392 equivalent per day South Sumatra in Indonesia. In Malaysia, production continues from several fields in Block G, Block J and the Kebabangan Cluster (KBBC). In Qatar, the Qatargas 3 joint venture continues providing 2019 Proved Reserves stable production. The Australia Pacific LNG Project has delivered stable production since its start up in 2015. In Timor-Leste and Australia, the company operates the Bayu-Undan Field and Darwin liquefied natural gas (LNG) Plant, but has announced an agreement to sell those assets, with Billion transaction closing expected in 2020. barrels of oil 1.1 equivalent ConocoPhillips also has focused exploration and appraisal activities in the region. ConocoPhillips—Average Daily Net Production, 2019

Crude Oil NGL Natural Gas Total Area Interest Operator (MBD) (MBD) (MMCFD) (MBOED) Penglai 49.0% CNOOC 29 - - 29 Panyu1 24.5% CNOOC 6 - - 6 China Total 35 - - 35 South Sumatra 54.0% ConocoPhillips 2 - 321 56 Indonesia Total 2 - 321 56 Gumusut 29.0% Shell 23 - - 23 Kebabangan (KBB) 30.0% KPOC 3 - 91 18 Malikai 35.0% Shell 15 - - 15 Siakap North-Petai 21.0% PTTEP 1 - - 1 Malaysia Total 42 - 91 57 Qatargas3 30.0% Qatargas Operating Co. 13 8 373 83 Qatar Total 13 8 373 83 Australia Pacific LNG 37.5% ConocoPhillips/Origin Energy2 - - 679 113 Bayu-Undan 56.9% ConocoPhillips 6 4 194 43 Athena/Perseus3 50.0% ExxonMobil - - 31 5 Australia and Timor-Leste Total 6 4 904 161 Asia Pacific and Middle East Total 98 12 1,689 392

1Production license for Panyu 4-2, 5-1 and 11-6 oil field expired in September 2019. 2Origin Energy is operator of the upstream development. ConocoPhillips is operator of the downstream development. 3Production entitlement from the Athena license ended in November 2019.

2019 Production Mix 2019 Production 2019 Capital Expenditures and Investments

25% 394 388 394 391 Crude Oil 262

72% 96 123 103 Natural Gas

3% MBOED NGL $ Millions

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

See page 11 for Cautionary Statement pertaining to the use of this Fact Sheet. 1 Asia Pacific and Middle East

Fact Sheet—March 2020

China Bohai Bay As part of further development of the Penglai South China Sea Penglai 19-3, 19-9, 25-6 19-9 oil field, the wellhead platform J (WHP-J) Panyu 4-1 Block 11/05 Project achieved first production in 2016. The Block 15/34 (Amended and Restated) Operator: CNOOC (51.0%) project, which includes 62 planned wells, had Operator: CNOOC (51.0%) Co-venturer: ConocoPhillips (49.0%) 57 wells on line as of year-end 2019. Co-venturer: ConocoPhillips (49.0%) Block 11/05 in the Bohai Sea contains the The Penglai 19-3/19-9 Phase 3 Project consists The 4-1E prospect was drilled in December Penglai 19-3, 19-9 and 25-6 oil fields operated of three new wellhead platforms (WHP-V, 2019 and was a dry hole. The entire block by CNOOC. The fields feature large offshore G and K) and a central processing platform is under commercial evaluation. If deemed platforms, each averaging more than 50 (CPP). First production from WHP-V and commercial, ConocoPhillips’ production wells, that have benefited from extensive WHP-G occurred in 2018 and first production license is 15 years upon commencement of standardization of design developed in close for WHP-K is expected in 2020. production. collaboration with CNOOC. The Penglai 25-6 Phase 4A Project was The Penglai 19-3 discovery well was drilled in sanctioned by ConocoPhillips in 2018. This 1999. Following successful appraisal, the field project consists of one new wellhead platform is being developed in a phased approach, (WHP-L), which could add up to 62 wells. First with first production from Phase 1 in 2002 production from Phase 4A is expected in from one platform. Phase 2, which includes six 2021. additional wellhead platforms and one of the world’s largest floating production, storage Additional appraisal drilling and development and offloading (FPSO) vessels, became fully studies are underway to assess further Penglai operational in 2009 and includes production development opportunities. ConocoPhillips’ from the Penglai 19-3, 19-9 and 25-6 oil fields. production licenses for Penglai 19-9, 19-3 and 25-6 end in 2027, 2037 and 2045, respectively.

China ConocoPhillips Acreage Oil Field ConocoPhillips Acreage Oil Field

B ohai B a y

BLOCK 11/05 B ohai B a y PL 19-3 PL 19-9

BLOCKPL 25-6 11/05 Beijing PL 19-3 PL 19-9 0 50 MIL E S PL 25-6

Beijing a e S 0 50

CHINA w o MIL E S l

Y Shanghai a Chengdu e S

CHINA BLOCKw 15/34 o

e PANYU 4-1

Y Chengdu Shanghai Hong Kong 0 10BLOCK 15/34 MIL E S Sout h China Sea PANYU 4-1

0 500 SouHongt h China Kong Sea MIL E S 0 10 MIL E S Sout h China Sea

0 500 Sout h China Sea MIL E S Asia Pacific and Middle East

Fact Sheet—March 2020

Indonesia

ConocoPhillips has had a presence in Indonesia for more than 45 years. The company currently operates two onshore blocks, the Corridor Block PSC in South Sumatra and the Kualakurun PSC in Central Kalimantan. Production comes from the Corridor Block.

Grissik Gas Plant. COLOMBIA

COLOMBIA Indonesia ConocoPhillips Acreage Pipeline ConocoPhillips Acreage Pipeline

THAILAND THAILAND outh China PHILIPPINES outh Chinaea PHILIPPINES ea BRUNEI Pacific BRUNEI Pacific Ocean MALAYSIAMALAYSIA Ocean

MALAYSIAMALAYSIA SUMATRASUMATRA SINGAPORESINGAPORE KualakurunKualakurun PSC PSC

KALIMANTANKALIMANTAN SULAWESI SULAWESI PAPUA Corridor Block PSC INDONESIA PAPUA Corridor Block PSC INDONESIA Jakarta Jakarta 0 100 JAVA 0 100MILES I n d i a JAVA MILES I n n d O i c e 0 300 a n a O n MILES c 0 300 e a n MILES

3 Asia Pacific and Middle East

Fact Sheet—March 2020

South Sumatra Corridor Block PSC Operator: ConocoPhillips (54.0%) Co-venturers: Talisman (36.0%), Pertamina (10.0%) The Corridor Block PSC is located in South Sumatra and covers a contract area of 779 square miles. The PSC was awarded in 1983 and expires in 2023. An extension to the PSC, Suban Gas Plant. with new terms, was successfully obtained in 2019. ConocoPhillips will retain a majority interest and continue as operator for at least the first three years after 2023 and retain a participating interest until 2043. Exploration and Business Transportation Development The block consists of two producing oil ConocoPhillips has a 35 percent interest in a fields and seven producing natural gas fields. Kualakurun PSC consortium company that has a 40 percent The oil-producing fields are Suban Baru and Operator: ConocoPhillips (60.0%) interest in PT Transportasi Gas Indonesia, Rawa, and the principal gas fields are Suban, Co-venturer: PETRONAS (40.0%) which owns and operates the Grissik-to- Sumpal and Dayung. ConocoPhillips entered the Kualakurun PSC, Duri and Grissik-to-Singapore natural gas Natural gas produced from the block is located in Central Kalimantan, in 2015. After pipelines. sold through long-term contracts to the completion of prospect evaluation, the joint domestic and Singapore markets. The Suban venture decided to relinquish the block and is natural gas field was unitized in 2011, with a in process of returning it to the government. 90 percent participating interest for Corridor PSC (ConocoPhillips net 48.6 percent) in the Suban Field. Ongoing investment to help maintain gas production includes development drilling and production optimization projects.

4 Asia Pacific and Middle East

Fact Sheet—March 2020

Malaysia

ConocoPhillips has varying stages of Malaysia exploration, development and production ConocoPhillips Acreage Oil Field Gas Field activities across 2.2 million net acres in ConocoPhillips Acreage Oil Field Gas Field Malaysia, with working interests in six PSCs. KBB Cluster PSC Three of these PSCs are located off the KBB Cluster PSC eastern Malaysian state of Sabah: Block G, KMEUC KME KMEUC Block J and the Kebabangan Cluster (KBBC). G KBB Malikai KME The company operated three exploration SNP G KBB PSCs: Block SK304, Block SK313 and Block Malikai South China Sea SNP WL4-00, offshore the eastern Malaysian state G J of Sarawak. South China Sea G Gumusut J Block G SK313 Malikai Gumusut Operator: Shell (35.0%) Salam WL4-00 BRUNEI Co-venturers: ConocoPhillips (35.0%), SK313 Benum PETRONAS (30.0%) Patawali This field achieved first production in 0 100 Salam December 2016 via the Malikai Tension WL4-00 BRUNEI Leg Platform, ramping to peak production MILES Benum in 2018. The KMU-1 exploration well was Patawali completed and started producing through 0 100 the Malikai platform in 2018. Malikai Phase 2 development, a 6-well drilling campaign MILES SK304 that will commence in 2020, reached a final MALAYSIA investment decision in late 2019.

Siakap North-Petai (SNP) Operator: PTTEP (32.0%) Co-venturers: PETRONAS (26.0%), SK304 ConocoPhillips (21.0%), Shell (21.0%) MALAYSIA ConocoPhillips holds a 21 percent working interest in the unitized Siakap-North-Petai oil field. The PSC for Block G expires in 2033.

The Malikai Platform began production in 2016.

5 Asia Pacific and Middle East

Fact Sheet—March 2020

Block J* Block SK313 Block SK304 Gumusut1 Operator: ConocoPhillips (50.0%) Operator: ConocoPhillips (50.0%) Operator: Shell (29.0%) Co-venturer: PETRONAS (50.0%) Co-venturers: Kufpec (35.0%), PETRONAS Co-venturers: ConocoPhillips (29.0%), In 2017, ConocoPhillips acquired interest (15.0%) PETRONAS (16.8%), PTTEP (6.4%), in Block SK313, a 0.7-million-net-acre In 2018, ConocoPhillips acquired interest Pertamina (2.7%) exploration block offshore Sarawak, and in and operatorship of Block SK304, First production from the Gumusut Field assumed operatorship from PETRONAS encompassing 1.0 million net acres offshore occurred from an early production system following completion of the Sadok-1 Sarawak. 3-D seismic was acquired in the in 2012. Production from a permanent, semi- exploration well. The company completed same year and processing of this data was submersible Floating Production System was a 3-D seismic survey, but has no plans for completed in 2019. achieved in 2014. The company currently has further exploration activity in this block. 29 percent working interest in the Gumusut Field, following a redetermination of the Block Block WL4-00 J and Block K Malaysia Unit, in 2017. Gumusut Operator: ConocoPhillips (50.0%) Phase 2 first oil was achieved in 2019. Co-venturer: PETRONAS (50.0%) The PSC for Block J ends in 2038. In 2017, ConocoPhillips was awarded operatorship in Block WL4-00, which included the existing Salam-1 oil discovery Kebabangan Cluster (KBBC) and encompassed 0.3 million net acres. In Kebabangan, Kamunsu East and Kamunsu 2018 and 2019, two exploration and two East Upthrown Canyon appraisal wells were drilled, resulting in oil Operator: Kebabangan Petroleum discoveries that are under evaluation. Operating Company Co-venturers: PETRONAS (40.0%), ConocoPhillips (30.0%), Shell (30.0%) The KBBC PSC grants a 30 percent working interest in the Kebabangan (KBB), Kamunsu East (KME) and Kamunsu East Upthrown Canyon (KMEUC) gas and condensate fields. First production from the KBB gas field was achieved in 2014. During 2019, KBB tied-in to a nearby third-party floating LNG vessel, which provided increased gas offtake capacity. Production from KBB was impacted in 2018 and again in early 2020 due to an outage of a third-party pipeline that carries gas production from this field to market. Development options for the Kamunsu East gas field are being evaluated. The PSC for the cluster ends in 2037.

First gas was achieved at Kebabangan in 2014.

*ConocoPhillips has 40% interest in Block J 1 84% – Malaysia interest only. Remaining 16% interest is held in Brunei. 6 Asia Pacific and Middle East

Fact Sheet—March 2020

Qatar NORTH FIELD North Field Qatar Qatargas 3 Operator: Qatargas Operating Company Qatargas 3 LNG Limited (QG OPCO) NORTH FIELD Co-venturers: Qatar Petroleum (68.5%), Ras La an ConocoPhillips (30.0%), Mitsui (1.5%) In 2003, ConocoPhillips and Qatar Petroleum signed a Heads of Agreement Qatargas 3 LNG 0 25 Ras La an to develop Qatargas 3, a large-scale KUWAIT MILES LNG project in Ras Laffan Industrial City,

Qatar. The integrated project comprises 0 25 upstream natural gas production facilities BAHRAIN IRAN MILES to produce approximately 280 MBOED KUWAIT gross (approximately 70 percent natural gas and 30 percent LPG and condensate) BAHRAIN IRAN from Qatar’s North Field, the world’s largest contiguous conventional gas field, over the 25-year project life. The project also includes Doha a 7.8 million-tonnes-per-annum (MTPA) QATAR Gulf of SAUDI ARABIA Abu Dhabi Oman nameplate LNG facility. Doha Gulf of SAUDI ARABIA QATAR Abu Dhabi The first LNG cargo was loaded in 2010, UNITED ARAB Oman with steady production achieved in 2011. 0 200 EMIRATES In order to capture cost savings, Qatargas 3 UNITED ARAB 0 200 executed development of the onshore and MILES EMIRATES OMAN OMAN offshore assets as a single integrated project MILES with Qatargas 4. This included the joint ConocoPhillips Acreage Facility development of offshore facilities situated in ConocoPhillips Acreage Facility a common offshore block in the North Field, as well as construction of two identical LNG process trains and associated gas treating facilities for the Qatargas 3 and Qatargas 4 joint ventures. Production from the LNG trains and associated facilities is shared.

Qatargas 3 LNG Plant in Ras Laffan, Qatar.

7 Asia Pacific and Middle East

Fact Sheet—March 2020

Australia and Timor-Leste

ConocoPhillips’ Bayu-Undan gas condensate development is located in the Timor Sea. ConocoPhillips operates the associated Darwin LNG facility, located at Wickham Point, Darwin. Additional operations are located offshore Western Australia and Northern Territory. In 2019, the company entered into an agreement to sell these assets, with the transaction expected to close in 2020. ConocoPhillips also has a joint venture with Origin Energy and Sinopec to produce LNG from coalbed methane (CBM) basins in Queensland, Australia. Bayu-Undan gas production facilities in the Timor Sea.

Australia and Timor-Leste ConocoPhillips Acreage Gas Field Jurisdictional Boundary Pipeline Facility ConocoPhillips Acreage Gas Field Jurisdictional Boundary Pipeline Facility

Dili Dili TIMOR-LESTE TIMOR-LESTE Suai NT/RL5 Suai INDONESIA BAROSSA NT/RL6 NT/RL5 INDONESIA CALDITA BAROSSA NT/RL6 BAYU UNDAN CALDITA

BAYU UNDAN

Darwin LNG Timor Sea

GREATER POSEIDON Darwin LNG WA-315-P Timor Sea NORTHERN TERRITORY

GREATER POSEIDON WESTERN AUSTRALIA

0 WA-315-P 100 NORTHERN MILES TERRITORY

WESTERN AUSTRALIA 8 AUSTRALIA

0 100 MILES AUSTRALIA Asia Pacific and Middle East

Fact Sheet—March 2020

Timor Sea Bayu-Undan Operator: ConocoPhillips (56.9%) Co-venturers: Santos (11.5%), INPEX (11.4%), Eni (11.0%), JERA and Tokyo Gas (9.2%) The Bayu-Undan gas condensate field, located in the Timor Sea, was discovered in 1995. Production commenced in 2004. The Bayu-Undan gas recycle facility processes wet gas and separates, stores and offloads condensate, propane and butane. Produced natural gas is piped through a 310-mile pipeline to supply the Darwin LNG facility. The PSCs expire in late 2021 and 2022. In March 2018, the governments of Timor- Leste and Australia signed a treaty that established new maritime boundaries for the Timor Sea. Following treaty ratification in August 2019, the Bayu-Undan gas field is entirely within Timor-Leste waters. The new PSCs entered into with Timor-Leste as a result APLNG achieved first cargo from both trains in 2016. of the new treaty provide regulatory, fiscal and legal stability under terms equivalent to prior agreements for the Bayu-Undan field. Australia Pacific LNG water treatment facilities, and an export During 2019 ConocoPhillips entered into Upstream pipeline connecting the gas fields to the LNG an agreement to sell these assets, with Operator, CSG Marketing Agent and facilities. transaction closing expected in 2020. Corporate Services Provider: Origin Energy LNG production from Train 1 commenced (37.5%) in December 2015, with first cargo achieved Co-venturers: ConocoPhillips (37.5%), Darwin LNG Facility in January 2016. Production of LNG from Sinopec (25.0%) Operator: ConocoPhillips (56.9%) Train 2 began in September 2016, with first Co-venturers: Santos (11.5%), INPEX (11.4%), cargo achieved in October 2016. The facility Eni (11.0%), JERA and Tokyo Gas (9.2%) Downstream is meeting gross contracted sales to Sinopec The Darwin LNG facility, located at Wickham Operator and LNG Marketing Services for 7.6 MTPA and Kansai for approximately Point, Darwin, was completed and began Provider: ConocoPhillips (37.5%) 1 MTPA under 20-year sales agreements. full operation in 2006, processing natural Co-venturers: Origin Energy (37.5%), In August 2017, APLNG achieved financial gas from the Bayu-Undan Field. The facility Sinopec (25.0%) completion on its $8.5 billion project finance is meeting gross contracted sales to JERA Australia Pacific LNG is a joint venture focused facility. Co., Inc. and Tokyo Gas Company, Ltd. of on producing coalbed methane from the The Australia Pacific LNG liquefaction plant approximately 3 MTPA of LNG. As Darwin Bowen and Surat basins in Queensland, routinely achieves over 99 percent reliability LNG operator, ConocoPhillips is continuing Australia. Origin Energy operates Australia and can produce at 110 percent of its negotiations with the Barossa Joint Venture Pacific LNG’s upstream production and nameplate capacity. for the supply of gas to extend Darwin LNG pipeline system. ConocoPhillips operates the operations beyond 2022. downstream LNG facility, located on Curtis Island near Gladstone in Queensland, as well During 2019 ConocoPhillips entered into as the LNG export sales business. Natural an agreement to sell these assets, with gas is sold to domestic customers, with LNG transaction closing expected in 2020. exported to Sinopec and Kansai Electric Power Co. Inc. and spot customers. Two fully subscribed 4.5 MTPA LNG trains have been completed. Approximately 3,900 ConocoPhillips net wells are ultimately envisioned to supply both the domestic gas market and the LNG sales contracts. The wells are supported by gathering systems, central gas processing and compression stations, 9 Asia Pacific and Middle East

Fact Sheet—March 2020

Exploration and Business Development

Barossa and Caldita reprocessing. In 2017, two appraisal wells Greater Poseidon (Browse Basin) NT/RL5 and NT/RL6 were drilled. Both wells encountered hydro- WA-315-P, WA-398-P and TP-28 Operator: ConocoPhillips (37.5%) carbons and confirmed resource size, which Operator: ConocoPhillips (40.0%) Co-venturers: Santos (25.0%), resolved low-side volume uncertainty. The Co-venturers: Origin Energy (40.0%), SK Energy (37.5%) project to develop the Barossa Field entered PetroChina (20.0%) The NT/RL5 and NT/RL6 permits are located into front-end engineering design in 2018. In 2006, ConocoPhillips farmed into permit offshore Northern Territory in the Timor Sea, WA-315-P and jointly acquired permit During 2019 ConocoPhillips entered into an approximately 160 miles north-northwest of WA-398-P. The three-well Phase I drilling agreement to sell these assets, with transac- Darwin. The Caldita-1 discovery well in NT/ program successfully encountered hydrocar- tion closing expected in 2020. RL6 was drilled in 2005, and the Barossa-1 bons. The Phase II drilling campaign was discovery well in NT/RL5 in 2006. A three- completed in 2014, with the five wells drilled well appraisal program to further evaluate under these permits all discovering hydro- the fields’ potential was completed in 2015. carbons. The TP-28 Western Australia State The first two wells encountered hydrocar- exploration permit extending for five years bons and the final well was not commercially was granted in 2017, with ConocoPhillips viable. In 2016, the company completed holding a 40 percent working interest. a seismic acquisition program and seismic During 2019 ConocoPhillips entered into an agreement to sell these assets, with transaction closing expected in 2020.

Australia Pacific LNG 0 5 Curtis Island MILES SOUTH Australia Paci c LNG Acreage Laird Point END Site Coral APLNG Pipeline Sea

The Narrows Facing Island Gladstone Port Curtis

Laird Point

Gladstone Coral Sea

BOWEN BASIN

Yellowbank Fairview Strathblane Taloona Peat Spring Gully QUEENSLAND

Talinga Kenya East

Kenya Brisbane Toowoomba SURAT BASIN

0 50 Gold Coast MILES 10 Asia Pacific and Middle East

Fact Sheet—March 2020 S Caspian ea Beijing CHINACHINA Penglai JAPAN M S

Qatargas 3 Doha QATAR

CAMBODIA Pacific Ocean F MALAYSIA Block G KBB Block J Indian Ocean Kuala Lumpur INDONESIA Corridor SINGAPORE Jakarta ava ea Bayu-Undan TIMOR-LESTE Timor ea

Australia Paci c LNG AUSTRALIA

Brisbane Perth

Exploration Production Exploration and Production Key Development or Program Key O ce Location

Segment Information

President, Asia Pacific and Office Address Contact Information Middle East 925 North Eldridge Parkway Australia: www.conocophillips.com.au William L. Bullock, Jr. Houston, Texas 77079 China: www.conocophillips.com.cn Qatar: www.conocophillips.qa

Corporate Information

Chairman of the Board ConocoPhillips Investor Relations Media Relations of Directors and 925 North Eldridge Parkway 925 North Eldridge Parkway 925 North Eldridge Parkway Chief Executive Officer Houston, Texas 77079 Houston, Texas 77079 Houston, Texas 77079 Ryan M. Lance Telephone: 281-293-1000 Telephone: 281-293-5000 Telephone: 281-293-1149 www.conocophillips.com www.conocophillips.com/investor www.conocophillips.com/media [email protected] [email protected] Our Company Values

Operations and activities in S P I R I T 17 17 countries SAFETY PEOPLE INTEGRITY RESPONSIBILITY INNOVATION TEAMWORK (As of Dec. 31, 2019)

CAUTIONARY STATEMENT This fact sheet contains forward-looking statements. We based the forward-looking statements on our current expectations, Definition of resources: ConocoPhillips uses the term “resources” in this document. The company estimates its total resources estimates and projections about ourselves and the industries in which we operate in general. We caution you that these based on a system developed by the Society of Petroleum Engineers that classifies recoverable hydrocarbons into six categories statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove based on their status at the time of reporting. Three (proved, probable and possible reserves) are deemed commercial and to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking three others are deemed noncommercial or contingent. The company’s resource estimate encompasses volumes associated statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results with all six categories. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable may differ materially from what we have expressed or forecast in the forward-looking statements. Economic, business, competitive and possible reserves. We use the term “resources” in this fact sheet that the SEC’s guidelines prohibit us from including in and other factors that may affect ConocoPhillips’ business are set forth in ConocoPhillips’ filings with the Securities and Exchange filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosure in our Form 10-K and other reports Commission (including in Item 1A of our Form 10-K), which may be accessed at the SEC’s website at www.sec.gov. and filings with the SEC.