Investor Update

Last Updated: Aug. 4, 2016

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 oil and gas prices; 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; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchange controls; 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, as well as changes in tax, environmental and other laws applicable to ConocoPhillips’ business 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 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.

Cautionary Statement

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• Protect against protracted downturn

• Set dividend for lower end of cycle

• Efficiently execute capital plans

• Complete major projects

• Focus on lowering breakeven cost of the business

Short TermWeaker Prices

• Priority to strengthen balance sheet

• Target annual real growth in dividend

• Continued focus on execution

• Disciplined activity ramp-up

• Sustain low cost structure

Medium TermPrice Recovery

• Achieve target debt level; target ‘A’ credit rating

• Per share competes with absolute growth

• Low cost of supply investments

• Execute portfolio high-grading

• Predictable performance through cycles

Longer TermCycles and Volatility

Maintaining Discipline Across Time Horizons

Creating Value Through Cycles

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Financial PrioritiesValue Proposition Principles

Disciplined GrowthPer share competes

with absolute growth, focused on returns

Strong Balance Sheet

Reduce debt to less than $25B

Growing Dividend

Target annual real growth

RETURNS

Cash Allocation Priorities & Targets

Existing dividend and capital to maintain production base

Target annual real dividend growth

Reduce debt as it matures; accelerate with asset sales; target ‘A’ credit rating

Target 20-30% of CFO for total shareholder payout

Disciplined growth capital

1st

2nd

3rd

4th

5th

Exercising Flexibility

2016E: $5.5B 2016E: $6.8B

Capital Adjusted Operating Costs1

1 Adjusted operating costs exclude special items and is a non-GAAP measure. A non-GAAP reconciliation is available on our website.2 Production excludes Libya and is normalized for impacts from asset sales completed in 2015.

2016E: 1,540 – 1,570 MBOED

Production2

$17.1B

$10.1B$5.5B

$0

$4

$8

$12

$16

$20

2014 2015 2016E0

400

800

1,200

1,600

2014 2015 2016E

$11.6BREDUCTION

$9.7B$8.0B $6.8B

$0

$2

$4

$6

$8

$10

$12

2014 2015 2016E

$2.9BREDUCTION

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1-3%PRODUCTION GROWTH2016E vs. 2015

• Cut discretionary programs acrossportfolio

• Retaining acreage and futureoptionality

• Driving sustainable reductions

• Maintaining core capabilities

• Major project ramp ups offsettingdecline

• Significant growth inventory forup-cycle

High-Quality Global Portfolio

19%

32%

10%

17%

22%

10%

46%

6%

16%

22%

APMEAlaska CanadaLower 48Europe & North Africa

26%

18%

12%12%

32%

1 2Q16 production. 2 YE 2015 reserves. 3 YE 2014 resources.6

Production1,546 MBOED1

Reserves8.2 BBOE2

Resources44 BBOE3

Portfolio Attributes

Diverse, low-decline base production

Large, low cost of supply resource base

Flexible, short-cycle investment options

Lower-risk, medium-cycle projects

Sustained low cost structure

Diversified Portfolio Provides a Unique Advantage

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Capital

2015 Actual 2016E

$5.5B

$10.1B

Lower 48

Alaska

CanadaAPME

Lower 48

Alaska

CanadaAPME

2015 Actual¹ 2016E

1,540-1,570

Lower 48

Alaska

Canada

APME

Lower 48

Alaska

Canada

APME

1,525

Production - MBOED

Europe

1 2015 production excludes 64 MBOED for the full-year impact of completed dispositions.2 2Q16 production

Europe

Europe Europe

Canada279 MBOED2

Surmont 2 on line, adding to low decline base

Alaska179 MBOED2

New projects and drilling

offset decline Lower 48503 MBOED2

Exercising flexibility, focusing on highest

return options

APME398 MBOED2

APLNG on lineand production

ramping up

Europe187 MBOED2

New projects and drilling

offset decline

Lower 48 and Canada

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• Continuing to ramp up production at Surmont 2

• Achieved first production at Foster Creek Phase G

• Progressing toward first production at Christina LakePhase F

Canada

• Executing 3-rig program in the unconventionals

• Continuing to realize drilling and completion efficienciesin Eagle Ford and Bakken

• Progressing phased exit from deepwater exploration

Lower 48

Foster Creek

Alaska and Europe & North Africa

• Continuing development drilling at Greater Ekofisk Area

• Progressing projects at Alder, Clair Ridge and Aasta Hansteen

• Successful installation of Clair Ridge drilling and production modules

• First production expected at Alder in 4Q16

Europe & North Africa

• Production from major projects offsetting decline

• Strong production at CD5 and Drill Site 2S

• Completed sale of Beluga River in 2Q16

Alaska

Alpine9

Asia Pacific & Middle East and Other International

• Signed SPA for Senegal exploration blocks in July

Other International

• Operating above expectations at APLNG Train 1; expectfirst cargo from Train 2 in 4Q16

• Gumusut production exceeding expectations

• KBB production increasing with third-partycommissioning underway

• Progressing Malikai toward startup in 2017

Asia Pacific & Middle East

APLNGLOADED 27 CARGOS THROUGH 2Q16

APLNGAPLNG

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Key Takeaways

• ConocoPhillips well positioned for lower, more volatile prices

• Defined principles, priorities and targets for cash allocation

• Goal to lower breakeven price of the business

• Exercised significant capital flexibility and lowered adjustedoperating costs

• High-quality, low cost of supply resource base

• Value proposition = Principles + Priorities + Portfolio

11 Adjusted operating costs exclude special items and is a non-GAAP measure. A non-GAAP reconciliation is available on our website.Full-year 2016 production expected to be up 1-3% compared to 2015 production of 1,525 MBOED, which excludes 64 MBOED for the full-year impact of 2015 dispositions.

~70%CAPITAL REDUCTION2016E VS 2014

LOWERINGBREAKEVEN PRICE

PRODUCTION1-3% GROWTH2016E VS 2015

~30%ADJUSTED OPERATING COST REDUCTION2016E VS 2014

LOW COST

RESOURCE BASEOF SUPPLY

Appendix

• Crude• Brent/ANS : $100-120MM for $1/BBL change • WTI: $30-40MM for $1/BBL change • WCS¹: $35-45MM for $1/BBL change

• North American NGL• Representative blend: $5-10MM for $1/BBL change

• Natural Gas• Henry Hub: $65-75MM for $0.25/MCF change • International gas: $10-15MM for $0.25/MCF change

¹ WCS price used for the sensitivity represents a volumetric weighted average of Shorcan and Net Energy indices.The published sensitivities above reflect annual estimates and may not apply to quarterly results due to lift timing/product sales differences, significant turnaround activity or other unforeseen portfolio shifts in production. Additionally, the above sensitivities apply to a range of commodity price fluctuations as of April 28, 2016, but may not apply to significant and unexpected increases or decreases.

Annualized Net Income Sensitivities

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• Full-year 2016 production guidance of 1,540-1,570 MBOED

• 2016 DD&A of ~$9.2B

• Adjusted Operating Costs of ~$6.8B

• Exploration Dry Hole and Leasehold Impairment Expense of ~$0.8B

• Corporate Segment Net Loss of ~$1B

2016 Outlook Guidance

14Guidance excludes special items. Adjusted operating costs is a non-GAAP measure. A non-GAAP reconciliation is available on our website.

Investor Information

Stock Ticker

NYSE: COP

Website: www.conocophillips.com/investor

Headquarters

ConocoPhillips

600 N. Dairy Ashford Road

Houston, Texas 77079

Investor Relations Contacts:

Telephone: +1 281.293.5000

Ellen DeSanctis: ellen.r.desanctis@conocophillips.com

Sidney J. Bassett: sid.bassett@conocophillips.com

Vladimir R. dela Cruz: v.r.delacruz@conocophillips.com

Mary Ann Cacace: maryann.f.cacace@conocophillips.com

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