AStrongFutureinAlaska JOE MARUSHACK

PRESIDENT, CONOCOPHILLIPS ALASKA

SEPTEMBER 13, 2018

Cau2onaryStatement

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.

NorthSlopeStateandFederalUnits

WesternNorthSlope(WNS)COPOperated

100%WI

PrudhoeBay36%WI

KuparukRiverCOPOperated52-55%WI

~95%WIPostBPacquisiJon

Non-COPUnits

2013AlaskaOutlook:FacingHeadwinds

•  Uncompe22vetaxstructure

•  Decliningproduc2onprofile•  Highcostofsupply•  Limitedinvestment

•  FocusonLower48unconven2onals

2013OutlookforAsset

ConocoPhillips’AlaskaOutlook

2013

2013Outlook

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

CurrentOutlook:StrongFutureSpurredbyTaxChanges&CoSFocus

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

1Assumesastableandcompe22vefiscalframework,excludes2018acquisi2ons,assumesnochangetocurrentworkinginterestandexcludesAlaskaNorthSlopegassales.

CurrentOutlook2013Outlook

•  SenateBill21improvedfiscalframework

•  Technologicaladvancementsandinnova2onstargetnewandbypassedresources

•  Comprehensiveefforttocapturevaluefromlegacyfieldsandinfrastructure

•  Renewedfocusonexplora2onyieldsearlysuccess•  Company-widefocusonloweringcostofsupplyhasmadeAlaskacompe22vewithinthepor[olio

DriversofTransforma2on

ConocoPhillips’AlaskaOutlook1

2013vs.Current(excluding2018acquisi2ons)

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

ConocoPhillips’AlaskaOutlook1

2013vs.Current(including2018acquisi2ons)

1Assumesastableandcompe22vefiscalframework,includesimpactof2018acquisi2onsatworkinginterestsof:WesternNorthSlope=100%/Kuparuk=~95%,andexcludesAlaskaNorthSlopegas

supportedbyrecentstrategictransac2ons

STRENGTHENEDOUTLOOK

MinimizingFootprintThroughTechnology

1Source:TheRoleoftheOilandGasIndustryinAlaska’sEconomy;TheMcDowellGroup;May2017.

65AcreGravelPad(1970)**

12AcreGravelPad(2016)**

12AcreGravelPad

(FutureERD)**

AlaskaNorthSlopeReducedFootprint*

DrillingAreaAccessiblefromPads

~3sq.miles~55sq.miles

~154sq.miles*Assumessimilarreservoirdepth**1970drillingradius~5,000k2016drillingradius~22,000kFutureExtendedReachDrilling(ERD)~37,000k

PipelineofProjectsontheWesternNorthSlopeGMT1

•  ~25,000-30,000BOPD*•  Firstoilplannedlate2018•  ~700construc2onjobs•  ~$1billiongross

GMT2•  ~38,000BOPD*•  Firstoilplannedlate2021•  ~700construc2onjobs•  ~$1.5billiongross

FiordWest•  20,000BOPD*•  FirstoilplannedAug2020

WillowDiscovery•  Nominally100,000BOPD*•  Firstoil2024-2025•  Mul2-billiondollarinvestment•  Poten2alforhundredsofdirectjobs,

thousandsofconstruc2onjobs

*Es2matedpeakgrossproduc2on.UpdatedforincreasedGMT2es2mate.

BearTooth

GreaterMoosesTooth

ColvilleRiver

GMT1

GMT2

CD5 CD2

CD1

CD4

FiordWest

WillowDiscovery

NPR-ADiscoveriesOpenNewWestwardFron2er

Pre-2015 2015 2016 2017 2018 2019+Pre-2015 2015 2016 2017 2018 2019+Pre-2015 2015 2016 2017 2018 2019+

•  IndustrychasesdeeperJurassictargets•  ConocoPhillipsevaluatesNPR-ABrookianpoten2al

Kuparuk

GMT-2

GMT-1 CPF1CPF2

N AT I O N A L P E T R O L E UM R E S E R V E – A L A S K A

WesternNorthSlope

Alpine CPF3

PrudhoeBay

TransAlaskaPipelineSystem(TAPS) Projects

CentralProcessingFacility(CPF)ConocoPhillipsAcreage

CD5

Willow

Discoveries

•  Willowdiscoverywithiden2fiedupside•  Acquirednew3DCSIseismic

Kuparuk

GMT-2

GMT-1 CPF1CPF2

N AT I O N A L P E T R O L E UM R E S E R V E – A L A S K A

WesternNorthSlope

Alpine CPF3

Willow

PrudhoeBay

TransAlaskaPipelineSystem(TAPS) Projects

Discoveries

CentralProcessingFacility(CPF)ConocoPhillipsAcreage

CD5

•  Acquiredaddi2onal~600Mnetacresfor~$30/acre

•  ConocoPhillipsincreasesworkinginterestinWesternNorthSlopeto100%

WestWillow

Kuparuk

GMT-2

GMT-1 CPF1CPF2

N AT I O N A L P E T R O L E UM R E S E R V E – A L A S K A

WesternNorthSlope

Alpine CPF3

Willow

TransAlaskaPipelineSystem(TAPS)

PrudhoeBay

Projects

Discoveries

CentralProcessingFacility(CPF)ConocoPhillipsAcreage

CD5

•  ExecutedlargestE&Aprogramsince2002•  AppraisedWillow;exploredforupside

Kuparuk PrudhoeBayN AT I O N A L P E T R O L E UM

R E S E R V E – A L A S K A

WesternNorthSlope

UndrilledProspects

TransAlaskaPipelineSystem(TAPS) Projects

Discoveries

CentralProcessingFacility(CPF)ConocoPhillipsAcreage

GMT-2

GMT-1 CPF1CPF2

WestWillow

Alpine CPF3

WillowNorthSlope

A L A S K A

Valdez

Anchorage

NPR-A

CD5

•  0.5–1.1BBOEgrossdiscoveredresource•  75%oftheplayremainstobeexplored

0

2018Explora2onProgramConfirmsStand-AloneHubatWillowGreaterWillowArea

•  2018Willowappraisalac2vi2esandanalysis:•  Confirmedoil-filledreservoirwith3newappraisalwellsand3flowtests•  APIviscosityrange:41°to44°•  Facility-limitedver2caltestrate~1,000BOPD

•  AppraisalresultscombinedwithCSIdataindicatemorepoten2alon-trendresourcetonorthandsouth

•  Addi2onaloildiscoveryatWestWillowcreatespossibilityfor2e-backtoWillowhub

•  2019GreaterWillowAreaappraisalseasonneededtoop2mizedevelopmentplan

currentdiscoveredresource

400–750MMBOE1

2018Well 2018WellTest

PreliminaryDiscoveredResourceRangeIncreased

WestWillow1

T7

T2

T6

T9

T8

5 10 15

Miles

WillowDiscoveryWell

1GrossdiscoveredresourceinAlaskasince2016.

SignificantFutureExplora2on&AppraisalPlanned

explora2onupside

75%PORTFOLIOUNDRILLED

GreaterWillowAppraisal

•  Evaluatehorizontalwellperformance

•  Determinelateralreservoirconnec2vity

•  AppraiseWestWillow

NarwhalAppraisal

•  Verifyrecoverablevolumes

•  Evaluatewellperformance

2019ProgramFocusedonExis2ngDiscoveriesResolveRemainingUncertainJestoSancJon

2020+ProgramFocusedonRemainingPoten2alTestFullProspectInventory

ProjectsDiscoveriesCentralProcessingFacilityConocoPhillipsAcreageUndrilled

Prospects

N A T I O N A L P E T R O L E U M R E S E R V E – A L A S K A

WesternNorthSlope

05

10 15

Miles

GMT-2

GMT-1WestWillow

Alpine

Willow

1GrossdiscoveredresourceinAlaskasince2016.

discoveredresource

500MMBOE–1.1BBOE1

CD5

NorthSlopeRenaissance

BTU

GMTU

CRUKRU

PBU

GMT1

GMT2

Alpine

PS1CPF2CD5

1H-NEWS

TeshekpukLake

BeaufortSea

ArcJcOcean

NATIONALPETROLEUMRESERVE-ALASKA

ANWR1002

Arc2cNa2onalWildlifeRefuge

COREFIELDSAlpine,Kuparuk&

PrudhoeBay

CD2&FiordWest

COPADevelopmentPlans:GMT1-2,CD2/FiordWest

NEW2016-2017COPALeases

NEW2017-2018COPALeases

NEW2016-2017COPALeases

ENI:explora2on

BrooksRangePetroCo.:Mustangdevelopmentandpadexpansion

Hilcorp:Libertydevelopment

OilSearch,Repsol&Armstrong:Pikkaexplora2on&Nanushuk

development

Caelus:Nuna

HundredsofThousandsofNewBOPDandmorethan~$13BillioninCapital

2018COPAExplora2on:Seismic

Acquisi2on

2018COPAExplora2on:Putu/Stony

2018COPAExplora2on:

WillowAppraisal

StandforSalmonBallotIni2a2ve-ASolu2oninSearchofaProblem

•  Thisballotini2a2veisreallyaboutstoppingresourcedevelopment

•  Itwilladdcost,moreregula2on,li2ga2on,andjeopardizeexis2ngprojects,withthepoten2altokillfutureprojects

•  Won’tjustaffectourindustry,butalsodevelopmentofroads,mines,ports,andotherinfrastructure

•  Alaskaalreadyhasworld-class,science-basedpolicies,acts,regula2onsandpermitrequirementsthatworktogethertoprotectfishhabitat

•  Contribu2onstotheini2a2vearecomingfromOutsideenvironmentalinterests:•  JohnChilds/NewVentureFund,Wash.DC•  WildSalmonCenter,PortlandOR•  WealthydonorsfromNY,CA&FL•  TroutUnlimited

•  RecentSupremeCourtdecisiondoesnotchangethedamagingeffectsoftheini2a2ve

•  LinktoStateofAlaskaFAQ:

hvps://aws.state.ak.us/OnlinePublicNo2ces/No2ces/Avachment.aspx?id=114005

Ques2on&Answer