a new class of E&P INVESTMENT Dominic Macklon Senior Vice President, Oil Sands July 9, 2013

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1 a new class of E&P INVESTMENT Dominic Macklon Senior Vice President, Oil Sands July 9, 2013

2 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 or operating results. 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 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). 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 in an appendix. 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.

3 ConocoPhillips: Unmatched as an Independent E&P Today Largest independent E&P company Diverse asset base with scope and scale Multiple sources of growth Positioned in key resource trends globally Production: 1,485-1,520 MBOED 1 (2013e) Liquids LNG + International Gas North American Gas Proved Reserves: 8.6 BBOE (YE 2012) OECD Non OECD Significant technical capability Strong balance sheet Commitment to shareholders Resources: 43 BBOE (YE 2012) Liquids LNG Gas 1 Production from continuing operations. Largest independent E&P based on production and proved reserves. Natural gas production and resources targeted toward liquefied natural gas depicted as LNG. 3

4 What Will We Deliver? Our Value Proposition is Unchanged Relentless focus on safety and execution Compelling dividend 3 5% production growth rate 3 5% margin growth rate Ongoing priority to improve financial returns 4 Production and margin reflect compound annual growth rates.

5 A Compelling Dividend is Key to Our Value Proposition Highest priority use of cash flow Dividend Yield 1 Enhances capital discipline Predictable portion of shareholder returns Differential compared to range of peers Target consistent increases Integrateds Independents 1 Dividend yield as of May 21, Peers include: APA, APC, BG, BP, CVX, DVN, OXY, RDS, TOT, XOM. 5

6 Margin Improvement from Strong Growth and Mix Shift Investment strategy drives strong organic growth Visible growth by end of 2013 High-margin growth creates ~$6 B of incremental cash flow $40-$45 per BOE average cash margin 1 Liquids growth from areas with lower tax rates Int l Gas 5% NGL 5% LNG 15% Oil Sands 25% Oil 50% 1 Based on 2013 real prices of $100 Brent / $90 WTI / $70 WCS / $3.50 Henry Hub. Assumes partial sell down of APLNG and oil sands interests. 6

7 7 ConocoPhillips Canada: A Canadian Energy Leader 1Q13 Production: 283 MBOED Capital spend: US$675 MM Headcount: 3,089 employees

8 Top-Tier Position in the Oil Sands

9 9 Top-Tier Oil Sands Position with Very Large Resource Base Oil Sands Thornbury Clyden Saleski COP Leasehold Surmont Foster Creek Narrows Lake CANADA Christina Lake Cumulative Steam-to-Oil Ratio 1 Competitive Resource 16 BBOE of resource in our assets Project Schedule Top-quartile average SOR* ratio Executing seven major project phases Leveraging global technical depth for technology deployment 1 Source: First Energy Capital Corp. * Steam-to-oil ratio.

10 Surmont Phase 1: Operations Excellence Setting standards for in-situ operations Operatorship allowing us to: Develop SAGD operations expertise Pilot and apply new technologies Hire and train the best operators New production records in 2012 and Q Production (GBR) mboed 10

11 11 Surmont Phase 2: In-Situ Giant 110 MBOED production facility, with debottlenecking opportunities Project on schedule; first production slated for 2015 Engineering complete; all modules and equipment in place Over 4,000 regular employees and contractors on site Employing new technologies

12 Unlocking Value through Innovation

13 Innovation Unlocking Value: Modularization Conventional Layout approx 200,000 m 2 Drawn from ConocoPhillips offshore experience Advanced modular designs significantly reduce site construction work Innovative site layout further reduces footprint area and site work Highly Modular, Reduced Footprint approx 120,000 m 2 Truck image used with permission of Oak Point Energy. 13

14 14 Innovation Unlocking Value: Vacuum Insulated Tubing SAGD wells equipped with VIT may require less steam to produce the same amount of product Uses less water and requires less natural gas to be burned, leading to a reduction in GHG emissions

15 15 Innovation Unlocking Value: Flow Control Devices Increased production rate and recovery with potential GHG reductions and less water use Being installed in new Surmont 1 and 2 wells Core technology enables longer wells and future innovative well pad designs lower cost and reduced land use

16 Innovation Unlocking Value: Novel Well Architecture Long-reach horizontal wells could increase recovery up to 30 percent Fishbone pads represent breakthrough potential Improve cost per barrel Accelerate and increase recovery Reduce cost of supply per barrel Reduce land footprint 16

17 Innovation Unlocking Value: esagd* Technology game-changer in Steam Assisted Gravity Drainage Reduces operating costs Cuts GHG emissions Accelerates recovery Pilot underway good initial results *e-sagd is enhanced Steam Assisted Gravity Drainage. 17

18 18 Our Vision to be the E&P company of choice for all Stakeholders.

19 Q&A