NorthSlopeRenaissanceAlaskaChamberConference&PolicyForumFairbanks,AlaskaOctober25,2018

JOE MARUSHACK PRESIDENT, CONOCOPHILLIPS ALASKA

CautionaryStatementThis presentation contains 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; changes in international trade relationships, including the imposition of trade restrictions or tariffs relating to crude oil, bitumen, natural gas, LNG, natural gas liquids and any other materials or products (such as aluminum and steel) used in the operation of our business; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions 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, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, 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 or acquisitions 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; 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.

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3

NorthSlopeStateandFederalUnits

WesternNorthSlope(WNS)COPOperated

100%WI

PrudhoeBay36%WI

KuparukRiverCOPOperated52-55%WI

~95%WIPostBPacquisition*

Non-COPUnits

*BPacquisitionsubjecttoregulatoryandotherapprovals.

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2013AlaskaOutlook:FacingHeadwinds

•  Uncompetitivetaxstructure

•  Decliningproductionprofile•  Highcostofsupply•  Limitedinvestment

•  FocusonLower48unconventionals

2013OutlookforAsset

ConocoPhillips’AlaskaOutlook2013

2013Outlook

0

100

200

300

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Prod

uctio

n(M

BOED

)

5

CurrentOutlook:StrongFutureSpurredbyTaxChanges&CoSFocus

0

100

200

300

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

1Assumesastableandcompetitivefiscalframework,excludes2018acquisitions,assumesnochangetocurrentworkinginterestandexcludesAlaskaNorthSlopegassales.

CurrentOutlook2013Outlook

•  SenateBill21improvedfiscalframework

•  Technologicaladvancementsandinnovationstargetnewandbypassedresources

•  Comprehensiveefforttocapturevaluefromlegacyfieldsandinfrastructure

•  Renewedfocusonexplorationyieldsearlysuccess•  Company-widefocusonloweringcostofsupplyhasmadeAlaskacompetitivewithintheportfolio

DriversofTransformation

ConocoPhillips’AlaskaOutlook12013vs.Current(excluding2018acquisitions)

0

100

200

300

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

ConocoPhillips’AlaskaOutlook12013vs.Current(including2018acquisitions)

1Assumesastableandcompetitivefiscalframework,includesimpactof2018acquisitionsatworkinginterestsof:WesternNorthSlope=100%/Kuparuk=~95%,andexcludesAlaskaNorthSlopegassales.

Prod

uctio

n(M

BOED

)

supportedbyrecentstrategictransactions

STRENGTHENEDOUTLOOK

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MinimizingFootprintThroughTechnology

1Source:TheRoleoftheOilandGasIndustryinAlaska’sEconomy;TheMcDowellGroup;May2017.

65AcreGravelPad(1970)**

12AcreGravelPad(2016)**

AlaskaNorthSlopeReducedFootprint*

DrillingAreaAccessiblefromPads

~3sq.miles ~55sq.miles~154sq.miles

*Assumessimilarreservoirdepth**1970drillingradius~5,000ft2016drillingradius~22,000ftFutureExtendedReachDrilling(ERD)~37,000ft

12AcreGravelPad

(FutureDoyonDrillingERD)**

FirstapplicationofERDrigFiordWest

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DrillingTechnologyAdvancements:HigherRecovery

14Kft 30Kft 30Kft

5ftsands

NewTechnologyOldTechnology

ExtendingOurReachwithManagedPressureDrilling

ThreadingtheNeedlewithGeo-Steering

Drill&CaseinOneRunwithSteerableDrillingLiners

AccessingMoreReservoirwithMulti-Laterals

CD5:NorthAmericanRecord•  Longesthorizontallateralat21,748feet

CD5:StateofAlaskarecords•  Totalcombinedlaterallengthat34,211feet

•  Totalcombinedfootageforawellat42,993feet

GMT1FirstOilOctober5–TwoMonthsAheadofSchedule

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•  GreaterMoosesTooth#1:firstdrillsiteonfederalleaseswithintheNPR-A

•  Est.production25,000to30,000grossBOPDatpeakinmid-2019

•  Provided~700constructionjobsineachoftwowinterseasons

•  About$725millionininvestment•  SetsthestagefordevelopmentofGMT2•  Requiredleveragingofnewdrillingtechnologytobringwellsonline

GreaterMoosesTooth#2Development─ProjectHasBeenApproved

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SeconddevelopmentintheGMTUnit•  Totalcostapproximately>$1billiongross•  Sizedforuptoa48-welldevelopment–startingwith33wells•  Firstoiltargeting4thquarter2021•  Peakestimatedmonthlyproduction:~35,000to40,000BOPD•  PeakestimatedNorthSlopeemploymentduringconstruction:~700positions•  BLMissuedtheRecordofDecisionOct.15

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Willowappraisalandexploration•  4wells:T7,T8,T9andWestWillow1(WW1)•  3welltests(T6,T7,T8)•  37+milesoficeroadand5icepads•  Drillingrig-Doyon141StonyHill(SH1)exploration•  1verticalwell•  1welltest•  17+milesoficeroadand1icepad•  Drillingrig-ArcticFox

Putu(P2)exploration(ASRC/StatesubsurfaceandKuukpiksurface)•  1well:1slant+1vertical•  1welltest•  1mileoficeroadand1icepad•  Drillingrig-Kuukpik5

250sq.mi.seismicprogram

2018Exploration–Three-RigProgram

ConocoPhillipsNPRAacreage•  594,972grossacresacquiredinlate2016•  79,998grossacresacquiredinlate2017•  1,000,000+grossacresinNPRA

LargestExplorationProgramSince2002

10miles

2P

CRU

BTU

GMTU

KRUACFCD5

GMT1WW1

T9

T6

T7

T8

P2

SH1

CPF3

CPF1

CPF2

RolligonRoute

IceRoad

IceRoadIceRoad

Pipeline

ExistingPads

ExistingFacilities

2018Program

T9-futureexplorationwellT6–Drilled2016

10

11

9mi

17mi

25miGMT2

NewGravelMine

FirstSealiftSinceAlpine

•  2018Willowprogramproved400–750MMBOE

currentdiscoveredresource

• Willowcouldproducenominally100,000BOPD

•  Stand-aloneproductionfacility:$2-3billionofinvestmenttofirstproduction;$2-3billionmoreformulti-yeardrillingprogram

•  Firstoilcouldbeachievedby2024-2025• WillcontinuethiswintertoappraisetheGreaterWillowAreaandoptimizedevelopmentplan

•  PutuandStonyHill:promisingdiscoverieswith100–350MMBOEcurrentdiscoveredresource

currentdiscoveredresource

500MMBOE–1.1BBOE1PreliminaryDiscoveredResourceRangeIncreased

2018ExplorationProgramIndicatesSubstantialOpportunities

GMT2

StonyHill

Putu

1GrossdiscoveredresourceinAlaskasince2016.

UpcomingExploration&Appraisal

Kuparuk

GMT-2

GMT-1 CPF1CPF2

N A T 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

CD5Willow

Discoveries

Kuparuk

GMT-2

GMT-1 CPF1CPF2

N A T 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

CD5WestWillow

Kuparuk

GMT-2

GMT-1 CPF1CPF2

N A T 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

Kuparuk PrudhoeBayN A T 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

0 5 10 15Miles

6-8WELLS8-9TESTS2RIGS

Late2018targetsCairn&Narwhal2019wintertargetsGreaterWillowAreaFinalwell/testcountdependsonresults/timing

Late2018-2019Plan 2020+ProgramFocusedonRemainingPotential

75%PortfolioUndrilled

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NorthSlopeRenaissance

BTU

GMTU

CRU KRU

PBUGMT1

GMT2

Alpine

PS1CPF2CD5

1H-NEWS

TeshekpukLake

BeaufortSea

ArcticOcean

NATIONALPETROLEUMRESERVE-ALASKA

ANWR1002

ArcticNationalWildlifeRefuge

COREFIELDS

Alpine,Kuparuk&PrudhoeBay

CD2&FiordWest

COPADevelopmentPlans:GMT1-2,CD2/FiordWest

NEW2016-2017COPALeases

NEW2017-2018COPALeases

NEW2016-2017COPALeases

ENI:exploration

BrooksRangePetroCo.:Mustangdevelopmentandpadexpansion

Hilcorp:Libertydevelopment

OilSearch,Repsol&Armstrong:Pikkaexploration&Nanushuk

development

Caelus:Nuna

HundredsofThousandsofNewBarrels/Dayandmorethan~$13BillioninCapital

2018COPAExploration:

SeismicAcquisition

2018COPAExploration:Putu/Stony

2018COPAExploration:

WillowAppraisal

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StandforSalmonBallotInitiative-ASolutioninSearchofaProblem

•  Thisballotinitiativeisreallyaboutstoppingresourcedevelopment

•  Itwilladdcost,moreregulation,litigation,andjeopardizeexistingprojects,withthepotentialtokillfutureprojects

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

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

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

•  LinktoStateofAlaskaFAQ:https://aws.state.ak.us/OnlinePublicNotices/Notices/Attachment.aspx?id=114005

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ElectionsMatter

• ConsidervotingnoonBallotMeasure1o  Itdoesnotpromoteahealthybusiness

environment

o  Itwillaffectbusinessandprivatepropertyowners

• Pro-businesscandidateswillhelpmaintainastable,competitiveinvestmentclimate

AskCandidatesWhatTheyWillDotoKeepOurStateMovingForward

Q&A