ConocoPhillips (COP) today provided an update on its operating plan for Alaska, focusing on the company’s long history of creating value in the state and an ongoing commitment to invest in low cost of supply opportunities. Over the past few years, the company’s Alaska business has undergone a significant transformation, driven by a more competitive fiscal framework, cost reductions, technological advancements and an exploration renaissance.

1. Alaska Analyst & Investor Update
J U L Y 1 6 , 2 0 1 8

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, 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.

3. Opening Comments
R YA N L A N C E
Chairman & CEO

4. Strategy Hitting on All Cylinders
Value Proposition
Principles Disciplined Priorities
Invest capital to sustain
production and pay existing
dividend
1st
PRIORITY
2nd
PRIORITY
RETURNS
Strong
Balance
Sheet
Diverse,
Low CoS
Portfolio
Capital
Flexibility
Low
Sustaining
Price
Financial
Strength
Growing
Distributions
Disciplined Per-
Share CFO
Expansion
1By year-end 2018.
Our Unique
Characteristics
5
Clear, measurable plan to deliver superior returns to shareholders
Annual dividend growth
3rd
PRIORITY
Reduce debt to $15B1;
target ‘A’ credit rating
4th
PRIORITY
20-30% of CFO total
shareholder payout annually
5th
PRIORITY
Disciplined investment
for CFO expansion

5. ConocoPhillips’ Peer-Leading Position in Alaska
6
0
50
100
150
200
250
300
MBOED
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
MMBOE
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
ThousandNetAcres
Largest Producer1 Most Reserves2 Largest Acreage Holder3
Peers include: BP, Caelus, ENI, Hilcorp and XOM.
1Source: Wood Mackenzie, 2018 FY estimate, adjusted to reflect impact of 2018 ConocoPhillips acquisitions.
2Source: Wood Mackenzie, adjusted to approximate oil reserves as of 01/01/18 and reflect impact of 2018 ConocoPhillips acquisitions.
3Source: Reports from Bureau of Land Management & Alaska Department of Natural Resources dated 05/17/18 and 06/04/18, respectively. Only includes acreage position for federal and state lands. Incorporates
ConocoPhillips internal data to reflect impact of Kuparuk acquisition.

6. • Uncompetitive tax structure
• Declining production profile
• High cost of supply
• Limited investment
• Focus on Lower 48 unconventionals
2013 Outlook for Asset
2013 Alaska Outlook: Facing Headwinds
7
ConocoPhillips’ Alaska Outlook
2013
2013 Outlook
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Production(MBOED)

7. Current Outlook: Strong Future Spurred by Tax Changes & CoS Focus
8
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
1Assumes a stable and competitive fiscal framework, excludes 2018 acquisitions, assumes no change to current working interest and excludes Alaska North Slope gas sales.
Current Outlook2013 Outlook
• Senate Bill 21 improved fiscal framework
• Technological advancements and innovations
target new and bypassed resources
• Comprehensive effort to capture value from legacy
fields and infrastructure
• Renewed focus on exploration yields early success
• Company-wide focus on lowering cost of supply
and shift to liquids has made Alaska competitive
within the portfolio
Drivers of Transformation
ConocoPhillips’ Alaska Outlook1
2013 vs. Current (excluding 2018 acquisitions)
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
ConocoPhillips’ Alaska Outlook1
2013 vs. Current (including 2018 acquisitions)
1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.
Production(MBOED)
supported by recent strategic transactions
STRENGTHENED OUTLOOK

8. Our Alaska Plan is Good for All Stakeholders
9
► Drives peer-leading low
sustaining price
► ConocoPhillips provided
35% of State of Alaska’s
petroleum revenue ‛13-‛17
► Realized price similar to
Brent
► Generates profitable growth
from diversified investments
► Provides low cost of supply
investment opportunities
► Delivers competitive cash
and earnings margins
► Integrated value chain
provides access to multiple
markets
► Offers significant
exploration running room
► >20,0001 jobs created by
our activity
► Impactful community
investment & volunteerism
► Priority on environmental,
social and governance
stewardship
1Source: The Role of the Oil and Gas Industry in Alaska’s Economy; The McDowell Group; May 2017.
► Leverages ownership in
existing infrastructure
Aligns with
ConocoPhillips’ Strategy
Supports
Alaska’s Economy
Creates Value for
Shareholders

9. Today’s Agenda
10
Our Future in
Alaska
Our Legacy in
Alaska
Al Hirshberg
• Low cost of supply, low-decline base production
• Robust inventory of future projects to drive growth
• Future upside from applied technology and innovation
• ~$1B/yr capital delivers 225+ MBOED for a decade
Matt Fox
• 0.5-1.1 BBOE1 of discovered resource2 in Alaska since 2016
• Willow confirmed as stand-alone hub
• Willow: $2-3B of capital over 4-5 years required to achieve 1st oil
• Significant remaining undrilled resource potential
1Gross discovered resource.
2Discovered resources are known accumulations of quantities of oil and gas estimated to exist in naturally occurring accumulations.

10. Our Legacy in Alaska
A L H I R S H B E R G
EVP, Production, Drilling & Projects

11. Conventional Assets Play Important & Unique Role in Our Portfolio
<$50/BBL Cost of Supply2 Resource
(as of Nov. 2017)
12
1Excludes exploration resources.
2Cost of supply is the WTI equivalent price that generates a 10 percent after-tax return on a point-forward and fully burdened basis. Fully burdened includes capital infrastructure, foreign exchange, price-related inflation
and G&A. Resource based on Petroleum Resources Management System, developed by industry to classify recoverable hydrocarbons as commercial or sub-commercial to reflect their status at the time of reporting.
3The realized price at which revenues from commodity sales equal costs (operating costs, taxes, general & administrative costs and tariffs) plus capital (base, development, projects and exploration) expenditures.
0
10
20
30
40
50
0
CostofSupply($/BBL)
155 100
Net Resources (BBOE)
34
29
21
13
2015 2018E
Costs Capital
55
42
2018E vs. 2015
25% UNDERLYING IMPROVEMENT
ANS Cash-Balanced Price3 ($/BBL)
ConventionalUnconventional LNG & Oil Sands
1.6 BBOE
Conventional
Resource in AK
0.4 BBOE
Added Through
2018 Acquisitions
2.0 BBOE1
Total Net Captured
Resource <$40/BBL CoS

12. 0 5 10 15
Miles
N AT 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
Prudhoe Bay
Non-Operated
(WI=36%)
Projects
Central Processing Facility (CPF)
ConocoPhillips Acreage
Trans Alaska Pipeline
System (TAPS)
Kuparuk
(WI=~95%)
CPF3
CPF2
Prudhoe Bay
Non-Operated
(WI=36%)
Projects
Central Processing Facility (CPF)
ConocoPhillips Acreage
Trans Alaska Pipeline
System (TAPS)
CPF1
N AT 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
Western
North Slope
(WI=100%)
CPF3
CPF1
CPF2
N AT 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
GMT-2
GMT-1
Alpine
Willow
Area
Kuparuk
(WI=~95%)
Prudhoe Bay
Non-Operated
(WI=36%)
Projects
Central Processing Facility (CPF)
ConocoPhillips Acreage
Trans Alaska Pipeline
System (TAPS)
CD5
Legacy Position Sets Foundation for Future Growth
131Estimated pro-forma annualized production including impacts from recent acquisitions.
• ConocoPhillips operates Kuparuk and Western North Slope (WNS)
• Operated assets: 4 central processing facilities and 54 drill sites
• Years of identified inventory in Kuparuk and Western North Slope
• Exploration renaissance driving westward expansion
• Estimated 2018 production of ~225 MBOED1; ~40% of State of Alaska’s production
North Slope
A L A S K A
Valdez
Anchorage
NPR-A

13. 1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions, at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.
1Assumes a stable and competitive fiscal framework , includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.
2ConocoPhillips net production associated with Alaska North Slope gas sales based on the State of Alaska’s timeline, not included in ConocoPhillips production plots.
Compelling Plan Creates Significant Value for 10+ Years
14
BASE
• Low-risk, predictable production
• Significant improvement in lowering base decline
• Identified opportunities to sustain cost of supply
reductionsBase
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
DEVELOPMENT PROGRAMS
• Multi-year drilling campaigns
• Numerous drilling technology advancements
underway
• Pioneering extended-reach drilling (ERD)
Development
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
PROJECT INVENTORY
• CD5 led westward expansion to new sites
• Near-term contribution from GMT & NEWS
• GMT-1 first oil 2018; GMT-2 first oil 2021
• Eastern NEWS first oil estimated 2023
• Additional upside from technology and innovation
Projects
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
EXPLORATION
Exploration
0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
14
ConocoPhillips' Alaska Outlook1
Production(MBOED)
0
40
80
120
2025 2029 2033
ANS Gas Sales2 (MBOED)

14. 0
100
200
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
• Extensive enhanced oil recovery expertise with
waterflood and miscible water alternating gas (MWAG)
recovery
• Ongoing gas lift optimization throughout operations
• Leveraging data analytics to drive MWAG sweep
efficiency, improve gas handling and increase recovery
Base Production: Significant Progress on Lowering Decline Rate
15
Primary
Recovery
Water
Flood
MWAG
Average
Reservoir
Recovery
by Method
~15% ~45% ~60%
MWAG
INJECTOR
PRODUCER
MISCIBLE
GAS =
SOLVENT
RESIDUAL OIL
BEHIND
WATERFLOOD
FRONT
OIL
BANK
Alaska Base Decline Rate Improved to 6%
(Old decline rate ~8%)
Production1(MBOED)
1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of:
Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.

15. Base Production: Sustainable Reductions in Cost of Supply
16
Lowered Maintenance Cost &
Increased Facility Uptime
• Harnessing organizational
efficiency to improve productivity
• Goal to level-load activity and
rapidly apply learnings
• Infrastructure program phased
with development to minimize
peaks and valleys
Lower Intervention Costs
& Increased Efficiency
1Person = ConocoPhillips employees and contingent workers; BOPD = gross operated barrels.
2Uptime excludes turnarounds.
Achieving Personnel-Driven
Productivity Improvements1
2 0 1 5
96
O p e r a t e d
B O P D
p e r
p e r s o n
2 0 1 8
139
O p e r a t e d
B O P D
p e r
p e r s o n
45%IMPROVEMENT
80%
84%
88%
92%
96%
100%
0
50
100
150
200
250
2014 2015 2016 2017
FacilityUptime2
OperatedMaintenanceCapital($MM)
80%
84%
88%
92%
96%
100%
0
50
100
150
200
2014 2015 2016 2017
WellUptime2
WellInterventionCost($MM)
50% REDUCTION
IN COST
HISTORIC HIGH
WELL UPTIME
>50% REDUCTION
IN COST
HIGH
OVERALL UPTIME

16. Coiled Tubing Drilling: Targets Extensive Inventory of Bypassed Oil
• Driven by 4D seismic and high-resolution simulation
• Attractive 10-year portfolio with average cost of
supply of ~$30/BBL
• Safe and predictable operations with continuous
efficiency improvements
17
2014 1Q 2018
Average Rate of Penetration (ft/day)
~2XFASTER
Example: Kuparuk Octa-Lateral
6350
6375
6400
6375
Example: Kuparuk Octa-Lateral Well Path
~20% OF CONOCOPHILLIPS ALASKA PRODUCTION
developed with coiled tubing drilling

17. Old Technology New Technology
Drilling Technology Advancements: Higher Recovery, Lower CoS
18
14K ft 30K ft
30K ft
5 ft sands
New TechnologyOld Technology
Achieving Cost & Time Savings
Old Technology New Technology
~5XINCREASE
More Footage of Reservoir Drilled
~30%DECREASE
Extending Our Reach
with Managed Pressure Drilling
Threading the Needle
with Geo-Steering
Drill & Case in One Run
with Steerable Drilling Liners
Accessing More Reservoir
with Multi-Laterals

18. Successful CD5 Execution: Leading the Way to NPR-A
19
CD5 Expansion Drives Higher Production (BOPD)
• Completed on budget, ahead of schedule and
achieved higher initial and overall production rates
• Accessed reservoir extending beyond seismic
resolution
• North American record-setting well lengths
and multi-laterals
55% Reduction in CD5 Cost of Supply ($/BBL)
66
36 30
10
14
6
6
FID
Sanction
Development
Optimization
Improved
Well
Performance
Cost
Efficencies
FID Scope Expansion
Efficiencies
Expansion
CD5 Achieves Peak Rates1 for Alaska (BOPD)
1Monthly average gross oil volumes derived from public AOGCC information.
0
2,000
4,000
6,000
8,000
10,000
12,000
2015 2016 2017 2018
CD5 wells
FID Scope ExpansionFID Sanction
0
10,000
20,000
30,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

19. 44
31
5
5
3
FID Facility
Cost
Production
Optimization
Operating
Cost
ERD Program
Outlook
resource to be developed with ERD
>100 MMBOE
Extended-Reach Drilling: Maximize Recovery, Minimize Footprint
• Unique solution for minimizing footprint in arctic environment
• Allows utilization of existing gravel pads to reach new resource
• Taking delivery of new-build ERD rig in 2020
• Largest mobile land rig in North America
• Capable of drilling more than 7 miles away from the pad
• Compatible with DEEP1 drilling automation technology
65-Acre
Gravel Pad
(1970)**
12-Acre
Gravel Pad
(2016)**
12-Acre
Gravel Pad
(Future ERD)**
Drilling Area
Accessible
from Pads
~3 sq. miles
~55 sq. miles
~154 sq. miles
Alaska North Slope Reduced Footprint*
*Assumes similar reservoir depth
**1970 drilling radius ~ 5,000 ft vs. 2016 drilling radius ~ 22,000 ft vs. future ERD radius ~ 37,000 ft
30% Reduction in Cost of Supply ($/BBL)
20
Future ERD
~37,000’
2016
~22,000’
1970
~5,000’
Manhattan
Bronx
Brooklyn
Queens
1DEEP (Drilling Execution Efficiency Platform) is proprietary ConocoPhillips drilling technology.

20. 2018 2020 2022 2024 2026 2028
GMT-
2
ENEW
S
GMT-
1
1H NEWS
Identified Future Inventory: Low-Risk, Multi-Year Opportunities
21
• Extensive inventory driven by fiscal framework improvement,
cost of supply reductions, technology and innovation
• Large portfolio of development programs and projects
• Significant reduction in minimum economic size due to
• Infrastructure access and spare capacity
• Applied learnings across operations
Alaska Operated Resource Opportunity Pipeline (Excluding Exploration)
Western
North Slope
1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.
over the next decade
~0.8 BBOE1 RESOURCE DEVELOPED
Development Drilling
1-2 Rotary Rigs
& Coiled Tubing
Drilling
1H NEWSKuparuk Eastern NEWS Development
ERD Rig
Rotary Rig &
Coiled Tubing
Drilling
Extended-Reach Drilling
Development DrillingDev DrillingGMT-1 GMT-2 Development
Development Drilling Project 1st oil
Dev Drilling

21. 0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Upside Potential: Technology & Innovation is Still in Early Innings
Longer Laterals
Enhanced
Recovery
Thin-Bed
Reservoirs
Multi-Laterals
Ongoing Efficiency
Improvements
Reservoirs
Within Reach
4D Seismic
Production
Technologies
ConocoPhillips’ Alaska Outlook1 Numerous Technology & Innovation Applications Can
Drive Additional Upside Above Outlook
Production(MBOED)
Development ProjectsBase
to deliver 225+ MBOED
~$1B/YEAR CAPITAL
1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales. 22

22. 0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Upside Potential: Exploration is a Whole New Ballgame
Development Projects ExplorationBase
1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.
2Gross discovered resource in Alaska since 2016.
Production(MBOED)
discovered resource
500 MMBOE – 1.1 BBOE2
Longer Laterals
Enhanced
Recovery
Thin-Bed
Reservoirs
Multi-Laterals
Ongoing Efficiency
Improvements
Reservoirs
Within Reach
4D Seismic
Production
Technologies
Numerous Technology & Innovation Applications Can
Drive Additional Upside Above Outlook
ConocoPhillips’ Alaska Outlook1
23

23. Our Future in Alaska
M AT T F O X
EVP, Strategy, Exploration & Technology

24. NPR-A Discoveries Open New Westward Frontier
25
Pre-2015 2015 2016 2017 2018 2019+Pre-2015 2015 2016 2017 2018 2019+Pre-2015 2015 2016 2017 2018 2019+
• Industry chases deeper Jurassic targets
• ConocoPhillipsevaluates NPR-ABrookianpotential
Kuparuk
GMT-2
GMT-1 CPF1
CPF2
N AT 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
Western
North Slope
Alpine CPF3
Prudhoe Bay
Trans Alaska Pipeline
System (TAPS) Projects
Central Processing Facility (CPF)
ConocoPhillips Acreage
CD5
Willow
Discoveries
• Willow discovery with identified upside
• Acquired new 3D CSIseismic
Kuparuk
GMT-2
GMT-1 CPF1
CPF2
N AT 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
Western
North Slope
Alpine CPF3
Willow
Prudhoe Bay
Trans Alaska Pipeline
System (TAPS) Projects
Discoveries
Central Processing Facility (CPF)
ConocoPhillips Acreage
CD5
• Acquired additional ~600M net acres
for ~$30/acre
• ConocoPhillips increases working
interest in Western North Slope to 100%
West
Willow
Kuparuk
GMT-2
GMT-1 CPF1
CPF2
N AT 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
Western
North Slope
Alpine CPF3
Willow
Trans Alaska Pipeline
System (TAPS)
Prudhoe Bay
Projects
Discoveries
Central Processing Facility (CPF)
ConocoPhillips Acreage
CD5
• Executed largest E&A program since 2002
• Appraised Willow; explored for upside
Kuparuk Prudhoe Bay
N AT 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
Western
North Slope
Undrilled Prospects
Trans Alaska Pipeline
System (TAPS) Projects
Discoveries
Central Processing Facility (CPF)
ConocoPhillips Acreage
GMT-2
GMT-1 CPF1
CPF2
West
Willow
Alpine CPF3
Willow
North Slope
A L A S K A
Valdez
Anchorage
NPR-A
CD5
• 0.5– 1.1 BBOEgrossdiscoveredresource
• 75%ofthe play remainsto be explored
0 5 10 15
Miles

25. Testing the Brookian Topset Play
26
Sandy Basin
Floor Turbidite Fan
Beach
Sands
Delta
Sands
River
Sands
North
Exploration TargetBrookian Discovery Existing Jurassic Fields
WillowWest Willow
GMT-2 AlpineGMT-1
3,000
VerticalDepth(feet)
5,000
7,000
9,000
ConocoPhillips Proprietary Seismic Data
Narwhal

26. Arctic Expertise Enabled Efficient, Successful ‘18 Exploration Program
• Unique arctic expertise enabled successful
program completion in winter operations
window
• Shallow targets (~4,000 ft) allowed multi-
well program
• Achieved efficient de-risking of Willow
resource potential
• Initial Narwhal trend exploration identified
resource upside
• Activities supported by 3 drilling rigs, 3 well
test units, 2 ice road teams and seismic
crew
• 370,000 total hours worked with no injuries
Central Processing Facility
ProjectsExploration and
Appraisal wells
Alpine
GMT-2
GMT-1
Putu
Stony Hill
Ice Roads
Ice Roads
• 58 miles total, 35 ft. wide
• No lasting impact
CSI Seismic
• 250 sq. miles of 3D CSI seismic
Greater Willow Exploration & Appraisal
• 4 wells, 3 well tests
• 16,100 ft. drilled & 148 ft. cored
<$1/BBL
finding costs
27
0 5 10 15
Miles
CD5
Narwhal Exploration
• 2 wells, 2 well tests
• 22,600 ft. drilled, 152 ft. cored
• Multiple targets

27. 2018 Exploration Program Confirms Stand-Alone Hub at Willow
28
Greater Willow Area
• 2018 Willow appraisal activities and analysis:
• Confirmed oil-filled reservoir with 3 new appraisal wells and 3 flow tests
• API viscosity range: 41° to 44°
• Facility-limited vertical test rate ~1,000 BOPD
• Appraisal results combined with CSI data indicate more potential
on-trend resource to north and south
• Additional oil discovery at West Willow creates possibility for tie-back
to Willow hub
• 2019 Greater Willow Area appraisal season needed to optimize
development plan
current discovered resource
400 – 750 MMBOE1
2018 Well 2018 Well Test
Preliminary Discovered Resource Range Increased
West
Willow 1
T7
T2
T6
T9
T8
0 5 10 15
Miles
Willow
Discovery
Well
1Gross discovered resource in Alaska since 2016.

28. Willow Development: Optimize Based on Cost of Supply
• Entering pre-FEED to size development concept
• Horizontal MWAG development from inception
• $2-3B of capital over 4-5 years required to achieve 1st oil
• Multiple years of development drilling post-1st oil
• Cost of supply <$40/BBL
1st oil 2024-2025
PLANNING FOR FID IN 2021
Optimize Facility Sizing & Installation
Facility & Drill Site Design
Locating New Construction Materials
Gravel Sourcing
Appraisal Wells & Technical Evaluation
Subsurface Characterization
Utilizing Existing Pipeline Network
Transportation Infrastructure
Commencing Federal Permitting Process
Permitting / EIS Process
Leveraging Kuparuk for Willow EOR
Source Water for Injection
Innovative Approach to Lower Cost & Risk
Large Module Offload Location
29
CostofSupply,$/BBL
Throughput Capacity
Sweet Spot
Under-
Capitalize
Over-
Capitalize

29. current discovered resource
100 – 350 MMBOE1
Narwhal Trend: Promising Discoveries with Access to Infrastructure
30
• Putu and Stony Hill wells were drilled, cored and flow tested on the
Narwhal trend in 2018
• Prospects originally identified through seismic amplitude mapping
• Additional appraisal required for both discoveries
• Multiple development options possible
• Ability to leverage legacy infrastructure makes these commercially
attractive opportunities
Putu 2A
Putu Seismic Amplitude
2018 Exploration Bottom
Hole Locations
Central Processing FacilityProjects
Discoveries
2018 Well Tests
1Gross discovered resource in Alaska since 2016.
Alpine
GMT-2
GMT-1
Stony Hill
Putu 2/2A
0 5 10 15
Miles
CD5
Narwhal Trend

30. exploration upside
75% PORTFOLIO UNDRILLED
Significant Future Exploration & Appraisal Planned
31
Greater Willow Appraisal
• Evaluate horizontal well performance
• Determine lateral reservoir connectivity
• Appraise West Willow
Narwhal Appraisal
• Verify recoverable volumes
• Evaluate well performance
2019 Program Focused on Existing Discoveries
Resolve Remaining Uncertainties to Sanction
2020+ Program Focused on Remaining Potential
Test Full Prospect Inventory
ProjectsDiscoveries
Central Processing FacilityConocoPhillips AcreageUndrilled
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
Western
North Slope
0 5 10 15
Miles
GMT-2
GMT-1
West
Willow
Alpine
Willow
1Gross discovered resource in Alaska since 2016.
discovered resource
500 MMBOE – 1.1 BBOE1
CD5

31. 0
100
200
300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Compelling Alaska Plan Creates Significant Value for 10+ Years
32
ConocoPhillips’ Alaska Outlook1
• High-quality, low cost of supply source of growth for
ConocoPhillips
• Realized price similar to Brent
• Experienced operator with differential arctic capability
• Existing infrastructure within a world-class
hydrocarbon province
• Transformation driven by competitive fiscal
framework, technology and exploration renaissance
• 2.0 BBOE net of <$40/BBL cost of supply resource in
legacy Alaska assets
• 0.5 – 1.1 BBOE gross of discovered resource since 2016
with 75% of play undrilled
• Continue to unlock Alaska’s energy potential for years
to come
Aligns with ConocoPhillips’ Strategy – Supports Alaska’s Economy – Creates Value for Shareholders
Production(MBOED)
1Assumes a stable and competitive fiscal framework, includes impact of 2018 acquisitions at working interests of: Western North Slope = 100% / Kuparuk = ~95%, and excludes Alaska North Slope gas sales.

32. Question &
Answer Session