2. CAUTIONARY STATEMENT
FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The following presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. You can
identify our forward-looking statements by words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and similar
expressions. Forward-looking statements relating to ConocoPhillips’ operations are based on management’s expectations, estimates and projections
about ConocoPhillips and the petroleum industry in general on the date these presentations were given. These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based
upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is
expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially include, but are not
limited to, crude oil and natural gas prices; refining and marketing margins; potential failure to achieve, and potential delays in achieving expected
reserves or production levels from existing and future oil and gas development projects due to operating hazards, drilling risks, and the inherent
uncertainties in interpreting engineering data relating to underground accumulations of oil and gas; unsuccessful exploratory activities; potential
disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve
acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying company manufacturing or refining facilities;
unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; international monetary conditions and exchange controls; potential
liability for remedial actions under existing or future environmental regulations; potential liability resulting 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. Other
factors that could cause actual results to differ materially from those described in the forward-looking statements include 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), including our Form 10-K for the year ending December 31, 2008, as updated by our subsequent periodic and current
reports on Forms 10-Q and 8-K, respectively. ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its
forward-looking statements, whether as a result of new information, future events or otherwise.
This presentation includes certain non-GAAP financial measures, as indicated. Such non-GAAP measures are intended to supplement, not substitute
for, comparable GAAP measures. Investors are urged to consider closely the comparable GAAP measure and the reconciliation to that measure
provided in the Appendix or on our website at www.conocophillips.com. In this presentation, peer group “non-core earnings impacts” include publicly-
disclosed gains and losses on asset dispositions, asset impairments, changes in litigation accruals, write-offs, uninsured losses, and restructuring
charges, in each case, to the extent such items are in excess of >$249 million as well as all cumulative effect of accounting changes and discontinued
operations, regardless of amount.
Page 2
3. First-Quarter Overview
First-Quarter Overview
$0.8 Billion in Earnings
Earnings
$0.8 B
2.36 MMBOED Production
Cash From
Operations
81% Refining Utilization
$1.9 B
Debt-to-Cap
Lower Operating Costs
34%
Page 3
4. Total Company Earnings
Total Company Earnings
1Q09 vs. 4Q08
1Q09 vs. 4Q08
$MM
1,669
1,914
125
516 840
310 264
4Q Adjusted Prices, Margins & Volumes Operating Costs Taxes Other 1Q09
Earnings* Other Market
Impacts
* See Appendix for reconciliation of Adjusted Earnings to Earnings
Page 4
5. Total Company Cash Flow
Total Company Cash Flow
1Q09
1Q09
$MM
1,924
3,147
Beginning
755
Cash
696 81
1,885
802
Beginning Cash Debt Increase Capital Program Dividends Other Ending Cash
and CFO Balance
Page 5
7. Exploration & Production
Exploration & Production
1Q09 vs. 4Q08
1Q09 vs. 4Q08
Lower crude oil and natural gas prices
Reduced operating costs
Higher production volumes
Page 7
8. Total Company Production
Total Company Production
1Q09 vs. 4Q08
1Q09 vs. 4Q08
MBOED
439
8
9
17 7
31
2,364
1,867 1,925
4Q08 E&P Indonesia Russia Vietnam Australia Other 1Q09 E&P LUKOIL 1Q09
Page 8
9. E&P Earnings
E&P Earnings
1Q09 vs. 4Q08
1Q09 vs. 4Q08
$MM
1,015
73
153
1,392
193
50
700
4Q08 Adjusted Prices & Other Sales Volumes Operating Costs Production Taxes Other 1Q09
Earnings* Market Impacts
* See Appendix for reconciliation of Adjusted Earnings to Earnings
Page 9
11. R&M Earnings
R&M Earnings
1Q09 vs. 4Q08
1Q09 vs. 4Q08
$MM
325
753
251
42 14
205
4Q08 Adjusted Prices, Margins & Volumes Operating Costs Other 1Q09
Earnings* Other Market
Impacts
* See Appendix for reconciliation of Adjusted Earnings to Earnings
Page 11
12. Other Segments
Other Segments
1Q09 vs. 4Q08
1Q09 vs. 4Q08
LUKOIL Investment ($48MM vs. $0MM*)
Midstream ($123MM vs. $69MM)
Chemicals ($23MM vs. $-6MM)
Emerging Businesses ($0MM vs. $60MM*)
Corporate ($-259MM vs. $-354MM*)
* Amounts represent Adjusted Earnings. See Appendix for reconciliation of
Page 12 Adjusted Earnings to Earnings.
13. E&P per BOE Metrics
E&P per BOE Metrics
E&P Income per BOE E&P Cash Contribution per BOE
$ / BOE
$ / BOE
35.00
25.00
30.00
20.00
25.00
15.00 20.00
30.70
15.00
10.00
18.44 22.96
22.35
20.60
14.79 10.00
13.76
12.19 15.55
15.07
9.97
5.00 11.62
5.00
7.08
4.04
0.00
0.00
2003 2004 2005 2006 2007 2008 1Q09
2003 2004 2005 2006 2007 2008 1Q09
Peer Group
Based on total E&P BOE production. All companies Income adjusted to exclude certain non-core earnings
impacts (based solely on publicly available information). Cash Contribution is calculated as Income plus
Page 13 DD&A. See Tables 1 and 2 of Appendix for additional information.
14. R&M per BBL Metrics
R&M per BBL Metrics
R&M Income per BBL R&M Cash Contribution per BBL
$ / BBL
$ / BBL
6.00
5.00
5.00
4.00
4.00
3.00
3.00
4.50 5.16
2.00 4.64
3.85 4.28
3.59
2.00
3.16
3.06
2.39 2.40
1.00
1.00 1.88 1.80
1.26
0.94
0.00
0.00
2003 2004 2005 2006 2007 2008 1Q09
2003 2004 2005 2006 2007 2008 1Q09
Peer Group
Based on total petroleum product sales. All companies Income adjusted to exclude certain non-core
earnings impacts (based solely on publicly available information). Cash Contribution is calculated as
Page 14 Income plus DD&A. See Tables 1 and 2 of Appendix for additional information.
15. Return on Capital Employed
Return on Capital Employed
Peer Group COP
30%
20%
10%
8%
5%
0%
4Q08 1Q09
All companies adjusted to exclude certain non-core earnings impacts. See Table 3 of Appendix
for additional information.
Page 15
16. Outlook
Outlook
Full-year E&P production slightly higher
than 2008
Higher second-quarter U.S. refining
capacity utilization
Continue cost discipline
Execute capital program
Page 16
