CreatingTwoLeading EnergyCompanies

AnalystMeeting July14,2011

CautionaryStatement
FORTHEPURPOSESOFTHESAFEHARBOR PROVISIONS OFTHEPRIVATESECURITIESLITIGATIONREFORMACTOF1995
Thefollowingpresentationincludesforwardlookingstatements.Thesestatementsrelatetofutureevents, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operationsoroperatingresults.Actualoutcomesandresultsmay differmateriallyfromwhatisexpressedor forecast in such forwardlooking 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; refining and marketing margins; operational hazards and drilling risks; potential failure to achieve, andpotentialdelaysinachievingexpectedreservesorproductionlevelsfromexistingandfutureoilandgas developmentprojects;unsuccessfulexploratoryactivities;unexpectedcostincreasesortechnicaldifficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchangecontrols;potentialliabilityforremedialactionsunderexistingorfutureenvironmentalregulations orfrompendingorfuturelitigation;limitedaccesstocapitalorsignificantlyhighercostofcapitalrelatedto 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 andother economic, business, competitiveand/or regulatory factors affecting ConocoPhillips business generally as set forth in ConocoPhillips filings with the Securities and ExchangeCommission(SEC).

HistoricalStrategy

KeyPremises

Integrationcreatesvalue Scaleandscopeneededtocompete Growthinhydrocarbondemand Resourcecapturewillbemoredifficultandexpensive

Execution

Positionedeachbusinesslinetocompeteeffectively

E&P,R&M,MidstreamandChemicals

Qualityassets butportfoliooptimizationneeded M&Aintegrationandcostsynergiescaptured

Ledtosignificantvaluecreation
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CurrentFocus
CashfromOperations

ROCEimprovement Marginenhancement Persharegrowth Shareholderdistributions

E&P R&M Other OECD

16%

84% NonOECD

$92BCapitalEmployed
9% 25% 66%

Increasingshareholdervalue
2010cashfromoperationsandaveragecapitalemployed.Corporatecapitalemployeddistributedacrosssegments.

CurrentStrategicObjectives

ImproveROCE

ExpandmarginsperBOE Maintaincapitaldiscipline Portfoliooptimization

Growpershare

Reservesandproduction Earningsandcashflow

Increasedistributions

Annualdividendincreases Sharerepurchases

Creatingshareholdervalue
4

Key2011/2012Initiatives
Disciplined$28Bcapitalprogram Additional$510Binassetsales $10+Binsharerepurchases 100%+reservereplacement Reducerefiningcapacity

ImproveROCE
5

StrategyAssessment

IntegratedStrategyhasbeeneffective

Increasedreservesandproduction Generatedcompetitiveshareholderreturns

Environmenthaschanged

Downstreamcapabilitynotkeytoresourceaccess ResourceNationalismandNOCcompetition Movementtoservice agreements

ValueofIOCassetsnotreflectedinequityvalue

Transparencyandpotentialofbusinessesnotasclearaspureplays IncreasinglydifficulttocreatedifferentialvaluetolargerIntegrateds Emphasisonadditionalvolumesnotalwaysvaluecreating Continuallytestingandassessingexecutionofstrategy

6

TransactionSummary
PursuingtaxfreespinofDownstreambusiness NewindependentpureplaypubliclyheldDownstreamcompany ConocoPhillipsbecomesleadingpureplayE&Pcompany Expecttransactioncompletioninfirsthalf2012

Createstwostrongindependentcompanies
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StrategicRationale

Createtwoprofitableandindependentcompanies

E&PStrategyunchanged Downstreamgivenopportunitytoaddvaluethroughportfoliooptimization Independentbutconsistentstrategies Bothcompaniescontinuetobenefitfromsizeandscale Bothcompaniestohavestrongfinancialflexibility Transparencyofpureplayoverintegratedbusinessmodel Managementfocus Abilitytoattractandretaintalent

Greatestopportunitytocreatedifferentialvalue

NewConocoPhillipsDescription

LargestU.S.pureplayE&Pcompany

1.7MMBOED2011production 8.5BBOEreserves/43BBOEcapturedresource StrongOECDposition

InsertUpstreamPicture

Financialandtechnicalcapabilityonparwith largerintegratedmajors Nochangeinupstreamstrategy

ImproveROCE Persharegrowthinproductionandreserves Completeportfoliostrengthening Capitaldiscipline CompetitiveF&D ImprovemarginsperBOE

Assetdispositionandsharerepurchaseplansunchanged
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E&POverview
Alaska 240MBOED
Largestoil&gas producer

NorthSea 350MBOED
Highvalueexploitation &majorprojects

Russia/Caspian 50MBOED
Largeresourcepotential

Canada 270MBOED Lower48 440MBOED

Competitive opportunityset WorldclassSAGD1 portfolio&new resourceplays

AsiaPacific 280MBOED
Diverse&expanding legacyposition

Total2010Production 1.75MMBOED
~80%OECD
2011Exploration&appraisalactivity

MiddleEast&Africa 120MBOED
Oilproducingbaseassets withLNGgrowth

InternationalgrowthopportunitiesunderpinnedbyOECDposition
1

SteamAssistedGravityDrainage

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ConocoPhillipsProduction
Q12011WorldwideProduction MMBD
4.8

PeerGroup DomesticIntegrated
3.6 3.5 2.8 2.4 1.7

DomesticPurePlays

0.7

0.7

0.7

0.6

0.4

0.4

0.4

0.2

th on

CV X

ch e

BP

da rk o

vo n

RD S

TO

CO

ss

An a

G Re

Source:Companyreports

EO

ur ph yO

OX

so ur ce

XO

Ap a

De

ar a

He

il

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ProductionOutlook
ProductionbyProduct MMBOED
2.5
Liquids LNG Int'lgas NAmericagas

SourcesofGrowth

AsiaPacific

APLNG,Malaysia,Indonesia
2.0

NorthSea

1.5

Jasmine,Clair,Ekofisk,Eldfisk
Caspian

1.0

Kashagan

0.5

L48liquids

EagleFord,Bakken,Barnett,Permian

0.0 2010 2015E

CanadaSAGD

FCCL,Surmont

Strongportfolioofinvestmentsleadstoproductiongrowth
Excludesimpactoffuturedispositions.

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20112015NewProduction
MBOED Asset/Region RestofWorld OtherL48& WCanada NorthSea 2010CashMargins Various $14 $40/BOE

800

600

$29/BOE $30/BOE $31/BOE

400

SAGD L48liquidsgrowth

200

AsiaPacific

$35/BOE

0 2010 2011E 2012E 2013E 2014E 2015E

Qatargas 3

Attractive

Improvingmarginsthroughmajorprojectsandexploitation
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NewDownstreamCompany
GlobalRefining&Marketingleader

2.4MMBPDworldwiderefiningcapacity Lowcost,integratedMarketingandTransportation 2MMBPDdomesticcapacity

Significantpositioninmidcontinent ExposuretoallPADDs
InsertDownstreamPicture

Stronginvestmentgradecreditwithsignificant
financialflexibility

Strategyfocusedonvaluecreation

ImproveROCEtomidteens Sellorjointventurelesscompetitiveassets
LTAssets Disciplinedreinvestmentoffreecashflow

Competitiveshareholderdistributions Earningsandcashflowgrowthpotential Operatingexcellence

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U.S.Refining
Q12011U.S.RefiningCapacity MMBD
2.2 2.0 1.9

PeerGroup DomesticIntegrated DomesticPurePlays

1.5 1.1 0.9 0.8 0.7 0.5 0.4 0.2 0.2

Valero

COP

XOM

BP

Marathon

CVX

RDS

Tesoro

Sunoco

HOC/FTO

TOT

Murphy

Leadingdomesticrefiningcompanywithportfoliooftopquartile assets
Source:Companyreports

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DownstreamROCEImprovement
Selectiveassetsales FinalizationofWoodRiverCOREproject Capitaldiscipline

Implementingselectivehighreturnprojects

Optimizationinitiatives

Increaseutilizationandcleanproductyield Lowercoststructure Capturefeedstockadvantage Generatemidteensreturnsandfreecashflow
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KeyMilestones
DetailedseparationplanningfollowedbyIRStaxrulingrequest Announcementofnewboardandleadershipteams FavorableIRSruling FinalCOPBoardapproval Expectedclosingfirsthalfof2012

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DeliveringShareholderValue

Continuedassetsales StrongOECDbasedcashflow Enhancedqueueofgrowthprojects Disciplinedcapitalinvestment Strengthenedportfolio

100%+reservesreplacement Productionpersharegrowth Improvedreturns EPS/CFPSgrowth Increaseddistributions

Restructuringconsistentwithcommitmenttoshareholderreturns
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