Building on a Decade of World-Class Operations in Darwin

Steve Ovenden

Vice-President, Growth

ConocoPhillips Australia Business Unit West

September 14, 2016 SEAAOC 2016

Cautionary StatementThe 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 weoperate or participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-lookingstatements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that mayprove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards and drilling risks; potential failure to achieve, andpotential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessfulexploratory 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 environmentalregulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertaintyin the domestic or international financial markets; general domestic and international economic and political conditions, as well as changes intax, environmental and other laws applicable to ConocoPhillips’ business and other economic, business, competitive and/or regulatory factorsaffecting ConocoPhillips’ business generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). We cautionyou 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 ofcompany operating performance across periods and with peer companies. Any non-GAAP measures included herein will be accompanied by areconciliation to the nearest corresponding GAAP measure 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 andpossible 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 areavailable from the SEC and from the ConocoPhillips website.

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Key Messages

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• ConocoPhillips’ strong legacy in the region

• Diverse ways our investments are contributing to the development of Northern Australia and Timor-Leste

• Darwin LNG is uniquely positioned to unlock future opportunities in Northern Australia

• Update on ConocoPhillips’ exploration and development activities in the region

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About ConocoPhillips

Headquarters Exploration Production Exploration & Production

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1,589

8.2

2015 Production

Thousandbarrels of oilequivalent per day

Billionbarrels of oilequivalent

2015 Proved Reserves

ConocoPhillips Australia and Timor-Leste

Tropic of Capricorn

1082015 Production

Thousandbarrels of oilequivalent per day

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Bayu-Undan and Darwin LNG

• A pioneering endeavour of enormous scale

• Economically, politically & technically challenged

• Several world first technological achievements

• Most complex liquid stripping plant ever built offshore

• First dual condensate and refrigerated LPG FSO vessel

• First open water side-to-side LPG mooring and offloading

• Largest above ground LNG storage tank 188,000 m3 (at the time)

• Numerous environmental design features at Darwin LNG

• High efficiency, low emission aero-derivative gas turbines

• Waste heat recovery on turbine exhausts

• Turbine water injection for NOX reduction

• Ship loading vapour recovery system

• Shielded ground flare

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• Success beyond all expectations

• Bayu-Undan and Darwin LNG projects delivered within budget and ahead of schedule

• Global reputation as a world-class asset, winning multiple engineering and HSE awards

• 549 LNG cargoes safely delivered to date

• Development of workforce and supply chain capacity in the Northern Territory and Timor-Leste

• Significant financial contribution towards the development of Timor-Leste

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Achievements and Legacy

Employment, Training and Community Benefits

• >50% of construction workforce were Territorians

• Residential workforce policy

• Built career pathways in Darwin & Timor-Leste• Darwin Operations Centre Training Academy (DOCTA)

• Engineering and industry based scholarships

• Trade apprenticeships

• Training programs

• Two-thirds of plant operators are long-term NT residents and all live in the Darwin community

• Grown Timor-Leste workforce to over 300

• Community donations and sponsorships to promote cultural vitality

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Supply Chain Capacity Building

• Long-term commitment to region

• Developed substantial supply chain and service sector capacity

• Annual operating & maintenance budget in the hundreds of millions of dollars per year

• Ongoing investment in planned maintenance outages to maintain safe and efficient operations

• Logistics hub for ConocoPhillips offshore exploration and production operations

• Paved way for future investment in the Northern Territory

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Local Capacity Building

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Darwin LNG’s Pioneering Carbon Strategy

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• West Arnhem Land Fire Abatement (WALFA) program

• Strategic controlled early dry season burning to minimise the impact of catastrophic late dry season fires

• World-class program and benefits:

• Recognised globally for environmental, social, cultural and economic benefits

• Abated over 1.4 million tonnes CO2e

• Employment and training of 200+ indigenous Australians and rangers

• Improved outlook for declining species of flora and fauna

• Protection of cultural heritage sites

ABOVE: WALFA Area - Catastrophic burns (red) significantly reduced since project inception in 2006

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Synergies: LNG and the Savannah Burning Industry

• LNG industry supports expansion of savannah burning industry for affordable carbon management and many additional community benefits

• WALFA has been emulated across Northern Australia

• ~$100 million of CO2e abatement contracted; created a new industry for Northern Australia

• Potential to grow with estimated abatement of 60 million tonnes per annum

• Government needs to recognise and reflect co-benefits of these programs in carbon policy

• De-risk programs to attract increased private investment

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Future Development Opportunities and Challenges

• Multiple discovered gas resources in the region

• Investment challenges• Competing for scarce capital

• Wave of investment has inflated costs

• Drop in LNG prices and LNG oversupply

• New greenfield LNG projects not cost competitive; brownfield expansions also challenged

• Backfill of existing infrastructure provides lowest cost opportunity

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Darwin LNG Backfill

• Bayu-Undan field maturing in line with expectations

• New gas supply required to maintain DLNG operations

• Darwin LNG is uniquely positioned for backfill

• World-class asset with improving efficiency and long-life potential

• World-class residential workforce

• Existing relationships with government, supply chain and community

• Existing programs to manage social and environmental activities

• Darwin LNG is open for business

• Spare liquefaction capacity from 2023

• Working an open process to engage and determine best backfill supply

• Darwin LNG expansion (Train 2+) requires a step-change reduction in costs

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ConocoPhillips Upstream Opportunities

• Invested over US$1.4 billion in offshore exploration in the region in recent years

• Progressing two COP operated candidates that are competing for Darwin LNG backfill

• Barossa Caldita (COP, SK E&S, Santos)

• 1 reservoir, 2 fields

• ~250 metre water depth

• Liquid content: 3 – 10 bbls/MMscf

• ~250 km export pipeline length

• Greater Poseidon (COP, Origin, PetroChina)

• 2 reservoirs, 5 fields

• ~500 metre water depth

• Liquid content: 10 – 20 bbls/MMscf

• ~640 km export pipeline length

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Barossa Development Overview

• Floating Production Storage & Offloading (FPSO) facility selected

• Full subsea production gathering system

• Gas processing on the FPSO to separate gas, condensate and water, and remove bulk CO2

• Ship shape FPSO of VLCC size; either a conversion or new build hull (to be determined)

• Lean gas exported to Darwin LNG via a ~260 km x 26” export pipeline, tied into existing Bayu export pipeline

• Lean gas specification similar to Bayu-Undan; avoids major modifications of Darwin LNG = ‘business as usual’ for DLNG

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Barossa Activities and Timeline

• Currently acquiring new 3D seismic over area

• One to two further appraisal wells planned to resolve subsurface uncertainty; contracted the Atwood Osprey

• Progressing subsurface definition, pre-FEED engineering studies and regulatory, environmental & commercial activities

• Decision to progress to FEED likely around year-end 2017; subject to appraisal results and pre-FEED engineering outcomes

• First gas timing will be dictated by availability of Darwin LNG capacity

• Preparing to submit Offshore Project Proposal (OPP) to the regulator (NOPSEMA); OPP provides for early consideration of the environmental acceptability of the offshore project

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• FPSO concept selected with full subsea production and gathering system

• Phased development due to multiple differing fields (likely 3 to 4 phases)

• Gas processing on FPSO to separate gas, condensate and water, and remove bulk CO2

• Lean gas exported to Darwin LNG via a ~640 km x 26” pipeline, tied into existing Bayu pipeline

• Progressing integrated subsurface & facilities modelling to optimise development

PHASE 1

PHASE 2

PHASE 3

Greater Poseidon Development Overview

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Conclusion: Realising the Potential of Darwin LNG

• Darwin LNG has been instrumental to the growth and success of the industry in the region

• ConocoPhillips is committed to extending and building on this legacy

• Darwin LNG is open for business and uniquely placed to unlock the next major upstream development

• In the current environment, leveraging existing infrastructure is essential for the development of the industry

• Challenges remain and economics finely balanced; government and community support is also required to ensure success

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