EE--GasGasTMTM Technology 2011 OutlookTechnology 2011 Outlook Phil AmickPhil Amick Commercialization ManagerCommercialization Manager

Gasification Technologies ConferenceGasification Technologies Conference San Francisco, CaliforniaSan Francisco, California October 10, 2011October 10, 2011

CAUTIONARY STATEMENTCAUTIONARY STATEMENT

FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995SECURITIES LITIGATION REFORM ACT OF 1995

The following presentation includes forwardThe following presentation includes forward--looking statements. These statements relate to future events, slooking statements. These statements relate to future events, such as uch as anticipated revenues, earnings, business strategies, competitiveanticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or position or other aspects of our operations or operating results. Actual outcomes and results may differ materioperating results. Actual outcomes and results may differ materially from what is expressed or forecast in such ally from what is expressed or forecast in such forwardforward--looking statements. These statements are not guarantees of futlooking statements. These statements are not guarantees of future performance and involve certain ure performance and involve certain risks, uncertainties and assumptions that are difficult to predirisks, uncertainties and assumptions that are difficult to predict such as oil and gas prices; refining and marketing ct such as oil and gas prices; refining and marketing margins; operational hazards and drilling risks; potential failumargins; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving re to achieve, and potential delays in achieving expected reserves or production levels from existing and future expected reserves or production levels from existing and future oil and gas development projects; unsuccessful oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical dexploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying ifficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchancompany facilities; international monetary conditions and exchange controls; potential liability for remedial actions ge controls; potential liability for remedial actions under existing or future environmental regulations or from pendiunder existing or future environmental regulations or from pending or future litigation; limited access to capital or ng or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or usignificantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial ncertainty in the domestic or international financial markets; general domestic and international economic and politicmarkets; general domestic and international economic and political conditions, as well as changes in tax, al conditions, as well as changes in tax, environmental and other laws applicable to ConocoPhillipsenvironmental and other laws applicable to ConocoPhillips’’ business and other economic, business, competitive business and other economic, business, competitive and/or regulatory factors affecting ConocoPhillipsand/or regulatory factors affecting ConocoPhillips’’ business generally as set forth in ConocoPhillipsbusiness generally as set forth in ConocoPhillips’’ filings with the filings with the Securities and Exchange Commission (SEC). Securities and Exchange Commission (SEC).

Cautionary Note to U.S. Investors Cautionary Note to U.S. Investors –– The SEC permits oil and gas companies, in their filings with thThe SEC permits oil and gas companies, in their filings with the SEC, to e SEC, to disclose only proved, probable and possible reserves. We use thedisclose only proved, probable and possible reserves. We use the term "resource" in this presentation that the term "resource" in this presentation that the SECSEC’’s guidelines prohibit us from including in filings with the SEC.s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10the oil and gas disclosures in our Form 10--K and other reports and filings with the SEC. Copies are availaK and other reports and filings with the SEC. Copies are available from ble from the SEC and from the ConocoPhillips website.the SEC and from the ConocoPhillips website.

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HeadlinesHeadlinesPOSCO Gwangyang starts constructionPOSCO Gwangyang starts constructionAsian Opportunities GrowAsian Opportunities GrowEquipment Network ExpandsEquipment Network ExpandsEE--STRSTRTM TM Technology ProgressTechnology ProgressWabash Operations UpdateWabash Operations UpdateConocoPhillips Repositioning ProcessConocoPhillips Repositioning Process

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POSCO Gwangyang SNG ProjectOfficial Groundbreaking June 7, 20115500 TPD Sub-Bituminous Coal for 500,000 TPY SNG

ProductConocoPhillips is providing E-Gas Technology process

design, support for detailed engineering and procurement, operations training and start-up assistance

Courtesy: POSCO4

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Asia and Pacific Opportunities

• Increased LNG demand impacting energy costs from India to Korea to South America

• Driving gasification-based power, chemical and fuels projects

• E-Gas Technology for SNG– Bituminous, Petcoke and

Sub-Bituminous Feedstocks

– Disconnects energy supply from oil price index

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Equipment Network

E-Gas Technology Equipment Supply Network Status:

• Multiple suppliers for proprietary components, and major and long lead equipment in core gasification area

• Fabricators added in Korea and India

• POSCO placed orders for gasifiers, syngas coolers and char filter systems

• Fabricators aggregate over 1.6 million square meters of floor capacity and 6300 tons of lifting capacity

Technology Development HighlightsTechnology Development HighlightsLow Cost Fuel UtilizationLow Cost Fuel Utilization

EE--STR Technology STR Technology –– new gasifier for lignite new gasifier for lignite and poor quality suband poor quality sub--bituminous coalsbituminous coalsPetcoke OptimizationPetcoke Optimization

Availability Availability Syngas CoolerSyngas CoolerOperations RefinementsOperations Refinements

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E-STR Gasifier Program

Core patent awarded in June

Pre-FEED completed

CFD Modeling and burner development initiated

Slipstream testing at Wabash River with low temperature tar removal catalyst.

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Petcoke Optimization

Slag separator package installed at full scale and operated– Slag carbon content < 5%

– Carbon recycled, improves carbon conversion efficiency from 98% to 99+%

Flux optimization– Driven by exhaustion of available flux source at

plant

– Multiple sources utilized with favorable gasification operating results

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Availability Program

Syngas cooler system design upgrade – Addresses availability and maintenance lessons learned

from original cooler at Wabash River

Refractory advances continue– Phased refractory replacement program has lowered

maintenance costs– New refractory design and materials have increased

refractory life in high wear areas– Testing program in place with USDOE Albany Research

Center

Ongoing continuous improvement programs for mixers, ejectors and first stage gasifier temperature measurement

Wabash River IGCC UpdateSG Solutions LLC

Wabash River Gasification ProjectWest Terre Haute, IndianaOwned by SG Solutions LLC

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Wabash River Operations

• Overall IGCC project is 80% on-stream since restarting from 2010 gas turbine outage. On track for annual production record

• New continuous run record > 1800 hours

• No downtime due to syngas cooling system since new unit installed

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Syngas Cooler shipping from Germany

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Syngas Cooler ReplacementRemoving old unit Nov. 2, 2010

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Setting new unit Nov. 6, 2010 – four days later

Syngas Cooler Replacement

Upgraded design for replacement

but using original spare tubes.

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84.00%

86.00%

88.00%

90.00%

92.00%

94.00%

96.00%

98.00%

100.00%

102.00%

1

Rel

iabi

lity Dec 05 - Apr 08

2009

2010

Jan-Oct 2011

Syngas Cooler Reliability

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ConocoPhillips RepositioningConocoPhillips Repositioning

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ConocoPhillips Repositioning

Creating two leading independent companies:

New ConocoPhillips

‐

uniquely positioned E&P company, with large, 

diversified, strong asset base focused in stable countries

•

Size, scale and technical capabilities to do any project globally

•

High impact unconventional resource plays

•

Growth from approved projects

•

Aggressive shareholder distributions

Downstream Co

‐

new approach to downstream integration

•

Unique, diverse and highly competitive portfolio of segment‐leading 

businesses – R&M, Midstream and Chemicals

•

Significant net cash flow and profitable investment opportunities

•

Leader in shareholder distributions 

Expected completion second quarter of 2012

The New ConocoPhillipsUnique, Independent E&P Company

•

Large, low cost reserve and resource position 

•

Twice the production of closest E&P peer

•

Expected strong dividend yield

•

Leading financial capability and strength

•

Ability to execute any project on a global scale

25%

75%

Non‐OECD

OECD

Reserves – YE 2010

New Downstream Company Portfolio

15 refineries (11 in US)

Nelson complexity average of 11

2.2 MMBPD refining capacity

~10,000 branded marketing outlets

North America’s largest producer of high density polyethylene 

4th largest North American ethylene producer

Leading Middle East position

Largest gas gatherer and processor in the U.S.

Largest NGL producer in the U.S.

60 plants and 12 fractionators

62,000 miles of pipeline

R&M reflects current assets, complexity and capacity

Chemicals and Midstream represent 100% of CPChem and DCP

R&M Chemicals Midstream