April 21, 2016

Nick Olds, VP North Slope Opera;ons & Development

ConocoPhillipsAlaska:NPR-AUpdate

Cau8onaryStatement&SafeHarbor

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The following presenta8on includes forward-looking statements. These statementsrelate to future events, such as an8cipated revenues, earnings, business strategies,compe88ve posi8on or other aspects of our opera8ons, opera8ng results or theindustriesormarketsinwhichweoperateorpar8cipateingeneral.Actualoutcomesandresultsmaydiffermateriallyfromwhatisexpressedorforecastinsuchforward-lookingstatements.Thesestatementsarenotguaranteesoffutureperformanceandinvolve certain risks, uncertain8es and assump8ons thatmay prove to be incorrectandaredifficulttopredictsuchasoilandgasprices;opera8onalhazardsanddrillingrisks;poten8alfailuretoachieve,andpoten8aldelaysinachievingexpectedreservesor produc8on levels from exis8ng and future oil and gas development projects;unsuccessfulexploratoryac8vi8es;unexpectedcostincreasesortechnicaldifficul8esin construc8ng,maintainingormodifyingcompany facili8es; interna8onalmonetarycondi8ons and exchange controls; poten8al liability for remedial ac8ons underexis8ng or future environmental regula8ons or from pending or future li8ga8on;limitedaccesstocapitalorsignificantlyhighercostofcapital relatedto illiquidityoruncertainty inthedomes8cor interna8onalfinancialmarkets;generaldomes8candinterna8onal economic and poli8cal condi8ons, as well as changes in tax,environmental and other laws applicable to ConocoPhillips’ business and othereconomic, business, compe88ve and/or regulatory factors affec8ng ConocoPhillips’business generally as set forth in ConocoPhillips’ filings with the Securi8es andExchange Commission (SEC). We cau8on you not to place undue reliance on ourforward-lookingstatements,whichareonlyasofthedateofthispresenta8onorasotherwise indicated, andwe expressly disclaim any responsibility for upda8ng suchinforma8on.Use of non-GAAP financial informa8on – This presenta8on may include non-GAAPfinancial measures, which help facilitate comparison of company opera8ngperformance across periods and with peer companies. Any non-GAAP measuresincludedhereinwillbeaccompaniedbyareconcilia8ontothenearestcorrespondingGAAPmeasureonourwebsiteatwww.conocophillips.com/nongaap.Cau8onaryNote toU.S. Investors–TheSECpermitsoilandgascompanies, in theirfilingswiththeSEC,todiscloseonlyproved,probableandpossiblereserves.Weusethe term "resource" in this presenta8on that the SEC’s guidelines prohibit us fromincludinginfilingswiththeSEC.U.S.investorsareurgedtoconsidercloselytheoilandgasdisclosuresinourForm10-KandotherreportsandfilingswiththeSEC.CopiesareavailablefromtheSECandfromtheConocoPhillipswebsite.

NorthSlopeofAlaska

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HistoryoftheNPR-A

•  In1923,theNPR-AwassetasidebyPresidentHardingasapetroleumreserve.

•  TheNavydrilled36testwellsinthe1940s&50s

•  Inthe70s&80stheUnitedStatesGeologicalSurveydrilled28testwells

•  Recentroundofleasesalesbeganin1999inNortheastNPR-A

•  NENPR-Aleasesalesfollowedin2002,2010,andintheNorthwestNPR-Ain2004,2006.Bothareas:2008and2011.

•  COPAhasdrilled30explora8onwellssince1999—andoperated28ofthesewells.

•  COPAformedfirstBLMunitin2008(GreaterMoosesToothUnit)

•  COPAformedsecondunitin2009(BearToothUnit)

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COPAHistoricalExplora8onAc8vityinNPR-A

•  WellsDrilledbyConocoPhillips:•  2000–3wells:Spark1,RendezvousA,Clover•  2001–5wells:Lookout1,Rendezvous2,Moose'sToothC.Par8cipatedwithBPinTrailblazerA&H.

•  2002–3wells:HunterA,Lookout2,Mitre1•  2003–1well:Puviaq1•  2004–3wells:Scout1,Carbon1,Spark4•  2005–2wells:Kokoda1and5•  2007–2wells:Intrepid,Noatak•  2008–2wells:Char,SparkDD•  2009–2wells:Grandview,Pioneer•  2013–2wells:Cassin1and6•  2014–2wells:Rendezvous3andFlatTop•  2016–3wells:Tiqmiaq2and6,Hyperion

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Lookout#1inSummerLookout#1@Explora8on

Rendezvous#2@Explora8on Rendezvous#2inSummer

OutreachandEngagement

•  Honestandrespecnulrela8onshipswithNorthSlopecommuni8es

•  Supportcommunityprojectsandeconomicopportuni8eswhileminimizingimpactsfromopera8ons:•  Subsistencesupport•  Educa8on/workforcedevelopmentprograms

•  Frequentcommunica8ontobalanceneedsofsubsistenceuserswithdevelopment:•  Obtainfeedbackonouropera8ons•  Gatherlocalandtradi8onalknowledgetohelpprotectsubsistenceresources

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NPR-ADevelopmentPlanning

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CD5–NewDrillSite

•  NewdrillsitetoaccessthewesternextensionoftheAlpinereservoirintheNPR-A•  Facili8esinclude:6-milegravelroad,11.8acregravelwellpad,NigliqChannelbridgeand3addi8onalbridges,pipeline,powerandcommunica8on.

•  FirstoilonOctober27,2015•  PeakSlopeemploymentduringconstruc8on:700posi8onsovertwowinters•  $1.1billiontodevelop•  Forecastedpeakproduc8onof16,000BOPDgrossannualaverage

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CD5–ApprovedforAddi8onalWells

•  AnnouncingToday—Addi8onalWellsatCD5• $190millioninvestment• Fundingapprovedforwellsandon-padinfrastructure• 18addi8onalwells• Fulldesigncapacityof33wells

• Withinexis8ngCD5footprint• Nonewgravelrequired

• Firstoilexpected3Q2017• Workbeginningthisyear

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•  DevelopmentsonNa8veandFederalLeases

•  GMT1•  8-milegravelroadwith2bridges•  11.8acregravelwellpad,poten8alfor33wells•  PeakEst.NSEmployment:~700posi8ons•  Projectsanc8onedforfundingNov2015•  Targe8ngfirstoillate2018•  Totalcostapproximately$900MMgross•  Peakproduc8on30,000BOPDgross•  Longleadmaterialsordered,detailedengineeringunderway

•  GMT2•  8-milegravelroadand14-acrepad•  33-welldevelopment•  FEL2Engineeringinprogress•  Peakest.NSEmployment:~700posi8ons•  Permirngprocessunderway•  Planningfirstoil4Q2020•  $1B+todevelop

GreaterMoosesTooth1(GMT1)andGMT2

CD1/ACF

ExistingInfrastructure(PostCD5Install)

NewInfrastructure

6MileRoad

8MileRoad

1Mile

CD5

GMT1

Alpine

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Summary

•  Alpinehassetthestandardforsmallfootprint,environmentallysounddevelopment

•  Alpineprovidestheinfrastructuretodevelopaccumula8onsintheNPR-A.

•  GMT1firstoilplannedforlate2018

•  GMT2tobuildoffofGMT1toexpeditefundingdecisionandconstruc8on

•  KeystoNPR-Adevelopment:morecertaintyinthepermirngprocess,andreasonable,non-duplica8veregula8ons

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