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Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference
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Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Conference

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  • 1. Howard Weil 37th Annual Energy Conference Jim Mulva Chairman & Chief Executive Officer
  • 2. CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS 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 drilling activities; lack of exploration success; 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; general domestic and international economic and political conditions, as well as changes in tax 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. 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. Cautionary Note to U.S. Investors – The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation such as “oil/gas resources,” “oil in place,” “recoverable bitumen,” “exploitable bitumen in place,” and “bitumen in place” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. The term “reserves,” as used in this presentation, includes proved reserves from Syncrude oil sands operations in Canada which are currently reported separately as mining operations in our SEC reports. Under amendments to the SEC rules, mining oil sands reserves will no longer be reported separately. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2008. 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 GAAP reconciliation tables provided in the presentation Appendix.
  • 3. A Year Ago – March 2008 Business Environment Strong global economic growth Energy demand outpacing supply Record commodity prices ConocoPhillips Outlook Cash flow in excess of optimal reinvestment levels 2008 share repurchases of $10 billion Long-term production growth ~2% 100% reserve replacement
  • 4. The World Has Changed Energy Commodity Demand Price Destruction Collapse Worst recession in recent history Credit Financial Global No indication of Market Crisis Downturn Collapse a bottom No confidence in markets Sharp Equity Declines Adjusting to near-term environment, maintaining long-term view
  • 5. Declining Global Economic Growth & Oil Demand Global Real GDP Global Oil Demand Growth in Percent Avg. Annual Growth / Decline Percent MMbbls/day 6 3.0 Emerging 2.5 Developed 5 Net Change 2.0 4 1.5 3 1.0 2 0.5 0.0 1 -0.5 0 -1.0 Range of estimates -1 -1.5 -2 -2.0 2004 2005 2006 2007 2008 2009F 2010F 2004 2005 2006 2007 2008 2009F 2010F Source: Upper bound on forecast represents International Monetary Fund, January Source: International Energy Agency & Deutsche Bank for 2010. 2009. Bar represents range of other views.
  • 6. Sharp Declines in Commodity Expectations Forward Curve Comparison $/bbl WTI Crude $/mmbtu Henry Hub Natural Gas $120 $12 $100 $10 $80 $8 $60 $6 $40 $4 $20 $2 $0 $0 4/2008 4/2009 4/2010 4/2011 4/2012 4/2013 4/2008 4/2009 4/2010 4/2011 4/2012 4/2013 $/bbl USGC Crack Spread $14 $12 $10 $8 March 1, 2008 $6 Current $4 $2 $0 4/2008 4/2009 4/2010 Source: Platts, Goldman Sachs Current Futures as of March 6, 2009
  • 7. S&P Index Historical Returns 2007 2005 1994 1993 2006 1992 2004 1987 1988 1984 1986 2003 2000 1978 1979 1999 1990 1970 1972 1998 1981 1960 1971 1996 1977 1956 1968 1983 1969 1948 1965 1982 1962 1947 1964 1976 1953 1923 1959 1967 1997 1946 1916 1952 1963 1995 1940 1912 1949 1961 1991 1939 1911 1944 1951 1989 2001 1934 1906 1926 1943 1985 1973 1932 1902 1921 1942 1980 1966 1929 1899 1919 1925 1975 1957 1914 1896 1918 1924 1955 1941 1913 1895 1905 1922 1950 2009 YTD 1920 1903 1894 1904 1915 1945 2002 1917 1890 1891 1898 1909 1938 1971 1910 1887 1889 1897 1901 1936 1958 1954 2008 1930 1893 1883 1887 1892 1900 1927 1935 1933 1931 1937 1907 1884 1882 1881 1886 1880 1908 1928 1885 -50 to -40% -40 to -30% -30 to -20% -20 to -10% -10 to 0% 0 to 10% 10 to 20% 20 to 30% 30 to 40% 40 to 50% 50 to 60% This is a severe bear market Source: Value Square Asset Management; International Center for Finance, Yale School of Management As of March 6, 2009
  • 8. Impact on ConocoPhillips Operating performance according to plan Commodity price declines Lower income and cash flow Share price decline (July 2008 – present) • ConocoPhillips -63% • LUKOIL -67% Non-cash LUKOIL / goodwill impairments
  • 9. Challenging Political Environment 2006 U.S. Greenhouse Gas Emissions Fiscal actions taken during high Million Metric Tons CO2 Equivalent price environment unlikely to be 8,000 Natural Gas Combustion reversed Petroleum Combustion 7,000 Coal Combustion Increased taxation / regulation 6,000 proposed 5,000 Proposed U.S. oil & gas sector Resource access remains 4,000 responsibility1 constrained 3,000 Increased likelihood of climate 2,000 change legislation 1,000 Alternative / renewable energy 0 Total U.S. U.S. U.S. Oil & Gas projects emphasized GHG Emissions Combustion Emissions Operations Emissions Sources: EPA, Inventory of U.S. Greenhouse Gas Emissions and Sinks: 1990-2006, April 2008; World Resources Institute, US GHG Emissions Flow Chart. 1As proposed under S.2191 (Lieberman Warner)
  • 10. Response to the Current Environment Adjusted operating plans and capital program Implemented appropriate cost reduction Focused on maintaining balance sheet strength and financial flexibility Suspended share repurchase program Increased engagement in public policy debate / formulation
  • 11. Creation of an International, Integrated Major Scope achieved over past decade: • >50 BBOE captured resources • >10 BBOE proven reserves • 2.2 MMBOED production • 3.0 MMBPD refining capacity • 2008 revenues of $241 billion • Operations in nearly 40 countries Resources, reserves, production and refining capacity include LUKOIL
  • 12. $65 B in Strategic Transactions 1999 – 2008 Paid Transaction Achieved Metric* Legacy Upstream position in Alaska Premise: $18/bbl $7 B Added proved reserves of 2 BBOE and 1.1 MM net Actual: $52/bbl ARCO Alaska exploration acres Legacy Upstream position in Canada Premise: $3.84/mcf $5 B Added proved reserves of 1 BBOE and bolstered position in Actual: $6.57/mcf Canada SE Asia Legacy U.S. Refining position Premise: $4.50/bbl $7 B Added 1.4 MMBPD refining capacity Actual: $8.40/bbl Highly competitive international, integrated major Premise: $20/bbl Captured $1.9 B in annual synergies Actual:$61/bbl Legacy Upstream position in North America Premise: $7.77/mcfe $34 B Added 18.1 TCF (3 BBOE) to proved and probable reserves Actual: $9.24/mcfe (70% natural gas / 30% oil) Strategic alignment with Russian partner Premise: 1.8 Bboe $7.5 B Creates future investment options in Russia, Caspian and LUKOIL Actual: 1.8 Bboe Middle East Asset Integrated North American heavy oil business Premise: $45/bbl Created two JVs with access to ~6.5 B BBLS gross Swap Actual: $86/bbl recoverable bitumen and refining capacity of 450+ MBPD Legacy Australasian natural gas business $1.44/mcf for 3P resource $4.7 B Created JV with access to estimated 42 TCF gross coal bed $0.38/mcf for total resource methane resources1 *Actual prices are full years after transaction closing through 2008. Oil and gas prices represent WTI and Henry Hub except Tosco, which represents GCC 3:2:1, and Origin, which represents transaction value. 1Includes 17 TCF of gross prospective resources. Price paid represents initial investment.
  • 13. Organic Growth 1999 – 2008 $73 billion invested in organic growth • Enabled resource capture, reserve development, and expansion of production base • Increased refining capacity and conversion capability Significant value to ConocoPhillips’ shareholders • $13.5 billion returned via dividends • $18 billion in share repurchases • Leading Shareholder Return – ConocoPhillips1 12.0% – Peer average 7.7% – S&P 500 average (1.4)% 1Includes Phillips through Aug. 2002, ConocoPhillips from Sep. 2002 – Dec. 2008.
  • 14. Strategic Objectives Unchanged Market position International, integrated energy major 70 - 75% E&P ~20 - 25% R&M Portfolio balance 5% in Midstream, Chemicals, Alternatives and Renewables Capital program $12.5 billion (2009) Dividend Competitive with peers Cash and Income per BOE Competitive with peers ROCE Improve relative position Debt ratio 20% - 25% 5-year reserve replacement 100+% Production Maintain near-term / Grow long-term
  • 15. Exploration & Production >10 BBOE Proven Reserves >900 MBOED New Production Oil Converting reserves to new production Gas 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 >50 BBOE Captured Resources 2009 to 2013 Five-year average reserve replacement 100+% Oil Gas Migrating captured resources to proven reserves and production
  • 16. Refining & Marketing Crude Advantage Product Yield Investment Impacts San Francisco Wood River Wilhelm shaven Yanbu Refinery Crude Clean Advantaged Capacity Products Crude 2008 Future 2008 Future Sweet Other Medium Sour Gasoline Heavy Sour Distillate Improving margins through conversion capability and increased yields
  • 17. 2009 Operational Objectives E&P Production (ex LUKOIL) 1.8 million BOED Reserve Replacement 100+% Refining Crude Capacity Availability 95+% Capital Program $12.5 billion Cost Reduction 10+% Improve employee and HSE Performance contractor TRR
  • 18. 2009 Financial Priorities Fund capital program Disciplined cost management Pay competitive dividends Preserve balance sheet strength and financial flexibility
  • 19. 2009 Capital Program 2009 By Segment 2% $ Billions 16% 19.9 16.4 82% E&P 12.9 12.5 R&M 11.9 Other 2009 By Region 6% 9% 15% 54% 16% 2005 2006* 2007 2008 2009 Estimate Am ericas E&P R&M Other Asia Pacific Europe Middle East & Africa Russia & Caspian *Excludes purchase price for Burlington Resources, but includes its capital program from purchase date of March 31, 2006 forward
  • 20. Capex & Shareholder Distributions 2006 – 2008 Average 2009E 140% 131% 121% 35% Peer avg. 117% 116% 24% Peer avg. 109% 105% 108% 30% 16% 104% 101% 103% 102% 101% 98% 22% 13% 19% 28% 23% 25% 35% 21% 29% 58% 11% 26% 18% 105% 107% 15% 77% 82% 80% 75% 70% 68% 62% 63% 62% 31% BP RDS XOM CVX COP TOT BP RDS XOM CVX COP TOT Share Repurchase / CFOA Dividends/CFOA Dividends / CFOA Capex / CFOA Capital Program/CFOA Peer Average Peer Average Source: First Call estimates as of March 6, 2009, company filings and announcements
  • 21. Return on Capital Employed 25% Peer Group 20% 15% 22% 10% 17% 15% 15% 14% 5% 10% 0% 2003 2004 2005 2006 2007 2008 Delivering competitive returns All companies Income adjusted to exclude certain non-core earnings impacts (based solely on publicly available information). Purchase accounting basis. See Appendix for additional information.
  • 22. Financial Performance – Income per BOE/BBL E&P R&M $ / BOE $ / BBL 5.00 25.00 4.00 20.00 3.00 15.00 4.50 10.00 2.00 3.85 2.40 18.44 3.59 14.79 13.76 12.19 2.39 5.00 9.97 1.00 7.08 1.26 0.00 0.00 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 Peer Group Delivering competitive returns E&P based on total BOE production. All companies Income adjusted to exclude certain non-core earnings impacts (based solely on publicly available information). See Tables 1 and 2 of Appendix for additional information.
  • 23. Financial Performance – Cash per BOE/BBL E&P R&M $ / BOE $ / BBL 35.00 6.00 30.00 5.00 25.00 30.70 4.00 20.00 5.16 22.96 3.00 15.00 4.64 22.35 3.16 20.60 2.00 4.28 10.00 3.06 15.07 5.00 11.62 1.00 1.88 0.00 0.00 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 Peer Group Delivering competitive returns E&P based on total 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 DD&A. See Tables 1 and 2 of Appendix for additional information.
  • 24. Competitive Dividend Yield 10% Peer Group 5% 4% 3% 2% 2% 2% 2% 0% 2003 2004 2005 2006 2007 2008
  • 25. Positioned to Create Shareholder Value Capital Operating Discipline & Shareholder Excellence Project Financial Value Execution Optimization Shareholder Technology & Innovation Value Portfolio of High-Quality Assets Competitive integrated, international energy firm Consistent long term strategy Managing through the downturn Funding commitments and preserving optionality Positioned for significant value creation as economy improves
  • 26. Appendix
  • 27. Definitions RESOURCE The company uses the term “resources” in this presentation. The company has estimated its total resources based on a system developed by the Society of Petroleum Engineers. The system classifies recoverable hydrocarbons into six categories based on their status at the time of reporting – three deemed commercial and three deemed noncommercial. Within the commercial classification are proved reserves and two categories of unproved – probable and possible. The noncommercial categories are also referred to as contingent resources. The resource estimate encompasses volumes associated with all six categories. NET RISKED RESOURCE The estimate of potential hydrocarbon reserves discounted for subsurface chance of success, royalty, and working interest. BITUMEN IN PLACE Bitumen in place (gross before royalty) estimated to a zero contour for all pay horizons. EXPLOITABLE BITUMEN IN PLACE Applies current economic cutoffs to total in place (gross before royalty) volumes for McMurray zone only. RECOVERABLE BITUMEN Based on the 11.5 B BBL of exploitable bitumen in the McMurray and current technology. All bitumen estimates are provided by McDaniel & Associates Consultants Ltd. and represent 100% interest. OIL IN PLACE The total quantity of trapped oil believed to exist in a geologic feature or structure, based on the analysis of well information, geological, geophysical and petrophysical data. SWEET CRUDE Sulfur content less than or equal to 0.54 wt. %. MEDIUM SOUR CRUDE API gravity between 24 and 30 degrees and sulfur content greater than 2.0 weight percent. HEAVY SOUR CRUDE API gravity less than 24 degrees and sulfur content greater than 0.54 weight percent or API gravity less than 30 degrees and sulfur content greater than 2.0 weight percent.
  • 28. Definitions (continued) CAPITAL PROGRAM Capital Program includes capital expenditures and investments, loans to affiliates, and obligations to fund the upstream business venture with EnCana. CAUTIONARY NOTE TO U.S. INVESTORS Cautionary Note to U.S. Investors – The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation such as “oil/gas resources,” “oil in place,” “recoverable bitumen,” “exploitable bitumen in place,” and “bitumen in place” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. The term “reserves,” as used in this presentation, includes proved reserves from Syncrude oil sands operations in Canada which are currently reported separately as mining operations in our SEC reports. Under amendments to the SEC rules, mining oil sands reserves will no longer be reported separately. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2008. U.S. investors are urged to consider closely the disclosures in the company’s 2008 Form 10-K, File No. 001-32395, available from the company at 600 N. Dairy Ashford, Houston, Texas 77079, and the company’s web site at www.conocophillips.com/investor/sec.htm. The 2008 Form 10-K can also be obtained from the SEC by calling 1-800-SEC-0330.
  • 29. COP Non-GAAP Reconciliations 2003 2004 2005 2006 2007 2008 GAAP E&P Net Income - $MM 4,302 5,702 8,430 9,848 4,615 (13,479) GAAP E&P Net Income - $ / BOE 7.33 9.97 14.79 13.78 6.73 (20.59) non-core earnings impacts - $MM gains and (losses) on asset dispositions 565 590 asset impairments (118) (4,752) (26,070) tax legislation / regulatory / other 142 (4) 133 436 (71) E&P Income - $ / BOE 7.08 9.97 14.79 13.76 12.19 18.44 E&P DD&A - $ / BOE 4.54 5.10 5.81 8.59 10.77 12.26 E&P Cash Contribution - $ / BOE 11.62 15.07 20.60 22.35 22.96 30.70 2003 2004 2005 2006 2007 2008 GAAP R&M Net Income - $MM 1,272 2,743 4,173 4,481 5,923 2,322 GAAP R&M Net Income - $ / BBL 1.14 2.39 3.52 3.53 5.00 2.09 non-core earnings impacts - $MM gains and (losses) on asset dispositions 339 224 asset impairments (441) 112 (550) tax legislation / regulatory / other (125) (83) 34 141 (24) R&M Income - $ / BBL 1.26 2.39 3.59 3.85 4.50 2.40 R&M DD&A - $ / BBL 0.62 0.67 0.69 0.79 0.66 0.76 R&M Cash Contribution - $ / BBL 1.88 3.06 4.28 4.64 5.16 3.16 2003 2004 2005 2006 2007 2008 GAAP ROCE 10% 15% 23% 17% 11% -17% non-core earnings impacts - $MM gains and (losses) on asset dispositions 306 904 814 asset impairments (559) (4,640) (34,145) tax legislation / regulatory / other 142 (22) (111) 167 639 (64) Goodwill impairment equity adjustment - $MM - - - - - 25,443 ROCE 10% 15% 22% 17% 14% 15% Table 1
  • 30. COP Non-GAAP Reconciliations 2003 2004 2005 2006 2007 2008 GAAP E&P CFOA - $MM 7,751 9,109 12,126 16,978 16,228 20,976 GAAP E&P CFOA - $ / BOE 13.20 15.92 21.27 23.77 23.65 32.04 excluded GAAP items - $MM non-cash working capital 356 221 31 244 393 389 non-working capital adjustments* 573 267 350 770 78 488 E&P Cash Contribution - $ / BOE 11.62 15.07 20.60 22.35 22.96 30.70 2003 2004 2005 2006 2007 2008 GAAP R&M CFOA - $MM 2,208 2,671 4,914 4,625 6,757 1,903 GAAP R&M CFOA - $ / BBL 1.99 2.32 4.14 3.65 5.70 1.71 excluded GAAP items - $MM non-cash working capital (104) (702) 267 (1,095) 1,188 (1,294) non-working capital adjustments* 225 (142) (427) (172) (546) (314) R&M Cash Contribution - $ / BBL 1.88 3.06 4.28 4.64 5.16 3.16 *Includes items such as deferred tax, accretion on discounted liabilities, and undistributed equity earnings For Peer Companies, Cash Contribution is calculated as adjusted Income plus DD&A for each full year 2003 through 2008. For 2008, RDS and TOT DD&A data has not yet been made public by E&P and R&M segments, so 2008 Peer Company DD&A splits by segment have been made based on year end 2007 DD&A segment weightings as applied to 2008 total company DD&A expense. Table 2
  • 31. Peer Capital Employed XOM CVX BP TOT** Equity issued for purchase* 72,795 35,690 49,091 65,055 Less: Equity of companies acquired (19,015) (14,330) (15,682) (20,458) Excess Capital Employed under 53,780 21,360 33,409 44,597 Purchase Accounting Peer Group: ExxonMobil, Chevron, BP, TOTAL and Royal Dutch Shell (note: no adjustments for Shell) * Based on the number of shares issued in the transaction and the average price two days before and two days after the deals were announced ** Shown in Euros Table 3
  • 32. North America Programs Working Acreage2 Area 2008 Production Interest1 ‘000 (MBOED) Acres San Juan Basin ~80% 1,300 192 Permian Basin ~87% 310 50 Lobo ~90% 450 47 Lower 48 Panhandle / Anadarko ~80% 1,500 41 Bossier ~100% 80 24 Barnett ~94% 110 16 Elmworth ~85% 990 36 Kaybob ~60% 560 23 Grande Prairie ~55% 590 24 Canada Central & Southern Plains ~70% 2,400 63 O’Chiese ~70% 640 26 Foothills ~55% 460 14 Northern Plains ~60% 820 17 Edson ~80% 500 17 1 Working interest is calculated based on average net working interest in the area at December 31, 2008 2 Acreage is total net acreage at December 31, 2008
  • 33. Major Projects Gross Peak Start- Current Region Significant Project WI% Production Up Project Phase MBOED Canada Foster Creek 1D 50 30 1 Construction Foster Creek 1E 50 30 1 Construction Asia Pacific Bohai Phase II 49 173 Construction 2009- North Belut 40 64 Construction 2010 Su Tu Den Northeast 23 32 Construction Middle East / North Qatargas-3 30 263 Construction Africa Libya – Faregh 2 16 36 Construction COP operated 1 Represents operator's forecasted plant capacity and SOR
  • 34. Major Projects Gross Peak Start- Current Region Significant Project WI% Production Up Project Phase MBOED Asia Pacific Suban 3 54 33 Optimize South Sumatra 54 24 Appraise Kebabangan 30 1 145 Optimize Malikai 35 47 Optimize Gumusut-Kakap 33 129 Construction Sunrise 30 148 Appraise 2011+ APLNG 50 2 364 3 Appraise Panyu 25 42 Appraise Block B – Future fields 40 20 Appraise Petai 35 38 Appraise Ubah 35 58 Appraise Kamunsu East 30 60 Appraise Su Tu Nau 23 25 Appraise COP operated 1 Jointly operated 2 COP to operate the downstream LNG plant; Origin to operate upstream development 3 Based on 4 LNG train development
  • 35. Major Projects Gross Peak Start- Current Region Significant Project WI% Production Up Project Phase MBOED Canada Christina Lake C 50 40 1 Construction Christina Lake D 50 40 1 Define Surmont 2 50 84 Optimize Surmont 3-6 50 254 Optimize Thornbury 1-2 100 92 Optimize 2011+ Clyden 1 100 46 Appraise Saleski 100 110 Appraise Christina Lake E & F 50 80 1 Appraise Foster Creek 1F & 1G 50 60 1 Appraise Parsons Lake 75 56 Optimize Amaugliak 51 210 Appraise COP operated 1 Represents operator's forecasted plant capacity and SOR
  • 36. Major Projects Gross Peak Start- Current Region Significant Project WI% Production Up Project Phase MBOED Alaska ANS Gas 36 660 Appraise Prudhoe WRD 1 36 22 Define Kuparuk Viscous Oil 2 56 23 Appraise / Define Mooses Tooth Oil & 78 30 Appraise Fiord West 2011+ Middle East / North Algeria – El Merk (EMK) 17 60 Construction Africa Shah Gas Project 40 TBD 3 Optimize Libya - NC98 16 80 - 120 Appraise Libya - North Gialo 16 80 - 120 Appraise Libya – Further Waha 13 80 - 120 Appraise Development COP operated 1 Includes IPAD and Gas Partial Processing projects 2 Includes North East West Sak & Ugnu 3 To be defined
  • 37. Major Projects Gross Peak Start- Current Region Significant Project WI% Production Up Project Phase MBOED North Sea Jasmine 37 85 Appraise Ekofisk South 35 71 Optimize Eldfisk II 35 75 Optimize Tor Redevelopment 31 42 Appraise Tommeliten 28 53 Appraise Clair II 24 100 Appraise 2011+ Russia / Caspian Kashagan Phase 1 8 450 1 Construction Kashagan Phase 2+ 8 1,050 Optimize Kalamkas 8 77 Appraise Aktote 8 75 Appraise Kairan 8 65 Appraise West Africa NLNG Train 6 supply 20 49 Construction Uge 20 79 Appraise COP operated 1 Represents operator's forecasted plant capacity

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