Joe Marushack President, Asia Pacific & Middle East Integrated Gas Projects in Australia

Cautionary Statement The 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 or operating results. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking 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; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory 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 environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to 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 and 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). Use of non-GAAP financial information – This presentation may include non-GAAP financial measures, which help facilitate comparison of company operating performance across periods and with peer companies. Any non-GAAP measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure in an appendix. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible 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 are available from the SEC and from the ConocoPhillips website.

About ConocoPhillips  World largest independent exploration and production company based on production and proved reserves  Headquartered in Houston, operations and activities in 27 countries  Approximately 18,400 employees worldwide  Diverse exploration portfolio: conventional and unconventional Exploration Focus

Integrated Gas Projects in Australia 4 TypeAssetStakeholders Offshore Gas & Liquids to LNG Bayu-Undan Field to Darwin LNG Facility Regulator of JPDA Timor-Leste Government Australian Government Northern Territory Government Joint Venture Partners Coal Seam Gas to LNG Australia Pacific LNGAustralian Government Queensland Government Joint Venture Partners Agricultural Interest Groups Non-government Organizations Community Partners UnconventionalCanning BasinAustralian Government Western Australian Government Joint Venture Partners Traditional Owners Conventional Exploration 1.Greater Poseidon 2.Barossa-Caldita 3.Greater Sunrise Australian Government Timor-Leste Government Joint Venture Partners Fishing Interest Groups

ConocoPhillips Australia and Timor-Leste : Bayu-Undan discovery 1999: Bayu-Undan FID 2003: Darwin LNG FID 2004: Bayu-Undan first cargo 2006: Darwin LNG first cargo Production 2008: Enter Australia Pacific LNG 2011: APLNG Train 1 FID 2012: APLNG Train 2 FID 2015: APLNG Train 1 first cargo 2016: APLNG Train 2 first cargo Development 2005: Caldita discovery 2006: Barossa discovery 2009: Sunrise appraisal complete 2010: Greater Poseidon discoveries 2012: Enter Canning Basin 2014: Extensive drilling program Exploration & Appraisal FID: Final Investment Decision

Australia’s Advantage  Stable fiscal and regulatory regime  Close to LNG customers  Skilled and experienced workforce  Some existing infrastructure  Abundant discovered and proved resources 6 Source: WA Department of Mines & Petroleum and EnergyQuest (July 2013) *Source: EIA World Shale Gas and Oil Resource Assessment 2013

Global LNG Market Balance (Source: PFC 2014) 7  If all planned & speculative capacity is built, we may see a potential for LNG oversupply (competitively affecting Australia)  However, supply is expected to be constrained due to execution risks and cost pressures

Australian Project Cost Challenge (Source: McKinsey 2013) 8 While Canadian costs seem too low, they are still likely to be lower than Australian greenfield projects

Australian Projects Capital Cost Overruns 9 “While the industry, partners and governments have together delivered more than $160 billion in committed LNG investment in Australia, another $100 billion-plus in projects hangs in the balance" Chevron Australia's managing director Roy Krzywosinski

Global Competitiveness 1997 to  Australia is ranked 16 th, down from its best ranking in 2004

Has the Tide Turned for Future Mega-Investments? 11 Source: Wood Mackenzie, November 2013

Addressing the Cost Challenge: Brownfield Development  Use of existing infrastructure reduces capital costs  Leverages operations best practice e.g. experienced operator, skilled workforce, existing construction and operator relationships 12

Examples: Darwin LNG and Australia Pacific LNG  Darwin LNG  Cost advantage of tying into existing infrastructure  Permitted for 10 MTPA  Expansion land available  Australia Pacific LNG  Cost advantage of tying into existing infrastructure  Permitted for 18 MTPA  Land available for 2 additional trains  Leverage Operations Best Practice  Strong relationships with train construction companies  Experienced operator ConocoPhillips Optimized Cascade© Process 13

Potential to Unlock Stranded Gas  Complement not replace existing options  One Australian project committed: Shell’s Prelude  Multiple projects considering FLNG as a development option  Opportunity to position Australia as a global FLNG hub  Center of excellence for operations, maintenance, supply chain and support 14

Reserves Do Not Equal Development  Policy makers must think big  Stable fiscal regimes attract global investment  Sound regulation is vital  Based on prudent scientific fact  Remain open to innovative technology such as FLNG  Laws should promote investment  Domestic gas reservation policies may deter investment 15

Reserves Do Not Equal Development  Industry must act responsibly  Continuously improve safety and environmental performance  Continuously improve technologies, processes and safeguards  Better inform stakeholders about facts and offer scientifically accurate information  Genuine engagement with communities - open, honest and transparent  Commitment to local content to deliver local capacity building and economic participation 16

Summary  Australia has delivered world class LNG projects  Australia’s advantage  Close to LNG customers  Existing infrastructure  Highly experienced workforce  Abundant resources  Challenged to remain cost competitive in a global marketplace  Addressing challenges  Brownfield developments  Innovative technology – FLNG  Investment decisions need certainty  Stable fiscal settings  Sound regulatory policy  Industry must remain committed to transparency and sustainability 17

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