conco phillips- presentations & conference calls howard weil annual energy conference
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Howard Weil37th Annual Energy
Conference
Jim MulvaChairman &
Chief Executive Officer
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.
FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONSOF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
CAUTIONARY STATEMENTCAUTIONARY STATEMENT
Strong global economic growth
Energy demand outpacing supply
Record commodity prices
A Year Ago – March 2008A Year Ago – March 2008
Cash flow in excess of optimal reinvestment levels
2008 share repurchases of $10 billion
Long-term production growth ~2%
100% reserve replacement
Business Environment
ConocoPhillips Outlook
The World Has ChangedThe World Has Changed
Financial Crisis
Global Downturn
SharpEquity
Declines
Energy Demand
Destruction
Commodity Price
Collapse
Credit Market
Collapse
Worst recession in recent history
No indication of a bottom
No confidence in markets
Adjusting to near-term environment, maintaining long-term view
-2
-1
0
1
2
3
4
5
6
2004 2005 2006 2007 2008 2009F 2010F
Declining Global Economic Growth & Oil DemandDeclining Global Economic Growth & Oil Demand
Source: Upper bound on forecast represents International Monetary Fund, January 2009. Bar represents range of other views.
Global Real GDPGrowth in Percent
Range of estimates
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2004 2005 2006 2007 2008 2009F 2010F
EmergingDevelopedNet Change
MMbbls/day
Source: International Energy Agency & Deutsche Bank for 2010.
Global Oil DemandAvg. Annual Growth / Decline
Percent
Henry Hub Natural GasWTI Crude
$0
$20
$40
$60
$80
$100
$120
4/2008 4/2009 4/2010 4/2011 4/2012 4/2013$0
$2
$4
$6
$8
$10
$12
4/2008 4/2009 4/2010 4/2011 4/2012 4/2013
$/bbl $/mmbtu
Source: Platts, Goldman SachsCurrent Futures as of March 6, 2009
Sharp Declines in Commodity ExpectationsForward Curve Comparison
Sharp Declines in Commodity ExpectationsForward Curve Comparison
$0
$2
$4
$6
$8
$10
$12
$14
4/2008 4/2009 4/2010
USGC Crack Spread$/bbl
March 1, 2008Current
This is a severe bear market
S&P Index Historical ReturnsS&P Index Historical Returns
Source: Value Square Asset Management; International Center for Finance, Yale School of ManagementAs of March 6, 2009
2007200519941993 20061992 20041987 19881984 1986 2003
2000 1978 1979 19991990 1970 1972 19981981 1960 1971 19961977 1956 1968 19831969 1948 1965 19821962 1947 1964 19761953 1923 1959 1967 19971946 1916 1952 1963 19951940 1912 1949 1961 19911939 1911 1944 1951 1989
2001 1934 1906 1926 1943 19851973 1932 1902 1921 1942 19801966 1929 1899 1919 1925 19751957 1914 1896 1918 1924 19551941 1913 1895 1905 1922 1950
2009 YTD 1920 1903 1894 1904 1915 19452002 1917 1890 1891 1898 1909 19381971 1910 1887 1889 1897 1901 1936 1958 1954
2008 1930 1893 1883 1887 1892 1900 1927 1935 19331931 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%
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
Impact on ConocoPhillipsImpact on ConocoPhillips
Challenging Political EnvironmentChallenging Political Environment
Fiscal actions taken during high price environment unlikely to be reversed
Increased taxation / regulation proposed
Resource access remains constrained
Increased likelihood of climate change legislation
Alternative / renewable energy projects emphasized
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Total U.S.GHG
Emissions
U.S.CombustionEmissions
U.S. Oil & GasOperationsEmissions
Natural Gas CombustionPetroleum CombustionCoal Combustion
2006 U.S. Greenhouse Gas EmissionsMillion Metric Tons CO2 Equivalent
Proposed U.S. oil & gas sector responsibility1
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)
Response to the Current EnvironmentResponse 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
Creation of an International, Integrated MajorCreation 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
Paid Transaction Achieved Metric*
$7 BLegacy Upstream position in Alaska
Added proved reserves of 2 BBOE and 1.1 MM net exploration acres
Premise: $18/bblActual: $52/bbl
$5 B
$7 B
$34 B
Legacy Upstream position in CanadaAdded proved reserves of 1 BBOE and bolstered position in
SE Asia
Premise: $3.84/mcfActual: $6.57/mcf
Legacy U.S. Refining positionAdded 1.4 MMBPD refining capacity
Premise: $4.50/bblActual: $8.40/bbl
Highly competitive international, integrated majorCaptured $1.9 B in annual synergies
Premise: $20/bblActual:$61/bbl
Legacy Upstream position in North AmericaAdded 18.1 TCF (3 BBOE) to proved and probable reserves
(70% natural gas / 30% oil)
Premise: $7.77/mcfeActual: $9.24/mcfe
$7.5 B
Asset Swap
$4.7 B
Strategic alignment with Russian partnerCreates future investment options in Russia, Caspian and
Middle East
Premise: 1.8 BboeActual: 1.8 Bboe
Integrated North American heavy oil businessCreated two JVs with access to ~6.5 B BBLS gross
recoverable bitumen and refining capacity of 450+ MBPD
Premise: $45/bblActual: $86/bbl
Legacy Australasian natural gas businessCreated JV with access to estimated 42 TCF gross coal bed
methane resources1
$1.44/mcf for 3P resource$0.38/mcf for total resource
ARCO Alaska
$65 B in Strategic Transactions1999 – 2008
$65 B in Strategic Transactions1999 – 2008
Canada
LUKOIL
*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.
Organic Growth1999 – 2008
Organic Growth1999 – 2008
1Includes Phillips through Aug. 2002, ConocoPhillips from Sep. 2002 – Dec. 2008.
$73 billion invested in organic growth• Enabled resource capture, reserve
development, and expansion ofproduction base
• Increased refining capacity andconversion capability
Significant value toConocoPhillips’ 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)%
Strategic Objectives UnchangedStrategic Objectives Unchanged
Market position International, integrated energy major
Portfolio balance
70 - 75% E&P~20 - 25% R&M
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
Migrating captured resources to proven reserves and production
Exploration & ProductionExploration & Production
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
>900 MBOED New Production
Oil
Gas
Oil Gas
>10 BBOE Proven Reserves
>50 BBOE Captured Resources2009 to 2013Five-year average reserve replacement 100+%
Converting reserves to new production
Improving margins through conversion capability and increased yields
Refining & MarketingRefining & Marketing
CrudeCapacity
CleanProducts
AdvantagedCrude
San FranciscoWood RiverWilhelmshavenYanbu Refinery
2008 Future Sweet Medium Sour Heavy Sour
2008 Future
OtherGasolineDistillate
Crude Advantage Product Yield
Investment Impacts
2009 Operational Objectives2009 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+%
HSE Performance Improve employee and contractor TRR
Fund capital program
Disciplined cost management
Pay competitive dividends
Preserve balance sheet strengthand financial flexibility
2009 Financial Priorities2009 Financial Priorities
E&PR&MOther
AmericasAsia PacificEuropeMiddle East & AfricaRussia & Caspian
2009 By Segment
2009 Capital Program2009 Capital Program
2009 By Region
82%
16%2%
54%16%
15%
9% 6%
2005 2006* 2007 2008 2009Estimate
E&P R&M Other
11.9
16.4
12.9
19.9
12.5
$ Billions
*Excludes purchase price for Burlington Resources, but includes its capital program from purchase date of March 31, 2006 forward
62%75%
31%
63% 68% 62%
29%
25%
15%
18% 11% 26%
30% 16%
58%
22% 23% 13%
121%116%
104% 103% 102% 101%
BP RDS XOM CVX COP TOT Share Repurchase / CFOADividends / CFOACapex / CFOAPeer Average
70%
105%
77%
107%
82% 80%
35%
35%
21%19% 28%
24%105%
131%
108%101%
140%
98%
BP RDS XOM CVX COP TOT
Dividends/CFOACapital Program/CFOAPeer Average
Capex & Shareholder DistributionsCapex & Shareholder Distributions2006 – 2008 Average
Source: First Call estimates as of March 6, 2009, company filings and announcements
2009E
Peer avg. 109%Peer avg. 117%
Delivering competitive returns
10%
15%
22%
17%14% 15%
0%
5%
10%
15%
20%
25%
2003 2004 2005 2006 2007 2008
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.
Peer Group
Return on Capital EmployedReturn on Capital Employed
Delivering competitive returns
7.089.97
14.79 13.76 12.19
18.44
0.00
5.00
10.00
15.00
20.00
25.00
2003 2004 2005 2006 2007 2008
1.26
2.39
3.59 3.854.50
2.40
0.00
1.00
2.00
3.00
4.00
5.00
2003 2004 2005 2006 2007 2008
$ / BOE $ / BBL
Peer Group
Financial Performance – Income per BOE/BBLFinancial Performance – Income per BOE/BBL
E&P R&M
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.
Delivering competitive returns
11.6215.07
30.70
22.9622.35
20.60
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
2003 2004 2005 2006 2007 2008
1.883.06
4.283.16
5.16
4.64
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2003 2004 2005 2006 2007 2008
$ / BOE $ / BBL
Financial Performance – Cash per BOE/BBLFinancial Performance – Cash per BOE/BBL
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.
E&P R&M
Peer Group
Competitive Dividend YieldCompetitive Dividend Yield
3% 2% 2% 2% 2%
4%
0%
5%
10%
2003 2004 2005 2006 2007 2008
Peer Group
Positioned to Create Shareholder ValuePositioned to Create Shareholder Value
Operating Excellence
Capital Discipline &
Project Execution
Financial Optimization
Shareholder Value
Shareholder Value
Portfolio of High-Quality Assets
Technology & Innovation
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
Appendix
DefinitionsDefinitionsRESOURCEThe 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 RESOURCEThe estimate of potential hydrocarbon reserves discounted for subsurface chance of success, royalty, and working interest.
BITUMEN IN PLACEBitumen 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 PLACEThe 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 CRUDESulfur content less than or equal to 0.54 wt. %.
MEDIUM SOUR CRUDEAPI gravity between 24 and 30 degrees and sulfur content greater than 2.0 weight percent.
HEAVY SOUR CRUDEAPI 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.
Definitions (continued)Definitions (continued)
CAPITAL PROGRAMCapital Program includes capital expenditures and investments, loans to affiliates, and obligations to fund the upstream business venture with EnCana.
CAUTIONARY NOTE TO U.S. INVESTORSCautionary 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.
Table 1
COP Non-GAAP ReconciliationsCOP Non-GAAP Reconciliations2003 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 - $MMgains and (losses) on asset dispositions 565 590asset 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 18.44E&P DD&A - $ / BOE 4.54 5.10 5.81 8.59 10.77 12.26E&P Cash Contribution - $ / BOE 11.62 15.07 20.60 22.35 22.96 30.70
2003 2004 2005 2006 2007 2008GAAP R&M Net Income - $MM 1,272 2,743 4,173 4,481 5,923 2,322GAAP R&M Net Income - $ / BBL 1.14 2.39 3.52 3.53 5.00 2.09
non-core earnings impacts - $MMgains and (losses) on asset dispositions 339 224asset 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 2.40R&M DD&A - $ / BBL 0.62 0.67 0.69 0.79 0.66 0.76R&M Cash Contribution - $ / BBL 1.88 3.06 4.28 4.64 5.16 3.16
2003 2004 2005 2006 2007 2008GAAP ROCE 10% 15% 23% 17% 11% -17%
non-core earnings impacts - $MMgains and (losses) on asset dispositions 306 904 814asset 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%
COP Non-GAAP ReconciliationsCOP Non-GAAP Reconciliations
Table 2
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 bysegment have been made based on year end 2007 DD&A segment weightings as applied to 2008 total company DD&A expense.
2003 2004 2005 2006 2007 2008GAAP E&P CFOA - $MM 7,751 9,109 12,126 16,978 16,228 20,976GAAP E&P CFOA - $ / BOE 13.20 15.92 21.27 23.77 23.65 32.04
excluded GAAP items - $MMnon-cash working capital 356 221 31 244 393 389non-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 2008GAAP R&M CFOA - $MM 2,208 2,671 4,914 4,625 6,757 1,903GAAP R&M CFOA - $ / BBL 1.99 2.32 4.14 3.65 5.70 1.71
excluded GAAP items - $MMnon-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
Peer Capital Employed 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 44,597Purchase 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
North America ProgramsNorth America Programs
AreaWorkingInterest1
Acreage2
‘000 Acres
2008 Production(MBOED)
San Juan Basin ~80% 1,300 192
Permian Basin ~87% 310 50
Lobo ~90% 450 47
O’Chiese ~70% 640 26Foothills ~55% 460 14Northern Plains ~60% 820 17
Panhandle / Anadarko ~80% 1,500 41
Barnett ~94% 110 16
Kaybob ~60% 560 23
Grande Prairie ~55% 590 24
Central & Southern Plains ~70% 2,400 63
Bossier ~100% 80 24
Lower 48
Elmworth ~85% 990 36
Edson ~80% 500 17
Canada
1 Working interest is calculated based on average net working interest in the area at December 31, 20082 Acreage is total net acreage at December 31, 2008
Major ProjectsMajor Projects
Start-Up
Region Significant Project WI%Gross Peak Production
MBOED
Current Project Phase
Canada Foster Creek 1D 50 30 1 Construction
Asia Pacific Bohai Phase II 49 173 Construction
Qatargas-3 30 263 Construction
Libya – Faregh 2 16 36 ConstructionMiddle East / NorthAfrica
Su Tu Den Northeast 23 32 Construction
Foster Creek 1E 50 30 1 Construction
North Belut 40 64 Construction2009-2010
COP operated
1 Represents operator's forecasted plant capacity and SOR
Major ProjectsMajor Projects
Start-Up
Region Significant Project WI%Gross Peak Production
MBOED
Current Project Phase
Asia Pacific Suban 3 54 33 OptimizeSouth Sumatra 54 24 AppraiseKebabangan 30 1 145 Optimize
Gumusut-Kakap 33 129 ConstructionSunrise 30 148 AppraiseAPLNG 50 2 364 3 AppraisePanyu 25 42 Appraise
Block B – Future fields 40 20 AppraisePetai 35 38 AppraiseUbah 35 58 Appraise
Kamunsu East 30 60 Appraise
2011+
Malikai 35 47 Optimize
Su Tu Nau 23 25 Appraise
1 Jointly operated2 COP to operate the downstream LNG plant; Origin to operate upstream development3 Based on 4 LNG train development
COP operated
Major ProjectsMajor Projects
Start-Up Region Significant Project WI%
Gross Peak Production
MBOED
Current Project Phase
Canada Christina Lake C 50 40 1 ConstructionChristina Lake D 50 40 1 Define
Surmont 2 50 84 OptimizeSurmont 3-6 50 254 Optimize
Saleski 100 110 AppraiseChristina Lake E & F 50 80 1 Appraise
Foster Creek 1F & 1G 50 60 1 Appraise
Thornbury 1-2 100 92 OptimizeClyden 1 100 46 Appraise
Parsons Lake 75 56 OptimizeAmaugliak 51 210 Appraise
2011+
1 Represents operator's forecasted plant capacity and SOR
COP operated
Major ProjectsMajor Projects
Start-Up Region Significant Project WI%
Gross Peak Production
MBOED
Current Project Phase
Alaska ANS Gas 36 660 AppraisePrudhoe WRD 1 36 22 Define
Kuparuk Viscous Oil 2 56 23 Appraise / Define
Mooses Tooth Oil & Fiord West 78 30 Appraise
Algeria – El Merk (EMK) 17 60 ConstructionShah Gas Project 40 TBD 3 Optimize
Middle East / NorthAfrica
Libya - NC98 16 80 - 120 AppraiseLibya - North Gialo 16 80 - 120 Appraise
Libya – Further Waha Development 13 80 - 120 Appraise
2011+
1 Includes IPAD and Gas Partial Processing projects2 Includes North East West Sak & Ugnu3 To be defined
COP operated
Major ProjectsMajor ProjectsStart-
UpRegion Significant Project WI%
Gross Peak Production
MBOED
Current Project Phase
North Sea Jasmine 37 85 Appraise
Ekofisk South 35 71 Optimize
Eldfisk II 35 75 Optimize
Russia / Caspian Kashagan Phase 1 8 450 1 Construction
West Africa NLNG Train 6 supply 20 49 Construction
Uge 20 79 Appraise
Tor Redevelopment 31 42 Appraise
Kashagan Phase 2+ 8 1,050 Optimize
Tommeliten 28 53 Appraise
Clair II 24 100 Appraise
Kalamkas 8 77 Appraise
Aktote 8 75 Appraise
Kairan 8 65 Appraise
2011+
COP operated
1 Represents operator's forecasted plant capacity