fact sheet—march 2017 - amazon s3s3.amazonaws.com/prod-conocophillips/files/resources/... ·...

1

The Other International segment and Exploration cover a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities.

ConocoPhillips has proved reserves of approximately 6.4 billion barrels of oil equivalent (BOE) and a large, diverse, low cost of supply resource base that provides the company with significant flexibility for future growth.

In 2016, ConocoPhillips re-focused its exploration strategy, emphasizing flexibility and discovering new barrels that are accretive to its existing low cost of supply portfolio. The company will focus exploration activity in select existing business units—Alaska, Lower 48, Malaysia and Norway—where the company can leverage existing infrastructure and experience. ConocoPhillips will also concentrate on international exploration opportunities that provide both scale and flexibility, with international new venture activity ongoing in Chile and Colombia.

Other International and Exploration Fact Sheet—March 2017

462016 Resources

Billionbarrels of oil equivalent

242016 Undeveloped Acreage

Millionnet acres

ConocoPhillips—Undeveloped Acreage at Dec. 31, 2016

2016 Proved Reserves by region

Gross NetRegion (Thousands of Acres) (Thousands of Acres)

Alaska 683 469

Lower 48 10,479 8,475

Canada 10,122 4,438

Europe and North Africa 14,764 2,659

Asia Pacific and Middle East 16,848 7,216

Other International 487 264

ConocoPhillips Total 53,383 23,521

Proved reserves and resources reflect total company performance.Natural gas resources targeted toward liquefied natural gas are depicted as LNG.OECD refers to member countries of the Organisation for Economic Co-operation and Development.See page 8 for Cautionary Statement pertaining to the use of this fact sheet.

20%Asia Pacific &Middle East

12%Europe & North Africa

23%Canada

20%Alaska

25%Lower 48

2016 Proved Reserves6.4 BBOE

19%Non OECD

81%OECD

2016 Resources46 BBOE

16%Natural Gas

9%LNG

75%Liquids

2014 Proved Reservesby region






Alaska

Lower 48

Permian

Niobrara

Miles

0 200

2

AlaskaGreater Mooses Tooth UnitIn 2016, ConocoPhillips drilled two exploration wells that encountered significant pay in the Greater Mooses Tooth Unit. The discovery, Willow, is located in the northeast portion of the NPR-A. Appraisal of the discovery commenced in January 2017 with the acquisition of state-of-the-art 3-D seismic.

Bear Tooth UnitIn 2013, ConocoPhillips drilled and tested a new oil discovery in the Bear Tooth Unit in the northeast NPR-A, which is currently being evaluated for further development potential.

2016 NPR-A and State Lease SalesIn the fourth quarter of 2016, ConocoPhillips submitted high bids on approximately 740,000 gross acres in the NPR-A and State of Alaska North Slope Lease Sales.

Existing Business Units

Lower 48OnshoreConocoPhillips’ total acreage position in the Lower 48 unconventional plays is approximately 2.6 million net acres. The company’s onshore exploration focus areas in the United States include the Niobrara in the Denver-Julesburg Basin, and the Permian in the Delaware, NW Shelf, Central Platform and Midland Basins, as well as several emerging plays.

During 2016, ConocoPhillips drilled five operated unconventional exploration wells, primarily in the Eagle Ford. The company continues to assess and appraise these and other unconventional opportunities.

Other International and Exploration

Fact Sheet—March 2017

B e a u f o r t S e a

A r c t i c O c e a n

NationalPetroleum

Reserve-Alaska

ArticNational WildlifeRefuge

KuparukRiver Prudhoe

Bay

BearTooth

Willow Discovery

GreaterMoosesTooth

ColvilleRiver

Point Thomson

NPR-AANWR

0 50

Miles

ConocoPhillips Acreage


ConocoPhillips Acreage Pending Lease Issuance

MalaysiaThe company's involvement in Malaysia began in 2000 and consists of interests in six blocks in varying stages of exploration, development and production. Three of these blocks are located off the eastern Malaysian state of Sabah: Block G, Block J and the Kebabangan (KBB) Cluster. The last three blocks, Deepwater Block 3E, Block SK313 and Block WL4-00 are operated by ConocoPhillips and are located offshore Sarawak.

Block GLimbayongOperator: Shell (35.0%) Co-venturers: ConocoPhillips (35.0%), PETRONAS (30.0%) The Limbayong-1 well was drilled in 2002 and resulted in a gas discovery. The Limbayong-2 appraisal well was drilled in November 2013 and resulted in an oil discovery. Development options are being evaluated.

Kebabangan (KBB) ClusterKebabangan, Kamunsu East and Kamunsu East Upthrown Canyon Operator: Kebabangan Petroleum Operating Company Co-venturers: PETRONAS (40.0%), ConocoPhillips (30.0%), Shell (30.0%)The KBB Cluster PSC was signed in 2007 for appraisal and development of the Kebabangan (currently producing), Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. The Kamunsu East Field was successfully appraised in 2013.

Deepwater Block 3EOperator: ConocoPhillips (50.0%) Co-venturers: KUFPEC (35.0%), PETRONAS (15.0%)In November 2013, ConocoPhillips was awarded operatorship of this 480,000-gross-acre exploration block offshore Sarawak. Seismic processing and reprocessing were completed in 2015. The Langsat-1 exploration well was spud in February 2017.

Block SK313Operator: ConocoPhillips (50.0%)Co-venturer: PETRONAS (50.0%)In the fourth quarter of 2016, ConocoPhillips entered a farm-in agreement to acquire an interest in and operatorship of Block SK313, a 1.4 million-gross-acre exploration block offshore Sarawak. Following completion of the Sadok-1 exploration well in January 2017, ConocoPhillips assumed operatorship of the block from PETRONAS.

Block WL4-00SalamOperator: ConocoPhillips (50.0%)Co-venturer: PETRONAS (50.0%)In January 2017, ConocoPhillips was awarded operatorship of this 629,000-gross-acre exploration block offshore Sarawak. The block includes the Salam-1 oil discovery. A new 3-D seismic survey is planned for 2017, with drilling of an appraisal well planned in 2018.

Malaysia

MALAYSIA

BRUNEI

G

G

J

KMEUCKME

KBB Cluster PSC

KBBMalikai

Gumusut

Salam

SNP

L imbayong

Pisagan

S o u t h C h i n a S e a

1000Miles

3ESK313

WL4-00

ConocoPhillips Acreage Oil Field Gas Field

3



4

NorwayBarents Sea and North SeaIn 2016, ConocoPhillips participated in two nonoperated exploration and appraisal wells in the Oseberg and Alvheim areas. Both wells were discoveries and are currently undergoing evaluation. In 2016, the company was awarded three exploration licenses: PL845, PL782SB and PL859.

Heidrun

PL218

Oseberg

Troll

Visund

Stavanger

Bergen

N o r w e g i a nS e a

N o r t h S e a

0 100

Miles

NORWAY

SWEDEN

GERMANY

UNITED KINGDOM

DENMARK

PL845

Grane

AlvheimPL782S

Greater Eko�sk Area

NORWAY FINLAND

SWEDEN

B a r e n t sS e a

0 100

Miles

PL859


Norway

5

International New Ventures

ColombiaMiddle Magdalena Basin• VMM-3

Operator: ConocoPhillips (80.0%)Co-venturer: Canacol (20.0%)In 2015, ConocoPhillips assumed operatorship of the VMM-3 Block, which extends over approximately 67,000 net acres. The block contains the Picoplata 1 well, which was drilled in 2014 and 2015. In 2016, ConocoPhillips commenced production testing operations at the Picoplata 1 well. Continued testing and evaluation is planned through 2017.

• VMM-28 The company holds a 30 percent nonoperated interest, which is in the process of being terminated with relevant parties and the regulatory agency.

• Santa Isabel Operator: : Canacol (30.0%)Co-venturer: ConocoPhillips (70.0%)In 2016, the relinquishment of the Santa Isabel Block was accepted and the parties are in the process of documenting such relinquishment.

COLOMBIA

Bogota

2000

Miles


Middle Magdalena Basin

150

Miles

VMM-3

Colombia

COLOMBIA

Bogota

2000

Miles


Middle Magdalena Basin

150

Miles

VMM-3



6

ChileCoiron BlockOperator: Empresa Nacional Del Petroleo (51.0%)Co-venturer: ConocoPhillips (49.0%)In 2015, ConocoPhillips acquired a nonoperated 5 percent interest in the Coiron Block in the Magallanes Basin covering approximately 400,000 gross acres. The company’s entry into the Coiron Block provides stacked pay potential and the opportunity to leverage existing infrastructure. In 2016, ConocoPhillips drilled two exploration wells and finalized an agreement to increase its nonoperated interest to 49 percent.

0

Miles

150

CHILE

ARGENTINA

ARGENTINA

Punta Arenas

0

Miles

20

Austral-Magallanes Basin


Chile

0

Miles

150

CHILE

ARGENTINA

ARGENTINA

Punta Arenas

0

Miles

20

Austral-Magallanes Basin


Other Exploration

AustraliaBrowse and Bonaparte Basins In 2006, ConocoPhillips farmed into permit WA-315-P and jointly acquired permit WA-398-P. The three-well, Phase I drilling program successfully encountered hydrocarbons. The Phase II drilling campaign was completed in 2014 where five wells were drilled in these permits and all discovered hydrocarbons. The TP-28 Western Australia State exploration permit was granted with ConocoPhillips holding a 40 percent working interest. The permit extends for five years beginning in January 2017.

Also in Australia, the NT/RL6 and NT/RL5 permits are located offshore Northern Territory in the Timor Sea approximately 160 miles north-northwest of Darwin. The Caldita-1 discovery well in NT/RL6 was drilled in 2005, and the Barossa-1 discovery well in NT/RL5 in 2006. A retention lease over the Barossa discovery was awarded in October 2012, and the Caldita discovery in May 2013. In 2012, ConocoPhillips farmed down its interest from 60 percent to 37.5 percent. A three-well appraisal program to further evaluate the fields’ potential was completed in March 2015. The first two wells, Barossa-2 and Barossa-3 both encountered hydrocarbons. The final well, Barossa-4, was not commercially viable. In 2016, the company completed a seismic acquisition program and seismic reprocessing. Drilling of the next appraisal well, Barossa-5, commenced in January 2017. Drilling of a subsequent well, Barossa-6, may follow dependent on the result of Barossa-5.

BruneiBlock CA-2ConocoPhillips holds a working interest in the deepwater Block CA-2 production sharing contract (PSC), with an exploration period through December 2018.

Exploration has been ongoing since September 2011, with natural gas discovered at the Kelidang NE-1 and Keratau-1 wells in 2013 and the Keratau SW-1 well in 2015. Evaluation of the results is ongoing.

CanadaIn Canada, the Montney, Muskwa, and Duverney plays form the primary interest areas. As of Dec. 31, 2016, the company held approximately 0.7 million net acres in unconventional exploration plays. During 2016, ConocoPhillips drilled exploration and appraisal wells and ran production tests in the Montney play, which extends from British Columbia into Alberta. In the fourth quarter of 2016, the company finalized a swap of non-strategic producing assets for a larger land position in the Blueberry-Montney, adding approximately 30,000 net acres.

ChinaThe company participated in two successful appraisal wells in the Penglai Field in 2015, and an additional successful well in 2016. The wells will support future development plans for the field.

Gulf of MexicoIn 2016, ConocoPhillips continued to execute its plan to significantly reduce its deepwater acreage position in the Gulf of Mexico. Shenandoah represents the company’s only remaining active exploration in the Gulf of Mexico. Appraisal drilling continued in 2016 with the fifth Shenandoah well reaching total depth in the third quarter. In February 2017, the sixth Shenandoah well reached total depth and drilling of a sidetrack commenced.

IndonesiaKualakurunConocoPhillips entered the Kualakurun PSC, located in Central Kalimantan, in May 2015. In 2016, the company conducted an airborne gravity gradiometry survey and commenced a 450-mile, 2-D seismic program, which is expected to be completed in mid-2017.

7

President, Exploration and Other InternationalRichard Lunam

Contact InformationMedia Relations: 281-293-1149

Office Address 600 N. Dairy Ashford RoadHouston, Texas 77079

Segment Information

17(As of Dec. 31, 2016)

Operations and activities in 17 countries

Copyright ©2017 ConocoPhillips Company. All Rights Reserved.



8

Chairman of the Board of Directors and Chief Executive OfficerRyan M. Lance

ConocoPhillips600 N. Dairy Ashford Road Houston, Texas 77079Telephone: 281-293-1000www.conocophillips.com

Investor Relations600 N. Dairy Ashford Road Houston, Texas 77079Telephone: 281-293-5000www.conocophillips.com/investor [email protected]

Media Relations600 N. Dairy Ashford Road Houston, Texas 77079Telephone: 281-293-1149www.conocophillips.com/[email protected]

Corporate Information

Our Company Values

SSAFETY PEOPLE

PINTEGRITY

IRESPONSIBILITY

RINNOVATION

ITEAMWORK

TCAUTIONARY STATEMENTThis fact sheet contains forward-looking statements. We based the forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Economic, business, competitive and other regulatory factors that may affect ConocoPhillips’ business are set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (including in Item 1A of our Form 10-K), which may be accessed at the SEC’s website at www.sec.gov.

Definition of resources: ConocoPhillips uses the term “resources” in this document. The company estimates its total resources based on a system developed by the Society of Petroleum Engineers that classifies recoverable hydrocarbons into six categories based on their status at the time of reporting. Three (proved, probable and possible reserves) are deemed commercial and three others are deemed noncommercial or contingent. The company’s resource estimate encompasses volumes associated with all six categories. 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 fact sheet 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 disclosure in our Form 10-K and other reports and filings with the SEC.

AUSTRALIA

COLOMBIA

CHILE

SOUTH AMERICA

AFRICA

LIBYA

INDONESIA

MALAYSIA

BRUNEI

ASIA

CHINA

EUROPE

Timor Sea

Java Sea

Natuna Sea

SouthChina

Sea

Paci�c Ocean

Paci�c Ocean

Atlantic Ocean

Indian Ocean

NorthSea

NorwegianSea

Gulf of Mexico

BarentsSea

MIDDLE EAST

NORWAY

UNITED KINGDOM

UNITED STATES – ALASKA

CANADA

NOR TH AMERICA

UNITED STATES –LOWER 48

Exploration Exploration and Production

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