november road show final-web

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InvestorUpdatewww.conocophillips.com/investors

November2010


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1

Thefollowingpresentation includesforwardlookingstatements. Thesestatementsrelatetofutureevents,suchasanticipatedrevenues,earnings,

businessstrategies,competitivepositionorotheraspectsofouroperationsoroperatingresults.Actualoutcomesandresultsmaydiffermaterially

fromwhat isexpressedorforecast insuch forwardlookingstatements. Thesestatementsarenotguaranteesoffutureperformanceand involve

certainrisks,uncertaintiesandassumptionsthataredifficulttopredictsuchasoilandgasprices;refiningandmarketingmargins;operationalhazards

anddrillingrisks;potentialfailuretoachieve,andpotentialdelaysinachievingexpectedreservesorproductionlevelsfromexistingandfutureoiland

gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or

modifyingcompanyfacilities;internationalmonetaryconditionsandexchangecontrols;potentialliabilityforremedialactionsunderexistingorfuture

environmentalregulationsorfrompendingorfuture litigation;limitedaccesstocapitalorsignificantlyhighercostofcapitalrelatedtoilliquidityor

uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, as well as

changes intax,environmentalandother lawsapplicabletoConocoPhillips businessandothereconomic,business,competitiveand/or regulatory

factorsaffectingConocoPhillips businessgenerallyassetforthinConocoPhillips filingswiththeSecuritiesandExchangeCommission(SEC).

FORTHEPURPOSESOFTHESAFEHARBOR PROVISIONS

OFTHE

PRIVATE

SECURITIES

LITIGATION

REFORM

ACT

OF

1995

CautionaryStatement


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4/49


5/494

ReturnsEnhancementPlanStatus

Planoutlined

at

2010

analysts

meeting

to

enhance

returns

and

strengthen

financialposition

Ontrack

with

plan

OngoingConvert10BBOEresourcesto

reservesovernext10yrsResourceConversion

Wilhelmshaven&YanbucancelledReduceR&MCapitalEmployed

from25%to15%PortfolioBalance

NochangeLong

term

3%

CAGRProduction

/Share

21%~21%CROCE

Target$10B

over

2010/2011$5

B

authorizedShare

Repurchase

10%increaseQ22010AnnualincreasesDividend

$5.6B;expect~$7BbyYE$10Bbyend2011AssetSales

Sell

100%

of

position,

have

sold

~70%Sell

50%

of

positionLUKOIL

18%~20%NetDebttoCapital

CurrentStatus1TargetasofMarch2010

1 FinancialsasofSeptember30,2010.

Seeappendixforadditionalinformation.


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6

2.51.0

2.7

6.3

7.5

CumulativeDividendsthrough3Q10 ProceedsfromShareSalesthrough3Q10 FutureDividends&ProceedsfromShare

SalesOriginalLUKOIL

Investment

ExpectedTotalNetCashBenefit

$B

Itemsareonanestimatedaftertaxbasis

Aftertaxsaleproceeds:Pretaxproceedsof$6.44B,offsetbycashtaxesof($0.17B)

Futureaftertaxproceedsbasedon10/21/2010LKODsharepriceof$57.13pershare,andestimatedtaxesof($0.4B)

LUKOILInvestment


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7

10

33

6

6

10

5

27

9

25

0

10

20

30

40

50

60

CashFrom

Operations

AssetSales&

LUKOIL

Capital

Program

Available

Cash

Dividends Debt

Reduction

Share

Repurchase

Remaining

Cash

2010/2011SourcesandUsesofCash

CashfromoperationsestimatedasYTDSepactuals plusFirstCallestimatesfor4Q10and2011asof10/28/10.

Currentauthorizationfor$5Bsharerepurchaseplan.

$B


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8

DividendGrowth

50

55

2022

25

31

36

41

47

'02 '03 '04 '05 '06 '07 '08 '09 '10

Historyofannualincreases

CurrentYield=3.7%

~20%ofoperatingcashflow

Annualincreasesexpected

COPQuarterly

Dividend

Growth

Qu

arterlydividend(cents/

share)

Currentyieldbasedon$60/share

PercentageofoperatingcashflowbasedonFirstCallestimatesfor2010.

13.5%

annuali

zedgrow

th


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9

ShareholderDistributions

0

1

2

3

4

5

6

7

8

2006 2007 2008 2009 2010E* 2011E*

ShareRepurchaseDividend

*4Q10and2011estimatesfordividendpershareassumesthe current55c/sharepaidquarterly.Sharerepurchasesassumea$10Bsharerepurchaseprogramfor2010and

2011. Thereis$5Bauthorizedcurrently.

Sharerepurchasepersharecalculatedasdollarsspentonsharerepurchasedividedbyaveragefullydilutedsharecount.

$pershare

$8.2B

$1.88/sh

0

$1.91/sh

$6.0B$4.0B$7.0B$0.9B

$2.20/sh$2.15/sh$1.64/sh$1.44/sh

ShareRepurchase

Dividend


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10

E&PGoals

Improvereturns,

margins,

and

capitalefficiency

Convert

10

BBOE

resources

to

reservesover10years

Deliver

production

growth

Develophighimpactexploration

Maintainsafetyandoperationalexcellence


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11

2010production(SepYTD)

1.76MMBOED

>40BBOEResourceBase1

E&PGlobalPortfolio

Productionnumbersrounded.1 ResourcebaseasofYE2009.

ExcludesLUKOIL.

2010Exploration&Appraisalactivity

~80%OECD

production

supports

growth

projects

Lower48

450MBOED

4.4BBOE

Canada

285MBOED

20.1BBOE

NorthSea

350MBOED

2.3BBOE

Australia90MBOED

3.3BBOE

MiddleEast

&

Africa

100MBOED

3.1BBOE

Alaska

240MBOED

6.0BBOE

Russia/Caspian

55MBOED

1.6BBOE

AsiaPacific

190MBOED

2.1BBOE


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12

DiscoveredResource

Resourceincludesproved,probable,andpossiblereservesandcontingentresource;excludesprospectiveresource.Naturalgasproduction,reservesandresourcestargetedtowardliquefiednaturalgasaredepictedas"LNG.

Significantlong

life,

low

decline,

liquids

resource

YE2009Resource

by

Product

BBOE YE2009

Resource

by

Region

BBOE

Canada

SAGD

Alaska

Lower48

NorthSea

Australia

Liquids

63%LNG

9%

Gas

28%

MiddleEast

&Africa

Russia

Caspian

AsiaPacific

Canada

Arctic

Canada

Gas

Canada

Syncrude


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13

ProvedReservesReplacement

ReservesReplacement

% 2010

2014

Reserve

Additions

0%

50%

100%

150%

200%

2005 2009 2009 2010E 2014E

Reservesreplacement

continues

to

exceed

100%

NorthSea

Australia

Canada

AsiaPacific

Alaska

Lower48

Russia

CaspianExploration

MiddleEast

&Africa

ExcludesLUKOIL.


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14

ProductionOutlook

Productionby

Asset

Type

MMBOED

DispositionsDispositions

0.0

0.5

1.0

1.5

2.0

2010E 2011E 2012E 2013E 2014E

Base+Exploitation MajorProjects Dispositions

Sourcesof

Growth

ExcludesLUKOIL.

L48Shale

EagleFord,Bakken,NBarnett

2010to2014CAGRof1018%

CanadianSAGD

FCCL,Surmont

2010to2014CAGRof1015%

Australia

APLNG,Sunrise,BrowseBasin

2010to2014CAGRof46% AsiaPacific

China,Malaysia,Indonesia

2010to2014CAGRof24%


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15

22MMnetacreswith

extensiveoptionalityand

limitedleaseexpiries

2.5BBOEnetprovedreserves

(85%proveddeveloped)

~30%ofliquidsproductionby

volume

Significantshaleposition

acquiredatlowcost

Competitivenonconventional

opportunities

SanJuan

1,300

Permian1,049

Bakken240

EagleFord240

Barnett622

HornRiver100

Montney170 WCGDeep

Basin3,3001

Panhandle/Anadarko

1,561

L48&WCanadaPortfolioAdvantages

ExcludesAlaskaandCanadaheavyoilassets.IncludesGOMassets.1 Elmworth,GrandePrairie,Kaybob &OChiese totalacreage.2 NewacreagepositionpostEncanatrade.

Lobo

270

Magnolia,K2&Ursa

NetAcreage

Positions

000s


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16

$39

$24 $30

0

20

40

60

80

2008 2009 2010YTD

O&O Taxes&other Cash

1616

Lower48Shale

BuildingcoreareasinEagleFord,Bakken

andNorthBarnett

Wellresultsmeetingexpectations

Increasingrigcountsin2011

Liquidsrichproductionoffsetsnearterm

L48basedecline

Production MBOED

AssetsincludeBakken,EagleFordandBarnett.1 CashmarginincludescontributionfromBakken andBarnettonly.2 BasedonYTDactuals throughQ3excludingexplorationspend.3 CashcontributioniscalculatedasincomeplusDD&A.

CashMargins1

$/BOE

2

3

Bakken drilling

020

406080

100

120140

2010E 2011E 2012E 2013E

Gas Liquids


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18

Canada SAGD

Significant15+BBOEresource

2nd largestSAGDproducerinCanada

withleadingsteamoilratios

2010to2014annualproductiongrowth

of1015%

FurtherFCCLsanctionsplannedin2011

NBRProduction MBOED

AssetsincludeSurmont andFCCL.1 Surmont andFCCL(excludesaftertaximpactoftheinterestexpenseonthejointventureobligationowedbyCOPtoFCCL).2 BasedonYTDactuals throughQ3excludingexplorationspend.3 CashcontributioniscalculatedasincomeplusDD&A.

CashMargins1

$/BOE

$29

$22

$29

0

20

40

60

80

2008 2009 2010YTDO&O Taxes&other Cash

2

3

Surmont phase1

4

0

20

40

60

80

100

2010E 2011E 2012E 2013E

Base Growth

18


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19

Australia

Production MBOED

1 BasedonYTDactuals throughQ3excludingexplorationspend.2 CashcontributioniscalculatedasincomeplusDD&A.3 Growthincludesexploitationandmajorprojects.


CashMargins

$/BOE

1

2

BayuUndanplatform

3

LNGprojectpipeline

Futuregrowthdrivenby:

BayuUndan

APLNG

Sunrise

BrowseBasin Poseidon

$36$25

$29

0

2040

60

80

100

2008 2009 2010YTD

O&O Taxes&Other Cash

0

50

100

150

2010E 2011E 2012E 2013E 2014E

Base Growth


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20

AsiaPacific

Highlycashgenerativelegacyposition

establishedwith2.1BBOEresourcebase

FuturegrowthdrivenbyMalaysian

projects

Production MBOED

0

50

100

150

200

250

2010 2011 2012 2013 2014

Base Growth

AsiaPacificincludesChina,Indonesia,MalaysiaandVietnam. Seeappendixforadditionalinformation.1 CashmarginincludescontributionfromChina,IndonesiaandVietnamonly.2 BasedonYTDactuals throughQ3excludingexplorationspend.3 CashcontributioniscalculatedasincomeplusDD&A. 4 Growthincludesexploitationandmajorprojects.

CashMargins1

$/BOE

$43

$29$37

0

2040

60

80

100

2008 2009 2010YTD

O&O Taxes&Other Cash

2

3

NorthBelut platform Indonesia

4


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21

Malaysia MajorProjectsOverviewGumusut

33%UnitWI,Shelloperated

2013firstoil

Bruneiunitizationpremisedatfirstoil(30.6%WIthereafter)

KBB 30%WI,JOCoperated(KPOC)

2014firstgas

PlannedhubforMalikai andKME

Malikai 35%WI,Shelloperated

2014firstoil

Petai 35%WI,Murphyoperated 2015firstoil

UnitizationwithBlockK(21%unitWI)

SubseatiebacktoKikeh

Sabah Gas PSCOutline

KKH

1000

m

2000

m

SABAH, MALAYSIA

"

"

"

BRUNEI

(Block G)

(Block J)

LABUAN

Kikeh

0 50Km

SabahOil/Gas

Terminal

200m

KBB

KBBC PSC

Gumusut

Pipeline to BintuluMLNG

Malikai

Future oil

Future gas

Future gas & cond

Kinabalu

Ubah

Petai/Pisagan

Sabah Gas PSCOutline

KKH

1000

m

2000

m

SABAH, MALAYSIA

"

"

"

BRUNEI

(Block G)

(Block J)

LABUAN

Kikeh

0 50Km

SabahOil/Gas

Terminal

200m

KBB

KBBC PSC

Gumusut

Pipeline to BintuluMLNG

Malikai

Future oil

Future gas

Future gas & cond

Future oil

Future gas

Future gas & cond

Future oil

Future gas

Future gas & cond

Kinabalu

Ubah

Petai/Pisagan


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22

Exploration

Reallocating

2010

capital

Tobestliquidsrichshaleplays(EagleFord,Bakken,N.Barnett)

SuccessfullandsaleinHornRiverBasin

AppraisalofPoseidondiscovery

Kronos well

successful Furtherappraisaldrilling

CaspianSea(Kazakhstan)Nblock

Reallocating

Gulf

of

Mexico

exploration

funds

to

best

shale

plays

ILX2&

Other

ShalePlayDelineation

ConventionalAppraisal

ShalePlay

Pilots

AcreageAccess

Wildcats

2010Exploration

Capital

$1.3

B1

1 ReflectsreallocationofexplorationcapitalassociatedwithincrementalL48andWCanadadrillingprograms. Excludescapitalizedinterest.2 InfrastructureledExploration


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23

AsiaPacific

Australia:

Poseidon

appraisal

Malaysia:Pisagon atticILXwell

Indonesia:ArafuraSea&MakassarStraits

wildcats

Bangladesh:PSCnegotiation

China:Qinshui CBM,Sichuanshalegas

negotiation

VietnamILX

&

appraisal

NorthAtlantic&Europe

UK&Norway:PekingDuckHPHTwell

Poland:Shalegasplay

DeepwaterGulfofMexico

Tiber,Shenandoah

appraisals

Coronadowildcat

Waxwing/Warblerfarmin

LeaseSale

SouthAmerica

Peru:Maranonbasinseismic

CaspianSea

Kazakhstan:NBlockwildcat

Turkmenistan

Blk 19

Azerbaijanchase

Africa

Libya: Waha

Nigeria:OnshoreOMLs &

OPL214Uge North

AngolaDWblocks

North

America

onshore HornRiverBasin

EagleFord,Bakken,Barnett

2010Exploration&AppraisalActivity

Wildcatdrilling

Conventionalappraisal

Unconventionalpilots&appraisal

Exploitation&tiebackdrilling

G&G,otherpredrillactivity


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24

DownstreamStrategy

Reduce

weighting

from

25%

to

15%

of

capital

employed Cutexposuretorefiningmargins

Considerintegratedventures

Maintainoperatingexcellence

Safetyexcellence

Environmentalstewardship

Topquartilereliability

Improvereturns

Maintaindisciplinedcapitalspending

Improvemarginsthroughfeedstockandproductoptimization

Reduceworkingcapitalandotheroperatingcosts


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25

DownstreamPeerComparison

RefiningCapacity 2.7MMBPD

$/B

BL

CorePeersConocoPhillips

PeerCapitalEmployeddataprovidedbyGoldmanSachsEquityResearch. Dataisanestimatefor2010.GeographicrefiningcapacityreflectsSeptemberYTDactuals.Seeappendixforadditionalinformation.

R&MCapitalEmployedasa%ofTotal

0%

10%

20%

30%

40%

BP CVX RDS TOT COP XOM

IncomeperSalesBarrel U.S.

75%

2%

23%

U.S.

Europe

AsiaPacific

3.384.14 4.96

2.070.89(0.07)

2.83

0.06

1

0

1

2

3

4

5

2005 2006 2007 2008 2009 1Q

10 2Q10 3Q10


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26

FinancialStrategy

Improve

returns

and

capital

efficiency Constraincapitalspending

ShiftcapitalexpenditurestoE&PfromR&M

Optimizeexistingportfolio

Sell$10Bofnonstrategic,lowerreturningassets

LUKOILposition

Reducedebtandstrengthenfinancialposition

$23.6BdebtlevelasofSept2010

Maintaincashbalanceof$2B

Increaseshareholderdistributions

Annualdividendincreases

$5Bsharerepurchaseprogramauthorized

Growthpershare


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28

6363

56

6670

0

20

40

60

80

100

'08 '09 Q1

'10

Q2

'10

Q3

'10

292927

26

24

0

10

20

30

40

'08 '09 Q1

'10

Q2

'10

Q3

'10

Equity $B BalanceSheet

Debt $B

25

3331 31

28

0

10

20

30

40

50

'08 '09 Q1

'10

Q2

'10

Q3

'10

DebttoCapital

Ratio %

CapitalStructure


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30

ValueCreation

Enhance

Returns

StrongerBalance

Sheet

Increase

Distributions

Growth

PerShare Reserves,production,earningsandcashflow

increase

Proactivedividendsandsharerepurchase

Debtreduction

Cashbalanceandliquiditybuilt

Greatercapitaldiscipline

E&Pweighted


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31

Appendix

D fi i i


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32

RESOURCE

Thecompany

uses

the

term

resources in

this

presentation.

The

company

has

estimated

its

total

resources

based

on

asystem

developed

bytheSocietyofPetroleumEngineers. Thesystemclassifiesrecoverablehydrocarbonsintosixcategoriesbasedontheirstatus atthetime

ofreporting threedeemedcommercialandthreedeemednoncommercial. Within thecommercialclassificationareprovedreservesand

twocategoriesofunproved probableandpossible. Thenoncommercialcategoriesarealsoreferredtoascontingentresources. The

resourceestimateencompassesvolumesassociatedwithallsixcategories.

SWEETCRUDE

Sulfurcontent

less

than

or

equal

to

0.54

wt.

%.

MEDIUMSOURCRUDE

APIgravitybetween24and30degreesandsulfurcontentgreater than2.0weightpercent.

HEAVYSOURCRUDE

APIgravity

less

than

24

degrees

and

sulfur

content

greater

than 0.54

weight

percent

or

API

gravity

less

than

30

degrees

and

sulfur

content

greaterthan2.0weightpercent.

CAPITALPROGRAM

CapitalProgramincludescapitalexpendituresandinvestments,loanstoaffiliates,andobligationstofundtheupstreambusinessventurewithCenovus.

CAUTIONARYNOTETOU.S.INVESTORS

CautionaryNotetoU.S.Investors TheU.S.SecuritiesandExchangeCommissionpermitsoilandgas companies,intheirfilingswiththeSEC,todiscloseonlyproved,probableandpossiblereserves.We usetheterm"resource"inthispresentationthattheSECsguidelines

prohibitusfromincludinginfilingswiththeSEC. U.S.investorsareurgedtoconsidercloselytheoilandgasdisclosuresin ourForm10KfortheyearendedDecember31,2009,FileNo.00132395,availablefromthecompanyat600N.DairyAshford,Houston,Texas77079,andthecompanyswebsite.

Definitions


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COP N GAAP R ili ti


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34

COPNonGAAPReconciliations

1 NetincomeplusDD&Aandaftertaxinterestexpense2 Cashflowsfromoperatingactivities3 Primarilyimpactofworkingcapital,deferredtaxes,undistributedequityearningsandinterest.4 Totalequityplustotaldebt.

CROCE

3Q10 Q3'10 YTDNumerator

EBIDA 1 5,487 16,802non-core earnings impacts 818 2,421

adjusted EBIDA 4,669 14,381

GAAP CFOA 2 4,339 10,854

difference 3 (330) (3,527)

Denominator

GAAP average capital employeed4

92,871 92,392

Annualized CROCE 20% 21%

Annualized CFOA / ACE 19% 16%

Consolidated COP

Q3'10 YTD

GAAP Short-term debt - $MM 376

GAAP Long-term debt - $MM 23,225GAAP Cash - $MM 7,996

Net Debt - $MM 15,605

Equity - $MM 69,917

Net Capital - $MM 85,522

Net Debt-to-Capital Ratio 18%

COP N GAAP R ili ti


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35


1AttributabletoConocoPhillips

2005 2006 2007 2008 2009 1Q10 2Q10 3Q10GAAP R&M U.S. Net Income1 - $MM 3,329 3,915 4,615 1,540 (192) 12 782 198

GAAP R&M U.S. Net Income1 - $ / BBL 3.31 3.95 4.96 1.76 (0.22) 0.06 3.47 0.89

non-core earnings impacts - $MMgains and (losses) on asset dispositions - - 16 121 32 - 116 -

asset impairments - (227) (12) (370) (116) - (8) -

tax legislation / regulatory / other (77) 34 - (23) (52) - 35 -R&M U.S. Income - $ / BBL 3.38 4.14 4.96 2.07 (0.07) 0.06 2.83 0.89

Consolidated COP

3Q10

Earnings 3,055

Less:

Impairments -

Cancelled projects -

Net gain on asset sales/share issuance (906)

Severance accruals -Pending claims and settlements (26)

Deferred tax adjustment -Premium on early debt retirement 114

Adjusted earnings 2,237

Earnings per share of common stock 2.05

Adjusted earnings per share of common stock 1.50

COP Non GAAP Reconciliations


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36


1Includesitemssuchasdeferredtax,accretionondiscountedliabilities,andundistributedequityearnings.

Lower 482008 2009 Q3'10 YTD

GAAP CFOA - $MM 5,895 2,514 2,880GAAP CFOA - $ / BOE 32.40 14.12 23.60

excluded GAAP items - $MM

asset impairments 620 5 29non-cash working capital 96 (191) (60)non-working capital adjustments1 53 83 520

E&P Cash Contribution - $/BOE 28.18 14.70 19.59

Canada Oil Sands

2008 2009 Q3'10 YTD

GAAP CFOA - $MM 565 391 (98)GAAP CFOA - $ / BOE 55.83 35.89 (14.43)

excluded GAAP items - $MMasset impairments 0 0 0

non-cash working capital (86) 48 171

non-working capital adjustments2

106 32 (613)


Asia Pacific1

2008 2009 Q3'10 YTD

GAAP CFOA - $MM 2,060 1,749 2,013

GAAP CFOA - $ / BOE 42.62 27.58 38.57

excluded GAAP items - $MMasset impairments 3 4 0non-cash working capital 2 (124) 139

non-working capital adjustments2 (28) 25 (75)


Australia2008 2009 Q3'10 YTD

GAAP CFOA - $MM 1,017 859 753GAAP CFOA - $ / BOE 35.36 25.80 31.39

excluded GAAP items - $MM

asset impairments 7 8 0non-cash working capital (60) 17 51non-working capital adjustments1 47 8 3



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38

Backup

Portfolio Enhancement

Lower48


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39

PortfolioEnhancement

Shiftingportfoliotoenhancereturns

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010YTD 2011E 2012E 2013E

NaturalGas NGL Oil

ProductionProfile Approach

Rigorousevaluationofassetsandopportunities

Selectiveinvestment

Focusonliquids

Results

Neartermproductiongrowth Relativelyflatlongtermcapital

andproductionprofile

Selffunding(netcashpositive) Significantlyenhancedreturns

39

2010productionfiguresreflectSeptemberYTD

LongTerm Incremental Production


41/49

40

LongTermIncrementalProductionMBOED(net)

1 CanadianSAGDproductionisnetafterroyaltyandincludesallcurrentlyidentifiedstagesofdevelopmentexcludingThornbury,Clyden &Saleski.

2 $2010realincludingE&PandDownstreamcapital,excludingacquisitioncostsof$4 $5/BOE.

Longlife,lowdeclineprojectswithcombinedF&D~$10/BOE2

0

100

200

300

400

500

600

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

APLNG Qatargas3 SAGDProjects1

Eagle Ford

Lower48


42/49

414141

EagleFord

Production MBOED

OilGas COPleaseholdareas

75%

77%

Hold~240Macresinplayfairway

Earlymoverwithlowacreagecosts

216Macresincore

Addingrigs

and

capital

in

2010

Expecttoreach11+rigsbyyearend

~65MBOEDnetlongtermproduction

LatestWellResults(30dayaverage)

Well

Gas

MCFD

CondensateBCPD

Total

MCFED@6:1

Livingston#1 2,809 643 6,666

DobieRanch#1 5,810 808 10,658

Eskew East#1 5,283 667 9,285

Plomero #3 2,744 850 7,842

FMalek #1 3,194 1,129 9,969

Last5Wells(avg.) 3,968 819 8,884

0

20

40

60

80

100

2010E 2011E 2012E 2013E

Gas Liquids

Eagle Ford COP WellPositioned

Lower48


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42

South

Texas

Eagle

Ford

Play

CondensateTrendGrossIsopach

EagleFord COPWell Positioned

COPEag

leFordCore

Area

AustinC

halk

Depth=10,000 12,000ft

Thickness=100

200

ft

Fluidtype=Cond./NGL/Gas

Pressure=Overpressured

Oil

Oil

DryGas

Gas &Condensate

Depth=10000 13000ft

Thickness=>200ft

Fluidtype=DryGas

Pressure=Slightly

over

pressured

Depth=7000 9000ft

Thickness=50 250ft

Fluidtype=Retrogradecondensate

Pressure=Normal

to

slight

over

pres.

Depth=5500 8000ft

Thickness

=

50

100

ftFluidtype=Oil

Pressure=Normallypressured

Depth=7000

10000

ft

Thickness=50 200ft

Fluidtype=Oil

Pressure=Normallypressured

42

Bakken

Lower48


44/49

43

$52

$32$41

0

20

40

60

80

2008 2009 2010YTD


4343

Bakken

Production

MBOED

1 BasedonSeptemberYTDactuals excludingexplorationspend.2 CashcontributioniscalculatedasincomeplusDD&A.


Cash

Margins

$/BOE

1

87%88%

88%

2


Growingcurrent460Macrepositionin

highliquidsplay

YTD2010EUR41%higherthan2009

Drillingtime

decreased

29%

since

2007

Leveragebestpracticeswithpartners

Additional19MBOEDproductionfrom

CedarCreekAnticline

87% 88%88%

0

5

10

15

20

25

2010E 2011E 2012E 2013E

Gas Liquids

Barnett

Lower48


45/49

44

$30

$18 $22

0

20

40

60

80

2008 2009 2010YTD


4444

Barnett

Production

MBOED

1 BasedonYTDactuals throughQ3excludingexplorationspend.2 CashcontributioniscalculatedasincomeplusDD&A.


Cash

Margins

$/BOE

6%44%39%


62Macres;highworkinginterest

Majorityheldbyproduction

ExpandingNorth;divestingSouth

Improvingbalanceofliquidvs.gas

Robustpostauditprogramfocuses

growthstrategy

0

5

10

15

20

25

2010E 2011E 2012E 2013E

Gas Liquids

1

2

San Juan

Lower48


46/49

454545

SanJuan

Production

MBOED



Cash

Margins

$/MCFE

27% 27% 27%


Largestconsolidatedacreagepositionand

largestproducerinbasin

1.5BBOEresource

~2,500lowcost,lowriskdrilling

opportunities

Lowdeclinebaseproduction

$4

$2

$2

0

2

4

6

8

2008 2009 2010YTD

O&O Taxes&other Cash2

1

0

50100

150

200

2010E 2011E 2012E 2013E

Gas Liquids

South Texas

Lower48


47/49

464646

SouthTexas

Largestoperatorintrend

300Mnetacresincore;significantproject

inventory

HBP

leasehold

provides

optionality at

differentprices

Opportunitiesfromdeeperpotentialand

applicationofhorizontaldrilling&

completiontechnology

Production

MBOED

Cash

Margins

$/MCFE


19%

17%



$6

$3 $3

0

2

4

6

8

10

2008 2009 2010YTD


1

0

1020

30

40

2010E 2011E 2012E 2013E

Gas Liquids

Panhandle/Anadarko

Lower48


48/49

474747

/

Production

MBOED

Cash

Margins

$/MCFE

OilGas COPleasehold

Panhandle:1.1MMacresheldby

production,19MBOED

Anadarko:439Mnetacres,94%heldby

production,

13

MBOED LiquidrichGraniteWashopportunity

Positionenablesinvestmentinliquids

andwetgaswhilepositioningforfuture

gas

price

recovery

18%14% 14%



05

1015

2025

3035

2010E 2011E 2012E 2013E

Gas Liquids

$5

$3$4

0

2

4

6

8

10

2008 2009 2010YTD


1

Permian

Lower48


49/49

48

$36

$22$27

0

20

40

60

80

2008 2009 2010YTD


4848

Production

MBOED



Cash

Margins

$/BOE

64% 67%

1,040Macreleaseholdheldby

production

0.5BBOEnetundevelopedresource

Growthpotentialinoilproducingareas

Lowdecline,highliquidsproduction

Longtermcashflowgeneration

60%


2

1

0

10

20

30

40

50

60

2010E 2011E 2012E 2013E

Gas Liquids

november road show final-web

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