ConocoPhillips (COP) Guidance presentation summary

Financial performance and sensitivities

• Net income sensitivity for Brent price changes is approximately $65-75 million per $1/barrel in 2Q26, with similar cash flow sensitivity.

• FY26 total production guidance is 2.295–2.325 MMBOED, with quarterly actuals closely tracking guidance.

• Capital expenditures for FY26 are guided at $12.0–$12.5 billion, reflecting incremental Permian activity and macro uncertainty.

• Ordinary dividends paid per share are $0.84 each quarter, with $2.0 billion total distributed in 1H26.

• Estimated effective tax rate for 2026 is 35–37%.

Operational guidance and portfolio impacts

• 2026 production guidance excludes Qatar volumes in 2Q and includes full-year Surmont royalty impacts from higher oil prices.

• Turnaround impacts expected in Norway and Montney (2Q), Alaska and Malaysia (3Q), and Equatorial Guinea (4Q), each reducing production by ~20 MBOED.

• Q2 equity affiliate distributions expected at $0.4B, with full-year at ~$1.5B, excluding Qatar for Q2.

• Sensitivities are based on annualized estimates and may not apply to quarterly results due to timing and portfolio shifts.

• Non-GAAP measures are used for cash from operations, adjusted operating cost, and segment net loss.