ConocoPhillips (COP) Guidance presentation summary

Annual sensitivities

• Brent sensitivity: ~$65–75MM impact on net income and cash flow for a $1/bbl change, on an annualized basis.

• Annualized sensitivities use $1/bbl changes for Brent, ANS, WTI, WCS and NA NGL, and $0.25/mcf changes for Henry Hub and international gas; actual quarterly results can vary with lift timing and portfolio shifts.

• NA NGL sensitivity assumes a representative blend with 43% ethane, 31% propane, 10% n-butane, 6% isobutane and 10% natural gas; Henry Hub sensitivity assumes 80% realization.

Production and operating guidance

• FY26 production guidance of 2.295–2.325 MMBOED; 3Q26 guidance of 2.290–2.320 MMBOED, with full-year guidance unchanged.

• Turnaround impacts: ~20 MBOED in 3Q from Alaska, Malaysia and Norway, and ~20 MBOED in 4Q from Equatorial Guinea.

Financial guidance

• FY26 DD&A guidance of $11.7–11.9B; adjusted corporate and other segment net loss of ~$0.9B; adjusted operating costs of ~$10.2B.

• FY26 capital expenditure guidance of $12.0–12.5B; 1Q26 and 2Q26 actuals were $2.9B and $3.0B, respectively.

• Estimated 3Q26 and FY26 effective tax rate of ~35–37%.