ConocoPhillips Investor Presentation — May 2017

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flexibilityaccelerationdifferentiation low cost of supplySPIRIT Values

2Cautionary Statement

The following presentation includes forward -looking statements. These statements relate to future events, such as anticipated re venues, earnings,

business strategies, competitive position or other aspects of our operations, operating results or the industries or markets in which we operate or

participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward -looking statements. These

statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove t o be incorrect and are

difficult to predict such as our ability to complete the sale of our San Juan Basin Assets and certain of our assets in weste rn Canada (together, the Sale

Transactions) on the timeline currently anticipated, if at all; the possibility that regulatory approvals for either of the S aleTransactions will not be

received on a timely basis, if at all, or that such approvals may require modification to the terms of either of the Sale Tra nsactions or our remaining

business; business disruptions during or following the Sale Transactions, including the diversion of management time and atte ntion; our ability to

liquidate the common stock issued to us by Cenovus Energy Inc. as part of our sale of assets in western Canada at prices we d eem acceptable, or at all;

the ability to deploy net proceeds from the Sale Transactions in the manner and timeframe we currently anticipate, if at all; operational hazards and

drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from e xisting and future oil and gas