Reference ConocoPhillips is the world’s largest independent E&P company based on production  and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations  and activities in 27 countries, $53 billion in annual revenue, $117 billion of total assets,  and approximately 19,100 employees as of Dec. 31, 2014. Production from continuing  operations, excluding Libya, averaged 1,532 MBOED in 2014 and proved reserves were  8.9 billion BOE as of Dec. 31, 2014. Commonly Used Abbreviations Units of Measure Certain disclosures in this annual report may be considered“forward-looking” statements. These are made pursuant to“safe harbor” provisions of the Private Securities  Litigation Reform Act of 1995. The“Cautionary Statement” in the Management’s Discussion and Analysis in ConocoPhillips’ 2014 Form 10-K should be read in conjunction with such statements. “ConocoPhillips,”“the company,” “we,”“us” and“our” are used interchangeably in this report to refer to the businesses of ConocoPhillips and its consolidated subsidiaries. De fi nition 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 classi fi es 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  fi lings with the SEC, to disclose  only proved, probable and possible reserves. We use the terms“resource” and“resources” in this annual report, which the SEC’s guidelines  prohibit us from including in  fi lings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K  and other reports and  fi lings with the SEC. CAGR Compound Annual Growth Rate E&P  Exploration and Production GAAP  Generally Accepted Accounting Principles HSE  Health, Safety and Environment LNG Lique fi ed Natural Gas NGL Natural Gas Liquids OECD  Organisation for Economic Co-operation and Development PSC Production Sharing Contract ROCE  Return on Capital Employed SAGD  Steam-Assisted Gravity Drainage SEC Securities and Exchange Commission TRR Total Recordable Rate BBL  Barrels MMBBL Millions of Barrels BBBL Billions of Barrels BOE Barrels of Oil Equivalent MMBOE Millions of Barrels of Oil Equivalent BBOE Billions of Barrels of Oil Equivalent MBD Thousands of Barrels per Day MMBD Millions of Barrels per Day BOED Barrels of Oil Equivalent per Day MBOED  Thousands of Barrels of Oil  Equivalent per Day MMBOED Millions of Barrels of Oil Equivalent per Day BCF Billion Cubic Feet TCF Trillion Cubic Feet MCFD Thousands of Cubic Feet per Day MMCFD Millions of Cubic Feet per Day BCFD Billions of Cubic Feet per Day MTPA Millions of Tonnes per Annum 6,000 Cubic Feet of Gas = 1 Barrel of Oil Equivalent 100,000 British Thermal Units = 1 Therm 1 Cubic Foot of Natural Gas = 1,000 British Thermal Units 1 Ton of Crude Oil = 7. 3 Barrels of Crude Oil 1 Billion Cubic Meters of Gas = 35.3 Billion Cubic Feet of Gas 1 Million Tonnes of LNG = 52.3 Billion Cubic Feet of LNG Metric Conversions