Exhibit 99
 
 
DeGolyer
 
and
 
MacNaughton
5001
 
Spring
 
Valley
 
Road
Suite
 
800
 
Eas
 
t
Dallas,
 
Texas
 
75244
 
 
February 18, 2020
 
 
ConocoPhillips
 
925 N. Eldridge Parkway
Houston, Texas 77079
 
 
Re: SEC Process Review
 
 
 
Ladies and Gentlemen:
 
Pursuant to
 
your request,
 
DeGolyer and
 
MacNaughton has
 
performed a
 
process review
 
of the
processes
 
and
 
controls
 
used
 
within
 
ConocoPhillips
 
in
 
preparing
 
its
 
internal
 
estimates
 
of
 
proved
reserves,
 
as of
 
December
 
31, 2019.
 
This
 
process review,
 
which is
 
contemplated by
 
Item
 
1202 (a)(8)
 
of
Regulation S–K
 
of the
 
United States
 
Securities and
 
Exchange Commission
 
(SEC), has
 
been performed
specifically to address the adequacy and
 
effectiveness of ConocoPhillips’ internal processes
 
and controls
relative to its
 
estimation of proved
 
reserves in compliance
 
with Rules 4–10(a)
 
(1)–(32) of Regulation
 
S–
X of the SEC.
 
DeGolyer
 
and
 
MacNaughton
 
has
 
participated
 
as
 
an
 
independent
 
member
 
of
 
the
 
internal
ConocoPhillips
 
Reserves
 
Compliance
 
Assessment
 
Team
 
in
 
reviews
 
and
 
discussions
 
with
 
each
 
of
 
the
relevant
 
ConocoPhillips
 
business
 
units
 
relative
 
to
 
SEC
 
proved
 
reserves
 
estimation.
 
DeGolyer
 
and
MacNaughton has participated in the
 
review of all major fields
 
in all countries in
 
which ConocoPhillips
has
 
proved
 
reserves
 
worldwide,
 
which
 
ConocoPhillips
 
has
 
indicated
 
represents
 
over
 
90
 
percent
 
of
 
its
estimated total proved reserves as of December 31, 2019.
 
 
The
 
reviews
 
with
 
ConocoPhillips’
 
technical staff
 
involved
 
presentations
 
and
 
discussions
 
of
 
a)
basic reservoir data, including
 
seismic data, well-log data,
 
pressure and production tests,
 
core analysis,
pressure-volume-temperature
 
data,
 
and
 
production
 
history,
 
b)
 
technical
 
methods
 
employed
 
in
 
SEC
proved
 
reserves
 
estimation,
 
including
 
performance
 
analysis,
 
geology,
 
mapping,
 
and
 
volumetric
estimates,
 
c)
 
economic
 
analysis,
 
and
 
d)
 
commercial
 
assessment,
 
including
 
the
 
legal
 
basis
 
for
 
the
interest in the reserves, primarily related
 
to lease agreements and other petroleum license
 
agreements,
such as concession and production sharing agreements.
 
 
 
 
 
 
ConocoPhillips
 
February 18, 2020
Page 2 of 2
 
A field examination of the properties was not considered necessary for the purposes of this
review of ConocoPhillips’ processes and controls.
 
It
 
is
 
DeGolyer
 
and
 
MacNaughton’s
 
opinion
 
that
 
ConocoPhillips’
 
estimates
 
of
 
proved reserves
for the
 
properties
 
reviewed were
 
prepared by
 
the use
 
of recognized
 
geologic and
 
engineering methods
generally
 
accepted
 
by
 
the
 
petroleum
 
industry.
 
The
 
method
 
or
 
combination
 
of
 
methods
 
used
 
in
 
the
analysis of
 
each reservoir was
 
tempered by
 
ConocoPhillips’ experience with
 
similar reservoirs,
 
stage of
development,
 
quality
 
and
 
completeness
 
of
 
basic
 
data,
 
and
 
production
 
history.
 
It
 
is
 
DeGolyer
 
and
MacNaughton’s
 
opinion
 
that
 
the
 
general
 
processes
 
and
 
controls
 
employed
 
by
 
ConocoPhillips
 
in
estimating its
 
December 31,
 
2019, proved
 
reserves for
 
the properties
 
reviewed are
 
in accordance
 
with
the SEC reserves definitions.
 
This
 
process
 
review
 
of
 
ConocoPhillips’
 
procedures
 
and
 
methods
 
does
 
not
 
constitute
 
a
 
review,
study, or independent
 
audit of ConocoPhillips’
 
estimated proved reserves
 
and corresponding future
 
net
revenues. This
 
process review
 
is not
 
intended to
 
indicate that
 
DeGolyer and
 
MacNaughton is
 
offering
any opinion as to the reasonableness of the reserves estimates reported by ConocoPhillips.
 
DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has
been providing
 
petroleum consulting
 
services throughout
 
the world
 
since 1936.
 
Neither DeGolyer
 
and
MacNaughton nor
 
any employee
 
who participated
 
in this
 
project has
 
any financial
 
interest, including
stock
 
ownership,
 
in
 
ConocoPhillips.
 
DeGolyer
 
and
 
MacNaughton’s
 
fees
 
were
 
not
 
contingent
 
on
 
the
results of its evaluation.
 
 
Very truly yours,
 
 
/s/ DeGolyer and MacNaughton
 
DeGOLYER and MacNAUGHTON
Texas Registered Engineering Firm F-716
 
 
/s/ Charles F. Boyette
 
Charles F. Boyette,
 
P.E.
President
DeGolyer and MacNaughton