Exhibit 99
DeGolyer and MacNaughton
5001 Spring Valley
 
Road
Suite 800 East
Dallas, Texas
 
75244
February 17, 2022
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
 
by ConocoPhillips in preparing its internal estimates
 
of proved reserves, as of
December 31, 2021. 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 holds proved
 
reserves
worldwide.
 
ConocoPhillips has indicated that
 
these reserves represent over
 
90 percent of its estimated
 
total
proved reserves as of December 31, 2021.
 
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 17, 2022
Page 2 of 2
A
 
field
 
examination
 
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,
 
2021, 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/ Dilhan Ilk
Dilhan Ilk, P.E.
Senior Vice President
DeGolyer and MacNaughton