Exhibit 99.2

DeGolyer and MacNaughton

5001 Spring Valley Road

Suite 800 East

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.

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