ConocoPhillips : 2024 Sustainability Report
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Published on 06/24/2025 at 14:44
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Contents
A message from our Chairman and CEO
1 Our people 53
A compelling culture 57
Covernance and our approach 2
Covernance 3
Managing sustainable development risks 6
About our reporting 7
Managing climate-related risks 10
Strategy 12
Near, medium and long-term risks 17
Business opportunities 20
Reducing Scope 1 and Scope 2 emissions 21
Addressing Scope 3 emissions 32
Collaboration and engagement 34
Managing nature-related risks 35
Risk management 36
Responding to biodiversity-related risks 39
Supporting conservation 40
Responding to water-related risks 41
Metrics 43
Social 45
Managing social-related risks and impacts 46
Creating shared value 47
Valuing human rights 50
Supply chain and local content 51
Attracting a world-class workforce 59
Valuing our people 61
Safety, health and security 65
Safety 66
Emergency preparedness 70
Occupational health and industrial hygiene 70
Security and cybersecurity 71
Performance 72
Performance by year 72
Performance by country 79
AXPC ESC metrics template 81
API template for CHC reporting 83
Data quality and assurance 85
Abbreviations 86
ConocoPhillips Sustainability Report 2024
Chairman and CEO message
A message from
our Chairman and CEO
We believe ConocoPhillips has an essential role in responsibly meeting global energy demand. As the demand continues to rise for all forms of energy - including oil and natural gas - we are focused on managing environmental and social-related risks as an integral part of achieving our strong financial and operational performance. While doing so, we are committed to delivering competitive returns on and of capital and working to meet our operational emissions intensity reduction targets.
Since the publication of our last Sustainability Report, we have made progress in reducing emissions intensity across our operations. We are on track to deliver on our 2030 operational greenhouse gas (GHG) emissions intensity reduction targets and continue to invest in projects that support our goal of reducing GHG emissions intensity by 50-60% by 2030, from a 2016 baseline.
Concurrently, we are advancing activities to achieve near-zero methane emissions intensity by 2030. Now in our third year of participation in the Oil & Gas Methane Partnership 2.0, we recently earned the Gold Standard Reporting designation for our measurement-based methane emissions reporting, demonstrating leadership that goes beyond current regulatory requirements. We are on schedule to meet the World Bank Zero Routine Flaring goal by the end of 2025, excluding the Marathon Oil assets acquired in late 2024. Integration of those assets into our climate-related risk framework is underway.
As we work to reduce our operational emissions, it has become evident that the shift in global priorities - toward energy security, availability, and affordability - has slowed the progress of the supportive policies and economically viable technologies needed to achieve net-zero by a defined deadline. As a result, while our ambition to achieve net-zero operational emissions remains unchanged, we are no longer tying that ambition to a specific year.
At the same time, we continue to build a dynamic liquefied natural gas (LNG) portfolio, which plays a critical role in displacing higher-emissions fuels such as coal in power generation. In 2024, we added to our global LNG portfolio through agreements that provide additional access to European and Asian natural gas markets. The acquisition of Marathon Oil further strengthens our position, adding approximately 2 million tonnes per annum of net LNG capacity in Equatorial Guinea.
Amid ongoing market volatility and macroeconomic and geopolitical uncertainty, our strategy remains consistent and durable. Despite longer-term uncertainties, our near-term strategy continues to prioritize building a low-cost of supply, low-GHG intensity portfolio that is resilient to commodity price cycles and policy fluctuations.
We are committed to ongoing, meaningful engagement with key stakeholders as we work to continuously improve our environmental and social performance. This collaboration provides critical insight into stakeholder priorities, helping us effectively respond to risks and opportunities.
Looking ahead, we will continue to play a significant role in meeting future global energy demand. Integrating sustainability into our planning and decision making enables us to strengthen our competitive advantage while creating value for stakeholders.
Chairman and Chief Executive Officer June 2025
ConocoPhillips Sustainability Report 2024
Covernance and our approach
Covernance and our approach
Collaborating
with colleagues at
ConocoPhillips
Headquarters in
Houston
ConocoPhillips Sustainability Report 2024
Covernance and our approach
We have a comprehensive governance framework that integrates sustainability risks and trends into our business strategy and decision making processes with the goal of safely and responsibly finding and delivering energy to the world. We are committed to sustainable development (SD) across our diverse portfolio and have incorporated environmental and social-related risks into our planning for decades.
Our commitment to integrating sustainability is
demonstrated through:
Managing climate-related risks.
Proactively implementing mitigation actions and conservation efforts related to nature-related risks, impacts, dependencies and opportunities.
Ensuring safe operations and creating shared value for neighboring communities.
Attracting and retaining a world-class workforce.
Prioritizing the safety, health and security of our workforce and the communities where we operate.
We strive to responsibly meet the global demand for energy while continuing to deliver competitive returns on and of capital and working to meet our previously established emissions reduction targets.
In line with our broader approach to risk management, we integrate sustainability risks and trends into our decision making using a combination of strategic planning processes and risk management tools. Our approach includes continuous improvement and internal assurance.
The graphic below illustrates the interrelated nature of our sustainability oversight. A more comprehensive summary of our corporate governance approach is provided on our website.
Feedback and communication at all levels of the chain is an important feature of our governance structure.
Public Policy
and Sustainability Committee
Sustainability and Public Policy Executive Council
Sustainable Development Leadership Team
Global SD issues working groups
Environmental and SD Steering Committee
Note: Each layer represents a governance level and the corresponding membership entity/support.
Disclaimer
ConocoPhillips published this content on June 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 24, 2025 at 18:43 UTC.