Our executive leadership team (ELT) is responsible for developing corporate strategy, including implementing sustainability efforts. The ELT also manages climate-related risks and opportunities and drives the business in implementing climate-related plans, including:

• Reviewing and approving carbon pricing forecasts for inclusion in our long-range planning and project authorization reviews.

• Supporting climate-related Variable Compensation Incentive Plan (VCIP) milestones.

• Reviewing the greenhouse gas (GHG) emissions expected to result from our Long-Range Plan and an analysis of peer emissions.

• Approving plans for advancing low-carbon technologies.

The Senior Vice President (SVP), Commercial, Strategy, Sustainability and Technology, reports to the CEO and has overall accountability for corporate planning and development, including corporate strategy and long-range planning as well as ultimate responsibility for climate risk management and the implementation of our emissions reduction target framework.  In addition, the Sustainability and Public Policy Executive Council (SPEC), a subcommittee of the ELT, has global oversight of existing and emerging SD and public policy risks and trends including SD and climate-related governance, strategic planning, risk management and public reporting. The SPEC consists of the following executives:

• SVP, Commercial, Strategy, Sustainability and Technology

• EVP, Lower 48

• EVP and Chief Financial Officer

• SVP, Global Operations

• SVP, Legal and General Counsel

• SVP, Government Affairs

• SVP, Human Resources and Real Estate and Facilities Services

• Advisor to the CEO

Members of SPEC and NZEC were briefed routinely in 2024 on priority topics such as operational emissions reductions, biodiversity, water, human rights and stakeholder engagement. The council’s scope includes:

• Reviewing and approving public policy and sustainability policies, positions, strategies, goals and actions on priority matters including those related to climate change.

• Reviewing risk trends and addressing tactical implementation issues and decisions related to GHG target setting at the BU level ensure alignment with corporate targets.

• Prioritizing resource allocation to internal emissions reductions activities and external engagement and initiatives.

• Recommending which issues warrant additional executive leadership, full ELT review or additional board engagement.

• Reviewing and endorsing agenda and meeting content for the Public Policy and Sustainability Committee (PPSC) of the board.

The SPEC plays a critical role in linking the board of directors and the business on public policy and SD risks and trends that could affect business activities and performance, including climate and nature related risks.  The scope of the SPEC is aligned with the scope of oversight of the PPSC, with the exception of health, safety and security.