SCOPE 1 – Direct GHG emissions from sources owned or controlled by ConocoPhillips.
SCOPE 2 – GHG emissions from the generation of purchased electricity consumed by ConocoPhillips.
SCOPE 3 – All other indirect GHG emissions as a result of ConocoPhillips activities, from sources not owned or controlled by the company, including emissions from the end use of oil and gas products by consumers.
As part of the climate-related risk framework we adopted in 2020, we calculate key metrics and use targets to estimate and monitor our performance and progress in managing climate-related risks and opportunities in line with our strategy and risk management process. These include:
We believe these metrics and targets are the most useful in managing climate-related risks and opportunities and monitoring performance. Our 2024 emissions decreased compared to 2023 (on a gross operated basis) due to several factors,1 including the incorporation of updated Lower 48 field-wide survey data allowing for use of more accurate emission factors, the removal of pneumatic devices through abatement projects, and flare management improvements.
Our target framework for near and medium-term targets is set on an intensity basis. Intensity targets better apply to the exploration and production sector’s dynamic business environment where plans, technology, prices, industry structure and costs all change rapidly. Intensity targets are more durable and allow a company to change plans to maintain a competitive portfolio without also having to repeatedly reset targets.
Read more about our approach to net-zero.
Our targets inform internal emissions reduction efforts at the business unit level and support innovation on efficiency, emissions reduction, GHG regulatory risk mitigation and climate-related risk management throughout the life cycle of our assets.
All data presented herein is from January 1 to December 31, 2024, and does not include data from heritage Marathon Oil assets. Footnotes to our performance metrics outline the scope and methodologies of our data reporting. The minimum boundary for reporting on environmental priorities is the assets we operate. Current and updated targets and ambitions are outlined in near, medium and long-term timeframes. Our progress to date has not included the use of voluntary offsets.
In 2024, we updated our methodology and adjusted the global warming potential (GWP) value used for our emissions calculations. GWP values, published by the Intergovernmental Panel on Climate Change (IPCC), are used to convert methane and nitrous oxide emissions to carbon dioxide equivalents (CO2e). We used the IPCC Fifth Assessment Report (AR5)2 for this conversion; the Fourth Assessment Report was used previously. This adjustment was made to align with most reporting methodologies used in the regions we operate, and is aligned with the GHG Protocol. This change was applied to our 2016 baseline target year, our 2019 baseline target year for methane, as well as our 2024 data, as is standard practice, to ensure consistency between base year and future target years. Metrics impacted by this change are noted in the performance tables and in the GHG and methane sections.
Performance metrics for heritage Marathon Oil assets acquired in November 2024 are presented separately in the performance tables, and include data from Nov. 22-Dec. 31, 2024, in alignment with the acquisition closing date.
Read more about the principles surrounding our approach to target setting and our measurement, reporting and verification practices.
Our Performance metrics section provides the metrics included in this section in tabular format. Our metrics are also linked to key frameworks such as SASB, GRI/Ipieca/UNGP, and ISSB.
1. In support of our company reporting practices that are based on the data principles from the World Resources Institute Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.
2. The Global Warming Potential (GWP) of methane (CH�) issued by IPCC is: AR4 = 25, AR5 = 28, AR6 = 27.
