What we've done1	What we are doing1
Achieved target-related GHG intensity reductions, from a 2016 baseline: 45% reduction on a gross operated basis 36% reduction on a net equity basis	Executing projects to reduce GHG emissions intensity to 50-60% by 2030, on both gross operated and net equity basis from 2016 baseline. Improving both green and brownfield facility designs to reduce GHG emissions in our Lower 48, Alaska and Canada assets.
Achieved an approximate 64% methane emissions intensity reduction from 2015 with an intensity of 3.2 kg CO2e/BOE.2	Progressing toward our near-term and medium-term methane intensity targets.
Reduced routine flaring to 4 MMCF at end of 2024.	Progressing our target of zero routine flaring by 2025 (excluding heritage Marathon Oil assets) and evaluating development of a total flaring intensity target for 2030.
Received OGMP 2.0 Gold Standard Reporting designation3 in recognition of achieving Level 5 for 97% of our operated assets’ reported methane emissions, a full three years ahead of the program requirement.	Continuing methane measurement efforts and reducing overall emissions through our MACC projects.
Progressed projects to remove pneumatic devices from our Lower 48 operated assets with a year-over-year reduction of 60% pneumatic emissions.	Continuing to evaluate low carbon opportunities across our portfolio.

GHG emissions 

Performance 

In 2024, our total gross operated GHG emissions were approximately 16.4 million tonnes, a 5.7% decrease compared to 2023. The decrease between 2023 and 2024 incorporates the results of updated field-wide inspection surveys, and includes the removal of pneumatic devices, and flaring management improvements, primarily in our Lower 48 assets. These decreases offset emissions from increased activity and production in the Lower 48, Montney in Canada, Greater Ekofisk in Norway, Alaska’s North Slope, and APLNG.

Note that the increase in emissions reflected between 2022 and 2023 was a result of data improvements for methane emissions. This included corrected pneumatic equipment counts and classifications as well as expanded flare downtime monitoring in the Bakken and Permian.

Target progress 

We have a target of reducing our GHG intensity target by 50-60% reduction by 2030 from a 2016 baseline. The target covers Scope 1 and Scope 2 gross operated and net equity emissions. Our Scope 1 and Scope 2 GHG emissions and emissions intensity calculations directly measure our performance and help us understand climate-related risk. Lower intensity assets are more resilient to policy, legal, technology and market risk. 

The company has already progressed toward meeting this target over the past several years. Between 2016 and 2024, we achieved a 45% intensity reduction on a target-related, gross operated basis through a combination of specific emissions reduction projects and portfolio changes. From 2024 to 2030, continued capital allocation actions are expected to have a combined impact of lowering GHG emissions intensity by roughly 5-15% as we increase production from assets with low intensity, such as those in the Permian Basin, and achieve reductions from near-term projects. Our progress to date has not included the use of voluntary offsets.

The target includes emissions that are related to production and excludes emissions from our aviation and polar tankers fleets. This may give rise to small differences between the intensity we report for our GHG target purposes and the intensity we report for our annual metrics. Since 2019, this difference has been less than 2%, or 1 kg CO₂e/BOE.

Assuming a stable portfolio is maintained between now and 2030, our 2030 gross GHG intensity target implies a reduction in absolute GHG emissions of 48% between 2016 and 2030. â€�&²Ô²ú²õ±è;

Net equity and non-operated emissions 

Net equity emissions are calculated based on the equity share approach as defined in “The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (WRI)” and we request GHG emissions data from our partners on an annual basis. In certain cases, we obtain the required information from regulatory reports. Additionally, we calculate emissions based on asset-specific emissions intensities and our equity share. 

Methane  

Performance 

In 2024, estimated methane emissions totaled 2.3 million tonnes of COâ‚‚e and constituted approximately 14% of our total GHG emissions. As of year-end 2024, we have achieved an approximate 64% methane emissions intensity reduction from 2015 with an intensity of 3.2 kg CO₂e/BOE.¹ The decrease in estimated emissions between 2023 and 2024 is primarily a result of efforts in our Lower 48 assets to improve emission calculation methodologies by incorporating updated field- wide survey data, remove pneumatic devices, and improve flare management. Year over year reduction of pneumatic emissions is approximately 60% in the Lower 48. A turnaround in Surmont resulting in facility downtime also contributed to the overall decrease.

Target progress 

We have both a near-term and medium-term target² for reducing methane emissions:

• By 2025: Meet a 10% methane emissions intensity reduction target by 2025 from a 2019 baseline.
• By 2030: Achieve a near-zero methane emissions intensity by 2030. This near-zero target is defined as 1.5 kg CO₂e/BOE or approximately 0.15% of natural gas produced.

In 2023, there was an increase in estimated emissions which can be attributed to improved data quality and demonstrates our commitment to incorporating the best available information from our assets and the importance of transparency.

While this may potentially impact our 2025 methane intensity target, we continue to monitor progress against the target, and we are maintaining line of sight to our 2030 target. With regulatory reporting changes phasing in over 2024 and 2025, there remains some uncertainty over near-term methane emissions levels. Our path to near-zero methane emissions by 2030 includes:

• • Maintaining sound operating practices, including aerial and ground-based surveys for leak detection to identify fugitive emissions events.
  • Focusing on eliminating pneumatics.
  • Minimizing flare downtime.
  • Managing emissions from thief hatches.
  • Participating in OGMP 2.0 with a focus on mitigation.
  • Evaluating and executing emissions reduction opportunities including our methane-related MACC projects.

The Oil and Gas Methane Partnership 2.0 

Joining the initiative 

In July 2022, ConocoPhillips joined the Oil and Gas Methane Partnership (OGMP) 2.0 initiative, a voluntary, public-private partnership between the United Nations Environment Programme (UNEP), the European Commission, the Environmental Defense Fund and oil and gas companies. OGMP 2.0 has emerged as a globally recognized framework for methane emissions measurement and reporting and is aimed at minimizing methane emissions from global oil and gas operations. We are committed to improving the transparency of our methane emissions reporting and delivering on our methane reduction objectives and targets by collaborating with industry peers to accelerate best practices in our operations.

Ultimately, reporting through OGMP 2.0 will help us make better informed decisions about where to prioritize our efforts to have the maximum impact on reducing our emissions footprint.  

Approach 

As part of OGMP 2.0, we committed to reporting methane emissions from both operated and non-operated assets, according to our reporting boundaries, and we submitted our first OGMP 2.0 Implementation Plan in May 2023. At that time, a majority of the emissions from our assets were reported at Level 3. In 2023 and 2024, we implemented a measurement campaign involving sampling hundreds of sites across Lower 48, Alaska, Canada, Australia and Norway at a mix of facilities, including large, complex sites, batteries/facilities and well pads. Results from these sampled sites were used to inform asset-level totals.

While our measurement campaign spans global assets, our Lower 48 team is leading the effort since a majority of company methane emissions are from Lower 48 assets, and learnings from these assets can be leveraged for other operating areas.  

Results and impacts to reported data 

In the interim, we expect our measurement-informed emissions estimates to differ from EPA and other regulatory reported emissions. However, increased emissions estimates from better measurement-informed practices are not likely to impact our ability to achieve our 2030 GHG intensity target given our robust emissions reduction approach and focused monitoring efforts on the most impactful emissions sources. 

Next steps 

In 2024, we were awarded OGMP 2.0’s Gold Standard Reporting designation³ in recognition of achieving Level 5 for 97% of operated assets’ reported methane emissions, a full three years ahead of the program requirement. In the International Methane Emissions Observatory 2023 Report, we were recognized as “leading performance at Level 5”; “ConocoPhillips’ reporting is best in class this year. The company conducted an outstanding data reconciliation analysis that yielded a robust Level 5 estimate of their emissions for all material operating assets. This is noteworthy as it was achieved in year 2, ahead of the required deadline for operated assets and a strong signal to other companies of what is possible.”

We will continue to advance methane measurement efforts, including:

• Focusing on the most impactful and cost-effective reductions, including those reductions informed by OGMP 2.0 measurements.
• Continuing our measurement program for source-level and site-level measurements in 2025 and beyond.
• Continuing to progress reporting across our material assets as asset materiality changes due to acquisitions, divestitures, and methane mitigation efforts.
• Engaging with non-operating partners and OGMP 2.0 members for industry-wide improvement in methane measurement and reporting.â€�

Flaring

Performance 

Flaring is a safety-related process for the controlled release and burning of natural gas during oil and gas exploration, production and processing operations. Flaring is required to safely dispose of flammable gas released during process upsets or other unplanned events and to safely relieve pressure before performing equipment maintenance. Flaring is also used to control and reduce emissions of volatile organic compounds from oil and condensate storage tanks.

In 2024, the total volume of flared gas was 20.2 BCF, a decrease of 8% from 2023. The decrease was primarily attributable to reductions from our Lower 48 operations, including removal of flares and increased vapor recovery unit coverage allowing more gas to be captured rather than flared. We anticipate flare volumes to increase in 2025 with the inclusion of heritage Marathon Oil assets.  

Target progress 

ConocoPhillips is committed to the World Bank Zero Routine Flaring by 2030 initiative, a program that aims to create consistency among governments, the oil and gas sector and development institutions to address flaring.⁴ We support the World Bank Zero Routine flaring by 2030 initiative and remain on schedule to meet a target of zero routine flaring by the end of 2025 (excluding the recently acquired heritage Marathon Oil assets). We continue to make strong progress on this goal, as routine flaring has been reduced to 4 MMCF as of the end of 2024. We achieved this through active well management to shut-in wells during capacity constraint events and working closely with third-party gas offtake providers to ensure sufficient capacity. Other projects focus on treatment of sour gas, flare capture and de-bottlenecking.

While total flaring emissions make up only approximately 13.3% of our total Scope 1 GHG emissions, the target drives continued near-term focus on routine flaring reductions across our assets.

In addition to our near-term routine flaring target, we are exploring the development of a total flaring intensity target for 2030. 

_{1. While 2019 is the formal baseline for our methane emissions intensity target, we also compare performance to 2015 to show longer-term progress. 2015 is an important milestone year for international organizations like the UN-led that aim to achieve a 45% methane emissions reduction by 2025 from 2015 levels.}

_{2. These targets include emissions that are related to production and exclude emissions from our aviation and polar tankers fleets.}

_{3. OGMP 2.0 “levels” refer to increasing reporting requirements and additional granularity. Level 3 includes reporting of emissions by detailed source type based on generic emissions factors. Level 4 emissions are based on source-level measurements and often calculated using site-specific emission factors and activity factors. Level 5, the Gold Standard for reporting, includes measurement at the site or facility level and reconciliation with Level 4 source-level reporting estimates.}

_{4. Routine flaring is defined as flaring of associated gas that occurs during the normal production of oil in the absence of sufficient facilities to utilize the gas onsite, dispatch it to a market or reinject it. Flaring for safety reasons, non-routine flaring or flaring gas other than associated gas is not included as part of the World Bank Zero Routine Flaring initiative.}