filings.toolsCover and table of contents
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Cover and table of contents
2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the transition period from _______________ to _______________ |
Commission file number: 001-32395
ConocoPhillips
(Exact name of registrant as specified in its charter)
| Delaware | 01-0562944 | ||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer identification No.) |
925 N. Eldridge Parkway, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 281-293-1000
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||
| Common Stock, $.01 Par Value | COP | New York Stock Exchange | ||||||
| 7% Debentures due 2029 | CUSIP—718507BK1 | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by checkmark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No
The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, based on the closing price on that date of $103.61, was $132.7 billion.
The registrant had 1,272,380,205 shares of common stock outstanding at January 31, 2025.
Documents incorporated by reference:
Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 13, 2025 (Part III)
Table of Contents
| Commonly Used Abbreviations | Table of Contents |
Commonly Used Abbreviations
The following industry-specific, accounting and other terms and abbreviations may be commonly used in this report.
| Currencies | Accounting | ||||||||||
| $ or USD | U.S. dollar | ARO | asset retirement obligation | ||||||||
| CAD | Canadian dollar | ASC | accounting standards codification | ||||||||
| EUR | Euro | ASU | accounting standards update | ||||||||
| GBP | British pound | DD&A | depreciation, depletion and | ||||||||
| NOK | Norwegian kroner | amortization | |||||||||
| FASB | Financial Accounting Standards | ||||||||||
| Units of Measurement | Board | ||||||||||
| BBL | barrel | FIFO | first-in, first-out | ||||||||
| BCF | billion cubic feet | G&A | general and administrative | ||||||||
| BOE | barrels of oil equivalent | GAAP | generally accepted accounting | ||||||||
| MBD | thousands of barrels per day | principles | |||||||||
| MCF | thousand cubic feet | LIFO | last-in, first-out | ||||||||
| MM | million | NPNS | normal purchase normal sale | ||||||||
| MMBOE | million barrels of oil equivalent | PP&E | properties, plants and equipment | ||||||||
| MBOED | thousand barrels of oil equivalent | VIE | variable interest entity | ||||||||
| per day | |||||||||||
| MMBOED | million barrels of oil equivalent | Miscellaneous | |||||||||
| per day | CERCLA | Federal Comprehensive | |||||||||
| MMBTU | million British thermal units | Environmental Response | |||||||||
| MMCFD | million cubic feet per day | Compensation and Liability Act | |||||||||
| MTPA | million tonnes per annum | EPA | Environmental Protection Agency | ||||||||
| ESG | environmental, social and governance | ||||||||||
| Industry | EU | European Union | |||||||||
| BLM | Bureau of Land Management | FERC | Federal Energy Regulatory | ||||||||
| CBM | coalbed methane | Commission | |||||||||
| CCS | carbon capture and storage | GHG | greenhouse gas | ||||||||
| E&P | exploration and production | HSE | health, safety and environment | ||||||||
| FEED | front-end engineering and design | ICC | International Chamber of Commerce | ||||||||
| FID | final investment decision | ICSID | World Bank’s International | ||||||||
| FPS | floating production system | Centre for Settlement of | |||||||||
| FPSO | floating production, storage and | Investment Disputes | |||||||||
| offloading | IRS | Internal Revenue Service | |||||||||
| G&G | geological and geophysical | OTC | over-the-counter | ||||||||
| JOA | joint operating agreement | NYSE | New York Stock Exchange | ||||||||
| LNG | liquefied natural gas | SEC | U.S. Securities and Exchange | ||||||||
| NGLs | natural gas liquids | Commission | |||||||||
| OPEC | Organization of Petroleum | TSR | total shareholder return | ||||||||
| Exporting Countries | U.K. | United Kingdom | |||||||||
| PSC | production sharing contract | U.S. | United States of America | ||||||||
| PUDs | proved undeveloped reserves | VROC | variable return of cash | ||||||||
| SAGD | steam-assisted gravity drainage | ||||||||||
| WCS | Western Canadian Select | ||||||||||
| WTI | West Texas Intermediate |
| 1 | ConocoPhillips 2024 10-K |
| Business and Properties | Table of Contents |
Part I
Unless otherwise indicated, “the company,” “we,” “our,” “us” and “ConocoPhillips” are used in this report to refer to the businesses of ConocoPhillips and its consolidated subsidiaries. Items 1 and 2—Business and Properties, contain forward-looking statements including, without limitation, statements relating to our plans, strategies, objectives, expectations and intentions that are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The words “ambition,” “anticipate,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” and similar expressions identify forward-looking statements. The company does not undertake to update, revise or correct any forward-looking information unless required to do so under the federal securities laws. Readers are cautioned that such forward-looking statements should be read in conjunction with the company’s disclosures under the headings “Risk Factors” beginning on page 19 and “CAUTIONARY STATEMENT FOR THE PURPOSES OF THE ‘SAFE HARBOR’ PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995,” beginning on page 65**.
Items 1 and 2. Business and Properties
Corporate Structure
ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects. On December 31, 2024, we employed approximately 11,800 people worldwide and had total assets of about $123 billion. Total company production for the year was 1,987 MBOED.
ConocoPhillips was incorporated in the state of Delaware in 2001, in connection with, and in anticipation of, the merger between Conoco Inc. and Phillips Petroleum Company. The merger between Conoco and Phillips was consummated on August 30, 2002. In April 2012, ConocoPhillips completed the separation of the downstream business into an independent, publicly traded energy company, Phillips 66.
On November 22, 2024, we completed our acquisition of Marathon Oil Corporation (Marathon Oil), an independent oil and gas exploration and production company with operations in multiple basins in the Lower 48, as well as Equatorial Guinea internationally. For additional information related to this transaction, see Note 3.
Segment and Geographic Information
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We manage our operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. For operating segment and geographic information, see Note 23.
We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis. At December 31, 2024, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.
The information listed below appears in the “Supplementary Data - Oil and Gas Operations” disclosures following the Notes to Consolidated Financial Statements and is incorporated herein by reference:
-
Proved worldwide crude oil, NGLs, natural gas and bitumen reserves.
-
Net production of crude oil, NGLs, natural gas and bitumen.
-
Average sales prices of crude oil, NGLs, natural gas and bitumen.
-
Average production costs per BOE.
-
Net wells completed, wells in progress and productive wells.
-
Developed and undeveloped acreage.
The following table is a summary of the proved reserves information included in the “Supplementary Data - Oil and Gas Operations” disclosures following the Notes to Consolidated Financial Statements. Approximately 84 percent of our proved reserves are in countries that belong to the Organization for Economic Cooperation and Development. Natural gas reserves are converted to BOE based on a 6:1 ratio: six MCF of natural gas converts to one BOE. See Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of factors that will enhance the understanding of the following summary reserves table.
| Millions of Barrels of Oil Equivalent | |||||||||||
| Net Proved Reserves at December 31 | 2024 | 2023 | 2022 | ||||||||
| Crude oil | |||||||||||
| Consolidated operations | 3,406 | 3,032 | 2,975 | ||||||||
| Equity affiliates | 108 | 89 | 93 | ||||||||
| Total Crude Oil | 3,514 | 3,121 | 3,068 | ||||||||
| Natural gas liquids | |||||||||||
| Consolidated operations | 1,147 | 892 | 845 | ||||||||
| Equity affiliates | 62 | 48 | 50 | ||||||||
| Total Natural Gas Liquids | 1,209 | 940 | 895 | ||||||||
| Natural gas | |||||||||||
| Consolidated operations | 1,629 | 1,408 | 1,461 | ||||||||
| Equity affiliates | 977 | 879 | 959 | ||||||||
| Total Natural Gas | 2,606 | 2,287 | 2,420 | ||||||||
| Bitumen | |||||||||||
| Consolidated operations | 483 | 410 | 216 | ||||||||
| Total Bitumen | 483 | 410 | 216 | ||||||||
| Total consolidated operations | 6,665 | 5,742 | 5,497 | ||||||||
| Total equity affiliates | 1,147 | 1,016 | 1,102 | ||||||||
| Total company | 7,812 | 6,758 | 6,599 |
| 3 | ConocoPhillips 2024 10-K |
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Alaska
The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. We are the largest crude oil producer in Alaska and have major ownership interests in the Prudhoe Bay, Kuparuk and Western North Slope asset areas. Additionally, we are one of Alaska’s largest owners of state, federal and fee exploration leases, with approximately one million net undeveloped acres at year-end 2024. Alaska operations contributed 14 percent of our consolidated liquids production and two percent of our consolidated natural gas production.
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Greater Prudhoe Area* | 36.5 | % | Hilcorp | 67 | 15 | 36 | 88 | |||||||||||||||||||
| Greater Kuparuk Area* | 94.2-99.8 | ConocoPhillips | 63 | — | 2 | 63 | ||||||||||||||||||||
| Western North Slope | 100.0 | ConocoPhillips | 43 | — | 1 | 43 | ||||||||||||||||||||
| Total Alaska | 173 | 15 | 39 | 194 | ||||||||||||||||||||||
| *Acquired additional working interest in the fourth quarter of 2024. See Note 3. |
After exercising our preferential rights, we completed our acquisition of additional working interest in the Kuparuk River Unit and Prudhoe Bay Unit from Chevron U.S.A. Inc and Union Oil Company of California in the fourth quarter of 2024. This transaction increased our working interest by approximately five percent in the Kuparuk River Unit and approximately 0.4 percent in the Prudhoe Bay Unit. See Note 3.
Greater Prudhoe Area
The Greater Prudhoe Area includes the Prudhoe Bay Unit, which consists of the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay, the largest conventional oil field in North America, is the site of a large waterflood and enhanced oil recovery operation, supported by a large gas and water processing operation. Field installations include seven production facilities, two gas plants, two seawater plants and a central power station. In 2024, on average, there were two rigs drilling throughout the year.
Greater Kuparuk Area
The Greater Kuparuk Area includes the Kuparuk River Unit, which consists of the Kuparuk Field and six satellite fields. Field installations include three central production facilities which separate oil, natural gas and water, and a seawater treatment plant. In 2024, we operated two drilling rigs and two workover rigs. The Nuna project, which targets the Moraine reservoir, was sanctioned in 2023 and achieved first oil in the fourth quarter of 2024. The Coyote reservoir discovered in 2021 progressed to development in 2023 with additional wells drilled in 2024 and planned for 2025.
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Western North Slope
The Western North Slope includes the Colville River Unit, the Greater Mooses Tooth Unit and the Bear Tooth Unit. In 2024, we operated one full-time drilling rig and one seasonal drilling rig between the Colville River and Greater Mooses Tooth Units.
The Colville River Unit includes the Alpine Field and four satellite fields. Field installations include one central production facility, which separates oil, natural gas and water.
The Greater Mooses Tooth Unit is the first unit established entirely within the National Petroleum Reserve Alaska (NPR-A). The unit was constructed in two phases: Greater Mooses Tooth #1 (GMT1) and Greater Mooses Tooth #2 (GMT2).
In December 2023, we announced Willow FID. The project will consist of three drill sites, an operations center and camp, and a processing facility. In 2024, construction included installation of the Willow Access Road, the Willow Operations Center pad and pipeline segments. Additionally, fabrication and delivery of the Willow Operations Center modules to the North Slope were completed. First oil is anticipated in 2029.
Transportation
We transport the petroleum liquids produced on the North Slope to Valdez, Alaska through an 800-mile pipeline that is part of the Trans-Alaska Pipeline System (TAPS). We have a 29.5 percent ownership interest in TAPS, and also have ownership interests in, and operate the Alpine, Kuparuk and Oliktok pipelines on the North Slope.
We manage the marine transportation of our North Slope production using five company-owned, double-hulled tankers, and charter third-party vessels, as necessary. The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the U.S.
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Lower 48
The Lower 48 segment consists of operations located in the 48 contiguous U.S. states and the Gulf of Mexico, with a portfolio mainly consisting of low cost of supply, short cycle time, resource-rich unconventional plays and commercial operations. Based on 2024 production volumes, the Lower 48 is our largest segment and contributed 63 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.
| 2024 | ||||||||||||||
| Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||
| Average Daily Net Production | ||||||||||||||
| Delaware Basin | 301 | 144 | 884 | 593 | ||||||||||
| Eagle Ford | 124 | 66 | 322 | 244 | ||||||||||
| Midland Basin | 101 | 44 | 224 | 182 | ||||||||||
| Bakken | 66 | 22 | 164 | 115 | ||||||||||
| Other | 10 | 3 | 31 | 18 | ||||||||||
| Total Lower 48 | 602 | 279 | 1,625 | 1,152 | ||||||||||
On November 22, 2024, we completed the acquisition of Marathon Oil, further enhancing our Lower 48 position. This acquisition adds low cost of supply, complementary acreage in the Delaware, Eagle Ford and Bakken basins. See Note 3.
Delaware Basin
We hold approximately 792,000 unconventional net acres in the Delaware Basin, spanning west Texas through southeast New Mexico. Current development activity targets prospects in the Avalon, Bone Springs and Wolfcamp formations while balancing leasehold obligations and permit terms. We operated ten rigs and two frac crews on average during 2024, resulting in 166 operated wells drilled and 151 operated wells brought online.
Eagle Ford
We hold approximately 484,000 unconventional net acres in the Eagle Ford, located in south Texas. The current focus is on full-field development, using customized well spacing and stacking patterns adapted through reservoir analysis. We operated seven rigs and two frac crews on average during 2024, resulting in 182 operated wells drilled and 154 operated wells brought online.
Midland Basin
We hold approximately 265,000 unconventional net acres in the Midland Basin, located in west Texas. The current development strategy is focused on full-field development utilizing multi-well pad projects targeting both Spraberry and Wolfcamp reservoir targets. We operated five rigs and two frac crews on average during 2024, resulting in 119 operated wells drilled and 111 operated wells brought online.
Bakken
We hold approximately 790,000 unconventional net acres in the Williston Basin, located in North Dakota and eastern Montana. The primary producing zones are the Middle Bakken and Three Forks formations. We operated four rigs and one frac crew on average during 2024, resulting in 66 operated wells drilled and 83 operated wells brought online.
Partner-Operated
We participate in partner-operated wells when they align with our investment decision criteria and development strategies. In 2024, we participated in partner-operated wells with varying working interests across our Lower 48 portfolio.
Facilities
We operate and own, with varying interests, centralized processing facilities in Texas and New Mexico in support of our Delaware, Eagle Ford and Midland assets.
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Canada
Our Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. In 2024, operations in Canada contributed ten percent of our consolidated liquids production and five percent of our consolidated natural gas production.
| 2024 | |||||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Bitumen MBD | Total MBOED | |||||||||||||||||||||||
| Average Daily Net Production | |||||||||||||||||||||||||||||
| Surmont | 100.0 | % | ConocoPhillips | — | — | — | 122 | 122 | |||||||||||||||||||||
| Montney | 100.0 | ConocoPhillips | 17 | 6 | 115 | — | 42 | ||||||||||||||||||||||
| Total Canada | 17 | 6 | 115 | 122 | 164 | ||||||||||||||||||||||||
Our bitumen resources in Canada are produced via SAGD, an enhanced thermal oil recovery method where steam is injected into the reservoir, effectively liquefying the heavy bitumen, which is recovered and pumped to the surface for further processing. Operations include two central processing facilities for treatment and blending of bitumen, and a diluent recovery unit. These facilities have allowed the asset to lower blend ratio and diluent supply costs, while gaining protection from diluent supply disruptions and increased market access for our product. At December 31, 2024, we held approximately 684,000 net acres of land in the Athabasca Region of northeastern Alberta.
Surmont
The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. We are focused on keeping facilities full, structurally lowering costs, reducing GHG intensity and optimizing asset performance. In 2024, we brought all wells at Pad 267 to expected production, commenced the drilling of Pad 104 and executed the asset's largest re-drill program to date of 29 wells. First production from Pad 104 is expected in 2026.
Montney
The Montney is a liquids-rich unconventional play located in northeastern British Columbia. At December 31, 2024, we held approximately 297,000 net acres of land in the Montney. In 2024, we operated two rigs resulting in 33 wells drilled and 27 operated wells brought online. Early development activities will continue in 2025 with drilling and completions activity.
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Europe, Middle East and North Africa
The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. In 2024, operations in Europe, Middle East and North Africa contributed nine percent of our consolidated liquids production and 17 percent of our consolidated natural gas production.
Norway
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Greater Ekofisk Area | 28.3-35.1 % | ConocoPhillips | 43 | 2 | 73 | 57 | ||||||||||||||||||||
| Heidrun Field | 24.0 | Equinor | 9 | 1 | 37 | 16 | ||||||||||||||||||||
| Aasta Hansteen Field | 10.0 | Equinor | — | — | 78 | 13 | ||||||||||||||||||||
| Troll Field | 1.6 | Equinor | 1 | — | 69 | 13 | ||||||||||||||||||||
| Alvheim Field | 20.0 | Aker BP | 8 | — | 15 | 11 | ||||||||||||||||||||
| Visund Field | 9.1 | Equinor | 1 | 1 | 36 | 8 | ||||||||||||||||||||
| Other Fields | Various | Equinor | 7 | — | 21 | 10 | ||||||||||||||||||||
| Total Norway | 69 | 4 | 329 | 128 |
Greater Ekofisk Area
The Greater Ekofisk Area is located offshore Stavanger, Norway, in the North Sea, and is comprised of five producing fields. Crude oil is exported to our operated terminal located at Teesside, U.K., and the natural gas is exported to Emden, Germany. In 2024, the Eldfisk North development, a subsea tieback to Eldfisk, achieved first production.
Heidrun Field
The Heidrun Field is located in the Norwegian Sea. Produced crude oil is stored in a floating storage unit and exported via shuttle tankers. Most of the gas is transported to Europe via gas processing terminals in Norway with some reinjected for pressure support if required. A portion of the gas is also transported for use as feedstock in a methanol plant in Norway, in which we have an 18 percent interest.
Aasta Hansteen Field
The Aasta Hansteen Field is located in the Norwegian Sea. Gas is transported through the Polarled gas pipeline to the onshore Nyhamna processing plant for final processing prior to export to market. Produced condensate is loaded onto shuttle tankers and transported to market.
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Troll Field
The Troll Field lies in the northern part of the North Sea and consists of the Troll A, B and C platforms. The natural gas from Troll A is transported to Kollsnes, Norway. Crude oil from floating platforms Troll B and Troll C is transported to Mongstad, Norway, for storage and export.
Alvheim Field
The Alvheim Field is located in the northern part of the North Sea and consists of a FPSO vessel and subsea installations. Produced crude oil is exported via shuttle tankers and natural gas is transported to the Scottish Area Gas Evacuation (SAGE) Terminal at St. Fergus, U.K., through the SAGE Pipeline.
Visund Field
The Visund Field is located in the northern part of the North Sea and consists of a floating drilling, production and processing unit and subsea installations. Crude oil is transported by pipeline to a nearby third-party field for storage and export via tankers. The natural gas is transported to the gas processing plants at Kollsnes and Kårstø, through the Gassled transportation system.
Other Fields
We also have varying ownership interests in three other producing fields in the Norwegian sector of the North Sea.
Exploration
In 2024, we were awarded three new exploration licenses, PL1205, PL1207 and PL1208 located in the North Sea. In the first quarter of 2024, we recorded the investment in the suspended Busta discovery well on license PL782S, located in the North Sea, as dry hole expense. In 2025, we plan to drill the second appraisal well in the 2020 Slagugle discovery on PL891, located in the Norwegian Sea, and participate in two partner-operated exploration wells in the Bounty Up-dip prospect on PL886 and in Othello South on PL124B, both located in the Norwegian Sea.
Transportation
We have a 35.1 percent ownership interest in the Norpipe Oil Pipeline System, a 220-mile pipeline which carries crude oil from Ekofisk to a crude oil stabilization and NGLs processing facility in Teesside, U.K.
Facilities
We operate and have a 40.25 percent ownership interest in a crude oil stabilization and NGLs processing facility at Teesside, U.K. to support our Norway operations.
Qatar
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| QatarEnergy LNG N(3) | 30.0 | % | QatarEnergy LNG | 13 | 8 | 374 | 83 |
QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent). N3 consists of upstream natural gas production facilities, which produce approximately 1.4 gross BCF per day of natural gas from Qatar’s North Field over a 25-year life, in addition to a 7.8 million gross tonnes per year LNG facility. LNG is shipped in leased LNG carriers destined for sale globally, while liquids are sold into the domestic market or marketed internationally through QatarEnergy Marketing.
N3 executed the development of the onshore and offshore assets as a single integrated development with QatarEnergy LNG N(4) (N4), a joint venture between QatarEnergy and Shell plc. This included the joint development of offshore facilities situated in a common offshore block in Qatar's North Field, as well as the construction of two identical LNG process trains and associated gas treating facilities for both the N3 and N4 joint ventures. Production from the LNG trains and associated facilities is mutualized between the two joint ventures.
We have a 25 percent interest in both QatarEnergy LNG NFE (4) (NFE4) and QatarEnergy LNG NFS (3) (NFS3) joint ventures, which are participating in the North Field East (NFE) and North Field South (NFS) LNG projects. See Note 3 and Note 4.
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Libya
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Waha Concession | 20.4 | % | Waha Oil Co. | 48 | — | 28 | 53 |
The Waha Concession is made up of multiple concessions and encompasses approximately 13 million acres onshore in the Sirte Basin for exploration and production activity. Oil is transported by pipeline to the Es Sider terminal for export. Natural gas is transported and sold domestically. Current production comes from 13 existing fields within the Waha Concession.
Equatorial Guinea
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Alba Unit | 64.2 | % | ConocoPhillips | 1 | — | 14 | 3 |
On November 22, 2024, we completed the acquisition of Marathon Oil. With the acquisition, we have increased our global operations adding oil, natural gas and LNG activity in Equatorial Guinea to our portfolio. See Note 3.
We have varying stages of oil and gas exploration, development and production activities in Equatorial Guinea. We operate in both the Alba and Block D PSCs that form the Alba Unit located offshore Equatorial Guinea.
Gas Processing
The following facilities located on Bioko Island allow us to further monetize natural gas production from the Alba Unit and are accounted for as equity method investments and are reflected in the "Equity in earnings of affiliates" line of our consolidated income statement.
We own a 52.2 percent interest in the Alba Plant LLC, our joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20.0 percent), which operates an onshore liquified petroleum gas (LPG) processing plant. Alba Plant LLC processes Alba Unit natural gas under a fixed-rate long-term contract. The LPG processing plant extracts condensate and LPG from the natural gas stream and sells it at market prices, with our share of the revenue reflected in the "Equity in earnings of affiliates" line of our consolidated income statement. Processed natural gas is delivered to Equatorial Guinea LNG Holdings Limited (EG LNG) for liquefaction and storage. We market our share of LNG to third parties indexed at global LNG prices.
We own a 56.0 percent interest in EG LNG, our joint venture with SONAGAS (37.9 percent) and Marubeni Gas Development UK Limited (6.1 percent), which operates a 3.7 MTPA LNG production facility. In January 2024, we began a five-year LNG sales agreement for a portion of our equity gas from the Alba Unit, providing us with additional exposure to the European LNG market.
We own a 45.0 percent interest in Atlantic Methanol Production Company LLC (AMPCO), our joint venture with Chevron Corporation (45.0 percent) and SONAGAS (10.0 percent), which operates a methanol plant. The plant is currently offline.
Additionally, Alba Plant LLC and EG LNG process third-party gas from the Alen Field under a combination of tolling fee and profit-sharing arrangements which are reflected in the "Equity in earnings of affiliates" line of our consolidated income statement.
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Asia Pacific
The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. In 2024, operations in the Asia Pacific segment contributed four percent of our consolidated liquids production and two percent of our consolidated natural gas production.
Australia
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Australia Pacific LNG | 47.5 | % | ConocoPhillips/Origin Energy | — | — | 859 | 143 |
Australia Pacific LNG Pty Ltd. (APLNG), our joint venture with Origin Energy Limited (Origin) and China Petrochemical Corporation (Sinopec), is focused on producing CBM from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and convert the CBM into LNG for export. Origin operates APLNG’s upstream production and pipeline system, and we operate the downstream LNG facility, located on Curtis Island near Gladstone, Queensland, as well as the LNG export sales business.
We operate two fully subscribed 4.5 MTPA LNG trains. Approximately 3,500 net wells are ultimately expected to supply both the LNG sales contracts and domestic gas market. The wells are supported by gathering systems, central gas processing and compression stations, water treatment facilities and an export pipeline connecting the gas fields to the LNG facilities. The LNG is being sold to Sinopec under a 20-year sales agreement for 7.6 MTPA of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately one MTPA of LNG.
For additional information, see Note 3, Note 4 and Note 9.
Exploration
We own an 80 percent working interest in both Exploration Permit (T/49P) and (VIC/P79) located in the Otway Basin, Australia. During 2023, we executed a drilling consortium agreement with other operators in Australia and secured a contract for a semi-sub drilling rig. The proposed exploration program involves seabed surveys and drilling of exploration wells planned for 2025.
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China
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Penglai | 49.0 | % | CNOOC | 33 | — | — | 33 |
Penglai
The Penglai 19-3, 19-9 and 25-6 fields are located in the Bohai Bay Block 11/05 and are being developed in stages from large offshore platforms and a FPSO. Most of the crude oil produced from the block is sold to the domestic market in China, with the remainder exported to international markets.
Phase 3 consists of three wellhead platforms and a central processing platform. First production was achieved in 2018 and as of December 2024, all 186 wells have been completed and brought online.
Phase 4A consists of one wellhead platform. First production was achieved in 2020 and as of December 2024, all 62 wells have been completed and brought online.
Phase 4B consists of two wellhead platforms. First production was achieved in the fourth quarter of 2023. This project could include up to 144 new wells, 41 of which have been completed and brought online as of December 2024.
Phase 5 consists of two new wellhead platforms and four wellhead platform expansions. First production was achieved in the fourth quarter of 2024. This project could include up to 91 new wells, 10 of which have been completed and brought online as of December 2024.
Malaysia
| 2024 | ||||||||||||||||||||||||||
| Interest | Operator | Crude Oil MBD | NGL MBD | Natural Gas MMCFD | Total MBOED | |||||||||||||||||||||
| Average Daily Net Production | ||||||||||||||||||||||||||
| Gumusut | 29.5 | % | Shell | 12 | — | — | 12 | |||||||||||||||||||
| Malikai | 35.0 | Shell | 12 | — | — | 12 | ||||||||||||||||||||
| Kebabangan (KBB) | 30.0 | KPOC | 1 | — | 49 | 9 | ||||||||||||||||||||
| Siakap North-Petai | 21.0 | PTTEP | 1 | — | 1 | 1 | ||||||||||||||||||||
| Total Malaysia | 26 | — | 50 | 34 |
We have varying stages of exploration, development and production activities across approximately 2.6 million net acres in Malaysia, with working interests in six PSCs. Four of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC) and the Ubah Cluster, acquired in 2024. We also operate another two exploration blocks, Block WL4-00 and Block SK304, in waters off the eastern Malaysian state of Sarawak.
Block J
Gumusut
We own a 29.5 percent working interest in the unitized Gumusut Field. Development associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut Field that straddles Malaysia and Brunei waters, completed drilling in 2024 with first oil anticipated in early 2025. The unitized Gumusut Field is operated on a FPS with oil evacuation via a pipeline to the Sabah Oil and Gas Terminal (SOGT) for tanker liftings.
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KBBC
We own a 30 percent working interest in the KBB, Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. KBBC was previously operated by a joint operating company, Kebabangan Petroleum Operating Company, and in January 2025, we became the sole operator of KBBC. There was no change to working interest as part of ConocoPhillips becoming sole operator.
KBB
Gas is transported from the KBB platform via pipeline for sale to the domestic gas market. Since 2019, KBB tied-in to a nearby third-party floating LNG vessel, which provided additional gas offtake capacity.
Block G
Malikai
We own a 35 percent working interest in Malikai. Malikai Phase 2 development first oil was achieved in February 2021. Malikai operates on a tension leg platform and pipes oil to the KBB platform for processing. Oil evacuation is via pipeline to SOGT for tanker liftings.
Siakap North-Petai
We own a 21 percent working interest in the unitized Siakap North-Petai (SNP) oil field. First oil from SNP Phase 2 was achieved in November 2021. The subsea system in the SNP oil field is tied back to a FPSO operated by PTTEP.
Exploration
We operate three exploration PSCs with 85 percent working interest in Block SK304, 50 percent working interest in Block WL4-00 and 35 percent working interest in the Ubah Cluster. Off the coast of Sarawak, offshore Malaysia, Block SK304 encompasses 1.8 million net acres and Block WL4-00 encompasses 0.3 million net acres. Off the coast of Sabah, offshore Malaysia near the KBBC, the Ubah Cluster encompasses 11 thousand net acres. We continue to evaluate these blocks and are using information from seismic and prior well results to help optimize future plans.
In 2021, we were awarded operatorship and an 85 percent working interest in Block SB405 encompassing 1.2 million net acres off the coast of Sabah, offshore Malaysia. A 3D seismic survey was acquired in 2022, and processing and evaluation work was completed in 2024. In the fourth quarter of 2024, we elected not to proceed to the second phase of exploration for SB405 PSC and relinquished the block.
Other International
The Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.
Colombia
We have an 80 percent working interest in the Middle Magdalena Basin Block VMM-3 extending over approximately 67,000 net acres. In addition, we have an 80 percent working interest in the VMM-2 Block, which extends over approximately 58,000 net acres and is contiguous to the VMM-3 Block. The contracts for this project are currently in force majeure due to the lack of a defined environmental licensing required for the execution of unconventional exploratory activities. Additionally, the government of Colombia supports a ban on such activities.
Venezuela
For discussion of our contingencies in Venezuela, see Note 10.
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Other
Marketing Activities
Our Commercial organization manages our worldwide commodity portfolio, which includes natural gas, crude oil, bitumen, NGLs, LNG and power. Marketing activities are performed through offices in the U.S., Canada, Europe and Asia. In marketing our production, we attempt to minimize flow disruptions, maximize realized prices and manage credit-risk exposure. Commodity sales are generally made at prevailing market prices at the time of sale. We also purchase and sell third-party commodity volumes to better position the company to satisfy customer demand while fully utilizing transportation and storage capacity.
Crude Oil, Bitumen and NGLs
Our crude oil, bitumen and NGL revenues are derived from production in the U.S., Canada, Asia, Africa and Europe. These commodities are primarily sold under contracts with prices based on market indices, adjusted for location, quality and transportation.
Natural Gas
Our natural gas production, along with third-party purchased gas, is primarily marketed in the U.S., Canada and Europe. Our natural gas is sold to a diverse client portfolio, which includes local distribution companies; gas and power utilities; large industrials; independent, integrated or state-owned oil and gas companies; as well as marketing companies. To reduce our market exposure and credit risk, we also transport natural gas via firm and interruptible transportation agreements to major market hubs.
LNG
We have producing equity LNG facilities located in Australia, Qatar and Equatorial Guinea. We also have a 30 percent direct equity holding in the Port Arthur LNG (PALNG) facility, which is scheduled to start up in 2027. As part of our LNG strategy to build a dynamic LNG portfolio and expand our footprint across the LNG value chain, in the future we have LNG offtake due to start up in the U.S. Gulf Coast and the west coast of Mexico with approximately 7.4 MTPA, and currently have a total regasification capacity of 5.2 MTPA at terminals in Belgium, Germany and the Netherlands. We continue to progress discussions across all major LNG producing and consuming regions and markets to further add high-quality positions to our portfolio. See Note 3.
Emergency Response Partnerships
Emergency response partnerships are vital for effective disaster management. By uniting government agencies, non-profits, private companies and community groups, these partnerships enhance preparedness, response and recovery efforts. We maintain memberships in several global response and containment partnerships as a key element of our emergency response preparedness program, complementing our internal response resources.
Oil Spill Response Organizations (OSROs)
We maintain memberships in several OSROs, many of which are not-for-profit cooperatives owned by member companies. We may actively participate in these organizations as members of the board of directors, steering committees, work groups or other supporting roles. In North America, our primary OSROs include the Marine Spill Response Corporation for the continental U.S. and Alaska Clean Seas and Ship Escort/Response Vessel System for the Alaska North Slope and Prince William Sound, respectively. Internationally, we maintain memberships in various OSROs, including Oil Spill Response Limited, the Norwegian Clean Seas Association for Operating Companies, the Australian Marine Oil Spill Center and Petroleum Industry of Malaysia Mutual Aid Group.
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Technology
We have several technology programs that improve our ability to develop unconventional reservoirs, increase recovery from our legacy fields, improve the efficiency of our exploration program, produce heavy oil economically with lower emissions and implement sustainability measures.
LNG Liquefaction Technology
We are the second-largest LNG liquefaction technology provider globally. Our Optimized Cascade® LNG liquefaction technology has been licensed for use in 28 LNG trains around the world, with FEED studies ongoing for additional trains.
Low Carbon Technologies
Our multi-disciplinary Low Carbon Technologies organization's remit includes supporting our operational emissions reductions objectives, understanding the alternative energy landscape and prioritizing opportunities for future competitive investment. To help achieve our targets, the Low Carbon Technologies organization works with our business units to develop and implement Scope 1 and 2 emissions reduction initiatives and identify potential technology solutions for hard-to-abate emissions. We continue to focus on implementing emissions reduction projects across our global portfolio, including operational efficiency measures and methane and flaring reductions. For example, since 2021 we have conducted CCS and electrification studies, initiated zero/low emission equipment design enhancements, installed mechanisms to continuously monitor and detect methane emissions and implemented operation changes to reduce or eliminate flaring and methane venting volumes.
We also continue to evaluate low-carbon opportunities for future competitive investment. For example, since 2021:
-
We evaluated carbon dioxide storage sites primarily along the U.S. Gulf Coast, progressed land acquisition efforts and business development work, drilled two appraisal wells and advanced engineering studies for multiple opportunities.
-
We evaluated hydrogen opportunities in the U.S. and Asia Pacific regions. As a result of hydrogen and ammonia markets not developing at a pace required to support further investment, we decided to suspend our evaluation of a low-carbon ammonia production facility on the U.S. Gulf Coast.
For more information on our targets, see “Contingencies—Company Response to Climate-Related Risks" sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Delivery Commitments
We sell crude oil and natural gas from our producing operations under a variety of contractual arrangements, some of which specify the delivery of a fixed and determinable quantity. Our commercial organization also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be the spot market or a combination of our reserves and the spot market. Worldwide, we are contractually committed to deliver approximately 675 billion cubic feet of natural gas and 253 million barrels of crude oil in the future. These contracts have various expiration dates through the year 2034. We have a variety of options to fulfill our delivery commitments including third-party purchases, as supported by our gas management and power supply agreements, proved developed reserves and PUDs. See the disclosure on “Proved Undeveloped Reserves” in the “Supplementary Data - Oil and Gas Operations” section following the Notes to Consolidated Financial Statements, for information on the development of PUDs.
Competition
ConocoPhillips is one of the world’s leading E&P companies based on both production and reserves, with a globally diversified asset portfolio. We compete with private, public and state-owned companies in all facets of the E&P business. Some of our competitors are larger and have greater resources. Each of our segments is highly competitive, with no single competitor, or small group of competitors, dominating.
We compete with numerous other companies in the industry, including state-owned companies, to locate and obtain new sources of supply and to produce oil, bitumen, LNG, NGLs and natural gas in an efficient, cost-effective manner. We deliver our production into the worldwide commodity markets. Principal methods of competing include geological, geophysical and engineering research and technology; experience and expertise; equipment and personnel; economic analysis in connection with portfolio management and safely operating oil and gas producing properties.
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Human Capital Management
At ConocoPhillips, our strategy, performance, culture and reputation are fueled by our workforce. Attracting, retaining and developing a world-class workforce is a competitive imperative within our complex industry. Our human capital management (HCM) approach is based on our core SPIRIT Values – Safety, People, Integrity, Responsibility, Innovation and Teamwork – which set the tone for our interactions with all stakeholders. We believe a safe organization is a successful organization and we prioritize personal and process safety across the company.
Our Executive Leadership Team (ELT) and Board of Directors help to set our HCM strategy and drive accountability for meaningful progress. Our HCM programs are managed by our human resources function with support from business leaders across the company and are regularly reviewed by the Board of Directors. Our efforts are built around three pillars: a compelling culture, attracting a world-class workforce and valuing our people.
At year-end 2024, we had approximately 11,800 employees in 14 countries. Tables of 2024 employees by country and demographics are shown below:
| 2024 Employees by Country | Percent of Total | ||||
| U.S. | 67 | % | |||
| Norway | 14 | ||||
| Canada | 8 | ||||
| Australia | 3 | ||||
| U.K. | 3 | ||||
| Other Global Locations | 5 | ||||
| 100 | % |
2024 Employees by Demographics
| Global | U.S. | ||||||||||||||||
| Male | Female | White | POC* | ||||||||||||||
| All Employees | 73 | % | 27 | % | 67 | % | 33 | % | |||||||||
| All Leadership | 74 | 26 | 75 | 25 | |||||||||||||
| Top Leadership | 74 | 26 | 81 | 19 | |||||||||||||
| Junior Leadership | 74 | 26 | 74 | 26 |
*"POC" refers to People of Color or racial and ethnic minorities self-reported in the U.S.
A Compelling Culture
How we do our work is what sets us apart and drives our performance. As our industry evolves, we need a workforce equipped to address new opportunities and challenges. Our success depends on our people. Effectively engaging, developing and rewarding our employees is a priority for us. Together, we deliver strong performance while embracing our core cultural attributes.
Health, Safety and Environment
Our HSE organization sets expectations and provides tools and assurance to our workforce to promote and achieve HSE excellence. We manage and assure ConocoPhillips HSE policies, standards and practices, to help ensure business activities are consistently safe, healthy and conducted in an environmentally and socially responsible manner across the globe. Each business unit manages its local operational risks with particular attention to process safety, occupational safety and environmental and emergency preparedness risks. Objectives, targets and deadlines are set and tracked annually to drive strong HSE performance. Progress is tracked and reported to our ELT and the Board of Directors. Corporate HSE audits are conducted on business units and staff groups to ensure conformance with ConocoPhillips HSE policies, standards and practices. If improvement actions are identified, they are tracked to completion.
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We continuously look for ways to operate more safely, efficiently and responsibly. We focus on reducing human error by emphasizing interaction among people, equipment and work processes. We believe our HSE policies such as Life Saving Rules, Process Safety Fundamentals, safety procedures and our stop work policy can reduce the likelihood and severity of unexpected incidents. We conduct thorough investigations of all serious incidents to understand the root cause and share lessons learned globally to improve our facility designs, procedures, training and maintenance programs. It is important that we drive an HSE culture of continuous learning and improvement, refine our existing HSE processes and tools and enhance our commitment to safe, efficient and responsible operations.
Attracting a World-Class Workforce
Our continued success requires a skilled global workforce. Our SPIRIT Values help to cultivate an inclusive environment where everyone can contribute, promoting innovation and leading to better business outcomes. This helps us attract a workforce equipped to address new opportunities and challenges that we face in a complex industry. We recruit experienced hires to help us sustain a broad range of expertise and partner with universities and organizations to create a pipeline of early-career talent. We strive to ensure fair and consistent practices in our recruitment process and conduct talent assessments to meet our business needs.
We monitor recruitment metrics and track voluntary turnover to guide our retention activities.
| 2024 Hiring & Attrition Metrics | Percent of Total | ||||
| U.S. university hire acceptance rate | 75 | % | |||
| U.S. interns acceptance rate | 74 | ||||
| Global hiring - Women/Men | 25/75 | ||||
| U.S. hiring - U.S. POC/U.S. White | 41/59 | ||||
| Total voluntary attrition | 4 |
Valuing our People
Employee Engagement and Development
We engage and develop our workforce through on-the-job learning, formal training, ongoing feedback, coaching and mentoring. Additionally, we use a performance management program focused on merit, objectivity, credibility and transparency. The program includes broad stakeholder feedback, real-time monetary and non-monetary recognition and a formal "how" rating to assess behavior to ensure they align with our SPIRIT Values.
Skills-based Talent Management Teams (TMTs) guide employee development and career progression, help identify workforce planning needs and assess the availability of critical skill sets. Succession planning is a top priority for management and the Board of Directors to ensure talent readiness and availability for leadership roles.
We measure and assess employee satisfaction and engagement through periodic employee engagement surveys. Our leaders review survey feedback to guide priorities and goals.
Compensation, Benefits and Well-Being
We offer competitive, performance-based compensation packages and have global, equitable pay practices. Our compensation programs generally include base pay, the annual Variable Cash Incentive Program (VCIP) and, for eligible employees, the Restricted Stock Unit (RSU) program. Our retirement and savings plans support employees' financial futures and are competitive within local markets.
We routinely benchmark our global compensation and benefits programs to ensure they are competitive and meet the needs of our employees. We provide flexible work schedules and competitive time off, including parental leave in many locations. We also provide coverage for disability support, elder care and childcare, including onsite childcare, where access locally is a challenge.
Our global wellness programs include biometric screenings and fitness challenges. All employees have access to our employee assistance program, and many of our locations offer custom mental well-being programs.
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General
The environmental information contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations beginning on page 55 under the caption "Environmental" and beginning on page 57 under the caption “Climate Change” is incorporated herein by reference. It includes information on expensed and capitalized environmental costs for 2024 and those expected for 2025 and 2026.
Website Access to SEC Reports
Our internet website address is www.conocophillips.com. Information contained on our internet website is not part of this report on Form 10-K.
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available on our website, free of charge, as soon as reasonably practicable after such reports are filed with, or furnished to, the SEC. Alternatively, you may access these reports at the SEC’s website at www.sec.gov.
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