We have long played a meaningful role in a vital industry and believe that we have an important role to play in the energy transition by executing on three objectives: reliably and responsibly deliver oil and gas production to meet transition pathway demand; deliver competitive returns on and of capital for our stockholders; and achieve our net-zero operational emissions ambition. We call this the Triple Mandate. Sustainability is core to ConocoPhillips and ESG excellence is an integrated part of our foundational principles.

We have been on a journey to integrate sustainability into planning and decision making for decades. Before our first sustainable development (SD) report was published in 2005, we had implemented a process to identify and manage environmental and social issues and assess performance. That process has evolved over the years as the risk and opportunity trends in science, demographics, technology and policy have changed. We published our first sustainable development and climate change positions in 2003. Since that time, we have updated those positions and developed positions on water, biodiversity, human rights and diversity, equity and inclusion (DE&I). We also continue to refine our governance structure to manage sustainability risks and opportunities throughout the organization. Our systems-based approach, by design, includes continuous improvement and internal assurance.

2021 Performance Highlights

• Successfully completed the acquisition and integration of Concho Resources and Shell Permian assets to deliver differential performance on the company’s Triple Mandate.
• Advanced the company’s net-zero ambition with an increase in Scope 1 and 2 greenhouse gas emissions intensity reduction targets to 40-50% from a 2016 baseline on a net equity and gross operated basis by 2030, from the previous target of 35-45% on only a gross operated basis.
• Established a multi-disciplinary Low Carbon Technologies organization to identify and evaluate business opportunities that address end-use emissions and early-stage low-carbon technology opportunities that leverage our expertise and adjacencies.