Sustainable Development Policy

Purpose

Establish ConocoPhillips' Sustainable Development (SD) principles and requirements that direct business decisions for exploration, development, drilling and production activities to assure SD risk management, strategic planning, governance and disclosure.

Scope

The SD Policy applies across ConocoPhillips and is guided by the ConocoPhillips SPIRIT values. It directs how we deliver strong performance while keeping our promises to our stakeholders, communities and each other.

SD Principles

To achieve our core mission of investing in the development of the energy supply essential to human and economic progress, while effectively managing social and environmental concerns including climate change, ConocoPhillips shall:

Risk Management

  • Execute the SD Risk Management Standard and verify compliance through audits.
  • Integrate SD risks into the corporate Enterprise Risk Management (ERM) system.
  • Achieve interim GHG emissions intensity targets within our net-zero by 2050 ambition.
  • Link SD performance criteria to employee and executive compensation.

Strategic Planning

  • Conduct strategic planning using:
    • Scenarios with a range of future climate-related possibilities.
    • A marginal abatement cost curve.
    • The ERM process as a direct input.
  • Track SD metrics as part of the annual long range plan forecasts.

Governance

  • Facilitate routine oversight of SD risks, trends and strategy by the Public Policy Committee of the Board of Directors.

Disclosure

  • Publish annual sustainability and climate-related risk reports and assured GHG data.
  • Publish SD-related company positions for climate change, human rights, water and biodiversity.
  • Disclose SD risks when they reach a material level as defined by regulatory requirements.