ConocoPhillips : 2020 ​Sustainability Report

Table of Contents

Chairman and CEO Message . . . . . . . . . . . .	.	.	. . . 1		Performance Metrics . . . . . .	. . . . . . . .	. . . . .		. .81. . . . . . .
Board Message . . . . . . . . .	. . . . . . . . . . . . .	.	.	. . 3. . . .	. .	. External Collaboration . . . . .	. . . . . . . .	. . . . .		. .83. . . . . .
Spotlight: Coping with COVID-19. . . . . .	.	.	. . . 4		Biodiversity . .	. . . .	. . . . . . .	. . . . . . . .	. . . . . . . . . . . .	.	. . 86
Integrating Sustainability . . . . . . . . . . . . . .	.	.	. . .6.		Risk Management . .	. . . . . . .	. . . . . . .	. . . .	. .87. . . . . .
Sustainable Development Governance . . . . .		.	. . 7.	.	.Risk. and Impact Mitigation	. . . . . . . .	. . . . . . .		. .89. . . . . .
Managing Sustainable Development Risks . . . .		. .13. .	Proactive Conservation . . . .	. . . . . . . .	. . . . . .	. 93. . . . . . . .
Business Ethics . . . . . . . . . . . . . . .	. . . . . . . . . . .		. . 16. . .	. Performance. . .	Metrics . . . . . .	. . . . . . . .	. . . . .		. 96. . . . . . . .
Key Stakeholders . . . . . . . . . . . . .	. . . . . . . . .		. 17. .	.	.Spill. . Prevention. . . .	.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..	..	.. 100
Our People . . . . . . . . . . . . . . . . . . .	. . . . . . . . .	. 18. .	.	.Social. . . . .. . . . .	. .	. . . .	. . . . .	. . . . . .	. . . . . . . . .	.	.101. . . . . . . . . .
Supply Chain Sustainability . . .	. . . . . . . . . . . .		. 27. .	.	.Approach. . . to Social Aspects	. . . . .	. . . . . . . .		.102. . . . . .
About Our Reporting . . . . . . . . .	. . . . . . . . . .		. . 30. .	. Working. . . . . with Communities . . . . . . .	. . . . . .		. 104. . . . . .
Managing Climate-Related Risks . . . . .	. .	. 33.		Global Giving . . . . .	. . . . .	. . . . . .	. . . . . .	. .112. . . . . . .
Governance Framework . . . . . .	. . . . . . . . . . .		.	.34. .	. Valuing. . . . Human Rights. . . . .	. . . . . . . .	. . . . .		. 115. . . . . . .
Strategy . . . . . . . . . . . . . . . . . . . . .	. . . . . . .		. . 38. . . . .Safety,. . .Health. . . and. Security .	. . . . . . . . .	.	. 118. . .
Risk Management . . . . . . . . . . . .	. . . . . . . . . .	. .52. .	.	.Safety. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. .118. . . . . .
Performance Metrics and Targets . . . . . . . . . . . .	.		. . 57. .		Health . . . .	. . .	. . .	. . . . .	. . . . . .	. . . . .		. 122. . . . . . .
External Collaboration . . . . . . . .	. . . . . . . . . .		. 71. . . Security. . . and. .Cybersecurity.	. . . . . . . . . . . . . .		.122. . . . . . .
Public Policy Engagement . . . .	. . . . . . . . . . . . .	.73. .	. Performance. . .	by Year . . . . . . . .	. . . . . . . . .		. 124
Water . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . .	.	. .75. . . . . .	. .Performance. .by Country . . . .	. . . . . . . . .		. 129
Risk Management . . . . . . . . .	. . . . . . . . . .		. 76. .	. Assurance. . . . . . ... ... . . . . . . . . . . . . . . . . . . . . . . .		. 131
Risk Mitigation . . . . . . . . . . . . . . .	. . . . . . . .		. 78. . . . .Ratings. . . .and. .Recognition . . . .	. . . . . . . . .		. 132

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements as defined under the federal securities laws.. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results.. Words and phrases such as "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements.. However, the absence of these words does not mean that the statements are not forward- looking.. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made.. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control.. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements.. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc.. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc.. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission.. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise..

Cautionary Note to U..S.. Investors - The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves.. We may use the term "resource" in this report that the SEC's guidelines prohibit us from including in filings with the SEC.. U..S.. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC.. Copies are available from the SEC and from the ConocoPhillips website..

A Message from our Chairman and CEO

2020 brought never-before-seen challenges to our industry and the world. The global COVID-19 pandemic resulted in personal, family and community loss and distress and fueled an economic recession that impacted individuals and businesses. ConocoPhillips responded quickly at the outset of the crisis by establishing multiple safeguards to protect workforce health, curtailing global production, managing capital to preserve financial strength and maintaining our focus on environmental, social and governance (ESG) excellence and safe operations.

In late 2020, we acquired Concho Resources Inc. in a transaction that closed in January 2021. We are now working to integrate Concho's ESG programs with ours and will report the integrated company's performance in our 2021 sustainability report.

Stakeholder expectations to deliver both stronger financial returns and ESG and climate-related performance also continued to rise. These expectations along with our own commitments frame a triple mandate of sustainably

meeting global energy demand by investing in the lowest-cost resources,

generating competitive financial performance and achieving a net-zeroChairman and CEO Ryan Lance greenhouse gas emissions ambition.

Sustainability is core to ConocoPhillips and we see ESG excellence as a strategic principle. We have long recognized the importance of leading on sustainability issues including climate change and we continue to address climate-related risk and opportunity. Building on previous operational GHG emissions reduction targets, we became the first U.S.- based oil and gas company to adopt a Paris-alignedclimate-risk strategy framework. Our commitment includes:

Net-zero ambition for operational (scope 1 and 2) emissions by 2050 with active advocacy for a price on carbon to address end- use (scope 3) emissions.

35-45% reduction target for operational emissions intensity by 2030. Zero Routine Flaring by 2030, with an ambition to get there by 2025.

10% reduction target for methane emissions intensity by 2025, in addition to the 65% reductions we have made since 2015. Adding continuous methane monitoring devices to our operations with a focus on the larger Lower 48 facilities.

ESG performance in executive and employee compensation programs.

Combined with our focus on developing the lowest cost of supply resources, we believe this is an effective way for our company to sustainably contribute to society's transition to a lower-carbon economy.

ESG leadership also includes operating responsibly to safeguard the environment and create shared value for society. Our efforts encompass management of water use, protecting ecosystems and reducing community impacts related to operations, among others. For example, in the U.S. Permian and Canadian Montney areas we recycle produced water to reduce local fresh water withdrawals, the amount of produced water injected for disposal and the number of truck trips required to transport water. We utilize a mitigation hierarchy to manage risks and operational impacts to biologically or culturally significant areas, and in the U.S., under our proactive conservation strategy, we voluntarily conserve and restore biodiversity and habitats near our operations. We contribute to the wellbeing of the communities in which our employees live and work by creating jobs, investing in educational and training programs to develop talent and utilizing local suppliers and service providers. All help build long-term community sustainability.

During 2020 we saw a renewed focus on social movements to promote race and gender equality, with notable examples such as Black Lives Matter and the #metoo movement. Within our company, we viewed these events as catalysts to enhance our diversity and inclusion progress.

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Exhibiting ESG leadership also means gaining and maintaining people's trust. We highly value engagement with stakeholders and take pride in being accessible, open and transparent about our business practices. We benefit from our engagements, especially as we continue to add to the list of performance metrics and key indicators we report for climate, water, human capital management and safety, aligned with leading frameworks and metrics such as TCFD and SASB.

We emerged from a difficult year with an even greater appreciation for what our stakeholders expect and how we can lead the sector through disciplined capital allocation, strong financial performance and ESG excellence. But as importantly, in the face of many personal, societal and economic challenges, we remained resilient.

Ryan Lance, Chairman and Chief Executive Officer

June 2021

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A Message from our Board of Directors

The ConocoPhillips Board of Directors has been closely monitoring key sustainability matters that are top of mind for ConocoPhillips and its stakeholders. In a dynamic year with many challenges, these matters have ranged from the deep impacts that the COVID-19 pandemic has had on people, society and markets, to climate change, energy transition, and company performance on environmental and social issues. The board recognizes that adopting a proactive posture on environmental, social and governance (ESG) performance and deliberately managing climate-related risk are vital for ConocoPhillips, and we actively oversee the company's enterprise-wide approach to consistently assess and manage risks as well as opportunities.

The board's Public Policy Committee receives regular, detailed briefings from executives and the Sustainable Development Vice President on key sustainability issues. These sessions equip the board to understand relevant trends that inform the company's strategic choices, goals and actions. We probe the options and their implications and scrutinize how the company will achieve its commitment to competitive ESG performance that meets stakeholder expectations.

Sustainability matters are also integrated into annual full-board sessions to review strategy and performance and discuss priority environmental and social matters. Board members also participate in discussions among executive leaders and external stakeholders, such as financial community ESG experts. This direct, in-depth engagement by the full board and board committees ensures strong oversight of the company's sustainability commitments, actions and results.

The company's longstanding commitment to sustainable development, systematic approach, and active engagement with stakeholders has positioned the company to proactively address key environmental and social matters related to its business. We are pleased that ESG excellence is one of the company's foundational principles, along with disciplined investments, balance sheet strength, peer-leading distributions to shareholders, and strong financial returns.

The board also supports the company's strategy to manage climate-related risk by adopting a Paris-aligned target framework for its operational emissions, maintaining a resilient and competitive asset base, allocating capital to emissions reduction technology, and creating a dedicated low-carbon opportunity group.

Further, the board believes that the company's 2020 accomplishments reflect ESG excellence overall, including in operational safety, water stewardship, biodiversity, community engagement, human rights, diversity and inclusion, and human capital management. These are well represented through the company's comprehensive sustainable development reporting.

Looking ahead, we recognize the need for ongoing leadership on ESG matters. We expect continued momentum and progress on sustainability, in response to evolving environmental and social trends, as well as investor, regulator and community expectations. In the board's view, the company has adopted sustainability plans and actions that support its triple mandate of meeting global energy demand, delivering competitive shareholder returns and achieving a net-zero greenhouse gas emissions ambition. We also see that the company appreciates the dynamic and urgent nature of the energy transition and has a credible and ambitious strategy to manage climate-related business risk and opportunity and preserve value across a range of potential transition pathways.

Robert A. Niblock	Jody Freeman
Lead Director	Public Policy Committee Chair

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