Our compensation and benefits philosophy and the overall structure of our programs are designed to reward all employees who contribute to our success. We offer competitive, performance-based compensation packages, follow global equitable pay practices and provide family-friendly benefits that support our employees through all stages of their life.

Compensation

Our compensation programs are generally comprised of a base pay rate, the annual Variable Cash Incentive Program (VCIP) and, for eligible employees, the Restricted Stock Unit (RSU) program. From the CEO to the frontline worker, every employee participates in VCIP, our annual incentive program, which aligns employee compensation with ConocoPhillips’ success on critical performance metrics and also recognizes individual performance. Our RSU program is designed to attract and retain employees, reward performance and align employee interest with stockholders by encouraging stock ownership. Our retirement and savings plans are intended to support employees’ financial futures and are competitive within local markets.

Global Equitable Pay Practices

We have global equitable pay practices that strive to ensure the compensation of every employee reflects their talents, skills, responsibilities and experience and is competitive within our peer group. We routinely benchmark our global compensation and benefits programs with local markets to ensure they are competitive, inclusive and aligned with company culture, and allow our employees to meet their individual needs and the needs of their families.

Benefits

Our global benefits are competitive, inclusive and align with our culture. We provide family-friendly policies such as flexible work schedules, a hybrid office work program, competitive time off, paid leave to care for seriously ill family members and parental leave in many locations. Combined with our maternity benefit (eight weeks), new birth mothers in the U.S. are eligible for up to 14 weeks of paid leave. In 2022, we made additional investments in our U.S. health coverage by lowering premiums for the High Deductible Health Plan option and increasing company contributions to employees’ Health Savings Accounts. We also invested in an automatic rebate program to reduce the cost of frequently used, brand-name prescription drugs by about 40% for employees covered by ConocoPhillips’ medical plan. 

In the U.S., we partner with employees who participate in ConocoPhillips’ medical plan to promote accountability for personal health through our Health Improvement Incentive Program. This voluntary program encourages healthy behaviors, provides insights into potential health risks and offers opportunities to improve overall health. Employees can earn incentives toward medical premiums by completing a series of steps, including the newly added mental well-being incentive. In 2022, 75% of participants completed a biometric screening, of which 81% earned the mental well-being incentive.

Well-being

Our global wellness programs are designed to educate participants and promote a healthy lifestyle. Each year, we host a global well-being competition featuring health and wellness activities called the SPIRIT of Wellness challenge. In 2022, nearly 1,250 employees and contractors participated as individuals or as part of a team, recording daily activities, earning points, and tracking their progress on Individual and Team Leaderboards. The event challenged participants to prioritize their well-being by incorporating healthy and sustainable components of physical, nutritional and mental health into their daily routines.

All employees have access to our employee assistance program, and many of our locations offer custom programs to support mental well-being.

External Engagement

We care about our neighbors in the communities in which we operate, and our employees make our communities stronger. We are proud to support their generous involvement in local charitable activities through employee volunteerism and giving programs that include United Way campaigns, matching gift contributions, and volunteer grants.

In addition, we support and participate in leadership conferences, trade associations and minority nonprofit organizations. While we have been recognized for our ESG and DEI efforts, we know that it takes ongoing commitment to make sustainable progress.