Our stakeholders represent a diversity of communities and organizations. The breadth of the perspectives they provide gives us a greater understanding of concerns and expectations, as well as opportunities to create lasting value. We engage our stakeholders in a range of ways as we work to improve performance. The table below identifies our stakeholders, shared priorities and engagement approach.

Stakeholder Priorities 2023

Issue identification and prioritization

We continuously evolve our sustainability reporting priorities by considering the most pressing issues affecting stakeholders and our industry.

External stakeholders include mainstream investors, ESG-focused investors, banks, rating agencies and ESG-focused nonprofit organizations, as well as community members, leaders, policy makers and regulators in the areas where we operate. Through meetings, correspondence and a review of publicly available materials, we gather opinions and input from key external stakeholders to further identify issues and potential impacts. Based upon this collaborative approach, we regularly review a list of potentially important issues across a range of topics from governance to safety to impacts on the environment and society.

Additionally, through our annual risk assessment process, each business unit identifies potential sustainability risks while considering the physical, social and political settings of our operations. Local concerns may influence the potential importance of these environmental and social matters, including cumulative effects. Each risk is assessed using a matrix that evaluates both its likelihood and consequence. In evaluating the consequence level, we consider potential impacts to stakeholders and the company. Annual discussions with key internal functions, including subject matter experts from IWGs, provide further input and prioritization of the topic list.

This prioritization process is supplemented with analysis of the topics being considered by rating agencies and other survey questions. We also review the priority issues as publicly reported by industry peers to ensure alignment with identified industry issues.

We conduct a priority issues assessment to identify and prioritize our reporting topics. Participants include subject matter experts (SMEs) from key functions within the company who provide further insight and prioritize topics based on level of interest or concern to key stakeholders and strategic importance to the company.

This process helps determine the significance of sustainability topics. The issues covered in this report reflect discussions with SMEs from across our company, findings from primary and secondary research, the feedback we received, and insights we gained through our ongoing engagement with stakeholders.

2024 Priority Issue Issue Description
Economics, governance and strategy*
Low carbon technologies Assessing and advancing low carbon business opportunities.
SD governance process Having a comprehensive governance framework, including oversight from the Board of Directors, to manage SD risks and opportunities.
Business ethics Adhering to applicable laws and the highest ethical standards.
Transparency and corruption Promoting transparency to reduce corruption, improve government accountability and foster economic stability.
Resilient portfolio Focusing on low cost of supply and low GHG intensity resources that meet global energy demand.
Environment
Carbon policy Considering legislation, regulation and demand risk.
Energy efficiency Reducing the amount of energy required to find and produce natural gas and oil.
GHG emissions Reducing operational GHGs emitted during natural gas and oil production.
Methane Reducing methane emitted during natural gas and oil production.
Flaring Reducing emissions caused by flaring during natural gas and oil production.
Physical climate risk Addressing associated risks that may impact facilities, operations, communities and/or supply chain.
Biodiversity Mitigating impacts from activities and operations on species, habitats or ecosystems.
Produced water Managing discharge, disposal and/or recycling of produced water for offshore and onshore operations including potential impacts to receiving environments including seismicity.
Water sourcing Managing fresh water sourcing by considering the local, social, regulatory, economic and environmental conditions.
Value chain Assessing risks and opportunities related to environment, including GHGs, biodiversity and water in the value chain (supply chain and commercial).
Non-operated assets Assessing risks and opportunities related to environment, including GHGs, biodiversity and water.
Social
Stakeholder engagement Engaging with local stakeholders and Indigenous Peoples to understand their interests, concerns and culture, seeking solutions that create mutually beneficial relationships and integrating those into planning and decision making.
Community investment Investing in communities to support giving categories including education, natural resources, health and safety, arts, civic and social services, and disaster relief.
Human rights Implementing human rights policies and practices that promote respect for civil, cultural, economic, political and social rights.
Local content Creating economic stimulus in the communities where we operate through job creation and socioeconomic development initiatives.
Safety and health Creating and maintaining a safe and healthy workplace.
Supporting our people Attracting and retaining talent, offering training and development for workers to build capability and career opportunities while promoting diversity, equity and inclusion.
Supply chain Assessing risks related to due diligence.
Just transition Considering social impacts, risks and opportunities associated with an energy transition.
Community impact Considering potential project and cumulative impacts and risks to communities, including vulnerable communities.
Non-operated assets Assessing risks and opportunities related to communities and stakeholders, including project and cumulative impacts and human rights.

*Other aspects of governance are fully addressed in our Annual Report and Proxy Statement.