Performance Metrics and Targets

GHG Emissions charts

In 2020, we adopted a Paris-aligned climate-related risk framework with an ambition to reduce our operational greenhouse gas (GHG) emissions to net-zero by 2050. To that end, we calculate key metrics and use targets to measure and monitor our performance and progress in managing climate-related risks and opportunities in line with our strategy and risk management process. These include: 

  • GHG emissions intensity target.
  • Scope 1 and Scope 2 emissions.
  • Metrics for methane, flaring and water.

We believe these metrics and targets are the most useful in managing climate-related risks and opportunities and monitoring performance. Highlights of our 2022 performance compared to 2021 (on a gross operated basis) include: 

  • Scope 1 and 2 GHG emissions intensity declined 14% to 23.3kg CO2e/BOE. 
  • Methane intensity declined 4% to 2.5kg CO2e/BOE. 
  • Flaring intensity decreased 12% to 26.0 MMCF/MMBOE (total flaring volume per total production).  

Our total GHG intensity metrics generally show an improvement over time. The decrease in absolute emissions compared to 2021 was primarily driven by the divestment of our Indonesia asset. 

SCOPE 1 – Direct GHG emissions from sources owned or controlled by ConocoPhillips. 

SCOPE 2 – GHG emissions from the generation of purchased electricity consumed by ConocoPhillips. 

SCOPE 3 – All other indirect GHG emissions as a result of ConocoPhillips’ activities, from sources not owned or controlled by the company, including emissions from the end use of oil and gas products by consumers. 

We have also committed to near-, medium- and long-term targets for reducing operational (Scope 1 and 2) emissions over which the company has ownership and control. These targets include: 

  • Achieving our stated ambition to reach net-zero emissions for Scope 1 and 2 emissions by 2050. 
  • Strengthening our previously announced operational GHG emissions intensity reduction target to 50-60% by 2030 on both a gross operated and net equity basis. 
  • Achieving near-zero methane emissions intensity by 2030. This goal was set in response to meeting our 10% methane emissions intensity target four years early. 
  • Achieving a target of zero routine flaring by 2025, five years sooner than the World Bank Initiative’s goal of 2030. 

Our ambition to achieve net-zero operational emissions by 2050 is set on an absolute emissions basis, while the rest of our target framework for near- and medium-term targets is set on an intensity basis. Intensity targets better apply to the E&P sector’s dynamic business environment where plans, technology, prices, industry structure and costs all change rapidly. Intensity targets are more durable and allow a company to change its plans to maintain a competitive portfolio without also having to repeatedly reset targets.  

Beyond 2030, many uncertainties influence our ability to set specific future commitments and achieve our net-zero operational emissions ambition. Examples include: 

  • Pace of development of currently undeveloped technologies. 
  • Country-driven climate policy. 
  • Permitting and regulatory changes that may impair ability to execute current or future plans. 
  • Pricing, verifiability and availability of offsets; offset market developments. 
  • Potential revisions to emissions estimates and reduction goals as measurement technologies advance. 
  • Success and rate of return of nascent low carbon investments, technologies and markets. 

Scenario modelling and analysis helps to identify key uncertainties to be managed. We also recognize that future policy and regulatory efforts may supersede company net-zero targets as governments set and refine their own Nationally Determined Contributions. As such, we recognize that our pathway and targets may not be the same as other companies due to differences in asset mix, geographies, risks and opportunities. 

Read more about the principles surrounding our approach to target setting.

Key Content Links   

Our Performance Metrics section provides the metrics included in this section in tabular format.  

Our metrics are also linked to key frameworks such as SASB, GRI/IPIECA/UNGP, and TCFD.