Emissions reduction targets and performance

What we've done	What we are doing
Achieved target-related GHG intensity reductions, from a 2016 baseline: 52% reduction on a gross operated basis, exceeding the lower end of our 50-60% target range.  39% reduction on a net equity basis.	Executing projects to reduce GHG emissions intensity by 50-60% by 2030, on both gross operated and net equity basis from 2016 baseline, with approximately $200 million spent in 2025. Emissions reduction activities in 2025 resulted in approximately 0.4 million tonnes per annum (MTPA) in CO2e reductions across our global portfolio.
Achieved our 2025 methane emissions intensity target of 10% with an intensity of 2.8 kg CO2e/BOE,1 resulting in cumulative methane intensity reduction of ~68% since 2015.	Progressing toward our 2030 methane intensity target. Continuing methane measurement efforts and reducing methane emissions through targeted MACC projects, with ~85% of projects focused on methane reduction.
Achieved our target of zero routine flaring, as defined by the World Bank,2 by 2025 for heritage ConocoPhillips assets.	Introduced new commitment to maintain flaring intensity of <0.75% of gas produced at operated assets and progressing implementation.
Received OGMP 2.0 Gold Standard Reporting designation3 for the second consecutive year in recognition of reporting emissions at Level 5 for our material operated assets.	Preparing for emerging regulations across the jurisdictions we operate in, such as the EU Methane Regulation.
Progressing toward our net-zero ambition.	Continuing to evaluate opportunities across our portfolio and focusing on key technologies to address combustion emissions including: micro and small modular reactors, carbon capture and sequestration, and long-duration energy storage.

GHG emissions 

Performance 

In 2025, our total gross operated GHG emissions were approximately 19.5 million tonnes, an approximately 17% increase compared to 2024. The increase between 2024 and 2025 is primarily driven by the inclusion of a full year of emissions from newly acquired assets, the first year of operated reporting for our Malaysia asset, and higher activity levels in Canada and across the Lower 48.

Target progress 

We have a target of reducing our GHG intensity by 50-60% by 2030 from a 2016 baseline. The target covers Scope 1 and Scope 2 gross operated and net equity emissions. Our Scope 1 and Scope 2 GHG emissions and emissions intensity calculations directly measure our performance and help us understand climate-related risk. Lower intensity assets are more resilient to policy, legal, technology and market risk.

The company has made significant progress toward this target. Between 2016 and 2025, we achieved a 52% intensity reduction on a target-related, gross operated basis, exceeding the lower end of our 50-60% target range five years ahead of plan through a combination of specific emissions reduction projects and portfolio changes. From 2025 to 2030, assuming a stable portfolio, continued capital allocation actions are expected to have a combined impact of lowering GHG emissions intensity by roughly 0-8% as we increase production from assets with low intensity, such as those in the Permian Basin, and achieve reductions from near-term projects. Our progress to date has not included the use of voluntary offsets.

The target includes emissions that are related to production and excludes emissions from our aviation and polar tankers fleets. This may give rise to small differences between the intensity we report for our GHG target purposes and the intensity we report for our annual metrics. Since 2019, this difference has been less than 2%, or 1 kg CO₂e/BOE.

Assuming a stable portfolio is maintained between now and 2030, our 2030 gross GHG intensity target implies a reduction in absolute GHG emissions of up to 32% between 2016 and 2030.   

Net equity and non-operated emissions 

Methane  

Performance 

In 2025, estimated methane emissions totaled 2.8 million tonnes of CO₂e, representing approximately 14% of our total GHG emissions. Methane emissions intensity was 2.8 kg CO₂e/BOE reflecting an approximate 68% reduction from 2015.¹

Year-over-year changes in estimated methane emissions were primarily driven by portfolio and operational factors. The increase from 2024 to 2025 reflects a full year of emissions from acquired heritage Marathon Oil assets, the transition to operated reporting for our Malaysia asset, and higher activity levels in Canada and across the Lower 48.

Previous variability includes a 2023 increase due to enhanced data quality as more complete and accurate asset-level information was incorporated, reflecting our commitment to transparency, followed by a decrease in 2024, supported by operational improvements to reduce emissions.

Target progress 

We have two distinct targets² for reducing methane emissions:

• By 2025: Achieved a 10% methane emissions intensity reduction target from a 2019 baseline. 

• By 2030: Achieve a near-zero methane emissions intensity. This near-zero target is defined as 1.5 kg CO₂e/BOE or approximately 0.15% of natural gas produced. 

We achieved our 2025 methane emissions intensity reduction target through sustained improvements in operational performance, with abatement projects focused on methane emissions sources in our Lower 48 assets. Despite fluctuations in absolute emissions, methane emissions intensity has declined since 2023, supporting delivery of our 2025 target and continued progress toward our 2030 goal. Our path to near-zero methane emissions by 2030 includes:

• Maintaining sound operating practices, including aerial and ground-based surveys for leak detection to identify and remediate fugitive emissions events.

• Focusing on eliminating pneumatics.

• Minimizing flare downtime.

• Managing emissions from thief hatches.
• Participating in OGMP 2.0 with a focus on mitigation.
• Evaluating and executing emissions reduction opportunities including our methane-related MACC projects.

• • •  

The Oil and Gas Methane Partnership 2.0 

Joining the initiative 

In July 2022, ConocoPhillips joined the Oil and Gas Methane Partnership (OGMP) 2.0 initiative, a voluntary, public-private partnership between the United Nations Environment Programme (UNEP), the European Commission, the Environmental Defense Fund and oil and gas companies. OGMP 2.0 has emerged as a globally recognized framework for methane emissions measurement and reporting and is aimed at minimizing methane emissions from global oil and gas operations. We are committed to improving the transparency of our methane emissions reporting and delivering on our methane reduction objectives and targets by collaborating with industry peers to accelerate best practices in our operations. Ultimately, reporting through OGMP 2.0 will help us make better informed decisions about where to prioritize our efforts to maximize impact on reducing our emissions footprint. 

Approach 

As part of OGMP 2.0, we committed to reporting methane emissions from both operated and non-operated assets, according to our reporting boundaries, and we submitted our first OGMP 2.0 Implementation Plan in May 2023. At that time, a majority of the emissions from our assets were reported at Level 3. From 2023 to 2025, we implemented a measurement campaign involving sampling hundreds of sites across Lower 48, Alaska, Canada, Australia and Norway at a mix of facilities, including large, complex sites, batteries/facilities and well pads. Results from these sampled sites were used to inform asset-level totals.

While our measurement campaign spans global assets, our Lower 48 team is leading the effort since a majority of company methane emissions are from Lower 48 assets, and learnings from these assets can be leveraged for other operating areas.  

Results and impacts to reported data 

Next steps 

In 2025, we received OGMP 2.0’s Gold Standard Reporting designation³ for the second consecutive year, awarded by UNEP in recognition of reporting nominal 95% of operated emissions at Level 5.

We will continue to advance methane measurement efforts, including:

• Focusing on the most impactful and cost-effective reductions, including those reductions informed by OGMP 2.0 measurements.

• Continuing our program for a measurement-based inventory in 2026 and beyond.
• Continuing to progress reporting across our material assets as asset materiality changes due to acquisitions, divestitures and methane mitigation efforts.
• Leveraging learnings from OGMP 2.0 to inform our regulatory-based estimates.
• Engaging with non-operating partners and OGMP 2.0 members for improvement in methane measurement and reporting.

Flaring

Performance 

Flaring is a safety-related process for the controlled release and burning of natural gas during oil and gas exploration, production and processing operations. Flaring is required to safely dispose of flammable gas released during process upsets or other unplanned events and to safely relieve pressure before performing equipment maintenance. Flaring is also used to control and reduce emissions of volatile organic compounds from oil and condensate storage tanks.

In 2025, the total volume of flared gas was 25.7 BCF, an increase of 27% from 2024. The increase was primarily attributable to the inclusion of heritage Marathon Oil assets.  

2025 Target achievement 

ConocoPhillips endorsed the World Bank Zero Routine Flaring by 2030 initiative and committed to end routine flaring, with a target to do so by the end of 2025. The initiative promotes consistency among governments, the oil and gas sector and development institutions to address routine flaring.⁴ Progress toward this milestone included reducing routine flaring to 4 MMCF by the end of 2024 through active well management during capacity constraint events and coordination with third-party gas offtake providers, as well as sour gas treatment, flare capture and de-bottlenecking projects.

At the end of 2025, we achieved our target of zero routine flaring for heritage ConocoPhillips assets by taking all economically viable steps to eliminate routine flaring in accordance with the World Bank Zero Routine Flaring initiative. In early 2025, routine flaring temporarily increased due to unexpected offtake capacity constraints. In response, we worked with third-party providers to install additional lines to mitigate these limitations. Additional targeted actions, including vapor recovery unit (VRU) installations at specific locations, enabled a reduction to zero MMCF by November, consistent with our year-end target.

While total flaring emissions make up only approximately 14.3% of our total Scope 1 GHG emissions, achievement of this target reinforces our continued focus on minimizing flaring across our operations.

New flaring intensity commitment

Following achievement of our zero routine flaring by 2025 target for heritage ConocoPhillips assets, we are transitioning to a new companywide flaring commitment covering all operated assets (both oil and gas). Our underlying operating principle remains unchanged — we do not flare to produce — and this continues to guide our approach to emissions management and operational decision making. We have established a commitment to maintain flaring intensity below 0.75% of gas produced (defined as flared gas/total produced gas), which is intended to be an operational performance threshold applied consistently across our global operated portfolio. It also reflects a broader scope than our prior routine flaring target, covering a wider set of assets and sources of flaring. This approach incorporates learnings from our OGMP 2.0 participation, emphasizing the importance of maintaining flare reliability and performance to support safe operations and effective emissions management. The metric excludes pilot and assist gas necessary to ensure proper flare function and is designed to support disciplined operations and continued reductions in emissions intensity over time. While this is a global commitment, the majority of our flaring volumes are associated with our Lower 48 assets, which will have the greatest influence on overall performance. 

_{1. While 2019 is the formal baseline for our methane emissions intensity target, we also compare performance to 2015 to show longer-term progress. 2015 is an important milestone year for international organizations like the UN-led Oil and Gas Methane Partnership 2.0 that aim to achieve a 45% methane emissions reduction by 2025 from 2015 levels.}

_{2. These targets include emissions that are related to production and exclude emissions from our aviation and polar tankers fleets.}

_{3. OGMP 2.0 “levels” refer to increasing reporting requirements and additional granularity. Level 3 includes reporting of emissions by detailed source type based on generic emissions factors. Level 4 emissions are based on source-level measurements and often calculated using site-specific emission factors and activity factors. Level 5, the Gold Standard for reporting, includes measurement at the site or facility level and reconciliation with Level 4 source-level reporting estimates. FAQ – OGMP 2.0 (ogmpartnership.com)}

_{4. Routine flaring is defined as flaring of associated gas that occurs during the normal production of oil in the absence of sufficient facilities to utilize the gas onsite, dispatch it to a market or reinject it. Flaring for safety reasons, non-routine flaring or flaring gas other than associated gas is not included as part of the World Bank Zero Routine Flaring initiative.}