Technology

In 2025, activities to evaluate technology opportunities for future competitive investment included:

• Advancing emerging technologies through joint industry partnerships and pilot projects.

• Assessing the use of carbon capture and sequestration (CCS) to reduce our Scope 1 and Scope 2 emissions.

In addition, we continue to evaluate potential power projects including enhanced geothermal system opportunities and investments, and exploring electrification efforts at many of our operations.

We approach these efforts with the same discipline applied to our traditional business investment and capital allocation process. This includes keeping costs low, leveraging core competencies, identifying economically viable opportunities, and anticipating and managing risks while prioritizing projects with the potential to deliver competitive returns. Specific technologies we are currently focused on include:

Micro Modular Reactor (MMR)/Small Modular Reactor (SMR)

In 2025, ConocoPhillips became a founding member of the Industrial Advanced Nuclear Consortium (IANC) alongside other oil and gas and mining companies. The consortium is focused on collaborative efforts to advance readiness for potential future integration of micro-reactors and small modular nuclear technologies into industrial applications.

Carbon Capture Sequestration (CCS)

In our Canada BU, the Surmont CCS initiative progressed through the completion of early stage engineering as part of an ongoing evaluation of carbon capture opportunities. Work to date has focused on technical evaluations of a potential capture system for boiler flue gas. This effort supports the assessment of potential emissions reductions through carbon capture.

We continued participation in the Oil Sands Alliance CO₂ transportation and storage project. During the reporting period, efforts were focused on advancing engineering work and supporting ongoing commercial discussions to help evaluate and progress a potential regional CCS solution aligned with Canada’s broader climate objectives.

Voluntary carbon offsets

Voluntary carbon offsets are anticipated to play a role in reducing global emissions, especially for hard-to-abate emissions or sectors without cost-effective options to reduce emissions. While we do not expect to need to use carbon offsets to reach our 2030 targets, we have begun to build a small portfolio of nature and technology projects. We support the Core Carbon Principles from the Integrity Council for the Voluntary Carbon Market.

ConocoPhillips did not retire any voluntary carbon offsets or renewable energy credits (RECs) in 2025. Consistent with the disclosure requirements of California’s Voluntary Carbon Market Disclosure Act (AB1305), this statement constitutes the company’s disclosure for the reporting year. Read more about our historical disclosures.