Conocophillips
Business Description analysis.

Greater Kuparuk Area The Greater Kuparuk Area includes the Kuparuk River Unit, which consists of the Kuparuk Field and six satellite fields. Field installations include three central production facilities which separate oil, natural gas and water, and a seawater treatment plant. In 2025, on average, we operated two drilling rigs and one workover rig. The Nuna project, which targets the Moraine reservoir, was sanctioned in 2023 and achieved first oil in the fourth quarter of 2024. We drilled additional wells in 2025 and plan to continue drilling activity through 2027. The Coyote reservoir, discovered in 2021, progressed to development in 2023, with additional wells drilled in 2024 and 2025, and a pad expansion project planned for 2026.

Exploration We are continuing our exploration activities in the NPR-A with a planned four-well drilling program this 2026 winter season. Transportation We transport the petroleum liquids produced on the North Slope to Valdez, Alaska through an 800-mile pipeline that is part of the Trans-Alaska Pipeline System (TAPS). We have a 29.5 percent ownership interest in TAPS, and also have ownership interests in, and operate the Alpine, Kuparuk and Oliktok pipelines on the North Slope. We manage the marine transportation of our North Slope production using five company-owned, double-hulled tankers, and charter third-party vessels, as necessary. The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the U.S. 5

Midland Basin103 48 251 192 Other91110037 Total Lower 48749 382 2,119 1,484 Delaware Basin We hold approximately 782,000 net acres in the Delaware Basin, spanning west Texas through southeast New Mexico. Current development activity targets prospects in the Avalon, Bone Springs, Wolfcamp and Woodford formations while balancing leasehold obligations and permit terms. We operated ten rigs and three frac crews on average during 2025, resulting in 176 operated wells drilled and 161 operated wells brought online.

Total Canada17 6 125 133 177 Surmont The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. We are focused on keeping facilities full, structurally lowering costs, reducing GHG intensity and optimizing asset performance. In the third quarter of 2025, we commenced drilling of Pad 104W-B and in the fourth quarter of 2025, we achieved first production from Pad 104W-A. Our bitumen resources in Canada are produced via SAGD, an enhanced thermal oil recovery method where steam is injected into the reservoir, effectively liquefying the heavy bitumen, which is recovered and pumped to the surface for further processing. Operations include two central processing facilities for treatment and blending of bitumen, and a diluent recovery unit. These facilities have allowed the asset to lower blend ratio and diluent supply costs, while gaining protection from diluent supply disruptions and increased market access for our product. At December 31, 2025, we held approximately 684,000 net acres of land in the Athabasca Region of northeastern Alberta.

ConocoPhillips 2025 10-K 12 Business and PropertiesTable of Contents Block G Malikai We own a 35 percent working interest in Malikai. Malikai Phase 2 development first oil was achieved in February 2021. Malikai operates on a tension leg platform and pipes oil to the KBB platform for processing. Oil evacuation is via pipeline to SOGT for tanker liftings.

Technology We have several technology programs that improve our ability to develop unconventional reservoirs, increase recovery from our legacy fields, improve the efficiency of our exploration program, produce heavy oil economically with lower emissions and implement sustainability measures. We are the second-largest LNG liquefaction technology provider globally based on total global installed production capacity. Our Optimized Cascade® LNG liquefaction technology has been licensed for use in 28 LNG trains around the world, with FEED studies ongoing for additional trains. We continue to evaluate opportunities to support our operational emissions reduction objectives and evaluate lower carbon opportunities for future competitive investment with the same discipline we follow in our traditional business investment and capital allocation process.

Health, Safety and Environment Our HSE organization sets expectations and provides tools and assurance to our workforce to promote and achieve HSE excellence. We manage and assure ConocoPhillips HSE policies, standards and practices, to help ensure business activities are consistently safe, healthy and conducted in an environmentally and socially responsible manner across the globe. Each business unit manages its local operational risks with particular attention to process safety, occupational safety and environmental and emergency preparedness risks. Objectives, targets and deadlines are set and tracked annually to drive strong HSE performance. Progress is tracked and reported to our ELT and the Board of Directors. Corporate HSE audits are conducted on business units and staff groups to ensure conformance with ConocoPhillips HSE policies, standards and practices. If improvement actions are identified, they are tracked to completion. We continuously look for ways to operate more safely, efficiently and responsibly. We focus on reducing human error by emphasizing interaction among people, equipment and work processes. We believe our HSE policies such as Life Saving Rules, Process Safety Fundamentals, safety procedures and our stop work policy can reduce the likelihood and severity of unexpected incidents. We conduct thorough investigations of all serious incidents to understand the root cause and share lessons learned globally to improve our facility designs, procedures, training and maintenance programs. It is important that we drive an HSE culture of continuous learning and improvement, refine our existing HSE processes and tools and enhance our commitment to safe, efficient and responsible operations.

Items 1 and 2. Business and Properties Corporate Structure ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects. On December 31, 2024, we employed approximately 11,800 people worldwide and had total assets of about $123 billion. Total company production for the year was 1,987 MBOED. ConocoPhillips was incorporated in the state of Delaware in 2001, in connection with, and in anticipation of, the merger between Conoco Inc. and Phillips Petroleum Company. The merger between Conoco and Phillips was consummated on August 30, 2002. In April 2012, ConocoPhillips completed the separation of the downstream business into an independent, publicly traded energy company, Phillips 66. On November 22, 2024, we completed our acquisition of Marathon Oil Corporation (Marathon Oil), an independent oil and gas exploration and production company with operations in multiple basins in the Lower 48, as well as Equatorial Guinea internationally. For additional information related to this transaction, see Note 3.

ConocoPhillips 2024 10-K 4 Business and PropertiesTable of Contents Western North Slope The Western North Slope includes the Colville River Unit, the Greater Mooses Tooth Unit and the Bear Tooth Unit. In 2024, we operated one full-time drilling rig and one seasonal drilling rig between the Colville River and Greater Mooses Tooth Units. The Colville River Unit includes the Alpine Field and four satellite fields. Field installations include one central production facility, which separates oil, natural gas and water. The Greater Mooses Tooth Unit is the first unit established entirely within the National Petroleum Reserve Alaska (NPR-A). The unit was constructed in two phases: Greater Mooses Tooth #1 (GMT1) and Greater Mooses Tooth #2 (GMT2). In December 2023, we announced Willow FID. The project will consist of three drill sites, an operations center and camp, and a processing facility. In 2024, construction included installation of the Willow Access Road, the Willow Operations Center pad and pipeline segments. Additionally, fabrication and delivery of the Willow Operations Center modules to the North Slope were completed. First oil is anticipated in 2029.

Montney The Montney is a liquids-rich unconventional play located in northeastern British Columbia. At December 31, 2024, we held approximately 297,000 net acres of land in the Montney. In 2024, we operated two rigs resulting in 33 wells drilled and 27 operated wells brought online. Early development activities will continue in 2025 with drilling and completions activity. 7

Other FieldsVariousEquinor7 - 21 10 Total Norway69 4 329 128 Greater Ekofisk Area The Greater Ekofisk Area is located offshore Stavanger, Norway, in the North Sea, and is comprised of five producing fields. Crude oil is exported to our operated terminal located at Teesside, U.K., and the natural gas is exported to Emden, Germany. In 2024, the Eldfisk North development, a subsea tieback to Eldfisk, achieved first production.

Penglai49.0 %CNOOC33 - - 33 Penglai The Penglai 19-3, 19-9 and 25-6 fields are located in the Bohai Bay Block 11/05 and are being developed in stages from large offshore platforms and a FPSO. Most of the crude oil produced from the block is sold to the domestic market in China, with the remainder exported to international markets. Phase 3 consists of three wellhead platforms and a central processing platform. First production was achieved in 2018 and as of December 2024, all 186 wells have been completed and brought online. Phase 4A consists of one wellhead platform. First production was achieved in 2020 and as of December 2024, all 62 wells have been completed and brought online. Phase 4B consists of two wellhead platforms. First production was achieved in the fourth quarter of 2023. This project could include up to 144 new wells, 41 of which have been completed and brought online as of December 2024. Phase 5 consists of two new wellhead platforms and four wellhead platform expansions. First production was achieved in the fourth quarter of 2024. This project could include up to 91 new wells, 10 of which have been completed and brought online as of December 2024.

Compensation, Benefits and Well-Being We offer competitive, performance-based compensation packages and have global, equitable pay practices. Our compensation programs generally include base pay, the annual Variable Cash Incentive Program (VCIP) and, for eligible employees, the Restricted Stock Unit (RSU) program. Our retirement and savings plans support employees' financial futures and are competitive within local markets. We routinely benchmark our global compensation and benefits programs to ensure they are competitive and meet the needs of our employees. We provide flexible work schedules and competitive time off, including parental leave in many locations. We also provide coverage for disability support, elder care and childcare, including onsite childcare, where access locally is a challenge. Our global wellness programs include biometric screenings and fitness challenges. All employees have access to our employee assistance program, and many of our locations offer custom mental well-being programs. 17

Segment and Geographic Information ConocoPhillips 2025 10-K 2 Business and PropertiesTable of Contents We manage our operations through five operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; and Asia Pacific. For operating segment and geographic information, see Note 22. We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis. At December 31, 2025, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea. The information listed below appears in the "Supplementary Data - Oil and Gas Operations" disclosures following the Notes to Consolidated Financial Statements and is incorporated herein by reference:

ConocoPhillips 2025 10-K Business and PropertiesTable of Contents Lower 48 The Lower 48 segment consists of operations located in the 48 contiguous U.S. states, with a portfolio mainly consisting of low cost of supply, short cycle time, resource-rich unconventional plays and commercial operations. The majority of our acreage is unconventional. Based on 2025 production volumes, the Lower 48 is our largest segment and contributed 67 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.

Eagle Ford We hold approximately 489,000 net acres in the Eagle Ford, located in south Texas. The current focus is on full-field development, using customized well spacing and stacking patterns adapted through reservoir analysis. We operated seven rigs and three frac crews on average during 2025, resulting in 251 operated wells drilled and 264 operated wells brought online.

Bakken We hold approximately 799,000 net acres in the Williston Basin, located in North Dakota and eastern Montana. The primary producing zones are the Middle Bakken and Three Forks formations. We operated three rigs and one frac crew on average during 2025, resulting in 72 operated wells drilled and 98 operated wells brought online.

Midland Basin We hold approximately 416,000 net acres in the Midland Basin, located in west Texas. The current development strategy is focused on full-field development utilizing multi-well pad projects targeting Barnett, Spraberry and Wolfcamp reservoir targets. We operated three rigs and one frac crew on average during 2025, resulting in 86 operated wells drilled and 94 operated wells brought online.

ConocoPhillips 2025 10-K 6 Business and PropertiesTable of Contents Canada Our Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. In 2025, operations in Canada contributed nine percent of our consolidated liquids production and five percent of our consolidated natural gas production.

2025 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDBitumenMBDTotalMBOED Average Daily Net Production Surmont100.0 %ConocoPhillips- - - 133 133 Montney100.0ConocoPhillips17 6 125 - 44

ConocoPhillips 2025 10-K Business and PropertiesTable of Contents Europe, Middle East and North Africa The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. In 2025, operations in Europe, Middle East and North Africa contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.

Norway 2025 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Greater Ekofisk Area28.3 - 35.1%ConocoPhillips38 2 83 54

Qatar 2025 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production QatarEnergy LNG N(3)30.0 %QatarEnergy LNG12 8 373 82 QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent). N3 consists of upstream natural gas production facilities, which produce approximately 1.4 gross BCF per day of natural gas from Qatar's North Field over a 25-year life, in addition to a 7.8 million gross tonnes per year LNG facility. LNG is shipped in leased LNG carriers destined for sale globally, while liquids are sold into the domestic market or marketed internationally through QatarEnergy Marketing. N3 executed the development of the onshore and offshore assets as a single integrated development with QatarEnergy LNG N(4) (N4), a joint venture between QatarEnergy and Shell plc. This included the joint development of offshore facilities situated in a common offshore block in Qatar's North Field, as well as the construction of two identical LNG process trains and associated gas treating facilities for both the N3 and N4 joint ventures. Production from the LNG trains and associated facilities is mutualized between the two joint ventures. We have a 25 percent interest in both QatarEnergy LNG NFE (4) (NFE4) and QatarEnergy LNG NFS (3) (NFS3) joint ventures, which are participating in the North Field East (NFE) and North Field South (NFS) LNG projects, respectively. See Note 3 and Note 4.

Millions of Barrels of Oil Equivalent Net Proved Reserves at December 312025 2024 2023 Crude oil Consolidated operations3,321 3,406 3,032 Equity affiliates103 108 89

ConocoPhillips 2025 10-K 10 Business and PropertiesTable of Contents Asia Pacific The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. In 2025, operations in the Asia Pacific segment contributed four percent of our consolidated liquids production and two percent of our consolidated natural gas production.

ConocoPhillips 2025 10-K Business and PropertiesTable of Contents China 2025 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production

Malaysia 2025 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Gumusut29.5 %Shell14 - - 14 Malikai35.0 Shell1 - 63 12

LNG We have investments in LNG facilities which are supplied with equity gas production in Australia, Qatar and Equatorial Guinea. We also have a 30 percent direct equity holding in Port Arthur Liquefaction Holdings, LLC (PALNG) for Phase 1 of the Port Arthur LNG project, which is scheduled to start up in 2027. Additionally, as part of our LNG strategy to build a dynamic portfolio and expand our footprint across the value chain, we have various commercial LNG offtake agreements in North America totaling 10.2 MTPA with offtake commencing between 2026-2031. Furthermore, we currently have a total regasification capacity in Europe of approximately 6.7 MTPA. We continue to progress discussions across all major LNG producing and consuming regions and markets to further add high-quality positions to our portfolio. See Note 3.

Delivery Commitments We sell crude oil and natural gas from our producing operations under a variety of contractual arrangements, some of which specify the delivery of a fixed and determinable quantity. Our commercial organization also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be the spot market or a combination of our reserves and the spot market. Worldwide, we are contractually committed to deliver approximately 9 MTPA of LNG, 820 billion cubic feet of natural gas and 175 million barrels of crude oil in the future. These contracts have various expiration dates through the year 2042. We have a variety of options to fulfill our delivery commitments including third-party purchases, as supported by our gas management and power supply agreements, LNG sales agreements, proved developed reserves and PUDs. See the disclosure on "Proved Undeveloped Reserves" in the "Supplementary Data - Oil and Gas Operations" section following the Notes to Consolidated Financial Statements, for information on the development of PUDs.

At year-end 2025, we had approximately 9,900 employees in 14 countries. A table of 2025 employees by country is shown below: 2025 Employees by Country

ConocoPhillips 2025 10-K

2025 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Greater Prudhoe Area36.5 %Hilcorp63 15 40 85 Greater Kuparuk Area94.2-99.8ConocoPhillips75 - - 75

Items 1 and 2. Business and Properties Corporate Structure ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects. On December 31, 2024, we employed approximately 11,800 people worldwide and had total assets of about $123 billion. Total company production for the year was 1,987 MBOED. ConocoPhillips was incorporated in the state of Delaware in 2001, in connection with, and in anticipation of, the merger between Conoco Inc. and Phillips Petroleum Company. The merger between Conoco and Phillips was consummated on August 30, 2002. In April 2012, ConocoPhillips completed the separation of the downstream business into an independent, publicly traded energy company, Phillips 66. On November 22, 2024, we completed our acquisition of Marathon Oil Corporation (Marathon Oil), an independent oil and gas exploration and production company with operations in multiple basins in the Lower 48, as well as Equatorial Guinea internationally. For additional information related to this transaction, see Note 3.

Segment and Geographic Information ConocoPhillips 2024 10-K 2 Business and PropertiesTable of Contents We manage our operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. For operating segment and geographic information, see Note 23. We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis. At December 31, 2024, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea. The information listed below appears in the "Supplementary Data - Oil and Gas Operations" disclosures following the Notes to Consolidated Financial Statements and is incorporated herein by reference:

Penglai49.0 %CNOOC33 - - 33 Penglai The Penglai 19-3, 19-9 and 25-6 fields are located in the Bohai Bay Block 11/05 and are being developed in stages from large offshore platforms and a FPSO. Most of the crude oil produced from the block is sold to the domestic market in China, with the remainder exported to international markets. Phase 3 consists of three wellhead platforms and a central processing platform. First production was achieved in 2018 and as of December 2024, all 186 wells have been completed and brought online. Phase 4A consists of one wellhead platform. First production was achieved in 2020 and as of December 2024, all 62 wells have been completed and brought online. Phase 4B consists of two wellhead platforms. First production was achieved in the fourth quarter of 2023. This project could include up to 144 new wells, 41 of which have been completed and brought online as of December 2024. Phase 5 consists of two new wellhead platforms and four wellhead platform expansions. First production was achieved in the fourth quarter of 2024. This project could include up to 91 new wells, 10 of which have been completed and brought online as of December 2024.

ConocoPhillips 2024 10-K 12 Business and PropertiesTable of Contents KBBC We own a 30 percent working interest in the KBB, Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. KBBC was previously operated by a joint operating company, Kebabangan Petroleum Operating Company, and in January 2025, we became the sole operator of KBBC. There was no change to working interest as part of ConocoPhillips becoming sole operator.

Exploration We operate three exploration PSCs with 85 percent working interest in Block SK304, 50 percent working interest in Block WL4-00 and 35 percent working interest in the Ubah Cluster. Off the coast of Sarawak, offshore Malaysia, Block SK304 encompasses 1.8 million net acres and Block WL4-00 encompasses 0.3 million net acres. Off the coast of Sabah, offshore Malaysia near the KBBC, the Ubah Cluster encompasses 11 thousand net acres. We continue to evaluate these blocks and are using information from seismic and prior well results to help optimize future plans. In 2021, we were awarded operatorship and an 85 percent working interest in Block SB405 encompassing 1.2 million net acres off the coast of Sabah, offshore Malaysia. A 3D seismic survey was acquired in 2022, and processing and evaluation work was completed in 2024. In the fourth quarter of 2024, we elected not to proceed to the second phase of exploration for SB405 PSC and relinquished the block.

All Employees73 %27 %67 %33 % All Leadership74 26 75 25 Top Leadership74 26 81 19 Junior Leadership74 26 74 26 *"POC" refers to People of Color or racial and ethnic minorities self-reported in the U.S.

OtherVariousEquinor5 - 15 7 Total Norway64 4 279 115 Greater Ekofisk Area The Greater Ekofisk Area is located offshore Stavanger, Norway, in the North Sea, and is comprised of five producing fields. Crude oil is exported to our operated terminal located at Teesside, U.K., and the natural gas is exported to Emden, Germany. The Tommeliten A development, a new subsea tieback to Ekofisk, achieved first production in 2023, and the Eldfisk North subsea development will be tied back to Eldfisk, with first production expected in 2024.

Alvheim Field The Alvheim Field is located in the northern part of the North Sea and consists of a FPSO vessel and subsea installations. Produced crude oil is exported via shuttle tankers and natural gas is transported to the Scottish Area Gas Evacuation (SAGE) Terminal at St. Fergus, U.K., through the SAGE Pipeline. The Kobra East and Gekko (KEG) project, a new subsea tieback to the Alvheim FPSO, achieved first production in 2023.

For additional information, see Note 3, Note 4 and Note 10. Exploration We own an 80 percent working interest in both Exploration Permit (T/49P) and (VIC/P79) located in the Otway Basin, Australia. Existing seismic data for both permits is being evaluated for future exploration drilling opportunities. During 2023, we executed a drilling consortium agreement with other operators in Australia and secured a contract for a semi-sub drilling rig. The proposed exploration program involves seabed surveys and two exploration wells planned for 2025. 11

ConocoPhillips 2023 10-K Business and PropertiesTable of Contents Human Capital Management Values, Principles and Governance At ConocoPhillips, our strategy, performance, culture and reputation are fueled by our workforce. We recognize that attracting, retaining, and developing talent is a competitive imperative within our changing industry. Our human capital management (HCM) approach starts with a foundation in our core SPIRIT Values - Safety, People, Integrity, Responsibility, Innovation, and Teamwork. These SPIRIT Values set the tone for how we interact with all of our internal and external stakeholders. We believe a safe organization is a successful organization, and therefore, we prioritize personal and process safety across the company. Our SPIRIT Values are a source of pride. Our day-to-day work is guided by the principles of accountability and performance, which means the way we do our work is as important as the results we deliver. We believe these core values and principles set us apart, align our workforce and provide a foundation for our culture. Our Executive Leadership Team (ELT) and our Board of Directors play a key role in setting our HCM strategy and driving accountability for meaningful progress. The ELT and Board of Directors engage often on workforce-related topics. Our HCM programs are overseen and administered by our human resources function with support from business leaders across the company. We depend on our workforce to successfully execute our company's strategy and we recognize the importance of creating a workplace where our people feel valued. Our HCM programs are built around three pillars that we believe are necessary for success: a compelling culture, attracting a world-class workforce and valuing our people. Each of these pillars is described in more detail below.

Health, Safety and Environment Our HSE organization sets expectations and provides tools and assurance to our workforce to promote and achieve HSE excellence. We manage and assure ConocoPhillips HSE policies, standards and practices, to help ensure business activities are consistently safe, healthy and conducted in an environmentally and socially responsible manner across the globe. Each business unit manages its local operational risks with particular attention to process safety, occupational safety and environmental and emergency preparedness risk. Objectives, targets and deadlines are set and tracked annually to drive strong HSE performance. Progress is tracked and reported to our ELT and the Board of Directors. HSE audits are conducted on business units and staff groups to ensure conformance with ConocoPhillips HSE policies, standards and practices where improvement actions are identified and tracked to completion. We continuously look for ways to operate more safely, efficiently and responsibly. We focus on reducing human error by emphasizing interaction among people, equipment and work processes. We believe our HSE policies such as Life Saving Rules, Process Safety Fundamentals, safety procedures and our stop work policy can reduce the likelihood and severity of unexpected incidents. We conduct thorough investigations of all serious incidents to understand the root cause and share lessons learned globally to improve our facility designs, procedures, training, maintenance programs and designs. It is important that we drive an HSE culture of continuous learning and improvement, refine our existing HSE processes and tools and enhance our commitment to safe, efficient and responsible operations.

Compensation, Benefits and Well-Being We offer competitive, performance-based compensation packages and have global equitable pay practices. Our compensation programs are generally comprised of a base pay, 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 the financial futures of our employees and are competitive within local markets. We routinely benchmark our global compensation and benefits programs to ensure they are competitive, inclusive, aligned with company culture and allow our employees to meet their individual needs and the needs of their families. We provide flexible work schedules and competitive time off, including parental leave policies in many locations. We also offer employees flexibility through the Hybrid Office Work (HOW) program in all of our global locations, which provides eligible employees a combination of work from both office and home. We also provide coverage for families requiring disability support, elder care and childcare, including onsite childcare, where access locally is a challenge. Our global wellness programs include biometric screenings and fitness challenges designed to educate and promote a healthy lifestyle. All employees have access to our employee assistance program, and many of our locations offer custom programs to support mental well-being.

Greater Prudhoe Area The Greater Prudhoe Area includes the Prudhoe Bay Unit, which consists of the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay, the largest conventional oil field in North America, is the site of a large waterflood and enhanced oil recovery operation, supported by a large gas and water processing operation. Field installations include seven production facilities, two gas plants, two seawater plants and a central power station. In 2024, on average, there were two rigs drilling throughout the year.

Greater Kuparuk Area The Greater Kuparuk Area includes the Kuparuk River Unit, which consists of the Kuparuk Field and six satellite fields. Field installations include three central production facilities which separate oil, natural gas and water, and a seawater treatment plant. In 2024, we operated two drilling rigs and two workover rigs. The Nuna project, which targets the Moraine reservoir, was sanctioned in 2023 and achieved first oil in the fourth quarter of 2024. The Coyote reservoir discovered in 2021 progressed to development in 2023 with additional wells drilled in 2024 and planned for 2025.

ConocoPhillips 2024 10-K 4 Business and PropertiesTable of Contents Western North Slope The Western North Slope includes the Colville River Unit, the Greater Mooses Tooth Unit and the Bear Tooth Unit. In 2024, we operated one full-time drilling rig and one seasonal drilling rig between the Colville River and Greater Mooses Tooth Units. The Colville River Unit includes the Alpine Field and four satellite fields. Field installations include one central production facility, which separates oil, natural gas and water. The Greater Mooses Tooth Unit is the first unit established entirely within the National Petroleum Reserve Alaska (NPR-A). The unit was constructed in two phases: Greater Mooses Tooth #1 (GMT1) and Greater Mooses Tooth #2 (GMT2). In December 2023, we announced Willow FID. The project will consist of three drill sites, an operations center and camp, and a processing facility. In 2024, construction included installation of the Willow Access Road, the Willow Operations Center pad and pipeline segments. Additionally, fabrication and delivery of the Willow Operations Center modules to the North Slope were completed. First oil is anticipated in 2029.

Transportation We transport the petroleum liquids produced on the North Slope to Valdez, Alaska through an 800-mile pipeline that is part of the Trans-Alaska Pipeline System (TAPS). We have a 29.5 percent ownership interest in TAPS, and also have ownership interests in, and operate the Alpine, Kuparuk and Oliktok pipelines on the North Slope. We manage the marine transportation of our North Slope production using five company-owned, double-hulled tankers, and charter third-party vessels, as necessary. The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the U.S. 5

ConocoPhillips 2024 10-K Business and PropertiesTable of Contents Lower 48 The Lower 48 segment consists of operations located in the 48 contiguous U.S. states and the Gulf of Mexico, with a portfolio mainly consisting of low cost of supply, short cycle time, resource-rich unconventional plays and commercial operations. Based on 2024 production volumes, the Lower 48 is our largest segment and contributed 63 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.

2024 Crude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Delaware Basin301 144 884 593 Eagle Ford124 66 322 244 Midland Basin101 44 224 182

Delaware Basin We hold approximately 792,000 unconventional net acres in the Delaware Basin, spanning west Texas through southeast New Mexico. Current development activity targets prospects in the Avalon, Bone Springs and Wolfcamp formations while balancing leasehold obligations and permit terms. We operated ten rigs and two frac crews on average during 2024, resulting in 166 operated wells drilled and 151 operated wells brought online.

Eagle Ford We hold approximately 484,000 unconventional net acres in the Eagle Ford, located in south Texas. The current focus is on full-field development, using customized well spacing and stacking patterns adapted through reservoir analysis. We operated seven rigs and two frac crews on average during 2024, resulting in 182 operated wells drilled and 154 operated wells brought online.

Midland Basin We hold approximately 265,000 unconventional net acres in the Midland Basin, located in west Texas. The current development strategy is focused on full-field development utilizing multi-well pad projects targeting both Spraberry and Wolfcamp reservoir targets. We operated five rigs and two frac crews on average during 2024, resulting in 119 operated wells drilled and 111 operated wells brought online.

Bakken We hold approximately 790,000 unconventional net acres in the Williston Basin, located in North Dakota and eastern Montana. The primary producing zones are the Middle Bakken and Three Forks formations. We operated four rigs and one frac crew on average during 2024, resulting in 66 operated wells drilled and 83 operated wells brought online.

Facilities We operate and own, with varying interests, centralized processing facilities in Texas and New Mexico in support of our Delaware, Eagle Ford and Midland assets.

ConocoPhillips 2024 10-K 6 Business and PropertiesTable of Contents Canada Our Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. In 2024, operations in Canada contributed ten percent of our consolidated liquids production and five percent of our consolidated natural gas production.

2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDBitumenMBDTotalMBOED Average Daily Net Production Surmont100.0 %ConocoPhillips- - - 122 122 Montney100.0ConocoPhillips17 6 115 - 42

Total Canada17 6 115 122 164 Our bitumen resources in Canada are produced via SAGD, an enhanced thermal oil recovery method where steam is injected into the reservoir, effectively liquefying the heavy bitumen, which is recovered and pumped to the surface for further processing. Operations include two central processing facilities for treatment and blending of bitumen, and a diluent recovery unit. These facilities have allowed the asset to lower blend ratio and diluent supply costs, while gaining protection from diluent supply disruptions and increased market access for our product. At December 31, 2024, we held approximately 684,000 net acres of land in the Athabasca Region of northeastern Alberta.

Surmont The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. We are focused on keeping facilities full, structurally lowering costs, reducing GHG intensity and optimizing asset performance. In 2024, we brought all wells at Pad 267 to expected production, commenced the drilling of Pad 104 and executed the asset's largest re-drill program to date of 29 wells. First production from Pad 104 is expected in 2026.

ConocoPhillips 2024 10-K Business and PropertiesTable of Contents Europe, Middle East and North Africa The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. In 2024, operations in Europe, Middle East and North Africa contributed nine percent of our consolidated liquids production and 17 percent of our consolidated natural gas production.

Norway 2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Greater Ekofisk Area28.3-35.1 %ConocoPhillips43 2 73 57

Aasta Hansteen Field The Aasta Hansteen Field is located in the Norwegian Sea. Gas is transported through the Polarled gas pipeline to the onshore Nyhamna processing plant for final processing prior to export to market. Produced condensate is loaded onto shuttle tankers and transported to market.

Millions of Barrels of Oil Equivalent Net Proved Reserves at December 312024 2023 2022 Crude oil Consolidated operations3,406 3,032 2,975 Equity affiliates108 89 93

Facilities We operate and have a 40.25 percent ownership interest in a crude oil stabilization and NGLs processing facility at Teesside, U.K. to support our Norway operations.

Qatar 2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production QatarEnergy LNG N(3)30.0 %QatarEnergy LNG13 8 374 83 QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent). N3 consists of upstream natural gas production facilities, which produce approximately 1.4 gross BCF per day of natural gas from Qatar's North Field over a 25-year life, in addition to a 7.8 million gross tonnes per year LNG facility. LNG is shipped in leased LNG carriers destined for sale globally, while liquids are sold into the domestic market or marketed internationally through QatarEnergy Marketing. N3 executed the development of the onshore and offshore assets as a single integrated development with QatarEnergy LNG N(4) (N4), a joint venture between QatarEnergy and Shell plc. This included the joint development of offshore facilities situated in a common offshore block in Qatar's North Field, as well as the construction of two identical LNG process trains and associated gas treating facilities for both the N3 and N4 joint ventures. Production from the LNG trains and associated facilities is mutualized between the two joint ventures. We have a 25 percent interest in both QatarEnergy LNG NFE (4) (NFE4) and QatarEnergy LNG NFS (3) (NFS3) joint ventures, which are participating in the North Field East (NFE) and North Field South (NFS) LNG projects. See Note 3 and Note 4. 9

ConocoPhillips 2024 10-K Business and PropertiesTable of Contents Libya 2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production

ConocoPhillips 2024 10-K 10 Business and PropertiesTable of Contents Asia Pacific The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. In 2024, operations in the Asia Pacific segment contributed four percent of our consolidated liquids production and two percent of our consolidated natural gas production.

Australia 2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Australia Pacific LNG47.5 %ConocoPhillips/Origin Energy- - 859 143 Australia Pacific LNG Pty Ltd. (APLNG), our joint venture with Origin Energy Limited (Origin) and China Petrochemical Corporation (Sinopec), is focused on producing CBM from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and convert the CBM into LNG for export. Origin operates APLNG's upstream production and pipeline system, and we operate the downstream LNG facility, located on Curtis Island near Gladstone, Queensland, as well as the LNG export sales business. We operate two fully subscribed 4.5 MTPA LNG trains. Approximately 3,500 net wells are ultimately expected to supply both the LNG sales contracts and domestic gas market. The wells are supported by gathering systems, central gas processing and compression stations, water treatment facilities and an export pipeline connecting the gas fields to the LNG facilities. The LNG is being sold to Sinopec under a 20-year sales agreement for 7.6 MTPA of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately one MTPA of LNG.

Malaysia 2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Gumusut29.5 %Shell12 - - 12 Malikai35.0 Shell12 - - 12

Kebabangan (KBB)30.0 KPOC1 - 49 9 Siakap North-Petai21.0 PTTEP1 - 1 1 Total Malaysia26 - 50 34 We have varying stages of exploration, development and production activities across approximately 2.6 million net acres in Malaysia, with working interests in six PSCs. Four of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC) and the Ubah Cluster, acquired in 2024. We also operate another two exploration blocks, Block WL4-00 and Block SK304, in waters off the eastern Malaysian state of Sarawak.

Block J Gumusut We own a 29.5 percent working interest in the unitized Gumusut Field. Development associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut Field that straddles Malaysia and Brunei waters, completed drilling in 2024 with first oil anticipated in early 2025. The unitized Gumusut Field is operated on a FPS with oil evacuation via a pipeline to the Sabah Oil and Gas Terminal (SOGT) for tanker liftings.

KBB Gas is transported from the KBB platform via pipeline for sale to the domestic gas market. Since 2019, KBB tied-in to a nearby third-party floating LNG vessel, which provided additional gas offtake capacity.

Venezuela For discussion of our contingencies in Venezuela, see Note 10. 13 ConocoPhillips 2024 10-K Business and PropertiesTable of Contents Other

Oil Spill Response Organizations (OSROs) We maintain memberships in several OSROs, many of which are not-for-profit cooperatives owned by member companies. We may actively participate in these organizations as members of the board of directors, steering committees, work groups or other supporting roles. In North America, our primary OSROs include the Marine Spill Response Corporation for the continental U.S. and Alaska Clean Seas and Ship Escort/Response Vessel System for the Alaska North Slope and Prince William Sound, respectively. Internationally, we maintain memberships in various OSROs, including Oil Spill Response Limited, the Norwegian Clean Seas Association for Operating Companies, the Australian Marine Oil Spill Center and Petroleum Industry of Malaysia Mutual Aid Group.

ConocoPhillips 2024 10-K 14 Business and PropertiesTable of Contents Technology We have several technology programs that improve our ability to develop unconventional reservoirs, increase recovery from our legacy fields, improve the efficiency of our exploration program, produce heavy oil economically with lower emissions and implement sustainability measures.

LNG Liquefaction Technology We are the second-largest LNG liquefaction technology provider globally. Our Optimized Cascade® LNG liquefaction technology has been licensed for use in 28 LNG trains around the world, with FEED studies ongoing for additional trains.

Delivery Commitments We sell crude oil and natural gas from our producing operations under a variety of contractual arrangements, some of which specify the delivery of a fixed and determinable quantity. Our commercial organization also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be the spot market or a combination of our reserves and the spot market. Worldwide, we are contractually committed to deliver approximately 675 billion cubic feet of natural gas and 253 million barrels of crude oil in the future. These contracts have various expiration dates through the year 2034. We have a variety of options to fulfill our delivery commitments including third-party purchases, as supported by our gas management and power supply agreements, proved developed reserves and PUDs. See the disclosure on "Proved Undeveloped Reserves" in the "Supplementary Data - Oil and Gas Operations" section following the Notes to Consolidated Financial Statements, for information on the development of PUDs.

Business and PropertiesTable of Contents Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. We are the largest crude oil producer in Alaska and have major ownership interests in the Prudhoe Bay, Kuparuk and Western North Slope asset areas. Additionally, we are one of Alaska's largest owners of state, federal and fee exploration leases, with approximately one million net undeveloped acres at year-end 2024. Alaska operations contributed 14 percent of our consolidated liquids production and two percent of our consolidated natural gas production.

ConocoPhillips 2024 10-K Business and PropertiesTable of Contents General The environmental information contained in Management's Discussion and Analysis of Financial Condition and Results of Operations beginning on page 55 under the caption "Environmental" and beginning on page 57 under the caption "Climate Change" is incorporated herein by reference. It includes information on expensed and capitalized environmental costs for 2024 and those expected for 2025 and 2026.

ConocoPhillips 2024 10-K

2024 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Greater Prudhoe Area*36.5 %Hilcorp67 15 36 88 Greater Kuparuk Area*94.2-99.8ConocoPhillips63 - 2 63

QatarEnergy LNG N(3)30.0 %QatarEnergy LNG13 8 375 83 QatarEnergy LNG N(3) (N3), formerly Qatar Liquefied Gas Company Limited (3) (QG3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent). N3 consists of upstream natural gas production facilities, which produce approximately 1.4 gross BCF per day of natural gas from Qatar's North Field over a 25-year life, in addition to a 7.8 million gross tonnes per year LNG facility. LNG is shipped in leased LNG carriers destined for sale globally. N3 executed the development of the onshore and offshore assets as a single integrated development with QatarEnergy LNG N(4) (N4), formerly Qatargas 4 (QG4), a joint venture between QatarEnergy and Shell plc. This included the joint development of offshore facilities situated in a common offshore block in the North Field, as well as the construction of two identical LNG process trains and associated gas treating facilities for both the N3 and N4 joint ventures. Production from the LNG trains and associated facilities is combined and shared. During 2022, we were awarded a 25 percent interest in each of two new joint ventures with QatarEnergy to participate in the North Field East (NFE) and North Field South (NFS) LNG projects. Formation of the NFE joint venture, QatarEnergy LNG NFE (4) (NFE4), formerly Qatar Liquefied Gas Company Limited (8) (QG8), closed in December 2022 and the formation of the NFS joint venture, QatarEnergy LNG NFS (3) (NFS3), formerly Qatar Liquefied Gas Company Limited (12) (QG12), closed in June 2023. See Note 3 and Note 4.

Penglai49.0 %CNOOC32 - - 32 Penglai The Penglai 19-3, 19-9 and 25-6 fields are located in the Bohai Bay Block 11/05 and are being developed in stages from large offshore platforms and a FPSO. Most crude oil produced from the block is sold to the China domestic market, with the remainder exported to international markets. Phase 3 consists of three wellhead platforms and a central processing platform. First production from Phase 3 was achieved in 2018. This project could include up to 186 wells, 175 of which have been completed and brought online as of December 2023. Phase 4A consists of one wellhead platform and achieved first production in 2020. This project could include up to 62 new wells, 54 of which have been completed and brought online as of December 2023. Phase 4B consists of two wellhead platforms, WHP-H and WHP-N, both of which achieved first production in the fourth quarter of 2023. This project could include up to 144 new wells, 3 of which have been completed and brought online as of December 2023.

Colombia We have an 80 percent operating interest in the Middle Magdalena Basin Block VMM-3 extending over approximately 67,000 net acres. In addition, we have an 80 percent working interest in the VMM-2 Block, which extends over approximately 58,000 net acres and is contiguous to the VMM-3 Block. The contracts for this project are currently in force majeure due to the lack of a defined environmental licensing required for the execution of unconventional exploratory activities. Additionally, the government of Colombia supports a ban on such activities.

Low-Carbon Technologies In 2021, we established a multi-disciplinary Low-Carbon Technologies organization, with the remit to support our net-zero ambition, understand the alternative energy landscape and prioritize opportunities for future competitive investment. We continue our focus on implementing emissions reduction projects across our global portfolio, including operational efficiency measures and methane and flaring reductions. In April 2023, we accelerated our 2030 GHG emissions intensity reduction target to a 50-60 percent reduction by 2030 from a 2016 baseline on both a gross operated and net equity basis. In addition, we set a new near-zero methane intensity target of less than 1.5-kilogram carbon dioxide equivalent per BOE by 2030. We are also on track to meet the World Bank Zero Routine Flaring goal by 2025. To help achieve these targets, the Low-Carbon Technologies organization continued to work with the company's business units to develop and implement region-specific emission reduction initiatives and identify potential technology solutions for hard-to-abate emissions. Over the last two years, we continued our work to identify additional pathways to abate our Scope 1 and 2 emissions as well as low-carbon opportunities for future competitive investment. For example: •We conducted CCS and electrification studies, initiated zero/low emission equipment design enhancements, installed mechanisms to continuously monitor and detect methane emissions and implemented operational changes to reduce flaring and methane venting volumes. •We evaluated carbon dioxide storage sites primarily along the U.S. Gulf Coast, progressed land acquisition efforts and business development work, initiated permitting activities for potential appraisal wells for carbon sequestration and advanced engineering studies for multiple opportunities. •We advanced hydrogen opportunities in the U.S., Middle East and Asia Pacific regions. In September 2023, JERA and Uniper announced a non-binding Heads of Agreement together with ConocoPhillips, for the potential sale of ammonia to Uniper. This agreement further advanced our cooperation to potentially develop a low-carbon, ammonia production facility on the U.S. Gulf Coast that would supply low-carbon fuels from the U.S. for use in the U.S., Europe, Japan and greater Asia.

Diversity, Equity and Inclusion As our industry evolves, we will continue to face both new opportunities and challenges, requiring a workforce that is equipped to address this evolution. We also need to cultivate an environment where everyone is encouraged and able to contribute - no matter their role, level or location. This is how innovation thrives, leading to a better business outcome. That is why we have put an emphasis on, and are committed to, elevating DEI and creating a great place to work. At ConocoPhillips, we believe our unique differences power the future of energy. Our DEI vision is to foster an inclusive culture that values the rich mixture of backgrounds, identities and workstyles of our people, built on equitable practices that support all employees in unlocking their full potential. Our commitment to DEI is foundational to our SPIRIT Values and to achieving our business objectives. All employees play a part in creating and sustaining an inclusive work environment because everyone benefits from DEI.

Compensation, Benefits and Well-Being We offer competitive, performance-based compensation packages and have global equitable pay practices. Our compensation programs are generally comprised of a base pay, 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 the financial futures of our employees and are competitive within local markets. We routinely benchmark our global compensation and benefits programs to ensure they are competitive, inclusive, aligned with company culture and allow our employees to meet their individual needs and the needs of their families. We provide flexible work schedules and competitive time off, including parental leave policies in many locations. We also offer employees flexibility through the Hybrid Office Work (HOW) program in all of our global locations, which provides eligible employees a combination of work from both office and home. We also provide coverage for families requiring disability support, elder care and childcare, including onsite childcare, where access locally is a challenge. Our global wellness programs include biometric screenings and fitness challenges designed to educate and promote a healthy lifestyle. All employees have access to our employee assistance program, and many of our locations offer custom programs to support mental well-being.

Western North Slope100.0ConocoPhillips44 - 1 44 Total Alaska177 17 34 200 Greater Prudhoe Area The Greater Prudhoe Area includes the Prudhoe Bay Unit, which consists of the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay, the largest conventional oil field in North America, is the site of a large waterflood and enhanced oil recovery operation, supported by a large gas and water processing operation. Prudhoe Bay's western satellite fields are Aurora, Borealis, Polaris, Midnight Sun and Orion, while the Point McIntyre, Niakuk, Raven, Lisburne and North Prudhoe Bay State fields are part of the Greater Point McIntyre Area. Field installations include seven production facilities, two gas plants, two seawater plants and a central power station. Activity in 2022 consisted of rotary and coil tubing drilling throughout the year.

Montney The Montney is an unconventional resource play located in northeastern British Columbia. At December 31, 2022, we held approximately 300,000 acres of land with 100 percent working interest in the liquids-rich section of the Montney. In 2022, development activity consisted of drilling 17 horizontal wells and bringing 12 wells online. In addition, we are progressing development of additional pads along with construction on the second phase of our processing facility with start-up scheduled for the third quarter of 2023.

ConocoPhillips 2022 10-K 8 Business and PropertiesTable of Contents Visund is an oil and gas field located in the North Sea and consists of a floating drilling, production and processing unit, and subsea installations. Crude oil is transported by pipeline to a nearby third-party field for storage and export via tankers. The natural gas is transported to a gas processing plant at Kollsnes, Norway, through the Gassled transportation system. The Alvheim Field is located in the northern part of the North Sea near the border with the U.K. sector, and consists of a FPSO vessel and subsea installations. Produced crude oil is exported via shuttle tankers, and natural gas is transported to the Scottish Area Gas Evacuation (SAGE) Terminal at St. Fergus, Scotland, through the SAGE Pipeline. The Kobra East Gekko (KEG) project, a new subsea tieback to the Alvheim FPSO, is currently being developed, with first production expected in 2024.

Australia 2022 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Australia Pacific LNG47.5 %ConocoPhillips/Origin Energy- - 817 136 Australia Pacific LNG Pty Ltd. (APLNG), our joint venture with Origin Energy Limited and China Petrochemical Corporation (Sinopec), is focused on producing CBM from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and convert the CBM into LNG for export. Origin operates APLNG's upstream production and pipeline system, and we operate the downstream LNG facility, located on Curtis Island near Gladstone, Queensland, as well as the LNG export sales business. We operate two fully subscribed 4.5 million metric tonnes per year LNG trains. Approximately 3,500 net wells are ultimately expected to supply both the LNG sales contracts and domestic gas market. The wells are supported by gathering systems, central gas processing and compression stations, water treatment facilities and an export pipeline connecting the gas fields to the LNG facilities. The LNG is being sold to Sinopec under 20-year sales agreements for 7.6 million metric tonnes of LNG per year, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately 1 million metric tonnes of LNG per year. In February 2022, we completed the acquisition of an additional 10 percent interest in APLNG from Origin Energy, increasing our ownership to 47.5 percent, with Origin and Sinopec retaining 27.5 percent and 25 percent interests, respectively.

ConocoPhillips 2022 10-K 16 Business and PropertiesTable of Contents The ELT has ultimate accountability for advancing our DEI commitments through a governance structure that includes a Chief Diversity Officer (CDO), a dedicated DEI organization and a global DEI Council consisting of senior leaders from across the company. The company sets goals and measures progress based on a transparent DEI strategy with four pillars that guide our focus and approach: people, programs and processes, culture and our external brand and reputation. All company leaders are accountable for setting personal DEI goals and advancing DEI through local efforts. Our DEI efforts and progress are regularly reviewed with the Board of Directors. In 2022, we welcomed our new CDO. Over the course of the year, the CDO established the DEI organization and embarked on a global listening tour to understand the impact of current efforts, areas for improvement and the overall employee experience. Based on the insights and perspectives from employees, the company's DEI strategy was refreshed. Highlights from our 2022 DEI accomplishments include: •Reviewing the results of the 2022 Perspectives survey and continuing to integrate the insights into our DEI efforts; •Staffing the newly established DEI organization;

Business and PropertiesTable of Contents Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. We are the largest crude oil producer in Alaska and have major ownership interests in two of North America's largest oil fields located on Alaska's North Slope: Prudhoe Bay and Kuparuk. We operate Kuparuk in addition to several fields on the Western North Slope, in which we have 100 percent interest. Additionally, we are one of Alaska's largest owners of state, federal and fee exploration leases, with approximately 1.2 million net undeveloped acres at year-end 2022. Alaska operations contributed 16 percent of our consolidated liquids production and two percent of our consolidated natural gas production.

Items 1 and 2. Business and Properties Corporate Structure ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 13 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects. On December 31, 2023, we employed approximately 9,900 people worldwide and had total assets of about $96 billion. Total company production for the year was 1,826 MBOED. ConocoPhillips was incorporated in the state of Delaware in 2001, in connection with, and in anticipation of, the merger between Conoco Inc. and Phillips Petroleum Company. The merger between Conoco and Phillips was consummated on August 30, 2002. In April 2012, ConocoPhillips completed the separation of the downstream business into an independent, publicly traded energy company, Phillips 66.

2023 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Greater Prudhoe Area36.1 %Hilcorp66 16 35 87 Greater Kuparuk Area89.2-94.7ConocoPhillips64 - 2 65

ConocoPhillips 2023 10-K Business and PropertiesTable of Contents Lower 48 The Lower 48 segment consists of operations located in the 48 contiguous U.S. states and the Gulf of Mexico, with a portfolio mainly consisting of low cost of supply, short cycle time, resource-rich unconventional plays and commercial operations. Based on 2023 production volumes, the Lower 48 is our largest segment and contributed 64 percent of our consolidated liquids production and 76 percent of our consolidated natural gas production.

2023 Crude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Delaware Basin274 135 768 537 Eagle Ford114 61 306 226 Midland Basin105 42 205 182

ConocoPhillips 2023 10-K 2 Business and PropertiesTable of Contents We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis. At December 31, 2023, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China and Qatar. The information listed below appears in the "Supplementary Data - Oil and Gas Operations" disclosures following the Notes to Consolidated Financial Statements and is incorporated herein by reference:

ConocoPhillips 2023 10-K 6 Business and PropertiesTable of Contents Canada Our Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. In 2023, operations in Canada contributed seven percent of our consolidated liquids production and three percent of our consolidated natural gas production.

2023 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDBitumenMBDTotalMBOED Average Daily Net Production Surmont*100.0 %ConocoPhillips- - - 81 81 Montney100.0ConocoPhillips9 3 65 - 23

ConocoPhillips 2023 10-K Business and PropertiesTable of Contents Europe, Middle East and North Africa The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, and commercial and terminalling operations in the U.K. In 2023, operations in Europe, Middle East and North Africa contributed nine percent of our consolidated liquids production and 16 percent of our consolidated natural gas production.

Norway 2023 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production Greater Ekofisk Area28.3-35.1%ConocoPhillips42 2 42 51

Heidrun24.0 Equinor10 - 39 17 Aasta Hansteen10.0 Equinor- - 66 11 Troll1.6 Equinor1 - 59 11 Visund9.1 Equinor1 2 48 11 Alvheim20.0 Aker BP5 - 10 7

Transportation We have a 35.1 percent interest in the Norpipe Oil Pipeline System, a 220-mile pipeline which carries crude oil from Ekofisk to a crude oil stabilization and NGLs processing facility in Teesside, U.K.

Facilities We operate and have a 40.25 percent ownership interest in a crude oil stabilization and NGLs processing facility at Teesside, U.K. to support our Norway operations. 9

ConocoPhillips 2023 10-K Business and PropertiesTable of Contents Qatar 2023 InterestOperatorCrude OilMBDNGLMBDNatural GasMMCFDTotalMBOED Average Daily Net Production

ConocoPhillips 2023 10-K 10 Business and PropertiesTable of Contents Asia Pacific The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. In 2023, operations in the Asia Pacific segment contributed five percent of our consolidated liquids production and three percent of our consolidated natural gas production.

Millions of Barrels of Oil Equivalent Net Proved Reserves at December 312023 2022 2021 Crude oil Consolidated operations3,032 2,975 2,964 Equity affiliates89 93 63

Kebabangan (KBB)30.0 KPOC1 - 47 9 Siakap North-Petai21.0 PTTEP2 - 1 2 Total Malaysia28 - 48 36 We have varying stages of exploration, development and production activities across approximately 2.7 million net acres in Malaysia, with working interests in six PSCs. Four of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC), which we do not operate, and Block SB405, an operated exploration block acquired in 2021. We also operate another two exploration blocks, Block WL4-00 and Block SK304, in waters off the eastern Malaysian state of Sarawak.

Block J Gumusut We own a 29.5 percent working interest in the unitized Gumusut Field. Gumusut Phase 3 first oil was achieved in 2022. Development drilling associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut Field that straddles Malaysia and Brunei waters, is planned to commence in early 2024 with first oil anticipated in early 2025. The unitized Gumusut Field is operated on a FPS with oil evacuation via a pipeline to the Sabah Oil and Gas Terminal (SOGT) for tanker liftings.

Venezuela For discussion of our contingencies in Venezuela, see Note 11. 13 ConocoPhillips 2023 10-K Business and PropertiesTable of Contents Other

Marketing Activities Our Commercial organization manages our worldwide commodity portfolio, which includes natural gas, crude oil, bitumen, NGLs, LNG and power. Marketing activities are performed through offices in the U.S., Canada, Europe and Asia. In marketing our production, we attempt to minimize flow disruptions, maximize realized prices and manage credit-risk exposure. Commodity sales are generally made at prevailing market prices at the time of sale. We also purchase and sell third-party commodity volumes to better position the company to satisfy customer demand while fully utilizing transportation and storage capacity.

Crude Oil, Bitumen and NGLs Our crude oil, bitumen and NGL revenues are derived from production in the U.S., Canada, Asia, Africa and Europe. These commodities are primarily sold under contracts with prices based on market indices, adjusted for location, quality and transportation.

Oil Spill Response Removal Organizations (OSROs) We maintain memberships in several OSROs, many of which are not-for-profit cooperatives owned by the member companies wherein we may actively participate as a member of the board of directors, steering committee, work group or other supporting role. In North America, our primary OSROs include the Marine Spill Response Corporation for the continental U.S. and Alaska Clean Seas and Ship Escort/Response Vessel System for the Alaska North Slope and Prince William Sound, respectively. Internationally, we maintain memberships in various OSROs including Oil Spill Response Limited, the Norwegian Clean Seas Association for Operating Companies, Australian Marine Oil Spill Center and Petroleum Industry of Malaysia Mutual Aid Group.

LNG Liquefaction We are the second-largest LNG liquefaction technology provider globally. Our Optimized Cascade® LNG liquefaction technology has been licensed for use in 28 LNG trains around the world, with FEED studies ongoing for additional trains.

ConocoPhillips 2023 10-K Business and PropertiesTable of Contents Human Capital Management Values, Principles and Governance At ConocoPhillips, our strategy, performance, culture and reputation are fueled by our workforce. We recognize that attracting, retaining, and developing talent is a competitive imperative within our changing industry. Our human capital management (HCM) approach starts with a foundation in our core SPIRIT Values - Safety, People, Integrity, Responsibility, Innovation, and Teamwork. These SPIRIT Values set the tone for how we interact with all of our internal and external stakeholders. We believe a safe organization is a successful organization, and therefore, we prioritize personal and process safety across the company. Our SPIRIT Values are a source of pride. Our day-to-day work is guided by the principles of accountability and performance, which means the way we do our work is as important as the results we deliver. We believe these core values and principles set us apart, align our workforce and provide a foundation for our culture. Our Executive Leadership Team (ELT) and our Board of Directors play a key role in setting our HCM strategy and driving accountability for meaningful progress. The ELT and Board of Directors engage often on workforce-related topics. Our HCM programs are overseen and administered by our human resources function with support from business leaders across the company. We depend on our workforce to successfully execute our company's strategy and we recognize the importance of creating a workplace where our people feel valued. Our HCM programs are built around three pillars that we believe are necessary for success: a compelling culture, attracting a world-class workforce and valuing our people. Each of these pillars is described in more detail below.

A Compelling Culture How we do our work is what sets us apart and drives our performance. We are experts in what we do and continuously find ways to do our jobs better. Our different backgrounds, ideas and views drive our success. Together, we deliver strong performance, but not at all costs. We embrace our core cultural attributes that are shared by everyone, everywhere.

Health, Safety and Environment Our HSE organization sets expectations and provides tools and assurance to our workforce to promote and achieve HSE excellence. We manage and assure ConocoPhillips HSE policies, standards and practices, to help ensure business activities are consistently safe, healthy and conducted in an environmentally and socially responsible manner across the globe. Each business unit manages its local operational risks with particular attention to process safety, occupational safety and environmental and emergency preparedness risk. Objectives, targets and deadlines are set and tracked annually to drive strong HSE performance. Progress is tracked and reported to our ELT and the Board of Directors. HSE audits are conducted on business units and staff groups to ensure conformance with ConocoPhillips HSE policies, standards and practices where improvement actions are identified and tracked to completion. We continuously look for ways to operate more safely, efficiently and responsibly. We focus on reducing human error by emphasizing interaction among people, equipment and work processes. We believe our HSE policies such as Life Saving Rules, Process Safety Fundamentals, safety procedures and our stop work policy can reduce the likelihood and severity of unexpected incidents. We conduct thorough investigations of all serious incidents to understand the root cause and share lessons learned globally to improve our facility designs, procedures, training, maintenance programs and designs. It is important that we drive an HSE culture of continuous learning and improvement, refine our existing HSE processes and tools and enhance our commitment to safe, efficient and responsible operations.

2023 Employees by Gender and Race/Ethnicity GlobalU.S. MaleFemaleWhitePOC* All Employees73 %27 %68 %32 % All Leadership74 26 76 24 Top Leadership74 26 82 18

Junior Leadership74 26 74 26 *"POC" refers to People of Color or racial and ethnic minorities self-reported in the U.S. 2023 Employees by Country Percent of Total

ConocoPhillips 2023 10-K

Segment and Geographic Information We manage our operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. For operating segment and geographic information, see Note 24.

Exploration Our primary exploration focus is assessing our Montney acreage. In 2023, appraisal drilling and completions activity within the Montney will continue to explore the area's resource potential. 7

ConocoPhillips 2022 10-K Business and PropertiesTable of Contents Europe, Middle East and North Africa The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea; the Norwegian Sea; Qatar; Libya; and commercial and terminalling operations in the U.K. In 2022, operations in Europe, Middle East and North Africa contributed nine percent of our consolidated liquids production and 17 percent of our consolidated natural gas production.

•Proved worldwide crude oil, NGLs, natural gas and bitumen reserves. •Net production of crude oil, NGLs, natural gas and bitumen. •Average sales prices of crude oil, NGLs, natural gas and bitumen.

ConocoPhillips 2022 10-K 12 Business and PropertiesTable of Contents Block J Gumusut We currently have a 29.5 percent working interest in the unitized Gumusut Field. Gumusut Phase 3 first oil was achieved in 2022. Development drilling associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut Field that straddles Malaysia and Brunei waters, is planned to commence in early 2024 with first oil anticipated in late 2024.

Natural Gas Our natural gas production, along with third-party purchased gas, is primarily marketed in the U.S., Canada and Europe. Our natural gas is sold to a diverse client portfolio which includes local distribution companies; gas and power utilities; large industrials; independent, integrated or state-owned oil and gas companies; as well as marketing companies. To reduce our market exposure and credit risk, we also transport natural gas via firm and interruptible transportation agreements to major market hubs.

Crude Oil, Bitumen and Natural Gas Liquids Our crude oil, bitumen and NGL revenues are derived from production in the U.S., Canada, Asia, Africa and Europe. These commodities are primarily sold under contracts with prices based on market indices, adjusted for location, quality and transportation.