# EDGAR Filing Document

**Accession Number:** 0001163165
**File Stem:** 0001163165-26-000005
**Filing Date:** 2026-2
**Character Count:** 100180
**Document Hash:** bdbac3c234634b82a968f20e853153e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001163165-26-000005.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001163165-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260205

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONOCOPHILLIPS
- **CENTRAL INDEX KEY:** 0001163165
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 010562944
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32395
- **FILM NUMBER:** 26600460

**BUSINESS ADDRESS:**
- **STREET 1:** 925 N. ELDRIDGE PARKWAY
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079
- **BUSINESS PHONE:** 281-293-1000

**MAIL ADDRESS:**
- **STREET 1:** SHIPPING & RECEIVING CENTER
- **STREET 2:** 16930 PARK ROW DR.
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77084

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CORVETTEPORSCHE CORP
- **DATE OF NAME CHANGE:** 20011204

?xml version='1.0' encoding='ASCII'? cop-20260205

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): **February 5, 2026**

**ConocoPhillips**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32395** | **01-0562944** |
| (State or other jurisdiction of<br>incorporation) | (Commission<br>File Number) | (I.R.S. Employer <br>Identification No.) |

---

**925 N. Eldridge Parkway**

**Houston, Texas 77079**

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (**281) 293-1000**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $.01 Par Value | COP | New York Stock Exchange |
| 7% Debentures due 2029 | CUSIP-718507BK1 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 5, 2026, ConocoPhillips issued a press release announcing the company's financial and operating results for both the quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter and full year is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit No. | Description |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](cop-20260205x8kexx991.htm)</u> | &nbsp;&nbsp;&nbsp;<u>[Press release issued by ConocoPhillips on](cop-20260205x8kexx991.htm)</u><u>February 5, 2026.</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](cop-20260205x8kexx992.htm)</u> | &nbsp;&nbsp;&nbsp;<u>[Supplemental financial information.](cop-20260205x8kexx992.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted as Inline XBRL and filed herewith). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **CONOCOPHILLIPS** |
| | /s/ *Kontessa S. Haynes-Welsh* |
| | Kontessa S. Haynes-Welsh |
| | Vice President, Finance and Controller |
| February 5, 2026 | |

---

## Exhibit 99.1

**Exhibit 99.1**

**ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported fourth-quarter 2025 earnings per share of $1.17 and adjusted earnings per share of $1.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provided 2026 guidance, including full-year capital expenditures of approximately $12 billion and full-year adjusted operating costs of $10.2 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared first-quarter 2026 ordinary dividend of $0.84 per share.

HOUSTON—Feb. 5, 2026—ConocoPhillips (NYSE: COP) today reported fourth-quarter 2025 earnings of $1.4 billion, or $1.17 per share, compared with fourth-quarter 2024 earnings of $2.3 billion, or $1.90 per share. Excluding special items, fourth-quarter 2025 adjusted earnings were $1.3 billion, or $1.02 per share, compared with fourth-quarter 2024 adjusted earnings of $2.4 billion, or $1.98 per share. Special items for the quarter primarily relate to a gain on asset sales and restructuring costs.

Full-year 2025 earnings were $8.0 billion, or $6.35 per share, compared with full-year 2024 earnings of $9.2 billion, or $7.81 per share. Excluding special items, full-year 2025 adjusted earnings were $7.7 billion or $6.16 per share, compared with full-year 2024 adjusted earnings of $9.2 billion, or $7.79 per share.

"ConocoPhillips delivered another year of strong performance in 2025, achieving our CFO-based return of capital target and growing our base dividend at a top-quartile S&P 500 rate, in line with our returns-focused value proposition. We outperformed our initial production, capital and cost guidance; successfully integrated Marathon Oil, doubling our synergy capture; and made strong progress on our incremental cost reduction and margin enhancement efforts," said Ryan Lance, chairman and chief executive officer. "Looking ahead, we're focused on driving a $1 billion reduction in our capital and costs in 2026, while returning 45% of our CFO to shareholders. Our best-in-class asset base remains a distinct competitive advantage, with the deepest and most capital-efficient Lower 48 inventory and a diverse, global portfolio of advantaged major projects and legacy assets. We are well positioned to deliver an expected $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028."

**<u>Full-year summary and recent announcements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated cash provided by operating activities of $19.8 billion and cash from operations (CFO) of $19.9 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distributed $9.0 billion, or 45% of CFO, to shareholders, including $5.0 billion through share repurchases and $4.0 billion through the ordinary dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ended the year with cash and short-term investments of $7.4 billion and long-term investments of $1.1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered full-year total company and Lower 48 production of 2,375 thousand barrels of oil equivalent per day (MBOED) and 1,484 MBOED, respectively, both consistent with guidance; reflects 2.5% total company underlying growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the integration of Marathon Oil and doubled synergy capture to more than $1 billion on a run-rate basis in 2025; achieved an additional ~$1 billion of one-time benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On track to achieve incremental cost reductions and margin enhancements of more than $1 billion on a run-rate basis by year-end 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed $3.2 billion in dispositions in 2025 and on track to meet $5 billion total disposition target by year-end 2026.

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued to advance Willow project in Alaska and equity LNG projects at North Field East (NFE) and North Field South in Qatar and Port Arthur LNG (PALNG) on the U.S. Gulf Coast; all projects remain on schedule with NFE startup expected in the second half of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved Lower 48 drilling and completion efficiency improvements of more than 15% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advanced commercial LNG strategy by placing initial 5 million tonnes per annum (MTPA) of PALNG Phase 1 offtake; secured additional offtake of 5 MTPA to bring total commercial offtake portfolio to 10 MTPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signed an agreement to extend the Waha Concession in Libya through 2050, with new fiscal terms, subject to normal regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved first oil at Surmont Pad 104W-A in the fourth quarter, ahead of schedule.

**<u>Return of capital update</u>**

ConocoPhillips announced its planned 2026 return of capital to shareholders of 45% of CFO. The company declared a first-quarter ordinary dividend of $0.84 per share payable March 2, 2026, to stockholders of record at the close of business on Feb. 18, 2026.

**<u>Fourth-quarter review</u>**

Production for the fourth quarter of 2025 was 2,320 MBOED, an increase of 137 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, fourth-quarter 2025 production decreased 63 MBOED or 2.6% from the same period a year ago.

Lower 48 delivered production of 1,439 MBOED, including 673 MBOED from the Delaware Basin, 194 MBOED from the Midland Basin, 370 MBOED from the Eagle Ford and 198 MBOED from the Bakken.

Earnings and adjusted earnings decreased from the fourth quarter of 2024 primarily due to the impact of lower prices, partially offset by higher volumes.

The company's total average realized price was $42.46 per BOE, 19% lower than the $52.37 per BOE realized in the fourth quarter of 2024.

For the fourth quarter, cash provided by operating activities and CFO were $4.3 billion. The company received $1.6 billion of disposition proceeds, funded $3.0 billion of capital expenditures and investments, repurchased $1.0 billion of shares and paid $1.0 billion in ordinary dividends.

**<u>Full-year review</u>**

Production for 2025 was 2,375 MBOED, an increase of 388 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, production increased 57 MBOED or 2.5% from the same period a year ago.

The company's total average realized price during this period was $47.01 per BOE, 14% lower than the $54.83 per BOE realized in 2024.

In 2025, cash provided by operating activities was $19.8 billion. Excluding a $0.1 billion change in operating working capital, ConocoPhillips generated CFO of $19.9 billion. In addition, ConocoPhillips received $3.2 billion of disposition proceeds, funded $12.6 billion in capital expenditures and investments, repurchased shares of $5.0 billion, paid $4.0 billion in ordinary dividends and retired debt of $0.7 billion at maturity.

The company achieved 10% return on capital employed, and 10% on a cash-adjusted basis.

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

**<u>Reserves update</u>**

2025 year-end proved reserves are 7.6 billion barrels of oil equivalent (BBOE), with a reserves replacement ratio (RRR) of 80%. Excluding closed acquisitions and dispositions, the organic RRR was 99%. The company's three-year RRR and organic RRR were 145% and 106%, respectively.

Final information related to the company's 2025 oil and gas reserves will be provided in ConocoPhillips' Annual Report on Form 10-K, to be filed with the SEC in February.

**<u>Outlook</u>**

Guidance for 2026 includes capital expenditures of approximately $12 billion and adjusted operating costs of $10.2 billion, consistent with preliminary guidance issued last quarter.

The company's 2026 production guidance is 2.33 to 2.36 million barrels of oil equivalent per day (MMBOED). First-quarter 2026 production is expected to be 2.30 to 2.34 MMBOED, inclusive of weather-related downtime. &nbsp;&nbsp;&nbsp;&nbsp;

Depreciation, depletion and amortization is expected to be $11.7 to $11.9 billion and adjusted corporate and other segment net loss is expected to be approximately $0.9 billion. Guidance excludes special items.

Consistent with its long-term track record, ConocoPhillips expects to return 45% of CFO to shareholders in 2026.

ConocoPhillips will host a conference call today at noon Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to

*www.conocophillips.com/investor*. A recording and transcript of the call will be posted afterward.

---

 # # # ---

**<u>About ConocoPhillips</u>**

As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at www.conocophillips.com.

**<u>Contacts</u>**

Media Relations

281-293-1149

*media@conocophillips.com*

Investor Relations

281-293-5000

*investor.relations@conocophillips.com*

**<u>CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995</u>**

*This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, objectives of management for future operations, the anticipated benefits of our acquisition of Marathon Oil Corporation (Marathon Oil), the anticipated impact of our acquisition of Marathon Oil on the combined company's business and future* 

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

*financial and operating results and the expected amount and timing of synergies from our acquisition of Marathon Oil and other aspects of our operations or operating results. Words and phrases such as "ambition," "anticipate," "believe," "budget," "continue," "could," "effort," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "objective," "outlook," "plan," "potential," "predict," "projection," "seek," "should," "target," "will," "would," and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include, but are not limited to, the following: effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict, security threats on facilities and infrastructure, global health crises, the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries or the resulting company or third-party actions in response to such changes; the potential for insufficient liquidity or other factors, such as those described herein, that could impact our ability to repurchase shares and declare and pay dividends, whether fixed or variable; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; failure to progress or complete announced and future development plans related to constructing, modifying or operating E&P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans; significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions, regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal and prohibitions on commodity exports; broader societal attention to and efforts to address climate change may cause substantial investment in and increased adoption of competing or alternative energy sources; risks, uncertainties and high costs that may prevent us from successfully executing on our Climate Risk Strategy; lack or inadequacy of, or disruptions in reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs; inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; potential disruption or interruption of our operations and any resulting consequences due to accidents, extraordinary weather events, supply chain disruptions, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation; liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations; general domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships, the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business, expropriation of assets, changes in governmental policies relating to commodity pricing, including the imposition of price caps, sanctions or other adverse regulations or taxation policies; competition and consolidation in the oil and gas E&P industry, including competition for sources of supply, services, personnel and equipment; any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment; challenges or delays to our execution of, or successful implementation of the acquisition of Marathon Oil or any future asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes; our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all; the operation, financing and management of risks of our joint ventures; the ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or PDVSA; uncertainty as to the long-term value of our common stock; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.*

***Cautionary Note to U.S. Investors*** *– The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC's guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.*

***Use of Non-GAAP Financial Information*** *– To supplement the presentation of the company's financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share (EPS), free cash flow (FCF), cash from operations (CFO), adjusted operating costs, adjusted corporate and other segment loss, and cash adjusted ROCE.*

*The company believes that the non-GAAP measure adjusted earnings (both on an aggregate and a per-share basis) is useful to investors to help facilitate comparisons of the company's operating performance associated with the company's core business* 

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

*operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company's core business operations. Adjusted earnings is defined as earnings removing the impact of special items. Adjusted EPS is a measure of the company's diluted net earnings per share excluding special items. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company's results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company's business and performance. The company's Board of Directors and management also use these non-GAAP measures to analyze the company's operating performance across periods when overseeing and managing the company's business.*

*Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company's presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.*

*Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.*

*Other Terms – This news release also contains the term proforma underlying production. Proforma underlying production reflects the impact of closed acquisitions and closed dispositions as of Dec. 31, 2025. The impact of closed acquisitions and dispositions assumes a closing date of Jan. 1, 2024. The company believes that underlying production is useful to investors to compare production reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Return of capital is defined as the total of the ordinary dividend and share repurchases. References to earnings refer to net income.* 

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | | | | | | | | | | | | |
| **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | **Table 1: Reconciliation of earnings to adjusted earnings** | | | | | | | | |
| $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **4Q25** | **4Q25** | **4Q25** | **4Q25** | **4Q24** | **4Q24** | **4Q24** | **4Q24** | **2025 FY** | **2025 FY** | **2025 FY** | **2025 FY** | **2024 FY** | **2024 FY** | **2024 FY** | **2024 FY** |
|  | **Pre-tax** | **Income<br>tax** | **After-tax** | **Per share of<br>common<br>stock<br>(dollars)** | **Pre-tax** | **Income<br>tax** | **After-tax** | **Per share of<br>common<br>stock<br>(dollars)** | **Pre-tax** | **Income<br>tax** | **After-tax** | **Per share<br>of common<br>stock<br>(dollars)** | **Pre-tax** | **Income<br>tax** | **After-tax** | **Per share of<br>common<br>stock<br>(dollars)** |
| **Earnings** |  |  | $**1442** | $**1.17** |  |  | **2306** | **1.90** |  |  | **7988** | **6.35** |  |  | **9245** | **7.81** |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset sales | (297) | 69 | (228) | (0.19) |  |  |  |  | (635) | 92 | (543) | (0.43) | (86) | 20 | (66) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | (76) | (76) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax adjustments |  |  |  |  |  | (28) | (28) | (0.02) |  |  |  |  |  | (28) | (28) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax adjustment - acquisition related |  |  |  |  |  | (423) | (423) | (0.36) |  |  |  |  |  | (423) | (423) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction, integration and restructuring expenses | 103 | (46) | 57 | 0.05 | 514 | (70) | 444 | 0.37 | 491 | (135) | 356 | 0.29 | 542 | (76) | 466 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on debt extinguishment |  |  |  |  | 173 | (26) | 147 | 0.12 |  |  |  |  | 173 | (26) | 147 | 0.12 |
| (Gain) loss in interest rate hedge<sup>1</sup>  | 9 | (2) | 7 |  | (35) | 7 | (28) | (0.02) | (18) | 3 | (15) | (0.01) | (35) | 7 | (28) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pending claims and settlements | 40 | (9) | 31 | 0.03 | (16) | (33) | (49) | (0.04) | (83) | 20 | (63) | (0.05) | (16) | (33) | (49) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments |  |  |  |  | 47 | (11) | 36 | 0.03 |  |  |  |  | 47 | (11) | 36 | 0.03 |
| (Gain) loss on contingent liability measurement<sup>2</sup> | (60) | 14 | (46) | (0.04) |  |  |  |  | (60) | 14 | (46) | (0.04) | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other corporate charges |  |  |  |  |  |  |  |  | 82 | (17) | 65 | 0.05 | **—** | **—** | **—** | **—** |
| **Adjusted earnings / (loss)** |  |  | $**1263** | $**1.02** |  |  | **2405** | **1.98** |  |  | **7742** | **6.16** |  |  | **9224** | **7.79** |
| *¹Interest rate hedging (gain) loss from PALNG Phase 1 investment.* | *¹Interest rate hedging (gain) loss from PALNG Phase 1 investment.* | *¹Interest rate hedging (gain) loss from PALNG Phase 1 investment.* | *¹Interest rate hedging (gain) loss from PALNG Phase 1 investment.* | *¹Interest rate hedging (gain) loss from PALNG Phase 1 investment.* |  |  |  |  |  |  |  |  |  |  |  |  |
| *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* | *²Related to our Surmont acquisition.* |
| The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. | The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides. |

---

---

| | | |
|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| **Table 2: Reconciliation of net cash provided by operating activities to cash from operations** | **Table 2: Reconciliation of net cash provided by operating activities to cash from operations** | **Table 2: Reconciliation of net cash provided by operating activities to cash from operations** |
| $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated |
|  | **4Q25** | **2025 FY** |
| Net Cash Provided by Operating Activities | 4318 | 19796 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating working capital changes |  | (76) |
| **Cash from operations** | **4318** | **19872** |

---

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| **Table 3: Return on capital employed (ROCE) and cash adjusted ROCE** | **Table 3: Return on capital employed (ROCE) and cash adjusted ROCE** | **Table 3: Return on capital employed (ROCE) and cash adjusted ROCE** | **Table 3: Return on capital employed (ROCE) and cash adjusted ROCE** | **Table 3: Return on capital employed (ROCE) and cash adjusted ROCE** |
| $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated |
|  | **ROCE** | **ROCE** | **CASH ADJUSTED ROCE** | **CASH ADJUSTED ROCE** |
| **Numerator** | **2025 FY** | **2024 FY** | **2025 FY** | **2024 FY** |
| Net Income (loss) | 7988 | 9245 | 7988 | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to exclude special items | (246) | (21) | (246) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;After-tax interest expense | 712 | 631 | 712 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;After-tax interest income |  |  | (247) | (318) |
| ROCE Earnings | 8454 | 9855 | 8207 | 9537 |
| **Denominator** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total equity¹ | 65094 | 51497 | 65094 | 51497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total debt² | 23670 | 19176 | 23670 | 19176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total cash³ |  |  | (6678) | (6591) |
| Average capital employed | 88764 | 70673 | 82086 | 64082 |
| **ROCE** *(percent)* | 10% | 14% | 10% | 15% |
| *¹Average total equity is the average of beginning total equity and ending total equity by quarter.* | *¹Average total equity is the average of beginning total equity and ending total equity by quarter.* | *¹Average total equity is the average of beginning total equity and ending total equity by quarter.* | *¹Average total equity is the average of beginning total equity and ending total equity by quarter.* | *¹Average total equity is the average of beginning total equity and ending total equity by quarter.* |
| *²Average total debt is the average of beginning long-term debt and short-term debt and ending long-term debt and short-term debt by quarter.* | *²Average total debt is the average of beginning long-term debt and short-term debt and ending long-term debt and short-term debt by quarter.* | *²Average total debt is the average of beginning long-term debt and short-term debt and ending long-term debt and short-term debt by quarter.* | *²Average total debt is the average of beginning long-term debt and short-term debt and ending long-term debt and short-term debt by quarter.* | *²Average total debt is the average of beginning long-term debt and short-term debt and ending long-term debt and short-term debt by quarter.* |
| <sup>3</sup>*Average total cash is the average of beginning cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.* | <sup>3</sup>*Average total cash is the average of beginning cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.* | <sup>3</sup>*Average total cash is the average of beginning cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.* | <sup>3</sup>*Average total cash is the average of beginning cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.* | <sup>3</sup>*Average total cash is the average of beginning cash, cash equivalents, restricted cash and short-term investments and ending cash, cash equivalents, restricted cash and short-term investments by quarter.* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| **Table 4: Reconciliation of reported production to proforma underlying production** | **Table 4: Reconciliation of reported production to proforma underlying production** | **Table 4: Reconciliation of reported production to proforma underlying production** | **Table 4: Reconciliation of reported production to proforma underlying production** | **Table 4: Reconciliation of reported production to proforma underlying production** |
| MBOED, except as indicated | MBOED, except as indicated | MBOED, except as indicated | MBOED, except as indicated | MBOED, except as indicated |
|  | **4Q25** | **4Q24** | **2025 FY** | **2024 FY** |
| **Total Reported ConocoPhillips Production** | 2320 | 2183 | 2375 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Dispositions<sup>1</sup> |  | (68) | (37) | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Acquisitions² |  | 268 |  | 366 |
| **Total proforma underlying production** | **2320** | **2383** | **2338** | **2281** |
| **Total proforma underlying production % change** | **(2.6)%** |  | **2.5%** |  |
| <sup>1</sup>*Includes production related to various Lower 48 dispositions.* | <sup>1</sup>*Includes production related to various Lower 48 dispositions.* | <sup>1</sup>*Includes production related to various Lower 48 dispositions.* | <sup>1</sup>*Includes production related to various Lower 48 dispositions.* | <sup>1</sup>*Includes production related to various Lower 48 dispositions.* |
| <sup>2</sup>*Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closed in 4Q24.*  | <sup>2</sup>*Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closed in 4Q24.*  | <sup>2</sup>*Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closed in 4Q24.*  | <sup>2</sup>*Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closed in 4Q24.*  | <sup>2</sup>*Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closed in 4Q24.*  |

---

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

---

| | | |
|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| **Table 5: Reconciliation of production and operating expenses to adjusted operating costs** | **Table 5: Reconciliation of production and operating expenses to adjusted operating costs** | **Table 5: Reconciliation of production and operating expenses to adjusted operating costs** |
| $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated |
|  | **2025 FY** | **2026 FY Guidance ($B)** |
| Production and Operating Expenses | 10331 | ~9.6 |
| Selling, general and administrative (G&A) expenses | 893 | ~0.6 |
| **Operating Costs** | **11224** | **~10.2** |
| Adjustments to exclude special items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and integration expenses | (468) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other corporate charges | (82) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pending claims and settlements | (40) |  |
| **Adjusted operating costs** | **10634** | **~10.2** |

---

---

| | | |
|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| **Table 6: Reconciliation of adjusted corporate and other segment net loss** | **Table 6: Reconciliation of adjusted corporate and other segment net loss** | **Table 6: Reconciliation of adjusted corporate and other segment net loss** |
| $ millions, except as indicated | $ millions, except as indicated | $ millions, except as indicated |
|  | **2025 FY** | **2026 FY Guidance ($B)** |
| Corporate and Other Earnings | (1138) | ~(0.9) |
| Adjustments to exclude special items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and integration expenses | 235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pending claims and settlements | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on interest rate hedge | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other corporate charges | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset sale | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax on special items | (51) |  |
| **Adjusted corporate and other segment net loss** | **(942)** | **~(0.9)** |

---

------

*ConocoPhillips reports fourth-quarter and full-year 2025 results; announces 2026 guidance and quarterly dividend*

---

| | | | |
|:---|:---|:---|:---|
| **ConocoPhillips** | **ConocoPhillips** | | |
| **Table 7: Calculation of reserve replacement ratio** | **Table 7: Calculation of reserve replacement ratio** | | |
| MMBOE, except as indicated | MMBOE, except as indicated |  |  |
| **<u>2025 Reserves Replacement</u>** |  | **<u>Three-Year Reserves Replacement</u>** |  |
| End of 2024 | 7812 | End of 2022 | 6599 |
| End of 2025 | 7637 | End of 2025 | 7637 |
| Change in reserves | (175) | Change in reserves | 1038 |
| Production¹ | 877 | Production<sup>¹</sup> | 2287 |
| Change in reserves excluding production¹ | 702 | Change in reserves excluding production<sup>¹</sup> | 3325 |
| **2025 reserve replacement ratio** | **80%** | **Three-year reserve replacement ratio** | **145%** |
| Production¹ | 877 | Production<sup>¹</sup> | 2287 |
| Purchases<sup>2</sup> |  | Purchases<sup>2</sup> | (1104) |
| Sales<sup>2</sup> | 165 | Sales<sup>2</sup> | 199 |
| Changes in reserves excluding production<sup>¹</sup>, purchases<sup>2</sup>, and sales<sup>2</sup>  | 867 | Changes in reserves excluding production<sup>¹</sup>, purchases<sup>2</sup>, and sales<sup>2</sup>  | 2420 |
| **2025 organic reserve replacement ratio** | **99%** | **Three-year organic reserve replacement ratio** | **106%** |
| <sup>1</sup>*Production includes fuel gas.* | <sup>1</sup>*Production includes fuel gas.* |  |  |
| <sup>2</sup>*Purchases refers to acquisitions and sales refers to dispositions.*  | <sup>2</sup>*Purchases refers to acquisitions and sales refers to dispositions.*  |  |  |

---

## Exhibit 99.2

**Exhibit 99.2**

![conocophillipslogo23.jpg](conocophillipslogo23.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fourth-quarter 2025 Detailed Supplemental Information**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| $ Millions, Except as Indicated |  |  |  |  |  |  |  |  |  |  |
| **CONSOLIDATED INCOME STATEMENT** |  |  |  |  |  |  |  |  |  |  |
| **Revenues and other income** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and other operating revenues | 13848 | 13620 | 13041 | 14236 | 54745 | 16517 | 14004 | 15031 | 13392 | 58944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates | 421 | 403 | 441 | 440 | 1705 | 392 | 315 | 345 | 283 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on dispositions | 93 | (5) | (2) | (35) | 51 | 79 | 317 | 3 | 332 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 114 | 118 | 124 | 96 | 452 | 113 | 104 | 143 | 178 | 538 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total revenues and other income** | 14476 | 14136 | 13604 | 14737 | 56953 | 17101 | 14740 | 15522 | 14185 | 61548 |
| **Costs and expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased commodities | 5334 | 4858 | 4747 | 5073 | 20012 | 6188 | 5085 | 5857 | 5195 | 22325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and operating expenses | 2015 | 2164 | 2261 | 2311 | 8751 | 2506 | 2572 | 2632 | 2621 | 10331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 178 | 164 | 186 | 630 | 1158 | 191 | 250 | 271 | 181 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | 112 | 102 | 70 | 71 | 355 | 117 | 81 | 71 | 138 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 2211 | 2334 | 2390 | 2664 | 9599 | 2746 | 2838 | 2917 | 2999 | 11500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments |  | 34 |  | 46 | 80 | 1 | 1 | 10 | 14 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 555 | 536 | 476 | 520 | 2087 | 551 | 572 | 525 | 498 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on discounted liabilities | 80 | 80 | 80 | 85 | 325 | 94 | 95 | 94 | 95 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | 205 | 198 | 189 | 191 | 783 | 205 | 232 | 223 | 195 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions (gain) loss | (18) | 9 | (28) | (13) | (50) | 30 | (3) | (6) | (10) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | (4) | (2) | (2) | 189 | 181 | 6 |  |  | 14 | 20 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses** | 10668 | 10477 | 10369 | 11767 | 43281 | 12635 | 11723 | 12594 | 11940 | 48892 |
| **Income (loss) before income taxes** | 3808 | 3659 | 3235 | 2970 | 13672 | 4466 | 3017 | 2928 | 2245 | 12656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 1257 | 1330 | 1176 | 664 | 4427 | 1617 | 1046 | 1202 | 803 | 4668 |
| **Net income (loss)** | 2551 | 2329 | 2059 | 2306 | 9245 | 2849 | 1971 | 1726 | 1442 | 7988 |
| **Net income per share of common stock (dollars)** | **Net income per share of common stock (dollars)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 2.16 | 1.99 | 1.77 | 1.90 | 7.82 | 2.23 | 1.56 | 1.38 | 1.17 | 6.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 2.15 | 1.98 | 1.76 | 1.90 | 7.81 | 2.23 | 1.56 | 1.38 | 1.17 | 6.35 |
| **Weighted-average common shares outstanding (in thousands)\*** | **Weighted-average common shares outstanding (in thousands)\*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 1177921 | 1168198 | 1161318 | 1207421 | 1178920 | 1273350 | 1257512 | 1245253 | 1232575 | 1252042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1180320 | 1170299 | 1163227 | 1209163 | 1180871 | 1274879 | 1258998 | 1246854 | 1233956 | 1253446 |
| *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* | *\*Ending common shares outstanding is 1,225,168 as of December 31, 2025, compared with 1,235,718 as of September 30, 2025.* |
| **INCOME (LOSS) BEFORE INCOME TAXES** |  |  |  |  |  |  |  |  |  |  |
| Alaska | 468 | 495 | 370 | 473 | 1806 | 466 | 182 | 191 | 162 | 1001 |
| Lower 48 | 1766 | 1626 | 1588 | 1658 | 6638 | 2238 | 1781 | 1585 | 1040 | 6644 |
| Canada | 236 | 347 | 35 | 322 | 940 | 337 | 199 | 248 | 193 | 977 |
| Europe, Middle East and North Africa | 1081 | 917 | 976 | 1069 | 4043 | 1341 | 830 | 1003 | 870 | 4044 |
| Asia Pacific | 517 | 539 | 528 | 350 | 1934 | 375 | 397 | 398 | 235 | 1405 |
| Corporate and Other | (260) | (265) | (262) | (902) | (1689) | (291) | (372) | (497) | (255) | (1415) |
| **Consolidated** | 3808 | 3659 | 3235 | 2970 | 13672 | 4466 | 3017 | 2928 | 2245 | 12656 |

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![conocophillipslogo23.jpg](conocophillipslogo23.jpg)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **EFFECTIVE INCOME TAX RATES** |  |  |  |  |  |  |  |  |  |  |
| Alaska\* | 26.1% | 27.4% | 27.6% | 25.4% | 26.6% | 29.8% | 26.0% | 32.0% | 14.3% | 27.0% |
| Lower 48 | 21.8% | 22.6% | 21.9% | 21.9% | 22.0% | 20.0% | 21.5% | 21.7% | 19.7% | 20.8% |
| Canada | 23.6% | 24.6% | 30.9% | 23.5% | 24.2% | 24.1% | 25.2% | 24.1% | 23.2% | 24.1% |
| Europe, Middle East and North Africa | 71.9% | 72.5% | 69.5% | 68.6% | 70.6% | 68.8% | 71.4% | 67.4% | 72.4% | 69.7% |
| Asia Pacific | 0.9% | 17.8% | 13.7% | 10.7% | 10.9% | 17.1% | 16.8% | 22.5% | 7.5% | 16.9% |
| Corporate and Other | 33.7% | 7.3% | 13.4% | 73.9% | 47.8% | 12.7% | 24.9% | 5.8% | 46.4% | 19.6% |
| **Consolidated** | 33.0% | 36.3% | 36.4% | 22.3% | 32.4% | 36.2% | 34.7% | 41.0% | 35.8% | 36.9% |
| *\*Alaska including taxes other than income taxes* | *42.5 %* | *42.5 %* | *42.8 %* | *39.3 %* | *41.7 %* | *37.8 %* | *56.6 %* | *58.8 %* | *51.7 %* | *49.2 %* |

---

------

![conocophillipslogo23.jpg](conocophillipslogo23.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| $ Millions |  |  |  |  |  |  |  |  |  |  |
| **EARNINGS BY SEGMENT** |  |  |  |  |  |  |  |  |  |  |
| Alaska | 346 | 360 | 267 | 353 | 1326 | 327 | 135 | 130 | 138 | 730 |
| Lower 48 | 1381 | 1259 | 1241 | 1294 | 5175 | 1790 | 1399 | 1240 | 835 | 5264 |
| Canada | 180 | 261 | 25 | 246 | 712 | 256 | 149 | 188 | 148 | 741 |
| Europe, Middle East and North Africa | 304 | 251 | 298 | 336 | 1189 | 419 | 237 | 327 | 241 | 1224 |
| Asia Pacific | 512 | 444 | 455 | 313 | 1724 | 311 | 330 | 309 | 217 | 1167 |
| Corporate and Other | (172) | (246) | (227) | (236) | (881) | (254) | (279) | (468) | (137) | (1138) |
| **Consolidated** | 2551 | 2329 | 2059 | 2306 | 9245 | 2849 | 1971 | 1726 | 1442 | 7988 |
| **SPECIAL ITEMS** |  |  |  |  |  |  |  |  |  |  |
| Alaska |  |  |  |  |  | 58 |  | (26) | (11) | 21 |
| Lower 48 | 66 |  |  | (70) | (4) | 93 | 207 | (74) | 187 | 413 |
| Canada |  |  |  |  |  |  |  | (18) | 45 | 27 |
| Europe, Middle East and North Africa |  |  |  |  |  |  |  | (1) | (13) | (14) |
| Asia Pacific | 76 |  |  |  | 76 |  |  |  | (5) | (5) |
| Corporate and Other |  |  | (22) | (29) | (51) | 19 | (29) | (162) | (24) | (196) |
| **Consolidated** | 142 |  | (22) | (99) | 21 | 170 | 178 | (281) | 179 | 246 |
| *Detailed reconciliation of these items is provided on page 5.* | *Detailed reconciliation of these items is provided on page 5.* |  |  |  |  |  |  |  |  |  |
| **ADJUSTED EARNINGS** |  |  |  |  |  |  |  |  |  |  |
| Alaska | 346 | 360 | 267 | 353 | 1326 | 269 | 135 | 156 | 149 | 709 |
| Lower 48 | 1315 | 1259 | 1241 | 1364 | 5179 | 1697 | 1192 | 1314 | 648 | 4851 |
| Canada | 180 | 261 | 25 | 246 | 712 | 256 | 149 | 206 | 103 | 714 |
| Europe, Middle East and North Africa | 304 | 251 | 298 | 336 | 1189 | 419 | 237 | 328 | 254 | 1238 |
| Asia Pacific | 436 | 444 | 455 | 313 | 1648 | 311 | 330 | 309 | 222 | 1172 |
| Corporate and Other | (172) | (246) | (205) | (207) | (830) | (273) | (250) | (306) | (113) | (942) |
| **Consolidated** | 2409 | 2329 | 2081 | 2405 | 9224 | 2679 | 1793 | 2007 | 1263 | 7742 |

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![conocophillipslogo23.jpg](conocophillipslogo23.jpg)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **ADJUSTED EFFECTIVE INCOME TAX RATES** |  |  |  |  |  |  |  |  |  |  |
| Alaska | 26.1% | 27.4% | 27.6% | 25.4% | 26.6% | 30.8% | 26.0% | 30.7% | 15.9% | 27.2% |
| Lower 48 | 21.7% | 22.6% | 21.9% | 21.9% | 22.0% | 22.5% | 21.1% | 21.9% | 18.6% | 21.5% |
| Canada | 23.6% | 24.6% | 30.9% | 23.5% | 24.2% | 24.1% | 25.2% | 24.1% | 22.7% | 24.1% |
| Europe, Middle East and North Africa | 71.9% | 72.5% | 69.5% | 68.6% | 70.6% | 68.8% | 71.4% | 67.3% | 72.4% | 69.7% |
| Asia Pacific | 15.6% | 17.8% | 13.7% | 10.7% | 14.8% | 17.1% | 16.8% | 22.5% | 8.5% | 17.1% |
| Corporate and Other | 33.7% | 7.3% | 12.4% | 33.4% | 22.4% | 13.4% | 25.3% | (4.7)% | 49.8% | 19.3% |
| **Consolidated** | 35.3% | 36.3% | 36.2% | 34.1% | 35.5% | 37.9% | 35.6% | 39.0% | 38.1% | 37.7% |

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![conocophillipslogo23.jpg](conocophillipslogo23.jpg)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| $ Millions |  |  |  |  |  |  |  |  |  |  |
| **DETAILED SPECIAL ITEMS** |  |  |  |  |  |  |  |  |  |  |
| **Alaska** |  |  |  |  |  |  |  |  |  |  |
| Transaction, integration and restructuring expenses |  |  |  |  |  |  |  | (34) | (16) | (50) |
| Pending claims and settlements |  |  |  |  |  | 77 |  |  |  | 77 |
| &nbsp;&nbsp;&nbsp;Subtotal before income taxes |  |  |  |  |  | 77 |  | (34) | (16) | 27 |
| Income tax provision (benefit) |  |  |  |  |  | 19 |  | (8) | (5) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | 58 |  | (26) | (11) | 21 |
| **Lower 48** |  |  |  |  |  |  |  |  |  |  |
| Transaction, integration and restructuring expenses |  |  |  | (43) | (43) | (16) | (4) | (100) | (6) | (126) |
| Impairments |  |  |  | (47) | (47) |  |  |  |  |  |
| Gain (loss) on asset sales | 86 |  |  |  | 86 | 64 | 274 |  | 291 | 629 |
| Pending claims and settlements |  |  |  |  |  |  |  |  | (40) | (40) |
| &nbsp;&nbsp;&nbsp;Subtotal before income taxes | 86 |  |  | (90) | (4) | 48 | 270 | (100) | 245 | 463 |
| Income tax provision (benefit) | 20 |  |  | (20) |  | (45) | 63 | (26) | 58 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 66 |  |  | (70) | (4) | 93 | 207 | (74) | 187 | 413 |
| **Canada** |  |  |  |  |  |  |  |  |  |  |
| Gain (loss) on contingent liability measurement⁴ |  |  |  |  |  |  |  |  | 60 | 60 |
| Transaction, integration and restructuring expenses |  |  |  |  |  |  |  | (24) | (1) | (25) |
| &nbsp;&nbsp;&nbsp;Subtotal before income taxes |  |  |  |  |  |  |  | (24) | 59 | 35 |
| Income tax provision (benefit) |  |  |  |  |  |  |  | (6) | 14 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  |  |  | (18) | 45 | 27 |
| **Europe, Middle East and North Africa** |  |  |  |  |  |  |  |  |  |  |
| Transaction, integration and restructuring expenses |  |  |  |  |  |  |  | (2) | (45) | (47) |
| Income tax provision (benefit) |  |  |  |  |  |  |  | (1) | (32) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  |  |  | (1) | (13) | (14) |
| **Asia Pacific** |  |  |  |  |  |  |  |  |  |  |
| Transaction, integration and restructuring expenses |  |  |  |  |  |  |  |  | (8) | (8) |
| Income tax provision (benefit)¹ | (76) |  |  |  | (76) |  |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 76 |  |  |  | 76 |  |  |  | (5) | (5) |
| **Corporate and Other** |  |  |  |  |  |  |  |  |  |  |
| Pending claims and settlements |  |  |  | 16 | 16 | 46 |  |  |  | 46 |
| Transaction, integration and restructuring expenses |  |  | (28) | (471) | (499) | (37) | (54) | (117) | (27) | (235) |
| Other corporate charges |  |  |  |  |  |  |  | (82) |  | (82) |
| Gain (loss) on interest rate hedge² |  |  |  | 35 | 35 | 15 | 18 | (6) | (9) | 18 |
| Gain (loss) on asset sale |  |  |  |  |  |  |  |  | 6 | 6 |
| Gain (loss) on debt extinguishment |  |  |  | (173) | (173) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subtotal before income taxes |  |  | (28) | (593) | (621) | 24 | (36) | (205) | (30) | (247) |
| Income tax provision (benefit)³ |  |  | (6) | (564) | (570) | 5 | (7) | (43) | (6) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | (22) | (29) | (51) | 19 | (29) | (162) | (24) | (196) |
| **Total Company** | 142 |  | (22) | (99) | 21 | 170 | 178 | (281) | 179 | 246 |
| *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* | *¹Includes a tax adjustment in 1Q24 related to Malaysia deepwater investment tax incentive.* |
| *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* | *²Interest rate hedging gain (loss) from PALNG Phase 1 investment.* |
| *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* | *³Includes a tax adjustment related to the Marathon Oil acquisition and a deferred tax adjustment related to finalization of federal income tax regulations related to foreign currency in 4Q24.* |
| *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* | *⁴Related to our Surmont acquisition.* |

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![conocophillipslogo23.jpg](conocophillipslogo23.jpg)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| $ Millions |  |  |  |  |  |  |  |  |  |  |
| **CONSOLIDATED BALANCE SHEET** |  |  |  |  |  |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5574 | 4294 | 5221 | 5607 | 5607 | 6309 | 4901 | 5260 | 6497 | 6497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 487 | 1723 | 1571 | 507 | 507 | 926 | 439 | 996 | 484 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | 5458 | 5307 | 4815 | 6695 | 6695 | 6400 | 5701 | 5744 | 5813 | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1443 | 1447 | 1496 | 1809 | 1809 | 1844 | 1897 | 1721 | 1873 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 759 | 963 | 881 | 1029 | 1029 | 1427 | 1001 | 2163 | 865 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 13721 | 13734 | 13984 | 15647 | 15647 | 16906 | 13939 | 15884 | 15532 | 15532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments and long-term receivables | 9132 | 9304 | 9192 | 9869 | 9869 | 10008 | 10361 | 10074 | 10185 | 10185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net properties, plants and equipment | 69907 | 70226 | 70725 | 94356 | 94356 | 94316 | 95242 | 93498 | 93239 | 93239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 2588 | 2730 | 2798 | 2908 | 2908 | 3024 | 3057 | 3016 | 2983 | 2983 |
| Total assets | 95348 | 95994 | 96699 | 122780 | 122780 | 124254 | 122599 | 122472 | 121939 | 121939 |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 5138 | 5156 | 5190 | 6044 | 6044 | 7349 | 6517 | 6245 | 6218 | 6218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 1113 | 1312 | 1314 | 1035 | 1035 | 608 | 414 | 1016 | 1020 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income and other taxes | 2116 | 2016 | 2473 | 2460 | 2460 | 2919 | 1742 | 1939 | 1835 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefit obligations | 405 | 516 | 627 | 1087 | 1087 | 652 | 710 | 1020 | 1136 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accruals | 1391 | 1324 | 1161 | 1498 | 1498 | 1801 | 1603 | 1789 | 1763 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 10163 | 10324 | 10765 | 12124 | 12124 | 13329 | 10986 | 12009 | 11972 | 11972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 17304 | 17040 | 16990 | 23289 | 23289 | 23176 | 23115 | 22466 | 22424 | 22424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations and accrued environmental costs | 7141 | 7238 | 7337 | 8089 | 8089 | 8146 | 8225 | 8264 | 8214 | 8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 8776 | 8927 | 8986 | 11426 | 11426 | 11483 | 11766 | 12109 | 12237 | 12237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefit obligations | 967 | 990 | 945 | 1022 | 1022 | 999 | 999 | 950 | 969 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities and deferred credits | 1672 | 1730 | 1795 | 2034 | 2034 | 1883 | 1936 | 1751 | 1636 | 1636 |
| Total liabilities | 46023 | 46249 | 46818 | 57984 | 57984 | 59016 | 57027 | 57549 | 57452 | 57452 |
| **Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Par value | 21 | 21 | 21 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par | 61300 | 61381 | 61430 | 77529 | 77529 | 77554 | 77643 | 77701 | 77728 | 77728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (66974) | (68005) | (69184) | (71152) | (71152) | (72666) | (73899) | (75186) | (76217) | (76217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (5917) | (5961) | (5845) | (6473) | (6473) | (6394) | (5902) | (6074) | (5911) | (5911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 60895 | 62309 | 63459 | 64869 | 64869 | 66721 | 67707 | 68459 | 68864 | 68864 |
| Total equity | 49325 | 49745 | 49881 | 64796 | 64796 | 65238 | 65572 | 64923 | 64487 | 64487 |
| Total liabilities and equity | 95348 | 95994 | 96699 | 122780 | 122780 | 124254 | 122599 | 122472 | 121939 | 121939 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| $ Millions | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **CASH FLOW INFORMATION** |  |  |  |  |  |  |  |  |  |  |
| **Cash flows from operating activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 2551 | 2329 | 2059 | 2306 | 9245 | 2849 | 1971 | 1726 | 1442 | 7988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 2211 | 2334 | 2390 | 2664 | 9599 | 2746 | 2838 | 2917 | 2999 | 11500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments |  | 34 |  | 46 | 80 | 1 | 1 | 10 | 14 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dry hole costs and leasehold impairments | 19 | 29 |  | (2) | 46 | 61 | 24 | 20 | 76 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on discounted liabilities | 80 | 80 | 80 | 85 | 325 | 94 | 95 | 94 | 95 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 87 | 124 | 38 | 118 | 367 | (71) | 149 | 354 | 117 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions more (less) than income from equity<br> affiliates | 308 | 56 | 181 | 19 | 564 | (19) | (93) | 389 | (77) | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on dispositions | (93) | 5 | 2 | 35 | (51) | (79) | (317) | (3) | (332) | (731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (66) | 76 | (28) | 148 | 130 | (115) | 53 | (141) | (16) | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net working capital changes | (112) | (148) | 1041 | (962) | (181) | 648 | (1236) | 512 |  | (76) |
| **Net cash provided by operating activities** | 4985 | 4919 | 5763 | 4457 | 20124 | 6115 | 3485 | 5878 | 4318 | 19796 |
| **Cash flows from investing activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures and investments | (2916) | (2969) | (2916) | (3317) | (12118) | (3378) | (3286) | (2866) | (3023) | (12553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital changes associated with investing<br> activities | 169 | 4 | 22 | 107 | 302 | 827 | (276) | (63) | 58 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of businesses, net of cash acquired | 49 |  |  | (73) | (24) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from asset dispositions | 173 | 5 | 39 | 44 | 261 | 635 | 706 | 291 | 1616 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales (purchases) of investments | 405 | (1199) | 195 | 1014 | 415 | (400) | 392 | (548) | 501 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (21) | 8 | 2 | 25 | 14 | (30) | 3 | 7 | (2) | (22) |
| **Net cash used in investing activities** | (2141) | (4151) | (2658) | (2200) | (11150) | (2346) | (2461) | (3179) | (850) | (8836) |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net issuance (repayment) of debt | (505) | (58) | (44) | 1217 | 610 | (547) | (259) | (45) | (62) | (913) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of company common stock | (61) | 4 | (9) | (12) | (78) | (52) | (3) | (10) | (35) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of company common stock | (1325) | (1021) | (1167) | (1950) | (5463) | (1500) | (1222) | (1274) | (1022) | (5018) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (924) | (915) | (910) | (897) | (3646) | (998) | (984) | (975) | (1038) | (3995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (10) | (53) | (68) | (127) | (258) | (40) | (15) | (20) | (1) | (76) |
| **Net cash used in financing activities** | (2825) | (2043) | (2198) | (1769) | (8835) | (3137) | (2483) | (2324) | (2158) | (10102) |
| **Effect of exchange rate changes** | (73) | 4 | 41 | (105) | (133) | 83 | 65 | (2) | 7 | 153 |
| **Net change in cash, cash equivalents and restricted cash** | (54) | (1271) | 948 | 383 | 6 | 715 | (1394) | 373 | 1317 | 1011 |
| Cash, cash equivalents and restricted cash at beginning of period | 5899 | 5845 | 4574 | 5522 | 5899 | 5905 | 6620 | 5226 | 5599 | 5905 |
| **Cash, cash equivalents and restricted cash at end of period** | 5845 | 4574 | 5522 | 5905 | 5905 | 6620 | 5226 | 5599 | 6916 | 6916 |
| *Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.* | *Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.* | *Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.* | *Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.* | *Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.* |  |  |  |  |  |  |
| **CAPITAL EXPENDITURES AND INVESTMENTS** |  |  |  |  |  |  |  |  |  |  |
| Alaska | 720 | 691 | 691 | 1092 | 3194 | 1046 | 986 | 753 | 822 | 3607 |
| Lower 48 | 1616 | 1649 | 1653 | 1592 | 6510 | 1814 | 1704 | 1571 | 1613 | 6702 |
| Canada | 152 | 131 | 136 | 132 | 551 | 165 | 144 | 152 | 132 | 593 |
| Europe, Middle East and North Africa | 219 | 227 | 248 | 327 | 1021 | 274 | 356 | 293 | 271 | 1194 |
| Asia Pacific | 45 | 90 | 100 | 135 | 370 | 54 | 64 | 70 | 154 | 342 |
| Corporate and Other | 164 | 181 | 88 | 39 | 472 | 25 | 32 | 27 | 31 | 115 |
| **Total capital expenditures and investments** | 2916 | 2969 | 2916 | 3317 | 12118 | 3378 | 3286 | 2866 | 3023 | 12553 |
| *Capitalized interest included in total capital expenditures and investments* | *50* | *58* | *66* | *74* | *248* | *80* | *92* | *102* | *110* | *384* |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **TOTAL SEGMENTS** |  |  |  |  |  |  |  |  |  |  |
| **Production** |  |  |  |  |  |  |  |  |  |  |
| Total (MBOED) | 1902 | 1945 | 1917 | 2183 | 1987 | 2389 | 2391 | 2399 | 2320 | 2375 |
| Crude Oil (MBD) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 928 | 942 | 945 | 1058 | 969 | 1153 | 1144 | 1133 | 1102 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 16 | 13 | 12 | 12 | 13 | 13 | 11 | 13 | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 944 | 955 | 957 | 1070 | 982 | 1166 | 1155 | 1146 | 1115 | 1145 |
| NGL (MBD) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 271 | 287 | 302 | 355 | 304 | 394 | 418 | 428 | 405 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 8 | 8 | 8 | 7 | 8 | 8 | 6 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 279 | 295 | 310 | 362 | 312 | 402 | 424 | 436 | 413 | 419 |
| Bitumen (MBD) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 129 | 133 | 87 | 139 | 122 | 143 | 144 | 123 | 123 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 129 | 133 | 87 | 139 | 122 | 143 | 144 | 123 | 123 | 133 |
| Natural Gas (MMCFD) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 2035 | 2123 | 2149 | 2486 | 2200 | 2840 | 2855 | 2941 | 2796 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 1267 | 1247 | 1232 | 1188 | 1233 | 1230 | 1150 | 1226 | 1220 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3302 | 3370 | 3381 | 3674 | 3433 | 4070 | 4005 | 4167 | 4016 | 4065 |
| **Industry Prices** |  |  |  |  |  |  |  |  |  |  |
| Crude Oil ($/BBL) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI | 76.96 | 80.57 | 75.10 | 70.27 | 75.72 | 71.42 | 63.74 | 64.93 | 59.14 | 64.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;WCS | 57.57 | 66.96 | 61.56 | 57.71 | 60.95 | 58.75 | 53.52 | 54.54 | 47.95 | 53.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brent dated | 83.24 | 84.94 | 80.18 | 74.69 | 80.76 | 75.66 | 67.82 | 69.07 | 63.69 | 69.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;JCC ($/BBL) | 92.29 | 84.19 | 87.58 | 85.98 | 87.51 | 78.31 | 78.84 | 74.92 | 72.20 | 76.07 |
| Natural Gas ($/MMBTU) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Hub first of month | 2.25 | 1.89 | 2.15 | 2.79 | 2.27 | 3.65 | 3.44 | 3.07 | 3.55 | 3.43 |
| **Average Realized Prices** |  |  |  |  |  |  |  |  |  |  |
| Total ($/BOE) | 56.60 | 56.56 | 54.18 | 52.37 | 54.83 | 53.34 | 45.77 | 46.44 | 42.46 | 47.01 |
| Crude Oil ($/BBL) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 78.67 | 81.31 | 76.78 | 71.01 | 76.74 | 71.61 | 64.21 | 66.12 | 60.15 | 65.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 76.94 | 80.34 | 76.11 | 73.57 | 76.76 | 75.57 | 65.87 | 67.56 | 66.47 | 68.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 78.64 | 81.30 | 76.77 | 71.04 | 76.74 | 71.65 | 64.23 | 66.13 | 60.22 | 65.62 |
| NGL ($/BBL) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 23.35 | 21.84 | 21.16 | 23.31 | 22.43 | 24.86 | 20.51 | 18.71 | 18.59 | 20.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 52.09 | 49.83 | 49.91 | 54.63 | 51.53 | 52.34 | 48.93 | 44.39 | 40.10 | 46.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 24.25 | 22.60 | 21.93 | 23.93 | 23.19 | 25.40 | 20.98 | 19.20 | 19.02 | 21.07 |
| Bitumen ($/BBL) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 44.30 | 54.59 | 47.32 | 45.56 | 47.92 | 45.29 | 39.43 | 41.58 | 36.52 | 40.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 44.30 | 54.59 | 47.32 | 45.56 | 47.92 | 45.29 | 39.43 | 41.58 | 36.52 | 40.74 |
| Natural Gas ($/MCF) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations | 2.91 | 1.88 | 1.99 | 3.52 | 2.61 | 4.76 | 2.99 | 3.11 | 2.74 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 8.26 | 7.98 | 8.41 | 8.31 | 8.22 | 7.56 | 6.91 | 7.00 | 5.87 | 6.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 5.02 | 4.22 | 4.42 | 5.12 | 4.69 | 5.62 | 4.16 | 4.28 | 3.72 | 4.44 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **Exploration Expenses ($ Millions)** |  |  |  |  |  |  |  |  |  |  |
| Dry holes | 19 | 25 |  | (4) | 40 | 43 | 6 |  | 41 | 90 |
| Leasehold impairment |  | 4 |  | 2 | 6 | 18 | 18 | 20 | 35 | 91 |
| Total noncash expenses | 19 | 29 |  | (2) | 46 | 61 | 24 | 20 | 76 | 181 |
| Other (G&A, G&G and lease rentals) | 93 | 73 | 70 | 73 | 309 | 56 | 57 | 51 | 62 | 226 |
| Total exploration expenses | 112 | 102 | 70 | 71 | 355 | 117 | 81 | 71 | 138 | 407 |
| U.S. exploration expenses | 66 | 42 | 22 | 28 | 158 | 42 | 55 | 47 | 66 | 210 |
| International exploration expenses | 46 | 60 | 48 | 43 | 197 | 75 | 26 | 24 | 72 | 197 |
| **DD&A ($ Millions)** |  |  |  |  |  |  |  |  |  |  |
| Alaska | 324 | 321 | 309 | 345 | 1299 | 355 | 361 | 327 | 356 | 1399 |
| Lower 48 | 1432 | 1557 | 1640 | 1813 | 6442 | 1904 | 2003 | 2079 | 2135 | 8121 |
| Canada | 158 | 166 | 147 | 168 | 639 | 131 | 143 | 142 | 140 | 556 |
| Europe, Middle East and North Africa | 180 | 175 | 189 | 217 | 761 | 219 | 198 | 245 | 250 | 912 |
| Asia Pacific | 110 | 107 | 97 | 111 | 425 | 119 | 118 | 113 | 110 | 460 |
| Corporate and Other | 7 | 8 | 8 | 10 | 33 | 18 | 15 | 11 | 8 | 52 |
| Total DD&A | 2211 | 2334 | 2390 | 2664 | 9599 | 2746 | 2838 | 2917 | 2999 | 11500 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **PRODUCTION** |  |  |  |  |  |  |  |  |  |  |
| **Crude Oil (MBD)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska | 180 | 170 | 162 | 179 | 173 | 184 | 182 | 164 | 178 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 553 | 575 | 603 | 677 | 602 | 753 | 761 | 761 | 722 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 18 | 17 | 15 | 16 | 17 | 17 | 20 | 17 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 68 | 68 | 70 | 72 | 69 | 68 | 54 | 66 | 64 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Libya | 50 | 51 | 40 | 52 | 48 | 60 | 59 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 3 | 1 | 8 | 7 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 118 | 119 | 110 | 127 | 118 | 136 | 120 | 134 | 132 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 32 | 34 | 34 | 32 | 33 | 36 | 34 | 32 | 32 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 27 | 27 | 21 | 27 | 26 | 27 | 27 | 25 | 23 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | 59 | 61 | 55 | 59 | 59 | 63 | 61 | 57 | 55 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 928 | 942 | 945 | 1058 | 969 | 1153 | 1144 | 1133 | 1102 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 16 | 13 | 12 | 12 | 13 | 13 | 11 | 13 | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 944 | 955 | 957 | 1070 | 982 | 1166 | 1155 | 1146 | 1115 | 1145 |
| **NGL (MBD)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska | 14 | 14 | 14 | 16 | 15 | 16 | 15 | 12 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 247 | 264 | 278 | 327 | 279 | 363 | 389 | 401 | 375 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 6 | 6 | 7 | 6 | 6 | 6 | 6 | 7 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 4 | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 2 |  | 5 | 5 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 4 | 3 | 3 | 6 | 4 | 9 | 8 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 271 | 287 | 302 | 355 | 304 | 394 | 418 | 428 | 405 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 8 | 8 | 8 | 7 | 8 | 8 | 6 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 279 | 295 | 310 | 362 | 312 | 402 | 424 | 436 | 413 | 419 |
| **Bitumen (MBD)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 129 | 133 | 87 | 139 | 122 | 143 | 144 | 123 | 123 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 129 | 133 | 87 | 139 | 122 | 143 | 144 | 123 | 123 | 133 |
| **Natural Gas (MMCFD)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska | 42 | 36 | 37 | 41 | 39 | 48 | 48 | 36 | 34 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 1479 | 1597 | 1596 | 1827 | 1625 | 2080 | 2146 | 2198 | 2050 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 100 | 121 | 121 | 117 | 115 | 109 | 124 | 134 | 133 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 329 | 301 | 323 | 361 | 329 | 353 | 302 | 324 | 340 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Libya | 29 | 27 | 28 | 27 | 28 | 30 | 31 | 33 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 54 | 14 | 155 | 150 | 149 | 141 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 358 | 328 | 351 | 442 | 371 | 538 | 483 | 506 | 514 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 56 | 41 | 44 | 59 | 50 | 65 | 54 | 67 | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | 56 | 41 | 44 | 59 | 50 | 65 | 54 | 67 | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 2035 | 2123 | 2149 | 2486 | 2200 | 2840 | 2855 | 2941 | 2796 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 1267 | 1247 | 1232 | 1188 | 1233 | 1230 | 1150 | 1226 | 1220 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3302 | 3370 | 3381 | 3674 | 3433 | 4070 | 4005 | 4167 | 4016 | 4065 |
| **Total (MBOED)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska | 201 | 190 | 182 | 202 | 194 | 208 | 205 | 182 | 199 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 1046 | 1105 | 1147 | 1308 | 1152 | 1462 | 1508 | 1528 | 1439 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 170 | 176 | 129 | 180 | 164 | 184 | 191 | 169 | 167 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 127 | 121 | 127 | 136 | 128 | 131 | 107 | 123 | 124 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Libya | 55 | 56 | 44 | 57 | 53 | 65 | 64 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 14 | 3 | 39 | 37 | 38 | 36 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 182 | 177 | 171 | 207 | 184 | 235 | 208 | 227 | 225 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 32 | 34 | 34 | 32 | 33 | 36 | 34 | 32 | 32 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 36 | 34 | 28 | 37 | 34 | 38 | 36 | 36 | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | 68 | 68 | 62 | 69 | 67 | 74 | 70 | 68 | 66 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 1667 | 1716 | 1691 | 1966 | 1761 | 2163 | 2182 | 2174 | 2096 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 235 | 229 | 226 | 217 | 226 | 226 | 209 | 225 | 224 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 1902 | 1945 | 1917 | 2183 | 1987 | 2389 | 2391 | 2399 | 2320 | 2375 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **AVERAGE REALIZED PRICES** |  |  |  |  |  |  |  |  |  |  |
| **Crude Oil ($/BBL)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska | 83.59 | 86.44 | 81.32 | 75.88 | 81.73 | 76.58 | 70.87 | 72.72 | 66.63 | 71.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 75.51 | 78.72 | 74.73 | 68.74 | 74.17 | 69.47 | 61.90 | 63.71 | 57.46 | 63.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 64.40 | 68.90 | 61.99 | 62.49 | 64.47 | 62.41 | 55.48 | 55.80 | 46.92 | 55.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 85.36 | 83.96 | 79.75 | 76.44 | 81.09 | 75.80 | 68.78 | 70.89 | 66.27 | 70.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Libya | 84.11 | 85.44 | 83.48 | 72.92 | 81.08 | 75.45 | 68.59 | 70.10 | 63.76 | 69.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 60.01 | 60.01 | 59.91 | 52.66 | 43.47 | 50.34 | 52.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 84.83 | 84.62 | 80.88 | 74.57 | 80.92 | 74.60 | 67.48 | 69.46 | 64.17 | 68.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 80.59 | 82.16 | 77.78 | 73.36 | 78.67 | 74.65 | 68.03 | 70.05 | 63.52 | 69.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 89.40 | 91.70 | 85.13 | 78.95 | 87.06 | 79.69 | 71.54 | 73.95 | 68.47 | 73.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | 85.05 | 86.47 | 80.84 | 75.64 | 82.42 | 76.64 | 69.65 | 71.72 | 65.68 | 71.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 78.67 | 81.31 | 76.78 | 71.01 | 76.74 | 71.61 | 64.21 | 66.12 | 60.15 | 65.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 76.94 | 80.34 | 76.11 | 73.57 | 76.76 | 75.57 | 65.87 | 67.56 | 66.47 | 68.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 78.64 | 81.30 | 76.77 | 71.04 | 76.74 | 71.65 | 64.23 | 66.13 | 60.22 | 65.62 |
| **NGL ($/BBL)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 22.67 | 21.57 | 20.64 | 23.09 | 22.02 | 24.84 | 20.52 | 18.81 | 18.76 | 20.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 35.47 | 27.01 | 28.11 | 27.97 | 29.59 | 27.96 | 20.63 | 20.98 | 20.94 | 22.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 46.32 | 39.60 | 46.08 | 47.56 | 45.50 | 45.58 | 39.02 | 39.00 | 30.15 | 41.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 46.32 | 39.60 | 46.08 | 31.53 | 40.29 | 23.76 | 20.24 | 10.09 | 4.29 | 16.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 23.35 | 21.84 | 21.16 | 23.31 | 22.43 | 24.86 | 20.51 | 18.71 | 18.59 | 20.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 52.09 | 49.83 | 49.91 | 54.63 | 51.53 | 52.34 | 48.93 | 44.39 | 40.10 | 46.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 24.25 | 22.60 | 21.93 | 23.93 | 23.19 | 25.40 | 20.98 | 19.20 | 19.02 | 21.07 |
| **Bitumen ($/BBL)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 44.30 | 54.59 | 47.32 | 45.56 | 47.92 | 45.29 | 39.43 | 41.58 | 36.52 | 40.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 44.30 | 54.59 | 47.32 | 45.56 | 47.92 | 45.29 | 39.43 | 41.58 | 36.52 | 40.74 |
| **Natural Gas ($/MCF)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska | 3.91 | 4.03 | 3.98 | 3.75 | 3.90 | 3.87 | 3.80 | 3.86 | 3.75 | 3.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 1.57 | 0.32 | 0.18 | 1.39 | 0.87 | 2.65 | 1.60 | 1.62 | 1.09 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 1.01 | 0.36 | 0.10 | 0.80 | 0.54 | 1.35 | 0.71 | 0.37 | 1.69 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 9.02 | 9.89 | 11.19 | 13.96 | 11.11 | 14.86 | 11.65 | 11.22 | 10.43 | 12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Libya | 6.39 | 6.23 | 6.05 | 6.11 | 6.20 | 5.68 | 5.64 | 4.98 | 4.79 | 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial Guinea |  |  |  | 9.84 | 9.84 | 11.10 | 7.41 | 9.50 | 8.24 | 9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and North Africa | 8.81 | 9.59 | 10.76 | 13.01 | 10.70 | 13.16 | 10.21 | 10.31 | 9.47 | 10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 3.68 | 3.98 | 3.62 | 3.72 | 3.74 | 3.67 | 3.70 | 3.60 | 3.41 | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | 3.68 | 3.98 | 3.62 | 3.72 | 3.74 | 3.67 | 3.70 | 3.60 | 3.41 | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated operations | 2.91 | 1.88 | 1.99 | 3.52 | 2.61 | 4.76 | 2.99 | 3.11 | 2.74 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity affiliates | 8.26 | 7.98 | 8.41 | 8.31 | 8.22 | 7.56 | 6.91 | 7.00 | 5.87 | 6.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 5.02 | 4.22 | 4.42 | 5.12 | 4.69 | 5.62 | 4.16 | 4.28 | 3.72 | 4.44 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** | **4th Qtr** | **Full Year** |
| **CORPORATE AND OTHER** |  |  |  |  |  |  |  |  |  |  |
| **Corporate and Other Earnings (Loss) ($ Millions)** | (172) | (246) | (227) | (236) | (881) | (254) | (279) | (468) | (137) | (1138) |
| **Detail of Corporate and Other Earnings (Loss), net of tax ($ Millions)** |  |  |  |  |  |  |  |  |  |  |
| Net interest expense | (93) | (89) | (79) | (118) | (379) | (111) | (139) | (152) | (92) | (494) |
| Corporate G&A expenses | (105) | (78) | (99) | (434) | (716) | (110) | (147) | (163) | (66) | (486) |
| Technology\* | (24) | (44) | (32) | (37) | (137) | (18) | (22) | (88) | (16) | (144) |
| Other | 50 | (35) | (17) | 353 | 351 | (15) | 29 | (65) | 37 | (14) |
| Total | (172) | (246) | (227) | (236) | (881) | (254) | (279) | (468) | (137) | (1138) |
| *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* | *\*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.* |
| **Corporate and Other Interest Expense, before-tax ($ Millions)** |  |  |  |  |  |  |  |  |  |  |
| Incurred interest | (255) | (256) | (255) | (265) | (1031) | (285) | (324) | (325) | (305) | (1239) |
| Capitalized interest\* | 50 | 58 | 66 | 74 | 248 | 80 | 92 | 102 | 110 | 384 |
| Interest and debt expense | (205) | (198) | (189) | (191) | (783) | (205) | (232) | (223) | (195) | (855) |
| Interest income | 101 | 95 | 105 | 93 | 394 | 74 | 65 | 60 | 104 | 303 |
| Net interest expense | (104) | (103) | (84) | (98) | (389) | (131) | (167) | (163) | (91) | (552) |
| *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* | *\*Capitalized interest represents interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.* |
| **Debt** |  |  |  |  |  |  |  |  |  |  |
| Total debt ($ Millions) | 18417 | 18352 | 18304 | 24324 | 24324 | 23784 | 23529 | 23482 | 23444 | 23444 |
| Debt-to-capital ratio (%) | 27% | 27% | 27% | 27% | 27% | 27% | 26% | 27% | 27% | 27% |
| **Equity ($ Millions)** | 49325 | 49745 | 49881 | 64796 | 64796 | 65238 | 65572 | 64923 | 64487 | 64487 |
| **REFERENCE** |  |  |  |  |  |  |  |  |  |  |
| **Commonly Used Abbreviations** |  |  |  |  |  |  |  |  |  |  |
| Earnings | Net Income (Loss) Attributable to ConocoPhillips | Net Income (Loss) Attributable to ConocoPhillips | Net Income (Loss) Attributable to ConocoPhillips | Net Income (Loss) Attributable to ConocoPhillips | Net Income (Loss) Attributable to ConocoPhillips |  |  |  |  |  |
| DD&A | Depreciation, Depletion and Amortization | Depreciation, Depletion and Amortization | Depreciation, Depletion and Amortization | Depreciation, Depletion and Amortization | Depreciation, Depletion and Amortization |  |  |  |  |  |
| G&G | Geological and Geophysical | Geological and Geophysical | Geological and Geophysical | Geological and Geophysical | Geological and Geophysical |  |  |  |  |  |
| G&A | General and Administrative | General and Administrative | General and Administrative | General and Administrative | General and Administrative |  |  |  |  |  |
| JCC | Japan Crude Cocktail | Japan Crude Cocktail | Japan Crude Cocktail | Japan Crude Cocktail | Japan Crude Cocktail |  |  |  |  |  |
| LNG | Liquefied Natural Gas | Liquefied Natural Gas | Liquefied Natural Gas | Liquefied Natural Gas | Liquefied Natural Gas |  |  |  |  |  |
| NGLs | Natural Gas Liquids | Natural Gas Liquids | Natural Gas Liquids | Natural Gas Liquids | Natural Gas Liquids |  |  |  |  |  |
| WCS | Western Canadian Select | Western Canadian Select | Western Canadian Select | Western Canadian Select | Western Canadian Select |  |  |  |  |  |
| WTI | West Texas Intermediate | West Texas Intermediate | West Texas Intermediate | West Texas Intermediate | West Texas Intermediate |  |  |  |  |  |
| **Units of Measurement** |  |  |  |  |  |  |  |  |  |  |
| BBL | Barrel | Barrel | Barrel | Barrel | Barrel |  |  |  |  |  |
| BOE | Barrel of Oil Equivalent | Barrel of Oil Equivalent | Barrel of Oil Equivalent | Barrel of Oil Equivalent | Barrel of Oil Equivalent |  |  |  |  |  |
| MMBBL | Million of Barrels | Million of Barrels | Million of Barrels | Million of Barrels | Million of Barrels |  |  |  |  |  |
| MBD | Thousand of Barrels per Day | Thousand of Barrels per Day | Thousand of Barrels per Day | Thousand of Barrels per Day | Thousand of Barrels per Day |  |  |  |  |  |
| MBOED | Thousand of Barrels of Oil Equivalent per Day | Thousand of Barrels of Oil Equivalent per Day | Thousand of Barrels of Oil Equivalent per Day | Thousand of Barrels of Oil Equivalent per Day | Thousand of Barrels of Oil Equivalent per Day |  |  |  |  |  |
| MCF | Thousand Cubic Feet | Thousand Cubic Feet | Thousand Cubic Feet | Thousand Cubic Feet | Thousand Cubic Feet |  |  |  |  |  |
| MMBTU | Million British Thermal Units | Million British Thermal Units | Million British Thermal Units | Million British Thermal Units | Million British Thermal Units |  |  |  |  |  |
| MMCFD | Million Cubic Feet per Day | Million Cubic Feet per Day | Million Cubic Feet per Day | Million Cubic Feet per Day | Million Cubic Feet per Day |  |  |  |  |  |

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