<SEC-DOCUMENT>0001214659-23-005275.txt : 20230412
<SEC-HEADER>0001214659-23-005275.hdr.sgml : 20230412
<ACCEPTANCE-DATETIME>20230412150834
ACCESSION NUMBER:		0001214659-23-005275
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230412
DATE AS OF CHANGE:		20230412
EFFECTIVENESS DATE:		20230412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONOCOPHILLIPS
		CENTRAL INDEX KEY:			0001163165
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				010562944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32395
		FILM NUMBER:		23815479

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="oxfamlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Notice of Exempt Solicitation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT:&nbsp;</B>ConocoPhillips</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Oxfam America<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B><FONT STYLE="font-size: 10pt">77
North Washington Street, Suite 5-1, Boston, MA 02114&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfam America, alongside co-filers Folksam, Greater Manchester Pension
Fund, KLP, and PenSam, urges you to vote <B>FOR Item 9</B>, which requests a tax transparency report, at ConocoPhillips&rsquo; annual
meeting of shareholders on May 16, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B><U>RESOLUTION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESOLVED: Shareholders request that the Board of Directors issue a
tax transparency report to<BR>
shareholders, at reasonable expense and excluding confidential information, prepared in accordance with the requirements and recommendations
set forth in the Global Reporting Initiative&rsquo;s (GRI) Tax Standard, including disclosure of payments to governments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B><U>ARGUMENTS IN FAVOR OF A &ldquo;FOR&rdquo; VOTE</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD><B>Summary of arguments in favor of a &ldquo;for&rdquo; vote</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggressive tax avoidance may introduce significant risks that undermine investment
returns in the medium and long-term. Tax authorities across the globe have repeatedly challenged ConocoPhillips&rsquo; approach to taxation,
producing significant additional tax and litigation expenses for the company. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">ConocoPhillips does not disclose revenues or profits in each non-US market
where it operates, nor the corresponding foreign tax payments, challenging investors&rsquo; ability to evaluate the risks of taxation
reforms, or to assess whether ConocoPhillips&rsquo;s tax practices are consistent with long-term value creation. ConocoPhillips also recently
withdrew from the Extractive Industries Transparency Initiative (EITI), limiting investor and public access to details about its payments
to governments around the world.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Many major oil, gas, and mining companies &ndash; including US companies
&ndash; publish a GRI-aligned tax report, leaving ConocoPhillips lagging behind its peers. A GRI-aligned tax report would enable investors
to better evaluate the company&rsquo;s exposure to risk and make informed decisions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD><B>Aggressive tax planning creates investment risks</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors, companies, governments and civil society are increasingly
recognizing that a company&rsquo;s tax practices can be financially material.<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in ConocoPhillips&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At an asset level, risks may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Heightened attention of tax authorities and adjustment risk following successful
investigation by tax authorities of whether a company&rsquo;s tax planning complies with the law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Vulnerability to changes in tax regulation and enforcement.<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reputational damage and loss of social licence to operate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggressive tax avoidance can also introduce macro-economic distortions
with subsequent portfolio and systemic-level risks that undermine the long-term performance of investments.<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT>
At a portfolio level, aggressive tax avoidance by one company may undermine fair competition between all companies in a sector.<FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT>
It may also have larger macro-economic impacts, by reducing money available for government spending on critical services and infrastructure,
which enable long-term business and social sustainability.<FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> The effects are profound:
studies estimate corporate profit shifting causes annual government tax revenue losses of $70 &ndash; 100 billion in the US and $312 billion
globally.<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> The PRI, representing investors with $89 trillion assets under management,
states that tax avoidance is a key driver of inequality, which is associated with poor long-term business and social performance.<FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk: Increased attention from tax authorities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of ConocoPhillips, tax authorities across the globe have
repeatedly challenged the company's approach to taxation, producing significant expenses for the company, including increased tax liabilities
and legal expenditures. According to the company&rsquo;s own annual report, ConocoPhillips paid out $510 million to settlements with tax
authorities in 2022.<FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2012, ConocoPhillips&rsquo; UK subsidiary sold two subsidiary companies
holding ConocoPhillips&rsquo; oil assets in Vietnam. ConocoPhillips attempted to pay no tax on the capital gain, but the government of
Vietnam sought to levy a tax bill of $179 million due to its right to tax the transaction under the UK-Vietnam tax treaty.<FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT>
After seeking to challenge the tax bill in international arbitration, ConocoPhillips was forced to settle with the government of Vietnam.<FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Norwegian tax authorities have also challenged ConocoPhillips&rsquo;
tax practices on multiple occasions. In March 2022, ConocoPhillips lost a case concerning the intercompany interest rate ConocoPhillips
used on a five-year NOK 20 billion ($3.4 billion in 2013 US dollars) loan provided by a ConocoPhillips subsidiary in Delaware to another
ConocoPhillips subsidiary in Norway.<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> The court found that ConocoPhillips had set the
interest rate too high above an arm&rsquo;s length interest rate, thereby increasing costs for the Norwegian subsidiary and reducing its
taxable income in Norway. The court&rsquo;s decision required a downward revision of the interest rate, which yielded a greater profit
calculation and a larger tax bill for the Norwegian subsidiary. This decision appears to have harmed ConocoPhillips&rsquo; financial performance,
and the company&rsquo;s 2022 second quarter earnings release included &ldquo;a Norway tax reform-related adjustment&rdquo; that partially
offset its gains for the quarter.<FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> This 2022 case was not the first time Norway had
successfully challenged ConocoPhillips on a similar tax maneuver: a Norwegian court also ruled against ConocoPhillips&rsquo; use of intragroup
interest rates in a 2010 case.<FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConocoPhillips has faced tax controversies in various other countries
too. ConocoPhillips and the Timor-Leste government have engaged in a long-running tax dispute,<FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT>
and after spending several years challenging a $236 million assessment in international arbitration, ConocoPhillips agreed to a settlement
in 2016.<FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> Further, ConocoPhillips lost a 2017 tax case in Canada<FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT>
and a 2014 case in the US.<FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> Even when ConocoPhillips does not lose legal disputes,
it still pays significant legal costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax authorities may soon subject ConocoPhillips&rsquo; tax practices
to even greater scrutiny. Economic challenges and the impact of the pandemic have pushed governments to focus more intently on collecting
corporate tax revenue. In a 2022 tax survey, Deloitte found that 96% of US companies &ldquo;believe that more tax disputes may arise out
of increased government deficits due to Covid-19.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the US, the recently passed Inflation Reduction Act included an
$80 billion funding increase to the Internal Revenue Service (IRS), with $46 billion of this earmarked for enforcement. This additional
government funding is expected to bring in an additional $204 billion in taxes through to 2031,<FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT>
and this will likely come from increased tax enforcement including for large multinational companies like ConocoPhillips.<FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk: Vulnerability to changes in tax regulation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConocoPhillips may face potentially significant increases in tax liability
due to a suite of proposed and adopted global taxation reforms. In 2021, 137 countries agreed to a two-pillar tax reform framework drafted
by the OECD, hailed as the biggest changes to corporate taxation in a century.<FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> In
December 2022, European Union (EU) member states agreed to implement the minimum corporate taxation component of the deal.<FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT>
The global minimum tax would create a 15% minimum effective corporate tax that applies on a country-by-country basis, which may ensure
that multinationals pay this amount regardless of whether their headquarters jurisdiction domestically implements the minimum tax. Investors
should have access to tax information on a country-by-country basis to better inform investors whether there may be additional tax risks
associated with these international reform efforts. Members of the United Nations (UN) also recently resolved to discuss tax cooperation,
another potential source of significant changes to global corporate taxation.<FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Colombia, one of the countries where ConocoPhillips operates, the
new government implemented significant increases in oil taxation. Oil companies could end up paying as much as 85% of project revenues
to the government.<FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk: Loss of social license</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risk of loss of social license &ndash; &ldquo;the perception by
stakeholders that a business or industry is acting in a way that is fair, appropriate, and deserving of trust&rdquo;<FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT>
&ndash; is particularly salient in the oil, gas, and mining sectors, and it carries significant impact. Upstream extraction in particular
comes with elevated expectations of potential benefits from host country governments, citizens, and impacted communities. Tax avoidance
can leave these stakeholders dismayed, discontented, and angry that they are not receiving the promised benefits from the project. This
frustration can lead to protests and conflicts, costly project stoppages, revocations of the right to extract, or renegotiation of fiscal
terms, sometimes ultimately costing the company more than it would have paid if it had paid a greater share of taxes in the first place.
For example, project stoppages due to community conflict can cost extractive projects as much as $20 million per week.<FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD><B>ConocoPhillips&rsquo; current reporting is insufficient</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConocoPhillips does not currently disclose sufficient information to
allow investors to make an informed and independent assessment of the company&rsquo;s tax practices and any potential risks. In its annual
10-K report, ConocoPhillips reports its US and its aggregate foreign tax payment, but ConocoPhillips does not provide a breakdown of its
foreign tax payments by jurisdiction.<FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT> While ConocoPhillips is legally required to
provide similar tax-related disclosures in certain other jurisdictions, without information on profits and losses in a jurisdiction, investors
cannot determine whether the amount of taxes paid aligns with economic activity. ConocoPhillips does not even disclose its taxes paid
at the country level for many of the jurisdictions where it operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConocoPhillips&rsquo; Global Tax Policy is also insufficient.<FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT>
The policy states that ConocoPhillips&rsquo; tax planning is &ldquo;prudent,&rdquo; complies with applicable laws, and uses arm&rsquo;s
length principles in transfer pricing. It otherwise provides little insight into the company's approach to tax planning, and ConocoPhillips
has in fact repeatedly lost tax challenges for a failure to properly use the arm&rsquo;s length principle in transfer pricing.<FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT>
Further, investors need the quantitative data provided by country-by-country reporting &ndash; which ConocoPhillips does not sufficiently
report &ndash; to be able to assess whether ConocoPhillips&rsquo; tax practices comply with its tax policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConocoPhillips also recently stopped reporting payments to governments
in a number of jurisdictions. For fifteen years, ConocoPhillips was a member of the EITI, the global standard for transparency in oil,
gas, and mining. In 2021, EITI evaluated whether its supporting companies were complying with its Company Expectations, and it found that
ConocoPhillips was not compliant with the expectation to disclose project-level payments to governments in all jurisdictions.<FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT>
After the evaluation, ConocoPhillips withdrew from EITI,<FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT> avoiding having to disclose
its payments to governments in a large majority of its countries of operation.<FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT> Although
Section 1504 of the Dodd-Frank Act will soon require ConocoPhillips to publish its payments to governments around the world, this report
will not include many of the components of the GRI standard that are necessary to understand a company&rsquo;s tax practices, such as
country-by-country profits and revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>D.</B></TD><TD><B>Publishing a GRI-aligned tax report would bring ConocoPhillips in line with its peers and allow investors to make an informed and
independent assessment of risk</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The recognition that tax practices can pose a financially material
risk to investors helped lead to the creation of GRI Standard 207 on Tax. The GRI Standards are the world&rsquo;s most utilized corporate
reporting standard and the GRI Tax Standard is the first comprehensive, global standard for public tax disclosure.<FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT>
The Tax Standard requires four components:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-1: disclosure of a company&rsquo;s approach to tax</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-2: disclosure of a company&rsquo;s tax governance, control, and risk
management</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-3: disclosure of a company&rsquo;s stakeholder engagement and management
of concerns related to tax </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-4: public country-by-country reporting (pCbCR) of certain company
financial information, including income tax paid and accrued, profits and losses, related party revenues, third party revenues, number
of employees, and tangible assets within each jurisdiction. Many companies also choose to provide narrative explanations of their financial
data in each country of operation to assist in proper interpretation of the data.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GRI 207 also recommends disclosing &ldquo;industry-related and other
taxes or payments to governments.&rdquo; These other project-specific payments to governments are particularly important in the oil and
gas industry because fiscal arrangements often include methods of compensation like royalties, profit oil, bonus payments, and taxes to
subnational governments. Accordingly, in the GRI standard for the oil and gas sector, GRI identifies disclosures of all significant project-level
payments to governments as relevant for that sector in reporting under the Tax Standard.<FONT STYLE="font-size: 10pt"><SUP>35</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of ConocoPhillips&rsquo; peer companies in the oil, gas, and mining
sectors publish tax transparency reports aligned with the GRI Tax Standard, including Anglo American,<FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT>
BHP,<FONT STYLE="font-size: 10pt"><SUP>37</SUP></FONT> BP,<FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT> Eni,<FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT>
Equinor,<FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT> Hess,<FONT STYLE="font-size: 10pt"><SUP>41</SUP></FONT> Newmont,<FONT STYLE="font-size: 10pt"><SUP>42</SUP></FONT>
Repsol,<FONT STYLE="font-size: 10pt"><SUP>43</SUP></FONT> Rio Tinto,<FONT STYLE="font-size: 10pt"><SUP>44</SUP></FONT> Shell,<FONT STYLE="font-size: 10pt"><SUP>45</SUP></FONT>
South32,<FONT STYLE="font-size: 10pt"><SUP>46</SUP></FONT> Teck Resources,<FONT STYLE="font-size: 10pt"><SUP>47</SUP></FONT> and TotalEnergies.<FONT STYLE="font-size: 10pt"><SUP>48</SUP></FONT>
This adoption of the GRI standard is by no means limited to foreign companies: Hess and Newmont are both US companies. These companies
have not faced adverse effects from disclosing additional tax data. These disclosures provide a decision-useful picture of a company&rsquo;s
tax practices, unlike ConocoPhillips&rsquo; insufficient current reporting. Publishing a GRI-aligned tax report would help address ConocoPhillips&rsquo;
status as a laggard on transparency issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies releasing tax reports understand that these reports are a
key method of building trust and providing investors and stakeholders with adequate transparency. For example, Shell&rsquo;s former Chief
Financial Officer Jessica Uhl said, &ldquo;The taxes Shell pays are one of the many links between our business and the countries and communities
where we operate. Today, it is more important than ever that we are open about our tax payments so that people can understand how much
we pay and why.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>49</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Public country-by-country reporting of tax information, as is required
by GRI 207-4, is also increasingly promoted by regulatory action. Since 2015, European financial institutions have been required to publish
CbCR.<FONT STYLE="font-size: 10pt"><SUP>50</SUP></FONT> In 2021, the US House passed the Disclosure of Tax Havens and Offshoring Act,
which would require public corporations to publish CbCR.<FONT STYLE="font-size: 10pt"><SUP>51</SUP></FONT> Also in 2021, the EU approved
a directive requiring large multinationals operating there to disclose CbCR information for their operations across EU member states and
selected other jurisdictions.<FONT STYLE="font-size: 10pt"><SUP>52</SUP></FONT> Then, in 2022, Australia announced plans to require
comprehensive pCbCR for all large multinationals operating in that country.<FONT STYLE="font-size: 10pt"><SUP>53</SUP></FONT> PCbCR
was a key recommendation of the UN FACTI panel.<FONT STYLE="font-size: 10pt"><SUP>54</SUP></FONT> GRI-aligned tax reports provide investors
with the ability to assess comparable reports for companies regardless of which jurisdictions require the company to comply with their
similar &ndash; but somewhat distinct &ndash; disclosure regimes. The GRI Tax Standard is closely aligned to private reporting already
required under OECD BEPS for large multinationals, including ConocoPhillips, and therefore the additional compliance burden for reporting
is negligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trend towards tax transparency has attracted significant investor
support. Investors representing over $5.6 trillion in assets under management supported the introduction of pCbCR in the EU,<FONT STYLE="font-size: 10pt"><SUP>55</SUP></FONT>
and investors representing $2.9 trillion in assets supported the introduction of mandatory, public CbCR in the US via the Disclosure of
Tax Havens and Offshoring Act.<FONT STYLE="font-size: 10pt"><SUP>56</SUP></FONT> Shareholders voted on the first major tax transparency
shareholder resolution in May 2022 at Amazon&rsquo;s annual general meeting, and similar resolutions at Microsoft and Cisco attracted
even larger shares of investor support at their respective meetings in December.<FONT STYLE="font-size: 10pt"><SUP>57</SUP></FONT> Tax
transparency and pCbCR also factor into various ESG ratings and indexes, including the FTSE Russell&rsquo;s proprietary ESG Ratings and
Data that factor into various FTSE Russell sustainable investment indexes, Standard &amp; Poor&rsquo;s sustainability assessment methodology,
and MSCI ESG Research&rsquo;s ESG Rating model and MSCI All Country World Index.<FONT STYLE="font-size: 10pt"><SUP>58</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>Conclusion</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors need an adequate understanding of a company&rsquo;s tax practices
in order to make informed decisions. Potential changes in tax regulation and enforcement may impact a company&rsquo;s profitability, while
aggressive tax avoidance may lead to challenges from tax authorities and other risks that undermine the medium- and long-term returns
of an investor&rsquo;s broader portfolio. Despite an increasing trend towards tax transparency, ConocoPhillips continues to lag behind
its peers in the oil, gas, and mining sectors. A GRI-aligned tax transparency report would remedy this lack of tax transparency and benefit
investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We therefore urge shareholders to vote FOR Item 9.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please contact Daniel Mul&eacute; at daniel.mule@oxfam.org.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> EITI (2022), <I>ConocoPhillips
ceases to be an EITI supporting company, </I>https://eiti.org/news/conocophillips-ceases-be-eiti-supporting-company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> FACT Coalition
(2022), <I>A Material Concern: The Investor Case for Public Country-by-Country Tax Reporting</I>, https://thefactcoalition.org/report/a-material-concern-the-investor-case-for-public-country-by-country-tax-reporting/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> Morel, J. (2018),
<I>Aggressive Tax Optimisation: what is the best ESG Approach, </I>p. 16 &ndash; 17<I>, </I>https://research-center.amundi.com/files/nuxeo/dl/11c94512-929d-4b88-9a23-792100a994bb.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> Andrew Spurr and
Mihnea Gheorghe (2022), &ldquo;Tax Fairness Should be a Core Principle in Corporate Sustainability Strategies,&rdquo; <I>Morningstar</I>,
June 13, 2022, https://www.morningstar.com/articles/1098061/tax-fairness-should-be-a-core-principle-in-corporate-sustainability-strategies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> UNPRI (2021), <I>What
is Tax Fairness and What Does it Mean for Investors?</I>, https://www.unpri.org/download?ac=15325</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> UNPRI (2020), <I>Advancing
tax transparency: outcomes from the PRI collaborative engagement,</I> https://www.unpri.org/governance-issues/advancing-tax-transparency-outcomes-from-the-pri-collaborative-engagement/5541.article</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> Tax Justice Network
(2021), The State of Tax Justice 2021, https://taxjustice.net/reports/the-state-of-tax-justice-2021/; Kimberly Clausing, &ldquo;Profit
Shifting Before and After the Tax Cuts and Jobs Act,&rdquo; <I>National Tax Journal </I>73(4), 28 (2020), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3274827</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> GRI (2019), <I>Backing
for GRI&rsquo;s Tax Standard, </I>https://www.globalreporting.org/about-gri/news-center/backing-for-gri-s-tax-standard/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> ConocoPhillips
(2022), <I>Form 10-K,</I> Note 17, https://conocophillips.gcs-web.com/static-files/93ced561-e23a-4949-9b88-ec7ad6606df5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> George Turner
(2018), &ldquo;Oil firms use secretive court hearing in bid to stop Vietnam taxing their profits,&rdquo; <I>The Guardian</I>, August 15,
2018, https://www.theguardian.com/global-development/2018/aug/15/oil-firms-use-secretive-court-hearing-in-bid-to-stop-vietnam-taxing-their-profits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> Nick Mathiason
(2020), &rdquo;Oil major settles huge capital gains tax bill to Vietnam after Finance Uncovered investigation,&rdquo; <I>Finance Uncovered</I>,
January 20, 2020, https://www.financeuncovered.org/stories/oil-major-pays-179m-capital-gains-tax-bill-to-vietnam-after-finance-uncovered-investigation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> Norway vs ConocoPhillips
Skandinavia AS, March 2022, Court of Appeal, Case No LG-2021-38180,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://tpguidelines.com/norway-vs-conocophillips-skandinavia-as-march-2022-court-of-appeal-case-no-lg-2021-38180/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> ConocoPhillips
(2022), <I>ConocoPhillips Reports Second-Quarter 2022 Results</I>, 1, https://static.conocophillips.com/files/resources/2q22-earnings-release.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> PWC (2013/14),
<I>International Transfer Pricing: Norway</I>, 656, https://www.pwc.com/gx/en/international-transfer-pricing/assets/norway.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> La&rsquo;o Hamatuk
(2021), <I>Making the Oil Companies Pay What They Owe</I>, https://www.laohamutuk.org/Oil/tax/10BackTaxes.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> Angela Macdonald-Smith
(2016), &rdquo;ConocoPhillips settles tax disputes with Timor-Leste,&rdquo; <I>Australian Financial Review</I>, February 18, 2016, https://www.afr.com/markets/equity-markets/conocophillips-settles-tax-disputes-with-timorleste-20160218-gmwzg8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> Canada (National
Revenue) v. ConocoPhillips Canada Resources Corp., 2017 FCA 243 (CanLII), https://www.canlii.org/en/ca/fca/doc/2017/2017fca243/2017fca243.html?resultIndex=1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> United States
v. ConocoPhillips Company, No. 12-5170 (10th Cir. 2014), https://law.justia.com/cases/federal/appellate-courts/ca10/12-5170/12-5170-2014-03-12.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT> Deloitte (2022),
<I>Deloitte&lsquo;s 2022 Global Tax Survey: Beyond BEPS</I>, 14, https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/gx-beps-global-survey-summary-results-2022.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT> Natalie Olivo
(2022), &ldquo;IRS Budget Boost May Increase Transfer Pricing Scrutiny,&rdquo; <I>Law 360</I>, August 29, 2022, https://www.law360.com/articles/1525464/irs-budget-boost-may-increase-transfer-pricing-scrutiny-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT> Luis Coronado
(2022), &ldquo;Why the tax controversy outlook looks set to become even more challenging,&rdquo; <I>ITR</I>, September 22, 2022, https://www.internationaltaxreview.com/article/2anlo2u2g0g1bcurvaark/sponsored/why-the-tax-controversy-outlook-looks-set-to-become-even-more-challenging</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> Emma Agyemang
et al. (2021), &ldquo;OECD close to final global deal on corporate tax,&rdquo; <I>Financial Times</I>, October 8, 2021, https://www.ft.com/content/3e3e6a7d-67d5-437d-a7b2-29c52ce9c78f</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT> Council of the
EU (2022), <I>International taxation: Council reaches agreement on a minimum level of taxation for largest corporations</I>, https://www.consilium.europa.eu/en/press/press-releases/2022/12/12/international-taxation-council-reaches-agreement-on-a-minimum-level-of-taxation-for-largest-corporations/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT> The Economist
(2022), <I>Developing Countries Take Tax Talks to the </I>UN, https://finance.yahoo.com/news/developing-countries-tax-talks-un-113540911.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT> Andrea Jaramillo
(2022), &ldquo;Colombia Oil Companies to Pay 85% in Taxes After Reform: Group,&rdquo; <I>Bloomberg </I>November 15, 2022, https://news.bloombergtax.com/daily-tax-report-international/colombia-oil-companies-to-pay-85-in-taxes-after-reform-group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT> Lucy P&eacute;rez,
Dame Vivian Hunt, Hamid Samandari, Robin Nuttall, and Krysta Biniek, &ldquo;Does ESG really matter&mdash;and why?&rdquo;, McKinsey and
Company, https://www.mckinsey.com/capabilities/sustainability/our-insights/does-esg-really-matter-and-why</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT> Rachel Davis and
Daniel Franks (2014), &ldquo;Costs of Company-Community Conflict in the Extractive Sector,&rdquo; <I>Corporate Social Responsibility Initiative
Report No. 66</I>, 8, https://www.csrm.uq.edu.au/media/docs/603/Costs_of_Conflict_Davis-Franks.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT> ConocoPhillips
(2021), <I>Form 10-K,</I> Note 17 https://conocophillips.gcs-web.com/static-files/4e65e89c-0495-46d8-ab9d-15925e5a2d80</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT> ConocoPhillips,
<I>Global Tax Policy</I>, https://www.conocophillips.com/sustainability/integrating-sustainability/sustainable-development-governance/policies-positions/global-tax-policy/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT> Norway vs ConocoPhillips
Skandinavia AS, March 2022, Court of Appeal, Case No LG-2021-38180,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://tpguidelines.com/norway-vs-conocophillips-skandinavia-as-march-2022-court-of-appeal-case-no-lg-2021-38180/;
PWC (2013/14), <I>International Transfer Pricing: Norway</I>, 656, https://www.pwc.com/gx/en/international-transfer-pricing/assets/norway.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT> EITI (2021), Assessment
of adherence to the Expectations for EITI supporting companies,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://eiti.org/documents/assessment-adherence-expectations-eiti-supporting-companies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT> Aubrey Menard
(2022), &ldquo;ConocoPhillips Leaves Global Transparency Initiative, Keeps Payments Secret,&rdquo; Oxfam, July 13, 2022, https://politicsofpoverty.oxfamamerica.org/conocophillips-leaves-global-transparency-initiative-keeps-payments-secret/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT> EITI (2022), <I>ConocoPhillips
ceases to be an EITI supporting company</I>, https://eiti.org/news/conocophillips-ceases-be-eiti-supporting-company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT> KPMG (2020), <I>The
Time Has Come</I>, https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/the-time-has-come.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>35</SUP></FONT> GRI 11: Oil and
Gas Sector 2021, Topic 11.21 (Sector Standard reference number 11.21.7), https://www.globalreporting.org/standards/standards-development/sector-standard-for-oil-and-gas/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT> AngloAmerican
(2022), <I>Tax and Economic Contribution Report 2021</I>, https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/investors/annual-reporting/2022/tax-and-economic-contribution-report-2021.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>37</SUP></FONT> BHP (2022), <I>BHP
Country-by-Country Report 2021, </I>https://www.bhp.com/about/operating-ethically/tax-transparency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT> BP (2021), <I>Tax
Report 2020</I>, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/group-reports/bp-tax-report-2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT> Eni (2021), <I>Country
by Country Report 2020, </I>https://www.eni.com/assets/documents/eng/reports/2020/Country-by-Country-2020_ENG.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT> Equinor (2022),
<I>Tax Contribution Report 2022</I>, https://cdn.sanity.io/files/h61q9gi9/global/dc3e3c65a248d4bb5e69de02fd4716f04f4dffe0.pdf?equinor-tax-contribution-report-october-2022.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>41</SUP></FONT> Hess (2022), <I>Sustainable
Tax Practices, </I>https://www.hess.com/sustainability/how-we-operate/tax-practices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>42</SUP></FONT> Newmont (2022),
<I>2021 Taxes and Royalties Contribution Report, </I>https://s24.q4cdn.com/382246808/files/doc_downloads/2022/sustainability/newmont-2021-tax-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>43</SUP></FONT> Repsol (2021),
<I>Tax Contribution Report, </I>https://www.repsol.com/content/dam/repsol-corporate/en_gb/sostenibilidad/responsible-tax-policy/2021-tax-contribution-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>44</SUP></FONT> Rio Tinto (2022),
<I>Country-by-Country Report 2021,</I> https://www.riotinto.com/search/documents#main-search_e=0&amp;main-search_sxatags=Taxes%20Paid%20Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>45</SUP></FONT> Shell (2022),
<I>Tax Contribution Report 2021, https://reports.shell.com/tax-contribution-report/2021/</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>46</SUP></FONT> South32 (2022),
<I>Tax Transparency and Payments to Governments Report 2022, </I>https://www.south32.net/docs/default-source/all-financial-results/2022-annual-reporting-suite/tax-transparency-and-payments-to-governments-report-2022.pdf?sfvrsn=4d89b0f6_2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>47</SUP></FONT> Teck (2021), <I>2020
Economic Contribution Report, </I>https://www.teck.com/media/Teck-2020-Economic-Contribution-Report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>48</SUP></FONT> Total (2021),
<I>Tax Transparency Report 2019-2020, </I>https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2022-03/Tax_transparency_report_2019_2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>49</SUP></FONT> The B Team (2021),
<I>The B Team Responsible Tax Principles in Action: Shell&lsquo;s Dedication to Building Trust Among All Stakeholders,</I> https://bteam.org/our-thinking/news/the-b-team-responsible-tax-principles-in-action-shells-dedication-to-building-trust-among-all-stakeholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>50</SUP></FONT> Directive 2013/36/EU
of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision
of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32013L0036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>51</SUP></FONT> FACT Coalition
(2021), <I>House Takes Historic Step in Advancing Corporate Tax Transparency,</I> https://thefactcoalition.org/house-takes-historic-step-in-advancing-corporate-tax-transparency/;
H.R.3007 - Disclosure of Tax Havens and Offshoring Act, https://www.congress.gov/bill/117th-congress/house-bill/3007; https://www.congress.gov/bill/117th-congress/house-bill/1187</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>52</SUP></FONT> Directive 2013/34/EU
of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and
related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing
Council Directives 78/660/EEC and 83/349/EEC Text with EEA relevance, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013L0034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>53</SUP></FONT> Australian Department
of the Treasury (2022), Budget Measures: Budget Paper No. 2, 17, https://budget.gov.au/2022-23-october/content/bp2/index.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>54</SUP></FONT> FACTI (2020),
<I>Financial Integrity for Sustainable Development</I>, https://factipanel.org/news/facti-panel-report-has-been-published</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>55</SUP></FONT> UNPRI (2020),
<I>Public Country-by-Country Reporting (CBCR) Requirements in the EU</I>, https://dwtyzx6upklss.cloudfront.net/Uploads/u/m/t/investorsignonletteronpubliccbcr_signatories_final_758353.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>56</SUP></FONT> FACT Coalition
(2021), <I>66 Investors with $2.9 trillion in Assets Under Management Show Support for the Disclosure of Tax Havens and Offshoring Ac</I>t,
https://thefactcoalition.org/64-investors-with-nearly-2-9-trillion-in-assets-under-management-show-support-for-the-disclosure-of-tax-havens-and-offshoring-act/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>57</SUP></FONT> FACT Coalition
(2022), <I>Microsoft, Cisco Shareholder Votes Demonstrate Increasing Investor Demand for Tax and Offshore Transparency,</I> https://thefactcoalition.org/microsoft-cisco-shareholder-votes-demonstrate-increasing-investor-demand-for-tax-and-offshore-transparency/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>58</SUP></FONT> FTSE Russell (2021),
<I>Global trends in corporate tax disclosure</I>, 8, https://content.ftserussell.com/sites/default/files/global_trends_in_corporate_tax_disclosure_final_2.pdf;
MSCI ESG Research LLC (2022), <I>MSCI ESG Ratings Methodology: Tax Transparency Key Issue</I>, https://www.msci.com/documents/1296102/34424357/MSCI+ESG+Ratings+Methodology+-+Tax+Transparency+Key+Issue.pdf/f5b93df6-475c-25c7-db7f-26a6da3d703a?t=1666182603072</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card as it will not be accepted.</I></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">8</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
