<SEC-DOCUMENT>0001387131-23-005925.txt : 20230502
<SEC-HEADER>0001387131-23-005925.hdr.sgml : 20230502
<ACCEPTANCE-DATETIME>20230502163543
ACCESSION NUMBER:		0001387131-23-005925
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230502
DATE AS OF CHANGE:		20230502
EFFECTIVENESS DATE:		20230502

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:		23879715

	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:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cop-px14a6g_050223.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

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                                         Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</font></p>
    <p style="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">NAME OF REGISTRANT:
    ConocoPhillips</font></p>
    <p style="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">NAME OF PERSON
    RELYING ON EXEMPTION: Majority Action</font></p>
    <p style="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">ADDRESS OF PERSON
    RELYING ON EXEMPTION: PO Box 4831, Silver Spring, MD 20914</font></p>
    <p style="font: 8.5pt Franklin Gothic; margin: 0">&nbsp;</p>
    <p style="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
    under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</p></td>
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<p style="font: 26pt Georgia, Times, Serif; margin: 10pt 0 3pt; color: #0072BD"><font style="font-size: 13pt"><b>ConocoPhillips [NYSE:
COP]</b></font><b><font style="font-size: 12pt">: Due to the company&#8217;s FAILURE to:</font></b></p>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif">Include
                                            scope 3 emissions in its goal to reduce its greenhouse gas (GHG) emissions to net zero by
                                            2050,</font></td></tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif">Align
                                            its future capital allocation with limiting warming to 1.5&deg;C, including making substantial
                                            investments in new production incompatible with the IEA&#8217;s Net Zero Emissions Scenario,
                                            for example the Willow Project in Alaska,</font></td></tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif">Commit
                                            to conduct all of its lobbying in line with the goals of the Paris Agreement, including aligning
                                            its industry association memberships and activity, and</font></td></tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif">Adequately
                                            respond to a majority-supported shareholder resolution calling on the company to adopt scope
                                            3 emissions targets;</font></td></tr></table>

<p style="font: 12pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><b>&nbsp;</b></p>

<p style="font: 13pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Vote AGAINST:</b></p>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif"><b>Ryan
                                            M. Lance, </b>Chairman and Chief Executive Officer (Item 1e),</font></td></tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif"><b>Robert
                                            A. Niblock, </b>Lead Director (Item 1k),</font></td></tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif"><b>Jody
                                            Freeman, </b>Chair of the Public Policy and Sustainability Committee (Item 1b),</font></td></tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Franklin Gothic,sans-serif">&#9679;</font></td><td><font style="font-family: Franklin Gothic,sans-serif"><b>Dennis
                                            V. Arriola </b>(Item 1a), <b>Gay Huey Evans </b>(Item 1c), <b>Jeffrey A. Joerres </b>(Item
                                            1d), <b>Timothy A. Leach </b>(Item 1f), <b>William H. McRaven </b>(Item 1g), <b>Sharmila
                                            Mulligan</b> (Item 1h), <b>Eric D. Mullins </b>(Item 1i), <b>Arjun N. Murti </b>(Item 1j),
                                            <b>David T. Seaton</b> (Item 1l), and <b>R.A. Walker</b> (Item 1m).</font></td></tr></table>

<p style="font: 13pt Georgia, Times, Serif; margin: 0; color: #0072BD">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif; color: #0072BD"><b>The physical
and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable. </b></font><font style="font-family: Franklin Gothic,sans-serif;">Therefore,
the actions of companies that fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&#8217;
entire portfolios. See <font style="color: #1155CC">www.proxyvoting.majorityaction.us </font>for more information regarding Majority
Action&#8217;s Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries.</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif;">&nbsp;</font></p>

<p style="font: 11pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt; color: #0072BD"><b>ConocoPhillips
is an independent oil and gas exploration and production company with operations in 13 countries.<font style="line-height: 115%"><sup>i
</sup></font></b></font><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt">ConocoPhillips is among the 166 target
companies named by Climate Action 100+ as the largest global emitters, companies that are &#8220;key to driving the global net zero emissions
transition.&#8221;</font><font style="font-family: Franklin Gothic,sans-serif; font-size: 11pt; line-height: 115%"><sup>ii</sup></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif;">&nbsp;</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif; color: #0072BD"><b>Petroleum
and fossil gas products, including those used in transportation, buildings, industrial processes, and electricity production, account
for nearly 80% of carbon emissions from the U.S. energy system.<font style="line-height: 115%"><sup>iii</sup></font></b></font> <font style="font-family: Franklin Gothic,sans-serif;">In
2021, the International Energy Agency (IEA) released its Net Zero Emissions by 2050 Scenario (NZE), which sets out a pathway to reduce
emissions from the global energy system aligned with limiting warming to 1.5&deg;C. Under the NZE, fossil fuel use falls dramatically
in the next decade, and remaining fossil fuel demand can be met through existing supplies and infrastructure. Approving new oil and gas
fields is incompatible with this pathway.</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"></p>

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<p style="font: 11pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt; color: #0072BD"><b>Failure
to set ambitious decarbonization targets in line with <font style="background-color: white">1.5&deg;C</font> pathways, and to align companies&#8217;
business plans and policy influence to those targets, is a failure of strategy and corporate governance, for which long-term investors
should hold directors accountable. </b></font><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt">At companies where
the production, processing, sale, and/or consumption of fossil fuels is central to their core business, GHG emissions reductions have
profound strategic implications. Where the company has failed to take the initial step of committing to net zero emissions by 2050, or
failed to adequately respond to a majority-supported climate-related shareholder proposal, the entire board should be held accountable.</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt; color: #0072BD"><b>In
2023, we have updated our metrics to more closely align with the Climate Action 100+ Net Zero Benchmark Indicators</b></font> <font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt">for
the oil and gas sector, while still focusing on the three core pillars of target setting, capital allocation, and policy influence. This
allows for a more standardized assessment across companies that is broadly accepted by investors.</font></p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>&nbsp;</b></p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Target setting</b></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <td colspan="3" style="vertical-align: top; border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</font></td>
    <td style="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt">&nbsp;</td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has set an ambition to achieve net zero GHG emissions by 2050 or sooner.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #FF9900; text-align: center"><font style="font-family: Franklin Gothic; font-size: 16pt; color: white"><b>-</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; width: 7%; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; border-right: #0072BD 1pt solid; background-color: #0072BD">&nbsp;</td>
    <td style="vertical-align: top; width: 12%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator&nbsp;&nbsp;1.1A</font></td>
    <td style="vertical-align: top; width: 73%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has made a qualitative net zero GHG emissions ambition statement that explicitly includes at least 95% of its scope 1 and 2 emissions.</font></td>
    <td style="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #6AA84F; text-align: center"><font style="font-family: Franklin Gothic; font-size: 16pt; color: white"><b>&#10003;</b></font></td></tr>
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    <td style="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1B</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company&#8217;s net zero GHG emissions ambition covers the most relevant scope 3 GHG emissions categories for the company&#8217;s sector, where applicable.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>X</b></font></td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.1</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has set a target for reducing its GHG emissions by between 2026 and 2035 on a clearly defined scope of emissions.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><font style="font-family: Franklin Gothic; font-size: 16pt; color: white"><b>&#10003;</b></font></td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The medium-term (2026 to 2035) GHG reduction target covers at least 95% of scope 1 &amp; 2 emissions and the most relevant scope 3 emissions (where applicable).</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #FF9900; text-align: center"><font style="font-family: Franklin Gothic; font-size: 16pt; color: white"><b>-</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2A</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has specified that this target covers at least 95% of its total scope 1 and 2 emissions.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><font style="font-family: Franklin Gothic; font-size: 16pt; color: white"><b>&#10003;</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2B</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">If the company has set a scope 3 GHG emissions target, it covers the most relevant scope 3 emissions categories for the company&#8217;s sector (for applicable sectors), and the company has published the methodology used to establish any scope 3 target.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>X</b></font></td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.3</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The target (or, in the absence of a target, the company&#8217;s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5&deg;C.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>X</b></font></td></tr>
  </table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">ConocoPhillips has set a target
to achieve net zero GHG emissions by 2050, but this is limited to scope 1 and 2 emissions and excludes scope 3 emissions.<font style="line-height: 115%"><sup>iv
</sup></font>In September 2021, ConocoPhillips&#8217; set a &#8220;<font style="background-color: white">medium-term GHG emissions intensity
reduction target to 40-50% by 2030 from a 2016 baseline and also expanded the target to apply to both a gross operated and net equity
basis</font>&#8221;, however, this is also limited to scopes 1 and 2.<font style="line-height: 115%"><sup>v</sup></font> The company
has set intensity-only targets, which provide no guarantee that the company&#8217;s emissions will fall in absolute terms.<font style="line-height: 115%"><sup>vi
</sup></font>According to the Climate Action 100+ Net Zero Company Benchmark, the company&#8217;s targets are not aligned with the goal
of limiting warming to 1.5&deg;C.<font style="line-height: 115%"><sup>vii</sup></font></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="line-height: 115%"><sup>&nbsp;</sup></font></p>


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<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">At ConocoPhillips&#8217; May 2021
annual meeting, a shareholder proposal to set a GHG emissions reduction target that includes scope 3 emissions received majority support&#8211;58%
of shares voted&#8211;<font style="background-color: white">which included votes in favor by BlackRock, Vanguard, CalPERS, and CalSTRS.<font style="line-height: 115%"><sup>viii
ix</sup></font></font> In explaining its support for the proposal, Vanguard, ConocoPhillips&#8217; second largest shareholder as of
March 31, 2021, stated, &#8220;the shareholder request that ConocoPhillips set a companywide emission reduction target across Scope 1,
2, and 3 emissions will appropriately encourage the company to prioritize options beyond public policy advocacy to prepare for and mitigate
the transition risks associated with climate change.&#8221;<font style="line-height: 115%"><sup>x</sup></font> Other investors, in
their rationales expressing support for the resolution, noted that ConocoPhillips&#8217; peers have begun setting scope 3 targets, and
it would be appropriate for ConocoPhillips to do so; for example, Schroders noted, &#8220;investors would welcome short term targets
to monitor the progress towards mentioned longer terms [sic] targets coupled with a focus on scope 3 emissions and their impact.&#8221;<font style="line-height: 115%"><sup>xi
</sup></font>Despite this, ConocoPhillips declined to incorporate scope 3 emissions into its GHG reduction targets.<font style="line-height: 115%"><sup>xii</sup></font></font></p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>&nbsp;</b></p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Capital allocation</b></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #0072BD">
    <td colspan="3" style="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</font></td></tr>
  <tr>
    <td style="vertical-align: top; width: 24%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1</font></td>
    <td style="vertical-align: top; width: 68%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company is working to decarbonise its capital expenditures.</font></td>
    <td style="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>X</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1A</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with its long-term GHG reduction target OR to phase out planned expenditure in unabated carbon intensive assets or products.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>X</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1B</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with the Paris Agreement&#8217;s objective of limiting global warming to 1.5&deg;C AND to phase out investment in unabated carbon intensive assets or products.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>X</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 1: Company&#8217;s Recent Actions</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">In the most recent full year (2021), were all the company&#8217;s upstream oil and gas CAPEX projects consistent with the IEA&#8217;s Beyond 2&deg;C Scenario (B2DS)? </font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 16pt; color: white"><b>No</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 2: Capex Analysis</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">What percentage of the company's potential future (2022-2030) unsanctioned oil and gas CAPEX is inconsistent with the IEA's B2DS? </font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 14pt; color: white"><b>89%</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 4: Net Zero Analysis</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">What is the company&#8217;s oil and gas production level in the 2030s (against a 2022 baseline) assuming no new oil and gas projects are sanctioned as stated by the IEA's NZE? </font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 14pt; color: white"><b>-71%</b></font></td></tr>
  </table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">According to the Climate Action
100+ Net Zero Company Benchmark, ConocoPhillips has not met any of the indicators for capital allocation alignment; to do so, the company
would need to align future capital expenditures with its long-term GHG reduction target(s), commit to align future capital expenditures
with the Paris Agreement&#8217;s objective of limiting global warming to 1.5&deg;C, and disclose the methodology it uses for such alignment.<font style="line-height: 115%"><sup>xiii</sup></font></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">&nbsp;</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">According to Carbon Tracker data
provided through the Climate Action 100+ Net Zero Benchmark, ConocoPhillips&#8217; oil and gas production must fall by more than 70%
from its 2022 level to be aligned with the IEA NZE. Despite this, Carbon Tracker finds that 89% of ConocoPhillips&#8217; future potential
capex between 2022 and 2030 is outside of the IEA&#8217;s B2DS (limiting warming to 1.75&deg;C, net zero by 2060), let alone the NZE.
This places ConocoPhillips&#8217; future capex as tied with Occidental Petroleum for the most misaligned with the Paris Agreement of
the U.S.-based oil and gas producers assessed by Climate Action 100+.<font style="line-height: 115%"><sup>xiv</sup></font></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>


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<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">ConocoPhillips ranked third among
U.S. oil and gas producers for resources under development and field evaluation as of November 2022 (with 75.5% of that in unconventional
sources), and ranked fourth amongst U.S. oil and gas producers for exploration capex between 2020 to 2022.<font style="line-height: 115%"><sup>xv
</sup></font>In April 2023, the Biden Administration approved ConocoPhillips&#8217; controversial Willow Project,<font style="line-height: 115%"><sup>xvi
</sup></font>the largest oil development to proceed under this presidential administration.<font style="line-height: 115%"><sup>xvii
</sup></font>The company estimates the project will produce 180,000 barrels of oil per day at its peak,<font style="line-height: 115%"><sup>xviii
</sup></font>over the next 30 years.<font style="line-height: 115%"><sup>xix</sup></font> According to the <i>New York Times</i>, &#8220;burning
all that oil could release nearly 254 million metric tons of carbon emissions. On an annual basis, that would translate into 8.4 million
metric tons of carbon pollution&#8221;, the equivalent of adding two million cars to the roads every year.&#8221;<font style="line-height: 115%"><sup>xx
</sup></font>After legal proceedings resolved in favor of the company,<font style="line-height: 115%"><sup>xxi</sup></font> CEO Ryan
Lance stated,&#8220;this was the right decision for Alaska and our nation.&#8221;<font style="line-height: 115%"><sup>xxii</sup></font></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><b>Policy influence</b></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #0072BD">
    <td colspan="3" style="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</font></td></tr>
  <tr>
    <td style="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (InfluenceMap) 1: Organization Score</font></td>
    <td style="vertical-align: top; width: 60%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD; line-height: 115%"><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt; color: white">The
    level of company support for (or opposition to) Paris Agreement-aligned climate policy.<font style="line-height: 115%"><sup>xxiii</sup></font></font></td>
    <td style="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 14pt; color: white"><b>47%</b></font></td></tr>
  <tr>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (InfluenceMap) 2: Relationship Score</font></td>
    <td style="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><font style="font-family: Franklin Gothic,sans-serif; font-size: 10pt; color: white">The
    level of a company&#8217;s industry associations&#8217; support for (or opposition to) Paris Agreement-aligned climate policy.</font></td>
    <td style="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><font style="font-family: Franklin Gothic,sans-serif; font-size: 14pt; color: white"><b>37%</b></font></td></tr>
  </table>
<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">According to InfluenceMap, the
company received a D- grade for its obstructive policy engagement and has not yet met all of the Climate 100+ Net Zero Company Benchmark
indicators for climate policy engagement.<font style="line-height: 115%"><sup>xxiv</sup></font> While the company discloses its trade
associations and their climate policy positions,<font style="line-height: 115%"><sup>xxv</sup></font> it does not have a Paris Agreement-aligned
climate lobbying position, expectations that the trade associations to which it belongs be aligned to the goals of the Paris Agreement,
or a process to ensure its trade associations lobby in accordance with the Paris Agreement.</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0">&nbsp;</p>

<p style="font: 10pt Franklin Gothic; margin: 0"></p>

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<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">ConocoPhillips&#8217; score for
climate policy engagement shows opposition to climate policy aligned with the Paris Agreement.<font style="line-height: 115%"><sup>xxvi
</sup></font>The company holds memberships in trade associations to which InfluenceMap has assigned &#8220;E-&#8221; or &#8220;F&#8221;
grades for negative engagement on U.S. climate policy, including the American Petroleum Institute <font style="line-height: 115%"><sup>xxvii
</sup></font>and the U.S. Chamber of Commerce <font style="line-height: 115%"><sup>xxviii</sup></font>. Other associations include
Canadian Association of Petroleum Producers, International Oil &amp; Gas Producers Association and Business Roundtable.<font style="line-height: 115%"><sup>xxix
</sup></font>The company states that it has influenced these associations&#8217; &#8220;climate policy positions to include support for
a market-based approach to GHG emissions.&#8221;<font style="line-height: 115%"><sup>xxx</sup></font></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">&nbsp;</font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">ConocoPhillips has also directly
engaged in lobbying for fossil fuel expansion. For example, <font style="background-color: white">ConocoPhillips&#8217; 2022 fourth quarter
lobbying disclosures show the company&#8217;s advocacy in support of new oil and gas lease sales in U.S. federal lands, specifically
the aforementioned Willow Project.<font style="line-height: 115%"><sup>xxxi</sup></font> The company also submitted a letter to the
Bureau of Land Management advocating for the approval of the Willow Project in Alaska.<font style="line-height: 115%"><sup>xxxii</sup></font>
In this letter, ConocoPhillips stated, &#8220;The Willow MDP is well designed to serve an important public purpose. The U.S. and the
world need oil and gas under even the most optimistic climate change scenario.&#8221;<font style="line-height: 115%"><sup>xxxiii</sup></font></font></font></p>

<p style="font: 10pt Franklin Gothic; margin: 0"><font style="font-family: Franklin Gothic,sans-serif">&nbsp;</font></p>

<p style="font: 12pt Franklin Gothic; margin: 0; color: #0072BD"><font style="font-family: Franklin Gothic,sans-serif"><b>Conclusion:
ConocoPhillips has failed to set a robust net zero emissions by 2050 target, excludes scope 3 emissions from its medium-term target,
and has not aligned its capital allocation and policy influence to limit warming to 1.5&deg;C. Therefore, we recommend that shareholders
vote AGAINST all management-sponsored directors facing election at the company&#8217;s annual meeting on May 16, 2023.</b></font></p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>




<hr align="left" size="1" style="width: 33%" >

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><sup>i</sup> ConocoPhillips,
&#8220;Operations,&#8221; (website), https://www.conocophillips.com/operations/, accessed April 28, 2023</font></p>

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><sup>ii</sup> Climate Action
100+, &#8220;Companies,&#8221; (website), https://www.climateaction100.org/whos-involved/companies/, accessed April 13, 2023</font></p>

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><sup>iii</sup> U.S. Energy Information
Administration, &#8220;Total Energy,&#8221; (data browser), https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13,
accessed April 28, 2023</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>iv</sup></font>
<font style="font-size: 10pt">Climate Action 100+, &#8220;ConocoPhillips,&#8221; Company Assessment, <font style="color: #1155CC">https://www.climateaction100.org/company/conocophillips/</font>,
accessed April 28, 2023 </font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>v</sup></font>
<font style="font-size: 10pt">ConocoPhillips, &#8220;Emissions Reductions Targets&#8221; (website), <font style="color: #1155CC">https://www.conocophillips.com/sustainability/managing-climate-related-risks/metrics-targets/ghg-target/</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>vi</sup></font>
<font style="font-size: 10pt; background-color: white">Jack Arnold and Perrine Toledano, &#8220;Corporate Net-Zero Pledges: The Bad and
the Ugly,&#8221; <i>Columbia Center on Sustainable Investment, December 1, 2021, https://ccsi.columbia.edu/news/corporate-net-zero-pledges-bad-and-ugly</i></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>vii</sup></font>
<font style="font-size: 10pt">Climate Action 100+, &#8220;ConocoPhillips&#8221;</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>viii</sup></font>
<font style="font-size: 10pt">Follow This, &#8220;58% of ConocoPhillips shareholders vote for Follow This climate proposal,&#8221; (press
release), May 11, 2021, <font style="color: #1155CC">https://www.follow-this.org/58-of-conocophillips-shareholders-vote-for-follow-this-climate-proposal/</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>ix</sup></font>
<font style="font-size: 10pt">Insightia, &#8220;ConocoPhillips,&#8221; Voting Details, May 11, 2021, <font style="color: #1155CC">https://one.insightia.com/company/voting/VotingVoteDetail?meetingid=1798662</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>x</sup></font>
<font style="font-size: 10pt">Vanguard, <i>Voting insights: Emission reduction targets at ConocoPhillips</i>, May 11, 2021, https://corporate.vanguard.com/content/dam/corp/advocate/investment-stewardship/pdf/perspectives-and-commentary/ConocoPhillips_1657153_052021.pdf,
p. 2</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xi</sup></font>
<font style="font-size: 10pt">Insightia, &#8220;ConocoPhillips,&#8221; Voting Rationale, May 11, 2021, <font style="color: #1155CC">https://one.insightia.com/company/voting/VotingVoteDetail?meetingid=1798662
</font>(proposal details for proposal Emission Reduction Targets) </font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xii</sup></font>
<font style="font-size: 10pt">ConocoPhillips, SEC filing on Schedule 14A, filed March 28, 2022, <font style="color: #1155CC">https://www.sec.gov/Archives/edgar/data/1163165/000120677422000879/cop3949151def14a.htm</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><font style="color: #1155CC">&nbsp;</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><font style="color: #1155CC"></font></font></p>

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<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; color: #1155CC">&nbsp;</font></p>

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><sup>xiii</sup> Climate Action
100+, &#8220;ConocoPhillips,&#8221; Company Assessment, https://www.climateaction100.org/company/conocophillips/, accessed April 28,
2023 </font></p>

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><sup>xiv</sup> Climate Action
100+, <i>Climate Action 100+ Net Zero Company Benchmark</i>, Carbon Tracker data, October 2022, <font style="color: #1155CC">https://www.climateaction100.org/wp-content/uploads/2022/12/Downloadable-Excel_CA100-Benchmark_Dec-2022_CAAA-scores-v1.1.xlsx
</font>(Oil &amp; Gas Assessments tab)</font></p>

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt"><sup>xv</sup> Urgewald, &#8220;Global
Oil &amp; Gas Exit List (Gogel),&#8221; (analysis using GOGEL data), <font style="color: #1155CC">https://gogel.org/</font> (Expenditure
is a 3-year average from 2020-2022) </font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xvi</sup></font>
<font style="font-size: 10pt">Lisa Friedman and Erin Schaff , &#8220;In Pristine Alaska, an Oil Giant Prepares to Drill for Decades,&#8221;
<i>New York Times</i>, April 6, 2023, <font style="color: #1155CC">https://www.nytimes.com/2023/04/06/climate/willow-alaska-oil-biden.html</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xvii</sup></font>
<font style="font-size: 10pt">Nicholas Kusnutz, &#8220;Biden Approves ConocoPhillips&#8217; Willow Project to Drill Oil in the Alaskan
Arctic,&#8221; <i>Inside Climate News</i>, March 14, 2023, <font style="color: #1155CC">https://insideclimatenews.org/news/14032023/willow-conocophillips-arctic-oil-biden/</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xviii</sup></font>
<font style="font-size: 10pt">ConocoPhillips, &#8220;ConocoPhillips Welcomes Record of Decision on the Willow Project,&#8221; (news release),
March 13, 2023, <font style="color: #1155CC">https://www.conocophillips.com/news-media/story/conocophillips-welcomes-record-of-decision-on-the-willow-project/</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xix</sup></font>
<font style="font-size: 10pt">Nicholas Kusnutz, &#8220;Biden Approves ConocoPhillips&#8217; Willow Project&#8221; </font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xx</sup></font>
<font style="font-size: 10pt">Lisa Friedman and Erin Schaff , &#8220;In Pristine Alaska, an Oil Giant Prepares to Drill for Decades&#8221;
</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxi</sup></font>
<font style="font-size: 10pt">State of Alaska Department of Law, &#8220;Willow Project Construction to Begin, U.S. District Court Judge
Denies Environmentalists&#8217; Initial Efforts to Halt Project,&#8221; (press release), April 3, 2023, https://law.alaska.gov/press/releases/2023/040323-Willow.html</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxii</sup></font>
<font style="font-size: 10pt">ConocoPhillips, &#8220;ConocoPhillips Welcomes Record of Decision on the Willow Project&#8221;</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxiii</sup></font>
<font style="font-size: 10pt">InfluenceMap, &#8220;About Our Scores,&#8221; LobbyMap, https://lobbymap.org/page/About-our-Scores, accessed
April 10, 2023 (According to InfluenceMap&#8217;s methodology, &#8220;Organisation Score&#8221; and &#8220;Relationship Score&#8221;
(expressed as a percentage from 0 to 100) provide a measure of how supportive or obstructive the company&#8217;s or its industry associations&#8217;
engagement is with climate policy aligned with the Paris Agreement, with 0% being fully opposed and 100% being fully supportive.)</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxiv</sup></font>
<font style="font-size: 10pt">InfluenceMap, &#8220;ConocoPhillips,&#8221; LobbyMap, <font style="color: #1155CC">https://lobbymap.org/company/Conoco-Phillips</font>,
accessed April 28, 2023</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxv</sup></font>
<font style="font-size: 10pt">ConocoPhillips, &#8220;Association Engagement,&#8221; (website), <font style="color: #1155CC">https://www.conocophillips.com/sustainability/managing-climate-related-risks/public-policy/association-engagement/</font>,
accessed April 28, 2023 </font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxvi</sup></font>
<font style="font-size: 10pt">InfluenceMap, &#8220;ConocoPhillips,&#8221; LobbyMap, <font style="color: #1155CC">https://lobbymap.org/company/Conoco-Phillips</font>,
accessed April 28, 2023 </font></p>

<p style="font: 11pt/115% Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxvii
</sup></font><font style="font-size: 10pt">InfluenceMap, &#8220;American Petroleum Institute,&#8221; LobbyMap, <font style="color: #1155CC">https://lobbymap.org/influencer/American-Petroleum-Institute-API</font>,
accessed April 22, 2023</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxviii</sup></font>
<font style="font-size: 10pt">InfluenceMap, &#8220;US Chamber of Commerce,&#8221; LobbyMap, <font style="color: #1155CC">https://lobbymap.org/influencer/US-Chamber-of-Commerce</font>,
accessed April 28, 2023</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxix</sup></font>
<font style="font-size: 10pt">ConocoPhillips, &#8220;Association Engagement&#8221;</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxx</sup></font>
<font style="font-size: 10pt">ConocoPhillips, &#8220;Association Engagement&#8221;</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxxi</sup></font>
<font style="font-size: 10pt">ConocoPhillips, LD-2 Disclosure Form filed with U.S. Senate, January 20, 2023, <font style="color: #1155CC">https://lda.senate.gov/filings/public/filing/42432902-7941-4d3b-9ee3-9524d2b1e7ec/print/</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxxii</sup></font>
<font style="font-size: 10pt">ConocoPhillips to Bureau of Land Management, &#8220;Re: Willow MDP Draft Supplemental EIS Comments,&#8221;
letter from Willow Asset Manager Connor Dunnm August 29, 2022, <font style="color: #1155CC">https://eplanning.blm.gov/public_projects/109410/200258032/20067207/250073389/ConocoPhillips%20Comment%20Letter.pdf</font></font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt; line-height: 115%"><sup>xxxiii</sup></font>
<font style="font-size: 10pt">ConocoPhillips to Bureau of Land Management, &#8220;Re: Willow MDP Draft Supplemental EIS Comments,&#8221;,
p. 12</font></p>

<p style="font: 11pt Franklin Gothic Medium,sans-serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

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