ConocoPhillips (COP) investor relations material

Executive summary

• The annual meeting will be held virtually on May 12, 2026, with voting on director elections, auditor ratification, executive compensation, and a shareholder proposal for an independent board chairman.

• 2025 saw the successful integration of Marathon Oil, $1B+ in synergies, and strong operational and financial results, including $8.0B in earnings and $19.8B in cash from operations.

• The company advanced its LNG strategy, improved drilling efficiencies, and achieved emissions reduction targets, including zero routine flaring for heritage assets.

• $9.0B was returned to shareholders through buybacks and dividends, and the ordinary dividend was increased by 8%.

• The board emphasizes ongoing stakeholder engagement, robust governance, and a commitment to ESG and sustainability.

Voting matters and shareholder proposals

• Shareholders will vote on the election of 13 directors, ratification of Ernst & Young LLP as auditor, advisory approval of executive compensation, and a shareholder proposal to require an independent board chairman.

• The board recommends voting FOR all director nominees, FOR auditor ratification, FOR executive compensation, and AGAINST the independent chairman proposal.

• The board opposes the independent chairman proposal, citing flexibility and robust lead director responsibilities.

Board of directors and corporate governance

• The board consists of 13 members, with 11 deemed independent; four new directors joined in the past five years.

• Board skills include CEO experience (92%), financial reporting (85%), global business (77%), and sustainability (54%).

• The board conducts annual self-evaluations, emphasizes diversity, and has a median director tenure of eight years.

• The board leadership structure combines the roles of chairman and CEO, with an independent lead director providing oversight.

• All standing committees (Audit and Finance, Human Resources and Compensation, Directors' Affairs) are composed entirely of independent directors.