康菲石油 2024年度报告

Letter to shareholders Dear fellow shareholders, 2024 was another strong year for ConocoPhillips.We continued to deliver on our returns-focusedvalue proposition, distributed $9.1 billion toshareholders and enhanced our portfolio withthe acquisition of Marathon Oil. We achievedsignificant operational milestones across ourbusiness with a focus on safety and efficiency. And we further progressed our globalliquefied natural gas (LNG) strategy.Looking ahead to 2025, we remaincommitted to returning over 30% of cashfrom operations (CFO) to our shareholders,with a planned target of $10 billion indistributions. These accomplishments align withour Triple Mandate of responsibly andreliably meeting global energy demandand delivering competitive returns onand of capital, while working to meet ourpreviously established emissions-reductiontargets. They also reflect the commitmentand ingenuity of our workforce. ADVANCING A FINANCIALFRAMEWORK THAT REWARDSSHAREHOLDERS Ordinary dividendand variable return of cash $3.6B+ Share repurchases$5.5B Industry-leading valueproposition At ConocoPhillips, our focus is ondelivering superior returns through thecycles based on our foundational principlesof balance sheet strength, peer-leadingdistributions and disciplined investments,with an emphasis on environmental,social and governance performance. Weare committed to our value propositionand financial plan that produce reliablefree cash flow, allowing us to rewardshareholders now and in the future. $9.1BShareholder return in 2024 Delivering onour returns-focusedvalue proposition With assets in some of the most prolificbasins in the U.S. Lower 48 and Alaska, aswell as in Africa, Asia, Australia, Canadaand Europe, ConocoPhillips produced1,987 thousand barrels of oil equivalentper day (MBOED) globally in 2024, whichwas a record for the company. Our reservereplacement ratio was 244% and ourorganic reserve replacement ratio was123%. In the Lower 48, we continued todeliver drilling and completion efficiencyimprovements, resulting in mid-single-digit production growth while maintainingsimilar activity levels as in 2023. In Alaska,our teams reached first oil at Nuna, and weopportunistically exercised our preferentialrights to acquire additional working interestsin the Kuparuk River and Prudhoe Bay Units.Internationally, we reached first production “ConocoPhillips iswell positionedto achieve strong,consistent financialresults, now and fordecades to come.” at Eldfisk North in Norway and Bohai Phase5 in China. We also celebrated the 1,000thcargo lifts at Bohai Bay and APLNG. And thecompany progressed long-cycle projects,including Willow in Alaska, North Field Eastand North Field South in Qatar, and PortArthur LNG along the U.S. Gulf Coast. ConocoPhillips always looks foropportunities to enhance our portfolio— but only when they meet our rigorousfinancial framework and strengthen ourbusiness. In November 2024, we acquiredMarathon Oil in a $22.5 billion all-stocktransaction, adding high-quality, lowcost of supply inventory adjacent to ourleading U.S. unconventional positionin the Eagle Ford, Bakken and PermianBasin. We have a strong history ofseamlessly integrating assets, and weexpect the Marathon Oil transaction todeliver synergies of over $1 billion on arun rate basis by the end of 2025, half ofwhich were incorporated into our 2025capital guidance. ConocoPhillipsat a glance As of Dec. 31, 2024 2024 HIGHLIGHTS AcquiredMarathon Oil, ontrack to deliverover $1 billionin synergies. Generatedearnings1of$9.2 billion. Returned$9.1 billionof capital toshareholders.Increasedordinarydividend by34%.Produced1,987 MBOED Reached first oilat new sites inNorway, Alaskaand China. Expandedglobal LNGbusinesswithnew agreements inEurope and Asia. We also advanced our global LNGstrategy in 2024 through new long-termagreements in Europe and Asia. With theaddition of Marathon Oil, we’ve addedapproximately 2 million tonnes per annumof net LNG capacity in Equatorial Guineato our global portfolio. We have equity,offtake and regasification agreementsacross major global markets. WHO WE ARE 14 ONE OF THEWORLD’S LEADINGEXPLORATIONAND PRODUCTIONCOMPANIES COUNTRIESWITH OPERATIONSAND ACTIVITIES Our competitive advantage ConocoPhillips executed across allaspects of our Triple Mandate in 2024.We achieved a 14% return on capitalemployed and returned $9.1 billion ofcapital to shareholders, well in excess BALANCED,DIVERSIFIED GLOBALPORTFOLIO of our greater than 30% of CFO annualthrough-the-cycle commitment. In December2024, we increased our ordinary dividend by34%, effectively incorporating our variablereturn of cash into the ordinary dividend.Since 2017, following our strategy reset,our total shareholder distributions haveaveraged more than 45% of CFO. We believethat our CFO-based returns frameworkdifferentiates us relative to peers and is acompetitive advantage. Positioned for the future The world needs access to responsiblyproduced, reliable