Exhibit 99.1
Resource Extraction Payment Report
This exhibit to Form SD presents payments made by ConocoPhillips to the U.S. federal government and foreign governments for the purpose of commercial development of oil and natural gas during the year ended December 31, 2024. The information within this report has been prepared and is presented in accordance with Rule 13q-1 (17 CFR 240.13q-1) under the Securities Exchange Act of 1934, as amended (“the Rule”). This report is limited to payments required to be disclosed by the Rule and does not include other payments and contributions to governmental and civic entities beyond the scope of the Rule. Therefore, amounts disclosed in this report differ from disclosures in ConocoPhillips’ other publicly available financial reports, including those found within periodic reports filed with the U.S. Securities and Exchange Commission.
This report includes all payments made in 2024 by Marathon Oil Corporation (Marathon Oil) that are subject to reporting requirements. As Marathon Oil was a resource extraction issuer subject to reporting under the Rule prior to acquisition by ConocoPhillips, all reportable payments made by Marathon Oil, both before and after the acquisition date, are included in this report. Payments are presented in the segments and projects to which they were associated after the acquisition.
Payments
Payments are disclosed on a cash basis, according to the year during which the payment was made (rather than on an accrual basis). Only payments of the types defined within the Rule and for which ConocoPhillips made payments during the reporting period are presented. In-kind payments are reported at cost or at fair value, as indicated in the tables below.
Currency
All payments are reported in thousands of United States dollars (U.S. Dollars or USD). Payments made in other currencies have been converted into USD by translating the payment at the exchange rate existing at the time the payment was made.
Projects
Payments are grouped into projects, which, in accordance with the Rule, are defined as the combination of the country, the designation of "onshore" or "offshore" and body of water, and the political subnational jurisdiction of the associated extractive activities. Countries and political subnational jurisdictions are designated by ISO 3166 country codes. The resources being extracted are oil and natural gas, all with the extraction method of “well,” unless otherwise noted. Obligations levied at the entity level rather than on a particular project are disclosed as entity level payments.
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Payment Overview
| Payments in Thousands of U.S. Dollars | |||||||||||||||||||||||
| Country | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Community and Social Responsibility | Total | ||||||||||||||||
| Australia | $ | — | — | 446 | — | — | — | 446 | |||||||||||||||
| Cambodia | — | — | 250 | — | — | — | 250 | ||||||||||||||||
| Canada | 20,206 | 199,985 | 14,286 | — | — | — | 234,477 | ||||||||||||||||
| China | 177,433 | — | 238 | — | — | — | 177,671 | ||||||||||||||||
| Equatorial Guinea | 56,961 | 2,592 | 1,216 | 148,805 | 337 | 4,104 | 214,015 | ||||||||||||||||
| Libya | 1,278,777 | 105,423 | 83 | — | — | — | 1,384,283 | ||||||||||||||||
| Malaysia | 241,507 | — | 6,913 | — | — | — | 248,420 | ||||||||||||||||
| Norway | 1,608,237 | — | 70,777 | 181,063 | — | — | 1,860,077 | ||||||||||||||||
| United Kingdom | 18,640 | — | 240 | — | — | — | 18,880 | ||||||||||||||||
| United States | 296,705 | 558,780 | 5,866 | — | — | — | 861,351 | ||||||||||||||||
| Total | $ | 3,698,466 | 866,780 | 100,315 | 329,868 | 337 | 4,104 | 4,999,870 | |||||||||||||||
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Segment Reporting
Alaska Segment
| Payments in Thousands of U.S. Dollars | |||||||||||||||||
| Government Entity | Project | Payment Currency | Royalties | Fees | Total | ||||||||||||
| Office of Natural Resources Revenue | Onshore/US/US-AK/Oil/Natural Gas/Well | USD | $ | 51,522 | 3,740 | 55,262 | |||||||||||
| Bureau of Land Management | Onshore/US/US-AK/Oil/Natural Gas/Well | USD | — | 189 | 189 | ||||||||||||
| Alaska Total | $ | 51,522 | 3,929 | 55,451 | |||||||||||||
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Lower 48 Segment
| Payments in Thousands of U.S. Dollars | |||||||||||||||||
| Government Entity | Project | Payment Currency | Royalties | Fees | Total | ||||||||||||
| Office of Natural Resources Revenue | Onshore/US/US-MT/Oil/Natural Gas/Well | USD | $ | 6 | 6 | 12 | |||||||||||
| Onshore/US/US-NM/Oil/Natural Gas/Well | USD | 382,152 | 41 | 382,193 | |||||||||||||
| Onshore/US/US-ND/Oil/Natural Gas/Well | USD | 98,989 | 2 | 98,991 | |||||||||||||
| Onshore/US/US-WY/Oil/Natural Gas/Well | USD | 24 | 3 | 27 | |||||||||||||
| Offshore-Gulf of America/US/US-LA/Oil/Natural Gas/Well | USD | 25,422 | — | 25,422 | |||||||||||||
| Bureau of Land Management | Onshore/US/US-NM/Oil/Natural Gas/Well | USD | — | 1,386 | 1,386 | ||||||||||||
| Onshore/US/US-NM/Caliche/Open Pit | USD | 665 | — | 665 | |||||||||||||
| Onshore/US/US-ND/Oil/Natural Gas/Well | USD | — | 499 | 499 | |||||||||||||
| Lower 48 Total | $ | 507,258 | 1,937 | 509,195 | |||||||||||||
| Payments made by Marathon Oil Corporation are included in the reporting by payment type and project above. | |||||||||||||||||
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Canada Segment
| Payments in Thousands of U.S. Dollars | ||||||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Royalties | Fees | Total | ||||||||||||||
| Government of Canada | Onshore/CA/CA-AB/Oil/Well | CAD | $ | — | — | 101 | 101 | |||||||||||||
| Province of Alberta | Onshore/CA/CA-AB/Oil/Natural Gas/Well | CAD | — | 167,316 | 5,103 | 172,419 | ||||||||||||||
| Province of British Columbia | Onshore/CA/CA-BC/Oil/Natural Gas/Well | CAD | 1,763 | 32,669 | 2,276 | 36,708 | ||||||||||||||
| Regional Municipality of Wood Buffalo | Onshore/CA/CA-AB/Oil/Well | CAD | 18,443 | — | — | 18,443 | ||||||||||||||
| Blueberry River First Nation | Onshore/CA/CA-BC/Oil/Natural Gas/Well | CAD | — | — | 1,458 | 1,458 | ||||||||||||||
| Fort McMurray 468 First Nation | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 830 | 830 | ||||||||||||||
| Halfway River First Nation | Onshore/CA/CA-BC/Oil/Natural Gas/Well | CAD | — | — | 784 | 784 | ||||||||||||||
| Heart Lake First Nation Consultation | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 136 | 136 | ||||||||||||||
| Metis Nation of Alberta Local Council 1935 | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 132 | 132 | ||||||||||||||
| Chipewyan Prairie First Nation | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 3,262 | 3,262 | ||||||||||||||
| Conklin Resource Development Advisory Committee | Onshore/CA/CA-AB/Oil/Well | CAD | — | — | 204 | 204 | ||||||||||||||
| Canada Total | $ | 20,206 | 199,985 | 14,286 | 234,477 | |||||||||||||||
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Europe, Middle East and North Africa Segment
United Kingdom
| Payments in Thousands of U.S. Dollars | |||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Total | ||||||||||||
| HM Revenue & Customs | Offshore-North Sea/GB/GB-STT/Oil/Natural Gas/Well | GBP | $ | 18,640 | — | 18,640 | |||||||||||
| North Sea Transition Authority | Offshore-North Sea/GB/GB-NBL/Oil/Natural Gas/Well | GBP | 240 | 240 | |||||||||||||
| United Kingdom Total | $ | 18,640 | 240 | 18,880 | |||||||||||||
Equatorial Guinea
| Payments in Thousands of U.S. Dollars | |||||||||||||||||||||||||||||
| Government Entity | Project Name | Payment Currency | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Community and Social Responsibility | Total | ||||||||||||||||||||
| EG Federal Government | Offshore-Gulf of Guinea/GQ/GQ-BN/Oil/Natural Gas/Well | In-Kind1 | $ | — | — | — | — | — | 4,104 | 4,104 | |||||||||||||||||||
| EG Ministry of Mines and Hydrocarbons | Offshore-Gulf of Guinea/GQ/GQ-BN/Oil/Natural Gas/Well | USD | — | — | 528 | — | — | — | 528 | ||||||||||||||||||||
| XAF | — | — | 507 | — | — | — | 507 | ||||||||||||||||||||||
In-Kind2 | — | — | — | 131,213 | — | — | 131,213 | ||||||||||||||||||||||
| GEPetrol | Offshore-Gulf of Guinea/GQ/GQ-BN/Oil/Natural Gas/Well | In-Kind2 | — | — | — | 17,592 | — | — | 17,592 | ||||||||||||||||||||
| USD | — | 312 | — | — | — | — | 312 | ||||||||||||||||||||||
| Tesoreria y Patrimonio del Estado | Offshore-Gulf of Guinea/GQ/GQ-BN/Oil/Natural Gas/Well | USD | 22,864 | 2,280 | 158 | — | — | — | 25,302 | ||||||||||||||||||||
| XAF | 34,097 | — | 23 | — | 337 | — | 34,457 | ||||||||||||||||||||||
| Equatorial Guinea Total | $ | 56,961 | 2,592 | 1,216 | 148,805 | 337 | 4,104 | 214,015 | |||||||||||||||||||||
| Payments made by Marathon Oil are included in the reporting by payment type and project. | |||||||||||||||||||||||||||||
| ¹ Community and social responsibility payments made in-kind are reported at actual cost. | |||||||||||||||||||||||||||||
| ² Production entitlements in-kind payments represent the market value of volumes conveyed to the EG Government. | |||||||||||||||||||||||||||||
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Libya
| Payments in Thousands of U.S. Dollars | ||||||||||||||||||||
| Government Entity | Project Name | Payment Currency | Taxes | Royalties | Fees | Total | ||||||||||||||
| Ministry of Oil and Gas | Onshore/LY/LY-WA/Oil/Natural Gas/Well | USD | $ | 1,278,777 | 105,423 | — | 1,384,200 | |||||||||||||
| LYD | — | — | 83 | 83 | ||||||||||||||||
| Libya Total | $ | 1,278,777 | 105,423 | 83 | 1,384,283 | |||||||||||||||
Norway
| Payments in Thousands of U.S. Dollars | ||||||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Production Entitlements | Total | ||||||||||||||
| Sokkeldirektoratet | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | NOK | $ | — | 64,782 | — | 64,782 | |||||||||||||
| Offshore-Norwegian Sea/NO/NO-46/Oil/Natural Gas/Well | NOK | — | 2,082 | — | 2,082 | |||||||||||||||
| Skatteetaten | Entity Level Payment | NOK | 1,608,237 | — | — | 1,608,237 | ||||||||||||||
| Havindustritilsynet | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | NOK | — | 1,765 | — | 1,765 | ||||||||||||||
| Petoro | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | In-Kind¹ | — | — | 181,063 | 181,063 | ||||||||||||||
| Naeringslivets NOx Fond | Offshore-North Sea/NO/NO-11/Oil/Natural Gas/Well | NOK | — | 2,148 | — | 2,148 | ||||||||||||||
| Norway Total | $ | 1,608,237 | 70,777 | 181,063 | 1,860,077 | |||||||||||||||
| ¹In-kind payments of $181,063 thousand represent 2,330 MBOE valued at regional market prices. | ||||||||||||||||||||
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Asia Pacific Segment
Australia
| Payments in Thousands of U.S. Dollars | ||||||||||||||
| Government Entity | Project | Payment Currency | Fees | Total | ||||||||||
| National Offshore Petroleum Safety and Environmental Management Authority | Offshore-Commonwealth Waters/AU/AU-VIC/Natural Gas/Well | AUD | $ | 268 | 268 | |||||||||
| Offshore-Commonwealth Waters/AU/AU-TAS/Natural Gas/Well | AUD | 179 | 179 | |||||||||||
| Australia Total | $ | 446 | 446 | |||||||||||
China
Payments in Thousands of U.S. Dollars | |||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Total | ||||||||||||
| Tianjin Municipal Tax Service, State Taxation Administration | Offshore-Bohai Sea/CN/CN-TJ/Oil/Well | CNY | $ | 174,163 | 238 | 174,401 | |||||||||||
| CNOOC (China) Ltd - Tianjin Branch | Offshore-Bohai Sea/CN/CN-TJ/Oil/Well | CNY | 3,270 | — | 3,270 | ||||||||||||
| China Total | $ | 177,433 | 238 | 177,671 | |||||||||||||
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Malaysia
| Payments in Thousands of U.S. Dollars | |||||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Fees | Total | ||||||||||||
| Ketua Pengarah Hasil Dalam Negeri | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | $ | 186,368 | — | 186,368 | |||||||||||
| Entity Level Payment/MY | MYR | 870 | — | 870 | |||||||||||||
| Pengarah Kastam Negeri | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | 12,602 | — | 12,602 | ||||||||||||
| Petroliam Nasional Berhad | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | — | 6,913 | 6,913 | ||||||||||||
| Bendahari Negeri Sabah | Offshore-South China Sea/MY/MY-12/Oil/Natural Gas/Well | MYR | 41,667 | — | 41,667 | ||||||||||||
| Malaysia Total | $ | 241,507 | 6,913 | 248,420 | |||||||||||||
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Other International Segment
Cambodia
| Payments in Thousands of U.S. Dollars | ||||||||||||||
| Government Entity | Project | Payment Currency | Fees | Total | ||||||||||
| Ministry of Mines and Energy | Onshore/KH/KH-12/Oil/Natural Gas/Well | USD | $ | 250 | 250 | |||||||||
| Cambodia Total | $ | 250 | 250 | |||||||||||
Corporate and Other
Corporate Entity Level Payments
| Payments in Thousands of U.S. Dollars | ||||||||||||||
| Government Entity | Project | Payment Currency | Taxes | Total | ||||||||||
| Internal Revenue Service | Entity Level Payment/US | USD | $ | 296,705 | 296,705 | |||||||||
| Corporate and Other Total | $ | 296,705 | 296,705 | |||||||||||
Includes payments made by Marathon Oil Corporation. This report contains only those payments that are subject to disclosure requirements and excludes state and local income taxes paid within the United States. Please refer to the ConocoPhillips 2024 Annual Report on Form 10-K for income tax disclosures including U.S. state and local income taxes. | ||||||||||||||
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