Management’s Discussion and Analysis is the company’s analysis of its financial performance and of significant trends that may affect future performance. It should be read in conjunction with the financial statements and notes. It contains forward-looking statements including, without limitation, statements relating to the company’s plans, strategies, objectives, expectations and intentions that are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The words “ambition,” “anticipate,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” and similar expressions identify forward-looking statements. The company does not undertake to update, revise or correct any of the forward-looking information unless required to do so under the federal securities laws. Readers are cautioned that such forward-looking statements should be read in conjunction with the company’s disclosures under the heading: “CAUTIONARY STATEMENT FOR THE PURPOSES OF THE ‘SAFE HARBOR’ PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995,” beginning on page 48. The terms “earnings” and “loss” as used in Management’s Discussion and Analysis refer to net income (loss). Throughout this quarterly report on Form 10-Q, certain totals and percentages may differ from the precise sum of the underlying components due to rounding. Business Environment and Executive Overview ConocoPhillips is one of the world’s leading E&P companies based on production and reserves, with operations and activities in 15 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects. Headquartered in Houston, Texas, at June 30, 2026, we employed approximately 9,600 people worldwide and had total assets of $124 billion. Overview At ConocoPhillips, we anticipate that commodity prices will continue to be cyclical and volatile, and our view is that a successful business strategy in the E&P industry must be resilient in lower price environments while also retaining upside during periods of higher prices. As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, tariffs, inflation and supply chain disruptions. We continue to closely monitor the macroeconomic environment and the ongoing market volatility in the energy landscape and across global markets for implications to our business, results of operations and financial condition. Geopolitical tensions in the Middle East, including the ongoing conflict involving Iran, have increased volatility in global energy markets and may elevate risks to regional operations, infrastructure and shipping routes. We have investments in LNG facilities in Qatar, including one producing asset and two projects under construction. Our investments have not been damaged, though production remained constrained through the second quarter of 2026, and there are no indications of impairment. However, further escalation could adversely affect operations, LNG transportation and construction and have broader supply chain impacts. Production from our Qatar investments was approximately four percent of total company production volumes in 2025. The company continues to monitor developments and prioritize the safety of personnel and the integrity of our operations. See Note 6. As the global energy industry continues to evolve, we remain committed to creating long-term value for our stockholders. We believe ConocoPhillips plays an essential role in responsibly meeting the global demand for energy, while continuing to deliver competitive returns on and of capital and working to meet our previously established emissions-reduction targets. Our value proposition to deliver competitive returns to stockholders through price cycles is guided by our foundational principles which consist of maintaining balance sheet strength, providing peer-leading distributions, making disciplined investments and demonstrating responsible and reliable ESG performance. In 2025, we made clear commitments to enhance portfolio value and structural profitability, and we remain focused on seeing those commitments through to completion. In the second half of 2025, we announced incremental cost reductions and margin enhancements exceeding $1 billion anticipated on a run-rate basis by year-end 2026, reflecting continued progress toward delivering sustainable improvements in our cost structure and margins. ConocoPhillips 2026 Q2 10-Q 28 Management’s Discussion and Analysis Table of Contents In the third quarter of 2025, we announced a total disposition target of $5 billion by year-end 2026. In the second quarter of 2026, we entered into agreements to sell our interests in certain noncore assets in the Lower 48 segment for approximately $1.7 billion, subject to customary closing adjustments. These transactions closed in the third quarter of 2026. These transactions, coupled with our 2025 dispositions, achieved the $5 billion disposition target. See Note 3. Operationally, we remain focused on safely executing the business while also progressing key strategic initiatives. During the second quarter of 2026, we entered into certain commercial LNG agreements, expanding our commercial offtake from 10.2 MTPA to 12.2 MTPA. In June 2026, we and a third-party operator jointly signed an agreement with the Syrian government and Syrian Petroleum Company to increase production from, and further develop, certain gas fields in Syria, from which we do not expect material impacts in 2026. In July 2026, we entered into an agreement with a wholly owned subsidiary of BP p.l.c. (bp) to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. The cash outflow at close is expected to be $0.3 billion to $0.5 billion, including reimbursement of our proportionate share of bp's project costs incurred from the effective date of the agreement through close. In addition, deferred payments of $0.2 billion will be paid no later than three years from the date of close. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. See Note 3. Production was 2,248 MBOED in the second quarter of 2026, a decrease of 143 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, second-quarter 2026 production decreased by 98 MBOED or four percent from the same period a year ago. Second-quarter 2026 production resulted in $7.4 billion of cash provided by operating activities. We returned $3.0 billion to shareholders, consisting of $2.0 billion through share repurchases and $1.0 billion through our ordinary dividend. We ended the quarter with cash, cash equivalents, restricted cash and short-term investments totaling $8.1 billion and long-term investments in debt securities of $1.2 billion. Also in the second quarter of 2026, we reinvested $3.0 billion into the business in the form of capital expenditures and investments, with over half of the expenditures related to flexible, short-cycle unconventional plays in the Lower 48 segment. In August 2026, we declared a third-quarter ordinary dividend of $0.84 per share. Business Environment Commodity prices are the most significant factor impacting our profitability and related returns on and of capital to our shareholders. Dynamics that could influence world energy markets and commodity prices include, but are not limited to, global economic health, supply or demand disruptions or fears thereof caused by civil unrest, global pandemics, military conflicts, actions taken by OPEC Plus and other major oil producing countries, environmental laws, tariffs, governmental policies and weather-related disruptions. Our strategy is to create value through price cycles by delivering on the financial, operational and ESG priorities that underpin our value proposition. Our earnings and operating cash flows generally correlate with price levels for crude oil and natural gas, which are subject to factors external to the company and over which we have no control. The following graph depicts the trend in average benchmark prices for WTI crude oil, Brent crude oil and U.S. Henry Hub natural gas: 29 ConocoPhillips 2026 Q2 10-Q Management’s Discussion and Analysis Table of Contents The following table presents average prices for the second quarter of 2026 compared to the second quarter of 2025. Three Months EndedJune 30 Industry Prices 2026 2025 Change Brent ($ per BBL) 104.52 67.82 54 % WTI ($ per BBL) 92.79 63.74 46 % Henry Hub ($ per MMBTU) 2.90 3.44 (16) % Average Realized Prices Crude ($ per BBL) 99.40 64.23 55 % Bitumen ($ per BBL) 61.01 39.43 55 % Gas ($ per MCF) 2.58 4.16 (38) % Total ($ per BOE) 62.33 45.77 36 % Oil and bitumen prices were higher in the second quarter of 2026 compared with the same period of 2025 as Middle East supply disruptions that began in the first quarter of 2026 persisted through the second quarter. U.S. Henry Hub prices decreased relative to the first quarter of 2026 due to seasonally softer demand coupled with rising domestic production and above normal inventory levels. Prices decreased relative to the same quarter last year as rising domestic production contributed to a well-supplied market. The risk of volatility in regional markers remains throughout 2026. Total realized prices were higher in the second quarter of 2026 compared with the same period of 2025 primarily driven by higher industry prices for oil. ConocoPhillips 2026 Q2 10-Q 30 Management’s Discussion and Analysis Table of Contents Key Operating and Financial Summary •Reported second-quarter 2026 earnings per share of $3.23; •Generated cash provided by operating activities of $7.4 billion; •Distributed $3.0 billion to shareholders, including $2.0 billion through share repurchases and $1.0 billion through the ordinary dividend; •Declared third-quarter ordinary dividend of $0.84 per share; •Reaffirmed full-year guidance items; •Delivered total company and Lower 48 production of 2,248 MBOED and 1,479 MBOED, respectively; •Signed agreements to sell noncore Lower 48 assets for $1.7 billion, which closed in July, achieving $5 billion disposition target ahead of schedule; •Signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq, accessing long-life, conventional redevelopment opportunities at an attractive entry cost and competitive cost of supply; closing expected by year-end 2026; •Executed an agreement for re-entry into Syria, leveraging existing infrastructure to restore and increase production at onshore fields; •Advanced commercial LNG strategy with additional 2 MTPA of offtake agreements, bringing total LNG offtake to 12 MTPA; and •Ended the quarter with cash, cash equivalents and restricted cash of $7.0 billion, short-term investments of $1.1 billion and long-term investments of $1.2 billion. Outlook Production Third-quarter 2026 production is expected to be 2.29 to 2.32 MMBOED. All full-year guidance items remain unchanged. 31 ConocoPhillips 2026 Q2 10-Q Results of Operations Table of Contents Results of Operations Unless otherwise indicated, discussion of consolidated results for the three- and six-month periods ended June 30, 2026, is based on a comparison with the corresponding period of 2025. Consolidated Results Summary Operating Statistics Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Average Net Production Crude oil (MBD) Consolidated operations 1,092 1,144 1,096 1,149 Equity affiliates 2 11 6 12 Total crude oil 1,094 1,155 1,102 1,161 Natural gas liquids (MBD) Consolidated operations 419 418 414 406 Equity affiliates 1 6 4 7 Total natural gas liquids 420 424 418 413 Bitumen (MBD) 115 144 117 144 Natural gas (MMCFD) Consolidated operations 2,845 2,855 2,834 2,848 Equity affiliates 865 1,150 1,015 1,190 Total natural gas 3,710 4,005 3,848 4,038 Total Production (MBOED) 2,248 2,391 2,278 2,391 Total Production (MMBOE) 205 218 412 433 Dollars Per Unit Average Sales Prices Crude oil (per BBL) Consolidated operations $ 99.47 64.21 86.70 67.92 Equity affiliates 66.95 65.87 68.46 71.15 Total crude oil 99.40 64.23 86.60 67.95 Natural gas liquids (per BBL) Consolidated operations 24.43 20.51 22.29 22.60 Equity affiliates 45.20 48.93 45.97 50.72 Total natural gas liquids 24.54 20.98 22.51 23.11 Bitumen (per BBL) 61.01 39.43 55.80 42.30 Natural gas (per MCF) Consolidated operations 1.60 2.99 2.47 3.88 Equity affiliates 5.62 6.91 5.76 7.24 Total natural gas $ 2.58 4.16 3.36 4.90 ConocoPhillips 2026 Q2 10-Q 32 Results of Operations Table of Contents Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Exploration Expenses General administrative, geological and geophysical, lease rental and other $ 53 57 128 113 Leasehold impairment 18 18 43 36 Dry hole 4 6 13 49 Total exploration expenses $ 75 81 184 198 Total Company Production We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. In the quarter ended June 30, 2026, our operations were producing in the U.S., Australia, Canada, China, Equatorial Guinea, Libya, Malaysia, Norway and Qatar. Total production in the second quarter of 2026 was 2,248 MBOED, a decrease of 143 MBOED or six percent from the same period a year ago. Total production in the six-month period ended June 30, 2026, was 2,278 MBOED, a decrease of 113 MBOED or five percent from the same period a year ago. Production decreases were primarily driven by normal field decline. Production decreases were partly offset by new wells online in the Lower 48, Canada, Alaska, China, Australia and Libya. After adjusting for impacts from closed acquisitions and dispositions, second-quarter 2026 production decreased by 98 MBOED or four percent from the same period a year ago. After adjusting for closed acquisitions and dispositions, production in the six-month period ended June 30, 2026, decreased by 57 MBOED or four percent. 33 ConocoPhillips 2026 Q2 10-Q Results of Operations Table of Contents Income Statement Analysis Unless otherwise indicated, all results in Income Statement Analysis are before-tax. Below is select financial data provided on a consolidated basis. The full Income Statement can be found in Item 1. Financial Statements. Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Sales and other operating revenues $ 19,161 14,004 34,922 30,521 Purchased commodities 6,712 5,085 12,995 11,273 Production and operating expenses 2,431 2,572 4,707 5,078 Depreciation, depletion and amortization 2,983 2,838 5,889 5,584 Taxes other than income taxes 793 572 1,400 1,123 Sales and other operating revenues for the three- and six-month periods ended June 30, 2026, increased $5,157 million and $4,401 million, respectively. Increases for the three- and six-month periods include higher crude and bitumen prices of $3,730 million and $3,988 million, respectively. For the three- and six-month periods, these increases were partly offset by lower volumes of $409 million and $835 million, respectively. Purchased commodities for the three- and six-month periods ended June 30, 2026, increased $1,627 million and $1,722 million, respectively, primarily due to higher crude prices partly offset by lower gas prices. Production and operating expenses for the three- and six-month periods ended June 30, 2026, decreased $141 million and $371 million, respectively, primarily due to increased efficiencies. DD&A for the three- and six-month periods ended June 30, 2026, increased $145 million and $305 million, respectively, primarily due to higher DD&A rates, driven by higher net book values from the finalized allocations of our Marathon Oil purchase price to specific assets and lower proved developed reserves as of December 31, 2025. ConocoPhillips 2026 Q2 10-Q 34 Results of Operations Table of Contents Segment Results Unless otherwise indicated, discussion of segment results for the three- and six-month periods ended June 30, 2026, is based on a comparison with the corresponding period of 2025 and are shown after-tax. A summary of the company's net income (loss) by business segment follows: Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Alaska $ 522 135 816 462 Lower 48 2,584 1,399 3,987 3,189 Canada 320 149 405 405 Europe, Middle East and North Africa 346 237 611 656 Asia Pacific 389 330 684 641 Segment Totals 4,161 2,250 6,503 5,353 Corporate and Other (230) (279) (389) (533) Net income (loss) $ 3,931 1,971 6,114 4,820 For further discussion of segment results, see the following pages. 35 ConocoPhillips 2026 Q2 10-Q Results of Operations Table of Contents Alaska Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Select financial data by segment before-tax ($MM) Sales and other operating revenues $ 1,873 1,315 3,396 2,925 Production and operating expenses 522 546 997 1,052 Depreciation, depletion and amortization 346 361 698 716 Taxes other than income taxes 182 128 330 188 Net income (loss) ($MM) $ 522 135 816 462 Average Net Production Crude oil (MBD) 169 182 172 183 Natural gas liquids (MBD) 14 15 15 16 Natural gas (MMCFD) 14 48 20 48 Total Production (MBOED) 185 205 190 207 Total Production (MMBOE) 17 19 34 37 Average Sales Prices Crude oil ($ per BBL) $ 108.49 70.87 94.49 73.90 Natural gas ($ per MCF) 3.29 3.80 3.51 3.85 The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas. As of June 30, 2026, Alaska contributed 11 percent of our consolidated liquids production and one percent of our consolidated natural gas production. Net Income (Loss) Alaska reported earnings of $522 million and $816 million in the three- and six-month periods ended June 30, 2026, respectively, compared with earnings of $135 million and $462 million for the same periods of 2025. Earnings in the second quarter of 2026 included higher sales revenues resulting from higher realized prices of $480 million. This increase was partly offset by lower produced volumes of $78 million. Earnings in the six-month period ended June 30, 2026 included higher sales revenues resulting from higher realized prices of $532 million. This increase was partly offset by lower produced volumes of $138 million and higher taxes other than income of $109 million primarily driven by the absence of an impact from the settlement of a contingent matter. Production Average production decreased 20 MBOED and 17 MBOED in the three- and six-month periods ended June 30, 2026, respectively, primarily driven by normal field decline. The production decreases were partly offset by new wells online. ConocoPhillips 2026 Q2 10-Q 36 Results of Operations Table of Contents Lower 48 Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Select financial data by segment before-tax ($MM) Sales and other operating revenues $ 13,028 9,963 24,108 21,511 Production and operating expenses 1,276 1,474 2,529 2,965 Depreciation, depletion and amortization 2,147 2,003 4,198 3,907 Taxes other than income taxes 513 396 907 825 Net income (loss) ($MM) $ 2,584 1,399 3,987 3,189 Average Net Production Crude oil (MBD) 732 761 732 757 Natural gas liquids (MBD) 392 389 385 376 Natural gas (MMCFD) 2,126 2,146 2,097 2,113 Total Production (MBOED) 1,479 1,508 1,466 1,485 Total Production (MMBOE) 135 137 265 269 Average Sales Prices Crude oil ($ per BBL) $ 96.24 61.90 83.65 65.60 Natural gas liquids ($ per BBL) 24.30 20.52 22.12 22.59 Natural gas ($ per MCF) (1.44) 1.60 (0.15) 2.12 The Lower 48 segment consists of operations located in the U.S. Lower 48 states and commercial operations. As of June 30, 2026, the Lower 48 contributed 69 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production. Net Income (Loss) Lower 48 reported earnings of $2,584 million and $3,987 million in the three- and six-month periods ended June 30, 2026, respectively, compared with earnings of $1,399 million and $3,189 million for the same periods of 2025. Earnings in the second quarter of 2026 included higher sales revenues resulting from higher realized crude and NGL prices of $1,892 million. Additional increases to earnings include lower production and operating expenses of $155 million primarily driven by efficiencies. Decreases to earnings include lower gas prices of $459 million driven by lower gas realizations and lower volumes of $125 million. Additional decreases to earnings include the absence of a gain on a disposition of $254 million and higher DD&A of $112 million, primarily driven by higher rates, due to higher net book values from the finalized allocations of our Marathon Oil purchase price to specific assets and lower proved developed reserves as of December 31, 2025. Earnings in the six-month period ended June 30, 2026 included higher sales revenues resulting from higher realized crude prices of $1,868 million. Additional increases to earnings include lower production and operating expenses of $341 million, primarily driven by efficiencies. Decreases to earnings include lower gas prices of $673 million driven by lower gas realizations and lower volumes of $208 million. Additional decreases to earnings include the absence of a gain on a disposition of $242 million, and higher DD&A of $227 million, primarily driven by higher rates, due to higher net book values from the finalized allocations of our Marathon Oil purchase price to specific assets and lower proved developed reserves as of December 31, 2025. Production Average production decreased 29 MBOED and 19 MBOED in the three- and six-month periods ended June 30, 2026, respectively. Production decreases were primarily driven by normal field decline and dispositions of assets in 2025. Decreases to production were partly offset by new wells online from our development programs in the Delaware Basin, Eagle Ford, Midland Basin and Bakken. 37 ConocoPhillips 2026 Q2 10-Q Results of Operations Table of Contents Assets Held for Sale In the second quarter of 2026, we entered into agreements to sell our interests in certain noncore assets in the Lower 48 segment for approximately $1.7 billion, subject to customary closing adjustments. Production from these assets averaged approximately 21 MBOED in 2025. These transactions closed in the third quarter of 2026. See Note 3. ConocoPhillips 2026 Q2 10-Q 38 Results of Operations Table of Contents Canada Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Select financial data by segment before-tax ($MM) Sales and other operating revenues $ 1,304 848 2,321 1,833 Production and operating expenses 290 216 479 417 Depreciation, depletion and amortization 133 143 285 274 Taxes other than income taxes 7 5 17 14 Net income (loss) ($MM) $ 320 149 405 405 Average Net Production Crude oil (MBD) 11 20 14 18 Natural gas liquids (MBD) 6 6 6 6 Bitumen (MBD) 115 144 117 144 Natural gas (MMCFD) 117 124 124 117 Total Production (MBOED) 152 191 158 187 Total Production (MMBOE) 14 17 29 34 Average Sales Prices Crude oil ($ per BBL) $ 87.10 55.48 73.73 58.64 Natural gas liquids ($ per BBL) 30.25 20.63 29.73 24.25 Bitumen ($ per BBL) 61.01 39.43 55.80 42.30 Natural gas ($ per MCF)* 0.79 0.71 1.25 1.01 *Average sales prices include unutilized transportation costs. The Canada segment operations include the Surmont oil sands development in Alberta, the Montney unconventional play in British Columbia and commercial operations. As of June 30, 2026, Canada contributed eight percent of our consolidated liquids production and four percent of our consolidated natural gas production. Net Income (Loss) Canada reported earnings of $320 million and $405 million in the three- and six-month periods ended June 30, 2026, respectively, compared with earnings of $149 million and $405 million for the same periods of 2025. Earnings in the second quarter of 2026 included higher sales revenues resulting from higher realized prices of $199 million and timing of sales. This increase was partly offset by lower volumes of $113 million and a pending claim of $58 million. Earnings in the six-month period ended June 30, 2026 included higher sales revenues resulting from higher realized prices of $254 million and timing of sales. This increase was offset by lower volumes of $187 million and pending claims of $121 million. Additional decreases to earnings included lower other income of $56 million primarily from a change in the fair value measurement associated with the Surmont contingent consideration arrangement. See Note 10. Production Average production decreased 39 MBOED and 29 MBOED in the three- and six-month periods ended June 30, 2026, respectively. Decreases to production resulted from higher variable royalties in Surmont following a post-payout event in 2025 and a rate increase due to higher prices, as well as normal field decline. The Surmont royalties are based on a sliding scale ranging from 25 percent to 40 percent, calculated under the oil sands royalty regime as a percentage of gross revenue, net of allowable deductions post-payout, indexed to WTI prices between $55 CAD and $120 CAD. Production decreases were partly offset by new wells online in the Montney area. 39 ConocoPhillips 2026 Q2 10-Q Results of Operations Table of Contents Europe, Middle East and North Africa Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Select financial data by segment before-tax ($MM) Sales and other operating revenues $ 2,276 1,400 3,903 3,340 Production and operating expenses 270 232 527 456 Depreciation, depletion and amortization 241 198 480 417 Taxes other than income taxes 15 10 30 22 Net income (loss) ($MM) $ 346 237 611 656 Consolidated Operations Average Net Production Crude oil (MBD) 122 120 121 129 Natural gas liquids (MBD) 8 8 8 8 Natural gas (MMCFD) 514 483 519 511 Total Production (MBOED) 215 208 216 222 Total Production (MMBOE) 20 19 39 40 Average Sales Prices Crude oil ($ per BBL) $ 103.26 67.48 91.05 71.36 Natural gas liquids ($ per BBL) 26.57 20.24 24.37 22.08 Natural gas ($ per MCF) 14.49 10.21 13.03 11.87 Production and sales prices exclude equity affiliates. See Summary Operating Statistics for equity affiliate totals. The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea and the Norwegian Sea, Qatar, Libya, Equatorial Guinea, Syria and commercial and terminalling operations in the U.K. As of June 30, 2026, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production. Net Income (Loss) Europe, Middle East and North Africa reported earnings of $346 million and $611 million in the three- and six-month periods ended June 30, 2026, respectively, compared with earnings of $237 million and $656 million for the same periods of 2025. Earnings in the second quarter of 2026 included higher revenues resulting from higher realized prices of $151 million. Decreases to earnings included lower earnings from equity affiliates of $18 million, primarily driven by lower volumes, and tax impacts of $29 million due to a shift in our mix of income among taxing jurisdictions. Decreases to earnings in the six-month period ended June 30, 2026 included tax impacts of $96 million due to a shift in our mix of income among taxing jurisdictions, lower earnings from equity affiliates of $38 million, primarily driven by lower volumes, and lower volumes of $22 million. The decreases were partly offset by higher realized prices of $140 million. Consolidated Production Average consolidated production increased seven MBOED and decreased six MBOED in the three- and six-month periods ended June 30, 2026, respectively. Production in the three-month period increased due to the absence of field-wide turnarounds in the Greater Ekofisk Area of Norway. Both periods also benefited from new wells online and improved performance in Equatorial Guinea, Libya and Norway. The above production increases were partly offset for the three-month period and more than offset for the six-month period by normal field decline. ConocoPhillips 2026 Q2 10-Q 40 Results of Operations Table of Contents Qatar We have investments in LNG facilities in Qatar, including one producing asset and two projects under construction. Our investments have not been damaged, though production remained constrained through the second quarter of 2026, and there are no indications of impairment. However, further escalation could adversely affect operations, LNG transportation and construction and have broader supply chain impacts. The company continues to monitor developments and prioritize the safety of personnel and the integrity of our operations. See Note 6. Recent and Pending Acquisitions In June 2026, we and a third-party operator jointly signed an agreement with the Syrian government and Syrian Petroleum Company to increase production from, and further develop, certain gas fields in Syria, from which we do not expect material impacts in 2026. In July 2026, we entered into an agreement with a wholly owned subsidiary of bp to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. The cash outflow at close is expected to be $0.3 billion to $0.5 billion, including reimbursement of our proportionate share of bp's project costs incurred from the effective date of the agreement through close. In addition, deferred payments of $0.2 billion will be paid no later than three years from the date of close. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. See Note 3. 41 ConocoPhillips 2026 Q2 10-Q Results of Operations Table of Contents Asia Pacific Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Select financial data by segment before-tax ($MM) Sales and other operating revenues $ 674 471 1,175 895 Production and operating expenses 87 85 167 150 Depreciation, depletion and amortization 107 118 210 237 Taxes other than income taxes 66 15 90 32 Net income (loss) ($MM) $ 389 330 684 641 Consolidated Operations Average Net Production Crude oil (MBD) 58 61 57 62 Natural gas (MMCFD) 75 54 75 59 Total Production (MBOED) 70 70 69 72 Total Production (MMBOE) 6 6 12 13 Average Sales Prices Crude oil ($ per BBL) $ 108.99 69.65 95.58 72.91 Natural gas ($ per MCF) 3.34 3.70 3.34 3.68 Production and sales prices exclude equity affiliates. See Summary Operating Statistics for equity affiliate totals. The Asia Pacific segment has operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. As of June 30, 2026, Asia Pacific contributed four percent of our consolidated liquids production and three percent of our consolidated natural gas production. Net Income (Loss) Asia Pacific reported earnings of $389 million and $684 million in the three- and six-month periods ended June 30, 2026, respectively, compared with earnings of $330 million and $641 million for the same periods of 2025. Earnings in the second quarter of 2026 included higher sales revenues resulting from higher realized prices of $160 million. Decreases to earnings include higher taxes other than income taxes of $40 million due to higher crude prices. Earnings in the six-month period ended June 30, 2026 included higher sales revenues resulting from higher realized prices of $183 million partly offset by lower volumes of $44 million. Decreases to earnings include lower earnings from equity affiliates of $47 million, primarily due to lower LNG marker prices, and higher taxes other than income taxes of $46 million due to higher crude prices. Consolidated Production Average consolidated production remained flat in the three-month period and decreased three MBOED in the six-month period ended June 30, 2026. Decreases to production were primarily due to normal field decline. Production decreases were offset in the three-month period and partly offset in the six-month period by development activity in Bohai Bay in China. ConocoPhillips 2026 Q2 10-Q 42 Results of Operations Table of Contents Corporate and Other Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Net income (loss) Net interest expense $ (84) (139) (162) (250) Corporate G&A expenses (110) (147) (207) (257) Technology (18) (22) (25) (40) Other income (expense) (18) 29 5 14 $ (230) (279) (389) (533) Net interest expense consists of interest and debt expense, net of interest income and capitalized interest. Net interest expense decreased in the three- and six-month periods ended June 30, 2026 due to higher interest income and higher capitalized interest. Corporate G&A expenses include compensation programs and staff costs. Corporate G&A expenses decreased in the three- and six-month periods ended June 30, 2026, primarily due to the absence of transaction and integration expenses associated with our acquisition of Marathon Oil. Technology includes our investments in low-carbon and other new technologies or businesses and licensing revenues. Other new technologies or businesses and licensing activities are focused on both conventional and tight oil reservoirs, shale gas, oil sands, enhanced oil recovery, as well as LNG. Other income (expense) or "Other" includes certain foreign currency transaction gains and losses, environmental costs associated with sites no longer in operation, other costs not directly associated with an operating segment, gains or losses on early retirement of debt, holding gains or losses on equity securities and pension settlement expense. Earnings in "Other" decreased in the second quarter of 2026 primarily due to a consolidating tax adjustment. 43 ConocoPhillips 2026 Q2 10-Q Capital Resources and Liquidity Table of Contents Capital Resources and Liquidity Financial Indicators Millions of Dollars June 30 2026 December 31 2025 Cash and cash equivalents $ 6,574 6,497 Short-term investments 1,118 484 Short-term debt 462 1,020 Total debt 23,290 23,444 Total equity 65,349 64,487 Percent of total debt to capital* 26 % 27 Percent of floating-rate debt to total debt 1 % 1 *Capital includes total debt and total equity. To meet our short-term and long-term liquidity requirements, we look to a variety of funding sources, including cash generated from operating activities, our commercial paper and credit facility programs and our ability to sell securities using our shelf registration statement. During the first six months of 2026, the primary uses of our available cash were $6.0 billion to support our ongoing capital expenditures and investments program, $3.0 billion to repurchase common stock, $2.1 billion to pay the ordinary dividend and $0.7 billion of net purchases of investments. At June 30, 2026, we had total liquidity of $13.2 billion, comprised of cash and cash equivalents of $6.6 billion, short-term investments of $1.1 billion and available borrowing capacity under our credit facility of $5.5 billion. In addition, we have $1.2 billion of long-term investments in debt securities. We believe current cash balances and cash generated by operating activities, together with access to external sources of funds as described below in the “Significant Changes in Capital” section, will be sufficient to meet our funding requirements in the near- and long-term, including our capital spending program, capital return program and required debt payments. Significant Changes in Capital Operating Activities Cash provided by operating activities totaled $11.7 billion for the first six months of 2026 compared with $9.6 billion for the corresponding period of 2025. The increase resulted from higher commodity prices, partly offset by working capital timing. Our short-term and long-term operating cash flows are highly dependent on the prices for crude oil, bitumen, natural gas, LNG and NGLs. Prices and margins in our industry have historically been volatile, driven by market conditions beyond our control. Absent other mitigating factors, as these prices and margins fluctuate, we would expect a corresponding change in our operating cash flows. The level of absolute production volumes, as well as the product and location mix, is another significant factor impacting our cash flows. Future production is subject to numerous uncertainties, including, among others, the volatile crude oil and natural gas price environment, which may impact investment decisions; the effects of price changes on production sharing and variable-royalty contracts; acquisition and disposition of fields; field production decline rates; new technologies; operating efficiencies; timing of startups and major turnarounds; political instability; government regulations; weather-related disruptions; and the addition of proved reserves through exploratory success and their timely and cost-effective development. While we actively monitor and manage these factors, changes in production levels can cause variability in cash flows, although we generally experience less variability in our cash flows due to changes in production levels than due to changes in commodity prices. To maintain or grow our production volumes, we must continue adding to our proved reserve base. See the “Capital Expenditures and Investments” section. ConocoPhillips 2026 Q2 10-Q 44 Capital Resources and Liquidity Table of Contents Investing Activities For the first six months of 2026, we invested $6.0 billion in capital expenditures and investments. See the “Capital Expenditures and Investments” section. Proceeds from asset sales were $0.2 billion in the first six months of 2026. In the first six months of 2025, proceeds from asset sales were $1.3 billion, primarily from the sale of assets in our Lower 48 segment. In the second quarter of 2026, we entered into agreements to sell our interests in certain noncore assets in the Lower 48 segment for approximately $1.7 billion, subject to customary closing adjustments. These transactions closed in the third quarter of 2026. See Note 3. In July 2026, we entered into an agreement with a wholly owned subsidiary of bp to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. The cash outflow at close is expected to be $0.3 billion to $0.5 billion, including reimbursement of our proportionate share of bp's project costs incurred from the effective date of the agreement through close. In addition, deferred payments of $0.2 billion will be paid no later than three years from the date of close. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. See Note 3. We invest in short-term and long-term investments as part of our cash investment strategy, the primary objective of which is to protect principal, maintain liquidity and provide yield and total returns. These investments include time deposits, commercial paper, as well as debt securities classified as available for sale. Short-term funds needed to support our operating plan and provide resiliency to react to short-term price volatility are invested in highly liquid instruments with maturities of less than one year. Funds we consider available to maintain resiliency in longer-term price downturns and to capture opportunities outside a given operating plan may be invested in instruments with maturities of greater than one year. See Note 9. Investing activities in the first six months of 2026 included net purchases of $652 million of investments. We had net purchases of $365 million of short-term investments and net purchases of $287 million of long-term investments. See Note 13. Financing Activities In the first quarter of 2026, the company retired $67 million principal amount of our 6.875% Notes at maturity. On July 1, 2026, we completed a $600 million remarketing of sub-series 2017D bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds Series 2017. The bonds are subject to an interest rate of 3.0% and a mandatory tender date of July 2, 2029. Subsequent to the mandatory tender date, we will also have the right to remarket these bonds at any time up to the 2037 maturity date. See Note 5. We have a revolving credit facility totaling $5.5 billion with a maturity date of February 2030. The credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million or as support for our commercial paper program. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at June 30, 2026. Our debt balance at June 30, 2026, was $23.3 billion compared with $23.4 billion at December 31, 2025. The current portion of debt, including future payments for finance leases, is $0.5 billion at June 30, 2026. Debt payments are expected to be made using current cash balances and cash provided by operating activities. Moody's affirmed our long-term debt credit ratings in April 2026. The current long-term debt credit ratings are: •Fitch: “A” with a “stable” outlook •S&P: “A-” with a “stable” outlook •Moody's: “A2” with a “stable” outlook See Note 5 for additional information on debt. 45 ConocoPhillips 2026 Q2 10-Q Capital Resources and Liquidity Table of Contents Certain of our project-related contracts, commercial contracts and derivative instruments contain provisions requiring us to post collateral. Many of these contracts and instruments permit us to post either cash or letters of credit as collateral. At June 30, 2026, and December 31, 2025, we had direct bank letters of credit of $295 million and $331 million, respectively, which secured performance obligations related to various purchase commitments incident to the ordinary conduct of business. In the event of a credit rating downgrade, we may be required to post additional letters of credit. Shelf Registration We have a universal shelf registration statement on file with the SEC under which we have the ability to issue and sell an indeterminate number of various types of debt and equity securities. Capital Requirements For information about our capital expenditures and investments, see the “Capital Expenditures and Investments” section. We believe in delivering value to our shareholders through our return of capital framework. The framework is structured to deliver a compelling, growing ordinary dividend and through-cycle share repurchases. We anticipate returning greater than 30 percent of cash from operating activities through cycles. In the first six months of 2026, we paid ordinary dividends of $1.68 per share, and in the first six months of 2025, we paid ordinary dividends of $1.56 per share. In August 2026, we declared an ordinary dividend of $0.84 per share, payable September 1, 2026, to shareholders of record on August 17, 2026. In late 2016, we initiated our current share repurchase program. In October 2024, our Board of Directors approved an increase from our previous authorization of $45 billion by a total of the lesser of $20 billion or the number of shares issued in our acquisition of Marathon Oil, such that the company is not to exceed $65 billion in aggregate repurchases. Share repurchases are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. As of June 30, 2026, share repurchases since the inception of our current program totaled 512.4 million shares and $42.3 billion. In the six months ended June 30, 2026, we repurchased 26.3 million shares for a cost of $3.0 billion. In 2026, we increased future contractual purchase obligations related to long-term LNG offtake contracts and vessels, as well as certain other capacity obligations, by approximately $7 billion. Capital Expenditures and Investments Millions of Dollars Six Months Ended June 30 2026 2025 Alaska $ 1,861 2,032 Lower 48 3,145 3,518 Canada 210 309 Europe, Middle East and North Africa 514 630 Asia Pacific 173 118 Segment Totals 5,903 6,607 Corporate and Other 69 57 Capital expenditures and investments $ 5,972 6,664 During the first six months of 2026, capital expenditures and investments supported key operating activities and acquisitions, primarily: •Appraisal and development activities in Alaska related to the Western North Slope, inclusive of Willow, development activities in the Greater Kuparuk Area and exploration in the NPR-A. •Development activities in the Lower 48, primarily in the Delaware Basin, Eagle Ford, Midland Basin and Bakken. •Appraisal and development activities in the Montney and development and optimization of Surmont in Canada. •Development activities across assets in Norway and Libya. •Continued development activities in China. •Investments in our global LNG operations. Our 2026 operating plan capital expenditure guidance is currently expected to be approximately $12 to $12.5 billion. Our capital expenditures and investments were $12.6 billion in 2025. ConocoPhillips 2026 Q2 10-Q 46 Capital Resources and Liquidity Table of Contents Guarantor Summarized Financial Information We have various cross guarantees among our Obligor Group: ConocoPhillips, ConocoPhillips Company and Burlington Resources LLC, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. Burlington Resources LLC is 100 percent owned by ConocoPhillips Company. ConocoPhillips and/or ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of Burlington Resources LLC, with respect to its publicly held debt securities. Similarly, ConocoPhillips has fully and unconditionally guaranteed the payment obligations of ConocoPhillips Company with respect to its publicly held debt securities. In addition, ConocoPhillips Company has fully and unconditionally guaranteed the payment obligations of ConocoPhillips with respect to its publicly held debt securities. All guarantees are joint and several. The following tables present summarized financial information for the Obligor Group, as defined below: •The Obligor Group will reflect guarantors and issuers of guaranteed securities consisting of ConocoPhillips, ConocoPhillips Company and Burlington Resources LLC. •Consolidating adjustments for elimination of investments in and transactions between the collective guarantors and issuers of guaranteed securities are reflected in the balances of the summarized financial information. •Non-Obligated Subsidiaries are excluded from the presentation. Transactions and balances reflecting activity between the Obligors and Non-Obligated Subsidiaries are presented below: Summarized Income Statement Data Millions of Dollars Six Months Ended June 30, 2026 Revenues and Other Income $ 25,544 Income (loss) before income taxes* 6,030 Net income (loss) 6,114 *Includes approximately $8.8 billion of expense for transactions with Non-Obligated Subsidiaries. Summarized Balance Sheet Data Millions of Dollars June 30 2026 December 31 2025 Current Assets $ 8,723 8,206 Amounts due from Non-Obligated Subsidiaries, current 1,495 855 Noncurrent Assets 137,283 130,320 Amounts due from Non-Obligated Subsidiaries, noncurrent 13,007 11,231 Current Liabilities 5,250 4,947 Amounts due to Non-Obligated Subsidiaries, current 1,362 1,244 Noncurrent Liabilities 81,140 74,824 Amounts due to Non-Obligated Subsidiaries, noncurrent 58,915 52,813 Contingencies We are subject to legal proceedings, claims and liabilities that arise in the ordinary course of business, including environmental obligations and climate-related risks. See Note 8. For more discussion, please see the "Contingencies" section in Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Annual Report on Form 10-K. 47 ConocoPhillips 2026 Q2 10-Q Table of Contents Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included or incorporated by reference in this report, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, objectives of management for future operations, are forward-looking statements. Examples of forward-looking statements contained in this report include our expected production growth and outlook on the business environment generally, our expected capital budget and capital expenditures and discussions concerning development or replacement of reserves and future dividends. You can often identify our forward-looking statements by the words “ambition,” “anticipate,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” and similar expressions. We based our forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect or inaccurate, and involve risks and uncertainties we cannot predict. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors and uncertainties, including, but not limited to, the following: •Effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments. •Global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict; geopolitical tensions; security threats on facilities and infrastructure; global health crises; the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries; or the resulting company or third-party actions in response to such changes. •The potential for insufficient liquidity or other factors, such as those described herein, that could impact our ability to repurchase shares and declare and pay dividends. •Potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance. •Reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise. •Unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage. •Failure to progress or complete announced and future development plans related to constructing, modifying or operating E&P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans. •Significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions; regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal; and prohibitions on commodity exports. •Broader societal attention to and efforts to address climate change may cause substantial investment in and increased adoption of competing or alternative energy sources. •Risks, uncertainties and high costs that may prevent us from successfully executing on our Climate-related Risk Strategy. •Lack or inadequacy of, or disruptions in, reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs. •Inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations. •Potential disruption or interruption of our operations and any resulting consequences due to accidents; extraordinary weather events; supply chain disruptions; civil unrest; political events; war; terrorism; cybersecurity threats or information technology failures, constraints or disruptions. ConocoPhillips 2026 Q2 10-Q 48 Table of Contents •Liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation. •Liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations. •General domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships; the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business; expropriation of assets; changes in governmental policies relating to commodity pricing, including the imposition of price caps; sanctions; or other adverse regulations or taxation policies. •Competition and consolidation in the oil and gas E&P industry, including competition for sources of supply, services, personnel and equipment. •Any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment. •Challenges or delays to our execution of, or successful implementation of any future asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes. •Our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all. •The operation, financing and management of risks of our joint ventures. •The ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or Petróleos de Venezuela, S.A. •Uncertainty as to the long-term value of our common stock. •The factors generally described in Part I—Item 1A in our 2025 Annual Report on Form 10-K and any additional risks described in our other filings with the SEC.