ConocoPhillips further expands LNG business with additional Gulf Coast offtake agreement

ConocoPhillips (NYSE:COP) today announced it has signed a long-term sales and purchase agreement (SPA) to purchase 4 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from the Port Arthur LNG Phase 2 project under development by Sempra Infrastructure, a subsidiary of Sempra (NYSE:SRE), in Jefferson County, Texas.

Under the agreement, ConocoPhillips will offtake LNG over a 20-year term on a free-on-board basis, supporting the company's ability to reliably deliver natural gas to customers in key global markets.

"ConocoPhillips is pleased to extend our partnership with Sempra Infrastructure to Port Arthur LNG Phase 2, where we will be a major offtaker," said Ryan Lance, chairman and chief executive officer of ConocoPhillips. "This SPA advances our global LNG portfolio strategy as we build a flexible and reliable LNG supply network to meet growing energy demand."

"The role of U.S. LNG in meeting the energy security needs of America's allies continues to grow," said Jeffrey W. Martin, chairman and CEO of Sempra. "That is why we are excited to extend our partnership with ConocoPhillips to expand the Port Arthur LNG facility. This next phase reflects both companies' shared view of the opportunity to connect American producers of natural gas with growing markets overseas, while also driving economic growth and job creation here at home."

In July 2022, ConocoPhillips signed a 20-year agreement for 5 MTPA of LNG offtake and executed an agreement to purchase 30% equity stake in Phase 1 of Port Arthur LNG, which is expected to start up in 2027. Although final investment decision is pending for Phase 2, the company's participation in that project will be offtake only.

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About ConocoPhillips

As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at www.conocophillips.com.

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Dennis Nuss (media)

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Investor Relations

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