CONOCOPHILLIPS

TAX · Taxation/Internal Revenue Code

Company tax policy priorities in the coming reauthorization of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97: - 21% corporate rate - Intangible drilling cost expensing - Dual capacity taxpayer rules - Current international tax regime - Bonus Depreciation - Deductibility of state and local Taxes S.224 and H.R.662, Promoting Domestic Energy Production Act.

Literal federal measure citations: S.224, H.R.662

NAT · Natural Resources

HR 1926, Mineral Leasing Act amendment to allow for commingling. Bureau of Land Management's (BLM) Management and Protection of the National Petroleum Reserve in Alaska (NPR-A) Rule. General discussions around offshore oil and gas infrastructure decommissioning issues. H.R. 677, the Expedited Appeals Review Act, that would establish a process to expedite appeals before the Department of the Interior's Board of Land Appeals. General discussions/no legislation on issues related to Alaska and L48 oil and gas development on federal lands, permitting and land access/lease sales General discussions about issues related to the development of ConocoPhillips' Willow project in the National Petroleum Reserve-Alaska (NPR-A). Bureau of Land Management's (BLM) Final Management and Protection of the National Petroleum Reserve in Alaska Rule, and relatedly, BLM's subsequent request for Information on Special Areas in the NPR-A. BLM's Final Conservation and Landscape Health Rule. General discussions about oil and gas issues on tribal lands. Increased staffing at the BLM Carlsbad Field Office and other field offices.

Literal federal measure citations: HR 1926, H.R. 677

ENV · Environment/Superfund

H.J. Res. 35, Disapproval Resolution the EPA Methane Emissions Reduction Program Rule as authorized under the Inflation Reduction Act (Methane Fee) State Superfund legislation. General discussions about ConocoPhillips' support for conservation and habitat conservation programs, including long-time support for several U.S. Fish and Wildlife Migratory Bird Joint Ventures, and long-time support for Duck's Unlimited conservation projects. Industry's reconsideration request to the EPA on the New Source Performance Standard Methane Rule (OOOO b/c). Industry's reconsideration request to EPA on the Subpart W reconsideration request. Congressional repeal of EPA waste emission rule and repeal of Methane Emission Reduction program, promulgated as part of H.R. 5376 - Inflation Reduction Act of 2022, based on punitive policy construct isolating oil and gas industry with both regulatory framework (preferred) and punitive fee structure. Inclusion of full repeal of Methane Emission Reduction program, promulgated as part of H.R. 5376 - Inflation Reduction Act of 2022, as part of budget reconciliation package. General discussions regarding need for comprehensive permitting reform and judicial review reform under the National Environmental Policy Act of 1969. General discussions regarding CEQ interim final rulemaking.

Literal federal measure citations: H.J. Res. 35, H.R. 5376, H.R. 5376

ENG · Energy/Nuclear

Continued LNG Exports. General introduction to ConocoPhillips and energy issues. General discussions about ConocoPhillips' Climate Change Action Plan. General discussions regarding Department of Energy's National Interest Electricity Transmission Corridor designation effort and its role to address the need for greater transmission and power with increased power demand. General discussions on adequate personnel levels at agencies to ensure timely permits and rulemakings.