Entity

ConocoPhillips is the world's largest independent exploration and production (E&P) company by proved reserves and production, headquartered in the Energy Corridor district of Houston, Texas. Since its transformation into a pure-play upstream company in 2012, ConocoPhillips explores for, produces, transports, and markets crude oil, natural gas, NGLs, LNG, and bitumen across 14 countries of operation. The company employs approximately 11,800 people worldwide and recorded full-year 2024 revenues of $56.5 billion and net income of $9.22 billion.

Corporate History & Heritage

ConocoPhillips' corporate lineage traces back to two independent founding threads spanning 150 years:​

• Continental Oil thread: Isaac Elder Blake founded Continental Oil and Transportation Co. in 1875; it was absorbed by Standard Oil in 1885, broken up by the U.S. Supreme Court anti-monopoly ruling in 1913, and re-emerged as Conoco following its merger with Marland Oil in 1929. DuPont acquired Conoco in 1981 and divested it back to independence in 1998

• Phillips Petroleum thread: Brothers Frank and L.E. Phillips established Phillips Petroleum Company in Bartlesville, Oklahoma in 1917, pioneering commercial HF Alkylation in 1942 and building one of the oil industry's most significant technology licensing portfolios

Key Corporate Milestones

Operations & Business Segments

ConocoPhillips manages its operations through six geographic segments:

• Lower 48 (USA): Largest segment; includes major positions in the Permian Basin (Texas/New Mexico), Eagle Ford (South Texas), and Bakken (North Dakota), substantially expanded by the Marathon Oil and Concho acquisitions; Q4 2024 production reached 1.308 million BOED​
• Alaska: The largest crude oil producer and exploration lease owner in Alaska, operating Kuparuk, Prudhoe Bay, Alpine Field, and satellites on the North Slope​
• Canada: Oil sands operations, primarily in the Athabasca Oil Sands (bitumen production via SAGD)
• Europe, Middle East & North Africa (EMENA): Operations in Norway, UK, Qatar (LNG equity), and other positions
• Asia Pacific: LNG equity interests (Australia — Darwin LNG, APLNG; Malaysia — Malaysia LNG), and producing assets
• Other International: Exploration positions globally

Financial Performance

Strategic Focus

ConocoPhillips operates under a returns-focused value proposition anchored on three pillars:

• Low cost of supply: Prioritizing assets with a cost of supply below $40/barrel WTI, ensuring profitability across commodity price cycles
• Deep, durable, diversified portfolio: Multi-basin, multi-country production base insulating against single-asset or regional risk; the Marathon Oil acquisition added ~394 MBOED of low-cost U.S. unconventional production​
• Disciplined capital returns: In 2024, the company distributed $9.1 billion to shareholders through dividends, ordinary share buybacks, and Variable Return of Capital (VROC) payments​