CONOCOPHILLIPS (COP)

ConocoPhillips is an independent exploration and production (E&P) company headquartered in Houston, Texas, incorporated in Delaware in 2001 in connection with the 2002 merger of Conoco Inc. and Phillips Petroleum Company, and later separated its downstream business into Phillips 66 in 2012. As of December 31, 2024, the company operated in 14 countries with approximately 11,800 employees worldwide and total assets of about $123 billion, producing 1,987 MBOED for the year. On November 22, 2024, ConocoPhillips completed its acquisition of Marathon Oil Corporation, adding low-cost complementary acreage in the Delaware, Eagle Ford, and Bakken basins, as well as international operations in Equatorial Guinea.

The company manages operations through six geographic segments: Alaska, Lower 48, Canada, Europe/Middle East/North Africa, Asia Pacific, and Other International, exploring for, producing, transporting, and marketing crude oil, bitumen, natural gas, NGLs, and LNG globally, with producing operations in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar, and Equatorial Guinea. Total proved reserves at year-end 2024 were 7,812 million BOE, with approximately 84% located in OECD countries. In Alaska, ConocoPhillips is the largest crude oil producer, holding major interests in Prudhoe Bay, Kuparuk, and the Western North Slope, and advancing the Willow project (first oil expected 2029) while transporting production via the Trans-Alaska Pipeline System (29.5% ownership).

The Lower 48 segment, the company’s largest by production, focuses on unconventional plays in the Delaware, Eagle Ford, Midland, and Bakken basins, bolstered by the Marathon Oil acquisition. Canadian operations center on the Surmont oil sands (100% working interest, SAGD production) and the liquids-rich Montney unconventional play in British Columbia. The Europe, Middle East and North Africa segment includes North Sea and Norwegian Sea assets (Greater Ekofisk, Heidrun, Aasta Hansteen, Troll, Alvheim, Visund fields), along with interests in Qatar’s QatarEnergy LNG N3 joint venture and additional stakes in the North Field East and North Field South LNG expansion projects, plus operations in Libya and Equatorial Guinea.

The company also holds infrastructure interests including the Norpipe Oil Pipeline System and the Teesside, U.K. crude oil stabilization and NGL processing facility supporting its Norwegian operations.