ConocoPhillips operates as an independent exploration and production (E&P) company.
The company’s diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects.
The company manages its operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East, and...
ConocoPhillips operates as an independent exploration and production (E&P) company.
The company’s diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands in Canada; and an inventory of global exploration prospects.
The company manages its operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East, and North Africa; Asia Pacific; and Other International.
The company explores for, produces, transports, and markets crude oil, bitumen, natural gas, NGLs, and LNG on a worldwide basis. As of December 31, 2024, the company's operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar, and Equatorial Guinea.
Properties
Alaska segment
The Alaska segment primarily explores for, produces, transports, and markets crude oil, natural gas, and NGLs. The company is a crude oil producer in Alaska and has major ownership interests in the Prudhoe Bay, Kuparuk, and Western North Slope asset areas. Additionally, the company is one of Alaska’s largest owners of state, federal, and fee exploration leases, with approximately one million net undeveloped acres at year-end 2024. Alaska operations contributed 14 percent of the company's consolidated liquids production and two percent of its consolidated natural gas production.
After exercising the company’s preferential rights, the company completed its acquisition of additional working interest in the Kuparuk River Unit and Prudhoe Bay Unit from Chevron U.S.A. Inc and Union Oil Company of California in the fourth quarter of 2024. This transaction increased the company’s working interest by approximately five percent in the Kuparuk River Unit and approximately 0.4 percent in the Prudhoe Bay Unit.
Greater Prudhoe Area
The Greater Prudhoe Area includes the Prudhoe Bay Unit, which consists of the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay, a conventional oil field in North America, is the site of a large waterflood and enhanced oil recovery operation, supported by a large gas and water processing operation. Field installations include seven production facilities, two gas plants, two seawater plants, and a central power station. In 2024, on average, there were two rigs drilling throughout the year.
Greater Kuparuk Area
The Greater Kuparuk Area includes the Kuparuk River Unit, which consists of the Kuparuk Field and six satellite fields. Field installations include three central production facilities, which separate oil, natural gas, and water, and a seawater treatment plant. In 2024, the company operated two drilling rigs and two workover rigs. The Nuna project, which targets the Moraine reservoir, was sanctioned in 2023 and achieved first oil in the fourth quarter of 2024. The Coyote reservoir discovered in 2021 progressed to development in 2023 with additional wells drilled in 2024 and planned for 2025.
Western North Slope
The Western North Slope includes the Colville River Unit, the Greater Mooses Tooth Unit, and the Bear Tooth Unit. In 2024, the company operated one full-time drilling rig and one seasonal drilling rig between the Colville River and Greater Mooses Tooth Units.
The Colville River Unit includes the Alpine Field and four satellite fields. Field installations include one central production facility, which separates oil, natural gas, and water.
The Greater Mooses Tooth Unit is the first unit established entirely within the National Petroleum Reserve Alaska (NPR-A). The unit was constructed in two phases: Greater Mooses Tooth #1 (GMT1) and Greater Mooses Tooth #2 (GMT2).
In December 2023, the company announced Willow FID. In 2024, construction included installation of the Willow Access Road, the Willow Operations Center pad, and pipeline segments. Additionally, fabrication and delivery of the Willow Operations Center modules to the North Slope were completed. First oil is anticipated in 2029.
Transportation
The company transports the petroleum liquids produced on the North Slope to Valdez, Alaska, through an 800-mile pipeline that is part of the Trans-Alaska Pipeline System (TAPS). The company has a 29.5 percent ownership interest in TAPS, and also has ownership interests in, and operates the Alpine, Kuparuk, and Oliktok pipelines on the North Slope.
The company manages the marine transportation of its North Slope production using five company-owned, double-hulled tankers, and charters third-party vessels, as necessary. The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the U.S.
Lower 48 segment
The Lower 48 segment consists of operations located in the 48 contiguous U.S. states and the Gulf of Mexico, with a portfolio mainly consisting of low-cost supply, short cycle time, resource-rich unconventional plays, and commercial operations. Based on 2024 production volumes, the Lower 48 is the company's largest segment and contributed 63 percent of its consolidated liquids production and 74 percent of its consolidated natural gas production.
On November 22, 2024, the company completed the acquisition of Marathon Oil Corporation (Marathon Oil), an independent oil and gas exploration and production company with operations in multiple basins in the Lower 48, as well as Equatorial Guinea internationally. This acquisition adds low-cost supply, complementary acreage in the Delaware, Eagle Ford, and Bakken basins.
Delaware Basin
The company holds approximately 792,000 unconventional net acres in the Delaware Basin, spanning west Texas through southeast New Mexico. Current development activity targets prospects in the Avalon, Bone Springs, and Wolfcamp formations while balancing leasehold obligations and permit terms. The company operated ten rigs and two frac crews on average during 2024.
Eagle Ford
The company holds approximately 484,000 unconventional net acres in the Eagle Ford, located in south Texas. The current focus is on full-field development, using customized well spacing and stacking patterns adapted through reservoir analysis. The company operated seven rigs and two frac crews on average during 2024.
Midland Basin
The company holds approximately 265,000 unconventional net acres in the Midland Basin, located in west Texas. The current development strategy is focused on full-field development utilizing multi-well pad projects targeting both Spraberry and Wolfcamp reservoir targets. The company operated five rigs and two frac crews on average during 2024.
Bakken
The company holds approximately 790,000 unconventional net acres in the Williston Basin, located in North Dakota and eastern Montana. The primary producing zones are the Middle Bakken and Three Forks formations. The company operated four rigs and one frac crew on average during 2024.
Partner-Operated
The company participates in partner-operated wells when they align with its investment decision criteria and development strategies. In 2024, the company participated in partner-operated wells with varying working interests across its Lower 48 portfolio.
Facilities
The company owns and operates, with varying interests, centralized processing facilities in Texas and New Mexico in the support of its Delaware, Eagle Ford, and Midland assets.
Canada segment
The company's Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia, and commercial operations. In 2024, operations in Canada contributed ten percent of the company's consolidated liquids production and five percent of its consolidated natural gas production.
The company's bitumen resources in Canada are produced via SAGD, an enhanced thermal oil recovery method where steam is injected into the reservoir, effectively liquefying the heavy bitumen, which is recovered and pumped to the surface for further processing. Operations include two central processing facilities for treatment and blending of bitumen, and a diluent recovery unit. These facilities have allowed the asset to lower blend ratio and diluent supply costs, while gaining protection from diluent supply disruptions and increased market access for its product. As of December 31, 2024, the company held approximately 684,000 net acres of land in the Athabasca Region of northeastern Alberta.
Surmont
The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. The company is focused on keeping facilities full, structurally lowering costs, reducing GHG intensity, and optimizing asset performance. In 2024, the company brought all wells at Pad 267 to expected production, commenced the drilling of Pad 104, and executed the asset's largest re-drill program to date of 29 wells. First production from Pad 104 is expected in 2026.
Montney
The Montney is a liquids-rich unconventional play located in northeastern British Columbia. As of December 31, 2024, the company held approximately 297,000 net acres of land in the Montney. In 2024, the company operated two rigs. Early development activities will continue in 2025 with drilling and completions activity.
Europe, Middle East, and North Africa segment
The Europe, Middle East, and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea, and commercial and terminalling operations in the U.K. In 2024, operations in Europe, Middle East, and North Africa contributed nine percent of the company's consolidated liquids production and 17 percent of its consolidated natural gas production.
Greater Ekofisk Area
The Greater Ekofisk Area is located offshore Stavanger, Norway, in the North Sea, and comprises five producing fields. Crude oil is exported to the company's operated terminal located at Teesside, the U.K., and the natural gas is exported to Emden, Germany. In 2024, the Eldfisk North development, a subsea tieback to Eldfisk, achieved first production.
Heidrun Field
The Heidrun Field is located in the Norwegian Sea. Produced crude oil is stored in a floating storage unit and exported via shuttle tankers. Most of the gas is transported to Europe via gas processing terminals in Norway, with some reinjected for pressure support if required. A portion of the gas is also transported for use as feedstock in a methanol plant in Norway, in which the company has an 18 percent interest.
Aasta Hansteen Field
The Aasta Hansteen Field is located in the Norwegian Sea. Gas is transported through the Polarled gas pipeline to the onshore Nyhamna processing plant for final processing prior to export to market. Produced condensate is loaded onto shuttle tankers and transported to market.
Troll Field
The Troll Field lies in the northern part of the North Sea and consists of the Troll A, B, and C platforms. The natural gas from Troll A is transported to Kollsnes, Norway. Crude oil from floating platforms Troll B and Troll C is transported to Mongstad, Norway, for storage and export.
Alvheim Field
The Alvheim Field is located in the northern part of the North Sea and consists of an FPSO vessel and subsea installations. Produced crude oil is exported via shuttle tankers, and natural gas is transported to the Scottish Area Gas Evacuation (SAGE) Terminal at St. Fergus, U.K., through the SAGE Pipeline.
Visund Field
The Visund Field is located in the northern part of the North Sea and consists of a floating drilling, production, and processing unit and subsea installations. Crude oil is transported by pipeline to a nearby third-party field for storage and export via tankers. The natural gas is transported to the gas processing plants at Kollsnes and Kårstø, through the Gassled transportation system.
Other Fields
The company also has varying ownership interests in three other producing fields in the Norwegian sector of the North Sea.
Exploration
In 2024, the company was awarded three new exploration licenses, PL1205, PL1207, and PL1208 located in the North Sea. In the first quarter of 2024, the company recorded the investment in the suspended Busta discovery well on license PL782S, located in the North Sea, as dry hole expense. In 2025, the company plans to drill the second appraisal well in the 2020 Slagugle discovery on PL891, located in the Norwegian Sea, and participate in two partner-operated exploration wells in the Bounty Up-dip prospect on PL886 and in Othello South on PL124B, both located in the Norwegian Sea.
Transportation
The company has a 35.1 percent ownership interest in the Norpipe Oil Pipeline System, a 220-mile pipeline, which carries crude oil from Ekofisk to a crude oil stabilization and NGLs processing facility in Teesside, the U.K.
Facilities
The company operates and has a 40.25 percent ownership interest in a crude oil stabilization and NGLs processing facility at Teesside, the U.K., to support its Norway operations.
Qatar
QatarEnergy LNG N(3) (N3) is an integrated development jointly owned by QatarEnergy (68.5 percent), the company (30 percent), and Mitsui & Co., Ltd. (1.5 percent). N3 consists of upstream natural gas production facilities, which produce approximately 1.4 gross BCF per day of natural gas from Qatar’s North Field over a 25-year life, in addition to a 7.8 million gross tonnes per year LNG facility. LNG is shipped in leased LNG carriers destined for sale globally, while liquids are sold into the domestic market or marketed internationally through QatarEnergy Marketing.
N3 executed the development of the onshore and offshore assets as a single integrated development with QatarEnergy LNG N(4) (N4), a joint venture between QatarEnergy and Shell plc. This included the joint development of offshore facilities situated in a common offshore block in Qatar's North Field, as well as the construction of two identical LNG process trains and associated gas treating facilities for both the N3 and N4 joint ventures. Production from the LNG trains and associated facilities is mutualized between the two joint ventures.
Libya
The Waha Concession is made up of multiple concessions and encompasses approximately 13 million acres onshore in the Sirte Basin for exploration and production activity. Oil is transported by pipeline to the Es Sider terminal for export. Natural gas is transported and sold domestically. Current production comes from 13 existing fields within the Waha Concession.
Equatorial Guinea
The company has varying stages of oil and gas exploration, development, and production activities in Equatorial Guinea. The company operates in both the Alba and Block D PSCs that form the Alba Unit located offshore Equatorial Guinea.
Gas Processing
The following facilities located on Bioko Island allow the company to further monetize natural gas production from the Alba Unit.
The company owns a 52.2 percent interest in the Alba Plant LLC, its joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20.0 percent), which operates an onshore liquefied petroleum gas (LPG) processing plant. The Alba Plant LLC processes Alba Unit natural gas under a fixed-rate long-term contract. The LPG processing plant extracts condensate and LPG from the natural gas stream and sells it at market prices, with the company's share of the revenue reflected in the ‘Equity in earnings of affiliates’ line of its consolidated income statement. Processed natural gas is delivered to Equatorial Guinea LNG Holdings Limited (EG LNG) for liquefaction and storage. The company markets its share of LNG to third parties indexed at global LNG prices.
The company owns a 56.0 percent interest in EG LNG, its joint venture with SONAGAS (37.9 percent) and Marubeni Gas Development UK Limited (6.1 percent), which operates a 3.7 MTPA LNG production facility. In January 2024, the company began a five-year LNG sales agreement for a portion of its equity gas from the Alba Unit, providing it with additional exposure to the European LNG market.
The company owns a 45.0 percent interest in Atlantic Methanol Production Company LLC (AMPCO), its joint venture with Chevron Corporation (45.0 percent) and SONAGAS (10.0 percent), which operates a methanol plant. The plant is offline.
Additionally, Alba Plant LLC and EG LNG process third-party gas from the Alen Field under a combination of tolling fee and profit-sharing arrangements.
Asia Pacific segment
The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia, and commercial operations in China, Singapore, and Japan. In 2024, operations in the Asia Pacific segment contributed four percent of the company's consolidated liquids production and two percent of its consolidated natural gas production.
Australia
Australia Pacific LNG Pty Ltd. (APLNG), the company's joint venture with Origin Energy Limited (Origin) and China Petrochemical Corporation (Sinopec), is focused on producing CBM from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and convert the CBM into LNG for export. Origin operates APLNG’s upstream production and pipeline system, and the company operates the downstream LNG facility, located on Curtis Island near Gladstone, Queensland, as well as the LNG export sales business.
The company operates two fully subscribed 4.5 MTPA LNG trains. Approximately 3,500 net wells are ultimately expected to supply both the LNG sales contracts and domestic gas market. The wells are supported by gathering systems, central gas processing and compression stations, water treatment facilities, and an export pipeline connecting the gas fields to the LNG facilities. The LNG is being sold to Sinopec under a 20-year sales agreement for 7.6 MTPA of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately one MTPA of LNG.
Exploration
The company owns an 80 percent working interest in both Exploration Permit (T/49P) and (VIC/P79) located in the Otway Basin, Australia. During 2023, the company executed a drilling consortium agreement with other operators in Australia and secured a contract for a semi-sub drilling rig. The proposed exploration program involves seabed surveys and drilling of exploration wells planned for 2025.
China
Penglai
The Penglai 19-3, 19-9, and 25-6 fields are located in the Bohai Bay Block 11/05 and are being developed in stages from large offshore platforms and a FPSO. Most of the crude oil produced from the block is sold to the domestic market in China, with the remainder exported to international markets.
Phase 3 consists of three wellhead platforms and a central processing platform. Phase 4A consists of one wellhead platform. Phase 4B consists of two wellhead platforms. Phase 5 consists of two new wellhead platforms and four wellhead platform expansions.
Malaysia
The company has varying stages of exploration, development, and production activities across approximately 2.6 million net acres in Malaysia, with working interests in six PSCs. Four of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC), and the Ubah Cluster, acquired in 2024. The company also operates another two exploration blocks, Block WL4-00 and Block SK304, in waters off the eastern Malaysian state of Sarawak.
Block J
Gumusut
The company owns a 29.5 percent working interest in the unitized Gumusut Field. Development associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut Field that straddles Malaysia and Brunei waters, completed drilling in 2024, with first oil anticipated in early 2025. The unitized Gumusut Field is operated on an FPS with oil evacuation via a pipeline to the Sabah Oil and Gas Terminal (SOGT) for tanker liftings.
KBBC
The company owns a 30 percent working interest in the KBB, Kamunsu East, and Kamunsu East Upthrown Canyon gas and condensate fields. KBBC was previously operated by a joint operating company, Kebabangan Petroleum Operating Company, and in January 2025, the company became the sole operator of KBBC. There was no change to working interest as part of the company becoming the sole operator.
KBB
Gas is transported from the KBB platform via pipeline for sale to the domestic gas market. Since 2019, KBB has tied into a nearby third-party floating LNG vessel, which provided additional gas offtake capacity.
Block G
Malikai
The company owns a 35 percent working interest in Malikai. Malikai Phase 2 development first oil was achieved in February 2021. Malikai operates on a tension leg platform and pipes oil to the KBB platform for processing. Oil evacuation is via pipeline to SOGT for tanker liftings.
Siakap North-Petai
The company owns a 21 percent working interest in the unitized Siakap North-Petai (SNP) oil field. First oil from SNP Phase 2 was achieved in November 2021. The subsea system in the SNP oil field is tied back to a FPSO operated by PTTEP.
Exploration
The company operates three exploration PSCs with an 85 percent working interest in Block SK304, a 50 percent working interest in Block WL4-00, and a 35 percent working interest in the Ubah Cluster. Off the coast of Sarawak, offshore Malaysia, Block SK304 encompasses 1.8 million net acres, and Block WL4-00 encompasses 0.3 million net acres. Off the coast of Sabah, offshore Malaysia, near the KBBC, the Ubah Cluster encompasses 11 thousand net acres. The company continues to evaluate these blocks and is using information from seismic and prior well results to help optimize future plans.
In 2021, the company was awarded operatorship and an 85 percent working interest in Block SB405, encompassing 1.2 million net acres off the coast of Sabah, offshore Malaysia. A 3D seismic survey was acquired in 2022, and processing and evaluation work was completed in 2024. In the fourth quarter of 2024, the company elected not to proceed to the second phase of exploration for SB405 PSC and relinquished the block.
Other International segment
The Other International segment includes interests in Colombia, as well as contingencies associated with prior operations in other countries.
Colombia
The company has an 80 percent working interest in the Middle Magdalena Basin Block VMM-3, extending over approximately 67,000 net acres. In addition, the company has an 80 percent working interest in the VMM-2 Block, which extends over approximately 58,000 net acres and is contiguous to the VMM-3 Block. The contracts for this project are in force majeure due to the lack of a defined environmental licensing required for the execution of unconventional exploratory activities. Additionally, the government of Colombia supports a ban on such activities.
Other
Marketing Activities
The company's Commercial organization manages its worldwide commodity portfolio, which includes natural gas, crude oil, bitumen, NGLs, LNG, and power. Marketing activities are performed through offices in the U.S., Canada, Europe, and Asia. In marketing its production, the company attempts to minimize flow disruptions, maximize realized prices, and manage credit-risk exposure. Commodity sales are generally made at prevailing market prices at the time of sale. The company also purchases and sells third-party commodity volumes to better position itself to satisfy customer demand while fully utilizing transportation and storage capacity.
Crude Oil, Bitumen, and NGLs
The company's crude oil, bitumen, and NGL revenues are derived from production in the U.S., Canada, Asia, Africa, and Europe. These commodities are primarily sold under contracts with prices based on market indices, adjusted for location, quality, and transportation.
Natural Gas
The company's natural gas production, along with third-party purchased gas, is primarily marketed in the U.S., Canada, and Europe. The company's natural gas is sold to a diverse client portfolio, which includes local distribution companies, gas and power utilities, large industrials, independent, integrated, or state-owned oil and gas companies, as well as marketing companies. To reduce its market exposure and credit risk, the company also transports natural gas via firm and interruptible transportation agreements to major market hubs.
LNG
The company has producing equity LNG facilities located in Australia, Qatar, and Equatorial Guinea. The company also has a 30 percent direct equity holding in the Port Arthur LNG (PALNG) facility, which is scheduled to start up in 2027. As part of its LNG strategy to build a dynamic LNG portfolio and expand its footprint across the LNG value chain, in the future, the company has LNG offtake due to start up in the U.S. Gulf Coast and the west coast of Mexico, with approximately 7.4 MTPA, and has a total regasification capacity of 5.2 MTPA at terminals in Belgium, Germany, and the Netherlands. The company continues to progress discussions across all major LNG producing and consuming regions and markets to further add high-quality positions to its portfolio.
Emergency Response Partnerships
The company maintains memberships in several global response and containment partnerships as a key element of its emergency response preparedness program, complementing its internal response resources.
Oil Spill Response Organizations (OSROs)
The company maintains memberships in several OSROs, many of which are not-for-profit cooperatives owned by member companies. In North America, the company's primary OSROs include the Marine Spill Response Corporation for the continental U.S., and Alaska Clean Seas and Ship Escort/Response Vessel System for the Alaska North Slope and Prince William Sound, respectively. Internationally, the company maintains memberships in various OSROs, including Oil Spill Response Limited, the Norwegian Clean Seas Association for Operating Companies, the Australian Marine Oil Spill Center, and Petroleum Industry of Malaysia Mutual Aid Group.
History
ConocoPhillips was founded in 1917. The company was incorporated in the state of Delaware in 2001.
