Quick Facts / Company Snapshot
- Founded: Legacy dates back 150 years, with roots in 1875 for Conoco and 1917 for Phillips Petroleum Company; formed in 2002 from merger of Conoco Inc. and Phillips Petroleum Company; became independent E&P company in 2012.
- Latest Revenue: $56.953 billion for 2024 (total revenues and other income).
- Operating Profit: Not explicitly disclosed as operating profit.
- Net Profit: $9.245 billion for 2024.
- Cash Flow from Operations: $20.124 billion for 2024.
- Employees: Approximately 11,800 worldwide as of December 31, 2024.
- Total Assets: $122.780 billion as of December 31, 2024.
- Production: 1,987 thousand barrels of oil equivalent per day in 2024.
- Return on Capital Employed: 14% in 2024.
- Shareholder Returns: $9.1 billion in 2024.
- Market Capitalization: Aggregate market value of common stock held by non-affiliates $132.7 billion as of June 30, 2024.
- Headquarters: 925 N. Eldridge Parkway, Houston, TX 77079.
- Countries of Operation: Operations and activities in 14 countries.
- Stock Exchange: Common stock traded on New York Stock Exchange under symbol COP.
- Key Acquisition: Marathon Oil acquired for $22.5 billion in November 2024.
Company Overview
ConocoPhillips stands as one of the world’s leading exploration and production companies, with a balanced, diversified global portfolio. The company focuses on delivering superior returns through the cycles, grounded in foundational principles of balance sheet strength, peer-leading distributions, and disciplined investments. Emphasis is placed on environmental, social, and governance performance to produce reliable free cash flow. The organization operates in some of the most prolific basins, including the U.S. Lower 48 and Alaska, alongside regions in Africa, Asia, Australia, Canada, and Europe. This positioning enables ConocoPhillips to achieve strong, consistent financial results for decades.
- Total assets reached $123 billion as of December 31, 2024.
- Production hit a record 1,987 thousand barrels of oil equivalent per day in 2024.
ConocoPhillips adheres to its Triple Mandate, which involves responsibly and reliably meeting global energy demand, delivering competitive returns on and of capital, and advancing emissions-reduction targets. The commitment reflects the ingenuity of its workforce. The company always seeks opportunities to enhance its portfolio, ensuring they align with a rigorous financial framework to strengthen the business. ConocoPhillips executed across all aspects of its Triple Mandate in 2024, achieving a 14% return on capital employed. Shareholder capital returns totaled $9.1 billion, exceeding the greater than 30% of cash from operations commitment.
Visualizing ConocoPhillips’ global operations brings the scale of their exploration and production activities to life.
Business Segments and Revenue Breakup %
ConocoPhillips organizes its operations into several key segments, each contributing to the overall production and financial performance. The segments include Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International. The company does not provide explicit revenue contribution percentages by segment in the disclosed data. However, net income by segment for 2024 is as follows.
- Alaska: $1,326 million.
- Lower 48: $5,175 million.
- Canada: $712 million.
- Europe, Middle East and North Africa: $1,189 million.
- Asia Pacific: $1,724 million.
- Other International: $(1) million.
- Corporate and Other: $(880) million.
The Alaska segment encompasses operations in prolific basins on the North Slope, including the Prudhoe Bay and Kuparuk River Units. It involves production from fields like Nuna, where first oil was reached in 2024. The Lower 48 segment covers unconventional positions in the Eagle Ford, Bakken, and Permian Basin. It delivered mid-single-digit production growth in 2024 through drilling and completion efficiency improvements. The Canada segment includes operations in the Surmont oil sands and Montney unconventional play. It focuses on bitumen production and natural gas.
- Surmont: 100.0% interest, operated by ConocoPhillips, average daily net production 122 MBOED bitumen in 2024.
- Montney: 100.0% interest, operated by ConocoPhillips, average daily net production 17 MBD crude oil, 6 MBD NGL, 115 MMCFD natural gas in 2024.
The Europe, Middle East and North Africa segment features activities in Norway, Qatar, and Libya. It advanced projects like Eldfisk North, where first oil was achieved in 2024. The Asia Pacific segment involves operations in China, Malaysia, and Australia, including the APLNG project. It celebrated the 1,000th cargo lift in 2024. Other International includes operations in Equatorial Guinea, enhanced by the Marathon Oil acquisition. Corporate and Other handles general overhead and certain non-operating items. The operational scope of each segment emphasizes safety, efficiency, and innovation to drive performance.
Quick Segment Insights
- Lower 48 production growth: Mid-single-digit in 2024.
- Total company production: 1,987 MBOED in 2024.
Here’s a glimpse into ConocoPhillips’ production facilities, highlighting their commitment to efficient operations.
History and Evolution
ConocoPhillips’ legacy spans 150 years, rooted in early oil and gas discoveries in the United States. The company’s origins trace back to companies such as Conoco, founded by Isaac E. Elder in 1875 as Continental Oil, and Phillips Petroleum, founded by Frank Phillips in 1917. Key milestones mark the evolution.
- 1957: Continental Oil Company and Union Stockyards formed Constock to transport liquid methane, leading to the first LNG shipment in 1959.
- 1967: Discovery of Prudhoe Bay Field in Alaska.
- 1969: Production began at Kenai LNG Facility in Alaska for export to Japan.
- 2000: Phillips Petroleum acquired ARCO Alaska’s assets for $7 billion.
- 2002: Merger of Conoco Inc. and Phillips Petroleum Company formed ConocoPhillips.
- 2012: Spinoff of downstream businesses, establishing ConocoPhillips as the world’s largest independent E&P company based on proved reserves and production.
- 2013: Sales of assets in Trinidad and Tobago, Kashagan, and Algeria.
- 2014: Sale of Nigeria business; first oil at Gumusut-Kakap in Malaysia.
- 2015: First export cargo of U.S.-produced light crude oil after lifting the 40-year ban.
- 2016: First cargo from APLNG facility in Australia.
- 2017: $16 billion from dispositions of non-core assets.
- 2018: Increased holdings in Canada’s Montney; first production at multiple sites.
- 2019: Sales of assets in Niobrara, Greater Sunrise Fields, and U.K. E&P subsidiaries.
- 2020: Sale of interests in Australia-West.
- 2021: Acquisitions of Concho Resources and Shell Permian assets.
- 2022: Additional 10% interest in APLNG; joined OGMP 2.0; final investment decision for Willow Project.
- 2023: Purchase of remaining 50% interest in Surmont; first production at several sites; Gold Standard designation by OGMP 2.0.
- 2024: Acquisition of Marathon Oil Corporation.
The history reflects a focus on innovation, such as the Optimized Cascade Process for LNG, and adaptation through mergers and acquisitions. In Alaska, the heritage includes the Swanson River discovery in 1957 and Prudhoe Bay in 1968, making ConocoPhillips Alaska’s largest oil producer. In LNG, ConocoPhillips shaped the industry from the first shipments in 1959 to modern projects like APLNG.
Milestone Highlights
- 2024 saw the completion of the Marathon Oil acquisition, boosting Lower 48 assets.
- Expanded LNG portfolio with new agreements in Europe and Asia.
Products and Services with Revenue Breakup %
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas worldwide. Products include crude oil produced in Alaska, Lower 48, Canada, Europe, Asia Pacific, and Africa. Natural gas liquids are extracted mainly in Lower 48 and Canada. Bitumen comes from Canadian oil sands. Natural gas is from fields in the U.S., Canada, Europe, Asia Pacific, and Africa. Liquefied natural gas is through equity, offtake, and regasification agreements. Services encompass transportation and marketing of these products.
No explicit revenue breakup percentages by product are disclosed. However, average sales prices for 2024 are crude oil $74.76 per barrel for consolidated operations, natural gas liquids $22.43 per barrel for consolidated operations, bitumen $47.92 per barrel for consolidated operations in Canada, natural gas $2.61 per thousand cubic feet for consolidated operations. These prices connect to production volumes, influencing overall performance. The company uses derivative contracts to manage risks but remains generally exposed to market prices.
Brand Portfolio with Revenue %
ConocoPhillips does not emphasize a diverse brand portfolio like consumer goods companies. The primary brand is ConocoPhillips itself, with positioning as a leading independent E&P company focused on low-cost, high-margin assets. No brand-wise revenue contributions are disclosed. Through acquisitions like Marathon Oil, the portfolio includes integrated LNG capacity in Equatorial Guinea, approximately 2 million tonnes per annum. The Optimized Cascade Process is a proprietary technology licensed to LNG projects.
This image captures the essence of ConocoPhillips’ diverse energy production assets.
Geographical Presence and Region-wise Revenue %
ConocoPhillips has operations and activities in 14 countries, with a footprint in the U.S., Canada, Norway, Qatar, Libya, China, Malaysia, Australia, Equatorial Guinea, and others. Manufacturing and operational footprint includes headquarters in Houston, Texas. Production facilities are in Alaska’s North Slope, Lower 48 basins like Eagle Ford, Bakken, Permian, Canadian oil sands and Montney, Norwegian North Sea, Qatari LNG projects, Libyan Sirte Basin, Chinese Bohai Bay, Malaysian blocks, Australian APLNG, and Equatorial Guinea Alba Unit. Offices and plants are located in these regions to support exploration, production, and transportation.
No explicit region-wise revenue percentages are disclosed. However, net production by region for 2024 provides insight into operational scope. Crude oil in thousands of barrels daily is Alaska 173, Lower 48 602, Canada 17, Europe 69, Asia Pacific 59, Africa 49. Natural gas liquids in thousands of barrels daily is Alaska 15, Lower 48 279, Canada 6, Europe 4. Bitumen in thousands of barrels daily is Canada 122. Natural gas in millions of cubic feet daily is Alaska 39, Lower 48 1,625, Canada 115, Europe 329, Asia Pacific 50, Africa 42. These volumes indicate the U.S. dominates production, with international regions contributing diversified output.
Acreage at December 31, 2024 includes developed thousands of acres gross/net Alaska 741/566, Lower 48 4,773/3,318, Canada 309/286, Europe 451/60, Asia Pacific/Middle East 422/152, Africa 440/140. Undeveloped is Alaska 1,038/1,012, Lower 48 10,258/8,100, Canada 3,396/2,006, Europe 610/188, Asia Pacific/Middle East 10,341/7,630, Africa 12,545/2,561. This extensive footprint supports long-term growth.
Global Operations Quick Facts
- Operations in 14 countries, with U.S. leading in production volumes.
- Added LNG capacity in Equatorial Guinea through 2024 acquisition.
Financial Performance Analysis
ConocoPhillips demonstrated solid financial performance in 2024, with earnings of $9.245 billion. The company generated reliable free cash flow, enabling substantial shareholder returns. No consolidated or standalone multi-year trend data is explicitly disclosed beyond specific metrics. The acquisition of Marathon Oil for $22.5 billion added value, with expected synergies over $1 billion on a run rate basis by end of 2025. Reserve replacement ratio was 244%, with organic 123%, indicating sustainable resource base.
Production reached 1,987 MBOED, a record, reflecting operational efficiency. Return on capital employed was 14%, showcasing effective capital utilization. Shareholder distributions averaged more than 45% of cash from operations since 2017. Earnings were $9.245 billion in 2024. Total assets were $122.780 billion at year-end 2024. The financial framework rewards shareholders through ordinary dividends, variable returns of cash, and share repurchases.
Key Financial Highlights
- Net income: $9.245 billion in 2024.
- Cash from operations: $20.124 billion in 2024.
- Shareholder returns: $9.1 billion in 2024.
Profit and Loss Analysis
Net income was $9.245 billion in 2024, down from $10.957 billion in 2023. No explicit operating profit or margin is disclosed. Expense structure includes production and operating costs, depreciation, depletion and amortization, and taxes other than income taxes. Average production costs per BOE were $12.26 for consolidated operations in 2024. Taxes other than income taxes per BOE were $3.04.
Depreciation, depletion and amortization per BOE were $14.54. No margin movements or additional financial ratios are explicitly disclosed beyond ROCE. The net income reflects execution across segments, with Lower 48 contributing the largest share.
Balance Sheet Analysis
Total assets were $122,780 million at December 31, 2024, up from $95,924 million in 2023. Property, plant and equipment net was $94,356 million. Other assets were $2,908 million. Liabilities include accounts payable $5,987 million, short-term debt $1,035 million, accrued income taxes $2,460 million, long-term debt $23,289 million, asset retirement obligations $8,089 million, and deferred income taxes $11,426 million.
Equity was $64,796 million. The capital structure supports operations with balance sheet strength. Net worth and reserves are not explicitly detailed. Debt and liquidity position enable disciplined investments. The acquisition increased assets significantly.
Cash Flow Analysis
Cash flows from operating activities were $20,124 million in 2024, compared with $19,965 million in 2023 and $28,314 million in 2022. Investing cash flows used $11,150 million in 2024, including capital expenditures and investments of $12,118 million. Financing cash flows used $8,835 million, with share repurchases $5,463 million and dividends $3,646 million. Free cash flow is generated reliably, supporting returns.
The company targets returning over 30% of cash from operations to shareholders. Planned distributions of $10 billion in 2025.
Board of Directors and Leadership Team
The Board of Directors oversees the company, with Ryan M. Lance as Chairman and Chief Executive Officer. Executive leadership team includes William L. Bullock, Jr. as Executive Vice President and Chief Financial Officer, age 60. Christopher P. Delk is Vice President, Controller and General Tax Counsel, age 55. Heather G. Hrap is Senior Vice President, Human Resources and Real Estate and Facilities Services, age 52. Kirk L. Johnson is Senior Vice President, Global Operations, age 49.
Ryan M. Lance is Chairman and Chief Executive Officer, age 62. Andrew D. Lundquist is Senior Vice President, Government Affairs, age 64. Andrew M. O’Brien is Senior Vice President, Strategy, Commercial, Sustainability and Technology, age 50. Nicholas G. Olds is Executive Vice President, Lower 48, age 55. Kelly B. Rose is Senior Vice President, Legal, General Counsel and Corporate Secretary, age 58. No family relationships among officers.
The board composition ensures governance, with committees like Audit and Finance Committee. The leadership focuses on safety, innovation, and collaboration.
Ryan M. Lance, leading ConocoPhillips as Chairman and CEO.
Subsidiaries, Associates, Joint Ventures and Revenue %
Subsidiaries include ConocoPhillips Alaska, Inc., operating in Alaska. Associates and joint ventures include interest in Qatargas 3, operated by Qatar Petroleum. Production sharing contracts are in Equatorial Guinea Alba Unit. Waha Concession is in Libya. Ownership percentages include majority in Kuparuk River Field.
100% in Alpine Field in Alaska. 10% additional in APLNG in 2022. No revenue contributions by entity are disclosed. The Marathon Oil acquisition added subsidiaries with operations in Lower 48 and Equatorial Guinea. Examples include interests in Australia Pacific LNG liquefaction plant.
Physical Properties (Offices, Plants, Factories, etc.)
ConocoPhillips maintains a global footprint of offices, plants, and factories. Headquarters is ConocoPhillips Center, Houston, Texas. Alaska facilities are in Prudhoe Bay, Kuparuk River, Alpine Field, Colville River Unit. Lower 48 operations are in Eagle Ford Texas, Bakken North Dakota, Permian Basin Texas and New Mexico. Canada has Surmont oil sands in Athabasca region, Montney in British Columbia.
Europe has North Sea facilities in Norway, including Ekofisk, Eldfisk, Aasta Hansteen. Middle East has Ras Laffan Industrial City in Qatar for Qatargas 3. Africa has offshore Alba Unit in Equatorial Guinea, Sirte Basin in Libya. Asia Pacific has Bohai Bay in China, blocks in Malaysia, APLNG liquefaction plant in Queensland, Australia. These properties support exploration, production, and LNG activities.
List of key physical properties includes Tyonek platform and pipelines in Alaska. Kenai LNG plant is historical. Gumusut-Kakap floating production facility is in Malaysia. Bayu-Undan offshore Timor-Leste is historical. The infrastructure enables efficient operations.
Segment-wise Performance
Alaska segment achieved net production of 173 thousand barrels daily crude oil, 15 NGL, 39 million cubic feet daily natural gas in 2024. Average sales prices were crude oil $71.32 per barrel. Production costs $18.73 per BOE, taxes $5.77, DD&A $16.55. Net income $1,326 million. Year-on-year, production stable for crude oil from 173 in 2023.
Lower 48 segment produced 602 thousand barrels daily crude oil, 279 NGL, 1,625 million cubic feet daily natural gas. Average sales prices were crude oil $74.17, NGL $22.02, natural gas $0.87. Production costs $11.13 per BOE, taxes $3.25, DD&A $15.23. Net income $5,175 million. Growth in production from 569 crude oil in 2023.
Canada segment had crude oil 17, NGL 6, bitumen 122, natural gas 115. Average prices were crude oil $64.47, NGL $29.59, bitumen $47.92, natural gas $0.54. Production costs $15.03 per BOE, taxes $0.52, DD&A $9.90. Net income $712 million. Increase in bitumen from 81 in 2023.
Europe, Middle East and North Africa had crude oil 69, NGL 4, natural gas 329. Prices were crude oil $81.09, NGL $45.50, natural gas $11.11. Production costs $10.80 per BOE, taxes $0.77, DD&A $14.71. Net income $1,189 million.
Asia Pacific had crude oil 59, NGL none explicit, natural gas 50. Prices were crude oil $82.42, natural gas $3.74. Production costs $14.27 per BOE, taxes $4.40, DD&A $17.29. Net income $1,724 million.
Other International net income $(1) million. Corporate and Other $(880) million. Segments showed varied year-on-year movements, with Lower 48 driving growth.
Founders
ConocoPhillips’ founders trace to Isaac E. Elder, who founded Continental Oil (Conoco) in 1875, and Frank Phillips, who founded Phillips Petroleum Company in 1917. The merger in 2002 combined these legacies.
Shareholding Pattern
No explicit shareholding pattern is disclosed. Promoters, institutional investors, public shareholding not detailed. Common stock outstanding 1,272,380,205 shares as of January 31, 2025. Aggregate market value of non-affiliates $132.7 billion as of June 30, 2024. No changes disclosed.
Parent
ConocoPhillips has no parent company; it is an independent entity since the 2012 spinoff.
Investments and Capital Expenditure Plans
Capital expenditures in 2024 included development $10,542 million, exploration $988 million, property acquisition $24,454 million. Ongoing investments are in Willow Project in Alaska, North Field East and South in Qatar, Port Arthur LNG in U.S. Gulf Coast. Capex allocation incorporates half of Marathon Oil synergies into 2025 guidance. No R&D spending disclosed.
Strategic priorities include portfolio enhancement, LNG strategy advancement with new agreements in Europe and Asia, emissions-reduction initiatives.
Future Strategy
Management states commitment to returning over 30% of cash from operations to shareholders, targeting $10 billion in distributions for 2025. Focus on Triple Mandate involves meeting energy demand responsibly, competitive returns, emissions targets. Global LNG strategy progresses with long-term agreements, added capacity in Equatorial Guinea. Capacity expansion is through steady-state drilling in Lower 48, integration of Marathon Oil assets.
Market focus is on low-cost, high-margin inventory. Technology and sustainability initiatives include region-specific emissions reductions, Low Carbon Technologies team, Gold Standard in Oil & Gas Methane Partnership 2.0. Ambition is to become net-zero for operational emissions by 2050.
Competitive Landscape
ConocoPhillips positions as a leading independent E&P company with a diversified portfolio. Competitors include ExxonMobil, Chevron, BP, Shell, APA Corporation, Devon Energy, Chesapeake Energy, Valero, EOG Resources, Anadarko Petroleum (historical), Occidental Petroleum, Imperial Oil, Coterra Energy, Saudi Aramco, Halliburton, Continental Resources, Calpine, Bayer, Lukoil, Bayer. The company differentiates through CFO-based returns framework, balance sheet strength.
Key Strengths
Deep, durable, diverse portfolio with low cost of supply. Record production 1,987 MBOED in 2024. Strong reserve replacement 244%. Seamless integration of acquisitions, like Marathon Oil adding over 2 billion barrels of resource. Global LNG position with equity, offtake, regasification across markets.
World-class workforce prioritizing safety, innovation. Competitive advantage in returns, exceeding 30% of CFO. Gold Standard methane reporting. Balance sheet strength. Peer-leading distributions. Disciplined investments.
Key Challenges and Risks
Volatile commodity prices may impact results, leading to impairments. Global changes in demand, supply, differentials from conflicts, threats, health crises. Insufficient liquidity affecting share repurchases, dividends. Failures in reserve, production levels from hazards, risks. Reductions in reserve replacement rates.
Unsuccessful exploratory activities. Delays in development plans for E&P, LNG facilities. Legislative, regulatory initiatives on climate change, GHG emissions, hydraulic fracturing. Societal efforts addressing climate change increasing alternative energy adoption. Inability to execute Climate Risk Strategy.
Disruptions in transportation for products. Permits, compliance delays. Operational interruptions from accidents, weather, unrest, cyberattacks. Integration difficulties with Marathon Oil, higher costs. Deterioration in counterparty credit quality.
Execution of capital return program subject to factors. Acquisitions, divestitures risks, including unrealized benefits. Cybersecurity threats to technologies, systems. Political, economic developments damaging operations. Price controls, limitations on production, exports.
Joint ventures constraints. Hazards requiring oversight, including pollutants release. Credit rating downgrades increasing costs.
Conclusion and Strategic Outlook
ConocoPhillips is positioned for the future with a deep, durable portfolio generating competitive returns and cash flow. Combined with high-performing operations, advancing technology, and committed workforce, the company aims for strong, consistent results. Data-backed outlook includes planned $10 billion distributions in 2025, over 30% of CFO. Long-term positioning focuses on responsible energy supply, emissions reductions, LNG expansion.
The acquisition of Marathon Oil deepens inventory, strengthens financial plan, enhances free cash flow.
FAQ Section
What is ConocoPhillips’ production in 2024?
ConocoPhillips produced a record 1,987 thousand barrels of oil equivalent per day in 2024.
What was ConocoPhillips’ net income in 2024?
ConocoPhillips reported net income of $9.245 billion in 2024.
What is the Triple Mandate of ConocoPhillips?
The Triple Mandate involves responsibly meeting energy demand, delivering competitive returns, and advancing emissions-reduction targets.
Who is the CEO of ConocoPhillips?
Ryan M. Lance serves as Chairman and Chief Executive Officer.
What was the major acquisition by ConocoPhillips in 2024?
ConocoPhillips acquired Marathon Oil for $22.5 billion in November 2024.
What is ConocoPhillips’ ambition for emissions?
ConocoPhillips has an ambition to become net-zero for operational emissions by 2050.
How many countries does ConocoPhillips operate in?
ConocoPhillips has operations and activities in 14 countries.
What is ConocoPhillips’ return on capital employed in 2024?
ConocoPhillips achieved 14% return on capital employed in 2024.
What are ConocoPhillips’ shareholder returns in 2024?
ConocoPhillips returned $9.1 billion to shareholders in 2024.
What is ConocoPhillips’ total assets as of 2024?
ConocoPhillips had total assets of $122.780 billion as of December 31, 2024.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
