CONOCOPHILLIPS (COP)

ConocoPhillips is an independent exploration and production company headquartered in Houston, Texas, with operations and activities in 14 countries. It explores for, produces, transports and markets crude oil, bitumen, natural gas, NGLs and LNG worldwide. Its portfolio includes 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. At December 31, 2025, it employed about 9,900 people and had total assets of about $122 billion; 2025 production was 2,375 MBOED. The company was incorporated in Delaware in 2001 ahead of the merger of Conoco Inc. and Phillips Petroleum Company, which closed in August 2002, and it spun off its downstream business as Phillips 66 in April 2012.

Operations are managed through five geographic segments. Alaska includes the Greater Prudhoe, Greater Kuparuk and Western North Slope areas, including the Willow project (first oil anticipated in early 2029), and ConocoPhillips is the state's largest crude oil producer. Lower 48, the largest segment at about 1,484 MBOED, holds unconventional acreage in the Delaware Basin, Eagle Ford, Bakken and Midland Basin. Canada comprises the Surmont SAGD oil sands development in Alberta and the liquids-rich Montney play in British Columbia. Europe, Middle East and North Africa covers the Norwegian North Sea and Norwegian Sea (Greater Ekofisk, Heidrun, Troll, Aasta Hansteen, Alvheim, Visund), the QatarEnergy LNG N3 joint venture, the Waha Concession in Libya, and the Alba Unit in Equatorial Guinea. The Asia Pacific segment is named, but its details are not included in the text. Proved reserves were 7,637 MMBOE at year-end 2025, about 84 percent of them in OECD countries.

Output is sold as crude oil, bitumen, natural gas, NGLs and LNG. Alaskan crude is shipped to Valdez and delivered primarily to west coast U.S. refineries, Ekofisk crude is exported to Teesside, U.K. and its gas to Emden, Germany, and Qatar LNG is shipped globally on leased carriers. Equatorial Guinea LNG is marketed to third parties at global LNG-indexed prices, and Qatari liquids are sold domestically or through QatarEnergy Marketing. Producing countries include the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.

The company operates much of its own infrastructure, including processing facilities in Texas and New Mexico, Alaska pipelines, five double-hulled tankers, and the Teesside terminal and processing facility. It holds a 29.5 percent interest in the Trans-Alaska Pipeline System and a 35.1 percent interest in the Norpipe Oil Pipeline. It also holds equity interests in Alba Plant LLC and in Qatar LNG joint ventures with partners including QatarEnergy, Shell, Mitsui and Chevron. Several assets are partner-operated, including Prudhoe Bay (Hilcorp) and the Norwegian fields run by Equinor and Aker BP.