# ConocoPhillips **Source:** https://geo.sig.ai/brands/conocophillips **Vertical:** Energy & Utilities **Subcategory:** Enterprise **Tier:** Leader **Website:** conocophillips.com **Last Updated:** 2026-04-14 ## Summary Largest independent E&P with 2M BOE/day; $22.5B Marathon Oil acquisition 2024; $40/bbl breakeven portfolio; LNG optionality through APLNG and Port Arthur; NYSE: COP. ## Company Overview ConocoPhillips is one of the world's largest independent exploration and production companies, tracing its roots to Continental Oil Company (Conoco) founded in 1875 and Phillips Petroleum founded in 1905, merging to form ConocoPhillips in 2002. Headquartered in Houston, Texas and trading on NYSE (COP), the company generated approximately $55.2 billion in total revenues for FY2024 and produces roughly 2.0 million barrels of oil equivalent per day across its diversified global portfolio. Under CEO Ryan Lance, ConocoPhillips completed the transformational acquisition of Marathon Oil in November 2024 for approximately $22.5 billion, adding significant Permian Basin, Eagle Ford, and Bakken acreage and reinforcing COP's position as the dominant large-cap independent E&P. ConocoPhillips distinguishes itself through a low cost of supply strategy, targeting a portfolio where over half of its resources break even below $40 per barrel WTI, providing resilience through oil price cycles. Core operating areas include the Permian Basin, Eagle Ford Shale, Bakken, and Alaska (one of the most prolific U.S. onshore producers at Kuparuk and Alpine fields), plus significant international positions in Norway, the UK, Qatar LNG, Malaysia, and Canada's Montney formation. The company has built LNG optionality through its 30% stake in Australia Pacific LNG and an equity stake in Port Arthur LNG on the U.S. Gulf Coast, positioning COP to benefit from growing global natural gas demand through 2030-2035. In 2025-2026, ConocoPhillips is the dominant large-cap independent E&P, competing with integrated majors ExxonMobil (XOM) and Chevron (CVX) for Permian Basin supremacy following ExxonMobil's $60B Pioneer acquisition and Chevron's acquisition of Hess. The Marathon Oil deal added approximately 2 billion BOE of proved reserves and $1 billion in annual synergies. ConocoPhillips' capital return framework—targeting 9 to 10 billion dollars annually in dividends and buybacks through the cycle—emphasizes returning cash over growth for growth's sake, a discipline that has rewarded shareholders with consistent total returns despite commodity price volatility. ## Frequently Asked Questions ### What does ConocoPhillips do? ConocoPhillips is one of the world's largest independent exploration and production companies, focused exclusively on finding and producing crude oil, natural gas, natural gas liquids, bitumen, and liquefied natural gas (LNG). The company operates in 14 countries with major assets in Alaska, the Permian Basin, Eagle Ford, Bakken, Canada, and international LNG projects in Australia and Qatar. ConocoPhillips is a pure-play upstream company, having spun off all downstream refining and marketing operations to Phillips 66 in 2012. ### Who are ConocoPhillips' customers and target market? ConocoPhillips sells crude oil, natural gas, NGLs, and LNG to refiners, petrochemical companies, utilities, industrial users, and LNG buyers worldwide. The company's customers include major integrated oil companies, independent refiners, power generation companies, and LNG importers in Asia, Europe, and other global markets. Through long-term supply agreements and spot market sales, ConocoPhillips serves energy demand across diverse end markets including transportation fuels, petrochemicals, electricity generation, and industrial applications. ### When was ConocoPhillips founded? ConocoPhillips was officially formed on August 30, 2002, through the merger of Conoco Inc. and Phillips Petroleum Company. However, the company's heritage extends much further back: Conoco was founded in 1875 by Isaac Blake in Ogden, Utah, and Phillips Petroleum was established in 1917 by Frank and L.E. Phillips in Bartlesville, Oklahoma. In 2012, ConocoPhillips transformed into a pure-play exploration and production company by spinning off its downstream operations into Phillips 66. ### Where is ConocoPhillips headquartered? ConocoPhillips is headquartered in Houston, Texas. The company operates in 14 countries worldwide with major production centers in Alaska, Texas (Permian Basin), South Texas (Eagle Ford), North Dakota (Bakken), Canada, Australia, Qatar, and other international locations. ConocoPhillips employs approximately 11,800 people globally. ### How much revenue does ConocoPhillips generate? ConocoPhillips generated annual revenue of $54.75 billion in fiscal year 2024, representing a 5.39% decline from 2023 primarily due to lower commodity prices. The company reported full-year 2024 earnings of $9.2 billion or $7.81 per share. Production for 2024 averaged 2,183 thousand barrels of oil equivalent per day (MBOED) in Q4, with crude oil accounting for $39.01 billion of total revenue. ### What makes ConocoPhillips different from competitors? ConocoPhillips differentiates itself as the world's largest independent E&P company with a pure-play upstream focus, providing direct exposure to oil and gas prices without downstream refining operations. The company's competitive advantages include a globally diversified, low cost of supply portfolio; industry-leading capital discipline and returns to shareholders ($9.1 billion returned in 2024); strategic scale in premier unconventional plays (Permian, Eagle Ford, Bakken); and a robust LNG portfolio providing exposure to growing global gas demand. The Marathon Oil acquisition further enhanced scale and synergies exceeding $1 billion annually. ### Who are ConocoPhillips' main competitors? ConocoPhillips competes with integrated oil majors including ExxonMobil and Chevron, as well as large independent E&P companies such as EOG Resources, Devon Energy, Diamondback Energy, and Occidental Petroleum. In specific regions like the Permian Basin, key competitors include ExxonMobil (which acquired Pioneer Natural Resources in 2024), Chevron, EOG Resources, and Occidental. Internationally, ConocoPhillips competes with major oil companies, national oil companies, and other independents for exploration acreage, production opportunities, and LNG market share. ### How can I contact ConocoPhillips? You can contact ConocoPhillips through their official website at www.conocophillips.com, which provides investor relations contacts, media inquiry channels, and general information. The company's corporate headquarters is located in Houston, Texas. For investor relations inquiries, visit the Investors section of the website. For media inquiries, the company maintains a dedicated news and media center with press contacts. ### Is ConocoPhillips hiring? Yes, ConocoPhillips recruits talent across engineering, geoscience, operations, technology, commercial, and corporate functions to support its global operations in 14 countries. The company employs approximately 11,800 people and offers opportunities for petroleum engineers, geologists, operations professionals, and other specialized roles. Career opportunities can be found on the company's website and professional networking platforms, with positions available across North America, Asia Pacific, and other international locations. ### What's the latest news about ConocoPhillips? Recent developments include the February 2025 announcement of full-year 2024 results showing earnings of $9.2 billion and 2025 guidance with planned capital expenditures of $12.9 billion and $10 billion in shareholder returns; completion of the $22.5 billion Marathon Oil acquisition in November 2024; commencement of drilling at the Willow project in Alaska in September 2024 with initial drilling achieved in December; a 34% increase in the ordinary quarterly dividend to $0.78 per share in Q4 2024; and APLNG reaching its 1,000th cargo milestone in April 2024. ### What is ConocoPhillips' dividend and shareholder return policy? ConocoPhillips has a comprehensive shareholder return framework consisting of an ordinary quarterly dividend and share repurchases. The ordinary dividend was increased 34% to $0.78 per share starting Q4 2024. In 2024, ConocoPhillips returned $9.1 billion to shareholders, including $5.5 billion in share repurchases and $3.6 billion through dividends. For 2025, the company plans to return $10 billion to shareholders. The company also previously used a variable return of cash (VROC) mechanism to share commodity price upside with shareholders. ### What are ConocoPhillips' sustainability and climate initiatives? ConocoPhillips addresses climate-related risks through greenhouse gas emissions intensity reduction targets, investments in carbon capture and storage technologies, and participation in lower-carbon energy projects including LNG as a transition fuel. The company released its 2024 Sustainability Report detailing initiatives in environmental stewardship, community engagement, and responsible energy development. ConocoPhillips received an ESG Score of 56 from S&P Global (2024) and participates in Climate Action 100+ engagement. The company focuses on sustainable energy production while meeting global energy demand responsibly. ## Tags b2b, energy, fortune500, global, public --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*