COP
Updated: 24/09/2026, 17:06:30
ConocoPhillips is an energy company that engages in the global exploration, production, transportation, and marketing of various resources, including crude petroleum, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids (NGLs). Its primary operations are centered on both conventional and tight oil formations, shale gas, heavy crude, LNG developments, and oil sands projects. The company's extensive portfolio includes unconventional resources located in North America; established conventional assets spanning North America, Europe, Asia, and Australia; numerous LNG ventures; oil sands properties within Canada; and a significant inventory of potential conventional and unconventional exploration opportunities. ConocoPhillips was established in 1917 and its corporate headquarters are situated in Houston, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$51.8B
FY 2025 · Reported
Net income
$8.0B
FY 2025 · Reported
Gross margin
56.9%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
0.2%
FY 2025 · Calculated
Share repurchases
$5.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Leading E&P company, 14 countries, ~9,900 employees, $122B total assets
“ConocoPhillips is one of the world’s leading E&P companies, based on both production and reserves, with operations and activities in 14 countries.”
LNG strategy and offtake/regas capacity
LNG: 10.2 MTPA North America offtake (commencing 2026-2031); ~6.7 MTPA European regas capacity
“we have various commercial LNG offtake agreements in North America totaling 10.2 MTPA with offtake commencing between 2026-2031. Furthermore, we currently have a total regasification capacity in Europe of approximately 6.7 MTPA.”
Late-2025 workforce restructuring
Late 2025 restructuring reduced workforce; expected ~$0.8B cost reduction contribution
“In late 2025, we initiated a restructuring, reducing our overall employee workforce”
Marathon Oil acquisition (Nov 2024)
Completed November 2024 at $16.5 billion (0.255 COP shares per Marathon share, ~143 million shares at $111.93 avg price + $451 million cash); assumed $4.7 billion long-term debt; ~$587 million transaction-related costs incl. $334 million severance
“At close, the transaction was valued at $16.5 billion, which primarily represented 0.255 shares of ConocoPhillips common stock exchanged for each outstanding share of Marathon Oil common stock.”
Marathon Oil acquisition and synergies
Marathon Oil acquired Nov 2024 ($16.5B); >$1B run-rate synergies and ~$1B one-time benefits by YE2025
“In November 2024, we completed our acquisition of Marathon Oil. In the first half of 2025, we completed the asset integration of Marathon Oil and by year-end 2025 achieved more than $1 billion of synergies on a run-rate basis and approximately $1 billion of one-time benefits.”
Alaska working interest acquisition from Chevron (Q4 2024)
Q4 2024: acquired ~5% additional working interest in Kuparuk River Unit and ~0.4% in Prudhoe Bay Unit from Chevron U.S.A. Inc. and Union Oil Company of California for $296 million
“increased our working interest by approximately 5 percent in the Kuparuk River Unit and approximately 0.4 percent in the Prudhoe Bay Unit from Chevron U.S.A. Inc. and Union Oil Company of California for $296 million”
Surmont remaining 50% acquisition (Oct 2023)
October 2023: acquired remaining 50% of Surmont (Canada) from TotalEnergies EP Canada for $3.0 billion (CAD $4.1 billion), incl. $320 million contingent consideration; $112 million FX forward loss
“we completed our acquisition of the remaining 50 percent working interest in Surmont, an asset in our Canada segment, from TotalEnergies EP Canada Ltd. Following the acquisition, we own 100 percent working interest in Surmont.”
2025 capex and key projects
$12.6B capex in 2025 ($0.5B LNG equity: NFE4, NFS3, PALNG); Willow progress; KBBC operatorship; Surmont first oil
“We invested $12.6 billion into the business in the form of capital expenditures and investments”
Highly competitive E&P industry
Competes with private, public and state-owned companies across E&P, plus anticipated competition from alternative fuels
“We compete with private, public and state-owned companies in all facets of the exploration and production business”
OPEC Plus supply and demand dynamics
2025 price volatility from slowed demand growth and higher OPEC Plus/other producer output
“slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries”
2025 sale of Ursa and Europa interests
Q2 2025: sold Ursa and Europa fields and Ursa Oil Pipeline Company LLC for $699 million net proceeds; $274 million before-tax / $266 million after-tax gain
“we sold our interests in the Ursa and Europa fields and Ursa Oil Pipeline Company LLC for net proceeds of $699 million. We recognized a $274 million before-tax and $266 million after-tax gain”
2025 sale of other noncore Lower 48 assets
2025: sold other noncore Lower 48 assets for $1.1 billion; $404 million before-tax / $310 million after-tax gain
“we sold our interests in other noncore assets in the Lower 48 segment for $1.1 billion and recognized a $404 million before-tax and $310 million after-tax net gain”
$5B disposition target by YE2026
$5B disposition target by YE2026; $3.2B disposed in 2025 (Ursa/Europa $0.7B, Anadarko $1.2B, other noncore ~$1.3B)
“In August 2025, we announced a total disposition target of $5 billion by year-end 2026. We disposed of $3.2 billion of assets in 2025”
2025 sale of Anadarko basin assets
Q4 2025: sold Lower 48 Anadarko basin assets for $1.2 billion net proceeds, carrying value ~$1.2 billion
“we sold Lower 48 assets in the Anadarko basin for net proceeds of $1.2 billion, after customary closing adjustments”
Climate-related Risk Strategy elements
Strategy: resilient low-cost-of-supply portfolio, capital discipline with fully burdened cost of supply including carbon, LNG portfolio building; explicitly no Scope 3 target
“Our Climate-related Risk Strategy does not include a Scope 3 emissions target”
Cost of supply capital allocation framework
Capital allocated on low cost of supply basis (WTI-equivalent price for 10% after-tax return); balanced short-cycle/long-cycle
“Cost of supply is the WTI equivalent price that generates a 10 percent after-tax return on a point-forward and fully burdened basis.”
Debt balance and 2025 maturities retired
Debt $23.4B at YE2025; retired $0.7B at maturity in 2025
“Our debt balance at December 31, 2025 was $23.4 billion compared with $24.3 billion at December 31, 2024. The current portion of debt, including payments for finance leases, is $1.0 billion.”
Q1 2026 production guidance
Q1 2026 production expected 2.30–2.34 MMBOED
“First-quarter 2026 production is expected to be 2.30 MMBOED to 2.34 MMBOED.”
QatarEnergy LNG NFS3 award reference
Section references ConocoPhillips being awarded QatarEnergy LNG NFS(3) during 2022 (excerpt truncated)
“QatarEnergy LNG NFS(3) (NFS3) During 2022, we were awarded”
Marathon Oil purchase price allocation finalized Q4 2025
PPA finalized Q4 2025: total assets acquired $26,655M (incl. PP&E $24,215M); liabilities assumed $10,148M (incl. long-term debt $4,719M, deferred taxes $2,471M)
“In the fourth quarter of 2025, we finalized the allocation of the purchase price to specific assets and liabilities.”
Pro forma 2024 combined results (Marathon Oil)
2024 pro forma combined (Marathon Oil from Jan 1, 2023): revenues $63,121M, net income $10,557M, diluted EPS $8.05 (as reported: $56,953M / $9,245M / $7.81)
“Total revenues and other income$56,953 6,168 63,121”
Commodity price volatility
Revenues tied to crude oil, bitumen, LNG, natural gas and NGL prices; 2025 WTI ranged $80 (Jan) to $55 (Dec) per barrel
“over the course of 2025, WTI crude oil prices ranged from a high of $80 per barrel in January to a low of $55 per barrel in December”
Commodity price cyclicality and unhedged posture
Company is unhedged; profitability highly dependent on volatile crude oil, bitumen, natural gas, LNG, NGL prices
“we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals”
Low price consequences
Prolonged low prices could cut revenues, dividends, buybacks, proved reserves, reserve replacement ratio, capex, and cause impairments or curtailments
“Prolonged periods of low commodity prices could have a material adverse effect on our revenues, operating income, cash flows and liquidity, and may also affect the amount of dividends we elect to declare”
Climate strategy execution risk
Achieving Climate-related Risk Strategy GHG intensity targets is subject to government policies, carbon capture acceptance, offset supply and technology development risks; expects to purchase emission credits/offsets
“We expect to be required to purchase emission credits and/or offsets in the future. There may be an insufficient supply of offsets”
LNG export authorization pause
January 2024 U.S. temporary pause on new LNG export authorizations, lifted January 2025, may have extended adverse impact on global LNG business
“in January 2024, in response to concerns from environmental groups, the U.S. announced a temporary pause on new authorizations of certain LNG exports. The pause was subsequently lifted in January 2025”
Cybersecurity/OT risk
Breach of IT/OT including SCADA systems could cause physical damage, market delivery delays, business interruption, regulatory fines and litigation
“If our data, IT, operational technology (OT), including industrial control and supervisory control and data acquisition (SCADA) systems were to be breached, damaged or disrupted due to a cybersecurity incident or cyber-attack”
Midstream infrastructure dependency
Ability to sell and deliver production depends on availability of gathering, processing, compression, transportation, pipeline facilities and diluents
“our ability to sell and deliver the crude oil, bitumen, LNG, natural gas and NGLs that we produce also depends on the availability, proximity and capacity of gathering, processing, compression, transportation and pipeline facilities and equipment”
Competition for inputs and personnel
Must compete for materials, equipment, services and specialized personnel
“We must also compete for the materials, equipment, services, employees and other personnel (including geologists, geophysicists, engineers and other specialists) necessary to conduct our business”
Joint venture control risk
Many operations conducted through JVs where another partner is operator or company lacks majority control, constraining ability to influence outcomes
“We conduct many of our operations through joint ventures in which another joint venture partner is the operator or we may not have majority control”
Reserve estimate imprecision
Proved reserve estimates are imprecise; material changes in assumptions could impair reserve quantities and values or cause impairments
“Estimates of crude oil, bitumen, natural gas and NGL reserves are imprecise and may be subject to revision”
Sales prices for crude oil and other products are the most significant factor impacting revenues and growth; 2025 WTI ranged $55-$80/bbl
“Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs”
Company unhedged; operating cash flows highly dependent on crude oil prices; cost of supply framework keyed to WTI.
“Our short- and long-term operating cash flows are highly dependent on the prices for crude oil, bitumen, natural gas, LNG and NGLs.”
$16.5B all-stock acquisition added Lower 48 and Equatorial Guinea operations; pro forma 2024 combined revenues $63,121M and net income $10,557M
“an independent oil and gas exploration and production company with operations across the Lower 48 and in Equatorial Guinea”
LNG developments and offtake/regas positions are core growth strategy; cash flows depend on natural gas and LNG prices.
“Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada”
Production delivery depends on third-party gathering, processing, transportation and pipeline capacity and diluents; unavailability can raise costs or force curtailments
“we may incur increased costs to transport our crude oil, bitumen, LNG, natural gas and NGLs for sale; we may be forced to curtail our production”
Reserve estimates under UOP DD&A are price-dependent; 10% lower proved reserves would increase 2025 before-tax DD&A ~$1,250 million on ~$80B PP&E
“Generally, our proved reserves decrease as prices decline and increase as prices rise”
100% ownership of Surmont oil sands asset after $3.0B acquisition of remaining 50% from TotalEnergies EP Canada
“we completed our acquisition of the remaining 50 percent working interest in Surmont, an asset in our Canada segment”
Competes with private, public and state-owned E&P companies and for materials, equipment and specialized personnel
“The exploration and production of crude oil, bitumen, natural gas and NGLs is a highly competitive business”
LNG export permitting pauses/approval delays may adversely impact the global LNG business
“This pause and other difficulties in the regulatory approval processes may have an extended adverse impact on our global LNG business”
Increasing reliance on IT/OT including SCADA systems means cyber incidents could disrupt domestic and international oil and gas operations
“Our increasing reliance on IT in our production, distribution and marketing systems may allow cybersecurity threats to disrupt our oil and gas operations, both domestically and abroad”
LNG portfolio building is a key climate-strategy element because LNG can displace higher-emissions fuels such as coal for power generation
“Building an attractive LNG portfolio as an important component of responsibly meeting global energy demand due to LNG's opportunity to displace higher-emissions fuels such as coal for electricity generation”
$296M bolt-on acquisition increased working interests in Kuparuk River Unit (~5%) and Prudhoe Bay Unit (~0.4%)
“increased our working interest by approximately 5 percent in the Kuparuk River Unit and approximately 0.4 percent in the Prudhoe Bay Unit”
Executing Climate-related Risk Strategy could be costly; expects to purchase emission credits/offsets which may be insufficiently supplied and increasingly expensive
“we could incur increasingly greater expenses related to our purchase of such offsets”
Counterparty (seller) in Alaska working interest acquisition alongside Union Oil Company of California; also a competing major in Alaska
“from Chevron U.S.A. Inc. and Union Oil Company of California for $296 million”
Deferred taxes not recorded on permanently reinvested cumulative translation adjustment in certain foreign subsidiaries and corporate joint ventures
“deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures”
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