ConocoPhillips is an independent exploration and production (E&P) company operating in 13 countries, focusing on a diverse, low-cost supply portfolio . The company explores for, produces, transports, and markets crude oil, bitumen, natural gas, LNG, and NGLs worldwide . ConocoPhillips manages its operations through six geographic segments, with significant contributions from its Lower 48 segment .
- Crude Oil - Explores, produces, and markets crude oil globally, serving as the largest revenue contributor.
- Lower 48 Segment - Manages exploration and production operations in the contiguous United States, significantly impacting overall sales.
- Natural Gas - Engages in the exploration, production, and marketing of natural gas across various regions.
- Natural Gas Liquids (NGLs) - Produces and markets NGLs, contributing to the company's diverse energy portfolio.
- Other Products - Includes bitumen and power, adding to the company's range of energy offerings.
- Alaska Segment - Oversees exploration and production activities in Alaska, contributing to the company's North American operations.
- Canada Segment - Focuses on oil sands and other conventional assets in Canada.
- Europe Segment - Manages conventional asset operations in Europe.
- Middle East and North Africa Segment - Engages in exploration and production activities in the Middle East and North Africa.
- Asia Pacific Segment - Oversees operations in Asia, including LNG developments.
- Other International Segment - Includes global exploration prospects outside the primary geographic segments.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ryan M. Lance ExecutiveBoard | Chairman and CEO | Board Member at Freeport-McMoRan, Inc. | Serving as Chairman and CEO since May 2012. Extensive leadership experience in global exploration and production. | View Report → |
Andrew D. Lundquist Executive | Senior Vice President, Government Affairs | None | Appointed Senior Vice President in February 2013. Previously managed BlueWater Strategies LLC, a government affairs consulting firm. | |
Andrew M. O'Brien Executive | Senior Vice President, Global Operations | None | Appointed Senior Vice President in November 2022. Previously served as Vice President and Treasurer. | |
C. William Giraud Executive | Senior Vice President, Corporate Planning and Development | None | Joined COP after the Concho Resources acquisition. Appointed Senior Vice President in June 2023. | |
Christopher P. Delk Executive | Vice President, Controller, and General Tax Counsel | None | Appointed to current role in November 2022. Over 11 years of experience in tax and accounting roles at COP. | |
Heather G. Hrap Executive | Senior Vice President, Human Resources and Real Estate and Facilities Services | None | Joined COP in October 2015. Appointed Senior Vice President in March 2022. | |
Kelly B. Rose Executive | Senior Vice President, Legal, General Counsel, and Corporate Secretary | None | Appointed Senior Vice President in September 2018. Previously a senior partner at Baker Botts L.L.P. | |
Kirk L. Johnson Executive | Senior Vice President, Global Operations | None | Appointed Senior Vice President in May 2022. Previously served as President, Canada, and Vice President, Corporate Planning and Development. | |
Nicholas G. Olds Executive | Executive Vice President, Lower 48 | None | Appointed Executive Vice President in November 2022. Previously served as Senior Vice President, Global Operations. | |
William L. Bullock, Jr. Executive | Executive Vice President and CFO | None | Appointed CFO in September 2020. Previously served as President, Asia Pacific & Middle East. | |
Nelda J. Connors Board | Director | Chair and CEO of Pine Grove Holdings, LLC; Board Member at Carnival Corporation, Otis Worldwide Corporation, and Zebra Technologies Corporation | Elected to the Board in September 2024. Extensive experience in industrial and manufacturing industries. |
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Given the potential oversupply in the LNG market expected in the 2027-2028 timeframe due to new liquefaction capacity coming online, how does ConocoPhillips plan to mitigate the risks of decreased LNG prices impacting returns on its long-term LNG investments?
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With the recent acquisition of Chevron's non-operated interests in Alaska for $300 million, how does ConocoPhillips evaluate the risks of investing additional capital in this region, and what is the expected impact on production and returns?
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Considering that Marathon's properties showed a reduction in drilling activity from 11-12 rigs in the first half to 5-6 rigs in the second half, how does ConocoPhillips plan to manage these assets to ensure sustainable production, and are there concerns about asset quality or resource depletion?
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Given that global oil demand growth forecasts have been adjusted downward to around 1 million barrels per day due to factors like China's economic slowdown, how will ConocoPhillips adjust its capital spending and production growth targets to navigate potential lower oil prices in the coming years?
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With expected production declines at APLNG starting around 2030 and long-term contracts extending through the mid-2030s, what specific backfill plans does ConocoPhillips have to ensure fulfillment of these contractual obligations, and are there risks to meeting them beyond the mid-2030s?
Research analysts who have asked questions during CONOCOPHILLIPS earnings calls.
Arun Jayaram
JPMorgan Chase & Co.
4 questions for COP
Leo Mariani
ROTH MKM
4 questions for COP
Neil Mehta
Goldman Sachs
4 questions for COP
Paul Cheng
Scotiabank
4 questions for COP
Ryan Todd
Simmons Energy
4 questions for COP
Scott Hanold
RBC Capital Markets
4 questions for COP
Stephen Richardson
Evercore ISI
4 questions for COP
Charles Meade
Johnson Rice & Company L.L.C.
3 questions for COP
Devin Mcdermott
Morgan Stanley
3 questions for COP
Joshua Silverstein
UBS Group AG
3 questions for COP
Alastair Syme
Citigroup
2 questions for COP
Betty Jiang
Barclays
2 questions for COP
Bob Brackett
Bernstein Research
2 questions for COP
Douglas George Blyth Leggate
Wolfe Research
2 questions for COP
Francis Lloyd Byrne
Jefferies
2 questions for COP
Kevin MacCurdy
Pickering Energy Partners
2 questions for COP
Lloyd Byrne
Jefferies LLC
2 questions for COP
Neal Dingmann
Truist Securities
2 questions for COP
Nitin Kumar
Mizuho Securities USA
2 questions for COP
Wei Jiang
Barclays
2 questions for COP
David Deckelbaum
TD Cowen
1 question for COP
Douglas Leggate
Wolfe Research
1 question for COP
Doug Leggate
Wolfe Research
1 question for COP
Kalei Akamine
Bank of America
1 question for COP
Kaleinoheaokealaula Akamine
Bank of America
1 question for COP
Phillip Jungwirth
BMO Capital Markets
1 question for COP
Phillips Johnston
Capital One Securities, Inc.
1 question for COP
Roger Read
Wells Fargo & Company
1 question for COP
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Certain Pipeline Company | Major purchaser of production | Lower 48 | In 2024: $6.7 billion (12% of total) In 2023: $5.8 billion (10% of total) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Marathon Oil Corporation | 2024 | ConocoPhillips completed an all-stock acquisition of Marathon Oil, valued at $22.5 billion (including $5.4 billion of net debt), which strategically adds high-quality, low-cost supply inventory and expands its global LNG capacity; the deal was announced on May 28, 2024, and closed on November 22, 2024. |
Surmont | 2023 | ConocoPhillips acquired the remaining 50% working interest in the Surmont oil sands project for a total consideration of approximately $3.0 billion (including $2.7 billion in cash and $0.3 billion in contingent payments), achieving full ownership and boosting production by an average of 66,000 barrels per day; the transaction was completed on October 4, 2023 and funded partly through a debt issuance. |
QatarEnergy LNG NFS (NFS3) | 2023 | ConocoPhillips secured a 25% equity interest in the NFS3 joint venture, formed in June 2023 with QatarEnergy holding the remaining 75%, to support its expansion into the global LNG market as part of Qatar’s North Field South LNG project; the investment is accounted for under the equity method in its EMEA segment. |
Port Arthur Liquefaction Holdings, LLC (PALNG) | 2023 | ConocoPhillips acquired a 30% direct equity investment in PALNG for the development of Phase 1 of the Port Arthur LNG project, with valuations reported between $0.4 billion to $0.9 billion over 2023; the deal includes a 20-year LNG offtake agreement and a natural gas supply management agreement, enhancing its export strategy. |
Australia Pacific LNG (APLNG) | 2022 | In February 2022, ConocoPhillips completed the acquisition of an additional 10% interest in APLNG for approximately $1.4 billion in an all-cash transaction, increasing its stake to 47.5%; this deal strengthens its Asia Pacific LNG operations by integrating downstream LNG facility operations and export sales activities. |
Eagle Ford Acreage | 2022 | ConocoPhillips acquired additional working interest in Eagle Ford acreage via a cash transaction of $236 million in September 2022, resulting in the recognition of $254 million in PP&E and $10 million in asset retirement obligations, thus supporting its Lower 48 portfolio. |
Recent press releases and 8-K filings for COP.
- ConocoPhillips plans to reduce its workforce by 20–25%, affecting approximately 3,250 employees and contractors this year.
- The cuts follow a decline in Q2 earnings due to lower prices and higher costs.
- The company is divesting non-essential assets, including its Anadarko Basin holdings for $1.3 billion.
- Shares fell 4.5% to $94.52, extending a 13% year-over-year decline.
- ConocoPhillips delivered Q2 2025 production of 2.391 MMBOE/d, beating guidance, reported $1.42 adjusted EPS, generated $4.7 B cash from operations, and invested $3.3 B capex; ended with $5.7 B cash and $1.1 B long-term investments.
- Returned $2.2 B to shareholders (≈45% of H1 CFO) via $1.2 B buybacks and $1.0 B dividends, on track with full-year capital return policy.
- Completed Marathon Oil integration, now realizing > $1 B run-rate synergies by year-end plus $1 B one-time tax benefits, executed $2.5 B in dispositions, and raised total asset sale target to $5 B by end-2026.
- Reaffirmed full-year production midpoint despite ~40 k BOE/d Anadarko sale; maintained tightened capex and cost guidance; expects mid-high 30% effective tax rate and $0.5 B deferred tax benefit from the One Big Beautiful Bill.
- Projects in LNG, Alaska, and operational improvements are expected to drive a $7 B free cash flow inflection by 2029 at $70/bbl WTI.
- ConocoPhillips is seeking federal approval to drill four new exploratory wells and conduct 3D seismic surveys in Alaska’s National Petroleum Reserve, adjacent to its $7.5 billion Willow project.
- The Willow project is expected to produce up to 600 million barrels over 30 years and peak at 180,000 barrels per day.
- The company plans to allocate $1 billion to $1.2 billion annually for regional development in Alaska, and holds $7.5 billion in cash and short-term investments, having returned $2.5 billion to shareholders recently.
- If approved, the drilling campaign would run from November through early May to align with Arctic operational seasons.
- The Trump administration aims to repeal protections on 13 million acres of Alaska’s National Petroleum Reserve to significantly expand oil and gas output, targeting a double or quadruple increase in production within 10 years.
- Interior Secretary Doug Burgum, Energy Secretary Chris Wright, and EPA Administrator Lee Zeldin toured Alaska to promote the policy shift and the $44 billion Alaska LNG pipeline designed to boost exports to Asia.
- Delegations from Japan, South Korea, Taiwan, and the Philippines underscored international interest in Alaska’s resource development.
- Environmental and tribal groups warn of risks to wildlife, climate, and Indigenous communities, and critics question the LNG project’s feasibility and cost.
- Q1 2025 Financial Performance: Reported GAAP EPS of $2.23, adjusted EPS of $2.09, and total earnings of $2.8 billion, reflecting improved results vs Q1 2024.
- Dividend & Leadership Update: Declared a Q2 ordinary dividend of $0.78 per share; announced CFO transition with Bill Bullock retiring after 39 years and Andy O’Brien appointed effective June 1, 2025.
- Strong Operational Results: Achieved robust Q1 production of 2.39 million barrels of oil equivalent per day and generated $6.1 billion in cash from operating activities.
- Capital Efficiency Enhancements: Improvements led to a $0.5 billion reduction in capital spending guidance and a $2.5 billion shareholder return, reinforcing disciplined capital allocation.
- Marathon Integration: Acquisition integration progressing ahead of schedule, delivering over $500 million in capital synergies and driving further cost efficiencies.