About Conocophillips Holding Company

Proudly combining the two venerable oil industry names of Conoco and Phillips, ConocoPhillips is the world's largest independent exploration and production company based on reserves and oil production. Once a fully integrated oil company (upstream and downstream) ConocoPhillips now focuses on exploration and production. The company explores for, produces, transports, and sells crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids (NGLs) around the world. ConocoPhillips explores for oil and gas in 27 countries and in 2014 it had proved reserves of 8.9 billion barrels of oil equivalent. It produced about 1.5 million barrels per day in 2014. 

Geographic Reach

ConocoPhillips has oil and gas assets in Asia, Australia, Europe, and North America. In 2014 the company has oil production operations in the US, Norway, the UK, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia, Qatar, Libya, and Russia. The US accounted for 57% of the company’s revenues in 2014.


The company manages its operations through six operating segments: Alaska (primarily explores for, produces, transports and markets crude oil, natural gas liquids, natural gas and LNG), Lower US 48 (where it holds 13 million net acres of onshore conventional and unconventional acreage), Canada, Europe, Asia Pacific and Middle East, and Other International.

In 2014 operations in the Asia Pacific and Middle East segment accounted for 13% of its liquids production and 31% of its natural gas production.

Sales and Marketing

ConocoPhillips' worldwide commodity portfolio (natural gas, crude oil, bitumen, NGLs and LNG) is marketed through offices in the US, Canada, Europe and Asia. Commodity sales (made at prevailing market prices) are boosted through the purchase of third-party volumes for better economies of scale in trading transactions.

Natural gas is sold to a diverse client portfolio which includes local distribution companies; gas and power utilities; large industrial enterprises; oil and gas exploration and production companies; and marketing companies.

Crude oil, bitumen, and natural gas liquids are sold under contracts with prices based on market indices, adjusted for location, quality and transportation.

Financial Performance

In 2014 ConocoPhillips' revenues declined by 4.7%. Although it reported a year-over-year production increase of 4% from continuing operations due to growth from major projects and development programs (partially offset by normal field decline), this growth was outpaced by lower commodity prices, which dragged down revenues.

In 2014 ConocoPhillips' net income decreased by 25% due lower revenues, and an increase in production and operating expenses, and depreciation, depletion, amortization, and impairments, which more than offset a drop in selling, general, and administrative costs, and lower taxes.

Cash provided by continuing operating activities grew by 5% in 2014. This was largely due to a benefit from the $1.3 billion distribution from the FCCL partnership (a Canada-based oil sands project operated by Cenovus), resulting from a $2.8 billion prepayment of its remaining joint venture acquisition obligation in 2013.


The company’s production volume growth in 2014 was spurred by its first production from five major projects in Malaysia, Canada (oil sands), and the UK. These projects will continue ramping up and delivering growth in 2015 and beyond. In addition, APLNG (a major LNG project) in Australia, and Surmont 2 (an oil sands project) in Canada were on track to start up in 2015.

In 2014, as part of a disposition program, the company sold its Nigeria business for $550 million of deposits received, $900 million at closing, plus $33 million in deferred payments.

To raise cash to pay down debt, that year the company sold its 8.4% interest in the North Caspian Sea Production Sharing Agreement (Kashagan) for $5.4 billion. In 2013 it also agreed to sell more than $1 billion in oilfield assets in Montana and North Dakota to Denbury Resources and its Clyden oil sands assets in Canada to Imperial Oil and ExxonMobil Canada for $720 million. The deals both raise cash and allows the company to focus on its core US shale assets.

In 2013 ConocoPhillips announced an oil discovery in the deepwater Gulf of Mexico.

Company Background

In a major strategic reorganization, in 2012 ConocoPhillips spun off its refining and marketing unit as Phillips 66. Prior to that event the then-integrated company had a refining capacity of more than 2.2 million barrels per day. The company also had 8,300 retail outlets in the US under the 76, Conoco, and Phillips 66 brands, and at 1,700 owned or dealer-owned gas stations in Europe. The Phillips 66 company absorbed the refining and marketing, midstream, and chemicals businesses, freeing up ConocoPhillips as a pure exploration and production play.

The spin off was seen as a way to add more value for investors by creating two public traded companies with separate strategic businesses - ConocoPhillips (upstream activities) and Phillips 66 (midstream and downstream activities).

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Conocophillips Holding Company

600 N Dairy Ashford Rd
Houston, TX 77079-1100
Phone: 1 (281) 293-1000
Fax: 1 (281) 293-2094


  • Employer Type: Public
  • Exec V Pres-finance & Cfo: J A Carrig
  • Human Resources Director: Carin Knickel
  • Pres-ceo: James J Mulva

Major Office Locations

  • Houston, TX

Other Locations

  • Westlake, LA