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 (having spun off Phillips 66 in 2012). 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 21 countries and in 2015 it had proved reserves of 8.9 billion barrels of oil equivalent. It produced about 1.5 million barrels per day in 2015.


The Asia Pacific and Middle East segment has exploration and production operations in China, Indonesia, Malaysia, and Australia; producing operations in Qatar and Timor-Leste; and exploration activities in Brunei. In 2015 the segment accounted for 13% of the company's liquids production, 33% of its natural gas production, 16% of total net sales.

The Alaska segment contributed 19% of ConocoPhillips' worldwide liquids production, 1% of its natural gas production, and 15% of total revenues.

The Lower 48 segment (Gulf Coast, Mid-Continent and Rockies) contributed 33% of the company's worldwide liquids production in 2015, 36% of its natural gas production, and 15% of total net sales in fiscal 2015.

Canadian operations (natural gas fields in western Canada and oil sands developments in the Athabasca Region of northeastern Alberta) accounted for 21% of ConocoPhillips' worldwide liquids production, 18% of its natural gas production, and 7% of total revenues.

The Europe and North Africa segment consists of operations and exploration activities in Norway, the United Kingdom and Libya. In 2015 this segment contributed 14% of ConocoPhillips' worldwide liquids production, 12% of its natural gas production, and 21% of total sales.

The Other International segment (exploration activities in Colombia, Angola, and Senegal) contributed less than 1% of ConocoPhillips' worldwide liquids production in 2015.

Geographic Reach

ConocoPhillips has oil and gas assets in Asia, Australia, Europe, North Africa, and North America. The company has oil production assets in the US, Norway, the UK, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia, andQatar, and Libya. The US accounted for 55% of the company's revenues in 2015.

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

A slump in oil prices have hurt the company's financial performance in recent years.

In fiscal 2015 net sales decreased by $24.5 billion due to lower commodity prices offset by higher sales volumes and lower production taxes.

In 2015 ConocoPhillips' incurred a net loss of $4.4 billion compared to net income of $6.8 billion in the previous year due to decreased revenues partially offset by lower purchased commodities expenses.

Net cash provided by operating activities decreased by $8.9 billion compared to 2014.


The company is looking to lower its cost structure and maintain a strong balance sheet to withstand challenging business cycles by focusing on low cost-of-supply assets.

In 2017 the company agreed to sell its San Juan Basin assets to Hilcorp Energy for about $3 billion.

To provide funds to support its operations, in 2016 the company agreed to sell $8 billion in natural gas assets.

ConocoPhillips has targeted a $1 billion reduction in operating costs in 2016. It reduced headcount, including management positions, to streamline decision-making, increased the autonomy in its business units. It is also raising cash though the sale of noncore assets. In 2015 it sold a portion of its western Canadian properties (in British Columbia, Alberta, and Saskatchewan) for $198 million and in central Alberta for $130 million. It also sold producing properties in East Texas and Northern Louisiana for $412 million and certain gas producing properties in South Texas for $358 million.

It also sold its 50% interest in the Polar Lights Company, an entity which has developed several fields in the Timan-Pechora Basin in northern Russia.

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.

ConocoPhillips' production operations in Libya and related oil exports have been suspended or significantly curtailed since July 2013 due to the closure of the Es Sider crude oil export terminal, and they were also suspended in 2011 during Libya's period of civil unrest.

On the growth side of the ledger, in 2015, the company achieved startups at seven major projects, including two megaprojects at Australia Pacific LNG in Australia and Surmont 2 in Canada.

ConocoPhillips' 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.

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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
  • Executive Vice President: John Lowe
  • Pres-ceo: James J Mulva
  • Employees: 16,900

Major Office Locations

  • Houston, TX

Other Locations

  • Westlake, LA