Conocophillips at a Glance


  • Good pay and benefits.
  • Great work environment.


  • Office politics.
  • Uncertainty exists about how the recent division of the company will shake out.

The Bottom Line

  • ConocoPhillips is a good place to work, but ambitious employees say it's hard to move up, and women and minorities say it often seems like a good-ole-boy network.

About Conocophillips

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 2013 it had proved reserves of 8.9 billion barrels of oil equivalent. It produced about 1.6 million barrels per day in 2013. 

Geographic Reach

ConocoPhillips has oil and gas assets in Asia, Australia, Europe, and North America. In 2013 the US accounted for 53% of the company’s revenues.


The company manages its operations through six operating segments: Alaska, Lower 48 (where it holds 13.1 million net acres of onshore conventional and unconventional acreage) and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International.

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 2012 revenues fell by 75% primarily as the result of the divestiture of the company's Downstream Business, but also from lower natural gas and NGL prices, partly offset by higher LNG prices. In 2013 the company’s revenue dipped by a further 6% due to lower natural gas volumes and lower crude oil prices, partly offset by higher natural gas prices.

ConocoPhillips' net income increased by 9% due to a decline in operating costs and income from continuing operations.

In 2013 the company’s operating cash inflow increased to $16.09 billion (from $13.92 billion in 2012) due to higher net income and a change in working capital as a result of cash generated from accounts and notes receivable.


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 raises 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.

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


  • Employer Type: Public
  • Stock Symbol: COP
  • Stock Exchange: NYSE
  • Chairman and CEO: Ryan M. Lance
  • Chairman and CEO: Ryan M. Lance
  • EVP Finance and CFO: Jeffrey W. Sheets

Major Office Locations

  • Houston, TX

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