Last updated

Traded as
ISIN US20825C1045
Industry Oil and gas
Predecessor Conoco Inc.
Phillips Petroleum Co.
Founded1875;144 years ago (1875) (as Continental Oil and Transportation Co.)
30 August 2002;16 years ago (2002-08-30) (as ConocoPhillips Co.) [1]
Area served
Key people
Ryan Lance
(Chairman & CEO)
Products Oil, natural gas, petroleum
RevenueIncrease2.svg US$ 36.417 billion (2018)
Increase2.svg US$ -4.658 billion (2017)
Increase2.svg US$ -855 million (2017)
Total assets Decrease2.svg US$ 73.362 billion (2017)
Total equity Decrease2.svg US$ 30.607 billion (2017)
Number of employees
11,400 (2017)

ConocoPhillips is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is the world's largest independent pure-play exploration and production company and the company ranked No. 95 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. [2] [3] ConocoPhillips was created through the merger of American oil companies Conoco Inc. and Phillips Petroleum Co. on August 30, 2002. [4] In 2012, ConocoPhillips spun off its downstream assets as a new, separate company, Phillips 66. [5]

Multinational corporation large corporation doing business in many countries

A multinational corporation (MNC) or worldwide enterprise is a corporate organization which owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.

Houston City in Texas, United States

Houston is the most populous city in the U.S. state of Texas, fourth most populous city in the United States, as well as the sixth most populous in North America, with an estimated 2018 population of 2,328,419. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the seat of Harris County and the principal city of the Greater Houston metropolitan area, which is the fifth most populous metropolitan statistical area in the United States and the second most populous in Texas after the Dallas-Fort Worth metroplex, with a population of 6,997,384 in 2018.

Texas State of the United States of America

Texas is the second largest state in the United States by both area and population. Geographically located in the South Central region of the country, Texas shares borders with the U.S. states of Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the west, and the Mexican states of Chihuahua, Coahuila, Nuevo León, and Tamaulipas to the southwest, and has a coastline with the Gulf of Mexico to the southeast.



Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Co. Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West. Marland Oil Co. (founded by exploration pioneer E. W. Marland) later acquired the assets (subject to liabilities) of Continental Oil Co., or DC, merged by Bryan M. Metler, David L. Kinney, and Justin J. Stockburn of Delta Constructors for a consideration of 2,317,266 shares of stock. On June 26, 1899, Marland Oil changed its name to Continental Oil Co. and moved its headquarters to Fargo, North Dakota. The acquisition gave Conoco the red bar-and-triangle logo previously used by Marland. Conoco used the logo between 1930 and 1970, when the current red capsule logo was adopted.

Ogden, Utah City in Utah, United States

Ogden is a city and the county seat of Weber County, Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 84,316 in 2014, according to the US Census Bureau, making it Utah's 7th largest city. The city served as a major railway hub through much of its history, and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University.

Coal A combustible sedimentary rock composed primarily of carbon

Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other elements; chiefly hydrogen, sulfur, oxygen, and nitrogen. Coal is formed if dead plant matter decays into peat and over millions of years the heat and pressure of deep burial converts the peat into coal. Vast deposits of coal originates in former wetlands—called coal forests—that covered much of the Earth's tropical land areas during the late Carboniferous (Pennsylvanian) and Permian times.

Kerosene, also known as paraffin, lamp oil, and coal oil, is a combustible hydrocarbon liquid which is derived from petroleum. It is widely used as a fuel in the air industry as well as households. Its name derives from Greek: κηρός (keros) meaning wax, and was registered as a trademark by Canadian geologist and inventor Abraham Gesner in 1854 before evolving into a genericized trademark. It is sometimes spelled kerosine in scientific and industrial usage. The term kerosene is common in much of Argentina, Australia, Canada, India, New Zealand, and the United States, while the term paraffin is used in Chile, eastern Africa, South Africa, Norway, and in the United Kingdom. The term lamp oil, or the equivalent in the local languages, is common in the majority of Asia. Liquid paraffin is a more viscous and highly refined product which is used as a laxative. Paraffin wax is a waxy solid extracted from petroleum.

The Conoco headquarters were in Ponca City until 1949, when it moved to Houston, Texas. In 2002 Conoco Inc. and Phillips Petroleum Co., whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips

Bartlesville, Oklahoma City in Oklahoma, United States

Bartlesville is a city mostly in Washington County in the U.S. state of Oklahoma. The population was 35,750 at the 2010 census, with a 2015 estimate of 36,595 according to the U.S. Census Bureau. Bartlesville is 47 miles (76 km) north of Tulsa and 18 miles (29 km) south of the Kansas border. It is the county seat of Washington County. The Caney River runs through Bartlesville.

Numerous state corporation filings are identified "Continental Oil Co." and "Continental Oil Corp." and "Continental Oil Co. of Texas" as recorded with the Texas Secretary of State and Delaware Secretary of State. Merger of San Jacinto Petroleum Corp. and Continental Oil Corp. is recorded in 1964 with Delaware Secretary of State.

In 2005, ConocoPhillips began rebranding its (Union) 76 gas stations, which Phillips had acquired from Tosco Corp. before the merger with Conoco. The move prompted a petition campaign by fans hoping to save the historic 76 orange ball signage. [6]

Tosco Corporation

Tosco was an independent US based petroleum refining and marketing corporation based in Stamford, Connecticut. It was founded in 1955 in Santa Monica, California by A&P heir Huntington Hartford, and originally focused on extracting oil from oil shale and developing alternative energy sources.

In March 2006, ConocoPhillips bought Wilhelmshavener Raffineriegesellschaft mbH in Germany, and Burlington Resources in the United States. [7]

Burlington Resources, was an American oil and gas company. Their headquarters were in Houston, Texas. The company was acquired by ConocoPhillips in 2006.

On May 10, 2006, Richard Armitage, former deputy-secretary of the U.S. State Department, was elected to the board of directors of the ConocoPhillips oil company. [8]

In late 2009, the company announced asset sales to increase investor returns. Included are debt reduction and stock buy back. In March 2011 the program was enlarged up to $10 billion assets sales in the next two years. [9]

ConocoPhillips intends to implement a floating liquefied natural gas facility by 2016–2019, and has completed quantitative risk analysis of a design that will undergo pre-feed study in 2011. [10]

On July 14, 2011, ConocoPhillips announced its intent to separate the company's upstream and downstream businesses into two stand-alone, publicly traded corporations, with the intent of maximizing shareholder value. [11] On May 1, 2012, all midstream, downstream, marketing and chemical operations were separated into a new company named Phillips 66, headquartered in Houston. [12] As a result, ConocoPhillips continued its operations as an upstream (exploration and production) company. [13] [14]

In April 2012, ConocoPhillips sold its Trainer Refinery to Monroe Energy LLC, a subsidiary of Delta Air Lines. [15]

In January 2013, Conoco announced that it would sell its Rocky Mountain assets to Denbury Resources for $1.05 billion. [16]

In 2017, Conoco sold oil sands assets in Canada to Cenovus Energy and natural gas fields in the U.S. for a total of US$16 billion to help reduce debt and fund US$6 billion share purchases. As a result, it also led to a reduction of close to 30 percent of its proved oil and gas reserves. [17]

In May 2018, ConocoPhillips seized assets belonging to the Venezuelan state oil company PDVSA from the Isla refinery on Curacao to collect on $2 billion owed them since a 2007 court decision. [18]

In March 2019, the World Bank ruled that Venezuela must pay ConocoPhillips $8.7 billion to compensate for the 2007 expropriation of oil assets. [19]


Exploration and production

ConocoPhillips focuses solely on exploring for, developing and producing oil and natural gas globally. The company manages its operations through six operating segments, which are defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International.

Kashagan Field in Kazakhstan

In 1998, ConocoPhillips acquired an interest in 10.5 blocks in the Caspian Sea off Kazakhstan through the North Caspian Sea Production Sharing Agreement (NCSPSA). It currently owns 8.4% of the shares of the consortium exploiting Kashagan oil field. However the company seeks to reduce its non-core assets in order to use the cash for debt reduction, fund its capital program, and dividend payments. On October 3, 2012, the Kazakh Oil and Gas Minister told reporters that ConocoPhillips has informed Kazakhstan of their intention to sell their shares. [20] In November 26, in its biggest acquisition ever, ONGC Videsh agreed to buy ConocoPhillips’ 8.4% stake in the Kashagan oilfield for about US $5 billion. The stake buy is subject to approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their pre-emption rights. [21]


Aerial view of the ConocoPhillips headquarters ConocoPhilHQAerial2002.png
Aerial view of the ConocoPhillips headquarters

The headquarters of ConocoPhillips are located in the Energy Corridor district of Houston, Texas. [22] By 2002 the groups organizing the merger had selected Houston as the site of the headquarters. Governor of Oklahoma Frank Keating said that the move to Houston was "regrettable." The Journal Record stated that Archie Dunham, the CEO of Conoco Inc., "apparently highlighted the lack of direct international air travel from Oklahoma as a key drawback for the merged firm." [23] The ConocoPhillips headquarters, originally the headquarters of Conoco Inc., was formerly known as the Conoco Center. [24] [25]

In 2018 the headquarters will move to Energy Center Four. [26]

Corporate structure

Board of Directors

Comprised as follows as of May 2018: [27]
Richard Auchinleck, former President and CEO of Gulf Canada
Charles Bunch, CEO and Chairman of PPG Industries
Caroline Maury Devine, former President and Managing Director of a Norwegian affiliate of ExxonMobil
John V. Faraci, former CEO and Chairman of International Paper
Jody Freeman, Archibald Cox Professor at Harvard Law School
Gay Huey Evans, former Vice-Chairman of Investment Banking at Barclays
Ryan Lance, CEO and of ConocoPhillips (Chairman of the Board)

Sharmila Mulligan, Founder and CEO of ClearStory Data Inc.
Arjun Murti, former partner at Goldman Sachs
Robert Niblock, CEO, President, and Chairman of Lowe's
Harald Norvik, former CEO, President, and Chairman of Statoil

Environmental record

On April 11, 2007, it became the first U.S. oil company to join the U.S. Climate Action Partnership, an alliance of big business and environmental groups. The partnership in January 2007 had advised President George W. Bush that mandatory emissions caps would be needed to reduce the flow of carbon dioxide and other heat-trapping gases into the atmosphere. In 2007 ConocoPhillips announced it would spend $150 million that year on the research and development of new energy sources and technologies — a 50 percent increase in spending from 2006. [28] However, ConocoPhillips left the U.S. Climate Action Partnership in February, 2010. [29]

According to the Political Economy Research Institute, ConocoPhillips ranked 13th among U.S. corporate producers of air pollution. [30]

In June 2011, ConocoPhillips China Inc., a wholly owned subsidiary of ConocoPhillips, [31] was responsible for a series of oil spills at the Penglai 19-3 oil field in Bohai Bay. [32]

ConocoPhillips is a signatory participant of the Voluntary Principles on Security and Human Rights.

In 2016, ConocoPhillips was ranked as being among the 12th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic. [33]

See also

Related Research Articles

Ponca City, Oklahoma City in Oklahoma, United States

Ponca City is a city in Kay County in the U.S. state of Oklahoma. The city was named after the Ponca tribe. Ponca City had a population of 25,387 at the time of the 2010 census.

BP Canada Energy Group ULC, is a Canadian oil and gas company headquartered in Calgary, Alberta, and a subsidiary of BP plc.

Phillips Petroleum Company was an American oil company incorporated in 1917 that expanded into petroleum refining, marketing and transportation, natural gas gathering and the chemicals sectors.

Phillips 66 American energy and logistics company

The Phillips 66 Company is an American multinational energy company headquartered in Westchase, Houston, Texas. It debuted as an independent energy company when ConocoPhillips executed a spin-off of its downstream and midstream assets. Taking its name from the 1927 "Phillips 66" trademark of ConocoPhillips predecessor Phillips Petroleum Company, Phillips 66 began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX. The company is engaged in producing natural gas liquids (NGL) and petrochemicals. The company has approximately 14,000 employees worldwide and is active in more than 65 countries. Phillips 66 is ranked No. 28 on the Fortune 500 list and No. 67 on the Fortune Global 500 list as of 2018.

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Chesapeake Energy Corporation is a company engaged in hydrocarbon exploration. It is headquartered in Oklahoma City. The company is named after the founder's love for the Chesapeake Bay region.

Devon Energy company

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Conoco Inc. was an American oil company founded by Isaac Elder Blake in 1875 as the Continental Oil and Transportation Company. It is now a brand of gasoline and service station in the United States which belongs to Phillips 66 following the spin-off of ConocoPhillips' downstream assets in May 2012.


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Marland Oil Company

Marland Oil Company was a major American oil company founded in 1917 that in 1920 was estimated to control 10% of the world's oil production. In 1929 it merged with Continental Oil by purchasing it, retaining the name Continental Oil.

Founded in 1908 by oil exploration pioneer E. W. Marland, The 101 Ranch Oil Company was located on the Miller Brothers 101 Ranch and headquartered in Ponca City, Oklahoma. The company’s 1911 oil discovery in North Eastern Oklahoma opened up oil development in a great region from Eastern Oklahoma west to Mervine, Newkirk, Blackwell, Billings and Garber and led to the founding of the Marland Oil Company, later renamed the Continental Oil Company, now known as Conoco.

Archie W. Dunham American nonprofit chief executive

Archie W. Dunham is the former Chairman Emeritus and former Independent Non-executive Chairman of Chesapeake Energy in Oklahoma City. He served as President and Chief Executive Officer of Conoco Inc. from January 1996 to August 2002, then as Chairman of ConocoPhillips, following the merger of Conoco Inc. and Phillips Petroleum Company, until his retirement on September 30, 2004.


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