ConocoPhillips

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A Houston-based independent oil and gas exploration and production company operating across major hydrocarbon regions.

Last updated August 31, 2026

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Overview

ConocoPhillips is a United States-based multinational energy company focused primarily on the exploration, development, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas. It is one of the largest publicly traded independent exploration and production companies, with its corporate headquarters in Houston’s Energy Corridor. Unlike integrated oil companies that operate substantial refining, fuel retailing and chemicals businesses, ConocoPhillips has concentrated on upstream activities since 2012, when it separated its downstream, midstream, marketing and chemicals operations into Phillips 66. The present company was created on August 30, 2002, through the merger of Conoco Inc. and Phillips Petroleum Company. The combination united Conoco’s international exploration and production capabilities with Phillips Petroleum’s long history in oil, gas, refining and chemicals. The headquarters was established in Houston, although Phillips Petroleum had been based in Bartlesville, Oklahoma. The merger also created a larger platform for capital-intensive projects involving remote reserves and international natural-gas developments. Its corporate ancestry reaches back to the Continental Oil and Transportation Company, founded in 1875 in Ogden, Utah, and to Phillips Petroleum, established in 1917 by Frank Phillips and L. E. Phillips. Conoco became a fully integrated oil company after its 1929 merger with Marland Oil Company. Across the twentieth century, the predecessor companies built businesses in exploration, production, refining, transportation, lubricants, chemicals and retail fuel. These operations gave the merged group a broad international portfolio, but ConocoPhillips later decided that a more focused upstream structure could offer greater strategic clarity and financial flexibility. ConocoPhillips manages its activities through regional operating areas commonly identified as Alaska, the Lower 48, Canada, Europe–Middle East–North Africa, Asia Pacific and Other International. The United States is its most important production base, including Alaska and shale and tight-oil assets in the Permian, Eagle Ford and Bakken areas, as well as production in the Gulf of Mexico and Anadarko Basin. Alaska has historically been especially important, with activity on the North Slope, including Prudhoe Bay and Kuparuk, and at Alpine near the Colville River. Internationally, the company has held or operated assets in Norway, Canada, Australia, Indonesia, Malaysia, Libya, China, Qatar and other countries. The company has expanded and reshaped its portfolio through acquisitions and divestitures. Important transactions included the 2006 acquisition of Burlington Resources, the 2021 acquisition of Concho Resources in the Permian Basin, the purchase of Royal Dutch Shell’s Permian assets announced in 2021, and the 2024 acquisition of Marathon Oil. It has also sold or reduced exposure to assets in Nigeria, the United Kingdom, Australia, western Canada, the Rocky Mountains, the Barnett Shale and other regions. Its participation in QatarEnergy’s North Field expansion has strengthened its position in global liquefied natural gas. ConocoPhillips presents itself as a disciplined, independent producer emphasizing returns, portfolio quality, operational performance and shareholder distributions. Its business remains exposed to commodity prices, regulatory decisions, geopolitics, carbon policy and the environmental consequences of hydrocarbon production. The company has supported selected climate-policy initiatives and emissions-reduction measures while continuing to pursue oil and gas developments, particularly in Alaska and other resource-rich regions. This tension has made its environmental record, Indigenous-rights relationships and climate strategy recurring subjects of public debate.

History

ConocoPhillips’ history combines the development of two long-established American petroleum companies. Continental Oil and Transportation Company, later known as Conoco, was founded in 1875 in Ogden, Utah. It became associated with Standard Oil in the late nineteenth century and regained independence after the dissolution of Standard Oil. In 1929, Conoco merged with Marland Oil Company, an enterprise associated with exploration pioneer E. W. Marland. The transaction helped establish the red bar-and-triangle identity that Conoco used for decades. Conoco developed from a western distributor of petroleum products into an integrated oil company, with exploration, production, refining, transportation and marketing activities. Its headquarters moved from Ponca City to Houston in 1949. Phillips Petroleum was founded in 1917 in Bartlesville, Oklahoma, by brothers Frank and L. E. Phillips. It became a major participant in exploration, production, refining, chemicals and marketing. The company’s long-term growth reflected the expansion of petroleum use in the United States and its discovery and development of oil and gas resources. By the late twentieth century, both Conoco and Phillips Petroleum had developed substantial international businesses and technical expertise. The two companies merged on August 30, 2002. The new ConocoPhillips was headquartered in Houston and initially operated as an integrated energy company. The enlarged group pursued international projects and acquisitions, including a stake in Kazakhstan’s Kashagan field, investment in Lukoil, the purchase of German refining assets and the $35 billion acquisition of Burlington Resources in 2006. Burlington strengthened the company’s North American exploration and production portfolio. During the 2010s, ConocoPhillips increasingly emphasized upstream operations. In 2012 it separated its downstream and midstream activities, including refining, marketing and chemicals, into Phillips 66. The transaction fundamentally changed the brand: ConocoPhillips became an independent exploration and production company rather than a vertically integrated oil major. It subsequently sold assets in Nigeria, the Rocky Mountains, western Canada, the Barnett Shale, the San Juan Basin, the United Kingdom and northern Australia, while retaining or adding positions in core North American and international areas. The company pursued growth in unconventional oil and gas, particularly in the Lower 48 and the Permian Basin. Its 2021 acquisition of Concho Resources was a major consolidation of Permian acreage. Later in 2021 it agreed to acquire Shell’s Permian assets. International expansion continued through participation in QatarEnergy’s North Field LNG projects and development activity in Norway, Malaysia and other regions. In 2023 ConocoPhillips received approval for the Willow project in Alaska, one of the most contentious recent developments associated with the company. In 2024 it acquired Marathon Oil, further increasing its United States production base. ConocoPhillips has also faced legal and environmental controversies. The Bohai Bay spills involving its Chinese subsidiary generated regulatory action and public criticism. Communities in Ponca City, Oklahoma, reached a settlement involving homes and alleged refinery-related illnesses. The company has been criticized for the carbon intensity of its historical emissions and for Arctic development proposals, while it has participated in climate-policy initiatives and human-rights frameworks. Its present identity is therefore defined by a combination of upstream scale, international resource access, capital discipline and continuing debate over the environmental and social impacts of oil and gas production.

2024
Marathon Oil acquisition
[1]ConocoPhillipsen.wikipedia.org
ConocoPhillips expands its domestic oil and gas portfolio through the acquisition of Marathon Oil.
2023
Willow project approved
[1]ConocoPhillipsen.wikipedia.org
The United States approves the company’s major Alaska North Slope development project.
2022
Qatar LNG expansion interests
[1]ConocoPhillipsen.wikipedia.org
ConocoPhillips becomes a partner in QatarEnergy’s North Field East and North Field South expansions.
2021
Concho Resources acquisition
[1]ConocoPhillipsen.wikipedia.org
ConocoPhillips expands its Permian Basin position through the acquisition of Concho Resources.
2012
Phillips 66 spin-off
[1]ConocoPhillipsen.wikipedia.org
Downstream, midstream, marketing and chemicals operations are separated into Phillips 66.
2006
Burlington Resources is acquired
[1]ConocoPhillipsen.wikipedia.org
The acquisition materially expands ConocoPhillips’ upstream resource base.
2002
ConocoPhillips is created
[1]ConocoPhillipsen.wikipedia.org
Conoco Inc. and Phillips Petroleum Company complete their merger.
1929
Conoco merges with Marland Oil
[1]ConocoPhillipsen.wikipedia.org
The merger expands Conoco’s integrated petroleum operations and brings the Marland-derived red bar-and-triangle identity.
1917
Phillips Petroleum is founded
[3]Phillips Petroleum is foundeden.wikipedia.org
Frank and L. E. Phillips establish Phillips Petroleum in Bartlesville, Oklahoma.
1875
Continental Oil is founded
[1]ConocoPhillipsen.wikipedia.org
The predecessor of Conoco begins as the Continental Oil and Transportation Company in Ogden, Utah.

Products and positioning

A large, globally diversified independent exploration and production company focused on upstream oil and gas assets, production efficiency and shareholder returns.

Hydrocarbons
Crude oil
Crude oil is the company’s principal liquid hydrocarbon output. ConocoPhillips produces conventional crude and tight oil from assets in Alaska, the Permian Basin, the Eagle Ford, the Bakken, the Gulf of Mexico and international fields. Production is sold into regional and global markets rather than primarily processed through company-owned refining networks.
Hydrocarbons
Natural gas
Natural gas is produced from conventional fields and unconventional reservoirs across North America and international operating areas. It is marketed directly or processed and transported through third-party and joint-venture infrastructure, depending on the region and project.
Gas and LNG
Liquefied natural gas
ConocoPhillips participates in LNG projects through upstream gas interests, liquefaction ventures and long-term supply arrangements. Its QatarEnergy North Field interests are among the company’s most significant recent LNG-related investments.
Oil sands
Bitumen
Bitumen is produced from Canadian oil-sands interests, including the Surmont project. The heavy hydrocarbon is recovered using thermal production methods and is marketed as part of the company’s Canadian resource portfolio.
Hydrocarbons
Natural gas liquids
Natural gas liquids, including condensate and other liquids recovered during gas production and processing, form part of ConocoPhillips’ broader upstream product mix.

Controversies

2022
Texas rancher sues ConocoPhillips over jaguarundi habitat
Texas ranch owner Lloyd Michael Hamilton sued ConocoPhillips and its subsidiary Burlington Resources Oil & Gas Co. LP, alleging violations of the Endangered Species Act related to drilling development on his ranch and seeking an injunction and civil penalties. ConocoPhillips disputed Hamilton’s account, saying a consultant found no evidence of jaguarundi and that the company followed voluntary best management practices.
Source
2020
Arctic development criticism
Plans for additional North Slope drilling drew criticism from environmental organizations and Indigenous advocates concerned about local livelihoods, wildlife and climate effects.
Source
2019
ConocoPhillips files lawsuit alleging $7.2 million embezzlement
ConocoPhillips lawyers filed a lawsuit against former employee Forrest Wright, an Anchorage police officer and relatives. The claim alleges that Wright created fake contracting firms and submitted fraudulent invoices to steal at least $7.2 million; these are allegations in the lawsuit.
Source
2011
Bohai Bay oil spills
ConocoPhillips China, a wholly owned subsidiary, was associated with oil spills in Bohai Bay. The incident resulted in Chinese regulatory scrutiny, environmental criticism and compensation-related actions.
Source
1990
Ponca City refinery contamination claims
Conoco agreed to pay for homes and compensation involving Ponca City families who alleged that refinery pollution caused illnesses, including cancer.
Source

2023Willow development communications
United States · Alaska
The company promoted the Willow project as a major Alaska energy and economic-development investment while opponents challenged its climate, wildlife and Indigenous-community impacts.
Outcome. Federal approval was granted, followed by continuing litigation and advocacy opposition.
Source
2007Climate policy participation
United States
ConocoPhillips joined the U.S. Climate Action Partnership and publicly supported discussion of mandatory greenhouse-gas emissions limits. The company later left the partnership in 2010.
Outcome. Participation ended in 2010.
Source

Brand decisions

2024
Acquire Marathon OilM&A
Background
The acquisition continued ConocoPhillips’ strategy of consolidating complementary United States oil and gas resources.
Action taken
ConocoPhillips acquired Marathon Oil in a transaction valued at approximately $22.5 billion.
Aftermath
The combination broadened ConocoPhillips’ domestic resource portfolio and production base.
Transaction value. Approximately US$22.5 billion (2024)
Source
2021
Acquire Concho ResourcesM&A
Background
The transaction was designed to increase scale and operating efficiency in the Permian Basin.
Action taken
ConocoPhillips acquired Concho Resources in an approximately $9.7 billion stock transaction.
Aftermath
The deal strengthened ConocoPhillips’ position as a major Lower 48 producer.
Transaction value. Approximately US$9.7 billion (2021)
Source
2021
Acquire Shell Permian assetsM&A
Background
ConocoPhillips sought additional high-quality, low-cost unconventional acreage in the Permian Basin.
Action taken
The company agreed to purchase Royal Dutch Shell’s Permian assets for approximately $9.5 billion in cash.
Aftermath
The transaction increased the scale of the company’s Permian operations.
Transaction value. Approximately US$9.5 billion (2021)
Source
2012
Focus the company on upstream operationsStrategy
Background
Management concluded that separating refining, marketing, chemicals and related businesses would create a more focused exploration and production company.
Action taken
ConocoPhillips completed the spin-off of those operations into Phillips 66.
Aftermath
ConocoPhillips became an independent upstream producer while Phillips 66 operated the separated downstream businesses.
Source

Recent events

2024
ConocoPhillips acquires Marathon Oil[1]ConocoPhillipsen.wikipedia.org
M&A
ConocoPhillips announced and completed a transaction to acquire Marathon Oil, broadening its United States resource portfolio.
2024
ConocoPhillips challenges restrictions on Alaska drilling[1]ConocoPhillipsen.wikipedia.org
Lawsuit · Regulation
The company took legal action over federal restrictions affecting oil and gas development in the National Petroleum Reserve–Alaska.
2023
U.S. approves Willow oil project in Alaska[1]ConocoPhillipsen.wikipedia.org
Regulation · Other
The Biden administration approved ConocoPhillips’ Willow development in the National Petroleum Reserve–Alaska, prompting strong environmental and Indigenous-rights opposition.
2022
ConocoPhillips participates in Qatar North Field expansion[1]ConocoPhillipsen.wikipedia.org
M&A · Product generation
ConocoPhillips joined QatarEnergy’s North Field East and North Field South LNG expansion projects with minority interests.
2021
ConocoPhillips agrees to buy Shell’s Permian assets[1]ConocoPhillipsen.wikipedia.org
M&A
The proposed cash transaction expanded ConocoPhillips’ position in the Permian Basin.
2020
ConocoPhillips agrees to acquire Concho Resources[1]ConocoPhillipsen.wikipedia.org
M&A
The companies announced an approximately $9.7 billion transaction focused on expanding ConocoPhillips’ Permian Basin position.
2019
Venezuela compensation ruling[1]ConocoPhillipsen.wikipedia.org
Lawsuit · Other
A World Bank arbitration tribunal ordered Venezuela to pay compensation connected with the expropriation of ConocoPhillips oil assets.
2017
Ecuador compensation ruling[1]ConocoPhillipsen.wikipedia.org
Lawsuit · Other
An international arbitration process ordered Ecuador to compensate ConocoPhillips for the expropriation of oil investments.
2012
ConocoPhillips separates downstream operations into Phillips 66[1]ConocoPhillipsen.wikipedia.org
M&A
The company completed the separation of refining, marketing, chemicals and related operations into Phillips 66, leaving ConocoPhillips focused on upstream activities.
2002
ConocoPhillips and Phillips Petroleum merge[1]ConocoPhillipsen.wikipedia.org
M&A
The merger created the present ConocoPhillips company and combined two major American oil businesses.

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