ConocoPhillips

ConocoPhillips is one of the world's largest independent exploration and production (E&P) companies, headquartered in Houston, Texas, with operations spanning 14 countries across six continents. As a pure-play upstream energy company, ConocoPhillips focuses exclusively on exploring for and producing crude oil, natural gas, natural gas liquids, bitumen, and liquefied natural gas (LNG), having divested its downstream refining and marketing operations in 2012. With a market capitalization of approximately $117.55 billion and annual revenues exceeding $54.75 billion, ConocoPhillips ranks among the world's largest publicly traded energy companies and maintains a strategic position as a leading independent oil and gas producer.

The company operates a globally diversified portfolio of high-quality, low cost of supply assets across key producing regions including the Alaska North Slope, the Permian Basin (Delaware and Midland), Eagle Ford Shale, Bakken formation, Canada oil sands, and international LNG projects in Australia, Qatar, and Equatorial Guinea. ConocoPhillips' production in 2024 averaged approximately 2,183 thousand barrels of oil equivalent per day (MBOED), representing a significant increase driven by strategic acquisitions and operational excellence. The company employs approximately 11,800 people worldwide and maintains total assets of $123 billion, reflecting its substantial scale and operational footprint.

ConocoPhillips' strategic approach emphasizes capital discipline, returns-focused investment, and shareholder value creation through a robust return of capital framework. In 2024, the company returned $9.1 billion to shareholders through dividends and share repurchases, demonstrating its commitment to rewarding investors while maintaining financial flexibility. The company's dividend strategy includes both an ordinary quarterly dividend, which was increased 34% to $0.78 per share in Q4 2024, and a variable return of cash (VROC) mechanism that shares commodity price upside with shareholders. This disciplined capital allocation strategy has positioned ConocoPhillips as an industry leader in total shareholder returns.

The company's growth trajectory has been significantly shaped by strategic acquisitions that enhance its position in core North American unconventional plays. Most notably, ConocoPhillips completed the $22.5 billion acquisition of Marathon Oil in November 2024, adding 2 billion barrels of resources and complementary acreage in the Delaware Basin, Eagle Ford, and Bakken. This transaction is expected to deliver over $1 billion in annual run-rate synergies and further strengthens ConocoPhillips' competitive cost position. Combined with its existing operations, the Marathon acquisition solidifies ConocoPhillips' position as a dominant independent producer with enhanced scale, operational efficiency, and free cash flow generation capabilities.

ConocoPhillips is committed to sustainability and addressing climate-related risks while meeting global energy demand. The company has established greenhouse gas emissions intensity reduction targets, invests in carbon capture and storage technologies, and participates in lower-carbon energy projects including LNG, which serves as a transition fuel with lower emissions than coal. Through its 2024 Sustainability Report and ongoing ESG initiatives, ConocoPhillips demonstrates its focus on responsible energy development, environmental stewardship, community engagement, and transparent reporting aligned with stakeholder expectations.