KeyfactsEnergy

ConocoPhillips

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ConocoPhillips
600 North Dairy Ashford (77079-1175)

P.O. Box 2197, Houston
TX 77252-2197, United States

Tel: 281 293 1000

Description

ConocoPhillips traces its beginnings to 1875, when Conoco founder Isaac E. Blake envisioned an idea to make kerosene available and affordable to townspeople in Ogden, Utah. Thirty years later, the foundation for Phillips Petroleum Company began when brothers Frank and L.E. Phillips hit the first of 81 wells without a dry hole. Nearly a century later, the two companies combined their strengths to form what is now the third-largest energy company in the United States. The ConocoPhillips merger, completed on Aug. 30, 2002, paved the path for the company’s current and future success.

On May 1st, 2012 ConocoPhillips completed the spinoff of its downstream businesses to its stockholders. With the completion of this transaction, ConocoPhillips is the world’s largest independent exploration and production (E&P) company, based on proved reserves and production of liquids and natural gas.

Headquartered in Houston, Texas, ConocoPhillips operates in more than 30 countries.

Reserves and production

ConocoPhillips reported preliminary 2020 year-end proved reserves of approximately 4.5 billion BOE. The total reserve replacement ratio, including market factors and closed acquisitions and dispositions, is expected to be negative 86 percent.

Production in 2020, excluding Libya for 2020 was 1,118 MBOED. After adjusting for closed acquisitions and dispositions as well as estimated curtailments of approximately 80 MBOED, of which 55 MBOED were in the Lower 48, production for 2020 would have been 1,176 MBOED. This represents a 15 MBOED decrease from 2019. This decrease was primarily due to normal field decline partially offset by new production from the Lower 48 and other development programs across the portfolio. Production from Libya averaged 9 MBOED in 2020 as operations remained in force majeure for most of the year.

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