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1920px-ConocoPhillips Logo

Location: Houston, Texas, United States

Founded: August 30th, 2002

Key People:

Ryan Lance (Chairman & CEO)

Employees: 9,900

More About The Manufacturer:[]

In 2002 Conoco Inc. and Phillips Petroleum Co., whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips.

Numerous state corporation filings are identified as "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. The 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.

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

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

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

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. On May 1, 2012, all midstream, downstream, marketing and chemical operations were separated into a new company named Phillips 66, headquartered in Houston. As a result, ConocoPhillips continued its operations as an upstream (exploration and production) company.

In April 2012, ConocoPhillips sold its Trainer Refinery to Monroe Energy LLC, a subsidiary of Delta Air Lines. In January 2013, Conoco announced that it would sell its Rocky Mountain assets to Denbury Resources for $1.05 billion.

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.

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. In March 2019, the World Bank ruled that Venezuela must pay ConocoPhillips $8.7 billion to compensate for the 2007 expropriation of oil assets. Even though the lost the fuel supply contract for NASCAR after they decided to go with Sunoco in the early 2000's, ConocoPhillips is quite a well-remembered fuel company that were even had their brands at such tracks like New Hampshire and Las Vegas.

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

In April 2019, the company sold a 30% stake in the Greater Sunrise Fields to the government of Timor-Leste.

In September 2019, the company sold its business in the United Kingdom for $2.675 billion.

For the 2019 Awards in Predefined Areas (APA) on the Norwegian continental shelf (NCS), ConocoPhillips was awarded three operatorships and ownership interests in a total of five production licenses. Two which are located in the Norwegian Sea (PL 1009 B and PL 1064) in Warka and Slagugle, one in the North Sea (PL 917 B) for two discoveries in Busta Voe and Cape Enniberg, and the other is the Hasselbaink prospect, where drilling has already begun.

In May 2020, the company sold its assets in Northern Australia to Santos Limited for $1.39 billion.

In July 2020, the company announced the acquisition of acreage in the Montney Formation in Canada for $375 million.

On 1 August 2020, Steinar Våge who has been with the ConocoPhillips company since 1988, was elected into the position of President for ConocoPhillips Europe, Middle East and North Africa. He was previously the Senior Vice President of Global Operations, Wells and Projects at the corporate headquarters in Houston, United States, and is now located in Stavanger, where the main office is located.

Due to the COVID-19 pandemic in 2020, ConocoPhillips had to reduce its production in May as the price of oil in North Slope, which stood at about $10 per barrel at the end of April, rose to $40 per barrel.

On October 19, 2020, ConocoPhillips announced it would buy Concho Resources for $9.7 bln. The purchase would make it the third-largest energy company currently operating a substantial presence in the oil-rich Permian Basin.

In December 2020, ConocoPhillips made the largest discovery of oil for the year, between 75.5 million and 201 million barrels in the Slagugle well. Executive Vice President Matt Fox, stated that this was the fourth successful exploration well to be found on the Norwegian continental shelf in the past 16 months.

The acquisition of Concho Resources was confirmed in January 2021, after shareholders from both companies announced the approval. ConocoPhillips chairman and chief executive officer, Ryan Lance, stated that the acquisition should lead to a structural change in the industry which is essential for investors. The company expects to be able to provide affordable energy to the world, generate large returns, and demonstrate ESG Leadership.

In September 2021, ConocoPhillips announced it would buy all of Royal Dutch Shell PLC's assets in the Permian basin for around $9.5 billion in cash.

In June 2022, ConocoPhillips became one of the stakeholders in the joint venture with QatarEnergy for the North Field East (NFE) expansion, holding 3.125%, as well as holding 6.25% stakes in the North Field South (NFS), a second phase expansion of the NFE. The NFE expansion is expected to begin production by 2025, and the NFS later in 2028.

In year 2023, the Biden administration approved ConocoPhillips' request to drill for oil along the Alaskan coast.

In 2023, Conoco purchased another 50% stake in the Surmont Canadian facility from TotalEnergies for $3 billion.

In February 2024, ConocoPhillips prepared to meet providers of leased floating production, storage and off-loading (FPSO) in preparation for the launch of the FEED competition for Salam-Patawali project offshore Malaysia. The project has been developing for several years: in February 2021, permission was obtained for exploration on the Malaysian shelf called SB405, in 2022 conducted seismic exploration in 3D. Also in 2022, FPSO contractors Bumi Armada, MISC and Yinson Holdings were said to have expressed an interest in this project, and Genesis was contracted for engineering services.

In May 2024, ConocoPhillips agreed to acquire Marathon Oil for $22.5 billion in an all-stock transaction, including debt.

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