Wiki source code of ConocoPhillips

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4
5 = Summary =
6
7 * ConocoPhillips is one of the world’s leading exploration and production companies.
8 * ConocoPhillips had operations and activities in 13 countries, $90 billions of total assets.
9 * ConocoPhillips's proved reserves were 6.6 BBOE as of December 31, 2022.
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11 [[image:COP0.jpg||height="270" width="719"]]
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13
14 ConocoPhillips (NYSE: COP, LSE: 0QZA) is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $90 billion of total assets and approximately 9,700 employees at June 30, 2023.
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16
17 = Recent Developments =
18
19 **Second-Quarter 2023 Results**
20
21 August 3, 2023; ConocoPhillips reported second-quarter 2023 earnings and adjusted earnings of $2.2 billion, or $1.84 per share, compared with second-quarter 2022 earnings of $5.1 billion, or $3.96 per share, and second-quarter 2022 adjusted earnings of $5.1 billion, or $3.91 per share{{footnote}}https://investor.colgatepalmolive.com/news-releases/news-release-details/colgate-announces-2nd-quarter-2023-results{{/footnote}}.
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24 Production for the second quarter of 2023 was 1,805 MBOED, an increase of 113 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, second-quarter 2023 production increased 100 MBOED or 6% from the same period a year ago. Organic growth from Lower 48 and other development programs more than offset decline and downtime.
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27 Lower 48 delivered record production of 1,063 MBOED, including 709 MBOED from the Permian, 235 MBOED from the Eagle Ford and 104 MBOED from the Bakken. Turnarounds were successfully completed in Norway and Qatar.
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29
30 Earnings and adjusted earnings decreased from the second quarter of 2022 primarily due to lower prices partially offset by increased volumes. The company’s total average realized price was $54.50 per BOE, 38% lower than the $88.57 per BOE realized in the second quarter of 2022.
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33 For the quarter, cash provided by operating activities was $3.9 billion. Excluding a $0.8 billion change in working capital, ConocoPhillips generated CFO of $4.7 billion and received $0.2 billion primarily related to a prior year disposition. The company funded $2.9 billion of capital expenditures and investments. In addition, the company paid $1.4 billion in ordinary dividends and VROC and repurchased $1.3 billion of shares.
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36 ConocoPhillips’ six-month 2023 earnings and adjusted earnings were $5.2 billion, or $4.22 per share, compared with six-month 2022 earnings of $10.9 billion, or $8.36 per share, and six-month 2022 adjusted earnings of $9.4 billion, or $7.18 per share.
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39 Production for the first six months of 2023 was 1,798 MBOED, an increase of 78 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, production increased 82 MBOED or 5% from the same period a year ago. Organic growth from Lower 48 and other development programs more than offset decline and downtime.
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41
42 The company’s total realized price during this period was $57.63 per BOE, 30% lower than the $82.70 per BOE realized in the first six months of 2022.
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45 In the first six months of 2023, cash provided by operating activities was $9.3 billion. Excluding a $1.1 billion change in working capital, ConocoPhillips generated CFO of $10.4 billion and received disposition proceeds of $0.4 billion. The company funded $5.8 billion of capital expenditures and investments, repurchased $3.0 billion of shares and paid $2.8 billion in ordinary dividends and VROC.
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47
48 **Outlook**
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50 Third-quarter 2023 production is expected to be 1.78 to 1.82 million barrels of oil equivalent per day (MMBOED). Full-year production is now expected to be 1.80 to 1.81 MMBOED, as compared to prior guidance of 1.78 to 1.80 MMBOED.
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53 Consistent with raising full-year production guidance for two consecutive quarters, the company updated its 2023 adjusted operating cost guidance to $8.3 billion versus the prior guidance of $8.2 billion and updated full-year guidance for depreciation, depletion and amortization to $8.2 billion versus the prior guidance of $8.1 billion. Full-year guidance for adjusted corporate segment net loss has been lowered to $0.8 billion from $0.9 billion driven by lower net interest expense. On capital, the guidance range has been narrowed to $10.8 to $11.2 billion from $10.7 to $11.3 billion, reflecting ongoing progress on the company’s development plans.
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57 [[image:COP1.jpg]]
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59
60
61 = Company Overview =
62
63 ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 13 countries. The company's diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.{{footnote}}https://fintel.io/doc/sec-conocophillips-1163165-10k-2023-february-16-19404-4613{{/footnote}}
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65
66 == Business Segments ==
67
68 The company manage its operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.
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70 The company explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. At December 31, 2022, its operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China and Qatar.
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72
73
74 [[image:COP2.jpg]]
75
76
77 === Alaska ===
78
79 The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. ConocoPhillips is the largest crude oil producer in Alaska and have major ownership interests in two of North America’s largest oil fields located on Alaska’s North Slope: Prudhoe Bay and Kuparuk. The company operate Kuparuk in addition to several fields on the Western North Slope, in which ConocoPhillips has 100 percent interest. Additionally, ConocoPhillips is one of Alaska’s largest owners of state, federal and fee exploration leases, with approximately 1.2 million net undeveloped acres at year-end 2022. Alaska operations contributed 16 percent of its consolidated liquids production and two percent of its consolidated natural gas production.
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81
82 === Lower 48 ===
83
84 The Lower 48 segment consists of operations located in the 48 contiguous U.S. states and the Gulf of Mexico, with a portfolio mainly consisting of low cost of supply, short cycle time, resource-rich unconventional plays and commercial operations. Based on 2022 production volumes, the Lower 48 is the company’s largest segment and contributed 64 percent of its consolidated liquids production and 72 percent of its consolidated natural gas production.
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86
87 === Canada ===
88
89 The company's Canadian operations consist of the Surmont oil sands development in Alberta and the liquids-rich Montney unconventional play in British Columbia and commercial operations. In 2022, operations in Canada contributed six percent of its consolidated liquids production and three percent of its consolidated natural gas production.
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91
92 === Europe, Middle East and North Africa ===
93
94 The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea; the Norwegian Sea; Qatar; Libya; and commercial and terminalling operations in the U.K. In 2022, operations in Europe, Middle East and North Africa contributed nine percent of its consolidated liquids production and 17 percent of its consolidated natural gas production.
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96
97 === Asia Pacific ===
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99 The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. In 2022, operations in the Asia Pacific segment contributed five percent of its consolidated liquids production and six percent of its consolidated natural gas production.
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101
102 Average Daily Net Production
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104
105 (% class="info" %)| |**Interest**|**Operator**|(((
106 **Crude Oil**
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108 **MBD**
109 )))|(((
110 **NGL**
111
112 **MBD**
113 )))|(((
114 **Natural Gas**
115
116 **MMCFD**
117 )))|(((
118 **Bitumen**
119
120 **MBD**
121 )))|(((
122 **Total**
123
124 **MBOED**
125 )))
126 |**Alaska**| | | | | | |
127 |Greater Prudhoe Area|36.10%|Hilcorp|67|17|32| |90
128 |Greater Kuparuk Area|89.2-94.7|ConocoPhillips|66|—|1| |66
129 |Western North Slope|100|ConocoPhillips|44|—|1| |44
130 |Total Alaska| | |177|17|34| |200
131 |**Canada**| | | | | | |
132 |Surmont|50.0%|ConocoPhillips|—|—|—|66|66
133 |Montney|100|ConocoPhillips|6|3|61|—|19
134 |Total Canada| | |6|3|61|66|85
135 |**Europe, Middle East and North Africa**| | | | | | |
136 |**Norway**| | | | | | |
137 |Greater Ekofisk Area|30.7-35.1%|ConocoPhillips|43|2|37| |51
138 |Heidrun|24|Equinor|11|—|42| |19
139 |Aasta Hansteen|10|Equinor|—|—|84| |14
140 |Troll|1.6|Equinor|1|—|62| |12
141 |Visund|9.1|Equinor|2|1|50| |11
142 |Alvheim|20.0|Aker BP|8|—|14| |10
143 |Other|Various|Equinor|6|—|17| |8
144 |Total Norway| | |71|3|306| |125
145 |**Qatar**| | | | | | |
146 |QG3|30.0%|Qatargas Operating Company Limited|13|8|374| |83
147 |**Libya**| | | | | | |
148 |Waha Concession|20.4%|Waha Oil Co.|36|—|22| |40
149 |**Asia Pacific**| | | | | | |
150 |**Australia**| | | | | | |
151 |Australia Pacific LNG|47.5%|ConocoPhillips/Origin Energy|—|—|817| |136
152 |**Indonesia**| | | | | | |
153 |South Sumatra|54.0%|ConocoPhillips|—|—|48| |8
154 |**China**| | | | | | |
155 |Penglai|49.0%|CNOOC|30|—|—| |30
156 |**Malaysia**| | | | | | |
157 |Gumusut|29.5%|Shell|14|—|—| |14
158 |Malikai|35.0|Shell|13|—|—| |13
159 |Kebabangan (KBB)|30.0|KPOC|1|—|65| |12
160 |Siakap North-Petai|21.0|PTTEP|3|—|1| |3
161 |Total Malaysia| | |31|—|66| |42
162 |**Lower 48**| | | | | | |
163 |Delaware Basin| | |258|114|752| |498
164 |Eagle Ford| | |117|58|271| |220
165 |Midland Basin| | |91|31|196| |155
166 |Bakken| | |59|15|127| |95
167 |Other| | |9|3|56| |21
168 |Total Lower 48| | |534|221|1,402| |989
169
170 == Company History ==
171
172
173 ConocoPhillips was incorporated in the state of Delaware in 2001, in connection with, and in anticipation of, the merger between Conoco Inc. and Phillips Petroleum Company. The merger between Conoco and Phillips was consummated on August 30, 2002. In April 2012, ConocoPhillips completed the separation of the downstream business into an independent, publicly traded energy company, Phillips 66.{{footnote}}https://www.conocophillips.com/about-us/our-history/1909-1875/{{/footnote}}
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175
176 |**Year**|**Milestone**
177 |1917|(((
178 Phillips Petroleum Company Founded
179
180 Brothers Frank and L.E. Phillips establish Phillips Petroleum Company, headquartered in Bartlesville, OK.
181 )))
182 |1929|(((
183 Marland and Continental Merge
184
185 June 26, 1929 - Marland Oil merges with Continental Oil and Transportation Co., forming a new company known as the Continental Oil Company (Conoco). The company owned nearly 3,000 wells and thousands of retail outlets in 30 states and was headquartered in Ponca City, OK.
186 )))
187 |1930|(((
188 Phillips Acquires Independent Oil and Gas Co.
189
190 Phillips begins to increase refining and retailing capacities, acquiring the Independent Oil and Gas Company.
191 )))
192 |1948|(((
193 Phillips Chemical Company Formed
194
195 Phillips forms a new subsidiary, Phillips Chemical Company, and becomes one of the first oil companies to install electrostatic precipitators at refineries to reduce air emissions.
196 )))
197 |1951|Phillips Enters Plastics Business
198 |1969|(((
199 First LNG from Alaska to Japan
200
201 Phillips pioneers the first shipment of liquefied natural gas (LNG) from Alaska to Japan.
202 )))
203 |1981|(((
204 DuPont Acquires Conoco
205
206 September 30, 1981  - DuPont acquires Conoco, attaining 100% of Conoco's stock in a transaction worth about $7.4 billion - the largest merger in U.S. history at the time.
207 )))
208 |1998|(((
209 Conoco IPO
210
211 October 22, 1998 - Conoco officially separates from DuPont in the largest IPO in history at that time - nearly $4.4 billion. Conoco stock begins trading again, using a new symbol, "COC," that honors the name it had held for so many years - Continental Oil Company.
212 )))
213 |2001|(((
214 Conoco and Phillips Agree to Merge
215
216 November 2001 - Conoco agrees to merge with Phillips Petroleum Co.
217 )))
218 |2002|(((
219 ConocoPhillips Is Formed
220
221 August 2002 - Conoco and Phillips officially merge, creating the sixth-largest publicly traded oil company in the world and the third largest in the U.S. at the time. The new company, ConocoPhillips, is headquartered in Houston.
222 )))
223 |2004|(((
224 ConocoPhillips/LUKOIL Alliance
225
226 September 29, 2004 - ConocoPhillips and LUKOIL form a strategic alliance with strong support of both the Russian and U.S. governments.
227 )))
228 |2005|(((
229 ConocoPhillips to Acquire Burlington Resources
230
231 December 21, 2005 - ConocoPhillips announces plans to acquire Burlington Resources in $35.6 billion transaction.
232 )))
233 |2007|ConocoPhillips and Tyson Foods announce strategic alliance to produce next generation renewable diesel fuel created from beef, pork and poultry byproduct fat.
234 |2009|ConocoPhillips and Origin Energy create a long-term joint venture Australasian natural gas business focused on coal bed methane and liquefied natural gas (LNG) processing and sales.
235 |2013|(((
236 Gas Production Startup in Central North Sea
237
238 November 19, 2013 – It achieve first gas production from the Jasmine field in the United Kingdom, Central North Sea.
239 )))
240 |2014|(((
241 Gas Production Startup in Malaysia
242
243 November 2014 – Gas production begins from the Kebabangan (KBB) gas field, located approximately 60 miles offshore Malaysia.
244 )))
245 |2018|(((
246 Five Major-Project Startups
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248 Full-Year 2018 – First production achieved from Bayu-Undan final development phase offshore Timor-Leste, GMT-1 in Alaska, Bohai Phase 3 in China, Aasta Hansteen in Norway and Clair Ridge in U.K.
249 )))
250 |2020|Two Oil Discoveries in Norwegian Sea
251 |2021|ConocoPhillips Acquires Concho Resources
252
253 = References =
254
255 {{putFootnotes/}}
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