⚡What does ConocoPhillips do, in 30 seconds?
ConocoPhillips finds, pumps and sells crude oil, natural gas and liquefied natural gas, in the US and abroad 1. It took in $58.9bn ✓ of sales in FY2025, and the Lower 48 US states made up 70% ✓ of that. It no longer refines fuel: it split off its refining and marketing business as Phillips 66 in April 2012 1.
📱What does ConocoPhillips sell?
ConocoPhillips runs its business as five regions: Alaska, the Lower 48, Canada, Europe with the Middle East and North Africa, and Asia Pacific 1. The Lower 48 is the biggest, at 70% ✓ of FY2025 sales. Here is what each region holds and who buys from it.
Lower 48 US states
Oil and gas fields across the 48 connected US states, mostly shale 1. In 2025 the region produced 1,484 thousand barrels of oil equivalent a day 1. The Delaware Basin gave 661 thousand, the Eagle Ford 390 thousand, the Bakken 204 thousand and the Midland Basin 192 thousand 1. The Lower 48 brought in $41.4bn ✓ in FY2025. Marathon Oil, which ConocoPhillips bought in November 2024, had operations across the Lower 48 3. In the second quarter of 2026 ConocoPhillips agreed to sell some noncore Lower 48 assets for about $1.7 billion, and the sales closed in the third quarter 45.
👥 Across the company, crude oil and gas liquids are sold mainly on contracts priced off market indices 1. Gas goes to buyers such as local gas suppliers, power companies, large industrial users and other oil and gas firms 1.
Alaska
Oil fields in Alaska, with interests in the Prudhoe Bay, Kuparuk and Western North Slope areas 1. ConocoPhillips says it is the largest crude oil producer in Alaska, and the region produced 199 thousand barrels of oil equivalent a day in 2025 1. Alaska brought in $5.6bn ✓ in FY2025. The new Willow project in Alaska reached 50% completion in the first quarter of 2026 6.
👥 Refineries, mainly on the US West Coast. The oil travels down the Trans-Alaska Pipeline System, of which ConocoPhillips owns 29.5%, and then on five tankers the company owns 1.
Canada
Canada produced 177 thousand barrels of oil equivalent a day in 2025 1. Of that, 133 thousand barrels a day was bitumen from the Surmont oil sands in Alberta 1. Another 44 thousand barrels of oil equivalent a day came from the Montney area in British Columbia 1. Bitumen is a thick, heavy oil. At Surmont, ConocoPhillips pumps steam underground so the bitumen flows and can be brought to the surface 1. Canada brought in $3.6bn ✓ in FY2025.
👥 Buyers of crude oil and bitumen, on contracts priced off market indices and adjusted for location, quality and transport 1.
Europe, Middle East and North Africa
In 2025 this region's main producers were Norway at 121 thousand barrels of oil equivalent a day, Qatar at 82 thousand, Libya at 65 thousand and Equatorial Guinea at 38 thousand 1. In Qatar, ConocoPhillips owns 30% of the QatarEnergy LNG N(3) venture and 25% of the ventures in the North Field East and North Field South LNG projects 1. In January 2026 it agreed to extend the Waha Concession in Libya to 31 December 2050, with new fiscal terms, subject to approvals 1. The region brought in $6.5bn ✓ in FY2025.
👥 Across the company, natural gas is sold mainly in the US, Canada and Europe, to buyers such as local gas suppliers and power companies 1.
Asia Pacific
Operations in Australia, Malaysia and China 1. The biggest asset is a 47.5% stake in Australia Pacific LNG, which produced 139 thousand barrels of oil equivalent a day for ConocoPhillips in 2025 1. In January 2025 ConocoPhillips became sole operator of the Kebabangan Cluster contract in Malaysia and extended it to 2050 7. Asia Pacific brought in $1.8bn ✓ in FY2025.
👥 Australia Pacific LNG sells LNG to Sinopec under a 20-year contract for 7.6 million tonnes a year 1. It also sells about one million tonnes a year to Kansai Electric Power under a 20-year contract 1.
Corporate and other
A small amount of sales outside the five regions 1, $32m ✓ in FY2025, less than 1% of the total.
👥 Sales the company does not assign to one of its five regions.
How the mix has shifted
Where the customers are
Most of ConocoPhillips' sales come from the United States: 79% ✓ in FY2025, or $46.6bn ✓. The rest of the world added 21% ✓. At the end of 2025 the company was producing oil or gas in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea 1.
💸How does ConocoPhillips make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
ConocoPhillips took in $58.9bn ✓ of sales in FY2025. The direct cost of what it sold was $22.3bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $36.6bn ✓.
Next come the costs of running the business. Research and development took just $0.1bn ✓, and selling and admin took $0.9bn ✓. Other operating costs were much bigger, at $22.1bn ✓. What remains is operating profit, the profit from the main business, which was $13.5bn ✓. Other items came to -$0.9bn ✓, a net cost, and income tax took $4.7bn ✓. That left net income of $8.0bn ✓.
Put simply, out of every $100 of sales, about $38 ✓ went on the direct cost of what was sold and $37 ✓ on other operating costs. Tax took about $8 ✓, and ConocoPhillips kept about $14 ✓ as profit.
Out of every $100 customers paid in FY2025…
⏱️ ConocoPhillips by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: CONOCOPHILLIPS 10-K [8].
📈How is ConocoPhillips doing?
ConocoPhillips grew its sales in FY2025 but made less profit. Sales rose 7.7% ✓ to $58.9bn ✓. FY2025 includes Marathon Oil for the whole year, while FY2024 includes it only from 22 November 2024 3. Production rose 20% to 2,375 thousand barrels of oil equivalent a day, mainly because of the Marathon deal 7. Without deals and asset sales, it rose 2.5% 7. Profit still fell: net income was $8.0bn ✓, down from $9.2bn ✓ in FY2024. Operating margin was 23.0% ✓.
Results for the four quarters to 30 June 2026 were stronger. In those four quarters, sales were $63.3bn ✓, up 9.6% ✓ on the four quarters before. Those earlier quarters include Marathon Oil only from 22 November 2024 3. Operating margin was 24.4% ✓. In the second quarter of 2026, earnings rose to $3.9 billion from $2.0 billion a year earlier, mainly because of higher prices 5. Its average price was $62.33 per barrel of oil equivalent, against $45.77 a year before 5. Its crude oil fetched $99.40 a barrel, up from $64.23, but its natural gas price fell to $2.58 from $4.16 4.
Output fell in the same quarter. Production was 2,248 thousand barrels of oil equivalent a day, down 4% from a year earlier after adjusting for deals 5. Growth in the Lower 48 was more than wiped out by two things: the Middle East conflict's effect on Qatar, and higher royalties at Surmont 5. ConocoPhillips said the conflict did not damage its Qatar LNG investments 4. But their output stayed limited through the second quarter of 2026 4.
Over ten years the business has swung between losses and big profits. In FY2015 it had an operating loss of -$6.3bn ✓ on sales of $30.9bn ✓. In FY2022 it made an operating profit of $28.8bn ✓ on sales of $78.5bn ✓. From FY2015 to FY2025, sales grew 6.7% ✓ a year on average, and rose in 5 ✓ of those 10 ✓ years. Those figures include companies it bought, such as Marathon Oil 3.
ConocoPhillips has more borrowings than cash. On 30 June 2026 it had $7.7bn ✓ of cash and investments and $23.3bn ✓ of borrowings.
📝 The report card
ConocoPhillips earns a good mark for profit and a middle mark for cash, but weak marks for its balance sheet, growth and steadiness. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where ConocoPhillips (orange) and its 2 peers land; further right is better.
Growth
ConocoPhillips' sales changed by -9.1% ✓ a year over its last three fiscal years, which earns an F ✓. That compares FY2025, which includes Marathon Oil, with FY2022, before that deal closed in November 2024 3. Chevron's figure was -8.4% ✓ and ExxonMobil's -7.0% ✓, both also an F ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, ConocoPhillips kept 26.3% ✓ of sales as operating profit, a B ✓. That is the best of the three companies here. ExxonMobil kept 14.0% ✓, a C ✓, and Chevron 13.3% ✓, also a C ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, ConocoPhillips turned 14.1% ✓ of sales into free cash flow. That is below the 15% line for a B, so it earns a C ✓. Chevron's figure was 8.7% ✓ and ExxonMobil's 8.6% ✓, both a D ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, ConocoPhillips' cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled -26.0% ✓ of a year's sales, a D ✓. That net cash figure was -$15.3bn ✓ at the end of FY2025. Chevron's figure was -17.7% ✓, also a D ✓. ExxonMobil's was -9.9% ✓, a C ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
ConocoPhillips' yearly growth swings a lot, with a standard deviation of 55.8% ✓, which earns an F ✓. Sales changed by -47.5% ✓ in FY2020 and then jumped 144.0% ✓ in FY2021. Chevron and ExxonMobil also earn an F ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how ConocoPhillips compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
From FY2015 to FY2025, ConocoPhillips handed back more cash than its free cash flow. It spent $71.5bn ✓ on buybacks and dividends, against $64.1bn ✓ of free cash flow. In FY2025 alone, payouts equalled 124% ✓ of free cash flow. In 2025 it returned $9.0 billion: $4.0 billion in dividends and $5.0 billion in buybacks 7. For 2026 it aims to return 45% of its cash from operations to shareholders 5.
🧮Ratios 101: what are ConocoPhillips' key financial ratios?
Ratios shrink ConocoPhillips' big numbers into easy comparisons with Chevron and ExxonMobil. FY2025 includes Marathon Oil, bought in November 2024 mainly with shares 3. The earlier years in these cards do not. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with ConocoPhillips' real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 62.1% ✓, up from 59.0% ✓ in FY2016, ConocoPhillips is well above the 43.6% ✓ peer median.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 ConocoPhillips' 23.0% ✓ is about double the 11.8% ✓ peer median. In FY2015 it was -20.3% ✓, a loss.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 ConocoPhillips kept 13.6% ✓ of sales as final profit, above the 7.6% ✓ peer median and far better than -14.3% ✓ in FY2015.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 12.4% ✓ is above the 8.9% ✓ peer median, on shareholders' equity of $64.5bn ✓. It was -11.1% ✓ in FY2015.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 6.6% ✓ is a little above the 5.1% ✓ peer median, up from -4.5% ✓ in FY2015.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 ConocoPhillips' sales are 0.5x ✓ the value of everything it owns, below the 0.7x ✓ peer median but up from 0.3x ✓ in FY2015.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 ConocoPhillips holds 31 ✓ days of stock, down from 37 ✓ days in FY2016 and close to the 33 ✓ days of the one peer with a figure.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 ConocoPhillips' 1.3x ✓ means its short-term assets cover its short-term bills: $15.5bn ✓ against $12.0bn ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 ConocoPhillips' 0.4x ✓ is down from 0.6x ✓ in FY2015 but above the 0.2x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit of $13.5bn ✓ covered $1.2bn ✓ of interest 11.5x ✓, well below the 43.3x ✓ peer median. In FY2015 it was -5.6x ✓, because of the operating loss.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 ConocoPhillips turned profit into free cash at 0.9x ✓, a little below the 1.1x ✓ peer median and the 1.0x ✓ of FY2018.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 ConocoPhillips spends just 0.1% ✓ of sales on R&D, below the 0.3% ✓ peer median and down from 0.7% ✓ in FY2015.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 0.6% ✓ of sales, down from 1.2% ✓ in FY2015.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 ConocoPhillips paid out 112.8% ✓ of FY2025 profit as dividends and buybacks, against a peer median of 166.0% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are ConocoPhillips' competitors?
ConocoPhillips, Chevron and ExxonMobil all produce oil and gas, including in the Permian Basin 1171213. ConocoPhillips is an independent oil and gas producer, while ExxonMobil also refines fuels and makes chemicals 1213.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| ConocoPhillips (COP, FY2025) | Finding and producing oil, natural gas and LNG in the US and abroad; 2,375 thousand barrels of oil equivalent a day in 2025, with Marathon Oil all year 117 | $58.9bn | -9.1% | 23.0% | 12.3% |
| Chevron (CVX, FY2025) | Oil and gas in the Permian Basin and abroad 117. In 2025 Chevron produced 3,723 thousand barrels of oil equivalent a day, with Hess from July 2025 117. | $189.0bn | -8.4% | 11.1% | 8.8% |
| ExxonMobil (XOM, FY2025) | Oil and gas, including in the Permian Basin. ExxonMobil also refines fuels and makes chemicals 1213. | $332.2bn | -7.0% | 12.6% | 7.1% |
ConocoPhillips says each of its regions is highly competitive, with no single rival or small group in control 1. It also says some competitors are larger and have greater resources 1.
🧭ConocoPhillips SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Over the last three years combined, ConocoPhillips kept 26.3% ✓ of sales as operating profit, a B ✓ and the best of the three companies here.
- Its proved reserves were 7,637 million barrels of oil equivalent at the end of 2025, about 84% of them in OECD countries 1.
- ConocoPhillips says it is the world's second-largest provider of technology for turning gas into LNG, by installed capacity 1. Its Optimized Cascade process has been licensed for 28 LNG trains, or production lines 1.
- ConocoPhillips says it drilled and completed Lower 48 wells more than 15% more efficiently in 2025 than in 2024 7.
🩹 Weaknesses
- ConocoPhillips does not hedge its oil and gas prices, so its results move with commodity prices 4.
- It replaced 80% of its 2025 production with new proved reserves, or 99% without asset sales and purchases 7.
- Proved reserves fell to 7,637 million barrels of oil equivalent at the end of 2025, from 7,812 million a year earlier 1.
- Its net cash was -$15.3bn ✓ at the end of FY2025, which means more borrowings than cash.
🚀 Opportunities
- In its FY2025 annual report, ConocoPhillips expected first oil from its Willow project in Alaska in early 2029 1.
- It owns 30% of Port Arthur LNG Phase 1 in Texas, a venture with Sempra that was scheduled, at the end of FY2025, to start up in 2027 13.
- New deals in the second quarter of 2026 raised the LNG it has contracted to buy and resell from 10.2 to 12.2 million tonnes a year 4.
- In January 2026 it agreed to extend Libya's Waha Concession to 2050 on new terms, subject to approvals 1.
⚠️ Threats
- ConocoPhillips said the Middle East conflict did not damage its Qatar LNG investments 4. But their output stayed limited through the second quarter of 2026 4. Qatar was about 4% of its 2025 production 4.
- On 30 April 2026 it cut its 2026 production guidance to 2.295-2.325 million barrels of oil equivalent a day, from 2.33-2.36 million 67.
- Since 2017, government bodies and individuals in several US states and territories have sued oil and gas companies, including ConocoPhillips, over alleged climate change harm 3. ConocoPhillips calls the suits meritless 3.
- Its realized natural gas price fell to $2.58 per thousand cubic feet in the second quarter of 2026, from $4.16 a year earlier 4.
🏰Does ConocoPhillips have a moat?
Why 3?
ConocoPhillips produced 2,375 thousand barrels of oil equivalent a day in 2025 7. Its Lower 48 region supplied 67% of its liquids production in 2025 1. Drilling and completion in the Lower 48 got more than 15% more efficient in 2025 7. By the end of 2025 the Marathon Oil deal had brought more than $1 billion a year of run-rate savings 7. But some competitors are larger and have greater resources 1.
Why 3?
ConocoPhillips says it is the world's second-largest provider of technology for turning gas into LNG, and its Optimized Cascade process has been licensed for 28 LNG trains 1. Some of its licences run for decades: its Kebabangan contract in Malaysia runs to 2050 7, and it agreed in January 2026 to extend Libya's Waha Concession to 2050, subject to approvals 1. It also held about one million net undeveloped acres of leases in Alaska at the end of 2025 1.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is ConocoPhillips; grey dots are peers).
🔭What should you watch next?
Buying into Kirkuk oil fields in Iraq
In July 2026 ConocoPhillips agreed with a BP subsidiary to acquire a 42% holding in a joint venture redeveloping four producing oil fields near Kirkuk 4. It will not operate the venture 4. It expects the deal to close by the end of 2026, subject to regulatory approvals 4.
North Field East LNG in Qatar
In February 2026 ConocoPhillips expected this gas project, in which it holds 25% of a participating venture, to start up in the second half of 2026 7. ConocoPhillips said the Middle East conflict did not damage its Qatar LNG investments 4. But their output stayed limited through the second quarter of 2026 4.
📚Learn the words
❓Frequently asked questions about ConocoPhillips
How does ConocoPhillips make money?
ConocoPhillips makes money by producing oil and gas and selling it 1. Its crude oil and gas liquids are sold mainly at prices set off market indices 1. In FY2025, the Lower 48 US states brought in $41.4bn ✓ of sales. Europe, the Middle East and North Africa added $6.5bn ✓, and Alaska $5.6bn ✓.
Does ConocoPhillips refine oil into fuel?
ConocoPhillips split off its refining and marketing business in April 2012 as a separate public company, Phillips 66 1. That left it focused on finding and producing oil and gas 1.
How much oil and gas does ConocoPhillips produce?
ConocoPhillips produced 2,375 thousand barrels of oil equivalent a day in 2025, up 20% from 2024, mainly because of the Marathon Oil deal 7. In the second quarter of 2026 it produced 2,248 thousand a day 5.
What is a barrel of oil equivalent?
A barrel of oil equivalent lets a company add oil and gas together. ConocoPhillips counts six thousand cubic feet of gas as one barrel 1.
Who is ConocoPhillips' CEO?
Andy O'Brien became chief executive on 1 September 2026; he was previously chief financial officer 14. Ryan Lance, chief executive since May 2012, became Executive Chair 141.
Does ConocoPhillips pay a dividend?
ConocoPhillips pays a quarterly dividend, and in December 2025 it raised it 8% to 84 cents a share 7. It paid $4.0bn ✓ in dividends in FY2025.
What happened with ConocoPhillips in Venezuela?
In March 2019 an international arbitration panel (ICSID) ordered Venezuela to pay ConocoPhillips about $8.7 billion, later cut to $8.5 billion, plus interest, for taking over its projects there 3. An annulment committee upheld that award on 22 January 2025 3. By 30 June 2026, ConocoPhillips had received about $795 million on a separate, roughly $2 billion award against Venezuela's state oil company, and collection continues 4.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [8] [9] [10].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which region brought in the most of ConocoPhillips' sales in FY2025?
2. Which oil field, partly owned by ConocoPhillips, is the largest conventional oil field in North America?
3. Which company did ConocoPhillips split off in 2012?
4. How much gas does ConocoPhillips count as one barrel of oil equivalent?
5. Which company did ConocoPhillips buy in November 2024?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- ConocoPhillips Form 10-K, fiscal 2025 (Items 1 and 2, Business and Properties) — History, headquarters, segments, products, production by asset, reserves, marketing, LNG, technology, competition, employees (accessed 2026-11-04)
- ConocoPhillips (COP) Form 10-K for fiscal year 2025, filed 2026-02-17 — revenue by product, segment and geography (accessed 2026-11-04)
- ConocoPhillips Form 10-K, fiscal 2025 (Notes 3 and 9, acquisitions and contingencies) — Marathon Oil acquisition date and value; Venezuela arbitration awards; climate and coastal lawsuits (accessed 2026-11-04)
- ConocoPhillips Form 10-Q, quarter ended June 30, 2026 — Employees, Middle East conflict and Qatar, asset sales, Syria and Iraq agreements, LNG offtake, realized prices, Venezuela awards (accessed 2026-11-04)
- ConocoPhillips news release: second-quarter 2026 results (Form 8-K, Exhibit 99.1) — Second-quarter 2026 production, earnings, realized price, shareholder distributions, asset sales and third-quarter outlook (accessed 2026-11-04)
- ConocoPhillips news release: first-quarter 2026 results (Form 8-K, Exhibit 99.1) — First-quarter 2026 production, earnings, Willow progress and updated 2026 guidance (accessed 2026-11-04)
- ConocoPhillips Form 10-K, fiscal 2025 (Item 7, Management's Discussion and Analysis) — 2025 production, Marathon Oil integration and synergies, shareholder returns, reserve replacement, 2026 outlook, project milestones (accessed 2026-11-04)
- SEC EDGAR companyfacts: ConocoPhillips (COP) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: CHEVRON CORP (CVX) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: ExxonMobil Holdings Corp (XOM) — annual 10-K facts (accessed 2026-11-04)
- Chevron Corporation Form 10-K, fiscal 2025 — Chevron 2025 worldwide oil-equivalent production, Permian Basin production, Hess acquisition timing (accessed 2026-11-04)
- Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Management discussion: how the company is organized, segment descriptions, Upstream production, Permian, Guyana, LNG, Kazakhstan, outlook, recent events (accessed 2026-11-04)
- ConocoPhillips Form 10-K for fiscal year 2025 — ConocoPhillips: independent exploration and production company; 2025 production; Permian Basin operations (accessed 2026-11-04)
- ConocoPhillips Form 8-K: leadership succession (Item 5.02) — New chief executive, executive chair and chief financial officer from September 1, 2026 (accessed 2026-11-04)
- SEC EDGAR companyfacts: ConocoPhillips (COP) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: ConocoPhillips (COP) — balance sheet at 2026-06-30 (accessed 2026-11-04)