About ConocoPhillips

ConocoPhillips operates as an independent exploration and production (E&P) company. The company has 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 in Canada; and an inventory of global exploration prospects. Segment and Geographic Information The company manages 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. The company explores for, produces, transports and markets crude oil, bitumen, natural gas, NGLs and liquefied natural gas (LNG) on a worldwide basis. As of December 31, 2023, the company’s operations were producing in the United States of America (U.S.), Norway, Canada, Australia, Malaysia, Libya, China and Qatar. Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. The company is the largest crude oil producer in Alaska and has major ownership interests in two of North America’s largest oil fields located on Alaska’s North Slope: Prudhoe Bay and Kuparuk. Additionally, the company is one of Alaska’s largest owners of state, federal and fee exploration leases, with approximately one million net undeveloped acres at year-end 2023. Alaska operations contributed 15 percent of its consolidated liquids production and two percent of its consolidated natural gas production. Greater Prudhoe Area The Greater Prudhoe Area includes the Prudhoe Bay Unit, which consists of the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay, the largest conventional oil field in North America, is the site of a large waterflood and enhanced oil recovery operation, supported by a large gas and water processing operation. Field installations include seven production facilities, two gas plants, two seawater plants and a central power station. In 2023, on average, there were two rigs drilling throughout the year. Greater Kuparuk Area The Greater Kuparuk Area includes the Kuparuk River Unit, which consists of the Kuparuk Field and six satellite fields. Field installations include three central production facilities which separate oil, natural gas and water, and a seawater treatment plant. In 2023, the company operated one drilling rig and two workover rigs. The Nuna project, which targets the Moraine reservoir, was sanctioned in 2023 with first oil anticipated by early 2025. The Coyote reservoir discovered in 2021 progressed to development in 2023 with additional wells planned in 2024 and 2025. Western North Slope The Western North Slope includes the Colville River Unit, the Greater Mooses Tooth Unit and the Bear Tooth Unit. In 2023, on average, there were two rigs drilling throughout the year. The Colville River Unit includes the Alpine Field and four satellite fields. Field installations include one central production facility, which separates oil, natural gas and water. In 2023, the company focused its development activities on the Narwhal trend, a reservoir within the Alpine Field, and anticipate completing the current phase in 2024. The results will help inform the design and optimization of future development. The Greater Mooses Tooth Unit is the first unit established entirely within the National Petroleum Reserve Alaska (NPR-A). The unit was constructed in two phases: Greater Mooses Tooth #1 (GMT1) and Greater Mooses Tooth #2 (GMT2). Development activity continued in 2023. On March 12, 2023, the Department of the Interior issued a Record of Decision (ROD) approving the Willow project, and in December 2023, the company announced FID. The project will consist of three drill sites, an operations center and camp, and a processing facility. First production is anticipated in 2029. Exploration In 2023, the Bear-1 exploration well was drilled at a location 30 miles south of the Greater Kuparuk Area and east of the Colville River on state lands. No commercial hydrocarbons were found, and the well was deemed a dry hole and permanently plugged and abandoned. Transportation The company transports the petroleum liquids produced on the North Slope to Valdez, Alaska through an 800-mile pipeline that is part of Trans-Alaska Pipeline System (TAPS). The company has a 29.5 percent ownership interest in TAPS, and it also has ownership interests in and operate the Alpine, Kuparuk and Oliktok pipelines on the North Slope. The company’s wholly owned subsidiary, Polar Tankers, Inc., manages the marine transportation of its North Slope production, using five company-owned, double-hulled tankers, and charters third-party vessels, as necessary. The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the United States of America. Lower 48 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 2023 production volumes, the Lower 48 is the company’s largest segment and contributed 64 percent of its consolidated liquids production and 76 percent of its consolidated natural gas production. Delaware Basin The company holds approximately 654,000 unconventional net acres in the Delaware Basin spanning west Texas through southeast New Mexico. Development activity targets prospects in the Avalon, Bone Springs and Wolfcamp formations while balancing leasehold obligations and permit terms. The company operated ten rigs and three frac crews on average during 2023. Eagle Ford The company holds approximately 199,000 unconventional net acres in the Eagle Ford located in south Texas. The current focus is on full-field development, using customized well spacing and stacking patterns adapted through reservoir analysis. The company operated six rigs and two frac crews on average during 2023. Midland Basin The company holds approximately 248,000 unconventional net acres in the Midland Basin located in west Texas. The development strategy focuses on full-field development utilizing multi-well pad projects targeting both Spraberry and Wolfcamp reservoir targets. The company operated five rigs and two frac crews on average during 2023. Bakken The company holds approximately 562,000 unconventional net acres in the Williston Basin located in North Dakota and eastern Montana. The primary producing zones are the Middle Bakken and Three Forks formations. The company operated three rigs and one frac crew on average during 2023. Partner-Operated The company participates in partner-operated wells when they align with its investment decision criteria and development strategies. In 2023, the company participated in partner-operated wells with varying working interests across its Lower 48 portfolio. Facilities The company operates and owns, with varying interests, centralized condensate processing facilities in Texas and New Mexico in support of its Eagle Ford, Delaware and Midland assets. Canada The company’s Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. In 2023, operations in Canada contributed seven percent of its consolidated liquids production and three percent of its consolidated natural gas production. The company’s bitumen resources in Canada are produced via steam-assisted gravity drainage (SAGD), an enhanced thermal oil recovery method where steam is injected into the reservoir, effectively liquefying the heavy bitumen, which is recovered and pumped to the surface for further processing. Operations include two central processing facilities for treatment and blending of bitumen, and a diluent recovery unit. As of December 31, 2023, the company held approximately 684,000 net acres of land in the Athabasca Region of northeastern Alberta. Surmont The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. The company focuses on keeping facilities full, structurally lowering costs, reducing GHG intensity and optimizing asset performance. In October 2023, the company completed its acquisition of the remaining 50 percent working interest in Surmont from TotalEnergies EP Canada Ltd. The company achieved first production on Pad 267 in December. The company expects first production in 2025 on its next pad, Pad 104. Montney The Montney is an unconventional play located in northeastern British Columbia. As of December 31, 2023, the company held approximately 297,000 net acres of land in the Montney. In 2023, the company continued development of the asset with the next series of pads. The second phase of the company’s central processing facility was successfully started in the third quarter. Europe, Middle East and North Africa 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 United Kingdom (U.K.). In 2023, operations in Europe, Middle East and North Africa contributed nine percent of the company’s consolidated liquids production and 16 percent of its consolidated natural gas production. Greater Ekofisk Area The Greater Ekofisk Area is located offshore Stavanger, Norway, in the North Sea, and consists of five producing fields. Crude oil is exported to its operated terminal located at Teesside, the United Kingdom, and the natural gas is exported to Emden, Germany. The Tommeliten A development, a new subsea tieback to Ekofisk, achieved first production in 2023, and the Eldfisk North subsea development will be tied back to Eldfisk, with first production expected in 2024. Heidrun Field The Heidrun Field is located in the Norwegian Sea. Produced crude oil is stored in a floating storage unit and exported via shuttle tankers. Most of the gas is transported to Europe via gas processing terminals in Norway with some reinjected for pressure support if required. A portion of the gas is also transported for use as feedstock in a methanol plant in Norway, in which the company has an 18 percent interest. Aasta Hansteen Field The Aasta Hansteen Field is located in the Norwegian Sea. Produced condensate is loaded onto shuttle tankers and transported to market. Gas is transported through the Polarled gas pipeline to the onshore Nyhamna processing plant for final processing prior to export to market. Troll Field The Troll Field lies in the northern part of the North Sea and consists of the Troll A, B and C platforms. The natural gas from Troll A is transported to Kollsnes, Norway. Crude oil from floating platforms Troll B and Troll C is transported to Mongstad, Norway, for storage and export. Visund Field The Visund Field is located in the northern part of the North Sea and consists of a floating drilling, production and processing unit and subsea installations. Crude oil is transported by pipeline to a nearby third-party field for storage and export via tankers. The natural gas is transported to the gas processing plants at Kollsnes and Kårstø, through the Gassled transportation system. Alvheim Field The Alvheim Field is located in the northern part of the North Sea and consists of a FPSO vessel and subsea installations. Produced crude oil is exported via shuttle tankers and natural gas is transported to the Scottish Area Gas Evacuation (SAGE) Terminal at St. Fergus, the United Kingdom, through the SAGE Pipeline. The Kobra East and Gekko (KEG) project, a new subsea tieback to the Alvheim FPSO, achieved first production in 2023. Other Fields The company also has varying ownership interests in three other producing fields in the Norwegian sector of the North Sea. In 2023, the partner-operated Breidablikk project achieved first production. Exploration In 2023, the company participated in the partner-operated Ve exploration well on PL919 located in the North Sea. The company is also awarded two new exploration licenses, PL1146B and PL036G located in the North Sea and traded into two licenses, PL886 and PL886B located in the Norwegian Sea. In the third quarter of 2023, the company recorded the investment in the suspended Warka discovery well on license PL1009, located in the Norwegian Sea and drilled in 2020, as dry hole expense. In 2024, the company plans to drill the second appraisal well in the 2020 Slagugle discovery located in the Norwegian Sea and participate in a partner-operated exploration well in the Alvheim Deep prospect. Transportation The company has a 35.1 percent interest in the Norpipe Oil Pipeline System, a 220-mile pipeline which carries crude oil from Ekofisk to a crude oil stabilization and NGLs processing facility in Teesside, the United Kingdom. Facilities The company operates and has a 40.25 percent ownership interest in a crude oil stabilization and NGLs processing facility at Teesside, the United Kingdom to support its Norway operations. QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent). N3 consists of upstream natural gas production facilities, which produce approximately 1.4 gross BCF per day of natural gas from Qatar’s North Field over a 25-year life, in addition to a 7.8 million gross tonnes per year LNG facility. LNG is shipped in leased liquefied natural gas (LNG) carriers destined for sale globally. N3 executed the development of the onshore and offshore assets as a single integrated development with QatarEnergy LNG N(4) (N4), formerly Qatargas 4 (QG4), a joint venture between QatarEnergy and Shell plc. This included the joint development of offshore facilities situated in a common offshore block in the North Field, as well as the construction of two identical LNG process trains and associated gas treating facilities for both the N3 and N4 joint ventures. Production from the liquefied natural gas trains and associated facilities is combined and shared. During 2022, the company was awarded a 25 percent interest in each of two new joint ventures with QatarEnergy to participate in the North Field East (NFE) and North Field South (NFS) LNG projects. Formation of the NFE joint venture, QatarEnergy LNG NFE (4) (NFE4), closed in December 2022 and the formation of the NFS joint venture, QatarEnergy LNG NFS (3) (NFS3) closed in June 2023. The Waha Concession is made up of multiple concessions and encompasses approximately 13 million acres onshore in the Sirte Basin for exploration and production activity. Oil is transported by pipeline to the Es Sider terminal for export. Natural gas is transported and sold domestically. Asia Pacific The Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. In 2023, operations in the Asia Pacific segment contributed five percent of the company’s consolidated liquids production and three percent of its consolidated natural gas production. Australia Pacific LNG Pty Ltd. (APLNG), the comany’s joint venture with Origin Energy Limited and China Petrochemical Corporation (Sinopec), focuses on producing CBM from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and convert the CBM into liquefied natural gas for export. Origin operates APLNG’s upstream production and pipeline system, and it operates the downstream LNG facility, located on Curtis Island near Gladstone, Queensland, as well as the liquefied natural gas export sales business. The company operates two fully subscribed 4.5 million tonnes per annum LNG trains. The wells are supported by gathering systems, central gas processing and compression stations, water treatment facilities and an export pipeline connecting the gas fields to the LNG facilities. The LNG is being sold to Sinopec under 20-year sales agreements for 7.6 million tonnes per annum of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately 1 million tonnes per annum of liquefied natural gas. Exploration The company owns an 80 percent working interest in both Exploration Permit (T/49P) and (VIC/P79) located in the Otway Basin, Australia. Existing seismic data for both permits is being evaluated for future exploration drilling opportunities. During 2023, the company executed a drilling consortium agreement with other operators in Australia and secured a contract for a semi-sub drilling rig. The proposed exploration program involves seabed surveys. Penglai The Penglai 19-3, 19-9 and 25-6 fields are located in the Bohai Bay Block 11/05 and are being developed in stages from large offshore platforms and a FPSO. Most crude oil produced from the block is sold to the China domestic market, with the remainder exported to international markets. Phase 3 consists of three wellhead platforms and a central processing platform. First production from Phase 3 was achieved in 2018. Phase 4A consists of one wellhead platform and achieved first production in 2020. Phase 4B consists of two wellhead platforms, WHP-H and WHP-N, both of which achieved first production in the fourth quarter of 2023. The company has varying stages of exploration, development and production activities across approximately 2.7 million net acres in Malaysia, with working interests in six PSCs. Four of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC), and Block SB405, an operated exploration block acquired in 2021. The company also operates another two exploration blocks, Block WL4-00 and Block SK304, in waters off the eastern Malaysian state of Sarawak. Block J Gumusut The company owns a 29.5 percent working interest in the unitized Gumusut Field. Gumusut Phase 3 first oil was achieved in 2022. Development drilling associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut Field that straddles Malaysia and Brunei waters, is planned to commence in early 2024 with first oil anticipated in early 2025. The unitized Gumusut Field is operated on a FPS with oil evacuation via a pipeline to the Sabah Oil and Gas Terminal (SOGT) for tanker liftings. KBBC The company owns a 30 percent working interest in the KBB, Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. KBB Gas is transported from the KBB platform via pipeline for sale to the domestic gas market. During 2019, KBB tied-in to a nearby third-party floating LNG vessel, which provided increased gas offtake capacity. Block G Malikai The company owns a 35 percent working interest in Malikai. Malikai Phase 2 development first oil was achieved in February 2021. Malikai operates on a tension leg platform and pipes oil to the KBB platform for processing. Oil evacuation is via pipeline to SOGT for tanker liftings. Siakap North-Petai The company owns a 21 percent working interest in the unitized Siakap North-Petai (SNP) oil field. First oil from SNP Phase 2 was achieved in November 2021. The subsea system in the SNP oil field is tied back to a FPSO operated by PTTEP. Exploration The company owns a 50 percent working interest and operate both Blocks WL4-00 and SK304. Block WL4-00 encompasses 0.3 million net acres primarily in the Salam and Benum Fields. Block SK304 encompasses 1.1 million net acres off the coast of Sarawak, offshore Malaysia. The company continues to evaluate these blocks and are using information from prior well results to help optimize future development plans. In 2021, the company was awarded operatorship and an 85 percent working interest in Block SB405 encompassing 1.2 million net acres off the coast of Sabah, offshore Malaysia. A 3D seismic survey was acquired in 2022, and processing and evaluation of this data is ongoing. Other International The Other International segment includes interests in Colombia, as well as contingencies associated with prior operations in other countries. Colombia The company has an 80 percent operating interest in the Middle Magdalena Basin Block VMM-3 extending over approximately 67,000 net acres. In addition, the company has an 80 percent working interest in the VMM-2 Block, which extends over approximately 58,000 net acres and is contiguous to the VMM-3 Block. The contracts for this project are in force majeure due to the lack of a defined environmental licensing required for the execution of unconventional exploratory activities. Additionally, the government of Colombia supports a ban on such activities. Other Marketing Activities The company’s Commercial organization manages its worldwide commodity portfolio, which includes natural gas, crude oil, bitumen, NGLs, LNG and power. Marketing activities are performed through offices in the United States of America (U.S.), Canada, Europe and Asia. In marketing the company’s production, it attempts to minimize flow disruptions, maximize realized prices and manage credit-risk exposure. Crude Oil, Bitumen and NGLs The company’s crude oil, bitumen and NGL revenues are derived from production in the U.S., Canada, Asia, Africa and Europe. These commodities are primarily sold under contracts with prices based on market indices, adjusted for location, quality and transportation. Natural Gas The company’s natural gas production, along with third-party purchased gas, is primarily marketed in the U.S., Canada and Europe. The company’s natural gas is sold to a diverse client portfolio, which includes local distribution companies; gas and power utilities; large industrials; independent, integrated or state-owned oil and gas companies; as well as marketing companies. The company also transports natural gas via firm and interruptible transportation agreements to major market hubs. LNG The company has producing equity LNG facilities located in Australia and Qatar, by which volumes are primarily sold under long-term contracts. In 2023, the company continued to progress its global LNG strategy, acquiring a 30 percent equity interest in the Port Arthur LNG (PALNG) facility and contracting 5 million tonnes per annum (MTPA) offtake capacity. The company secured additional offtake capacity in North America of 2.4 MTPA, which includes a 20-year offtake agreement for approximately 2.2 MTPA at the Saguaro LNG project on the West Coast of Mexico, subject to Mexico Pacific reaching FID and other certain conditions precedent, as well as a 5-year offtake agreement for 0.2 MTPA at the Energia Costa Azul Phase 1. In addition, the company executed additional regasification capacity and services agreements for approximately 1.7 MTPA, including a 15-year throughput agreement for 1.5 MTPA of capacity and a 5-year services agreement for 0.2 MTPA at the Gate LNG terminal in the Netherlands. The company’s marketing efforts are focused on further progressing the placement of its offtake volumes into Europe and Asia. Energy Response Partnerships The company maintains memberships in several response and containment partnerships across the globe as a key element of its emergency response preparedness program in addition to internal response resources. Marine Well Containment Company (MWCC) The company is a founding member of the MWCC, a non-profit organization formed in 2010, which provides well containment equipment and technology in the deepwater U.S. Gulf of Mexico. MWCC’s containment system meets the U.S. Bureau of Safety and Environmental Enforcement requirements for a subsea well containment system that can respond to a deepwater well control incident in the U.S. Gulf of Mexico. Oil Spill Response Limited (OSRL) - Subsea Well Intervention Service (SWIS) OSRL-SWIS is a non-profit organization in the United Kingdom that is an industry funded joint initiative providing the capability to respond to subsea well-control incidents. Through the company’s SWIS subscription, ConocoPhillips has access to equipment that is maintained and stored in a response ready state. This provides well capping and containment capability outside the U.S. Oil Spill Response Removal Organizations (OSROs) The company maintains memberships in several OSROs, many of which are not-for-profit cooperatives owned by the member companies wherein it may actively participates as a member of the board of directors, steering committee, work group or other supporting role. In North America, the company’s primary OSROs include the Marine Spill Response Corporation for the continental U.S. and Alaska Clean Seas and Ship Escort/Response Vessel System for the Alaska North Slope and Prince William Sound, respectively. Internationally, the company maintains memberships in various OSROs, including Oil Spill Response Limited, the Norwegian Clean Seas Association for Operating Companies, Australian Marine Oil Spill Center and Petroleum Industry of Malaysia Mutual Aid Group. History ConocoPhillips was founded in 1917. The company was incorporated in the state of Delaware in 2001.