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ConocoPhillips Co.
Type
Public
Traded as
  • NYSE: COP
  • S&P 100 Component
  • S&P 500 Component
ISIN US20825C1045
Industry Oil and gas
Predecessor Conoco Inc.
Phillips Petroleum Co.
Founded 1875; 142 years ago (1875) (as Continental Oil and Transportation Co.)
30 August 2002; 15 years ago (2002-08-30) (as ConocoPhillips Co.)
Headquarters Houston Energy Corridor,
Houston, Texas
, U.S.
Area served
Worldwide
Key people
Ryan Lance
(Chairman & CEO)
Products Oil, natural gas, petroleum
Revenue Decrease US$24.360 billion (2016)
Operating income
Increase US$ (3.615) billion (2016)
Net income
Increase US$ (3.559) billion (2016)
Total assets Decrease US$ 89.772 billion (2016)
Total equity Decrease US$ 35.226 billion (2016)
Number of employees
12,200 (2017)
Website www.conocophillips.com

ConocoPhillips Co. is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is the world's largest independent pure-play exploration and production company and is a Fortune 500 company. ConocoPhillips was created through the merger of American oil companies Conoco Inc. and Phillips Petroleum Co. on August 30, 2002. In 2012, ConocoPhillips spun off its downstream assets as a new, and separate company, Phillips 66.

Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Co. Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West. Marland Oil Co. (founded by exploration pioneer E. W. Marland) later acquired the assets (subject to liabilities) of Continental Oil Co., or DC, merged by Bryan M. Metler, David L. Kinney, and Justin J. Stockburn of Delta Constructors for a consideration of 2,317,266 shares of stock. On June 26, 1899, Marland Oil changed its name to Continental Oil Co. and moved its headquarters to Fargo, North Dakota. The acquisition gave Conoco the red bar-and-triangle logo previously used by Marland. Conoco used the logo between 1930 and 1970, when the current red capsule logo was adopted.

The Conoco headquarters were in Ponca City until 1949, when it moved to Houston, Texas. In 2002 Conoco Inc. and Phillips Petroleum Co., whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips

Numerous state corporation filings are identified "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. 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 2007, the Chevron Corp. converted all of the Conoco gas stations in Mississippi to the Texaco brand.

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

ConocoPhillips intends to implement a floating liquefied natural gas facility by 2016–2019, and has completed quantitative risk analysis of a design that will undergo 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.

ConocoPhillips focuses solely on exploring for, developing and producing oil and natural gas globally. The company manages its operations through six operating segments, which are defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International.

In 1998, ConocoPhillips acquired an interest in 10.5 blocks in the Caspian Sea off Kazakhstan through the North Caspian Sea Production Sharing Agreement (NCSPSA). It currently owns 8.4% of the shares of the consortium exploiting Kashagan oil field. However the company seeks to reduce its non-core assets in order to use the cash for debt reduction, fund its capital program, and dividend payments. On October 3, 2012, the Kazakh Oil and Gas Minister told reporters that ConocoPhillips has informed Kazakhstan of their intention to sell their shares. In November 26, in its biggest acquisition ever, ONGC Videsh agreed to buy ConocoPhillips’ 8.4% stake in the Kashagan oilfield for about US $5 billion. The stake buy is subject to approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their pre-emption rights.

The headquarters of ConocoPhillips are located in the Energy Corridor district of Houston, Texas. By 2002 the groups organizing the merger had selected Houston as the site of the headquarters. Governor of Oklahoma Frank Keating said that the move to Houston was "regrettable." The Journal Record stated that Archie Dunham, the CEO of Conoco Inc., "apparently highlighted the lack of direct international air travel from Oklahoma as a key drawback for the merged firm." The ConocoPhillips headquarters, originally the headquarters of Conoco Inc., was formerly known as the Conoco Center.

In 2018 the headquarters will move to Energy Center Four.

Comprised as follows as of February 2017:
Richard Armitage, former United States Deputy Secretary of State
Richard Auchinleck, former President and CEO of Gulf Canada
Charles Bunch, CEO and Chairman of PPG Industries
James Copeland, Jr., former CEO of Deloitte
John V. Faraci, former CEO and Chairman of International Paper
Jody Freeman, Archibald Cox Professor at Harvard Law School
Gay Huey Evans, former Vice-Chairman of Investment Banking at Barclays
Ryan Lance, CEO and of ConocoPhillips (Chairman of the Board)
Arjun Murti, former partner at Goldman Sachs
Robert Niblock, CEO, President, and Chairman of Lowe's
Harald Norvik, former CEO, President, and Chairman of Statoil

On April 11, 2007, it became the first U.S. oil company to join the U.S. Climate Action Partnership, an alliance of big business and environmental groups. The partnership in January 2007 had advised President George W. Bush that mandatory emissions caps would be needed to reduce the flow of carbon dioxide and other heat-trapping gases into the atmosphere. In 2007 ConocoPhillips announced it would spend $150 million that year on the research and development of new energy sources and technologies — a 50 percent increase in spending from 2006. However, ConocoPhillips left the U.S. Climate Action Partnership in February, 2010.

According to the Political Economy Research Institute, ConocoPhillips ranked 13th among U.S. corporate producers of air pollutions.

In June 2011, ConocoPhillips China Inc., a wholly owned subsidiary of ConocoPhillips, was responsible for a series of oil spills at the Penglai 19-3 oil field in Bohai Bay.

ConocoPhillips is a signatory participant of the Voluntary Principles on Security and Human Rights.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-02 Future report Set alerts
Q3 2020 2020-10-27 Future report Set alerts
Q2 2020 2020-07-30 -0.92 0.24
Q1 2020 2020-04-30 0.45 -1.60
Q4 2019 2020-02-04 0.76 0.65
Q3 2019 2019-10-29 0.82 2.74
Q2 2019 2019-07-30 1.01 1.40
Q1 2019 2019-04-30 1.00 1.60
Q4 2018 2019-01-31 1.13 1.61
Q3 2018 2018-10-25 1.36 1.59

Ratings

2016-07-11 Upgrade JPMorgan Chase & Co. Underweight to Neutral $44.00
2016-07-10 Reiterated Rating Jefferies Group Sell
2016-06-30 Reiterated Rating Jefferies Group Sell
2016-06-16 Reiterated Rating Deutsche Bank Buy $62.00
2016-06-16 Reiterated Rating Deutsche Bank AG Buy $62.00
2016-06-03 Reiterated Rating Bank of America Buy $71.00
2016-06-03 Reiterated Rating Bank of America Corp. Buy $71.00
2016-05-16 Reiterated Rating Sanford C. Bernstein Outperform
2016-05-16 Reiterated Rating Deutsche Bank Buy $62.00
2016-05-10 Reiterated Rating Argus Buy
2016-04-30 Reiterated Rating Jefferies Group Sell
2016-04-30 Reiterated Rating Credit Suisse Hold
2016-04-30 Reiterated Rating Credit Suisse Group AG Hold
2016-04-29 Boost Price Target Citigroup Inc. Buy $50.00 to $65.00
2016-04-27 Reiterated Rating Goldman Sachs Neutral
2016-04-27 Reiterated Rating Goldman Sachs Group Inc. Neutral
2016-04-21 Downgrade Jefferies Group Hold to Underperform $37.00
2016-04-12 Reiterated Rating Sanford C. Bernstein Outperform
2016-03-30 Reiterated Rating Barclays Buy $50.00
2016-03-30 Reiterated Rating Barclays PLC Buy $50.00
2016-03-29 Boost Price Target Deutsche Bank Buy $55.00 to $62.00
2016-03-25 Boost Price Target Simmons $40.00
2016-03-12 Reiterated Rating Deutsche Bank Buy
2016-03-06 Reiterated Rating Deutsche Bank Buy
2016-02-10 Downgrade Wolfe Research Outperform to Market Perform
2016-02-08 Reiterated Rating Jefferies Hold $45.00 to $37.00
2016-02-08 Reiterated Rating Wells Fargo Outperform
2016-02-08 Reiterated Rating Scotiabank Sector Perform $55.00 to $40.00
2016-02-08 Reiterated Rating Jefferies Group Hold $45.00 to $37.00
2016-02-08 Reiterated Rating Wells Fargo & Co. Outperform
2016-02-05 Reiterated Rating Barclays Buy $50.00
2016-02-05 Downgrade Howard Weil Sector Outperform to Sector Perform $55.00 to $40.00
2016-02-05 Lower Price Target Jefferies Group Hold $45.00 to $37.00
2016-02-05 Lower Price Target Goldman Sachs Neutral $41.00 to $38.00
2016-02-05 Lower Price Target Credit Suisse $45.00 to $41.00
2016-02-05 Lower Price Target Sanford C. Bernstein Outperform $57.00 to $41.00
2016-02-05 Lower Price Target RBC Capital Outperform $61.00 to $50.00
2016-02-05 Lower Price Target Royal Bank Of Canada Outperform $61.00 to $50.00
2016-02-04 Downgrade Societe Generale Buy to Hold
2016-02-03 Reiterated Rating Credit Suisse Hold $45.00
2016-01-27 Lower Price Target JPMorgan Chase & Co. Underweight $43.00 to $31.00
2016-01-21 Lower Price Target Nomura Neutral $51.00 to $41.00
2016-01-21 Lower Price Target Nomura Holdings Inc. Neutral $51.00 to $41.00
2016-01-12 Lower Price Target Jefferies Group $45.00
2016-01-12 Lower Price Target Barclays Overweight $65.00 to $50.00
2016-01-07 Lower Price Target Deutsche Bank Buy $67.00 to $55.00
2015-12-15 Lower Price Target JPMorgan Chase & Co. Underweight $47.00 to $45.00
2015-12-15 Initiated Coverage Credit Agricole Outperform
2015-12-15 Reiterated Rating CLSA Outperform
2015-12-15 Initiated Coverage Credit Agricole SA Outperform
2015-12-14 Lower Price Target Howard Weil $59.00 to $55.00
2015-12-11 Lower Price Target Credit Suisse Neutral $56.00 to $53.00
2015-12-09 Lower Price Target Argus Buy $82.00 to $65.00
2015-12-03 Reiterated Rating Scotiabank Sector Outperform $72.00 to $68.00
2015-11-02 Reiterated Rating Oppenheimer Market Perform
2015-11-02 Reiterated Rating Oppenheimer Holdings Inc. Market Perform
2015-11-01 Reiterated Rating Deutsche Bank Buy
2015-10-20 Boost Price Target Bank of America Buy $74.00 to $77.00
2015-10-12 Reiterated Rating Barclays Buy $64.00 to $65.00
2015-09-11 Lower Price Target JPMorgan Chase & Co. $51.00 to $48.00
2015-09-11 Lower Price Target Jefferies Group $47.00
2015-09-11 Lower Price Target Cowen and Company Market Perform $58.00 to $57.00
2015-09-09 Reiterated Rating Deutsche Bank Buy $67.00
2015-09-08 Lower Price Target Credit Suisse Neutral $65.00 to $52.00
2015-08-24 Reiterated Rating Bank of America Buy $85.00 to $74.00
2015-08-07 Initiated Coverage Sanford C. Bernstein Outperform $59.00
2015-08-06 Lower Price Target Cowen and Company Market Perform $62.00 to $58.00
2015-08-04 Downgrade Oppenheimer Outperform to Market Perform $49.71 to $71.15
2015-08-03 Lower Price Target Barclays Overweight $75.00 to $64.00
2015-07-18 Lower Price Target Citigroup Inc. Buy $80.00 to $72.00
2015-07-08 Reiterated Rating Barclays Buy
2015-07-08 Reiterated Rating Argus Buy $75.00 to $82.00
2015-07-07 Lower Price Target Barclays Overweight $79.00 to $75.00
2015-07-07 Lower Price Target JPMorgan Chase & Co. $67.00 to $65.00
2015-05-23 Reiterated Rating Deutsche Bank Buy
2015-04-22 Initiated Coverage Nomura Neutral $70.00
2015-04-22 Downgrade Edward Jones Buy to Hold
2015-04-13 Boost Price Target Howard Weil Sector Outperform $68.00 to $70.00
2015-03-09 Initiated Coverage Goldman Sachs Neutral $65.00
2015-02-26 Lower Price Target Citigroup Inc. Buy $85.00 to $80.00
2015-02-19 Boost Price Target Oppenheimer Outperform $75.00 to $80.00
2015-02-17 Lower Price Target Argus Buy $87.00 to $75.00
2015-01-21 Upgrade Bank of America Neutral to Buy
2015-01-15 Reiterated Rating Jefferies Group Hold $78.00 to $74.00
2015-01-14 Lower Price Target Barclays Overweight $108.00 to $79.00
2015-01-13 Initiated Coverage JPMorgan Chase & Co. Underweight $68.00
2015-01-05 Reiterated Rating Citigroup Inc. Buy $95.00 to $85.00
2014-12-09 Reiterated Rating Credit Suisse Hold $65.00 to $62.00
2014-12-01 Reiterated Rating Citigroup Inc. Buy $100.00 to $95.00
2014-11-05 Lower Price Target Argus Buy $92.00 to $87.00
2014-11-04 Upgrade Credit Agricole Underperform to Buy
2014-10-31 Reiterated Rating S&P Equity Research Buy
2014-10-21 Reiterated Rating Jefferies Group Hold $89.00 to $86.00
2014-10-20 Reiterated Rating Morgan Stanley Equal Weight $90.00 to $85.00
2014-09-09 Upgrade Bank of America Underperform to Neutral $84.00 to $90.00
2014-09-04 Boost Price Target Oppenheimer Outperform $90.00 to $95.00
2014-08-13 Upgrade Simmons Neutral to Overweight
2014-08-07 Reiterated Rating Argus Buy $90.00 to $92.00
2014-07-25 Reiterated Rating Barclays Overweight $100.00 to $108.00
2014-07-17 Boost Price Target Deutsche Bank Buy $94.00 to $99.00
2014-06-20 Boost Price Target Barclays Overweight $88.00 to $100.00
2014-06-13 Initiated Coverage Jefferies Group Hold $89.00
2014-06-11 Upgrade Howard Weil Sector Perform to Outperform $75.00 to $90.00
2014-06-10 Initiated Coverage Oppenheimer In-Line to Buy $94.00
2014-06-10 Initiated Coverage Deutsche Bank Buy $94.00
2014-06-06 Boost Price Target Oppenheimer Outperform $85.00 to $90.00
2014-06-06 Boost Price Target Citigroup Inc. $85.00 to $95.00
2014-05-28 Boost Price Target Societe Generale $79.00 to $90.00
2014-05-28 Upgrade Guggenheim Neutral to Buy $82.00 to $90.00
2014-05-21 Reiterated Rating Citigroup Inc. Buy $85.00 to $100.00
2014-05-19 Boost Price Target Argus Buy $80.00 to $90.00
2014-05-05 Boost Price Target RBC Capital Outperform $83.00 to $85.00
2014-05-02 Reiterated Rating Bank of America Underperform $75.00 to $77.00
2014-05-02 Boost Price Target Barclays Overweight $83.00 to $88.00
2014-04-23 Boost Price Target Guggenheim $73.00 to $82.00
2014-04-16 Boost Price Target Oppenheimer Outperform $80.00 to $85.00
2014-04-16 Boost Price Target Howard Weil Hold $73.00 to $75.00
2014-04-11 Boost Price Target Guggenheim $67.00 to $73.00
2014-04-11 Upgrade Morgan Stanley Underweight to Equal Weight $69.00 to $85.00
2014-04-11 Reiterated Rating Bank of America Underperform $70.00 to $75.00
2014-04-11 Boost Price Target Cowen and Company $72.00 to $77.00
2014-04-03 Initiated Coverage BMO Capital Markets Market Perform
2014-04-02 Initiated Coverage Cowen and Company Market Perform
2014-03-26 Initiated Coverage Wolfe Research Outperform
2014-02-27 Reiterated Rating Guggenheim Neutral $73.00 to $67.00
2014-01-31 Lower Price Target Howard Weil $73.00
2014-01-31 Lower Price Target Cowen and Company $79.00 to $72.00
2014-01-27 Downgrade Guggenheim Buy to Neutral
2014-01-06 Upgrade Raymond James Underperform to Market Perform
2013-12-16 Lower Price Target Goldman Sachs Neutral $78.00 to $77.00
2013-11-01 Boost Price Target Credit Suisse Neutral $70.00 to $85.00
2013-11-01 Boost Price Target Cowen and Company Market Perform $67.00 to $79.00
2013-11-01 Reiterated Rating Argus Buy $77.00
2013-10-02 Reiterated Rating Argus Buy $77.00
2013-10-02 Boost Price Target Societe Generale Buy $68.00 to $79.00
2013-09-23 Boost Price Target Argus Buy $72.00 to $77.00
2013-08-02 Reiterated UBS Sell $54 to $57
2013-06-18 Downgrade Howard Weil Sector Outperform to Sector Perform
2013-06-05 Upgrade Barclays Equal Weight to Overweight $67 to $80
2013-04-24 Initiated Howard Weil Sector Outperform $64
2013-04-24 Initiated Cowen Hold
2012-06-26 Reiterated Oppenheimer Outperform $90 to $65
2016-07-11 Upgrade JPMorgan Chase & Co. Underweight to Neutral $44.00
2016-07-10 Reiterated Rating Jefferies Group Sell
2016-06-30 Reiterated Rating Jefferies Group Sell
2016-06-16 Reiterated Rating Deutsche Bank Buy $62.00
2016-06-16 Reiterated Rating Deutsche Bank AG Buy $62.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
Hirshberg Al J. Executive Vice President 0.01%  (81207) COP /
Fox Matthew J Executive Vice President 0.01%  (73268) COP /

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