ConocoPhillips

Unconventional shale development targeting the Middle Bakken and Three Forks formations. Located in the Williston Basin across North Dakota and eastern Montana. Property covers approximately 799,000 net acres. In 2025, an average of three rigs and one frac crew operated, resulting in 72 operated wells drilled and 98 brought online.

Unconventional shale development targeting the Avalon, Bone Springs, Wolfcamp, and Woodford formations. Located across west Texas and southeast New Mexico. Property covers approximately 782,000 net acres. In 2025, an average of ten rigs and three frac crews operated, resulting in 176 operated wells drilled and 161 brought online. Supported by centralized processing facilities.

Unconventional shale development located in south Texas. Property covers approximately 489,000 net acres. Focus is on full-field development using customized well spacing and stacking patterns. In 2025, an average of seven rigs and three frac crews operated, resulting in 251 operated wells drilled and 264 brought online. Supported by centralized processing facilities.

Unconventional shale development targeting the Barnett, Spraberry, and Wolfcamp formations. Located in west Texas. Property covers approximately 416,000 net acres. Focus is on full-field development utilizing multi-well pad projects. In 2025, an average of three rigs and one frac crew operated, resulting in 86 operated wells drilled and 94 brought online. Supported by centralized processing facilities.

Liquids-rich unconventional shale play located in northeastern British Columbia. Property covers approximately 297,000 net acres. In 2025, two rigs and one frac crew operated, resulting in 31 wells drilled and 23 operated wells brought online.

In-situ oil sands development utilizing SAGD recovery. Located south of Fort McMurray in the Athabasca Region of northeastern Alberta. Property covers approximately 684,000 net acres. Operations include two central processing facilities for treatment and blending of bitumen, and a diluent recovery unit. In Q3 2025, drilling commenced on Pad 104W-B, and in Q4 2025, first production was achieved from Pad 104W-A. The company acquired the remaining 50% working interest from TotalEnergies in October 2023.

Multi-unit conventional oil development comprising the Bear Tooth Unit (including the Willow Project), the Colville River Unit (Alpine Field and four satellites), and the Greater Mooses Tooth Unit (GMT1 and GMT2). Located on the North Slope of Alaska, including the National Petroleum Reserve Alaska (NPR-A). The Colville River Unit includes one central production facility. The Willow Project is in construction, with first oil anticipated in early 2029; it will include three drill sites, an operations center, and a processing facility. In 2025, one part-time drilling rig operated in the Colville River Unit.

Multi-field conventional oil development comprising the Kuparuk Field and six satellite fields. Located on the North Slope of Alaska. Field installations include three central production facilities separating oil, gas, and water, and a seawater treatment plant. In 2025, an average of two drilling rigs and one workover rig were operated. The Nuna project (Moraine reservoir) achieved first oil in Q4 2024, with drilling planned through 2027. The Coyote reservoir progressed to development in 2023, with a pad expansion planned for 2026. In Q4 2024, the company acquired an additional 5% working interest from Chevron and Union Oil.

Offshore development comprising the Alba and Block D PSCs. Located offshore Equatorial Guinea. Natural gas is processed at facilities on Bioko Island, including the Alba Plant LLC (52.2% interest) for LPG/condensate extraction and EG LNG (56% interest) for liquefaction. In January 2024, a five-year LNG sales agreement commenced for a portion of equity gas. Acquired via the Marathon Oil transaction in November 2024.

Offshore development comprising the Penglai 19-3, 19-9, and 25-6 fields in Bohai Bay Block 11/05. Operated by CNOOC. Developed in stages from large offshore platforms and an FPSO. Phase 4B (two wellhead platforms) achieved first production in Q4 2023, with 95 of 144 planned wells online by December 2025. Phase 5 (two new platforms, four expansions) achieved first production in Q4 2024, with 25 of 91 planned wells online by December 2025. Crude oil is sold domestically and exported.

Integrated CBM-to-LNG project producing from the Bowen and Surat basins in Queensland, Australia. Joint venture with Origin Energy (27.5%) and Sinopec (25%). Origin operates upstream production; ConocoPhillips operates the downstream LNG facility on Curtis Island and the export sales business. The facility includes two 4.5 MTPA LNG trains. Approximately 3,500 net wells are expected to supply LNG contracts and the domestic market. LNG is sold under 20-year agreements to Sinopec (7.6 MTPA) and Kansai Electric Power (1 MTPA).

Multi-field conventional oil development comprising the Prudhoe Bay Field and five satellite fields, plus the Greater Point McIntyre Area fields. Located on the North Slope of Alaska. Operated by Hilcorp. Field installations include seven production facilities, two gas plants, two seawater plants, and a central power station supporting a large waterflood and enhanced oil recovery operation. In 2025, an average of three rigs were drilling throughout the year. In Q4 2024, the company acquired an additional 0.4% working interest from Chevron and Union Oil.

Multi-field offshore development comprising five producing fields. Located offshore Stavanger, Norway, in the North Sea. Crude oil is exported via the Norpipe Oil Pipeline System to the operated Teesside terminal in the U.K.; natural gas is exported to Emden, Germany. Working interest ranges from 28.3% to 35.1%.

Offshore development in Block G. Operated by Shell. Operates on a tension leg platform, piping oil to the KBB platform for processing, with evacuation via pipeline to the Sabah Oil and Gas Terminal. Phase 2 first oil achieved in February 2021.

Offshore gas and condensate fields (KBB, Kamunsu East, Kamunsu East Upthrown Canyon) in the Kebabangan Cluster. ConocoPhillips assumed sole operatorship in January 2025, extending the PSC to 2050. Gas is transported via pipeline for domestic sale and tied into a third-party floating LNG vessel.

Integrated LNG development producing from Qatar's North Field. Jointly owned by QatarEnergy (68.5%), ConocoPhillips (30%), and Mitsui & Co., Ltd. (1.5%). Operated by QatarEnergy LNG. Consists of upstream natural gas production facilities producing approximately 1.4 gross BCF/d over a 25-year life, and a 7.8 MTPA gross LNG facility. Developed jointly with QatarEnergy LNG N(4), sharing offshore facilities and two identical LNG process trains. LNG is shipped globally; liquids are sold domestically or marketed internationally.

Unitized offshore oil field straddling Malaysia and Brunei waters in Block J. Operated by Shell. Operated on a floating production system with oil evacuation via pipeline to the Sabah Oil and Gas Terminal. Phase 4 development (four wells targeting Brunei acreage) completed drilling in 2024 with first production in early 2025.

Offshore development located in the Norwegian Sea. Operated by Equinor. In 2025, the Othello South exploration well was drilled in the area and encountered hydrocarbons.

Unitized offshore oil field in Block G. Operated by PTTEP. Subsea system tied back to an FPSO. Phase 2 first oil achieved in November 2021.

Multi-concession onshore development encompassing approximately 13 million acres in the Sirte Basin. Operated by Waha Oil Co. Current production comes from 13 existing fields. Oil is transported by pipeline to the Es Sider terminal for export; natural gas is sold domestically. In January 2026, an agreement was signed to extend the concession to December 31, 2050, with new fiscal terms, subject to regulatory approvals.

Offshore development located in the northern part of the North Sea. Operated by Equinor.

Offshore development located in the Norwegian Sea. Operated by Equinor.

Offshore development located in the northern part of the North Sea. Operated by Aker BP.

Crude oil stabilization and NGLs processing facility located in Teesside, U.K. Supports Norway operations, receiving crude oil from the Greater Ekofisk Area via the Norpipe Oil Pipeline System.

A 220-mile pipeline carrying crude oil from the Greater Ekofisk Area to the Teesside terminal in the U.K.

Joint venture with Sempra PALNG Holdings, LLC (70%) for the development of a large-scale LNG facility (Phase 1) on the U.S. Gulf Coast. Scheduled to start up in 2027. The company has secured 10 MTPA of commercial offtake.

An 800-mile pipeline transporting petroleum liquids produced on the North Slope to Valdez, Alaska.

Joint venture participating in the North Field East (NFE) LNG project. Jointly owned with QatarEnergy (70%) and China National Petroleum Corporation (5%). NFE4 holds a 12.5% interest in the NFE project. Startup expected in the second half of 2026.