Description of Conocophillips's Business Segments

ConocoPhillips is a prominent player in the global energy sector, focusing primarily on exploration and production (E&P) of hydrocarbon resources. This segment serves as the foundation of the companys operations and profitability. Below is an expansive description of the E&P segment, including the variety of products, services, and operational aspects associated with ConocoPhillips’ business model.

1. Exploration and Production (E&P)

Overview

The Exploration and Production segment of ConocoPhillips is essential for identifying and extracting fossil fuels, encompassing crude oil, natural gas, and natural gas liquids (NGLs). The company’s strategic focus is on maximizing resource recovery while minimizing environmental impacts, ensuring compliance with evolving regulations across its diverse operational territories.

Key Activities and Operations

- Exploration:
- ConocoPhillips employs advanced geological and geophysical techniques to locate hydrocarbon reserves. This involves using seismic surveys, satellite imaging, and 3D geological modeling to assess potential drilling sites.
- The company also engages in extensive data analysis to evaluate the economic viability of extraction.

- Production:
- After confirming economically feasible reserves, ConocoPhillips implements sophisticated extraction methods. This includes both traditional drilling as well as modern techniques such as horizontal drilling and hydraulic fracturing, designed to enhance production levels.
- The well management process encompasses drilling operations, completion techniques, and ongoing monitoring and optimization to increase recovery rates and maintain operational integrity.

- Oil Sands Production:
- In Canada, the company focuses on large-scale oil sands projects, extracting bitumen through mining or in-situ methods. This bitumen is subsequently processed and upgraded to synthetic crude oil (SCO), significantly tapping into extensive hydrocarbon reserves available in the region.
- The oil sands processes are closely controlled to reduce environmental impacts and enhance operational sustainability.

Geographic Operations

ConocoPhillips operates in multiple geographic regions, each with distinct characteristics, which collectively mitigate geopolitical risks and market volatility. Key operational areas include:

- North America:
- The United States is a major hub for ConocoPhillips’ operations, particularly emphasizing the Alaska region and the prolific Permian Basin, known for its high-yield crude oil production.

- North Sea:
- The company operates in both the Norwegian and U.K. sectors of the North Sea, taking advantage of advanced extraction technologies and existing infrastructure in mature fields.

- Canada:
- Apart from oil sands, ConocoPhillips participates in shale gas production, notably in the Montney and Duvernay plays, which contribute significantly to its gas and NGL outputs.

- International Operations:
- ConocoPhillips has established a notable presence in various global markets, including:
- West Africa (Nigeria and Venezuela): Key areas for crude oil extraction, leveraging both onshore and offshore reserves.
- Australia and Timor Leste: Engagement in offshore natural gas projects, tapping into substantial reserves.
- Middle East: Operations in the United Arab Emirates and elsewhere in the Gulf region focus on both oil and gas production, often involving key joint venture partnerships.
- Southeast Asia: Significant offshore production occurs in countries like Vietnam and Indonesia, enhancing the company’s resource portfolio.

Products and Services

The products and services offered by ConocoPhillips reflect its commitment to meeting global energy needs while emphasizing sustainability and efficiency:

- Crude Oil:
- ConocoPhillips produces various grades of crude oil, meeting the requirements of refineries and traders worldwide. The crude produced is vital for refining into fuels, lubricants, and petrochemical feedstocks.

- Natural Gas:
- A leading producer of natural gas, ConocoPhillips supplies this resource to domestic and international markets. Natural gas is crucial for electricity generation, heating, and as a cleaner alternative to more carbon-intensive fuels.

- Natural Gas Liquids (NGLs):
- The extraction and processing of NGLs – including propane, butane, and ethane – are vital components of ConocoPhillips’ production portfolio. These by-products are essential in various industrial applications and serve as important feedstocks for the petrochemical industry.

- Synthetic Crude Oil:
- The company’s oil sands operations yield synthetic crude oil, which is refined into high-quality fuels and chemicals. This refined product often achieves higher market prices than raw bitumen, contributing to the companys financial performance.

Conclusion

ConocoPhillips Exploration and Production segment encompasses a comprehensive array of activities focused on the efficient and responsible extraction of hydrocarbon resources across the globe. With its diverse geographic operations, advanced technological applications, and commitment to safety and environmental stewardship, the company is positioned strategically to meet the growing global demand for energy while navigating the challenges inherent in the energy market. By continuously optimizing its operations and embracing innovation, ConocoPhillips remains a key player in the evolving landscape of the global energy sector.

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Composition of Conocophillips Revenues by Segments


Physical contracts meeting the definition of a derivative	13.57 %	of total Revenue
Financial derivative contracts	0.77 %	of total Revenue
And Corporate Nonsegment	104.26 %	of total Revenue
Intereliminations	-4.26 %	of total Revenue
Total Intereliminations	-4.2 %	of total Revenue
Alaska	9.66 %	of total Revenue
L48	70.34 %	of total Revenue
L48 Physical contracts meeting the definition of a derivative	10.79 %	of total Revenue
L48 Intereliminations	-0.04 %	of total Revenue
Canada	10.61 %	of total Revenue
Canada Physical contracts meeting the definition of a derivative	1.27 %	of total Revenue
Canada Intereliminations	-4.16 %	of total Revenue
EMENA	10.32 %	of total Revenue
EMENA Physical contracts meeting the definition of a derivative	1.27 %	of total Revenue
AP	3.18 %	of total Revenue
Corporate	0.08 %	of total Revenue
Corporate Corporate	0.14 %	of total Revenue
Corporate Intereliminations	-0.06 %	of total Revenue
Crude oil	65.08 %	of total Revenue
Natural gas	15.89 %	of total Revenue
Power	2.08 %	of total Revenue
Natural gas liquids	5.85 %	of total Revenue
Other	13.18 %	of total Revenue
U S	79.41 %	of total Revenue
International	20.59 %	of total Revenue

Q1 three months ended (Mar 31 2026)
Revenues by Business Segments	Revenues (in millions $)	% (of total Revenues)
Physical contracts meeting the definition of a derivative	2,139.00	13.57 %
Financial derivative contracts	122.00	0.77 %
And Corporate Nonsegment	16,432.00	104.26 %
Intereliminations	-671.00	-4.26 %
Total Intereliminations	-662.00	-4.2 %
Alaska	1,523.00	9.66 %
L48	11,086.00	70.34 %
L48 Physical contracts meeting the definition of a derivative	1,700.00	10.79 %
L48 Intereliminations	-6.00	-0.04 %
Canada	1,673.00	10.61 %
Canada Physical contracts meeting the definition of a derivative	200.00	1.27 %
Canada Intereliminations	-656.00	-4.16 %
EMENA	1,627.00	10.32 %
EMENA Physical contracts meeting the definition of a derivative	200.00	1.27 %
AP	501.00	3.18 %
Corporate	13.00	0.08 %
Corporate Corporate	22.00	0.14 %
Corporate Intereliminations	-9.00	-0.06 %
Crude oil	10,258.00	65.08 %
Natural gas	2,504.00	15.89 %
Power	328.00	2.08 %
Natural gas liquids	922.00	5.85 %
Other	2,077.00	13.18 %
U S	12,516.00	79.41 %
International	3,245.00	20.59 %
Total	15,761.00	100 %

Q1 three months ended (Mar 31 2026)
Revenue Growth rates by Segment	Y/Y Revenue %	Q/Q Revenue %
Physical contracts meeting the definition of a derivative	8.58 %	-
Financial derivative contracts	79.41 %	-
And Corporate Nonsegment	-3.75 %	-
Intereliminations	-	-
Total Intereliminations	-	-
Alaska	-5.4 %	-
L48	-4 %	-
L48 Physical contracts meeting the definition of a derivative	13.33 %	-
L48 Intereliminations	-	-
Canada	9.2 %	-
Canada Physical contracts meeting the definition of a derivative	0 %	-
Canada Intereliminations	-	-
EMENA	-16.13 %	-
EMENA Physical contracts meeting the definition of a derivative	-33.33 %	-
AP	18.16 %	-
Corporate	30 %	-
Corporate Corporate	22.22 %	-
Corporate Intereliminations	-	-
Crude oil	-5.31 %	-
Natural gas	-11.58 %	-
Power	52.56 %	-
Natural gas liquids	-12.61 %	-
Other	15.58 %	-
U S	-4.55 %	-
International	-4.7 %	-
Total	-4.58 %	-

Q1 three months ended (Mar 31 2026)
Income by Business Segments	Income (in millions $)	% (Profit Margin)
Total	2,183.00	13.85 %

Q1 three months ended (Mar 31 2026)
Income Growth rates by Segment	Y/Y Income %	Q/Q Income %
Total	-23.38 %	-

Annual Report on Conocophillips Divisions, Sales by Country


Physical contracts meeting the definition of a derivative	12.22 %	of total Revenue
Financial derivative contracts	-0.14 %	of total Revenue
And Corporate Nonsegment	103.42 %	of total Revenue
Intereliminations	-3.42 %	of total Revenue
Total Intereliminations	-3.37 %	of total Revenue
Alaska	9.57 %	of total Revenue
Canada	9.5 %	of total Revenue
Canada Physical contracts meeting the definition of a derivative	1.19 %	of total Revenue
Canada Intereliminations	-3.35 %	of total Revenue
Corporate	0.05 %	of total Revenue
Corporate Corporate	0.11 %	of total Revenue
Corporate Intereliminations	-0.05 %	of total Revenue
Crude oil	66.28 %	of total Revenue
Natural gas	15.02 %	of total Revenue
Power	2.11 %	of total Revenue
Natural gas liquids	6.29 %	of total Revenue
Other	12.41 %	of total Revenue
U S	79.08 %	of total Revenue
International	20.92 %	of total Revenue
Lower 48 Physical contracts meeting the definition of a derivative	9.67 %	of total Revenue
Europe Middle East and North Africa Physical contracts meeting the definition of a derivative	1.36 %	of total Revenue
Lower 48	70.24 %	of total Revenue
Europe Middle East and North Africa	11 %	of total Revenue
Physical contracts meeting the definition of a derivative Europe Middle East and North Africa	1.36 %	of total Revenue
Physical contracts meeting the definition of a derivative Canada	1.19 %	of total Revenue
Physical contracts meeting the definition of a derivative Lower 48	9.67 %	of total Revenue
Pipeline Company	8.99 %	of total Revenue
Total Segments	103.31 %	of total Revenue
Lower 48 Intereliminations	-0.02 %	of total Revenue
Europe Middle East and North Africa Intereliminations	-0 %	of total Revenue
Asia Pacific	3 %	of total Revenue

Twelve months ended 2025
COP s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Physical contracts meeting the definition of a derivative	7,201.00	12.22 %
Financial derivative contracts	-81.00	-0.14 %
And Corporate Nonsegment	60,960.00	103.42 %
Intereliminations	-2,016.00	-3.42 %
Total Intereliminations	-1,985.00	-3.37 %
Alaska	5,638.00	9.57 %
Canada	5,600.00	9.5 %
Canada Physical contracts meeting the definition of a derivative	700.00	1.19 %
Canada Intereliminations	-1,975.00	-3.35 %
Corporate	32.00	0.05 %
Corporate Corporate	63.00	0.11 %
Corporate Intereliminations	-31.00	-0.05 %
Crude oil	39,068.00	66.28 %
Natural gas	8,854.00	15.02 %
Power	1,242.00	2.11 %
Natural gas liquids	3,705.00	6.29 %
Other	7,317.00	12.41 %
U S	46,611.00	79.08 %
International	12,333.00	20.92 %
Total	58,944.00	100 %
Lower 48 Physical contracts meeting the definition of a derivative	5,700.00	9.67 %
Europe Middle East and North Africa Physical contracts meeting the definition of a derivative	800.00	1.36 %
Lower 48	41,404.00	70.24 %
Europe Middle East and North Africa	6,485.00	11 %
Physical contracts meeting the definition of a derivative Europe Middle East and North Africa	800.00	1.36 %
Physical contracts meeting the definition of a derivative Canada	700.00	1.19 %
Physical contracts meeting the definition of a derivative Lower 48	5,700.00	9.67 %
Pipeline Company	5,300.00	8.99 %
Total Segments	60,897.00	103.31 %
Lower 48 Intereliminations	-9.00	-0.02 %
Europe Middle East and North Africa Intereliminations	-1.00	-0 %
Asia Pacific	1,770.00	3 %

Twelve months ended 2025
COP s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	7,988.00	13.55 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Physical contracts meeting the definition of a derivative	31.33 %	-
Financial derivative contracts	-	-
And Corporate Nonsegment	7.12 %	-
Intereliminations	-	-
Total Intereliminations	-	-
Alaska	-13.96 %	-
Canada	-0.64 %	-
Canada Physical contracts meeting the definition of a derivative	40 %	-
Canada Intereliminations	-	-
Corporate	88.24 %	-
Corporate Corporate	16.67 %	-
Corporate Intereliminations	-	-
Crude oil	0.15 %	-
Natural gas	37.4 %	-
Power	-8.27 %	-
Natural gas liquids	28.25 %	-
Other	14.29 %	-
U S	7.2 %	-
International	9.48 %	-
Total	7.67 %	-13.6 %
Lower 48 Physical contracts meeting the definition of a derivative	35.71 %	-
Europe Middle East and North Africa Physical contracts meeting the definition of a derivative	0 %	-
China	-	-
Equatorial Guinea	-	-
Libya	-	-
Malaysia	-	-
Norway	-	-
Singapore	-	-
U K	-	-
Other foreign countries	-	-
Lower 48	11.82 %	-
Europe Middle East and North Africa	12.04 %	-
Physical contracts meeting the definition of a derivative Europe Middle East and North Africa	0 %	-
Physical contracts meeting the definition of a derivative Canada	40 %	-
Physical contracts meeting the definition of a derivative Lower 48	35.71 %	-
Pipeline Company	-20.9 %	-
Total Segments	7.11 %	-
Lower 48 Intereliminations	-	-
Asia Pacific	-4.17 %	-

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