As part of our 'at-a-glance' guide to company global operational activity, we feature ConocoPhillips.

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ConocoPhillips

ConocoPhillips is an independent exploration and production (E&P) company headquartered in Houston, Texas. The Company explore for, produce, transport and market crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. As of Dec. 31, 2020, ConocoPhillips had operations and activities in 15 countries.

Operations are managed through six operating segments defined by geographic area: Lower 48; Asia Pacific; Europe, Middle East and North Africa; Alaska; Canada; and Other International and Exploration. ConocoPhillips’ operating segments include a strong base of legacy production and a significant inventory of low cost of supply development and focused exploration opportunities.

The company enhanced both its portfolio and financial framework through the acquisition of Concho Resources, which closed on Jan. 15, 2021.

GLOBAL OPERATIONS

Alaska

ConocoPhillips is Alaska’s largest crude oil producer and largest owner of exploration leases, with approximately 1.3 million net undeveloped acres at year-end 2020.

ConocoPhillips has major ownership interests in two of North America’s largest oil fields, both located on Alaska’s North Slope - Kuparuk, which the company operates, and Prudhoe Bay. Additionally, ConocoPhillips operates the Alpine Field and three satellites located on the Western North Slope.

Significant oil exploration and development opportunities still exist on the North Slope, with 75% of the company’s exploration portfolio undrilled. Final appraisal of the Willow and Narwhal discoveries was completed in 2020.

In 2019, the company announced its intention to sell approximately 25% working interest in the Greater Kuparuk Area and in Western North Slope operations, including undeveloped acreage in the National Petroleum Reserve – Alaska (NPR-A).

President, Alaska: Erec Isaacson   l   Office Address: 700 G St. Anchorage, AK 99501

Lower 48

The Lower 48 represents the largest segment in ConocoPhillips today based on production. The company has high-quality positions in the North American unconventionals, which are low cost of supply assets with significant upside potential.

The company’s large onshore Lower 48 position of 10.1 million net acres prior to the acquisition of Concho Resources Inc., much of it held by production, gives access to scalable, low cost of supply inventory that can generate many years of future development. The Lower 48 segment is comprised of two regions covering the Gulf Coast and Great Plains. Current major focus areas for the Lower 48 include the Eagle Ford, Bakken and Permian Basin.

In early 2020, the company sold its Niobrara assets in Colorado and its Waddell Ranch assets in the Permian Basin. On Jan. 15, 2021, ConocoPhillips completed the transformational acquisition of Concho Resources Inc., an independent oil and gas exploration company with operations across New Mexico and West Texas. The addition of 550,000 net acres through the Concho acquisition complements the company’s position in the Delaware and Midland basins in the Permian, which together with major positions in the Eagle Ford and Bakken trends establish ConocoPhillips as a leader in Lower 48 unconventional development. Further information on the Concho assets, production and reserves will be included in future Fact Sheets.

Executive Vice President, Lower 48: Tim Leach   l   Office Address: 925 North Eldridge Parkway, Houston, Texas 77079

Canada

Canadian operations are comprised primarily of oil sands assets in the Athabasca region of northeastern Alberta and unconventional development in British Columbia.

Current investment programs are focused on the operated Surmont oil sands development and the liquids-rich Montney unconventional play in northeastern British Columbia. Surmont is a steam-assisted gravity drainage (SAGD) development that contains over a billion barrels of captured resources. There is also further resource upside from the company’s other Canadian oil sands assets.

At Montney, ConocoPhillips has established a major position in a liquids-rich unconventional development play. During 2020, the company completed an acquisition of approximately 147,000 net acres in the play’s core area, adding substantial resources with a favorable cost of supply.

ConocoPhillips has progressed its exploration and appraisal activities during recent years and plans to grow production significantly through the next decade.

President, Canada: Kirk Johnson   l   Office Address: 401 9 Ave SW, Calgary, AB T2P 3C5, Canada

Europe, Middle East & North Africa

ConocoPhillips has operated in Europe for more than 50 years, with significant developments in the Norwegian sector of the North Sea and in the Norwegian Sea. In Qatar, the company has interests in a producing field as well as liquefied natural gas production and export. The company also has interests in a concession in Libya.

Operated assets in Europe include the Greater Ekofisk Area in Norway. The company also conducts exploration activity in Norway. The company has leveraged its existing operations, infrastructure and basin expertise to create incremental growth projects in recent years, and development opportunities still exist in ConocoPhillips’ legacy areas.

In Qatar, the Qatargas 3 joint venture continues providing stable production.

In Libya, the company has an interest in the Waha Concession in the Sirte Basin. Production operations in Libya and related oil exports have been periodically interrupted over the last several years due to forced shutdowns of the Es Sider terminal.

Norway

ConocoPhillips has a significant production and exploration position in the Norwegian sector of the North Sea. ConocoPhillips’ history in Norway began in the early 1960s, when the company was awarded three production licenses. A successful discovery in 1969 led to the commissioning of Ekofisk, the first commercial oil field in the Norwegian sector.

Current operated production comes from the Ekofisk, Eldfisk, Embla and Tor fields. In addition to the Greater Ekofisk Area, ConocoPhillips has ownership interests in several non-operated assets.

Qatar

North Field - Qatargas 3
Operator: Qatargas Operating Company (QG OPCO)
Co-venturers: Qatar Petroleum (68.5%), ConocoPhillips (30.0%), Mitsui (1.5%)
In 2003, ConocoPhillips and Qatar Petroleum signed a Heads of Agreement to develop Qatargas 3, a large-scale LNG project in Ras Laffan Industrial City, Qatar. The integrated project comprises upstream natural gas production facilities that produce approximately 280 MBOED gross (approximately 70% natural gas and 30% LPG and condensate) from Qatar’s North Field, the world’s largest contiguous conventional gas field, over the 25-year project life. The project also includes a 7.8-million-tonnes-per-annum (MTPA) nameplate LNG facility.

Libya - Sirte Basin

Waha Concession
Operator: Waha Oil Co., a wholly owned subsidiary of Libyan National Oil Corp.
Co-venturers: Libyan National Oil Corp. (59.2%), ConocoPhillips (16.3%), Total (16.3%), Hess (8.2%)
The Waha Concession is made up of multiple concessions and encompasses nearly 13 million gross acres in the Sirte Basin.

Current production comes from 13 existing fields within the Waha Concession. North Gialo is a major growth project under evaluation for development by the co-venturers.

President, Europe, Middle East and North Africa: Steinar Vaage   l   Office Address: Ekofiskvegen 35, 4056, Tananger, Norway

Asia Pacific

ConocoPhillips’ Asia Pacific operations represent the company’s second-largest segment by production. Operations consist of producing fields in China, Indonesia, Malaysia and Australia, as well as liquefied natural gas (LNG) production and export in Australia.

The company produces from fields in Bohai Bay in China and operates several producing fields in South Sumatra in Indonesia. In Malaysia, production continues from several fields in Block G, Block J and the Kebabangan Cluster (KBBC).

The Australia Pacific LNG Project has delivered stable production since its start-up in 2015. In 2020, the company sold its interest in the Bayu-Undan Field in Timor-Leste and the Darwin LNG plant, in Australia.

ConocoPhillips also has focused exploration and appraisal activities in the region.

Australia Pacific LNG
Australia Pacific LNG is a joint venture between ConocoPhillips (37.5%), Origin Energy (37.5%), and Sinopec (25%) and shipped its first LNG cargo in January 2016 after nearly five years of development and construction.

Australia Pacific LNG (APLNG) is the largest producer of natural gas in eastern Australia, supplying Australian customers with natural gas and international customers with Liquefied natural gas (LNG). Each year APLNG supplies approximately 30 percent of the east coast domestic gas market.

Origin Energy operates APLNG’s gas fields, upstream exploration, production and pipeline system, while ConocoPhillips operates the downstream LNG export facility and the LNG export sales business.

The LNG export facility employs state-of-the-art engineering and environmental technology and, wherever possible, utilises local and regional resources. The facility has two processing trains, each with the nameplate production capacity of 4.5mpta using the ConocoPhillips Optimized Cascade® Process.

There are two export offtake agreements in place for the LNG produced by APLNG - 7.6 MTPA to JV partner Sinopec, and 1 MTPA to Kansai Electric, both for 20 years.

ConocoPhillips, along with the shareholders of Australia Pacific LNG, value a constructive and trusted relationship with their local and regional communities, landowners and stakeholders from all levels of Government. Australia Pacific LNG has invested more than $41 million into community support programs.  Community investment in long-term sustainable programs is an on-going priority for ConocoPhillips.

In December 2021, ConocoPhillips notified Origin Energy that it is exercising its preemption right to purchase up to an additional 10% shareholding interest in Australia Pacific LNG (APLNG) from Origin Energy for up to $1.645 billion.

Block T/49P (Otway Basin) - Operator: ConocoPhillips (80.0%), Co-venturer: 3D Oil (20.0%)
In 2020, ConocoPhillips completed the acquisition of additional interest in Block T/49P in the Otway Basin, a 0.93-million-netacre exploration block offshore Tasmania in Commonwealth waters, close to existing infrastructure.

Indonesia

ConocoPhillips has had a presence in Indonesia for more than 45 years. The company currently operates two onshore blocks, the Corridor Block PSC in South Sumatra and the Kualakurun PSC in Central Kalimantan. Production comes from the Corridor Block.

South Sumatra - Corridor Block PSC
The Corridor Block PSC is located in South Sumatra and covers a contract area of 779 square miles. The PSC was awarded in 1983 and expires in 2023. An extension to the PSC, with new terms, was successfully obtained in 2019. ConocoPhillips will retain a majority interest and continue as operator for at least the first three years after 2023 and retain a participating interest until 2043.

The block consists of two producing oil fields and seven producing natural gas fields. The oil-producing fields are Suban Baru and Rawa, and the principal gas fields are Suban, Sumpal and Dayung.

In December 2021, ConocoPhillips entered into an agreement to sell the subsidiary that indirectly owns the company’s 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Company. The sale to MedcoEnergi for $1.355 billion is subject to customary adjustments and is expected to close in early 2022

Malaysia

ConocoPhillips has varying stages of exploration, development and production activities across 1.5 million net acres in Malaysia, with working interests in five PSCs. Three of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J and the Kebabangan Cluster (KBBC). ConocoPhillips operated two exploration PSCs: Block WL4-00 and Block SK304, in waters off the eastern Malaysian state of Sarawak.

China

Bohai Bay
Penglai 19-3, 19-9, 25-6 - Block 11/05
Operator: CNOOC (51.0%), Co-venturer: ConocoPhillips (49.0%)
Block 11/05 in Bohai Bay contains the Penglai 19-3, 19-9 and 25-6 oil fields operated by CNOOC. The fields feature large offshore platforms, each averaging more than 50 wells, that have benefited from extensive standardization of design developed in close collaboration with CNOOC.

Pearl River Mouth Basin
Panyu 4-1 - Block 15/34 (Amended and Restated)
Operator: CNOOC (51.0%), Co-venturer: ConocoPhillips (49.0%)

The Panyu 4-1 oil field is being evaluated for potential development. If deemed commercial, ConocoPhillips’ production license is 15 years upon commencement of production.

President, Asia Pacific: Warwick King   l   Office Address: 925 North Eldridge Parkway, Houston, Texas 77079

Leadership

Ryan Lance Chairman and Chief Executive Officer
W. L. (Bill) Bullock, Jr. Executive Vice President and Chief Financial Officer
Tim Leach Executive Vice President, Lower 48
Dominic E. Macklon Executive Vice President, Strategy, Sustainability and Technology
Nick Olds Executive Vice President, Global Operations

Contact

ConocoPhillips Company
925 N. Eldridge Parkway (77079-2703)   l   P.O. Box 2197, Houston, TX 77252-2197
Tel: 281-293-1000

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