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ConocoPhillips generated around **** billion U.S. dollars of operating revenue in 2024. The Texas-based oil and gas producer was one of the largest oil companies in the world until it spun-off its midstream and downstream business, creating Phillips 66.

Impact of oil crisis in 2016 and 2020

Since divesting of its refining and transportation businesses through the creation of Phillips 66, ConocoPhillips has become particularly vulnerable to volatile oil prices, as its operations are now focused exclusively on exploration and production. When oil prices collapsed following a global crude oversupply in the wake of unconventional (shale oil) production, ConocoPhillips’ operating revenue dropped by more than half from 2014 to 2016. Similarly in 2020, ConocoPhillips' revenue reduction is related to that year's fall in benchmark oil prices following the coronavirus pandemic and lower transportation fuel demand. That year, its operating revenue decreased by around ** percent.

Alaska accounts for one fourth of ConocoPhillips' oil production

Much of ConocoPhillips' U.S. oil production is located in Alaska. In 2024, the company produced *** million barrels per day in the northernmost U.S. state. By comparison, production in all Lower 48 U.S. states came to 602 million barrels.