• The 'pure play' oil and gas producer, like the exploration and production division of an ExxonMobil or Chevron, but as a standalone company.
• A specialized 'mining' company for crude oil and natural gas, focused solely on finding and extracting these resources globally.
• Imagine the part of a major oil company like Shell or BP that only focuses on drilling and pumping oil from the ground, without any refineries or gas stations.

• Crude Oil: A raw fossil fuel extracted from subsurface reservoirs, primarily refined into various petroleum products like gasoline and diesel.
• Natural Gas: A gaseous hydrocarbon fuel, mainly methane, extracted from geological formations, used for heating, power generation, and industrial processes.
• Natural Gas Liquids (NGLs): A group of hydrocarbons, including ethane, propane, and butane, separated from natural gas, valued as petrochemical feedstocks and fuels.
• Liquefied Natural Gas (LNG): Natural gas that has been supercooled into a liquid state for efficient global transportation and storage.

ConocoPhillips (COP) is an upstream oil and gas company focused on exploration and production. As such, it primarily sells crude oil, natural gas, and natural gas liquids (NGLs) in large volumes to other companies rather than directly to individuals.

While ConocoPhillips typically does not disclose specific major customers by name in its public filings (unless a single customer accounts for more than 10% of its revenue, which is uncommon for a company with such a diverse portfolio and market reach), its customers generally fall into the following categories. The examples provided are representative of the types of companies that would be major purchasers from ConocoPhillips.

• Refining Companies: These companies purchase crude oil from ConocoPhillips to process it into various petroleum products such as gasoline, diesel, jet fuel, and petrochemical feedstocks.
  • Marathon Petroleum Corporation (MPC)
  • Valero Energy Corporation (VLO)
  • Phillips 66 (PSX) - Note: Phillips 66 was spun off from ConocoPhillips in 2012, becoming a major downstream customer for crude oil and NGLs.
  • ExxonMobil Corporation (XOM)
  • Chevron Corporation (CVX)
• Natural Gas Marketers, Utilities, and Industrial Users: These entities purchase natural gas from ConocoPhillips for distribution to residential and commercial customers, power generation, or use in industrial processes.
  • BP plc (BP) - Through its energy trading and marketing arms.
  • Shell plc (SHEL) - Through its energy trading and marketing arms.
  • Duke Energy Corporation (DUK) - Represents a type of large utility that would purchase natural gas, though not necessarily a direct, major customer of COP specifically disclosed by name.
• Commodity Trading Firms: These firms buy and sell large volumes of crude oil, natural gas, and NGLs on global markets.
  • Glencore plc (GLCNF)
  • Vitol (Private Company)
  • Trafigura (Private Company)

• Schlumberger (SLB)
• Halliburton (HAL)
• Baker Hughes (BKR)
• NOV Inc. (NOV)

Ryan Lance, Chairman and Chief Executive Officer

Ryan Lance assumed the role of Chairman and Chief Executive Officer of ConocoPhillips in May 2012. He is a petroleum engineer with four decades of experience in the oil and natural gas industry. His career includes senior management and technical positions at ConocoPhillips, its predecessor Phillips Petroleum, and ARCO. Before becoming CEO, his executive assignments at ConocoPhillips included responsibilities for international exploration and production, regional oversight for Asia, Africa, the Middle East, and North America, and leadership in technology, major projects, downstream strategy, integration, and specialty functions. Lance spent 17 years with ARCO, where he ultimately served as vice president of Western North Slope operations in Alaska, which Phillips acquired in 2001.

Andrew M. O'Brien, Chief Financial Officer and Executive Vice President, Strategy and Commercial

Andrew M. O'Brien was appointed Chief Financial Officer, effective June 1, 2025. He also holds the title of Executive Vice President, Strategy and Commercial, overseeing finance, corporate planning, business development, commercial, sustainable development, and low carbon technology teams. O'Brien brings more than 27 years of experience within ConocoPhillips and its predecessor, Conoco. Prior to his CFO appointment, he served as Senior Vice President of Strategy, Commercial, Sustainability, and Technology. His past roles include leadership positions in global operations, treasury, corporate planning and development, and various finance, planning, and strategy roles across the U.K., Canada, Alaska, Indonesia, and Houston. He began his career as a financial analyst with Conoco in Warwick, England, in 1997. O'Brien is a chartered management accountant and earned a bachelor's degree in business administration from the University of Plymouth in 1996. He also serves on the board of directors for Aris Water Solutions, Inc.

Kirk Johnson, Executive Vice President, Global Operations and Technical Functions

Kirk Johnson serves as the Executive Vice President, Global Operations and Technical Functions, leading the company's worldwide operations across Alaska, Asia Pacific, Canada, Europe, Middle East & Africa, and overseeing global technical functions as well as digital and information technology. He has over 25 years of experience in the oil and natural gas industry. Johnson started his career with BP in 1997, holding various engineering, operations, and project positions supporting oil and gas activities in Alaska. He joined ConocoPhillips in 2008, where he progressed through asset management and corporate planning roles. His previous leadership roles at ConocoPhillips include senior vice president, Lower 48 Assets and Operations; vice president, Corporate Planning and Development; and president, Canada.

Nicholas G. Olds, Executive Vice President, Lower 48 and Global HSE

Nicholas G. Olds is the Executive Vice President, Lower 48 and Global Health, Safety and Environment (HSE), responsible for ConocoPhillips' operations in the Lower 48 states and global HSE initiatives. He has 33 years of experience in the oil and natural gas industry, having started his career with predecessor company Conoco in Houston in 1992. Throughout his tenure, Olds has held numerous engineering, development, operations, and management positions across the United States, Nigeria, Norway, United Arab Emirates, Kazakhstan, Canada, and Alaska. His prior leadership roles include Executive Vice President, Global Operations; Vice President, Corporate Planning & Development; Vice President, Mid-Continent Business Unit in the Lower 48; and Vice President, North Slope Operations and Development in Alaska. Olds earned a bachelor's degree in petroleum engineering from Montana Tech University.

Kelly Brunetti Rose, Senior Vice President, Legal, General Counsel and Corporate Secretary

Kelly Brunetti Rose is the Senior Vice President, Legal, General Counsel, and Corporate Secretary for ConocoPhillips. In this capacity, she provides oversight on all legal issues affecting the corporation and also oversees communications, brand, charitable investments, and corporate events. ConocoPhillips announced her appointment as general counsel in 2018. Before joining ConocoPhillips, Rose was a corporate transactional partner at Baker Botts in Houston, where she spent her entire 27-year legal career. At Baker Botts, she advised ConocoPhillips and other significant oil and gas companies on numerous multi-billion-dollar mergers, acquisitions, joint ventures, and securities offerings. She is a 1991 graduate of the University of Florida Fredric Levin College of Law.

ConocoPhillips (COP) faces clear emerging threats primarily stemming from the accelerating global energy transition, which directly impacts the long-term demand for its core products (oil and natural gas).

• **Rapid acceleration of Electric Vehicle (EV) adoption:** The exponential growth in electric vehicle sales globally represents a clear emerging threat to long-term crude oil demand. As EVs displace internal combustion engine vehicles, the demand for gasoline and diesel, and consequently the crude oil from which they are refined, is projected to decline. This trend is not a hypothetical but a measurable market shift with increasing policy support (e.g., bans on new gasoline car sales by certain dates in various regions), directly threatening the core market for a significant portion of ConocoPhillips' production.
• **Decreasing costs and increasing efficiency of renewable energy (solar, wind) coupled with advancements in battery storage:** The continuous and rapid reduction in the cost of solar and wind power, alongside significant improvements in battery storage technology, makes renewable energy increasingly competitive with fossil fuels for electricity generation. This directly threatens the long-term demand for natural gas, a key product for ConocoPhillips, especially in regions transitioning away from carbon-intensive power sources. As these technologies scale, they also enable broader electrification, indirectly reducing demand for oil in other sectors.

ConocoPhillips (symbol: COP) is an independent exploration and production company primarily engaged in the exploration, production, transportation, and marketing of crude oil, bitumen, natural gas, natural gas liquids (NGLs), and liquefied natural gas (LNG) on a global scale.

Addressable Markets for Main Products:

• Crude Oil: The global crude oil market size was valued at approximately $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033. North America is identified as the largest regional market for crude oil, with the Asia Pacific region holding a significant share of the global market revenue, estimated at 42.25% in 2025.
• Natural Gas: The global natural gas market size was valued at USD 1127.09 billion in 2023 and is projected to grow to USD 2142.88 billion by 2032. North America continues to be the world's largest natural gas producer.
• Liquefied Natural Gas (LNG): The global liquefied natural gas market size was valued at approximately USD 122.60 billion in 2024 and is projected to reach USD 226.97 billion by 2030. Another projection estimates the market could reach USD 1088.33 billion by 2033. The Asia Pacific region dominated the global LNG industry, accounting for over 81.1% of the revenue share in 2024. North America also accounts for a significant market share due to robust LNG exports.
• Bitumen and Natural Gas Liquids (NGLs): While ConocoPhillips explores for, produces, transports, and markets bitumen and natural gas liquids globally, specific global addressable market sizes for these products as standalone entities were not readily available in the provided search results.

ConocoPhillips (COP) is anticipated to drive future revenue growth over the next 2-3 years through a combination of increased production volumes, the advancement of its liquefied natural gas (LNG) portfolio, and strategic project developments, alongside disciplined capital allocation.

1. Increased Production Volumes: ConocoPhillips has demonstrated consistent operational performance, exceeding production guidance and anticipating higher volumes. For the full year 2025, the company raised its production guidance to 2.375 million barrels of oil equivalent per day (MMBOED). This growth is partly attributed to strong performance in its Lower 48 operations and the integration of acquisitions, such as the Marathon Oil acquisition, which is expected to contribute to higher production.
2. Growth in LNG Projects: The company is making significant strides in its global LNG portfolio, which is poised to become a key revenue driver. ConocoPhillips expects its LNG projects, including Qatar NFE, Port Arthur LNG Phase 1, and Qatar NFS LNG startups, to contribute approximately $1 billion in annual free cash flow improvement from 2026 through 2028. The first LNG for New Fortress Energy is expected in 2026.
3. Advancement of the Willow Project: The Willow project in Alaska, despite increased capital estimates, remains a crucial long-term growth asset. While its full impact on free cash flow, projected at approximately $7 billion, is anticipated by 2029, the continued development and progress toward its early 2029 online target will be a significant driver of future revenue potential within the next 2-3 years as it nears completion and begins to ramp up.
4. Disciplined Capital Allocation and Cost Management: ConocoPhillips is focused on optimizing its financial performance through strategic capital expenditure management and cost reductions. The company plans to reduce capital outlays, with expected capital expenditures of approximately $12 billion in 2026, a decrease from 2025 levels, and operating costs projected to decline to approximately $10.2 billion in 2026. This disciplined approach, coupled with asset divestiture plans targeting $5 billion by the end of 2026, aims to enhance financial flexibility and boost free cash flow, effectively improving revenue quality and profitability.

Share Repurchases

• ConocoPhillips increased its existing share repurchase authorization by up to $20 billion in October 2024, raising the total authorization to not exceed $65 billion in aggregate repurchases.
• The company repurchased $5.5 billion in shares in 2024, $5.4 billion in 2023, and $9.3 billion in 2022.
• ConocoPhillips plans to repurchase over $20 billion in shares in the first three years following the Marathon Oil acquisition, with over $7 billion in the first full year.

Share Issuance

• The acquisition of Marathon Oil in November 2024 was an all-stock transaction, which involved the issuance of ConocoPhillips stock to Marathon Oil shareholders.
• ConocoPhillips reported 1.259 billion shares outstanding for the quarter ending June 30, 2025, reflecting a 7.58% increase year-over-year.
• In 2024, ConocoPhillips issued 3,670,653 stock-settled Restricted Stock Units (RSUs) upon vesting.

Outbound Investments

• ConocoPhillips acquired Marathon Oil in November 2024 for $22.5 billion, including $5.4 billion of net debt, expanding its US unconventional position across the Permian, Eagle Ford, Anadarko, and Bakken shale basins.
• In September 2021, ConocoPhillips acquired Royal Dutch Shell PLC's Permian basin assets for approximately $9.5 billion in cash.
• In 2023, ConocoPhillips completed the acquisition of the remaining 50% interest in Surmont for $2.7 billion.

Capital Expenditures

• ConocoPhillips funded $12.1 billion in capital expenditures and investments in 2024, and $11.248 billion in 2023.
• Expected capital expenditures for 2025 are approximately $12.9 billion, and for 2026, they are projected to be around $12 billion.
• Primary focuses of capital expenditures include projects like the Willow Project in Alaska and investments in LNG projects such as North Field East (NFE) and North Field South (NFS) in Qatar, and Port Arthur LNG Phase One.