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• The Rio Tinto of crude oil and natural gas.
• Like BHP Billiton, but focused solely on extracting oil and natural gas.

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• Crude Oil: A naturally occurring flammable liquid consisting of hydrocarbons, primarily used as a fuel and for the production of petrochemicals.
• Bitumen: A thick, sticky, black mixture of hydrocarbons, often a byproduct of petroleum distillation or found in natural deposits like oil sands.
• Natural Gas: A fossil fuel composed primarily of methane, used as a significant energy source for heating, electricity generation, and industrial processes.
• Liquefied Natural Gas (LNG): Natural gas that has been cooled to a liquid state, making it easier to transport and store.
• Natural Gas Liquids (NGLs): Hydrocarbons, such as ethane, propane, butane, and pentane, that are separated from natural gas and used as fuels or petrochemical feedstocks.

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ConocoPhillips (COP) primarily sells its products to other companies rather than individual consumers. Due to the nature of its business as a global explorer and producer of crude oil, natural gas, and related products, ConocoPhillips sells commodities that are traded on global markets or via numerous contracts with a wide array of industrial and energy sector buyers. As such, specific "major customer companies" are generally not publicly disclosed due to competitive and commercial confidentiality.

However, the following categories represent the primary types of companies that purchase ConocoPhillips's products:

• Refineries and Petrochemical Companies: These companies purchase crude oil and natural gas liquids (NGLs) as feedstocks for processing into refined products like gasoline, diesel, jet fuel, and various petrochemicals. Examples of companies in this category include integrated oil majors (e.g., ExxonMobil, Shell) and independent refiners (e.g., Valero, Marathon Petroleum).
• Natural Gas and LNG Buyers (Utilities, Power Generators, Industrial Users): These customers purchase natural gas and liquefied natural gas (LNG) for a variety of purposes. This includes natural gas distribution utilities, power generation companies that use natural gas as fuel for electricity production, and various industrial users that consume natural gas as fuel or feedstock in their manufacturing processes.
• Commodity Traders and Other Energy Companies: Large trading houses and other energy companies often purchase crude oil, natural gas, and NGLs for further distribution, blending, or resale on the global commodity markets.

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Ryan M. Lance, Chairman and Chief Executive Officer

Ryan M. Lance has served as chairman and chief executive officer of ConocoPhillips since May 2012. He is a petroleum engineer with over four decades of experience in the oil and natural gas industry. His career includes senior management and technical positions with ConocoPhillips, Phillips Petroleum, and various divisions of ARCO. His executive assignments at ConocoPhillips have included responsibility 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. He began his career with ARCO Alaska in 1984.

Andy O'Brien, Chief Financial Officer & Executive Vice President, Strategy & Commercial

Andy O'Brien will become Chief Financial Officer of ConocoPhillips, effective June 1, 2025. He will also retain responsibility for Strategy, Commercial and Sustainability. O'Brien has over 25 years of experience in the oil and gas industry, having started his career with predecessor company Conoco in 1997 as a financial analyst. He has held various leadership roles in finance, planning, global operations, treasury, corporate planning and development, and investor relations across the U.K., Canada, Alaska, Indonesia, and Houston. He previously served as Senior Vice President, Strategy, Commercial, Sustainability and Technology.

Timothy A. Leach, Director

Timothy A. Leach is a director at ConocoPhillips and brings over 40 years of experience in the oil and natural gas industry. Prior to joining ConocoPhillips, he served as Chairman and Chief Executive Officer of Concho Resources Inc. from its formation in February 2006 until its acquisition by ConocoPhillips in January 2021. During his tenure at Concho, he also served as president from 2009 to 2017. Earlier in his career, Mr. Leach led other Permian Basin-focused energy companies, including privately-held predecessors to Concho, and held executive roles at Parker & Parsley.

Nicholas Olds, Executive Vice President, Lower 48

Nicholas Olds serves as Executive Vice President, Lower 48, at ConocoPhillips.

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

Kelly Rose holds the position of Senior Vice President, Legal, General Counsel and Corporate Secretary at ConocoPhillips.

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1. Commodity Price Volatility: As an independent exploration and production (E&P) company, ConocoPhillips' revenues, operating results, and future growth are highly dependent on the prices received for crude oil, bitumen, natural gas, and natural gas liquids. These prices can fluctuate significantly due to global supply and demand dynamics, geopolitical events, and economic conditions, directly impacting profitability and cash flow.
2. Environmental and Regulatory Risks (including Climate Policy): The oil and gas industry faces increasing scrutiny and stricter environmental regulations due to concerns over climate change and environmental degradation. ConocoPhillips is exposed to risks such as potential carbon taxes, fees, emissions trading schemes, and greenhouse gas reduction mandates that could significantly increase product costs and reduce demand for its products. Failure to adapt or comply with these evolving regulations can lead to substantial financial penalties and reputational damage.
3. Operational Risks and Capital Intensity: ConocoPhillips' business involves complex and often hazardous operations, including exploration, production, and transportation of hydrocarbons. This inherently carries operational risks such as accidents, equipment failures, and natural disasters, which can lead to disruptions, environmental damage, and significant financial losses. Furthermore, the industry is capital-intensive, requiring substantial investments in exploration, production, and infrastructure, with risks of project inflation and an inability to find or replace commercial quantities of hydrocarbons.

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The accelerating global energy transition, driven by the rapid adoption of electric vehicles and the increasing deployment of renewable energy sources for power generation, poses a clear emerging threat. This systemic shift aims to reduce reliance on fossil fuels, directly impacting long-term demand for crude oil, natural gas, and related products that constitute ConocoPhillips' core business.

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ConocoPhillips (COP) operates within significant addressable markets for its main products and services, including crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids (NGLs).

Crude Oil

• The global crude oil market size was estimated at 101.40 million barrels per day (MB/d) in 2025. This is projected to reach approximately 110.90 MB/d by 2035, growing at a compound annual growth rate (CAGR) of 0.90% from 2026 to 2035.
• In monetary terms, the global crude oil market size is estimated to grow from $3,050.95 billion in 2025 to $3,188.67 billion in 2026, exhibiting a CAGR of 4.5%.
• Global oil demand is expected to be 103.8 million barrels per day (mb/d) in 2025 and is projected to reach 104.5 mb/d in 2026.
• Global oil supply is anticipated to increase to 106.1 mb/d in 2025 and is expected to rise to 108.5 mb/d in 2026.

Bitumen

• The global bitumen market was valued at USD 73.35 billion in 2024. It is projected to grow from USD 75.60 billion in 2025 to USD 98.62 billion by 2032, with a CAGR of 3.9% during the forecast period. Other estimates place the global bitumen market at approximately USD 60.02 billion in 2026 and USD 112.01 billion by 2026.
• In terms of volume, the global bitumen market is expected to grow from 133.95 million tons in 2025 to 140.9 million tons in 2026.
• North America's bitumen market size was approximately USD 34.48 million in 2025. The United States alone consumes over 28 million tons of bitumen annually.

Natural Gas

• The global natural gas market was valued at $1,478.66 billion in 2025 and is projected to increase to $1,591.93 billion in 2026, growing at a CAGR of 7.7%.
• Global natural gas consumption reached 2,902 billion cubic meters (bcm) for the initial ten months of 2025. Global natural gas production for the same period was 3,506 bcm.
• U.S. marketed natural gas production achieved a record 118.5 billion cubic feet per day (Bcf/d) in 2025. Natural gas demand in North America is forecast to remain broadly flat in 2026.

Liquefied Natural Gas (LNG)

• The global LNG market size is projected to grow from USD 117.8 billion in 2025 to USD 228.83 billion by 2032. Another source indicates the global LNG market size was valued at USD 171.69 billion in 2025 and is projected to reach USD 227.28 billion by 2032.
• Global LNG production capacity is estimated at 553.16 million tonnes per annum (MTPA) in 2026, up from 511 MTPA in 2025.
• Global LNG demand is forecast to rise to about 441 million tonnes per annum (mtpa) in 2026. The global supply of LNG is expected to rise to 475 million tonnes in 2026.
• The United States was the largest global LNG exporter in 2025, selling 111 million metric tonnes. North America is expected to drive the vast majority of the 40 bcm increase in global LNG supply in 2026. The U.S. market share in the global LNG market is projected to increase from around 25% in 2025 to approximately 33% by the end of the decade.

Natural Gas Liquids (NGLs)

• The global natural gas liquids (NGLs) market size was estimated at USD 16.3 billion in 2025 and is projected to reach USD 17.2 billion in 2026. Other estimates for the global NGL market size include USD 26.98 billion in 2026 and USD 15.92 billion in 2025, growing to USD 24.24 billion by 2033.
• The U.S. NGL processing industry revenue reached $99.5 billion in 2025. North America held the largest volume share of the natural gas liquids market in 2025, at 37.10%.

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Here are 3-5 expected drivers of future revenue growth for ConocoPhillips (COP) over the next 2-3 years:

1. Expansion of Liquefied Natural Gas (LNG) Operations: ConocoPhillips is actively expanding its global LNG portfolio, which is expected to be a significant driver of future revenue. This includes long-term sales and purchase agreements for LNG from projects such as Port Arthur LNG Phase 1 (expected to start up in 2027) and Phase 2 in Texas, as well as the Rio Grande LNG project. The company aims to grow its controlled portfolio supply to between 10 and 15 million tonnes per annum (MTPA). The North Field East (NFE) project in Qatar is also expected to begin contributing to revenue in 2026.
2. Increased Production Volumes from Key Projects: Growth in hydrocarbon production, particularly from its advantaged Lower 48 assets and the Willow project in Alaska, is anticipated to contribute to revenue. ConocoPhillips reported 2.5% underlying production growth in 2025 and has provided 2026 production guidance of 2.33 to 2.36 million barrels of oil equivalent per day (MMBOED). The Willow development in Alaska is specifically highlighted as a key project that will support future production growth.
3. Cost Reductions and Capital Efficiency Improvements: While not a direct revenue driver, the company's focus on driving significant reductions in capital expenditures and operating costs will enhance profitability and free cash flow, which can then be reinvested for growth or returned to shareholders. ConocoPhillips targets a $1 billion reduction in capital and costs in 2026, contributing to an expected $7 billion in incremental free cash flow by 2029, including $1 billion annually from 2026 through 2028. This improved capital efficiency positions the company to maintain resilience across commodity cycles.
4. Synergies from the Marathon Oil Acquisition: The integration of Marathon Oil Corporation is expected to deliver substantial cost synergies, with a target of $2 billion by 2026. These synergies, coupled with drilling and completion efficiency gains in the Lower 48, will contribute to a more efficient operating model and support improved financial performance, indirectly bolstering net revenue and profitability.

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Share Repurchases

• ConocoPhillips increased its current share redemption package to up to $20 billion in November 2024.
• The company repurchased $5.46 billion in common stock in 2024 and $5.40 billion in 2023.
• In 2025, ConocoPhillips distributed $5.0 billion through share repurchases.

Outbound Investments

• ConocoPhillips acquired Marathon Oil for $22.5 billion in 2024.
• The company is on track to meet a $5 billion disposition target by year-end 2026, having executed over $3.0 billion in dispositions in 2025.
• A significant disposition included the sale of Anadarko Basin assets for $1.3 billion in October 2025.

Capital Expenditures

• Capital expenditures were $12.12 billion in 2024 and $11.25 billion in 2023.
• Expected capital expenditures for 2025 are between $12.3 billion and $12.6 billion, with preliminary guidance for 2026 at approximately $12 billion.
• Primary focus areas for capital expenditures include projects such as the Willow Project in Alaska, with an updated capital guidance of $8.5 billion to $9.0 billion, and various LNG developments.