||This article appears to be written like an advertisement. (August 2013)|
||This article possibly contains original research. (June 2013)|
|Traded as||NYSE: COP
S&P 500 Component
|Industry||Oil and gas|
Phillips Petroleum Co.
|Founded||August 30, 2002|
|Headquarters||Houston Energy Corridor,
Houston, Texas, U.S.
|Key people||Ryan Lance
(Chairman & CEO)
|Products||Oil, natural gas, petroleum|
|Revenue||US$ 62.004 billion (2012)|
|Operating income||US$ 15.423 billion (2012)|
|Net income||US$ 8.428 billion (2012)|
|Total assets||US$ 117.144 billion (2012)|
|Total equity||US$ 48.427 billion (2012)|
|Employees||16,900 (Dec 2012)|
ConocoPhillips Co. is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is the world's largest independent pure-play exploration and production company and is also one of the Fortune 500 companies. ConocoPhillips was created through the merger of Conoco Inc. and the Phillips Petroleum Co. on August 30, 2002. In 2012, ConocoPhillips' spun off its downstream assets as a new, and separate company: Phillips 66.
Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Co. Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West. Marland Oil Co. (founded by exploration pioneer E. W. Marland) later acquired the assets (subject to liabilities) of Continental Oil Co., for a consideration of 2,317,266 shares of stock. On June 26, 1929, Marland Oil changed its name to Continental Oil Co. and moved its headquarters to Ponca City, Oklahoma. The acquisition gave Conoco the red bar-and-triangle logo previously used by Marland. Conoco used the logo between 1930 and 1970, when the current red capsule logo was adopted.
The Conoco headquarters were in Ponca City until 1949, when it moved to Houston, Texas. In 2002 Conoco Inc. and Phillips Petroleum Co., whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips
Numerous state corporation filings are identified "Continental Oil Co." and "Continental Oil Corp." and "Continental Oil Co. of Texas" as recorded with the Texas Secretary of State and Delaware Secretary of State. Merger of San Jacinto Petroleum Corp. and Continental Oil Corp. is recorded in 1964 with Delaware Secretary of State.
In 2005, ConocoPhillips began rebranding its (Union) 76 gas stations, which Phillips had acquired from Tosco Corp. before the merger with Conoco. The move prompted a petition campaign by fans hoping to save the historic 76 orange ball signage.
In late 2009, the company announced asset sales to increase investor returns. Included are debt reduction and stock buy back. In March 2011 the program was enlarged up to $10 billion assets sales in the next two years.
On July 14, 2011, ConocoPhillips announced its intent to separate the company's upstream and downstream businesses into two stand-alone, publicly traded corporations, with the intent of maximizing shareholder value. On May 1, 2012, all midstream, downstream, marketing and chemical operations were separated into a new company named Phillips 66, headquartered in Houston. As a result, ConocoPhillips continued its operations as an upstream (exploration and production) company.
Exploration and production
ConocoPhillips focuses solely on exploring for, developing and producing oil and natural gas globally. The company manages its operations through six operating segments, which are defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International.
- Kashagan Field in Kazakhstan
In 1998, ConocoPhillips acquired an interest in 10.5 blocks off the coast of Kazakhstan through the North Caspian Sea Production Sharing Agreement (NCSPSA). It currently owns 8.4% of the shares of the consortium exploiting Kashagan oil field. However the company seeks to reduce its non-core assets in order to use the cash for debt reduction, fund its capital program, and dividend payments. On October 3, 2012, the Kazakh Oil and Gas Minister told reporters that ConocoPhillips has informed Kazakhstan of their intention to sell their shares. In November 26, in its biggest acquisition ever, ONGC Videsh agreed to buy ConocoPhillips’ 8.4% stake in the Kashagan oilfield for about US $5 billion. The stake buy is subject to approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their pre-emption rights.
The headquarters of ConocoPhillips are located in the Energy Corridor district of Houston, Texas. By 2002 the groups organizing the measure had selected Houston as the site of the headquarters. Governor of Oklahoma Frank Keating said that the move to Houston was "regrettable." The Journal Record stated that Archie Dunham, the CEO of Conoco Inc., "apparently highlighted the lack of direct international air travel from Oklahoma as a key drawback for the merged firm." The ConocoPhillips headquarters, originally the headquarters of Conoco Inc., was formerly known as the Conoco Center.
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On April 11, 2007, it became the first U.S. oil company to join the U.S. Climate Action Partnership, an alliance of big business and environmental groups. The partnership in January 2007 had advised President George W. Bush that mandatory emissions caps would be needed to reduce the flow of carbon dioxide and other heat-trapping gases into the atmosphere. In 2007 ConocoPhillips announced it would spend $150 million that year on the research and development of new energy sources and technologies — a 50 percent increase in spending from 2006. However, ConocoPhillips left the U.S. Climate Action Partnership in February, 2010.
In 2003, ConocoPhillips was named as a defendant in a lawsuit brought by Green Alternative, an environmental group based in the former Soviet republic of Georgia. The suit claimed that a number of foreign oil companies colluded with the Georgian government to induce authorities to approve a $3 billion pipeline without properly evaluating the environmental impact.
ConocoPhillips is a signatory participant of the Voluntary Principles on Security and Human Rights.
- ConocoPhillps. "Company History". Retrieved 2008-09-06.
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- Save the 76 Ball website
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- http://www.reuters.com/finance/stocks/keyDevelopments?symbol=COP.N Retrieved at March 28, 2011
- ConocoPhillips Pursuing Plan to Separate into Two Stand-Alone, Publicly Traded Companies, ConocoPhillips, July 14, 2011
- "ConocoPhillips, Form 8-K, Current Report, Filing Date May 2, 2012". secdatabase.com. Retrieved Mar 28, 2013.
- Burkhardt, Paul; Schlangenstein, Mary (June 15, 2012). "Delta CEO Says Airline to Pressure Prices as Jet Fuel Seller". Bloomberg.
- Thyagaraju Adinarayan (15 January 2013). "Conoco to sell Rocky Mountain assets to Denbury for $1.05 billion". Reuters.
- "Kazakstan Announces ConocoPhillips to Quit Kashagan Oil Field". The Gazette of Central Asia (Satrapia). 3 October 2012.
- "Indian OVL to Buy ConocoPhillips’s Stake in Kashagan Field". The Gazette of Central Asia. 27 November 2012.
- "Contact Us." ConocoPhillips. Retrieved on October 1, 2009.
- "Governor says ConocoPhillips headquarters decision appears to be final." Journal Record. January 23, 2002. Retrieved on February 3, 2010.
- "Write Conoco!." Conoco Inc. February 19, 1997. Retrieved on January 16, 2010.
- "Conoco World Headquarters Address." Conoco Inc. November 1, 1996. Retrieved on January 17, 2010.
- John Porretto (April 11, 2007). "ConocoPhillips joins climate group". Seattle Post-Intelligencer.
- Chesser, Paul (2010-02-24). "CHESSER: World cools toward warmists They brought it on themselves with their fudged facts". washingtontimes.com. Washington Times. Archived from the original on 2010-02-26. Retrieved 2010-02-26. "Last week, three major corporations - Conoco/Phillips, BP and Caterpillar - bailed out on the U.S. Climate Action Partnership lobbyist collaboration."
- Political Economy Research Institute
- Houston Business Journal
- http://www.conocophillips.com.cn/EN/about/background/Pages/index.aspx ConocoPhillips China, Company Background
|Wikimedia Commons has media related to ConocoPhillips.|
- ConocoPhillips website
- ConocoPhillips SEC Filings
- Conoco/Phillips/76 promotional website
- World Internet News: "Big Oil Looking for a Government Handout", April 2006.
- Subsea firm listing
- "COP - ConocoPhillips: 2007 Integrated Oil & Gas Outlook Part I", March 2007
- Continental Oil Co. stock advertisement, with drawing, Los Angeles Sunday Times, February 11, 1900
- Oklahoma Digital Maps: Digital Collections of Oklahoma and Indian Territory