ConocoPhillips
Sector unknown·COP · USA (SEC 10-K)·Fiscal year to 31/12/2025
We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“Risks Related to Our Industry Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices. Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs. These prices are tied to market prices that can fluctuate widely due to factors beyond our control.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Our earnings and operating cash flows generally correlate with price levels for crude oil and natural gas, which are subject to factors external to the company and over which we have no control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Throughout 2025, the price of crude oil has been volatile due to multiple macroeconomic and geopolitical forces which slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Commodity Prices Commodity prices and the associated realizations are the most significant factor impacting our profitability and related returns on and of capital to our shareholders.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Natural gas prices increased due to stronger demand and lower inventory levels relative to 2024.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“If we do not successfully develop resources, the scope of our business will decline, and our financial condition and results of operations may be adversely affected. As we produce crude oil, bitumen, natural gas and NGLs from our existing portfolio, the amount of our remaining reserves declines. If we do not successfully replace the resources we produce with good prospects for future organic development or through acquisitions, our business will decline.”
Annual report 2025A · The company itself
Market
“We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis.”
Annual report 2025A · The company itself
Market
“Millions of Barrels of Oil Equivalent Net Proved Reserves at December 31 Total crude oil 3,424 3,514 3,121 Natural gas liquids Consolidated operations 1,166 1,147 892 Total natural gas liquids 1,225 1,209 940 Natural gas Total natural gas 2,586 2,606 2,287 Bitumen Total bitumen 402 483 410 Total consolidated operations 6,506 6,665 5,742 Total equity affiliates 1,131 1,147 1,016 Total company Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs.”
Annual report 2025A · The company itself
Market
“Business Environment and Executive Overview ConocoPhillips is one of the world’s leading E&P companies, based on both production and reserves, with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects.”
Annual report 2025A · The company itself
Market
“ConocoPhillips 2025 10-K 40 Results of Operations Table of Contents Alaska 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 5,638 6,553 7,098 Production and operating expenses ($MM) 2,158 1,951 1,829 Depreciation, depletion and amortization ($MM) 1,399 1,299 1,061 Taxes other than income taxes ($MM) 438 470 497 Net income (loss) ($MM) $ 730 1,326 1,778 Total Production (MBOED) Natural gas ($ per MCF) 3.81 3.90 4.47 The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas.”
Annual report 2025A · The company itself
Market
“The Canada segment operations include the Surmont oil sands development in Alberta, the Montney unconventional play in British Columbia and commercial operations.”
Annual report 2025A · The company itself
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Risks Related to Our Industry Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices. Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs. These prices are tied to market prices that can fluctuate widely due to factors beyond our control.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Our earnings and operating cash flows generally correlate with price levels for crude oil and natural gas, which are subject to factors external to the company and over which we have no control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Throughout 2025, the price of crude oil has been volatile due to multiple macroeconomic and geopolitical forces which slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Commodity Prices Commodity prices and the associated realizations are the most significant factor impacting our profitability and related returns on and of capital to our shareholders.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“If we do not successfully develop resources, the scope of our business will decline, and our financial condition and results of operations may be adversely affected. As we produce crude oil, bitumen, natural gas and NGLs from our existing portfolio, the amount of our remaining reserves declines. If we do not successfully replace the resources we produce with good prospects for future organic development or through acquisitions, our business will decline.”
Annual report 2025A · The company itself
Market
“We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis.”
Annual report 2025A · The company itself
Market
“Millions of Barrels of Oil Equivalent Net Proved Reserves at December 31 Total crude oil 3,424 3,514 3,121 Natural gas liquids Consolidated operations 1,166 1,147 892 Total natural gas liquids 1,225 1,209 940 Natural gas Total natural gas 2,586 2,606 2,287 Bitumen Total bitumen 402 483 410 Total consolidated operations 6,506 6,665 5,742 Total equity affiliates 1,131 1,147 1,016 Total company Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs.”
Annual report 2025A · The company itself
Market
“Interest Operator Crude Oil MBD NGL MBD Natural Gas MMCFD Bitumen MBD Total MBOED Average Daily Net Production Surmont 100.0 % ConocoPhillips — — — 133 133 Montney 100.0 ConocoPhillips 17 6 125 — 44 Total Canada 17 6 125 133 177 Surmont The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. We are focused on keeping facilities full, structurally lowering costs, reducing GHG intensity and optimizing asset performance. In the third quarter of 2025, we commenced drilling of Pad 104W-B and in the fourth quarter of 2025, we achieved first production from Pad 104W-A.”
Annual report 2025A · The company itself
Market
“Business Environment and Executive Overview ConocoPhillips is one of the world’s leading E&P companies, based on both production and reserves, with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects.”
Annual report 2025A · The company itself
Market
“ConocoPhillips 2025 10-K 40 Results of Operations Table of Contents Alaska 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 5,638 6,553 7,098 Production and operating expenses ($MM) 2,158 1,951 1,829 Depreciation, depletion and amortization ($MM) 1,399 1,299 1,061 Taxes other than income taxes ($MM) 438 470 497 Net income (loss) ($MM) $ 730 1,326 1,778 Total Production (MBOED) Natural gas ($ per MCF) 3.81 3.90 4.47 The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas.”
Annual report 2025A · The company itself
Market
“The Canada segment operations include the Surmont oil sands development in Alberta, the Montney unconventional play in British Columbia and commercial operations.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
United States
Geography
StrategyPositive impact: strengthens
“In December 2023, we announced Willow FID. The project will consist of three drill sites, an operations center and camp, and a processing facility. In 2025, the project completed the peak construction season, which included gravel and pipeline construction and operations center hookup and installation, and is expected to achieve near 50 percent project completion this winter season.”
Annual report 2025A · The company itself
Geography
“At December 31, 2025, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.”
Annual report 2025A · The company itself
Geography
“The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the U.S.”
Annual report 2025A · The company itself
Geography
“We are the largest crude oil producer in Alaska and have major ownership interests in the Prudhoe Bay, Kuparuk and Western North Slope asset areas.”
Annual report 2025A · The company itself
Geography
“During 2025, the Lower 48 contributed 67 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.”
Annual report 2025A · The company itself
Geography
“ConocoPhillips 2025 10-K Results of Operations Table of Contents Europe, Middle East and North Africa 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 6,484 5,788 5,854 Production and operating expenses ($MM) 962 671 593 Depreciation, depletion and amortization ($MM) 912 761 587 Taxes other than income taxes ($MM) 46 41 39 Net income (loss) ($MM) $ 1,224 1,189 1,189 Consolidated Operations Total Production (MBOED) Natural gas ($ per MCF) 10.87 10.70 12.68 The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. In 2025, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Equity and capital markets
Macro
DriverPositive impact: strengthens
“Other Risk Factors Facing our Business or Operations We may need additional capital in the future, and it may not be available on acceptable terms or at all. We have historically relied primarily upon cash generated by our business to fund our operations and strategy; however, we have also relied from time to time on access to the capital markets for funding.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Balance sheet strength. A strong balance sheet is a strategic asset that provides flexibility through price cycles.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Peer-leading distributions. We believe in delivering value to our shareholders via our return of capital framework, which consists of a growing, sustainable ordinary dividend and share repurchases. This framework is how we plan to return greater than 30 percent of our net cash provided by operating activities to shareholders.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“There are substantial risks with any acquisitions or divestitures we have completed or that we may choose to undertake. We regularly review our portfolio and pursue growth through acquisitions and seek to divest noncore assets or businesses. We may not be able to complete these transactions on favorable terms, on a timely basis, or at all.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
Market
“We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Political and economic developments could damage our operations and materially reduce our profitability and cash flows. Actions of the U.S., state, local and foreign governments, through sanctions, tax, tariffs and other legislation, executive orders and commercial restrictions, could reduce our operating profitability both in the U.S. and abroad.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Political and economic factors in international markets could have a material adverse effect on us. Approximately 29 percent of our hydrocarbon production was derived from production outside the U.S. in 2025, and 31 percent of our proved reserves, as of December 31, 2025, were located outside the U.S. We are subject to risks associated with our operations in foreign jurisdictions and international markets, including changes in foreign governmental policies relating to crude oil, bitumen, LNG, natural gas or NGLs pricing and taxation; other regulatory or economic developments (including the macro effects of U.S. and international trade policies and disputes); disruptive geopolitical conditions such as recent conflict escalation in the Middle East and Eastern Europe; and international monetary and currency rate fluctuations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Dynamics that could influence world energy markets and commodity prices include, but are not limited to, global economic health, supply or demand disruptions or fears thereof caused by civil unrest, global pandemics, military conflicts, actions taken by OPEC Plus and other major oil producing countries, environmental laws, tariffs, governmental policies and weather-related disruptions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, inflation and supply chain disruptions.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“As discussed herein, our operations are subject to extensive governmental regulations across numerous jurisdictions. From time to time, regulatory agencies have imposed price controls and limitations on production by restricting the rate of flow of crude oil, bitumen, natural gas and NGLs wells below actual production capacity. Similarly, in response to increased domestic energy costs, circumstances determined to be in the economic or other interest of the country, or a declared national emergency, governments could restrict the export or import of our products which would adversely impact our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Hydraulic fracturing, an essential completion technique that facilitates production of oil and natural gas otherwise trapped in lower permeability rock formations, has historically attracted political and regulatory scrutiny. A range of local, state, federal and national laws and regulations currently govern, constrain or prohibit hydraulic fracturing in some jurisdictions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Dynamics that could influence world energy markets and commodity prices include, but are not limited to, global economic health, supply or demand disruptions or fears thereof caused by civil unrest, global pandemics, military conflicts, actions taken by OPEC Plus and other major oil producing countries, environmental laws, tariffs, governmental policies and weather-related disruptions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, inflation and supply chain disruptions.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Our technologies, systems and networks are subject to cybersecurity threats. Our business is faced with growing cybersecurity threats as we increasingly rely on digital technologies across our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our increasing reliance on IT in our production, distribution and marketing systems may allow cybersecurity threats to disrupt our oil and gas operations, both domestically and abroad. If our data, IT, operational technology (OT), including industrial control and supervisory control and data acquisition (SCADA) systems were to be breached, damaged or disrupted due to a cybersecurity incident or cyber-attack (directly, indirectly through third parties or through the IT networks, servers, software, or infrastructure on which they rely), we could be subject to serious negative consequences.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“Dynamics that could influence world energy markets and commodity prices include, but are not limited to, global economic health, supply or demand disruptions or fears thereof caused by civil unrest, global pandemics, military conflicts, actions taken by OPEC Plus and other major oil producing countries, environmental laws, tariffs, governmental policies and weather-related disruptions.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
Interest rates
Macro
DriverNegative impact: weakens
“Net interest expense increased in 2025 due to higher interest expense driven by debt assumed from our acquisition of Marathon Oil.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Quantitative and Qualitative Disclosures about Market Risk Financial Instrument Market Risk We and certain of our subsidiaries hold and issue derivative contracts and financial instruments that expose our cash flows or earnings to changes in commodity prices, foreign currency exchange rates or interest rates. We may use financial and commodity-based derivative contracts to manage the risks produced by changes in the prices of natural gas, crude oil and related products; fluctuations in interest rates and foreign currency exchange rates; or to capture market opportunities.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“In addition, although we design and operate our business operations to accommodate expected climatic conditions, to the extent there are significant changes in the earth's climate, such as more severe or frequent weather conditions in the markets where we operate or the areas where our assets reside, we could incur increased expenses, our operations and supply chain could be adversely impacted and demand for our products could fall.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Inflation
Macro
DriverNegative impact: weakens
“As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, inflation and supply chain disruptions.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Other currencies
Macro
DriverNegative impact: weakens
“Quantitative and Qualitative Disclosures about Market Risk Financial Instrument Market Risk We and certain of our subsidiaries hold and issue derivative contracts and financial instruments that expose our cash flows or earnings to changes in commodity prices, foreign currency exchange rates or interest rates. We may use financial and commodity-based derivative contracts to manage the risks produced by changes in the prices of natural gas, crude oil and related products; fluctuations in interest rates and foreign currency exchange rates; or to capture market opportunities.”
Annual report 2025A · The company itself
Shipping and logistics
End markets
InputNegative impact: weakens
“Our ability to sell and deliver the crude oil, bitumen, LNG, natural gas and NGLs that we produce also depends on the availability, proximity and capacity of gathering, processing, compression, transportation and pipeline facilities and equipment, as well as any necessary diluents to prepare our crude oil, bitumen, LNG, natural gas and NGLs for transport. The facilities, equipment and diluents we rely on may be temporarily unavailable to us due to market conditions, extreme weather events, permitting delays and other regulatory matters, mechanical reasons or other factors or conditions, many of which are beyond our control.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Quantitative and Qualitative Disclosures about Market Risk Financial Instrument Market Risk We and certain of our subsidiaries hold and issue derivative contracts and financial instruments that expose our cash flows or earnings to changes in commodity prices, foreign currency exchange rates or interest rates. We may use financial and commodity-based derivative contracts to manage the risks produced by changes in the prices of natural gas, crude oil and related products; fluctuations in interest rates and foreign currency exchange rates; or to capture market opportunities.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Europe
Geography
Geography
“At December 31, 2025, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.”
Annual report 2025A · The company itself
Geography
“In 2025, operations in Europe, Middle East and North Africa contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.”
Annual report 2025A · The company itself
Geography
“ConocoPhillips 2025 10-K Results of Operations Table of Contents Europe, Middle East and North Africa 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 6,484 5,788 5,854 Production and operating expenses ($MM) 962 671 593 Depreciation, depletion and amortization ($MM) 912 761 587 Taxes other than income taxes ($MM) 46 41 39 Net income (loss) ($MM) $ 1,224 1,189 1,189 Consolidated Operations Total Production (MBOED) Natural gas ($ per MCF) 10.87 10.70 12.68 The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. In 2025, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“At December 31, 2025, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.”
Annual report 2025A · The company itself
Geography
“ConocoPhillips 2025 10-K 44 Results of Operations Table of Contents Asia Pacific 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 1,770 1,847 1,913 Production and operating expenses ($MM) 367 384 391 Depreciation, depletion and amortization ($MM) 460 425 455 Taxes other than income taxes ($MM) 57 109 117 Net income (loss) ($MM) $ 1,167 1,724 1,961 Consolidated Operations Total Production (MBOED) Natural gas ($ per MCF) 3.59 3.74 3.95 The Asia Pacific segment consists of operations in China, Malaysia, and Australia, and commercial operations in China, Singapore and Japan.”
Annual report 2025A · The company itself
China
Geography
Geography
“ConocoPhillips 2025 10-K 44 Results of Operations Table of Contents Asia Pacific 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 1,770 1,847 1,913 Production and operating expenses ($MM) 367 384 391 Depreciation, depletion and amortization ($MM) 460 425 455 Taxes other than income taxes ($MM) 57 109 117 Net income (loss) ($MM) $ 1,167 1,724 1,961 Consolidated Operations Total Production (MBOED) Natural gas ($ per MCF) 3.59 3.74 3.95 The Asia Pacific segment consists of operations in China, Malaysia, and Australia, and commercial operations in China, Singapore and Japan.”
Annual report 2025A · The company itself
Insurance premiums and reinsurance
Raw materials and inputs
InputNegative impact: weakens
“If we seek insurance against cybersecurity risks, it may be limited by the availability and increasing expense of sufficient coverage.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 51.82 bn USD |
| Revenue growth vs. the year before, same method | 4.9 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 16.88 bn USD |
| Diluted EPS per share | 6.35 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.