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ConocoPhillips

March 24, 2023

ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

ConocoPhillips Company
TypePublic
ISINUS20825C1045
IndustryOil and gas
Predecessors
Founded30 August 2002 (2002-08-30) (as ConocoPhillips Co.)[1]
FounderFrank Phillips
Headquarters
Houston Energy Corridor
Houston, Texas, U.S.
Area served
Worldwide
Key people
Ryan Lance
(Chairman & CEO)
Products
Production output
1,567 thousand barrels of oil equivalent (9,590,000 GJ) per day (2021)
Revenue US$45.83 billion (2021)
US$11.16 billion (2021)
US$8.08 billion (2021)
Total assets US$90.66 billion (2021)
Total equity US$45.41 billion (2021)
Number of employees
c. 9,900 (December 2021)
Websiteconocophillips.com
Footnotes / references
[2]

The company has operations in 15 countries and has production in the United States (49% of 2019 production), Norway (10% of 2019 production), Canada (5% of 2019 production), Australia (12% of 2019 production), Indonesia (4% of 2019 production), Malaysia (4% of 2019 production), Libya (3% of 2019 production), China (3% of 2019 production), and Qatar (6% of 2019 production). The company's production in the United States included production in Alaska, the Eagle Ford Group, the Permian Basin, the Bakken Formation, the Gulf of Mexico and the Anadarko Basin. Approximately one-third of the company's U.S. production is in Alaska, where it has operations in the Cook Inlet Area, the Alpine oil field off the Colville River, and the Kuparuk oil field and Prudhoe Bay Oil Field on the Alaska North Slope.[2]

As of December 31, 2019, the company had proved reserves of 5,262 million barrels of oil equivalent (3.219×1010 GJ), of which 50% was petroleum, 37% was natural gas, 8% was natural gas liquids and 5% was bitumen.[2]

The company is ranked 156th on the Fortune 500.[3] In the 2021 Forbes Global 2000, ConocoPhillips was ranked as the 574th-largest public company in the world.[4] ConocoPhillips also ranked 207th on Forbes Best Employers for Diversity (2021), 125th on Forbes America's Best Employers (2021) and 76 on Forbes Canada's Best Employers (2021).[5]

The company was ranked as the 14th most polluting company in the world by The Guardian in 2019.[6] It is responsible for 0.91% of global industrial greenhouse gas emissions from 1988 to 2015.[7]

The Conoco Museum in Ponca City, Oklahoma, and the Phillips Petroleum Company Museum in Bartlesville, Oklahoma, are dedicated to the history of the company.[8]

History

In 1875, the "Continental Oil and Transportation Company" (acronym "Conoco") was founded in Ogden, Utah. In 1885, Conoco was reincorporated as part of Standard Oil. After the Supreme Court of the United States dissolved Standard Oil, Conoco became independent in 1913.

By 1929, it had become a fully integrated oil company.[9] The company was a coal, oil, kerosene, grease and candles distributor in the West.

In 1929, Conoco merged with the Marland Oil Company.[10]

 
The Conoco-Phillips Building in downtown Anchorage, constructed in 1983 as the ARCO Tower, is the company's Alaska headquarters as well as the tallest building in Alaska

Marland Oil Company, founded by exploration pioneer E. W. Marland, later acquired the assets of Continental Oil Co.. On June 26, 1899, Marland Oil changed its name to Continental Oil Co. and moved its headquarters to Fargo, North Dakota. 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.[11] Conoco was based in Ponca City until 1949, when it moved to Houston, Texas.

In 1998, Conoco acquired an interest in 10.5 blocks in the Kashagan Field in the Caspian Sea off Kazakhstan through the North Caspian Sea Production Sharing Agreement (NCSPSA). On November 26, 2012, in its largest acquisition ever, ONGC Videsh agreed to buy ConocoPhillips’ 8.4% stake in the Kashagan oilfield for approximately US$5 billion.[12]

 
Aerial view of the former ConocoPhillips headquarters taken in 2002

On August 30, 2002, Conoco Inc. and Phillips Petroleum Company, whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips.[9][13] By January 2002, the groups organizing the merger had selected Houston as the site of the headquarters. Governor of Oklahoma Frank Keating said that the move to Houston was "regrettable."[14]

In September 2004, the company invested $2 billion in Lukoil.[15]

In March 2006, ConocoPhillips acquired Wilhelmshavener Raffineriegesellschaft mbH, based in Germany.[16] It also acquired Burlington Resources for $35 billion in cash and stock.[17][18]

On May 10, 2006, Richard Armitage, former deputy-secretary of the U.S. State Department, was elected to the board of directors of the ConocoPhillips oil company.[19]

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.[20] On May 1, 2012, all midstream, downstream, marketing and chemical operations were separated into a new company named Phillips 66, headquartered in Houston.[21] As a result, ConocoPhillips continued its operations as an upstream (exploration and production) company.[22][23]

In April 2012, ConocoPhillips sold its Trainer Refinery to Monroe Energy LLC, a subsidiary of Delta Air Lines.[24]

In May 2012, ConocoPhillips completed the corporate spin-off of its downstream assets as Phillips 66.[25]

In 2012, the company began the process of divesting onshore and offshore assets in Nigeria. ConocoPhillips contracted a French bank, BNP Paribas to sell all assets including a 17% stake in Brass Liquefied Natural Gas LNG, Oil Mining Lease OML 131 in which ConocoPhillips had a 47.5℅ stake. ConocoPhillips operated in Nigeria for more than 46 years.[26]

In January 2013, Conoco announced that it would sell its Rocky Mountain assets to Denbury Resources for $1.05 billion.[27]

In July 2016, the company agreed to sell a 35% stake in three Senegalese deepwater oil and gas exploration blocks for about $350 million to Woodside Petroleum.[28]

In November 2016, the company announced the move of its headquarters to Energy Center Four by 2018.[29]

In February 2017, Ecuador was ordered to pay $380 million to the company for unlawfully expropriating the company's oil investments.[30]

In March 2017, the company agreed to sell its Foster Creek Christina Lake Partnership interest, Western Canada Deep Basin Gas assets to Cenovus Energy for $13.3 billion.[31] Along with the sale of natural gas fields in the U.S., it led to a reduction of close to 30% of its proved oil and gas reserves.[32]

In June 2017, the company agreed to sell assets in the Barnett Shale for $305 million.[33]

In August 2017, the company sold its business in the San Juan Basin for $2.5 billion.[34]

In May 2018, ConocoPhillips seized assets belonging to the Venezuelan state oil company PDVSA from the Isla refinery on Curacao to collect on $2 billion owed since a 2007 court decision.[35]

In March 2019, the World Bank ruled that Venezuela must pay ConocoPhillips $8.7 billion to compensate for the 2007 expropriation of oil assets.[36]

In April 2019, the company sold a 30% stake in the Greater Sunrise Fields to the government of Timor-Leste.[37]

In September 2019, the company sold its business in the United Kingdom for $2.675 billion.[38]

For the 2019 Awards in Predefined Areas (APA) on the Norwegian continental shelf (NCS), ConocoPhillips was awarded three operatorships and ownership interests in a total of five production licenses. Two which are located in the Norwegian Sea (PL 1009 B and PL 1064) in Warka and Slagugle, one in the North Sea (PL 917 B) for two discoveries in Busta Voe and Cape Enniberg, and the other is the Hasselbaink prospect, where drilling has already begun.[39]

In May 2020, the company sold its assets in Northern Australia to Santos Limited for $1.39 billion.[40][41]

In July 2020, the company announced the acquisition of acreage in the Montney Formation in Canada for $75 million.[42][43]

On 1 August 2020, Steinar Våge who has been with the ConocoPhillips company since 1988, was elected into the position of President for ConocoPhillips Europe, Middle East and North Africa. He was previously the Senior Vice President of Global Operations, Wells and Projects at the corporate headquarters in Huston, United States, and is now located in Stravanger where the main office is located.[44]

Due to the COVID-19 pandemic in 2020, ConocoPhillips had to reduce its production in May as the price of oil in North Slope, which stood at about $10 per barrel at the end of April, rose to $40 per barrel.[45][46][47]

On October 19, 2020, ConocoPhillips announced it will buy Concho Resources for $9.7 bln.[48][49] The purchase will make it the third largest energy company currently operating a substantial presence in the oil-rich Permian Basin.[50]

In December 2020, ConocoPhillips made the largest discovery of oil for the year, between 75.5 million and 201 million barrels in the Slagugle well. Executive Vice President Matt Fox, stated that this was the fourth successful exploration well to be found on the Norwegian continental shelf in the past 16 months.[51]

The acquisition of Concho Resources was confirmed in January 2021, after shareholders from both companies announced the approval. ConocoPhillips chairman and chief executive officer, Ryan Lance, stated that the acquisition should lead to a structural change in the industry which is essential for investors. The company expects to be able to provide affordable energy to the world, generate large returns, and demonstrate ESG Leadership.[52]

In September 2021, ConocoPhillips announced it would buy all of Royal Dutch Shell PLC's assets in the Permian basin for around $9.5 billion in cash.[53]

Operations

ConocoPhillips explores for, produces, transports and markets crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis.[54] The company manages its operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.[55]

Board of directors

Notable members of the board of directors of the company are as follows:[56]

Environmental record

On April 11, 2007, ConocoPhillips became the first U.S. oil company to join the U.S. Climate Action Partnership, an alliance of big business and environmental groups. In January 2007, the partnership advised President George W. Bush that mandatory emissions caps would be needed to reduce the flow of carbon dioxide and other greenhouse gases into the atmosphere. In 2007, ConocoPhillips announced it would spend $150 million that year on alternative and unconventional energy sources, up from $80 million in 2006.[57] However, ConocoPhillips left the U.S. Climate Action Partnership in February 2010, at the same time as BP and Caterpillar Inc. left the partnership.[58]

ConocoPhillips is a signatory participant of the Voluntary Principles on Security and Human Rights. In 2016, ConocoPhillips was ranked as being among the 12th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.[59] In May 2020, it was reported that the company was planning new drillings in Alaska's North Slope which would affect the life of 400 in the Native village of Nuiqsut.[60] According to the 2021 Arctic Environmental Responsibility Index (AERI), ConocoPhillips is ranked as the fourth most environmentally responsible company out of 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.[61]

In 1990, ConocoPhillips agreed to pay $23 million to buy 400 homes and compensate families in Ponca City, Oklahoma, who said its refinery gave them cancer and other illnesses.[62]

In June 2011, ConocoPhillips China Inc., a wholly owned subsidiary of ConocoPhillips, was responsible for the 2011 Bohai bay oil spills in Bohai Bay.[63]

In 2015, ConocoPhillips and Phillips 66 agreed to pay $11.5 million to settle a lawsuit alleging that hundreds of their gas stations violated California anti-pollution laws since 2006. The civil complaint, filed in January 2013, alleged that the companies violated state laws on the operation and maintenance of underground gasoline storage tanks at more than 560 gas stations in the state. These violations included failing to properly maintain leak detection devices, testing secondary containment systems, conducting monthly inspections and training employees in proper protocol.[64]

In May 2019, ConocoPhillips settled a lawsuit with homeowners in northwestern Oklahoma City who accused the company of polluting their soil and water to such a degree that no trees or flowers will grow.[65]

In May 2017, ConocoPhillips agreed to a $39 million settlement to resolve complaints brought by New Jersey over groundwater contamination. ConocoPhillips was one of 50 companies named in a 2007 lawsuit filed against manufacturers, distributors and other industrial users of the gasoline additive MTBE, found in groundwater at locations throughout New Jersey.[66]

Bobby Berk, one of the stars from Netflix’s "Queer Eye," spoke out against ConocoPhillips' water pollution in Missouri, saying that there were so many chemicals at one point, they could "actually light a glass of our water on fire."[67]

According to the Political Economy Research Institute, ConocoPhillips ranked 13th among U.S. corporate producers of air pollution.[68]

In 2013, ConocoPhillips had the "leakiest" methane in operations compared to its peers.[69]

Carbon footprint

ConocoPhillips reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 16,200 Kt (-4,300 /-21% y-o-y).[70]

ConocoPhillips's annual Total CO2e Emissions - Location-Based Scope 1 + Scope 2 (in kilotonnes)
Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
27,700[71] 26,100[72] 26,800[73] 20,900[74] 20,800[75] 20,500[76] 16,200[70]

References

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March 24, 2023
conocophillips, company, american, multinational, corporation, engaged, hydrocarbon, exploration, production, based, energy, corridor, district, houston, texas, companytypepublictraded, asnyse, cops, components, componentisinus20825c1045industryoil, gaspredece. ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production It is based in the Energy Corridor district of Houston Texas ConocoPhillips CompanyTypePublicTraded asNYSE COPS amp P 100 componentS amp P 500 componentISINUS20825C1045IndustryOil and gasPredecessorsConocoPhillips Petroleum CompanyFounded30 August 2002 2002 08 30 as ConocoPhillips Co 1 FounderFrank PhillipsHeadquartersHouston Energy CorridorHouston Texas U S Area servedWorldwideKey peopleRyan Lance Chairman amp CEO ProductsPetroleumNatural gasNatural gas liquidsBitumenLiquefied natural gasProduction output1 567 thousand barrels of oil equivalent 9 590 000 GJ per day 2021 RevenueUS 45 83 billion 2021 Operating incomeUS 11 16 billion 2021 Net incomeUS 8 08 billion 2021 Total assetsUS 90 66 billion 2021 Total equityUS 45 41 billion 2021 Number of employeesc 9 900 December 2021 Websiteconocophillips comFootnotes references 2 The company has operations in 15 countries and has production in the United States 49 of 2019 production Norway 10 of 2019 production Canada 5 of 2019 production Australia 12 of 2019 production Indonesia 4 of 2019 production Malaysia 4 of 2019 production Libya 3 of 2019 production China 3 of 2019 production and Qatar 6 of 2019 production The company s production in the United States included production in Alaska the Eagle Ford Group the Permian Basin the Bakken Formation the Gulf of Mexico and the Anadarko Basin Approximately one third of the company s U S production is in Alaska where it has operations in the Cook Inlet Area the Alpine oil field off the Colville River and the Kuparuk oil field and Prudhoe Bay Oil Field on the Alaska North Slope 2 As of December 31 2019 the company had proved reserves of 5 262 million barrels of oil equivalent 3 219 1010 GJ of which 50 was petroleum 37 was natural gas 8 was natural gas liquids and 5 was bitumen 2 The company is ranked 156th on the Fortune 500 3 In the 2021 Forbes Global 2000 ConocoPhillips was ranked as the 574th largest public company in the world 4 ConocoPhillips also ranked 207th on Forbes Best Employers for Diversity 2021 125th on Forbes America s Best Employers 2021 and 76 on Forbes Canada s Best Employers 2021 5 The company was ranked as the 14th most polluting company in the world by The Guardian in 2019 6 It is responsible for 0 91 of global industrial greenhouse gas emissions from 1988 to 2015 7 The Conoco Museum in Ponca City Oklahoma and the Phillips Petroleum Company Museum in Bartlesville Oklahoma are dedicated to the history of the company 8 Contents 1 History 2 Operations 3 Board of directors 4 Environmental record 4 1 Carbon footprint 5 References 6 External linksHistory EditIn 1875 the Continental Oil and Transportation Company acronym Conoco was founded in Ogden Utah In 1885 Conoco was reincorporated as part of Standard Oil After the Supreme Court of the United States dissolved Standard Oil Conoco became independent in 1913 By 1929 it had become a fully integrated oil company 9 The company was a coal oil kerosene grease and candles distributor in the West In 1929 Conoco merged with the Marland Oil Company 10 The Conoco Phillips Building in downtown Anchorage constructed in 1983 as the ARCO Tower is the company s Alaska headquarters as well as the tallest building in Alaska Marland Oil Company founded by exploration pioneer E W Marland later acquired the assets of Continental Oil Co On June 26 1899 Marland Oil changed its name to Continental Oil Co and moved its headquarters to Fargo North Dakota 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 11 Conoco was based in Ponca City until 1949 when it moved to Houston Texas In 1998 Conoco acquired an interest in 10 5 blocks in the Kashagan Field in the Caspian Sea off Kazakhstan through the North Caspian Sea Production Sharing Agreement NCSPSA On November 26 2012 in its largest acquisition ever ONGC Videsh agreed to buy ConocoPhillips 8 4 stake in the Kashagan oilfield for approximately US 5 billion 12 Aerial view of the former ConocoPhillips headquarters taken in 2002 On August 30 2002 Conoco Inc and Phillips Petroleum Company whose headquarters were in nearby Bartlesville Oklahoma merged into ConocoPhillips 9 13 By January 2002 the groups organizing the merger had selected Houston as the site of the headquarters Governor of Oklahoma Frank Keating said that the move to Houston was regrettable 14 In September 2004 the company invested 2 billion in Lukoil 15 In March 2006 ConocoPhillips acquired Wilhelmshavener Raffineriegesellschaft mbH based in Germany 16 It also acquired Burlington Resources for 35 billion in cash and stock 17 18 On May 10 2006 Richard Armitage former deputy secretary of the U S State Department was elected to the board of directors of the ConocoPhillips oil company 19 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 20 On May 1 2012 all midstream downstream marketing and chemical operations were separated into a new company named Phillips 66 headquartered in Houston 21 As a result ConocoPhillips continued its operations as an upstream exploration and production company 22 23 In April 2012 ConocoPhillips sold its Trainer Refinery to Monroe Energy LLC a subsidiary of Delta Air Lines 24 In May 2012 ConocoPhillips completed the corporate spin off of its downstream assets as Phillips 66 25 In 2012 the company began the process of divesting onshore and offshore assets in Nigeria ConocoPhillips contracted a French bank BNP Paribas to sell all assets including a 17 stake in Brass Liquefied Natural Gas LNG Oil Mining Lease OML 131 in which ConocoPhillips had a 47 5 stake ConocoPhillips operated in Nigeria for more than 46 years 26 In January 2013 Conoco announced that it would sell its Rocky Mountain assets to Denbury Resources for 1 05 billion 27 In July 2016 the company agreed to sell a 35 stake in three Senegalese deepwater oil and gas exploration blocks for about 350 million to Woodside Petroleum 28 In November 2016 the company announced the move of its headquarters to Energy Center Four by 2018 29 In February 2017 Ecuador was ordered to pay 380 million to the company for unlawfully expropriating the company s oil investments 30 In March 2017 the company agreed to sell its Foster Creek Christina Lake Partnership interest Western Canada Deep Basin Gas assets to Cenovus Energy for 13 3 billion 31 Along with the sale of natural gas fields in the U S it led to a reduction of close to 30 of its proved oil and gas reserves 32 In June 2017 the company agreed to sell assets in the Barnett Shale for 305 million 33 In August 2017 the company sold its business in the San Juan Basin for 2 5 billion 34 In May 2018 ConocoPhillips seized assets belonging to the Venezuelan state oil company PDVSA from the Isla refinery on Curacao to collect on 2 billion owed since a 2007 court decision 35 In March 2019 the World Bank ruled that Venezuela must pay ConocoPhillips 8 7 billion to compensate for the 2007 expropriation of oil assets 36 In April 2019 the company sold a 30 stake in the Greater Sunrise Fields to the government of Timor Leste 37 In September 2019 the company sold its business in the United Kingdom for 2 675 billion 38 For the 2019 Awards in Predefined Areas APA on the Norwegian continental shelf NCS ConocoPhillips was awarded three operatorships and ownership interests in a total of five production licenses Two which are located in the Norwegian Sea PL 1009 B and PL 1064 in Warka and Slagugle one in the North Sea PL 917 B for two discoveries in Busta Voe and Cape Enniberg and the other is the Hasselbaink prospect where drilling has already begun 39 In May 2020 the company sold its assets in Northern Australia to Santos Limited for 1 39 billion 40 41 In July 2020 the company announced the acquisition of acreage in the Montney Formation in Canada for 75 million 42 43 On 1 August 2020 Steinar Vage who has been with the ConocoPhillips company since 1988 was elected into the position of President for ConocoPhillips Europe Middle East and North Africa He was previously the Senior Vice President of Global Operations Wells and Projects at the corporate headquarters in Huston United States and is now located in Stravanger where the main office is located 44 Due to the COVID 19 pandemic in 2020 ConocoPhillips had to reduce its production in May as the price of oil in North Slope which stood at about 10 per barrel at the end of April rose to 40 per barrel 45 46 47 On October 19 2020 ConocoPhillips announced it will buy Concho Resources for 9 7 bln 48 49 The purchase will make it the third largest energy company currently operating a substantial presence in the oil rich Permian Basin 50 In December 2020 ConocoPhillips made the largest discovery of oil for the year between 75 5 million and 201 million barrels in the Slagugle well Executive Vice President Matt Fox stated that this was the fourth successful exploration well to be found on the Norwegian continental shelf in the past 16 months 51 The acquisition of Concho Resources was confirmed in January 2021 after shareholders from both companies announced the approval ConocoPhillips chairman and chief executive officer Ryan Lance stated that the acquisition should lead to a structural change in the industry which is essential for investors The company expects to be able to provide affordable energy to the world generate large returns and demonstrate ESG Leadership 52 In September 2021 ConocoPhillips announced it would buy all of Royal Dutch Shell PLC s assets in the Permian basin for around 9 5 billion in cash 53 Operations EditConocoPhillips explores for produces transports and markets crude oil bitumen natural gas natural gas liquids and liquefied natural gas on a worldwide basis 54 The company manages its operations through six operating segments defined by geographic region Alaska Lower 48 Canada Europe Middle East and North Africa Asia Pacific and Other International 55 Board of directors EditNotable members of the board of directors of the company are as follows 56 Charles Bunch CEO and chairman of PPG Industries Caroline Maury Devine former president and managing director of a Norwegian affiliate of ExxonMobil John V Faraci former CEO and chairman of International Paper Company Jody Freeman Archibald Cox Professor of Law at Harvard Law School Gay Huey Evans chairman London Metal Exchange Jeffrey A Joerres Former Executive Chairman and chief executive officer ManpowerGroup Inc Ryan Lance CEO and chairman of the board Tim Leach Executive Vice President Lower 48 at ConocoPhillips Admiral William H McRaven Retired U S Navy Four Star Admiral SEAL Sharmila Mulligan Former Chief Strategy Officer of Alteryx Eric D Mullins chairman and chief executive officer Lime Rock Resources Arjun Murti former partner at Goldman Sachs Robert Niblock former CEO president and chairman of Lowe s David T Seaton Former Chairman and chief executive officer Fluor Corporation R A Walker Former Chairman and chief executive officer Anadarko Petroleum CompanyEnvironmental record EditOn April 11 2007 ConocoPhillips became the first U S oil company to join the U S Climate Action Partnership an alliance of big business and environmental groups In January 2007 the partnership advised President George W Bush that mandatory emissions caps would be needed to reduce the flow of carbon dioxide and other greenhouse gases into the atmosphere In 2007 ConocoPhillips announced it would spend 150 million that year on alternative and unconventional energy sources up from 80 million in 2006 57 However ConocoPhillips left the U S Climate Action Partnership in February 2010 at the same time as BP and Caterpillar Inc left the partnership 58 ConocoPhillips is a signatory participant of the Voluntary Principles on Security and Human Rights In 2016 ConocoPhillips was ranked as being among the 12th best of 92 oil gas and mining companies on indigenous rights in the Arctic 59 In May 2020 it was reported that the company was planning new drillings in Alaska s North Slope which would affect the life of 400 in the Native village of Nuiqsut 60 According to the 2021 Arctic Environmental Responsibility Index AERI ConocoPhillips is ranked as the fourth most environmentally responsible company out of 120 oil gas and mining companies involved in resource extraction north of the Arctic Circle 61 In 1990 ConocoPhillips agreed to pay 23 million to buy 400 homes and compensate families in Ponca City Oklahoma who said its refinery gave them cancer and other illnesses 62 In June 2011 ConocoPhillips China Inc a wholly owned subsidiary of ConocoPhillips was responsible for the 2011 Bohai bay oil spills in Bohai Bay 63 In 2015 ConocoPhillips and Phillips 66 agreed to pay 11 5 million to settle a lawsuit alleging that hundreds of their gas stations violated California anti pollution laws since 2006 The civil complaint filed in January 2013 alleged that the companies violated state laws on the operation and maintenance of underground gasoline storage tanks at more than 560 gas stations in the state These violations included failing to properly maintain leak detection devices testing secondary containment systems conducting monthly inspections and training employees in proper protocol 64 In May 2019 ConocoPhillips settled a lawsuit with homeowners in northwestern Oklahoma City who accused the company of polluting their soil and water to such a degree that no trees or flowers will grow 65 In May 2017 ConocoPhillips agreed to a 39 million settlement to resolve complaints brought by New Jersey over groundwater contamination ConocoPhillips was one of 50 companies named in a 2007 lawsuit filed against manufacturers distributors and other industrial users of the gasoline additive MTBE found in groundwater at locations throughout New Jersey 66 Bobby Berk one of the stars from Netflix s Queer Eye spoke out against ConocoPhillips water pollution in Missouri saying that there were so many chemicals at one point they could actually light a glass of our water on fire 67 According to the Political Economy Research Institute ConocoPhillips ranked 13th among U S corporate producers of air pollution 68 In 2013 ConocoPhillips had the leakiest methane in operations compared to its peers 69 Carbon footprint Edit ConocoPhillips reported Total CO2e emissions Direct Indirect for the twelve months ending 31 December 2020 at 16 200 Kt 4 300 21 y o y 70 ConocoPhillips s annual Total CO2e Emissions Location Based Scope 1 Scope 2 in kilotonnes Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 202027 700 71 26 100 72 26 800 73 20 900 74 20 800 75 20 500 76 16 200 70 References Edit Company History ConocoPhillps a b c ConocoPhillips 2021 Form 10 K Annual Report U S Securities and Exchange Commission 17 February 2022 ConocoPhillips Fortune Forbes Global 2000 Forbes Retrieved 31 October 2020 ConocoPhillips COP Forbes Retrieved 16 November 2021 Taylor Matthew Watts Jonathan 9 October 2019 Revealed the 20 firms behind a third of all carbon emissions The Guardian ISSN 0261 3077 Top 100 producers and their cumulative greenhouse gas emissions from 1988 2015 The Guardian Retrieved 29 October 2020 ConocoPhillips Petroleum Museums American Oil amp Gas Historical Society 7 May 2021 a b ConocoPhillips and Phillips 66 Corporate Rap Sheet Corporate Research Project Marland Oil Company Oklahoma Historical Society This Week in Petroleum History April 29 May 5 American Oil amp Gas Historical Society Indian OVL to Buy ConocoPhillips s Stake in Kashagan Field The Gazette of Central Asia 27 November 2012 ConocoPhillips Form 8 K12G3 secdatabase com 30 August 2002 Ford Brian 23 January 2002 Phillips Conoco Merger Keating fails in effort to keep headquarters Tulsa World ConocoPhillips Buys 2 Billion Stake in Lukoil The New York Times 29 September 2004 ConocoPhillips Form 8 K Current Report PDF secdatabase com 31 March 2006 Conoco completes deal for Burlington The New York Times 13 December 2005 ConocoPhillips Completes Acquisition of Burlington Resources Press release Business Wire 31 March 2006 ConocoPhillips Form 10 Q Quarterly Report PDF secdatabase com 3 August 2006 Rooney Ben 14 July 2011 ConocoPhillips to form two companies CNN ConocoPhillips Form 8 K Current Report secdatabase com 2 May 2012 Gelsi Steve 1 May 2012 Phillips 66 shares debuting on NYSE MarketWatch Phillips 66 Debuts as Advantaged Downstream Company Press release Phillips 66 1 May 2012 Burkhardt Paul Schlangenstein Mary 15 June 2012 Delta CEO Says Airline to Pressure Prices as Jet Fuel Seller Bloomberg Hays Kristen 1 May 2012 ConocoPhillips completes spinoff of refining business Reuters Okafor Chineme 15 May 2012 Nigeria NNPC Vows to Conclude Brass LNG s FID AllAfrica Adinarayan Thyagaraju 15 January 2013 Conoco to sell Rocky Mountain assets to Denbury for 1 05 billion Reuters Witthaus Jack 14 July 2016 ConocoPhillips to sell more than 350M in deepwater exploration blocks American City Business Journals Sarnoff Nancy 29 November 2016 ConocoPhillips to leave headquarters for smaller Energy Corridor location Houston Chronicle Singh Sweta 8 February 2017 Ecuador ordered to pay ConocoPhillips 380 million in damages Reuters BRIEF ConocoPhillips to sell Foster Creek Christina Lake Partnership interest Western Canada Deep Basin Gas assets to Cenovus for 13 3 bln Reuters 29 March 2017 McWilliams Gary 20 April 2017 ConocoPhillips takes slow steady route in race for oil profits Reuters Pulsinelli Olivia 29 June 2017 ConocoPhillips to sell Texas shale assets for 305M American City Business Journals Sapin Rachel 1 August 2017 ConocoPhillips closes nearly 2 7B asset sale American City Business Journals Conoco has seized Venezuela PDVSA products from the Isla refinery Curacao CNBC Reuters 14 May 2018 Parraga Marianna 8 March 2019 Venezuela must pay Conoco more than 8 billion World Bank Reuters ConocoPhillips closes on 350M sale to Timor Leste Kallanish Energy 17 April 2019 Pulsinelli Olivia 30 September 2019 ConocoPhillips closes nearly 2 7B asset sale American City Business Journals Five licenses awarded to ConocoPhillips ConocoPhillips 6 February 2020 Retrieved 9 June 2021 Pulsinelli Olivia 29 May 2020 ConocoPhillips closes nearly 1 4B asset deal American City Business Journals ConocoPhillips sells northern Australia assets to Santos for 1 39 billion CNBC Reuters 14 October 2019 Pulsinelli Olivia 23 July 2020 ConocoPhillips to buy acreage in Canada from Kelt Exploration American City Business Journals ConocoPhillips Announces Agreement to Acquire Liquids Rich Montney Acreage from Kelt Exploration Ltd Press release Business Wire 22 July 2020 Steinar Vage is new President in ConocoPhillips ConocoPhillips 6 August 2020 Retrieved 30 June 2021 ConocoPhillips to resume normal production in July in Alaska Alaska Public Media 15 June 2020 Retrieved 16 December 2020 ConocoPhillips cuts spending in Alaska by another 200M as oil prices sink KTOO 17 April 2020 Retrieved 16 December 2020 Conoco Slashing North American Output in Biggest Oil Cutback Bloomberg 16 April 2020 Retrieved 8 January 2021 ConocoPhillips to buy Concho Resources for 9 7 bln in 2020 s top shale deal reuters com 19 October 2020 Retrieved 19 October 2020 Oil Industry Turns to Mergers and Acquisitions to Survive The New York Times 19 October 2020 Retrieved 8 January 2021 ConocoPhillips Doubles Down on the Permian Basin and Fracking with Concho Acquisition Forbes ConocoPhillips announces this year s largest oil discovery in the Norwegian Sea Norway Today 22 December 2020 Retrieved 21 May 2021 ConocoPhillips Completes Acquisition of Concho Resources Business Wire 15 January 2021 Retrieved 15 June 2021 Shell to Sell Permian Assets to ConocoPhillips for 9 5 Billion ConocoPhillips Fact Sheet Overview PDF ConocoPhillips 2020 Annual Report PDF ConocoPhillips Board of Directors ConocoPhillips ConocoPhillips Schedule 14A U S Securities and Exchange Commission 31 March 2010 Oil Giants BP ConocoPhillips Drop Out of US Climate Action Partnership InsideClimateNews 16 February 2010 Overland Indra 2016 Ranking Oil Gas and Mining Companies on Indigenous Rights in the Arctic ResearchGate Arran Drilling on Public Lands Native American Voices Frustrated by Virtual Public Hearings Over Zoom EcoWatch 20 May 2020 Overland I Bourmistrov A Dale B Irlbacher Fox S Juraev J Podgaiskii E Stammler F Tsani S Vakulchuk R and Wilson E C 2021 The Arctic Environmental Responsibility Index A method to rank heterogenous extractive industry companies for governance purposes Business Strategy and the Environment 30 1623 1643 https onlinelibrary wiley com doi 10 1002 bse 2698 KRAMER FARRELL 3 April 1990 Conoco Offers 23 Million to Settle Contamination Lawsuit Associated Press China oil spill to have long term impact report Phys org 5 July 2011 ConocoPhillips and Phillips 66 to pay 11 5 million in pollution case Los Angeles Times 8 May 2015 ConocoPhillips Settles Oklahoma City Water Pollution Lawsuit U S News amp World Report Associated Press 23 May 2019 Milo Paul 26 May 2017 Company to pay 39M to settle contamination claim NJ com Gstalter Morgan 9 September 2019 Queer Eye star Bobby Berk says Conoco contaminated family s water The Hill Petroleum Petroleum Industry Conoco Phillips www petroleum co uk Retrieved 1 October 2021 Vaidyanathan Gayathri 26 June 2015 ConocoPhillips Is the Leakiest Gas Company Scientific American a b ConocoPhillips s Sustainability Report for 2020Q4 PDF Archived from the original PDF on 15 July 2021 Alt URL ConocoPhillips s Sustainability Report for 2018Q4 PDF Archived from the original PDF on 15 August 2020 Alt URL ConocoPhillips s Sustainability Report for 2019Q4 PDF Archived from the original PDF on 15 August 2020 Alt URL ConocoPhillips s Sustainability Report for 2020Q4 PDF Archived from the original PDF on 15 July 2021 Alt URL ConocoPhillips s Sustainability Report for 2020Q4 PDF Archived from the original PDF on 15 July 2021 Alt URL ConocoPhillips s Sustainability Report for 2020Q4 PDF Archived from the original PDF on 15 July 2021 Alt URL ConocoPhillips s Sustainability Report for 2020Q4 PDF Archived from the original PDF on 15 July 2021 Alt URLExternal links Edit Wikimedia Commons has media related to ConocoPhillips Official website Business data for ConocoPhillips BloombergGoogleSEC filingsYahoo Portals Texas Companies Energy Retrieved from https en wikipedia org w index php title ConocoPhillips amp oldid 1145589598, wikipedia, wiki, book, books, library,

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