ConocoPhillips

The earliest discovery of oil marked the beginning of the oil industry, leading to significant advancements in technology and shaping the modern world.

ConocoPhillips was established in 1875 and has grown to become a major player in the exploration and production of oil and natural gas worldwide.

Continental Oil constructs the first filling station in the Western United States and establishes a fleet of delivery trucks equipped with three tanks to transport various fuel types.

In 1917, Phillips was established, playing a significant role in the oil and gasoline sector. This event eventually led to the formation of ConocoPhillips in 2002.

In 1926, Phillips entered the refining business by acquiring its first refinery near Borger, TX, which was later renamed the Borger Refinery.

Continental Oil expands its presence by establishing over 1,000 service stations in 15 states, featuring the trademark Continental soldier. The company also starts producing and refining crude oil, while merging with various other producers but maintaining the name Continental Oil.

Marland Oil Company acquired the assets of Continental Oil Company and changed its name to Continental Oil Company. The acquisition included the transfer of the red triangle logo to Conoco, which became its logo until 1970.

One month after Conoco stock first traded on the New York Stock Exchange, the stock market crashed. Conoco faced economic challenges but managed to expand refinery capacity, build pipelines, and introduce new products like engine lubricants.

In 1981, DuPont acquired 100 percent of Conoco's stock for about US$7.4 billion, marking the largest merger in U.S. history at that time. This acquisition was a result of a bidding war sparked by Seagram Company Ltd.'s takeover attempt of Conoco Inc.

In 1987, Conoco discovered significant gas deposits in the North Sea's 'V' fields. This discovery was significant and marked a milestone for the company.

In 1990, Conoco made a significant announcement that it would exclusively use double-hulled tankers for oil transportation, setting a standard ahead of industry regulations.

On October 22, 1998, Conoco officially separated from DuPont in the largest Initial Public Offering (IPO) in history at that time, raising nearly $4.4 billion. Conoco's stock began trading again with a new symbol, 'COC,' paying homage to its original name, Continental Oil Company.

Chevron and Phillips announced the formation of a large chemical joint venture, detailed in the Oil and Gas Journal.

Phillips made a significant $7.49 billion deal to acquire Tosco, reflecting a strategic shift towards output and exploration, according to the Wall Street Journal.

Conoco's acquisition of Gulf Canada was part of the merger wave in the oil and gas industry, as reported in the Oil and Gas Journal.

Phillips and Conoco announced a $35 billion 'merger of equals' plan, detailed in the Oil and Gas Journal.

On August 30, 2002, ConocoPhillips was formed through a merger between Conoco and Phillips. The company became a major player in the oil and gasoline industry.

On September 29, 2004, ConocoPhillips and LUKOIL established a strategic alliance with backing from the Russian and U.S. governments.

On December 21, 2005, ConocoPhillips revealed its intention to purchase Burlington Resources in a significant $35.6 billion deal.

On April 11, 2007, ConocoPhillips became the first U.S. oil company to join the U.S. Climate Action Partnership, advocating for mandatory emissions caps to reduce greenhouse gas emissions.

As of December 31, 2007, ConocoPhillips was the second-largest refiner in the United States and the fifth-largest non-governmental controlled refiner globally, operating 19 refineries worldwide with a refining capacity of 2.7 million BPD.

In February 2010, ConocoPhillips, along with BP and Caterpillar Inc., left the U.S. Climate Action Partnership, signaling a shift in their environmental commitments.

On July 14, 2011, ConocoPhillips announced its intent to separate the company's upstream and downstream businesses into two stand-alone, publicly traded corporations to maximize shareholder value.

On May 1, 2012, all midstream, downstream, marketing, and chemical operations of ConocoPhillips were separated into a new company named Phillips 66, headquartered in Houston.

On November 26, 2012, ONGC Videsh agreed to buy ConocoPhillips' 8.4% stake in the Kashagan oilfield for approximately US$5 billion, marking ConocoPhillips' largest acquisition ever.

In 2015, ConocoPhillips and Phillips 66 agreed to pay $11.5 million to settle a lawsuit regarding violations of anti-pollution laws at gas stations in California.

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

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

In March 2017, ConocoPhillips agreed to sell its Foster Creek Christina Lake Partnership interest, Western Canada Deep Basin Gas assets to Cenovus Energy for $13.3 billion.

In August 2017, ConocoPhillips sold its business in the San Juan Basin for $2.5 billion.

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.

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

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

On August 21, 2020, ConocoPhillips acquired 140,000 net acres in a liquids-rich play, expanding their total position to 295,000 net acres.

On October 19, 2020, ConocoPhillips announced it would buy Concho Resources for $9.7 billion, making it the third-largest energy company operating in the oil-rich Permian Basin.

ConocoPhillips reported a total of 16,200 Kt of CO2e emissions (Direct + Indirect) for the twelve months ending on December 31, 2020, showing a decrease of 4,300 Kt or 21% year-over-year.

On January 15, 2021, ConocoPhillips acquired Concho Resources, significantly increasing its footprint in the Permian Basin, the largest oil field globally. This acquisition bolstered ConocoPhillips' resources and enhanced its position in unconventional development.

In February 2022, ConocoPhillips announced a pilot program to sell flare gas for bitcoin mining, aiming to reduce routine flaring and address environmental concerns.

In June 2022, ConocoPhillips became a stakeholder in a joint venture with QatarEnergy for the North Field East (NFE) expansion, holding 3.125% and also holding 6.25% stakes in the North Field South (NFS) for future production.

In 2023, ConocoPhillips purchased another 50% stake in the Surmont Canadian facility from TotalEnergies for $3 billion.

The all-time high ConocoPhillips stock closing price was 133.52 on April 05, 2024.