ConocoPhillips operates in 15 countries with major production in the US, Norway, Australia, and others. It has significant reserves and is ranked in Fortune 500 and Forbes lists.
The earliest discovery of oil marked the beginning of the oil industry, leading to significant advancements in technology and shaping the modern world.
In 1875, the Continental Oil and Transportation Company, later known as Conoco, was founded in Ogden, Utah. It became independent in 1913 after being part of Standard Oil.
The initial production from the oil well named Anna Anderson #1 takes place.
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.
In 1927, Phillips Petroleum enters the refining and marketing businesses, opening its first gas station in Wichita, Kansas, under the Phillips 66 brand name.
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 1950, Continental Oil relocates its headquarters to Houston.
By 1972, Conoco had diversified its operations into coal, chemicals, plastics, fertilizers, and minerals, accumulating over $2.3 billion in assets.
The book 'Conoco: The First One Hundred Years' was published by Dell Publishing in 1975.
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.
Phillips experienced an exciting new find that brightened its future, as discussed in Barron's.
The book 'Phillips: The First 66 Years' was published by Phillips Petroleum Company in 1983.
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.
An article in Business Week on June 27, 1988, discussing a dispute over the Conoco Refinery in Ponca City.
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.
An article in Financial World highlighted Phillips Petroleum's connection to Route 66.
In 1993, Conoco began developing refining and marketing operations in Asia, starting with gas stations in Thailand under the Jet brand name, aiming for significant growth in the region.
An article in the Wall Street Journal on September 1, 1994, reporting on Conoco's oil exploration activities in the tundra.
An article in Business Week on March 27, 1995, questioning why Conoco did not anticipate signals from Washington regarding Iran.
Conoco's expansion into Asia was covered in the Far Eastern Economic Review.
Conoco underwent a changing of the guard in its leadership, as mentioned in the Houston Business Journal.
An article in Financial World on December 5, 1995, discussing the possibility of DuPont's new CEO spinning off Conoco.
An article in the Wall Street Journal on June 3, 1997, highlights the strategic decisions made by Conoco's Dunham to achieve significant objectives.
DuPont announces intentions to divest the Conoco oil unit, as reported in the Wall Street Journal on May 12, 1998.
There were speculations about Phillips being a potential candidate for a merger, as mentioned in the Tulsa World.
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.
An article in the Houston Chronicle discussed how Conoco underwent a transformation, likening it to a leopard changing its spots.
DuPont proposes a $11.65 billion share swap to offload the remaining stake in Conoco, according to the Wall Street Journal on July 12, 1999.
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 May 10, 2006, Richard Armitage, former deputy-secretary of the U.S. State Department, was elected to the board of directors of ConocoPhillips oil company.
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 January 2008, ConocoPhillips operated retail gas stations under the brands Conoco, Phillips 66, and (Union) 76 in the United States.
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 January 2013, ConocoPhillips announced the sale of its Rocky Mountain assets to Denbury Resources for $1.05 billion.
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 November 2016, ConocoPhillips announced the move of its headquarters to Energy Center Four by 2018.
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 May 2017, ConocoPhillips agreed to a $39 million settlement for groundwater contamination complaints in New Jersey, linked to the gasoline additive MTBE.
In June 2017, ConocoPhillips agreed to sell assets in the Barnett Shale for $305 million.
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.
In May 2019, ConocoPhillips settled a lawsuit with homeowners in northwestern Oklahoma City over soil and water pollution allegations, affecting plant growth.
In September 2019, ConocoPhillips sold its business in the United Kingdom for $2.675 billion.
On May 27, 2020, ConocoPhillips completed the sale of its Australia-West assets to Santos Limited for $1.39 billion.
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.
ConocoPhillips had a market capitalization of $150.968 billion in 2325.
ConocoPhillips is a multinational energy corporation engaged in oil and gas exploration, production, and marketing.