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Profile: ConocoPhillips (COP.N)

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ConocoPhillips, incorporated on November 16, 2001, is an independent exploration and production (E&P) company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through six segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International. As of December 31, 2016, its operations were in the United States, Norway, the United Kingdom, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia, Qatar and Libya. Its portfolio includes North American unconventional assets and oil sands assets in Canada; conventional assets in North America, Europe, Asia and Australia; LNG developments, and an inventory of conventional and unconventional exploration prospects. The Company's subsidiaries include ConocoPhillips Company, ConocoPhillips Canada Funding Company I and Burlington Resources, Inc.

Alaska

The Alaska segment explores for, produces, transports and markets crude oil, natural gas liquids, natural gas and LNG. It is the crude oil producer in Alaska and has an ownership interest in two of North America's oil fields located on Alaska's North Slope: Prudhoe Bay and Kuparuk. It also has interest in the Alpine Field, located on the Western North Slope. The Prudhoe Area includes the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay is the oil field on Alaska's North Slope, is the site of a waterflood and oil recovery operation, as well as a gas plant, which processes natural gas to recover natural gas liquids before reinjection into the reservoir. Its satellites are Aurora, Borealis, Polaris, Midnight Sun and Orion, while the Point McIntyre, Niakuk, Raven, Lisburne and North Prudhoe Bay State fields are part of the Greater Point McIntyre Area.

The Company operates the Greater Kuparuk Area, which consists of the Kuparuk Field and four satellite fields: Tarn, Tabasco, Meltwater and West Sak. Kuparuk is located 40 miles west of Prudhoe Bay. As of December 31, 2016, field installations included three central production facilities, which separate oil, natural gas and water, as well as a separate seawater treatment plant. Development drilling at Kuparuk consists of rotary-drilled wells and horizontal multi-laterals from existing well bores utilizing coiled-tubing drilling. The Drill Site 2S is located in the southwestern area of the Kuparuk Field. On the Western North Slope, the Company operates the Colville River Unit, which includes the Alpine Field and three satellite fields: Nanuq, Fiord and Qannik. Alpine is located 34 miles west of Kuparuk.

The Company operates the Kenai LNG Facility in the Cook Inlet Area. As of December 31, 2016, the Kenai LNG Facility included a 1.6 million-tons-per-year capacity plant, as well as docking and loading facilities for LNG tankers. It also has interest in the Point Thomson Unit, which is located approximately 60 miles east of Prudhoe Bay. The Company also holds interest in Trans-Alaska Pipeline System (TAPS), and also has ownership interests in the Alpine, Kuparuk and Oliktok pipelines on the North Slope. The Company transports the petroleum liquids produced on the North Slope to south-central Alaska through a pipeline that is part of TAPS. Its subsidiary, Polar Tankers, Inc., manages the marine transportation of its North Slope production, using five of its double-hulled tankers, and charters third-party vessels. The tankers primarily deliver oil from Valdez, Alaska, to refineries on the west coast of the United States.

Lower 48

The Lower 48 segment consists of operations located in the United States Lower 48 states and the Gulf of Mexico. The Lower 48 business is organized within three regions covering the Gulf Coast, Mid-Continent and Rockies. As of December 31, 2016, its unconventional holdings totaled approximately 2.6 million net acres in the areas, including 900,000 net acres in the San Juan Basin, located in northwestern New Mexico and southwestern Colorado; 620,000 net acres in the Bakken, located in North Dakota and eastern Montana; 213,000 net acres in the Eagle Ford, located in South Texas; 104,000 net acres in the Niobrara, located in northeastern Colorado; 123,500 net acres in the Permian, located in West Texas and southeastern New Mexico; 68,000 net acres in the Barnett, located in north central Texas, and 591,000 net acres in other unconventional exploration plays.

The Company's portfolio of producing properties in the Gulf of Mexico consisted of one operated field and three fields operated by co-venturers, including Magnolia Field, unitized Ursa Field, Princess Field and unitized K2 Field. As of December 31, 2016, the Company held approximately 73,000 net acres in the deepwater Gulf of Mexico. As of December 31, 2016, the Company operated and owned interest in the San Juan Gas Plant, which is a 550 million cubic-feet-per-day capacity natural gas processing plant in Bloomfield, New Mexico; Lost Cabin Gas Plant, which is a 312 million cubic-feet-per-day capacity natural gas processing facility in Lysite, Wyoming; Helena Condensate Processing Facility, which is a 90,000 barrel-per-day condensate processing plant located in Kenedy, Texas; Sugarloaf Condensate Processing Facility, which is a 30,000 barrel-per-day condensate processing plant located near Pawnee, Texas, and Bordovsky Condensate Processing Facility, which is a 15,000 barrel-per-day condensate processing plant located in Kenedy, Texas.

Canada

The Company's Canadian operations consists of natural gas fields in western Canada and oil sands developments in the Athabasca Region of northeastern Alberta. Its operations in western Canada extend across Alberta and British Columbia. As of December 31, 2016, it operated or had interests in approximately 30 natural gas processing plants in the region and held leasehold rights in 3.1 million net acres in western Canada. As of December 31, 2016, it had leasehold rights in 1.3 million net acres in the Deep Basin, located in northwest Alberta and northeast British Columbia; 0.7 million net acres in the Kaybob-Edson Area, located south of the Deep Basin in west central Alberta, and 0.8 million net acres in the Clearwater area, located in west central Alberta, south of Kaybob-Edson.

The Company's bitumen resources in Canada are produced through a thermal oil recovery method called steam-assisted gravity drainage (SAGD), whereby steam is injected into the reservoir, liquefying the heavy bitumen, which is recovered and pumped to the surface for further processing. It held approximately 0.9 million net acres of land in the Athabasca Region of northeastern Alberta as of December 31, 2016. It holds exploration acreage in four areas of Canada: onshore western Canada, offshore eastern Canada, the Mackenzie Delta/Beaufort Sea Region and the Arctic Islands. Its primary exploration focus is on unconventional plays in western Canada.

Europe and North Africa

The Europe and North Africa segment consists of operations and exploration activities in Norway, the United Kingdom and Libya. The Greater Ekofisk Area is located approximately 200 miles offshore Stavanger, Norway, in the North Sea, and consists of three producing fields: Ekofisk, Eldfisk and Embla. Crude oil is exported to Teesside, England and the natural gas is exported to Emden, Germany. The Alvheim development is located in the northern part of the North Sea and consists of a floating production, storage and offloading (FPSO) vessel and subsea installations. Produced crude oil is exported through shuttle tankers, and natural gas is transported to the Scottish Area Gas Evacuation (SAGE) terminal at St. Fergus, Scotland, through the SAGE pipeline.

The Heidrun Field is located in the Norwegian Sea. Produced crude oil is stored in a floating storage unit and exported through shuttle tankers. As of December 31, 2016, it had interests in five other producing fields in the Norway sector of the North Sea and in the Norwegian Sea, as well as the Aasta Hansteen development. It has interests in the East Irish Sea, including the Millom, Dalton and Calder fields. It also has interests in the Clair Field, located in the Atlantic Margin. Clair Ridge is the second phase of development for the Clair Field and consists of 36-slot drilling and production facility with a bridge-linked accommodation and utilities platform. It operates the Teesside oil and Theddlethorpe gas terminals.

Asia Pacific and Middle East

The Asia Pacific and Middle East segment has exploration and production operations in China, Indonesia, Malaysia and Australia; producing operations in Qatar and Timor-Leste, and exploration activities in Brunei. The Company operates and owns interest in the Darwin LNG Facility, which is located at Wickham Point, Darwin. The Bayu-Undan gas condensate field is located in the Timor Sea Joint Petroleum Development Area between Timor-Leste and Australia. The Bayu-Undan natural gas recycle facility processes wet gas; separates, stores and offloads condensate, propane and butane; and re-injects dry gas back into the reservoir. The Bayu-Undan phase three development consists of two standalone, subsea horizontal wells tied back to the existing drilling, production and processing platform.

The Athena production license (WA-17-L) is located offshore Western Australia and contains part of the Perseus Field, which straddles the boundary with WA-1-L, an adjoining license area. The Company has interests in the Greater Sunrise gas and condensate field located in the Timor Sea. As of December 31, 2016, it operated three exploration permits in the Browse Basin, offshore northwest Australia, in which it owned interest in permits WA-315-P, WA-398-P and TP 28, of the Greater Poseidon Area. As of December 31, 2016, it operated two retention leases in the Bonaparte Basin, offshore northern Australia, where it owned interest in leases NT/RL5 and NT/RL6. As of December 31, 2016, it operated three production sharing contracts (PSCs) in Indonesia, including The Corridor Block and South Jambi B, both located in South Sumatra, and Kualakurun in Central Kalimantan.

The Company owned interests in six PSCs in Malaysia as of December 31, 2016. Three are located off the eastern Malaysian state of Sabah: Block G, Block J and the Kebabangan Cluster (KBBC). Three other blocks: deepwater Block 3E, Block SK313 and Block WL4-00 are located off the eastern Malaysian state of Sarawak. It also has interest in the deepwater Block CA-2 PSC.

Other International

The Other International segment includes exploration activities in Colombia and Chile. The Company has interest in the Middle Magdalena Basin Block VMM-3. It had non-operated interests in the deep rights in the Santa Isabel Block in the Middle Magdalena Basin, which covered approximately 71,000 net acres as of December 31, 2016.

Company Address

ConocoPhillips

600 N Dairy Ashford Rd
HOUSTON   TX   77079-1100
P: +1281.2931000

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