Through its Exploration and Production (E&P) segment, ConocoPhillips explores for and produces oil, natural gas and natural gas liquids (NGL) throughout the world. Our portfolio includes strong legacy producing assets in the Lower 48 U.S. states, Alaska, Canada, the United Kingdom and Norway; growth opportunities offered through major development projects in the Middle East, North Africa and the Asia Pacific region; and a global exploration program.
On March 31, 2006, ConocoPhillips completed its $33.9 billion acquisition of Burlington resources, one of the world’s largest independent oil and natural gas exploration and production companies. In early 2007, ConocoPhillips expanded its position in the Canadian oil sands business by creating an integrated heavy-oil business with EnCana Corporation of Canada. The business includes ventures engaged in heavy-oil production in Canada and heavy-oil processing in the United States.
As of December 31, 2007, ConocoPhillips held exploration activities in 23 counties and production in 16, with proved reserves in three additional countries. Fourth-quarter 2007 production was 2.3 million barrels of oil equivalent per day (includes LUKOIL and Syncrude).
Exploration and Production Facts
As of year-end 2006, includes equity affiliates other than LUKOIL.
| Total Reserves |
9.4 BBOE1 |
| Assets |
$111.4 billion |
| Employees |
11,982 |
| Five-Year Reserve Replacement Average |
$290%2 |
| Five-Year Pro Forma Reserve Replacement Average |
$181%3 |
| Total Worldwide Production |
1,936 MBOED4 |
| Crude Oil Production |
972 MBD |
| Natural Gas Production |
4,970 MMCFD |
| Natural Gas Liquids Production |
136 MBD |
1. Excludes 243 MMBOE of Syncrude and 1,805 MMBOE from LUKOIL. Includes 1.1 BBOE associated with Venezuela.
2. Includes sales, acquisitions and equity affiliates (including LUKOIL).
3. Assumes that Conoco and Phillips has been a single, merged company for the full five-year period. Includes sales, acquisitions and equity affiliates (including LUKOIL).
4. Excludes 21 MBOED of Syncrude and 401 MBOED from LUKOIL. Includes 101 MBOED associated with Venezuela.
