Each state has unclaimed property laws that require money, property and other assets to be considered abandoned after a period of inactivity usually ranging from 1 to 5 years. During this abandonment period, ConocoPhillips must make a concerted effort to seek out and return unclaimed property to the rightful owners. Issuance of due diligence letters is a part of this effort.
ConocoPhillips is required by law to remit unclaimed property to the state of the last known address for the property owner. Examples of unclaimed property include uncashed checks to vendors, uncashed checks to royalty/land owners, and employee wages.