ConocoPhillips generated around 56.1 billion U.S. dollars of operating revenue in 2023. The Texas-based oil and gas producer was one of the largest oil companies in the world until it spun-off its midstream and downstream business, creating Phillips 66.
Impact of oil crisis in 2016 and 2020
Since divesting of its refining and transportation businesses through the creation of Phillips 66, ConocoPhillips has become particularly vulnerable to volatile oil prices, as its operations are now focused exclusively on exploration and production. When oil prices collapsed following a global crude oversupply in the wake of unconventional (shale oil) production, ConocoPhillips’ operating revenue dropped by more than half from 2014 to 2016. Similarly in 2020, ConocoPhillips' revenue reduction is related to that year's fall in benchmark oil prices following the coronavirus pandemic and lower transportation fuel demand. That year, its operating revenue decreased by around 43 percent.
Alaska accounts for one fourth of ConocoPhillips' oil production
Much of ConocoPhillips' U.S. oil production is located in Alaska. In 2023, the company produced 173 million barrels per day in the northernmost U.S. state. By comparison, production in all Lower 48 U.S. states came to 569 million barrels.
Operating revenue of ConocoPhillips from 2010 to 2023
(in million U.S. dollars)
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Operating revenue in million U.S. dollars
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ConocoPhillips. (April 18, 2024). Operating revenue of ConocoPhillips from 2010 to 2023 (in million U.S. dollars) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/273588/revenue-of-us-energy-company-conocophillips/
ConocoPhillips. "Operating revenue of ConocoPhillips from 2010 to 2023 (in million U.S. dollars)." Chart. April 18, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/273588/revenue-of-us-energy-company-conocophillips/
ConocoPhillips. (2024). Operating revenue of ConocoPhillips from 2010 to 2023 (in million U.S. dollars). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/273588/revenue-of-us-energy-company-conocophillips/
ConocoPhillips. "Operating Revenue of Conocophillips from 2010 to 2023 (in Million U.S. Dollars)." Statista, Statista Inc., 18 Apr 2024, https://www.statista.com/statistics/273588/revenue-of-us-energy-company-conocophillips/
ConocoPhillips, Operating revenue of ConocoPhillips from 2010 to 2023 (in million U.S. dollars) Statista, https://www.statista.com/statistics/273588/revenue-of-us-energy-company-conocophillips/ (last visited August 25, 2024)
Operating revenue of ConocoPhillips from 2010 to 2023 (in million U.S. dollars) [Graph], ConocoPhillips, April 18, 2024. [Online]. Available: https://www.statista.com/statistics/273588/revenue-of-us-energy-company-conocophillips/