World Library  
Flag as Inappropriate
Email this Article
 

ConocoPhillips

ConocoPhillips Co.
Public
Traded as NYSE: COP
S&P 500 Component
Industry Oil and gas
Predecessor Conoco Inc.
Phillips Petroleum Co.
Founded 1875 (August 30, 2002)[1]
Headquarters Houston Energy Corridor,
Houston, Texas
, U.S.
Area served
Worldwide
Key people
Ryan Lance
(Chairman & CEO)
Products Oil, natural gas, petroleum
Revenue Decrease US$ 62.004 billion (2012)[2]
Increase US$ 15.423 billion (2012)[2]
Decrease US$ 8.428 billion (2012)[2]
Total assets Decrease US$ 117.144 billion (2012)[2]
Total equity Decrease US$ 48.427 billion (2012)[2]
Number of employees
16,900 (Dec 2012)[2]
Website .comConocoPhillips
ConocoPhillips headquarters in the Energy Corridor area of Houston.

ConocoPhillips Co. is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is the world's largest independent pure-play exploration and production company and is a Fortune 500 company.[3][4] ConocoPhillips was created through the merger of American oil companies Conoco Inc. and Phillips Petroleum Co. on August 30, 2002.[5] In 2012, ConocoPhillips' spun off its downstream assets as a new, and separate company, Phillips 66.[6]

Contents

  • History 1
  • Operations 2
    • Exploration and production 2.1
  • Headquarters 3
  • Environmental record 4
  • See also 5
  • References 6
  • External links 7

History

Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Co. Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West. Marland Oil Co. (founded by exploration pioneer E. W. Marland) later acquired the assets (subject to liabilities) of Continental Oil Co., for a consideration of 2,317,266 shares of stock. On June 26, 1929, Marland Oil changed its name to Continental Oil Co. and moved its headquarters to Ponca City, Oklahoma. The acquisition gave Conoco the red bar-and-triangle logo previously used by Marland. Conoco used the logo between 1930 and 1970, when the current red capsule logo was adopted.

The Conoco headquarters were in Ponca City until 1949, when it moved to Houston, Texas. In 2002 Conoco Inc. and Phillips Petroleum Co., whose headquarters were in nearby Bartlesville, Oklahoma merged into ConocoPhillips

Numerous state corporation filings are identified "Continental Oil Co." and "Continental Oil Corp." and "Continental Oil Co. of Texas" as recorded with the Texas Secretary of State and Delaware Secretary of State. Merger of San Jacinto Petroleum Corp. and Continental Oil Corp. is recorded in 1964 with Delaware Secretary of State.

In 2005, ConocoPhillips began rebranding its (Union) 76 gas stations, which Phillips had acquired from Tosco Corp. before the merger with Conoco. The move prompted a petition campaign by fans hoping to save the historic 76 orange ball signage.[7]

In March 2006, ConocoPhillips bought Wilhelmshavener Raffineriegesellschaft mbH in Germany, and Burlington Resources in the United States.[8]

On May 10, 2006, Richard Armitage, former deputy-secretary of the U.S. State Department, was elected to the board of directors of the ConocoPhillips oil company.[9]

In 2007, the Chevron Corp. converted all of the Conoco gas stations in Mississippi to the Texaco brand.

In late 2009, the company announced asset sales to increase investor returns. Included are debt reduction and stock buy back. In March 2011 the program was enlarged up to $10 billion assets sales in the next two years.[10]

ConocoPhillips intends to implement a floating liquefied natural gas facility by 2016–2019, and has completed quantitative risk analysis of a design that will undergo pre-feed study in 2011.[11]

On July 14, 2011, ConocoPhillips announced its intent to separate the company's upstream and downstream businesses into two stand-alone, publicly traded corporations, with the intent of maximizing shareholder value.[12] On May 1, 2012, all midstream, downstream, marketing and chemical operations were separated into a new company named Phillips 66, headquartered in Houston.[13] As a result, ConocoPhillips continued its operations as an upstream (exploration and production) company.[14][15]

In April 2012, ConocoPhillips sold its Trainer Refinery to Monroe Energy LLC, a subsidiary of Delta Air Lines.[16]

In January 2013, Conoco announced that it would sell its Rocky Mountain assets to Denbury Resources for $1.05 billion.[2][17]

Operations

Exploration and production

ConocoPhillips focuses solely on exploring for, developing and producing oil and natural gas globally. The company manages its operations through six operating segments, which are defined by geographic region: Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International.

  • Kashagan Field in Kazakhstan

In 1998, ConocoPhillips acquired an interest in 10.5 blocks off the coast of Kazakhstan through the North Caspian Sea Production Sharing Agreement (NCSPSA). It currently owns 8.4% of the shares of the consortium exploiting Kashagan oil field. However the company seeks to reduce its non-core assets in order to use the cash for debt reduction, fund its capital program, and dividend payments. On October 3, 2012, the Kazakh Oil and Gas Minister told reporters that ConocoPhillips has informed Kazakhstan of their intention to sell their shares.[18] In November 26, in its biggest acquisition ever, ONGC Videsh agreed to buy ConocoPhillips’ 8.4% stake in the Kashagan oilfield for about US $5 billion. The stake buy is subject to approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their pre-emption rights.[19]

Headquarters

Aerial view of the ConocoPhillips headquarters

The headquarters of ConocoPhillips are located in the Governor of Oklahoma Frank Keating said that the move to Houston was "regrettable." The Journal Record stated that Archie Dunham, the CEO of Conoco Inc., "apparently highlighted the lack of direct international air travel from Oklahoma as a key drawback for the merged firm."[21] The ConocoPhillips headquarters, originally the headquarters of Conoco Inc., was formerly known as the Conoco Center.[22][23]

Environmental record

On April 11, 2007, it became the first U.S. oil company to join the carbon dioxide and other heat-trapping gases into the atmosphere. In 2007 ConocoPhillips announced it would spend $150 million that year on the research and development of new energy sources and technologies — a 50 percent increase in spending from 2006.[24] However, ConocoPhillips left the U.S. Climate Action Partnership in February, 2010.[25]

According to the Political Economy Research Institute, ConocoPhillips ranked 13th among U.S. corporate producers of air pollutions.[26]

In June 2011, ConocoPhillips China Inc., a wholly owned subsidiary of ConocoPhillips,[27] was responsible for a series of oil spills at the Penglai 19-3 oil field in Bohai Bay.[28]

ConocoPhillips is a signatory participant of the Voluntary Principles on Security and Human Rights.

See also

References

  1. ^
  2. ^ a b c d e f g
  3. ^ https://www.piersystem.com/go/doc/5451/1742415/
  4. ^
  5. ^
  6. ^ http://www.forbes.coms/christopherhelman/2012/04/30/as-conocophillips-spins-off-refining-assets-should-you-own-the-new-phillips-66/
  7. ^ Save the 76 Ball website
  8. ^
  9. ^
  10. ^ http://www.reuters.com/finance/stocks/keyDevelopments?symbol=COP.N Retrieved at March 28, 2011
  11. ^ http://www.kgu.or.kr/download.php?tb=bbs_017&fn=SESSION_10_(TECHNIAL)___Paul_Davies_ConocoPhillips.pdf&rn=SESSION_10_(TECHNIAL)___Paul_Davies_ConocoPhillips.pdf
  12. ^ ConocoPhillips Pursuing Plan to Separate into Two Stand-Alone, Publicly Traded Companies, ConocoPhillips, July 14, 2011
  13. ^
  14. ^ http://articles.marketwatch.com/2012-05-01/industries/31507505_1_conocophillips-nyse-regular-trading
  15. ^ http://finance.yahoo.com/news/phillips-66-debuts-advantaged-downstream-120000807.html
  16. ^
  17. ^
  18. ^
  19. ^
  20. ^ "Contact Us." ConocoPhillips. Retrieved on October 1, 2009.
  21. ^ "Governor says ConocoPhillips headquarters decision appears to be final." Journal Record. January 23, 2002. Retrieved on February 3, 2010.
  22. ^ "Write Conoco!." Conoco Inc. February 19, 1997. Retrieved on January 16, 2010.
  23. ^ "Conoco World Headquarters Address." Conoco Inc. November 1, 1996. Retrieved on January 17, 2010.
  24. ^
  25. ^
  26. ^ Political Economy Research Institute
  27. ^ http://www.conocophillips.com.cn/EN/about/background/Pages/index.aspx ConocoPhillips China, Company Background
  28. ^ http://www.physorg.com/news/2011-07-china-oil-long-term-impact.html

External links

  • ConocoPhillips website
  • ConocoPhillips SEC Filings
  • Conoco/Phillips/76 promotional website
  • World Internet News: "Big Oil Looking for a Government Handout", April 2006.
  • Subsea firm listing
  • "COP - ConocoPhillips: 2007 Integrated Oil & Gas Outlook Part I", March 2007
  • , February 11, 1900Los Angeles Sunday TimesContinental Oil Co. stock advertisement, with drawing,
  • Oklahoma Digital Maps: Digital Collections of Oklahoma and Indian Territory
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.