ConocoPhillips is the fifth largest private sector energy company in the world and one of the six “supermajor” oil companies. It is ranked 22nd on the Forbes global 2000 list and is one of Forbes’ Fortune 500 Companies. The company employs over 29,000 people worldwide in nearly 40 countries. ConocoPhillips is headquartered in Houston, Texas.
Conoco was founded in 1875 as the Continental Oil and Transportation Company. It was based out of Utah and was a coal, oil, kerosene, grease, and candle distributor in the west. The name has been reported in several different iterations of Continental Oil in records. Eventually it became known as Conoco after its founder.
The Phillips Petroleum Company began in 1905 in the eastern United States. It was acquired by Conoco in 2002 to become the third largest energy company in the United States and the fifth largest publicly traded energy company in the world.
Resources and Industry Segments
As of 2010 the company had reserves of 8.3 billion barrels of oil and produced an average of 1.79 million barrels of oil per day. ConocoPhillips is involved in upstream, downstream, and marine segments of the oil industry. The company also produces lubricants, including Kendal Motor Oil. It is the fourth largest finished lubricants supplier in the United States.
In 2010 ConocoPhillips had a revenue total of 198 billion USD. Its operating income for the same time was 19.75 billion USD and its net income was $11 billion. In 2010 it claimed total assets of 156 billion USD. The company has been actively restructuring, selling off a number of its assets to return cash to investors.
In 2007 ConocoPhillips became the first U.S. Oil Company to join the U.S. Climate Action Partnership. The partnership advised then U.S. president George W Bush that emissions caps would be needed to reduce the flow of carbon dioxide into the atmosphere. At the same time, ConocoPhillips announced that it would spend $150,000,000 on the research and development of new energy sources and technologies. According to the Political Economy and Research Institute, ConocoPhillips ranks 13th among U.S. corporate producers of air pollution.