ConocoPhillips(COP) - 2025 Q4 - Annual Report

Production and Reserves - Total company production for 2025 was 2,375 MBOED, with the Lower 48 segment contributing 67% of consolidated liquids production and 74% of consolidated natural gas production[14][37]. - Net proved reserves at December 31, 2025, totaled 7,637 million barrels of oil equivalent, a decrease from 7,812 million in 2024[20]. - The Alaska segment contributed 12% of consolidated liquids production and 1% of consolidated natural gas production, with an average daily net production of 199 MBOED[24][25]. - The Delaware Basin in the Lower 48 had an average daily net production of 661 MBOED, with 321 MBD of crude oil and 1,011 MMCFD of natural gas[38]. - Average daily net production in the Lower 48 for 2025 was 1,484 MBOED, with crude oil production at 749 MBD and natural gas production at 2,119 MMCFD[38]. - Total consolidated operations for crude oil reserves were 3,321 million barrels at the end of 2025, down from 3,406 million in 2024[20]. - Canadian operations contributed 9% of consolidated liquids production and 5% of consolidated natural gas production in 2025, with total average daily net production of 177 MBOED[47][48]. - The Asia Pacific segment contributed 4% of consolidated liquids production and 2% of consolidated natural gas production in 2025[76]. Projects and Developments - The Willow Project is expected to achieve first oil in early 2029, with near 50% project completion anticipated by winter 2025[26]. - In 2025, the Greater Kuparuk Area achieved first oil from the Nuna project in Q4 2024, with ongoing drilling activity planned through 2027[28]. - The Surmont oil sands project in Alberta achieved first production from Pad 104W-A in Q4 2025, with a focus on cost reduction and optimizing asset performance[49]. - The Montney play in British Columbia saw 31 wells drilled and 23 brought online in 2025, with approximately 297,000 net acres held[51]. - The Eagle Ford segment, with approximately 489,000 net acres, saw 251 operated wells drilled and 264 brought online in 2025[40]. - The company holds approximately 416,000 net acres in the Midland Basin, focusing on full-field development, resulting in 86 operated wells drilled and 94 brought online in 2025[42]. - Phase 4B project includes up to 144 new wells, with 95 completed and online by December 2025[83]. - Phase 5 project includes up to 91 new wells, with 25 completed and online by December 2025[83]. - Gumusut Phase 4 achieved first production in early 2025, targeting Brunei acreage[85]. - Malikai Phase 2 development achieved first oil in February 2021, operating on a tension leg platform[88]. - Siakap North-Petai (SNP) Phase 2 achieved first oil in November 2021, tied back to a FPSO operated by PTTEP[89]. Operational Highlights - ConocoPhillips operated ten rigs and three frac crews in the Delaware Basin, resulting in 176 operated wells drilled in 2025[39]. - The company holds approximately 782,000 net acres in the Delaware Basin, focusing on resource-rich unconventional plays[39]. - The company has a 30% working interest in the Kebabangan Cluster, which has been operational since 2019[86]. - The company has a 35% working interest in Malikai, with first oil achieved in February 2021[88]. - The company has a 30% interest in QatarEnergy LNG N(3), contributing 12 MBD of crude oil and 373 MMCFD of natural gas in 2025[62]. - The company has a 64.2% interest in the Alba Unit in Equatorial Guinea, producing 8 MBD of crude oil and 149 MMCFD of natural gas in 2025[68]. - The company operates two fully subscribed 4.5 MTPA LNG trains in Australia, with long-term sales agreements for LNG with Sinopec and Kansai Electric Power Co., Inc.[78]. - The company has contractual commitments to deliver approximately 9 MTPA of LNG and 175 million barrels of crude oil through 2042[103]. Strategic Focus and Future Outlook - Approximately 84% of proved reserves are located in OECD countries, highlighting the company's strategic asset allocation[19]. - ConocoPhillips is evaluating lower carbon opportunities for future investments while maintaining traditional capital allocation processes[102]. - The company maintains memberships in various Oil Spill Response Organizations (OSROs) for effective disaster management[99]. - At year-end 2025, ConocoPhillips had approximately 9,900 employees, with 62% based in the U.S.[108]. - The company has a total regasification capacity in Europe of approximately 6.7 MTPA[97]. - The company operates an 800-mile pipeline as part of the Trans-Alaska Pipeline System, with a 29.5% ownership interest[32].