U.S. energy companies: ConocoPhillips' operating revenue 2010-2019

In 20189, the Texas-based multinational energy corporation generated around 32.6 billion U.S. dollars of operating revenue. ConocoPhillips was one of the largest oil companies in the world until the formation of an independent spin-off company in 2012, Phillips 66, which took over the downstream segment.

The oil glut hits

Since divesting of its transportation and pipeline 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.

Reduction of natural gas output

In the aftermath of this major revenue loss, ConocoPhillips cut its production of natural gas in Alaska by more than half in 2017. Natural gas production in the Lower 48 U.S. states also decreased by more than fifty percent over two years, from 2016 to 2018. The company reports that increased earnings in 2017 were offset in part by the reduced revenue from its natural gas sector after selling assets in the San Juan Basin of the Southwestern United States.

ConocoPhillips' operating revenue from 2010 to 2019

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Source

Release date

March 2020

Region

Worldwide

Survey time period

2010 to 2019

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