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ConocoPhillips' operating revenue 2010-2020

ConocoPhillips generated around 18.8 billion U.S. dollars of operating revenue in 2020. 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 close to 50% of ConocoPhillips' oil production

Much of ConocoPhillips' U.S. oil production is located in Alaska. In 2020, the company produced 181 million barrels per day in the northernmost U.S. state. By comparison, production in all Lower 48 U.S. states came to 213 million barrels. However, with ConcoPhillips' acquisition of Concho it is set to increase its stake in the Permian basin and other parts of the U.S.

Operating revenue of ConocoPhillips from 2010 to 2020

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Source

Release date

March 2021

Region

Worldwide

Survey time period

2010 to 2020

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