Company Overview

ConocoPhillips was formed in 2002 by the merger of constituent companies Conoco and Phillips Petroleum. The company boasts nearly 8 billion barrels in oil reserves. Its retail network consists of 14,300 outlets under the Conoco, 76, and Phillips 66 brands. The company sold its Circle K gas station chain in 2003.

Aside from its core petroleum and natural gas businesses, ConocoPhillips is known worldwide for its technological expertise in deepwater exploration and production, reservoir management and exploitation, 3D seismic, high-grade petroleum coke upgrading, and sulfur removal. In addition, the company develops emerging businesses in areas like renewable energy, advanced hydrocarbon processes, new petroleum-based products, and energy conversion techniques.  In recent years, ConocoPhillips has been undergoing many changes to their company.  In 2006, the company sold 376 of its European gas stations to LUKOIL, and in 2007 ConocoPhillips teamed up with Tyson Foods to make renewable diesel fuel from beef, pork, and poultry byproduct fats.  That year, under nationalization pressure from President Hugo Chavez, ConocoPhillips exited Venezuela. Finally, in 2008 ConocoPhillips acquired a 50-percent stake in TransCanada's Keystone Oil Pipeline.