How Does ConocoPhillips Make its Money?
ConocoPhillips is the world’s largest independent exploration and production (E&P) company, focused exclusively on upstream oil and gas operations. Unlike integrated majors like Exxon or Chevron, ConocoPhillips does not operate refineries or gas stations — it focuses purely on finding, producing, and selling crude oil, natural gas, and natural gas liquids. The company significantly expanded its portfolio through its 2024 acquisition of Marathon Oil, adding premier assets in the Eagle Ford, Bakken, and Permian Basin. ConocoPhillips operates in 13 countries and is known for its low cost of supply and disciplined capital allocation.
ConocoPhillips (COP) Business Model
ConocoPhillips operates in the oil & gas sector. Below is a summary of ConocoPhillips’ revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from ConocoPhillips’ 2024 fiscal year filings with the SEC.
ConocoPhillips Competitors
ConocoPhillips’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil and Chevron. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how ConocoPhillips stacks up by comparing their revenue breakdown, margins, and growth metrics.
ConocoPhillips Competitors
ConocoPhillips’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil and Chevron. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how ConocoPhillips stacks up by comparing their revenue breakdown, margins, and growth metrics.
ConocoPhillips Competitors
ConocoPhillips’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil and Chevron. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how ConocoPhillips stacks up by comparing their revenue breakdown, margins, and growth metrics.
ConocoPhillips Competitors
ConocoPhillips’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil and Chevron. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how ConocoPhillips stacks up by comparing their revenue breakdown, margins, and growth metrics.
ConocoPhillips Competitors
ConocoPhillips’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil and Chevron. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how ConocoPhillips stacks up by comparing their revenue breakdown, margins, and growth metrics.
ConocoPhillips Competitors
ConocoPhillips’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil and Chevron. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how ConocoPhillips stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Crude Oil | $36,400 | $33,500 | +8.7% |
| Natural Gas | $4,900 | $4,200 | +16.7% |
| Natural Gas Liquids (NGLs) | $5,100 | $4,600 | +10.9% |
| Other (Bitumen, Trading, etc.) | $10,600 | $8,700 | +21.8% |
| Total Revenue | $57,000 | $51,000 | +11.8% |
Crude Oil — 64% of Revenue
Natural Gas — 9% of Revenue
Natural Gas Liquids (NGLs) — 9% of Revenue
Other (Bitumen, Trading, etc.) — 19% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $57,000 | $51,000 |
| Cost of Revenue | $26,500 | $24,000 |
| Gross Profit | $30,500 | $27,000 |
| Operating Expenses | $14,500 | $12,800 |
| Operating Income | $16,000 | $14,200 |
| Net Income | $10,200 | $10,900 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 53.5%
- Operating Margin: 28.1%
- Revenue Growth: 11.8%
Is ConocoPhillips Profitable?
Yes, ConocoPhillips is profitable. The company reported net income of $10,200 on total revenue of $57,000. With an operating margin of 28.1%, ConocoPhillips demonstrates solid profitability for the oil & gas sector. The gross margin of 53.5% reflects ConocoPhillips’ pricing power and cost structure.
What to Watch
- Integration of Marathon Oil assets and production synergy targets
- Permian Basin and Lower 48 production growth trajectory
- LNG exposure growth through Port Arthur and other projects
- Shareholder return framework: dividend growth and $20B+ buyback program
ConocoPhillips (COP) Financial Summary
ConocoPhillips (COP) is an oil & gas company that generated $57,000 in total revenue in fiscal year 2024. Revenue grew 11.8% year-over-year. The company earned $10,200 in net income, making it profitable. For a deeper look at ConocoPhillips’ revenue breakdown, business segments, and financial performance, review the detailed analysis above.