ConocoPhillips is the world’s largest independent exploration and production company. The company explores, develops, and produces crude oil and natural gas throughout the world. However, the company recently decided to reduce its deepwater exploration spending with cuts to the company’s Gulf of Mexico operations. The company will continue to develop the existing discoveries, while at the same time reducing the exploratory prospects due to the current downturn in the oil and gas prices.
History and Current Operations
The first ConocoPhillips entity was formed in 1875 as the Continental Oil and Transportation Co. The company led the construction of the first pipeline in California, focusing their operations on benzene and kerosene. Standard Oil acquired the company in the late nineteenth century, as the product output shifts to gasoline, although the company maintained the name Continental Oil. The company begins delivering fuel in the early twentieth century after its first oil well discovery, and slowly began to shift its operations to the production and refining of crude oil.
The Supreme Court required Standard Oil to relinquish control of Continental Oil in 1913, around the time Phillips Petroleum Company was founded. Phillips was the first company to develop and market propane for home heating and cooking purposes. After merging with Marland Oil, Continental Oil became Continental Oil Company (Conoco), and owned approximately 3,000 wells across 30 states. Both Conoco and Phillips continued to expand their operations on a global scale throughout the twentieth century, eventually merging in 2002.
The company has operations in 27 countries, producing 1,540 barrels of oil equivalent per day. The company has deepwater operations in the Gulf of Mexico, Canada, the west coast of Africa, and off the coast of Australia. The company is focused on its deepwater efforts and uses both experience and technological advancements in developing further sites in offshore waters. The company frequently collaborates with other operators, service and equipment providers, and technology partners to further develop oil and gas reservoirs in deepwater locations. In 2012alone, the company added more than half a million net acres in deepwater Gulf of Mexico.
The Malley Law Firm | Houston Maritime Lawyer
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