July 16, 2010US Companiesby EconomyWatch


ConocoPhillips, a multi-national company headquartered in United States, offers varied kinds of energy products and services to its clients. This public company was ranked #22 by Forbes Global 2000 in 2008.
Remarkably high sales figures and profit margins enabled ConocoPhillips to be recognized as a major player in oil and gas industry. This company owns assets and conducts operations in countries like Algeria, Argentina, Canada, China, Iraq, Saudi Arabia, Sweden, United Kingdom, United States, and Vietnam.

Brief history
ConocoPhillips was founded on August 30, 2002 as a result of a merger between Conoco Inc. and Phillips Petroleum Company. Conoco Inc. was established in 1875 and Phillips Petroleum Company began its foray in 1917.

Products and services
ConocoPhillips' business offerings encompass consumers, vendor relations, real estate, export control, interest owners, and other businesses. Major products of this public company include oil, natural gas, petroleum, lubricant, and petrochemical.

Popular branded products of ConocoPhillips include LiquidPowerTM Flow Improvers and CpremeTM Graphite Powder. Consumers in United States are serviced through domestic brands like Phillips 66®, Conoco® and 76®. In Europe, ConocoPhillips offers its products and services to consumers through branded Jet® outlets.

In 2007, ConocoPhillips registered a sales figure of about $233.086 billion. Profits stood at nearly $19.137 billion. In 2007, this company earned a net income of around $11.9 billion. ConocoPhillips owns assets worth about $184.607 billion. ConocoPhillips provides employment to nearly 32,600 employees.

Awards and recognition
In 2007, James J. Mulva, CEO and Chairman of ConocoPhillips was presented with Norwegian Offshore Northern Sea Honorary Award for his participation in development of oil and gas industry in Norway.

ConocoPhillips was first US oil company to join US Climate Action Partnership. Some studies, like that conducted by University of Massachusetts, have indicated ConocoPhillips to be a major corporate producer of air pollution in US.

But this public company has shown a keen interest in improving its environmental record. ConocoPhillips intends to spend about $150 million on research and development work related to discovery of new energy sources and technologies.

Current financial crisis
In 2006, ConocoPhillips had signed an agreement with Saudi Arabian company Aramco, to execute a joint venture to construct a 400,000 barrel-a-day refinery in Yanbu, Saudi Arabia. Bidding process for this project was scheduled to begin in December, 2008. But due to global financial crisis and prevailing uncertainty in contracting markets, ConocoPhillips and Aramco have rescheduled bidding process to second quarter of 2009.

Global financial crisis has adversely affected oil companies worldwide. Financial crisis has been largely responsible for decrease in demand for energy related products and services. In 2009, average oil prices are predicted to hover around 60-65 per barrel.

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