COP · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

ConocoPhillips

37 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

China Petrochemical Corporation (Sinopec)

earns from · 20-year sales agreement for 7.6 MTPA of LNG

The LNG is being sold to Sinopec under a 20-year sales agreement for 7.6 MTPA of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately one MTPA of LNG.Business (Item 1)

Kansai Electric Power Co., Inc.

earns from · approximately one MTPA of LNG

Partners and platforms

Shell plc

depends on · 29.5%

Gumusut 29.5% Shell 14 — — 14Business (Item 1)

Also named by ET, PBF

Trans-Alaska Pipeline System (TAPS)

depends on · 29.5 percent ownership interest

We have a 29.5 percent ownership interest in TAPS, and also have ownership interests in, and operate the Alpine, Kuparuk and Oliktok pipelines on the North Slope.Business (Item 1)

Hilcorp

depends on · 36.5%

Greater Prudhoe Area 36.5% Hilcorp 63 15 40 85Business (Item 1)

QatarEnergy

depends on · ConocoPhillips (30 percent)

QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent).Business (Item 1)

CNOOC

depends on · 49.0%

Penglai 49.0% CNOOC 34 — — 34Business (Item 1)

Equinor

depends on

Heidrun 24.0 Equinor 9 — 35 15Business (Item 1)

Origin Energy Limited

depends on

Origin operates APLNG’s upstream production and pipeline system, and we operate the downstream LNG facility, located on Curtis Island near Gladstone, Queensland, as well as the LNG export sales business.Business (Item 1)

Other companies

North Field East and North Field South LNG projects (Qatar)

25 percent interest

We have a 25 percent interest in both QatarEnergy LNG NFE (4) (NFE4) and QatarEnergy LNG NFS (3) (NFS3) joint ventures, which are participating in the North Field East (NFE) and North Field South (NFS) LNG projects, respectively.Business (Item 1)

Equatorial Guinea LNG Holdings Limited (EG LNG)

56 percent interest

We own a 56 percent interest in EG LNG, our joint venture with SONAGAS (37.9 percent) and Marubeni Gas Development UK Limited (6.1 percent), which operates a 3.7 MTPA LNG production facility.Business (Item 1)

Alba Plant LLC

52.2 percent interest

We own a 52.2 percent interest in the Alba Plant LLC, our joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20 percent), which operates an onshore liquified petroleum gas (LPG) processing plant.Business (Item 1)

Australia Pacific LNG (APLNG)

47.5%

Australia Pacific LNG Pty Ltd. (APLNG), our joint venture with Origin Energy Limited (Origin) and China Petrochemical Corporation (Sinopec), is focused on producing CBM from the Bowen and Surat basins in Queensland, Australia, to supply the domestic gas market and convert the CBM into LNG for export.Business (Item 1)

Port Arthur LNG

30 percent direct equity holding

We also have a 30 percent direct equity holding in Port Arthur Liquefaction Holdings, LLC (PALNG) for Phase 1 of the Port Arthur LNG project, which is scheduled to start up in 2027.Business (Item 1)

Willow Project

named as a risk

In addition, certain interest groups have also proposed ballot initiatives, contested lease sales and challenged project permits, for example, to restrict oil and natural gas development generally as well as specific projects, including the Willow project in Alaska.Risk factors (Item 1A)

Climate change litigation

named as a risk

Beginning in 2017 and continuing through 2025, cities, counties, governments and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts.Risk factors (Item 1A)

Places

International operations (outside U.S.)

operates in · Approximately 29 percent of our hydrocarbon productionnamed as a risk

Approximately 29 percent of our hydrocarbon production was derived from production outside the U.S. in 2025, and 31 percent of our proved reserves, as of December 31, 2025, were located outside the U.S.Risk factors (Item 1A)

Also named by APG, AXP, CARR, COST, DD, ECL, EQIX, FIS and 14 more

Canada

operates in · nine percent of our consolidated liquids production

In 2025, operations in Canada contributed nine percent of our consolidated liquids production and five percent of our consolidated natural gas production.Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Delaware Basin

operates in · approximately 782,000 net acres

We hold approximately 782,000 net acres in the Delaware Basin, spanning west Texas through southeast New Mexico.Business (Item 1)

Also named by DVN, EOG, FANG, LB, PAA, PAGP, VNOM, WES

Williston Basin (Bakken)

operates in · approximately 799,000 net acres

We hold approximately 799,000 net acres in the Williston Basin, located in North Dakota and eastern Montana.Business (Item 1)

Also named by ARLP, CHRD, DVN, OKE, TRGP

Alaska

operates in · 12 percent of our consolidated liquids production

Alaska operations contributed 12 percent of our consolidated liquids production and one percent of our consolidated natural gas production.Business (Item 1)

Also named by ALK, APA, CDE, GLIBK, HL

Midland Basin

operates in · approximately 416,000 net acres

We hold approximately 416,000 net acres in the Midland Basin, located in west Texas.Business (Item 1)

Also named by FANG, TPL, VNOM

Eagle Ford

operates in · approximately 489,000 net acres

We hold approximately 489,000 net acres in the Eagle Ford, located in south Texas.Business (Item 1)

Also named by DVN

Lower 48 (United States)

concentrated in · 67 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production

Based on 2025 production volumes, the Lower 48 is our largest segment and contributed 67 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.Business (Item 1)

Surmont oil sands (Alberta)

operates in · approximately 684,000 net acres

At December 31, 2025, we held approximately 684,000 net acres of land in the Athabasca Region of northeastern Alberta.Business (Item 1)

Waha Concession (Libya)

operates in · 20.4%

In January 2026, we signed an agreement with the Libyan Ministry of Oil and Gas and the National Oil Corporation of Libya to extend the Waha Concession up to December 31, 2050, with new fiscal terms, subject to normal regulatory approvals.Business (Item 1)

Venezuela

named as a risk

Actions by host governments, such as the expropriation of our oil assets by the Venezuelan government, have affected operations significantly in the past and may continue to do so in the future.Risk factors (Item 1A)

Also named by BKR, CL, CRC, CVX, EME, FLS, JNJ, PBF and 3 more

Norway

operates in

The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K.Business (Item 1)

Also named by WOR

Hazards

Middle East and Eastern Europe conflict

named as a risk

We are subject to risks associated with our operations in foreign jurisdictions and international markets, including changes in foreign governmental policies relating to crude oil, bitumen, LNG, natural gas or NGLs pricing and taxation; other regulatory or economic developments (including the macro effects of U.S. and international trade policies and disputes); disruptive geopolitical conditions such as recent conflict escalation in the Middle East and Eastern Europe; and international monetary and currency rate fluctuations.Risk factors (Item 1A)

Commodities and inputs

Crude oil

exposed to its price · WTI crude oil prices ranged from a high of $80 per barrel in January to a low of $55 per barrel in Decembernamed as a risk

Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

LNG

exposed to its price · approximately 9 MTPA of LNG

Worldwide, we are contractually committed to deliver approximately 9 MTPA of LNG, 820 billion cubic feet of natural gas and 175 million barrels of crude oil in the future.Business (Item 1)

Diluent

depends onnamed as a risk

The facilities, equipment and diluents we rely on may be temporarily unavailable to us due to market conditions, extreme weather events, permitting delays and other regulatory matters, mechanical reasons or other factors or conditions, many of which are beyond our control.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA) methane rule

subject tonamed as a risk

Furthermore, in December 2023, the EPA published a final rule that revises the regulations governing, among other things, the emission of methane and volatile organic compounds from new oil and gas production facilities and emission guidelines for states to use when revising Clean Air Act implementation plans to limit methane emissions from existing oil and gas facilities.Risk factors (Item 1A)

Also named by FANG

Laws and programs

Hydraulic fracturing regulation

subject tonamed as a risk

New or more stringent permitting, disclosure or other regulatory requirements on hydraulic fracturing or other oil and natural gas operations, including subsurface water disposal, could result in increased costs, operating restrictions or operational delays or could limit the ability to develop oil and natural gas resources.Risk factors (Item 1A)

Also named by AESI, AGX, AM, CVX, DTM, EPD, EXE, HESM and 7 more

New York and Vermont climate superfund laws

subject tonamed as a risk

For example, in 2024, New York and Vermont passed legislation seeking to hold certain energy companies financially responsible for state climate change mitigation and adaptation measures, following the "polluter pays" model of existing Superfund laws.Risk factors (Item 1A)

Also named by MPC

U.S. LNG export authorization pause

subject tonamed as a risk

This pause and other difficulties in the regulatory approval processes may have an extended adverse impact on our global LNG business.Risk factors (Item 1A)

Technology

Optimized Cascade LNG liquefaction technology

earns from · licensed for use in 28 LNG trains

Our Optimized Cascade® LNG liquefaction technology has been licensed for use in 28 LNG trains around the world, with FEED studies ongoing for additional trains.Business (Item 1)