ConocoPhillips Lower 48 Business Unit

The Lower 48 represents the largest ConocoPhillips business segment today based on production. The company has high-quality positions in the United States unconventionals, which are low cost of supply and low GHG intensity assets with significant upside potential.

The company’s large Lower 48 position of 10.8 million net acres, including unconventional holdings of approximately 2 million net acres, gives access to scalable inventory with low cost of supply and low GHG emissions intensity that can generate significant returns over many years of future development. The Lower 48 segment is organized into two business units covering the Permian and Gulf Coast & Rockies. Current major focus areas for the Lower 48 include the Delaware and Midland Basins in Permian, as well as the Eagle Ford and Bakken.

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ConocoPhillips Drilling Report 2022

ConocoPhillips Texas Air Permits New Last 12 Months

On Dec. 1, 2021, ConocoPhillips completed the acquisition of Shell Enterprises LLC’s prolific position in the Delaware Basin. These assets include ~225,000 net acres and producing properties located entirely in Texas, as well as over 600 miles of operated crude, natural gas and water pipelines and infrastructure. This transaction, along with the recent acquisition of Concho Resources Inc., represent two highly accretive and transformational deals that further strengthen the company’s position in the Permian Basin. During 2021, the company continued optimizing the portfolio through dispositions of its Wind River Basin assets in Wyoming, K2 assets in the Gulf of Mexico, and various other non-core positions in assets across the Lower 48.

ConocoPhillips Map

Permian Business Unit
The Permian saw significant growth in 2021 with the acquisition of Concho Resources Inc. in January 2021 and the addition of Shell’s Permian acreage in December 2021 At year-end, the company held approximately 1.5 million net acres in the Permian Basin. Net production for the Permian in 2021 was 442 MBOED.

Delaware Basin
Spanning West Texas through Southeast New Mexico, ConocoPhillips holds approximately 709,000 total net acres in the Delaware Basin, which includes approximately 654,000 unconventional net acres.

Midland Basin
ConocoPhillips holds approximately 376,000 total net acres in the Midland, Basin, which includes approximately 266,000 unconventional net acres located in the heart of West Texas.

Eagle Ford

In 2021 ConocoPhillips held approximately 200,000 net leasehold and mineral acres, primarily in DeWitt, Karnes and Live Oak counties.


ConocoPhillips position in the Bakken development area is comprised of approximately 560,000 net acres, which include 382,000 net mineral acres and 178,000 net leasehold acres.

ConocoPhillips News

ConocoPhillips Makes More Profit in Alaska Than Anywhere Else

First quarter of 2023, Alaska was the most profitable geographical area in the world for ConocoPhillips on a per barrel ...
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ConocoPhillips Spells Out New LNG Balancing Act

ConocoPhillips plans to spend nearly $4 billion to more than double its global LNG footprint ...
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ConocoPhillips Lower 48 Business Unit

The Lower 48 represents the largest ConocoPhillips business segment today based on production. The company has high-quality positions in the ...
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US approves oil drilling project in Alaska

Conocophillips approved for a contentious oil-and-gas drilling project in the northwestern state of Alaska ...
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Conocophillips 2023 Outlook

Conocophillips 2023 total capital expenditure guidance is $10.7 to $11.3 billion, which includes $9.1 to $9.3 billion for base capital ...
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Conocophillips Permian Update

Conocophillips currently holds approximately 1 million net acres in the Permian basin, including 75,000 in the resource-rich Delaware Basin and ...
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ConocoPhillips provides $1 million for Hogan Park, Midland TX

The Permian Basin Quality of Place Conservancy announced Tuesday that the first of 14 renovated youth baseball/softball turf fields at ...
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Building a Technology Toolkit for Methane Emissions Detection

Quickly detecting and repairing methane leaks is crucial as we work to reduce our greenhouse gas (GHG) emissions and continuously ...
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ConocoPhillips Winners of Supplier Recognition Award Program

ConocoPhillips continued to work collaboratively with our suppliers to navigate and overcome many supply chain challenges last year,” said Bill ...
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ConocoPhillips is field testing 3D printed water-valve parts in Canada

In British Columbia, ConocoPhillips is field testing 3D printed water-valve parts at its Montney water hub ...
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