ConocoPhillips’ U.S. 500 wells drilled in the US in 2025 tells a clear story: the company is no longer optimizing for headline growth, but for durable free cash flow, operational flexibility, and long-cycle oil supply security.
By reclassifying Conoco’s 2025 wells drilled using a refined County → Play mapping, a deliberate portfolio balance emerges—one that closely mirrors management’s commentary on capital discipline in the Lower 48 and strategic reinvestment in Alaska.
ConocoPhillips – Refined Wells Drilled by Play (U.S. 2025)
| Play | Wells Drilled (2025) |
|---|---|
| Eagle Ford | 202 |
| Permian Basin (TX + NM) | 185 |
| Bakken | 71 |
| Alaska North Slope | 40 |
| Other / Unclassified | 15 |
| Total | 513 |
Classification based on county-level mapping across Texas, New Mexico, North Dakota, and Alaska.
Eagle Ford: The Quiet Cash Engine
With 202 wells drilled, the Eagle Ford is Conoco’s most active U.S. play by count in 2025. This isn’t about expansion—it’s about precision execution.
The Eagle Ford fits squarely into Conoco’s steady-state Lower 48 model: short-cycle wells, mature infrastructure, and repeatable economics. It delivers reliable oil-weighted production while absorbing less capital than growthier shale programs. The data confirms what management implies: the Eagle Ford is doing exactly what it’s supposed to do—generate cash, not headlines.
Permian Basin: Discipline Over Volume
The Permian Basin, with 185 wells drilled, remains Conoco’s most strategically flexible shale asset, particularly in the Delaware Basin. But the numbers show restraint.
Rather than pushing volume growth, Conoco is operating the Permian in a level-loaded mode, emphasizing drilling and completions efficiency over rig expansion. With two decades-plus of drilling inventory at current activity levels, the Permian gives Conoco optionality—capable of scaling up if macro conditions improve, but equally capable of throttling back without impairing long-term value.
This is a portfolio designed to respond to price signals, not chase them.
Bakken: Stable, Not Strategic
The 71 Bakken wells drilled in 2025 reinforce its role as a maintenance asset within the portfolio.
The Bakken contributes steady production and cash flow but is clearly not a growth priority. Capital is allocated surgically, and activity levels reflect a “keep it running efficiently” mindset rather than expansion. In portfolio terms, the Bakken provides balance—supporting base volumes while capital flows to higher-return or higher-impact opportunities elsewhere.
Alaska North Slope: Long-Cycle Conviction
The most strategically important signal in the data may be the 40 wells drilled on the Alaska North Slope.
While small in count relative to shale plays, Alaska carries outsized weight in Conoco’s long-term strategy. The Willow project anchors this position, representing a 100% oil, Brent-linked growth engine with infrastructure that enables future satellite developments. Management has been explicit: Alaska is expected to drive a step-change in free cash flow toward the end of the decade.
The drilling activity supports that narrative. These wells are not about short-term payback—they’re about building decades of high-margin oil supply in a world where long-cycle projects are increasingly scarce.
What the Portfolio Really Says
When viewed through the refined County → Play mapping, ConocoPhillips’ U.S. portfolio strategy becomes unmistakable:
- Lower 48 shale (Eagle Ford + Permian) → cash flow, efficiency, flexibility
- Bakken → steady-state production, low strategic emphasis
- Alaska → long-cycle oil growth, structural free cash flow upside
Conoco isn’t betting on one basin. It’s building a barbell portfolio—short-cycle shale assets funding shareholder returns today, while long-cycle Alaska projects secure cash flow growth for the next decade.
In a volatile macro environment, that balance may prove to be ConocoPhillips’ greatest competitive advantage.
