ConocoPhillips’ Lower 48 capital discipline is being driven by engineering, not activity cuts, with longer laterals emerging as a structural cost lever that lowers cost of supply by 25% moving from 1-mile to 2-mile wells and another 10–15% at 3–4 miles. By coring up acreage, standardizing execution, and concentrating activity on a small number of high-utilization rigs, COP is delivering more production for less capital while holding output steady and reducing Lower 48 capex year over year.

ConocoPhillips enters 2026, its strategy is no longer defined by how fast it can grow, but by how deliberately it can allocate capital in an increasingly volatile energy landscape. The company’s drilling data, portfolio actions, and project sequencing across the Lower 48 and Alaska all point to a clear shift: ConocoPhillips is optimizing for durable free cash flow, operational flexibility, and long-cycle supply security rather than headline production growth.

ConocoPhillips’ 2025 U.S. 500 wells dilled 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.

ConocoPhillips has been clear in recent earnings calls: flexibility, not volume growth, is now the defining feature of its Lower 48 strategy. By pairing management commentary with actual well-level data from North Dakota, a clear picture emerges of how ConocoPhillips is applying its “flexible inventory” philosophy in practice—and why the Bakken has shifted into a steady, cash-generating role rather than a growth engine.

The Bronco Unit project in Culberson County illustrates ConocoPhillips’ deliberate development cadence — one that synchronizes subsurface and surface planning.
From 22 total wells drilled since 2024, the 8 unperfed wells provide a clear operational breadcrumb trail leading to the Central Tank Battery air permit milestone in 2025.

ConocoPhillips (NYSE:COP) is moving forward with one of its largest workforce reductions in recent memory, announcing plans to cut 20%–25% of its global staff by year-end 2025. With approximately 13,000 employees worldwide, the move is expected to impact 2,600 to 3,250 positions, according to multiple reports.

ConocoPhillips (NYSE: COP) released its Q2 2025 results, highlighting strategic execution, strong cash generation, and accelerating drilling activity across its U.S. shale portfolio following the Marathon Oil acquisition.

ConocoPhillips, one of the top U.S. oil and gas producers, is in advanced talks to sell approximately 300,000 net acres in Oklahoma’s Anadarko Basin to privately held Stone Ridge Energy, according to Reuters. The assets produce around 39,000 boepd—roughly half of which is natural gas—and the deal is reportedly valued at $1.3 billion.

ConocoPhillips has brought its Zia Hills Central Facility 2 (CF2) online in the Delaware Basin.