ConocoPhillips’ U.S. drilling dataset records 479 wells through November 2, 2026, led by the Permian Basin with 220 and Eagle Ford with 165, followed by the Bakken/Williston Basin with 59 and Alaska North Slope with 35. The top 10 contractor-and-rig combinations account for 223 wells, while management’s Q3 commentary emphasizes completion efficiencies and lower capital spending to support continued production growth in 2027.

Ryan Lance’s outlook for an oil price floor near $70 per barrel could strengthen returns on ConocoPhillips’ low-cost inventory, supporting resilient drilling and selective completions growth in 2027 while operators balance investment with shareholder returns and debt reduction. For OFS companies, potential opportunities include drilling efficiency, pressure pumping, completion materials and Maintenance Plus services, with approved budgets and activity schedules determining when stronger economics translate into demand.

ConocoPhillips has started production from its approximately $800 million Coyote 3SX development in Alaska’s Kuparuk River Unit, with gross peak output expected to reach 12,000 barrels per day. OilGasLeads data shows 81 Alaska wells spud in 2026, including 25 associated with ConocoPhillips, highlighting continued upstream activity across the state.

ConocoPhillips has agreed to acquire a 42% interest in BP’s venture redeveloping the giant Kirkuk oil fields in northern Iraq, gaining exposure to more than 3 billion barrels of oil equivalent in recoverable resources. The investment highlights growing international interest in revitalizing mature producing assets and could create long-term opportunities for oilfield service and infrastructure companies.

ConocoPhillips is adding drilling activity in the Delaware Basin to eliminate frac gaps and keep completion crews fully utilized as completion efficiencies continue to outpace drilling improvements. The strategy highlights the industry’s shift toward integrated manufacturing-style development, where maintaining continuous frac operations is essential to maximizing capital efficiency.

ConocoPhillips is growing its Eagle Ford position through a combination of refracs and new drilling, with management noting that Eagle Ford refracs remain highly competitive with Delaware Basin development opportunities. The company has drilled 95 Eagle Ford wells year-to-date in 2026, led by activity in DeWitt, Karnes, and Live Oak counties, while continuing to execute approximately 50 to 60 refracs annually to maximize recovery from existing assets.

ConocoPhillips’ earnings call reinforces that the Permian—especially the Delaware Basin—acts as a short-cycle, flexible capital engine, allowing the company to quickly adjust activity while maintaining operational efficiency in volatile markets. Supporting this, YTD drilling data shows a strong concentration in the Delaware Basin (66 of 97 wells), led by Loving, Lea, and Eddy counties, with heavy utilization of Nabors rigs driving consistent development.

ConocoPhillips is a pure upstream oil producer, making it highly sensitive to rising crude prices driven by geopolitical tensions and supply disruptions like those in the Strait of Hormuz. This positioning gives it strong earnings upside in a high-price environment, but also increases risk if oil prices decline.

Speculation that ConocoPhillips may sell Delaware Basin assets points to portfolio high-grading rather than a strategic exit, as management repeatedly described the Delaware on its earnings call as core, long-life, and technically improving inventory. That view is reinforced by 2025 drilling data showing 144 wells drilled across just 11 rigs, heavily concentrated in Lea and Loving counties, reflecting a disciplined, manufacturing-style development program rather than retreat.