Company posts revenue and production performance
ConocoPhillips achieved total production of 1,567 thousand of barrels of oil equivalent per day (MBOED) in 2021, up 39.0% from 1,127 MBOED in 2020 on account of new wells coming online, improved well performance and higher volumes attributable to recent acquisitions. Alaska was responsible for producing 197 MBOED, or 12.6% of total production in 2021, while the lower 48 states accounted for 780 MBOED, or 49.8% of the company’s production for the year. In terms of revenue composition, Alaska was responsible for generating $5.5 billion, or 11.4% of sales, while the lower 48 states generated $29.3 billion, or 60.7% of revenue for the year.
COVID|Structural|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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