Shared success / ConocoPhillips and China mark 45 years of energy partnership. spiritnow | Decades of collaboration continue to drive growth and development across the country June 11, 2026 Reflecting a spirit of collaboration and shared energy development, ConocoPhillips China President Markel Hübinette accepted the prestigious 2025 Chinese Government Friendship Award in September for significant contributions to China's economic and social development. Presented at the Great Hall of the People in Beijing, the honor helps set the stage for ConocoPhillips' landmark 2026 milestone: commemorating 45 years of continuous partnership, innovation and progress in China. "Since our involvement in China began in the early 1980s, we have played a meaningful role in China's modern energy story, helping to unlock offshore potential and strengthen energy supply," Hübinette said. "From our collaboration in exploration and production with China National Offshore Oil Corporation (CNOOC), to liquefied natural gas (LNG), and through our ongoing support of local communities, we are proud to contribute to a more efficient and sustainable energy industry in China, while improving the lives of local people." How it started: ConocoPhillips' history in China. ConocoPhillips arrived in China in 1981, in the early era of Reform and Opening-up policies designed to increase foreign investment and trade. At that time, Phillips Petroleum Company (Phillips), a predecessor of ConocoPhillips, was invited to explore the Pearl River Mouth Basin offshore Guangdong province. There, the company discovered the Xijiang Oilfield, which marked one of the first offshore oil discoveries by a foreign operator and laid the groundwork for long-standing collaboration with Chinese partners that has been instrumental in shaping the country's offshore oil and gas industry. In 1999, Phillips and CNOOC reached a significant milestone with the discovery of the Penglai Oilfield in the Bohai Sea. Since then, the two companies have jointly built 18 offshore platforms and a 300,000-ton floating production, storage and offloading vessel. As the largest offshore oilfield in China, Penglai's success stands as testament to the operational excellence and industry-leading vision of this mutually beneficial partnership. Today, Penglai's cumulative crude oil production exceeds 550 million barrels - enough to power Beijing for roughly a year and a half - underscoring its vital role in supporting China's energy supply. ConocoPhillips has also played a pioneering role in broadening the Asia Pacific LNG market, delivering China's first U.S. LNG shipment from Alaska to Shanghai in 2011. Through global joint venture projects, ConocoPhillips and its partners, including Sinopec and CNOOC, supply nearly 10 million tons of LNG per year to China under long-term contracts and spot cargo, accounting for one-seventh of China's total annual LNG imports in 2024. Since China began importing LNG in 2006, ConocoPhillips has delivered cargo to all the country's major LNG-receiving terminals, underscoring the company's commitment to supporting China's sustainable energy goals. Leading with heart in communities. ConocoPhillips' partnership with China goes far beyond business. Over nearly three decades, ConocoPhillips China has contributed more than 12 million USD to address key challenges affecting people's lives across healthcare, education, environmental protection and disaster relief. "Our success as a company is deeply intertwined with the well-being of the communities we operate in," Hübinette said. In 2008, ConocoPhillips China partnered with TEDA International Cardiovascular Hospital in Tianjin to launch the "Heart for Heart" program. The program addresses congenital heart disease, a leading cause of death among newborn babies in China, by addressing structural disparities in medical resources between urban and rural areas through free mobile screening and heart surgeries. The partnership has provided life-saving surgeries for more than 774 children across 16 provinces and trained more than 2,000 medical personnel. ConocoPhillips China is also a key supporter of quality education and the cultivation of the next generation of industry leaders. In this spirit, ConocoPhillips China has worked with leading Chinese petroleum universities to support promising students as they pursue research studies ranging from oil and gas technology to low carbon development and emission reduction solutions. ConocoPhillips' future in China. As ConocoPhillips marks 45 years in China, its journey highlights the strength of long-standing local partnerships built on mutual benefit and support. "We are extremely proud to have been a significant actor in China's energy journey," Hübinette said. "Building on the success of Penglai, ConocoPhillips is committed to deepening collaboration with Chinese partners by exploring potential upstream exploration and production opportunities, expanding LNG supply as a cleaner transition fuel and advancing low-carbon energy solutions to support China's energy security and dual carbon goals. Working together, we can add value to ConocoPhillips' global portfolio while advancing China's energy supply and security and move forward on our shared pathway to lower emissions and global stability."

ConocoPhillips earnings slip as output falls. ConocoPhillips posted first-quarter 2026 earnings of $2.2 billion, down from $2.8 billion a year earlier, as weaker realized prices and lower volumes offset cost improvements. Adjusted earnings also declined to $2.3 billion. Production fell to 2.309 million barrels of oil equivalent per day (MMboe/d), driven in part by downtime linked to the ongoing Middle East conflict, including impacts on operations in Qatar. The company responded by excluding Qatar volumes from its second-quarter production guidance, projecting output of 2.185-2.215 MMboe/d, and trimming its full-year outlook accordingly. Despite the earnings decline, ConocoPhillips generated $5.4 billion in cash from operations and returned $2.0 billion to shareholders through dividends and buybacks during the quarter. Realized prices averaged $50.36 per boe, down 6% year-on-year, reflecting continued pressure in gas markets, particularly in the Permian Basin. In the Lower 48, production reached 1.453 MMboe/d, with strong contributions from the Delaware Basin and continued efficiency gains from longer lateral drilling. The company also advanced key strategic projects, including reaching 50% completion at its Willow development in Alaska and securing additional acreage in the National Petroleum Reserve-Alaska (NPR-A). ConocoPhillips maintained its 2026 capital expenditure guidance at $12-$12.5 billion but acknowledged uncertainty tied to both macroeconomic conditions and project timing in Qatar's North Field expansions. Management reiterated its commitment to returning 45% of cash from operations to shareholders, underscoring a continued focus on capital discipline even amid market volatility. The results highlight the growing operational and financial sensitivity of global oil majors to geopolitical disruptions, particularly in the Middle East. Qatar, a key LNG hub, has become an emerging risk factor amid broader regional instability, with knock-on effects for both upstream production and global gas markets. At the same time, ConocoPhillips' emphasis on shareholder returns and capital efficiency aligns with broader industry trends, as investors continue to prioritize cash flow resilience over production growth. The company's ongoing investments in U.S. shale and Alaska signal a strategic tilt toward politically stable, high-margin assets to offset international exposure risks. By Charles Kenendy for Oilprice.com More Top Reads From Oilprice.com