ConocoPhillips's biggest risks in the FY2024 10-K
- ConocoPhillips faces dominant risks from commodity price volatility, reserve replacement challenges, and geopolitical uncertainties.
- Integration of the Marathon Oil acquisition and environmental compliance introduce significant additional operational complexities.
The risks most specific to ConocoPhillips
- Risks Related to Our Industry
Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices
Our revenues and operating results depend heavily on fluctuating market sales prices for crude oil, bitumen, LNG, natural gas, and NGLs.
- Risks Related to Our Industry
If we do not successfully develop resources, the scope of our business will decline, and our financial condition and results of operations may be adversely affected
Our business will decline if we fail to successfully replace our produced reserves through organic development or acquisitions.
- Risks Related to Our Industry
Our ability to successfully execute on our plans to reduce operational GHG emissions intensity is subject to a number of risks and uncertainties and such reductions may be costly and challenging to achieve
Reducing our Scope 1 and 2 greenhouse gas emissions intensity may be costly and challenging to achieve.
- Risks Related to Our Industry
Our ability to manage risk or influence outcomes in joint ventures may be constrained
We may lack majority control or the ability to influence outcomes in joint ventures where another partner is the operator.
- Legal and Regulatory Risks
Political and economic factors in international markets could have a material adverse effect on us
Approximately 32 percent of our hydrocarbon production and proved reserves were located outside the U.S. in 2024.
- Risks Related to Our Acquisition of Marathon Oil
Integrating Marathon Oil's business may be more difficult, costly or time-consuming than expected, and we may fail to achieve the expected benefits and synergies of the Marathon Oil acquisition, which may adversely affect our business results and negatively affect the value of our common stock
Integrating Marathon Oil's business may be difficult, costly, or time-consuming, and we may fail to achieve expected synergies.
- Risks Related to Our Acquisition of Marathon Oil
The market value of our common stock could decline if large amounts of our common stock are sold now that the Marathon Oil acquisition has been consummated
The market value of our common stock could decline if former Marathon Oil stockholders sell the shares we issued them.
- Risks Related to Our Acquisition of Marathon Oil
Our technologies, systems and networks are subject to cybersecurity threats
Our reliance on digital technologies exposes our business, suppliers, and joint venture partners to growing cybersecurity threats.
- Risks Related to Our Acquisition of Marathon Oil
Our increasing reliance on IT in our production, distribution and marketing systems may allow cybersecurity threats to disrupt our oil and gas operations, both domestically and abroad
A cybersecurity breach of our operational technology or SCADA systems could disrupt our domestic and international oil and gas operations.
All 20 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Industry
- 01Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices
- 02If we do not successfully develop resources, the scope of our business will decline, and our financial condition and results of operations may be adversely affected
- 03The exploration and production of oil and gas is a highly competitive industry
- 04Our ability to successfully execute on our plans to reduce operational GHG emissions intensity is subject to a number of risks and uncertainties and such reductions may be costly and challenging to achieve
- 05Estimates of crude oil, bitumen, natural gas and NGL reserves are imprecise and may be subject to revision, and any material change in the factors and assumptions underlying our estimates of crude oil, bitumen, natural gas and NGL reserves could impair the quantity and value of those reserves
- 06Our ability to manage risk or influence outcomes in joint ventures may be constrained
- 07Our operations are subject to hazards and risks that require significant and continuous oversight
Legal and Regulatory Risks
- 08We expect to continue to incur substantial capital expenditures and operating costs as a result of our compliance with existing and future environmental laws and regulations
- 09Broader investor and societal attention to and efforts to address global climate change may limit who can do business with us or our access to financial markets and could subject us to litigation
- 10Political and economic developments could damage our operations and materially reduce our profitability and cash flows
- 11Political and economic factors in international markets could have a material adverse effect on us
Risks Related to Our Acquisition of Marathon Oil
- 12Integrating Marathon Oil's business may be more difficult, costly or time-consuming than expected, and we may fail to achieve the expected benefits and synergies of the Marathon Oil acquisition, which may adversely affect our business results and negatively affect the value of our common stock
- 13An inability to realize the full extent of the anticipated benefits of the acquisition of Marathon Oil, as well as any delays encountered in the integration process, could have an adverse effect upon our revenues, level of expenses and operating results, which may adversely affect the value of our common stock
- 14The market value of our common stock could decline if large amounts of our common stock are sold now that the Marathon Oil acquisition has been consummated
- 15We may need additional capital in the future, and it may not be available on acceptable terms or at all
- 16Our business may be adversely affected by deterioration in the credit quality of, or defaults under our contracts with, third parties with whom we do business
- 17Our ability to execute our capital return program is subject to certain considerations
- 18There are substantial risks with any acquisitions or divestitures we have completed or that we may choose to undertake
- 19Our technologies, systems and networks are subject to cybersecurity threats
- 20Our increasing reliance on IT in our production, distribution and marketing systems may allow cybersecurity threats to disrupt our oil and gas operations, both domestically and abroad
Other ConocoPhillips 10-Ks
- FY2025 10-K risk factors18 risks1 new3 dropped5 reworded
Dropping Marathon Oil integration risks shows the deal has stabilized. Updating 2025 WTI oil price ranges from $80 to $55 reflects falling commodity values. Removing VROC commentary highlights shifts in capital return strategies.
Filed Feb 17, 2026
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.