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ConocoPhillips is one of the world's largest independent exploration and production companies, engaged in exploring for, developing, producing, and marketing crude oil, bitumen, natural gas, and natural gas liquids globally. The company operates assets across North America, Europe, Asia, Australia, and other regions with particular strength in U.S. unconventional plays, Alaska, Canada, Norway, Australia, and Asia-Pacific. ConocoPhillips focuses exclusively on upstream exploration and production following spin-offs of its refining and midstream businesses. Founded in 1917 through various predecessor companies and headquartered in Houston, Texas, ConocoPhillips has built a diversified, high-quality global asset portfolio. The company benefits from low-cost production, strong balance sheet, operational excellence, and disciplined capital allocation. ConocoPhillips has embraced returns-focused strategy emphasizing free cash flow generation and shareholder returns through dividends and buybacks rather than production growth at all costs. The company faces commodity price volatility, operational risks, geopolitical exposures, and energy transition pressures. ConocoPhillips continues to invest in core development programs, maintain capital discipline, and return substantial cash to shareholders while managing environmental and transition risks.