The company’s large Lower 48 position of 10.8 million net acres, including unconventional holdings of approximately 2 million net acres, gives access to scalable inventory with low cost of supply and low GHG emissions intensity that can generate significant returns over many years of future development. The Lower 48 segment is organized into two business units covering the Permian and Gulf Coast & Rockies. Current major focus areas for the Lower 48 include the Delaware and Midland Basins in Permian, as well as the Eagle Ford and Bakken.

On Dec. 1, 2021, ConocoPhillips completed the acquisition of Shell Enterprises LLC’s prolific position in the Delaware Basin. These assets include ~225,000 net acres and producing properties located entirely in Texas, as well as over 600 miles of operated crude, natural gas and water pipelines and infrastructure. This transaction, along with the recent acquisition of Concho Resources Inc., represent two highly accretive and transformational deals that further strengthen the company’s position in the Permian Basin. During 2021, the company continued optimizing the portfolio through dispositions of its Wind River Basin assets in Wyoming, K2 assets in the Gulf of Mexico, and various other non-core positions in assets across the Lower 48.