ConocoPhillips is one of the largest refiners globally and the third largest integrated company in the U.S. ConocoPhillips is known for its technological expertise in deepwater exploration and production, reservoir management, 3-D seismic technology, high-grade petroleum coke upgrading and sulfur removal. In addition, ConocoPhillips is involved in chemicals and plastic production and distribution.
The company is investing in several emerging businesses, including fuels technology, gas-to-liquids and power generation.
Jim Mulva, CEO, talks about the first-quarter results in an April 27, 2005, press release, "A favorable commodity-price environment contributed to strong earnings, cash flows and continued debt reduction this quarter. We remain focused on our disciplined approach to improving operations and financial flexibility.
"Although we expect second-quarter production to be lower than that of the first quarter due to scheduled maintenance and facility downtime, we still anticipate full-year daily production, including Canadian Syncrude, to be approximately 3% higher than the amount produced in 2004, excluding the impacts of LUKOIL Oil Co. We continue to progress plans for a joint venture with LUKOIL in Russia's Timan-Pechora province.
"Downstream, execution of our extensive 2005 clean-fuels initiative is progressing as planned. We expect the second quarter to be another period of significant turnaround activity; however, we anticipate our full-year crude oil capacity utilization rate to be in the upper 90% range."
Special Recognition
ConocoPhillips received Ford Motor Co.'s Gold World Excellence Award in May 2005 as a lubricant supplier.
IW 50 Best Manufacturing Company
