---
title: "ConocoPhillips: Business Model"
description: "ConocoPhillips revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/conocophillips/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# ConocoPhillips: Business Model & Revenue Engine



## Direct Answer

ConocoPhillips reports revenue across 5 business segments in its fiscal 2025 Form 10-K. Lower Forty Eight is the largest, with $41.4 billion of revenue (70% of the total), followed by Europe Middle East and North Africa at $6.5 billion (11%). 79% of revenue came from the United States.

## How Does ConocoPhillips Make Money?

Lower Forty Eight supplies 70% of revenue, so ConocoPhillips's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Corporate grew fastest (+88.2%) and Asia Pacific Operating slowest (-4.2%), so the revenue mix tilts toward Corporate while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Lower Forty Eight | $41.4 billion | $37.0 billion | 70.2% | 11.8% |
| Europe Middle East and North Africa | $6.5 billion | $5.8 billion | 11.0% | 12.0% |
| Canada Operating | $5.6 billion | $3.5 billion | 9.5% | 59.4% |
| Asia Pacific Operating | $1.8 billion | $1.8 billion | 3.0% | -4.2% |
| Corporate | $32 million | $17 million | 0.1% | 88.2% |

![Bar chart of ConocoPhillips revenue by segment for fiscal 2025: Lower Forty Eight 70.2%, Europe Middle East and North Africa 11.0%, Canada Operating 9.5%, Asia Pacific Operating 3.0%, Corporate 0.1%.](https://www.getswoopr.com/images/charts/conocophillips-business-model-segment-mix.webp)
*ConocoPhillips revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does ConocoPhillips's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $46.6 billion | $43.5 billion | 79.1% | 7.2% |
| Outside the United States | $12.3 billion | $11.3 billion | 20.9% | 9.5% |

## What the Segment Figures Do Not Show

The rows above add up to 94% of ConocoPhillips's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value ConocoPhillips reported in the segment note and revenue disclosures of its Form 10-K filed February 17, 2026 (accession 0001163165-26-000009), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are ConocoPhillips's business segments?

In its fiscal 2025 Form 10-K, ConocoPhillips reports revenue for Lower Forty Eight, Europe Middle East and North Africa, Canada Operating, Asia Pacific Operating and Corporate.

### Which part of ConocoPhillips brings in the most revenue?

Lower Forty Eight, with $41.4 billion of revenue in fiscal 2025, or 70% of the total.

### How much of ConocoPhillips's revenue comes from outside the United States?

21% in fiscal 2025, by the geographic breakdown ConocoPhillips reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: CONOCOPHILLIPS Form 10-K filed February 17, 2026](https://www.sec.gov/Archives/edgar/data/1163165/000116316526000009/cop-20251231.htm)
- [SEC EDGAR: CONOCOPHILLIPS annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1163165&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [ConocoPhillips company dossier](https://www.getswoopr.com/stocks/companies/conocophillips/)
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- [ConocoPhillips peer comparison](https://www.getswoopr.com/stocks/companies/conocophillips/competitors/)
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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



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