MEDIUMBuilt-inGeographic
29%
production outside the U.S.
“10-K Item 1A: 'Approximately 29 percent of our hydrocarbon production was derived from production outside the U.S. in 2025'”
COP · Concentration risk · 10-K extracted
ConocoPhillips (COP) concentration risks
Updated
The most significant concentration ConocoPhillips discloses is production outside the U.S. at 29%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: ConocoPhillips’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's only disclosed concentration is geographic: approximately 29 percent of hydrocarbon production was derived from production outside the U.S. in 2025 — a moderate share by disclosed size and structural in character. For a diversified international oil and gas producer, this level of international production is a deliberate feature of the portfolio rather than an idiosyncratic dependency on any individual country or counterparty. The structural dimension reflects the company's investment strategy of maintaining a geographically diversified upstream portfolio that spans multiple basins and jurisdictions. The moderate international share means that while no single overseas region dominates production, the aggregate non-U.S. footprint is large enough to carry meaningful exposure to foreign fiscal regimes, geopolitical risk, currency volatility, and country-specific regulatory frameworks. The precise split across individual countries or regions is not disclosed at this level, so the concentration is diffuse internationally rather than pinpointed. There are no disclosed customer, supplier, product, or counterparty concentrations filed alongside this geographic exposure. The overall profile is therefore relatively simple for a company of this scale: the primary disclosed concentration variable is the U.S. versus international production mix, and the financial implications run through realized price differentials, working interest terms in host-country contracts, and geopolitical risk premia on non-U.S. assets. On balance, the disclosed profile does not surface a concentration that would independently alter the investment verdict; the international share is moderate and well-understood.
For the engine’s reasoning on COP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas E&P
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| BSM | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| COP● | ConocoPhillips | 0 | 1 | 0 | 1 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.