Canada

The ConocoPhillips Canadian operations consist primarily of Surmont in the Athabasca region of northeastern Alberta and the Montney unconventional development in British Columbia.

Surmont is a steam-assisted gravity drainage (SAGD) development that contains over two billion barrels of commercial resources. In 2023, first oil was achieved on Surmont’s first new pad in seven years (Pad 267).

At Montney, ConocoPhillips Canada Resources Corp. (CPCRC) has established a major position in a liquids-rich unconventional development play. During 2023, the company progressed its early development activities and completed construction on the second phase of its processing facility with startup in the third quarter of 2023.

In May 2023, ConocoPhillips exercised its preferential right at Surmont to acquire the remaining 50% working interest from TotalEnergies EP Canada Ltd. The transaction closed in October 2023.