ConocoPhillips Canada Resources

What ConocoPhillips Canada Resources does

ConocoPhillips Canada Resources Corp. is the wholly-owned Canadian subsidiary of ConocoPhillips (NYSE: COP), operating as a privately held Alberta corporation headquartered in Calgary that has been active in Canadian oil and gas for over 115 years. Its core operations consist of two operated assets: the Surmont oil sands development in northeastern Alberta (100% interest since the October 2023 buyout of the joint venture partner, applying Steam-Assisted Gravity Drainage to recover bitumen at depths of roughly 1,300 feet) and the liquids-rich Montney unconventional play in northeastern British Columbia (100% operated, with the second phase of the central processing facility coming online in Q3 2023). Canada-wide production stands at 177 MBOED against 0.5 BBOE of proved reserves and 2.3 million net acres, supported by $0.6 billion in annual capital spend.

The technical stack centers on SAGD (with active pilots in steam additives, non-condensable gas co-injection, vacuum-insulated tubing, and flow-distribution control) and horizontal multi-stage hydraulic fracturing in Montney. A proprietary Diluent Recovery Unit process yields the trademarked DRUbit heavy crude, shipped via long-term rail contracts with Canadian Pacific and Kansas City Southern to a new Port Arthur, Texas terminal for delivery to Phillips 66's Beaumont Terminal — a channel that bypasses pipeline constraints historically faced by Western Canadian producers.

ConocoPhillips Canada generates revenue by selling crude oil, bitumen (raw or DRUbit), natural gas, and natural gas liquids to refineries, petrochemical companies, industrial energy users, and energy trading firms under long-term commercial contracts and spot transactions, with pricing tied to global commodity benchmarks (WTI, WCS, Henry Hub) rather than disclosed contract terms. The company participates in the Oil Sands Pathways Alliance (which represents approximately 95% of Canada's oil sands output) and the Faster Forests reclamation coalition led by ConocoPhillips Canada, signaling material emissions-reduction and reclamation commitments alongside its production mandate.

Name

ConocoPhillips Canada Resources

Legal name

ConocoPhillips Canada Resources Corp.

Website

https://conocophillips.ca

Company type

Private

Founded year

2001

Operating status

Operating

Short description

ConocoPhillips Canada Resources Corp. is the wholly-owned Canadian subsidiary of ConocoPhillips, producing bitumen from the 100%-owned Surmont oil sands asset in Alberta via SAGD, liquids-rich natural gas from the Montney play in British Columbia, and shipping a proprietary DRUbit heavy crude by rail to U.S. Gulf Coast refineries.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (211120), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

Keywords

• Oil sands production
• Bitumen extraction
• Natural gas development
• Unconventional resources
• SAGD technology

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Others

Revenue model

1. Crude Oil and Bitumen Sales: Production and sale of bitumen extracted from oil sands using SAGD technology at the Surmont facility. Bitumen is sold as raw product or processed into DRUbit for transport to refineries.
2. Natural Gas and Liquids Sales: Production and sale of natural gas and natural gas liquids from the Montney unconventional play in northeastern British Columbia. Montney is a liquids-rich development.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

ConocoPhillips Canada Resources Corp. is the Canadian division of ConocoPhillips, focused on exploration and production of crude oil, bitumen, and natural gas. Core operations include the 100% owned Surmont oil sands development in northeastern Alberta using Steam-Assisted Gravity Drainage (SAGD) and the liquids-rich Montney unconventional play in northeastern British Columbia. The company also produces DRUbit, a proprietary heavy crude product created via Diluent Recovery Unit (DRU) technology for safe rail transportation to U.S. Gulf Coast refineries.

Product overview

ConocoPhillips Canada is an oil and gas exploration and production company with a portfolio of operated assets. The company's operations consist primarily of three business segments: (1) the Surmont oil sands development in Alberta using SAGD technology, (2) the liquids-rich Montney unconventional play in British Columbia, and (3) exploration and business development activities across Canadian Arctic and Atlantic regions. The company also operates various innovation technologies including SAGD, Non-Condensable Gas Co-Injection, Hydraulic Fracturing, Vacuum-Insulated Tubing, Flow Distribution Control, and Steam Additives. Key products include DRUbit (proprietary heavy crude for rail transport), Surmont Oil Sands (100% operated), and Montney Unconventional Development. The company holds approximately 2.3 MM net acreage and produces 177 MBOED.

Differentiator

Problem solved

Functional benefit

Brands

• DRUbit: A proprietary heavy Canadian crude oil created through Diluent Recovery Unit technology, designed for rail transportation with improved safety and environmental benefits.

Products and services

• Surmont Oil Sands Major Steam-Assisted Gravity Drainage (SAGD) oil sands development in the Athabasca region of northeastern Alberta, approximately 35 miles south of Fort McMurray. ConocoPhillips holds 100% interest after completing purchase of remaining 50% interest in October 2023. Produces bitumen sold to refineries, with total gross capacity of 150,000 bbl/d across phases 1 and 2.
• Montney Unconventional Development Liquids-rich unconventional natural gas and natural gas liquids resource play in northeastern British Columbia. In 2023, completed construction on the second phase of the processing facility (CPF 2) which started up in Q3 2023. Reached 25 MBOED production in 2021.
• DRUbit Proprietary heavy Canadian crude oil created by separating diluent from raw bitumen through patented Diluent Recovery Unit (DRU) technology. Designed for safe rail transportation with reduced environmental risk compared to traditional diluent-blended bitumen. Sold to Phillips 66 at the Beaumont Terminal and other U.S. Gulf Coast refineries.
• Safety Leadership Canada Training Training program focusing on core safety leadership behaviors expected of ConocoPhillips Canada field personnel and on-site leaders. Available to employees and contractors at Montney and Surmont locations.
• Undeveloped Oil Sands Leases (Thornbury, Crow Lake, McMillan Lake, Saleski) Oil sands lease assets in the Athabasca region containing substantial bitumen resources awaiting future development. Part of the company's exploration and business development portfolio.

Quantifiable outcome

• Steam-oil ratio (SOR) reduced through steam additives technology
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• US Development Group (USD) and Gibson EnergycoreStrategic or Co-development Partner · 3 December 2019Joint venture to construct and operate a Diluent Recovery Unit (DRU) near Hardisty, Alberta. USD provides patented DRU technology; Gibson provides infrastructure expertise. ConocoPhillips contracted for 50,000 bbl/d processing capacity. DRUbit product is shipped by rail to U.S. Gulf Coast.
• Canadian Pacific (CP) and Kansas City Southern Railway (KCS)coreChannel Partner/ Reseller/ DistributorRail transportation partners for DRUbit product from Hardisty Rail Terminal to new Port Arthur, Texas terminal. CP and KCS provide transcontinental rail connectivity for Canadian crude oil access to U.S. Gulf Coast markets.
• Fort St. John Hospital FoundationOthersLong-standing partnership since 2013 supporting Fort St. John Hospital and Peace Villa Residential Care Facility through financial contributions and employee volunteer hours.
• STARS Air AmbulanceminorOthersSupporter since 1989 with over $3 million in funding. Provides emergency helicopter services for northeastern Alberta communities.
• Pathways AlliancecoreStrategic or Co-development PartnerOil Sands Pathways Alliance includes ConocoPhillips Canada, Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy, and Suncor. Represents approximately 95% of Canada's oil sands production. Goal: reduce GHG emissions intensity from oil sands operations.
• Northern Alberta Institute of Technology (NAIT)minorStrategic or Co-development PartnerPartnership on Boreal Forest Reclamation Research Project to develop cost-effective reclamation methods exceeding Alberta's reclamation standards for oil sands operations.
• Wilder Institute / Calgary ZoominorOthersSponsor of Whooping Crane Recovery Program. Conservation breeding and reintroduction program helping increase whooping crane population from 21 birds in 1940s to approximately 660 in 2021.
• Dreams Take FlightminorOthersNational non-profit charity providing children with special needs a free trip to Los Angeles. ConocoPhillips Canada supporter since 2009 with financial support, gifts-in-kind, and employee volunteer hours.
• Canada's Oil Sands Innovation Alliance (COSIA) - Faster Forests ProgramcoreStrategic or Co-development PartnerLed by ConocoPhillips Canada with partners including Canadian Natural, Cenovus, CNOOC International North America, Husky Energy, MEG Energy, and Suncor. Accelerated recovery of oil sands exploration sites to self-sustaining boreal ecosystems. Planted 5+ million trees/shrubs on ~2,250 hectares since inception.
• Alberta Energy RegulatorminorOthersRegulatory partnership for hydraulic fracturing operations. ConocoPhillips complies with Directive 083 for offset frac notifications to at-risk operators.
• Emissions Reduction Alberta (ERA)minorOthersReceived $2.5MM in ERA funding for $10MM NCG co-injection pilot at Surmont. ERA is Alberta's climate change organization funding emissions reduction technology projects.

Scale indicators13 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Imperial Oil: Imperial Oil operates the Kearl oil sands mine and holds interests in Cold Lake in-situ operations, making it a direct competitor in Canadian oil sands. It is also a Pathways Alliance member and shares ConocoPhillips's integrated major-oil heritage (ExxonMobil affiliation).
• Suncor Energy: Suncor is one of Canada's largest integrated energy companies, with significant oil sands mining operations (Fort Hills, Firebag) and downstream refining assets. It is a direct competitor in the Canadian oil sands sector and fellow Pathways Alliance member with comparable scale and technology focus.
• Cenovus Energy: Cenovus is a major Canadian oil sands producer with operated interests in Christina Lake, Foster Creek, Sunrise, and Tucker thermal projects. It is a direct competitor in the in-situ oil sands space and fellow Pathways Alliance member with overlapping decarbonization initiatives.
• Ovintiv: Ovintiv is a major North American E&P company with significant Montney acreage in British Columbia and Alberta, directly competing with ConocoPhillips Canada in the Montney play and sharing a similar multi-basin unconventional development model.
• ARC Resources: ARC Resources is a major Montney and Duvernay shale producer in northeastern British Columbia and Alberta, directly competing with ConocoPhillips Canada in the liquids-rich Montney unconventional play.
• Tourmaline Oil: Tourmaline Oil is Canada's largest natural gas producer and a major Montney operator in northeastern British Columbia, directly competing with ConocoPhillips Canada in the same Montney play with similar liquids-rich development focus.
• Canadian Natural Resources: Canadian Natural Resources is Canada's largest oil and natural gas producer with major oil sands operations (including Horizon Mining and in-situ projects) and a significant Montney presence. It is a direct competitor in both the oil sands and Montney basins, and is a fellow Pathways Alliance member.
• MEG Energy: MEG Energy operates the Christina Lake oil sands project using SAGD technology, making it one of the closest direct peers to ConocoPhillips Canada's Surmont operation. It is also a Pathways Alliance member and is focused on in-situ bitumen recovery with proprietary process improvements.

Broad incumbents

• ExxonMobil Canada: ExxonMobil operates the Hebron and Hibernia offshore fields and holds interests in Canadian oil sands through its Imperial Oil affiliate. It is a broad incumbent in the Canadian upstream sector with diversified asset exposure spanning offshore, oil sands, and LNG.
• Chevron Canada: Chevron is a global integrated major with historical Canadian operations including the Duvernay shale and offshore interests. As a broad incumbent, it competes in adjacent Canadian upstream plays and shares major-oil parentage with ConocoPhillips Canada.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/conocophillips
• YouTubeyoutube.com/channel/UCp5AyTHS1_N-KTMTYjicqlg
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/conocophillips
• Instagraminstagram.com/conocophillips

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ConocoPhillips Canada Resources