Rank: 7 (Previous rank: 10)
CEO: James J. Mulva
Address: 600 N. Dairy Ashford Rd.
Houston, Texas 77079
To describe his investment in ConocoPhillips last year, Warren Buffett used phrases like "terrible timing" and "major mistake." The No. 3 U.S. oil company lost $17 billion in 2008 -- this as oil reached its all-time high -- after a massive $35 billion write down in the fourth quarter. The chief cause? Its $34 billion acquisition of natural gas producer Burlington Resources in 2006.
Conoco announced the deal just one day before the price of natural gas reached an all-time high of $15.78 per million Btu. It now trades at a third that price. CEO Jim Mulva, who is cutting exploration costs this year as oil demand remains weak, says Conoco is working to "live within our means" until the economy recovers.
Industry: Petroleum Refining
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|Company||2008 Number of Employees|
|China National Petroleum||1,618,393|