North American unconventionals lie at the heart of ConocoPhillips' strategy as it phases out deepwater exploration. This is part of an investment shift towards flexible unconventional development and exploration in shorter-cycle, more competitive basins. The company posted a strong organic performance in the key liquids-rich plays, with excellent returns. Further upside is expected in the Permian, where the pace of development has slowed due to infrastructure constraints and wide basis differentials. A higher-impact conventional exploration strategy 2008-2015 yielded large volumes but value was elusive as resource commercialisation proved difficult. The emergence of a new Alaskan play will improve returns from conventional exploration. In this report, we analyse ConocoPhillips' conventional and unconventional exploration strategy and performance results in 2008-2017. The report includes a detailed data download.