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. Further upside is likely from legacy Permian acreage. A higher impact conventional exploration strategy 2008 2015 yielded large volumes but value was elusive as resource commercialisation proved difficult. Here we analyse ConocoPhillips' conventional and unconventional exploration strategy and its exploration performance over the period 2007 2016 including investment well activity volume discovered discovery cost reserve replacement ratio value creation and rates of return. The report includes a detailed data download.