On Sept. 29, 2004, ConocoPhillips and LUKOIL formed a strategic alliance. Since that time, ConocoPhillips has invested over $7.5 billion to acquire its 20 percent ownership interest in LUKOIL and has recorded over $2 billion in equity earnings.

The alliance between ConocoPhillips and LUKOIL was a strategic step for both companies and was created with the strong support of both the Russian and U.S. governments. As a part of this alliance, the companies have launched an employee exchange program to share best practices. During the last two years, approximately 30 LUKOIL and 18 ConocoPhillips employees have taken part in this program.