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Lockwood is a census-designated place (CDP) in Yellowstone County, Montana, United States. It is not an organized city or town. The population was 7,195 at the 2020 census. Lockwood is a suburb of Billings and is the second largest community in the Billings Metropolitan Statistical Area. Annexation of Lockwood to Billings has been studied; however, the June 2009 Billings City Council Annexation Plan states that the city has no plans to annex Lockwood in the foreseeable future.