Myself, I had some hearing issues as a young child with significant impairment until I was around six after getting my tonsils taken out, adenoids as well, and tubes put in place in my ear canal.
Between this, and my autistic traits, there are 3 things I do now in conversations. I do keep eye contact when needed, though normally especially if talking myself I prefer to look away( I doodle alot in meetings), and when I do look people in the eyes I tend to have such an intense stare or gaze that it makes people uncomfortable. Residually and what I tend to revert to most, especially when in chaotic environments where it can be noisy and overstimulating, is staring at the lips. As I said, part of this comes from having the hearing impairment as a kid, I've done it on an off since then, and its usually why people feel like I give them "eye contact" even when I'm not looking them in the eye, so it has also become a means of me coping with that.
As far as lip reading in the strict sense of being able to tell you what a person is saying without anything other than lip movement, I'm about 25-50% of the time can get it correct perfectly, but usually at the very least can get the gist of the conversation. But when it comes to a conversation where I'm forced to either look the person in the eye, or can't see their face, I do have issues sometimes taking in what they are trying to say.