The order asks Verizon to hand over the numbers of both parties involved in phone conversations, as well as location data and call duration. It does not, however, ask the phone carrier to turn over the contents of phone conversations.
From The Guardian:
The order, a copy of which has been obtained by the Guardian, requires Verizon on an "ongoing, daily basis" to give the NSA information on all telephone calls in its systems, both within the US and between the US and other countries.
The document shows for the first time that under the Obama administration the communication records of millions of U.S. citizens are being collected indiscriminately and in bulk — regardless of whether they are suspected of any wrongdoing.
The secret Foreign Intelligence Surveillance Court (Fisa) granted the order to the FBI on April 25, giving the government unlimited authority to obtain the data for a specified three-month period ending on July 19. [Guardian]
You can view the full court order here.