ConocoPhillips(NYSE) COP

ConocoPhillips NYSE:COP finds and pumps oil and gas. It creates energy that powers cars and heats homes. The company serves people and businesses around the world.

Where the Resources Come From

• Lower 48 Operations: Conventional and unconventional resources in the United States, including shale plays in the Delaware Basin, Eagle Ford, and Bakken.
• Global LNG: Liquefied natural gas developments in Qatar and Australia focused on converting gas for overseas transport.
• Canadian Oil Sands: Bitumen production from the Surmont and Montney developments involving heavy crude oil and shale resources.
• Alaska Exploration: Crude oil and natural gas activities in the Western North Slope including the Willow and Greater Kuparuk Area developments.
• International Assets: Conventional exploration and production projects across Europe, Africa, and Asia.

Recent Growth and New Deals

• Acquired a 42% interest in a northern Iraq joint venture in July 2026 to support the redevelopment of four large-scale oil fields.
• Signed an agreement with the Syrian government in June 2026 to increase production and further develop onshore gas fields.
• Achieved a $5 billion asset sale target in the third quarter of 2026 after selling noncore Lower 48 interests for $1.7 billion.
• Expanded the global liquefied natural gas strategy in the second quarter of 2026 by adding 2 million tonnes per annum of offtake capacity.

Why the Portfolio Stands Out

ConocoPhillips manages a diverse resource base that combines flexible, short-cycle shale plays in North America with long-life conventional projects worldwide. The company operates without price hedges to capture full value during periods of rising commodity prices while maintaining a disciplined cost structure.

Financial Performance Highlights

• Market capitalization was $140.2 billion and the price-to-earnings ratio was 18.5 for the first quarter of 2026.
• Total sales and other operating revenues hit $19.2 billion in the second quarter of 2026, up from $14.0 billion in the same period of 2025.
• Net income was $3.9 billion for the three-month period ended June 30, 2026, compared with $2.0 billion year over year.
• Cash provided by operating activities totaled $11.7 billion for the first six months of 2026.
• The company returned $3.0 billion to shareholders in the second quarter of 2026 through $2.0 billion in share repurchases and $1.0 billion in dividends.

Evolution into an Energy Leader

ConocoPhillips has transitioned into a producer focused on low-cost supply and high capital returns. This strategy allows for resilience during price cycles while maintaining growth in global energy markets through both conventional and unconventional developments.