ConocoPhillips(NYSE) COP

ConocoPhillips 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.