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US independent oil and gas exploration and production company with a global upstream portfolio, no refining or retail.
US independent oil and gas exploration and production company with a global upstream portfolio, no refining or retail.
Sells the oil, gas and LNG it produces, with no refining or retail arm, so earnings track commodity prices. It built its position through the Concho purchase, Shell's Permian assets in 2021 and Marathon Oil in 2024.
Moat: narrow (scale, cost advantage). Low-cost, diversified multi-basin portfolio gives resilience across commodity cycles versus single-basin peers.
Headquarters: Houston, Texas, US · Founded: 2002 · Employees: 9,900
Size ConocoPhillips (COP) is a United States Energy company (Oil & Gas Production) with a market value of $164B, the 76th largest of 3,117 United States companies the cockpit tracks. Shares closed at $136.27 on 6 Nov 2026.
Performance Over six months the shares gained 20.6%, against -2.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 9.5% over the last twelve months (peer median +12.4%); the operating margin is 22.1% (peer median 24.6%).
Valuation It trades at 11.5× forward earnings against a peer median of 9.4× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (6.2% WACC).
Credit ConocoPhillips has 27 bonds outstanding ($19.1B), rated A- by the agencies and trading like A+ at a weighted spread of 71 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $63.1B | $58.7B | $54.6B | $56.1B | $78.6B |
| Revenue growth | — | +8% | -3% | -29% | — |
| Gross profit | $17.2B | $14.5B | $16.0B | $17.8B | $29.6B |
| EBITDA | $25.9B | $23.2B | $22.4B | $23.5B | $33.5B |
| Net income | $9.25B | $7.96B | $9.22B | $10.9B | $18.6B |
| Free cash flow | $10.1B | $7.24B | $8.01B | $8.72B | $18.2B |
| Capital expenditure | $11.9B | $12.6B | $12.1B | $11.2B | $10.2B |
| Total debt | $23.3B | $24.4B | $25.3B | $19.6B | $17.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
| Diamondback Energy FANG | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% |
| EOG Resources EOG | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% |
| Occidental Petroleum OXY | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | -2.8% | 7th highest of 21 |
| 6-month return | +20.6% | -2.8% | 2nd highest of 21 |
| Distance from 52-week high | -11.7% | -20.0% | 5th highest of 21 |
| Revenue growth (TTM) | +9.5% | +12.4% | 9th lowest of 21 |
| Operating margin | 22.1% | 24.6% | 10th lowest of 21 |
| Forward P/E | 11.5× | 9.4× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.2% | -1.7% | 4th least demanding of 16 |
| Growth delivered (Del g) | +25.6% | +17.9% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -31.8 pp | -19.1 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | +7.4 pp | +1.9 pp | 6th highest of 21 |
| EV / EBITDA | 6.9× | 6.1× | 10th most expensive of 20 |
| Net debt / EBITDA | 0.6× | 1.0× | 4th least indebted of 20 |
| Bond spread | 71 bp | 139 bp | tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ConocoPhillips COP | United States | $164B | +21% | +9% | 22% | 11.5× | -6.2% | +25.6% |
| Diamondback Energy FANG | United States | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% | +39.8% |
| Woodside Energy WDS.AX | Australia | $40.4B | 0% | -10% | 26% | 9.4× | n/a | n/a |
| Santos STO.AX | Australia | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% | +9.3% |
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
ConocoPhillips has 27 bonds outstanding with $19.1B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.66%, a spread of 71 bp over government bonds.