At a glance
ConocoPhillips is worth $176.40B, about 23 times its fiscal 2025 earnings. Revenue grew 7.7% to $58.94B in fiscal 2025, with 13.6% kept as profit; over 4 years it has grown 6.5% a year. It pays a 2.29% dividend yield, raised every year for at least 9 years, and returned $50.08B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +70.4% over the past year with dividends reinvested and +19.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.7% in the 2020 crash (S&P 500: 33.7%) and 33.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 3 months after the lows.
The business in plain English
ConocoPhillips is an independent exploration and production (E&P) company: it finds, produces and sells oil and gas. Based in Houston, Texas, it has operations in 14 countries. Its products are crude oil, natural gas, natural gas liquids (NGLs, such as propane), liquefied natural gas (LNG) and bitumen, a thick oil from Canada's oil sands. It no longer refines fuel; it spun off that business as Phillips 66 in April 2012.
Revenue rides on market prices it does not set. Its annual report (10-K) notes that West Texas Intermediate (WTI), the main US crude oil benchmark, ranged from $80 a barrel in January 2025 to $55 in December. Buyers include refiners: Alaska oil ships mostly to US West Coast refineries.
It reports five regional segments. The Lower 48 (the contiguous US states) is the largest, with 70% of the $58.9 billion in revenue for the year ended December 31, 2025, drawn mostly from unconventional (shale-style) fields in the Delaware Basin, Eagle Ford, Bakken and Midland Basin. Europe, Middle East and North Africa (mainly Norway, plus Qatar, Libya and Equatorial Guinea) brought in 11%. Alaska, where it is the largest crude oil producer, added 9.6%, and Canada, home to the Surmont oil sands, 9.5%. Asia Pacific covers Australia, Malaysia and China. In all, 79% of revenue came from the US.
Price history
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COP +70.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Lower 48 | $41.40B | 70.2% |
| Europe, Middle East and North Africa | $6.49B | 11% |
| Alaska | $5.64B | 9.6% |
| Canada | $5.60B | 9.5% |
| Corporate | $32.0M | 0.1% |
By geography
| U.S. | $46.61B | 79.1% |
| International | $12.33B | 20.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $19.16B, up 36.8% from a year earlier, and net income was $3.93B (+99.4%).
- For fiscal 2025, revenue was $58.94B (+7.7% year over year; +6.5% a year from FY2021 to FY2025) with a 13.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +6.5% good |
|---|---|
| Return on equity (FY2025) | 12.4% watch |
| Return on assets (FY2025) | 6.6% watch |
| Net cash (cash minus debt) | $-15.61B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $18.78B | $-2.70B | $87.0M |
| FY2021 | $45.83B | $8.08B | $11.67B |
| FY2022 | $78.49B | $18.68B | $18.16B |
| FY2023 | $56.14B | $10.96B | — |
| FY2024 | $54.74B | $9.24B | — |
| FY2025 | $58.94B | $7.99B | — |
Valuation snapshot
| Market value | $176.40B |
|---|---|
| P/E ratio | 23.1 |
| Dividend yield | 2.29% |
Rank among 1514 US companies
Market value at each year end
ConocoPhillips’s market value went from $62.12B at the end of 2016 to $176.40B on Nov 2, 2026, about 2.8 times as much; since the end of 2025 it is up 52%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $176.40B | +52.5% |
| 2025 | $115.68B | +1.3% |
| 2024 | $114.14B | -17.2% |
| 2023 | $137.82B | -6.3% |
| 2022 | $147.04B | +54.4% |
| 2021 | $95.20B | +121.9% |
| 2020 | $42.90B | -39.9% |
| 2019 | $71.36B | -0.6% |
| 2018 | $71.78B | +9.4% |
| 2017 | $65.62B | +5.6% |
| 2016 | $62.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COP price data to Nov 2, 2026 | +60.3% | +70.4% | +9.5% | +19.3% | +16.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +60.3% |
| 2025 | -2.3% |
| 2024 | -12.2% |
| 2023 | +2.0% |
| 2022 | +73.7% |
| 2021 | +86.7% |
| 2020 | -36.0% |
| 2019 | +6.7% |
| 2018 | +15.7% |
| 2017 | +12.0% |
| 2016 | +10.2% |
| 2015 | -29.0% |
| 2014 | +1.6% |
| 2013 | +28.5% |
| 2012 | +8.3% |
| 2011 | +10.9% |
| 2010 | +38.8% |
| 2009 | +2.9% |
| 2008 | -39.8% |
| 2007 | +25.4% |
| 2006 | +26.0% |
| 2005 | +35.6% |
| 2004 | +33.6% |
| 2003 | +37.1% |
| 2002 | -18.8% |
| 2001 | +6.9% |
| 2000 | +22.3% |
| 1999 | +11.5% |
| 1998 | -11.3% |
| 1997 | +11.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.6% over that stretch · deepest drop along the way 62.3%, back to its old high 46.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.6% over that stretch · deepest drop along the way 61.7%, back to its old high 11.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 65.9% over that stretch · deepest drop along the way 33%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 14 sales ($99.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 20, 2026 | Ryan Michael Lance Chairman and CEO, Director | sell | $64.5M |
| Mar 31, 2026 | Ryan Michael Lance Chairman and CEO, Director | sell | $15.0M |
| Mar 6, 2026 | Timothy A Leach Director | sell | $4.8M |
| Mar 13, 2026 | Andrew D Lundquist Senior Vice President | sell | $4.1M |
| Aug 20, 2026 | Kelly Brunetti Rose SVP & General Counsel | sell | $2.0M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| BlackRock, Inc. | 6.7% | Jun 30, 2025 |
ETFs with the most weight in COP
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 19.96% |
| OILT Texas Capital Texas Oil Index ETF | 8.6% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 8.11% |
| XLE Energy Select Sector SPDR Fund | 7.58% |
| IYE iShares U.S. Energy ETF | 7.17% |
| VDE Vanguard Energy ETF | 6.59% |
| FENY Fidelity MSCI Energy Index ETF | 6.49% |
| WEEI Westwood Salient Enhanced Energy Income ETF | 6.46% |
What could go wrong
- Oil and gas prices drive results. Revenue, cash flow and asset values move with commodity prices it cannot control. In 2025, WTI crude (the main U.S. oil benchmark) ranged from $80 a barrel in January to $55 in December.
- Reserves must keep being replaced. Each barrel pumped shrinks reserves (oil and gas it expects to recover), and estimates can be revised. Avoiding decline requires delivering big projects like Alaska's Willow (first oil expected early 2029) on time and budget.
- Partners run some key fields. In shared-ownership joint ventures, its influence can be limited. Hilcorp operates Alaska's Greater Prudhoe Area and Equinor operates several of its Norwegian fields, so partners make many operating decisions there.
- Government limits and political upheaval. It has operations in 14 countries, including Libya, Qatar and Equatorial Guinea. Unrest, price controls, production or export limits, or too little pipeline and processing capacity could cut output and profits.
- Climate rules and investor pressure. Climate laws could raise costs or cut demand for oil and gas. Meeting its targets to cut emissions per unit of output may be costly, and climate concerns could limit financing or bring lawsuits.
- Dividends and buybacks are not guaranteed. The company says prolonged low oil and gas prices may affect the dividends it declares and the size and timing of its share buybacks.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
ConocoPhillips has raised its regular dividend per share for at least nine straight fiscal years, from $1.69 in 2020 to $3.18 in 2025, an average of 13.5% a year. The 2025 dividend used 50% of earnings. The dividend yield (yearly dividends divided by the share price) was 2.27% as of October 27, 2026. Share buybacks have been larger still: $28.8 billion from fiscal 2021 through 2025, versus $21.3 billion in dividends, and the share count fell 8.9% between September 2021 and June 2026. The company warns prolonged low commodity prices could affect both.
The shares dropped about 62% in the 2008 financial crisis, not regaining their peak until January 2013, and about 62% in the 2020 COVID crash, recovering by March 2021. Over the 2022 bear market, from the market's January peak to its October low, they rose 66%, though they fell 33% along the way. As a single stock, ConocoPhillips carries more risk than a diversified fund.
Questions investors ask
How does ConocoPhillips make money?
It makes money by finding and producing oil and natural gas and marketing them at prices tied to the market, so its income rises and falls with commodity prices. Its products are crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas. Revenue for the year ended December 31, 2025, was $58.9 billion, and net income was $8.0 billion. Its Lower 48 segment, the contiguous U.S. states, brought in 70.2% of revenue; the biggest producing area there is the Delaware Basin in west Texas and New Mexico.
Does ConocoPhillips raise its dividend every year?
Yes, for at least nine straight fiscal years through 2025. Its regular dividend per share rose from $1.69 in fiscal 2020 to $3.18 in fiscal 2025, an average gain of 13.5% a year, and the 2025 payout used 50% of earnings. The dividend yield was 2.27% as of October 27, 2026. Increases are not promised: the company warns that prolonged low oil and gas prices may affect the dividends it declares.
Is ConocoPhillips the same company as Phillips 66?
No. Phillips 66 was ConocoPhillips' downstream business, meaning refining and related operations, until April 2012, when it became an independent, publicly traded energy company. ConocoPhillips kept the upstream side and describes itself as an independent exploration and production company that explores for, produces, transports and markets oil and gas. ConocoPhillips itself was formed by the 2002 merger of Conoco Inc. and Phillips Petroleum Company. The two now trade as separate stocks with different businesses.
What is ConocoPhillips' Willow project?
Willow is an oil development on Alaska's Western North Slope, in the Bear Tooth Unit. ConocoPhillips announced its final investment decision, the formal go-ahead to build, in December 2023. Plans call for three drill sites, an operations center and camp, and a processing facility due to be shipped to the North Slope in 2027. In its February 2026 annual report, the company said it anticipated first oil in early 2029. Long, costly projects like this can face delays and cost overruns.
How much debt does ConocoPhillips have?
About $23.3 billion as of June 30, 2026. Against that, it held $7.7 billion in cash and investments, leaving net debt, or debt minus cash, of about $15.6 billion. Shareholders' equity, the accounting value of the owners' stake, was $65.3 billion, and total assets were $124.3 billion. The company's annual report warns that it may need more capital in the future and that it may not be available on acceptable terms.