ConocoPhillips (COP) stock — is it a good business?

ConocoPhillips (COP) stock — is it a good business? — InspectStocks

Just reported

Q3 2026 results

From ConocoPhillips's results release of November 5, 2026; its quarterly report has since been filed.

Revenue
Actual
$19.44B
+29% y/y
+1.4% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$3.34
+142% y/y
+3.4% q/q
Guided
—
No guide given

Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.

The full earnings report →

How it makes money

Lower 48 operations: producing and selling oil, natural gas, and natural gas liquids from the U.S. Lower 48 states.35%
Europe, Middle East and North Africa operations, including production and commercial activities.5%
Alaska operations: producing and selling crude oil, natural gas liquids, and natural gas.5%
Canada operations, including oil sands, natural gas production, and commercial activities.3%
Asia Pacific operations: producing and selling oil and natural gas, alongside commercial activities.2%

Shares of revenue are estimates for year ended December 31, 2025, not figures from a filing.

Competes with

What it sells5

Crude oil
Oil produced from underground reservoirs and sold to buyers.
Natural gas
Gas produced from underground reservoirs and sold to buyers.
Liquefied natural gas (LNG)
Natural gas cooled into liquid form for storage and transport by ship.

Show 2 more

Natural gas liquids
Hydrocarbons separated from natural gas, including products sold as liquids.
Bitumen
A very heavy form of oil produced from oil sands, including in Alberta, Canada.

Who buys it2

Buyers of crude oil, bitumen, natural gas, natural gas liquids, and LNG; the filings provided do not name most buyers or specify their types.
LNG customers under commercial offtake agreements, which arrange purchases of LNG; the call described agreements in Indonesia and on the U.S. Gulf Coast without naming the counterparties.

What it stands on, and what could break it

What the business leans on

1Cash flow depends substantially on the market prices of crude oil, bitumen, natural gas, LNG, and natural gas liquids.
2Maintaining production depends on finding and developing resources to replace output from fields that naturally decline.
3Getting production to buyers depends on adequate gathering, processing, storage, shipping, and pipeline facilities.
4The company has LNG investments in Qatar; those investments accounted for approximately 4% of total company production volumes (2025, high), and production there remained constrained through the second quarter of 2026.

What could go wrong

1Commodity-price swings, or a prolonged period of low prices, can reduce earnings and cash flow and affect the value of the company's assets.
2If ConocoPhillips cannot find and develop resources successfully, production from existing fields declines and the scope of its business can shrink.
3Political conflict, government restrictions, or inadequate transport infrastructure can disrupt production and sales; the company reported Qatar production constraints amid regional conflict and noted possible effects on LNG operations, shipping, and construction.

Full financial statements →

About ConocoPhillips

ConocoPhillips explores for and produces crude oil, oil-sands bitumen, natural gas, natural gas liquids, and liquefied natural gas (LNG). It also transports and markets these products, and holds interests in joint ventures and LNG facilities. Its production was 2.248 million barrels of oil equivalent per day (three months ended June 30, 2026, high).

Head office: Houston, Texas
Founded: 2002
Employees: Approximately 9,600 (June 30, 2026, high)
Listed on: NYSE
Financial year ends: December 31

Built from ConocoPhillips’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.

Just reported

Q3 2026 results

From ConocoPhillips's results release of November 5, 2026; its quarterly report has since been filed.

Revenue
Actual
$19.44B
+29% y/y
+1.4% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$3.34
+142% y/y
+3.4% q/q
Guided
—
No guide given

The full earnings report →

Keep exploring

The themes ConocoPhillips is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.

The theme it is part of

Highest-graded in Oil Gas E and P

Graded A or B and worth $2B or more: A first, then the largest.

All 68 graded companies in its industry

Grade rose recently in Energy

Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.

All grade rises