ConocoPhillips'
The ConocoPhillips Thesis: The call also emphasized the company's track record of "sizeable cash returns to shareholders" as well as the "self-help" steps management has taken to preserve cash flows amid a "softer oil price environment," Jayaram said in the note.
ConocoPhillips' Lower 48 assets delivered a strong performance in 2025, underpinned by well productivity and efficiency gains, the analyst stated.
Management projected strong performance in 2026, backed by its plan to deliver low-single-digit growth with more than 5% lower capex in the Lower 48, he added.
ConocoPhillips' attempt to differentiate its Lower 48 portfolio "from a capital efficiency and inventory durability standpoint" versus peers was "an effective message that resonated loud and clear," Jayaram wrote.
CEO Ryan Lance also indicated that the focus had shifted from M&As to organic growth opportunities within the company's existing portfolio as well as opportunities in international markets, he further stated.
ConocoPhillips And Venezuela
Lance also says the company's top priority in Venezuela is recovering the billions it's owed from past nationalizations of its oil projects - rather than drilling new wells or expanding operations there.
Despite winning roughly $10 billion in arbitration awards against Venezuela for those seizures, ConocoPhillips has struggled to collect the money and wants to resolve that first.
On a call with investors Thursday, Lance stressed that this financial recovery effort takes precedence over new investment. The company has taken about $12 billion in write‑downs on its Venezuelan ventures.
Meanwhile, U.S. President Donald Trump is urging American drillers to help revive Venezuela's oil sector.
COP Price Action: Shares of ConocoPhillips had risen by 0.79% to $104.98 in premarket trading on Friday.
