TacticScaleWhat ConocoPhillips Does & How It Makes Money (COP)
Updated October 2026 · reflects ConocoPhillips's latest reported financials
Independent oil and natural gas exploration and production company. It makes money by producing crude oil, bitumen, natural gas, LNG, and natural gas liquids and selling them at market prices, so its earnings rise and fall with commodity prices and production volumes.
How ConocoPhillips makes money
It makes money by producing crude oil, bitumen, natural gas, LNG, and natural gas liquids and selling them at market prices, so its earnings rise and fall with commodity prices and production volumes.
What ConocoPhillips does
ConocoPhillips is one of the largest independent exploration and production (E&P) companies. It has no refining business and focuses entirely on upstream operations: finding, producing, transporting, and marketing crude oil, bitumen, natural gas, LNG, and natural gas liquids. It reports five segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; and Asia Pacific. Its portfolio combines unconventional shale plays in North America, conventional assets in North America, Europe, Asia, and Australia, oil sands in Canada, global LNG developments, and a pipeline of exploration prospects. Founded in 1917 and based in Houston, Texas, the company's results depend heavily on oil and gas prices.
Products & services
- Crude oil
- Natural gas
- Liquefied natural gas (LNG)
- Natural gas liquids
- Bitumen (Canadian oil sands)
What is ConocoPhillips worth?
On an owner-earnings DCF, ConocoPhillips's most-likely value is about $108 versus a recent price near $134 (19% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$70) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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