ConocoPhillips (NYSE:COP) is included among The 13 Best Long-Term Low-Risk Stocks to Buy Now.
On February 5, Roth Capital Partners raised their price target on ConocoPhillips (NYSE:COP) to $112 from $105. He also maintained a Buy rating on the stock. The move followed the company’s fourth-quarter results, unchanged capital spending plans for 2026 and steady progress on a $1 billion cost reduction program. When Roth presented his first look at 2027, he said he expects modest production growth next year, with total volumes rising around 2% and oil production rising around 1%.
That same day, ConocoPhillips said it plans to reduce operating and capital costs by $1 billion in 2026. The announcement came after the company missed Wall Street earnings expectations for the fourth quarter, pressured by weaker crude oil prices. Lower oil prices have been putting pressure on producers across the industry, leading many to tighten budgets, suspend drilling and cut jobs.
During the quarter, ConocoPhillips earned an average price of $42.46 per barrel of oil equivalent, down about 19% from a year earlier. Because the company generally does not hedge its production, its results tend to follow raw material prices more closely. CEO Ryan Lance said the latest cost cuts are based on more than $1 billion in annual synergies captured in 2025 following the $22.5 billion acquisition of Marathon Oil.
ConocoPhillips also said it completed $3.2 billion in asset sales during 2025 and remains on track to meet its $5 billion divestiture target by the end of 2026 as it continues to rationalize the business. As part of a broader restructuring outlined last year, the company plans to reduce its workforce by approximately 20% to 25%.
ConocoPhillips (NYSE:COP) is an exploration and production company with operations spanning Alaska and the lower 48 states, including the Gulf of Mexico, producing crude oil, natural gas and NGLs.
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