<div id="readability-page-1"><div><ul> <li>In early February 2026, ConocoPhillips reported lower fourth-quarter 2025 earnings year over year, affirmed a first‑quarter 2026 ordinary dividend of US$0.84 per share, updated production guidance, and disclosed further progress on its multi‑year share repurchase program.</li> <li>The company also committed US$2.10 billion to restart production at three oil fields in Norway’s Greater Ekofisk area, highlighting a sizable long‑term upstream growth project with planned new wells and subsea infrastructure.</li> <li>Next, we’ll examine how this US$2.10 billion Greater Ekofisk investment fits into and potentially reshapes ConocoPhillips’ existing investment narrative.</li> </ul><p>Uncover the next big thing with 29 elite penny stocks that balance risk and reward.</p><h2>ConocoPhillips Investment Narrative Recap</h2><p>To own ConocoPhillips, you generally need to believe in the long term resilience of global oil and gas demand and the company’s ability to turn large, complex projects into cash flow. The latest results show lower earnings year over year but unchanged production guidance and continued buybacks, so the most immediate swing factor still looks like commodity prices, while large project execution risk remains the biggest business challenge.</p> <p>The decision to commit US$2.10 billion to the Greater Ekofisk restart sits squarely in that large project bucket, alongside developments like Willow and LNG ventures. It reinforces how dependent the investment case is on delivering multi year, capital intensive projects on time and on budget, which can amplify both the upside if things go well and the downside if costs creep or timelines slip.</p> <p>Yet behind the steady dividend and new Norway spend, investors should be aware of how concentrated ConocoPhillips still is in large, capital heavy oil and gas projects...</p> <p>Read the full narrative on ConocoPhillips (it's free!)</p><p>ConocoPhillips' narrative projects $57.6 billion revenue and $10.4 billion earnings by 2028. This implies a 1.0% yearly revenue decline and an earnings increase of about $1.2 billion from $9.2 billion today.</p><p>Uncover how ConocoPhillips' forecasts yield a $114.74 fair value, a 3% upside to its current price.</p><h2>Exploring Other Perspectives</h2><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c17306a6-6f16-4f92-97ba-787e598f15dc/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c17306a6-6f16-4f92-97ba-787e598f15dc/chart/quote-price"/><figcaption>COP 1-Year Stock Price Chart</figcaption></figure> <p>Four members of the Simply Wall St Community currently see fair value for ConocoPhillips between US$114.74 and US$286.45 per share, a very wide span of opinion. Set against this, the company’s reliance on major, capital intensive oil and gas projects means execution setbacks could materially affect how those valuation views play out over time.</p><p>Explore 4 other fair value estimates on ConocoPhillips - why the stock might be worth just $114.74!</p><h2>Build Your Own ConocoPhillips Narrative</h2><p>Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.</p><ul><li>A great starting point for your ConocoPhillips research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.</li><li>Our free ConocoPhillips research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ConocoPhillips' overall financial health at a glance.</li></ul><h2>Seeking Other Investments?</h2><p>Opportunities like this don't last. 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We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>AI Stock Screener &amp; Alerts</h3><p>Our new AI Stock Screener scans the market every day to uncover opportunities.</p><div><p>• Dividend Powerhouses (3%+ Yield)<br/>• Undervalued Small Caps with Insider Buying<br/>• High growth Tech and AI Companies</p><p>Or build your own from over 50 metrics.</p></div><p>Explore Now for Free</p></div></div></div>

<p>ConocoPhillips reported lower Q4 2025 earnings but affirmed a $0.84 per share dividend and updated production guidance. The company committed $2.10 billion to restart production at three oil fields in Norway's Greater Ekofisk area, emphasizing its focus on large, capital-intensive projects. Despite the earnings decline, the investment narrative remains dependent on global oil demand and project execution. Analysts project $57.6 billion in revenue and $10.4 billion in earnings by 2028, with a fair value estimate of $114.74 per share, indicating a potential upside.</p>

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ConocoPhillips

How ConocoPhillips’ (COP) Norway Reinvestment and Capital Returns Have Changed Its Investment Story