Energy
Independent exploration and production company focused on conventional and unconventional oil and gas.
View forensic reportCapex collapsed from $12.1 billion in 2024 to $3.0 billion in 2025 as the Marathon Oil integration closed and the major Willow and LNG capex waves finished. Free cash flow jumped to $16.8 billion. The off-cycle is the story.
The Iran tension has lifted both names. The dividend sustainability question separates them.
ConocoPhillips, Schlumberger, and Chevron each offer a different angle on the Hormuz thesis: pure-play E&P leverage, oilfield services recovery, and integrated yield defence. All three trade below historical averages.
Marathon synergies are running 20% ahead of target. Production crossed 2 million BOE/d. We're raising our target to $145.
Oil prices retreated on the Iran ceasefire but three energy names offer differentiated value: SLB's services dominance, ConocoPhillips' capital discipline, and EOG's shale efficiency.
COP is the best-run E&P in the world. But at 32x forward earnings with a consensus target below the current price, the Marathon acquisition adding leverage, and Iran supply returning, the risk-reward has flipped.